# EDGAR Filing Document

**Accession Number:** 0001742912
**File Stem:** 0001145549-25-048762
**Filing Date:** 2025-7
**Character Count:** 19452
**Document Hash:** b57fee43f50266eee2795a182c71cf7b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-048762.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001145549-25-048762

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**PERIOD START**: 20250831

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23377
- **FILM NUMBER:** 251155097

**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

### Unlimited HFGM Global Macro ETF (Series ID: S000082856)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000246179 | Unlimited HFGM Global Macro ETF | HFGM            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Unlimited HFGM Global Macro ETF** | **Unlimited HFGM Global Macro ETF** | **Unlimited HFGM Global Macro ETF** |
| **Consolidated Schedule of Investments** | **Consolidated Schedule of Investments** | **Consolidated Schedule of Investments** |
| **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** |
| **EXCHANGE TRADED FUNDS - 59.0%** | **Shares** | **Value** |
| iShares MSCI China ETF | 6393 | $337678 |
| iShares TIPS Bond ETF | 15752 | 1721536 |
| Vanguard Emerging Markets Government Bond ETF <sup>(a)</sup> | 51232 | 3282947 |
| Vanguard FTSE Europe ETF | 2320 | 178083 |
| Vanguard Russell 2000 ETF | 7504 | 622757 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $6,059,582) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $6,059,582) | 6143001 |
| **SHORT-TERM INVESTMENTS - 32.0%** |  |  |
| **Money Market Funds - 32.0%** |  |  |
| First American Government Obligations Fund - Class X, 4.23% <sup>(a)(b)</sup> | 3325384 | 3325384 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $3,325,384) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $3,325,384) | 3325384 |
| **TOTAL INVESTMENTS - 91.0% (**Cost $9,384,966**)** | **TOTAL INVESTMENTS - 91.0% (**Cost $9,384,966**)** | 9468385 |
| Other Assets in Excess of Liabilities - 9.0% | Other Assets in Excess of Liabilities - 9.0% | 938236 |
| **TOTAL NET ASSETS - 100.0%** |  | $10406621 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

<br> TIPS – Treasury Inflation-Protected Securities

(a) Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at
 www.sec.gov.

(b) The rate shown represents the 7-day annualized effective yield as of May 31, 2025.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Unlimited HFGM Global Macro ETF** | **Unlimited HFGM Global Macro ETF** | **Unlimited HFGM Global Macro ETF** | **Unlimited HFGM Global Macro ETF** | **Unlimited HFGM Global Macro ETF** |
| **Consolidated Schedule of Futures Contracts** | **Consolidated Schedule of Futures Contracts** | **Consolidated Schedule of Futures Contracts** | **Consolidated Schedule of Futures Contracts** | **Consolidated Schedule of Futures Contracts** |
| **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** |
| The Unlimited HFGM Global Macro ETF and the Unlimited HFGM Cayman Subsidiary had the following futures contracts outstanding with PhillipCapital, Inc. as of May 31, 2025. | The Unlimited HFGM Global Macro ETF and the Unlimited HFGM Cayman Subsidiary had the following futures contracts outstanding with PhillipCapital, Inc. as of May 31, 2025. | The Unlimited HFGM Global Macro ETF and the Unlimited HFGM Cayman Subsidiary had the following futures contracts outstanding with PhillipCapital, Inc. as of May 31, 2025. | The Unlimited HFGM Global Macro ETF and the Unlimited HFGM Cayman Subsidiary had the following futures contracts outstanding with PhillipCapital, Inc. as of May 31, 2025. | The Unlimited HFGM Global Macro ETF and the Unlimited HFGM Cayman Subsidiary had the following futures contracts outstanding with PhillipCapital, Inc. as of May 31, 2025. |
| **Description** | **Contracts Purchased** | **Expiration Date** | **Notional Value** | **Value / Unrealized Appreciation (Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Australian Dollar/US Dollar Cross Currency Rate | 6 | 06/16/2025 | $386610 | $(3323) |
| &nbsp;&nbsp;&nbsp;&nbsp;Bloomberg Commodity Index | 76 | 06/18/2025 | 759924 | (13068) |
| &nbsp;&nbsp;&nbsp;&nbsp;British Pound/US Dollar Cross Currency Rate | 12 | 06/16/2025 | 1010250 | (2284) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dollar Index | 5 | 06/16/2025 | 496295 | (3763) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold | 14 | 08/27/2025 | 4641560 | (9994) |
| &nbsp;&nbsp;&nbsp;&nbsp;iBoxx iShares Bond Index | 26 | 09/02/2025 | 4462250 | 6283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Japanese Yen/US Dollar Cross Currency Rate | 5 | 06/16/2025 | 435094 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI EAFE Index | 6 | 06/20/2025 | 781350 | 28215 |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI Emerging Markets Index | 13 | 06/20/2025 | 747045 | 12471 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nikkei 225 Index | 9 | 06/12/2025 | 1697625 | 48160 |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500 Index | 4 | 06/20/2025 | 1183200 | 33824 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Long Bonds | 19 | 09/19/2025 | 2142844 | 15377 |
|  |  |  |  | $112010 |
|  |  |  |  | – |
| **Description** | **Contracts Sold** | **Expiration Date** | **Notional Value** | **Value / Unrealized Appreciation (Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Dollar/US Dollar Cross Currency Rate | (65) | 06/17/2025 | $4742075 | $(41027) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swiss Franc/US Dollar Cross Currency Rate | (15) | 06/16/2025 | 2284312 | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5 Year Note | (29) | 09/30/2025 | 3137438 | (10733) |
|  |  |  |  | $(51774) |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | $60236 |

