# EDGAR Filing Document

**Accession Number:** 0001742912
**File Stem:** 0001999371-25-011938
**Filing Date:** 2025-8
**Character Count:** 473417
**Document Hash:** dea288ac35b83d9d23beb0eadb530002
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-011938.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0001999371-25-011938

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 31

**FILED AS OF DATE**: 20250825

**DATE AS OF CHANGE**: 20250825

**EFFECTIVENESS DATE**: 20250828

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tidal Trust I
- **CENTRAL INDEX KEY:** 0001742912

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23377
- **FILM NUMBER:** 251249546

**BUSINESS ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 203
- **CITY:** MILWAUKEE,
- **STATE:** WI
- **ZIP:** 53204
- **BUSINESS PHONE:** 844-986-7676

**MAIL ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 203
- **CITY:** MILWAUKEE,
- **STATE:** WI
- **ZIP:** 53204

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Tidal ETF Trust
- **DATE OF NAME CHANGE:** 20180606
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tidal Trust I
- **CENTRAL INDEX KEY:** 0001742912

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-227298
- **FILM NUMBER:** 251249545

**BUSINESS ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 203
- **CITY:** MILWAUKEE,
- **STATE:** WI
- **ZIP:** 53204
- **BUSINESS PHONE:** 844-986-7676

**MAIL ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 203
- **CITY:** MILWAUKEE,
- **STATE:** WI
- **ZIP:** 53204

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Tidal ETF Trust
- **DATE OF NAME CHANGE:** 20180606

## Series and Classes Contracts Data

### ZEGA Buy and Hedge ETF (Series ID: S000072366)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000228537 | ZEGA Buy and Hedge ETF | ZHDG            |

?xml version='1.0' encoding='ASCII'?

AS FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION ON AUGUST 25, 2025

1933 Act Registration File No.: 333-227298

1940 Act File No.: 811-23377

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-1A**

---

| | |
|:---|:---|
| **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** | ☒ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Effective Amendment No. ___ | ☐ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post-Effective Amendment No. 280 | ☒ |
| and/or |  |
| **REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** | ☒ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment No. 281 | ☒ |

---

**<u>TIDAL TRUST I</u>**

(Exact Name of Registrant as Specified in Charter)

**234 West Florida Street, Suite 203, Milwaukee, Wisconsin 53204**

(Address of Principal Executive Offices, Zip Code)

(Registrant's Telephone Number, including Area Code) **(855) 843-2534**

**The Corporation Trust Company**

**1209 Orange Street**

**Corporation Trust Center**

**Wilmington, DE 19801**

(Name and Address of Agent for Service)

Copies to:

---

| | |
|:---|:---|
| **Eric W. Falkeis**<br> **Tidal ETF Services LLC**<br> **234 West Florida Street, Suite 203**<br> **Milwaukee, Wisconsin 53204** | **Christopher M. Cahlamer**<br> **Godfrey & Kahn, S.C.**<br> **833 East Michigan Street, Suite 1800**<br> **Milwaukee, Wisconsin 53202** |

---

It is proposed that this filing will become effective (check appropriate box):

☐ immediately upon filing pursuant to paragraph (b)

☒ on August 28, 2025 pursuant to paragraph (b)

☐ 60 days after filing pursuant to paragraph (a)(1)

☐ on (date) pursuant to paragraph (a)(1)

☐ 75 days after filing pursuant to paragraph (a)(2)

☐ on (date) pursuant to paragraph (a)(2) of rule 485

**Explanatory Note**: This Post-Effective Amendment No. 280 to the Registration Statement of Tidal Trust I (the "Trust") is being filed to add the audited financial statements and certain related financial information for the ZEGA Buy and Hedge ETF for the fiscal period ended April 30, 2025 and to make other permissible changes under Rule 485(b).

![](zega485bpos001.jpg)

---

| | |
|:---|:---|
| **ZHDG** | **ZEGA Buy and Hedge ETF** |
|  | *listed on NYSE Arca, Inc.* |

---

**PROSPECTUS**

August 28, 2025

**The U.S. Securities and Exchange Commission (the "SEC") has not approved or disapproved of these securities or passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [**Summary**](#zega485bposa001) | **1** |
| [**ZEGA Buy and Hedge ETF – Fund Summary**](#zega485bposa002) | **1** |
| [**Additional Information about the Fund**](#zega485bposa003) | **8** |
| [**Portfolio Holdings Information**](#zega485bposa004) | **11** |
| [**Management**](#zega485bposa005) | **12** |
| [**Fund Sponsor**](#zega485bposa006) | **14** |
| [**How to Buy and Sell Shares**](#zega485bposa007) | **14** |
| [**Dividends, Distributions, and Taxes**](#zega485bposa008) | **15** |
| [**Distribution**](#zega485bposa009) | **18** |
| [**Premium/Discount Information**](#zega485bposa010) | **18** |
| [**Additional Notices**](#zega485bposa011) | **18** |
| [**Financial Highlights**](#zega485bposa012) | **18** |

---

**SUMMARY**

**ZEGA Buy and Hedge ETF – Fund Summary**

**Investment Objective**

The ZEGA Buy and Hedge ETF (the "Fund") seeks long-term capital appreciation while mitigating overall market risk.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund ("Shares"). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses**<sup>(1)</sup> (expenses that you pay each year as a percentage of the value of your investment) | <sup>1</sup> |
| Management Fees | 0.95% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.01% |
| Acquired Fund Fees and Expenses<sup>(3)</sup> | 0.01% |
| **Total Annual Fund Operating Expenses** | 0.97% |

---

<sup>(1)</sup> The Fund's investment adviser, Tidal Investments LLC ("Tidal" or the "Adviser"), a Tidal Financial Group company, will pay or require a third-party to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses ("AFFE"), accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the "1940 Act"), and litigation expenses, and other non-routine or extraordinary expenses (collectively, the "Excluded Expenses").

<sup>(2)</sup> Other Expenses are attributable to interest charges on borrowings incurred during the Fund's fiscal year ended April 30, 2025.

<sup>(3)</sup> AFFE are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses do not correlate to the expense ratio in the Fund's Financial Highlights because the Financial Highlights include the direct operating expenses incurred by the Fund and exclude AFFE.

**Expense Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $99 | $309 | $536 | $1190 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund's performance. During the most recent fiscal year ended April 30, 2025, the Fund's portfolio turnover rate was 20% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund is an actively-managed exchange-traded fund ("ETF") that seeks to provide exposure to the U.S. large capitalization equity market, while mitigating overall market downside risk in the event of a major market decline. To achieve its investment objective, the Fund invests in a combination of options, as well as fixed income securities, or other income producing securities, including preferred shares, through ETFs or other investment companies or through direct investments.

In pursuing the Fund's investment objective, the Adviser seeks to achieve exposure to the performance of the U.S. large capitalization equity market, generally recognized as the S&P 500® Index (the "S&P 500"), through call index options, call options on the SPDR S&P 500 ETF Trust ("SPY") or other ETFs that track the S&P 500, and FLexible EXchange® Options ("FLEX Options") (collectively, "S&P 500 options"). The Fund's S&P 500 option positions will represent 100% notional exposure to the S&P 500.

An option gives the purchaser of the option the right to purchase (for a call option) or sell (for a put option) the underlying asset (or deliver cash equal to the value of an underlying index) at a specified price ("strike price"). In the event the underlying asset declines in value, the value of a call option will generally decrease (and may end up worthless) and the value of a put option will generally increase. In the event the underlying asset appreciates in value, the value of a call option will generally increase and the value of a put option will generally decrease (and may end up worthless). FLEX Options are customizable exchange-traded option contracts guaranteed for settlement by the Options Clearing Corporation ("OCC").

The Adviser may "ladder" the Fund's S&P 500 option positions. "Laddering" is an investment technique that utilizes multiple option positions over multiple expiration dates, to avoid the risk of reinvesting a large portion of assets in an unfavorable financial environment, as well as creating more opportunities to roll hedges and secure gains during extended periods of market appreciation. The Adviser will ladder the Fund's S&P 500 option positions by investing in options with multiple expiration dates over a 12-month period using at least two intervals or "rungs." By regularly rebuilding each ladder rung as options expire the Adviser will seek to achieve additional equity exposure as markets experience reduced prices (essentially buying on dips), or realize gains as market prices increase and as hedged positions are reestablished at higher levels.

The Fund may invest significantly in fixed income and other income producing securities through ETFs or other investment companies, or through direct investments. The Fund's fixed income investments may include below investment grade debt securities (often referred to as "high yield" or "junk" bonds). The Fund's fixed income investments aim to generate income as a means of offsetting expenses associated with the cost of purchasing options. The Fund may purchase put options as a means of hedging to provide downside protection on the underlying holdings in the income portion of the Fund's portfolio.

The Fund also seeks to produce income by selling out-of-the-money call options. A call option is considered "out-of-the-money" when the strike price of the option at expiration exceeds the current price of the underlying asset. The Fund will only sell call options that are either covered by the underlying asset held in the Fund's portfolio (also known as covered call selling) or by corresponding purchased call options held in the Fund's portfolio (also known as a long call spread).

The Fund's option positions are determined by the Adviser based on underlying quantitative metrics, including open interest, depth of expirations, number of strike prices, implied volatility, bid/ask spread width and cost. Open interest and bid/ask spread width are indicators of the liquidity of an option position and likelihood of efficient price execution. Implied volatility is an indicator of how expensive an option is relative to other options and relative to historical ranges. In general, as volatility rises option premiums will also rise making an option more expensive. A greater number of strike prices and expirations generally gives the Adviser more flexibility when choosing levels and length of protection. The Adviser analyzes such metrics to determine the Fund portfolio's ability to mitigate market risk while generating returns.

The Adviser makes buy and sell decisions for the Fund based on a set of defined rules established by the Adviser, which involve the use of proprietary quantitative models as well as information and data supplied by third parties ("Models and Data"), and which may be revised from time to time. With regard to buy and sell decisions, the Adviser considers option data and probabilities, along with the ability to manage the risk of a position. For fixed income investments, the Adviser assesses a position's ability to have a viable hedge that limits risk while producing desired revenue. For S&P 500 options, the Adviser typically adds new purchased call options to the Fund's portfolio when the market value of the S&P 500 materially declines. When new call options are purchased during market declines, the Adviser still intends to limit the Fund's S&P 500 option positions to only approximately 8-10% of the Fund's portfolio over a 12-month period. When the market value of the S&P 500 appreciates, the S&P 500 options generally increase in value. If the value of the Fund's S&P 500 options materially exceed the 8-10% target, the Adviser will simultaneously sell the S&P 500 options with higher market values in the Fund's portfolio and purchase new S&P 500 options that have a lower premium to bring the Fund's S&P 500 options holdings in-line with the 8-10% target.

By using a combination of options and fixed income positions, the Adviser seeks to limit the loss exposure of Fund portfolio holdings. The Fund's notional exposure to the S&P 500 with options will represent 100% of the Fund's portfolio. This limitation may be done by using put options for protection or restricting the amount spent on long calls. The Fund aims to restrict exposure to major declines in the market value of the S&P 500 as the most a purchased call option can lose is the amount paid for the call (also known as the premium). As a result, the Adviser seeks to limit the level of exposure to loss with respect to that portion of the Fund's portfolio holding S&P 500 options to 8-10% over any 12-month period. The portion of the Fund's portfolio holding S&P 500 options may experience a loss of more than 8-10% in a single month or quarter; however, over the prior 12-month period the Adviser's strategy aims to limit losses within the 8-10% target range. During periods where the market value of the S&P 500 experiences multiple years of double-digit losses, the portion of the Fund's portfolio holding S&P 500 options may experience losses of 8-10% in consecutive 12-month periods.

The portion of the Fund's portfolio holding fixed income investments also has risk of loss exposure. The Adviser may hedge this risk of loss exposure by purchasing put options that are directly correlated to the underlying fixed income investments held in the Fund's portfolio. The underlying fixed income investments held in the Fund's portfolio may experience losses, but the Adviser seeks to limit those losses to 10% through the Fund's investments in purchased put options.

The Fund may simultaneously experience losses in both its S&P 500 option positions and fixed income investments. This may result in the Fund's total portfolio experiencing losses in excess of the 8-10% target range over a 12-month period.

There are costs associated with the Adviser's options hedging strategy and the Fund typically experiences such costs in the form of option time decay. Option time decay is a measure of the rate of decline in the value of an option contract due to the passage of time. The cost of the Fund's S&P 500 options can limit the Fund's ability to achieve returns equal to the gains experienced by the S&P 500.

**Principal Investment Risks**

The principal risks of investing in the Fund are summarized below. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return and/or ability to meet its objective. For more information about the risks of investing in the Fund, see the section in the Fund's Prospectus titled "Additional Information About the Fund—Principal Risks of Investing in the Fund."

Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears.

**Risks of Investing in Derivatives.** The Fund invests in options, which are a form of derivative investment. Derivatives have risks, including the imperfect correlation between the value of such instruments and the underlying assets or index; the loss of principal, including the potential loss of amounts greater than the initial amount invested in the derivative instrument; and illiquidity of the derivative investments. The derivatives used by the Fund may give rise to a form of leverage. Leverage magnifies the potential for risk of loss. Certain of the Fund's transactions in derivatives could also affect the amount, timing, and character of distributions to shareholders. The Fund's transactions in derivatives may result in the Fund realizing more short-term capital gain and ordinary income subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund's after-tax returns.

---

| | |
|:---|:---|
| <sup>◦</sup> | *Options Risk.* Writing and buying options are speculative activities and entail investment exposures that are greater than their cost would suggest, meaning that a small investment in an option could have a substantial impact on the performance of the Fund. The Fund's use of call and put options can lead to losses because of adverse movements in the price or value of the underlying stock, index, or other asset, which may be magnified by certain features of the options. These risks are heightened when the Fund's portfolio managers use options intending to enhance the Fund's return or as a substitute for a position or security. When selling a call or put option, the Fund will receive a premium; however, this premium may not be enough to offset a loss incurred by the Fund if the price of the underlying asset is above or below, respectively, the strike price by an amount equal to or greater than the premium. The value of an option may be adversely affected if the market for the option becomes less liquid or smaller, and will be affected by changes in the value or yield of the option's underlying asset, an increase in interest rates, a change in the actual or perceived volatility of the stock market or the underlying asset and the remaining time to expiration. Additionally, the value of an option does not increase or decrease at the same rate as the underlying asset(s). The Fund's use of options, due to the cost of the options, may reduce the Fund's ability to achieve returns equal to the underlying asset. This means that if the underlying asset price changes, the Fund may not benefit to the same extent or at the same rate as the underlying asset price changed. In addition, if the price of the underlying asset of an option is above the strike price of a written call option or below the strike price for a written put option, the value of the option, and consequently of the Fund, may decline significantly more than if the Fund invested directly in the underlying asset instead of using options. The Fund could experience a loss if its options do not perform as anticipated, or are not correlated with the performance of their underlying index or reference asset or if the Fund is unable to purchase or liquidate a position because of an illiquid secondary market. |

---

**Equity Market Risk.** The equity securities underlying the Fund's option investments may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers.

**FLEX Options Risk.** The Fund may invest in FLEX Options issued and guaranteed for settlement by the OCC. The Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. Additionally, FLEX Options may be illiquid, and in such cases, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices.

**Fixed Income Securities Risk.** The Fund may invest in fixed income securities directly or through ETFs or other investment companies. Fixed income securities are subject to interest rate risk (discussed further herein), credit risk (discussed further herein), call risk, prepayment and extension risk, and liquidity risk. An issuer may "call," or repay, its high yielding bonds before their maturity dates. Fixed income securities subject to prepayment can offer less potential for gains during a declining interest rate environment and similar or greater potential for loss in a rising interest rate environment. Limited trading opportunities for certain fixed income securities may make it more difficult to sell or buy a security at a favorable price or time.

**U.S. Treasury Securities Risk.** The Fund may invest in U.S. Treasury securities issued or guaranteed by the U.S. Treasury. U.S. government securities are subject to market risk, interest rate risk and counterparty risk. Securities, such as those issued or guaranteed the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund.

**General Market Risk**. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund's portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters or events, pandemic diseases, terrorism, regulatory events, and government controls.

**High Yield Securities Risk**. Securities rated below investment grade are often referred to as high yield securities or "junk bonds." Investments in lower rated corporate debt securities typically entail greater price volatility and principal and income risk. High yield securities may be more susceptible to real or perceived adverse economic and competitive industry conditions than investment grade securities. The prices of high yield securities have been found to be more sensitive to adverse economic downturns or individual corporate developments. A projection of an economic downturn or of a period of rising interest rates, for example, could cause a decline in high yield security prices because the advent of a recession could lessen the ability of a highly leveraged company to make principal and interest payments on its debt securities. If an issuer of high yield securities defaults, in addition to risking payment of all or a portion of interest and principal, the Fund by investing in such securities may incur additional expenses to obtain recovery.

**Other Investment Companies Risk.** The Fund may suffer losses due to the investment practices of the underlying funds as the Fund will be subject to substantially the same risks as those associated with the direct ownership of securities held by such investment companies. The Fund will incur higher and duplicative expenses when it invests in ETFs and other investment companies. By investing in another investment company, the Fund becomes a shareholder of that investment company and bears its proportionate share of the fees and expenses of the other investment company. ETFs may be less liquid than other investments, and thus their share values more volatile than the values of the investments they hold. Investments in ETFs are also subject to the "ETF Risks" described above.

**Credit Risk.** An issuer or guarantor of debt instruments or the counterparty to a derivatives contract, repurchase agreement or loan of portfolio securities may be unable or unwilling to make its timely interest and/or principal payments or to otherwise honor its obligations. Debt instruments are subject to varying degrees of credit risk, which may be reflected in their credit ratings. There is the chance that the Fund's portfolio holdings will have their credit ratings downgraded or will default (i.e., fail to make scheduled interest or principal payments), potentially reducing the Fund's income level or share price.

**ETF Risk.**

***<sup>○</sup>*** *Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.* The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as "Authorized Participants" or "APs"). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

<sup>○</sup> *Cash Redemption Risk.* The Fund's investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments and bonds that cannot be broken up beyond certain minimum sizes needed for transfer and settlement). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may have less cash efficiency and pay out higher annual capital gain distributions to shareholders than if the in-kind redemption process was used.

*<sup>○</sup>* *Costs of Buying or Selling Shares.* Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.

*<sup>○</sup>* *Shares May Trade at Prices Other Than NAV.* As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund's NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.

*<sup>○</sup>* *Trading*. Although Shares are listed on a national securities exchange, such as NYSE Arca, Inc. (the "Exchange"), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund's underlying portfolio holdings, which can be significantly less liquid than Shares. Also, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings. These adverse effects on liquidity for Shares, in turn, could lead to wider bid/ask spreads and differences between the market price of Shares and the underlying value of those Shares.

**High Portfolio Turnover Risk.** The Fund may actively and frequently trade all or a significant portion of the securities in its portfolio. A high portfolio turnover rate increases transaction costs, which may increase the Fund's expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.

**Interest Rate Risk.** Generally, the value of fixed income securities will change inversely with changes in interest rates. As interest rates rise, the market value of fixed income securities tends to decrease. Conversely, as interest rates fall, the market value of fixed income securities tends to increase. This risk will be greater for long-term securities than for short-term securities. Changes in government intervention may have adverse effects on investments, volatility, and illiquidity in debt markets. In addition, the interest rates payable on floating rate securities are not fixed and may fluctuate based upon changes in market rates. The interest rate on a floating rate security is a variable rate which is tied to another interest rate. Floating rate securities are subject to interest rate risk and credit risk.

**Management Risk.** The Fund is actively-managed and may not meet its investment objective based on the Adviser's success or failure to implement investment strategies for the Fund. Although the Adviser has experience managing other accounts employing the Fund's strategy, the Adviser may not be able to replicate the historical performance of the strategy.

**Market Capitalization Risk.**

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| | |
|:---|:---|
| **<sup>◦</sup>** | *Large-Capitalization Investing.* The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. |

---

**Models and Data Risk**. The composition of the Fund's portfolio is heavily dependent on Models and Data. When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities from the Fund's portfolio universe that would have been excluded or included had the Models and Data been correct and complete.

**Recent Market Events Risk.** U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks' interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, political events, war, and geopolitical conflict. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite efforts to address market disruptions.

**Tax Risk.** The Fund's investments and investment strategies, including transactions in options contracts, may be subject to special and complex federal income tax provisions, the effect of which may be, among other things: (i) to disallow, suspend, defer or otherwise limit the allowance of certain losses or deductions; (ii) to accelerate income to the Fund; (iii) to convert long-term capital gain, which is currently subject to lower tax rates, into short-term capital gain or ordinary income, which are currently subject to higher tax rates; (iv) to convert an ordinary loss or a deduction into a capital loss (the deductibility of which is more limited); (v) to treat dividends that would otherwise constitute qualified dividend income as non-qualified dividend income; and (vi) to produce income that will not qualify as good income under the gross income requirements that must be met for the Fund to qualify as a regulated investment company (a "RIC") under Subchapter M of Chapter 1, Subtitle A of the Internal Revenue Code of 1986, as amended (the "Code"). Furthermore, to the extent that any option on a futures contract held by the Fund is a "section 1256 contract" under Section 1256 of the Code, the contract will be marked to market annually, and any gain or loss will be treated as 60% long-term and 40% short-term capital gain or loss, regardless of the holding period for such contract. Section 1256 contracts may include Fund transactions involving call options on a broad-based securities index and other financial contracts.

**Performance**

The following performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance over time. The bar chart shows the annual returns for the Fund from year to year. The table illustrates how the Fund's average annual returns for the 1-year and since inception periods compare with those of two broad-based securities market indexes. The Fund's past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is available on the Fund's website at www.zegaetfs.com.

**Calendar Year Ended December 31,**![](bar-chart_001.jpg)

The Fund's calendar year-to-date return as of June 30, 2025 was -4.37%.

During the period of time shown in the bar chart, the Fund's highest quarterly return was 7.01% for the quarter ended March 31, 2024 and the lowest quarterly return was -15.53% for the quarter ended June 30, 2022.

**Average Annual Total Returns**

**For the Periods Ended December 31, 2024**

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception**<br> **(July 6, 2021)** |
| Return Before Taxes | 17.76% | 2.94% |
| Return After Taxes on Distributions | 16.57% | 1.89% |
| Return After Taxes on Distributions and Sale of Fund Shares | 10.53% | 1.77% |
| **S&P 500 Total Return Index**<br> (reflects no deduction for fees, expenses, or taxes)  | 25.02% | 10.76% |
| **Bloomberg US Aggregate Bond Index** <br> (reflects no deduction for fees, expenses, or taxes)  | 1.25% | -2.19% |

---

After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements or other tax-advantaged accounts, such as an individual retirement account ("IRA").

**Management**

*Investment Adviser* 

Tidal Investments LLC, a Tidal Financial Group company, serves as investment adviser to the Fund.

*Portfolio Managers*

Jay Pestrichelli, Portfolio Manager for the Adviser, is primarily responsible for the day-to-day management of the Fund's portfolio and has been a portfolio manager of the Fund since its inception in July 2021. Prior to January 1, 2025, Mr. Pestrichelli served as the Fund's portfolio manager as a portfolio manager of the Fund's former sub-adviser, ZEGA Financial, LLC ("ZEGA").

Christopher P. Mullen, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since 2024.

**Purchase and Sale of Shares**

The Fund issues and redeems Shares at NAV only in large blocks known as "Creation Units," which only APs (typically, broker-dealers) may purchase or redeem. The Fund generally issues and redeems Creation Units in exchange for a portfolio of securities (the "Deposit Securities") and/or a designated amount of U.S. cash.

Shares are listed on a national securities exchange, such as the Exchange, and individual Shares may only be bought and sold in the secondary market through brokers at market prices, rather than NAV. Because Shares trade at market prices rather than NAV, Shares may trade at a price greater than NAV (premium) or less than NAV (discount).

An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (the "bid" price) and the lowest price a seller is willing to accept for Shares (the "ask" price) when buying or selling Shares in the secondary market. This difference in bid and ask prices is often referred to as the "bid-ask spread."

Recent information regarding the Fund's NAV, market price, how often Shares traded on the Exchange at a premium or discount, and bid-ask spreads can be found on the Fund's website at www.zegaetfs.com.

**Tax Information**

Fund distributions are generally taxable to shareholders as ordinary income, qualified dividend income, or capital gains (or a combination), unless your investment is in an IRA or other tax-advantaged account. Distributions on investments made through tax-deferred arrangements may be taxed later upon withdrawal of assets from those accounts.

**Financial Intermediary Compensation**

If you purchase Shares through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), the Adviser or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange-traded products, including the Fund, or for other activities, such as marketing, educational training, or other initiatives related to the sale or promotion of Shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.

**ADDITIONAL INFORMATION ABOUT THE FUND**

**Investment Objective**

The Fund seeks long-term capital appreciation while mitigating overall market risk.

An investment objective is fundamental if it cannot be changed without the consent of the holders of a majority of the outstanding Shares. The Fund's investment objective has not been adopted as a fundamental investment policy and therefore may be changed without the consent of the Fund's shareholders upon approval by the Board of Trustees (the "Board") of Tidal Trust I (formerly, Tidal ETF Trust) (the "Trust") and written notice to shareholders.

**Principal Investment Strategies**

The following information is in addition to, and should be read along with, the description of the Fund's principal investment strategies in the section titled "Fund Summary-Principal Investment Strategies" above.

The Fund's strategy may result in the active and frequent trading of the Fund's investments, which may result in high portfolio turnover.

**Temporary Defensive Strategies**

For temporary defensive purposes during adverse market, economic, political or other conditions, the Fund may invest in cash or cash equivalents or short-term instruments such as commercial paper, money market mutual funds, or short-term U.S. government securities. Taking a temporary defensive position may result in the Fund not achieving its investment objective.

**Principal Risks of Investing in the Fund**

There can be no assurance that the Fund will achieve its investment objective. The following information is in addition to, and should be read along with, the description of the Fund's principal investment risks in the section titled "Fund Summary— Principal Investment Risks" above.

The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with those of other funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. As with any investment, there is a risk that you could lose all or a portion of your investment in a Fund. Some or all of these risks may adversely affect a Fund's NAV per share, trading price, yield, total return and/or ability to meet its investment objective. The following risks could affect the value of your performance in the Fund.

**Credit Risk**. An issuer or guarantor of debt instruments or the counterparty to a derivatives contract, repurchase agreement or loan of portfolio securities may be unable or unwilling to make its timely interest and/or principal payments or to otherwise honor its obligations. Debt instruments are subject to varying degrees of credit risk, which may be reflected in their credit ratings. There is the chance that the Fund's portfolio holdings will have their credit ratings downgraded or will default (i.e., fail to make scheduled interest or principal payments), potentially reducing the Fund's income level or share price. The credit risk associated with a fixed income investment could increase to the extent that the Fund's ability to benefit fully from its investment in the security depends on the performance by multiple parties of their respective contractual or other obligations. The market value of a fixed income investment is also affected by the market's perception of the creditworthiness of the issuer.

**Equity Market Risk.** The equity securities underlying the Fund's option investments may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers.

**ETF Risk.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*◦* *APs, Market Makers, and Liquidity Providers Concentration Risk.* The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ *Cash Redemption Risk.* The Fund's investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments and bonds that cannot be broken up beyond certain minimum sizes needed for transfer and settlement). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may have less cash efficiency and pay out higher annual capital gain distributions to shareholders than if the in-kind redemption process was used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*◦* *Costs of Buying or Selling Shares.* Investors buying or selling Shares in the secondary market will pay brokerage commissions or other charges imposed by brokers, as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. In addition, secondary market investors will also incur the cost of the difference between the price at which an investor is willing to buy Shares (the "bid" price) and the price at which an investor is willing to sell Shares (the "ask" price). This difference in bid and ask prices is often referred to as the "spread" or the "bid-ask spread." The bid-ask spread varies over time for Shares based on trading volume and market liquidity, and is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Further, a relatively small investor base in the Fund, asset swings in the Fund and/or increased market volatility may cause increased bid-ask spreads. Due to the costs of buying or selling Shares, including bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*◦* *Shares May Trade at Prices Other Than NAV.* As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of the Shares will approximate the Fund's NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of the Shares or during periods of market volatility. This risk is heightened in times of market volatility or periods of steep market declines. The market price of Shares during the trading day, like the price of any exchange-traded security, includes a "bid-ask" spread charged by the exchange specialist, market makers, or other participants that trade the Shares. In times of severe market disruption, the bid-ask spread can increase significantly. At those times, Shares are most likely to be traded at a discount to NAV, and the discount is likely to be greatest when the price of Shares is falling fastest, which may be the time that you most want to sell your Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*◦* *Trading.* Although Shares are listed for trading on the Exchange and may be listed or traded on U.S. and non-U.S. stock exchanges other than the Exchange, there can be no assurance that an active trading market for such Shares will develop or be maintained. Trading in Shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to Exchange "circuit breaker" rules, which temporarily halt trading on the Exchange when a decline in the S&P 500 Index during a single day reaches certain thresholds (*e.g.*, 7%, 13%, and 20%). Additional rules applicable to the Exchange may halt trading in Shares when extraordinary volatility causes sudden, significant swings in the market price of Shares. There can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund's underlying portfolio holdings, which can be significantly less liquid than Shares. Also, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings. These adverse effects on liquidity for Shares, in turn, could lead to wider bid/ask spreads and differences between the market price of Shares and the underlying value of those Shares.

**Fixed Income Securities Risk.** The Fund may invest in fixed income securities directly or through ETFs or other investment companies. Fixed income investments are subject to the risk of an issuer's (or other party's) failure or inability to meet its obligations under the security. Multiple parties may have obligations under a fixed income investment. An issuer or borrower may fail to pay principal and interest when due. A guarantor, insurer or credit support provider may fail to provide the agreed upon protection. A counterparty to a transaction may fail to perform its side of the bargain. An intermediary or agent interposed between the investor and other parties may fail to perform the terms of its service. Also, performance of a fixed income investment may be linked to the obligations of other persons who may fail to meet their obligations.

Fixed income securities are subject to interest rate risk (discussed herein), credit risk (discussed herein), call risk, prepayment and extension risk, and liquidity risk. An issuer may "call," or repay, its high yielding bonds before their maturity dates. Fixed income securities subject to prepayment can offer less potential for gains during a declining interest rate environment and similar or greater potential for loss in a rising interest rate environment. Limited trading opportunities for certain fixed income securities may make it more difficult to sell or buy a security at a favorable price or time.

**FLEX Options Risk.** The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the reference asset. Factors that may influence the value of the FLEX Options, other than gains or losses in the reference asset, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options and changing volatility levels of the reference asset.

FLEX Options are listed on an exchange; however, it is not guaranteed that a liquid secondary trading market will exist. In the event that trading in the FLEX Options is limited or absent, the value of the FLEX Options may decrease.

**General Market Risk**. Market risk may affect a single issuer, industry, or sector of the economy or the market as a whole. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. The market value of a security in the Fund's portfolio may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price the Fund originally paid for it, or less than it was worth at an earlier time. Securities in the Fund's portfolio may underperform in comparison to securities in the general financial markets, a particular financial market or other asset classes, due to a number of factors, including inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters or events, pandemic diseases, terrorism, regulatory events, and government controls.

**High Portfolio Turnover Risk.** The Fund may actively and frequently trade all or a significant portion of the securities in its portfolio. A high portfolio turnover rate increases transaction costs, which may increase the Fund's expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.

**High Yield Securities Risk**. Securities rated below investment grade are often referred to as high yield securities or "junk bonds." Investments in lower rated corporate debt securities typically entail greater price volatility and principal and income risk. High yield securities may be more susceptible to real or perceived adverse economic and competitive industry conditions than investment grade securities. The prices of high yield securities have been found to be more sensitive to adverse economic downturns or individual corporate developments. A projection of an economic downturn or of a period of rising interest rates, for example, could cause a decline in high yield security prices because the advent of a recession could lessen the ability of a highly leveraged company to make principal and interest payments on its debt securities. If an issuer of high yield securities defaults, in addition to risking payment of all or a portion of interest and principal, the Fund by investing in such securities may incur additional expenses to obtain recovery.

**Interest Rate Risk.** Generally, the value of fixed income securities will change inversely with changes in interest rates. As interest rates rise, the market value of fixed income securities tends to decrease. Conversely, as interest rates fall, the market value of fixed income securities tends to increase. This risk will be greater for long-term securities than for short-term securities. Changes in government intervention may have adverse effects on investments, volatility, and illiquidity in debt markets. In addition, the interest rates payable on floating rate securities are not fixed and may fluctuate based upon changes in market rates. The interest rate on a floating rate security is a variable rate which is tied to another interest rate. Floating rate securities are subject to interest rate risk and credit risk.

**Management Risk.** The Fund is actively-managed and may not meet its investment objective based on the Adviser's success or failure to implement investment strategies for the Fund. Although the Adviser has experience managing other accounts employing the Fund's strategy, the Adviser may not be able to replicate the historical performance of the strategy.

**Market Capitalization Risk.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**◦** *Large-Capitalization Investing.* The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.

**Models and Data Risk**. The composition of the Fund's portfolio is heavily dependent on Models and Data. When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities from the Fund's portfolio universe that would have been excluded or included had the Models and Data been correct and complete.

**Other Investment Companies Risk.** The Fund may suffer losses due to the investment practices of the underlying funds as the Fund will be subject to substantially the same risks as those associated with the direct ownership of securities held by such investment companies. The Fund will incur higher and duplicative expenses when it invests in ETFs and other investment companies. By investing in another investment company, the Fund becomes a shareholder of that investment company and bears its proportionate share of the fees and expenses of the other investment company. The Fund may be subject to statutory limits with respect to the amount it can invest in other ETFs, which may adversely affect the Fund's ability to achieve its investment objective. ETFs may be less liquid than other investments, and thus their share values more volatile than the values of the investments they hold. Investments in ETFs are also subject to the "ETF Risks" described herein.

**Recent Market Events Risk.** U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks' interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, political events, armed conflict, war, and geopolitical conflict. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite efforts to address market disruptions. As a result, the risk environment remains elevated. The Adviser and will monitor developments and seek to manage the Fund in a manner consistent with achieving the Fund's investment objective, but there can be no assurance that it will be successful in doing so.

**Risks of Investing in Derivatives.** The Fund invests in options, which are a form of derivative investment. Derivatives have risks, including the imperfect correlation between the value of such instruments and the underlying assets or index; the loss of principal, including the potential loss of amounts greater than the initial amount invested in the derivative instrument; and illiquidity of the derivative investments. The derivatives used by the Fund may give rise to a form of leverage. Leverage magnifies the potential for risk of loss. Certain of the Fund's transactions in derivatives could also affect the amount, timing, and character of distributions to shareholders. The Fund's transactions in derivatives may result in the Fund realizing more short-term capital gain and ordinary income subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund's after-tax returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**◦** *Options Risk.* Writing and buying options are speculative activities and entail investment exposures that are greater than their cost would suggest, meaning that a small investment in an option could have a substantial impact on the performance of the Fund. The Fund's use of call and put options can lead to losses because of adverse movements in the price or value of the underlying stock, index, or other asset, which may be magnified by certain features of the options. These risks are heightened when the Fund's portfolio managers use options intending to enhance the Fund's return or as a substitute for a position or security. When selling a call or put option, the Fund will receive a premium; however, this premium may not be enough to offset a loss incurred by the Fund if the price of the underlying asset is above or below, respectively, the strike price by an amount equal to or greater than the premium. The value of an option may be adversely affected if the market for the option becomes less liquid or smaller, and will be affected by changes in the value or yield of the option's underlying asset, an increase in interest rates, a change in the actual or perceived volatility of the stock market or the underlying asset and the remaining time to expiration. Additionally, the value of an option does not increase or decrease at the same rate as the underlying asset(s). The Fund's use of options, due to the cost of the options, may reduce the Fund's ability to achieve returns equal to the underlying asset. This means that if the underlying asset price changes, the Fund may not benefit to the same extent or at the same rate as the underlying asset price changed. In addition, if the price of the underlying asset of an option is above the strike price of a written call option or below the strike price for a written put option, the value of the option, and consequently of the Fund, may decline significantly more than if the Fund invested directly in the underlying asset instead of using options. The Fund could experience a loss if its options do not perform as anticipated, or are not correlated with the performance of their underlying index or reference asset or if the Fund is unable to purchase or liquidate a position because of an illiquid secondary market.

**Tax Risk.** The Fund's investments and investment strategies, including transactions in options contracts, may be subject to special and complex federal income tax provisions, the effect of which may be, among other things: (i) to disallow, suspend, defer or otherwise limit the allowance of certain losses or deductions; (ii) to accelerate income to the Fund; (iii) to convert long-term capital gain, which is currently subject to lower tax rates, into short-term capital gain or ordinary income, which are currently subject to higher tax rates; (iv) to convert an ordinary loss or a deduction into a capital loss (the deductibility of which is more limited); (v) to treat dividends that would otherwise constitute qualified dividend income as nonqualified dividend income; and (vi) to produce income that will not qualify as good income under the gross income requirements that must be met for the Fund to qualify as a RIC under Subchapter M of Chapter 1, Subtitle A of the Code. Furthermore, to the extent that any option on a futures contract held by the Fund is a "section 1256 contract" under Section 1256 of the Code, the contract will be marked to market annually, and any gain or loss will be treated as 60% long-term and 40% short-term capital gain or loss, regardless of the holding period for such contract. Section 1256 contracts may include Fund transactions involving call options on a broad-based securities index and other financial contracts.

**U.S. Treasury Securities Risk.** The Fund may invest in U.S. Treasury obligations and securities issued or guaranteed by the U.S. Treasury. U.S. government securities are subject to market risk, interest rate risk and counterparty risk. Securities, such as those issued or guaranteed the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund.

**PORTFOLIO HOLDINGS INFORMATION**

Information about the Fund's daily portfolio holdings is available on the Fund's website at www.zegaetfs.com. A complete description of the Fund's policies and procedures with respect to the disclosure of the Fund's portfolio holdings is available in the Fund's SAI.

**MANAGEMENT**

**Investment Adviser**

Tidal Investments LLC, a Tidal Financial Group company, located at 234 West Florida Street, Suite 203, Milwaukee, Wisconsin 53204, is an SEC-registered investment adviser and a Delaware limited liability company. Tidal was founded in March 2012 and is dedicated to understanding, researching and managing assets within the expanding ETF universe. As of July 31, 2025, Tidal had assets under management of $43.31 billion and served as the investment adviser or sub-adviser for 257 registered funds.

Tidal serves as investment adviser to the Fund and has overall responsibility for the general management and administration of the Fund pursuant to an investment advisory agreement with the Trust, on behalf of the Fund (the "Advisory Agreement"). The Adviser is responsible for trading portfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions. The Adviser also arranges for transfer agency, custody, fund administration, and all other related services necessary for the Fund to operate. For the services it provides to the Fund, the Fund pays the Adviser a unitary management fee, which is calculated daily and paid monthly, at an annual rate of 0.95% of the Fund's average daily net assets.

Under the Advisory Agreement, in exchange for a single unitary management fee from the Fund, the Adviser has agreed to pay all expenses incurred by the Fund except for Excluded Expenses and the unitary management fee payable to the Adviser.

Prior to January 1, 2025, ZEGA was the sub-adviser to the Fund. Effective January 1, 2025, the Adviser acquired the trading team previously employed by ZEGA. In connection with the transaction, ZEGA ceased operations as a registered investment adviser and resigned as sub-adviser. The Adviser assumed full management responsibilities for the Fund. Jay Pestrichelli, a key member of the Fund's portfolio management team, previously employed by ZEGA, continues to serve as a portfolio manager for the Fund, now as an employee of the Adviser.

A discussion regarding the basis for the Board's approval of the Advisory Agreement is available in the Fund's annual report to shareholders on Form N-CSR dated April 30, 2025.

**Portfolio Managers**

The following individuals (each, a "Portfolio Manager") serve as portfolio managers of the Fund. Mr. Pestrichelli is primarily responsible for the day-to-day management of the Fund and has served as a portfolio manager of the Fund's since its inception in 2021. Mr. Mullen oversees trading and execution for the Fund and has served as a portfolio manager of the Fund since 2024.

*Jay Pestrichelli, Portfolio Manager for the Adviser*

Mr. Pestrichelli joined the Adviser in 2025 and is Chief Trading Officer of the Adviser's ETF Trading and Portfolio Management team. Mr. Pestrichelli previously served as the Fund's portfolio manager as a portfolio manager of ZEGA, the Fund's former sub-adviser. Mr. Pestrichelli has over 30 years of experience in the financial markets. Prior to joining the Adviser, Mr. Pestrichelli co-founded ZEGA where he led the development and execution of ZEGA's investment strategies since its inception in 2011. He is also the author of the best-selling book "Buy & Hedge: The Five Iron Rules for Investing Over the Long Term." Prior to founding ZEGA, Mr. Pestrichelli spent 12 years managing and growing the online trading business for TD Ameritrade from 1999 to 2010. Mr. Pestrichelli has a Bachelor degree in behavioral science from Concordia College.

*Christopher P. Mullen, Portfolio Manager for the Adviser* 

Christopher P. Mullen serves as Portfolio Manager at the Adviser, having joined the firm in January 2024. From September 2019 to December 2023, he was a Portfolio Manager at Vest Financial LLC, where he managed exchange-traded funds, mutual funds and retirement fund portfolios. Mr. Mullen previously served as a Senior Portfolio Analyst at ProShares Advisors LLC from September 2016 until September 2019. Prior to that, Mr. Mullen served as associate portfolio manager at USCF Investments LLC from February 2013 to September 2016. Mr. Mullen received a Master of Business Administration from the University of Maryland. He also holds a dual bachelor's degree in global politics and history from Marquette University.

The Fund's SAI provides additional information about each Portfolio Manager's compensation structure, other accounts that each Portfolio Manager manages, and each Portfolio Manager's ownership of Shares.

**FUND SPONSOR**

The Adviser has entered into an agreement with ZEGA, under which ZEGA assumes the obligation of the Adviser to pay all expenses of the Fund, except Excluded Expenses (such expenses of the Fund, except Excluded Expenses, the "Unitary Expenses"). Although ZEGFA has agreed to be responsible for the Unitary Expenses, the Adviser retains the ultimate obligation to the Fund to pay such expenses. ZEGA will also provide marketing support for the Fund, including hosting the Fund's website and preparing marketing materials related to the Fund. For these services and payments, ZEGA is entitled to a fee, to be paid by the Adviser, based on the total management fee earned by the Adviser under the Advisory Agreement less the Unitary Expenses. ZEGA does not make investment decisions, provide investment advice, or otherwise act in the capacity of an investment adviser to the Fund.

**HOW TO BUY AND SELL SHARES**

The Fund issues and redeems Shares only in Creation Units at the NAV per share next determined after receipt of an order from an AP. Only APs may acquire Shares directly from the Fund, and only APs may tender their Shares for redemption directly to the Fund, at NAV. APs must be a member or participant of a clearing agency registered with the SEC and must execute a Participant Agreement that has been agreed to by the Distributor (defined below), and that has been accepted by the Fund's transfer agent, with respect to purchases and redemptions of Creation Units. Once created, Shares trade in the secondary market in quantities less than a Creation Unit.

Most investors buy and sell Shares in secondary market transactions through brokers. Individual Shares are listed for trading on the secondary market on the Exchange and can be bought and sold throughout the trading day like other publicly traded securities.

When buying or selling Shares through a broker, you will incur customary brokerage commissions and charges, and you may pay some or all of the spread between the bid and the offer price in the secondary market on each leg of a round trip (purchase and sale) transaction. In addition, because secondary market transactions occur at market prices, you may pay more than NAV when you buy Shares, and receive less than NAV when you sell those Shares.

**Book Entry**

Shares are held in book-entry form, which means that no stock certificates are issued. Depository Trust Company ("DTC") or its nominee is the record owner of all outstanding Shares.

Investors owning Shares are beneficial owners as shown on the records of DTC or its participants. DTC serves as the securities depository for all Shares. DTC's participants include securities brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial relationship with DTC. As a beneficial owner of Shares, you are not entitled to receive physical delivery of stock certificates or to have Shares registered in your name, and you are not considered a registered owner of Shares. Therefore, to exercise any right as an owner of Shares, you must rely upon the procedures of DTC and its participants. These procedures are the same as those that apply to any other securities that you hold in book-entry or "street name" through your brokerage account.

**Frequent Purchases and Redemptions of Shares**

The Fund imposes no restrictions on the frequency of purchases and redemptions of Shares. In determining not to approve a written, established policy, the Board evaluated the risks of market timing activities by Fund shareholders. Purchases and redemptions by APs, who are the only parties that may purchase or redeem Shares directly with the Fund, are an essential part of the ETF process and help keep Share trading prices in line with the Fund's NAV. As such, the Fund accommodates frequent purchases and redemptions by APs. However, the Board has also determined that frequent purchases and redemptions for cash may increase tracking error and portfolio transaction costs and may lead to the realization of capital gains. To minimize these potential consequences of frequent purchases and redemptions, the Fund employs fair value pricing and may impose transaction fees on purchases and redemptions of Creation Units to cover the custodial and other costs incurred by the Fund in effecting trades. In addition, the Fund and the Adviser reserve the right to reject any purchase order at any time.

