# EDGAR Filing Document

**Accession Number:** 0001742912
**File Stem:** 0001999371-25-019807
**Filing Date:** 2025-12
**Character Count:** 131880
**Document Hash:** 41195ab67ccfb34656fbfe1b1854156b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-019807.hdr.sgml**: 20251208

**ACCESSION NUMBER**: 0001999371-25-019807

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251208

**DATE AS OF CHANGE**: 20251208

**EFFECTIVENESS DATE**: 20251208

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23377
- **FILM NUMBER:** 251556979

**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

### Unusual Whales Subversive Democratic Trading ETF (Series ID: S000088363)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000254622 | Unusual Whales Subversive Democratic Trading ETF | NANC            |

### Unusual Whales Subversive Republican Trading ETF (Series ID: S000088364)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000254623 | Unusual Whales Subversive Republican Trading ETF | GOP             |

?xml version='1.0' encoding='ASCII'? Annual Shareholder Report

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **(811-23377)**

**<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)

**Eric W. Falkeis**

**Tidal Trust I 234 West Florida Street, Suite 203**

**Milwaukee, Wisconsin 53204**

(Name and address of agent for service)

**(844) 986-7700**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>September 30</u>**

Date of reporting period: **<u>September 30, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

Unusual Whales Subversive Democratic Trading ETF Tailored Shareholder Report

**annual shareholder reportSeptember 30, 2025**

#### Unusual Whales Subversive Democratic Trading ETF
Ticker: NANC (Listed on Cboe BZX Exchange, Inc.)

This annual shareholder report contains important information about the Unusual Whales Subversive Democratic Trading ETF (the "Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.subversiveetfs.com/nanc. You can also request this information by contacting us at 1-800-617-0004 or by writing to the Unusual Whales Subversive Democratic Trading ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Unusual Whales Subversive Democratic Trading ETF | $80 | 0.73% |

---

#### Cumulative Performance
(Initial Investment of $10,000)

![line](qes3g82yv1mhnfridh.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
| **Annualized Returns for the Periods**<br> **Ended September 30, 2025** | **1 Year** | **Since Inception**<br> **(2/6/2023)** |
| **Unusual Whales Subversive**<br> **Democratic Trading ETF**  | 20.04% | 25.17% |
| **S&P 500<sup>®</sup> Index**  | 17.60% | 21.96% |

---

#### How did the Fund perform last year and what affected its performance?
For the fiscal year ended September 30, 2025, the Fund returned 20.04% and the S&P 500<sup>®</sup> Index returned 17.60%. The Fund was weighted towards growth and large caps stock with an overweight position in Technology, Communications and Healthcare, and an underweight position in Financials and Industrials relative to the S&P 500<sup>®</sup>. The portfolio skewed throughout the year heavily towards Informational Technology, Communications and Healthcare and was weighted about 94% towards large cap stocks.

#### Positioning
Top Contributors

The Fund is a non-diversified strategy and there was some concentration in the top 10 holdings with Nvidia consistently throughout the period representing about 10% of the portfolio. In addition, the Fund held large weightings in Microsoft at nearly 8%, and Amazon. Artivion also contributed meaningfully. These top holdings were strong performers and contributed to the Fund's performance.

Top Detractors

Companies that were headwinds for performance included JP Morgan, Walmart and Sweetgreen.

The Fund, which is active, focuses on stocks that have been identified by the fund's portfolio managers as having greater trading activity by Democratic members of Congress. Repeated buy and sell patterns are then also cross referenced against the Democratic members' committee roles and/or also further validated by other members of Congress to identify transaction patterns.

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit https://www.subversiveetfs.com/nanc for more recent performance information.

Unusual Whales Subversive Democratic Trading ETF Tailored Shareholder Report

#### Key Fund Statistics
(as of September 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Size (Thousands)** | $255228 |
| **Number of Holdings** | 150 |
| **Total Advisory Fee** | $1556261 |
| **Portfolio Turnover Rate** | 10% |

---

#### What did the Fund invest in?
(as of September 30, 2025)

#### Sector Breakdown
(% of total net assets)

![bar](qesfiki1mhklsgjt.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of total net assets)** |
| **NVIDIA Corp.** | 10.4 |
| **Microsoft Corp.** | 7.9 |
| **Alphabet, Inc. - Class C** | 4.9 |
| **Amazon.com, Inc.** | 4.8 |
| **Apple, Inc.** | 4.0 |
| **Artivion, Inc.** | 3.2 |
| **American Express Co.** | 3.0 |
| **Salesforce, Inc.** | 3.0 |
| **Philip Morris International, Inc.** | 3.0 |
| **Netflix, Inc.** | 2.8 |

---

**This is a summary of certain changes to the Fund. For more complete information, you may review the Fund's prospectus, which is available at https://subversiveetfs.com/nanc/ or upon request at (877) 291-4040.**

#### How has the Fund Changed?
The Fund has adopted the performance of the Unusual Whales Subversive Democratic Trading ETF, a series of Series Portfolios Trust (the "Predecessor Fund"), as the result of a reorganization of the Predecessor Fund into the Fund on December 30, 2024 (the "Reorganization"). The Predecessor Fund had the same investment objective and substantially similar principal investment strategies as the Fund. All historical financial information and other information relating to the Fund for the period prior to the closing of the Reorganization is that of the Predecessor Fund.

Effective August 1, 2025, U.S. Bancorp Fund Services, LLC, doing business as Global Fund Services, no longer serves as the Sub-Administrator for each series of Tidal Trust 1, including the Fund..

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.subversiveetfs.com/nanc .

#### 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.

**Unusual Whales Subversive Republican Trading ETF** Tailored Shareholder Report

**annual shareholder report September 30, 2025**

#### Unusual Whales Subversive Republican Trading ETF
Ticker: GOP (Listed on Cboe BZX Exchange, Inc.)

This annual shareholder report contains important information about the Unusual Whales Subversive Republican Trading ETF (the "Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.subversiveetfs.com/gop. You can also request this information by contacting us at 1-800-617-0004 or by writing to the Unusual Whales Subversive Republican Trading ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Unusual Whales Subversive Republican Trading ETF | $79 | 0.73% |

---

#### Cumulative Performance
(Initial Investment of $10,000)

![line](qesa4p5j1mhnfohd9.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
| **Annualized Returns for the Periods**<br> **Ended September 30, 2025** | **1 Year** | **Since Inception**<br> **(2/6/2023)** |
| **Unusual Whales Subversive**<br> **Republican Trading ETF**  | 16.65% | 15.91% |
| **S&P 500<sup>®</sup> Index**  | 17.60% | 21.96% |

---

#### How did the Fund perform last year and what affected its performance?
For the fiscal year ended September 30, 2025, the Fund returned 16.65% and the S&P 500<sup>®</sup> Index returned 17.60%. The Fund was weighted more towards value stocks with an overweight position in Financials, Industrials and Energy, and an underweight position in Technology, Healthcare and Industrials relative to the S&P 500<sup>®</sup>. The portfolio also held a 4.7% position in the iShares Bitcoin Trust.

#### Positioning
Throughout the year, the portfolio skewed towards value with an emphasis on Financials, and was about 87% exposed to large cap stocks.

Top Contributors

The Fund is a non-diversified strategy and holdings in Comfort Systems, which was about 3.73% position throughout the year, was the largest contributor to the Fund. Meaningful contribution also came from JP Morgan and the iShares Bitcoin Trust.

Top Detractors

Companies that were headwinds for performance included Bath & Body Works, Insights and Enterprises, Inc. and ASML Holdings.

The Fund, which is active, focuses on stocks that have been identified by the portfolio managers as having greater trading activity by Republican members of Congress. Repeated buy and sell patterns are then also cross referenced against the Republican members' committee roles and/or also further validated by other members of Congress to identify transaction patterns.

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit https://www.subversiveetfs.com/gop for more recent performance information.

**Unusual Whales Subversive Republican Trading ETF** Tailored Shareholder Report

#### Key Fund Statistics
(as of September 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Size (Thousands)** | $59115  |
| **Number of Holdings** | 141 |
| **Total Advisory Fee** | $363640 |
| **Portfolio Turnover Rate** | 16% |

---

#### What did the Fund invest in?
(as of September 30, 2025)

#### Sector Breakdown
(% of total net assets)

![bar](qes7z5f1mhklcwf5.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of total net assets)** |
| **Comfort Systems USA, Inc.** | 5.3 |
| **JPMorgan Chase & Co.** | 4.9 |
| **iShares Bitcoin Trust ETF** | 4.7 |
| **NVIDIA Corp.** | 3.5 |
| **Intel Corp.** | 2.7 |
| **Arista Networks, Inc.** | 2.6 |
| **AT&T, Inc.** | 2.6 |
| **Allstate Corp.** | 2.2 |
| **National Fuel Gas Co.** | 2.0 |
| **Chevron Corp.** | 2.0 |

---

**This is a summary of certain changes to the Fund. For more complete information, you may review the Fund's prospectus, which is available at https://subversiveetfs.com/gop/ or upon request at (877) 291-4040.**

#### How has the Fund Changed?
The Fund has adopted the performance of the Unusual Whales Subversive Republican Trading ETF, a series of Series Portfolios Trust (the "Predecessor Fund"), as the result of a reorganization of the Predecessor Fund into the Fund on December 30, 2024 (the "Reorganization"). The Predecessor Fund had the same investment objective and substantially similar principal investment strategies as the Fund. All historical financial information and other information relating to the Fund for the period prior to the closing of the Reorganization is that of the Predecessor Fund.

