# EDGAR Filing Document

**Accession Number:** 0001742912
**File Stem:** 0001999371-25-008250
**Filing Date:** 2025-6
**Character Count:** 741387
**Document Hash:** 6fb56dc695027d8fc6e8090e2ad6bca6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-008250.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0001999371-25-008250

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 36

**FILED AS OF DATE**: 20250625

**DATE AS OF CHANGE**: 20250625

**EFFECTIVENESS DATE**: 20250701

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23377
- **FILM NUMBER:** 251073029

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

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

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

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

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

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-227298
- **FILM NUMBER:** 251073028

**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

### ATAC Rotation Fund (Series ID: S000092153)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000260081 | Institutional Class |  |
| C000260082 | Investor Class      |  |

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

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

1933 Act Registration File No.: 333-227298

1940 Act File No.: 811-23377

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-1A**

---

| | |
|:---|:---|
| **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** | ☒ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Effective Amendment No. ___ | ☐ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post-Effective Amendment No. 273 | ☒ |
| and/or |  |
| **REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** | ☒ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment No. 274 | ☒ |

---

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

(Exact Name of Registrant as Specified in Charter)

**234 West Florida Street, Suite 203**

**Milwaukee, Wisconsin 53204**

(Address of Principal Executive Offices, Zip Code)

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

**The Corporation Trust Company**

**1209 Orange Street**

**Corporation Trust Center**

**Wilmington, DE 19801**

(Name and Address of Agent for Service)

Copies to:

---

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

---

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

☐ immediately upon filing pursuant to paragraph (b)

☒ on July 1, 2025 pursuant to paragraph (b)

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

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

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

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

**Explanatory Note**: This Post-Effective Amendment No. 273 to the Registration Statement of Tidal Trust I (the "Trust") is being filed to respond to Staff comments with respect to the ATAC Rotation Fund, and to make other permissible changes under Rule 485(b).

![](atac485bpos001.jpg)

ATAC Rotation Fund

Investor Class (ATACX)

Institutional Class (ATCIX)

**Prospectus**

**July 1, 2025**

**The SEC has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.**

**ATAC Rotation Fund**

Series of Tidal Trust I (the "Trust")

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **[Summary Section](#atac485bposa001)** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;[ATAC Rotation Fund](#atac485bposa002) | **1** |
| **[Additional Information About the Fund](#atac485bposa002a)** | **8** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investment Objective](#atac485bposa003) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Principal Investment Strategies](#atac485bposa004) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Principal Risks of Investing in the Fund](#atac485bposa005) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Portfolio Holdings](#atac485bposa006) | 12 |
| **[Management Information](#atac485bposa007)** | **12** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investment Adviser](#atac485bposa008) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Sub-Adviser](#atac485bposa008a) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Portfolio Managers](#atac485bposa009) | 13 |
| **[Shareholder Information](#atac485bposa010)** | **14** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Pricing of Fund Shares](#atac485bposa011) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;[How to Purchase Fund Shares](#atac485bposa012) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;[How to Redeem Fund Shares](#atac485bposa013) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Dividends and Distributions](#atac485bposa014) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Tools to Combat Frequent Transactions](#atac485bposa015) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Tax Consequences](#atac485bposa016) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Other Fund Policies](#atac485bposa017) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Class Descriptions](#atac485bposa018) | 22 |
| **[Distribution of Fund Shares](#atac485bposa019)** | **23** |
| &nbsp;&nbsp;&nbsp;&nbsp;[The Distributor](#atac485bposa020) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Rule 12b-1 Distribution Fees](#atac485bposa021) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Payments to Financial Intermediaries](#atac485bposa022) | 23 |
| **[Financial Highlights](#atac485bposa023)** | **24** |

---

**ATAC Rotation Fund – FUND SUMMARY**

**Investment Objective**

The ATAC Rotation Fund (the "Fund") seeks to achieve absolute positive returns over time.

**Fees and Expenses of the Fund** 

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

---

| | | |
|:---|:---|:---|
|  **Shareholder Fees *(fees paid directly from your investment)*** | Investor Class | Institutional Class |
| &nbsp;&nbsp;&nbsp;Maximum Sales Charge (Load) Imposed on Purchases | None | None |
| &nbsp;&nbsp;&nbsp;Maximum Deferred Sales Charge (Load) | None | None |

---

---

| | | |
|:---|:---|:---|
|  **Annual Fund Operating Expenses *(expenses that you pay each year as a percentage of the value of your investment)*** |  |  |
| Management Fees | 1.25% | 1.25% |
| Distribution and Service (Rule 12b-1) Fee | 0.25% |  |
| Other Expenses<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Expense | 0.03% | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Other Expenses | 0.61% | 0.61% |
| Total Other Expenses | 0.64% | 0.64% |
| Acquired Fund Fees and Expenses<sup>(2)</sup> | 0.13% | 0.13% |
| **Total Annual Fund Operating Expenses** | 2.27% | 2.02% |
| Less: Fee Waiver <sup>(3)</sup> | -0.42% | -0.42% |
| **Total Annual Fund Operating Expenses After Fee Waiver**<sup>(2)(3)</sup> | 1.85% | 1.60% |

---

<sup>(1)</sup> Other Expenses are restated from the Predecessor Fund's (as defined below) expenses based on contractual arrangements with the Fund's current service providers.

<sup>(2)</sup> The Total Annual Fund Operating Expenses After Fee Waiver does not correlate to the ratios of expenses to average net assets included in the Financial Highlights section of the Fund's Statutory Prospectus, which reflects the operating expenses of the Fund and does not include acquired fund fees and expenses ("AFFE").

<sup>(3)</sup> Tidal Investments LLC ("Tidal" or the "Adviser") has contractually agreed to waive a portion or all of its management fees and reimburse Fund expenses, in order to ensure that Total Annual Fund Operating Expenses (excluding certain expenses such as taxes, leverage interest, interest expense, dividends paid on short sales, brokerage commissions, AFFE, or extraordinary expenses (collectively, the "Excluded Expenses")) do not exceed 1.69% of the average daily net assets of the Fund's Investor Class shares and do not exceed 1.44% of the average daily net assets of the Fund's Institutional Class shares. Fees waived and expenses paid by the Adviser may be recouped by the Adviser for a period of 36 months following the month during which such fee waiver and expense payment was made if such recoupment can be achieved without exceeding the expense limit in effect at the time the fee waiver and expense payment occurred and the expense limit in place at the time of recoupment. The Operating Expenses Limitation Agreement is indefinite, but cannot be terminated through at least July 31, 2027. Thereafter, the agreement may be terminated at any time upon 60 days' written notice by the Trust's Board of Trustees (the "Board") or the Adviser, with the consent of the Board.

**Expense Example**

This Example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same (taking into account the expense limitation for the contractual period noted in the table above). You may be required to pay brokerage commissions on your purchases and sales of Institutional Class shares of the Fund from a financial intermediary, which are not reflected in this table. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **One Year** | **Three Years** | **Five Years** | **Ten Years** |
| **Investor Class** | $188 | $627 | $1136 | $2538 |
| **Institutional Class** | $163 | $550 | $1008 | $2279 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Predecessor Fund's (defined below) portfolio turnover rate was 2,155% of the average value of its portfolio.

**Principal Investment Strategies**

To achieve the Fund's investment objective, Tactical Rotation Management, the Fund's investment sub-adviser (the "Sub-Adviser") invests the Fund's assets primarily in shares of a diversified portfolio of exchange-traded funds ("ETFs") that track various indices or multiples thereof, sometimes referred to in this Prospectus as "Underlying ETFs." These indices may track the performance of the equity and/or fixed income markets, in general, or the performance of specific sectors (*e.g.*, a large grouping of companies operating within the market that share similar characteristics) or market segments (*e.g.*, large, medium, or small capitalization domestic and/or foreign companies, including those in emerging markets). The Fund may also invest in ETFs that seek to achieve returns on a daily or monthly basis that are a multiple of the returns of the target index through the utilization of leveraging techniques. The Fund may also invest in exchange-traded notes ("ETNs"). ETNs are debt obligations typically issued by investment banks that are traded on exchanges and whose returns are linked to the performance of market indices.

The Sub-Adviser intends to invest in Underlying ETFs that correspond to one or more asset classes. The Underlying ETFs may hold equity securities (*e.g.*, common and preferred stock) of small, medium and large capitalization domestic or foreign companies, which may include companies located in emerging markets. Underlying ETFs may also hold fixed income securities such as government and corporate bonds issued by a variety of domestic and foreign entities. These fixed income securities may have varying maturities (*e.g.*, short-term, intermediate or long-term) and credit qualities (*e.g.*, high quality, investment grade or below investment grade, also known as "junk bonds"). The Fund, however, reserves the right to invest all of its assets in any one asset class depending upon market conditions. When investing in Underlying ETFs that track multiples of various indices, the Fund limits its investments in such Underlying ETFs to 25% of total assets at the time of purchase. Additionally, the Fund may utilize leverage as part of the portfolio management process through investing in Underlying ETFs that utilize leveraging techniques. The Fund may invest in underlying funds that utilize futures contracts, options on futures contracts, securities and indices, forward contracts, swap agreements and similar instruments. Additionally, the Fund may utilize leverage (*i.e.*, borrow against a line of credit) as part of the portfolio management process.

The Sub-Adviser's proprietary investment approach is designed to target various segments of the investable landscape by allocating primarily between equities and bonds depending on the potential for near-term stock market volatility as signaled through inter-market trends and relative prices. When indicators suggest equity volatility is likely to fall, stocks tend to outperform bonds, and when indicators suggest equity volatility is likely to rise, bonds tend to outperform stocks. The Sub-Adviser's approach allocates into equities, or bonds based on these historical observations and attempts to identify specific areas within each asset class which have the near-term potential to outperform. The Sub-Adviser uses quantitative signals that help to identify the ETFs in which to position the Fund's portfolio. Using ETFs allows for liquid and timely exposure to desired markets and provides the Fund with the ability to reposition holdings in dynamic investing environments. Quantitative signals include relative momentum as measured by price movement, strength of the opportunity set defined as equities and bonds, and the firm's proprietary combination of historically proven leading indicators of stock market volatility, as discovered through internal research.

The Fund can make aggressive moves into or out of any particular asset class on a short-term basis and, as a result, the Sub-Adviser expects that the Fund will have a high portfolio turnover rate. The Sub-Adviser anticipates that the Fund's portfolio turnover could exceed 2,000% on an annual basis, depending on market conditions. Because the Fund pays transaction costs, such as commissions, when it buys and sells ETFs, a higher portfolio turnover rate may result in higher transaction costs and, when Fund shares are held in a taxable account, in higher taxes. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example above, affect the Fund's performance.

The use of leverage may magnify the effect of any decrease or increase in the value of the Fund's portfolio securities. The use of leverage may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations.

**Principal Risks**

Before investing in the Fund, you should carefully consider your own investment goals, the amount of time you are willing to leave your money invested, and the amount of risk you are willing to take. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other governmental agency. Remember, in addition to possibly not achieving your investment goals, **you could lose all or a portion of your investment in the Fund over short or even long periods of time**. Because the Fund invests primarily in Underlying ETFs, the Fund is subject to the risks associated with the Underlying ETFs in which it invests. The principal risks of investing in the Fund and the Underlying ETFs are:

*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.

*Associated Risks of Short-Term Signals.* Because the Fund expects to change its exposure as frequently as weekly based on short-term price performance information, (i) the Fund's exposure may be affected by significant market movements at or near the end of such short-term period that are not predictive of such asset's performance for subsequent periods and (ii) changes to the Fund's exposure may lag a significant change in an asset's direction (up or down) if such changes first take effect at or near a weekend. Such lags between an asset's performance and changes to the Fund's exposure may result in significant underperformance relative to the broader equity or fixed income market.

*Management Risk.* The Fund is actively-managed and may not meet its investment objectives based on the Adviser's and the Sub-Adviser's success or failure to implement investment strategies for the Fund.

*Asset Allocation Risk.* The Fund's allocation among Underlying ETFs with various asset classes and investments may not produce the desired results.

*Limited Holdings Risk.* The Fund may invest in a single or small number of Underlying ETFs, which may result in increased volatility.

*Portfolio Turnover Risk*. A high portfolio turnover rate (100% or more) has the potential to result in the realization by the Fund, and the distribution to shareholders, of a greater amount of capital gains than if the Fund had a low portfolio turnover rate. The Fund anticipates that its portfolio turnover could exceed 2,000% on an annual basis depending on market conditions. The Fund actively and frequently trades all or a significant portion of the securities in its portfolio. A high portfolio turnover rate increases transaction costs, which may increase the Fund's expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.

*ETF Risk.* The market price of the shares of an Underlying ETF will fluctuate based on changes in the net asset value as well as changes in the supply and demand of its shares in the secondary market. It is also possible that an active secondary market for an Underlying ETF's shares may not develop, and market trading in the shares of the Underlying ETF may be halted under certain circumstances.

*Underlying ETFs Risk*. The Fund may suffer losses due to the investment practices of the Underlying ETFs. The Fund will be subject to substantially the same risks as those associated with the direct ownership of securities held by the Underlying ETFs. Additionally, the market price of the shares of an Underlying ETF in which the Fund invests will fluctuate based on changes in the net asset value as well as changes in the supply and demand of its shares in the secondary market. It is also possible that an active secondary market for an Underlying ETF's shares may not develop, and market trading in the shares of the Underlying ETF may be halted under certain circumstances. The Fund will incur higher and duplicative expenses because it invests in Underlying ETFs.

*Bond Market Risk*. These risks apply to the extent the Underlying ETFs hold fixed-income securities. Interest rate risk is the risk that interest rates may go up resulting in a decrease in the value of the securities held by the Underlying ETFs. Prepayment risk is the risk that the issuer of a fixed-income security can repay principal faster than expected prior to the security's maturity. Extension risk is the risk that rising interest rates could cause prepayments of the obligations to decrease. Maturity risk is the risk that the longer a fixed-income security's maturity, the lower its yield and the greater the risk of volatility. Credit risk is the risk that an issuer will not make timely payments of principal and interest. Changes in market conditions and government policies may lead to periods of heightened volatility and reduced liquidity in the fixed-income securities market, and could result in an increase in Fund redemptions. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable.

*Government-Sponsored Entities Risk*. The Fund invests in Underlying ETFs that hold securities issued or guaranteed by government-sponsored entities. However, these securities may not be guaranteed or insured by the U.S. government and may only be supported by the credit of the issuing agency. No assurance can be given that the U.S. government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

*High-Yield Securities Risk*. The fixed-income securities held by Underlying ETFs that are rated below investment grade (*i.e*., "junk bonds") are subject to additional risk factors such as increased possibility of default, illiquidity of the security, and changes in value based on public perception of the issuer.

*Market Capitalization Risk.* These risks apply to the extent the Underlying ETFs in which the Fund invests hold securities of large- and small-capitalization companies.

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

● *Small-* and Mid-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.

*Tracking Risk.* Although an Underlying ETF may seek to match positively or negatively the returns of an index, the Underlying ETF's return may not match or achieve a high degree of correlation with the return of its applicable index.

*Compounding Risk.* As a result of mathematical compounding and because Underlying ETFs that seek to achieve returns that are a multiple of the target index often have a single day investment objective to track the performance of an index or a multiple thereof, the performance of an Underlying ETF for periods greater than a single day is likely to be either greater than or less than the index performance, before accounting for the Underlying ETF's fees and expenses. Compounding will cause longer term results to vary from the return of the index, particularly during periods of higher index volatility.

*Aggressive Investment Technique Risk*. Some of the Underlying ETFs in which the Fund invests may use investment techniques considered to be aggressive, including using futures contracts, options on futures contracts, securities and indices, forward contracts, swap agreements and similar instruments. Because an Underlying ETF's investment in financial instruments may involve a small investment relative to the amount of investment exposure assumed, it may result in losses exceeding the amounts invested.

*Foreign Securities Risk.* Investments in securities issued by foreign issuers involve risks not generally associated with investments in the securities of U.S. companies, including risks relating to political, social and economic developments abroad, differences between U.S. and foreign regulatory and tax requirements and market practices, as well as fluctuations in foreign currencies. These risks are greater in emerging markets. There may be less information publicly available about foreign companies than about a U.S. company, and many foreign companies are not subject to accounting, auditing, and financial reporting standards, regulatory framework and practices comparable to those in the United States. Unexpected political, regulatory and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact global financial markets and the broader economy. Foreign conflicts have caused, and could continue to cause, significant market disruptions and volatility within specific market and globally.

*Emerging Markets Risk.* Emerging markets are markets of countries in the initial stages of industrialization and that generally have low per capita income. In addition to the risks of foreign securities in general, emerging markets are generally more volatile, have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries and securities markets that are substantially smaller, less liquid and more volatile with less government oversight than more developed countries.

*Derivative Risk*. Underlying ETFs may use derivative instruments, including swap agreements and futures contracts, which derive their value from the value of an underlying asset or index. Derivative investments have risks, including the imperfect correlation between the value of such instruments and the underlying assets or index; the loss of principal, including the potential loss of amounts greater than the initial amount invested in the derivative instrument; the possible default of the other party to the transaction; and illiquidity of the derivative investments. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Underlying ETFs may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. The derivatives used by the Underlying ETFs may give rise to a form of leverage. The use of leverage may exaggerate any increase or decrease in the net asset value, causing the Underlying ETFs to be more volatile. The use of leverage may also increase expenses and increase the impact of the Underlying ETF's other risks. The use of leverage may cause the Underlying ETFs to liquidate portfolio positions to satisfy its obligations or to meet collateral segregation requirements or regulatory requirements when it may not be advantageous to liquidate such positions, resulting in increased volatility of returns. Certain of the Underlying ETF's transactions in derivatives could also affect the amount, timing, and character of distributions to shareholders, which may result in the Underlying ETFs realizing more short-term capital gain and ordinary income subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Underlying ETF's after-tax returns.

*Leverage Risk*. Some Underlying ETFs may borrow money for leveraging. Interest expenses may exceed the income from the assets purchased with such borrowings. While the interest obligation resulting from borrowing will be fixed (although they may fluctuate with changing market rates of interest depending on the terms of the relevant agreement), the NAV per share of the Underlying ETF will tend to increase more when its portfolio securities increase in value and to decrease more when its portfolio assets decrease in value than would otherwise be the case if it did not borrow funds.

*Short Sales Risk*. Underlying ETFs may engage in short sales which could cause an Underlying ETF's investment performance to suffer if it is required to close out a short position earlier than it had intended.

*Preferred Stock Risk.* A preferred stock is a blend of the characteristics of a bond and common stock. It may offer a higher yield than common stock and has priority over common stock in equity ownership, but it does not have the seniority of a bond and, unlike common stock, its participation in the issuer's growth may be limited. Although the dividend on a preferred stock may be set at a fixed annual rate, in some circumstances it may be changed or passed by the issuer. Preferred stock generally does not confer voting rights.

*ETN Risk.* The value of an ETN may be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in the underlying securities' markets, changes in the applicable interest rates, changes in the issuer's credit rating and economic, legal, political or geographic events that affect the referenced index. In addition, ETNs are unsecured debt of the issuer and would lose value if the issuer goes bankrupt.

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

**Performance**

The accompanying bar chart and table provide some indication of the risks of investing in the Fund by showing how the Fund's total returns have varied from year-to-year. Figures shown in the bar chart are for the Fund's Investor Class. Following the bar chart are the highest and lowest quarterly returns during the period shown in the bar chart for the Fund's Investor Class. The performance table that follows shows the average annual returns over time compared with a broad-based securities market index and an index of mutual funds with similar strategies to the Fund.

The performance figures for Institutional Class and Investor Class shares of the Fund reflect the historical performance of the Institutional Class and Investor Class shares, respectively, of the ATAC Rotation Fund, a series of Managed Portfolio Series (the "Predecessor Fund"). The Fund has the same investment objective and principal investment strategies as the Predecessor Fund. In July of 2025, the Predecessor Fund reorganized into the Fund (the "Reorganization"). Prior to May 1, 2020, Pension Partners, LLC (the "Predecessor Adviser") served as investment adviser to the Predecessor Fund. Michael Gayed, a portfolio manager for the Fund and a principal of the Sub-Adviser, has served as a portfolio manager of the Predecessor Fund since its inception, as a portfolio manager of the Adviser from May 1, 2020 until the Reorganization, and as a portfolio manager of the Predecessor Adviser prior to May 1, 2020. Past performance (before and after taxes) will not necessarily continue in the future. Updated performance is available on the Fund's website at www.atacfunds.com or by calling 855-ATACFUND (855-282-2386).