**Determination of Net Asset Value**

The Fund's NAV is calculated as of the scheduled close of regular trading on the New York Stock Exchange ("NYSE"), generally 4:00 p.m. Eastern Time, each day the NYSE is open for business. The NAV for the Fund is calculated by dividing the Fund's net assets by its Shares outstanding.

In calculating its NAV, the Fund generally values its assets on the basis of market quotations, last sale prices, or estimates of value furnished by a pricing service or brokers who make markets in such instruments. If such information is not available for a security or other asset held by the Fund or is determined to be unreliable, the security or other asset will be valued at fair value estimates under guidelines established by the Trust and the Adviser (as described below).

**Fair Value Pricing**

Consistent with Rule 2a-5 under the 1940 Act, the Trust and the Adviser have adopted procedures and methodologies wherein the Adviser, serving as the Fund's Valuation Designee (as defined in Rule 2a-5), determines the fair value of Fund investments whose market prices are not readily available or are deemed to be unreliable. For example, such circumstances may arise when: (i) an investment has been delisted or has had its trading halted or suspended; (ii) an investment's primary pricing source is unable or unwilling to provide a price; (iii) an investment's primary trading market is closed during regular market hours; or (iv) an investment's value is materially affected by events occurring after the close of the investment's primary trading market. Generally, when fair valuing an investment, the Valuation Designee will take into account all reasonably available information that may be relevant to a particular valuation including, but not limited to, fundamental analytical data regarding the issuer, information relating to the issuer's business, recent trades or offers of the investment, general and/or specific market conditions, and the specific facts giving rise to the need to fair value the investment. Fair value determinations are made in good faith and in accordance with the Adviser's fair value methodologies, subject to oversight by the Board. Due to the subjective and variable nature of fair value pricing, there can be no assurance that the Adviser will be able to obtain the fair value assigned to the investment upon the sale of such investment.

**Investments by Other Registered Investment Companies in the Fund**

Section 12(d)(1) of the 1940 Act restricts investments by registered investment companies in the securities of other investment companies, including Shares. Registered investment companies are permitted to invest in the Fund beyond the limits set forth in Section 12(d)(1), subject to certain terms and conditions set forth by rule under the 1940 Act, including that such investment companies enter into an agreement with the Fund.

**Delivery of Shareholder Documents – Householding**

Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

**DIVIDENDS, DISTRIBUTIONS, AND TAXES**

**Dividends and Distributions**

The Fund intends to pay out dividends and interest income, if any, annually, and distribute any net realized capital gains to its shareholders at least annually.

The Fund will declare and pay income and capital gain distributions, if any, in cash. Distributions in cash may be reinvested automatically in additional whole Shares only if the broker through whom you purchased Shares makes such option available. Your broker is responsible for distributing the income and capital gain distributions to you.

**Taxes**

The following discussion is a summary of some important U.S. federal income tax considerations generally applicable to investments in the Fund. Your investment in the Fund may have other tax implications. Please consult your tax advisor about the tax consequences of an investment in Shares, including the possible application of foreign, state, and local tax laws.

The Fund intends to qualify each year for treatment as a RIC under the Code. If it meets certain minimum distribution requirements, a RIC is not subject to tax at the fund level on income and gains from investments that are timely distributed to shareholders. However, the Fund's failure to qualify as a RIC or to meet minimum distribution requirements would result (if certain relief provisions were not available) in fund-level taxation and, consequently, a reduction in income available for distribution to shareholders.

Unless your investment in Shares is made through a tax-exempt entity or tax-advantaged account, such as an IRA plan, you need to be aware of the possible tax consequences when the Fund makes distributions, when you sell your Shares listed on the Exchange, and when you purchase or redeem Creation Units (institutional investors only).

The following general discussion of certain U.S. federal income tax consequences is based on provisions of the Code and the regulations issued thereunder as in effect on the date of this Prospectus. New legislation, as well as administrative changes or court decisions, may significantly change the conclusions expressed herein, and may have a retroactive effect with respect to the transactions contemplated herein.

**Taxes on Distributions** 

For federal income tax purposes, distributions of net investment income are generally taxable to shareholders as ordinary income or qualified dividend income. Taxes on distributions of net capital gains (if any) are determined by how long the Fund owned the investments that generated them, rather than how long a shareholder has owned their Shares. Sales of assets held by the Fund for more than one year generally result in long-term capital gains and losses, and sales of assets held by the Fund for one year or less generally result in short-term capital gains and losses. Distributions of the Fund's net capital gain (the excess of net long-term capital gains over net short-term capital losses) that are reported by the Fund as capital gain dividends ("Capital Gain Dividends") will be taxable as long-term capital gains to shareholders. Distributions of short-term capital gain will generally be taxable to shareholders as ordinary income. Dividends and distributions are generally taxable to you whether you receive them in cash or reinvest them in additional Shares.

Distributions reported by the Fund as "qualified dividend income" are generally taxed to non-corporate shareholders at rates applicable to long-term capital gains, provided certain holding period and other requirements are met. "Qualified dividend income" generally is income derived from dividends paid by U.S. corporations or certain foreign corporations that are either incorporated in a U.S. possession or eligible for tax benefits under certain U.S. income tax treaties. In addition, dividends that the Fund receives in respect of stock of certain foreign corporations may be qualified dividend income if that stock is readily tradable on an established U.S. securities market.

Corporate shareholders may be entitled to a dividends-received deduction for the portion of dividends they receive from the Fund that are attributable to dividends received by the Fund from U.S. corporations, subject to certain limitations.

Shortly after the close of each calendar year, you will be informed of the character of any distributions received from the Fund.

In addition to the federal income tax, certain individuals, trusts, and estates may be subject to a Net Investment Income ("NII") tax of 3.8%. The NII tax is imposed on the lesser of: (i) a taxpayer's investment income, net of deductions properly allocable to such income; or (ii) the amount by which such taxpayer's modified adjusted gross income exceeds certain thresholds ($250,000 for married individuals filing jointly, $200,000 for unmarried individuals and $125,000 for married individuals filing separately). The Fund's distributions are includable in a shareholder's investment income for purposes of this NII tax. In addition, any capital gain realized by a shareholder upon a sale or redemption of Fund shares is includable in such shareholder's investment income for purposes of this NII tax.

In general, your distributions are subject to federal income tax for the year in which they are paid. Certain distributions paid in January, however, may be treated as paid on December 31 of the prior year. Distributions are generally taxable to you even if they are paid from income or gains earned by the Fund before your investment (and thus were included in the Shares' NAV when you purchased your Shares).

You may wish to avoid investing in the Fund shortly before a dividend or other distribution, because such a distribution will generally be taxable to you even though it may economically represent a return of a portion of your investment, see "Important Tax Considerations When Purchasing Fund Shares" below.

If you are neither a resident nor a citizen of the United States or if you are a foreign entity, distributions (other than Capital Gain Dividends) paid to you by the Fund will generally be subject to a U.S. withholding tax at the rate of 30%, unless a lower treaty rate applies. The Fund may, under certain circumstances, report all or a portion of a dividend as an "interest-related dividend" or a "short-term capital gain dividend," which would generally be exempt from this 30% U.S. withholding tax, provided certain other requirements are met.

Under the Foreign Account Tax Compliance Act ("FATCA"), the Fund may be required to withhold a generally nonrefundable 30% tax on (i) distributions of investment company taxable income and (ii) distributions of net capital gain and the gross proceeds of a sale or redemption of Fund shares paid to (A) certain "foreign financial institutions" unless such foreign financial institution agrees to verify, monitor, and report to the Internal Revenue Service ("IRS") the identity of certain of its account-holders, among other items (or unless such entity is otherwise deemed compliant under the terms of an intergovernmental agreement between the United States and the foreign financial institution's country of residence), and (B) certain "non-financial foreign entities" unless such entity certifies to the Fund that it does not have any substantial U.S. owners or provides the name, address, and taxpayer identification number of each substantial U.S. owner, among other items. In December 2018, the IRS and Treasury Department released proposed Treasury Regulations that would eliminate FATCA withholding on Fund distributions of net capital gain and the gross proceeds from a sale or redemption of Fund shares. Although taxpayers are entitled to rely on these proposed Treasury Regulations until final Treasury Regulations are issued, these proposed Treasury Regulations have not been finalized, may not be finalized in their proposed form, and are potentially subject to change. This FATCA withholding tax could also affect the Fund's return on its investments in foreign securities or affect a shareholder's return if the shareholder holds its Fund shares through a foreign intermediary. You are urged to consult your tax adviser regarding the application of this FATCA withholding tax to your investment in the Fund and the potential certification, compliance, due diligence, reporting, and withholding obligations to which you may become subject in order to avoid this withholding tax.

The Fund (or a financial intermediary, such as a broker, through which a shareholder owns Shares) generally is required to withhold and remit to the U.S. Treasury a percentage of the taxable distributions and sale or redemption proceeds paid to any shareholder who fails to properly furnish a correct taxpayer identification number, who has underreported dividend or interest income, or who fails to certify that they are not subject to such withholding.

**Taxes When Shares are Sold on the Exchange**

Any capital gain or loss realized upon a sale of Shares generally is treated as a long-term capital gain or loss if Shares have been held for more than one year and as a short-term capital gain or loss if Shares have been held for one year or less. However, any capital loss on a sale of Shares held for six months or less is treated as long-term capital loss to the extent of Capital Gain Dividends paid with respect to such Shares. Any loss realized on a sale will be disallowed to the extent Shares are acquired, including through reinvestment of dividends, within a 61-day period beginning 30 days before and ending 30 days after the sale of substantially identical Shares.

**Taxes on Purchases and Redemptions of Creation Units** 

An AP having the U.S. dollar as its functional currency for U.S. federal income tax purposes who exchanges securities for Creation Units generally recognizes a gain or a loss. The gain or loss will be equal to the difference between the value of the Creation Units at the time of the exchange and the exchanging AP's aggregate basis in the securities delivered plus the amount of any cash paid for the Creation Units. An AP who exchanges Creation Units for securities will generally recognize a gain or loss equal to the difference between the exchanging AP's basis in the Creation Units and the aggregate U.S. dollar market value of the securities received, plus any cash received for such Creation Units. The IRS may assert, however, that a loss that is realized upon an exchange of securities for Creation Units may not be currently deducted under the rules governing "wash sales" (for an AP who does not mark-to-market their holdings) or on the basis that there has been no significant change in economic position. Persons exchanging securities should consult their own tax advisor with respect to whether wash sale rules apply and when a loss might be deductible.

Any capital gain or loss realized upon redemption of Creation Units is generally treated as long-term capital gain or loss if Shares comprising the Creation Units have been held for more than one year and as a short-term capital gain or loss if such Shares have been held for one year or less.

The Fund may include a payment of cash in addition to, or in place of, the delivery of a basket of securities upon the redemption of Creation Units. The Fund may sell portfolio securities to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize investment income and/or capital gains or losses that it might not have recognized if it had completely satisfied the redemption in-kind. As a result, the Fund may be less tax efficient if it includes such a cash payment in the proceeds paid upon the redemption of Creation Units.

**Important Tax Considerations When Purchasing Fund Shares**

If you are investing through a taxable account, you should carefully consider the timing of your investment relative to the Fund's distribution schedule. Purchasing Fund shares shortly before a distribution may increase your tax liability, a situation commonly referred to as "buying a dividend."

When the Fund makes a distribution, its share price typically drops by an amount roughly equal to the distribution. As a hypothetical example, if you invest $5,000 to purchase 250 shares at $20 per share on December 15, and the Fund pays a $1 per share distribution on December 16, the share price would adjust to $19 (ignoring market fluctuations). Although your total investment value remains $5,000 (250 shares × $19 in share value plus 250 shares × $1 distribution), you would owe taxes on the $250 distribution, even if you reinvest the distribution rather than receiving it in cash.

Distributions are taxable to shareholders even if they are paid from income or gains realized by the Fund before you invested, and even if they were reflected in the purchase price of the shares. Consequently, you may incur taxes on income or gains that accrued before your investment, without corresponding benefit.

Unless you are investing through a tax-advantaged account, such as an IRA or an employer-sponsored retirement plan, you may wish to avoid purchasing Fund shares shortly before a distribution. You can minimize the potential tax impact by reviewing the Fund's distribution schedule prior to investing. Information about the Fund's distribution schedule can be found on the Fund's website at www.zegaetfs.com.

*The foregoing discussion summarizes some of the possible consequences under current federal tax law of an investment in the Fund. It is not a substitute for personal tax advice. You also may be subject to foreign, state, and local tax on Fund distributions and sales of Shares. Consult your personal tax advisor about the potential tax consequences of an investment in Shares under all applicable tax laws. For more information, please see the section titled "Federal Income Taxes" in the SAI.*

**DISTRIBUTION** 

Foreside Fund Services, LLC, a wholly owned subsidiary of Foreside Financial Group (dba ACA Group) (the "Distributor"), the Fund's distributor, is a broker-dealer registered with the SEC. The Distributor distributes Creation Units for the Fund on an agency basis and does not maintain a secondary market in Shares. The Distributor has no role in determining the policies of the Fund or the securities that are purchased or sold by the Fund. The Distributor's principal address is 190 Middle Street, Suite 301, Portland, Maine 04101.

The Board has adopted a Distribution (Rule 12b-1) Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to pay distribution fees for the sale and distribution of its Shares.

No Rule 12b-1 fees are currently paid by the Fund, and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, because the fees are paid out of Fund assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than certain other types of sales charges.

**PREMIUM/DISCOUNT INFORMATION**

Information regarding how often Shares traded on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found on the Fund's website at www.zegaetfs.com.

**ADDITIONAL NOTICES**

Shares are not sponsored, endorsed, or promoted by the Exchange. The Exchange is not responsible for, nor has it participated in the determination of, the timing, prices, or quantities of Shares to be issued, nor in the determination or calculation of the equation by which Shares are redeemable. The Exchange has no obligation or liability to owners of Shares in connection with the administration, marketing, or trading of Shares.

Without limiting any of the foregoing, in no event shall the Exchange have any liability for any lost profits or indirect, punitive, special, or consequential damages even if notified of the possibility thereof.

The Adviser and the Fund make no representation or warranty, express or implied, to the owners of Shares or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly.

Delaware law permits the governing documents of a statutory trust to expand, restrict or eliminate the fiduciary duties that trustees, shareholders or other persons might otherwise be subject to, and replace them with the standards set forth in the Trust's governing documents.

The Trust's Declaration of Trust provides that the Trustees shall not be subject to fiduciary duties except as set forth in the Declaration of Trust. The foregoing relates specifically to Delaware laws. Nothing in the Declaration of Trust modifying, restricting or eliminating the duties or liabilities of trustees shall apply to, or in any way limit, the duties (including state law fiduciary duties of loyalty and care) or liabilities of such persons with respect to matters arising under the federal securities laws.

**FINANCIAL HIGHLIGHTS**

The Financial Highlights table is intended to help you understand the Fund's financial performance for the fiscal periods indicated. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been audited by Cohen & Company, Ltd., the Fund's independent registered public accounting firm, whose report, along with the Fund's financial statements, is included in the Fund's annual report on Form N-CSR, which is available upon request.

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| | |
|:---|:---|
| **Financial Highlights** | **ZEGA Buy and Hedge ETF** |

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For a share outstanding throughout the periods presented

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended April 30,** | **Year ended April 30,** | **Year ended April 30,** | |
|  | **2025** | **2024** | **2023** | **Period ended**<br>**April 30,**<br> **2022<sup>(a)</sup>** |
| **PER SHARE DATA:** |  |  |  |  |
| Net asset value, beginning of period | $18.17 | $16.54 | $18.35 | $20.00 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.11 | 0.09 | 0.46 | 0.34 |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 1.70 | 1.81 | (1.70) | (1.71) |
| Total from investment operations | 1.81 | 1.90 | (1.24) | (1.37) |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |
| Net investment income | (0.13) | (0.19) | (0.57) | (0.28) |
| Return of capital | (0.40) | (0.08) | – | – |
| Total distributions | (0.53) | (0.27) | (0.57) | (0.28) |
| Net asset value, end of period | $19.45 | $18.17 | $16.54 | $18.35 |
| **TOTAL RETURN<sup>(d)</sup>** | 9.73% | 11.58% | -6.67% | -7.01% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |
| Net assets, end of period (in thousands) | $26743 | $35440 | $55393 | $116985 |
| Ratio of expenses to average net assets<sup>(e)</sup> | 0.96% | 0.98% | 0.95% | 0.95% |
| Ratio of interest expense to average net assets<sup>(e)</sup> | 0.01%<sup>(h)</sup> | 0.03% | 0.00%<sup>(g)(h)</sup> | –% |
| Ratio of operational expenses to average net assets excluding interest expense<sup>(e)</sup> | 0.95% | 0.95% | 0.95% | 0.95% |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 0.53% | 0.50% | 2.68% | 2.09% |
| Portfolio turnover rate<sup>(d)(f)</sup> | 20% | 80% | 214% | 107% |

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(a) Inception date of the Fund was July 6, 2021.

(b) Net investment income per share has been calculated based on average shares outstanding during the periods.

(c) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(d) Not annualized for periods less than one year.

(e) Annualized for periods less than one year.

(f) Portfolio turnover rate excludes in-kind transactions.

(g) Amount represents less than 0.005%.

(h) Includes interest from credit facility borrowing.

**ZEGA Buy and Hedge ETF**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Adviser** | &nbsp;&nbsp;**Tidal Investments LLC**<br> 234 West Florida Street, Suite 203<br> Milwaukee, Wisconsin 53204 | &nbsp;&nbsp;**Administrator** | &nbsp;&nbsp;**Tidal ETF Services LLC**<br> 234 West Florida Street, Suite 203<br> Milwaukee, Wisconsin 53204 |
| &nbsp;&nbsp;**Distributor** | &nbsp;&nbsp;**Foreside Fund Services, LLC**<br> 190 Middle Street, Suite <br> 301Portland, Maine 04101  | &nbsp;&nbsp;**Fund Accountant <br> and Transfer Agent** | &nbsp;&nbsp; **U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services**<br> 615 East Michigan Street<br> Milwaukee, Wisconsin 53202<br>|
| &nbsp;&nbsp;**Legal Counsel** | &nbsp;&nbsp; <br>**Godfrey & Kahn, S.C.**<br> 833 East Michigan Street, Suite 1800<br> Milwaukee, Wisconsin 53202 <br>| &nbsp;&nbsp;**Custodian** | &nbsp;&nbsp;**U.S. Bank National Association** <br>1555 North River Center Drive<br> Milwaukee, Wisconsin 53212<br>|
| &nbsp;&nbsp;**Independent Registered Public Accounting Firm** | &nbsp;&nbsp; <br>**Cohen & Company, Ltd.**<br>342 North Water Street, Suite 830<br> Milwaukee, Wisconsin 53202<br>|  |  |

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Investors may find more information about the Fund in the following documents:

**Statement of Additional Information:** The Fund's SAI provides additional details about the investments of the Fund and certain other additional information. A current SAI dated August 28, 2025, as supplemented from time to time, is on file with the SEC and is herein incorporated by reference into this Prospectus. It is legally considered a part of this Prospectus.

**Annual/Semi-Annual Reports:** Additional information about the Fund's investments is available in the Fund's annual and semi-annual reports to shareholders and in Form N-CSR. In the annual report you will find a discussion of the market conditions and investment strategies that significantly affected the Fund's performance during the Fund's last fiscal year. On Form N-CSR, you will find the Fund's annual and semi-annual financial statements.

You can request free copies of these documents, request other information, such as the Fund's financial statements, or make general inquiries about the Fund by contacting the Fund at ZEGA Buy and Hedge ETF c/o U.S. Bank Global Fund Services, P.O. Box

219252, Kansas City, Missouri 64121-9252 or calling 833-415-4006.

Shareholder reports, the Fund's current Prospectus and SAI and other information, such as the Fund's financial statements, about the Fund are also available:

● Free of charge from the SEC's EDGAR database on the SEC's website at http://www.sec.gov; or

● Free of charge from the Fund's Internet website at www.zegaetfs.com; or

● For a duplicating fee, by e-mail request to publicinfo@sec.gov.

(SEC Investment Company Act File No. 811-23377)

![](zega485bpos002.jpg)

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| | |
|:---|:---|
| **ZHDG** | **ZEGA Buy and Hedge ETF** |

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*listed on NYSE Arca, Inc.*

A series of Tidal Trust I

**STATEMENT OF ADDITIONAL INFORMATION**

**August 28, 2025**

This Statement of Additional Information ("SAI") is not a prospectus and should be read in conjunction with the Prospectus for the ZEGA Buy and Hedge ETF (the "Fund"), a series of Tidal Trust I (formerly, Tidal ETF Trust) (the "Trust"), dated August 28, 2025, as may be supplemented from time to time (the "Prospectus"). Capitalized terms used in this SAI that are not defined have the same meaning as in the Prospectus, unless otherwise noted. A copy of the Prospectus may be obtained without charge, by calling the Fund at 833-415-4006, visiting www.zegaetfs.com, or writing to the Fund, c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, Missouri 64121-9252.

The Fund's audited financial statements for the most recent fiscal year ended April 30, 2025, are incorporated into this SAI by reference to the Fund's most recent [Annual Report to Shareholders on Form N-CSR](http://www.sec.gov/Archives/edgar/data/1742912/000199937125005590/sofi-ncsr_022825.htm) dated April 30, 2025 (File No. 811-23377). A copy of the Fund's Annual Report to Shareholders on Form N-CSR may be obtained at no charge by contacting the Fund at the address or phone number noted above.

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [General Information about the Trust](#zega485bposb001) | 1 |
| [Additional Information about Investment Objectives, Policies, and Related Risks](#zega485bposb002) | 1 |
| [Description of Permitted Investments](#zega485bposb003) | 2 |
| [Investment Restrictions](#zega485bposb004) | 12 |
| [Exchange Listing and Trading](#zega485bposb005) | 13 |
| [Management of the Trust](#zega485bposb006) | 13 |
| [Principal Shareholders, Control Persons, and Management Ownership](#zega485bposb007) | 18 |
| [Codes of Ethics](#zega485bposb008) | 19 |
| [Proxy Voting Policies](#zega485bposb009) | 19 |
| [Investment Adviser](#zega485bposb010) | 19 |
| [Portfolio Managers](#zega485bposb011) | 21 |
| [The Distributor](#zega485bposb012) | 22 |
| [Administrator](#zega485bposb013) | 23 |
| [Fund Accountant and Transfer Agent](#zega485bposb014) | 24 |
| [Custodian](#zega485bposb015) | 24 |
| [Legal Counsel](#zega485bposb016) | 24 |
| [Independent Registered Public Accounting Firm](#zega485bposb017) | 24 |
| [Portfolio Holdings Disclosure Policies and Procedures](#zega485bposb018) | 24 |
| [Description of Shares](#zega485bposb019) | 24 |
| [Limitation of Trustees' Liability](#zega485bposb020) | 25 |
| [Derivative Actions](#zega485bposb021) | 25 |
| [Brokerage Transactions](#zega485bposb022) | 25 |
| [Portfolio Turnover Rate](#zega485bposb023) | 27 |
| [Book Entry Only System](#zega485bposb024) | 27 |
| [Purchase and Redemption of Shares in Creation Units](#zega485bposb025) | 28 |
| [Determination of NAV](#zega485bposb026) | 33 |
| [Dividends and Distributions](#zega485bposb027) | 33 |
| [Federal Income Taxes](#zega485bposb028) | 34 |
| [Financial Statements](#zega485bposb029) | 39 |

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**GENERAL INFORMATION ABOUT THE TRUST**

The Trust is an open-end management investment company consisting of multiple series, including the Fund. This SAI relates to the Fund. The Trust was organized as a Delaware statutory trust on June 4, 2018. Prior to June 2, 2025, the Trust was named Tidal ETF Trust. The Trust is registered with the U.S. Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (together with the rules and regulations adopted thereunder, as amended, the "1940 Act"), as an open-end management investment company and the offering of the Fund's shares ("Shares") is registered under the Securities Act of 1933, as amended (the "Securities Act"). The Trust is governed by its Board of Trustees (the "Board"). Tidal Investments LLC ("Tidal" or the "Adviser"), a Tidal Financial Group company, serves as investment adviser to the Fund. Prior to January 1, 2025, ZEGA Financial, LLC ("ZEGA") served as sub-adviser to the Fund. Effective January 1, 2025, the Adviser acquired the trading team previously employed by ZEGA and ZEGA ceased operation as a registered investment adviser.

The Fund offers and issues Shares at their net asset value ("NAV") only in aggregations of a specified number of Shares (each, a "Creation Unit"). The Fund generally offers and issues Shares in exchange for a basket of securities ("Deposit Securities") together with the deposit of a specified cash payment ("Cash Component"). The Trust reserves the right to permit or require the substitution of a "cash in lieu" amount ("Deposit Cash") to be added to the Cash Component to replace any Deposit Security. Shares are listed on the NYSE Arca, Inc. (the "Exchange"). Shares trade on the Exchange at market prices that may differ from the Shares' NAV. Shares are also redeemable only in Creation Unit aggregations, primarily for a basket of Deposit Securities together with a Cash Component. As a practical matter, only institutions or large investors, known as "Authorized Participants" or "APs," purchase or redeem Creation Units. Except when aggregated in Creation Units, Shares are not individually redeemable.

Shares may be issued in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to a specified percentage of the value of the missing Deposit Securities, as set forth in the Participant Agreement (as defined below). The Trust may impose a transaction fee for each creation or redemption. In all cases, such fees will be limited in accordance with the requirements of the SEC applicable to management investment companies offering redeemable securities. As in the case of other publicly traded securities, brokers' commissions on transactions in the secondary market will be based on negotiated commission rates at customary levels.

**ADDITIONAL INFORMATION ABOUT INVESTMENT OBJECTIVES, POLICIES, AND RELATED RISKS**

The Fund's investment objective and principal investment strategies are described in the Prospectus under the "Investment Objective" and "Principal Investment Strategies" sections, respectively. The following information supplements, and should be read in conjunction with, the Prospectus. For a description of certain permitted investments, see "<u>Description of Permitted Investments</u>" in this SAI.

With respect to the Fund's investments, unless otherwise noted, if a percentage limitation on investment is adhered to at the time of investment or contract, a subsequent increase or decrease as a result of market movement or redemption will not result in a violation of such investment limitation.

**Diversification**

The Fund is "diversified" within the meaning of the 1940 Act. The Fund commenced operations as a non-diversified fund; however, the Fund continuously operated as diversified for three years and is now classified as diversified. Under applicable federal laws, to qualify as a diversified fund, the Fund, with respect to 75% of its total assets, may not invest greater than 5% of its total assets in any one issuer and may not hold greater than 10% of the securities of one issuer, other than investments in cash and cash items (including receivables), U.S. government securities, and securities of other investment companies. The remaining 25% of the Fund's total assets does not need to be "diversified" and may be invested in securities of a single issuer, subject to other applicable laws. The diversification of the Fund's holdings is measured at the time such Fund purchases a security. However, if the Fund purchases a security and holds it for a period of time, the security may become a larger percentage of such Fund's total assets due to movements in the financial markets. If the market affects several securities held by the Fund, such Fund may have a greater percentage of its assets invested in securities of fewer issuers.

**General Risks**

The value of the Fund's portfolio securities may fluctuate with changes in the financial condition of an issuer or counterparty, changes in specific economic or political conditions that affect a particular security or issuer, and changes in general economic or political conditions. An investor in the Fund could lose money over short or long periods of time.

There can be no guarantee that a liquid market for the securities held by the Fund will be maintained. The existence of a liquid trading market for certain securities may depend on whether dealers will make a market in such securities. There can be no assurance that a market will be made or maintained or that any such market will be or remain liquid. The price at which securities may be sold and the value of Shares will be adversely affected if trading markets for the Fund's portfolio securities are limited or absent, or if bid-ask spreads are wide.

*Cyber Security Risk.* Investment companies, such as the Fund, and their service providers may be subject to operational and information security risks resulting from cyber attacks. Cyber attacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized release of confidential information or various other forms of cyber security breaches. Cyber attacks affecting the Fund or the Adviser, Custodian (defined below), Transfer Agent (defined below), intermediaries, and other third-party service providers may adversely impact the Fund. For instance, cyber attacks may interfere with the processing of shareholder transactions, impact the Fund's ability to calculate its NAV, cause the release of private shareholder information or confidential company information, impede trading, subject the Fund to regulatory fines or financial losses, and cause reputational damage. The Fund may also incur additional costs for cyber security risk management purposes. Similar types of cyber security risks are also present for issuers of securities in which the Fund invests, which could result in material adverse consequences for such issuers, and may cause the Fund's investment in such portfolio companies to lose value.

**DESCRIPTION OF PERMITTED INVESTMENTS**

The following are descriptions of the permitted investments and investment practices and the associated risk factors. The Fund will invest in any of the following instruments or engage in any of the following investment practices only if such investment or activity is consistent with the Fund's investment objective and permitted by the Fund's stated investment policies. In addition, certain of the techniques and investments discussed in this SAI are not principal strategies of the Fund as disclosed in the Prospectus, and while such techniques and investments are permissible for the Fund to utilize, the Fund is not required to utilize such non-principal techniques or investments.

**Borrowing**

Although the Fund does not intend to borrow money, the Fund may do so to the extent permitted by the 1940 Act. Under the 1940 Act, the Fund may borrow up to one-third (1/3) of its total assets. The Fund will borrow money only for short-term or emergency purposes. Such borrowing is not for investment purposes and will be repaid by the Fund promptly. Borrowing will tend to exaggerate the effect on NAV of any increase or decrease in the market value of the Fund's portfolio. Money borrowed will be subject to interest costs that may or may not be recovered by earnings on the securities purchased. The Fund also may be required to maintain minimum average balances in connection with a borrowing or to pay a commitment or other fee to maintain a line of credit; either of these requirements would increase the cost of borrowing over the stated interest rate.

**Debt Securities** 

In general, a debt security represents a loan of money to the issuer by the purchaser of the security. A debt security typically has a fixed payment schedule that obligates the issuer to pay interest to the lender and to return the lender's money over a certain time period. A company typically meets its payment obligations associated with its outstanding debt securities before it declares and pays any dividend to holders of its equity securities. Bonds, notes and commercial paper are examples of debt securities and differ in the length of the issuer's principal repayment schedule, with bonds carrying the longest repayment schedule and commercial paper the shortest.

Debt securities are all generally subject to interest rate, credit, income and prepayment risks and, like all investments, are subject to liquidity and market risks to varying degrees depending upon the specific terms and type of security. The Adviser attempts to reduce credit and market risk through diversification of the Fund's portfolio and ongoing credit analysis of each issuer, as well as by monitoring economic developments, but there can be no assurance that it will be successful at doing so.

*Inflation-Indexed Bonds*. Inflation-indexed bonds are debt securities whose principal value is periodically adjusted according to the rate of inflation. Two structures are common. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of the bond. Most other issuers pay out the Consumer Price Index accruals as part of a semi-annual coupon.

Inflation-indexed securities issued by the U.S. Treasury, commonly known as "TIPS," have maturities of five, ten or thirty years, although it is possible that securities with other maturities will be issued in the future. TIPS pay interest on a semi-annual basis, equal to a fixed percentage of the inflation-adjusted principal amount. For example, if the Fund purchased an inflation-indexed bond with a par value of $1,000 and a 3% real rate of return coupon (payable 1.5% semi-annually), and inflation over the first six months were 1%, the mid-year par value of the bond would be $1,010 and the first semi-annual interest payment would be $15.15 ($1,010 times 1.5%). If inflation during the second half of the year resulted in the whole years' inflation equaling 3%, the end-of-year par value of the bond would be $1,030 and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).

If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of TIPS, even during a period of deflation. However, the current market value of the bonds is not guaranteed, and will fluctuate. The Fund may also invest in other inflation related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates in turn are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds.

While these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in these securities may not be protected to the extent that the increase is not reflected in the bond's inflation measure.

The periodic adjustment of U.S. inflation-indexed bonds is tied to the Consumer Price Index for Urban Consumers ("CPI-U"), which is calculated monthly by the U.S. Bureau of Labor Statistics. The CPI-U is a measurement of changes in the cost of living, made up of components such as housing, food, transportation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to reflect a comparable inflation index, calculated by that government. There can be no assurance that the CPI-U or any foreign inflation index will accurately measure the real rate of inflation in the prices of goods and services. Moreover, there can be no assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the United States.

Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income, even though investors do not receive their principal until maturity.

The Fund's investments in debt securities may subject the Fund to the following risks:

*Debt Securities Risk*. Debt securities are subject to the risk of an issuer's (or other party's) failure or inability to meet its obligations under the security. Multiple parties may have obligations under a debt security. An issuer or borrower may fail to pay principal and interest when due. A guarantor, insurer or credit support provider may fail to provide the agreed upon protection. A counterparty to a transaction may fail to perform its side of the bargain. An intermediary or agent interposed between the investor and other parties may fail to perform the terms of its service. Also, performance under a debt security may be linked to the obligations of other persons who may fail to meet their obligations. Obligations under debt securities held by the Fund may never be satisfied or, if satisfied, only satisfied in part.

*Credit Risk*. The credit risk associated with a debt security could increase to the extent that the Fund's ability to benefit fully from its investment in the security depends on the performance by multiple parties of their respective contractual or other obligations. The market value of a debt security is also affected by the market's perception of the creditworthiness of the issuer.

The Fund may incur substantial losses on debt securities that are inaccurately perceived to present a different amount of credit risk than they actually do by the market, the Adviser or the rating agencies. Credit risk is generally greater where less information is publicly available, where fewer covenants safeguard the investors' interests, where collateral may be impaired or inadequate, where little legal redress or regulatory protection is available, or where a party's ability to meet obligations is speculative. Additionally, any inaccuracy in the information used by the Fund to evaluate credit risk may affect the value of securities held by the Fund.

Some securities are subject to risks as a result of a credit downgrade or default by a government, or its agencies or, instrumentalities. Credit risk is a greater concern for high-yield debt securities and debt securities of issuers whose ability to pay interest and principal may be considered speculative. Debt securities are typically classified as investment grade-quality (medium to highest credit quality) or below investment grade-quality (commonly referred to as high-yield or junk bonds). Many individual debt securities are rated by a third party source, such as Moody's Investors Service ("Moody's") or Standard & Poor's Financial Services ("S&P®"), to help describe the creditworthiness of the issuer.

*Credit Ratings Risk.* The Adviser may perform its own independent investment analysis of securities being considered for the Fund's portfolio, which includes consideration of, among other things, the issuer's financial resources, its sensitivity to economic conditions and trends, its operating history, the quality of the issuer's management and regulatory matters. The Adviser also may consider the ratings assigned by various investment services and independent rating agencies, such as Moody's and S&P, that publish ratings based upon their assessment of the relative creditworthiness of the rated debt securities. Generally, a lower rating indicates higher credit risk. Higher yields are ordinarily available from debt securities in the lower rating categories.

Using credit ratings to evaluate debt securities can involve certain risks. For example, ratings assigned by the rating agencies are based upon an analysis completed at the time of the rating of the obligor's ability to pay interest and repay principal. Rating agencies typically rely to a large extent on historical data which may not accurately represent present or future circumstances. Ratings do not purport to reflect the risk of fluctuations in market value of the debt security and are not absolute standards of quality and only express the rating agency's current opinion of an obligor's overall financial capacity to pay its financial obligations. A credit rating is not a statement of fact or a recommendation to purchase, sell or hold a debt obligation. Also, credit quality can change suddenly and unexpectedly, and credit ratings may not reflect the issuer's current financial condition or events since the security was last rated. Rating agencies may have a financial interest in generating business, including from the arranger or issuer of the security that normally pays for that rating, and providing a low rating might affect the rating agency's prospects for future business. While rating agencies have policies and procedures to address this potential conflict of interest, there is a risk that these policies will fail to prevent a conflict of interest from impacting the rating.

*Uncertain Tax Treatment Risk*. Investments in debt securities rated below investment grade instruments may present special tax issues for the Fund. U.S. federal income tax rules are not entirely clear about issues such as when the Fund may cease accruing interest, OID or market discount, when and to what extent deductions may be taken for bad debts or worthless instruments, how payments received on obligations in default should be allocated between principal and income and whether exchanges of debt obligations in a bankruptcy or workout context are taxable. These and other issues will be addressed by the Fund to the extent necessary to seek to ensure that it distributes sufficient income that it does not become subject to U.S. federal income or excise tax.

*Extension Risk.* The market value of some debt securities, particularly mortgage securities and certain asset-backed securities, may be adversely affected when bond calls or prepayments on underlying mortgages or other assets are less or slower than anticipated. Extension risk may result from, for example, rising interest rates or unexpected developments in the markets for the underlying assets or mortgages. As a consequence, the security's effective maturity will be extended, resulting in an increase in interest rate sensitivity to that of a longer-term instrument. Extension risk generally increases as interest rates rise. This is because, in a rising interest rate environment, the rate of prepayment and exercise of call or buy-back rights generally falls and the rate of default and delayed payment generally rises. When the maturity of an investment is extended in a rising interest rate environment, a below-market interest rate is usually locked-in and the value of the security reduced. This risk is greater for fixed-rate than variable-rate debt securities.

*Income Risk.* The Fund's income will decline during periods of falling interest rates or when the Fund experiences defaults on debt securities it holds. The Fund's income declines when interest rates fall because, as the Fund's higher-yielding debt securities mature or are prepaid, the Fund must re-invest the proceeds in debt securities that have lower, prevailing interest rates. The amount and rate of distributions that the Fund's shareholders receive are affected by the income that the Fund receives from its portfolio holdings. If the income is reduced, distributions by the Fund to shareholders may be less.

Fluctuations in income paid to the Fund are generally greater for variable rate debt securities. The Fund will be deemed to receive taxable income on certain securities which pay no cash payments until maturity, such as zero-coupon securities. The Fund may be required to sell portfolio securities that it would otherwise continue to hold in order to obtain sufficient cash to make the distribution to shareholders required for U.S. tax purposes.

*Inflation Risk.* The market price of debt securities generally falls as inflation increases because the purchasing power of the future income and repaid principal is expected to be worth less when received by the Fund. Debt securities that pay a fixed rather than variable interest rate are especially vulnerable to inflation risk because variable-rate debt securities may be able to participate, over the long term, in rising interest rates which have historically corresponded with long-term inflationary trends.

*Interest Rate Risk.* The market value of debt securities generally varies in response to changes in prevailing interest rates. Interest rate changes can be sudden and unpredictable. In addition, short-term and long-term rates are not necessarily correlated to each other as short-term rates tend to be influenced by government monetary policy while long-term rates are market driven and may be influenced by macroeconomic events (such as economic expansion or contraction), inflation expectations, as well as supply and demand. During periods of declining interest rates, the market value of debt securities generally increases. Conversely, during periods of rising interest rates, the market value of debt securities generally declines. This occurs because new debt securities are likely to be issued with higher interest rates as interest rates increase, making the old or outstanding debt securities less attractive. In general, the market prices of long-term debt securities or securities that make little (or no) interest payments are more sensitive to interest rate fluctuations than shorter-term debt securities. The longer the Fund's average weighted portfolio duration, the greater the potential impact a change in interest rates will have on its share price. Also, certain segments of the fixed income markets, such as high-quality bonds, tend to be more sensitive to interest rate changes than other segments, such as lower-quality bonds.

*Prepayment Risk.* Debt securities, especially bonds that are subject to "calls," such as asset-backed or mortgage-backed securities, are subject to prepayment risk if their terms allow the payment of principal and other amounts due before their stated maturity. Amounts invested in a debt security that has been "called" or "prepaid" will be returned to an investor holding that security before expected by the investor. In such circumstances, the investor, such as a fund, may be required to re-invest the proceeds it receives from the called or prepaid security in a new security which, in periods of declining interest rates, will typically have a lower interest rate. Prepayment risk is especially prevalent in periods of declining interest rates and will result for other reasons, including unexpected developments in the markets for the underlying assets or mortgages. For example, a decline in mortgage interest rates typically initiates a period of mortgage refinancings. When homeowners refinance their mortgages, the investor in the underlying pool of mortgage-backed securities (such as a fund) receives its principal back sooner than expected, and must reinvest at lower, prevailing rates.

Securities subject to prepayment risk are often called during a declining interest rate environment and generally offer less potential for gains and greater price volatility than other income-bearing securities of comparable maturity.

Call risk is similar to prepayment risk and results from the ability of an issuer to call, or prepay, a debt security early. If interest rates decline enough, the debt security's issuer can save money by repaying its callable debt securities and issuing new debt securities at lower interest rates.

**Depositary Receipts**

To the extent the Fund invests in stocks of foreign corporations, the Fund's investment in securities of foreign companies may be in the form of depositary receipts or other securities convertible into securities of foreign issuers. American Depositary Receipts ("ADRs") are dollar-denominated receipts representing interests in the securities of a foreign issuer, which securities may not necessarily be denominated in the same currency as the securities into which they may be converted. ADRs are receipts typically issued by U.S. banks and trust companies which evidence ownership of underlying securities issued by a foreign corporation. Generally, ADRs in registered form are designed for use in domestic securities markets and are traded on exchanges or over-the-counter in the United States.

Global Depositary Receipts ("GDRs"), European Depositary Receipts ("EDRs"), and International Depositary Receipts ("IDRs") are similar to ADRs in that they are certificates evidencing ownership of shares of a foreign issuer; however, GDRs, EDRs, and IDRs may be issued in bearer form and denominated in other currencies and are generally designed for use in specific or multiple securities markets outside the U.S. EDRs, for example, are designed for use in European securities markets, while GDRs are designed for use throughout the world. Depositary receipts will not necessarily be denominated in the same currency as their underlying securities.

The Fund will not invest in any unlisted depositary receipts or any depositary receipt that the Adviser deems to be illiquid or for which pricing information is not readily available. In addition, all depositary receipts generally must be sponsored. However, the Fund may invest in unsponsored depositary receipts under certain limited circumstances. The issuers of unsponsored depositary receipts are not obligated to disclose material information in the United States and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the value of the depositary receipts.

**Derivative Instruments**

Generally, derivatives are financial instruments whose value depends on or is derived from, the value of one or more underlying assets, reference rates, or indices or other market factors (a "reference instrument") and may relate to stocks, bonds, interest rates, credit, currencies, commodities or related indices. Derivative instruments can provide an efficient means to gain or reduce exposure to the value of a reference instrument without actually owning or selling the instrument. Some common types of derivatives include options, futures, forwards and swaps.

Derivative instruments may be used to modify the effective duration of the Fund's portfolio investments. Derivative instruments may also be used for "hedging," which means that they may be used when the Adviser seeks to protect the Fund's investments from a decline in value resulting from changes to interest rates, market prices, currency fluctuations, or other market factors. Derivative instruments may also be used for other purposes, including to seek to increase liquidity, provide efficient portfolio management, broaden investment opportunities (including taking short or negative positions), implement a tax or cash management strategy, gain exposure to a particular security or segment of the market and/or enhance total return. However derivative instruments are used, their successful use is not assured and will depend upon, among other factors, the Adviser's ability to gauge relevant market movements.

Derivative instruments may be used for purposes of direct hedging. Direct hedging means that the transaction must be intended to reduce a specific risk exposure of a portfolio security or its denominated currency and must also be directly related to such security or currency. The Fund's use of derivative instruments may be limited from time to time by policies adopted by the Board or the Adviser.

Rule 18f-4 under the 1940 Act imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation and cover framework arising from prior SEC guidance for covering derivatives and certain financial instruments currently used by funds to comply with Section 18 of the 1940 Act and treats derivatives as senior securities. Under Rule 18f-4 a fund's derivatives exposure is limited through a value-at-risk test. Funds whose use of derivatives is more than a limited specified exposure amount are required to establish and maintain a comprehensive derivatives risk management program, subject to oversight by a fund's board of trustees, and appoint a derivatives risk manager. The Fund has implemented a derivatives risk management program that complies with Rule 18f-4.

*Options*. An option is a contract that gives the purchaser of the option, in return for the premium paid, the right to buy an underlying reference instrument, such as a specified security, currency, index, or other instrument, from the writer of the option (in the case of a call option), or to sell a specified reference instrument to the writer of the option (in the case of a put option) at a designated price during the term of the option. The premium paid by the buyer of an option will reflect, among other things, the relationship of the exercise price to the market price and the volatility of the underlying reference instrument, the remaining term of the option, supply, demand, interest rates and/or currency exchange rates. An American style put or call option may be exercised at any time during the option period while a European style put or call option may be exercised only upon expiration or during a fixed period prior thereto. Put and call options are traded on national securities exchanges and in the OTC market.

Options traded on national securities exchanges are within the jurisdiction of the SEC or other appropriate national securities regulator, as are securities traded on such exchanges. As a result, many of the protections provided to traders on organized exchanges will be available with respect to such transactions. In particular, all option positions entered into on a national securities exchange in the United States are cleared and guaranteed by the Options Clearing Corporation, thereby reducing the risk of counterparty default. Furthermore, a liquid secondary market in options traded on a national securities exchange may be more readily available than in the OTC market, potentially permitting the Fund to liquidate open positions at a profit prior to exercise or expiration, or to limit losses in the event of adverse market movements. There is no assurance, however, that higher than anticipated trading activity or other unforeseen events might not temporarily render the capabilities of the Options Clearing Corporation inadequate, and thereby result in the exchange instituting special procedures which may interfere with the timely execution of the Fund's orders to close out open options positions.