The Fund also changed its ticker symbol from KRUZ to GOP during the reporting period.

Effective August 1, 2025, U.S. Bancorp Fund Services, LLC, doing business as Global Fund Services, no longer serves as the Sub-Administrator for each series of Tidal Trust 1, including the Fund.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.subversiveetfs.com/gop .

#### 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.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's Board of Trustees of the Trust has determined that there are at least two audit committee financial expert serving on its audit committee. Mr. Dusko Culafic and Mr. Eduardo Mendoza are the "audit committee financial experts" and are considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for the fiscal year. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "Other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

Unusual Whales Subversive Democratic Trading ETF

---

| | | |
|:---|:---|:---|
| | FYE 9/30/2025 | FYE 9/30/2024 |
| (a) Audit Fees | $13000 | $15500 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $3000 | $3500 |
| (d) All Other Fees | N/A | N/A |

---

Unusual Whales Subversive Republican Trading ETF

---

| | | |
|:---|:---|:---|
| | FYE 9/30/2025 | FYE 9/30/2024 |
| (a) Audit Fees | $13000 | $15500 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $3000 | $3500 |
| (d) All Other Fees | N/A | N/A |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Cohen & Company, Ltd. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 9/30/2025 | FYE 9/30/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

 

<u>Non-Audit Related Fees</u> <u>FYE 9/30/2025</u> <u>FYE 9/30/2024</u> <br> Registrant N/A N/A <br> <u>Registrant's Investment Adviser</u> <u>N/A</u> <u>N/A</u>

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

(j) The registrant is not a foreign issuer.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the "Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Dusko Culafic, Eduardo Mendoza, and Mark H.W. Baltimore.

(b) Not applicable

**<u>Item 6. Investments.</u>**

(a) Schedule of Investments is included within the financial statements filed under Item 7 of this Form.

(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](unusualwhalesncsr001.jpg)

**Financial Statements**

**September 30, 2025**

**Tidal Trust I**

• Unusual Whales Subversive Democratic Trading ETF \| NANC \| Cboe BZX Exchange, Inc. <br> • Unusual Whales Subversive Republican Trading ETF \| GOP \| Cboe BZX Exchange, Inc.

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **Subversive ETFs** |

---

September 30, 2025 (Unaudited)

**Table of Contents**

---

| | |
|:---|:---|
| | **Page** |
| [Schedule of Investments – Unusual Whales Subversive Democratic Trading ETF](#unusualwhalesncsra001) | 1 |
| [Schedule of Investments – Unusual Whales Subversive Republican Trading ETF](#unusualwhalesncsra002) | 6 |
| [Statements of Assets and Liabilities](#unusualwhalesncsra003) | 11 |
| [Statements of Operations](#unusualwhalesncsra004) | 12 |
| [Statements of Changes in Net Assets](#unusualwhalesncsra005) | 13 |
| [Financial Highlights – Unusual Whales Subversive Democratic Trading ETF](#unusualwhalesncsra006) | 14 |
| [Financial Highlights – Unusual Whales Subversive Republican Trading ETF](#unusualwhalesncsra007) | 15 |
| [Notes to the Financial Statements](#unusualwhalesncsra008) | 16 |
| [Report of Independent Registered Public Accounting Firm](#unusualwhalesncsra009) | 27 |
| [Other Non-Audited Information](#unusualwhalesncsra010) | 28 |

---

**Unusual Whales Subversive Democratic Trading ETF**

**Schedule of Investments**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCKS - 99.8%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banking - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | 11181 | $576828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | 7132 | 723898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 5640 | 251262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 13500 | 233145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 1880 | 593008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | 1190 | 239107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 13044 | 1093348 |
|  |  | 3710596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Discretionary Products - 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.R. Horton, Inc. | 29187 | 4946321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Co. | 40034 | 478807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mohawk Industries, Inc.<sup>(a)</sup> | 3543 | 456764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nike, Inc. - Class B | 3302 | 230248 |
|  |  | 6112140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Discretionary Services - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | 972 | 419622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marriott International, Inc. - Class A | 2133 | 555519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | 1016 | 308752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penn Entertainment, Inc.<sup>(a)</sup> | 18048 | 347605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starbucks Corp. | 6909 | 584501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweetgreen, Inc. - Class A<sup>(a)</sup> | 23878 | 190546 |
|  |  | 2406545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staple Products - 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altria Group, Inc. | 7817 | 516391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. | 27113 | 1798134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 4480 | 358131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mondelez International, Inc. - Class A | 2828 | 176665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 2377 | 333826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 46869 | 7602152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 4104 | 630580 |
|  |  | 11415879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Services - 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co. | 23324 | 7747300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 470 | 230887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 4702 | 512330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackrock, Inc. | 483 | 563115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone, Inc. | 2586 | 441818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | 948 | 225785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 4039 | 858611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 5476 | 522794 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR & Co., Inc. | 10310.0 | $1339784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 728.0 | 414094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 9165.0 | 1456868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 1897.0 | 647598 |
|  |  | 14960984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care - 11.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | 21837.0 | 2924848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | 3344.0 | 774270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc. | 1880.0 | 530536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Artivion, Inc.<sup>(a)</sup> | 190402.0 | 8061621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baxter International, Inc. | 7869.0 | 179177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cigna Group | 1177.0 | 339270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | 22718.0 | 1712710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elanco Animal Health, Inc.<sup>(a)</sup> | 31789.0 | 640230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 6400.0 | 4883200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 1893.0 | 806797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.<sup>(a)</sup> | 1112.0 | 710446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.<sup>(a)</sup> | 484.0 | 216459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 15967.0 | 2960601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtronic PLC | 4472.0 | 425913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 3821.0 | 320697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novartis AG, ADR | 2120.0 | 271869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer, Inc. | 13384.0 | 341024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stryker Corp. | 717.0 | 265053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tactile Systems Technology, Inc.<sup>(a)</sup> | 61742.0 | 854509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tempus AI, Inc. - Class A<sup>(a)</sup> | 25004.0 | 2018073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 716.0 | 247235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 725.0 | 283939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 3292.0 | 324262 |
|  |  | 30092739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Products - 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M Co. | 1410.0 | 218804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMETEK, Inc. | 1178.0 | 221464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 718.0 | 342594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deere & Co. | 471.0 | 215369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerson Electric Co. | 1410.0 | 184964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Dynamics Corp. | 711.0 | 242451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 2299.0 | 1400827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oshkosh Corp. | 4211.0 | 546167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RTX Corp | 8306.0 | 1389843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sensata Technologies Holding PLC | 15642.0 | 477863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trane Technologies PLC | 944.0 | 398330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertiv Holdings Co. - Class A | 3290.0 | 496329 |
|  |  | 6135005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Services - 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APi Group Corp.<sup>(a)</sup> | 78313.0 | 2691618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aramark | 27648.0 | 1061683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 705.0 | 206918 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cintas Corp. | 940 | $192944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 1175 | 486943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic Services, Inc. | 940 | 215711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Pacific Corp. | 946 | 223606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Parcel Service, Inc. - Class B | 2839 | 237142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Rentals, Inc. | 1897 | 1810990 |
|  |  | 7127555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aflac, Inc. | 2115 | 236246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allstate Corp. | 2133 | 457848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | 705 | 218367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | 1899 | 382705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive Corp. | 3901 | 963352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | 1893 | 196380 |
|  |  | 2454898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Materials - 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Products and Chemicals, Inc. | 713 | 194449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amcor PLC | 46542 | 380714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ball Corp. | 10590 | 533948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corteva, Inc. | 4230 | 286075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | 5946 | 463193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ecolab, Inc. | 940 | 257428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linde PLC | 472 | 224200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vulcan Materials Co. | 19429 | 5976749 |
|  |  | 8316756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media - 12.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C | 51121 | 12450520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corp. - Class A | 8528 | 267950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Media Corp. - Liberty Formula One - Class C<sup>(a)</sup> | 5479 | 572282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 9716 | 7135236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> | 6023 | 7221095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinterest, Inc. - Class A<sup>(a)</sup> | 37470 | 1205410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc.<sup>(a)</sup> | 2856 | 279802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. | 31369 | 3591750 |
|  |  | 32724045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schlumberger NV | 5051 | 173603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Discretionary - 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | 56316 | 12365304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. | 8307 | 213988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CarMax, Inc.<sup>(a)</sup> | 5172 | 232068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. | 2211 | 895875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 1458 | 366410 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Cos., Inc. | 3305 | $477705 |
|  |  | 14551350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Staples - 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 6993.0 | 6472931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sysco Corp. | 5963.0 | 490993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | 7839.0 | 807887 |
|  |  | 7771811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software & Tech Services - 19.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture PLC - Class A | 5340.0 | 1316844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 13009.0 | 6379353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gartner, Inc. <sup>(a)</sup> | 940.0 | 247098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp. | 8736.0 | 2464950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | 716.0 | 488964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 38821.0 | 20107337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp. | 1175.0 | 330457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 7848.0 | 1431632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.<sup>(a)</sup> | 7759.0 | 1579888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 470.0 | 234384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. | 32285.0 | 7651545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc.<sup>(a)</sup> | 2159.0 | 1986884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoundHound AI, Inc. - Class A<sup>(a)</sup> | 100301.0 | 1612840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | 54374.0 | 4826236 |
|  |  | 50658412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tech Hardware & Semiconductors - 20.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. <sup>(a)</sup> | 2376.0 | 384413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 39901.0 | 10159992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 25820.0 | 5286387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc.<sup>(a)</sup> | 3760.0 | 547870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 8808.0 | 2905847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 10762.0 | 736336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corning, Inc. | 7578.0 | 621623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dell Technologies, Inc. - Class C | 4245.0 | 601814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 9217.0 | 226370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HP, Inc. | 7108.0 | 193551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA Corp. | 242.0 | 261021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | 7470.0 | 1000233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 5946.0 | 381852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 7359.0 | 1231308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 473.0 | 216298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 142778.0 | 26639519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 1660.0 | 276158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | 3908.0 | 922522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 1655.0 | 304073 |
|  |  | 52897187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 2593.0 | 620713 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 8775 | $385661 |
|  |  | 1006374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utilities - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 3295 | 201555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Corp. | 10066 | 1972131 |
|  |  | 2173686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS (Cost $208,121,267)** |  | 254689565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT-TERM INVESTMENTS - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money Market Funds - 0.2%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.05%<sup>(b)</sup> | 615134 | 615134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT-TERM INVESTMENTS (Cost $615,134)** |  | 615134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 100.0% (Cost $208,736,401)** |  | $255304699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities in Excess of Other Assets - 0.0%<sup>(c)</sup> |  | (76506) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NET ASSETS - 100.0%** |  | $255228193 |