**Calendar Year Total Returns as of December 31:**

![](atac485bpos002.jpg)

---

| | |
|:---|:---|
| Best Quarter | Worst Quarter |
| 24.70%<br> June 30, 2020 | -18.65%<br> June 30, 2022 |
| Year to Date as of March 31, 2025 | Year to Date as of March 31, 2025 |
| 2.07% | 2.07% |

---

**Average Annual Total Returns for the periods ended December 31, 2024**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **One Year** | **Five Years** | **Ten** <br> **Years** | **Since Inception**<br> **(9/10/2012)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 5.06% | 4.20% | 5.09% | 4.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | 4.67% | 3.14% | 4.13% | 3.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | 3.00% | 2.97% | 3.69% | 3.35% |
| Institutional Class Shares<sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes<sup>(1)</sup> | 5.31% | 4.45% | 5.36% | 4.97% |
| S&P 500<sup>®</sup> Index (reflects no deduction for fees, expenses or taxes) | 25.02% | 14.53% | 13.10% | 14.30% |
| Lipper Flexible Portfolio Fund Index (reflects no deduction for fees, expenses or taxes) | 8.18% | 6.32% | 6.33% | 6.92% |

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<sup>(1)</sup> Institutional Class shares of the Predecessor Fund commenced operations on March 26, 2018. Institutional Class returns shown prior to that date are the returns for the Investor Class of the Predecessor Fund adjusted for the expenses of the Institutional Class.

After tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts ("IRAs"). The Return After Taxes on Distributions and Sale of Fund Shares is higher than other return figures when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.

**Management**

*Investment Adviser*

Tidal Investments LLC is the Fund's investment adviser.

*Investment Sub-Adviser*

Tactical Rotation Management, LLC is the Fund's investment sub-adviser.

*Portfolio Managers*

Michael Gayed, CFA, is the President and Chief Investment Officer at the Sub-Adviser. Mr. Gayed is responsible for the day-to-day management of the Fund. He has managed the Fund (and the Predecessor Fund) since its inception in 2012 as an LLC Member and employee of the Predecessor Adviser prior to May 2020, and with the Adviser from May 2020 through the Reorganization.

Michael Venuto, Chief Investment Officer at Tidal, is the co-Portfolio Manager for the Fund. He has served as co-Portfolio Manager since May 2020.

**Purchase and Sale of Fund Shares**

You may purchase or redeem Fund shares on any day that the New York Stock Exchange ("NYSE") is open for business by written request via mail (ATAC Rotation Fund, c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, Missouri 64121-9252), by contacting the Fund by telephone at 855-ATACFUND (855-282-2386) or through a financial intermediary. You many also purchase or redeem Fund shares by wire transfer. The minimum initial and subsequent investment amounts for each share class are shown below.

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| | | |
|:---|:---|:---|
| | Minimum Initial Investment | Subsequent Minimum Investment |
| Institutional Class | $25000 | $100 |
| Investor Class | $2500 | $100 |

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**Tax Information**

The Fund's distributions are generally taxable, and will be taxed as ordinary income or capital gains, unless you are a tax-exempt organization or are investing through a tax-advantaged arrangement such as a 401(k) plan or IRA. Distributions on investments made through tax-advantaged arrangements may be taxed as ordinary income when withdrawn from those accounts.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase Fund shares through a broker-dealer or other financial intermediary (such as a bank or financial advisor), the Fund and/or its Adviser may pay the intermediary for the sale of Fund shares and related services. These payments may create conflicts of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**ADDITIONAL INFORMATION ABOUT THE FUND**

**Investment Objective**

The Fund's investment objective is absolute positive returns over time. The Fund's investment objective is not fundamental and may be changed without the approval of the Fund's shareholders upon 60 days' prior written notice to shareholders.

**Principal Investment Strategies**

To achieve the Fund's investment objective, the Sub-Adviser invests the Fund's assets primarily in shares of ETFs that track various indices or multiples thereof, sometimes referred to in this Prospectus as "Underlying ETFs."

Section 12(d)(1) of the Investment Company Act of 1940, as amended (the "1940 Act") restricts investments by investment companies in the securities of other investment companies, including Underlying ETFs. In October 2020, the SEC adopted regulatory changes related to the ability of an investment company to invest in other investment companies in excess of specified statutory limits. These changes include, among other things, amendments to Rule 12d1-1, the rescission of Rule 12d1-2, the adoption of new Rule 12d1-4, and the rescission of certain exemptive relief issued by the SEC permitting certain fund of funds arrangements. Rule 12d1-4, which became effective on January 19, 2021, permits the Fund to invest in other investment companies, including money market funds, beyond the statutory limits, subject to certain conditions. The rescission of the applicable exemptive orders and the withdrawal of the applicable no-action letters was effective on January 19, 2022. Following this effectiveness, an investment company is no longer able to rely on these exemptive orders and no-action letters, and is subject instead to Rule 12d1-4 and other applicable rules under Section 12(d)(1). The Fund may rely on Rule 12d1-4 of the 1940 Act, which provides an exemption from Section 12(d)(1) that allows the Fund to invest all of its assets in other registered funds, including ETFs, if the Fund satisfies certain conditions specified in the Rule.

The Fund can make aggressive moves into or out of any particular asset class or sector on a short-term basis and, as a result, the Sub-Adviser expects that the Fund will have a high portfolio turnover rate. The Sub-Adviser also anticipates that the Fund's portfolio turnover could exceed 2,000% on an annual basis depending on market conditions. Because the Fund pays transaction costs, such as commissions, when it buys and sells ETFs, a higher portfolio turnover rate may result in higher transaction costs and, when Fund shares are held in a taxable account, in higher taxes. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Examples above, affect the Fund's performance.

The Fund invests in Underlying ETFs that track various indices, or multiples thereof, that in turn track the performance of the equity and/or fixed income markets. The Fund may also invest in ETFs that seek to achieve returns on a daily or monthly basis that are a multiple of the returns of the target index through the utilization of leveraging techniques. Additionally, the Fund may utilize leverage (*i.e.*, borrow against a line of credit) as part of the portfolio management process.

The Sub-Adviser intends to invest in Underlying ETFs that correspond to one or more asset classes. The Underlying ETFs may hold equity securities (*e.g.*, common and preferred stock) of small, medium and large capitalization domestic or foreign companies, including those in emerging markets. The Fund does not invest directly in emerging market securities. The Fund considers a company to be located in an emerging market if it is determined by an Underlying ETF to be an emerging market company. The criteria for determining whether a company is located in an emerging market may differ across Underlying ETFs.

Underlying ETFs may also hold fixed income securities such as government and corporate bonds issued by a variety of domestic and foreign entities. These fixed income securities may have varying maturities (*e.g.*, short-term, intermediate or long-term) and credit qualities (*e.g.*, high quality, investment grade or below investment grade, also known as "junk bonds"). The Fund, however, reserves the right to invest all of its assets in any one asset class depending upon market conditions. When investing in Underlying ETFs that track multiples of various indices, the Fund limits its investments in such Underlying ETFs to 25% of total assets at the time of purchase. Additionally, the Fund may utilize leverage as part of the portfolio management process by investing in Underlying ETFs that utilize leveraging techniques. The Fund may invest in underlying funds that utilize futures contracts, options on futures contracts, securities and indices, forward contracts, swap agreements and similar instruments.

The Sub-Adviser's proprietary investment approach is designed to target various segments of the investable landscape by allocating primarily between equities and bonds depending on the potential for near-term stock market volatility as signaled through inter-market trends and relative prices. When indicators suggest equity volatility is likely to fall, stocks tend to outperform bonds and when indicators suggest equity volatility is likely to rise, bonds tend to outperform stocks. The Adviser's approach allocates into equities, or bonds based on these historical observations and attempts to identify specific areas within each asset class which have the near-term potential to outperform.

The Sub-Adviser actively manages the Fund's portfolio using tactical asset allocation which is not dependent on a particular market generating performance, but rather focuses on having the flexibility and ability to allocate money across different asset classes at different points in the investment cycle. The dynamic nature of the investment strategy means the Adviser may buy and rotate securities to accelerate the time of investment and capital expenditure into outperforming markets. This is done through the use of Underlying ETFs to allow for liquid and timely exposure and to provide the Fund with the ability to reposition holdings in dynamic investing environments.

*Cash or Similar Investments and Temporary Strategies of the Fund*. At the Adviser's discretion, the Fund may invest in high-quality, short-term debt securities and money market instruments for (i) temporary defensive purposes in amounts up to 100% of its assets in response to adverse market, economic or political conditions and (ii) retaining flexibility in meeting redemptions, paying expenses, and identifying and assessing investment opportunities. These short-term debt securities and money market instruments include cash, shares of other mutual funds, commercial paper, certificates of deposit, bankers' acceptances, U.S. government securities and repurchase agreements. To the extent that the Fund invests in money market mutual funds for its cash position, there will be some duplication of expenses because the Fund will bear its pro rata portion of such money market funds' management fees and operational expenses. When investing for temporary defensive purposes, the Sub-Adviser may invest up to 100% of the Fund's total assets in such instruments. Taking a temporary defensive position may result in the Fund not achieving its investment objective.

**Principal Risks of Investing in the Fund**

Before investing in the Fund, you should carefully consider your own investment goals, the amount of time you are willing to leave your money invested, and the amount of risk you are willing to take. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the FDIC or any other governmental agency. There can be no assurance that the Fund will achieve its investment objective. Remember, in addition to possibly not achieving your investment goals, **you could lose all or a portion of your investment in the Fund**. Because the Adviser invests Fund assets primarily in underlying funds, the Fund is subject to the risks associated with the underlying funds in which it invests. The principal risks of investing in the Fund and the underlying funds are:

*General Market Risk*. Securities markets and individual securities will increase or decrease in value. Security prices may fluctuate widely over short or extended periods in response to market or economic news and conditions, and securities markets also tend to move in cycles. If there is a general decline in the securities markets, it is possible your investment may lose value regardless of the individual results of the companies in which the Fund invests. The magnitude of up and down price or market fluctuations over time is sometimes referred to as "volatility," and it can be significant. In addition, different asset classes and geographic markets may experience periods of significant correlation with each other. As a result of this correlation, the securities and markets in which the Fund invests may experience volatility due to market, economic, political or social events and conditions that may not readily appear to directly relate to such securities, the securities' issuer or the markets in which they trade.

*Management Risk*. The Fund is actively-managed and may not meet its investment objectives based on the Sub-Adviser's success or failure to implement investment strategies for the Fund.

*Associated Risk of Short-Term Signals*. Because the Fund expects to change its exposure as frequently as weekly based on short-term price performance information, (i) the Fund's exposure may be affected by significant market movements at or near the end of such short-term period that are not predictive of such asset's performance for subsequent periods and (ii) changes to the Fund's exposure may lag a significant change in an asset's direction (up or down) if such changes first take effect at or near a weekend. Such lags between an asset's performance and changes to the Fund's exposure may result in significant underperformance relative to the broader equity or fixed income market.

*Asset Allocation Risk*. The Fund's allocation among Underlying ETFs with various asset classes and investments may not produce the desired results.

*Limited Holdings Risk.* The Fund may invest in a single or small number of Underlying ETFs, which may result in increased volatility.

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

*ETF Risk.* Because the Fund invests primarily in Underlying ETFs, they are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an Underlying ETF's shares may trade at a discount to its NAV per share, an active secondary trading market may not develop or be maintained, and trading may be halted by, or the Underlying ETF may be delisted from, the exchange in which it trades, which may impact the Fund's ability to sell its shares. The lack of liquidity in a particular Underlying ETF could result in it being more volatile than the Underlying ETF's underlying portfolio of securities. Underlying ETFs are also subject to the risks of the underlying securities or sectors the Underlying ETF is designed to track. In addition, there are brokerage commissions paid in connection with buying or selling Underlying ETF shares.

*Underlying ETFs Risk*. The Underlying ETFs in which the Fund invests are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an Underlying ETF's shares may trade at a discount to its NAV per share, an active secondary trading market may not develop or be maintained, and trading may be halted by, or the Underlying ETF may be delisted from, the exchange in which it trades, which may impact the Fund's ability to sell its Shares. The lack of liquidity in a particular Underlying ETF could result in it being more volatile than the Underlying ETF's underlying portfolio of securities. Underlying ETFs are also subject to the risks of the underlying securities or sectors the Underlying ETF is designed to track. In addition, there are brokerage commissions paid in connection with buying or selling Underlying ETF shares.

*Bond Market Risk*. The Fund may invest in Underlying ETFs that are invested in a broad range of bonds or other fixed-income securities. To the extent that an Underlying ETF is so invested, the return on and value of an investment in the Fund will fluctuate with the Underlying ETF's fixed-income investments. Changes in market conditions and government policies may lead to periods of heightened volatility and reduced liquidity in the fixed-income securities market, and could result in an increase in Fund redemptions. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. Fixed-income securities are generally subject to the following types of risks:

● Interest Rate Risk. When interest rates rise, a fixed-income security's market value typically declines. The Fund may be exposed to heightened interest rate risk as interest rates rise from historically low levels.

● Maturity Risk. The longer a fixed-income security's maturity, the lower its yield and the greater the risk of volatility.

● Prepayment and Extension Risk. Many types of fixed-income securities are subject to prepayment risk. Prepayment occurs when the issuer of a fixed-income security can repay principal faster than expected prior to the security's maturity. Fixed-income securities subject to prepayment risk can offer less potential for gains during a declining interest rate environment and similar or greater potential for loss in a rising interest rate environment. In addition, the potential impact of prepayment features on the price of a fixed-income security can be difficult to predict and result in greater volatility. On the other hand, rising interest rates could cause prepayments of the obligations to decrease. This is known as extension risk and may increase the Fund's sensitivity to rising rates and its potential for price declines.

● Credit Quality Risk. A fixed-income security's value can also be affected by changes in the security's credit quality rating or its issuer's financial condition. This means that the underlying issuer may experience financial problems causing it to be unable to meet its payment obligations.

● Duration Risk. The underlying funds may invest in securities of any maturity or duration. Holding long duration and long maturity investments will magnify certain risks, including interest rate risk and credit risk.

Other factors may affect the market price and yield of fixed-income securities, including investor demand, changes in the financial condition of issuers of securities, government fiscal policy, and domestic or worldwide economic conditions.

*Government-Sponsored Entities Risk*. The Fund invests in Underlying ETFs that hold various types of U.S. government obligations. U.S. government obligations include securities issued or guaranteed as to principal and interest by the U.S. government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. Investments in debt securities issued by U.S. government sponsored entities such as the Federal National Mortgage Association, the Federal Home Loan Mortgage Association, and the Federal Home Loan Banks are not backed by the full faith and credit of the U.S. government. With respect to these entities, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.

*High-Yield Securities Risk*. The Fund may invest in Underlying ETFs that are invested in high-yield securities. Fixed-income securities receiving below investment grade ratings (*i.e.*, "junk bonds") may have speculative characteristics, and, compared to higher-grade securities, may have a weakened capacity to make principal and interest payments in adverse economic conditions or other circumstances. High-yield, high risk, and lower-rated securities are subject to additional risk factors, such as increased possibility of default, decreased liquidity, and fluctuations in value due to public perception of the issuer of such securities. These bonds are almost always uncollateralized and subordinate to other debt that an issuer may have outstanding. In addition, both individual high-yield securities and the entire high-yield bond market can experience sharp price swings due to a variety of factors, including changes in economic forecasts, stock market activity, large sustained sales by major investors, or, a higher profile default.

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

*Small- and Mid-Capitalization Risk.* 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. Some small capitalization companies have limited product lines, markets, and financial and managerial resources and tend to concentrate on fewer geographical markets relative to larger capitalization companies. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies. Small-capitalization companies also may be particularly sensitive to changes in interest rates, government regulation, borrowing costs and earnings.

*Tracking Risk.* Although an Underlying ETF may seek to match positively or negatively the returns of an index, the Underlying ETF's return may not match or achieve a high degree of correlation with the return of its applicable index.

*Compounding Risk.* As a result of mathematical compounding and because Underlying ETFs that seek to achieve returns that are a multiple of the target index often have a single day investment objective to track the performance of an index or a multiple thereof, the performance of an Underlying ETF for periods greater than a single day is likely to be either greater than or less than the index performance, before accounting for the Underlying ETF's fees and expenses. Compounding will cause longer term results to vary from the return of the index, particularly during periods of higher index volatility.

*Aggressive Investment Technique Risk*. The Underlying ETFs in which the Fund invests, particularly some ETFs, may use investment techniques considered to be aggressive, including using futures contracts, options on futures contracts, securities and indices, forward contracts, swap agreements and similar instruments. Because an Underlying ETF's investment in financial instruments may involve a small investment relative to the amount of investment exposure assumed, it may result in losses exceeding the amounts invested. Such instruments may expose the Fund to potentially dramatic changes in the value of the instruments and the imperfect correlation between the value of the instruments and the security or index.

The Fund may invest in underlying funds that utilize futures contracts, options on futures contracts, securities and indices, forward contracts, swap agreements and similar instruments.

*Foreign Securities Risk*. The risks of investing in securities of foreign issuers involves risks not generally associated with investments in securities of U.S. issuers, including risks relating to political, social and economic developments abroad and differences between U.S. and foreign regulatory and tax requirements, and market practices. Securities that are denominated in foreign currencies are subject to the further risk that the value of the foreign currency will fall in relation to the U.S. dollar and/or will be affected by volatile currency markets or actions of U.S. and foreign governments or central banks. Foreign securities may be subject to greater fluctuations in price than securities of U.S. companies because foreign markets may be smaller and less liquid than U.S. markets. These risks are greater in emerging markets.

Unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact global financial markets and the broader economy. Foreign conflicts have caused, and could continue to cause, significant market disruptions and volatility within specific markets and globally. The hostilities and sanctions resulting from those hostilities have, and could continue to have, a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes and other matters.

*Emerging Markets Risk.* Emerging markets are markets of countries in the initial stages of industrialization and that generally have low per capita income. In addition to the risks of foreign securities in general, emerging markets are generally more volatile and can have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries and securities markets that are substantially smaller, less liquid, more volatile and may have a lower level of government oversight than securities markets in more developed countries.

*Derivative Risk*. Some Underlying ETFs may use derivative instruments which derive their value from an underlying asset, currency or index. The term "derivatives" covers a broad range of investments, including futures, options and swap agreements. For example, a swap agreement is a commitment to make or receive payments based on agreed upon terms, and whose value and payments are derived by changes in the value of an underlying financial instrument. The use of derivatives presents risks different from, and possibly greater than, the risks associated with investing directly in traditional securities. Investments in such Underlying ETFs may involve the risk that the value of derivatives may rise or fall more rapidly than other investments, and the risk that an Underlying ETF may lose more than the initial amount invested in the derivative. Derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which would result in a loss. These risks are heightened when an Underlying ETF uses derivatives to enhance returns or as a substitute for a position or security, rather than solely to hedge (or offset) the risk of a position or security held by the Underlying ETF. The success of such derivatives strategies will depend on the ability to assess and predict the impact of market or economic developments on the underlying asset, index or rate and the derivative itself, without the benefit of observing the performance of the derivative under all possible market conditions.

*Leverage Risk.* Some Underlying ETFs may borrow money for leveraging. Additionally, the Fund may utilize leverage (*i.e.*, borrow against a line of credit) as part of the portfolio management process. Interest expenses may exceed the income from the assets purchased with such borrowings. While the interest obligation resulting from borrowing will be fixed (although they may fluctuate with changing market rates of interest depending on the terms of the relevant agreement), the NAV per share of the Underlying ETF will tend to increase more when its portfolio securities increase in value and to decrease more when its portfolio assets decrease in value than would otherwise be the case if it did not borrow funds.

*Short Sales Risk*. Some of the Underlying ETFs in which the Fund invests will engage in short sales, which may cause an Underlying ETF's investment performance to suffer if it is required to close out a short position earlier than it had intended. This would occur if the lender required such Underlying ETF to deliver the securities it borrowed at the commencement of the short sale and it was unable to borrow the securities from other securities lenders. Furthermore, until an Underlying ETF replaces a security borrowed, or sold short, it must pay to the lender amounts equal to any dividends that accrue during the period of the short sale. This could cause the Fund's performance to suffer to the extent it invests in such an Underlying ETF.

*Preferred Stock Risk.* A preferred stock is a blend of the characteristics of a bond and common stock. It may offer a higher yield than common stock and has priority over common stock in equity ownership, but it does not have the seniority of a bond and, unlike common stock, its participation in the issuer's growth may be limited. Although the dividend on a preferred stock may be set at a fixed annual rate, in some circumstances it may be changed or passed by the issuer. Preferred stock generally does not confer voting rights.

*ETN Risk*. ETNs are subject to the credit risk of the issuer. The value of an ETN will vary and will be influenced by its time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying securities, currency markets as well as changes in the applicable interest rates, changes in the issuer's credit rating, and economic, legal, political, or geographic events that affect the referenced index. ETNs are unsecured debt of the issuer and would lose value if the issuer goes bankrupt. The Fund's decision to sell its ETN holdings may be limited by the availability of a secondary market.

**PORTFOLIO HOLDINGS INFORMATION**

A complete description of the Fund's policies and procedures with respect to the disclosure of portfolio holdings is available in the Fund's Statement of Additional Information ("SAI").

**MANAGEMENT**

**Investment Adviser**

The Trust has entered into an investment advisory agreement ("Advisory Agreement"), on behalf of the Fund, with Tidal Investments LLC, which is located at 234 West Florida Street, Suite 203, Milwaukee, Wisconsin 53204. Tidal is an SEC-registered investment adviser and a Delaware limited liability company. Tidal was founded in March 2012 and is dedicated to understanding, researching and managing assets within the expanding ETF universe. As of April 30, 2025, Tidal had assets under management of approximately $30.51 billion and served as the investment adviser or sub-adviser for 236 registered funds.

