# EDGAR Filing Document

**Accession Number:** 0001742912
**File Stem:** 0002000324-25-002165
**Filing Date:** 2025-6
**Character Count:** 19462
**Document Hash:** 55bdcb948b09173a92ec55df0cde6bd2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-25-002165.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0002000324-25-002165

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250626

**DATE AS OF CHANGE**: 20250626

**PERIOD START**: 20250731

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23377
- **FILM NUMBER:** 251075659

**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

### Aztlan North America Nearshoring Stock Selection ETF (Series ID: S000083086)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000246600 | Aztlan North America Nearshoring Stock Selection ETF | NRSH            |

## Nport-Ex

---

| |
|:---|
| **Aztlan North America Nearshoring Stock Selection ETF** |
| **Schedule of Investments** |
| **April 30, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 66.9%** | **Shares** | **Value** |
| **Commercial Services - 4.8%** |  |  |
| GXO Logistics, Inc.<sup>(a)</sup> | 9879 | $358015 |
| Promotora y Operadora de Infraestructura SAB de CV | 10726 | 120235 |
|  |  | 478250 |
| **Real Estate - 6.3%** |  |  |
| Corp. Inmobiliaria Vesta SAB de CV | 230940 | 632593 |
| **Storage-Warehousing - 1.2%** |  |  |
| Westshore Terminals Investment Corp. | 6445 | 118840 |
| **Transportation - 54.6%<sup>(b)</sup>** |  |  |
| ArcBest Corp. | 5576 | 326308 |
| Canadian National Railway Co. | 4316 | 417164 |
| Canadian Pacific Kansas City Ltd. | 4951 | 358799 |
| Cargojet, Inc. | 8864 | 547382 |
| CSX Corp. | 15641 | 439043 |
| Expeditors International of Washington, Inc. | 4907 | 539328 |
| GMexico Transportes SAB de CV | 33394 | 57695 |
| Grupo Traxion SAB de CV<sup>(a)(c)</sup> | 128376 | 108013 |
| Hub Group, Inc. - Class A | 10374 | 327715 |
| Kirby Corp.<sup>(a)</sup> | 6805 | 655798 |
| Matson, Inc. | 5364 | 585159 |
| Mullen Group Ltd. | 12113 | 114965 |
| TFI International, Inc. | 5834 | 473334 |
| Union Pacific Corp. | 2278 | 491274 |
| Universal Logistics Holdings, Inc. | 2085 | 45328 |
|  |  | 5487305 |
| **TOTAL COMMON STOCKS** (Cost $6,939,877) |  | 6716988 |
| **REAL ESTATE INVESTMENT TRUSTS - 32.9%** |  |  |
| American Tower Corp. | 2111 | 475841 |
| Dream Industrial Real Estate Investment Trust | 13666 | 104872 |
| FIBRA Macquarie Mexico<sup>(c)</sup> | 70171 | 110696 |
| Fibra MTY SAPI de CV | 186900 | 115052 |
| Granite Real Estate Investment Trust | 11384 | 521193 |
| Innovative Industrial Properties, Inc. | 7744 | 420577 |
| Iron Mountain, Inc. | 4165 | 373476 |
| Plymouth Industrial REIT, Inc. | 6422 | 95495 |
| Prologis Property Mexico SA de CV | 163297 | 580528 |
| SBA Communications Corp. | 2095 | 509923 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $3,234,978) |  | 3307653 |
| **SHORT-TERM INVESTMENTS - 0.2%** |  |  |
| **Money Market Funds - 0.2%** |  |  |
| First American Government Obligations Fund - Class X, 4.25%<sup>(d)</sup> | 16396 | 16396 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $16,396) |  | 16396 |
| **TOTAL INVESTMENTS - 100.0%** (Cost $10,191,251) |  | 10041037 |
| Liabilities in Excess of Other Assets - (0.0)%<sup>(e)</sup> |  | (1869) |
| **TOTAL NET ASSETS - 100.0%** |  | $10039168 |

---

---

| | |
|:---|:---|
| Percentages are stated as a percent of net assets. | –% |

---

(a) Non-income producing security.

(b) To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

(c) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of April 30, 2025, the value of these securities total $218,709 or 2.2% of the Fund's net assets.

(d) The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

(e) Represents less than 0.05% of net assets.

**Summary of Fair Value Disclosure as of April 30, 2025 (Unaudited)**

Aztlan North America Nearshoring Stock Selection ETF has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments</u>: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $6716988 | $— | $— | $6716988 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | 3307653 |  |  | 3307653 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 16396 |  |  | 16396 |
| Total Investments | $10041037 | $— | $— | $10041037 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Tidal Trust I

- **b. Investment Company Act file number:** 811-23377

- **c. CIK number of Registrant:** 0001742912

- **d. LEI of Registrant:** 549300VTYHP8U2332C46

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 234 West Florida Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53204