---

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt <br> PLC Public Limited Company

(a) Non-income
producing security.

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

(c) Does
not round to 0.1% or (0.1)%, as applicable.

The accompanying notes are an integral part of these financial statements.

**Unusual Whales Subversive Republican Trading ETF**

**Schedule of Investments**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCKS - 93.8%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banking - 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | 1983 | $102303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | 1983 | 201275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Farmers & Merchants Bancorp, Inc. | 3389 | 84759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 9133 | 2880822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Bankshares, Inc. | 3130 | 116467 |
|  |  | 3385626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Discretionary Products - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortune Brands Innovations, Inc. | 2112 | 112760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc.<sup>(a)</sup> | 1666 | 740903 |
|  |  | 853663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Discretionary Services - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | 6716 | 361254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starbucks Corp. | 1264 | 106934 |
|  |  | 468188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staple Products - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clorox Co. | 1387 | 171017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. | 1656 | 109826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 3082 | 499900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyson Foods, Inc. - Class A | 16939 | 919788 |
|  |  | 1700531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Services - 7.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Holdings NV | 4486 | 542806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackrock, Inc. | 341 | 397562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 960 | 204077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 1844 | 176047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 14399 | 949470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. - Class A | 863 | 177191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 609 | 346405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.<sup>(a)</sup> | 11437 | 766965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stifel Financial Corp. | 2800 | 317716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 1146 | 391221 |
|  |  | 4269460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care - 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | 529 | 122485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc. | 266 | 75065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp.<sup>(a)</sup> | 2876 | 280784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 860 | 277883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henry Schein, Inc.<sup>(a)</sup> | 2368 | 157164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Humana, Inc. | 611 | 158964 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.<sup>(a)</sup> | 598.0 | $113584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 3919.0 | 726661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk A/S - Class B, ADR | 6936.0 | 384879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Therapeutics Corp.<sup>(a)</sup> | 2797.0 | 1172530 |
|  |  | 3469999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Products - 8.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 670.0 | 319691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Donaldson Co., Inc. | 1783.0 | 145939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dover Corp. | 532.0 | 88754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerson Electric Co. | 2999.0 | 393409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gates Industrial Corp. PLC<sup>(a)</sup> | 3982.0 | 98833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 1300.0 | 273650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 2081.0 | 635558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 656.0 | 327482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;nVent Electric PLC | 5707.0 | 562938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oshkosh Corp. | 3159.0 | 409722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | 1002.0 | 350229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RTX Corp | 4134.0 | 691742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sensata Technologies Holding PLC | 2999.0 | 91619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodward, Inc. | 1856.0 | 469030 |
|  |  | 4858596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Services - 7.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc., ADR | 532.0 | 138879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aramark | 6540.0 | 251136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 3777.0 | 3116705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core & Main, Inc. - Class A<sup>(a)</sup> | 2406.0 | 129515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | 4782.0 | 271378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FedEx Corp. | 1585.0 | 373759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 270.0 | 111893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southwest Airlines Co. | 4383.0 | 139862 |
|  |  | 4533127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance - 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allstate Corp. | 5949.0 | 1276953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chubb Ltd. | 596.0 | 168221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | 5860.0 | 297571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Markel Group, Inc.<sup>(a)</sup> | 130.0 | 248477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | 860.0 | 173316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primerica, Inc. | 665.0 | 184597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;White Mountains Insurance Group Ltd | 157.0 | 262429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | 1061.0 | 366522 |
|  |  | 2978086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Materials - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcoa Corp. | 2616.0 | 86040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliance Resource Partners LP | 3936.0 | 99522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AptarGroup, Inc. | 665.0 | 88884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barrick Mining Corp | 7840.0 | 256917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 2244.0 | 88010 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linde PLC | 865.0 | $410875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | 1442.0 | 128107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nucor Corp. | 1392.0 | 188518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | 861.0 | 144183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TriMas Corp. | 5529.0 | 213641 |
|  |  | 1704697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications, Inc. - Class A<sup>(a)</sup> | 557.0 | 153233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Broadband Corp. - Class C | 1192.0 | 75740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 592.0 | 434753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc.<sup>(a)</sup> | 2736.0 | 268046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. | 1057.0 | 121026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc.<sup>(a)</sup> | 14107.0 | 275510 |
|  |  | 1328308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas - 7.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | 7623.0 | 1183776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | 9191.0 | 869377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Devon Energy Corp. | 4097.0 | 143641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP | 14645.0 | 251308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NGL Energy Partners LP | 53699.0 | 322194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 3339.0 | 157768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc. | 1657.0 | 120911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shell PLC, ADR | 9101.0 | 650994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Cos., Inc. | 8649.0 | 547914 |
|  |  | 4247883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group, Inc. - REIT | 4555.0 | 854837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Discretionary - 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | 1862.0 | 408839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ePlus, Inc. | 1123.0 | 79744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstCash Holdings, Inc. | 2506.0 | 397001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. | 1126.0 | 456244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.<sup>(a)</sup> | 4935.0 | 532042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penske Automotive Group, Inc. | 533.0 | 92694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valvoline, Inc. | 4057.0 | 145687 |
|  |  | 2112251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Staples - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 2996.0 | 279377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 527.0 | 487807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollar Tree, Inc.<sup>(a)</sup> | 2316.0 | 218561 |
|  |  | 985745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software & Tech Services - 8.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture PLC - Class A | 3404.0 | 839426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adobe, Inc. | 215.0 | 75841 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autodesk, Inc. | 730.0 | $231899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.<sup>(a)</sup> | 860.0 | 302084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 264.0 | 129460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EPAM Systems, Inc.<sup>(a)</sup> | 1266.0 | 190900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortinet, Inc.<sup>(a)</sup> | 1647.0 | 138480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gen Digital, Inc. | 7044.0 | 199979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Enterprises, Inc.<sup>(a)</sup> | 863.0 | 97873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | 457.0 | 312090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 795.0 | 411770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp. | 465.0 | 130777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.<sup>(a)</sup> | 1422.0 | 289548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progress Software Corp. | 1256.0 | 55176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PTC, Inc.<sup>(a)</sup> | 528.0 | 107195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP SE, ADR | 1176.0 | 314239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc.<sup>(a)</sup> | 198.0 | 182216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snowflake, Inc. - Class A<sup>(a)</sup> | 1215.0 | 274043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategy, Inc. - Class A<sup>(a)</sup> | 1873.0 | 603499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workday, Inc. - Class A<sup>(a)</sup> | 1011.0 | 243378 |
|  |  | 5129873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tech Hardware & Semiconductors - 14.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. | 3901.0 | 631143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 1275.0 | 324653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc.<sup>(a)</sup> | 10570.0 | 1540155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arrow Electronics, Inc. | 859.0 | 103939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | 786.0 | 760919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 1783.0 | 588230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 1921.0 | 131435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intel Corp. | 48064.0 | 1612547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA Corp. | 97.0 | 104624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 10999.0 | 2052193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plexus Corp<sup>(a)</sup> | 860.0 | 124433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 735.0 | 122275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 3462.0 | 636073 |
|  |  | 8732619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications - 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. | 53885.0 | 1521712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GCI Liberty, Inc. - Class C<sup>(a)</sup> | 237.0 | 8833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 926.0 | 221666 |
|  |  | 1752211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utilities - 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 5428.0 | 332031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Fuel Gas Co. | 12844.0 | 1186400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 4045.0 | 305357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suburban Propane Partners LP | 13585.0 | 253360 |
|  |  | 2077148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS (Cost $46,813,927)** |  | 55442848 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**EXCHANGE TRADED FUNDS - 4.7%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Bitcoin Trust ETF<sup>(a)</sup> | 42630 | $2770950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXCHANGE TRADED FUNDS (Cost $2,301,250)** |  | 2770950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT-TERM INVESTMENTS - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money Market Funds - 1.5%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.05%<sup>(b)</sup> | 913035 | 913035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT-TERM INVESTMENTS (Cost $913,035)** |  | 913035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 100.0% (Cost $50,028,212)** |  | $59126833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities in Excess of Other Assets - 0.0%<sup>(c)</sup> |  | (12185) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NET ASSETS - 100.0%** |  | $59114648 |