Prior to May 1, 2020, the Fund was managed by the Predecessor Adviser. Michael Gayed, who served as a portfolio manager of the Predecessor Fund from 2012 through April 30, 2020 at the Predecessor Adviser, and as a portfolio manager of the Predecessor Fund from May 1, 2020 through the Reorganization as a portfolio manager of the Adviser, continues to serve as a portfolio manager to the Fund as a principal of the Sub-Adviser.

The Adviser has overall supervisory responsibility for the general management and investment of the Fund's securities portfolio. The Adviser provides oversight of the Sub-Adviser and review of the Sub-Adviser's performance. The Adviser also furnishes the Fund with certain administrative services and provides most of the personnel needed to fulfill its obligations under its Advisory Agreement. For its services, the Fund pays the Adviser a monthly management fee that is calculated at the annual rate of 1.25% of the Fund's average daily net assets for the first $500 million, 1.15% on the next $250 million, 1.05% on the next $250 million, and 0.95% over $1 billion. This is the same management fee the Predecessor Fund paid to the Adviser prior to the Reorganization.

*Fund Expenses.* The Fund is responsible for its own operating expenses. Pursuant to an Operating Expenses Limitation Agreement between the Adviser and the Trust, on behalf of the Fund, the Adviser has agreed to waive a portion or all of its management fees, and reimburse the Fund for certain operating expenses in order to ensure that Total Annual Fund Operating Expenses (excluding Excluded Expenses) do not exceed 1.69% of the average daily net assets of the Fund's Investor Class shares and do not exceed 1.44% of the average daily net assets of the Fund's Institutional Class shares. Fees waived and expenses paid by the Adviser may be recouped by the Adviser for a period of 36 months following the month during which such fee waiver and expense payment was made, if such recoupment can be achieved without exceeding the expense limit in effect at the time the waiver and expense payment occurred and at the time of the recoupment. The Operating Expenses Limitation Agreement is indefinite, but cannot be terminated through at least July 31, 2027. Thereafter, the agreement may be terminated at any time upon 60 days' written notice by the Board or the Adviser, with the consent of the Board. Fees waived and expenses paid prior to the Reorganization are eligible for recoupment.

Pursuant to an Operating Expenses Limitation Agreement between Managed Portfolio Series, on behalf of the Predecessor Fund and the Adviser (the "Predecessor Operating Expenses Limitation Agreement"), the Adviser had agreed to waive a portion of its management fees to ensure that the Total Annual Operating Expenses of the Predecessor Fund, subject to certain exclusions, did not exceed 1.74% of the average daily net assets of the Predecessor Fund's Investor Class and 1.49% of the average daily net assets of the Predecessor Fund's Institutional Class.

As a result of the Predecessor Operating Expenses Limitation Agreement, the Adviser was effectively paid a management fee of 0.76% of the Predecessor Fund's average daily net assets for the fiscal year ended August 31, 2024.

**Sub-Adviser**

Tactical Rotation Management, LLC, a registered investment adviser located at 118-35 Queens Boulevard, Suite 400, Forest Hills, New York, 11375, serves as investment sub-adviser to the Fund pursuant to a sub-advisory agreement between the Adviser and Sub-Adviser (the "Sub-Advisory Agreement"). The Sub-Adviser provides portfolio management services to other investment companies. As of April 30, 2025, the Sub-Adviser had assets under management of approximately $59.7 million. The Sub-Adviser was registered as an investment adviser in 2024. The Sub-Adviser serves as the investment sub-adviser to several other series of the Trust.

The Sub-Adviser is responsible for the day-to-day management of the Fund's portfolio, including the selection of the securities purchased and sold by the Fund, subject to the supervision of the Adviser and the Board. For its services, the Sub-Adviser is paid a fee by the Adviser, which is calculated daily and paid monthly, at an annual rate of 0.025% of the Fund's average daily net assets.

A discussion regarding the basis for the Board's approval of the Fund's Advisory Agreement and Sub-Advisory Agreement will be available in the Fund's annual report to shareholders on Form N-CSR for the period ended August 31, 2025.

**Portfolio Managers**

**Michael A. Gayed, CFA**

Mr. Gayed is the President and Chief Investment Officer of TRM, which he formed and registered in 2024. Prior to that he had been a portfolio manager of Tidal, which he joined in 2020. Prior to 2020, Mr. Gayed was an LLC Member and employee of the Predecessor Adviser and served as its Chief Investment Strategist. He has been a portfolio manager of the Predecessor Fund since its inception. As Chief Investment Strategist, Mr. Gayed helped to structure portfolios to best take advantage of various strategies designed to maximize the amount of time and capital spent in potentially outperforming investments. Mr. Gayed earned his B.S. in Finance and Management from New York University and holds the Chartered Financial Analyst designation.

**Michael Venuto**

Mr. Venuto is a co-founder and has been the Chief Investment Officer of the Adviser since 2012. Mr. Venuto is an ETF industry veteran with over a decade of experience in the design and implementation of ETF-based investment strategies. Previously, he was Head of Investments at Global X Funds where he provided portfolio optimization services to institutional clients. Before that, he was Senior Vice President at Horizon Kinetics where his responsibilities included new business development, investment strategy and client and strategic initiatives. Mr. Venuto studied Philosophy and Religion at North Carolina State University.

The SAI provides additional information about the portfolio managers' compensation, other accounts managed, and ownership of Fund shares.

**Fund Sponsor** 

The Adviser has entered into a fund sponsorship agreement with the Sub-Adviser pursuant to which the Sub-Adviser has agreed to assume a portion of the obligation to pay Fund expenses under the Operating Expenses Limitation Agreement. For assuming a portion of the payment obligations for the Fund, the Adviser has agreed to pay the Sub-Adviser a portion the profits, if any, earned by the Adviser under the Advisory Agreement. If the management fees for the Fund exceeds the Fund's operating expenses that excess amount is considered "remaining profit."

**Shareholder Information**

**PRICING OF FUND SHARES** 

The price of each class of the Fund's shares is its NAV. The NAV of each class is calculated by dividing its total assets, less its liabilities, by the number of its shares outstanding. The NAV of each class is calculated at the close of regular trading of the NYSE, which is generally 4:00 p.m., Eastern Time. The NAV of each class will not be calculated nor may investors purchase or redeem Fund shares on days that the NYSE is closed for trading, even though certain Fund securities (*i.e.*, foreign or debt securities) may trade on days the NYSE is closed and such trading may materially affect the NAV.

The Fund's assets consist primarily, if not exclusively, of shares of Underlying ETFs valued at the last reported sale price on the exchange on which the Underlying ETF is principally traded. If, on a particular day, an Underlying ETF does not trade, then the mean between the most recent quoted bid and asked prices will be used. When market quotations are not readily available, a security or other asset is valued at its fair value as determined under fair value pricing procedures approved by the Board. The Board reviews, no less frequently than annually, the adequacy of the policies and procedures of the Fund and the effectiveness of their implementation. These fair value pricing procedures will also be used to price a security when corporate events, events in the securities market and/or world events cause the Adviser to believe that a security's last sale price may not reflect its actual market value. The intended effect of using fair value pricing procedures is to ensure that the Fund is accurately priced. The Board will regularly evaluate whether the Trust's fair value pricing procedures continue to be appropriate in light of the specific circumstances of the Fund and the quality of prices obtained through the application of such procedures.

When fair value pricing is employed, the security prices that the Fund uses to calculate its NAV may differ from quoted or published prices for the same securities. Due to the subjective and variable nature of fair value pricing, it is possible that the fair value determined for a particular security may be materially different (higher or lower) than the price of the security quoted or published by others, the value when trading resumes, and/or the value realized upon the security's sale. Therefore, if a shareholder purchases or redeems Fund shares when the Fund holds securities priced at a fair value, the number of shares purchased or redeemed may be higher or lower than it would be if the Fund were using market value pricing.

**HOW TO PURCHASE FUND SHARES**

Shares of the Fund are purchased at the NAV per share next calculated after your purchase order is received in good order by the Fund (as defined below), plus the imposition of any commission on the sale of Institutional Class shares that may be charged by a financial intermediary. Shares may be purchased directly from the Fund or through a financial intermediary, including but not limited to, certain brokers, financial planners, financial advisors, banks, insurance companies, retirement, benefit and pension plans or certain packaged investment products. Institutional Class shares may also be available on certain brokerage platforms. An investor transacting in Institutional Class shares through a broker acting as an agent for the investor may be required to pay a commission and/or other forms of compensation to the broker.

Shares of the Fund have not been registered and are not offered for sale outside of the United States. The Fund generally does not sell shares to investors residing outside the United States, even if they are United States citizens or lawful permanent residents, except to investors with United States military APO or FPO addresses or in certain other circumstances where the Chief Compliance Officer and Anti-Money Laundering Officer for the Trust conclude that such sale is appropriate and is not in contravention of U.S. law.

A service fee, currently $25, as well as any loss sustained by the Fund, will be deducted from a shareholder's account for any purchases that do not clear. The Fund and U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, the Fund's transfer agent (the "Transfer Agent"), will not be responsible for any losses, liability, cost or expense resulting from rejecting any purchase order. Your initial order will not be accepted until a completed account application (an "Account Application") is received by the Fund or the Transfer Agent.

*Investment Minimums.*

The minimum initial and subsequent investment amount for each Class of the Fund is set forth below. The Adviser reserves the right to waive the minimum initial or subsequent investment amounts at its discretion. Shareholders will be given at least 30 days' written notice of any increase in the minimum dollar amount of initial or subsequent investments.

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| | | |
|:---|:---|:---|
| | Minimum Initial<br> Investment | Subsequent Minimum<br> Investment |
| Investor Class | $2500 | $100 |
| Institutional Class | $25000 | $100 |

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*Purchases through Financial Intermediaries.* For share purchases through a financial intermediary, you must follow the procedures established by your financial intermediary. Your financial intermediary is responsible for sending your purchase order and payment to the Fund's Transfer Agent. Your financial intermediary holds the shares in your name and receives all confirmations of purchases and sales from the Fund. Your financial intermediary may charge for the services that it provides to you in connection with processing your transaction order or maintaining your account.

If you place an order for the Fund's shares through a financial intermediary that is authorized by the Fund to receive purchase and redemption orders on its behalf (an "Authorized Intermediary"), your order will be processed at the NAV next calculated after receipt by the Authorized Intermediary, consistent with applicable laws and regulations. Authorized Intermediaries are authorized to designate other Authorized Intermediaries to receive purchase and redemption orders on the Fund's behalf.

If your financial intermediary is not an Authorized Intermediary, your order will be processed at the NAV next calculated after the Transfer Agent receives your order from your financial intermediary. Your financial intermediary must agree to send immediately available funds to the Transfer Agent in the amount of the purchase price in accordance with the Transfer Agent's procedures. If payment is not received in a timely manner, the Transfer Agent may rescind the transaction and your financial intermediary will be held liable for any resulting fees or losses. Financial intermediaries that are not Authorized Intermediaries may set cut-off times for the receipt of orders that are earlier than the cut-off times established by the Fund.

**Purchase Requests Must be Received in Good Order**

Your share price will be the next NAV per share calculated after the Transfer Agent or your Authorized Intermediary receives your purchase request in good order. "Good order" means that your purchase request includes:

● The name of the Fund to be purchased;

● The class of shares to be purchased;

● The dollar amount of shares to be purchased;

● Your account application or investment stub; and

● A check payable to the name of the Fund or a wire transfer received by the Fund.

An Account Application or subsequent order to purchase Fund shares is subject to acceptance by the Fund and is not binding until so accepted. The Fund reserves the right to reject any Account Application or purchase order if, in its discretion, it is in the Fund's best interest to do so. For example, a purchase order may be refused if it appears so large that it would disrupt the management of the Fund. Purchases may also be rejected from persons believed to be "market-timers," as described under "Tools to Combat Frequent Transactions," below. Accounts opened by entities, such as credit unions, corporations, limited liability companies, partnerships or trusts, will require additional documentation. Please note that if any information listed above is missing, your Account Application will be returned and your account will not be opened.

Upon acceptance by the Fund, all purchase requests received in good order before the close of the NYSE (generally 4:00 p.m., Eastern Time) will be processed at the NAV next calculated after receipt. Purchase requests received after the close of the NYSE will be priced on the next business day.

*Purchase by Mail.* To purchase the Fund's shares by mail, simply complete and sign the Account Application and mail it, along with a check made payable to the Fund:

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Regular Mail** <br> ATAC Rotation Fund <br> c/o U.S. Bank Global Fund Services <br> P.O. Box 219252<br> Kansas City, Missouri 64121-9252 | **Overnight Delivery** <br> ATAC Rotation Fund <br> c/o U.S. Bank Global Fund Services <br> 801 Pennsylvania Ave, Suite 219252<br> Kansas City, MO 64105-1307 |

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The Fund does not consider the U.S. Postal Service or other independent delivery services to be its agents. Therefore, deposit in the mail or with such services, or receipt at the U.S. Bancorp Fund Services, LLC post office box, of purchase orders or redemption requests does not constitute receipt by the Transfer Agent. Receipt of purchase orders or redemption requests is determined as of the time the order is received at the Transfer Agent's offices. All purchase checks must be in U.S. dollars drawn on a domestic financial institution. The Fund will not accept payment in cash or money orders. To prevent check fraud, the Fund will not accept third party checks, Treasury checks, credit card checks, traveler's checks or starter checks for the purchase of shares. The Fund is unable to accept post-dated checks, or any conditional order or payment.

*Purchase by Wire.* If you are making your first investment in the Fund, the Transfer Agent must have a completed Account Application before you wire the funds. You can mail or use an overnight service to deliver your Account Application to the Transfer Agent at the above address. Upon receipt of your completed Account Application, the Transfer Agent will establish an account for you. Once your account has been established, you may instruct your bank to send the wire. Prior to sending the wire, please call the Transfer Agent at 855-ATACFUND (855-282-2386) to advise them of the wire and to ensure proper credit upon receipt. Your bank must include the name of the Fund, your name and your account number so that your wire can be correctly applied. Your bank should transmit immediately available funds by wire to:

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| | |
|:---|:---|
| Wire to: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Bank N.A. |
| ABA Number: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;075000022 |
| Credit: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Bancorp Fund Services, LLC |
| Account: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112-952-137 |
| Further Credit: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ATAC Rotation Fund <br> [Shareholder Name/Account Registration] <br> [Shareholder Account Number] <br> [Class of shares to be purchased]  |

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Wired funds must be received prior to the close of the NYSE (generally 4:00 p.m., Eastern Time) to be eligible for same day pricing. The Fund and U.S. Bank N.A., the Fund's custodian, are not responsible for the consequences of delays resulting from the banking or Federal Reserve wire system, or from incomplete wiring instructions.

*Investing by Telephone.* You may not make initial purchases of Fund shares by telephone. If you accepted telephone transactions on your Account Application or have been authorized to perform telephone transactions by subsequent arrangement in writing with the Fund and your account has been open for at least seven business days, you may purchase additional shares by telephoning the Fund toll free at 855-ATACFUND (855-282-2386). This option allows investors to move money from their bank account to their Fund account upon request. Only bank accounts held at domestic financial institutions that are Automated Clearing House ("ACH") members may be used for telephone transactions. The minimum telephone purchase amount is $100. If your order is received prior to the close of the NYSE (generally 4:00 p.m., Eastern Time), shares will be purchased in your account at the NAV determined on the day your order is placed. Shareholders may encounter higher than usual call waiting times during periods of high market activity. Please allow sufficient time to place your telephone transaction. The Fund is not responsible for delays due to communications or transmission outages or failure. Once a telephone transaction has been placed, it cannot be canceled or modified after the close of regular trading on the NYSE (generally 4:00 p.m., Eastern Time).

*Subsequent Investments.* Subject to the minimum subsequent investment amount described above, you may add to your account at any time by purchasing shares by mail, telephone or wire. You must call to notify the Fund at 855-ATACFUND (855-282-2386) before wiring. All subsequent purchase requests must include the Fund name, your name, address and your shareholder account number.

*Automatic Investment Plan.* For your convenience, the Fund offers an Automatic Investment Plan ("AIP"). Under the AIP, after your initial investment, you may authorize the Fund to automatically withdraw any amount of at least $100 that you wish to invest in the Fund, on a monthly, quarterly, semi-annual or annual basis, from your personal checking or savings account. In order to participate in the AIP, your bank must be a member of the ACH network. If you wish to enroll in the AIP, complete the appropriate section in the Account Application. The Fund may terminate or modify this privilege at any time. You may terminate your participation in the AIP at any time by notifying the Transfer Agent five days prior to the next scheduled investment. A fee will be charged if your bank does not honor the AIP draft for any reason.

*Anti-Money Laundering Program.* The Trust has established an Anti-Money Laundering Compliance Program (the "Program") as required by the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the "USA PATRIOT Act") and related anti-money laundering laws and regulations. To ensure compliance with these laws, the Account Application asks for, among other things, the following information for all "customers" seeking to open an "account" (as those terms are defined in rules adopted pursuant to the USA PATRIOT Act):

● Full name;

● Date of birth (individuals only);

● Social Security or taxpayer identification number; and

● Permanent street address (a P.O. Box number alone is not acceptable).

In compliance with the USA PATRIOT Act and other applicable anti-money laundering laws and regulations, please note that the Transfer Agent will verify certain information on your Account Application as part of the Program. As requested on the Account Application, you must supply your full name, date of birth, social security number and permanent street address. If you are opening the account in the name of a legal entity (*e.g*., partnership, limited liability company, business trust, corporation, etc.), you must also supply the identity of the beneficial owners. Mailing addresses containing only a P. O. Box will not be accepted. The Fund reserves the right to request additional clarifying information and may close your account if such clarifying information is not received by the Fund within a reasonable time of the request or if the Fund cannot form a reasonable belief as to your true identity. If you require additional assistance when completing your application, please contact the Transfer Agent at 855-ATACFUND (855-282-2386).

*Cancellations and Modifications*. The Fund will not accept a request to cancel or modify a written transaction once processing has begun. Please exercise care when placing a transaction request.

**HOW TO REDEEM FUND SHARES**

In general, orders to sell or "redeem" shares may be placed directly with the Fund or through a financial intermediary. You may redeem all or part of your investment in the Fund's shares on any business day that the Fund calculates its NAV.

However, if you originally purchased your shares through a financial intermediary, your redemption order must be placed with the same financial intermediary in accordance with their established procedures. Your financial intermediary is responsible for sending your order to the Transfer Agent and for crediting your account with the proceeds. Your financial intermediary may charge for the services that it provides to you in connection with processing your transaction order or maintaining an account with it.

Shareholders who have an IRA or other retirement plan must indicate on their written redemption request whether to withhold federal income tax. Redemption requests failing to indicate an election not to have tax withheld will generally be subject to 10% withholding. Shares held in IRA or other retirement plan accounts may be redeemed by telephone at 855-ATACFUND (855-282-2386). Investors will be asked whether or not to withhold taxes from any distribution.

*Payment of Redemption Proceeds.* You may redeem your Fund shares at the NAV per share next determined after the Transfer Agent or an Authorized Intermediary receives your redemption request in good order. Your redemption request cannot be processed on days the NYSE is closed. All requests received by the Fund in good order after the close of the regular trading session of the NYSE (generally 4:00 p.m., Eastern Time) will usually be processed on the next business day. Under normal circumstances, the Fund expects to meet redemption requests through the sale of investments held in cash or cash equivalents. In situations in which investment holdings in cash or cash equivalents are not sufficient to meet redemption requests, the Fund will typically borrow money through the Fund's bank line-of-credit. The Fund may also choose to sell portfolio assets for the purpose of meeting such requests. The Fund further reserves the right to distribute "in-kind" securities from the Fund's portfolio in lieu (in whole or in part) of cash under certain circumstances, including under stressed market conditions. Redemptions-in-kind are discussed in greater detail below.

A redemption request will be deemed in "good order" if it includes:

● The shareholder's name;

● The name of the Fund to be redeemed;

● The class of shares to be redeemed;

● The account number;

● The share or dollar amount to be redeemed; and

● Signatures by all shareholders on the account and signature guarantee(s), if applicable.

Additional documents are required for certain types of redemptions, such as redemptions from accounts held by credit unions, corporations, limited liability companies, or partnerships, or from accounts with executors, trustees, administrators or guardians. Please contact the Transfer Agent to confirm the requirements applicable to your specific redemption request. Redemption requests that do not have the required documentation will be rejected.

While redemption proceeds may be paid by check sent to the address of record, the Fund is not responsible for interest lost on such amounts due to lost or misdirected mail. Redemption proceeds may be wired to your pre-established bank account or proceeds may be sent via electronic funds transfer through the ACH network using the bank instructions previously established for your account. The Fund typically sends the redemption proceeds on the next business day (a day when the NYSE is open for normal business) after the redemption request is received in good order and prior to market close, regardless of whether the redemption proceeds are sent via check, wire or ACH transfer. Wires are subject to a $15 fee. There is no charge to have proceeds sent via ACH; however, funds are typically credited to your bank within two to three days after redemption. Except as set forth below, proceeds will be paid within seven calendar days after the Fund receives your redemption request. Under unusual circumstances, the Fund may suspend redemptions, or postpone payment for up to seven days, as permitted by federal securities law.