*Purchasing call and put options*. As the buyer of a call option, the Fund has a right to buy the underlying reference instrument (e.g., a currency or security) at the exercise price at any time during the option period (for American style options). The Fund may enter into closing sale transactions with respect to call options, exercise them, or permit them to expire. For example, the Fund may buy call options on underlying reference instruments that it intends to buy with the goal of limiting the risk of a substantial increase in their market price before the purchase is effected. Unless the price of the underlying reference instrument changes sufficiently, a call option purchased by the Fund may expire without any value to the Fund, in which case the Fund would experience a loss to the extent of the premium paid for the option plus related transaction costs.

As the buyer of a put option, the Fund has the right to sell the underlying reference instrument at the exercise price at any time during the option period (for American style options). Like a call option, the Fund may enter into closing sale transactions with respect to put options, exercise them or permit them to expire. The Fund may buy a put option on an underlying reference instrument owned by the Fund (a protective put) as a hedging technique in an attempt to protect against an anticipated decline in the market value of the underlying reference instrument. Such hedge protection is provided only during the life of the put option when the Fund, as the buyer of the put option, is able to sell the underlying reference instrument at the put exercise price, regardless of any decline in the underlying instrument's market price. The Fund may also seek to offset a decline in the value of the underlying reference instrument through appreciation in the value of the put option. A put option may also be purchased with the intent of protecting unrealized appreciation of an instrument when the Adviser deems it desirable to continue to hold the instrument because of tax or other considerations. The premium paid for the put option and any transaction costs would reduce any short-term capital gain that may be available for distribution when the instrument is eventually sold. Buying put options at a time when the buyer does not own the underlying reference instrument allows the buyer to benefit from a decline in the market price of the underlying reference instrument, which generally increases the value of the put option.

If a put option was not terminated in a closing sale transaction when it has remaining value, and if the market price of the underlying reference instrument remains equal to or greater than the exercise price during the life of the put option, the buyer would not make any gain upon exercise of the option and would experience a loss to the extent of the premium paid for the option plus related transaction costs. In order for the purchase of a put option to be profitable, the market price of the underlying reference instrument must decline sufficiently below the exercise price to cover the premium and transaction costs.

**Equity Securities**

Equity securities, such as the common stocks of an issuer, are subject to stock market fluctuations and therefore may experience volatile changes in value as market conditions, consumer sentiment, or the financial condition of the issuers change. A decrease in value of the equity securities in the Fund's portfolio may also cause the value of Shares to decline.

An investment in the Fund should be made with an understanding of the risks inherent in an investment in equity securities, including the risk that the financial condition of issuers may become impaired or that the general condition of the stock market may deteriorate (either of which may cause a decrease in the value of the Fund's portfolio securities and therefore a decrease in the value of Shares).

*<u>Types of Equity Securities:</u>*

*Common Stocks.* Common stocks represent units of ownership in a company. Common stocks usually carry voting rights and earn dividends. Unlike preferred stocks, which are described below, dividends on common stocks are not fixed but are declared at the discretion of the company's board of directors. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence and perceptions change. These investor perceptions are based on various and unpredictable factors, including expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic, or banking crises.

Holders of common stocks incur more risk than holders of preferred stocks and debt obligations because common stockholders, as owners of the issuer, generally have inferior rights to receive payments from the issuer in comparison with the rights of creditors or holders of debt obligations or preferred stocks. Further, unlike debt securities, which typically have a stated principal amount payable at maturity (whose value, however, is subject to market fluctuations prior thereto), or preferred stocks, which typically have a liquidation preference and which may have stated optional or mandatory redemption provisions, common stocks have neither a fixed principal amount nor a maturity. Common stock values are subject to market fluctuations as long as the common stock remains outstanding.

*Preferred Stocks.* Preferred stocks are also units of ownership in a company. Preferred stocks normally have preference over common stock in the payment of dividends and the liquidation of the company. However, in all other respects, preferred stocks are subordinated to the liabilities of the issuer. Unlike common stocks, preferred stocks are generally not entitled to vote on corporate matters. Types of preferred stocks include adjustable-rate preferred stock, fixed dividend preferred stock, perpetual preferred stock, and sinking fund preferred stock.

Generally, the market values of preferred stock with a fixed dividend rate and no conversion element vary inversely with interest rates and perceived credit risk.

*Rights and Warrants.* A right is a privilege granted to existing shareholders of a corporation to subscribe to shares of a new issue of common stock before it is issued. Rights normally have a short life of usually two to four weeks, are freely transferable, and entitle the holder to buy the new common stock at a lower price than the public offering price. Warrants are securities that are usually issued together with a debt security or preferred stock and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants are freely transferable and are traded on major exchanges. Unlike rights, warrants normally have a life that is measured in years and entitles the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Corporations often issue warrants to make the accompanying debt security more attractive.

An investment in warrants and rights may entail greater risks than certain other types of investments. Generally, rights and warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. Investing in rights and warrants increases the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities.

**When-Issued Securities**

A when-issued security is one whose terms are available and for which a market exists, but which has not been issued. When the Fund engages in when-issued transactions, it relies on the other party to complete the sale. If the other party fails to complete the sale, the Fund may miss the opportunity to obtain the security at a favorable price or yield.

When purchasing a security on a when-issued basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield changes. At the time of settlement, the value of the security may be more or less than the purchase price. The yield available in the market when the delivery takes place also may be higher than those obtained in the transaction itself. Because the Fund does not pay for the security until the delivery date, these risks are in addition to the risks associated with its other investments.

Decisions to enter into "when-issued" transactions will be considered on a case-by-case basis when necessary to maintain continuity in a company's index membership. The Fund will segregate cash or liquid securities equal in value to commitments for the when-issued transactions. The Fund will segregate additional liquid assets daily so that the value of such assets is equal to the amount of the commitments.

**Exchange-Traded Funds**

The Fund invests in shares of other investment companies (including exchanged-traded funds ("ETFs")). As the shareholder of another ETF, the Fund would bear, along with other shareholders, its pro rata portion of the other ETF's expenses, including advisory fees. Such expenses are in addition to the expenses the Fund pays in connection with its own operations. The Fund's investments in other ETFs may be limited by applicable law.

Disruptions in the markets for the securities held by ETFs purchased or sold by the Fund could result in losses on investments in ETFs. ETFs also carry the risk that the price the Fund pays or receives may be higher or lower than the ETF's NAV. ETFs are also subject to certain additional risks, including the risks of illiquidity and of possible trading halts due to market conditions or other reasons, based on the policies of the relevant exchange. ETFs and other investment companies in which the Fund may invest may be leveraged, which would increase the volatility of the Fund's NAV.

Leveraged ETFs seek to provide investment results that match a multiple of the performance of an underlying index (e.g., three times the performance) for a single day. Leveraged ETFs are subject to additional risks not generally associated with traditional ETFs. Leveraged ETFs often "reset" daily, meaning that they are designed to achieve their stated objectives on a daily basis. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the performance of their Index or benchmark during the same period of time. This effect can be magnified in volatile markets. Consequently, these investment vehicles may be extremely volatile and can potentially expose the Fund to complete loss of its investment.

**High Yield Securities**

When investing in debt securities, the Fund may purchase securities regardless of their rating, including debt securities rated below investment grade – securities rated below investment grade are often referred to as high yield securities or "junk bonds". Investments in securities rated below investment grade that are eligible for purchase by the Fund are described as "speculative" by Moody's, S&P and Fitch. Investments in lower rated corporate debt securities generally provide greater income and increased opportunity for capital appreciation than investments in higher quality securities, but they also typically entail greater price volatility and principal and income risk. These high yield securities are regarded as predominantly speculative with respect to the issuer's continuing ability to meet principal and interest payments. Analysis of the creditworthiness of issuers of debt securities that are high yield may be more complex than for issuers of higher quality debt securities.

High yield securities may be more susceptible to real or perceived adverse economic and competitive industry conditions than investment grade securities. The prices of high yield securities have been found to be more sensitive to adverse economic downturns or individual corporate developments. A projection of an economic downturn or of a period of rising interest rates, for example, could cause a decline in high yield security prices because the advent of a recession could lessen the ability of a highly leveraged company to make principal and interest payments on its debt securities. If an issuer of high yield securities defaults, in addition to risking payment of all or a portion of interest and principal, the Fund by investing in such securities may incur additional expenses to obtain recovery. In the case of high yield securities structured as zero-coupon or pay-in-kind securities, their market prices are affected to a greater extent by interest rate changes, and therefore tend to be more volatile than securities that pay interest periodically and in cash.

The secondary market on which high yield securities are traded may be less liquid than the market for higher grade securities. Less liquidity in the secondary trading market could adversely affect the price at which the Fund could sell a high yield security, and could adversely affect the daily NAV of the shares. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the values and liquidity of high yield securities, especially in a thinly-traded market. When secondary markets for high yield securities are less liquid than the market for higher grade securities, it may be more difficult to value the securities because such valuation may require more research, and elements of judgment may play a greater role in the valuation because there is less reliable, objective data available.

The use of credit to evaluate high yield securities can involve certain risks. For example, credit ratings evaluate the safety of principal and interest payments, not the market value risk of high yield securities. Also, credit rating agencies may fail to change credit ratings in a timely fashion to reflect events since the security was last rated. The Adviser does not rely solely on credit ratings when selecting securities for the Fund, and develops its own analysis of issuer credit quality. If a credit rating agency changes the rating of a portfolio security held by the Fund, the Fund may retain the security if the Adviser deems it in the best interest of shareholders.

**Illiquid and Restricted Investments**

The Fund may invest in illiquid investments (*i.e.*, investments that are not readily marketable) to the extent permitted under the 1940 Act. Illiquid investments include, but are not limited to, restricted investments (investments the disposition of which is restricted under the federal securities laws), investments that may only be resold pursuant to Rule 144A under the Securities Act, but that are deemed to be illiquid; and repurchase agreements with maturities in excess of seven days. However, the Fund will not acquire illiquid investments if, immediately after the acquisition, such investments would comprise more than 15% of the value of the Fund's net assets. Determinations of liquidity are made pursuant to guidelines contained in the liquidity risk management program of the Trust applicable to the Fund. The Adviser determines and monitors the liquidity of the portfolio investments and reports periodically on its decisions to the Board. In making such determinations it takes into account a number of factors in reaching liquidity decisions, including but not limited to: (1) the frequency of trades and quotations for the investment; (2) the number of dealers willing to purchase or sell the investment and the number of other potential buyers; (3) the willingness of dealers to undertake to make a market in the investment; and (4) the nature of the marketplace trades, including the time needed to dispose of the investment, the method of soliciting offers and the mechanics of the transfer. The term "illiquid investment" is defined as an investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment.

An institutional market has developed for certain restricted investments. Accordingly, contractual or legal restrictions on the resale of an investment may not be indicative of the liquidity of the investment. If such investments are eligible for purchase by institutional buyers in accordance with Rule 144A under the Securities Act or other exemptions, the Adviser may determine that the investments are liquid.

Restricted investments may be sold only in privately negotiated transactions or in a public offering with respect to which a registration statement is in effect under the Securities Act. Where registration is required, the Fund may be obligated to pay all or part of the registration expenses and a considerable period may elapse between the time of the decision to sell and the time the Fund may be permitted to sell an investment under an effective registration statement. If, during such a period, adverse market conditions were to develop, the Fund might obtain a less favorable price than that which prevailed when it decided to sell.

Illiquid investments will be priced at fair value as determined in good faith under procedures adopted by the Trust and the Adviser. If, through the appreciation of illiquid investments or the depreciation of liquid investments, the Fund should be in a position where more than 15% of the value of its net assets are invested in illiquid investments, including restricted investments which are not readily marketable, the Fund will take such steps as set forth in its procedures as adopted by the Trust and the Adviser.

**Investment Company Securities**

The Fund may invest in the securities of other investment companies, including money market funds and ETFs, subject to applicable limitations under Section 12(d)(1) of the 1940 Act. Investing in another pooled vehicle exposes the Fund to all the risks of that pooled vehicle. If the Fund invests in and, thus, is a shareholder of another investment company, the Fund's shareholders will indirectly bear the Fund's proportionate share of the fees and expenses paid by such other investment company, including advisory fees, in addition to both the management fees payable directly by the Fund to the Adviser and the other expenses that the Fund bears directly in connection with the Fund's own operations.

Pursuant to Section 12(d)(1), the Fund may invest in the securities of another investment company (the "acquired company") provided that the Fund, immediately after such purchase or acquisition, does not own in the aggregate: (1) more than 3% of the total outstanding voting stock of the acquired company; (2) securities issued by the acquired company having an aggregate value in excess of 5% of the value of the total assets of the Fund; or (3) securities issued by the acquired company and all other investment companies (other than treasury stock of the Fund) having an aggregate value in excess of 10% of the value of the total assets of the Fund. To the extent allowed by law or regulation, the Fund may invest its assets in securities of investment companies that are money market funds in excess of the limits discussed above.

The Fund may rely on Rule 12d1-4 of the 1940 Act, which provides an exemption from Section 12(d)(1) that allows the Fund to invest all of its assets in other registered funds, including ETFs, if the Fund satisfies certain conditions specified in the Rule, including, among other conditions, that the Fund and its advisory group will not control (individually or in the aggregate) an acquired fund (e.g., hold more than 25% of the outstanding voting securities of an acquired fund that is a registered open-end management investment company).

The Fund may also rely on Section 12(d)(1)(F) and Rule 12d1-3 of the 1940 Act, which provide an exemption from Section 12(d)(1) that allows the Fund to invest all of its assets in other registered funds, including ETFs, if, among other conditions: (1) the Fund, together with its affiliates, acquires no more than three percent of the outstanding voting stock of any acquired fund; and (2) the sales load charged on Shares is no greater than the limits set forth in Rule 2830 of the Conduct Rules of the Financial Industry Regulatory Authority, Inc. ("FINRA").

**Money Market Funds**

The Fund may invest in underlying money market funds that either seek to maintain a stable $1 NAV ("stable NAV money market funds") or that have a share price that fluctuates ("variable NAV market funds"). Although an underlying stable NAV money market fund seeks to maintain a stable $1 NAV, it is possible for the Fund to lose money by investing in such a money market fund. Because the share price of an underlying variable NAV market fund will fluctuate, when the Fund sells the shares it owns they may be worth more or less than what the Fund originally paid for them. In addition, neither type of money market fund is designed to offer capital appreciation. Certain underlying money market funds may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares if such fund's liquidity falls below required minimums.

**Other Short-Term Instruments**

The Fund may invest in short-term instruments, including money market instruments, on an ongoing basis to provide liquidity or for other reasons. Money market instruments are generally short-term investments that may include but are not limited to: (1) shares of money market funds; (2) obligations issued or guaranteed by the U.S. government, its agencies, or instrumentalities (including government-sponsored enterprises); (3) negotiable certificates of deposit ("CDs"), bankers' acceptances, fixed time deposits, and other obligations of U.S. and foreign banks (including foreign branches) and similar institutions; (4) commercial paper rated at the date of purchase "Prime-1" by Moody's or "A-1" by S&P or, if unrated, of comparable quality as determined by the Adviser; (5) non-convertible corporate debt securities (e.g., bonds and debentures) with remaining maturities at the date of purchase of not more than 397 days and that satisfy the rating requirements set forth in Rule 2a-7 under the 1940 Act; and (6) short-term U.S. dollar-denominated obligations of foreign banks (including U.S. branches) that, in the opinion of the Adviser, are of comparable quality to obligations of U.S. banks which may be purchased by the Fund. Any of these instruments may be purchased on a current or a forward-settled basis. Money market instruments also include shares of money market funds. Time deposits are non-negotiable deposits maintained in banking institutions for specified periods of time at stated interest rates. Bankers' acceptances are time drafts drawn on commercial banks by borrowers, usually in connection with international transactions.

**Repurchase Agreements** 

The Fund may invest in repurchase agreements with commercial banks, brokers or dealers to generate income from its excess cash balances and to invest securities lending cash collateral. A repurchase agreement is an agreement under which the Fund acquires a financial instrument (e.g., a security issued by the U.S. government or an agency thereof, a banker's acceptance or a certificate of deposit) from a seller, subject to resale to the seller at an agreed upon price and date (normally, the next Business Day). A "Business Day" is any day on which the New York Stock Exchange ("NYSE") is open for business. A repurchase agreement may be considered a loan collateralized by securities. The resale price reflects an agreed upon interest rate effective for the period the instrument is held by the Fund and is unrelated to the interest rate on the underlying instrument.

In these repurchase agreement transactions, the securities acquired by the Fund (including accrued interest earned thereon) must have a total value in excess of the value of the repurchase agreement and are held by the Fund's custodian bank until repurchased. No more than an aggregate of 15% of the Fund's net assets will be invested in illiquid securities, including repurchase agreements having maturities longer than seven days and securities subject to legal or contractual restrictions on resale, or for which there are no readily available market quotations.

The use of repurchase agreements involves certain risks. For example, if the other party to the agreement defaults on its obligation to repurchase the underlying security at a time when the value of the security has declined, the Fund may incur a loss upon disposition of the security. If the other party to the agreement becomes insolvent and subject to liquidation or reorganization under the U.S. Bankruptcy Code or other laws, a court may determine that the underlying security is collateral for a loan by the Fund not within the control of the Fund and, therefore, the Fund may not be able to substantiate its interest in the underlying security and may be deemed an unsecured creditor of the other party to the agreement.

**Securities Lending**

The Fund may lend portfolio securities to certain creditworthy borrowers. The Fund did not participate in securities lending for the fiscal year ended April 30, 2025. The borrowers provide collateral that is maintained in an amount at least equal to the current value of the securities loaned. The Fund may terminate a loan at any time and obtain the return of the securities loaned. When lending securities, the Fund receives the value of any interest or cash or non-cash distributions paid on the loaned securities. Distributions received on loaned securities in lieu of dividend payments (*i.e.,* substitute payments) would not be considered qualified dividend income.

With respect to loans that are collateralized by cash, the borrower will be entitled to receive a fee based on the amount of cash collateral. The Fund is compensated by the difference between the amount earned on the reinvestment of cash collateral and the fee paid to the borrower. In the case of collateral other than cash, the Fund is compensated by a fee paid by the borrower equal to a percentage of the value of the loaned securities. Any cash collateral may be reinvested in certain short-term instruments either directly on behalf of the Fund or through one or more joint accounts or money market funds, which may include those managed by the Adviser.

The Fund may pay a portion of the interest or fees earned from securities lending to a borrower as described above, and to one or more securities lending agents approved by the Board who administer the lending program for the Fund in accordance with guidelines approved by the Board. In such capacity, the lending agent causes the delivery of loaned securities from the Fund to borrowers, arranges for the return of loaned securities to the Fund at the termination of a loan, requests deposit of collateral, monitors the daily value of the loaned securities and collateral, requests that borrowers add to the collateral when required by the loan agreements, and provides recordkeeping and accounting services necessary for the operation of the program.

Securities lending involves exposure to certain risks, including operational risk (*i.e.*, the risk of losses resulting from problems in the settlement and accounting process), "gap" risk (*i.e.*, the risk of a mismatch between the return on cash collateral reinvestments and the fees the Fund has agreed to pay a borrower), and credit, legal, counterparty and market risk. In the event a borrower does not return the Fund's securities as agreed, the Fund may experience losses if the proceeds received from liquidating the collateral do not at least equal the value of the loaned security at the time the collateral is liquidated plus the transaction costs incurred in purchasing replacement securities.

**Tax Risks**

As with any investment, you should consider how your investment in Shares will be taxed. The tax information in the Prospectus and this SAI is provided as general information. You should consult your own tax professional about the tax consequences of an investment in Shares.

Unless your investment in Shares is made through a tax-exempt entity, tax-deferred retirement account or other tax-advantaged arrangement, such as an individual retirement account, you need to be aware of the possible tax consequences when the Fund makes distributions or you sell Shares.

**U.S. Government Securities**

The Fund may invest in U.S. government securities. Securities issued or guaranteed by the U.S. government, or its agencies or instrumentalities, include U.S. Treasury securities, which are backed by the full faith and credit of the U.S. Treasury and which differ only in their interest rates, maturities, and times of issuance. U.S. Treasury bills have initial maturities of one-year or less; U.S. Treasury notes have initial maturities of one to ten years; and U.S. Treasury bonds generally have initial maturities of greater than ten years. Certain U.S. government securities are issued or guaranteed by agencies or instrumentalities of the U.S. government including, but not limited to, obligations of U.S. government agencies or instrumentalities such as the Federal National Mortgage Association (FNMA), the Government National Mortgage Association (GNMA), the Small Business Administration, the Federal Farm Credit Administration, the Federal Home Loan Banks, Banks for Cooperatives (including the Central Bank for Cooperatives), the Federal Land Banks, the Federal Intermediate Credit Banks, the Tennessee Valley Authority, the Export-Import Bank of the United States, the Commodity Credit Corporation, the Federal Financing Bank, the Student Loan Marketing Association, the National Credit Union Administration and the Federal Agricultural Mortgage Corporation (Farmer Mac).

Some obligations issued or guaranteed by U.S. government agencies and instrumentalities, including, for example, GNMA pass-through certificates, are supported by the full faith and credit of the U.S. Treasury. Other obligations issued by or guaranteed by federal agencies, such as those securities issued by the FNMA, are supported by the discretionary authority of the U.S. government to purchase certain obligations of the federal agency, while other obligations issued by or guaranteed by federal agencies, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Treasury, while the U.S. government provides financial support to such U.S. government-sponsored federal agencies, no assurance can be given that the U.S. government will always do so, since the U.S. government is not so obligated by law. U.S. Treasury notes and bonds typically pay coupon interest semi-annually and repay the principal at maturity.

On September 7, 2008, the U.S. Treasury announced a federal takeover of the FNMA and the Federal Home Loan Mortgage Corporation ("Freddie Mac"), placing the two federal instrumentalities in conservatorship. Under the takeover, the U.S. Treasury agreed to acquire $1 billion of senior preferred stock of each instrumentality and obtained warrants for the purchase of common stock of each instrumentality (the "Senior Preferred Stock Purchase Agreement" or "Agreement"). Under the Agreement, the U.S. Treasury pledged to provide up to $200 billion per instrumentality as needed, including the contribution of cash capital to the instrumentalities in the event their liabilities exceed their assets. This was intended to ensure that the instrumentalities maintain a positive net worth and meet their financial obligations, preventing mandatory triggering of receivership. As a result of this Agreement, the investments of holders, including the Fund, of mortgage-backed securities and other obligations issued by the FNMA and Freddie Mac are currently protected. The Agreement has been amended several times since September 7, 2008, both formally and through letter agreements. The most recent letter agreement dated January 14, 2021, stated that the U.S. Treasury's commitment to begin to establish a timeline and process to terminate the conservatorship. If the conservatorship is terminated, the investments of holders, including the Fund, of mortgage-backed securities and other obligations issued by Fannie Mae and Freddie Mac will no longer have the protection of the U.S. Treasury.

The total public debt of the United States as a percentage of gross domestic product has grown rapidly since the beginning of the 2008–2009 financial downturn. Although high debt levels do not necessarily indicate or cause economic problems, they may create certain systemic risks if sound debt management practices are not implemented. A high national debt can raise concerns that the U.S. government will not be able to make principal or interest payments when they are due. This increase has also necessitated the need for the U.S. Congress to negotiate adjustments to the statutory debt limit to increase the cap on the amount the U.S. government is permitted to borrow to meet its existing obligations and finance current budget deficits. In August 2011, S&P lowered its long-term sovereign credit rating of the U.S from AAA to AA+ and it has not been upgraded as of the date of this SAI. In explaining the downgrade at that time, S&P cited, among other reasons, controversy over raising the statutory debt limit and growth in public spending. Any controversy or ongoing uncertainty regarding the statutory debt ceiling negotiations may impact the U.S. long-term sovereign credit rating and may cause market uncertainty. As a result, market prices and yields of securities supported by the full faith and credit of the U.S. government may be adversely affected.

**Temporary Defensive Strategies**

Under normal market conditions, the Fund will stay fully invested according to its principal investment strategies. The Fund, however, may temporarily depart from its principal investment strategies by making investments in cash or cash equivalents or short-term instruments such as commercial paper, money market mutual funds or short-term U.S. government securities in response to adverse market, economic, or political conditions. Securities held by the Fund for temporary defensive purposes may differ in duration, maturity, credit quality, or other attributes relative to those generally held by the Fund as part of its principal investment strategies. Taking a temporary defensive position may result in the Fund not achieving its investment objective during that period.

**INVESTMENT RESTRICTIONS**

The Trust has adopted the following investment restrictions as fundamental policies with respect to the Fund. These restrictions cannot be changed with respect to the Fund without the approval of the holders of a majority of the Fund's outstanding voting securities. For the purposes of the 1940 Act, a "majority of outstanding shares" means the vote of the lesser of: (1) 67% or more of the voting securities of the Fund present at the meeting if the holders of more than 50% of the Fund's outstanding voting securities are present or represented by proxy; or (2) more than 50% of the outstanding voting securities of the Fund.

Except with the approval of a majority of the outstanding voting securities, the Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Borrow money or
 issue senior securities (as defined under the 1940 Act), except to the extent permitted under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Make loans, except
 to the extent permitted under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Purchase or sell
 real estate unless acquired as a result of ownership of securities or other instruments, except to the extent permitted under
 the 1940 Act. This shall not prevent the Fund from investing in securities or other instruments backed by real estate, real
 estate investment trusts ("REITs") or securities of companies engaged in the real estate business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Purchase or sell
 physical commodities unless acquired as a result of ownership of securities or other instruments, except to the extent permitted
 under the 1940 Act. This shall not prevent the Fund from purchasing or selling options and futures contracts or from investing
 in securities or other instruments backed by physical commodities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Underwrite securities
 issued by other persons, except to the extent permitted under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Concentrate its
 investments (i.e., hold more than 25% of its total assets) in any industry or group of related industries. For purposes of
 this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized
 by U.S. government securities, registered investment companies, and tax-exempt securities of state or municipal governments
 and their political subdivisions are not considered to be issued by members of any industry.

In determining its compliance with the fundamental investment restriction on concentration, the Fund will look through to the underlying holdings of any affiliated investment company and will consider its entire investment in any investment company with a policy to concentrate, or having otherwise disclosed that it is concentrated, in a particular industry or group of related industries as being invested in such industry or group of related industries. Additionally, in determining its compliance with the fundamental investment restriction on concentration, the Fund will look through to the user of private activity municipal bonds to determine their industry.

For purposes of applying the limitation set forth in the concentration policy set forth above, the Fund may use the Standard Industrial Classification (SIC) Codes, North American Industry Classification System (NAICS) Codes, MSCI Global Industry Classification System, FTSE/Dow Jones Industry Classification Benchmark (ICB) system, or any other reasonable industry classification system (including systems developed by the Adviser) to identify each industry. The Fund's method of applying the limitations in the above concentration policy, including the classification levels used, may differ from those of the Trust's other series.

If a percentage limitation is adhered to at the time of investment or contract, a later increase or decrease in percentage resulting from any change in value or total or net assets will not result in a violation of such restriction, except that the percentage limitations with respect to the borrowing of money and illiquid investments will be observed continuously.

In addition, the Fund is a "diversified" investment company within the meaning of the 1940 Act. The Fund commenced operations as a non-diversified fund, but is now classified as diversified. Therefore, in addition to the fundamental investment restrictions above, except with the approval of a majority of the outstanding voting securities, the Fund may not, with respect to 75% of its total assets, purchase the securities of any one issuer if, immediately after and as a result of such purchase, (a) the value of the Fund's holdings in the securities of such issuer exceeds 5% of the value of the Fund's total assets, or (b) the Fund owns more than 10% of the outstanding voting securities of the issuer (with the exception that this restriction does not apply to the Fund's investments in the securities of the U.S. government, or its agencies or instrumentalities, or other investment companies).

**EXCHANGE LISTING AND TRADING**

Shares are listed for trading and trade throughout the day on the Exchange.

There can be no assurance that the Fund will continue to meet the requirements of the Exchange necessary to maintain the listing of Shares. The Exchange may, but is not required to, remove Shares from the listing under any of the following circumstances: (1) the Exchange becomes aware that the Fund is no longer eligible to operate in reliance on Rule 6c-11 of the 1940 Act; (2) the Fund no longer complies with the Exchange's requirements for Shares; or (3) such other event shall occur or condition shall exist that, in the opinion of the Exchange, makes further dealings on the Exchange inadvisable. The Exchange will remove the Shares from listing and trading upon termination of the Fund.

The Trust reserves the right to adjust the price levels of Shares in the future to help maintain convenient trading ranges for investors. Any adjustments would be accomplished through stock splits or reverse stock splits, which would have no effect on the net assets of the Fund.

**MANAGEMENT OF THE TRUST**

**Board Responsibilities.** The management and affairs of the Trust and its series are overseen by the Board, which elects the officers of the Trust who are responsible for administering the day-to-day operations of the Trust and the Fund. The Board has approved contracts, as described below, under which certain companies provide essential services to the Trust.

The day-to-day business of the Trust, including the management of risk, is performed by third-party service providers, such as the Adviser, the Distributor (defined below), and the Administrator (defined below). The Board is responsible for overseeing the Trust's service providers and, thus, has oversight responsibility with respect to risk management performed by those service providers. Risk management seeks to identify and address risks, i.e., events or circumstances that could have material adverse effects on the business, operations, shareholder services, investment performance, or reputation of the Fund. The Fund and its service providers employ a variety of processes, procedures, and controls to identify various of those possible events or circumstances, to lessen the probability of their occurrence and/or to mitigate the effects of such events or circumstances if they do occur. Each service provider is responsible for one or more discrete aspects of the Trust's business (e.g., the Adviser is responsible for the day-to-day management of the Fund's portfolio investments) and, consequently, for managing the risks associated with that business. The Board has emphasized to the Fund's service providers the importance of maintaining vigorous risk management.

The Board's role in risk oversight begins before the inception of the Fund, at which time certain of the Fund's service providers present the Board with information concerning the investment objective, strategies, and risks of the Fund as well as proposed investment limitations for the Fund. Additionally, the Adviser provides the Board with an overview of, among other things, their investment philosophies, brokerage practices, and compliance infrastructures. Thereafter, the Board continues its oversight function as various personnel, including the Trust's Chief Compliance Officer and other service providers, such as the Fund's independent registered public accounting firm, make periodic reports to the Audit Committee or to the Board with respect to various aspects of risk management. The Board and the Audit Committee oversee efforts by management and service providers to manage risks to which the Fund may be exposed.

The Board is responsible for overseeing the nature, extent, and quality of the services provided to the Fund by the Adviser and receives information about those services at its regular meetings. In addition, on an annual basis (following the initial two-year period), in connection with its consideration of whether to renew the Investment Advisory Agreement, the Board or its designee may meet with the Adviser to review such services. Among other things, the Board regularly considers the Adviser's adherence to the Fund's investment restrictions and compliance with various Fund policies and procedures and with applicable securities regulations. The Board also reviews information about the Fund's performance and the nature of the Fund's investments.

The Trust's Chief Compliance Officer reports regularly to the Board to review and discuss compliance issues and Fund and Adviser risk assessments. At least annually, the Trust's Chief Compliance Officer provides the Board with a report reviewing the adequacy and effectiveness of the Trust's policies and procedures and those of its service providers, including the Adviser. The report addresses the operation of the policies and procedures of the Trust and each service provider since the date of the last report; any material changes to the policies and procedures since the date of the last report; any recommendations for material changes to the policies and procedures; and any material compliance matters since the date of the last report.

The Board receives reports from the Fund's service providers regarding operational risks and risks related to the valuation and liquidity of portfolio securities. Annually, the Fund's independent registered public accounting firm reviews with the Audit Committee its audit of the Fund's financial statements, focusing on major areas of risk encountered by the Fund and noting any significant deficiencies or material weaknesses in the Fund's internal controls. Additionally, in connection with its oversight function, the Board oversees Fund management's implementation of disclosure controls and procedures, which are designed to ensure that information required to be disclosed by the Trust in its periodic reports with the SEC are recorded, processed, summarized, and reported within the required time periods. The Board also oversees the Trust's internal controls over financial reporting, which comprise policies and procedures designed to provide reasonable assurance regarding the reliability of the Trust's financial reporting and the preparation of the Trust's financial statements.

From their review of these reports and discussions with the Adviser, the Chief Compliance Officer, the independent registered public accounting firm, and other service providers, the Board and the Audit Committee learn in detail about the material risks of the Fund, thereby facilitating a dialogue about how management and service providers identify and mitigate those risks.

The Board recognizes that not all risks that may affect the Fund can be identified and/or quantified, that it may not be practical or cost-effective to eliminate or mitigate certain risks, that it may be necessary to bear certain risks (such as investment-related risks) to achieve the Fund's goals, and that the processes, procedures, and controls employed to address certain risks may be limited in their effectiveness. Moreover, reports received by the Board as to risk management matters are typically summaries of the relevant information. Most of the Fund's investment management and business affairs are carried out by or through the Adviser, and other service providers, each of which has an independent interest in risk management but whose policies and the methods by which one or more risk management functions are carried out may differ from the Fund's and each other's in the setting of priorities, the resources available, or the effectiveness of relevant controls. As a result of the foregoing and other factors, the Board's ability to monitor and manage risk, as a practical matter, is subject to limitations.

**Members of the Board.** There are four members of the Board, three of whom are not interested persons of the Trust, as that term is defined in the 1940 Act (the "Independent Trustees"). Mr. Eric W. Falkeis serves as Chairman of the Board and is an interested person of the Trust.

The Board is composed of a majority (75 percent) of Independent Trustees. The Trust has determined its leadership structure is appropriate given the specific characteristics and circumstances of the Trust, even though there is no Lead Independent Trustee. The Trust made this determination in consideration of, among other things, the fact that the Independent Trustees of the Trust constitute a super majority of the Board, the number of Independent Trustees that constitute the Board, the amount of assets under management in the Trust, and the number of funds overseen by the Board. The Board also believes that its leadership structure facilitates the orderly and efficient flow of information to the Independent Trustees from Fund management.

Additional information about each Trustee of the Trust is set forth below. The address of each Trustee of the Trust is c/o Tidal Trust I, 234 West Florida Street, Suite 203, Milwaukee, Wisconsin 53204.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position Held**<br> **with the**<br> **Trust** | **Term of**<br> **Office and**<br> **Length of**<br> **Time Served** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number**<br> **of**<br> **Portfolios**<br> **in Fund Complex Overseen by Trustee<sup>(3)</sup>** | **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During Past 5**<br> **Years** |
| **Independent Trustees<sup>(1)</sup>** | **Independent Trustees<sup>(1)</sup>** | **Independent Trustees<sup>(1)</sup>** | **Independent Trustees<sup>(1)</sup>** | **Independent Trustees<sup>(1)</sup>** | **Independent Trustees<sup>(1)</sup>** |
| Mark H.W. Baltimore<br> Born: 1967 | Trustee | Indefinite term; since 2018 | Co-Chief Executive Officer, Global Rhino, LLC (asset management consulting firm) (since 2018); Chief Business Development Officer, Joot (asset management compliance services firm) (2019 to 2023); Chief Executive Officer, Global Sight, LLC (asset management distribution consulting firm) (2016 to 2018). | 54 |  |
| Dusko Culafic<br> Born: 1958 | Trustee | Indefinite term; since 2018 | Retired (since 2018); Senior Operational Due Diligence Analyst, Aurora Investment Management, LLC (2012 to 2018). | 54 |  |
| Eduardo Mendoza<br> Born: 1966<br>| Trustee | Indefinite term; since 2018 | Chief Corporate Development Officer & Head of Structured Lending (since 2024), Chief Financial Officer (2022 to 2023), Executive Vice President - Head of Capital Markets & Corporate Development (since 2019), Advisor (2017 to 2019), Credijusto (financial technology company). | 54 |  |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
| Eric W. Falkeis<sup>(2)</sup><br> Born: 1973 | President, Principal Executive Officer, Trustee and Chairman | President and Principal Executive Officer since 2019, Indefinite term; Trustee and Chairman, since 2018, Indefinite term | Chief Operating Officer, Tidal Investments LLC (since 2023); Chief Executive Officer, Tidal ETF Services LLC (since 2018); Chief Operating Officer (and other positions), Rafferty Asset Management, LLC (2013 to 2018) and Direxion Advisors, LLC (2017 to 2018). | 261<sup>(4)</sup> | Trustee, Tidal Trust II (since 2022); Trustee, Tidal Trust IV (since 2025);Trustee, Tidal Trust V (since 2025) (207 series total); Independent Director, Muzinich Direct Lending Income Fund, Inc. (since 2023); Independent Director, Muzinich BDC, Inc. (since 2019); Trustee, Professionally Managed Portfolios (27 series) (since 2011); Interested Trustee, Direxion Funds, Direxion Shares ETF Trust, and Direxion Insurance Trust (2014 to 2018) |

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(1) All Independent Trustees of the Trust are not "interested persons" of the Trust as defined under the 1940 Act (the "Independent Trustees") .

(2) Mr. Falkeis is considered an "interested person" of the Trust due to his positions as President, Principal Executive Officer and Chairman of the Trust, Chief Operating Officer of Tidal Investments LLC and Chief Executive Officer of Tidal ETF Services LLC, each a Tidal Financial Group company and an affiliate of the Adviser.

(3) The Trust, as of the date of this SAI, offers for sale to the public 41 of the 54 Funds registered with the SEC.

(4) Includes series of Tidal Trust II, Tidal Trust IV and Tidal Trust V for which Mr. Falkeis also serves as Trustee.

**Individual Trustee Qualifications.** The Trust has concluded that each of the Trustees should serve on the Board because of their ability to review and understand information about the series of the Trust provided to them by management, to identify and request other information they may deem relevant to the performance of their duties, to question management and other service providers regarding material factors bearing on the management and administration of the Trust, and to exercise their business judgment in a manner that serves the best interests of the shareholders of each series of the Trust. The Trust has concluded that each of the Trustees should serve as a Trustee based on his or her own experience, qualifications, attributes, and skills as described below.

The Trust has concluded that Mr. Baltimore should serve as a Trustee because of his substantial experience with the distribution of investment company securities and his experience with regulatory matters through his current position at Global Rhino, LLC and prior positions at Global Sight, LLC, an asset management distribution consulting firm, and at Joot, an asset management compliance services firm, and his past experience with distribution activities at the parent company of the Trust's Distributor (defined below). The Board believes Mr. Baltimore's experience, qualifications, attributes, or skills, on an individual basis and in combination with those of the other Trustees, led to the conclusion that he possesses the requisite skills and attributes as a Trustee to carry out oversight responsibilities with respect to the Trust.

The Trust has concluded that Mr. Culafic should serve as a Trustee because of his substantial experience with investment management operations and his experience with financial, accounting, investment, and regulatory matters through his former position as Senior Operational Due Diligence Analyst of Aurora Investment Management, LLC, a registered investment adviser. The Board believes Mr. Culafic's experience, qualifications, attributes, or skills, on an individual basis and in combination with those of the other Trustees, led to the conclusion that he possesses the requisite skills and attributes as a Trustee to carry out oversight responsibilities with respect to the Trust.

The Trust has concluded that Mr. Mendoza should serve as a Trustee because of his substantial experience with credit markets and finance and his experience with financial, accounting, investment, and regulatory matters through his former positions as Managing Director (and other positions) of BMO Capital Markets, an investment bank. The Board believes Mr. Mendoza's experience, qualifications, attributes, or skills, on an individual basis and in combination with those of the other Trustees, led to the conclusion that he possesses the requisite skills and attributes as a Trustee to carry out oversight responsibilities with respect to the Trust.

The Trust has concluded that Mr. Falkeis should serve as a Trustee because of his substantial investment company experience and his experience with financial, accounting, investment, and regulatory matters through his former position as Senior Vice President and Chief Financial Officer (and other positions) of U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Global Fund Services), a full service provider to ETFs, mutual funds, and alternative investment products, from 1997 to 2013. In addition, he has experience consulting with investment advisors regarding the legal structure of mutual funds, distribution channel analysis, and actual distribution of those funds. Mr. Falkeis also has substantial managerial, operational, technological, and risk oversight related experience through his former position as Chief Operating Officer of the advisers to the Direxion mutual fund and ETF complex. The Board believes Mr. Falkeis' experience, qualifications, attributes, or skills on an individual basis and in combination with those of the other Trustees led to the conclusion that he possesses the requisite skills and attributes as a Trustee to carry out oversight responsibilities with respect to the Trust.

In its periodic assessment of the effectiveness of the Board, the Board considers the complementary individual skills and experience of the individual Trustees primarily in the broader context of the Board's overall composition so that the Board, as a body, possesses the appropriate (and appropriately diverse) skills and experience to oversee the business of the Trust.

**Board Committees**. The Board has established the following standing committees of the Board:

<u>Audit Committee</u>. The Board has a standing Audit Committee that is composed of each of the Independent Trustees of the Trust and is chaired by an Independent Trustee. The Audit Committee chair presides at the Audit Committee meetings, participates in formulating agendas for Audit Committee meetings, and coordinates with management to serve as a liaison between the Independent Trustees and management on matters within the scope of responsibilities of the Audit Committee as set forth in its Board-approved written charter. The principal responsibilities of the Audit Committee include overseeing the Trust's accounting and financial reporting policies and practices and its internal controls; overseeing the quality, objectivity and integrity of the Trust's financial statements and the independent audits thereof; monitoring the independent auditor's qualifications, independence, and performance; acting as a liaison between the Trust's independent auditors and the full Board; pre-approving all auditing services to be performed for the Trust; reviewing the compensation and overseeing the work of the independent auditor (including resolution of disagreements between management and the independent auditor regarding financial reporting) for the purpose of preparing or issuing an audit report or related work; pre-approving all permitted non-audit services (including the fees and terms thereof) to be performed for the Trust; pre-approving all permitted non-audit services to be performed for any investment adviser to the Trust by any of the Trust's independent auditors if the engagement relates directly to the operations and financial reporting of the Trust; meeting with the Trust's independent auditors as necessary to (1) review the arrangement for and scope of the annual audits and any special audits, (2) discuss any matters of concern relating to the Fund's financial statements, (3) consider the independent auditors' comments with respect to the Trust's financial policies, procedures and internal accounting controls and Trust management's responses thereto, and (4) review the form of opinion the independent auditors propose to render to the Board and the Fund's shareholders; discussing with management and the independent auditor significant financial reporting issues and judgments made in connection with the preparation of the Fund's financial statements; and reviewing and discussing reports from the independent auditors on (1) all critical accounting policies and practices to be used, (2) all alternative treatments within generally accepted accounting principles for policies and practices related to material items that have been discussed with management, (3) other material written communications between the independent auditor and management, including any management letter, schedule of unadjusted differences, or management representation letter, and (4) all non-audit services provided to any entity in the Trust that were not pre-approved by the Committee; and reviewing disclosures made to the Committee by the Trust's principal executive officer and principal accounting officer during their certification process for the Fund's Form N-CSR. For the fiscal year ended April 30, 2025, the Audit Committee met twice with respect to the Fund.

The Audit Committee also serves as the Qualified Legal Compliance Committee ("QLCC") for the Trust for the purpose of compliance with Rules 205.2(k) and 205.3(c) of the Code of Federal Regulations, regarding alternative reporting procedures for attorneys retained or employed by an issuer who appear and practice before the SEC on behalf of the issuer (the "issuer attorneys"). An issuer attorney who becomes aware of evidence of a material violation by the Trust, or by any officer, director, employee, or agent of the Trust, may report evidence of such material violation to the QLCC as an alternative to the reporting requirements of Rule 205.3(b) (which requires reporting to the chief legal officer and potentially escalating further to other entities).

<u>Nominating Committee</u>. The Board has a standing Nominating Committee that is composed of each of the Independent Trustees of the Trust. The Nominating Committee operates under a written charter approved by the Board. The principal responsibility of the Nominating Committee is to identify, evaluate, and recommend candidates to fill vacancies on the Trust's Board, if any. The Nominating Committee generally will not consider nominees recommended by shareholders. The Nominating Committee meets periodically, as necessary, but at least annually in November.