---

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt <br> PLC Public Limited Company <br> REIT Real Estate Investment Trust

(a) Non-income
producing security.

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

(c) Does
 not round to 0.1% or (0.1)%, as applicable.

The accompanying notes are an integral part of these financial statements.

**Statements of Assets and Liabilities**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Unusual Whales <br> Subversive Democratic <br> Trading ETF** | **Unusual Whales <br> Subversive Republican <br> Trading ETF** |
| **ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (cost $208,736,401 and $50,028,212) (Note 2) | $255304699 | $59126833 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 65685 | 20470 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 1618 | 909 |
| &nbsp;&nbsp;&nbsp;Dividend tax reclaim receivable | 1497 | 244 |
| **Total assets** | 255373499 | 59148456 |
| **LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Payable to adviser (Note 4) | 145306 | 33808 |
| **Total liabilities** | 145306 | 33808 |
| **NET ASSETS** | $255228193 | $59114648 |
| **NET ASSETS CONSISTS OF:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $210857030 | $50871020 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated losses) | 44371163 | 8243628 |
| **Total Net Assets** | $255228193 | $59114648 |
| Net assets | $255228193 | $59114648 |
| Shares issued and outstanding<sup>(a)</sup> | 5700000 | 1625000 |
| Net asset value per share | $44.78 | $36.38 |

---

(a) Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

**Statements of Operations**

**For the Year Ended September 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | |  |  |
|  | **** | **Unusual Whales** <br> **Subversive Democratic**<br> **Trading ETF<sup>(a)</sup>** | **Unusual Whales**<br> **Subversive** <br> **Republican**<br> **Trading ETF<sup>(a)</sup>** |
| **INVESTMENT INCOME:** | |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income | | $1990020 | $802904 |
| &nbsp;&nbsp;&nbsp;Less: Foreign withholding taxes | | (5190) | (3955) |
| &nbsp;&nbsp;&nbsp;Less: Issuance fees | | (22) | (108) |
| &nbsp;&nbsp;&nbsp;Interest income | | 46185 | 7613 |
| **Total investment income** | | 2030993 | 806454 |
|  | |  |  |
| **EXPENSES:** | |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee (Note 4) | | 1556261 | 363640 |
| **Total expenses** | | 1556261 | 363640 |
| **NET INVESTMENT INCOME (LOSS)** | | 474732 | 442814 |
|  | |  |  |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | |  |  |
| Net realized gain (loss) from: | |  |  |
| &nbsp;&nbsp;&nbsp;Investments | | (778690) | (953269) |
| &nbsp;&nbsp;&nbsp;Redemptions in-kind | | 5085728 | 1608254 |
| &nbsp;&nbsp;&nbsp;Distributions received from other investment companies | |  | 3597 |
| **Net realized gain (loss)** | | 4307038 | 658582 |
| Net change in unrealized appreciation (depreciation) on: | |  |  |
| &nbsp;&nbsp;&nbsp;Investments | | 31904694 | 6369788 |
| **Net change in unrealized appreciation (depreciation)** | | 31904694 | 6369788 |
| Net realized and unrealized gain (loss) | | 36211732 | 7028370 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | | $36686464 | $7471184 |

---

(a) Each
Fund reorganized into Tidal Trust I on December 30, 2024. See Note 1 in the Notes to Financial Statements for additional information
about the reorganizations.

The accompanying notes are an integral part of these financial statements.

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Unusual Whales Subversive**<br> **Democratic Trading ETF** | **Unusual Whales Subversive**<br> **Democratic Trading ETF** | **Unusual Whales Subversive**<br> **Republican Trading ETF** | **Unusual Whales Subversive**<br> **Republican Trading ETF** |
|  | **Year Ended**<br> **September 30,**<br> **2025<sup>(a)</sup>** | **Year Ended**<br> **September 30,**<br> **2024** | **Year Ended**<br> **September 30,**<br> **2025<sup>(a)</sup>** | **Year Ended**<br> **September 30,**<br> **2024** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $474732 | $338160 | $442814 | $170812 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 4307038 | 554417 | 658582 | 52342 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 31904694 | 14250277 | 6369788 | 2697274 |
| Net increase (decrease) in net assets resulting from operations | 36686464 | 15142854 | 7471184 | 2920428 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders | (411931) | (107314) | (252256) | (55652) |
| Total distributions to shareholders | (411931) | (107314) | (252256) | (55652) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 67133802 | 163234028 | 24567539 | 27394950 |
| &nbsp;&nbsp;&nbsp;Redemptions | (23850908) | (12024495) | (6387785) | (1479005) |
| Net increase (decrease) in net assets from capital transactions | 43282894 | 151209533 | 18179754 | 25915945 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 79557427 | 166245073 | 25398682 | 28780721 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the period | 175670766 | 9425693 | 33715966 | 4935245 |
| End of the period | $255228193 | $175670766 | $59114648 | $33715966 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 1650000 | 4700000 | 750000 | 925000 |
| &nbsp;&nbsp;&nbsp;Redemptions | (650000) | (350000) | (200000) | (50000) |
| Total increase (decrease) in shares outstanding | 1000000 | 4350000 | 550000 | 875000 |

---

(a) Each
Fund reorganized into Tidal Trust I on December 30, 2024. See Note 1 in the Notes to Financial Statements for additional information
about the reorganizations.

The accompanying notes are an integral part of these financial statements.

**Financial Highlights**

**For a share outstanding throughout the periods presented**

---

| | | | |
|:---|:---|:---|:---|
|  | **Unusual Whales Subversive Democratic Trading ETF** | **Unusual Whales Subversive Democratic Trading ETF** | **Unusual Whales Subversive Democratic Trading ETF** |
|  | **Year Ended**<br> **September 30,**<br> **2025<sup>(a)</sup>** | **Year Ended**<br> **September 30,**<br> **2024** | **Period Ended**<br> **September 30,**<br> **2023<sup>(b)</sup>** |
| **PER SHARE DATA:** |  |  |  |
| Net asset value, beginning of period | $37.38 | $26.93 | $25.00 |
| **INVESTMENTS OPERATIONS:** |  |  |  |
| Net investment income (loss)<sup>(c)</sup> | 0.09 | 0.17 | 0.10 |
| Net realized and unrealized gain (loss)<sup>(d)</sup> | 7.39 | 10.57 | 1.83 |
| Total from investment operations | 7.48 | 10.74 | 1.93 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |
| Net investment income | (0.08) | (0.12) |  |
| Net realized gains |  | (0.17) |  |
| Total distributions | (0.08) | (0.29) |  |
| Net asset value, end of period | $44.78 | $37.38 | $26.93 |
| **TOTAL RETURN<sup>(e)</sup>** | 20.04% | 40.10% | 7.72% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |
| Net assets, end of period (in thousands) | $255228 | $175671 | $9426 |
| Ratio of expenses to average net assets<sup>(f)</sup> | 0.73 %<sup>(g)</sup> | 0.75% | 0.75% |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | 0.22% | 0.47% | 0.57% |
| Portfolio turnover rate<sup>(e)(h)</sup> | 10% | 62% | 44% |

---

(a) The
Fund reorganized into Tidal Trust I on December 30, 2024. See Note 1 in the Notes to Financial Statements for additional information
about the reorganization.