Please note that if the Transfer Agent has not yet collected payment for the shares you are redeeming, it may delay sending the proceeds until the payment is collected, which may take up to 12 calendar days from the purchase date. This delay will not apply if you purchased your shares via wire payment. Furthermore, there are certain times when you may be unable to sell Fund shares or receive proceeds. Specifically, the Fund may suspend the right to redeem shares or postpone the date of payment upon redemption for more than seven calendar days: (1) for any period during which the NYSE is closed (other than customary weekend or holiday closings) or trading on the NYSE is restricted; (2) for any period during which an emergency exists as a result of which disposal by the Fund of its securities is not reasonably practicable or it is not reasonably practicable for the Fund to fairly determine the value of its net assets; or (3) for such other periods as the SEC may by order permit for the protection of shareholders. Your ability to redeem shares by telephone will be restricted for 15 calendar days after you change your address. You may change your address at any time by telephone or written request, addressed to the Transfer Agent. Confirmations of an address change will be sent to both your old and new address.

*<u>Signature Guarantee</u>.* Redemption proceeds will be sent to the address of record. The Transfer Agent may require a signature guarantee for certain requests. A signature guarantee assures that your signature is genuine and protects you from unauthorized transactions. Signature guarantees will generally be accepted from domestic banks, brokers, dealers, credit unions, national securities exchanges, registered securities associations, clearing agencies and savings associations, as well as from participants in the New York Stock Exchange Medallion Signature Program and the Securities Transfer Agents Medallion Program ("STAMP"), *but not from a notary public.* A signature guarantee, from either a Medallion program member or a non-Medallion program member, is required of each owner in the following situations:

● If ownership is being changed on your account;

● When redemption proceeds are payable or sent to any person, address or bank account not on record;

● When a redemption is received by the Transfer Agent and the account address has changed within the last 15 calendar days;

● For all redemptions in excess of $100,000 from any shareholder account.

Non-financial transactions, including establishing or modifying the ability to purchase and redeem Fund shares by telephone and certain other services on an account, may require a signature guarantee, signature verification from a Signature Validation Program member, or other acceptable form of authentication from a financial institution source.

In addition to the situations described above, the Fund and/or the Transfer Agent reserve the right to require a signature guarantee or other acceptable signature verification in other instances based on the circumstances relative to the particular situation.

*Redemption by Mail*. You may execute most redemptions by furnishing an unconditional written request to the Fund to redeem your shares at the current NAV per share. Written redemption requests should be sent to the Transfer Agent at:

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Regular Mail** <br> ATAC Rotation Fund <br> c/o U.S. Bank Global Fund Services <br> P.O. Box 219252<br> Kansas City, Missouri 64121-9252 | **Overnight Delivery** <br> ATAC Rotation Fund <br> c/o U.S. Bank Global Fund Services <br> 801 Pennsylvania Ave, Suite 219252<br> Kansas City, MO 64105-1307 |

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The Fund does not consider the U.S. Postal Service or other independent delivery services to be its agents. Therefore, deposit in the mail or with such services, or receipt at the U.S. Bancorp Fund Services, LLC post office box, of purchase orders or redemption requests does not constitute receipt by the Transfer Agent of the Fund. Receipt of purchase orders or redemption requests is based on when the order is received at the Transfer Agent's offices.

*Wire Redemption.* Wire transfers may be arranged to redeem shares. However, the Transfer Agent charges a fee, currently $15, per wire redemption against your account on dollar specific trades, and from proceeds on complete redemptions and share-specific trades.

*Telephone Redemption.* If you accepted telephone transactions on your Account Application or have been authorized to perform telephone transactions by subsequent arrangement in writing with the Fund, you may redeem shares, in amounts of $100,000 or less, by instructing the Fund by telephone at 855-ATACFUND (855-282-2386). Investors in an IRA or other retirement plan will be asked whether or not to withhold federal income tax.

In order to qualify for, or to change, telephone redemption privileges on an existing account, a signature guarantee, signature verification from a Signature Validation Program member, or other acceptable form of authentication from a financial institution source may be required of all shareholders in order to qualify for, or to change, telephone redemption privileges on an existing account. Telephone redemptions will not be made if you have notified the Transfer Agent of a change of address within 15 calendar days before the redemption request. Shareholders may encounter higher than usual call waiting times during periods of high market activity. Please allow sufficient time to place your telephone transaction. The Fund is not responsible for delays due to communication or transmission outages or failures.

*Note*: Neither the Fund nor any of its service providers will be liable for any loss or expense in acting upon instructions that are reasonably believed to be genuine. To confirm that all telephone instructions are genuine, the Fund will use reasonable procedures, such as requesting that you correctly state:

● Your Fund account number;

● The name in which your account is registered; and/or

● The Social Security or taxpayer identification number under which the account is registered.

If an account has more than one owner or person authorized to perform transactions, the Fund will accept telephone instructions from any one owner or authorized person.

*Systematic Withdrawal Program.* The Fund offers a systematic withdrawal plan ("SWP") whereby shareholders or their representatives may request a redemption in a specific dollar amount of at least $100 be sent to them each month, calendar quarter or annually. Investors may choose to have a check sent to the address of record, or proceeds may be sent to a pre-designated bank account via the ACH network. To start this program, your account must have Fund shares with a value of at least $25,000. This program may be terminated or modified by the Fund at any time. Any request to change or terminate your SWP should be communicated in writing or by telephone to the Transfer Agent no later than five days before the next scheduled withdrawal. A withdrawal under the SWP involves redemption of Fund shares, and may result in a gain or loss for federal income tax purposes. In addition, if the amount requested to be withdrawn exceeds the rate of growth of assets in your account, including any dividends credited to your account, the account will ultimately be depleted. To establish the SWP, complete the SWP section of the Account Application. Please call 855-ATACFUND (855-282-2386) for additional information regarding the SWP.

*The Fund's Right to Redeem an Account.* The Fund reserves the right to redeem the shares of any shareholder whose account balance is less than $2,500 other than as a result of a decline in the NAV of the Fund. The Fund will provide a shareholder with written notice 30 days prior to redeeming the shareholder's account.

*Redemption-in-Kind.* The Fund generally pays redemption proceeds in cash. However, under unusual conditions that make the payment of cash unwise (and for the protection of the Fund's remaining shareholders), the Fund may pay all or part of a shareholder's redemption proceeds in portfolio securities with a market value equal to the redemption price (redemption-in-kind).

If the Fund pays your redemption proceeds by a distribution of securities, you could incur brokerage or other charges in converting the securities to cash, and you may incur a taxable capital gain or loss as a result of the distribution. In addition, you will bear any market risks associated with such securities until they are converted into cash.

*Cancellations and Modifications*. The Fund will not accept a request to cancel or modify a written transaction once processing has begun. Please exercise care when placing a transaction request.

**DIVIDENDS AND DISTRIBUTIONS**

The Fund will make distributions of net investment income and net capital gains, if any, at least annually, typically during the month of December. The Fund may make additional distributions if deemed to be desirable at other times during the year.

All distributions will be reinvested in Fund shares unless you choose one of the following options: (1) receive distributions of net capital gains in cash, while reinvesting net investment income distributions in additional Fund shares; (2) receive all distributions in cash; or (3) reinvest net capital gain distributions in additional Fund shares, while receiving distributions of net investment income in cash.

If you wish to change your distribution option, write or call the Transfer Agent at 855-ATACFUND (855-282-2386) in advance of the payment date of the distribution. However, any such change will be effective only as to distributions for which the record date is five or more calendar days after the Transfer Agent has received your request.

If you elect to receive distributions in cash and the U.S. Postal Service is unable to deliver your check, or if a check remains uncashed for six months, the Fund reserves the right to reinvest the distribution check in your account at the Fund's then current NAV per share and to reinvest all subsequent distributions.

**TOOLS TO COMBAT FREQUENT TRANSACTIONS**

The Fund is intended for long-term investors. Short-term "market-timers" who engage in frequent purchases and redemptions may disrupt the Fund's investment program and create additional transaction costs that are borne by all of the Fund's shareholders. The Board has adopted policies and procedures that are designed to discourage excessive, short-term trading and other abusive trading practices that may disrupt portfolio management strategies and harm performance. The Fund takes steps to reduce the frequency and effect of these activities in the Fund. These steps include, among other things, monitoring trading activity and using fair value pricing. Although these efforts are designed to discourage abusive trading practices, these tools cannot eliminate the possibility that such activity will occur. The Fund implements these tools to the best of its ability and in a manner that it believes is consistent with shareholder interests. Except as noted herein, the Fund applies all restrictions uniformly in all applicable cases.

*Monitoring Trading Practices*. The Fund monitors selected trades in an effort to detect excessive short-term trading activities. If, as a result of this monitoring, the Fund believes that a shareholder has engaged in excessive short-term trading, it may, in its discretion, ask the shareholder to stop such activities or refuse to process purchases in the shareholder's accounts. In making such judgments, the Fund seeks to act in a manner that it believes is consistent with the best interests of its shareholders. The Fund uses a variety of techniques to monitor for and detect abusive trading practices. These techniques may change from time to time as determined by the Fund in its sole discretion. To minimize harm to the Fund and its shareholders, the Fund reserves the right to reject any purchase order (but not a redemption request), in whole or in part, for any reason and without prior notice. The Fund may decide to restrict purchase and sale activity in its shares based on various factors, including whether frequent purchase and sale activity will disrupt portfolio management strategies and adversely affect Fund performance.

*Fair Value Pricing*. The Fund employs fair value pricing selectively to ensure greater accuracy in its daily NAV and to prevent dilution by frequent traders or market timers who seek to take advantage of temporary market anomalies. The Board has developed procedures that utilize fair value pricing when reliable market quotations are not readily available or when corporate events, events in the securities market and/or world events cause the Adviser to believe that a security's last sale price may not reflect its actual market value. Valuing securities at fair value involves reliance on judgment. Fair value determinations are made in good faith in accordance with procedures adopted by the Board. There can be no assurance that the Fund will obtain the fair value assigned to a security if it were to sell the security at approximately the time at which the Fund determines its NAV per share. More detailed information regarding fair value pricing can be found in this Prospectus under the heading titled, "Pricing of Fund Shares."

Due to the complexity and subjectivity involved in identifying abusive trading activity and the volume of shareholder transactions the Fund handles, there can be no assurance that the Fund's efforts will identify all trades or trading practices that may be considered abusive. In particular, since the Fund receives purchase and sale orders through Authorized Intermediaries that use group or omnibus accounts, the Fund cannot always detect frequent trading. However, the Fund will work with Authorized Intermediaries as necessary to discourage shareholders from engaging in abusive trading practices and to impose restrictions on excessive trades. In this regard, the Fund has entered into information sharing agreements with Authorized Intermediaries pursuant to which these intermediaries are required to provide to the Fund, at the Fund's request, certain information relating to their customers investing in the Fund through non-disclosed or omnibus accounts. The Fund will use this information to attempt to identify abusive trading practices. Authorized Intermediaries are contractually required to follow any instructions from the Fund to restrict or prohibit future purchases from shareholders that are found to have engaged in abusive trading in violation of the Fund's policies. However, the Fund cannot guarantee the accuracy of the information provided to it from Authorized Intermediaries and cannot ensure that it will always be able to detect abusive trading practices that occur through non-disclosed and omnibus accounts. As a result, the Fund's ability to monitor and discourage abusive trading practices in non-disclosed and omnibus accounts may be limited.

**TAX CONSEQUENCES**

Distributions of the Fund's net investment company taxable income (which includes, but is not limited to, interest, dividends, net short-term capital gains and net gains from foreign currency transactions), if any, are generally taxable to the Fund's shareholders as ordinary income. To the extent that the Fund's distributions of net investment company taxable income are designated as attributable to "qualified dividend" income, such income may be subject to tax at the reduced rate of federal income tax applicable to non-corporate shareholders for net long-term capital gains, if certain holding period requirements have been satisfied by the shareholder. To the extent the Fund's distributions of net investment company taxable income are attributable to net short-term capital gains, such distributions will be treated as ordinary dividend income for the purposes of income tax reporting and will not be available to offset a shareholder's capital losses from other investments.

Distributions of net capital gains (net long-term capital gains less net short-term capital losses) are generally taxable as long-term capital gains (currently at a maximum federal rate of 20% for individual shareholders in the highest income bracket) regardless of the length of time that a shareholder has owned Fund shares, unless you are a tax-exempt organization or are investing through a tax-advantaged arrangement such as a 401(k) plan or IRA.

A 3.8% Medicare tax on net investment income (including capital gains and dividends) will also be imposed on individuals, estates and trusts, subject to certain income thresholds.

You will be taxed in the same manner whether you receive your distributions (whether of net investment company taxable income or net capital gains) in cash or reinvest them in additional Fund shares. Distributions are generally taxable when received. However, distributions declared in October, November or December to shareholders of record on a date in such a month and paid the following January are taxable as if received on December 31.

Shareholders who sell, or redeem, shares generally will have a capital gain or loss from the sale or redemption. The amount of the gain or loss and the applicable rate of federal income tax will depend generally upon the amount paid for the shares, the amount of reinvested taxable distributions, if any, the amount received from the sale or redemption and how long the shares were held by a shareholder. Any loss arising from the sale or redemption of shares held for six months or less, however, is treated as a long-term capital loss to the extent of any amounts treated as distributions of net capital gain received on such shares. In determining the holding period of such shares for this purpose, any period during which your risk of loss is offset by means of options, short sales or similar transactions is not counted. If you purchase Fund shares within 30 days before or after redeeming other Fund shares at a loss, all or part of that loss will not be deductible and will instead increase the basis of the newly purchased shares.

*Important Tax Considerations When Purchasing Fund Shares*

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

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

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

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

Shareholders will be advised annually as to the federal tax status of all distributions made by the Fund for the preceding year. Distributions by the Fund and gains from the sale of Fund shares may also be subject to state and local taxes. Additional tax information may be found in the SAI.

This section assumes you are a U.S. shareholder and is not intended to be a full discussion of federal tax laws and the effect of such laws on you. There may be other federal, state, foreign or local tax considerations applicable to a particular investor. You are urged to consult your own tax advisor.

**OTHER FUND POLICIES**

*Telephone Transactions.* If you accepted telephone transactions on your Account Application or have been authorized to perform telephone transactions by subsequent arrangement in writing with the Fund, you may be responsible for fraudulent telephone orders made to your account as long as the Fund has taken reasonable precautions to verify your identity. In addition, once you place a telephone transaction request, it cannot be canceled or modified after the close of regular trading on the NYSE (generally, 4:00 p.m. Eastern Time).

During periods of significant economic or market change, telephone transactions may be difficult to complete. If you are unable to contact the Fund by telephone, you may also mail the requests to the Fund at the address listed previously in the "How to Purchase Shares" section.

Telephone trades must be received by or prior to the close of the NYSE (generally 4:00 p.m., Eastern Time). Please allow sufficient time to ensure that you will be able to complete your telephone transaction prior to the close of the NYSE.

*Policies of Other Financial Intermediaries.* Financial intermediaries may establish policies that differ from those of the Fund. For example, the institution may charge transaction fees, set higher minimum investments or impose certain limitations on buying or selling shares in addition to those identified in this Prospectus. Please contact your financial intermediary for details.

*Closing the Fund.* The Board retains the right to close (or partially close) the Fund to new purchases if it is determined to be in the best interest of the Fund's shareholders. Based on market and Fund conditions, and in consultation with the Adviser, the Board may decide to close the Fund to new investors, all investors or certain classes of investors (such as fund supermarkets) at any time. If the Fund is closed to new purchases, it will continue to honor redemption requests, unless the right to redeem shares has been temporarily suspended as permitted by federal law.

*Householding.* In an effort to decrease costs, the Fund intends to reduce the number of duplicate prospectuses and other similar documents you receive by sending only one copy of each to those addresses shared by two or more accounts and to shareholders the Fund reasonably believes are from the same family or household. If you would like to discontinue householding for your accounts, please call toll-free at 855-ATACFUND (855-282-2386) to request individual copies of these documents. Once the Fund receives notice to stop householding, the Fund will begin sending individual copies 30 days after receiving your request. This Householding policy does not apply to account statements.

*Lost Shareholders, Inactive Accounts and Unclaimed Property.* It is important that the Fund maintain a correct address for each shareholder. An incorrect address may cause a shareholder's account statements and other mailings to be returned to the Fund. Based upon statutory requirements for returned mail, the Fund will attempt to locate the shareholder or rightful owner of the account. If the Fund is unable to locate the shareholder, then it will determine whether the shareholder's account can legally be considered abandoned. Your mutual fund account may be transferred to the state government of your state of residence if no activity occurs within your account during the "inactivity period" specified in your state's abandoned property laws. The Fund is legally obligated to escheat (or transfer) abandoned property to the appropriate state's unclaimed property administrator in accordance with statutory requirements. The shareholder's last known address of record determines which state has jurisdiction. Please proactively contact the Transfer Agent toll-free at 855-824-1355 at least annually to ensure your account remains in active status.

If you are a resident of the state of Texas, you may designate a representative to receive notifications that, due to inactivity, your mutual fund account assets may be delivered to the Texas Comptroller. Please contact the Transfer Agent if you wish to complete a Texas Designation of Representative form.

**CLASS DESCRIPTIONS**

The Fund currently offers two different classes of shares, Investor Class shares and Institutional Class shares. The different classes of shares represent investments in the same portfolio of securities but are subject to different expenses, which may affect their performance. The classes also differ with respect to their investment minimums.

Investor Class shares impose a 0.25% Rule 12b-1 fee that is assessed against the assets of the Fund attributable to that class. See "Rule 12b-1 Distribution Fees" below for further information. Institutional Class shares do not pay a Rule 12b-1 fee. Investor Class shares may be converted to Institutional Class shares if your account balance exceeds the initial minimum investment for Institutional Class shares.

The Institutional Class is generally limited to institutional investors or certain programs, including the following:

● Investors making purchases through financial intermediaries that aggregate customer accounts to accumulate the minimum initial investment;

● Clients of financial intermediaries that have an agreement in place with Foreside Fund Services, LLC, the Fund's distributor (the "Distributor") or its affiliates who charge clients an ongoing fee for advisory, investment, consulting, or similar services, or who charge clients transaction fees with respect to their investments in the Fund;

● Financial intermediaries with clients of a registered investment adviser ("RIA") purchasing Fund shares in fee based advisory accounts, through certain broker-dealers utilizing omnibus accounts;

● Individuals and institutional investors, such as financial institutions, corporations, trusts, defined benefit plans, foundations, endowments, estates, and educational, religious, and charitable organizations;

● Institutions and individuals that use trust departments or family/multi-family offices that exercise investment discretion;

● Certain retirement and benefit plans, including pension plans and employer sponsored retirement plans established under Section 403(b) or Section 457, or qualified under Section 401, of the Internal Revenue Code, as amended, (the "Code");

● Certain qualified plans under Section 529 of the Code;

● Certain insurance related products that have an agreement in place with the Distributor or its affiliates;

● Certain advisory accounts of the Adviser or its affiliates;

● Trustees and officers of the Trust; directors, officers and employees of the Adviser and its affiliates (including the spouse, life partner, or minor children under 21 of any such person); any trust or individual retirement account or self-employed retirement plan for the benefit of any such person; or the estate of any such person; and

● Employee retirement plans sponsored by the Adviser or its affiliates.

At the time you purchase shares of the Fund, you must inform your financial intermediary or the Transfer Agent of your qualifications to invest in Institutional Class shares. Institutional Class shares may also be offered through financial intermediaries that charge their customers transaction or other distribution or service fees with respect to their customers' investments in the Funds. As indicated in the table above, the minimum initial investment for Institutional Class shares may be waived or reduced by the Adviser at any time. In addition, the Fund may, in its sole discretion, accept investment in Institutional Class shares from purchasers not listed above.

**Distribution of Fund Shares**

**THE DISTRIBUTOR** 

Foreside Fund Services, LLC, a wholly owned subsidiary of Foreside Financial Group (dba ACA Group) (the "Distributor"), is located at Three Canal Plaza, Suite 100, Portland, Maine 04101, and serves as distributor and principal underwriter to the Fund. The Distributor is a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc. Shares of the Fund are offered on a continuous basis.

**RULE 12B-1 DISTRIBUTION FEES**

The Trust has adopted a Rule 12b-1 plan under which the Fund is authorized to pay to the Distributor or such other entities as approved by the Board of Trustees, as compensation for the distribution-related services provided by such entities, an aggregate fee of 0.25% of the average daily net assets of the Fund's Investor Class shares. The Distributor may pay any or all amounts received under the Rule 12b-1 Plan to other persons, including the Adviser or its affiliates, for any distribution service or activity designed to retain Fund shareholders.

Because the distribution fee is paid on an ongoing basis, your investment cost over time may be higher than paying other types of sales charges.

**PAYMENTS TO OTHER FINANCIAL INTERMEDIARIES**

The Fund may pay service fees to intermediaries, such as banks, broker-dealers, financial advisors or other financial institutions, including affiliates of the Adviser, for sub-administration, sub-transfer agency and other shareholder services associated with shareholders whose shares are held of record in omnibus accounts, other group accounts or accounts traded through registered securities clearing agents.