**Principal Officers of the Trust**

The officers of the Trust conduct and supervise its daily business. The address of each officer of the Trust is c/o Tidal Trust I, 234 West Florida Street, Suite 203, Milwaukee, Wisconsin 53204, unless otherwise indicated. Additional information about the Trust's officers is as follows:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name and**<br> **Year of Birth** | &nbsp;&nbsp;**Position(s) Held with**<br> **the Trust** | &nbsp;&nbsp;**Term of Office and**<br> **Length of Time**<br> **Served** | &nbsp;&nbsp;**Principal Occupation(s)**<br> **During Past 5 Years** |
| &nbsp;&nbsp;Eric W. Falkeis<sup>(1)</sup><br> Born: 1973 | &nbsp;&nbsp;President, Principal Executive Officer, Interested Trustee and Chairman | &nbsp;&nbsp;President and Principal Executive Officer since 2019, Indefinite term; Interested Trustee and Chairman since 2018, Indefinite term | &nbsp;&nbsp;Chief Operating Officer, Tidal Investments LLC (since 2023); Chief Executive Officer, Tidal ETF Services LLC (since 2018); Chief Operating Officer (and other positions), Rafferty Asset Management, LLC (2013 to 2018) and Direxion Advisors, LLC (2017 to 2018). |
| &nbsp;&nbsp;Aaron J. Perkovich <br> Born: 1973 | &nbsp;&nbsp;Treasurer, Principal Financial Officer, and Principal Accounting Officer | &nbsp;&nbsp;Indefinite term; <br> since 2022 | &nbsp;&nbsp;Senior Vice President of Fund Administration (since 2024), Head of Fund Administration (2023 to 2024) Tidal Investments LLC; Fund Administration Manager (2022 to 2023), Tidal ETF Services LLC; Assistant Director – Investments, Mason Street Advisors, LLC (2021 to 2022); Vice President, U.S. Bancorp Fund Services, LLC (2006 to 2021). |
| &nbsp;&nbsp;William H. Woolverton, Esq.<br> Born: 1951 | &nbsp;&nbsp;Chief Compliance Officer and AML Compliance Officer | &nbsp;&nbsp;AML Compliance Officer since 2023, Indefinite term; Chief Compliance Officer since 2021, Indefinite term | &nbsp;&nbsp;Chief Compliance Officer (since 2023), Tidal Investments LLC; Chief Compliance Officer, Tidal ETF Services LLC (since 2022); Operating Partner, Altamont Capital Partners (private equity firm) (since 2021); Director, Hadron Specialty Insurance Company (since 2023); Compliance Advisor (2022 to 2023), Tidal Investments LLC; Senior Compliance Advisor, ACA Global (2020 to 2022). |
| &nbsp;&nbsp;Lissa M. Richter <br> Born: 1979 | &nbsp;&nbsp;Vice President and Secretary | &nbsp;&nbsp;Vice President since 2025, Indefinite term; Secretary since 2023, Indefinite term | &nbsp;&nbsp;Vice President of Fund Governance and Compliance (since 2024), Tidal Investments LLC; ETF Regulatory Manager, Tidal ETF Services LLC (2021 to 2024); Senior Paralegal, Rafferty Asset Management, LLC (2013 to 2020); Senior Paralegal, Officer, U.S. Bancorp Fund Services LLC (2005 to 2013). |
| &nbsp;&nbsp;Melissa Breitzman <br> Born: 1983 | &nbsp;&nbsp;Assistant Treasurer | &nbsp;&nbsp;Indefinite term:<br> since 2023 | &nbsp;&nbsp;Vice President of Database Management (since 2024) Tidal Investments LLC; Fund Administration Manager, Tidal ETF Services LLC (2023 to 2024); Assistant Vice President, U.S. Bancorp Fund Services, LLC (2005 to 2023). |

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(1) Mr. Falkeis is considered an interested person of the Trust due to his positions as President, Principal Executive Officer and Chairman of the Trust, Chief Operating Officer of Tidal Investments LLC and Chief Executive Officer of Tidal ETF Services LLC, each a Tidal Financial Group company and an affiliate of the Adviser.

**Trustee Ownership of Shares**. The Fund is required to show the dollar amount ranges of each Trustee's "beneficial ownership" of Shares and each other series of the Trust as of the end of the most recently completed calendar year. Dollar amount ranges disclosed are established by the SEC. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (the "1934 Act").

As of December 31, 2024, Mr. Culafic beneficially owned shares of certain series of the Trust as follows, and no other Trustee owned shares of any series of the Trust:

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| | | |
|:---|:---|:---|
| **Trustee** | **Dollar Range of Shares Owned in the**<br> **Fund** | **Aggregate Dollar Range of Shares of** <br> **Series of the Trust** |
| Dusko Culafic |  | $50001 - $100000 |

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As of December 31, 2024, neither the Independent Trustees nor members of their immediate family, owned securities beneficially or of record in the Adviser, the Distributor (as defined below), or an affiliate of the Adviser or Distributor. Accordingly, neither the Independent Trustees nor members of their immediate family, have direct or indirect interest, the value of which exceeds $120,000, in the Adviser, the Distributor or any of their affiliates. In addition, during the two most recently completed calendar years, neither the Independent Trustees nor members of their immediate families had a direct or indirect interest, the value of which exceeds $120,000 in (i) the Adviser, the Distributor or any of their affiliates; (ii) any transaction or relationship in which such entity, the Fund, the Trust, any officer of the Trust, the Adviser, the Distributor, or any of their affiliates was a party; or (iii) any other relationship related to payments for property or services to the Fund, the Trust, any officer of the Trust, the Adviser, the Distributor, or any of their affiliates.

**Board Compensation.** The Independent Trustees each receive $30,000 for each regular meeting attended, $5,000 for each special meeting attended, and $1,000 for each standalone audit committee meeting attended, as well as reimbursement for travel and other out-of-pocket expenses incurred in connection with serving as a Trustee. The Audit Committee Chair receives an annual fee of $35,000.<sup>(1)</sup> The Trust has no pension or retirement plan.

The following table shows the compensation earned by each Trustee for the Fund's fiscal year ended April 30, 2025. Independent Trustee fees are paid by the Adviser (for series that are sub-advised) to each series of the Trust and not by the Fund. Trustee compensation shown below does not include reimbursed out-of-pocket expenses in connection with attendance at meetings.

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| | | |
|:---|:---|:---|
| **Name** | **Aggregate Compensation**<br> **From Fund <sup>(1)</sup>** | **Total Compensation**<br> **From Fund Complex**<br> **Paid to Trustees <sup>(1) (2)</sup>** |
| **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| &nbsp;&nbsp;&nbsp;Eric W. Falkeis | $0 | $0 |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| &nbsp;&nbsp;&nbsp;Mark H.W. Baltimore | $0 | $189500 |
| &nbsp;&nbsp;&nbsp;Dusko Culafic | $0 | $224500 |
| &nbsp;&nbsp;&nbsp;Eduardo Mendoza | $0 | $189500 |

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<sup>(1)</sup> During 2024, the Audit Committee Chair received an annual fee of $30,000.

<sup>(2)</sup> The Trust, as of the date of this SAI, offers for sale to the public 41 of the 54 funds registered with the SEC.

**PRINCIPAL SHAREHOLDERS, CONTROL PERSONS, AND MANAGEMENT OWNERSHIP**

A principal shareholder is any person who owns of record or beneficially 5% or more of the outstanding Shares. A control person is a shareholder that owns beneficially or through controlled companies more than 25% of the voting securities of a company or acknowledges the existence of control. Shareholders owning voting securities in excess of 25% may determine the outcome of any matter affecting and voted on by shareholders of the Fund.

As of July 31, 2025, to the best of the Trust's knowledge, the following shareholders were considered to be principal shareholders of the Fund:

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| | | |
|:---|:---|:---|
| **Name and Address** | **% of** <br> **Ownership** | **Type of** <br> **Ownership** |
| Charles Schwab & Co., Inc. <br> 211 Main Street <br> San Francisco, CA 94105-1905 | 84.21% | Record |
| Goldman Sachs<br> 200 West Street <br> New York, NY 10282 | 9.05% | Record |

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As of July 31, 2025, to the best of the Trust's knowledge, no person was a control person of the Fund and the Trustees and officers of the Trust, as a group, beneficially owned less than 1% of the outstanding shares of the Fund.

**CODES OF ETHICS**

The Trust and the Adviser have each adopted codes of ethics pursuant to Rule 17j-1 of the 1940 Act. These codes of ethics are designed to prevent affiliated persons of the Trust and the Adviser, from engaging in deceptive, manipulative, or fraudulent activities in connection with securities held or to be acquired by the Fund (which may also be held by persons subject to the codes of ethics). Each code of ethics permits personnel subject to that code of ethics to invest in securities for their personal investment accounts, subject to certain limitations, including limitations related to securities that may be purchased or held by the Fund. The Distributor (as defined below) relies on the principal underwriters exception under Rule 17j-1(c)(3), specifically where the Distributor is not affiliated with the Trust or the Adviser, and no officer, director, or general partner of the Distributor serves as an officer, director, or general partner of the Trust or the Adviser.

There can be no assurance that the codes of ethics will be effective in preventing such activities. Each code of ethics may be found on the SEC's website at http://www.sec.gov.

**PROXY VOTING POLICIES** 

The Fund has delegated proxy voting responsibilities to the Adviser, subject to the Board's oversight. In delegating proxy responsibilities, the Board has directed that proxies be voted consistent with the Fund's and its shareholders' best interests and in compliance with all applicable proxy voting rules and regulations. The Adviser has adopted proxy voting policies and guidelines for this purpose ("Proxy Voting Policies"), which have been adopted by the Trust as the policies and procedures that are used when voting proxies on behalf of the Fund.

In the absence of a conflict of interest, the Adviser will generally vote "for" routine proposals, such as the election of directors, approval of auditors, and amendments or revisions to corporate documents to eliminate outdated or unnecessary provisions. Unusual or disputed proposals will be reviewed and voted on a case-by-case basis. The Proxy Voting Policies address, among other things, material conflicts of interest that may arise between the interests of the Fund and the interests of the Adviser. The Proxy Voting Policies will ensure that all issues brought to shareholders are analyzed in light of the Adviser's fiduciary responsibilities.

The Trust's Chief Compliance Officer is responsible for monitoring the effectiveness of the Proxy Voting Policies.

Information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling 833-415-4006, (2) on the Fund's website at www.zegaetfs.com or (3) on the SEC's website at www.sec.gov.

**INVESTMENT ADVISER**

Tidal Investments LLC, a Tidal Financial Group company, located at 234 West Florida Street, Suite 203, Milwaukee, Wisconsin 53204, serves as investment adviser to the Fund and has overall responsibility for the general management and administration of the Fund.

Pursuant to the Investment Advisory Agreement (the "Advisory Agreement"), the Adviser provides investment advice to the Fund and oversees the day-to-day operations of the Fund, subject to the direction and oversight of the Board. Under the Advisory Agreement, the Adviser is also responsible for arranging sub-advisory, transfer agency, custody, fund administration and accounting, and other related services necessary for the Fund to operate. The Adviser also oversees the trading of portfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions. The Adviser administers the Fund's business affairs, provides office facilities and equipment and certain clerical, bookkeeping, and administrative services. Under the Advisory Agreement, in exchange for a single unitary management fee from the Fund, the Adviser has agreed to pay all expenses incurred by the Fund except for the Excluded Expenses, as defined in the Prospectus. For services provided to the Fund, the Fund pays the Adviser a unitary management fee at an annual rate of 0.95% of the Fund's average daily net assets.

The Advisory Agreement with respect to the Fund is renewable from year to year so long as its continuance is approved at least annually (1) by the vote, cast in person (or in another manner permitted by the 1940 Act or pursuant to exemptive relief therefrom) at a meeting called for that purpose, of a majority of those Trustees who are not "interested persons" of the Adviser or the Trust; and (2) by the majority vote of either the full Board or the vote of a majority of the outstanding Shares. The Advisory Agreement automatically terminates on assignment and is terminable on a 60-day written notice either by the Trust or the Adviser.

The Adviser shall not be liable to the Trust or any shareholder for anything done or omitted by it, except acts or omissions involving willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties imposed upon it by its agreement with the Trust or for any losses that may be sustained in the purchase, holding, or sale of any security.

The table below shows management fees paid by the Fund to the Adviser for the fiscal years/period indicated.

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| | |
|:---|:---|
| | **Management Fee** |
| Fiscal year ended April 30, 2025 | $285136 |
| Fiscal year ended April 30, 2024 | $464792 |
| Fiscal year ended April 30, 2023 | $798169 |

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**INVESTMENT SUB-ADVISER**

From the Fund's inception until January 1, 2025, ZEGA was the sub-adviser to the Fund. Effective January 1, 2025, the Adviser acquired the trading team previously employed by ZEGA. In connection with the transaction, ZEGA ceased operations as a registered investment adviser and resigned as sub-adviser. The Adviser assumed full management responsibilities for the Fund.

The table below shows the sub-advisory fees paid by the Adviser to the Sub-Adviser for the fiscal years/period indicated.

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| | |
|:---|:---|
| | **Fees Paid to the** <br> **Sub-Adviser** |
| Fiscal year ended April 30, 2025\* | $4275 |
| Fiscal year ended April 30, 2024 | $9785 |
| Fiscal year ended April 30, 2023 | $16804 |

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\* For the period from May 1, 2024 through December 31, 2024, ZEGA's final day as the sub-adviser to the Fund.

**PORTFOLIO MANAGERS**

The Fund is managed by Jay Pestrichelli, Portfolio Manager of the Adviser and Christopher P. Mullen, Portfolio Manager of the Adviser.

**Other Accounts.** In addition to the Fund, the portfolio managers managed the following other accounts as of April 30, 2025:

*Jay Pestrichelli, Portfolio Manager for the Adviser*

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Accounts** | **Total Number of**<br> **Accounts** | **Total Assets of**<br> **Accounts**<br> **(in millions)** | **Total Number of**<br> **Accounts Subject**<br> **to a <br> Performance-**<br> **Based Fee** | **Total Assets of**<br> **Accounts Subject**<br> **to a <br> Performance-**<br> **Based Fee**<br> **(in millions)** |
| Registered Investment Companies | 65 | $11321 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 0 | $0 | 0 | $0 |

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*Christopher P. Mullen, Portfolio Manager for the Adviser*

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Accounts** | **Total Number of**<br> **Accounts** | **Total Assets of**<br> **Accounts**<br> **(in millions)** | **Total Number of**<br> **Accounts Subject**<br> **to a**<br> **Performance-**<br> **Based Fee** | **Total Assets of**<br> **Accounts Subject**<br> **to a**<br> **Performance-**<br> **Based Fee**<br> **(in millions)** |
| Registered Investment Companies | 63 | $7500 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 0 | $0 | 0 | $0 |

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**Portfolio Manager Fund Ownership.** The Fund is required to show the dollar range of each portfolio manager's "beneficial ownership" of Shares as of the end of the most recently completed fiscal year. Dollar amount ranges disclosed are established by the SEC. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) under the 1934 Act.

As of April 30, 2025, Mr. Pestrichelli beneficially owned Shares of the Fund in the amount of $100,001 - $500,000 and Mr. Mullen did not own shares of the Fund.

**Portfolio Manager Compensation - Adviser.** Each of Mr. Pestrichelli and Mr. Mullen is compensated by the Adviser with a base salary and discretionary bonus based on the financial performance and profitability of the Adviser and not based on the performance of the Fund. Mr. Pestrichelli and Mr. Mullen are equity owners of the Adviser and therefore may benefit indirectly from the revenue generated by the Fund's Advisory Agreement with the Adviser.

**Description of Material Conflicts of Interest*.*** The portfolio managers' management of "other accounts" may give rise to potential conflicts of interest in connection with their management of the Fund's investments, on the one hand, and the investments of the other accounts, on the other. The other accounts may have similar investment objectives or strategies as the Fund. A potential conflict of interest may arise as a result, whereby a portfolio manager could favor one account over another. Another potential conflict could include a portfolio manager's knowledge about the size, timing, and possible market impact of Fund trades, whereby a portfolio manager could use this information to the advantage of other accounts and to the disadvantage of the Fund. For instance, the portfolio managers may receive fees from certain accounts that are higher than the fees received from the Fund. In those instances, a portfolio manager has an incentive to favor the higher fee accounts over the Fund. To mitigate these conflicts, the Adviser has established policies and procedures to ensure that the purchase and sale of securities among all accounts the firms manage are fairly and equitably allocated.

**THE DISTRIBUTOR**

The Trust and Foreside Fund Services, LLC, a wholly owned subsidiary of Foreside Financial Group (dba ACA Group) (the "Distributor") are parties to a distribution agreement ("Distribution Agreement"), whereby the Distributor acts as principal underwriter for the Fund and distributes Shares on a best efforts basis. Shares are continuously offered for sale by the Distributor only in Creation Units. The Distributor will not distribute Shares in amounts less than a Creation Unit and does not maintain a secondary market in Shares. The principal business address of the Distributor is 190 Middle Street, Suite 301, Portland, Maine 04101.

Under the Distribution Agreement, the Distributor, as agent for the Trust, will review orders for the purchase and redemption of Creation Units, provided that any subscriptions and orders will not be binding on the Trust until accepted by the Trust. The Distributor is a broker-dealer registered under the 1934 Act and a member of FINRA.

The Distributor may also enter into agreements with securities dealers ("Soliciting Dealers") who will solicit purchases of Creation Units of Shares. Such Soliciting Dealers may also be Authorized Participants (as discussed in "Procedures for Purchase of Creation Units" below) or DTC participants (as defined below).

The Distribution Agreement will continue for two years from its effective date and is renewable annually thereafter. The continuance of the Distribution Agreement must be specifically approved at least annually (1) by the vote of the Trustees or by a vote of the shareholders of the Fund and (2) by the vote of a majority of the Independent Trustees who have no direct or indirect financial interest in the operations of the Distribution Agreement or any related agreement, cast in person (or in another manner permitted by the 1940 Act or pursuant to exemptive relief therefrom) at a meeting called for the purpose of voting on such approval. The Distribution Agreement is terminable without penalty by the Trust on 60 days' written notice when authorized either by majority vote of its outstanding voting Shares or by a vote of a majority of its Board (including a majority of the Independent Trustees), or by the Distributor on 60 days' written notice, and will automatically terminate in the event of its assignment. The Distribution Agreement provides that, in the absence of willful misfeasance, bad faith, or gross negligence on the part of the Distributor, or reckless disregard by it of its obligations thereunder, the Distributor shall not be liable for any action or failure to act in accordance with its duties thereunder.

For the fiscal years ended April 30, 2023, April 30, 2024 and April 30, 2025, the Fund did not incur any underwriting commissions and the Distributor did not retain any amounts.

**Intermediary Compensation*.*** The Adviser, or its affiliates, out of their own resources and not out of Fund assets (i.e., without additional cost to the Fund or its shareholders), may pay certain broker dealers, banks, and other financial intermediaries ("Intermediaries") for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange traded products, including the Fund, or for other activities, such as marketing and educational training or support. These arrangements are not financed by the Fund and, thus, do not result in increased Fund expenses. They are not reflected in the fees and expenses listed in the fees and expenses sections of the Fund's Prospectus and they do not change the price paid by investors for the purchase of Shares or the amount received by a shareholder as proceeds from the redemption of Shares.

Such compensation may be paid to Intermediaries that provide services to the Fund, including marketing and education support (such as through conferences, webinars, and printed communications). The Adviser will periodically assess the advisability of continuing to make these payments. Payments to an Intermediary may be significant to the Intermediary, and amounts that Intermediaries pay to your adviser, broker, or other investment professional, if any, may also be significant to such adviser, broker, or investment professional. Because an Intermediary may make decisions about what investment options it will make available or recommend, and what services to provide in connection with various products, based on payments it receives or is eligible to receive, such payments create conflicts of interest between the Intermediary and its clients. For example, these financial incentives may cause the Intermediary to recommend the Fund over other investments. The same conflict of interest exists with respect to your financial adviser, broker, or investment professional if they receive similar payments from their Intermediary firm.

Intermediary information is current only as of the date of this SAI. Please contact your adviser, broker, or other investment professional for more information regarding any payments their Intermediary firm may receive. Any payments made by the Adviser, or its affiliates to an Intermediary may create the incentive for an Intermediary to encourage customers to buy Shares.

If you have any additional questions, please call 833-415-4006.

**Distribution (Rule 12b-1) Plan.** The Trust has adopted a Distribution (Rule 12b-1) Plan (the "Plan") in accordance with the provisions of Rule 12b-1 under the 1940 Act. No payments pursuant to the Plan are expected to be made during the twelve (12) month period from the date of this SAI. Rule 12b-1 fees to be paid by the Fund under the Plan may only be imposed after approval by the Board.

Continuance of the Plan must be approved annually by a majority of the Trustees of the Trust and by a majority of the Trustees who are not interested persons (as defined in the 1940 Act) of the Trust and have no direct or indirect financial interest in the Plan or in any agreements related to the Plan ("Disinterested Trustees"). None of the Trustees have a direct or indirect financial interest in the Plan or in any agreements related to the Plan. The Plan may be continued from year-to-year only if the Board, including a majority of the Disinterested Trustees, concludes at least annually that continuation of the Plan is likely to benefit shareholders. The Board has determined that the Plan is likely to benefit the Fund by providing an incentive for brokers, dealers, and other financial intermediaries to engage in sales and marketing efforts on behalf of the Fund and to provide enhanced services to shareholders. The Board also determined that the Plan may enhance the Fund's ability to sell shares and access important distribution channels.

The Plan requires that quarterly written reports of amounts spent under the Plan and the purposes of such expenditures be furnished to and reviewed by the Trustees. The Plan may not be amended to increase materially the amount that may be spent thereunder without approval by a majority of the outstanding Shares. All material amendments of the Plan will require approval by a majority of the Trustees of the Trust and of the Disinterested Trustees.

The Plan provides that the Fund pays the Distributor an annual fee of up to a maximum of 0.25% of the average daily net assets of the Shares. Under the Plan, the Distributor may make payments pursuant to written agreements to financial institutions and intermediaries such as banks, savings and loan associations, and insurance companies including, without limit, investment counselors, broker-dealers, and the Distributor's affiliates and subsidiaries (collectively, "Agents") as compensation for services and reimbursement of expenses incurred in connection with distribution assistance. The Plan is characterized as a compensation plan since the distribution fee will be paid to the Distributor without regard to the distribution expenses incurred by the Distributor or the amount of payments made to other financial institutions and intermediaries. The Trust intends to operate the Plan in accordance with its terms and with FINRA rules concerning sales charges.

Under the Plan, subject to the limitations of applicable law and regulations, the Fund is authorized to compensate the Distributor up to the maximum amount to finance any activity primarily intended to result in the sale of Creation Units of the Fund or for providing, or arranging for others to provide, shareholder services and for the maintenance of shareholder accounts. Such activities may include, but are not limited to: (1) delivering copies of the Fund's then current reports, prospectuses, notices, and similar materials, to prospective purchasers of Creation Units; (2) marketing and promotional services, including advertising; (3) paying the costs of and compensating others, including Authorized Participants with whom the Distributor has entered into written Authorized Participant Agreements, for performing shareholder servicing on behalf of the Fund; (4) compensating certain Authorized Participants for providing assistance in distributing the Creation Units of the Fund, including the travel and communication expenses and salaries and/or commissions of sales personnel in connection with the distribution of the Creation Units of the Fund; (5) payments to financial institutions and intermediaries such as banks, savings and loan associations, insurance companies, and investment counselors, broker-dealers, mutual fund supermarkets, and the affiliates and subsidiaries of the Trust's service providers as compensation for services or reimbursement of expenses incurred in connection with distribution assistance; (6) facilitating communications with beneficial owners of Shares, including the cost of providing, or paying others to provide, services to beneficial owners of Shares, including, but not limited to, assistance in answering inquiries related to Shareholder accounts; and (7) such other services and obligations as are set forth in the Distribution Agreement.

**ADMINISTRATOR**

Tidal ETF Services LLC (the "Administrator"), a Tidal Financial Group company and an affiliate of the Adviser, serves as the Fund's administrator. The Administrator is located at 234 West Florida Street, Suite 203, Milwaukee, Wisconsin 53204. Pursuant to a Fund Administration Servicing Agreement between the Trust and the Administrator, the Administrator provides the Trust with, or arranges for, administrative, compliance and management services (other than investment advisory services) to be provided to the Trust and the Board. Pursuant to the Fund Administration Servicing Agreement, officers or employees of the Administrator serve as the Trust's principal executive officer, principal financial officer and chief compliance officer. The Administrator coordinates the payment of Fund-related expenses, and manages the Trust's relationships with its various service providers. As compensation for the services it provides, the Administrator receives a fee based on the Fund's average daily net assets, subject to a minimum annual fee. The Administrator also is entitled to certain out-of-pocket expenses for the services mentioned above.

The table below shows fees paid for administrative services paid by the Adviser to the Administrator with respect to the Fund for the fiscal years indicated.

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| | |
|:---|:---|
| | **Fees Paid to the** <br> **Administrator** |
| Fiscal year ended April 30, 2025 | $40000 |
| Fiscal year ended April 30, 2024 | $40000 |
| Fiscal year ended April 30, 2023 | $41215 |

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**FUND ACCOUNTANT AND TRANSFER AGENT**

Global Fund Services, located at 615 East Michigan Street, Milwaukee, Wisconsin 53202, serves as the Fund's fund accountant and transfer agent. Until July 31, 2025, Global Fund Services also served as the Fund's sub-administrator.

Pursuant to a Fund Accounting Servicing Agreement between the Trust and Global Fund Services, Global Fund Services provides the Trust with accounting services, including portfolio accounting services, tax accounting services, and furnishing financial reports. In this capacity, Global Fund Services does not have any responsibility or authority for the management of the Fund, the determination of investment policy, or for any matter pertaining to the distribution of Shares. Until July 31, 2025, Global Fund Services provided administrative and management (other than investment advisory services) to the Fund under a Fund Sub-Administration Servicing Agreement. As compensation for the sub-administration (through July 31, 2025) accounting and management services, the Adviser pays Global Fund Services a fee based on the Fund's average daily net assets, subject to a minimum annual fee. Global Fund Services also is entitled to certain out-of-pocket expenses for the services mentioned above, including pricing expenses.

The table below shows fees paid by the Adviser to Global Fund Services for services with respect to the Fund for the fiscal years indicated.

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| | |
|:---|:---|
| | **Fees Paid to<br> Global Fund Services** |
| Fiscal year ended April 30, 2025 | $30000 |
| Fiscal year ended April 30, 2024 | $30000 |
| Fiscal year ended April 30, 2023 | $35871 |

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**CUSTODIAN**

Pursuant to a Custody Agreement, U.S. Bank National Association ("U.S. Bank"), 1555 North RiverCenter Drive, Milwaukee, Wisconsin 53212, serves as the custodian (the "Custodian") of the Fund's assets. U.S. Bank is the parent company of Global Fund Services. The Custodian holds and administers the assets in the Fund's portfolio. Pursuant to the Custody Agreement, the Custodian receives an annual fee from the Adviser based on the Trust's total average daily net assets, subject to a minimum annual fee, and certain settlement charges. The Custodian also is entitled to certain out-of-pocket expenses.

**LEGAL COUNSEL**

Godfrey & Kahn, S.C., located at 833 East Michigan Street, Suite 1800, Milwaukee, Wisconsin 53202, serves as legal counsel for the Trust and the Independent Trustees.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Cohen & Company, Ltd., located at 342 North Water Street, Suite 830, Milwaukee, Wisconsin 53202, serves as the independent registered public accounting firm for the Fund, providing services which include auditing the annual financial statements for the Fund. Cohen & Co Advisory, LLC, an affiliate of Cohen & Company, Ltd., provides tax services as requested.

**PORTFOLIO HOLDINGS DISCLOSURE POLICIES AND PROCEDURES**

The Board has adopted a policy regarding the disclosure of information about the Fund's security holdings. The Fund's entire portfolio holdings are publicly disseminated each day the Fund is open for business and through financial reporting and news services including publicly available internet web sites. In addition, the composition of the Deposit Securities is publicly disseminated daily prior to the opening of the Exchange via the National Securities Clearing Corporation ("NSCC").

**DESCRIPTION OF SHARES**

The Amended and Restated Declaration of Trust ("Declaration of Trust") authorizes the issuance of an unlimited number of funds and shares. Each share represents an equal proportionate interest in the Fund with each other share. Shares are entitled upon liquidation to a pro rata share in the net assets of the Fund. Shareholders have no preemptive rights. The Declaration of Trust provides that the Trustees may create additional series or classes of shares. All consideration received by the Trust for shares of any additional funds and all assets in which such consideration is invested would belong to that fund and would be subject to the liabilities related thereto. Share certificates representing Shares will not be issued. Shares, when issued, are fully paid and non-assessable.

Each Share has one vote with respect to matters upon which a shareholder vote is required, consistent with the requirements of the 1940 Act and the rules promulgated thereunder. Shares of all funds in the Trust vote together as a single class, except that if the matter being voted on affects only a particular fund it will be voted on only by that fund and if a matter affects a particular fund differently from other funds, that fund will vote separately on such matter. As a Delaware statutory trust, the Trust is not required, and does not intend, to hold annual meetings of shareholders. Approval of shareholders will be sought, however, for certain changes in the operation of the Trust and for the election of Trustees under certain circumstances. The Trust will call for a meeting of shareholders to consider the removal of one or more Trustees and other certain matters upon the written request of shareholders holding at least a majority of the outstanding shares of the Trust entitled to vote at such meeting. In the event that such a meeting is requested, the Trust will provide appropriate assistance and information to the shareholders requesting the meeting.

Under the Declaration of Trust, the Trustees have the power to liquidate the Fund without shareholder approval. While the Trustees have no present intention of exercising this power, they may do so if the Fund fails to reach a viable size within a reasonable amount of time or for such other reasons as may be determined by the Board.

**LIMITATION OF TRUSTEES' LIABILITY**

The Declaration of Trust provides that a Trustee shall be liable only for his or her own willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of the office of Trustee, and shall not be liable for errors of judgment or mistakes of fact or law. The Declaration of Trust also provides that the Trust shall indemnify each person who is, or has been, a Trustee, officer, employee, or agent of the Trust, and, upon due approval of the Trustees, any person who is serving or has served at the Trust's request as a director, officer, partner, trustee, employee, agent, or fiduciary of another organization with respect to any alleged acts or omissions while acting within the scope of a Trustee's service in such a position. However, nothing in the Declaration of Trust shall protect or indemnify a Trustee against any liability for a Trustee's willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of the office of Trustee. Nothing contained in this section attempts to disclaim a Trustee's individual liability in any manner inconsistent with the federal securities laws.

**DERIVATIVE ACTIONS** 

Pursuant to the Trust's Declaration of Trust, and subject to the limitations disclosed in the Declaration of Trust, a Fund shareholder may not bring a derivative action unless (i) the complaining shareholders have made a written demand (a "pre-suit demand") to the Board requesting that they cause the Trust or affected series or class of the Trust, as applicable, to file the action itself; (ii) shareholders owning shares representing no less than a majority of the then outstanding shares of the Trust or the affected series or class, as applicable, must join in bringing the derivative action; and (iii) the Board has been given at least 30 days to consider the demand for derivative action. The Declaration of Trust further provides that in evaluating a pre-suit demand the Board may retain counsel or other advisors in considering the merits of the request and may require an undertaking by the shareholders making such pre-suit demand to reimburse the Trust for the expense of any such advisors in the event that the Board determines not to bring such action. The provision requiring a majority of shareholders of the Trust, or the affected series or class, as applicable, and the provision that the Board may require an undertaking by the shareholders making a pre-suit demand to reimburse the Trust for the expense of any advisers retained by the Board in evaluating the merits of the pre-suit demand do not apply to claims arising under federal securities laws.

**BROKERAGE TRANSACTIONS** 

The policy of the Trust regarding purchases and sales of securities for the Fund is that primary consideration will be given to obtaining the most favorable prices and efficient executions of transactions. Consistent with this policy, when securities transactions are effected on a stock exchange, the Trust's policy is to pay commissions which are considered fair and reasonable without necessarily determining that the lowest possible commissions are paid in all circumstances. The Trust believes that a requirement always to seek the lowest possible commission cost could impede effective portfolio management and preclude the Fund and the Adviser from obtaining a high quality of brokerage and research services. In seeking to determine the reasonableness of brokerage commissions paid in any transaction, the Adviser will rely upon its experience and knowledge regarding commissions generally charged by various brokers and on its judgment in evaluating the brokerage services received from the broker effecting the transaction. Such determinations are necessarily subjective and imprecise, and in most cases, an exact dollar value for those services is not ascertainable. The Trust has adopted policies and procedures that prohibit the consideration of sales of Shares as a factor in the selection of a broker or dealer to execute its portfolio transactions.

The Adviser owes a fiduciary duty to its clients to seek to provide best execution on trades effected. In selecting a broker-dealer for each specific transaction, the Adviser chooses the broker-dealer deemed most capable of providing the services necessary to obtain the most favorable execution. "Best execution" is generally understood to mean the most favorable cost or net proceeds reasonably obtainable under the circumstances. The full range of brokerage services applicable to a particular transaction may be considered when making this judgment, which may include, but is not limited to liquidity, price, commission, timing, aggregated trades, capable floor brokers or traders, competent block trading coverage, ability to position, capital strength and stability, reliable and accurate communications and settlement processing, use of automation, knowledge of other buyers or sellers, arbitrage skills, administrative ability, underwriting, and provision of information on a particular security or market in which the transaction is to occur. The specific criteria will vary depending upon the nature of the transaction, the market in which it is executed, and the extent to which it is possible to select from among multiple broker/dealers. The Adviser will also use electronic crossing networks ("ECNs") when appropriate.

Subject to the foregoing policies, brokers or dealers selected to execute the Fund's portfolio transactions may include the Fund's Authorized Participants (as discussed in "<u>Purchase and Redemption of Shares in Creation Units — Procedures for Purchase of Creation Units</u>" below) or their affiliates. An Authorized Participant or its affiliates may be selected to execute the Fund's portfolio transactions in conjunction with an all-cash Creation Unit order or an order including "cash-in-lieu" (as described below under "Purchase and Redemption of Shares in Creation Units"), so long as such selection is in keeping with the foregoing policies. As described below under "Purchase and Redemption of Shares in Creation Units — Creation Transaction Fee" and " — Redemption Transaction Fee", the Fund may determine to not charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of Fund shareholders, even if the decision to not charge a variable fee could be viewed as benefiting the Authorized Participant or its affiliate selected to execute the Fund's portfolio transactions in connection with such orders.

The Adviser may use the Fund's assets for, or participate in, third-party soft dollar arrangements, in addition to receiving proprietary research from various full-service brokers, the cost of which is bundled with the cost of the broker's execution services. The Adviser does not "pay up" for the value of any such proprietary research. Section 28(e) of the 1934 Act permits the Adviser, under certain circumstances, to cause the Fund to pay a broker or dealer a commission for effecting a transaction in excess of the amount of commission another broker or dealer would have charged for effecting the transaction in recognition of the value of brokerage and research services provided by the broker or dealer. The Adviser may receive a variety of research services and information on many topics, which it can use in connection with its management responsibilities with respect to the various accounts over which it exercises investment discretion or otherwise provides investment advice. The research services may include qualifying order management systems, portfolio attribution and monitoring services, and computer software and access charges which are directly related to investment research. Accordingly, the Fund may pay a broker commission higher than the lowest available in recognition of the broker's provision of such services to the Adviser, but only if the Adviser determines the total commission (including the soft dollar benefit) is comparable to the best commission rate that could be expected to be received from other brokers. The amount of soft dollar benefits received depends on the amount of brokerage transactions effected with the brokers. A conflict of interest exists because there is an incentive to (1) cause clients to pay a higher commission than the firm might otherwise be able to negotiate, (2) cause clients to engage in more securities transactions than would otherwise be optimal, and (3) only recommend brokers that provide soft dollar benefits.

The Adviser faces a potential conflict of interest when it uses client trades to obtain brokerage or research services. This conflict exists because the Adviser can use the brokerage or research services to manage client accounts without paying cash for such services, which reduces the expenses of the Adviser to the extent that the Adviser would have purchased such products had they not been provided by brokers. Section 28(e) permits the Adviser to use brokerage or research services for the benefit of any account it manages. Certain accounts managed by the Adviser may generate soft dollars used to purchase brokerage or research services that ultimately benefit other accounts managed by the Adviser effectively cross subsidizing the other accounts managed by the Adviser that benefit directly from the product. The Adviser may not necessarily use all of the brokerage or research services in connection with managing the Fund whose trades generated the soft dollars used to purchase such products.

The Adviser is responsible, subject to oversight by the Adviser (if applicable) and the Board, for placing orders on behalf of the Fund for the purchase or sale of portfolio securities. If purchases or sales of portfolio securities of the Fund and one or more other investment companies or clients supervised by the Adviser are considered at or about the same time, transactions in such securities are allocated among the several investment companies and clients in a manner deemed equitable and consistent with its fiduciary obligations to all by the Adviser. In some cases, this procedure could have a detrimental effect on the price or volume of the security so far as the Fund is concerned. However, in other cases, it is possible that the ability to participate in volume transactions and to negotiate lower brokerage commissions will be beneficial to the Fund. The primary consideration is prompt execution of orders at the most favorable net price. The Fund may deal with affiliates in principal transactions to the extent permitted by exemptive order or applicable rule or regulation.

The table below shows aggregate brokerage commissions paid with respect to the Fund for the fiscal years indicated:

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| | |
|:---|:---|
| | **Brokerage Commissions** |
| Fiscal year ended April 30, 2025<sup>(1)</sup> | $1148 |
| Fiscal year ended April 30, 2024<sup>(2)</sup> | $19682 |
| Fiscal year ended April 30, 2023<sup>(3)</sup> | $159623 |

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<sup>(1)</sup> Brokerage commissions were lower due to a decrease in the Fund's assets, as well as the Fund's transition from high yield bonds to U.S. treasuries for the fixed income portion of the portfolio.

<sup>(2)</sup> Brokerage commissions were lower due to increased use of U.S. treasuries versus corporate bonds in the Fund's portfolio, as well as increased redemptions in the Fund, resulting in lower net assets and less trading.

<sup>(3)</sup> Brokerage commissions were higher due to more trading days in the fiscal year ended April 30, 2023 and increased trading.

**Brokerage with Fund Affiliates**. The Fund may execute brokerage or other agency transactions through registered broker-dealer affiliates of the Fund, the Adviser or the Distributor for a commission in conformity with the 1940 Act, the 1934 Act, and rules promulgated by the SEC. These rules require that commissions paid to the affiliate by the Fund for exchange transactions not exceed "usual and customary" brokerage commissions. The rules define "usual and customary" commissions to include amounts which are "reasonable and fair compared to the commission, fee or other remuneration received or to be received by other brokers in connection with comparable transactions involving similar securities being purchased or sold on a securities exchange during a comparable period of time." The Trustees, including those who are not "interested persons" of the Fund, have adopted procedures for evaluating the reasonableness of commissions paid to affiliates and review these procedures periodically.

For the fiscal year ended April 30, 2025, the Fund did not pay any brokerage commissions to any registered broker-dealer affiliates of the Fund or the Adviser.

**Securities of "Regular Broker-Dealers."** The Fund is required to identify any securities of its "regular brokers and dealers" (as such term is defined in the 1940 Act) or their parent companies that it may hold at the close of its most recent fiscal year. "Regular brokers or dealers" of the Fund are the ten brokers or dealers that, during the most recent fiscal year (1) received the greatest dollar amounts of brokerage commissions from the Fund's portfolio transactions, (2) engaged as principal in the largest dollar amounts of portfolio transactions of the Fund, or (3) sold the largest dollar amounts of Shares.

The Fund did not hold any securities of its "regular brokers or dealers" or their parent companies during the fiscal year ended April 30, 2025.

**Directed Brokerage**

For the fiscal year ended April 30, 2025, the Fund did not pay any commissions on brokerage transactions directed to brokers pursuant to an agreement or understanding whereby the broker provided research or other brokerage services to the Adviser.

**PORTFOLIO TURNOVER RATE**

A portfolio turnover rate is, in summary, the percentage computed by dividing the lesser of the Fund's purchases or sales of securities (excluding short-term securities and securities transferred in-kind) by the average market value of the Fund. A rate of 100% indicates that the equivalent of all of the Fund's assets have been sold and reinvested in a year. High portfolio turnover may affect the amount, timing, and character of distributions, and, as a result, may increase the amount of taxes payable by shareholders. Higher portfolio turnover also results in higher transaction costs. To the extent that net short-term capital gains are realized by the Fund, any distributions resulting from such gains are considered ordinary income for federal income tax purposes.

The table below shows the portfolio turnover rate with respect to the Fund for the fiscal years indicated.

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| | |
|:---|:---|
| | **Portfolio Turnover** |
| Fiscal year ended April 30, 2025<sup>(1)</sup> | 20% |
| Fiscal year ended April 30, 2024 | 80% |

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<sup>(1)</sup> Decreased portfolio turnover was due to less trading in the fixed income portion of the strategy.

**BOOK ENTRY ONLY SYSTEM**

The Depository Trust Company ("DTC") acts as securities depositary for Shares. Shares are represented by securities registered in the name of DTC or its nominee, Cede & Co., and deposited with, or on behalf of, DTC. Except in limited circumstances set forth below, certificates will not be issued for Shares.

DTC is a limited-purpose trust company that was created to hold securities of its participants (the "DTC Participants") and to facilitate the clearance and settlement of securities transactions among the DTC Participants in such securities through electronic book-entry changes in accounts of the DTC Participants, thereby eliminating the need for physical movement of securities certificates. DTC Participants include securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations, some of whom (and/or their representatives) own DTC. More specifically, DTC is owned by a number of its DTC Participants and by the NYSE and FINRA. Access to the DTC system is also available to others such as banks, brokers, dealers, and trust companies that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly (the "Indirect Participants").

Beneficial ownership of Shares is limited to DTC Participants, Indirect Participants, and persons holding interests through DTC Participants and Indirect Participants. Ownership of beneficial interests in Shares (owners of such beneficial interests are referred to in this SAI as "Beneficial Owners") is shown on, and the transfer of ownership is effected only through, records maintained by DTC (with respect to DTC Participants) and on the records of DTC Participants (with respect to Indirect Participants and Beneficial Owners that are not DTC Participants). Beneficial Owners will receive from or through the DTC Participant a written confirmation relating to their purchase of Shares. The Trust recognizes DTC or its nominee as the record owner of all Shares for all purposes. Beneficial Owners of Shares are not entitled to have Shares registered in their names, and will not receive or be entitled to physical delivery of Share certificates. Each Beneficial Owner must rely on the procedures of DTC and any DTC Participant and/or Indirect Participant through which such Beneficial Owner holds its interests, to exercise any rights of a holder of Shares.

Conveyance of all notices, statements, and other communications to Beneficial Owners is effected as follows. DTC will make available to the Trust upon request and for a fee a listing of Shares held by each DTC Participant. The Trust shall obtain from each such DTC Participant the number of Beneficial Owners holding Shares, directly or indirectly, through such DTC Participant. The Trust shall provide each such DTC Participant with copies of such notice, statement, or other communication, in such form, number, and at such place as such DTC Participant may reasonably request, in order that such notice, statement, or communication may be transmitted by such DTC Participant, directly or indirectly, to such Beneficial Owners. In addition, the Trust shall pay to each such DTC Participant a fair and reasonable amount as reimbursement for the expenses attendant to such transmittal, all subject to applicable statutory and regulatory requirements.

Share distributions shall be made to DTC or its nominee, Cede & Co., as the registered holder of all Shares. DTC or its nominee, upon receipt of any such distributions, shall credit immediately DTC Participants' accounts with payments in amounts proportionate to their respective beneficial interests in the Fund as shown on the records of DTC or its nominee. Payments by DTC Participants to Indirect Participants and Beneficial Owners of Shares held through such DTC Participants will be governed by standing instructions and customary practices, as is now the case with securities held for the accounts of customers in bearer form or registered in "street name," and will be the responsibility of such DTC Participants.

The Trust has no responsibility or liability for any aspect of the records relating to or notices to Beneficial Owners; or payments made on account of beneficial ownership interests in Shares; or for maintaining, supervising, or reviewing any records relating to such beneficial ownership interests; or for any other aspect of the relationship between DTC and the DTC Participants or the relationship between such DTC Participants and the Indirect Participants and Beneficial Owners owning through such DTC Participants.

DTC may determine to discontinue providing its service with respect to the Fund at any time by giving reasonable notice to the Fund and discharging its responsibilities with respect thereto under applicable law. Under such circumstances, the Fund shall act either to find a replacement for DTC to perform its functions at a comparable cost or, if such replacement is unavailable, to issue and deliver printed certificates representing ownership of Shares, unless the Trust makes other arrangements with respect thereto satisfactory to the Exchange.

**PURCHASE AND REDEMPTION OF SHARES IN CREATION UNITS**

The Trust issues and redeems Shares only in Creation Units on a continuous basis through the Transfer Agent, without a sales load (but subject to transaction fees, if applicable), at their NAV per share next determined after receipt of an order, on any Business Day, in proper form pursuant to the terms of the Authorized Participant Agreement ("Participant Agreement"). The NAV of Shares is calculated each Business Day as of the scheduled close of regular trading on the NYSE, generally 4:00 p.m., Eastern Time. The Fund will not issue fractional Creation Units. A "Business Day" is any day on which the NYSE is open for business.

**Fund Deposit**. The consideration for purchase of a Creation Unit of the Fund generally consists of the in-kind deposit of a designated portfolio of securities (the "Deposit Securities") per each Creation Unit and the Cash Component (defined below) computed as described below. Notwithstanding the foregoing, the Trust reserves the right to permit or require the substitution of a "cash in lieu" amount ("Deposit Cash") to be added to the Cash Component to replace any Deposit Security. When accepting purchases of Creation Units for all or a portion of Deposit Cash, the Fund may incur additional costs associated with the acquisition of Deposit Securities that would otherwise be provided by an in-kind purchaser.

Together, the Deposit Securities or Deposit Cash, as applicable, and the Cash Component constitute the "Fund Deposit," which represents the minimum initial and subsequent investment amount for a Creation Unit of the Fund. The "Cash Component" is an amount equal to the difference between the NAV of Shares (per Creation Unit) and the value of the Deposit Securities or Deposit Cash, as applicable. If the Cash Component is a positive number (i.e., the NAV per Creation Unit exceeds the value of the Deposit Securities or Deposit Cash, as applicable), the Cash Component shall be such positive amount. If the Cash Component is a negative number (i.e., the NAV per Creation Unit is less than the value of the Deposit Securities or Deposit Cash, as applicable), the Cash Component shall be such negative amount and the creator will be entitled to receive cash in an amount equal to the Cash Component. The Cash Component serves the function of compensating for any differences between the NAV per Creation Unit and the value of the Deposit Securities or Deposit Cash, as applicable. Computation of the Cash Component excludes any stamp duty or other similar fees and expenses payable upon transfer of beneficial ownership of the Deposit Securities, if applicable, which shall be the sole responsibility of the Authorized Participant (as defined below).