(b) Inception
date of the Fund was February 6, 2023.

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

(d) 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 Statements of Operations due
to share transactions for the periods.

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

(f) Annualized
for periods less than one year.

(g) Effective
December 30, 2024, the Fund's management fee was reduced from 0.75% to 0.72%.

(h) Portfolio
turnover rate excludes in-kind transactions, if any.

The accompanying notes are an integral part of these financial statements.

**Financial Highlights**

**For a share outstanding throughout the periods presented**

---

| | | | |
|:---|:---|:---|:---|
|  | **Unusual Whales Subversive Republican Trading ETF** | **Unusual Whales Subversive Republican Trading ETF** | **Unusual Whales Subversive Republican Trading ETF** |
|  | **Year Ended**<br> **September 30,**<br> **2025<sup>(a)</sup>** | **Year Ended**<br> **September 30,**<br> **2024** | **Period Ended**<br> **September 30,**<br> **2023<sup>(b)</sup>** |
| **PER SHARE DATA:** |  |  |  |
| Net asset value, beginning of period | $31.36 | $24.68 | $25.00 |
| **INVESTMENTS OPERATIONS:** |  |  |  |
| Net investment income (loss)<sup>(c)(d)</sup> | 0.29 | 0.32 | 0.21 |
| Net realized and unrealized gain (loss)<sup>(e)</sup> | 4.91 | 6.64 | (0.53) |
| Total from investment operations | 5.20 | 6.96 | (0.32) |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |
| Net investment income | (0.18) | (0.28) |  |
| Total distributions | (0.18) | (0.28) |  |
| Net asset value, end of period |  |  |  |
|  | $36.38 | $31.36 | $24.68 |
| **TOTAL RETURN<sup>(f)</sup>** |  |  |  |
|  | 16.65% | 28.39% | (1.30)% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |
| Net assets, end of period (in thousands) | $59115 | $33716 | $4935 |
| Ratio of expenses to average net assets<sup>(g)(h)</sup> | 0.73 %<sup>(i)</sup> | 0.75% | 0.75% |
| Ratio of net investment income (loss) to average net assets<sup>(g)(h)</sup> | 0.89% | 1.07% | 1.32% |
| Portfolio turnover rate<sup>(f)(j)</sup> | 16% | 54% | 46% |

---

(a) The
Fund reorganized into Tidal Trust 1 on December 30, 2024. See Note 1 in the Notes to Financial Statements for additional information
about the reorganization.

(b) Inception
date of the Fund was February 6, 2023.

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

(d) Recognition
of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange traded
funds in which the Fund invests. The net investment income (loss) per share does not include net investment income of the exchange-traded
funds in which the Fund invests.

(e) 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 Statements of Operations due
to share transactions for the periods.

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

(g) Annualized
for periods less than one year.

(h) The
ratio excludes the impact of expenses of the underlying exchange traded funds as represented in the Schedules of Investments.
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange-traded
funds in which the Fund invests.

(i) Effective
December 30, 2024, the Fund's management fee was reduced from 0.75% to 0.72%.

(j) Portfolio
turnover rate excludes in-kind transactions, if any.

The accompanying notes are an integral part of these financial statements.

Notes to Financial Statements Subversive ETFs

September 30, 2025

**NOTE 1 - ORGANIZATION**

The Unusual Whales Subversive Democratic Trading ETF ("Democratic Trading ETF") and Unusual Whales Subversive Republican Trading ETF ("Republican Trading ETF") (each, a "Fund", and collectively, the "Funds") are non-diversified series of shares of beneficial interest of Tidal Trust I (the "Trust"). The Trust was organized as a Delaware statutory trust on June 4, 2018 and is registered with the Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and the offering of each Funds' shares ("Shares") is registered under the Securities Act of 1933, as amended. The Trust is governed by the Board of Trustees (the "Board"). Tidal Investments LLC ("Tidal Investments" or the "Adviser"), a Tidal Financial Group company, serves as investment adviser to the Funds. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "Financial Services—Investment Companies."

Pursuant to two tax-free reorganizations that took place prior to the open of business on December 30, 2024 (each such transaction, a "Reorganization," and collectively, the "Reorganizations"), the Democratic Trading ETF and the Republican Trading ETF are the successors to the Unusual Whales Subversive Democratic Trading ETF (the "Predecessor Democratic Trading ETF") and the Unusual Whales Subversive Republican Trading ETF (the "Predecessor Republican Trading ETF," and together with the Predecessor Democratic Trading ETF, the "Predecessor Funds"), respectively, each a series of Series Portfolios Trust. Each Predecessor Fund was deemed to be the accounting survivor of its Reorganization for financial reporting purposes and as a result, the financial statements of each Fund reflect the operations of the corresponding Predecessor Fund for the period prior to December 30, 2024. Each Fund had no performance history prior to the Reorganizations.

Each Predecessor Fund commenced operations on February 6, 2023.

The investment objective of each Fund is to seek to achieve long-term capital appreciation..

**NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Fund. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

**Security Valuation -** Equity securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on The Nasdaq Stock Market, LLC (the "NASDAQ")), including securities traded over-the-counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on the valuation date (or at approximately 4:00 p.m. EST if a security's primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price or mean between the most recent quoted bid and ask prices for long and short positions. For a security that trades on multiple exchanges, the primary exchange will generally be considered the exchange on which the security is generally most actively traded. For securities traded on the NASDAQ, the NASDAQ Official Closing Price will be used. Prices of securities traded on the securities exchange will be obtained from recognized independent pricing agents each day that the Fund is open for business.

Investments in money market mutual funds are valued at each underlying fund's published net asset value ("NAV") per share as of the valuation time. Each underlying money market fund calculates NAV using the amortized cost method (which approximates fair value) as permitted by Rule 2a-7 under the Investment Company Act of 1940.

Notes to Financial Statements Subversive ETFs

September 30, 2025

Under Rule 2a-5 of the 1940 Act, a fair value will be determined for securities for which quotations are not readily available by the Valuation Designee (as defined in Rule 2a-5) in accordance with the Pricing and Valuation Policy and Fair Value Procedures, as applicable, of the Adviser, subject to oversight by the Board. When a security is "fair valued," consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the Adviser's Pricing and Valuation Policy and Fair Value Procedures, as applicable. Fair value pricing is an inherently subjective process, and no single standard exists for determining fair value. Different funds could reasonably arrive at different values for the same security.

As described above, the Fund utilizes various methods to measure the fair value of its investments on a recurring basis.

U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have 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 would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following is a summary of the inputs used to value each Fund's investments as of September 30, 2025:

**Democratic Trading ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $254689565 | $— | $— | $254689565 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 615134 |  |  | 615134 |
| Total Investments | $255304699 | $— | $— | $255304699 |

---

Notes to Financial Statements Subversive ETFs

September 30, 2025

**Republican Trading ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $55442848 | $— | $— | $55442848 |
| &nbsp;&nbsp;&nbsp;Exchange Traded Funds | 2770950 |  |  | 2770950 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 913035 |  |  | 913035 |
| &nbsp;&nbsp;&nbsp;Total Investments | $59126833 | $— | $— | $59126833 |

---

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

**Federal Income Taxes -** Each Fund has elected to be taxed as a regulated investment company ("RIC") and intends to distribute substantially all taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to RICs. Therefore, no provision for federal income taxes or excise taxes has been made.

In order to avoid imposition of the excise tax applicable to RICs, each Fund intends to declare as dividends in each calendar year, at least 98% of its net investment income (earned during the calendar year) and at least 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts, if any, from prior years. As a RIC, each Fund is subject to a 4% excise tax that is imposed if a Fund does not distribute by the end of any calendar year at least the sum of (i) 98% of its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a one year period generally ending on October 31 of the calendar year (unless an election is made to use the Fund's fiscal year). The Funds generally intend to distribute income and capital gains in the manner necessary to minimize (but not necessarily eliminate) the imposition of such excise tax. The Funds may retain income or capital gains and pay excise tax when it is determined that doing so is in the best interest of shareholders. Management evaluates the costs of the excise tax relative to the benefits of retaining income and capital gains, including that such undistributed amounts (net of the excise tax paid) remain available for investment by the Funds and are available to supplement future distributions. Tax expense is disclosed in the Statement of Operations, if applicable.

As of September 30, 2025, the Funds did not have any tax positions that did not meet the threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all the tax returns filed for the last three years. The Funds identify their major tax jurisdiction as U.S. Federal and the Commonwealth of Delaware; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statement of Operations.

**Securities Transactions and Investment Income -** Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Discounts/premiums on debt securities purchased are accreted/amortized over the life of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Other non-cash dividends are recognized as investment income at the fair value of the property received.

Notes to Financial Statements Subversive ETFs

September 30, 2025

Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates.