The Adviser, out of its own resources and without additional cost to the Fund or its shareholders, may provide additional cash payments to intermediaries who sell shares of the Fund. These payments and compensation are in addition to service fees paid by the Fund, if any. Payments are generally made to intermediaries that provide shareholder servicing, marketing support or access to sales meetings, sales representatives and management representatives of the intermediary. Payments may also be paid to intermediaries for inclusion of the Fund on a sales list, including a preferred or select sales list or in other sales programs. Compensation may be paid as an expense reimbursement in cases in which the intermediary provides shareholder services to the Fund. The Adviser may also pay cash compensation in the form of finder's fees that vary depending on the dollar amount of the shares sold.

**Financial Highlights**

The Fund will acquire all of the assets, subject to the liabilities, of the Predecessor Fund, in the Reorganization. Prior to the Reorganization, the Fund had not yet commenced operations. As a result of the Reorganization, the Financial Highlights presented below for the Fund are the financial history of Predecessor Fund.

The financial highlights in the following table are intended to help you understand the Predecessor Fund's financial performance for the fiscal periods indicated. Certain information reflects financial results for a single Fund share. The total returns in each table represent the rate that an investor would have earned or lost on an investment in the Predecessor Fund (assuming reinvestment of all dividends and distributions). Except for information for the period ended February 28, 2025, this information has been derived from the financial statements audited by Cohen & Company, Ltd., the Predecessor Fund's independent registered public accounting firm, whose report, along with the Predecessor Fund's financial statements, are included in the annual report, which is available upon request or on the Fund's website at www.atacfunds.com.

#### ATAC ROTATION FUND

#### FINANCIAL HIGHLIGHTS

------

For a Fund share outstanding throughout the periods.

#### Investor Class

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** | | | | | |
|  | **Ended** | | | | | |
|  | **February 28,** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **2025** | **August 31,** | **August 31,** | **August 31,** | **August 31,** | **August 31,** |
|  | (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| **PER SHARE DATA(1):** |  |  |  |  |  |  |
| Net asset value, beginning of period | $35.49 | $27.13 | $30.14 | $43.13 | $47.60 | $31.20 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)(2) | 0.30 | 0.23 | (0.13) | (0.20) | (0.21) | 0.08 |
| Net realized and unrealized |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;gains (losses) on investments(3) | (2.08) | 8.13 | (2.88) | (12.79) | 1.76 | 16.59 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (1.78) | 8.36 | (3.01) | (12.99) | 1.55 | 16.67 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.30) |  |  |  | (0.03) | (0.27) |
| From net capital gains |  |  |  |  | (5.99) |  |
| &nbsp;&nbsp;&nbsp; Total distributions | (0.30) |  |  |  | (6.02) | (0.27) |
| Net asset value, end of period | $33.41 | $35.49 | $27.13 | $30.14 | $43.13 | $47.60 |
| **TOTAL RETURN(4)** | -5.01% | 30.81%(7) | -9.99% | -30.12% | 2.49% | 53.92% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $12.7 | $17.8 | $18.3 | $26.6 | $84.5 | $128.7 |
| Ratio of expenses to average net assets(5)(6): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver/recoupment | 2.22% | 2.33% | 2.37% | 1.92% | 1.77% | 1.86% |
| &nbsp;&nbsp;&nbsp; After expense waiver/recoupment | 1.74% | 1.84% | 2.01% | 1.80% | 1.75% | 1.74% |
| Ratio of expenses excluding interest |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;expenses to average net assets(5)(6): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver/recoupment | 2.22% | 2.23% | 2.10% | 1.86% | 1.76% | 1.86% |
| &nbsp;&nbsp;&nbsp; After expense waiver/recoupment | 1.74% | 1.74% | 1.74% | 1.74% | 1.74% | 1.74% |
| Ratio of net investment income (loss) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;to average net assets(5)(6): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense waiver/recoupment | 1.83% | 0.77% | (0.43)% | (0.51)% | (0.45)% | 0.21% |
| Portfolio turnover rate(4)(8) | 1007% | 2155% | 2259% | 2610% | 2030% | 1785% |

---

(1) Per share data calculated using the average shares outstanding method.

(2) Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

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

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

(5) Does not include expenses of investment companies in which the Fund invests.

(6) Annualized for periods less than one year.

(7) Payment from investment adviser due to a trade error added 1.11% to this return.

(8) Portfolio turnover disclosed is for the Fund as a whole.

#### ATAC ROTATION FUND

#### FINANCIAL HIGHLIGHTS

------

For a Fund share outstanding throughout the periods.

#### Institutional Class

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** | | | | | |
|  | **Ended** | | | | | |
|  | **February 28,** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **2025** | **August 31,** | **August 31,** | **August 31,** | **August 31,** | **August 31,** |
|  | (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| **PER SHARE DATA(1):** |  |  |  |  |  |  |
| Net asset value, beginning of period | $35.99 | $27.45 | $30.42 | $43.41 | $47.81 | $31.32 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)(2) | 0.35 | 0.31 | (0.05) | (0.10) | (0.09) | 0.18 |
| Net realized and unrealized |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;gains (losses) on investments(3) | (2.11) | 8.23 | (2.92) | (12.89) | 1.77 | 16.64 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (1.76) | 8.54 | (2.97) | (12.99) | 1.68 | 16.82 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.33) |  |  |  | (0.09) | (0.33) |
| From net capital gains |  |  |  |  | (5.99) |  |
| &nbsp;&nbsp;&nbsp; Total distributions | (0.33) |  |  |  | (6.08) | (0.33) |
| Net asset value, end of period | $33.90 | $35.99 | $27.45 | $30.42 | $43.41 | $47.81 |
| **TOTAL RETURN(4)** | -4.89% | 31.11%(7) | -9.76% | -29.92% | 2.75% | 54.32% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $39.3 | $39.1 | $39.4 | $62.3 | $136.4 | $142.9 |
| Ratio of expenses to average net assets(5)(6): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver/recoupment | 1.97% | 2.08% | 2.12% | 1.68% | 1.53% | 1.64% |
| &nbsp;&nbsp;&nbsp; After expense waiver/recoupment | 1.49% | 1.59% | 1.77% | 1.56% | 1.50% | 1.49% |
| Ratio of expenses excluding interest |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;expenses to average net assets(5)(6): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver/recoupment | 1.97% | 1.98% | 1.84% | 1.61% | 1.52% | 1.64% |
| &nbsp;&nbsp;&nbsp; After expense waiver/recoupment | 1.49% | 1.49% | 1.49% | 1.49% | 1.49% | 1.49% |
| Ratio of net investment income (loss) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;to average net assets(5)(6): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense waiver/recoupment | 2.08% | 1.02% | (0.18)% | (0.27)% | (0.20)% | 0.46% |
| Portfolio turnover rate(4)(8) | 1007% | 2155% | 2259% | 2610% | 2030% | 1785% |

---

(1) Per share data calculated using the average shares outstanding method.

(2) Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(3) Realized and unrealized gains (losses) per share in this 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 on the Statement of Operations due to share transactions for the periods.

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

(5) Does not include expenses of investment companies in which the Fund invests.

(6) Annualized for periods less than one year.

(7) Payment from adviser due to a trade error added 1.13% to this return.

(8) Portfolio turnover disclosed is for the Fund as a whole.

**PRIVACY NOTICE**

The Fund collects only relevant information about you that the law allows or requires it to have in order to conduct its business and properly service you. The Fund collects financial and personal information about you ("Personal Information") directly (*e.g.*, information on account applications and other forms, such as your name, address, and social security number, and information provided to access account information or conduct account transactions online, such as password, account number, e-mail address, and alternate telephone number), and indirectly (*e.g*., information about your transactions with us, such as transaction amounts, account balance and account holdings).

The Fund does not disclose any non-public personal information about its shareholders or former shareholders other than for everyday business purposes such as to process a transaction, service an account, respond to court orders and legal investigations or as otherwise permitted by law. Third parties that may receive this information include companies that provide transfer agency, technology and administrative services to the Fund, as well as the Fund's investment adviser who is an affiliate of the Fund. If you maintain a retirement/educational custodial account directly with the Fund, we may also disclose your Personal Information to the custodian for that account for shareholder servicing purposes. The Fund limits access to your Personal Information provided to unaffiliated third parties to information necessary to carry out their assigned responsibilities to the Fund. All shareholder records will be disposed of in accordance with applicable law. The Fund maintains physical, electronic and procedural safeguards to protect your Personal Information and requires its third-party service providers with access to such information to treat your Personal Information with the same high degree of confidentiality.

In the event that you hold shares of the Fund through a financial intermediary, including, but not limited to, a broker-dealer, bank, credit union or trust company, the privacy policy of your financial intermediary governs how your non-public personal information is shared with unaffiliated third parties.

**ATAC Rotation Fund**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Adviser** | &nbsp;&nbsp;**Tidal Investments LLC**<br> 234 West Florida Street, Suite 203<br> Milwaukee, Wisconsin 53204 | &nbsp;&nbsp;**Administrator** | &nbsp;&nbsp;**Tidal ETF Services LLC**<br> 234 West Florida Street, Suite 203<br> Milwaukee, Wisconsin 53204 |
| &nbsp;&nbsp;**Sub-Adviser** | &nbsp;&nbsp;**Tactical Rotation Management**<br> 118-35 Queens Boulevard, Suite 400, Forest Hills, New York 11375 | &nbsp;&nbsp;**Sub-Administrator,**<br> **Fund Accountant,**<br> **and Transfer**<br> **Agent** | &nbsp;&nbsp;**U.S. Bancorp Fund Services, LLC,**<br> **doing business as U.S. Bank Global Fund Services**<br> 615 East Michigan Street<br> Milwaukee, Wisconsin 53202 |
| &nbsp;&nbsp;**Distributor** | &nbsp;&nbsp;**Foreside Fund Services, LLC**<br> Three Canal Plaza, Suite 100<br> Portland, Maine 04101 | &nbsp;&nbsp;**Custodian** | &nbsp;&nbsp;**U.S. Bank National Association**<br> 1555 N. Rivercenter Drive<br> Milwaukee, Wisconsin 53212 |
| &nbsp;&nbsp;**Legal Counsel** | &nbsp;&nbsp;**Godfrey & Kahn, S.C.**<br> 833 East Michigan Street, Suite 1800<br> Milwaukee, Wisconsin 53202 | &nbsp;&nbsp;**Independent** <br> **Registered Public** <br> **Accounting Firm** | &nbsp;&nbsp;**Tait, Weller & Baker LLP**<br> Two Liberty Place 50 South 16th Street<br> Philadelphia, Pennsylvania 19102 |

---

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

**Statement of Additional Information:** The Fund's SAI provides additional details about the investments of the Fund and certain other additional information. A current SAI dated July 1, 2025, as supplemented from time to time, is on file with the SEC and is herein incorporated by reference into this Prospectus. It is legally considered a part of this Prospectus.

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

When available, you can request free copies of these documents, request other information, such as the Fund's financial statements, or make general inquiries about the Fund by contacting the Fund at www.atacfunds.com, c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, Missouri 64121-9252 or calling 855-ATACFUND (855) -282-2386.

These documents and other information about the Fund will also be available:

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

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

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

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

![](atac485bpos001.jpg)

**ATAC Rotation Fund**

Investor Class (ATACX)

Institutional Class (ATCIX)

**STATEMENT OF ADDITIONAL INFORMATION**

**July 1, 2025**

This Statement of Additional Information ("SAI") is not a prospectus and should be read in conjunction with the Prospectus for the ATAC Rotation Fund (the "Fund"), a series of Tidal Trust I (formerly, Tidal ETF Trust) (the "Trust"), dated July 1, 2025, as may be supplemented from time to time (the "Prospectus"). Capitalized terms used in this SAI that are not defined have the same meaning as in the Prospectus, unless otherwise noted. A copy of the Prospectus may be obtained without charge, by calling the Funds at (855)-ATACFUND (855-282-2386), visiting www.atacfunds.com, or writing to the Funds, c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, Missouri 64121-9252.

The Fund is the successor to the ATAC Rotation Fund (the "Predecessor Fund"), a series of Managed Portfolio Series. The [annual report](https://www.sec.gov/Archives/edgar/data/0001511699/000199937124014432/atacrf-ncsr.htm) to shareholders of the Predecessor Fund for the fiscal year ended August 31, 2024 is a separate document and the financial statements, accompanying notes and report of the independent registered public accounting firm appearing therein, are incorporated by reference into this SAI. The [unaudited semi-annual report](https://www.sec.gov/Archives/edgar/data/0001511699/000199937125005749/atacrf-ncsrs.htm) to shareholders of the Predecessor Fund for the period ended February 28, 2025 is also incorporated by reference into this SAI.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [General Information About the Trust](#atac485bposb001) | 1 |
| [Additional Information about Investment Objectives, Policies, and Related Risks](#atac485bposb002) | 1 |
| [Description of Permitted Investments](#atac485bposb003) | 2 |
| [Investment Restrictions](#atac485bposb004) | 19 |
| [Management of the Trust](#atac485bposb005) | 20 |
| [Principal Shareholders, Control Persons, and Management Ownership](#atac485bposb006) | 26 |
| [Codes of Ethics](#atac485bposb007) | 27 |
| [Proxy Voting Policies](#atac485bposb008) | 27 |
| [Anti-Money Laundering Compliance Program](#atac485bposb009) | 28 |
| [Investment Adviser](#atac485bposb010) | 28 |
| [Investment Sub-Adviser](#atac485bposb011) | 29 |
| [Portfolio Managers](#atac485bposb012) | 30 |
| [The Distributor](#atac485bposb013) | 31 |
| [Administrator](#atac485bposb014) | 33 |
| [Sub-Administrator and Transfer Agent](#atac485bposb015) | 33 |
| [Custodian](#atac485bposb016) | 33 |
| [Legal Counsel](#atac485bposb017) | 33 |
| [Independent Registered Public Accounting Firm](#atac485bposb018) | 33 |
| [Portfolio Holdings Disclosure Policies and Procedures](#atac485bposb019) | 34 |
| [Description of Shares](#atac485bposb020) | 34 |
| [Limitation of Trustees' Liability](#atac485bposb021) | 35 |
| [Brokerage Transactions](#atac485bposb022) | 35 |
| [Portfolio Turnover Rate](#atac485bposb023) | 37 |
| [Purchase and Redemption of Shares](#atac485bposb024) | 37 |
| [Determination of NAV](#atac485bposb025) | 38 |
| [Dividends and Distributions](#atac485bposb026) | 39 |
| [Federal Income Taxes](#atac485bposb027) | 39 |
| [Financial Statements](#atac485bposb028) | 43 |

---

**GENERAL INFORMATION ABOUT THE TRUST**

The Trust is an open-end management investment company consisting of multiple series, including the Fund. Prior to June 2, 2025, the Trust was named "Tidal ETF Trust." This SAI relates to the Fund. The Trust was organized as a Delaware statutory trust on June 4, 2018. The Trust is registered with the U.S. Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (together with the rules and regulations adopted thereunder, as amended, the "1940 Act"), as an open-end management investment company and the offering of the Fund's shares ("Shares") is registered under the Securities Act of 1933, as amended (the "Securities Act"). The Trust is governed by its Board of Trustees (the "Board"). Tidal Investments LLC ("Tidal" or the "Adviser"), a Tidal Financial Group company, serves as investment adviser to the Fund, and served as investment adviser to the Predecessor Fund. Tactical Rotation Management, LLC ("TRM" or the "Sub-Adviser") serves as investment sub-adviser to the Fund. TRM also named as the investment sub-adviser to four other series of the Trust, the ATAC Rotation ETF, the ATAC Credit Rotation ETF, the ATAC Equity Leverage Rotation ETF and The Free Markets ETF.

In July 2025, the Predecessor Fund reorganized into the Fund (the "Reorganization"). Prior to the Reorganization, the Fund was a "shell" fund with no assets and had not commenced operations. In connection with the Reorganization, the Fund assumed the assets and liabilities of the Predecessor Fund. All historical financial information and other information contained in this SAI relating to the Fund for periods prior to the closing of the Reorganization is that of the Predecessor Fund.

The Predecessor Fund's Investor Class commenced operations on September 10, 2012 and the Institutional Class commenced operations on March 26, 2018. Effective May 1, 2020, Tidal Investments LLC (formerly named Toroso Investments, LLC) (the "Adviser") began serving as the investment adviser for the Predecessor Fund. Prior to May 1, 2020, Pension Partners, LLC (the "Predecessor Adviser") served as the Predecessor Fund's investment adviser.

Interests in the Fund are represented by shares of beneficial interest, each with no par value per share. Each share of the Fund represents an equal proportionate interest in the assets and liabilities belonging to the Fund and is entitled to such distributions out of the income belonging to the Fund as may be declared by the Board.

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

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

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

**Diversification**

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

**General Risks**

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

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

Financial markets, both domestic and foreign, have recently experienced an unusually high degree of volatility. Continuing events and possible continuing market turbulence may have an adverse effect on Fund performance.

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

**DESCRIPTION OF PERMITTED INVESTMENTS**

The following are descriptions of the permitted investments and investment practices and the associated risk factors. The Fund will only invest in any of the following instruments or engage in any of the following investment practices if such investment or activity is consistent with the Fund's investment objective and permitted by the Fund's stated investment policies. In addition, certain of the techniques and investments discussed in this SAI are not principal strategies of the Fund as disclosed in the Prospectus, and while such techniques and investments are permissible for the Fund to utilize, the Fund is not required to utilize such non-principal techniques or investments. In addition, the Fund invests primarily in broad-based exchange traded funds ("Underlying ETFs") and, as a result, is subject to the risks of the Underlying ETFs in which it invests. The following risk descriptions apply to the relevant investments, notwithstanding that the Fund may invest in them only indirectly via Underlying ETFs.

**Underlying ETFs**

The Underlying ETFs' risks are determined by the nature of the securities held and the portfolio management strategies used by the Underlying ETFs. Because the Fund invests in the Underlying ETFs, the Underlying ETFs' portfolio management strategies and the attendant risks will affect shareholders of the Fund in direct proportion to the amount of assets it allocates to each Underlying ETF.

The different types of securities, investments, and investment techniques used by the Underlying ETFs all have attendant risks of varying degrees. For example, with respect to equity securities, there can be no assurance of capital appreciation, and an investment in any stock is subject to, among other risks, the risk that the stock market as a whole may decline, thereby depressing the stock's price (market risk), or the risk that the price of a particular issuer's stock may decline due to its financial results (financial risk). Underlying ETFs may invest in equity or debt securities as part of their principal investment strategy. With respect to debt securities, there exists, among other risks, the risk that the issuer of a security may not be able to meet its obligations on interest or principal payments at the time required by the instrument (credit risk, a type of financial risk). In addition, the value of debt instruments and other income-bearing securities generally rises and falls inversely with prevailing current interest rates (interest rate risk, a type of market risk). Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. Underlying ETFs may invest in debt securities as part of their principal investment strategy.

Underlying ETFs may purchase and sell options, enter into futures contracts and/or utilize other derivative contracts and securities with respect to stocks, bonds, groups of securities (such as financial indices), foreign currencies, interest rates or inflation indices. These techniques permit Underlying ETFs to gain exposure to a particular security, group of securities, interest rate or index, and thereby have the potential for the Fund to earn returns that are similar to those which would be earned by direct investments in those securities or instruments.

These techniques are also used to manage risk by hedging an Underlying ETF's portfolio investments. Hedging techniques may not always be available to the Underlying ETFs, and it may not always be feasible for an Underlying ETF to use hedging techniques even when they are available.

Derivatives have risks, however. If the issuer of the derivative instrument does not pay the amount due, an Underlying ETF could lose money on the instrument. In addition, the underlying security or investment on which the derivative is based, or the derivative itself, may not perform the way an Underlying ETF's manager expected. As a result, the use of these techniques may result in losses to an Underlying ETF and, in turn, the relevant Fund, or increase volatility in the Fund's performance. Some derivatives are sophisticated instruments that typically involve a small investment of cash relative to the magnitude of risks assumed. Derivative securities are subject to market risk, which could be significant for those that have a leveraging effect.

**Borrowing**

Under the 1940 Act, the Fund may borrow up to one-third (1/3) of its total assets. Borrowing will tend to exaggerate the effect on NAV of any increase or decrease in the market value of the Fund's portfolio. Money borrowed will be subject to interest costs that may or may not be recovered by earnings on the securities purchased. The Fund also may be required to maintain minimum average balances in connection with a borrowing or to pay a commitment or other fee to maintain a line of credit; either of these requirements would increase the cost of borrowing over the stated interest rate.

**Debt Securities**

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

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

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

*Credit risk.* Debt securities are subject to the risk of an issuer's (or other party's) failure or inability to meet its obligations under the security. Multiple parties may have obligations under a debt security. An issuer or borrower may fail to pay principal and interest when due. A guarantor, insurer or credit support provider may fail to provide the agreed upon protection. A counterparty to a transaction may fail to perform its side of the bargain. An intermediary or agent interposed between the investor and other parties may fail to perform the terms of its service. Also, performance under a debt security may be linked to the obligations of other persons who may fail to meet their obligations. These circumstances affect the credit risk associated with investing in debt securities and the credit risk associated with a debt security could increase to the extent that the Fund's ability to benefit fully from its investment in the security depends on the performance by multiple parties of their respective contractual or other obligations. The market value of a debt security is also affected by the market's perception of the creditworthiness of the issuer.