The Fund, through NSCC, makes available on each Business Day, prior to the opening of business on the Exchange (currently 9:30 a.m., Eastern Time), the list of the names and the required number of Shares of each Deposit Security or the required amount of Deposit Cash, as applicable, to be included in the current Fund Deposit (based on information at the end of the previous Business Day) for the Fund. Such Fund Deposit is subject to any applicable adjustments as described below, to effect purchases of Creation Units of the Fund until such time as the next-announced composition of the Deposit Securities or the required amount of Deposit Cash, as applicable, is made available.

The identity and number of Shares of the Deposit Securities or the amount of Deposit Cash, as applicable, required for the Fund Deposit for the Fund may change from time to time.

**Procedures for Purchase of Creation Units**. To be eligible to place orders with the Transfer Agent to purchase a Creation Unit of the Fund, an entity must be (1) a "Participating Party" (i.e., a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the NSCC (the "Clearing Process")), a clearing agency that is registered with the SEC; or (2) a DTC Participant (see "<u>Book Entry Only System</u>"). In addition, each Participating Party or DTC Participant (each, an "Authorized Participant") must execute a Participant Agreement with respect to purchases and redemptions of Creation Units. Each Authorized Participant will agree, pursuant to the terms of a Participant Agreement, on behalf of itself or any investor on whose behalf it will act, to certain conditions, including that it will pay to the Trust an amount of cash sufficient to pay the Cash Component together with the creation transaction fee (described below), if applicable, and any other applicable fees and taxes.

All orders to purchase Shares directly from the Fund must be placed for one or more Creation Units and in the manner and by the time set forth in the Participant Agreement and/or applicable order form. The order cut-off time for orders to purchase Creation Units is 3:00 p.m. Eastern time which time may be modified by the Fund from time-to-time by amendment to the Participant Agreement and/or applicable order form. The date on which an order to purchase Creation Units (or an order to redeem Creation Units, as set forth below) is received and accepted is referred to as the "Order Placement Date."

An Authorized Participant may require an investor to make certain representations or enter into agreements with respect to the order (e.g*.*, to provide for payments of cash, when required). Investors should be aware that their particular broker may not have executed a Participant Agreement and that, therefore, orders to purchase Shares directly from the Fund in Creation Units must be placed by the investor's broker through an Authorized Participant that has executed a Participant Agreement. In such cases, there may be additional charges to such investor. At any given time, there may be only a limited number of broker-dealers that have executed a Participant Agreement and only a small number of such Authorized Participants may have international capabilities.

On days when the Exchange closes earlier than normal, the Fund may require orders to create Creation Units to be placed earlier in the day. In addition, if a market or markets on which the Fund's investments are primarily traded is closed, the Fund will also generally not accept orders on such day(s). Orders must be transmitted by an Authorized Participant by telephone or other transmission method acceptable to the Transfer Agent pursuant to procedures set forth in the Participant Agreement and in accordance with the applicable order form. On behalf of the Fund, the Transfer Agent will notify the Custodian of such order. The Custodian will then provide such information to the appropriate local sub-custodian(s). Those placing orders through an Authorized Participant should allow sufficient time to permit proper submission of the purchase order to the Transfer Agent by the cut-off time on such Business Day. Economic or market disruptions or changes, or telephone, or other communication failure may impede the ability to reach the Transfer Agent or an Authorized Participant.

Fund Deposits must be delivered by an Authorized Participant through the Federal Reserve System (for cash) or through DTC (for corporate securities), through a sub-custody agent (for foreign securities), and/or through such other arrangements allowed by the Trust or its agents. With respect to foreign Deposit Securities, the Custodian shall cause the sub-custodian of the Fund to maintain an account into which the Authorized Participant shall deliver, on behalf of itself or the party on whose behalf it is acting, such Deposit Securities (or Deposit Cash for all or a part of such securities, as permitted or required), with any appropriate adjustments as advised by the Trust. Foreign Deposit Securities must be delivered to an account maintained at the applicable local sub-custodian. A Fund Deposit transfer must be ordered by the Authorized Participant in a timely fashion to ensure the delivery of the requisite number of Deposit Securities or Deposit Cash, as applicable, to the account of the Fund or its agents by no later than 3:00 p.m. Eastern Time (or such other time as specified by the Trust) on the contractual settlement date. If the Fund or its agents do not receive all of the Deposit Securities, or the required Deposit Cash in lieu thereof, by such time, then the order may be deemed rejected and the Authorized Participant shall be liable to the Fund for losses, if any, resulting therefrom. The typical contractual settlement date for each purchase transaction will be within one day of the Order Placement Date (commonly referred to as "T+1"), unless the Fund and Authorized Participant agree to a different timeline for settlement or the transaction is exempt from the requirements of Rule 15c6-1 under the 1934 Act. Due to the schedule of holidays in certain countries, however, the delivery of Shares may take longer than one Business Day following the day on which the purchase order is received. In such cases, the local market settlement procedures will not commence until the end of local holiday periods.

All questions as to the number of Deposit Securities or Deposit Cash to be delivered, as applicable, and the validity, form, and eligibility (including time of receipt) for the deposit of any tendered securities or cash, as applicable, will be determined by the Trust, whose determination shall be final and binding. The amount of cash represented by the Cash Component must be transferred directly to the Custodian through the Federal Reserve Bank wire transfer system in a timely manner to be received by the Custodian no later than the contractual settlement date. If the Cash Component and the Deposit Securities or Deposit Cash, as applicable, are not received by the Custodian in a timely manner by the contractual settlement date, the creation order may be cancelled. Upon written notice to the Transfer Agent, such canceled order may be resubmitted the following Business Day using a Fund Deposit as newly constituted to reflect the then current NAV of the Fund.

The order shall be deemed to be received on the Business Day on which the order is placed provided that the order is placed in proper form prior to the applicable cut-off time and the federal funds in the appropriate amount are deposited by 3:00 p.m. Eastern Time, with the Custodian on the contractual settlement date. If the order is not placed in proper form as required, or federal funds in the appropriate amount are not received by 3:00 p.m. Eastern Time on the contractual settlement date, then the order may be deemed to be rejected and the Authorized Participant shall be liable to the Fund for losses, if any, resulting therefrom. A creation request is in "proper form" if all procedures set forth in the Participant Agreement, order form and this SAI are properly followed.

**Issuance of a Creation Unit.** Except as provided in this SAI, Creation Units will not be issued until the transfer of good title to the Trust of the Deposit Securities or payment of Deposit Cash, as applicable, and the payment of the Cash Component have been completed. When the required Deposit Securities (or the cash value thereof) have been delivered to the account of the Custodian (or sub-custodian, as applicable), the Transfer Agent and the Adviser shall be notified of such delivery, and the Trust will issue and cause the delivery of the Creation Units. The delivery of Creation Units so created generally will occur no later than the next Business Day following the day on which the purchase order is deemed received by the Transfer Agent, as discussed above. The Authorized Participant shall be liable to the Fund for losses, if any, resulting from unsettled orders.

Creation Units may be purchased in advance of receipt by the Trust of all or a portion of the applicable Deposit Securities as described below. In these circumstances, the initial deposit will have a value greater than the NAV of the Shares on the date the order is placed in proper form since, in addition to available Deposit Securities, cash must be deposited in an amount equal to the sum of (1) the Cash Component, plus (2) an additional amount of cash equal to a percentage of the value as set forth in the Participant Agreement, of the undelivered Deposit Securities (the "Additional Cash Deposit"), which shall be maintained in a separate non-interest bearing collateral account. The Authorized Participant must deposit with the Custodian the Additional Cash Deposit, as applicable, by 3:00 p.m. Eastern Time (or such other time as specified by the Trust) on the contractual settlement date. If the Fund or its agents do not receive the Additional Cash Deposit in the appropriate amount, by such time, then the order may be deemed rejected and the Authorized Participant shall be liable to the Fund for losses, if any, resulting therefrom. An additional amount of cash shall be required to be deposited with the Trust, pending delivery of the missing Deposit Securities to the extent necessary to maintain the Additional Cash Deposit with the Trust in an amount at least equal to the applicable percentage, as set forth in the Participant Agreement, of the daily market value of the missing Deposit Securities. The Participant Agreement will permit the Trust to buy the missing Deposit Securities at any time. Authorized Participants will be liable to the Trust for the costs incurred by the Trust in connection with any such purchases. These costs will be deemed to include the amount by which the actual purchase price of the Deposit Securities exceeds the value of such Deposit Securities on the day the purchase order was deemed received by the Transfer Agent, plus the brokerage and related transaction costs associated with such purchases. The Trust will return any unused portion of the Additional Cash Deposit once all of the missing Deposit Securities have been properly received by the Custodian or purchased by the Trust and deposited into the Trust. In addition, a transaction fee, as described below under "Creation Transaction Fee," may be charged. The delivery of Creation Units so created generally will occur no later than the contractual settlement date.

**Acceptance of Orders of Creation Units**. The Trust reserves the right to reject an order for Creation Units transmitted to it by the Transfer Agent with respect to the Fund including, without limitation, if (1) the order is not in proper form; (2) the Deposit Securities or Deposit Cash, as applicable, delivered by the Authorized Participant are not as disseminated through the facilities of the NSCC for that date by the Custodian; (3) the investor(s), upon obtaining Shares ordered, would own 80% or more of the currently outstanding Shares; (4) the acceptance of the Fund Deposit would, in the opinion of counsel, be unlawful; (5) the acceptance or receipt of the order for a Creation Unit would, in the opinion of counsel to the Trust, be unlawful; or (6) in the event that circumstances outside the control of the Trust, the Custodian, the Transfer Agent and/or the Adviser make it for all practical purposes not feasible to process orders for Creation Units.

Examples of such circumstances include acts of God; public service or utility problems such as fires, floods, extreme weather conditions, and power outages resulting in telephone, telecopy, and computer failures; market conditions or activities causing trading halts; systems failures involving computer or other information systems affecting the Trust, the Distributor, the Custodian, a sub-custodian, the Transfer Agent, DTC, NSCC, Federal Reserve System, or any other participant in the creation process; and other extraordinary events. The Transfer Agent shall notify a prospective creator of a Creation Unit and/or the Authorized Participant acting on behalf of the creator of a Creation Unit of its rejection of the order of such person. The Trust, the Transfer Agent, the Custodian, any sub-custodian, and the Distributor are under no duty, however, to give notification of any defects or irregularities in the delivery of Fund Deposits, nor shall either of them incur any liability for the failure to give any such notification. The Trust, the Transfer Agent, the Custodian, and the Distributor shall not be liable for the rejection of any purchase order for Creation Units.

All questions as to the number of Shares of each security in the Deposit Securities and the validity, form, eligibility, and acceptance for deposit of any securities to be delivered shall be determined by the Trust, and the Trust's determination shall be final and binding.

Notwithstanding the Trust's ability to reject an order for creation units, the Trust will only do so in a manner consistent with any current or future SEC rulemaking or guidance relating thereto; provided that, no such suspension of the issuance of creation units will be done in a manner that impairs the arbitrage mechanism for investors.

**Creation Transaction Fee**. A fixed purchase (i.e., creation) transaction fee, payable to the Custodian, may be imposed for the transfer and other transaction costs associated with the purchase of Creation Units ("Creation Order Costs"). The standard fixed creation transaction fee for the Fund, regardless of the number of Creation Units created in the transaction, can be found in the table below. The Fund may adjust the standard fixed creation transaction fee from time to time. The fixed creation fee may be waived on certain orders if the Custodian has determined to waive some or all of the Creation Order Costs associated with the order or another party, such as the Adviser, has agreed to pay such fee.

In addition, a variable fee, payable to the Fund, of up to the maximum percentage listed in the table below of the value of the Creation Units subject to the transaction may be imposed for cash purchases, non-standard orders, or partial cash purchases of Creation Units. The variable charge is primarily designed to cover additional costs (e.g., brokerage, taxes) involved with buying the securities with cash. The Fund may determine to not charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of Fund shareholders.

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| | |
|:---|:---|
| **Fixed Creation Transaction Fee** | **Maximum Variable Transaction Fee** |
| $300 | 2% |

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Investors who use the services of a broker or other such intermediary may be charged a fee for such services. Investors are responsible for the fixed costs of transferring the Fund Securities (defined below) from the Trust to their account or on their order.

**Risks of Purchasing Creation Units**. There are certain legal risks unique to investors purchasing Creation Units directly from the Fund. Because Shares may be issued on an ongoing basis, a "distribution" of Shares could be occurring at any time. Certain activities that a shareholder performs as a dealer could, depending on the circumstances, result in the shareholder being deemed a participant in the distribution in a manner that could render the shareholder a statutory underwriter and subject to the prospectus delivery and liability provisions of the Securities Act. For example, a shareholder could be deemed a statutory underwriter if it purchases Creation Units from the Fund, breaks them down into the constituent Shares, and sells those Shares directly to customers, or if a shareholder chooses to couple the creation of a supply of new Shares with an active selling effort involving solicitation of secondary-market demand for Shares. Whether a person is an underwriter depends upon all of the facts and circumstances pertaining to that person's activities, and the examples mentioned here should not be considered a complete description of all the activities that could cause you to be deemed an underwriter.

Dealers who are not "underwriters" but are participating in a distribution (as opposed to engaging in ordinary secondary-market transactions), and thus dealing with Shares as part of an "unsold allotment" within the meaning of Section 4(a)(3)(C) of the Securities Act, will be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the Securities Act.

**Redemption**. Shares may be redeemed only in Creation Units at their NAV next determined after receipt of a redemption request in proper form by the Fund through the Transfer Agent and only on a Business Day. EXCEPT UPON LIQUIDATION OF THE FUND, THE FUND WILL NOT REDEEM SHARES IN AMOUNTS LESS THAN CREATION UNITS. Investors must accumulate enough Shares in the secondary market to constitute a Creation Unit to have such Shares redeemed by the Fund. There can be no assurance, however, that there will be sufficient liquidity in the public trading market at any time to permit assembly of a Creation Unit. Investors should expect to incur brokerage and other costs in connection with assembling a sufficient number of Shares to constitute a redeemable Creation Unit.

With respect to the Fund, the Custodian, through the NSCC, makes available prior to the opening of business on the Exchange (currently 9:30 a.m., Eastern Time) on each Business Day, the list of the names and Share quantities of the Fund's portfolio securities that will be applicable (subject to possible amendment or correction) to redemption requests received in proper form (as defined below) on that day ("Fund Securities"). Fund Securities received on redemption may not be identical to Deposit Securities.

Redemption proceeds for a Creation Unit are paid either in-kind or in cash, or combination thereof, as determined by the Trust. With respect to in-kind redemptions of the Fund, redemption proceeds for a Creation Unit will consist of Fund Securities — as announced by the Custodian on the Business Day of the request for redemption received in proper form plus cash in an amount equal to the difference between the NAV of Shares being redeemed, as next determined after a receipt of a request in proper form, and the value of the Fund Securities (the "Cash Redemption Amount"), less a fixed redemption transaction fee, as applicable, as set forth below. If the Fund Securities have a value greater than the NAV of Shares, a compensating cash payment equal to the differential is required to be made by or through an Authorized Participant by the redeeming shareholder. Notwithstanding the foregoing, at the Trust's discretion, an Authorized Participant may receive the corresponding cash value of the securities in lieu of the in-kind securities value representing one or more Fund Securities.

**Redemption Transaction Fee.** A fixed redemption transaction fee, payable to the Custodian, may be imposed for the transfer and other transaction costs associated with the redemption of Creation Units ("Redemption Order Costs"). The standard fixed redemption transaction fee for the Fund, regardless of the number of Creation Units redeemed in the transaction, can be found in the table below. The Fund may adjust the redemption transaction fee from time to time. The fixed redemption fee may be waived on certain orders if the Custodian has determined to waive some or all of the Redemption Order Costs associated with the order or another party, such as the Adviser, has agreed to pay such fee.

In addition, a variable fee, payable to the Fund, of up to the maximum percentage listed in the table below of the value of the Creation Units subject to the transaction may be imposed for cash redemptions, non-standard orders, or partial cash redemptions (when cash redemptions are available) of Creation Units. The variable charge is primarily designed to cover additional costs (e.g., brokerage, taxes) involved with selling portfolio securities to satisfy a cash redemption. The Fund may determine to not charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of Fund shareholders.

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| | |
|:---|:---|
| **Fixed Redemption Transaction Fee** | **Maximum Variable Transaction Fee** |
| $300 | 2% |

---

Investors who use the services of a broker or other such intermediary may be charged a fee for such services. Investors are responsible for the fixed costs of transferring the Fund Securities from the Trust to their account or on their order.

**Procedures for Redemption of Creation Units**. Orders to redeem Creation Units must be submitted in proper form to the Transfer Agent prior to 3:00 p.m. Eastern time. A redemption request is considered to be in "proper form" if (1) an Authorized Participant has transferred or caused to be transferred to the Trust's Transfer Agent the Creation Unit(s) being redeemed through the book-entry system of DTC so as to be effective by the time as set forth in the Participant Agreement and (2) a request in form satisfactory to the Trust is received by the Transfer Agent from the Authorized Participant on behalf of itself or another redeeming investor within the time periods specified in the Participant Agreement. If the Transfer Agent does not receive the investor's Shares through DTC's facilities by the times and pursuant to the other terms and conditions set forth in the Participant Agreement, the redemption request shall be rejected.

The Authorized Participant must transmit the request for redemption, in the form required by the Trust, to the Transfer Agent in accordance with procedures set forth in the Authorized Participant Agreement. Investors should be aware that their particular broker may not have executed an Authorized Participant Agreement, and that, therefore, requests to redeem Creation Units may have to be placed by the investor's broker through an Authorized Participant who has executed an Authorized Participant Agreement. Investors making a redemption request should be aware that such request must be in the form specified by such Authorized Participant. Investors making a request to redeem Creation Units should allow sufficient time to permit proper submission of the request by an Authorized Participant and transfer of the Shares to the Trust's Transfer Agent; such investors should allow for the additional time that may be required to effect redemptions through their banks, brokers, or other financial intermediaries if such intermediaries are not Authorized Participants.

**Additional Redemption Procedures.** In connection with taking delivery of Shares of Fund Securities upon redemption of Creation Units, a redeeming shareholder or Authorized Participant acting on behalf of such Shareholder must maintain appropriate custody arrangements with a qualified broker-dealer, bank, or other custody providers in each jurisdiction in which any of the Fund Securities are customarily traded, to which account such Fund Securities will be delivered.

The typical contractual settlement date for each redemption transaction will be within one day of the Order Placement Date (or T+1), unless the Fund and Authorized Participant agree to a different timeline for settlement or the transaction is exempt from the requirements of Rule 15c6-1 under the 1934 Act. Due to the schedule of holidays in certain countries, however, the receipt of redemption proceeds may take longer than one Business Day following the day on which the purchase order is received. In such cases, the local market settlement procedures will not commence until the end of local holiday periods.

The Trust may in its discretion exercise its option to cause the Fund to redeem such Shares in cash, and the redeeming investor will be required to receive its redemption proceeds in cash. In addition, an investor may request a redemption in cash that the Fund may, in its sole discretion, permit. In either case, the investor will receive a cash payment equal to the NAV of its Shares based on the NAV of Shares next determined after the redemption request is received in proper form (minus a redemption transaction fee, if applicable, and additional charge for requested cash redemptions specified above, to offset the Trust's brokerage and other transaction costs associated with the disposition of Fund Securities). The Fund may also, in its sole discretion, upon request of a shareholder, provide such redeemer a portfolio of securities that differs from the exact composition of the Fund Securities, but does not differ in NAV.

Redemptions of Shares for Fund Securities will be subject to compliance with applicable federal and state securities laws and the Fund (whether or not it otherwise permits cash redemptions) reserves the right to redeem Creation Units for cash to the extent that the Trust could not lawfully deliver specific Fund Securities upon redemptions or could not do so without first registering the Fund Securities under such laws. An Authorized Participant, or an investor for which it is acting, subject to a legal restriction with respect to a particular security included in the Fund Securities applicable to the redemption of Creation Units, may be paid an equivalent amount of cash. The Authorized Participant may request the redeeming investor of the Shares to complete an order form or to enter into agreements with respect to such matters as compensating cash payment. Further, an Authorized Participant that is not a "qualified institutional buyer," ("QIB") as such term is defined under Rule 144A of the Securities Act, will not be able to receive Fund Securities that are restricted securities eligible for resale under Rule 144A. An Authorized Participant may be required by the Trust to provide a written confirmation with respect to QIB status to receive Fund Securities.

The right of redemption may be suspended or the date of payment postponed with respect to the Fund (1) for any period during which the Exchange is closed (other than customary weekend and holiday closings); (2) for any period during which trading on the Exchange is suspended or restricted; (3) for any period during which an emergency exists as a result of which disposal of the Shares or determination of the NAV of the Shares is not reasonably practicable; or (4) in such other circumstance as is permitted by the SEC.

**DETERMINATION OF NAV**

NAV per Share for the Fund is computed by dividing the value of the net assets of the Fund (i.e., the value of its total assets less total liabilities) by the total number of Shares outstanding, rounded to the nearest cent. Expenses and fees, including the management fees, are accrued daily and taken into account for purposes of determining NAV. The NAV of the Fund is calculated by Global Fund Services and determined at the scheduled close of the regular trading session on the NYSE (ordinarily 4:00 p.m., Eastern Time) on each day that the NYSE is open, provided that fixed-income assets may be valued as of the announced closing time for trading in fixed-income instruments on any day that the Securities Industry and Financial Markets Association ("SIFMA") announces an early closing time.

In calculating the Fund's NAV per Share, the Fund's investments are generally valued using market valuations, last sale prices, or estimates of value furnished by a pricing service or brokers who make markets in such instruments. A market valuation generally means a valuation (1) obtained from an exchange, a pricing service, or a major market maker (or dealer); (2) based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service, or a major market maker (or dealer); or (3) based on amortized cost. In the case of shares of other funds that are not traded on an exchange, a market valuation means such fund's published NAV per share. The Fund may use various pricing services, or discontinue the use of any pricing service, as approved by the Board from time to time. A price obtained from a pricing service based on such pricing service's valuation matrix may be considered a market valuation. Any assets or liabilities denominated in currencies other than the U.S. dollar are converted into U.S. dollars at the current market rates on the date of valuation as quoted by one or more sources.

When market prices are not "readily available" or are deemed to be unreliable, consistent with Rule 2a-5 under the 1940 Act, the Trust and the Adviser have adopted procedures and methodologies wherein the Adviser, serving as the Fund's Valuation Designee (as defined in Rule 2a-5), determines the fair value of Fund investments.

**DIVIDENDS AND DISTRIBUTIONS**

The following information supplements and should be read in conjunction with the section in the Prospectus entitled "Dividends, Distributions, and Taxes."

**General Policies**.

The Fund intends to pay out dividends and interest income, if any, annually, and distribute any net realized capital gains to its shareholders at least annually. Distributions of net realized capital gains, if any, generally are declared and paid once a year, but the Fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the "Code"), in all events in a manner consistent with the provisions of the 1940 Act.

The Fund will declare and pay income and capital gain distributions, if any, in cash. The Fund may make distributions on a more frequent basis to comply with the distribution requirements of the Code, in all events in a manner consistent with the provisions of the 1940 Act. Dividends and other distributions on Shares are distributed, as described below, on a pro rata basis to Beneficial Owners of such Shares. Dividend payments are made through DTC Participants and Indirect Participants to Beneficial Owners then of record with proceeds received from the Fund.

The Fund makes additional distributions to the extent necessary (1) to distribute the entire annual taxable income of the Fund, plus any net capital gains and (2) to avoid imposition of the excise tax imposed by Section 4982 of the Internal Revenue Code of 1986, as amended (the "Code"). Management of the Trust reserves the right to declare special dividends if, in its reasonable discretion, such action is necessary or advisable to preserve the Fund's eligibility for treatment as a regulated investment company ("RIC") pursuant to Section 851 of the Code or to avoid imposition of income or excise taxes on undistributed income at the Fund level.

**Dividend Reinvestment Service**. The Trust will not make the DTC book-entry dividend reinvestment service available for use by Beneficial Owners for reinvestment of their cash proceeds, but certain individual broker-dealers may make available the DTC book-entry Dividend Reinvestment Service for use by Beneficial Owners of the Fund through DTC Participants for reinvestment of their dividend distributions. Investors should contact their brokers to ascertain the availability and description of these services. Beneficial Owners should be aware that each broker may require investors to adhere to specific procedures and timetables to participate in the dividend reinvestment service and investors should ascertain from their brokers such necessary details. If this service is available and used, dividend distributions of both income and realized gains will be automatically reinvested in additional whole Shares issued by the Trust of the Fund at NAV per Share. Distributions reinvested in additional Shares will nevertheless be taxable to Beneficial Owners acquiring such additional Shares to the same extent as if such distributions had been received in cash.

**FEDERAL INCOME TAXES** 

The following is only a summary of certain U.S. federal income tax considerations generally affecting the Fund and its shareholders that supplements the discussion in the Prospectus. No attempt is made to present a comprehensive explanation of the federal, state, local, or foreign tax treatment of the Fund or its shareholders, and the discussion here and in the Prospectus is not intended to be a substitute for careful tax planning.

The following general discussion of certain U.S. federal income tax consequences is based on provisions of the Code and the regulations issued thereunder as in effect on the date of this SAI. New legislation, as well as administrative changes or court decisions, may significantly change the conclusions expressed herein, and may have a retroactive effect with respect to the transactions contemplated herein.

Shareholders are urged to consult their own tax advisers regarding the application of the provisions of tax law described in this SAI in light of the particular tax situations of the shareholders and regarding specific questions as to federal, state, local, or foreign taxes.

**Taxation of the Fund**. The Fund will elect and intends to qualify each year to be treated as a RIC under the Code. As such, the Fund should not be subject to federal income taxes on its net investment income and capital gains, if any, to the extent that it timely distributes such income and capital gains to its shareholders. Generally, to be taxed as a RIC, the Fund must distribute in each taxable year at least 90% of its "investment company taxable income" for the taxable year, which includes, among other items, dividends, interest, net short-term capital gain, and net foreign currency gain, less expenses, as well as 90% of its net tax-exempt interest income, if any (the "Distribution Requirement") and also must meet several additional requirements. Among these requirements are the following: (1) at least 90% of the Fund's gross income each taxable year must be derived from dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities, or foreign currencies, or other income derived with respect to its business of investing in such stock, securities, or foreign currencies, and net income derived from interests in qualified publicly traded partnerships (the "Qualifying Income Requirement"); and (2) at the end of each quarter of the Fund's taxable year, the Fund's assets must be diversified so that (a) at least 50% of the value of the Fund's total assets is represented by cash and cash items, U.S. government securities, securities of other RICs, and other securities, with such other securities limited, in respect to any one issuer, to an amount not greater in value than 5% of the value of the Fund's total assets and to not more than 10% of the outstanding voting securities of such issuer, and (b) not more than 25% of the value of its total assets is invested in the securities (other than U.S. government securities or securities of other RICs) of any one issuer, the securities (other than securities of other RICs) of two or more issuers which the Fund controls and which are engaged in the same, similar, or related trades or businesses, or the securities of one or more qualified publicly traded partnerships (the "Diversification Requirement").

To the extent the Fund makes investments that may generate income that is not qualifying income, including certain derivatives, the Fund will seek to restrict the resulting income from such investments so that the Fund's non-qualifying income does not exceed 10% of its gross income.

Although the Fund intends to distribute substantially all of its net investment income and may distribute its capital gains for any taxable year, the Fund will be subject to federal income taxation to the extent any such income or gains are not distributed. The Fund is treated as a separate corporation for federal income tax purposes. The Fund therefore is considered to be a separate entity in determining its treatment under the rules for RICs described herein. The requirements (other than certain organizational requirements) for qualifying RIC status are determined at the Fund level rather than at the Trust level.

If the Fund fails to satisfy the Qualifying Income Requirement or the Diversification Requirement in any taxable year, the Fund may be eligible for relief provisions if the failures are due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to each failure to satisfy the applicable requirements. Additionally, relief is provided for certain *de minimis* failures of the Diversification Requirement where the Fund corrects the failure within a specified period of time. To be eligible for the relief provisions with respect to a failure to meet the Diversification Requirement, the Fund may be required to dispose of certain assets. If these relief provisions were not available to the Fund and it were to fail to qualify for treatment as a RIC for a taxable year, all of its taxable income would be subject to tax at regular corporate rates without any deduction for distributions to shareholders, and its distributions (including capital gains distributions) generally would be taxable to the shareholders of the Fund as ordinary income dividends, subject to the dividends received deduction for corporate shareholders and the lower tax rates on qualified dividend income received by noncorporate shareholders, subject to certain limitations. To requalify for treatment as a RIC in a subsequent taxable year, the Fund would be required to satisfy the RIC qualification requirements for that year and to distribute any earnings and profits from any year in which the Fund failed to qualify for tax treatment as a RIC. If the Fund failed to qualify as a RIC for a period greater than two taxable years, it would generally be required to pay a fund-level tax on certain net built-in gains recognized with respect to certain of its assets upon disposition of such assets within five years of qualifying as a RIC in a subsequent year. The Board reserves the right not to maintain the qualification of the Fund for treatment as a RIC if it determines such course of action to be beneficial to shareholders. If the Fund determines that it will not qualify as a RIC, the Fund will establish procedures to reflect the anticipated tax liability in the Fund's NAV.

The Fund may elect to treat part or all of any "qualified late-year loss" as if it had been incurred in the succeeding taxable year in determining the Fund's taxable income, net capital gain, net short-term capital gain, and earnings and profits. The effect of this election is to treat any such "qualified late-year loss" as if it had been incurred in the succeeding taxable year in characterizing Fund distributions for any calendar year. A "qualified late-year loss" generally includes net capital loss, net long-term capital loss, or net short-term capital loss incurred after October 31 of the current taxable year, subject to special rules in the event a Fund makes an election under Section 4982(e)(4) of the Code (commonly referred to as "post-October losses"), and certain other late-year losses. As of the most recent fiscal year ended April 30, 2025, the Fund had short-term and long-term capital loss carryovers of $9,486,617 and $3,949,551, respectively, both of which do not expire.

Capital losses in excess of capital gains ("net capital losses") are not permitted to be deducted against a RIC's net investment income. Instead, for U.S. federal income tax purposes, potentially subject to certain limitations, the Fund may carry a net capital loss from any taxable year forward indefinitely to offset its capital gains, if any, in years following the year of the loss. To the extent subsequent capital gains are offset by such losses, they will not result in U.S. federal income tax liability to the Fund and may not be distributed as capital gains to its shareholders. Generally, the Fund may not carry forward any losses other than net capital losses. The carryover of capital losses may be limited under the general loss limitation rules if the Fund experiences an ownership change as defined in the Code.

The Fund will be subject to a nondeductible 4% federal excise tax on certain undistributed income if it does not distribute to its shareholders in each calendar year an amount at least equal to 98% of its ordinary income for the calendar year plus 98.2% of its capital gain net income for the one-year period generally ending on October 31 of that year, or, if the Fund makes an election under Section 4982(e)(4) of the Code, the Fund's fiscal year, subject to an increase for any shortfall in the prior year's distribution. The Fund intends to declare and distribute dividends and distributions in the amounts and at the times necessary to avoid the application of the excise tax, but can make no assurances that all such tax liability will be eliminated.

The Fund intends to distribute substantially all of its net investment income and net capital gain to shareholders for each taxable year. If the Fund meets the Distribution Requirement but retains some or all of its income or gains, it will be subject to federal income tax at regular corporate rates to the extent any such income or gains are not distributed. The Fund may elect to designate certain amounts retained as undistributed net capital gain as deemed distributions in a notice to its shareholders, who (1) will be required to include in income for U.S. federal income tax purposes, as long-term capital gain, their proportionate shares of the undistributed amount so designated; (2) will be entitled to credit their proportionate shares of the income tax paid by the Fund on that undistributed amount against their federal income tax liabilities and to claim refunds to the extent such credits exceed their tax liabilities; and (3) will be entitled to increase their tax basis, for federal income tax purposes, in their Shares by an amount equal to the excess of the amount of undistributed net capital gain included in their respective income over their respective income tax credits.

**Taxation of Shareholders – Distributions**. The Fund intends to distribute annually to its shareholders substantially all of its investment company taxable income (computed without regard to the deduction for dividends paid) and its net tax-exempt income, if any. The Fund intends to distribute annually to its shareholders any net capital gain (net long-term capital gains in excess of net short-term capital losses, taking into account any capital loss carryforwards). The distribution of investment company taxable income (as so computed) and net capital gain will be taxable to Fund shareholders regardless of whether the shareholders receive these distributions in cash or reinvest them in additional Shares.

The Fund (or your broker) will report to shareholders annually the amounts of dividends paid from ordinary income, the amount of distributions of net capital gain, the portion of dividends which may qualify for the dividends received deduction for corporate shareholders, and the portion of dividends which may qualify for treatment as qualified dividend income, which is taxable to non-corporate shareholders at long-term capital gain rates.

Distributions from the Fund's net capital gain will be taxable to shareholders at long-term capital gains rates, regardless of how long shareholders have held their Shares. Distributions may be subject to state and local taxes.

Qualified dividend income includes, in general, subject to certain holding period and other requirements, dividend income from taxable domestic corporations and certain "qualified foreign corporations." Subject to certain limitations, "qualified foreign corporations" include those incorporated in territories of the United States, those incorporated in certain countries with comprehensive tax treaties with the United States, and other foreign corporations if the stock with respect to which the dividends are paid is readily tradable on an established securities market in the United States. Dividends received by the Fund from an ETF or an underlying fund taxable as a RIC or a REIT may be treated as qualified dividend income generally only to the extent so reported by such ETF, underlying fund or REIT. If 95% or more of the Fund's gross income (calculated without taking into account net capital gain derived from sales or other dispositions of stock or securities) consists of qualified dividend income, the Fund may report all distributions of such income as qualified dividend income.

Fund dividends will not be treated as qualified dividend income if the Fund does not meet certain holding period and other requirements with respect to dividend paying stocks in its portfolio, or the shareholder does not meet certain holding period and other requirements with respect to the Shares on which the dividends were paid. Distributions by the Fund of its net short-term capital gains will be taxable to shareholders as ordinary income.

In the case of corporate shareholders, certain dividends received by the Fund from U.S. corporations (generally, dividends received by the Fund in respect of any share of stock (1) with a tax holding period of at least 46 days during the 91-day period beginning on the date that is 45 days before the date on which the stock becomes ex-dividend as to that dividend and (2) that is held in an unleveraged position) and distributed and appropriately so reported by the Fund may be eligible for the 50% dividends-received deduction. Certain preferred stock must have a holding period of at least 91 days during the 181-day period beginning on the date that is 90 days before the date on which the stock becomes ex-dividend as to that dividend to be eligible. Capital gain dividends distributed to the Fund from other RICs are not eligible for the dividends-received deduction. To qualify for the deduction, corporate shareholders must meet the minimum holding period requirement stated above with respect to their Shares, taking into account any holding period reductions from certain hedging or other transactions or positions that diminish their risk of loss with respect to their Shares, and, if they borrow to acquire or otherwise incur debt attributable to Shares, they may be denied a portion of the dividends-received deduction with respect to those Shares.

Although dividends generally will be treated as distributed when paid, any dividend declared by the Fund in October, November, or December and payable to shareholders of record in such a month that is paid during the following January will be treated for U.S. federal income tax purposes as received by shareholders on December 31 of the calendar year in which it was declared.

In general, qualified REIT dividends that an investor receives directly from a REIT are automatically eligible for the 20% qualified business income deduction. The Internal Revenue Service ("IRS") has issued final Treasury Regulations that permit a dividend or part of a dividend paid by a RIC and reported as a "section 199A dividend" to be treated by the recipient as a qualified REIT dividend for purposes of the 20% qualified business income deduction, if certain holding period and other requirements have been satisfied by the recipient with respect to their Shares.

In addition to the federal income tax, certain individuals, trusts, and estates may be subject to a Net Investment Income ("NII") tax of 3.8%. The NII tax is imposed on the lesser of (1) a taxpayer's investment income, net of deductions properly allocable to such income; or (2) the amount by which such taxpayer's modified adjusted gross income exceeds certain thresholds ($250,000 for married individuals filing jointly, $200,000 for unmarried individuals, and $125,000 for married individuals filing separately). The Fund's distributions are includable in a shareholder's investment income for purposes of this NII tax. In addition, any capital gain realized by a shareholder upon a sale or redemption of Fund shares is includable in such shareholder's investment income for purposes of this NII tax.

Shareholders who have not held Shares for a full year should be aware that the Fund may report and distribute, as ordinary dividends or capital gain dividends, a percentage of income that is not equal to the percentage of the Fund's ordinary income or net capital gain, respectively, actually earned during the applicable shareholder's period of investment in the Fund. A taxable shareholder may wish to avoid investing in the Fund shortly before a dividend or other distribution, because the distribution will generally be taxable to the shareholder even though it may economically represent a return of a portion of the shareholder's investment.

To the extent that the Fund makes a distribution of income received by the Fund in lieu of dividends (a "substitute payment") with respect to securities on loan pursuant to a securities lending transaction, such income will not constitute qualified dividend income to individual shareholders and will not be eligible for the dividends received deduction for corporate shareholders.

If the Fund's distributions exceed its earnings and profits, all or a portion of the distributions made for a taxable year may be recharacterized as a return of capital to shareholders. A return of capital distribution will generally not be taxable, but will reduce each shareholder's cost basis in the Fund and result in a higher capital gain or lower capital loss when the Shares on which the distribution was received are sold. After a shareholder's basis in the Shares has been reduced to zero, distributions in excess of earnings and profits will be treated as gain from the sale of the shareholder's Shares.

**Taxation of Shareholders – Sale of Shares**. A sale or redemption of Shares may give rise to a gain or loss. In general, any gain or loss realized upon a taxable disposition of Shares will be treated as long-term capital gain or loss if Shares have been held for more than 12 months. Otherwise, the gain or loss on the taxable disposition of Shares will generally be treated as short-term capital gain or loss. Any loss realized upon a taxable disposition of Shares held for six months or less will be treated as long-term capital loss, rather than short-term capital loss, to the extent of any amounts treated as distributions to the shareholder of long-term capital gain with respect to such Shares (including any amounts credited to the shareholder as undistributed capital gains). All or a portion of any loss realized upon a taxable disposition of Shares may be disallowed if substantially identical Shares are acquired (through the reinvestment of dividends or otherwise) within a 61-day period beginning 30 days before and ending 30 days after the disposition. In such a case, the basis of the newly acquired Shares will be adjusted to reflect the disallowed loss.

The cost basis of Shares acquired by purchase will generally be based on the amount paid for Shares and then may be subsequently adjusted for other applicable transactions as required by the Code. The difference between the selling price and the cost basis of Shares generally determines the amount of the capital gain or loss realized on the sale of Shares. Contact the broker through whom you purchased your Shares to obtain information with respect to the available cost basis reporting methods and elections for your account.

An Authorized Participant who exchanges securities for Creation Units generally will recognize a gain or a loss. The gain or loss will be equal to the difference between the market value of the Creation Units at the time and the sum of the exchanger's aggregate basis in the securities surrendered plus the amount of cash paid for such Creation Units. A person who redeems Creation Units will generally recognize a gain or loss equal to the difference between the exchanger's basis in the Creation Units and the sum of the aggregate market value of any securities received plus the amount of any cash received for such Creation Units. The IRS, however, may assert that a loss realized upon an exchange of securities for Creation Units cannot currently be deducted under the rules governing "wash sales" (for an exchanger who does not mark-to-market its portfolio), or on the basis that there has been no significant change in economic position.

Any capital gain or loss realized upon the creation of Creation Units will generally be treated as long-term capital gain or loss if the securities exchanged for such Creation Units have been held for more than one year. Any capital gain or loss realized upon the redemption of Creation Units will generally be treated as long-term capital gain or loss if the Shares comprising the Creation Units have been held for more than one year. Otherwise, such capital gains or losses will generally be treated as short-term capital gains or losses. Any loss upon a redemption of Creation Units held for six months or less may be treated as long-term capital loss to the extent of any amounts treated as distributions to the applicable Authorized Participant of long-term capital gain with respect to the Creation Units (including any amounts credited to the Authorized Participant as undistributed capital gains).

The Trust, on behalf of the Fund, has the right to reject an order for Creation Units if the purchaser (or a group of purchasers) would, upon obtaining the Creation Units so ordered, own 80% or more of the outstanding Shares and if, pursuant to Section 351 of the Code, the Fund would have a basis in the deposit securities different from the market value of such securities on the date of deposit. The Trust also has the right to require the provision of information necessary to determine beneficial Share ownership for purposes of the 80% determination. If the Fund does issue Creation Units to a purchaser (or a group of purchasers) that would, upon obtaining the Creation Units so ordered, own 80% or more of the outstanding Shares, the purchaser (or a group of purchasers) will not recognize gain or loss upon the exchange of securities for Creation Units.

Persons purchasing or redeeming Creation Units should consult their own tax advisers with respect to the tax treatment of any creation or redemption transaction, and whether the wash sales rule applies, and when a loss may be deductible.

**Taxation of Fund Investments**. Certain of the Fund's investments may be subject to complex provisions of the Code (including provisions relating to hedging transactions, straddles, integrated transactions, foreign currency contracts, forward foreign currency contracts, and notional principal contracts) that, among other things, may affect the Fund's ability to qualify as a RIC, affect the character of gains and losses realized by the Fund (e.g*.*, may affect whether gains or losses are ordinary or capital), accelerate recognition of income to the Fund, and defer losses. These rules could therefore affect the character, amount, and timing of distributions to shareholders. These provisions also may require the Fund to mark-to-market certain types of positions in its portfolio (i.e., treat them as if they were closed out) which may cause the Fund to recognize income without the Fund receiving cash with which to make distributions in amounts sufficient to enable the Fund to satisfy the RIC distribution requirements for avoiding Fund-level income and excise taxes. Accordingly, to avoid certain income and excise taxes, the Fund may be required to liquidate its investments at a time when the investment adviser might not otherwise have chosen to do so. The Fund intends to monitor its transactions, intends to make appropriate tax elections, and intends to make appropriate entries in its books and records to mitigate the effect of these rules and preserve the Fund's qualification for treatment as a RIC. To the extent the Fund invests in an underlying fund that is taxable as a RIC, the rules applicable to the tax treatment of complex securities will also apply to the underlying funds that also invest in such complex securities and investments.

As stated above, the Fund is required for federal income tax purposes to mark-to-market and recognize as income for each taxable year its net unrealized gains and losses on certain options contracts subject to Code Section 1256 ("Section 1256 Contracts") as of the end of the year as well as those actually realized during the year. Gain or loss from Section 1256 Contracts on broad-based indexes required to be marked to market will be 60% long-term and 40% short-term capital gain or loss. Application of this rule may alter the timing and character of distributions to shareholders. The Fund may be required to defer the recognition of losses on Section 1256 Contracts to the extent of any unrecognized gains on offsetting positions held by the Fund. These provisions may also require a Fund to mark-to-market certain types of positions in its portfolio (i.e., treat them as if they were closed out), which may cause a Fund to recognize income without receiving cash with which to make distributions in amounts necessary to satisfy the distribution requirement and for avoiding the excise tax discussed above. Accordingly, to avoid certain income and excise taxes, a Fund may be required to liquidate its investments at a time when the investment adviser might not otherwise have chosen to do so.

**Backup Withholding**. The Fund will be required in certain cases to withhold (as "backup withholding") on amounts payable to any shareholder who (1) fails to provide a correct taxpayer identification number certified under penalty of perjury; (2) is subject to backup withholding by the IRS for failure to properly report all payments of interest or dividends; (3) fails to provide a certified statement that they are not subject to "backup withholding;" or (4) fails to provide a certified statement that they are a U.S. person (including a U.S. resident alien). The backup withholding rate is at a rate set under Section 3406 of the Code. Backup withholding is not an additional tax and any amounts withheld may be credited against the shareholder's ultimate U.S. federal income tax liability. Backup withholding will not be applied to payments that have been subject to the 30% withholding tax on shareholders who are neither citizens nor permanent residents of the United States.

**Foreign Shareholders**. Any non-U.S. investors in the Fund may be subject to U.S. withholding and estate tax and are encouraged to consult their tax advisors prior to investing in the Fund. Foreign shareholders (i.e., nonresident alien individuals and foreign corporations, partnerships, trusts, and estates) are generally subject to a U.S. withholding tax at the rate of 30% (or a lower tax treaty rate) on distributions derived from taxable ordinary income. The Fund may, under certain circumstances, report all or a portion of a dividend as an "interest-related dividend" or a "short-term capital gain dividend," which would generally be exempt from this 30% U.S. withholding tax, provided certain other requirements are met. Short-term capital gain dividends received by a nonresident alien individual who is present in the U.S. for a period or periods aggregating 183 days or more during the taxable year are not exempt from this 30% withholding tax. Gains realized by foreign shareholders from the sale or other disposition of Shares generally are not subject to U.S. taxation, unless the recipient is an individual who is physically present in the U.S. for 183 days or more per year (based on a formula that factors in presence in the U.S. during the two preceding years as well). Foreign shareholders who fail to provide an applicable IRS form may be subject to backup withholding on certain payments from the Fund. Backup withholding will not be applied to payments that are subject to the 30% (or lower applicable treaty rate) withholding tax described in this paragraph. Different tax consequences may result if the foreign shareholder is engaged in a trade or business within the United States. In addition, the tax consequences to a foreign shareholder entitled to claim the benefits of a tax treaty may be different than those described above.