**Distributions to Shareholders -** Distributions to shareholders from net investment income, if any, for the Fund are declared and paid semi-annually. Distributions to shareholders from net realized gains on securities, if any, for the Fund normally are declared and paid at least annually. Distributions are recorded on the ex-dividend date.

**Use of Estimates -** The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Share Valuation -** The NAV per Share is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities by the total number of Shares outstanding for the Fund, rounded to the nearest cent. Fund Shares will not be priced on the days on which the New York Stock Exchange ("NYSE") is closed for trading.

**Guarantees and Indemnifications -** In the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**Illiquid Securities -** Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Board-approved Liquidity Risk Management Program (the "Program") that requires, among other things, that the Fund limit its illiquid investments that are assets to no more than 15% of the value of the Fund's net assets. An illiquid investment is any security 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. If the Fund should be in a position where the value of illiquid investments held by the Fund exceeds 15% of the Fund's net assets, the Fund will take such steps as set forth in the Program.

**Reclassification of Capital Accounts.** U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per Share. These differences are primarily due to redemptions in-kind adjustments. For the year fiscal ended September 30, 2025, the following adjustments were made:

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid-In Capital** | **Total distributable**<br>**earnings/(accumulated losses)** |
| Democratic Trading ETF | $5028167 | $(5028167) |
| Republican Trading ETF | 1565259 | (1565259) |

---

**NOTE 3 - PRINCIPAL INVESTMENT RISKS**

**Democratic Party Investing Risk (Democratic Trading ETF Only).** The pattern of investing by members of the Democratic Party and their family members are often a reflection of committees on which a Congressperson sits and the types of companies or trade associations lobbying members of those Congresspeople. Accordingly, the Fund's investments may emphasize the sectors that are representative of the committees on which Congresspersons who are members of the Democratic Party may sit. To the extent the Fund invests more heavily in particular sectors, its

Notes to Financial Statements Subversive ETFs

September 30, 2025

performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events.

**Equity Market Risk.** The equity securities held in each Fund's portfolio 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 in which each Fund invests. Common stocks, in which each Fund primarily invests, are generally exposed to greater risk than other types of securities, such as preferred stocks and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers.

**ETF Risks.**

● **Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.** The Funds have 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 occurs, 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.

● **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. An investment in Shares may not be advisable for investors who anticipate regularly making small investments.

● **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. Because securities held by the Fund may trade on foreign exchanges that are closed when the Fund's primary listing exchange is open, the Fund is likely to experience premiums and discounts greater than those of ETFs holding only domestic securities.

● **Trading.** Although Shares are listed on a national securities exchange, such as Cboe BZX Exchange, 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.

**Ethics in Government Act Risk.** In implementing the Funds' principal investment strategies, the Adviser obtains and uses information derived by the third-party data provider from Periodic Transaction Reports ("PTRs") to manage the composition and weighting of securities in each Fund's portfolio. PTRs are made available online by the Ethics in

Notes to Financial Statements Subversive ETFs

September 30, 2025

Government Act of 1978 (the "EIGA"), which makes it unlawful for "any person to obtain or use a PTR for any commercial purpose, other than by news and communications media for dissemination to the general public. The EIGA authorizes the U.S. Attorney General to bring a civil action against any person who obtains or uses a PTR for a prohibited commercial purpose, and provides that the court in which such action is brought may assess penalties. Absent a definitive determination as to whether the Adviser's review and analysis of data for purposes of implementing the Funds' investment strategies constitutes "obtaining or using" a PTR for a prohibited "commercial purpose," as those terms are used in the EIGA, each Fund is subject to the risk that the Adviser and/or the Funds may face legal consequences if the Adviser's implementation of the Funds' investment strategies is prohibited by the EIGA, which could potentially include monetary penalties and other liabilities or injunctions or similar orders, any or all of which could adversely impact the Funds and their shareholders or limit the ability of the Adviser to implement the Funds' investment strategies. In addition, the Adviser and/or the Funds may face the threat (or perceived threat) of legal proceedings or other actions that could result in legal consequences. Such a threat (or perceived threat) could lead the Funds to fundamentally change their investment strategies or liquidate. The timing of any such liquidation may not be favorable and could have negative tax consequences for shareholders.

**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. 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.

**Government Regulation Risk.** It is possible that legislation or regulation could be enacted that limits, restricts or prevents U.S. Congresspeople and/or their family members from personal securities trading. Legal, tax and regulatory changes could occur that may adversely affect the Funds and their ability to pursue their investment strategies and/or increase the costs of implementing such strategies. Government regulation may change the manner in which the Funds are able to implement their principal investment strategy. Government regulation may change frequently and may have significant adverse consequences for the Funds or their investments. It is not possible to predict fully the effects of current or future regulation.

**High Portfolio Turnover Risk.** A high portfolio turnover rate increases transaction costs, which may increase the Funds' expenses. Frequent trading may also cause adverse tax consequences for investors in the Funds due to an increase in short-term capital gains.

**Market Capitalization Risk.**

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

● **Mid-Capitalization Investing.** The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole.

Notes to Financial Statements Subversive ETFs

September 30, 2025

● **Small-Capitalization Investing.** The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks or the stock market as a whole. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies.

**Management Risk.** The Funds are actively-managed and may not meet their investment objectives based on the Adviser's success or failure to implement investment strategies for the Funds.

**Non-Diversification Risk.** Because each Fund is "non-diversified," they may invest a greater percentage of their assets in the securities of a single issuer or a smaller number of issuers than if they were diversified funds. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Funds' overall value to decline to a greater degree than if the Funds held a more diversified portfolio.

**Other Investment Companies Risk.** By investing in another investment company, the Funds become a shareholder of that investment company and bear their proportionate share of the fees and expenses of the other investment company. The Funds may suffer losses due to the investment practices of the underlying funds as the Funds will be subject to substantially the same risks as those associated with the direct ownership of securities held by such investment companies. The Funds will incur higher and duplicative expenses when it invests in ETFs and other investment companies. 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 below.

**Reporting Delay Risk.** Members of Congress are required to report certain securities transactions (purchases, sales or exchanges of assets covered by the Stop Trading on Congressional Knowledge Act of 2012, as amended) totaling over $1,000 within 30 days of purchasing those securities or becoming aware of such a transaction, but have up to 45 days to submit such reports. Accordingly, the Funds will not purchase or sell securities at the same time as members of Congress. As a result, the Funds may purchase a security at a higher price or sell a security at a lower price than it would have if purchased or sold at the same time as the member of Congress. The Funds would also hold a security for a period of time even though the Congressperson no longer holds the security, which may negatively affect the Funds' performance.

**Republican Party Investing Risk (Republican Trading ETF Only).** The pattern of investing by members of the Republican Party and their family members are often a reflection of committees on which a Congressperson sits and the types of companies or trade associations lobbying members of those Congresspeople. Accordingly, the Fund's investments may emphasize the sectors that are representative of the committees on which Congresspersons who are members of the Republican Party may sit. To the extent a Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile and may perform differently than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events.

**NOTE 4 - COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS**

The Adviser serves as investment adviser to the Funds pursuant to an investment advisory agreement between the Adviser and the Trust, on behalf of the Funds (the "Advisory Agreement"), and, pursuant to the Advisory Agreement, provides investment advice to the Funds and oversees the day-to-day operations of the Funds, subject to the direction and oversight of the Board. The Adviser is also responsible for trading portfolio securities for the Funds, including selecting broker-dealers to execute purchase and sale transactions.

Notes to Financial Statements Subversive ETFs

September 30, 2025

Pursuant to the Advisory Agreement, each Fund pays the Adviser a unitary management fee (the "Investment Advisory Fee") of 0.72% based on the average daily net assets of the applicable Fund. Prior to each reorganization, each Predecessor Fund paid the Adviser a unitary management fee based on the average daily net assets of the applicable Predecessor Fund at an annualized rate of 0.75%. Out of the Investment Advisory Fee, the Adviser is obligated to pay or arrange for the payment of substantially all expenses of the Funds, including the cost of sub-advisory, transfer agency, custody, fund administration, and all other related services necessary for the Funds to operate. Under the Advisory Agreement, the Adviser has agreed to pay all expenses incurred by the Funds except for 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, accrued deferred tax liability, extraordinary expenses, distribution fees and expenses paid by the Funds under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act (collectively, "Excluded Expenses"), and the Investment Advisory Fee payable to the Adviser. The Investment Advisory Fees incurred are paid monthly to the Adviser. Investment Advisory Fees for the year ended September 30, 2025 are disclosed in the Statement of Operations.

The Adviser has entered into a fund sponsorship agreement with Subversive Capital Advisor LLC ("Sponsor") pursuant to which Sponsor has agreed to provide financial support (as described below) to the Funds. Every month, the Investment Advisory Fee for each Fund is calculated and paid to the Adviser, and the Adviser retains a portion of the Investment Advisory Fee from each Fund. In return for its financial support for the Funds, the Adviser has agreed to pay Sponsor a portion of any remaining profits generated by Investment Advisory Fee for each Fund. If the amount of the Investment Advisory Fee exceeds the Fund's operating expenses and the Adviser-retained amount, that excess amount is considered "remaining profit." In that case, the Adviser will pay a portion of the remaining profits to Sponsor.