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

Obligations under debt securities held by the Fund may never be satisfied or, if satisfied, only satisfied in part.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

*Variable and Floating Rate Securities.* Variable and floating rate securities provide for a periodic adjustment in the interest rate paid on the obligations. The terms of such obligations must provide that interest rates are adjusted periodically based upon an interest rate adjustment index as provided in the respective obligations. The adjustment intervals may be regular, and range from daily up to annually, or may be event based, such as based on a change in the base rate. The base rate usually is a benchmark that "floats" or changes to reflect current interest rates, such as the prime rate offered by one or more major U.S. banks. If the benchmark interest rate on a floating rate security changes, the rate payable will, in turn, change at the next scheduled adjustment date.

*Corporate Debt Securities*. Corporate debt securities are fixed-income securities issued by businesses to finance their operations, although corporate debt instruments may also include bank loans to companies. Notes, bonds, debentures and commercial paper are the most common types of corporate debt securities, with the primary difference being their maturities and secured or unsecured status. Commercial paper has the shortest term and is usually unsecured.

The broad category of corporate debt securities includes debt issued by domestic or foreign companies of all kinds, including those with small-, mid- and large-capitalizations. Corporate debt may be rated investment grade or below investment grade and may carry fixed, variable, or floating rates of interest.

Because of the wide range of types and maturities of corporate debt securities, as well as the range of creditworthiness of its issuers, corporate debt securities have widely varying potentials for return and risk profiles. For example, commercial paper issued by a large established domestic corporation that is rated investment grade may have a modest return on principal, but carries relatively limited risk. On the other hand, a long-term corporate note issued by a small foreign corporation from an emerging market country that has not been rated may have the potential for relatively large returns on principal, but carries a relatively high degree of risk.

*Exchange-Traded Notes.* The Fund may invest in ETNs. An ETN is a type of unsecured, unsubordinated debt security that differs from other types of bonds and notes because ETN returns are typically based upon the performance of a market index. ETNs are publicly traded on a U.S. securities exchange. An ETN incurs certain expenses not incurred by its applicable index, and an investment in an ETN will bear its proportionate share of any fees and expenses borne by the ETN. The market value of an ETN share may differ from its NAV; the share may trade at a premium or discount to its NAV, which may be due to, among other things, differences in the supply and demand in the market for the share. Although an ETN is a debt security, it is unlike a typical bond, in that there are no periodic interest payments and principal is not protected. ETNs are subject to credit risk and the value of the ETN may drop due to a downgrade in the issuer's credit rating, despite the underlying market benchmark or strategy remaining unchanged.

*Convertible Securities.* Convertible securities include fixed income securities that may be exchanged or converted into a predetermined number of shares of the issuer's underlying common stock or other equity security at the option of the holder during a specified period. Convertible securities entitle the holder to receive interest paid or accrued on debt or dividends paid or accrued on preferred stock until the security matures or is redeemed, converted or exchanged. Convertible securities may take the form of convertible preferred stock, convertible bonds or debentures, units consisting of "usable" bonds and warrants or a combination of the features of several of these securities. The investment characteristics of each convertible security vary widely, which allows convertible securities to be employed for a variety of investment strategies. The Fund will exchange or convert convertible securities into shares of underlying common stock when, in the opinion of the Adviser, the investment characteristics of the underlying common stock or other equity security will assist the Fund in achieving its investment objectives. The Fund may also elect to hold or trade convertible securities. In selecting convertible securities, the Adviser evaluates the investment characteristics of the convertible security as a fixed income instrument, and the investment potential of the underlying equity security for capital appreciation.

*Asset-Backed Securities.* Asset-backed securities represent an interest in a pool of assets such as car loans and credit card receivables. Almost any type of fixed income assets (including other fixed income securities) may be used to create an asset-backed security. However, most asset-backed securities involve consumer or commercial debts with maturities of less than ten years. Asset-backed securities may have a higher level of default and lower recoveries than mortgage-backed securities. Asset-backed securities may take the form of commercial paper or notes, in addition to pass-through certificates or asset-backed bonds.

*Municipal Securities*. Municipal securities are fixed income securities issued by states, counties, cities and other political subdivisions and authorities. Although most municipal securities are exempt from federal income tax, municipalities also may issue taxable securities. Tax-exempt securities are generally classified by their source of payment.

*Contingent Convertible Securities.* Contingent convertible securities ("CoCos") are a form of hybrid debt security that are intended to either convert into equity or have their principal written down upon the occurrence of certain "triggers." The triggers are generally linked to regulatory capital thresholds or regulatory actions calling into question the issuing banking institution's continued viability as a going concern. CoCos' unique equity conversion or principal write-down features are tailored to the issuing banking institution and its regulatory requirements. Some additional risks associated with CoCos include, but are not limited to:

● Loss absorption risk. CoCos have fully discretionary coupons. This means coupons can potentially be cancelled at the banking institution's discretion or at the request of the relevant regulatory authority in order to help the bank absorb losses.

● Subordinated instruments. CoCos will, in the majority of circumstances, be issued in the form of subordinated debt instruments in order to provide the appropriate regulatory capital treatment prior to a conversion. Accordingly, in the event of liquidation, dissolution or winding-up of an issuer prior to a conversion having occurred, the rights and claims of the holders of the CoCos, such as the Fund, against the issuer in respect of or arising under the terms of the CoCos shall generally rank junior to the claims of all holders of unsubordinated obligations of the issuer. In addition, if the CoCos are converted into the issuer's underlying equity securities following a conversion event (*i.e.*, a "trigger"), each holder will be subordinated due to their conversion from being the holder of a debt instrument to being the holder of an equity instrument.

● Market value will fluctuate based on unpredictable factors. The value of CoCos is unpredictable and will be influenced by many factors including, without limitation: (i) the creditworthiness of the issuer and/or fluctuations in such issuer's applicable capital ratios; (ii) supply and demand for the CoCos; (iii) general market conditions and available liquidity; and (iv) economic, financial and political events that affect the issuer, its particular market or the financial markets in general.

*Zero-Coupon Securities*. Zero-coupon securities make no periodic interest payments, but are sold at a deep discount from their face value. The buyer recognizes a rate of return determined by the gradual appreciation of the security, which is redeemed at face value on a specified maturity date. The discount varies depending on the time remaining until maturity, as well as market interest rates, liquidity of the security, and the issuer's perceived credit quality. If the issuer defaults, the holder may not receive any return on its investment. Because zero-coupon securities bear no interest, their price fluctuates more than other types of bonds. Since zero-coupon bondholders do not receive interest payments, when interest rates rise, zero-coupon securities fall more dramatically in value than bonds paying interest on a current basis. When interest rates fall, zero-coupon securities rise more rapidly in value because the bonds reflect a fixed rate of return. An investment in zero-coupon may cause the Fund to recognize income and make distributions to shareholders before it receives any cash payments on its investment.

*Unrated Debt Securities*. The Fund may also invest in unrated debt securities. Unrated debt, while not necessarily lower in quality than rated securities, may not have as broad a market. Because of the size and perceived demand for the issue, among other factors, certain issuers may decide not to pay the cost of getting a rating for their bonds. The creditworthiness of the issuer, as well as any financial institution or other party responsible for payments on the security, will be analyzed to determine whether to purchase unrated bonds.

**Derivative Instruments**

The Fund pursues its investment objective by investing primarily in Underlying ETFs. The Fund does not implement its investment strategy by investing directly in derivative instruments, but may gain exposure to these types of investments through its investments in Underlying ETFs or other pooled investment vehicles. Accordingly, this section entitled "**Derivate Instruments**" is related to the investment activities of the Underlying ETFs or other pooled investment vehicles in which the Fund invests and not the Fund's direct investment activities.

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

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

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

On October 28, 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies as Rule 18f-4 under the 1940 Act ("Rule 18f-4"). Rule 18f-4 imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation and cover framework arising from prior SEC guidance for covering derivatives and certain financial instruments currently used by funds to comply with Section 18 of the 1940 Act and treats derivatives as senior securities. Under Rule 18f-4 a fund's derivatives exposure is limited through a value-at-risk test. Funds whose use of derivatives is more than a limited specified exposure amount are required to establish and maintain a comprehensive derivatives risk management program, subject to oversight by a fund's board of trustees, and appoint a derivatives risk manager. The Fund has implemented a derivatives risk management program that complies with Rule 18f-4.

With regard to the Fund, the Adviser claims relief from the definition of commodity pool operator ("CPO") under revised U.S. Commodity Futures Trading Commission ("CFTC") Rule 4.5. Specifically, pursuant to CFTC Rule 4.5, the Adviser may claim exclusion from the definition of CPO, and thus from having to register as a CPO, with regard to a Fund that enters into commodity futures, commodity options, or swaps solely for "bona fide hedging purposes," or that limits its investment in commodities to a "de minimis" amount, as defined in CFTC rules, so long as the shares of the Fund are not marketed as interests in a commodity pool or other vehicle for trading in commodity futures, commodity options, or swaps. It is expected that the Fund will be able to operate pursuant to the limitations under the revised CFTC Rule 4.5 without materially adversely affecting its ability to achieve its investment objective. If, however, these limitations were to make it difficult for the Fund to achieve its investment objective in the future, the Trust may determine to operate the Fund as a regulated commodity pool pursuant to the Adviser's CPO registration or to reorganize or close the Fund or to materially change the Fund's investment objective and strategy.

*Swaps.* Generally, swap agreements are contracts between the Fund and another party (the swap counterparty) involving the exchange of payments on specified terms over periods ranging from a few days to multiple years. A swap agreement may be negotiated bilaterally and traded over the counter between the two parties (for an uncleared swap) or, in some instances, must be transacted through a futures commission merchant and cleared through a clearinghouse that serves as a central counterparty (for a cleared swap). In a basic swap transaction, the Fund agrees with the swap counterparty to exchange the returns (or differentials in rates of return) and/or cash flows earned or realized on a particular "notional amount" or value of predetermined underlying reference instruments. The notional amount is the set dollar or other value selected by the parties to use as the basis on which to calculate the obligations that the parties to a swap agreement have agreed to exchange. The parties typically do not actually exchange the notional amount. Instead they agree to exchange the returns that would be earned or realized if the notional amount were invested in given investments or at given interest rates. Examples of returns that may be exchanged in a swap agreement are those of a particular security or a "basket" of securities representing a particular index.

If the Fund engages in a swap, the Fund will generally enter into swap agreements on a net basis, which means that the two payment streams that are to be made by the Fund and its counterparty with respect to a particular swap agreement are netted out, with the Fund receiving or paying, as the case may be, only the net difference in the two payments. The Fund's obligations (or rights) under a swap agreement that is entered into on a net basis will generally be the net amount to be paid or received under the agreement based on the relative values of the obligations of each party upon termination of the agreement or at set valuation dates. The Fund will accrue its obligations under a swap agreement daily (offset by any amounts the counterparty owes the Fund). If the swap agreement does not provide for that type of netting, the full amount of the Fund's obligations will be accrued on a daily basis.

*Risks of swaps generally*. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Sub-Adviser to correctly predict which types of investments are likely to produce greater returns. If the Sub-Adviser, in using swap agreements, is incorrect in its forecasts of market values, interest rates, inflation, currency exchange rates or other applicable factors, the investment performance of the Fund will be less than its performance would have been if it had not used the swap agreements.

The risk of loss to the Fund for swap transactions that are entered into on a net basis depends on which party is obligated to pay the net amount to the other party. If the counterparty is obligated to pay the net amount to the Fund, the risk of loss to the Fund is loss of the entire amount that the Fund is entitled to receive. If the Fund is obligated to pay the net amount, the Fund's risk of loss is generally limited to that net amount. If the swap agreement involves the exchange of the entire principal value of a security, the entire principal value of that security is subject to the risk that the other party to the swap will default on its contractual delivery obligations. In addition, the Fund's risk of loss also includes any margin at risk in the event of default by the counterparty (in an uncleared swap) or the central counterparty or futures commission merchant (in a cleared swap), plus any transaction costs.

Rules adopted under the Dodd-Frank Act require centralized reporting of detailed information about many swaps, whether cleared or uncleared. This information is available to regulators and also, to a more limited extent and on an anonymous basis, to the public. Reporting of swap data is intended to result in greater market transparency. This may be beneficial to funds that use swaps in their trading strategies. However, public reporting imposes additional recordkeeping burdens on these funds, and the safeguards established to protect anonymity are not yet tested and may not provide protection of the funds' identities as intended.

Certain U.S. Internal Revenue Service ("IRS") positions may limit the Fund's ability to use swap agreements in a desired tax strategy. It is possible that developments in the swap markets and/or the laws relating to swap agreements, including potential government regulation, could adversely affect the Fund's ability to benefit from using swap agreements, or could have adverse tax consequences.

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

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

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

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

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

*Writing call and put options.* Writing options may permit the writer to generate additional income in the form of the premium received for writing the option. The writer of an option may have no control over when the underlying reference instruments must be sold (in the case of a call option) or purchased (in the case of a put option) because the writer may be notified of exercise at any time prior to the expiration of the option (for American style options). In general, though, options are infrequently exercised prior to expiration. Whether or not an option expires unexercised, the writer retains the amount of the premium. Writing "covered" call options means that the writer owns the underlying reference instrument that is subject to the call option. Call options may also be written on reference instruments that the writer does not own.

If the Fund writes a covered call option, any underlying reference instruments that are held by the Fund and are subject to the call option will be earmarked on the books of the Fund as segregated to satisfy its obligations under the option. The Fund will be unable to sell the underlying reference instruments that are subject to the written call option until it either effects a closing transaction with respect to the written call, or otherwise satisfies the conditions for release of the underlying reference instruments from segregation. As the writer of a covered call option, the Fund gives up the potential for capital appreciation above the exercise price of the option should the underlying reference instrument rise in value. If the value of the underlying reference instrument rises above the exercise price of the call option, the reference instrument will likely be "called away," requiring the Fund to sell the underlying instrument at the exercise price. In that case, the Fund will sell the underlying reference instrument to the option buyer for less than its market value, and the Fund will experience a loss (which will be offset by the premium received by the Fund as the writer of such option). If a call option expires unexercised, the Fund will realize a gain in the amount of the premium received. If the market price of the underlying reference instrument decreases, the call option will not be exercised and the Fund will be able to use the amount of the premium received to hedge against the loss in value of the underlying reference instrument. The exercise price of a call option will be chosen based upon the expected price movement of the underlying reference instrument. The exercise price of a call option may be below, equal to (at-the-money), or above the current value of the underlying reference instrument at the time the option is written.

As the writer of a put option, the Fund has a risk of loss should the underlying reference instrument decline in value. If the value of the underlying reference instrument declines below the exercise price of the put option and the put option is exercised, the Fund, as the writer of the put option, will be required to buy the instrument at the exercise price, which will exceed the market value of the underlying reference instrument at that time. The Fund will incur a loss to the extent that the current market value of the underlying reference instrument is less than the exercise price of the put option. However, the loss will be offset in part by the premium received from the buyer of the put. If a put option written by the Fund expires unexercised, such Fund will realize a gain in the amount of the premium received.

*Closing out options (exchange-traded options)*. If the writer of an option wants to terminate its obligation, the writer may effect a "closing purchase transaction" by buying an option of the same series as the option previously written. The effect of the purchase is that the clearing corporation will cancel the option writer's position. However, a writer may not effect a closing purchase transaction after being notified of the exercise of an option. Likewise, the buyer of an option may recover all or a portion of the premium that it paid by effecting a "closing sale transaction" by selling an option of the same series as the option previously purchased and receiving a premium on the sale. There is no guarantee that either a closing purchase or a closing sale transaction may be made at a time desired by the Fund. Closing transactions allow the Fund to terminate its positions in written and purchased options. The Fund will realize a profit from a closing transaction if the price of the transaction is less than the premium received from writing the original option (in the case of written options) or is more than the premium paid by the Fund to buy the option (in the case of purchased options). For example, increases in the market price of a call option sold by the Fund will generally reflect increases in the market price of the underlying reference instrument. As a result, any loss resulting from a closing transaction on a written call option is likely to be offset in whole or in part by appreciation of the underlying instrument owned by the Fund.

*Risks of options*. The Fund's options investments involve certain risks, including general risks related to derivative instruments. There can be no assurance that a liquid secondary market on an exchange will exist for any particular option, or at any particular time, and the Fund may have difficulty effecting closing transactions in particular options. Therefore, the Fund would have to exercise the options it purchased in order to realize any profit, thus taking or making delivery of the underlying reference instrument when not desired. The Fund could then incur transaction costs upon the sale of the underlying reference instruments. Similarly, when the Fund cannot effect a closing transaction with respect to a put option it wrote, and the buyer exercises, the Fund would be required to take delivery and would incur transaction costs upon the sale of the underlying reference instruments purchased. If the Fund, as a covered call option writer, is unable to effect a closing purchase transaction in a secondary market, it will not be able to sell the underlying reference instrument until the option expires, it delivers the underlying instrument upon exercise, or it segregates enough liquid assets to purchase the underlying reference instrument at the marked-to-market price during the term of the option. When trading options on non-U.S. exchanges or in the OTC market, many of the protections afforded to exchange participants will not be available. For example, there may be no daily price fluctuation limits, and adverse market movements could therefore continue to an unlimited extent over an indefinite period of time.

The effectiveness of an options strategy for hedging depends on the degree to which price movements in the underlying reference instruments correlate with price movements in the relevant portion of the Fund's portfolio that is being hedged. In addition, the Fund bears the risk that the prices of its portfolio investments will not move in the same amount as the option it has purchased or sold for hedging purposes, or that there may be a negative correlation that would result in a loss on both the investments and the option. If the Adviser is not successful in using options in managing the Fund's investments, such Fund's performance will be worse than if the Adviser did not employ such strategies.

*Developing government regulation of derivatives*. The regulation of certain derivatives is a rapidly changing area of law and is subject to modification by government and judicial action. In addition, the SEC, CFTC, and the exchanges are authorized to take extraordinary actions in the event of a market emergency, including, for example, the implementation or reduction of speculative position limits, the implementation of higher margin requirements, the establishment of daily price limits and the suspension of trading.

It is not possible to predict fully the effects of current or future regulation. However, it is possible that developments in government regulation of various types of derivative instruments, such as speculative position limits on certain types of derivatives, or limits or restrictions on the counterparties with which the Fund engages in derivative transactions, may limit or prevent the Fund from using or limit such Fund's use of these instruments effectively as a part of its investment strategy, and could adversely affect the Fund's ability to achieve its investment goal(s). The Adviser will continue to monitor developments in the area, particularly to the extent regulatory changes affect the Fund's ability to enter into desired swap agreements. New requirements, even if not directly applicable to the Fund, may increase the cost of the Fund's investments and cost of doing business.

**Equity Securities**

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

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

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

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

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

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

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

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

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

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

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

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

*Tracking Stocks —* The Fund may invest in tracking stocks. A tracking stock is a separate class of common stock whose value is linked to a specific business unit or operating division within a larger company and which is designed to "track" the performance of such business unit or division. The tracking stock may pay dividends to shareholders independent of the parent company. The parent company, rather than the business unit or division, generally is the issuer of tracking stock. However, holders of the tracking stock may not have the same rights as holders of the company's common stock.

*Foreign Investments and Currencies.* The Fund may invest in securities of foreign issuers that are not traded in the United States and/or are not U.S. dollar denominated, and purchase and sell foreign currency on a spot basis. The Fund may also invest in American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs"), European Depositary Receipts ("EDRs"), and foreign ecurities that are traded on a U.S. exchange. Investments in ADRs and foreign securities involve certain inherent risks, including the following:

*<u>Depositary Receipts</u>*. Generally, ADRs, in registered form, are denominated in U.S. dollars and are designed for use in the U.S. securities markets. ADRs are receipts typically issued by a U.S. bank or trust company evidencing ownership of the underlying securities. GDRs are bank certificates issued in more than one country for shares in a foreign company. The shares are held by a foreign branch of an international bank. GDRs trade as domestic shares but are offered for sale globally through the various bank branches. GDRs are typically used by private markets to raise capital denominated in either U.S. dollars or foreign currencies. EDRs are similar to ADRs and GDRs, except they are typically issued by European banks or trust companies, denominated in foreign currencies and designed for use outside the U.S. securities markets. ADRs and EDRs may be purchased through "sponsored" or "unsponsored" facilities. A sponsored facility is established jointly by the issuer of the underlying security and a depositary, whereas a depositary may establish an unsponsored facility without participation by the issuer of the depositary security. Holders of unsponsored depositary receipts generally bear all the costs of such facilities, and the depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through voting rights to the holders of such receipts of the deposited securities. Accordingly, available information concerning the issuer may not be current and the prices of unsponsored depositary receipts may be more volatile than the prices of sponsored depositary receipts. For purposes of the Fund's investment policies, ADRs, GDRs and EDRs are deemed to have the same classification as the underlying securities they represent. Thus, an ADR, GDR and EDR representing ownership of common stock will be treated as common stock.