  - **Telephone number:** 8449867676

**Item A.2. Information about the Series.**

- **a. Name of Series:** Aztlan North America Nearshoring Stock Selection ETF

- **b. EDGAR series identifier (if any):** S000083086

- **c. LEI of Series:** 5299003CVTE7ITZZ5L72

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-07-31

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $10045681.79

**Total Liabilities:** $6513.44

**Net Assets:** $10039168.35

**Cash Not Reported:** $851.42

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000246600 | -0.84%               | -5.12%               | -0.25%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-745.59                 | $-83833.14                                 |
| Month 2  | $-328197.37              | $-302066.56                                |
| Month 3  | $2471.11                 | $-32718.51                                 |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| American Tower Corp            | American Tower Corp                                | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      2111 | NS      | $475840.51    | 4.74%             |  |  |  | No            |                  1 | On Loan: No      |
| ArcBest Corp                   | ArcBest Corp                                       | CUSIP: 03937C105<br>LEI: 5493006S3KBNE8ZS3J23 | Long             | EC               | CORP              | US        |      5576 | NS      | $326307.52    | 3.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian National Railway Co   | Canadian National Railway Co                       | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |      4316 | NS      | $417164.38    | 4.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Pacific Kansas City L | Canadian Pacific Kansas City Ltd                   | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      4951 | NS      | $358798.97    | 3.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Cargojet Inc                   | Cargojet Inc                                       | CUSIP: 14179V503<br>LEI: 549300C4GBBANCBT3K72 | Long             | EC               | CORP              | CA        |      8864 | NS      | $547382.32    | 5.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Corp Inmobiliaria Vesta SAB de | Corp Inmobiliaria Vesta SAB de CV                  | CUSIP: P9781N108<br>LEI: 4469000001BIRIFZJ959 | Long             | EC               | CORP              | MX        |    230940 | NS      | $632592.74    | 6.30%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corp                       | CSX Corp                                           | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |     15641 | NS      | $439042.87    | 4.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Dream Industrial Real Estate I | Dream Industrial Real Estate Investment Trust      | CUSIP: 26153W109<br>LEI: 549300QOI0TM3CBYUH79 | Long             | EC               | CORP              | CA        |     13666 | NS      | $104871.93    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Expeditors International of Wa | Expeditors International of Washington Inc         | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |      4907 | NS      | $539328.37    | 5.37%             |  |  |  | No            |                  1 | On Loan: No      |
| FIBRA Macquarie Mexico         | FIBRA Macquarie Mexico                             | CUSIP: P3515D155<br>LEI: 4469000001BRQKG5JK62 | Long             | EC               | CORP              | MX        |     70171 | NS      | $110696.32    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Fibra MTY SAPI de CV           | Fibra MTY SAPI de CV                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |    186900 | NS      | $115052.11    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund         | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |     16396 | NS      | $16396.48     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| GMexico Transportes SAB de CV  | GMexico Transportes SAB de CV                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |     33394 | NS      | $57695.28     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Granite Real Estate Investment | Granite Real Estate Investment Trust               | CUSIP: 387437205<br>LEI: 549300A6I7CLE0ZC0396 | Long             | EC               | CORP              | CA        |     11384 | NS      | $521193.19    | 5.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Traxion SAB de CV        | Grupo Traxion SAB de CV                            | CUSIP: P4989G104<br>LEI: 4469000001BS6B603745 | Long             | EC               | CORP              | MX        |    128376 | NS      | $108012.91    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| GXO Logistics Inc              | GXO Logistics Inc                                  | CUSIP: 36262G101<br>LEI: 5493007CNWMXN78JRN66 | Long             | EC               | CORP              | US        |      9879 | NS      | $358014.96    | 3.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Hub Group Inc                  | Hub Group Inc                                      | CUSIP: 443320106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10374 | NS      | $327714.66    | 3.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovative Industrial Properti | Innovative Industrial Properties Inc               | CUSIP: 45781V101<br>LEI: 5493008BQ0545EZXRR30 | Long             | EC               | CORP              | US        |      7744 | NS      | $420576.64    | 4.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc              | Iron Mountain Inc                                  | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |      4165 | NS      | $373475.55    | 3.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Kirby Corp                     | Kirby Corp                                         | CUSIP: 497266106<br>LEI: I7NO6FZO5GUCG585T325 | Long             | EC               | CORP              | US        |      6805 | NS      | $655797.85    | 6.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Matson Inc                     | Matson Inc                                         | CUSIP: 57686G105<br>LEI: 549300OI5H3Y0I9I4I12 | Long             | EC               | CORP              | US        |      5364 | NS      | $585158.76    | 5.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Mullen Group Ltd               | Mullen Group Ltd                                   | CUSIP: 625284104<br>LEI: 549300KLU7H5NA3I5P62 | Long             | EC               | CORP              | CA        |     12113 | NS      | $114965.20    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| PINFRA                         | Promotora y Operadora de Infraestructura SAB de CV | CUSIP: P7925L103<br>LEI: 52990035X6RK8DBUWA73 | Long             | EC               | CORP              | MX        |     10726 | NS      | $120235.31    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Plymouth Industrial REIT Inc   | Plymouth Industrial REIT Inc                       | CUSIP: 729640102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6422 | NS      | $95495.14     | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Property Mexico SA de | Prologis Property Mexico SA de CV                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |    163297 | NS      | $580528.13    | 5.78%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp        | SBA Communications Corp                            | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |      2095 | NS      | $509923.00    | 5.08%             |  |  |  | No            |                  1 | On Loan: No      |
| TFI International Inc          | TFI International Inc                              | CUSIP: 87241L109<br>LEI: 5493007R9W7KO7SJN678 | Long             | EC               | CORP              | CA        |      5834 | NS      | $473334.09    | 4.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp             | Union Pacific Corp                                 | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      2278 | NS      | $491273.48    | 4.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Logistics Holdings I | Universal Logistics Holdings Inc                   | CUSIP: 91388P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2085 | NS      | $45327.90     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Westshore Terminals Investment | Westshore Terminals Investment Corp                | CUSIP: 96145A200<br>LEI: 549300IERWRM7D8GK487 | Long             | EC               | CORP              | CA        |      6445 | NS      | $118840.33    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-26

**Name of Applicant:** Tidal Trust I

**Signature:** /s/ Aaron Perkovich

**Name of Signer:** Aaron Perkovich

**Title:** Treasurer/Principal Financial Officer