Under the Foreign Account Tax Compliance Act ("FATCA"), the Fund may be required to withhold a generally nonrefundable 30% tax on (1) distributions of investment company taxable income and (2) distributions of net capital gain and the gross proceeds of a sale or redemption of Fund shares paid to (a) certain "foreign financial institutions" unless such foreign financial institution agrees to verify, monitor, and report to the IRS the identity of certain of its account holders, among other items (or unless such entity is otherwise deemed compliant under the terms of an intergovernmental agreement between the United States and the foreign financial institution's country of residence), and (b) certain "non-financial foreign entities" unless such entity certifies to the Fund that it does not have any substantial U.S. owners or provides the name, address, and taxpayer identification number of each substantial U.S. owner, among other items. In December 2018, the IRS and Treasury Department released proposed Treasury Regulations that would eliminate FATCA withholding on Fund distributions of net capital gain and the gross proceeds from a sale or redemption of Fund shares. Although taxpayers are entitled to rely on these proposed Treasury Regulations until final Treasury Regulations are issued, these proposed Treasury Regulations have not been finalized, may not be finalized in their proposed form, and are potentially subject to change. This FATCA withholding tax could also affect the Fund's return on its investments in foreign securities or affect a shareholder's return if the shareholder holds its Fund shares through a foreign intermediary. You are urged to consult your tax adviser regarding the application of this FATCA withholding tax to your investment in the Fund and the potential certification, compliance, due diligence, reporting, and withholding obligations to which you may become subject in order to avoid this withholding tax.

For foreign shareholders to qualify for an exemption from backup withholding, described above, the foreign shareholder must comply with special certification and filing requirements. Foreign shareholders in the Fund should consult their tax advisors in this regard.

**Certain Potential Tax Reporting Requirements**. Under U.S. Treasury regulations, if a shareholder recognizes a loss on disposition of the Shares of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder (or certain greater amounts over a combination of years), the shareholder must file with the IRS a disclosure statement on IRS Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC are not excepted. Significant penalties may be imposed for the failure to comply with the reporting requirements. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

**Other Issues**. In those states which have income tax laws, the tax treatment of the Fund and of Fund shareholders with respect to distributions by the Fund may differ from federal tax treatment**.**

**FINANCIAL STATEMENTS** 

The Fund's audited financial statements, accompanying notes and report of the independent registered public accounting firm appearing in the Fund's [Annual Report to Shareholders on Form N-CSR](http://www.sec.gov/Archives/edgar/data/1742912/000199937125005590/sofi-ncsr_022825.htm) for the fiscal year ended April 30, 2025 are incorporated herein by reference. You may request a copy of the Fund's Annual Report on Form N-CSR at no charge by calling 833-415-4006 or through the Fund's website at www.zegaetfs.com.

**TIDAL TRUST I**

**PART C: OTHER INFORMATION**

**Item 28. Exhibits**

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description of Exhibit</u>** |

---

(a) (i) [Amended and Restated Certificate of Trust](http://www.sec.gov/Archives/edgar/data/1742912/000199937125007078/ex99-ai.htm) dated June 2, 2025, as filed with the state of Delaware on June 2, 2025, for Tidal Trust
 I (formerly known as Tidal ETF Trust) (the "Trust" or the "Registrant"), previously filed with Post-Effective
 Amendment No. 267 on Form N-1A on June 3, 2025 and is incorporated herein by reference.

(ii) [Registrant's Amended and Restated Declaration of Trust](http://www.sec.gov/Archives/edgar/data/1742912/000199937125007078/ex99-aii.htm) , previously filed with Post-Effective Amendment No. 267 on Form N-1A on June
 3, 2025 and is incorporated herein by reference.

(iii) Organizational
 Documents for Toroso Cayman Subsidiary I (for the Acruence Active Hedge U.S. Equity ETF).

(1) [Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1742912/000089418921002071/aiii1torosocaymansubsidiar.htm) , previously filed with Post-Effective Amendment No. 51 on Form N-1A on April 5, 2021 and is incorporated
 herein by reference.

(2) [Memorandum and Articles of Association](http://www.sec.gov/Archives/edgar/data/1742912/000089418921002071/torosocaymansubimemoarticl.htm) , previously filed with Post-Effective Amendment No. 51 on Form N-1A on April 5, 2021 and is
 incorporated herein by reference.

(3) [Certificate of Incorporation](http://www.sec.gov/Archives/edgar/data/1742912/000089418921002071/aiii3torosocaymansubicerti.htm) , previously filed with Post-Effective Amendment No. 51 on Form N-1A on April 5, 2021 and is incorporated
 herein by reference.

(4) [Tax Undertaking](http://www.sec.gov/Archives/edgar/data/1742912/000089418921002071/aiii4torosocaymansubitaxun.htm) , previously filed with Post-Effective Amendment No. 51 on Form N-1A on April 5, 2021 and is incorporated herein
 by reference.

(5) [Private Investment Company Custodian Agreement](http://www.sec.gov/Archives/edgar/data/1742912/000089418921002071/aiii5torosocaymansubsidiar.htm) , previously filed with Post-Effective Amendment No. 51 on Form N-1A on April 5,
 2021 and is incorporated herein by reference.

(iv) Organizational
 Documents for HFND Cayman Subsidiary (for the Unlimited HFND Multi-Strategy Return Tracker ETF).

(1) [Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1742912/000199937124003853/ex99-av1.htm) , previously filed with Post-Effective Amendment No. 215 on Form N-1A on March 22, 2024 and is incorporated
 herein by reference.

(2) [Memorandum and Articles of Association](http://www.sec.gov/Archives/edgar/data/1742912/000199937124003853/ex99-av2.htm) , previously filed with Post-Effective Amendment No. 215 on Form N-1A on March 22, 2024 and
 is incorporated herein by reference.

(3) [Certificate of Incorporation](http://www.sec.gov/Archives/edgar/data/1742912/000199937124003853/ex99-av3.htm) , previously filed with Post-Effective Amendment No. 215 on Form N-1A on March 22, 2024 and is incorporated
 herein by reference.

(4) [Tax Undertaking](http://www.sec.gov/Archives/edgar/data/1742912/000199937124003853/ex99-av4.htm) , previously filed with Post-Effective Amendment No. 215 on Form N-1A on March 22, 2024 and is incorporated
 herein by reference.

(5) [Private Investment Company Custodian Agreement](http://www.sec.gov/Archives/edgar/data/1742912/000199937124003853/ex99-av5.htm) , previously filed with Post-Effective Amendment No. 215 on Form N-1A on March 22,
 2024 and is incorporated herein by reference.

(v) Organizational
 Documents for Unlimited HFGM Cayman Subsidiary (for the Unlimited HFGM Global Macro ETF).

(1) [Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/0001742912/000183988225008397/ex99-avi1.htm) , previously filed with Post-Effective Amendment No. 253 on Form N-1A on February 11, 2025 and is incorporated
 herein by reference.

(2) [Memorandum and Articles of Association](http://www.sec.gov/Archives/edgar/data/1742912/000183988225008397/ex99-avi2.htm) , previously filed with Post-Effective Amendment No. 253 on Form N-1A on February 11, 2025
 and is incorporated herein by reference.

(3) [Certificate of Incorporation](http://www.sec.gov/Archives/edgar/data/1742912/000183988225008397/ex99-avi3.htm) , previously filed with Post-Effective Amendment No. 253 on Form N-1A on February 11, 2025 and is incorporated
 herein by reference.

(4) [Tax Undertaking](http://www.sec.gov/Archives/edgar/data/1742912/000183988225008397/ex99-avi4.htm) , previously filed with Post-Effective Amendment No. 253 on Form N-1A on February 11, 2025 and is incorporated
 herein by reference.

(5) [Private Investment Company Custodian Agreement](http://www.sec.gov/Archives/edgar/data/1742912/000183988225008397/ex99-avi5.htm) , previously filed with Post-Effective Amendment No. 253 on Form N-1A on February
 11, 2025 and is incorporated herein by reference.

(vi) Organizational
 Documents for Unlimited HFMF Cayman Subsidiary (for the Unlimited HFMF Managed Futures ETF).

(1) [Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1742912/000183988225008397/ex99-avii1.htm) , previously filed with Post-Effective Amendment No. 253 on Form N-1A on February 11, 2025 and is incorporated
 herein by reference.

(2) [Memorandum and Articles of Association](http://www.sec.gov/Archives/edgar/data/1742912/000183988225008397/ex99-avii2.htm) , previously filed with Post-Effective Amendment No. 253 on Form N-1A on February 11, 2025
 and is incorporated herein by reference.

(3) [Certificate of Incorporation](http://www.sec.gov/Archives/edgar/data/1742912/000183988225008397/ex99-avii3.htm) , previously filed with Post-Effective Amendment No. 253 on Form N-1A on February 11, 2025 and is incorporated
 herein by reference.

(4) [Tax Undertaking](http://www.sec.gov/Archives/edgar/data/1742912/000183988225008397/ex99-avii4.htm) , previously filed with Post-Effective Amendment No. 253 on Form N-1A on February 11, 2025 and is incorporated
 herein by reference.

(5) [Private Investment Company Custodian Agreement](http://www.sec.gov/Archives/edgar/data/1742912/000183988225008397/ex99-avii5.htm) , previously filed with Post-Effective Amendment No. 253 on Form N-1A on February
 11, 2025 and is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;(vii) Organizational
 Documents for Cayman Subsidiary (for the Unlimited Ultra HFND Multi-Strategy ETF).

(1) [Form of Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1742912/000183988225008397/ex99-aviii1.htm) , previously filed with Post-Effective Amendment No. 253 on Form N-1A on February 11,
 2025 and is incorporated herein by reference.

(2) Memorandum
 and Articles of Association – **to be filed by amendment.** 

(3) Certificate
 of Incorporation – **to be filed by amendment.** 

(4) Tax
 Undertaking **– to be filed by amendment.** 

(5) Private
 Investment Company Custodian Agreement **– to be filed by amendment.** 

(viii) Organizational
 Documents for Cayman Subsidiary (for the Unlimited Low-Beta HFND Multi-Strategy ETF).

(1) [Form of Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1742912/000183988225008397/ex99-aix1.htm) , previously filed with Post-Effective Amendment No. 253 on Form N-1A on February 11,
 2025 and is incorporated herein by reference.

(2) Memorandum
 and Articles of Association – **to be filed by amendment.** 

(3) Certificate
 of Incorporation – **to be filed by amendment.** 

(4) Tax
 Undertaking **– to be filed by amendment.** 

(5) Private
 Investment Company Custodian Agreement **– to be filed by amendment.** 

(b) [Registrant's Amended and Restated By-Laws](http://www.sec.gov/Archives/edgar/data/1742912/000199937125007078/ex99-b.htm) , previously filed with Post-Effective Amendment No. 267 on Form N-1A on June 3, 2025 and
 is incorporated herein by reference.

(c) Instruments
 Defining Rights of Security Holders - See relevant portions of [Declaration of Trust](http://www.sec.gov/Archives/edgar/data/1742912/000089418918005160/declaration.htm) and [By-Laws](http://www.sec.gov/Archives/edgar/data/1742912/000089418918006910/bylaws.htm) .

(d) (i) [Investment Advisory Agreement between the Trust (on behalf of SoFi Select 500 ETF, SoFi Next 500 ETF, SoFi Social 50 ETF f/k/a SoFi 50 ETF and SoFi Be Your Own Boss ETF f/k/a SoFi Gig Economy ETF (the SoFi ETFs)) and Tidal Investments LLC (f/k/a Toroso Investments, LLC (Toroso))](http://www.sec.gov/Archives/edgar/data/1742912/000089418919002080/exh-di_agrmt.htm) , previously filed with Post-Effective Amendment No. 7 on Form N-1A on April 5, 2019 and is incorporated
 herein by reference.

(1) [First Amendment to the Investment Advisory Agreement between the Trust (on behalf of the SoFi ETFs) and Toroso (adding the SoFi Weekly Income ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418920008126/dii1firstamendmentinva.htm) , previously filed with Post-Effective Amendment No. 28 on Form N-1A on September 30, 2020 and is incorporated
 herein by reference.

(2) [Second Amendment to the Investment Advisory Agreement between the Trust (on behalf of the SoFi ETFs) and Toroso (adding the SoFi Weekly Dividend ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418921002932/dii2secondamendinvadvagmtt.htm) , previously filed with Post-Effective Amendment No. 55 on Form N-1A on May 5, 2021 and is incorporated
 herein by reference.

(3) [Third Amendment to the Investment Advisory Agreement between the Trust (on behalf of the SoFi ETFs) and Toroso (adding the SoFi Web 3 ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000138713122007404/ex99-dii3.htm) , previously filed with Post-Effective Amendment No. 127 on Form N-1A on June 30, 2022 and is incorporated herein
 by reference.

(4) [Fourth Amendment to the Investment Advisory Agreement between the Trust (on behalf of the SoFi ETFs) and Toroso (adding the SoFi Enhanced Yield ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000199937123000065/ex99di4.htm) , previously filed with Post-Effective Amendment No. 201 on Form N-1A on November 9, 2023 and is incorporated
 herein by reference.

(5) Fifth
 Amendment to the Investment Advisory Agreement between the Trust (on behalf of SoFi ETFs) and Tidal Investments LLC (adding
 SoFi Agentic AI ETF) – **to be filed by amendment.** 

(ii) [Investment Advisory Agreement between the Trust (on behalf of RPAR Risk Parity ETF) and Toroso](http://www.sec.gov/Archives/edgar/data/1742912/000089418919007861/exdiiiinvestmentadvisorytr.htm) , previously filed with Post-Effective
 Amendment No. 14 on Form N-1A on November 22, 2019 and is incorporated herein by reference.

(1) [First Amendment to the Investment Advisory Agreement between the Trust (on behalf of the RPAR Risk Parity ETF) and Toroso (adding the UPAR Ultra Risk Parity ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418921009297/exdiii1firstamendadvisorya.htm) , previously filed with Post-Effective Amendment No. 82 on Form N-1A on December 29, 2021
 and is incorporated herein by reference.

(iii) [Investment Advisory Agreement between the Trust (on behalf of SP Funds Dow Jones Global Sukuk ETF and SP Funds S&P 500 Sharia Industry Exclusions ETF) and Toroso)](http://www.sec.gov/Archives/edgar/data/1742912/000089418919008382/exdivtidaltorosospfundsinv.htm) , previously filed with Post-Effective Amendment No. 16 on Form N-1A on December 16, 2019 and
 is incorporated herein by reference.

(1) [First Amendment to the Investment Advisory Agreement between the Trust (on behalf of SP Funds Dow Jones Global Sukuk ETF and SP Funds S&P 500 Sharia Industry Exclusions ETF) and Toroso (adding the SP Funds S&P Global REIT Sharia ETF (collectively, the SP Funds))](http://www.sec.gov/Archives/edgar/data/1742912/000089418920009890/exdiv1firstamendinvadvagmt.htm) , previously filed with Post-Effective Amendment No. 40 on Form N-1A on December 23, 2020 and is incorporated
 herein by reference.

(2) [Second Amendment to the Investment Advisory Agreement between the Trust (on behalf of the SP Funds) and Toroso](http://www.sec.gov/Archives/edgar/data/1742912/000089418922002287/exdiv2secondamendinvadvagm.htm) , previously filed
 with Post-Effective Amendment No. 99 on Form N-1A on March 29, 2022 and is incorporated herein by reference.

(3) [Third Amendment to the Investment Advisory Agreement between the Trust (on behalf of the SP Funds) and Toroso](http://www.sec.gov/Archives/edgar/data/1742912/000199937123000328/ex99diii3.htm) , previously filed
 with Post-Effective Amendment No. 202 on Form N-1A on November 17, 2023 and is incorporated herein by reference.

(4) [Fourth Amendment to the Investment Advisory Agreement between the Trust (on behalf of the SP Funds) and Toroso](http://www.sec.gov/Archives/edgar/data/1742912/000199937123000994/ex99-diii4.htm) , previously filed
 with Post-Effective Amendment No. 206 on Form N-1A on December 14, 2023 and is incorporated herein by reference.

(5) [Fifth Amendment to the Investment Advisory Agreement between the Trust (on behalf of the SP Funds) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1742912/000183988224045548/ex99-diii5.htm) ,
 previously filed with Post-Effective Amendment No. 240 on Form N-1A on December 17, 2024 and is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;(iv) [Investment Advisory Agreement between the Trust (on behalf of Leatherback Long/Short Absolute Return ETF and Leatherback Long/Short Alternative Yield ETF (the Leatherback ETFs)) and Toroso](http://www.sec.gov/Archives/edgar/data/1742912/000089418920008264/exdvinvestmentadvagmtl.htm) , previously filed with Post-Effective Amendment No. 29 on Form N-1A on October
 9, 2020 and is incorporated herein by reference.

(v) [Investment Advisory Agreement between the Trust (on behalf of Adasina Social Justice All Cap Global ETF) and Toroso](http://www.sec.gov/Archives/edgar/data/1742912/000089418920009429/exdviinvadvagmttorosoa.htm) , previously filed
 with Post-Effective Amendment No. 39 on Form N-1A on December 7, 2020 and is incorporated herein by reference.

(vi) [Investment Advisory Agreement between the Trust (on behalf of Gotham Enhanced 500 ETF) and Toroso](http://www.sec.gov/Archives/edgar/data/1742912/000089418920008947/dviiinvestmentadvagmtg.htm) , previously filed with Post-Effective
 Amendment No. 34 on Form N-1A on November 9, 2020 and is incorporated herein by reference.

(1) [First Amendment to the Investment Advisory Agreement between the Trust (on behalf of the Gotham Enhanced 500 ETF) and Toroso (adding the Gotham 1000 Value ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000138713122006756/ex99-dvii1.htm) , previously filed with Post-Effective Amendment No. 118 on Form N-1A on June 3, 2022 and is
 incorporated herein by reference.

(2) [Second Amendment to the Investment Advisory Agreement between the Trust (on behalf of the Gotham Enhanced 500 ETF and the Gotham 1000 Value ETF) and Toroso (adding the Gotham Short Strategies ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000183988223029411/ex99-dvi2.htm) , previously filed with Post-Effective Amendment No.
 200 on Form N-1A on November 1, 2023 and is incorporated herein by reference.

(vii) [Investment Advisory Agreement between the Trust (on behalf of ATAC US Rotation ETF) and Toroso)](http://www.sec.gov/Archives/edgar/data/1742912/000089418920009017/dviiiinvestmentadvagmt.htm) , previously filed with Post-Effective
 Amendment No. 35 on Form N-1A on November 13, 2020 and is incorporated herein by reference.

(1) [First Amendment to the Investment Advisory Agreement between the Trust (on behalf of ATAC US Rotation ETF) and Toroso (adding the ATAC Credit Rotation ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418921004458/firstamendmenttoinvestment.htm) , previously filed with Post-Effective Amendment No. 66 on Form N-1A on July 14, 2021 and is
 incorporated herein by reference.

(2) [Second Amendment to the Investment Advisory Agreement between the Trust (on behalf of the ATAC US Rotation ETF and ATAC Credit Rotation ETF) and Toroso (adding the ATAC Equity Leverage Rotation ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000138713122012361/ex99-dvii2.htm) , previously filed with Post-Effective Amendment No. 157
 on Form N-1A on December 13, 2022 and is incorporated herein by reference.

(viii) [Investment Advisory Agreement between the Trust (on behalf of Sound Fixed Income ETF, Sound Enhanced Fixed Income ETF, Sound Equity Dividend Income ETF (f/k/a Sound Equity Income ETF), Sound Enhanced Equity Income ETF, and Sound Total Return ETF (the Sound Income ETFs)) and Toroso](http://www.sec.gov/Archives/edgar/data/1742912/000089418920010006/dixinvestmentadvagmtsoundi.htm) , previously filed with Post-Effective Amendment No. 41 on Form N-1A on December 29, 2020 and is incorporated
 herein by reference.

(ix) [Investment Advisory Agreement between the Trust (on behalf of Acruence Active Hedge U.S. Equity ETF) and Toroso](http://www.sec.gov/Archives/edgar/data/1742912/000089418921002071/dxitorosotidalacruenceinve.htm) , previously filed
 with Post-Effective Amendment No. 51 on Form N-1A on April 5, 2021 and is incorporated herein by reference.

(x) [Investment Advisory Agreement between the Trust (on behalf of SonicShares Airlines, Hotels, Cruise Lines ETF) and Toroso](http://www.sec.gov/Archives/edgar/data/1742912/000089418921003023/dxiiitorosotidalsonicshare.htm) , previously
 filed with Post-Effective Amendment No. 57 on Form N-1A on May 11, 2021 and is incorporated herein by reference.

(1) [First Amendment to the Investment Advisory Agreement between the Trust (on behalf of SonicShares Airlines, Hotels, Cruise Lines ETF) and Toroso (adding the SonicShares Global Shipping ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418921004902/boatiaafirstamendment.htm) , previously filed with Post-Effective Amendment No. 69 on
 Form N-1A on July 30, 2021 and is incorporated herein by reference.

(xi) [Investment Advisory Agreement between the Trust (on behalf of American Customer Satisfaction ETF) and Toroso](http://www.sec.gov/Archives/edgar/data/1742912/000089418921003185/dxiiitorosotidalacsiinvest.htm) , previously filed with
 Post-Effective Amendment No. 59 on N-1A on May 21, 2021 and is incorporated herein by reference.

(xii) [Investment Advisory Agreement between the Trust (on behalf of ZEGA Buy and Hedge ETF) and Toroso](http://www.sec.gov/Archives/edgar/data/1742912/000089418921004019/dxvitidaltorosozegainvestm.htm) , previously filed with Post-Effective
 Amendment No. 64 on Form N-1A on June 25, 2021 and is incorporated herein by reference.

(xiii) [Investment Advisory Agreement between the Trust (on behalf of FolioBeyond Alternative Income and Interest Rate Hedge ETF f/k/a FolioBeyond Rising Rates ETF) and Toroso](http://www.sec.gov/Archives/edgar/data/1742912/000089418921006894/exdxviitidaltorosofoliobey.htm) , previously filed with Post-Effective Amendment No. 71 on Form N-1A on September 27, 2021
 and is incorporated herein by reference.

(1) [First Amendment to the Investment Advisory Agreement between the Trust (on behalf of FolioBeyond Alternative Income and Interest Rate Hedge ETF) and Toroso (adding the FolioBeyond Enhanced Fixed Income Premium ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000183988225001755/ex99-dxiv1.htm) , previously filed with Post-Effective
 Amendment No. 245 on Form N-1A on January 13, 2025 and is incorporated herein by reference.

(xiv) [Investment Advisory Agreement between the Trust (on behalf of the Residential REIT ETF f/k/a Residential REIT Income ETF and prior thereto Home Appreciation U.S. REIT ETF (the Residential REIT ETF)) and Toroso](http://www.sec.gov/Archives/edgar/data/1742912/000089418922001156/exdxixtidaltorosohomeappre.htm) , previously filed with Post-Effective Amendment
 No. 89 on Form N-1A on February 11, 2022 and is incorporated herein by reference.

(1) [First Amendment to the Investment Advisory Agreement between the Trust (on behalf of the Intelligent Real Estate ETF) and Toroso (adding the Intelligent Real Estate ETF f/k/a Private Real Estate Strategy via Liquid REITs ETF prior thereto Non-Traded REIT Fund Tracker ETF (collectively, the Armada ETFs))](http://www.sec.gov/Archives/edgar/data/1742912/000138713123007192/ex99-dxvii1.htm) , previously filed with Post-Effective Amendment No. 180 on Form N-1A
 on June 2, 2023 and is incorporated herein by reference.

(2) [Second Amendment to the Investment Advisory Agreement between the Trust (on behalf of the Armada ETFs) and Toroso](http://www.sec.gov/Archives/edgar/data/1742912/000138713123008819/ex99-dxvii2.htm) , previously
 filed with Post-Effective Amendment No. 187 on Form N-1A on July 27, 2023 and is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;(xv) [Investment Advisory Agreement between the Trust (on behalf of Aztlan Global Stock Selection DM SMID ETF) and Toroso](http://www.sec.gov/Archives/edgar/data/1742912/000138713122008799/ex99-dxxi.htm) , previously filed
 with Post-Effective Amendment No. 137 on Form N-1A on August 15, 2022 and is incorporated herein by reference.

(1) [First Amendment to the Investment Advisory Agreement between the Trust and Toroso (adding Aztlan North America Nearshoring Stock Selection ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000199937123000427/ex99-dxix1.htm) , previously filed with Post-Effective Amendment No. 203 on Form N-1A on November 21, 2023 and is incorporated
 herein by reference.

(xvi) [Investment Advisory Agreement between the Trust (on behalf of Unlimited HFND Multi-Strategy Return Tracker ETF) and Toroso](http://www.sec.gov/Archives/edgar/data/1742912/000138713122009996/ex99-dxxii.htm) , previously
 filed with Post-Effective Amendment No. 149 on Form N-1A on September 26, 2022 and is incorporated herein by reference.

(1) [First Amendment to the Investment Advisory Agreement between the Trust and Toroso (adding the Unlimited HFEQ Equity Long/Short ETF, Unlimited HFGM Global Macro ETF, Unlimited HFEV Event Driven ETF, Unlimited HFFI Fixed Income ETF, Unlimited HFEM Emerging Markets ETF, Unlimited HFMF Managed Futures ETF, Unlimited Ultra HFND Multi-Strategy ETF and Unlimited Low-Beta HFND Multi-Strategy ETF (formerly known as Unlimited HFEQ Equity Long/Short Return Tracker ETF, Unlimited HFGM Global Macro Return Tracker ETF, Unlimited HFEV Event Driven Return Tracker ETF, Unlimited HFFI Fixed Income Return Tracker ETF, Unlimited HFEM Emerging Markets Return Tracker ETF, Unlimited HFMF Managed Futures Return Tracker ETF and Unlimited Ultra HFND Multi-Strategy Return Tracker ETF) (the Unlimited ETFs))](http://www.sec.gov/Archives/edgar/data/1742912/000199937123000328/ex99-dxx1.htm) , previously filed with Post-Effective Amendment No. 202 on Form N-1A on November 17, 2023 and
 is incorporated herein by reference.

(xvii) [Investment Advisory Agreement between the Trust (on behalf of God Bless America ETF) and Toroso](http://www.sec.gov/Archives/edgar/data/1742912/000138713122009961/ex99-dxxiv.htm) , previously filed with Post-Effective
 Amendment No. 148 on Form N-1A on September 23, 2022 and is incorporated herein by reference.

(xviii) [Investment Advisory Agreement between the Trust (on behalf of Academy Veteran Impact ETF) and Toroso](http://www.sec.gov/Archives/edgar/data/1742912/000138713123008819/ex99-dxxv.htm) , previously filed with Post-Effective
 Amendment No. 187 on Form N-1A on July 27, 2023 and is incorporated herein by reference.

(xix) [Investment Advisory Agreement between the Trust (on behalf of the Unusual Whales Subversive Democratic Trading ETF and Unusual Whales Subversive Republican Trading ETF (the Unusual Whales ETFs) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1742912/000199937124015090/ex99-dxxii.htm) , previously filed with Post-Effective
 Amendment No. 237 on Form N-1A on November 27, 2024 and is incorporated herein by reference.

(xx) [Investment Advisory Agreement between the Trust (on behalf of the Digital Asset Debt Strategy ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1742912/000199937125006197/ex99-dxx.htm) **,** previously filed with Post-Effective Amendment No. 263 on Form N-1A on May 15, 2025 and is incorporated herein by reference.

(xxi) [Investment Advisory Agreement between the Trust (on behalf of The Free Markets ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1742912/000199937125007078/ex99-dxxi.htm) , previously filed with
 Post-Effective Amendment No. 267 on Form N-1A on June 3, 2025 and is incorporated herein by reference.

(xxii) [Investment Advisory Agreement between the Trust (on behalf of ATAC Rotation Fund) and Tidal Investments LLC **,** previously filed with Post-Effective Amendment No. 273 on Form N-1A on June 25, 2025 and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1742912/000199937125008250/ex99-dxxii.htm)

(xxiii) [Investment Advisory Agreement between the Trust (on behalf of Dana Unconstrained Equity ETF, Dana Concentrated Dividend ETF and Dana Limited Volatility ETF (the Dana ETFs)) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1742912/000199937125011129/ex99-dxxiii.htm) , previously filed with Post-Effective Amendment No.
 277 on Form N-1A on August 12, 2025 and is incorporated herein by reference.

(xxiv) [Investment Advisory Agreement between the Trust (on behalf of SMART Trend 25 ETF and SMART Earnings Growth 30 ETF (the SMART ETFs)) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1742912/000199937125011539/ex99-dxxiv.htm) , previously filed with Post-Effective Amendment No. 279 on Form N-1A on August 18, 2025 and is incorporated
 herein by reference.

(xxv) Investment
 Advisory Agreement between the Trust (on behalf of FINQ FIRST U.S. Large Cap AI-Managed Equity ETF and FINQ DOLLAR NEUTRAL
 U.S. Large Cap AI-Managed Equity ETF (the FINQ AI ETFs)) and Tidal Investments LLC – **to be filed by amendment**.

(xxvi) [Investment Sub-Advisory Agreement between Toroso and ShariaPortfolio, Inc. (for the SP Funds Dow Jones Global Sukuk ETF and SP Funds S&P 500 Sharia Industry Exclusions ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418920006449/exdxiinvestmentsub-advisor.htm) , previously filed with Post-Effective Amendment No. 25 on Form N-1A on August
 17, 2020 and is incorporated herein by reference.

(xxvii) [Investment Sub-Advisory Agreement between Toroso and ShariaPortfolio, Inc. (for the SP Funds S&P Global REIT Sharia ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418920009890/dxviisub-advisoryagmtspre.htm) , previously
 filed with Post-Effective Amendment No. 40 on Form N-1A on December 23, 2020 and is incorporated herein by reference.

(xxviii) [Investment Sub-Advisory Agreement between Toroso and Leatherback Asset Management, LLC (for the Leatherback ETFs)](http://www.sec.gov/Archives/edgar/data/1742912/000089418920008264/exdxiileatherbacktoros.htm) , previously filed
 with Post-Effective Amendment No. 29 on Form N-1A on October 9, 2020 and is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;(xxix) [Amended and Restated Investment Sub-Advisory Agreement between Tidal and Robasciotti & Associates, Inc., doing business as Adasina Social Capital (Adasina) (for the Adasina Social Justice All Cap Global ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000199937124012311/ex99-dxxvi.htm) , previously filed with Post-Effective Amendment
 No. 228 on Form N-1A on September 24, 2024 and is incorporated herein by reference.

(xxx) [Investment Sub-Advisory Agreement between Toroso and Gotham Asset Management, LLC (Gotham) (for the Gotham Enhanced 500 ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418920008947/exdxvisub-advisoryagre.htm) , previously
 filed with Post-Effective Amendment No. 34 on Form N-1A on November 9, 2020 and is incorporated herein by reference.

(xxxi) [Investment Sub-Advisory Agreement between Toroso and Sound Income Strategies, LLC (for the Sound Income ETFs)](http://www.sec.gov/Archives/edgar/data/1742912/000089418920010006/exdxviiisound_incomexsub-a.htm) , previously filed with
 Post-Effective Amendment No. 41 on Form N-1A on December 29, 2020 and is incorporated herein by reference.

(xxxii) [Investment Sub-Advisory Agreement between Toroso and Acruence Capital, LLC (for the Acruence Active Hedge U.S. Equity ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418921002071/dxxiiitorosotidalacruences.htm) , previously
 filed with Post-Effective Amendment No. 51 on Form N-1A on April 5, 2021 and is incorporated herein by reference.

(xxxiii) [Investment Sub-Advisory Agreement between Toroso and FolioBeyond, LLC (for the FolioBeyond Alternative Income and Interest Rate Hedge ETF f/k/a FolioBeyond Rising Rates ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418921006894/dxxivtorosotidalfoliobeyon.htm) , previously filed with Post-Effective Amendment No. 71 on Form N-1A on September
 27, 2021 and is incorporated herein by reference.

(1) [First Amendment to the Investment Sub-Advisory Agreement between Trust and FolioBeyond, LLC (adding FolioBeyond Enhanced Fixed Income Premium ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000183988225001755/ex99-dxxx1.htm) , previously filed with Post-Effective Amendment No. 245 on Form N-1A on January 13, 2025 and is incorporated
 herein by reference.

(xxxiv) [Investment Sub-Advisory Agreement between Tidal and Armada ETF Advisors LLC (Armada) for the Residential REIT ETF and Intelligent Real Estate ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000199937125006197/ex99-dxxxi.htm) , previously filed with Post-Effective Amendment No. 263 on Form N-1A on May 15, 2025 and is incorporated herein
 by reference.

(1) [First Amendment to the Investment Sub-Advisory Agreement between Tidal and Armada (for the Residential REIT ETF and Intelligent Real Estate ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000199937125006197/ex99-dxxxi1.htm) , previously filed with Post-Effective Amendment No. 263 on Form N-1A on May 15, 2025 and is incorporated
 herein by reference.

(xxxv) [Investment Sub-Advisory Agreement between Toroso and Gotham (for the Gotham 1000 Value ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000138713122006756/ex99-dxxxviii.htm) , previously filed with Post-Effective
 Amendment No. 118 on Form N-1A on June 3, 2022 and is incorporated herein by reference.

(1) [First Amendment to the Investment Sub-Advisory Agreement between Toroso and Gotham (adding the Gotham Short Strategies ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000183988223029411/ex99-dxxxviii1.htm) ,
 previously filed with Post-Effective Amendment No. 200 on Form N-1A on November 1, 2023 and is incorporated herein by reference.

(xxxvi) [Investment Sub-Advisory Agreement between Toroso and Unlimited Funds, Inc. (for the Unlimited HFND Multi-Strategy Return Tracker ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000138713122009996/ex99-dxxxxi.htm) ,
 previously filed with Post-Effective Amendment No. 149 on Form N-1A on September 26, 2022 and is incorporated herein by reference.

(1) [First Amendment to the Investment Sub-Advisory Agreement between Toroso and Unlimited Funds, Inc. (adding the Unlimited ETFs)](http://www.sec.gov/Archives/edgar/data/1742912/000199937123000328/ex99dxxxix1.htm) ,
 previously filed with Post-Effective Amendment No. 202 on Form N-1A on November 17, 2023 and is incorporated herein by reference.

(xxxvii) [Investment Sub-Advisory Agreement between Toroso and Curran Financial Partners, LLC (for the God Bless America ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000138713122009961/ex99-dxxxxiii.htm) , previously filed
 with Post-Effective Amendment No. 148 on Form N-1A on September 23, 2022 and is incorporated herein by reference.

(1) [First Amendment to the Investment Sub-Advisory Agreement between Toroso and Curran Financial Partners, LLC (for the God Bless America ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000199937124013469/ex99-dxxxviii1.htm) , previously filed with Post-Effective Amendment No. 231 on Form N-1A on October 17, 2024 and is incorporated herein
 by reference.

(xxxviii) [Investment Sub-Advisory Agreement between Toroso and Academy Asset Management, LLC d/b/a Academy Asset Management (for the Academy Veteran Impact ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000138713123008819/ex99-dxxxxvii.htm) , previously filed with Post-Effective Amendment No. 187 on Form N-1A on July 27, 2023 and is incorporated
 herein by reference.

(xxxix) [Investment Sub-Advisory Agreement between Tidal and AlphaBit Investments, LLC (for the Digital Asset Debt Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000199937125006197/ex99-dxxxvi.htm) , previously
 filed with Post-Effective Amendment No. 263 on Form N-1A on May 15, 2025 and is incorporated herein by reference.

(xl) [Investment Sub-Advisory Agreement between Tidal and SYKON Asset Management LLC (for The Free Markets ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000199937125007078/ex99-dxxxviii.htm) , previously filed with
 Post-Effective Amendment No. 267 on Form N-1A on June 3, 2025 and is incorporated herein by reference.

(xli) [Investment Sub-Advisory Agreement between Tidal and Point Bridge Capital, LLC (for The Free Markets ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000199937125007078/ex99-dxxxix.htm) , previously filed with Post-Effective
 Amendment No. 267 on Form N-1A on June 3, 2025 and is incorporated herein by reference.

(xlii) [Investment Sub-Advisory Agreement between Tidal and Tactical Rotation Management, LLC (for the ATAC Rotation Fund), previously filed with Post-Effective Amendment No. 273 on Form N-1A on June 25, 2025 and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1742912/000199937125008250/ex99-dxli.htm)

(xliii) [Investment Sub-Advisory Agreement between Tidal and Tactical Rotation Management, LLC (for the ATAC Credit Rotation ETF, ATAC US Rotation ETF and ATAC Equity Leverage Rotation ETF) **.**](http://www.sec.gov/Archives/edgar/data/1742912/000199937125006197/ex99-dxli.htm) , previously filed with Post-Effective Amendment No. 263 on Form N-1A
 on May 15, 2025 and is incorporated herein by reference.

(1) [First Amendment to the Investment Sub-Advisory Agreement between Tidal and Tactical Rotation Management, LLC (for The Free Markets ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000199937125007078/ex99-dxlii.htm) , previously filed with Post-Effective Amendment No. 267 on Form N-1A on June 3, 2025 and is incorporated herein by
 reference.

(xliv) [Investment Sub-Advisory Agreement between Tidal and Dana Investment Advisors, Inc. (for the Dana ETFs)](http://www.sec.gov/Archives/edgar/data/1742912/000199937125011129/ex99-dxliv.htm) , previously filed with Post-Effective
 Amendment No. 277 on Form N-1A on August 12, 2025 and is incorporated herein by reference.

(xlv) [Investment Sub-Advisory Agreement between Tidal and SMART Wealth, LLC (for the SMART ETFs)](http://www.sec.gov/Archives/edgar/data/1742912/000199937125011539/ex99-dxlv.htm) , previously filed with Post-Effective Amendment
 No. 279 on Form N-1A on August 18, 2025 and is incorporated herein by reference.

(xlvi) Investment
 Sub-Advisory Agreement between Tidal and FINQ AI LLC (for the FINQ AI ETFs) – **to be filed by amendment**.

(e) (i) [Amended and Restated ETF Distribution Agreement between the Trust and Foreside Fund Services, LLC (Foreside)](http://www.sec.gov/Archives/edgar/data/1742912/000199937123000994/ex99-ei.htm) , previously filed
 with Post-Effective Amendment No. 206 on Form N-1A on December 14, 2023 and is incorporated herein by reference.

(1) [First Amendment to the Amended and Restated ETF Distribution Agreement previously filed with Post-Effective Amendment No. 237 on Form N-1A on November 27, 2024 and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1742912/000199937124015090/ex99-ei1.htm)

(2) [Second Amendment to the Amended and Restated ETF Distribution Agreement between the Trust and Foreside (adding the Digital Asset Debt Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000199937125006197/ex99-ei2.htm) , previously filed with Post-Effective Amendment No. 263 on Form N-1A on May 15, 2025 and is incorporated
 herein by reference.

(3) [Third Amendment to the Amended and Restated ETF Distribution Agreement between the Trust and Foreside (adding The Free Markets ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000199937125007078/ex99-ei3.htm) ,
 previously filed with Post-Effective Amendment No. 267 on Form N-1A on June 3, 2025 and is incorporated herein by reference.

(4) [Fourth Amendment to the Amended and Restated ETF Distribution Agreement between the Trust and Foreside (adding the Dana ETFs, SMART ETFs and SoFi Agentic AI ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000199937125011129/ex99-ei4.htm) , previously filed with Post-Effective Amendment No. 277 on Form N-1A on August 12, 2025
 and is incorporated herein by reference.

(5) Fifth
 Amendment to the Amended and Restated ETF Distribution Agreement between the Trust and Foreside (adding the FINQ AI ETFs)
 – **to be filed by amendment.** 

(ii) [Distribution Agreement between the Trust and Foreside (on behalf of the ATAC Rotation Fund), previously filed with Post-Effective Amendment No. 273 on Form N-1A on June 25, 2025 and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1742912/000199937125008250/ex99-eii.htm)

(iii) [Form of Authorized Participant Agreement](http://www.sec.gov/Archives/edgar/data/1742912/000089418918006910/pa_agrmt.htm) , previously filed with Pre-Effective Amendment No. 1 to the Trust's Registration
 Statement on Form N-1A on December 21, 2018 and is incorporated herein by reference.

(iv) [Distribution Services Agreement (ETFs) between Toroso and Foreside](http://www.sec.gov/Archives/edgar/data/1742912/000089418919002080/exh-eiii_agrmt.htm) , previously filed with Post-Effective Amendment No. 7 on Form N-1A
 on April 5, 2019 and is incorporated herein by reference.

(v) [Distribution Services Agreement (Mutual Funds) between Tidal and Foreside](http://www.sec.gov/Archives/edgar/data/1742912/000199937125009674/ex99-ev.htm) , previously filed with Post-Effective Amendment No. 274 on
 Form N-1A on July 24, 2025 and is incorporated herein by reference.

(f) Not
 applicable.

(g) (i) [Amended and Restated Custody Agreement between the Trust and U.S. Bank National Association](http://www.sec.gov/Archives/edgar/data/1742912/000199937125009674/ex99-gi.htm) , previously filed with Post-Effective
 Amendment No. 274 on Form N-1A on July 24, 2025 and is incorporated herein by reference.

(1) [First Amendment to the Amended and Restated Custody Agreement between the Trust and U.S. Bank National Association (adding the Dana ETFs, SMART ETFs and SoFi Agentic AI ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000199937125011129/ex99-gi1.htm) , previously filed with Post-Effective Amendment No. 277 on Form N-1A on August
 12, 2025 and is incorporated herein by reference.

(2) Second
 Amendment to the Amended and Restated Custody Agreement between the Trust and U.S. Bank National Association (adding the FINQ
 AI ETFs) – **to be filed by amendment.** 

(h) (i) [Amended and Restated Fund Administration Servicing Agreement between the Trust and Tidal ETF Services LLC](http://www.sec.gov/Archives/edgar/data/1742912/000199937125007961/ex99-hi.htm) , previously filed with
 Post-Effective Amendment No. 271 on Form N-1A on June 18, 2025.

(1) [First Amendment to the Amended and Restated Fund Administration Servicing Agreement between the Trust and U.S. Bank National Association (adding the Dana ETFs, SMART ETFs and SoFi Agentic AI ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000199937125011129/ex99-hi1.htm) , previously filed with Post-Effective Amendment No. 277 on
 Form N-1A on August 12, 2025 and is incorporated herein by reference

(2) Second
 Amendment to the Amended and Restated Fund Administration Servicing Agreement between the Trust and U.S. Bank National Association
 (adding the FINQ AI ETFs) **– to be filed by amendment.** 

(ii) [Amended and Restated Fund Sub-Administration Servicing Agreement between Tidal ETF Services LLC on behalf of the Trust and U.S. Bancorp Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1742912/000199937125009674/ex99-hii.htm) , previously filed with Post-Effective Amendment No. 274 on Form N-1A on July 24, 2025 and is incorporated
 herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Amended and Restated Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1742912/000199937125009674/ex99-hiii.htm) , previously filed
 with Post-Effective Amendment No. 274 on Form N-1A on July 24, 2025 and is incorporated herein by reference.

(1) [First Amendment to the Amended and Restated Fund Accounting Servicing Agreement between the Trust and U.S. Bank National Association (adding the Dana ETFs, SMART ETFs and SoFi Agentic AI ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000199937125011129/ex99-hiii1.htm) , previously filed with Post-Effective Amendment No. 277 on
 Form N-1A on August 12, 2025 and is incorporated herein by reference

(2) Second
 Amendment to the Amended and Restated Fund Accounting Servicing Agreement between the Trust and U.S. Bank National Association
 (adding the FINQ AI ETFs) **– to be filed by amendment.** 

(iv) [Amended and Restated Transfer Agent Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1742912/000199937125009674/ex99-hiv.htm) , previously filed
 with Post-Effective Amendment No. 274 on Form N-1A on July 24, 2025 and is incorporated herein by reference.

(1) [First Amendment to the Amended and Restated Transfer Agent Servicing Agreement between the Trust and U.S. Bank National Association (adding the Dana ETFs, SMART ETFs and SoFi Agentic AI ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000199937125011129/ex99-hiv1.htm) , previously filed with Post-Effective Amendment No. 277 on
 Form N-1A on August 12, 2025 and is incorporated herein by reference.

(2) Second
 Amendment to the Amended and Restated Transfer Agent Servicing Agreement between the Trust and U.S. Bank National Association
 (adding the FINQ AI ETFs) **– to be filed by amendment.** 

(v) [Powers of Attorney](http://www.sec.gov/Archives/edgar/data/1742912/000138713123011050/ex99-hv.htm) , previously filed with Post-Effective Amendment No. 194 to the Trust's Registration Statement on Form
 N-1A on September 11, 2023 and is incorporated herein by reference.