Tidal ETF Services LLC ("Tidal"), a Tidal Financial Group company and an affiliate of the Adviser, serves as the Fund's administrator and, in that capacity, performs various administrative and management services for the Fund. Tidal 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, Tidal receives a fee based on the Fund's average daily net assets, subject to a minimum annual fee. Tidal also is entitled to certain out-of-pocket expenses for the services mentioned above.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), serves as the Fund's fund accountant and transfer agent. In those capacities, Fund Services performs various accounting and transfer agent services for the Fund. U.S. Bank N.A. (the "Custodian"), an affiliate of Fund Services, serves as the Fund's custodian. Prior to August 1, 2025, Fund Services also served as the Funds' sub-administrator.

Foreside Fund Services, LLC (the "Distributor") acts as the Fund's principal underwriter in a continuous public offering of the Fund's Shares.

Certain officers and a trustee of the Trust are affiliated with the Adviser. Neither the affiliated trustee nor the Trust's officers receive compensation from the Fund.

Notes to Financial Statements Subversive ETFs

September 30, 2025

**NOTE 5 - SEGMENT REPORTING**

In accordance with the FASB Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, the Funds have evaluated their business activities and determined that it operates as a single reportable segment.

Each Fund's investment activities are managed by the Principal Financial Officer, which serves as the Chief Operating Decision Maker ("CODM"). The Principal Financial Officer is responsible for assessing each Fund's financial performance and allocating resources. In making these assessments, the Principal Financial Officer evaluates each Fund's financial results on an aggregated basis, rather than by separate segments. As such, the Funds do not allocate operating expenses or assets to multiple segments, and accordingly, no additional segment disclosures are required. There were no intra-entity sales or transfers during the reporting period.

The Funds primarily generate income through dividends, interest, and realized/unrealized gains on their investment portfolio. Expenses incurred, including management fees, Fund operating expenses, and transaction costs, are considered general Fund-level expenses and are not allocated to specific segments or business lines.

Management has determined that the Funds do not meet the criteria for disaggregated segment reporting under ASU 2023-07 and will continue to evaluate its reporting requirements in accordance with applicable accounting standards.

**NOTE 6 - PURCHASES AND SALES OF SECURITIES**

For the year ended September 30, 2025, the cost of purchases and proceeds from the sales or maturities of securities, excluding short-term investments, U.S. government securities, and in-kind transactions were:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Democratic Trading ETF | $20812835 | $20437289 |
| Republican Trading ETF | $7752358 | $8063048 |

---

For the year ended September 30, 2025, there were no purchases or sales of long-term U.S. government securities.

For the year ended September 30, 2025, in-kind transactions associated with creations and redemptions for the Fund were:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Democratic Trading ETF | $66177230 | $23483582 |
| Republican Trading ETF | $24168802 | $6304409 |

---

**NOTE 7 - INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The tax character of distributions paid during the year ended September 30, 2025 and the prior fiscal year ended September 30, 2024 were as follows:

Notes to Financial Statements Subversive ETFs

September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Distributions paid from:** | **September 30, 2025** | **September 30, 2024** |
| Democratic Trading ETF | Ordinary Income | $411931 | $107190 |
|  | Long-Term Capital Gains |  | 124 |
| Republican Trading ETF | Ordinary Income | 252256 | 55652 |
|  | Long-Term Capital Gains |  |  |

---

As of the fiscal year ended September 30, 2025, the components of distributable earnings/(accumulated losses) on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | **Democratic Trading** <br> **ETF** | **Republican** <br> **Trading ETF** |
| Cost of investments<sup>(a)</sup> | $209789484 | $50183012 |
| Gross tax unrealized appreciation | 52372591 | 11172410 |
| Gross tax unrealized depreciation | (6857376) | (2228589) |
| Net tax unrealized appreciation (depreciation) | 45515215 | 8943821 |
| Undistributed ordinary income (loss) | 384405 | 325857 |
| Undistributed long-term capital gain (loss) |  |  |
| Total distributable earnings | 384405 | 325857 |
| Other accumulated gain (loss) | (1528457) | (1026050) |
| Total distributable earnings/(accumulated losses) | $44371163 | $8243628 |

---

(a) The
difference between book and tax-basis unrealized appreciation is primarily due to wash sale adjustments and partnerships.

Net capital losses incurred after October 31 (post-October losses) and net investment losses incurred after December 31 (late-year losses), and within the taxable year, may be elected to be deferred to the first business day of the Funds' next taxable year. As of the fiscal year ended September 30, 2025, the Funds have not elected to defer any post-October or late-year losses.

As of the fiscal year ended September 30, 2025, the Democratic Trading ETF and the Republican Trading ETF had short-term and long- term capital loss carryovers of $1,528,457 and $359,062, and $0 and $666,988, respectively, which do not expire.

**NOTE 8 - SHARES TRANSACTIONS**

Shares of the Funds are listed and traded on the Cboe BZX Exchange. Market prices for the Shares may be different from their NAV. The Funds issue and redeem shares on a continuous basis at NAV, generally in large blocks of Shares, called Creation Units. Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, Shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, Shares are not redeemable securities of the Funds. Creation Units may only be purchased or redeemed by Authorized Participants. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the

Notes to Financial Statements Subversive ETFs

September 30, 2025

Shares directly from the Funds. Rather, most retail investors may purchase Shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

Each Fund currently offers one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for each Fund is $500, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Funds' Custodian has determined to waive some or all of the costs associated with the order or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units and Redemption Units of up to a maximum of 2% of the value of the Creation Units and Redemption Units subject to the transaction. Variable fees are imposed to compensate the Funds for transaction costs associated with cash transactions. Variable fees received by the Funds, if any, are disclosed in the capital shares transactions section of the Statements of Changes in Net Assets. The Funds may issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Funds have equal rights and privileges.

**NOTE 9 - RECENT MARKET EVENTS**

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 government efforts to address market disruptions. As a result, the risk environment remains elevated.

**NOTE 10 - NEW ACCOUNTING PRONOUNCEMENT**

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) Improvements to Income tax disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Management is currently evaluating the implications of these changes on the financial statements.

**NOTE 11 - SUBSEQUENT EVENTS**

In preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. Management has determined that there are no subsequent events that would need to be recognized or disclosed in the Funds' financial statements.

---

| | |
|:---|:---|
| **Report of Independent Registered** | **Subversive ETFs** |
| **Public Accounting Firm** |  |

---

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders of Subversive ETFs and

Board of Trustees of Tidal Trust I

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Unusual Whales Subversive Democratic Trading ETF and Unusual Whales Subversive Republican Trading ETF (the "Funds"), each a series of Tidal Trust I, as of September 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for the years ended September 30, 2025 and 2024, and for the period from February 6, 2023 (commencement of operations) to September 30, 2023, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated above, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2022. We have served as the auditor of one or more Tidal Investments LLC investment companies since 2020.

![](unusualwhalesncsr002.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

November 21, 2025

**Subversive ETFs**

**Other Non-Audited Information**

September 30, 2025

**<u>QUALIFIED DIVIDEND INCOME/DIVIDENDS RECEIVED DEDUCTION</u>**

For the year ended September 30, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and the Tax Cuts and Jobs Act of 2017.

The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

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| | |
|:---|:---|
| Democratic Trading ETF | 100.00% |
| Republican Trading ETF | 100.00% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the year ended September 30, 2025, was as follows:

---

| | |
|:---|:---|
| Democratic Trading ETF | 100.00% |
| Republican Trading ETF | 100.00% |

---

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distribution under Internal Revenue Section 871(k)(2)(c) for the year ended September 30, 2025, was as follows:

---

| | |
|:---|:---|
| Democratic Trading ETF | 0.00% |
| Republican Trading ETF | 0.00% |

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&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7(a) of this Form."

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There have been no changes in or disagreements with the Funds' accountants.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

A Special Meeting of Shareholders of the Predecessor Funds, each a series of Series Portfolio Trust, was held on December 27, 2024. The purpose of the meeting was 1.) To approve the Agreement and Plan of Reorganization approved by the Board of trustees of SPT, which provides for the reorganization of the Target Funds into the Unusual Whales Subversive Democratic Trading ETF and thee Unusual Whales Subversive Republican Trading ETF (the "Acquiring Funds"), a newly created series of Tidal Trust I (f/k/a Tidal ETF Trust) ("Tidal Trust") (the "Reorganization").