---

------

**Summary of Fair Value Disclosure as of May 31, 2025 (Unaudited)** 

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

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

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

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

The following is a summary of the fair valuation hierarchy of the Fund's securities as of May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | $6143001 | $– | $– | $6143001 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 3325384 | – | – | 3325384 |
| Total Investments | $9468385 | $– | $– | $9468385 |
| <u>Other Financial Instruments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts\* | $144442 | $– | $– | $144442 |
| Total Other Financial Instruments | $144442 | $– | $– | $144442 |
| **Liabilities:** |  |  |  |  |
| <u>Other Financial Instruments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts\* | $(84206) | $– | $– | $(84206) |
| Total Other Financial Instruments | $(84206) | $– | $– | $(84206) |
| \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of May 31, 2025. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of May 31, 2025. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of May 31, 2025. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of May 31, 2025. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of May 31, 2025. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53204

  - **Telephone number:** 844-986-7700

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

- **a. Name of Series:** Unlimited HFGM Global Macro ETF

- **b. EDGAR series identifier (if any):** S000082856

- **c. LEI of Series:** 529900XPHZTU0AKBL683

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

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $10464880.80

**Total Liabilities:** $58260.11

**Net Assets:** $10406620.69

**Amount of Assets Invested in Other Investment Companies:** $246382.46

**Cash Not Reported:** $1030365.91

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000246179 |  | 1.98%                | 2.05%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  |  |  |
| Month 2  | $-17.23                  | $44361.06                                  |
| Month 3  | $-2242.15                | $39057.49                                  |

**Designated Index Information**

- **Index Name:** MSCI ACWI ex USA Net Total Return USD Index

- **Index Identifier:** NDUEACWZ

### Schedule of Portfolio Investments

| Name                           | Title                                         | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| First American Government Obli | First American Government Obligations Fund    | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   3325384 | NS      | $3325383.82   | 31.95%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares TIPS Bond ETF          | iShares TIPS Bond ETF                         | CUSIP: 464287176<br>LEI: 549300EHD1VQKMRQ0829 | Long             | EC               | RF                | US        |     15752 | NS      | $1721536.08   | 16.54%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI China ETF         | iShares MSCI China ETF                        | CUSIP: 46429B671<br>LEI: 549300Q0IWAYMYXW0R77 | Long             | EC               | RF                | US        |      6393 | NS      | $337678.26    | 3.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Emerging Markets Gove | Vanguard Emerging Markets Government Bond ETF | CUSIP: 921946885<br>LEI: N/A                  | Long             | EC               | RF                | US        |     51232 | NS      | $3282946.56   | 31.55%            |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard FTSE Europe ETF       | Vanguard FTSE Europe ETF                      | CUSIP: 922042874<br>LEI: N/A                  | Long             | EC               | RF                | US        |      2320 | NS      | $178083.20    | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | AUDUSD Crncy Fut  Jun25                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         6 | NC      | $-3323.22     | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | BP CURRENCY FUT   Jun25                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |        12 | NC      | $-2283.94     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | C$ CURRENCY FUT   Jun25                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |       -65 | NC      | $-41026.55    | -0.39%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | BCOM Comdty Ind   Jun25                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        76 | NC      | $-13067.52    | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | DOLLAR INDEX      Jun25                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         5 | NC      | $-3763.10     | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | S&P500 EMINI FUT  Jun25                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         4 | NC      | $33823.90     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | US 5YR NOTE (CBT) Sep25                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -29 | NC      | $-10733.48    | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | GOLD 100 OZ FUTR  Aug25                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | US        |        14 | NC      | $-9994.18     | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | iBoxx iShr Bnd Id Sep25                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        26 | NC      | $6283.29      | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | JPN YEN CURR FUT  Jun25                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         5 | NC      | $111.90       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | MSCI EmgMkt       Jun25                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        13 | NC      | $12470.89     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | MSCI EAFE         Jun25                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         6 | NC      | $28215.18     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | NIKKEI 225  (CME) Jun25                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         9 | NC      | $48160.22     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | CHF CURRENCY FUT  Jun25                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |       -15 | NC      | $-14.30       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | US LONG BOND(CBT) Sep25                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        19 | NC      | $15376.89     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Russell 2000 ETF      | Vanguard Russell 2000 ETF                     | CUSIP: 92206C664<br>LEI: N/A                  | Long             | EC               | RF                | US        |      7504 | NS      | $622756.96    | 5.98%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-28

**Name of Applicant:** Tidal Trust I

**Signature:** /s/ Aaron Perkovich

**Name of Signer:** Aaron Perkovich

**Title:** Treasurer/Principal Financial Officer