*<u>Political and Economic Factors</u>*. Individual foreign economies of certain countries may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross national product, rate of inflation, capital reinvestment, resource self-sufficiency, diversification and balance of payments position. The internal politics of certain foreign countries may not be as stable as those of the United States. Governments in certain foreign countries also continue to participate to a significant degree, through ownership interest or regulation, in their respective economies. Action by these governments could include restrictions on foreign investment, nationalization, expropriation of goods or imposition of taxes, and could have a significant effect on market prices of securities and payment of interest. The economies of many foreign countries are heavily dependent upon international trade and are accordingly affected by the trade policies and economic conditions of their trading partners. Enactment by these trading partners of protectionist trade legislation could have a significant adverse effect upon the securities markets of those countries. Ongoing concerns regarding the economies of certain European countries and/or their sovereign debt, as well as the possibility that one or more countries might leave the European Union (the "EU"), create risks for investing in the EU. In January 2020, the United Kingdom (the "UK") withdrew from the EU (known as "Brexit"). As a result of this decision, the financial markets experienced high levels of volatility and there is considerable uncertainty as to the arrangements that will apply to the UK's relationship with the EU and other countries going forward. This prolonged uncertainty may affect other countries in the EU and elsewhere. The exit by the UK or other member states will likely result in increased uncertainty, volatility, illiquidity and potentially lower economic growth in the affected markets.

*<u>Currency Fluctuations</u>*. The Fund may invest in securities denominated in foreign currencies. Accordingly, a change in the value of any such currency against the U.S. dollar will result in a corresponding change in the U.S. dollar value of the Fund's assets denominated in that currency. Such changes will also affect the Fund's income. The value of the Fund's assets may also be affected significantly by currency restrictions and exchange control regulations enacted from time to time.

*<u>Market Characteristics</u>*. The Adviser expects that many foreign securities in which the Fund may invest could be purchased in OTC markets or on exchanges located in the countries in which the principal offices of the issuers of the various securities are located, if that is the best available market. Foreign exchanges and markets may be more volatile than those in the United States. While growing in volume, they usually have substantially less volume than U.S. markets, and the Fund's investments in foreign securities may be less liquid and more volatile than investments in U.S. securities. Moreover, settlement practices for transactions in foreign markets may differ from those in U.S. markets, and may include delays beyond periods customary in the United States. Foreign security trading practices, including those involving securities settlement where Fund assets may be released prior to receipt of payment or securities, may expose the Fund to increased risk in the event of a failed trade or the insolvency of a foreign broker-dealer.

*<u>Legal and Regulatory Matters</u>*. Certain foreign countries may have less supervision of securities markets, brokers and issuers of securities, non-uniform accounting standards and less financial information available from issuers, than is available in the United States. It may be more difficult to obtain and enforce a judgment against a foreign issuer. Legal remedies available to investors in certain foreign countries may be more limited than those available with respect to investments in the United States or in other foreign countries. The laws of some foreign countries may limit the Fund's ability to invest in securities of certain issuers located in those foreign countries. Foreign companies may not be subject to auditing and financial reporting standards and requirements comparable to those which apply to U.S. companies.

*<u>Taxes</u>*. The interest and dividends payable on certain of the Fund's foreign portfolio securities may be subject to foreign withholding taxes, thus reducing the net amount of income available for distribution to Fund shareholders. Foreign issuers may not be subject to auditing and financial reporting standards and requirements comparable to those which apply to U.S. companies.

*<u>Costs</u>*. To the extent that the Fund invests in foreign securities, its expense ratio is likely to be higher than those of investment companies investing only in domestic securities, because related brokerage costs and the cost of maintaining the custody of foreign securities may be higher.

*<u>Additional Risks of Emerging Markets</u>*. In addition, the Fund may invest in securities of companies that are located in developing or emerging markets. Investing in securities of issuers located in these markets may pose greater risks not typically associated with investing in more established markets, such as increased risk of social, political, and economic instability. Emerging market countries typically have smaller securities markets than developed countries, and therefore less liquidity and greater price volatility than more developed markets. Securities traded in emerging markets may also be subject to risks associated with the lack of modern technology, poor governmental and/or judicial infrastructures relating to private or foreign investment, and limited judicial redress for injury to private property, the lack of capital base to expand business operations, foreign taxation and the inexperience of financial intermediaries, custodians, and transfer agents. Emerging market countries are also more likely to impose restrictions on the repatriation of an investor's assets, and even where there is no outright restriction on repatriation the mechanics of repatriations may delay or impede the Fund's ability to obtain possession of its assets. As a result, there may be an increased risk or price volatility associated with the Fund's investments in emerging market countries, which may be magnified by currency fluctuations.

**High Yield Securities** 

When investing in debt securities, the Fund may purchase securities rated below investment grade – securities rated below investment grade are often referred to as high yield securities or "junk bonds." The term "below investment grade" refers to instruments either rated Ba1 or lower by Moody's, BB+ or lower by S&P or Fitch, or comparably rated by another nationally recognized statistical rating organization ("NRSRO"), or, if unrated, considered by the Adviser to be of comparable quality. Investments in lower rated corporate debt securities generally provide greater income and increased opportunity for capital appreciation than investments in higher quality securities, but they also typically entail greater price volatility and principal and income risk. These high yield securities are regarded as predominantly speculative with respect to the issuer's continuing ability to meet principal and interest payments. Analysis of the creditworthiness of issuers of debt securities that are high yield may be more complex than for issuers of higher quality debt securities.

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

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

The use of credit to evaluate high yield securities can involve certain risks. For example, credit ratings evaluate the safety of principal and interest payments, not the market value risk of high yield securities. Also, credit rating agencies may fail to change credit ratings in a timely fashion to reflect events since the security was last rated.

**Illiquid and Restricted Investments**

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

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

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

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

**Initial Public Offerings**

The Fund may invest in securities offered by companies in initial public offerings ("IPOs"). IPOs involve companies that have no public operating history and therefore entail more risk than established public companies. Because IPO shares frequently are volatile in price, the Fund may hold IPO shares for a very short period of time. This may increase the turnover of the Fund's portfolio and may lead to increased expenses to the Fund, such as commissions and transaction costs. By selling IPO shares, the Fund may realize taxable capital gains that it will subsequently distribute to shareholders. Companies that offer securities in IPOs tend to typically have small market capitalizations and therefore their securities may be more volatile and less liquid than those issued by larger companies. Certain companies offering securities in an IPO may have limited operating experience and, as a result face a greater risk of business failure.

**Investment Company Securities**

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

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

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

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

**Money Market Funds**

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

**Mortgage-Backed Securities**

The Fund may invest in mortgage-backed securities ("MBS"), either directly or through investments in Underlying ETFs that own MBS. MBS are mortgage-related securities issued or guaranteed by the U.S. government, its agencies and instrumentalities, or issued by nongovernment entities. Mortgage-related securities represent ownership in pools of mortgage loans assembled for sale to investors by various government agencies such as the Government National Mortgage Association (GNMA) and government-related organizations such as the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC), as well as by nongovernment issuers such as commercial banks, savings and loan institutions, mortgage bankers and private mortgage insurance companies. Although certain mortgage-related securities are guaranteed by a third party or otherwise similarly secured, the market value of the security, which may fluctuate, is not so secured. These securities differ from conventional bonds in that the principal is paid back to the investor as payments are made on the underlying mortgages in the pool. Accordingly, the investing fund receives monthly scheduled payments of principal and interest along with any unscheduled principal prepayments on the underlying mortgages. Because these scheduled and unscheduled principal payments must be reinvested at prevailing interest rates, MBS do not provide an effective means of locking in long-term interest rates for the investor.

In addition, there are a number of important differences among the agencies and instrumentalities of the U.S. government that issue mortgage-related securities and among the securities they issue. Mortgage-related securities issued by GNMA include GNMA Mortgage Pass-Through Certificates (also known as Ginnie Maes) which are guaranteed as to the timely payment of principal and interest. That guarantee is backed by the full faith and credit of the U.S. Treasury. GNMA is a corporation wholly owned by the U.S. government within the Department of Housing and Urban Development. Mortgage-related securities issued by FNMA include FNMA Guaranteed Mortgage Pass-Through Certificates (also known as Fannie Maes) and are guaranteed as to payment of principal and interest by FNMA itself and backed by a line of credit with the U.S. Treasury. FNMA is a government-sponsored entity wholly owned by public stockholders. Mortgage-related securities issued by FHLMC include FHLMC Mortgage Participation Certificates (also known as Freddie Macs) guaranteed as to payment of principal and interest by FHLMC itself and backed by a line of credit with the U.S. Treasury. FHLMC is a government-sponsored entity wholly owned by public stockholders.

*Stripped Mortgage-Backed Securities ("SMBS").* SMBS are derivative multi-class mortgage securities. SMBS may be issued by agencies or instrumentalities of the U.S. government, or by private originators of, or investors in, mortgage loans, including S&Ls, mortgage banks, commercial banks, investment banks and special purpose entities of the foregoing.

SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. A common type of SMBS will have one class receiving some of the interest and most of the principal from the mortgage assets, while the other class will receive most of the interest and the remainder of the principal. In the most extreme case, one class will receive all of the interest (the interest-only or "IO" class), while the other class will receive all of the principal (the principal-only or "PO" class). The yield to maturity on an IO class is extremely sensitive to the rate of principal payments (including prepayments) on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on the Fund's yield to maturity from these securities. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in these securities even if the security is in one of the highest rating categories.

Although SMBS are purchased and sold by institutional investors through several investment banking firms acting as brokers or dealers, these securities were only recently developed. As a result, established trading markets have not yet developed and, accordingly, these securities may be deemed "illiquid" and subject to the Fund's limitations on investment in illiquid securities.

*Risks Associated with Mortgage-Backed Securities.* As in the case with other fixed-income securities, when interest rates rise, the value of a mortgage-backed security generally will decline; however, when interest rates are declining, the value of mortgage-backed securities with prepayment features may not increase as much as other fixed-income securities. The value of some mortgage-backed securities in which the Fund may invest may be particularly sensitive to changes in prevailing interest rates, and, like the other investments of the Fund, the ability of the Fund to successfully utilize these instruments may depend in part upon the ability of the Sub-Adviser to forecast interest rates and other economic factors correctly. If the Sub-Adviser incorrectly forecasts such factors and has taken a position in mortgage-backed securities that is or becomes contrary to prevailing market trends, the Fund could be exposed to the risk of a loss.

Investment in mortgage-backed securities poses several risks, including prepayment, extension market, and credit risk. Prepayment risk reflects the chance that borrowers may prepay their mortgages faster than expected, thereby affecting the investment's average life and perhaps its yield. Whether or not a mortgage loan is prepaid is almost entirely controlled by the borrower. Borrowers are most likely to exercise their prepayment options at a time when it is least advantageous to investors, generally prepaying mortgages as interest rates fall, and slowing payments as interest rates rise. Conversely, when interest rates are rising, the rate of prepayment tends to decrease, thereby lengthening the average life of the mortgage-backed security. Besides the effect of prevailing interest rates, the rate of prepayment and refinancing of mortgages may also be affected by changes in home values, ease of the refinancing process and local economic conditions.

Market risk reflects the chance that the price of the security may fluctuate over time. The price of mortgage-backed securities may be particularly sensitive to prevailing interest rates, the length of time the security is expected to be outstanding, and the liquidity of the issue. In a period of unstable interest rates, there may be decreased demand for certain types of mortgage-backed securities, and the Fund may find it difficult to find a buyer, which may in turn decrease the price at which the securities may be sold.

Credit risk reflects the chance that the Fund may not receive all or part of its principal because the issuer or credit enhancer has defaulted on its obligations. Obligations issued by U.S. government-related entities are guaranteed as to the payment of principal and interest, but are not backed by the full faith and credit of the U.S. government. The performance of private label mortgage-backed securities issued by private institutions is based on the financial health of those institutions.

To the extent that mortgages underlying a mortgage-related security are so-called "subprime mortgages" (i.e., mortgages granted to borrowers whose credit history is not sufficient to obtain a conventional mortgage), the risk of default is higher. Subprime mortgages also have higher serious delinquency rates than prime loans.

**Other Short-Term Instruments**

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

**Real Estate Securities**

The real estate securities in which the Fund may invest consist of securities issued by Real Estate Investment Trusts ("REITs") or Real Estate Operating Companies ("REOCs") that are listed on a securities exchange or traded OTC. A REIT is a corporation or trust that invests in fee or leasehold ownership of real estate, mortgages or shares issued by other REITs and that receives favorable tax treatment provided it meets certain conditions. REITs may be characterized as equity REITs *(i.e.*, REITs that primarily invest in fee ownership and leasehold ownership of land), mortgage REITs (*i.e.*, REITs that primarily invest in mortgages on real estate and other real estate debt) or hybrid REITs which invest in both fee and leasehold ownership of land and mortgages. A REIT that meets the applicable requirements of the Code may deduct dividends paid to shareholders, effectively eliminating any corporate level federal tax. As a result, REITs are able to distribute a larger portion of their earnings to investors than other corporate entities subject to the federal corporate tax. There is the risk that a REIT held by the Fund will fail to qualify for this tax-free pass-through treatment of its income. By investing in REITs indirectly through the Fund, in addition to bearing a proportionate share of the expenses of the Fund, investors will also indirectly bear similar expenses of the REITs in which the Fund invests. A REOC is typically structured as a "C" corporation under the Code and is not required to distribute any portion of its income. A REOC, therefore, does not receive the same favorable tax treatment that is accorded a REIT. In addition, the value of the Fund's securities issued by REOCs may be adversely affected by income streams derived from businesses other than real estate ownership.

**Repurchase Agreements**

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

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

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

**Reverse Repurchase Agreements**

The Fund may enter into reverse repurchase agreements, which involve the sale of securities held by the Fund subject to its agreement to repurchase the securities at an agreed-upon date or upon demand and at a price reflecting a market rate of interest. Reverse repurchase agreements are subject to the Fund's limitation on borrowings and may be entered into only with banks or securities dealers or their affiliates. While a reverse repurchase agreement is outstanding, the Fund will maintain the segregation, either on its records or with its custodian bank, of cash or other liquid securities, marked-to-market daily, in an amount at least equal to its obligations under the reverse repurchase agreement.

Reverse repurchase agreements involve the risk that the buyer of the securities sold by the Fund might be unable to deliver them when the Fund seeks to repurchase. If the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, the buyer or trustee or receiver may receive an extension of time to determine whether to enforce the Fund's obligation to repurchase the securities, and the Fund's use of the proceeds of the reverse repurchase agreement may effectively be restricted pending such decision.

**Securities Lending**

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

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

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

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

**Tax Risks**

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

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

**Temporary Defensive Strategies**

Under normal market conditions, the Fund expects to generally be fully invested according to its principal investment strategies. For temporary defensive purposes during adverse market, economic, political, or other conditions, the Fund may invest up to 100% of its assets in cash or cash equivalents or short-term instruments such as commercial paper, money market mutual funds, or short-term U.S. government securities. Taking a temporary defensive position may result in the Fund not achieving its investment objective.

**U.S. Government Securities**

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

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

On September 7, 2008, the U.S. Treasury announced a federal takeover of the FNMA and the Federal Home Loan Mortgage Corporation ("Freddie Mac"), placing the two federal instrumentalities in conservatorship. Under the takeover, the U.S. Treasury agreed to acquire $1 billion of senior preferred stock of each instrumentality and obtained warrants for the purchase of common stock of each instrumentality (the "Agreement"). Under the Agreement, the U.S. Treasury pledged to provide up to $200 billion per instrumentality as needed, including the contribution of cash capital to the instrumentalities in the event their liabilities exceed their assets. This was intended to ensure that the instrumentalities maintain a positive net worth and meet their financial obligations, preventing mandatory triggering of receivership. The Agreement has been amended several times since September 7, 2008, both formally and through letter agreements. If the conservatorship is terminated, the investments of holders, including the Fund, of mortgage-backed securities and other obligations issued by the FNMA and Freddie Mac will no longer have the protection of the U.S. Treasury.

The total public debt of the United States as a percentage of gross domestic product has grown rapidly since the beginning of the 2008–2009 financial downturn. Although high debt levels do not necessarily indicate or cause economic problems, they may create certain systemic risks if sound debt management practices are not implemented. A high national debt can raise concerns that the U.S. government will not be able to make principal or interest payments when they are due. This increase has also necessitated the need for the U.S. Congress to negotiate adjustments to the statutory debt limit to increase the cap on the amount the U.S. government is permitted to borrow to meet its existing obligations and finance current budget deficits. In August 2011, S&P lowered its long term sovereign credit rating of the U.S. from AAA to AA+ with a downgrade from stable outlook to negative outlook. S&P subsequently raised the negative outlook to stable outlook in June 2013, but retained the lower AA+ rating and it has not been upgraded as of the date of this SAI. In explaining the downgrade at that time, S&P cited, among other reasons, controversy over raising the statutory debt limit and growth in public spending. Any controversy or ongoing uncertainty regarding the statutory debt ceiling negotiations may impact the U.S. long-term sovereign credit rating and may cause market uncertainty. As a result, market prices and yields of securities supported by the full faith and credit of the U.S. government may be adversely affected.

**INVESTMENT RESTRICTIONS**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Issue senior securities, borrow money or pledge their assets, except that (i) the Fund may borrow from banks in amounts not exceeding one-third of its total assets (including the amount borrowed) less liabilities (other than borrowings); and (ii) this restriction shall not prohibit the Fund from engaging in options transactions, reverse repurchase agreements, purchasing securities on a when-issued, delayed delivery, or forward delivery basis, or short sales in accordance with its objectives and strategies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Underwrite the securities of other issuers (except that the Fund may engage in transactions involving the acquisition, disposition or resale of its portfolio securities under circumstances where it may be considered to be an underwriter under the Securities Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Purchase or sell real estate or interests in real estate, unless acquired as a result of ownership of securities (although the Fund may purchase and sell securities which are secured by real estate and securities of companies that invest or deal in real estate).

4. Purchase or sell physical commodities or commodities contracts, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from engaging in transactions involving currencies and futures contracts and options thereon or investing in securities or other instruments that are secured by physical commodities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Make loans of money (except for the lending of the Fund's portfolio securities, repurchase agreements and purchases of debt securities consistent with the investment policies of the Fund).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Invest in the securities of any one industry or group of industries if, as a result, 25% or more of the Fund's total assets would be invested in the securities of such industry or group of industries, except that the foregoing does not apply to investments in other investment companies or securities issued or guaranteed by the U.S. government, its agencies or instrumentalities.

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

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

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

**MANAGEMENT OF THE TRUST**

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

The day-to-day business of the Trust, including the management of risk, is performed by third-party service providers, such as the Adviser, the Sub-Adviser, the Distributor (defined below), and the Administrator (defined below). The Board is responsible for overseeing the Trust's service providers and, thus, has oversight responsibility with respect to risk management performed by those service providers. Risk management seeks to identify and address risks, i.e., events or circumstances that could have material adverse effects on the business, operations, shareholder services, investment performance, or reputation of the Fund.

The Fund and its service providers employ a variety of processes, procedures, and controls to identify various of those possible events or circumstances, to lessen the probability of their occurrence and/or to mitigate the effects of such events or circumstances if they do occur. Each service provider is responsible for one or more discrete aspects of the Trust's business (e.g.*,* the Sub-Adviser is responsible for the day-to-day management of the Fund's portfolio investments) and, consequently, for managing the risks associated with that business. The Board has emphasized to the Fund's service providers the importance of maintaining vigorous risk management.