The results of the voting at the meeting are as follows:

**Unusual Whales Subversive Democratic Trading ETF**

---

| | | |
|:---|:---|:---|
| **For** | **% Voted For** | **% For of Outstanding Shares** |
| 1861143 | 82.28% | 41.59% |
| **Against** | **% Voted Against** | **% Against of Outstanding Shares** |
| 114380 | 5.06% | 2.56% |
| **Abstain** | **% Voted Abstain** | **% Abstain of Outstanding Shares** |
| 286376 | 12.66% | 6.40% |

---

**Unusual Whales Subversive Republican Trading ETF**

---

| | | |
|:---|:---|:---|
| **For** | **% Voted For** | **% For of Outstanding Shares** |
| 453339 | 82.74% | 42.17% |
| **Against** | **% Voted Against** | **% Against of Outstanding Shares** |
| 22639 | 4.13% | 2.11% |
| **Abstain** | **% Voted Abstain** | **% Abstain of Outstanding Shares** |
| 71930 | 13.13% | 6.69% |

---

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See Item 7(a). Under the Investment Advisory Agreement, in exchange for a single unitary management fee from each Fund, the Adviser has agreed to pay all expenses incurred by the Fund, including Trustee compensation, except for certain excluded expenses.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Contract.</u>**

Not applicable.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

Not Applicable.

**<u>Item 16. Controls and Procedures.</u>**

(a) The Registrant's President/Principal Executive Officer and Treasurer/Principal Financial Officer
have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
1940 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act
and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that
the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately
recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's service
provider.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule
30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely
to materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

(a) Not Applicable

(b) Not Applicable

**<u>Item 19. Exhibits.</u>**

*(a)* [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Filed herewith.](ex99-coe.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](ex99-cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable.

 

*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](ex99-906cert.htm)

 

 

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | Tidal Trust I |
| By (Signature and Title)\* | /s/ Eric W. Falkeis |
|  | &nbsp;&nbsp;&nbsp; Eric W. Falkeis, President/Principal Executive Officer |
| Date | December 4, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Eric W. Falkeis |
|  | &nbsp;&nbsp;&nbsp; Eric W. Falkeis, President/Principal Executive Officer |
| Date | December 4, 2025 |
| By (Signature and Title)\* | /s/ Aaron J. Perkovich |
|  | &nbsp;&nbsp;&nbsp; Aaron J. Perkovich, Treasurer/Principal Financial Officer |
| Date | December 4, 2025 |

---

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Code

[Tidal Trust I N-CSR](suw-ncsr_093025.htm)

**EX.99.CODE ETH**

**TIDAL TRUST I**

**FINANCIAL OFFICER CODE OF ETHICS**

<u>Purposes of the Code</u>

The reputation and integrity of Tidal Trust I (the "Trust") are valuable assets that are vital to the Trust's success. Each officer and employee of the Trust, including each of the Trust's senior financial officers ("SFOs"), is responsible for conducting the Trust's business in a manner that demonstrates a commitment to the highest standards of integrity. SFOs include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any person who performs a similar function.

The Trust has adopted a code of ethics pursuant Rule 17j-1 under the Investment Company Act of 1940, as amended ("Code of Ethics"). The Trust's Rule 17j-1 Code of Ethics is designed to prevent certain conflicts of interest that may arise when officers, employees, or trustees know about present or future Trust transactions, have the power to influence those transactions; and engage in securities transactions in their personal account(s).

The Trust has chosen to adopt a senior financial officer code of ethics ("SFO Code") for the purpose of promoting:

● Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● Full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the U.S. Securities and Exchange Commission, and in other public communications made by the Trust;

● Compliance with applicable laws and governmental rules and regulations;

● The prompt internal reporting of violations of the SFO Code to an appropriate person or persons identified in the SFO Code; and

● Accountability for adherence to the SFO Code.

This SFO Code should be read in conjunction with the Trust's other policy statements, including its Code of Ethics and its Disclosure Controls and Procedures.

<u>Principles for the Handling of Financial Information</u>

The Trust has adopted the following principles to govern the manner in which SFOs perform their duties. Persons subject to these guidelines include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any Trust officer or employee who performs a similar function or who participates in the preparation of any part of the Trust's financial statements. Specifically, persons subject to this SFO Code shall:

● Act with honesty and integrity;

● Avoid actual or apparent conflicts of interest with the Trust in personal and professional relationships;

● Provide information to the Trust's employees and service providers (adviser, administrator, outside auditor, outside counsel, custodian, Tidal Trust I) that is accurate, complete, objective, relevant, timely and understandable;

● Endeavor to ensure full, fair, timely, accurate and understandable disclosure in the Trust's periodic reports;

● Comply with the federal securities laws and other applicable laws and rules, such as the Internal Revenue Code;

● Act in good faith, responsibly, and with due care, competence and diligence, without misrepresenting material facts or subordinating independent judgment to another end;

● Respect the confidentiality of information acquired in the course of their work, except where disclosure is expressly permitted or is otherwise legally mandated;

● Record (or participate in the recording of) entries in the Trust's books and records that are accurate; and

● Refrain from using confidential information for personal advantage.

<u>Violations of the SFO Code</u>

Any action that directly or indirectly contravenes one or more of the Principles outlined above shall be treated as a violation of this SFO Code unless good cause for such apparent contravention is found to exist.

Dishonest or unethical conduct or conduct that is illegal will constitute a per se violation of this SFO Code, regardless of whether this Code refers to that particular conduct.

A violation of this SFO Code may result in disciplinary action, up to and including termination of employment. The Trust must and will report all suspected criminal violations to the appropriate authorities for possible prosecution, and will investigate, address and report as appropriate, non-criminal violations.

<u>Enforcement of the SFO Code</u>

Violations

All persons subject to this SFO Code who observe, learn of, or, in good faith, suspect a current or threatened violation of the SFO Code must immediately report the violation in writing to the Compliance Officer, another member of the Trust's senior management, or to the Audit Committee of the Board. An example of a possible SFO Code violation is the preparation and filing of financial disclosure that omits material facts, or that is accurate but is written in a way that obscures its meaning.

Disclosures

All persons subject to this SFO Code shall file a letter (a "Disclosure Letter") regarding any transaction or relationship that reasonably appears to involve an actual or apparent conflict of interest with the Trust within ten days of becoming aware of such transaction or relationship. A Disclosure Letter should be prepared regarding these transactions or relationships whether you are involved or have only observed the transaction or relationship. All Disclosure Letters shall be submitted to the compliance officer, or if it is not possible to disclose the matter to the compliance officer, then the Disclosure Letter shall be submitted to another member of the Trust's senior management or to the Audit Committee of the Board of Trustees.

An executive officer of the Trust or the Audit Committee will review all Disclosure Letters and determine whether further action is warranted. All determinations will be documented in writing and will be maintained by the compliance officer or other appropriate officers of the Trust.

Outside Service Providers

Because service providers to the Trust, such as the administrator, outside accounting firm and custodian, provide much of the work relating to the Trust's financial statements, you should be alert for actions by service providers that may be illegal, or that could be viewed as dishonest or unethical conduct. You should report these actions to the compliance officer even if you know, or think, that the service provider has its own code of ethics covering persons who are Trust SFOs or employees.

Non-Retaliation Policy

SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated confidentially to the extent possible.

<u>Annual Certification</u>

SFOs will receive training on the contents and importance of this SFO Code and related policies and the manner in which violations must be reported and how Disclosure Letters must be submitted. Each SFO will be asked to certify on an annual basis that he/she is in full compliance with the SFO Code and any related policy statements.

<u>Questions about the Code</u>

The Trust's Board of Trustees has designated the Trust's Chief Compliance Officer to be the compliance officer for purposes of implementing and administering this SFO Code. Any questions about this SFO Code should be directed to the compliance officer.

## Ex-99.Cert

[Tidal Trust I N-CSR](suw-ncsr_093025.htm)

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Eric W. Falkeis, certify that:

1. I have reviewed this report on Form N-CSR of Tidal Trust I;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>December 4, 2025</u> | /s/ Eric W. Falkeis |
|  | Eric W. Falkeis<br> President/Principal Executive Officer |

---

EX.99.CERT

**<u>CERTIFICATIONS</u>**

I, Aaron J. Perkovich, certify that:

1. I have reviewed this report on Form N-CSR of Tidal Trust I;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>December 4, 2025</u> | /s/ Aaron J. Perkovich |
|  | Aaron J Perkovich<br> Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

[Tidal Trust I N-CSR](suw-ncsr_093025.htm)

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Tidal Trust I, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Tidal Trust I for the period ended September 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Tidal Trust I for the stated period.

---

| | |
|:---|:---|
| /s/ Eric W. Falkeis | /s/ Aaron J. Perkovich |
| <br> Eric W. Falkeis<br> President/Principal Executive Officer,<br> Tidal Trust I | <br> Aaron J. Perkovich<br> Treasurer/Principal Financial Officer,<br> Tidal Trust I |
| Dated: <u>December 4, 2025</u> | Dated: <u>December 4, 2025</u> |

---

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Tidal Trust I for purposes of Section 18 of the Securities Exchange Act of 1934.