(vi) [Fee Waiver Agreement between the Trust (on behalf of the SoFi Select 500 ETF and SoFi Next 500 ETF) and Toroso](http://www.sec.gov/Archives/edgar/data/1742912/000089418919002080/exh-hvii_agrmt.htm) , previously
 filed with Post-Effective Amendment No. 7 to the Trust's Registration Statement on Form N-1A on April 5, 2019 and is
 incorporated herein by reference.

(1) [First Amendment to the Fee Waiver Agreement between the Trust (on behalf of the SoFi Select 500 ETF and SoFi Next 500 ETF) and Toroso](http://www.sec.gov/Archives/edgar/data/1742912/000199937124013469/ex99-hvi1.htm) ,
 previously filed with Post-Effective Amendment No. 231 on Form N-1A on October 17, 2024 and is incorporated herein by reference.

(vii) [Fee Waiver Agreement between the Trust (on behalf of RPAR Risk Parity ETF) and Toroso](http://www.sec.gov/Archives/edgar/data/1742912/000183988223011044/ex99-hvii.htm) , previously filed with Post-Effective
 Amendment No. 172 to the Trust's Registration Statement on Form N-1A on April 28, 2023 and is incorporated herein by
 reference.

(viii) [Fee Waiver Agreement between the Trust (on behalf of the UPAR Ultra Risk Parity ETF) and Toroso](http://www.sec.gov/Archives/edgar/data/1742912/000183988223011044/ex99-hviii.htm) , previously filed with Post-Effective
 Amendment No. 172 to the Trust's Registration Statement on Form N-1A on April 28, 2023 and is incorporated herein by
 reference.

(ix) [Fee Waiver Agreement between the Trust (on behalf of the ATAC US Rotation ETF) and Toroso](http://www.sec.gov/Archives/edgar/data/1742912/000089418920009017/hixfeewaivertidalatacr.htm) , previously filed with Post-Effective
 Amendment No. 35 to the Trust's Registration Statement on Form N-1A on November 13, 2020 and is incorporated herein
 by reference.

(x) [Fee Waiver Agreement between the Trust (on behalf of the ATAC Credit Rotation ETF) and Toroso](http://www.sec.gov/Archives/edgar/data/1742912/000089418921004458/feewaiveragreement-ataccre.htm) , previously filed with Post-Effective
 Amendment No. 66 to the Trust's Registration Statement on Form N-1A on July 14, 2021 and is incorporated herein by reference.

(xi) [Fee Waiver Agreement between the Trust (on behalf of the Gotham Enhanced 500 ETF) and Toroso](http://www.sec.gov/Archives/edgar/data/1742912/000089418920008947/exhxfeewaiveragreement.htm) , previously filed with Post-Effective
 Amendment No. 34 to the Trust's Registration Statement on Form N-1A on November 9, 2020 and is incorporated herein by
 reference.

(xii) [Fee Waiver Agreement between the Trust (on behalf of the Gotham 1000 Value ETF) and Toroso](http://www.sec.gov/Archives/edgar/data/1742912/000138713122006756/ex99-hxiii.htm) , previously filed with Post-Effective
 Amendment No. 118 to the Trust's Registration Statement on Form N-1A on June 3, 2022 and is incorporated herein by reference.

(xiii) [Fee Waiver Agreement between the Trust (on behalf of the ATAC Equity Leverage Rotation ETF) and Toroso](http://www.sec.gov/Archives/edgar/data/1742912/000138713122012361/ex99-hxiv.htm) , previously filed with
 Post-Effective Amendment No. 157 to the Trust's Registration Statement on Form N-1A on December 13, 2022 and is incorporated
 herein by reference.

(xiv) [Operating Expenses Limitation Agreement between the Trust (on behalf of the ATAC Rotation Fund) and Tidal, previously filed with Post-Effective Amendment No. 273 on Form N-1A on June 25, 2025 and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1742912/000199937125008250/ex99-hxvii.htm)

(xv) [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of Gotham Enhanced 500 ETF) and FundVantage Trust](http://www.sec.gov/Archives/edgar/data/1742912/000089418921002932/exhxirule12d1-4invagmtbetw.htm) ,
 previously filed with Post-Effective Amendment No. 55 to the Trust's Registration Statement on Form N-1A on May 5, 2021
 and is incorporated herein by reference.

(1) [Amendment to the Rule 12d1-4 Fund of Funds Investment Agreement between the Trust and FundVantage Trust (to add the Gotham 1000 Value ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000138713123004116/ex99-hxv1.htm) , previously filed with Post-Effective Amendment No. 168 to the Trust's Registration Statement on Form N-1A
 on March 29, 2023 and is incorporated herein by reference.

(xvi) [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of each series of the Trust) and VanEck ETF Trust](http://www.sec.gov/Archives/edgar/data/1742912/000138713122012617/ex99-hxvi.htm) ,
 previously filed with Post-Effective Amendment No. 159 to the Trust's Registration Statement on Form N-1A on December
 21, 2022 and is incorporated herein by reference **.** 

(xvii) [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of certain series of the Trust) and Vanguard Funds](http://www.sec.gov/Archives/edgar/data/1742912/000138713122012617/ex99-hxvii.htm) ,
 previously filed with Post-Effective Amendment No. 159 to the Trust's Registration Statement on Form N-1A on December
 21, 2022 and is incorporated herein by reference.

(1) [Amended Schedule A to the Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of certain series of the Trust) and Vanguard Funds](http://www.sec.gov/Archives/edgar/data/1742912/000199937125009674/ex99-hxvii1.htm) , previously filed with Post-Effective Amendment No. 274 on Form N-1A on July 24, 2025 and is incorporated
 herein by reference.

(xviii) [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of ATAC Credit Rotation ETF and ATAC US Rotation ETF) and PIMCO ETF Trust and PIMCO Equity Series](http://www.sec.gov/Archives/edgar/data/1742912/000138713122012617/ex99-hxviii.htm) , previously filed with Post-Effective Amendment No. 159 to the Trust's
 Registration Statement on Form N-1A on December 21, 2022 and is incorporated herein by reference **.** 

(1) [Amendment to the Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of certain series of the Trust) and PIMCO ETF Trust and PIMCO Equity Series](http://www.sec.gov/Archives/edgar/data/1742912/000138713122012617/ex99-hxviii1.htm) , previously filed with Post-Effective Amendment No. 159 to the Trust's Registration
 Statement on Form N-1A on December 21, 2022 and is incorporated herein by reference **.** 

(2) [Amendment to the Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of certain series of the Trust) and PIMCO ETF Trust and PIMCO Equity Series](http://www.sec.gov/Archives/edgar/data/1742912/000199937125009674/ex99-hxviii2.htm) , previously filed with Post-Effective Amendment No. 274 on Form N-1A on July 24, 2025
 and is incorporated herein by reference.

(xix) [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of certain series of the Trust) and ProShares Trust](http://www.sec.gov/Archives/edgar/data/1742912/000138713122012617/ex99-hxix.htm) ,
 previously filed with Post-Effective Amendment No. 159 to the Trust's Registration Statement on Form N-1A on December
 21, 2022 and is incorporated herein by reference **.** 

(xx) [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of certain series of the Trust) and Direxion Shares ETF Trust](http://www.sec.gov/Archives/edgar/data/1742912/000138713122012617/ex99-hxx.htm) , previously filed with Post-Effective Amendment No. 159 to the Trust's Registration Statement on Form
 N-1A on December 21, 2022 and is incorporated herein by reference **.** 

(1) [Amendment to the Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of certain series of the Trust) and Direxion Shares ETF Trust](http://www.sec.gov/Archives/edgar/data/1742912/000199937124006826/ex99-hxx1.htm) – previously filed with Post-Effective Amendment No. 219 to the Trust's Registration Statement
 on Form N-1A on May 30, 2024 and is incorporated herein by reference **.** 

(2) [Amendment to the Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of the ATAC Rotation Fund) and Direxion Shares ETF Trust](http://www.sec.gov/Archives/edgar/data/1742912/000199937125009674/ex99-hxx2.htm) , previously filed with Post-Effective Amendment No. 274 on Form N-1A on July 24, 2025 and is incorporated
 herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;(xxi) [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of each series of the Trust) and Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust](http://www.sec.gov/Archives/edgar/data/1742912/000138713122012617/ex99-hxxi.htm) ,
 previously filed with Post-Effective Amendment No. 159 to the Trust's Registration Statement on Form N-1A on December
 21, 2022 and is incorporated herein by reference **.** 

(xxii) [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of each series of the Trust) and abrdn Inc. (on behalf of each series)](http://www.sec.gov/Archives/edgar/data/1742912/000138713122012617/ex99-hxxii.htm) , previously filed with Post-Effective Amendment No. 159 to the Trust's Registration Statement on
 Form N-1A on December 21, 2022 and is incorporated herein by reference **.** 

(xxiii) [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of ATAC Credit Rotation ETF and ATAC US Rotation ETF) and Schwab Strategic Trust (on behalf of each series)](http://www.sec.gov/Archives/edgar/data/1742912/000138713122012617/ex99-hxxiii.htm) , previously filed with Post-Effective Amendment No. 159 to the Trust's
 Registration Statement on Form N-1A on December 21, 2022 and is incorporated herein by reference.

(1) [Amendment to the Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of the ATAC Rotation Fund) and Schwab Strategic Trust (on behalf of each series)](http://www.sec.gov/Archives/edgar/data/1742912/000199937125009674/ex99-hxxiii1.htm) , previously filed with Post-Effective Amendment No. 274 on Form N-1A on July 24, 2025
 and is incorporated herein by reference.

(xxiv) [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of each series of the Trust) and The Select Sector SPDR Trust](http://www.sec.gov/Archives/edgar/data/1742912/000138713123004116/ex99-hxxiv.htm) , previously filed with Post-Effective Amendment No. 168 to the Trust's Registration Statement on Form
 N-1A on March 29, 2023 and is incorporated herein by reference.

(xxv) [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of FolioBeyond Alternative Income and Interest Rate Hedge ETF) and Tactical Investment Series Trust](http://www.sec.gov/Archives/edgar/data/1742912/000199937124003853/ex99-hxxvii.htm) , previously filed with Post-Effective Amendment No. 215 on Form N-1A on
 March 22, 2024 and is incorporated herein by reference.

(xxvi) [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of the SoFi Select 500 ETF) and EA Series Trust (on behalf of Gadsden Dynamic Multi-Asset ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000199937124007741/ex99-hivxxvi.htm) , previously filed with Post-Effective Amendment No. 220 on Form N-1A on June
 24, 2024 and is incorporated herein by reference.

(xxvii) [Rule 12d1-4 Fund of Funds Investment Agreement](http://www.sec.gov/Archives/edgar/data/1742912/000183988225008397/ex99-hxxvii.htm) between the Trust (on behalf of the FolioBeyond Alternative Income and Interest
 Rate Hedge ETF) and Listed Funds Trust (on behalf of certain series of the Trust), previously filed with Post-Effective Amendment
 No. 253 on Form N-1A on February 11, 2025 and is incorporated herein by reference.

(xxviii) [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of the ATAC Rotation Fund) and Direxion Funds (on behalf of certain series of the Trust)](http://www.sec.gov/Archives/edgar/data/1742912/000199937125009674/ex99-hxxviii.htm) , previously filed with Post-Effective Amendment No. 274 on Form N-1A on July 24, 2025
 and is incorporated herein by reference.

(xxix) [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of the ATAC Rotation Fund) and ProShares Trust (on behalf of certain series of the Trust)](http://www.sec.gov/Archives/edgar/data/1742912/000199937125009674/ex99-hxxix.htm) , previously filed with Post-Effective Amendment No. 274 on Form N-1A on July 24,
 2025 and is incorporated herein by reference.

(i) (i) [Opinion and Consent of Counsel (for the SoFi ETFs)](http://www.sec.gov/Archives/edgar/data/1742912/000089418919002080/exh-iii_opinion.htm) , previously filed with Post-Effective Amendment No. 7 to the Trust's
 Registration Statement on Form N-1A on April 5, 2019 and is incorporated herein by reference.

(ii) [Opinion and Consent of Counsel (for the RPAR Risk Parity ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418919007861/exiiiiopinionandconsentofc.htm) , previously filed with Post-Effective Amendment No. 14 to the Trust's
 Registration Statement on Form N-1A on November 22, 2019 and is incorporated herein by reference.

(iii) [Opinion and Consent of Counsel (for the SP Funds Dow Jones Global Sukuk ETF and SP Funds S&P 500 Sharia Industry Exclusions ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418919008382/exiivopinionandconsentcoun.htm) ,
 previously filed with Post-Effective Amendment No. 16 to the Trust's Registration Statement on Form N-1A on December
 16, 2019 and is incorporated herein by reference.

(iv) [Opinion and Consent of Counsel (for the Leatherback ETFs)](http://www.sec.gov/Archives/edgar/data/1742912/000089418920008264/exiviopinionandconsent.htm) , previously filed with Post-Effective Amendment No. 29 to the Trust's
 Registration Statement on Form N-1A on October 9, 2020 and is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;(v) [Opinion and Consent of Counsel (for the Adasina Social Justice All Cap Global ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418920009429/exiviiopinionandconsen.htm) , previously filed with Post-Effective Amendment
 No. 39 to the Trust's Registration Statement on Form N-1A on December 7, 2020 and is incorporated herein by reference.

(vi) [Opinion and Consent of Counsel (for the Gotham Enhanced 500 ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418920008947/exiviopinionandconsent.htm) , previously filed with Post-Effective Amendment No. 34 to the
 Trust's Registration Statement on Form N-1A on November 9, 2020 and is incorporated herein by reference.

(vii) [Opinion and Consent of Counsel (for the ATAC US Rotation ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418920009017/exiixopinioncounselata.htm) , previously filed with Post-Effective Amendment No. 35 to the Trust's
 Registration Statement on Form N-1A on November 13, 2020 and is incorporated herein by reference.

(viii) [Opinion and Consent of Counsel (for the SP Funds S&P Global REIT Sharia ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418920009890/exixopinionandconsentofcou.htm) , previously filed with Post-Effective Amendment
 No. 40 on Form N-1A to the Trust's Registration Statement on December 23, 2020 and is incorporated herein by reference.

(ix) [Opinion and Consent of Counsel (for the Sound Income ETFs)](http://www.sec.gov/Archives/edgar/data/1742912/000089418920010006/exixiopinionandconsentofco.htm) , previously filed with Post-Effective Amendment No. 41 to the Trust's
 Registration Statement on Form N-1A on December 29, 2020 and is incorporated herein by reference.

(x) [Opinion and Consent of Counsel (for the Acruence Active Hedge U.S. Equity ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418921002071/ixiiiopinionandconsentofco.htm) , previously filed with Post-Effective Amendment
 No. 51 to the Trust's Registration Statement on Form N-1A on April 5, 2021 and is incorporated herein by reference.

(xi) [Opinion and Consent of Counsel (for the American Customer Satisfaction ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418921003185/ixviacsitidalgkconsent.htm) , previously filed with Post-Effective Amendment No.
 59 to the Trust's Registration Statement on Form N-1A on May 21, 2021 and is incorporated herein by reference.

(xii) [Opinion and Consent of Counsel (for the ZEGA Buy and Hedge ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418921004019/exixixzegazhdgtidalgkshare.htm) , previously filed with Post-Effective Amendment No. 64 to the
 Trust's Registration Statement on Form N-1A on June 25 , 2021 and is incorporated herein by reference.

(xiii) [Opinion and Consent of Counsel (for the ATAC Credit Rotation ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418921004458/atacjojotidalgkshareissuan.htm) , previously filed with Post-Effective Amendment No. 66 to the
 Trust's Registration Statement on Form N-1A on July 14, 2021 and is incorporated herein by reference.

(xiv) [Opinion and Consent of Counsel (for the SonicShares Global Shipping ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418921004902/sonicsharesboatgkshareissu.htm) , previously filed with Post-Effective Amendment No. 69
 to the Trust's Registration Statement on Form N-1A on July 30, 2021 and is incorporated herein by reference.

(xv) [Opinion and Consent of Counsel (for the FolioBeyond Alternative Income and Interest Rate Hedge ETF f/k/a FolioBeyond Rising Rates ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418921006894/exixxiifoliobeyondrisrtida.htm) , previously filed with Post-Effective Amendment No. 71 to the Trust's Registration Statement on Form N-1A on
 September 27, 2021 and is incorporated herein by reference.

(xvi) [Opinion and Consent of Counsel (for the UPAR Ultra Risk Parity ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418921009297/tidaluparetfgkshareissuanc.htm) , previously filed with Post-Effective Amendment No. 82 to
 the Trust's Registration Statement on Form N-1A on December 29, 2021 and is incorporated herein by reference.

(xvii) [Opinion and Consent of Counsel (for the Residential REIT ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418922001156/tidalhausetfgkshareissuanc.htm) , previously filed with Post-Effective Amendment No. 89 to the Trust's
 Registration Statement on Form N-1A on February 11, 2022 and is incorporated herein by reference.

(xviii) [Opinion and Consent of Counsel (for the Gotham 1000 Value ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000138713122006756/ex99-ixxix.htm) , previously filed with Post-Effective Amendment No. 118 to the
 Trust's Registration Statement on Form N-1A on June 3, 2022 and is incorporated herein by reference.

(xix) [Opinion and Consent of Counsel (for the Aztlan Global Stock Selection DM SMID ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000138713122008799/ex99-ixxx.htm) , previously filed with Post-Effective Amendment
 No. 137 to the Trust's Registration Statement on Form N-1A on August 15, 2022 and is incorporated herein by reference.

(xx) [Opinion and Consent of Counsel (for the Unlimited HFND Multi-Strategy Return Tracker ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000138713122009996/ex99-ixxx.htm) , previously filed with Post-Effective
 Amendment No. 149 to the Trust's Registration Statement on Form N-1A on September 26, 2022 and is incorporated herein
 by reference.

(xxi) [Opinion and Consent of Counsel (for the God Bless America ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000138713122009961/ex99-ixxxiii.htm) , previously filed with Post-Effective Amendment No. 148 to the
 Trust's Registration Statement on Form N-1A on September 23, 2022 and is incorporated herein by reference.

(xxii) [Opinion and Consent of Counsel (for the ATAC Equity Leverage Rotation ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000138713122012361/ex99-ixxxv.htm) , previously filed with Post-Effective Amendment No.
 157 to the Trust's Registration Statement on Form N-1A on December 13, 2022 and is incorporated herein by reference.

(xxiii) [Opinion and Consent of Counsel (for the Intelligent Real Estate ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000138713123007192/ex99-ixxxvi.htm) , previously filed with Post-Effective Amendment No. 180 to
 the Trust's Registration Statement on Form N-1A on June 2, 2023 and is incorporated herein by reference.

(xxiv) [Opinion and Consent of Counsel (for the Academy Veteran Impact ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000138713123008819/ex99-ixxxvii.htm) , previously filed with Post-Effective Amendment No. 187 to
 the Trust's Registration Statement on Form N-1A on July 27, 2023 and is incorporated herein by reference.

(xxv) [Opinion and Consent of Counsel (for the Gotham Short Strategies ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000183988223029411/ex99-ixxxiv.htm) , previously filed with Post-Effective Amendment No. 200 on
 Form N-1A on November 1, 2023 and is incorporated herein by reference.

(xxvi) [Opinion and Consent of Counsel (for the Unlimited ETFs)](http://www.sec.gov/Archives/edgar/data/1742912/000199937123000328/ex99-ixxxv.htm) , previously filed with Post-Effective Amendment No. 202 on Form N-1A on
 November 17, 2023 and is incorporated herein by reference.

(xxvii) [Opinion and Consent of Counsel (for the SoFi Enhanced Yield ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000199937123000065/ex99ixxxvi.htm) previously filed with Post-Effective Amendment No. 201 on Form
 N-1A on November 9, 2023 and is incorporated herein by reference.

(xxviii) [Opinion and Consent of Counsel (for the Aztlan North America Nearshoring Stock Selection ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000199937123000427/ex99-ixxxvi.htm) , previously filed with Post-Effective
 Amendment No. 203 on Form N-1A on November 21, 2023 and is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;(xxix) [Opinion and Consent of Counsel (for the Unusual Whales ETFs)](http://www.sec.gov/Archives/edgar/data/1742912/000199937124015090/ex99-ixxxii.htm) , previously filed with Post-Effective Amendment No. 237 on Form N-1A
 on November 27, 2024 and is incorporated herein by reference.

(xxx) [Opinion and Consent of Counsel (for the FolioBeyond Enhanced Fixed Income Premium ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000183988225001755/ex99-ixxxii.htm) , previously filed with Post-Effective Amendment
 No. 245 on Form N-1A on January 13, 2025 and is incorporated herein by reference.

(xxxi) [Opinion and Consent of Counsel (for the Digital Asset Debt Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000199937125006197/ex99-ixxxi.htm) , previously filed with Post-Effective Amendment No. 263
 on Form N-1A on May 15, 2025 and is incorporated herein by reference **.** 

(xxxii) [Opinion and Consent of Counsel (for The Free Markets ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000199937125007078/ex99-ixxxii.htm) , previously filed with Post-Effective Amendment No. 267 on Form N-1A
 on June 3, 2025 and is incorporated herein by reference.

(xxxiii) [Opinion and Consent of Counsel (for ATAC Rotation Fund)](http://www.sec.gov/Archives/edgar/data/1742912/000199937125008250/ex99-ixxxiii.htm) , previously filed with Post-Effective Amendment No. 273 on Form N-1A on
 June 25, 2025 and is incorporated herein by reference.

(xxxiv) [Opinion and Consent of Counsel (for the Dana ETFs)](http://www.sec.gov/Archives/edgar/data/1742912/000199937125011129/ex99-ixxxiv.htm) , previously filed with Post-Effective Amendment No. 277 on Form N-1A on August
 12, 2025 and is incorporated herein by reference.

(xxxv) [Opinion and Consent of Counsel (for the SMART ETFs)](http://www.sec.gov/Archives/edgar/data/1742912/000199937125011539/ex99-ixxxv.htm) , previously filed with Post-Effective Amendment No. 279 on Form N-1A
 on August 18, 2025 and is incorporated herein by reference.

(xxxvi) Opinion
 and Consent of Counsel (for the SoFi Agentic AI ETF) – **to be filed by amendment.** 

(xxxvii) Opinion
 and Consent of Counsel (for FINQ AI ETFs) – **to be filed by amendment**.

(xxxviii) [Consent of Counsel (ZEGA Buy and Hedge ETF)](ex99-ixxxviii.htm) – **filed herewith**.

(j) [Consent of Independent Registered Accounting Firm](ex99-j.htm) – **filed herewith**.

(k) Not
 applicable.

(l) (i) [Subscription Agreement](http://www.sec.gov/Archives/edgar/data/1742912/000089418918006910/subscription_agrmt.htm) , previously filed with Pre-Effective Amendment No. 1 to the Trust's Registration Statement on Form N-1A
 on December 21, 2018 and is incorporated herein by reference.

(ii) [Letter of Representations between the Trust and Depository Trust Company](http://www.sec.gov/Archives/edgar/data/1742912/000089418918006910/rep_lttr.htm) , previously filed with Pre-Effective Amendment No. 1
 to the Trust's Registration Statement on Form N-1A on December 21, 2018 and is incorporated herein by reference.

(m) (i) [Amended and Restated Distribution (Rule 12b-1) Plan (ETFs)](http://www.sec.gov/Archives/edgar/data/1742912/000199937125011129/ex99-mi.htm) ,
 previously filed with Post-Effective Amendment No. 277 on Form N-1A on August 12, 2025 and is incorporated herein by reference.

(ii) [Distribution (Rule 12b-1) Plan (Mutual Funds).](http://www.sec.gov/Archives/edgar/data/1742912/000199937125009674/ex99-mii.htm) , previously filed with Post-Effective Amendment No. 274 on Form N-1A on July 24, 2025
 and is incorporated herein by reference.

(n) [Multiple Class Plan (Rule 18f-3) (ATAC Rotation Fund)](http://www.sec.gov/Archives/edgar/data/1742912/000199937125009674/ex99-n.htm) , previously filed with Post-Effective Amendment No. 274 on Form N-1A on July
 24, 2025 and is incorporated herein by reference.

(o) Reserved.

(p) (i) [Code of Ethics for the Trust](http://www.sec.gov/Archives/edgar/data/1742912/000089418918006910/coe_tidal.htm) , previously filed with Pre-Effective Amendment No. 1 to the Trust's Registration Statement
 on Form N-1A on December 21, 2018 and is incorporated herein by reference.

(ii) [Code of Ethics for Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1742912/000199937124014950/ex99-pii.htm) , previously filed with Post-Effective Amendment No. 235 on Form N-1A on November 22,
 2024 and is incorporated herein by reference.

(iii) Code
 of Ethics for Distributor not applicable per Rule 17j-1(c)(3).

(iv) [Code of Ethics for ShariaPortfolio, Inc.](http://www.sec.gov/Archives/edgar/data/1742912/000199937125003076/ex99-piv.htm) , previously filed with Post-Effective Amendment No. 255 on Form N-1A on March 25,
 2025 and is incorporated herein by reference.

(v) [Code of Ethics for Leatherback Asset Management, LLC](http://www.sec.gov/Archives/edgar/data/1742912/000199937124015090/ex99-pv.htm) , previously filed with Post-Effective Amendment No. 237 on Form N-1A on
 November 27, 2024 and is incorporated herein by reference.

(vi) [Code of Ethics for Adasina](http://www.sec.gov/Archives/edgar/data/1742912/000199937124007741/ex99-pvi.htm) , previously filed with Post-Effective Amendment No. 220 on Form N-1A on June 24, 2024 and is incorporated
 herein by reference.

(vii) [Code of Ethics for Gotham](http://www.sec.gov/Archives/edgar/data/1742912/000199937125007961/ex99-pvii.htm) , previously filed with Post-Effective Amendment No. 271 on Form N-1A on June 18, 2025 and is incorporated
 herein by **reference**.

(viii) [Code of Ethics for Sound Income Strategies, LLC](http://www.sec.gov/Archives/edgar/data/1742912/000199937125003076/ex99-pviii.htm) – previously filed with Post-Effective Amendment No. 255 on Form N-1A
 on March 25, 2025 and is incorporated herein by reference.

(ix) [Code of Ethics for Acruence Capital, LLC](http://www.sec.gov/Archives/edgar/data/1742912/000089418921002071/pxiiiacruencecapitalllccoe.htm) , previously filed with Post-Effective Amendment No. 51 on Form N-1A on April 5, 2021
 and is incorporated herein by reference.

(x) [Code of Ethics for FolioBeyond, LLC](http://www.sec.gov/Archives/edgar/data/1742912/000199937124015090/ex99-pxii.htm) , previously filed with Post-Effective Amendment No. 237 on Form N-1A on November 27, 2024
 and is incorporated herein by reference.

(xi) [Code of Ethics for Armada ETF Advisors LLC](http://www.sec.gov/Archives/edgar/data/1742912/000199937124003853/ex99-pxiv.htm) , previously filed with Post-Effective Amendment No. 215 on Form N-1A on March 22,
 2024 and is incorporated herein by reference.

(xii) [Code of Ethics for Unlimited Funds Inc.](http://www.sec.gov/Archives/edgar/data/1742912/000199937124007741/ex99-pxvi.htm) , previously filed with Post-Effective Amendment No. 220 on Form N-1A on June 24, 2024
 and is incorporated herein by reference.

(xiii) [Code of Ethics for Curran Financial Partners, LLC](http://www.sec.gov/Archives/edgar/data/1742912/000199937124010678/ex99-pxvii.htm) , previously filed with Post-Effective Amendment No. 227 on Form N-1A on August
 26, 2024 and is incorporated herein by reference.

(xiv) [Code of Ethics for Academy Asset Management](http://www.sec.gov/Archives/edgar/data/1742912/000138713123008819/ex99-pxxi.htm) , previously filed with Post-Effective Amendment No. 187 on Form N-1A on July 27,
 2023 and is incorporated herein by reference.

(xv) [Code of Ethics for AlphaBit Investments, LLC](http://www.sec.gov/Archives/edgar/data/1742912/000199937125006197/ex99-pxv.htm) , previously filed with Post-Effective Amendment No. 263 on Form N-1A on May 15,
 2025 and is incorporated herein by reference.

(xvi) [Code of Ethics for SYKON Asset Management LLC](http://www.sec.gov/Archives/edgar/data/1742912/000199937125007078/ex99-pxvi.htm) , previously filed with Post-Effective Amendment No. 267 on Form N-1A on June
 3, 2025 and is incorporated herein by reference.

(xvii) [Code of Ethics for Point Bridge Capital, LLC](http://www.sec.gov/Archives/edgar/data/1742912/000199937125007078/ex99-pxvii.htm) , previously filed with Post-Effective Amendment No. 267 on Form N-1A on June 3,
 2025 and is incorporated herein by reference.

(xviii) [Code of Ethics for Tactical Rotation Management, LLC,](ex99-pxviii.htm) – **filed herewith**.

(xix) [Code of Ethics for Dana Investment Advisors, Inc.](http://www.sec.gov/Archives/edgar/data/1742912/000199937125011129/ex99-pxix.htm) previously filed with Post-Effective Amendment No. 277 on Form N-1A on August
 12, 2025 and is incorporated herein by reference.

(xx) [Code of Ethics for Smart Wealth, LLC,](https://www.sec.gov/Archives/edgar/data/1742912/000199937125011539/ex99-pxx.htm) previously filed with Post-Effective Amendment No. 279 on Form N-1A on August
 18, 2025 and is incorporated herein by reference.

(xxi) Code
 of Ethics for FINQ AI LLC – **to be filed by amendment.** 

**Item 29. Persons Controlled by or Under Common Control with Registrant**

Toroso Cayman Subsidiary I, organized under the laws of the Cayman Islands, is a wholly-owned subsidiary of the Acruence Active Hedge U.S. Equity ETF, a series of the Registrant.

HFND Cayman Subsidiary, organized under the laws of the Cayman Islands, is a wholly-owned subsidiary of the Unlimited HFND Multi-Strategy Return Tracker ETF, a series of the Registrant.

Unlimited HFGM Cayman Subsidiary, organized under the laws of the Cayman Islands, is a wholly-owned subsidiary of the Unlimited HFGM Global Macro ETF, a series of the Registrant.

Unlimited HFMF Cayman Subsidiary, organized under the laws of the Cayman Islands, is a wholly-owned subsidiary of the Unlimited HFMF Managed Futures ETF, a series of the Registrant.

**Item 30. Indemnification**

Every person who is, has been, or becomes a Trustee or officer of the Trust (hereinafter referred to as a Covered Person) shall be indemnified by the Trust to the fullest extent permitted by law against any and all liabilities and expenses reasonably incurred or paid by them in connection with the defense of any proceeding in which they become involved as a party or otherwise by virtue of their being or having been such a Trustee or officer, and against amounts paid or incurred by them in the settlement thereof. Every person who is, has been, or becomes an agent of the Trust may, upon due approval of the Trustees (including a majority of the Trustees who are not interested persons of the Trust), be indemnified by the Trust, to the fullest extent permitted by law, against any and all liabilities and expenses reasonably incurred or paid by them in connection with the defense of any proceeding in which they become involved as a party or otherwise by virtue of their being or having been an agent, and against amounts paid or incurred by him in the settlement thereof. Every Person who is serving or has served at the request of the Trust as a director, officer, partner, trustee, employee, agent or fiduciary of another domestic or foreign corporation, partnership, joint venture, trust, other enterprise or employee benefit plan (Other Position) and who was or is a party or is threatened to be made a party to any proceeding by reason of alleged acts or omissions while acting within the scope of his or her service in such Other Position, may, upon due approval of the Trustees (including a majority of the Trustees who are not interested persons of the Trust), be indemnified by the Trust, to the fullest extent permitted by law, against any and all liabilities and expenses reasonably incurred or paid by them in connection with the defense of any proceeding in which they become involved as a party or otherwise by virtue of their being or having held such Other Position, and against amounts paid or incurred by them in the settlement thereof.

The Trust shall indemnify each Covered Person who was or is a party or is threatened to be made a party to any proceeding, by reason of alleged acts or omissions within the scope of their service as a Covered Person, against judgments, fines, penalties, settlements and reasonable expenses (including attorneys fees) actually incurred by them in connection with such proceeding to the maximum extent consistent with state law and the Investment Company Act of 1940, as amended.

No indemnification shall be provided to any person who shall have been adjudicated by a court or body before which the proceeding was brought: (i) to be liable to the Trust or its shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of their office, or (ii) not to have acted in good faith in the reasonable belief that his action was in the best interest of the Trust.

Insofar as indemnification for liability arising under the Securities Act of 1933, as amended, may be permitted to Trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the U.S. Securities and Exchange Commission (SEC) such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such Trustee, officer, or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

**Item 31. Business and Other Connections of Investment Adviser**

This Item incorporates by reference the investment advisers Uniform Application for Investment Adviser Registration (Form ADV) currently on file with the SEC, as listed below. The Form ADV may be obtained, free of charge, at the SEC's website at www.adviserinfo.sec.gov. Additional information as to any other business, profession, vocation or employment of a substantial nature engaged in by each officer and director of the below-listed investment advisers is included in the Trust's Statement of Additional Information.

---

| | |
|:---|:---|
| **<u>Investment Adviser</u>** | **<u>SEC File No.</u>** |
| Tidal Investments LLC (f/k/a Toroso Investments, LLC) | 801-76857 |
| **<u>Investment Sub-Advisers</u>** | **<u>SEC File No.</u>** |
| Leatherback Asset Management, LLC | 801-119407 |
| Robasciotti & Associates, Inc., d/b/a Adasina Social Capital | 801-113385 |
| Gotham Asset Management, LLC | 801-69960 |
| ShariaPortfolio, Inc. | 801-80652 |
| Sound Income Strategies, LLC | 801-80425 |
| Acruence Capital, LLC | 801-119919 |
| FolioBeyond, LLC | 801-113952 |
| Armada ETF Advisors LLC d/b/a Armada ETFs | 801-123057 |
| Unlimited Funds, Inc. | 801-126421 |
| Curran Financial Partners, LLC | 801-119322 |
| Academy Asset Management, LLC, d/b/a Academy Asset Management | 801-125719 |
| AlphaBit Investments, LLC | 801-132088 |
| SYKON Asset Management LLC | 801-132803 |
| Point Bridge Capital, LLC | 801-78217 |
| Tactical Rotation Management, LLC | 801-131642 |
| Dana Investment Advisors, Inc. | 801-14828 |
| Smart Wealth, LLC | 801-122372 |
| FINQ AI LLC | 801-128591 |

---

**Item 32.** **Foreside Fund Services, LLC**

---

| | |
|:---|:---|
| **Item 32(a)** | **Foreside Fund Services, LLC (the "Distributor") serves as principal underwriter for the following investment companies registered under the Investment Company Act of 1940, as amended:** |

---

1. AB
 Active ETFs, Inc.

2. ABS
 Long/Short Strategies Fund

3. ActivePassive
 Core Bond ETF, Series of Trust for Professional Managers

4. ActivePassive
 Intermediate Municipal Bond ETF, Series of Trust for Professional Managers

5. ActivePassive
 International Equity ETF, Series of Trust for Professional Managers

6. ActivePassive
 U.S. Equity ETF, Series of Trust for Professional Managers

7. AdvisorShares
 Trust

8. AFA
 Private Credit Fund

9. AGF
 Investments Trust

10. AIM
 ETF Products Trust

11. Alexis
 Practical Tactical ETF, Series of Listed Funds Trust

12. AlphaCentric
 Prime Meridian Income Fund

13. American
 Century ETF Trust

14. Amplify
 ETF Trust

15. Applied
 Finance Dividend Fund, Series of World Funds Trust

16. Applied
 Finance Explorer Fund, Series of World Funds Trust

17. Applied
 Finance Select Fund, Series of World Funds Trust

18. Ardian
 Access LLC

19. ARK
 ETF Trust

20. ARK
 Venture Fund

21. Bitwise
 Funds Trust

22. BondBloxx
 ETF Trust

23. Bramshill
 Multi-Strategy Income Fund, Series of Investment Managers Series Trust

24. Bridgeway
 Funds, Inc.

25. Brinker
 Capital Destinations Trust

26. Brookfield
 Real Assets Income Fund Inc.

27. Build
 Funds Trust

28. Calamos
 Convertible and High Income Fund

29. Calamos
 Convertible Opportunities and Income Fund

30. Calamos
 Dynamic Convertible and Income Fund

31. Calamos
 Global Dynamic Income Fund

32. Calamos
 Global Total Return Fund

33. Calamos
 Strategic Total Return Fund

34. Carlyle
 Tactical Private Credit Fund

35. Cascade
 Private Capital Fund

36. Catalyst
 Strategic Income Opportunities Fund

37. CBRE
 Global Real Estate Income Fund

38. Center
 Coast Brookfield MLP & Energy Infrastructure Fund

39. Clifford
 Capital Partners Fund, Series of World Funds Trust

40. Cliffwater
 Corporate Lending Fund

41. Cliffwater
 Enhanced Lending Fund

42. Coatue
 Innovation Fund

43. Cohen
 & Steers ETF Trust

44. Cohen
 & Steers Infrastructure Fund, Inc.

45. Convergence
 Long/Short Equity ETF, Series of Trust for Professional Managers

46. CornerCap
 Small-Cap Value Fund, Series of Managed Portfolio Series

47. CrossingBridge
 Pre-Merger SPAC ETF, Series of Trust for Professional Managers

48. Curasset
 Capital Management Core Bond Fund, Series of World Funds Trust

49. Curasset
 Capital Management Limited Term Income Fund, Series of World Funds Trust

50. CYBER
 HORNET S&P 500® and Bitcoin 75/25 Strategy ETF, Series of ONEFUND Trust

51. Davis
 Fundamental ETF Trust

52. Defiance
 Connective Technologies ETF, Series of ETF Series Solutions

53. Defiance
 Quantum ETF, Series of ETF Series Solutions

54. Denali
 Structured Return Strategy Fund

55. Dividend
 Performers ETF, Series of Listed Funds Trust

56. Dodge
 & Cox Funds

57. DoubleLine
 ETF Trust

58. DoubleLine
 Income Solutions Fund

59. DoubleLine
 Opportunistic Credit Fund

60. DoubleLine
 Yield Opportunities Fund

61. DriveWealth
 ETF Trust

62. EIP
 Investment Trust

63. Ellington
 Income Opportunities Fund

64. ETF
 Opportunities Trust

65. Exchange
 Listed Funds Trust

66. Exchange
 Place Advisors Trust

67. FlexShares
 Trust

68. Fortuna
 Hedged Bitcoin Fund, Series of Listed Funds Trust

69. Forum
 Funds

70. Forum
 Funds II

71. Forum
 Real Estate Income Fund

72. Fundrise
 Growth Tech Fund, LLC

73. Gramercy
 Emerging Markets Debt Fund, Series of Investment Managers Series Trust

74. Grayscale
 Funds Trust

75. Guinness
 Atkinson Funds

76. Harbor
 ETF Trust

77. Harris
 Oakmark ETF Trust

78. Hawaiian
 Tax-Free Trust

79. Horizon
 Kinetics Blockchain Development ETF, Series of Listed Funds Trust

80. Horizon
 Kinetics Energy and Remediation ETF, Series of Listed Funds Trust

81. Horizon
 Kinetics Inflation Beneficiaries ETF, Series of Listed Funds Trust

82. Horizon
 Kinetics Japan Owner Operator ETF, Series of Listed Funds Trust

83. Horizon
 Kinetics Medical ETF, Series of Listed Funds Trust

84. Horizon
 Kinetics SPAC Active ETF, Series of Listed Funds Trust

85. IDX
 Funds

86. Innovator
 ETFs Trust

87. Ironwood
 Institutional Multi-Strategy Fund LLC

88. Ironwood
 Multi-Strategy Fund LLC

89. Jensen
 Quality Growth ETF, Series of Trust for Professional Managers

90. John
 Hancock Exchange-Traded Fund Trust

91. Kurv
 ETF Trust

92. Lazard
 Active ETF Trust

93. LDR
 Real Estate Value-Opportunity Fund, Series of World Funds Trust

94. Mairs
 & Power Balanced Fund, Series of Trust for Professional Managers

95. Mairs
 & Power Growth Fund, Series of Trust for Professional Managers

96. Mairs
 & Power Minnesota Municipal Bond ETF, Series of Trust for Professional Managers

97. Mairs
 & Power Small Cap Fund, Series of Trust for Professional Managers

98. Manor
 Investment Funds

99. Milliman
 Variable Insurance Trust

100. MoA
 Funds Corporation

101. Moerus
 Worldwide Value Fund, Series of Northern Lights Fund Trust IV

102. Morgan
 Stanley ETF Trust

103. Morgan
 Stanley Pathway Large Cap Equity ETF, Series of Morgan Stanley Pathway Funds

104. Morgan
 Stanley Pathway Small-Mid Cap Equity ETF, Series of Morgan Stanley Pathway Funds

105. Morningstar
 Funds Trust

106. NEOS
 ETF Trust

107. Niagara
 Income Opportunities Fund

108. North
 Square Evanston Multi-Alpha Fund

109. NXG
 Cushing® Midstream Energy Fund

110. NXG
 NextGen Infrastructure Income Fund

111. OTG
 Latin American Fund, Series of World Funds Trust

112. Overlay
 Shares Core Bond ETF, Series of Listed Funds Trust

113. Overlay
 Shares Foreign Equity ETF, Series of Listed Funds Trust

114. Overlay
 Shares Hedged Large Cap Equity ETF, Series of Listed Funds Trust

115. Overlay
 Shares Large Cap Equity ETF, Series of Listed Funds Trust

116. Overlay
 Shares Municipal Bond ETF, Series of Listed Funds Trust

117. Overlay
 Shares Short Term Bond ETF, Series of Listed Funds Trust

118. Overlay
 Shares Small Cap Equity ETF, Series of Listed Funds Trust

119. Palmer
 Square Funds Trust

120. Palmer
 Square Opportunistic Income Fund

121. Partners
 Group Private Income Opportunities, LLC

122. Perkins
 Discovery Fund, Series of World Funds Trust

123. Philotimo
 Focused Growth and Income Fund, Series of World Funds Trust

124. Plan
 Investment Fund, Inc.

125. Point
 Bridge America First ETF, Series of ETF Series Solutions

126. Precidian
 ETFs Trust

127. Preferred-Plus
 ETF, Series of Listed Funds Trust

128. Rareview
 2x Bull Cryptocurrency & Precious Metals ETF, Series of Collaborative Investment Series Trust

129. Rareview
 Dynamic Fixed Income ETF, Series of Collaborative Investment Series Trust

130. Rareview
 Systematic Equity ETF, Series of Collaborative Investment Series Trust

131. Rareview
 Tax Advantaged Income ETF, Series of Collaborative Investment Series Trust

132. Rareview
 Total Return Bond ETF, Series of Collaborative Investment Series Trust

133. REX
 ETF Trust

134. Renaissance
 Capital Greenwich Funds

135. Reynolds
 Funds, Inc.

136. RMB
 Investors Trust

137. Robinson
 Opportunistic Income Fund, Series of Investment Managers Series Trust

138. Robinson
 Tax Advantaged Income Fund, Series of Investment Managers Series Trust

139. Roundhill
 Ball Metaverse ETF, Series of Listed Funds Trust

140. Roundhill
 Cannabis ETF, Series of Listed Funds Trust

141. Roundhill
 ETF Trust

142. Roundhill
 Magnificent Seven ETF, Series of Listed Funds Trust

143. Roundhill
 Sports Betting & iGaming ETF, Series of Listed Funds Trust

144. Roundhill
 Video Games ETF, Series of Listed Funds Trust

145. Rule
 One Fund, Series of World Funds Trust

146. Russell
 Investments Exchange Traded Funds

147. Securian
 AM Real Asset Income Fund, Series of Investment Managers Series Trust

148. Six
 Circles Trust

149. Sound
 Shore Fund, Inc.

150. SP
 Funds Trust

151. Sparrow
 Funds

152. Spear
 Alpha ETF, Series of Listed Funds Trust

153. STF
 Tactical Growth & Income ETF, Series of Listed Funds Trust

154. STF
 Tactical Growth ETF, Series of Listed Funds Trust

155. Strategic
 Trust

156. Strategy
 Shares

157. Swan
 Hedged Equity US Large Cap ETF, Series of Listed Funds Trust

158. Tekla
 World Healthcare Fund

159. Tema
 ETF Trust

160. The
 2023 ETF Series Trust

161. The
 2023 ETF Series Trust II

162. The
 Community Development Fund

163. The
 Cook & Bynum Fund, Series of World Funds Trust

164. The
 Finite Solar Finance Fund

165. The
 Private Shares Fund

166. The
 SPAC and New Issue ETF, Series of Collaborative Investment Series Trust

167. Third
 Avenue Trust

168. Third
 Avenue Variable Series Trust

169. Tidal
 Trust I

170. Tidal
 Trust II

171. Tidal
 Trust III

172. TIFF
 Investment Program

173. Timothy
 Plan High Dividend Stock Enhanced ETF, Series of The Timothy Plan

174. Timothy
 Plan High Dividend Stock ETF, Series of The Timothy Plan

175. Timothy
 Plan International ETF, Series of The Timothy Plan

176. Timothy
 Plan Market Neutral ETF, Series of The Timothy Plan

177. Timothy
 Plan US Large/Mid Cap Core ETF, Series of The Timothy Plan

178. Timothy
 Plan US Large/Mid Core Enhanced ETF, Series of The Timothy Plan

179. Timothy
 Plan US Small Cap Core ETF, Series of The Timothy Plan

180. Total
 Fund Solution

181. Touchstone
 ETF Trust

182. T-Rex
 2X Inverse Bitcoin Daily Target ETF, Series of World Funds Trust

183. T-Rex
 2x Inverse Ether Daily Target ETF, Series of World Funds Trust

184. T-Rex
 2X Long Bitcoin Daily Target ETF, Series of World Funds Trust

185. T-Rex
 2x Long Ether Daily Target ETF

186. TrueShares
 Structured Outcome (April) ETF, Series of Listed Funds Trust

187. TrueShares
 Structured Outcome (August) ETF, Series of Listed Funds Trust

188. TrueShares
 Structured Outcome (December) ETF, Series of Listed Funds Trust

189. TrueShares
 Structured Outcome (February) ETF, Series of Listed Funds Trust

190. TrueShares
 Structured Outcome (January) ETF, Series of Listed Funds Trust

191. TrueShares
 Structured Outcome (July) ETF, Series of Listed Funds Trust

192. TrueShares
 Structured Outcome (June) ETF, Series of Listed Funds Trust

193. TrueShares
 Structured Outcome (March) ETF, Series of Listed Funds Trust

194. TrueShares
 Structured Outcome (May) ETF, Listed Funds Trust

195. TrueShares
 Structured Outcome (November) ETF, Series of Listed Funds Trust

196. TrueShares
 Structured Outcome (October) ETF, Series of Listed Funds Trust

197. TrueShares
 Structured Outcome (September) ETF, Series of Listed Funds Trust

198. U.S.
 Global Investors Funds

199. Union
 Street Partners Value Fund, Series of World Funds Trust

200. Vest
 Bitcoin Strategy Managed Volatility Fund, Series of World Funds Trust

201. Vest
 S&P 500® Dividend Aristocrats Target Income Fund, Series of World Funds Trust

202. Vest
 US Large Cap 10% Buffer Strategies Fund, Series of World Funds Trust

203. Vest
 US Large Cap 10% Buffer Strategies VI Fund, Series of World Funds Trust

204. Vest
 US Large Cap 20% Buffer Strategies Fund, Series of World Funds Trust

205. Vest
 US Large Cap 20% Buffer Strategies VI Fund, Series of World Funds Trust

206. Virtus
 Stone Harbor Emerging Markets Income Fund

207. Volatility
 Shares Trust

208. WEBs
 ETF Trust

209. Wedbush
 Series Trust

210. Wellington
 Global Multi-Strategy Fund

211. Wilshire
 Mutual Funds, Inc.

212. Wilshire
 Variable Insurance Trust

213. WisdomTree
 Digital Trust

214. WisdomTree
 Trust

215. XAI
 Octagon Floating Rate & Alternative Income Term Trust

---

| | |
|:---|:---|
| **Item 32(b)** | **The following are the Officers and Manager of the Distributor, the Registrant's underwriter. The Distributor's main business address is 190 Middle Street, Suite 301, Portland, Maine 04101.** |

---

---

| | | | |
|:---|:---|:---|:---|
| Name | Address | Position with Underwriter | Position with Registrant |
| Teresa Cowan | 190 Middle Street, Suite 301, Portland, Maine 04101 | President/Manager |  |
| Chris Lanza | 190 Middle Street, Suite 301, Portland, Maine 04101 | Vice President |  |
| Kate Macchia | 190 Middle Street, Suite 301, Portland, Maine 04101 | Vice President |  |
| Alicia Strout | 190 Middle Street, Suite 301, Portland, Maine 04101 | Vice President and Chief Compliance Officer |  |
| Kelly B. Whetstone | 190 Middle Street, Suite 301, Portland, Maine 04101 | Secretary |  |
| Susan L. LaFond | 190 Middle Street, Suite 301, Portland, Maine 04101 | Treasurer |  |
| Weston Sommers | 190 Middle Street, Suite 301, Portland, Maine 04101 | Financial and Operations Principal and Chief Financial Officer |  |

---

---

| | |
|:---|:---|
| **Item 32(c)** | **Not applicable.** |

---

**Item 33.** **Location of Accounts and Records**

The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 are maintained at the following locations:

---

| | |
|:---|:---|
| **Records Relating to:** | **Are located at:** |
| Registrant's Administrator | Tidal ETF Services LLC<br> 234 West Florida Street, Suite 203<br> Milwaukee, Wisconsin 53204 |
| Registrant's Sub-Administrator, Fund<br> Accountant and Transfer Agent | U.S. Bancorp Fund Services, LLC<br> 615 East Michigan Street<br> Milwaukee, Wisconsin 53202 |
| Registrant's Custodian | U.S. Bank National Association<br> 1555 North River Center Drive<br> Milwaukee, Wisconsin 53212 |
| Registrant's Principal Underwriter | Foreside Fund Services, LLC<br> 190 Middle Street, Suite 301<br> Portland, Maine 04101 |
| Registrant's Investment Adviser | Tidal Investments LLC<br> 234 West Florida Street, Suite 203<br> Milwaukee, Wisconsin 53204 |
| Registrant's Sub-Adviser | Leatherback Asset Management, LLC<br> 2000 PGA Boulevard, Suite 4440<br> Palm Beach Gardens, Florida 33408 |
| Registrant's Sub-Adviser | Robasciotti & Associates, Inc., doing business as<br> Adasina Social Capital<br> 870 Market Street, Suite 1275<br> San Francisco, California 94102 |
| Registrant's Sub-Adviser | Gotham Asset Management, LLC<br> 825 Third Avenue, Suite 1750<br> New York, New York 10022 |

---

---

| | |
|:---|:---|
| Registrant's Sub-Adviser | ShariaPortfolio, Inc.<br> 1331 S. International Parkway, Suite 2291<br> Lake Mary, Florida 32746 |
| Registrant's Sub-Adviser | Sound Income Strategies, LLC<br> 500 West Cypress Creek Road, Suite 290<br> Fort Lauderdale, Florida 33309 |
| Registrant's Sub-Adviser | Acruence Capital, LLC<br> 8111 Preston Rd., Suite 500<br> Dallas, Texas 75225-6339 |
| Registrant's Sub-Adviser | FolioBeyond, LLC<br> 1050 Park Avenue, Suite 6A<br> New York, New York 10028 |
| Registrant's Sub-Adviser | Armada ETF Advisors LLC<br> d/b/a Armada ETFs<br> 39500 High Point Boulevard, Suite 20<br> Novi, Michigan 48375 |
| Registrant's Sub-Adviser | Unlimited Funds Inc.<br> 222 Broadway, 20th Floor<br> New York City, New York 10038 |
| Registrant's Sub-Adviser | Curran Financial Partners, LLC<br> 115 River Landing Drive, Suite 200<br> Daniel Island, South Carolina 29492 |
| Registrant's Sub-Adviser | Academy Asset Management, LLC<br> d/b/a Academy Asset Management <br> 622 3rd Avenue, 12th Floor <br> New York, New York 10017 |
| Registrant's Sub-Adviser | AlphaBit Investments, LLC<br> 136 S 4th Street,<br> Forest City, Iowa 50436 |
| Registrant's Sub-Adviser | SYKON Asset Management LLC<br> 500 Mamaroneck Avenue, Suite 435<br> Harrison, New York 10528 |
| Registrant's Sub-Adviser | Point Bridge Capital, LLC<br> 300 Throckmorton Street, Suite 1550<br> Fort Worth, Texas 76102 |
| Registrant's Sub-Adviser | Tactical Rotation Management, LLC<br> 118-35 Queens Blvd., Suite 400<br> Forest Hills, New York 11375 |
| Registrant's Sub-Adviser | Dana Investment Advisors, Inc. <br> 20700 Swenson Drive, Suite 400 <br> Waukesha, Wisconsin 53186 |
| Registrant's Sub-Adviser | Smart Wealth, LLC <br> 13815 FNB Parkway, Suite 400 <br> Omaha, Nebraska 68154 |
| Registrant's Sub-Adviser | FINQ AI LLC<br> 9 Ahad Ha'am Street<br> Tel Aviv, Tel Aviv District, Israel 6514224 |

---

**Item 34. Management Services**

Not applicable.

**Item 35. Undertakings**

Not applicable.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all requirements for effectiveness of this Post-Effective Amendment No. 280 to its Registration Statement on Form N-1A under Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 280 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized, in the City of Milwaukee, State of Wisconsin, on August 25, 2025.

---

| | |
|:---|:---|
| **Tidal Trust I** | **Tidal Trust I** |
| By: | /s/ Eric W. Falkeis |
|  | Eric W. Falkeis |
|  | President |

---

Pursuant to the requirements of the Securities Act, this Post-Effective Amendment No. 280 to the Registrant's Registration Statement has been signed below by the following persons in the capacities indicated on August 25, 2025.

---

| | | |
|:---|:---|:---|
| **Signature** | **Signature** | **Title** |
| /s/ Eric W. Falkeis | /s/ Eric W. Falkeis | President (principal executive officer), Trustee and Chairman |
| Eric W. Falkeis | Eric W. Falkeis |  |
| \*Dusko Culafic | \*Dusko Culafic | Trustee |
| Dusko Culafic | Dusko Culafic |  |
| \*Mark H. W. Baltimore | \*Mark H. W. Baltimore | Trustee |
| Mark H. W. Baltimore | Mark H. W. Baltimore |  |
| \*Eduardo Mendoza | \*Eduardo Mendoza | Trustee |
| Eduardo Mendoza | Eduardo Mendoza |  |
| /s/ Aaron Perkovich | /s/ Aaron Perkovich | Treasurer (principal financial officer and principal accounting officer) |
| Aaron Perkovich | Aaron Perkovich |  |
| By: | /s/ Eric W. Falkeis |  |
|  | Eric W. Falkeis, Attorney-in-Fact |  |

---

\* Pursuant to Powers of Attorney filed previously.

**<u>Exhibit Index</u>**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [(i)(xxxviii)](ex99-ixxxviii.htm) | [Consent of Counsel](ex99-ixxxviii.htm) |
| (j) | [Consent of Independent Registered Accounting Firm](ex99-j.htm) |
| (p)(xviii) | [Code of Ethics Tactical Rotation Management, LLC](ex99-pxviii.htm) |

---

## Ex-99.(I)(Xxxviii)

[Tidal Trust I 485BPOS](zhdg_485bpos-082525.htm)

**Exhibit 99(i)(xxxviii)**

---

| | |
|:---|:---|
| ![](zegacorresp001.jpg) | 833 EAST MICHIGAN STREET • SUITE 1800<br> MILWAUKEE, WISCONSIN 53202-5615 |
|  | TEL • 414.273.3500 FAX • 414.273.5198 |
|  | www.GKLAW.COM |

---

August 25, 2025

Tidal Trust I

234 West Florida Street, Suite 203

Milwaukee, Wisconsin 53204

Ladies and Gentlemen:

We consent to the incorporation by reference in this Registration Statement of our opinion dated June 25, 2021 regarding the sale of an unlimited number of shares of beneficial interest of the ZEGA Buy and Hedge ETF, a series of Tidal ETF Trust. In giving this consent, however, we do not admit that we are experts within the category of persons whose consent is required by Section 7 of the Securities Act of 1933, as amended.

---

| |
|:---|
| Very truly yours, |
| */s/ Godfrey & Kahn, S.C.* |
| GODFREY & KAHN, S.C. |

---

OFFICES IN MILWAUKEE, MADISON, GREEN BAY, APPLETON, AND EAU CLAIRE, WISCONSIN AND WASHINGTON, D.C

GODFREY & KAHN, S.C IS A MEMBER OF TERRAILEX, A WORLDWIDE NETWORK OF INDEPENDENT LAW FIRMS.

## Ex-99.(J)

[Tidal Trust I 485BPOS](zhdg_485bpos-082525.htm)

**Exhibit 99(j)**

![](cohen.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of our report dated June 26, 2025, relating to the financial statements and financial highlights of ZEGA Buy and Hedge ETF, a series of Tidal Trust I, which are included in Form N-CSR for the year ended April 30, 2025, and to the references to our firm under the headings "Financial Highlights" in the Prospectus and "Independent Registered Public Accounting Firm" in the Statement of Additional Information.

/s/ Cohen & Company, Ltd.

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

August 22, 2025

## Ex-99.(P)(Xviii)

[Tidal Trust I 485BPOS](zhdg_485bpos-082525.htm)

**Exhibit 99(p)(xviii)**

**Tactical Rotation Management, LLC**

118-35 Queens Blvd, Suite 400 <br> Forest Hills, NY 11375

**CODE OF ETHICS**

**Revised** **June 15, 2025**

This Code of Ethics (hereinafter, "Code") is the exclusive property of Tactical Rotation Management, LLC (hereafter "TRM" or the "Firm") and must be returned upon termination of employment with TRM for any reason. The contents of this Code are confidential and should not be provided to anyone outside of TRM without the prior written permission of the Chief Compliance Officer, Libby E. Liebig.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **[CHAPTER I – General Provisions](#a_TOC_250013)** | **3** |
| **[CHAPTER II - Covered Persons](#a_TOC_250012)** | **5** |
| **[CHAPTER III - Business Conduct Standards](#a_TOC_250011)** | **6** |
| **[CHAPTER IV - Insider Trading](#a_TOC_250010)** | **9** |
| **[CHAPTER V - Reporting Requirements](#a_TOC_250009)** | **10** |
| **[CHAPTER VI - Disclosure & Acknowledgement](#a_TOC_250008)** | **13** |
| **[EXHIBIT A – Outside Business Activities Disclosure](#a_TOC_250007)** | **14** |
| **[EXHIBIT B – Insider Trading Policy](#a_TOC_250006)** | **16** |
| **[EXHIBIT C – Initial Securities Holdings & Account Certification](#a_TOC_250005)** | **21** |
| **[EXHIBIT D – Annual Account & Securities Holdings Report](#a_TOC_250004)** | **22** |
| **[EXHIBIT E – Quarterly Transaction Report](#a_TOC_250003)** | **23** |
| **[EXHIBIT F – Initial Acknowledgement of Receipt of Code.](#a_TOC_250002)** | **24** |
| **[EXHIBIT G – Annual Acknowledgement of Receipt of Code](#a_TOC_250001)** | **25** |
| **[EXHIBIT H – Acknowledgement of Receipt of Updated Code](#a_TOC_250000)** | **26** |

---

**CHAPTER I – General Provisions**

**Professional Responsibilities**

Tactical Rotation Management, LLC ("TRM") is registered as an investment adviser with the U.S. Securities and Exchange Commission ("SEC") and is subject to the rules and regulations of the Investment Advisers Act of 1940 (the "Advisers Act").

TRM is dedicated to providing effective and proper professional investment management services to its advisory clients, which are currently funds operating under the Investment Company Act of 1940 (the "Investment Company Act"). TRM's reputation is a reflection of the quality of our employees and their dedication to excellence in serving our clients. To ensure these qualities and dedication to excellence, our employees must possess the requisite qualifications of experience, education, intelligence, and judgment necessary to effectively serve as investment management professionals. In addition, every employee is expected to demonstrate the highest standards of moral and ethical conduct for continued employment with TRM.

Portfolio management professionals, including registered investment advisers and their representatives, have a fiduciary responsibility to their clients. In the context of securities investments, fiduciary responsibility should be thought of as the duty to place the interests of the client before that of the person providing investment advice. Failure to do so may render the adviser in violation of the anti-fraud provisions of the Advisers Act.

Fiduciary responsibility also includes the duty to disclose material facts that might influence an investor's decision to purchase or refrain from purchasing a security recommended by the adviser or from engaging the adviser to manage the client's investments. The SEC has made it clear that the duty of an investment adviser not to engage in fraudulent conduct includes an obligation to disclose material facts to clients whenever the failure to disclose such facts might cause financial harm. An adviser's duty to disclose material facts is particularly important whenever the advice given to clients involves a conflict or potential conflict of interest between the employees of the adviser and its clients.

As a fiduciary, TRM owes an undivided duty of loyalty to its clients, and thus demands the highest standards of ethical conduct and care by all TRM Supervised Persons (as defined in Section 2 below). It is TRM's policy that all TRM Supervised Persons conduct themselves so as to avoid not only actual conflicts of interest with TRM's clients, but also that they refrain from conduct which could give rise to the appearance of a conflict of interest that may compromise the trust our clients have placed in us.

Under Rule 204A-1 of the Advisers Act, TRM is required to establish, maintain and enforce written procedures reasonably necessary to prevent its employees or other access persons from violating provisions of the Act with respect to personal securities trading and fiduciary obligations. In meeting such responsibilities to our clients, TRM has adopted this Code of Ethics ("Code") regarding the standard of business conduct that is required of all TRM Supervised Persons in order to set forth applicable policies, guidelines and procedures that promote ethical practices and conduct by all of the Firm's Supervised Persons.

The Code is also intended to lessen the chance of any misunderstanding between TRM and its Supervised Persons regarding such activities.

As TRM's only clients are a Mutual Fund and ETFs, when "clients" are referenced in this Code, it is intended to mean the Mutual Fund and ETFs that are currently sub-advised by TRM and any other mutual funds or ETFs that TRM may sub-advise in the future.

In those situations where employees or other Supervised Persons may be uncertain as to the intent or purpose of the Code, they are advised to consult with the Chief Compliance Officer ("CCO"). The CCO may, under circumstances that are considered appropriate, grant exceptions to the provisions contained in the Code only when it is clear that the interests of TRM's clients will not be adversely affected. All questions arising in connection with personal securities trading should be resolved in favor of the interest of the clients even at the expense of the interest of our employees. The senior management of TRM will satisfy themselves as to the adherence to this policy through periodic review and reports by the CCO.

**Failure to Comply**

Strict compliance with the provisions of the Code shall be considered a basic condition of employment with TRM. It is important that employees understand the reasons for compliance with the Code.

Employees and other Access Persons are urged to seek the advice of the CCO for any questions as to the application of the Code to their individual circumstances. Employees and other Access Persons should also understand that a material breach of the provisions of the Code may constitute grounds for disciplinary action and/or termination of employment with TRM.

**CHAPTER II - Covered Persons**

**Supervised Persons**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Directors and officers of TRM (or other persons occupying a similar status
or performing similar functions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· employees of the adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any other person who provides advice on behalf of the adviser and is subject
to the adviser's supervision and control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· temporary workers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· consultants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· independent contractors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Access Persons.

**Access Persons**

TRM has made the determination that all of its Supervised Persons are deemed to be Access Persons.

**Family Members**

For purposes of personal securities reporting requirements, a Supervised Person is required to report trades of the Supervised Person's immediate family (including any relative by blood or marriage living in the employee's household), and any account in which he or she has a direct or indirect beneficial interest (such as a trust).

**CHAPTER III - Business Conduct Standards**

**Compliance with Laws and Regulations**

All Supervised Persons must comply with all applicable state and federal securities laws including, but not limited to, the Investment Company Act, the Advisers Act, Regulation S-P and the Patriot Act as it pertains to Anti-Money Laundering.

Supervised Persons are not permitted, in connection with the purchase or sale, directly or indirectly, of a security held or to be acquired by a client:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· to defraud such client in any manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· to mislead such client, including by making a statement that omits material
facts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· to engage in any act, practice or course of conduct
which operates or would operate as a fraud or deceit upon such client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· to engage in any manipulative practice with respect to such client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· to engage in any manipulative practice with respect
to securities, including price manipulation.

**Conflicts of Interest**

TRM, as a fiduciary, has an affirmative duty of care, loyalty, honesty, and good faith to act in the best interests of its clients. Compliance with this duty can be achieved by trying to avoid conflicts of interest and by fully disclosing all material facts concerning any conflict that does arise with respect to any client.

***Conflicts among Client Interests***. Conflicts of interest may arise where the Firm or its Supervised Persons have reason to favor the interests of one client over another client (*e.g.,* larger accounts over smaller accounts, accounts in which employees have made material personal investments, accounts of close friends or relatives of Supervised Persons). TRM specifically prohibits inappropriate favoritism of one client over another client that would constitute a breach of fiduciary duty.

***Competing with Client Trades****.* TRM prohibits Access Persons from using knowledge about pending or currently considered securities transactions for clients to profit personally, directly or indirectly, as a result of such transactions. In order to avoid any potential conflict of interest between TRM and its clients, securities transactions for the accounts of Access Persons in the same security as that purchased/sold for client accounts should be entered only after completion of all reasonably anticipated trading in that security for those accounts on any given day.

If after completion of all anticipated trading for client accounts, a trade is executed for an Access Person's personal account on that same day at a price better than that received by the client; the Access Person must notify the CCO who will prepare a memorandum detailing the circumstances of the transaction. If after reviewing the transaction, the CCO determines that a potential conflict of interest exists, they shall have the authority to make any necessary adjustments, including canceling and re-billing the transaction to such other account(s) as appropriate. Such memoranda and any corrective action taken will be recorded and maintained in TRM's compliance files.

***No Transactions with Clients****.* TRM specifically prohibits Supervised Persons from knowingly selling to or purchasing from a client any security or other property, except securities issued by the client.

***Personal Securities Transactions. P***ersonal securities transactions by Access Persons are subject to the following trading restrictions:

***Pre-Clearance.*** Access Persons must pre-clear all personal securities transactions in Reportable Securities (as defined in Chapter V below) with the CCO. Trading of underlying securities in the Fund or ETFs must also be pre-cleared with the CCO and are not allowed to be traded in Access Persons' personal accounts on the day the Fund or ETFs are trading in the same securities. Access Persons may gain pre-clearance by sending an email to the CCO requesting pre-clearance and providing the Security Symbol, Name, Account(s), Direction of trade (Buy/Sell), & Number of Shares. Access Persons may not execute any transaction until approval has been received by the CCO. The CEO will pre-clear any personal securities transactions for the CCO using the above procedure.

***Initial Public Offerings (IPO)***. Access Persons are prohibited from acquiring any securities in an initial public offering without first obtaining written pre-clearance from the CCO. The prior approval must take into account, among other factors, whether the investment opportunity should be reserved for clients, and whether the opportunity is being offered to an individual by virtue of their position with TRM.

Upon receiving a request for pre-clearance, the CCO will review the intended transaction for consideration. The final decision will then be sent in writing to the Access Person requesting the permission for the IPO. Only upon receipt of the written approval from the CCO can the Access Person then engage in the purchase of the requested IPO. The Access Person making the request and the CCO must maintain final written approval or denial for their files.

***Limited or Private Offerings****.* Access Persons are prohibited from acquiring any securities in a limited offering (i.e. private placement) without first obtaining written pre-clearance from the CCO. The prior approval must take into account, among other factors, whether the investment opportunity should be reserved for clients, and whether the opportunity is being offered to an individual by virtue of their position with TRM.

Upon receiving a request, the CCO will review the intended transaction for consideration. The final decision will then be sent in writing to the Access Person requesting the permission for the limited offering. Only upon receipt of the written approval from the CCO can the Access Person then engage in the purchase of the requested limited offering. The Access Person making the request and the CCO must maintain final written approval or denial for their files.

**Outside Business Activities**

A Supervised Person who seeks or is offered a position as an officer, trustee, director, or is contemplating employment in any other capacity in an outside enterprise must submit an Outside Business Activities Disclosure Form (**Exhibit A**) with TRM's CCO for approval prior to accepting such a position. Information submitted to the CCO will be considered as confidential and will not be discussed with the Supervised Person's prospective employer without the Supervised Person's permission.

TRM does not wish to limit any Supervised Person's professional or financial opportunities, but needs to be aware of such outside interests so as to avoid potential conflicts of interest and ensure that there is no interruption in services to our clients. Understandably, TRM must also be concerned as to whether there may be any potential financial liability or adverse publicity that may arise from an undisclosed business interest by a Supervised Person.

**Gifts & Entertainment**

***Accepting Gifts***. On occasion, because of their position with the company, Supervised Persons of TRM may be offered or may receive without notice, gifts from clients, brokers, vendors or other persons. Acceptance of extraordinary or extravagant gifts is prohibited. Any such gifts must be declined and returned in order to protect the reputation and integrity of TRM. Gifts of nominal value (i.e., a gift whose reasonable value, alone or in the aggregate, is not more than $250 in any twelve month period), customary business meals, entertainment (e.g. sporting events), and promotional items (i.e., pens, mugs, T-shirts) may be accepted. All gifts received by a Supervised Person of TRM that might violate the Code must be promptly reported to the CCO.

***Solicitation of Gifts***. TRM's Supervised Persons are prohibited from soliciting gifts of any size under any circumstances.

***Giving Gifts***. TRM's Supervised Persons may not give any gift with a value in excess of $250 per year to an advisory client or persons who do business with, regulate, advise or render professional service to TRM.

***Entertainment.*** Entertainment that is reasonable and appropriate for the circumstances is an accepted practice to the extent that it is both necessary and incidental to the performance of business. The limit per instance shall be a $250 reporting threshold.

**Please see TRM's Compliance Policies and Procedures Manual for further discussion and requirements of Gifts & Entertainment.**

 ****

**Reporting of Violations**

All Supervised Persons of TRM must promptly (upon discovery of violation) report violations of the code to the CCO as the situation dictates. If the CCO is unavailable, the violation must then be reported to any executive officer of the firm.

**CHAPTER IV - Insider Trading**

In 1989, Congress enacted the Insider Trading and Securities Enforcement Act to address the potential misuse of material non-public information. Courts and the Securities and Exchange Commission currently define inside information as information that has not been disseminated to the public through the customary news media; is known by the recipient to be non-public; and has been improperly obtained. In addition, the information must be material, e.g. it must be of sufficient importance that a reasonably prudent person might base their decision to invest or not invest on such information.

The definition and application of inside information is continually being revised and updated by the regulatory authorities. If a TRM Supervised Person believes they are in possession of inside information, it is critical that they not act on the information or disclose it to anyone, but instead advise the CCO or a principal of TRM accordingly. Acting on such information may subject the Supervised Person to severe federal criminal penalties and the forfeiture of any profit realized from any transaction.

Although this section is included under the provisions of the Code, it is, in fact, a separate set of procedures required under Section 204A of the Advisers Act and is included as **Exhibit B**. All TRM Supervised Persons are required to read and acknowledge having read such procedures annually.

**CHAPTER V - Reporting Requirements**

**Scope**

The provisions of the Code apply to every security transaction, in which an Access Person of TRM has, or by reason of such transaction acquires, any direct or indirect beneficial interest, in any account over which they have any direct or indirect control.

Generally, an Access Person is regarded as having a beneficial interest in those securities held in their name, the name of their spouse, and the names of their minor children who reside with them. An Access Person may be regarded as having a beneficial interest in the securities held in the name of another person (individual, partnership, corporation, trust, custodian, or another entity) if by reason of any contract, understanding, or relationship they obtain or may obtain benefits substantially equivalent to those of ownership. An Access Person does not derive a beneficial interest by virtue of serving as a trustee or executor unless the person, or a member of their immediate family, has a vested interest in the income or corpus of the trust or estate.

If an Access Person believes that they should be exempt from the reporting requirements with respect to any account in which they have direct or indirect beneficial ownership, but over which they have no direct or indirect control in the management process, they should so advise the CCO in writing, giving the name of the account, the person(s) or firm(s) responsible for its management, and the reason for believing that they should be exempt from reporting requirements under the Code.

**Reportable Securities**

Section 202(a)(18) of the Advisers Act defines the term "Security" as follows:

Any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas or other mineral rights, any put, call straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call straddle, option or privilege entered into on a national securities exchange relating to a foreign currency, or in general, any interest or instrument commonly known as a "security" or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.

For purposes of the Code, the term "Reportable Securities" means all such securities described above ***EXCEPT***:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· direct obligations of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· bankers' acceptances, bank certificates of deposit, commercial
paper and high quality short-term debt instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· shares issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· shares issued by open-end funds other than Reportable
Funds (*Note*: The term "Reportable Funds" means any fund whose investment adviser or principal underwriter controls
you, is controlled by you, or is under common control with you.); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· shares issued by unit investment trusts that are
invested exclusively in one or more open- end funds, none of which are reportable funds.

**For purpose of clarification, ETFs are considered Reportable Securities, as are closed-end mutual funds and offshore funds and any mutual fund that the Firm is an adviser or sub- adviser to.**

If there is any question by an Access Person as to whether a security is reportable under the Code, they should consult with the CCO for clarification on the issue before entering any trade for their personal account.

**Reporting Exceptions**

Under Rule 204A-1, Access Persons are not required to submit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any report with respect to securities held in accounts
over which the Access Person has no direct or indirect influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a transaction report with respect to transactions
effected pursuant to an automatic investment plan (*Note:* This exception includes dividend reinvestment plans.); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A Quarterly Transaction Report if the report would
duplicate information contained in broker trade confirmations or account statements that TRM holds in its records so long as TRM receives
the confirmations or statements no later than 30 days after the end of the applicable calendar quarter.

**Initial/Annual Holdings Report <u>Initially</u>**

No later than 10 calendar days after becoming an Access Person, each employee must submit to the CCO an Initial Account & Securities Holdings Disclosure (**Exhibit C**).

The Account Disclosure must include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· name of financial institution,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· account title,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· account number,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether or not you have beneficial ownership or, if non-reportable securities, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether or not you have influence or control.

The Securities Holdings Disclosure information provided in conjunction with this certification must be current as of 45 days before the employee became an Access Person and must include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the title and type of security,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the exchange ticker symbol or CUSIP number,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· number of shares,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the principal amount of each reportable security,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· name of any broker, dealer, or bank where securities are held, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the date the access person submits the report.

An access person can satisfy the initial or annual holdings report requirement by providing the CCO with Brokerage Statements listing all their securities holdings, if the statement provides all information required by the rule and the code of ethics.

<u>**Annually**</u>

Every Access Person must submit an Annual Account & Securities Holdings Disclosure to the CCO by the last business day of January of each year (**Exhibit D**). The annual holdings requirement will be satisfied through receipt by the CCO of year-end brokerage statements. The CCO will review each statement for any evidence of improper holdings, trading activities, or conflicts of interest by the Access Person.

**Quarterly Transaction Reports**

Every Access Person must provide the CCO with copies of statements for all brokerage accounts. Following receipt of the quarterly statements and Quarterly Transaction Reports (**Exhibit E**), the CCO will review each statement for any evidence of improper trading activities or conflicts of interest by the Access Person. After careful review of each report, the CCO will sign and date the report attesting that they conducted such review. Quarterly Transaction Reports are to be maintained by the CCO in accordance with the records retention provisions of Rule 204-2(a) of the Advisers Act.

The Quarterly Transaction Reports must include (this is explicitly required by the Advisers Act):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the date of the transaction,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the title,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the exchange ticker symbol or CUSIP number,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· interest rate and maturity date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· number of shares,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· principal amount of each reportable security involved,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the nature of the transaction (i.e., purchase, sale, or any other type
of acquisition or disposition),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the price of the security at which the transaction was effected,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the name of the broker, dealer, or bank with or through which the transaction
was effected, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the date the access person submits the report.

Brokerage Statements may be submitted to the CCO in lieu of Quarterly Transaction Reports as long as they meet the above-mentioned requirements.

**All reports may be submitted electronically to the CCO.**

**CHAPTER VI - Disclosure & Acknowledgement**

A general description or summary of the Code will be provided to any person or institution that requests it. With the description, a statement will be made that TRM will provide a full and complete copy of the Code to any client or prospective client upon request.

TRM Supervised Persons must acknowledge, initially (**Exhibit F**), annually (**Exhibit G**), and any time there is a material change (**Exhibit H**), that they have received, read and understand the Code and agree to comply with the provisions therein. In addition, Supervised Persons must agree to acknowledge any subsequent amendments to the Code (within specified time frame set forth in any future communications notifying of an amendment) by any means deemed by TRM to satisfactorily fulfill the Supervised Person's obligation to read, understand, and agree to any such amendment.

**EXHIBIT A – Outside Business Activities Disclosure**

**<u>OUTSIDE BUSINESS ACTIVITIES DISCLOSURE FORM</u>**

<u>Check One</u>:<u> </u> New Disclosure<u> </u> Updated Disclosure<u> </u> Remove Disclosure

Supervised Persons who engage in any outside business activity, with or without compensation, must complete and submit this form to the CCO for review and approval. Please refer to the Code of Ethics for complete information. We are requesting this information in order to address any potential conflicts of interest that may exist.

An outside business activity includes any business activity that is outside the scope of the Firm's business. Such business activity includes acting as a proprietor, partner, officer, director, trustee, consultant, or having any financial interest in another business or organization. An outside business activity also includes non-compensated positions for which you have a fiduciary duty (i.e., president, treasurer, trustee, power of attorney, charitable or other office positions for a nonprofit board). While an outside business activity does not include passive investments, exception might apply by virtue of their nature, position, percentage of ownership or control or obligations with respect to that activity.

Failure to promptly disclose an outside business activity could result in disciplinary actions including termination. You must utilize this Outside Business Activity Disclosure Form to disclose any activity to the Firm. Your disclosure must be both accurate and complete to be considered for review.

In the event that you have any change in your outside business activity profile, you must update this form promptly and forward it to the CCO for review and final approval.

**I understand it is my obligation to promptly update any changes in my outside business activities.**

☐ I DO NOT engage in any outside business activities. <br> (If selected, skip to signature block)

☐ I DO engage in outside business activities. <br> (If selected, complete the following chart)

Details on Outside Business Activities:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of Firm** | &nbsp;&nbsp;**Start Date** | &nbsp;&nbsp;**Type of Work** | &nbsp;&nbsp;**Compensated?** |

---

**By signing below, I certify that I have disclosed any outside business activity that I am involved in.**

Supervised Person Name (print) Date

Supervised Person Signature

Tactical Rotation Management, LLC

BY:

Signature Title Date

**EXHIBIT B – Insider Trading Policy**

**Tactical Rotation Management, LLC Insider Trading Policy**

The purpose of the policies and procedures in this Section (the "Insider Trading Policies") is to detect and prevent "insider trading" by any person associated with TRM. The term "insider trading" is not defined in the securities laws, but generally refers to the use of ***material, non-public information*** to trade in securities or the communication of material, non-public information to others.

<u>**General Policy**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Prohibited Activities** 

All TRM Personnel are prohibited from engaging in the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) trading or recommending trading in securities for
any account (personal or client) while in possession of material, non-public information about the issuer of the securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) communicating material, non-public information about
the issuer of any securities to any other person.

The activities described above are not only violations of these Insider Trading Policies, but also may be violations of applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Reporting of Material, Non-Public Information** 

All TRM Personnel who possess or believe that she/he may possess material, non-public information about any issuer of securities must report the matter immediately to the CCO. The CCO will review the matter and provide further instructions regarding appropriate handling of the information to the reporting individual.

<u>**Insiders**</u>

The concept of "insider" is quite broad, and includes all employees of a company. In addition, any person may be a temporary insider if she/he enters into a special, confidential relationship with a company in the conduct of that company's affairs and, as a result, has access to information solely for the company's purposes. Any person associated with TRM may become a temporary insider for a company it advises or for which it performs other services. Temporary insiders may also include the following: a company's attorneys, accountants, consultants, bank lending officers, and the employees of such organizations.

<u>**What Information is Material?**</u>

Information is considered "material" if there is a substantial likelihood that a reasonable investor would consider the information important in deciding to buy or sell a security. For example, information that, when disclosed, is likely to have a direct effect on a security's price should be treated as material. Examples of material information include the following: dividend changes, earnings estimates, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems, and extraordinary management developments.

<u>**What is Non-Public Information?**</u>

Information is non-public until it has been effectively communicated to the marketplace. One must be able to point to some fact to show that the information is generally public. For example, information found in a report filed with the SEC or appearing in Dow Jones, Reuters Economic Services, The Wall Street Journal or other publications of general circulation would be considered public.

<u>**Protection of Non-Public Information**</u>

TRM's advisory business necessarily involves many confidential matters. Thus, to conduct its business successfully, it is essential that TRM maintain the confidences of those parties with which it conducts its business, and any other parties with which TRM is contemplating a business relationship.

Material, non-public information obtained by any supervised person from any source must be kept strictly confidential. Supervised persons should not act upon or disclose to any person material, non-public information (sometimes referred to as "inside information") except as may be appropriate for legitimate business purposes.

Inside information may include knowledge of pending orders or research recommendations, corporate finance activity, mergers or acquisitions, and other such non-public information. Financial information relating to the clients, their securities holdings, capital account balances, etc., are also confidential and must not be discussed with any persons not affiliated with TRM whose responsibilities do not require knowledge of those facts and data.

No supervised person of TRM may trade, either personally or on behalf of another, on material, non-public information or communicate material, non-public information to another in circumstances that could involve a violation of U.S. law. The policies in this section apply to every supervised person and extend to the supervised person's activities both within and outside the supervised person's duties at TRM.

Using material, non-public information to execute personal trades in securities or providing a family member, friend or any other person with a "tip" is illegal and is prohibited. All such non- public information should be considered inside information and should never be used for personal gain. The penalties for insider trading can be considerable, including loss of profits, money damages, criminal sanctions including incarceration, loss of employment and permanent bar from the securities industry.

A supervised person is also prohibited from disclosing material, non-public information to individuals except to those individuals within TRM on a "need-to-know basis." Generally, a disclosure by a supervised person of such information to the following persons within TRM is permissible: (i) persons who are Access Persons; or (ii) persons who would find such information to be useful in connection with the performance of their duties for TRM in a thorough and professional manner (including any persons providing assistance to or supervision over such persons).

Virtually anyone can become subject to the insider trading prohibition merely by obtaining material, non-public information by lawful or unlawful means and improperly using it. This is known as misappropriation. If a person is aware of a material, non-public information as part of such person's legitimate business dealings on behalf of TRM and such person trades in securities that are subject to inside information, or if such person transmits that information to another person for purposes of trading in securities (so called "tipping"), such person could be guilty of insider trading. In addition, a person who has obtained inside information (a so called "tippee") from a person who has breached a duty or who has misappropriated information may also be held liable for insider trading.

A supervised person should immediately notify the CCO upon receipt of information that suggests someone may be trading on the basis of material, non-public information.

**<u>Penalties for Insider Trading</u>**

U.S. penalties for trading on or communicating material, non-public information are severe, both for individuals involved in such unlawful conduct and for their employers. A person can be subject to some or all of the penalties below even if such person does not personally benefit from the violation. Penalties include civil injunctions; treble damages; disgorgement of profits; jail sentences; fines for the person who committed the violation of up to three times the profit gained or loss avoided, whether or not the person actually benefited therefrom; and fines for the employer or other controlling person of up to the greater of $1,000,000 or three times the amount of the profit gained or loss avoided.

In addition, any violation of this section can be expected to result in the imposition of serious sanctions by TRM, including dismissal of the persons involved.

<u>**Handling of Inside Information**</u>

If the CCO determines that information available to TRM requires restrictions on its use and dissemination, the following procedures will apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The CCO will immediately place a "restriction"
on the affected securities. This would bar any purchases or sales of such securities (1) by the portfolio(s) managed by the individual(s)
that obtained the inside information and (2) by any supervised person in that group for the personal account of such supervised person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In addition, the CCO will either (1) place a "Firm-Wide
Restriction" on the affected securities, which would bar any purchases or sales of the securities by any group or person within
TRM, or (2) elect to maintain an Information Wall between groups, which would bar the dissemination of the information outside the group
that possesses it. Where senior executive officers, or other persons who do not readily fit within a group, receive inside information,
the CCO (subject to an analysis of the specific facts) will decide upon the appropriate restriction.

<u>**Inadvertent Communications**</u>

If inside information is communicated to another group (inadvertently or otherwise) in violation of this Compliance Manual, the foregoing procedures will apply to such other group in the same manner as they are applied to the group that originally received the information.

<u>**Lifting Restrictions**</u>

Once inside information becomes public, or is judged to be no longer material, the CCO may lift the trading and information restrictions.

<u>**Supervisory Procedures**</u>

Supervisory procedures can be divided into two classifications – prevention of insider trading and detection of insider trading.

<u>**Prevention of Insider Trading**</u>

To prevent insider trading, the CCO should:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Provide, on a regular basis, information to familiarize supervised persons
of TRM with its policy and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Answer questions regarding TRM's policy and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Resolve issues of whether information received by a supervised person
of TRM is material and non-public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Review on a regular basis and update as necessary TRM's policy
and procedures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· When it has been determined that a supervised person of TRM has material,
non- public information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Implement measures to prevent dissemination of such information, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o If necessary, restrict trading in the securities.

<u>**Detection of Insider Trading**</u>

To detect insider trading, the CCO should:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Review the trading activity reports filed by supervised persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Review communications (i.e. email) for the transmission of inside information;
and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Review, to the extent practicable or applicable, trading activity in Firm
portfolio accounts.

<u>**Special Reports to Management**</u>

Promptly, upon learning of a suspected violation of any of TRM's policies and procedures against insider trading, the CCO should prepare a written report to the CEO providing full details and recommendations for further action.

<u>**Misleading Rumors**</u>

Supervised persons are prohibited from circulating false or misleading rumors of a sensational character that might reasonably be expected to affect market conditions. A "rumor" is a false or misleading statement or a statement without a reasonable basis. (A statement is considered to be a "rumor" if it is clearly an expression of an individual's or firm's opinion, such as an analyst's view of the prospects of a company.)

A supervised person must use good judgment in disseminating information of uncertain value. The policy does not prohibit the discussion of a rumor that is published by widely circulated public media if its source and unsubstantiated nature are disclosed. Nor does this section prohibit the discussion of rumors among market participants when necessary to explain market or trading conditions.

TRM and its supervised persons may not profit by spreading uncertain rumors and must also avoid actions that appear to create profits by rumor spreading.

Any supervised person who has questions about whether a communication is proper should check with the CCO before sending it.

**EXHIBIT C – Initial Securities Holdings & Account Certification**

**Tactical Rotation Management, LLC**

Initial Securities Holdings & Account Certification

I hereby certify that attached are account statements that report accounts and securities holdings of all brokerage accounts and securities in which I have a direct or indirect beneficial interest as of<u> </u>, 20<u> </u>.

Supervised Persons Name (print):<u> </u>

Date of Report:<u> </u>

**Check <u>one</u> of the following as applicable:**

☐ I DO NOT have any personal accounts to disclose. <br> (If selected, skip to signature block)

☐ I have personal accounts to disclose and statements for those accounts are attached for the most recent month end.

Supervised Person Name (print) Date

Supervised Person Signature

Tactical Rotation Management, LLC

BY:

Signature Title Date

**EXHIBIT D – Annual Account & Securities Holdings**

**Tactical Rotation Management, LLC**

Annual Securities Holdings & Account Certification

I hereby certify that attached are annual account statements that report accounts and securities holdings of all brokerage accounts and securities in which I have a direct or indirect beneficial interest as of December 31, 20<u> </u>.

Supervised Persons Name (print):<u> </u>

Date of Report:<u> </u>

**Check <u>one</u> of the following as applicable:**

☐ I DO NOT have any personal accounts to disclose. <br> (If selected, skip to signature block)

☐ I have personal accounts to report and statements for those accounts are attached for the most recent month end.

Supervised Person Name (print) Date

Supervised Person Signature

Tactical Rotation Management, LLC

BY:

Signature Title Date

**EXHIBIT E – Quarterly Transaction Report**

The Code requires that each Access Person report, within 30 days of the end of each calendar quarter, any personal securities transactions in any account of the Access Person, or any account in which the Access Person or any immediate family or household member, has a direct or indirect pecuniary interest.

Quarter ending:<u> </u>

**Check <u>one</u> of the following as applicable:**

☐ I do not have reportable personal securities transactions from the most recent quarter.<br> (If selected, skip to signature block)

☐ I have reportable personal securities transactions for the most recent quarter and statements for all accounts in which I have a beneficial interest are attached for the most recent month end.

This report is to be signed, dated, and returned to the CCO (or designated person), within 30 days of quarter end.

Supervised Person Name (print) Date

Supervised Person Signature

Tactical Rotation Management, LLC

BY:

Signature Title Date

**EXHIBIT F – Initial Acknowledgement of Receipt of Code**

The undersigned hereby certifies the following:

The undersigned has received, read and understands the policies and procedures set forth in Tactical Rotation Management, LLC's Code of Ethics and will comply with the provisions of the Code of Ethics, including, without limitation, the Personal Trading Policies and applicable laws referenced therein.

Supervised Person Name (print) Date

Supervised Person Signature

Tactical Rotation Management, LLC

BY:

Signature Title Date

**EXHIBIT G – Annual Acknowledgement of Receipt of Code**

The undersigned hereby certifies the following:

The undersigned has received, read and understands the policies and procedures set forth in Tactical Rotation Management, LLC's Code of Ethics. To the undersigned's knowledge, the undersigned has not violated or materially failed to comply with the provisions of the Code of Ethics, including, without limitation, the Personal Trading Policies and applicable laws referenced therein during the period January 1, 20<u> </u> to December 31, 20<u> </u>.

Supervised Person Name (print) Date

Supervised Person Signature

Tactical Rotation Management, LLC

BY:

Signature Title Date

**EXHIBIT H –Acknowledgement of Receipt of Updated Code**

The undersigned hereby certifies the following:

The undersigned has received, read, understands and will comply with the policies and procedures set forth in Tactical Rotation Management, LLC's update Code of Ethics dated<u> </u>, 20<u> </u>.

Supervised Person Name (print) Date

Supervised Person Signature

Tactical Rotation Management, LLC

BY:<br>

Signature Title Date