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

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

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

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

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

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

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

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

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name and Year of Birth** | &nbsp;&nbsp;**Position** <br> **Held with** <br> **the Trust** | &nbsp;&nbsp;**Term of Office** <br> **and Length of** <br> **Time Served** | &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years** | &nbsp;&nbsp;**Number of** <br> **Portfolios** <br> **in Fund** <br> **Complex** <br> **Overseen** <br> **by Trustee<sup>(3)</sup>** | &nbsp;&nbsp;**Other Directorships**<br> **Held by Trustee** <br> **During Past 5 Years** |
| &nbsp;&nbsp;**Independent Trustees<sup>(1)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp; Mark H.W. Baltimore <br> Born: 1967<br>| &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite term; since 2018 | &nbsp;&nbsp;Co-Chief Executive Officer, Global Rhino, LLC (asset management consulting firm) (since 2018); Chief Business Development Officer, Joot (asset management compliance services firm) (2019 to 2023); Chief Executive Officer, Global Sight, LLC (asset management distribution consulting firm) (2016 to 2018). | &nbsp;&nbsp;49 |  |
| &nbsp;&nbsp; Dusko Culafic <br> Born: 1958 <br>| &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite term; since 2018 | &nbsp;&nbsp;Retired (since 2018); Senior Operational Due Diligence Analyst, Aurora Investment Management, LLC (2012 to 2018). | &nbsp;&nbsp;49 |  |
| &nbsp;&nbsp; Eduardo Mendoza <br> Born: 1966<br>| &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite term; since 2018 | &nbsp;&nbsp; Chief Corporate Development officer & Head of Structured Lending (since 2024), Chief Financial Officer (2022 to 2023), Executive Vice President - Head of Capital Markets & Corporate Development (since 2019), Advisor (2017 to 2019), Credijusto (financial technology company). | &nbsp;&nbsp;49 |  |
| &nbsp;&nbsp;**Interested Trustee** | &nbsp;&nbsp;**Interested Trustee** | &nbsp;&nbsp;**Interested Trustee** | &nbsp;&nbsp;**Interested Trustee** | &nbsp;&nbsp;**Interested Trustee** | &nbsp;&nbsp;**Interested Trustee** |
| &nbsp;&nbsp; Eric W. Falkeis<sup>(2)</sup> <br> Born: 1973 <br>| &nbsp;&nbsp;President, Principal Executive Officer, Trustee and Chairman | &nbsp;&nbsp;President and Principal Executive Officer since 2019, Indefinite term; Trustee and Chairman, since 2018, Indefinite term | &nbsp;&nbsp;Chief Operating Officer, Tidal Investments LLC (since 2023); Chief Executive Officer, Tidal ETF Services LLC (since 2018); Chief Operating Officer (and other positions), Rafferty Asset Management, LLC (2013 to 2018) and Direxion Advisors, LLC (2017 to 2018). | &nbsp;&nbsp;234<sup>(4)</sup> | &nbsp;&nbsp;Trustee, Tidal Trust II (60 series) (since 2022) (since 2022); Independent Director, Muzinich Direct Lending Income Fund, Inc. (since 2023); Independent Director, Muzinich BDC, Inc. (since 2019); Trustee, Professionally Managed Portfolios (27 series) (since 2011); Interested Trustee, Direxion Funds, Direxion Shares ETF Trust, and Direxion Insurance Trust (2014 to 2018). |

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

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

(3) The Trust, as of the date of this SAI, offers to the public 36 of the 49 Funds registered with the SEC.

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

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

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

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

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

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

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

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

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

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

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

**Principal Officers of the Trust**

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

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

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

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

As of December 31, 2024, the Fund had not commenced operations and no Shares were outstanding. As of December 31, 2024, Mr. Culafic beneficially owned shares of certain series of the Trust as follows, and no other Trustee owned shares of any series of the Trust:

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

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

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

The following table shows the compensation estimated to be earned by each Trustee for the Fund's fiscal period ending August 31, 2025. Trustee compensation shown below does not include reimbursed out-of-pocket expenses in connection with attendance at meetings.

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| | | |
|:---|:---|:---|
| **Name** | **Aggregate Estimated Compensation**<br> **From Fund<sup>(1)</sup>** | **Total Estimated Compensation From Fund Complex Paid to Trustees<sup>(1)</sup>** |
| **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| Eric W. Falkeis | $0 | $0 |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| Mark H.W. Baltimore | $0 | $32000 |
| Dusko Culafic | $0 | $32000 |
| Eduardo Mendoza | $0 | $32000 |

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<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp; The Trust, as of the date of this SAI, offers for sale to the public 36 of the 49 Funds registered with the SEC.

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

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

As of the date of this SAI, the Fund had not yet commenced operations and no Shares were outstanding. As of June 16, 2025, the following shareholders owned of record or beneficially 5% or more of the outstanding shares of each class of the Predecessor Fund:

*Institutional Class Shares:* 

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| | | |
|:---|:---|:---|
| **Name and Address** | **% Ownership** | **Type of Ownership**<sup>(1)</sup> |
| &nbsp;&nbsp; UBS WM USA<br> 1000 Harbor Boulevard <br> Weehawken, NJ 07086-6761 | &nbsp;&nbsp;46.08% | &nbsp;&nbsp;Record |

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| | | |
|:---|:---|:---|
| **Name and Address** | **% Ownership** | **Type of Ownership**<sup>(1)</sup> |
|  RBC Capital Markets LLC <br> Attention Mutual Fund Ops Manager <br> 250 Nicollet Mall Suite 1800<br> Minneapolis, MN 55401-7583 | 34.30% | Record |

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| | | |
|:---|:---|:---|
| **Name and Address** | **% Ownership** | **Type of Ownership**<sup>(1)</sup> |
| &nbsp;&nbsp;Charles Schwab & Co., Inc.<br> Special Custody Account FBO Customers<br> Attention Mutual Funds<br> 211 Main Street<br> San Francisco, CA 94105-1905 | &nbsp;&nbsp;15.99% | &nbsp;&nbsp;Record |

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*Investor Class Shares:*

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| | | |
|:---|:---|:---|
| **Name and Address** | **% Ownership** | **Type of Ownership**<sup>(1)</sup> |
| &nbsp;&nbsp; National Financial Services LLC<br> 499 Washington Boulevard, 4<sup>th</sup> Floor<br> Jersey City, NJ 07310-2010 | &nbsp;&nbsp;40.22% | &nbsp;&nbsp;Record |
| **Name and Address** | **% Ownership** | **Type of Ownership**<sup>(1)</sup> |
| &nbsp;&nbsp;Charles Schwab & Co., Inc.<br> Special Custody Account FBO Customers<br> Attention Mutual Funds<br> 211 Main Street<br> San Francisco, CA 94105-1901 | &nbsp;&nbsp;35.75% | &nbsp;&nbsp;Record |
| **Name and Address** | **% Ownership** | **Type of Ownership**<sup>(1)</sup> |
| &nbsp;&nbsp;LPL Financial<br>Omnibus Customer Account <br> 4707 Executive Drive<br> San Diego, CA 92121-3091 | &nbsp;&nbsp;7.50% | &nbsp;&nbsp;Record |
| **Name and Address** | **% Ownership** | **Type of Ownership**<sup>(1)</sup> |
| &nbsp;&nbsp;Matrix Trust Company<br> Custody FBO Schmidts & Serafines Inc.<br> 717 17<sup>th</sup> Street, Suite 1300<br> Denver, CO 80202-3304 | &nbsp;&nbsp;5.23% | &nbsp;&nbsp;Record |

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<sup>(1)</sup> "Record" ownership means the shareholder of record, or the exact name of the shareholder on the account, i.e. "ABC Brokerage, Inc." "Beneficial" ownership refers to the actual pecuniary, or financial, interest in the security, i.e. "Jane Doe Shareholder."

**CODES OF ETHICS**

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

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

**PROXY VOTING POLICIES**

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

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

Please note that the Fund intends to comply with the mirror voting requirements under Rule 12d1-4 of the 1940 Act to the extent that the Fund, together with its advisory group. holds more than: (i) 25% of the outstanding voting securities of a registered open-end management investment company, such as an Underlying ETF, or unit investment trust due to a decrease in the outstanding securities of the acquired fund; or (ii) 10% of the outstanding voting securities of a closed-end fund.

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

Information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling 855-ATACFUND, (2) on the Fund's website at www.atacfunds.com and (3) on the SEC's website at www.sec.gov.

**ANTI-MONEY LAUNDERING COMPLIANCE PROGRAM**

The Trust has established an Anti-Money Laundering Compliance Program (the "Program") as required by the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 ("USA PATRIOT Act"). To ensure compliance with this law, the Trust's Program provides for the development of internal practices, procedures and controls, designation of anti-money laundering compliance officers, an ongoing training program and an independent audit function to determine the effectiveness of the Program. Mr. William Woolverton has been designated as the Trust's Anti-Money Laundering Compliance Officer.

Procedures to implement the Program include, but are not limited to: determining that the Distributor and the Fund's transfer agent have established proper anti-money laundering procedures; reporting suspicious and/or fraudulent activity; checking shareholder names against designated government lists, including Office of Foreign Asset Control ("OFAC"), and a complete and thorough review of all new opening account applications. The Fund will not transact business with any person or legal entity whose identity and beneficial owners, if applicable, cannot be adequately verified under the provisions of the USA PATRIOT Act.

As a result of the Program, the Fund may be required to "freeze" the account of a shareholder if the shareholder appears to be involved in suspicious activity or if certain account information matches information on government lists of known terrorists or other suspicious persons, or the Fund may be required to transfer the account or proceeds of the account to a governmental agency.

**INVESTMENT ADVISER**

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

Pursuant to the Investment Advisory Agreement (the "Advisory Agreement"), the Adviser provides investment advice to the Fund and oversees the day-to-day operations of the Fund, subject to the direction and oversight of the Board. The Adviser also oversees the trading of portfolio securities for the Fund. Under the Advisory Agreement, the Adviser is also responsible for arranging sub-advisory, transfer agency, custody, fund administration and accounting, and other related services necessary for the Fund to operate. The Adviser administers the Fund's business affairs, provides office facilities and equipment and certain clerical, bookkeeping, and administrative services. The Adviser provides oversight of the Sub-Adviser and review of the Sub-Adviser's performance.

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

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

The Fund is new, and the Fund has not paid fees to the Adviser pursuant to the Advisory Agreement as of the date of this SAI. Prior to the Reorganization, the Predecessor Fund paid a management fee to the Adviser equal to 1.25% of the Fund's average daily net assets for the first $500 million, 1.15% on the next $250 million, 1.05% on the next $250 million, and 0.95% over $1 billion. The Adviser served as investment adviser to the Predecessor Fund prior to the Reorganization under an investment advisory agreement between Managed Portfolio Series (the "Predecessor Trust"), on behalf of the Predecessor Fund, and the Adviser (the "Predecessor Investment Advisory Agreement").

*<u>Fund Expenses</u>*. The Fund is responsible for its own operating expenses. Pursuant to an Operating Expenses Limitation Agreement between the Adviser and the Trust, on behalf of the Fund, the Adviser has agreed to waive its management fee, and pay Fund expenses, in order to ensure that the Fund's total annual fund operating expenses, excluding any Excluded Expenses (as defined in the Prospectus), do not exceed 1.69% of the average daily net assets of the Fund's Investor Class and 1.44% of the average daily net assets of the Fund's Institutional Class. Fees waived and expenses paid by the Adviser may be recouped by the Adviser for a period of 36 months following the month during which such waiver and/or expense payment was made, if such recoupment can be achieved without exceeding the expense limit in effect at the time the fee waiver and expense payment occurred and the expense limit in effect at the time of the recoupment. The Operating Expenses Limitation Agreement is indefinite in term, but cannot be terminated through at least July 31, 2027. Thereafter, the agreement may be terminated at any time upon 60 days' written notice by the Board or the Adviser, with the consent of the Board.

Pursuant to an Operating Expenses Limitation Agreement between the Predecessor Trust, on behalf of the Predecessor Fund, and the Adviser (the "Predecessor Operating Expenses Limitation Agreement"), the Adviser had agreed to waive a portion of its management fees to ensure that the total annual fund operating expenses of the Predecessor Fund, subject to certain exclusions, did not exceed 1.74% of the average daily net assets of the Predecessor Fund's Investor Class and 1.49% of the average daily net assets of the Predecessor Fund's Institutional Class. Fees waived and expenses paid prior to the Reorganization are eligible for recoupment.

During fiscal years ended August 31, indicated below, the Predecessor Fund paid the Adviser the following in advisory fees, subject to the Predecessor Operating Expenses Limitation Agreement:

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| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**2024** | **2023** | **2022** |
| Advisory Fee Accrued | &nbsp;&nbsp;$682015 | $919796 | $1842575 |
| Advisory Fees Waived | &nbsp;&nbsp;$(267896) | $(260718) | $(195953) |
| Advisory Fees Recouped | &nbsp;&nbsp;$0 | $0 | $18736 |
| Total Advisory Fees Paid to Adviser | &nbsp;&nbsp;$414119 | $659078 | $1665358 |

---

**INVESTMENT SUB-ADVISER**

The Adviser has retained Tactical Rotation Management, LLC, a registered investment adviser located at 118-35 Queens Boulevard, Suite 400, Forest Hills, New York, 11375, to serve as the investment sub-adviser to the Fund pursuant to an investment sub-advisory agreement (the "Sub-Advisory Agreement") between the Adviser and TRM. TRM provides portfolio management services to registered investment companies. The Sub-Adviser is controlled by Michael Gayed, Managing Member and Chief Compliance Officer.

Pursuant to the Sub-Advisory Agreement, TRM is responsible for the day-to-day management of the Fund's portfolio, including determining the securities purchased and sold by the Fund, subject to the supervision of the Adviser and the Board. For its services, the Sub-Adviser is paid a fee by the Adviser, which is calculated daily and paid monthly, at an annual rate of 0.025% of the Fund's average daily net assets.

The Sub-Advisory Agreement will continue in force for an initial period of two years. Thereafter, the Sub-Advisory Agreement with respect to the Fund is renewable from year to year, so long as its continuance is approved at least annually (1) by the vote, cast in person at a meeting (or in another manner permitted by the 1940 Act or pursuant to exemptive relief therefrom) called for that purpose, of a majority of those Trustees who are not "interested persons" of the Trust; and (2) by the majority vote of either the full Board or the vote of a majority of the outstanding Shares. The Sub-Advisory Agreement will terminate automatically in the event of its assignment, and is terminable at any time, without penalty, by the Board, including a majority of the Independent Trustees, or by the vote of a majority of the outstanding voting securities of the Fund, on 60 days' written notice to the Adviser and the Sub-Adviser, or by the Adviser or Sub-Adviser on 60 days' written notice to the Trust and the other party.

The Sub-Adviser shall not be liable to the Trust or any shareholder for anything done or omitted by it, except acts or omissions involving willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties imposed upon it by its agreement with the Trust.

The Fund is new, and the Adviser has not paid fees to the Sub-Adviser as of the date of this SAI.

**PORTFOLIO MANAGERS**

The Fund is managed by Michael Gayed, Managing Member and Chief Compliance Officer for the Sub-Adviser, as Portfolio Manager for the Fund and Michael Venuto, Chief Investment Officer of the Adviser and co-Portfolio Manager of the Fund.

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

*Michael Gayed, Managing Member and Chief Compliance for the Sub-Adviser*

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Accounts** | **Total Number of** <br> **Accounts**  | **Total Assets of**<br> **Accounts**<br> **(millions)** | **Total Number of Accounts**<br> **Subject to a**<br> **Performance-Based**<br> **Fee** | **Total Assets of**<br> **Accounts**<br> **Subject to a**<br> **Performance-Based**<br> **Fee**<br> **(millions)** |
| Registered Investment Companies | 2 | $12.7 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 0 | $0 | 0 | $0 |

---

*Michael Venuto, Chief Investment Officer for the Adviser*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Accounts** | **Total Number of** <br> **Accounts** | **Total Assets of**<br> **Accounts** <br> **(millions)** | **Total Number of Accounts**<br> **Subject to a**<br> **Performance-Based** <br> **Fee**  | **Total Assets of**<br> **Accounts**<br> **Subject to a**<br> **Performance-Based**<br> **Fee**<br> **(millions)** |
| Registered Investment Companies | 26 | $3204 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 0 | $0 | 0 | $0 |

---

**Portfolio Manager Fund Ownership.** The Fund is required to show the dollar range of each portfolio manager's "beneficial ownership" of Shares as of the end of the most recently completed fiscal year. Dollar amount ranges disclosed are established by the SEC. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) under the 1934 Act. As of the date of this SAI, the Fund has not yet commenced operations and no Shares were owned by the portfolio managers. As of August 31, 2024, the Portfolio Managers beneficially owned the following shares of the Predecessor Fund:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp; **Dollar Range of Shares Beneficially Owned**<br> **(None, $1-$10,000; $10,001-$50,000;**<br> **$50,001-$100,000; $100,001-$500,000;**<br> **$500,001-$1,000,000; Over $1,000,000)** |
| &nbsp;&nbsp;Michael A. Gayed | &nbsp;&nbsp;&nbsp;$500000-$1000000 |
| &nbsp;&nbsp;Michael Venuto |  |

---

**Portfolio Manager Compensation.** Mr. Gayed, Portfolio Manager, is compensated as the sole equity owner of TRM and therefore benefits indirectly from the revenue generated from the Sub-Advisory Agreement with the Adviser.

Mr. Venuto, the Co-Portfolio Manager, is compensated by the Adviser with a base salary and discretionary bonus based on the financial performance and profitability of the Adviser and not based on the performance of the Fund. Mr. Venuto is an equity owner of the Adviser, and therefore may benefit indirectly from the revenue generated by the Fund's Advisory Agreement with the Adviser.

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

**THE DISTRIBUTOR**

The Trust and Foreside Fund Services, LLC, a wholly owned subsidiary of Foreside Financial Group (dba ACA Group) (the "Distributor"), are parties to a distribution agreement ("Distribution Agreement"), whereby the Distributor acts as principal underwriter for the Fund and distributes Shares on a best efforts basis. Shares are continuously offered for sale by the Distributor. The principal business address of the Distributor is Three Canal Plaza, Suite 100, Portland, Maine 04101.

The Distributor is a broker-dealer registered under the 1934 Act and a member of FINRA.

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

The Fund is new and has not incurred any underwriting commissions and the Distributor has not retained any amounts as of the date of this SAI.

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

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

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

If you have any additional questions, please call (866) 497-4963.

**Distribution (Rule 12b-1) Plan.** The Trust has adopted a Distribution (Rule 12b-1) Plan (the "Plan") in accordance with the provisions of Rule 12b-1 under the 1940 Act. Under the 12b-1 Plan, the Fund pays a fee to the Distributor for distribution and/or shareholder services (the "Distribution and Servicing Fee") at an annual rate of 0.25% of the Fund's average daily NAV of Investor Class shares. The 12b-1 Plan provides that the Distributor may use all or any portion of the Fund's Distribution and Servicing Fee to finance any activity that is principally intended to result in the sale of the Fund's shares, subject to the terms of the 12b-1 Plan, or to provide certain shareholder services. With respect to the Fund, the 12b-1 Plan is intended to benefit the Fund by increasing its assets and thereby reducing the Fund's expense ratio. The Fund's Institutional Class does not pay a Distribution and Servicing Fee.

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

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

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

Under the Plan, subject to the limitations of applicable law and regulations, the Fund is authorized to compensate the Distributor up to the maximum amount to finance any activity primarily intended to result in the sale of Fund shares or for providing, or arranging for others to provide, shareholder services and for the maintenance of shareholder accounts. Such activities may include, but are not limited to: (1) delivering copies of the Fund's then current reports, prospectuses, notices, and similar materials, to prospective purchasers of Fund shares; (2) marketing and promotional services, including advertising; (3) paying financial intermediaries (including those that sponsor mutual fund supermarkets and affiliates of the Adviser), plan administrators and other service providers to finance any activity that is principally intended to result in the sale of Fund shares (distribution services) and for the provision of personal services to shareholders; (4) payments to financial institutions and intermediaries such as banks, savings and loan associations, insurance companies, and investment counselors, broker-dealers, mutual fund supermarkets and the affiliates and subsidiaries of the Trust's service providers as compensation for services or reimbursement of expenses incurred in connection with distribution assistance; (5) facilitating communications with beneficial owners of Fund shares, including the cost of providing, or paying others to provide, services to beneficial owners of Fund shares, including, but not limited to, assistance in answering inquiries related to Shareholder accounts; and (6) such other services and obligations as are set forth in the Distribution Agreement.

As the Fund is new, the Fund has not incurred any fees pursuant to the Plan. The Predecessor Trust had also adopted a Plan (the "Predecessor Plan") pursuant to which the Fund paid a fee to the Predecessor Fund's distributor at an annual rate of 0.25% of the Predecessor Fund's average daily net assets of the Predecessor Fund's Investor Class shares. During the fiscal year ended August 31, 2024, the Investor Class of the Fund incurred $42,295 in 12b-1 fees. The following table shows the allocation of the 12b-1 fees paid by the Predecessor Fund during the fiscal year ended August 31, 2024:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Activity** | &nbsp;&nbsp;**Fees** |
| &nbsp;&nbsp;Advertising/Marketing | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Printing/Postage | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Payment to distributor | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Payment to dealers | &nbsp;&nbsp;$42295 |
| &nbsp;&nbsp;Compensation to sales personnel | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Other | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$42295** |

---

 **ADMINISTRATOR**

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

The Fund is new, and the Administrator has not received any fees for administrative services to the Fund as of the date of this SAI. Global Fund Services, located at 615 East Michigan Street, Milwaukee, Wisconsin 53202 performed certain administrative and fund accounting services for the Predecessor Fund. The following tables show the amount the Predecessor Fund paid in administration and accounting fees to Fund Services during their respective fiscal periods ending August 31:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**2024** | **2023** | **2022** |
| &nbsp;&nbsp;$117908 | $121340 | $187874 |

---

**SUB-ADMINISTRATOR AND TRANSFER AGENT**

Global Fund Services, located at 615 East Michigan Street, Milwaukee, Wisconsin 53202, serves as the Fund's sub-administrator and transfer agent.

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

The Fund is new, and Global Fund Services has not received any fees for sub-administrative services to the Fund as of the date of this SAI.

**CUSTODIAN**

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

**LEGAL COUNSEL**

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

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Tait, Weller & Baker LLP, Two Liberty Place 50 South 16th Street, Philadelphia, Pennsylvania 19102, serves as the independent registered public accounting firm for the Fund, providing services which include: (1) auditing the annual financial statements for the Fund; and (2) the review of the annual federal income tax returns filed on behalf of the Fund.

**PORTFOLIO HOLDINGS DISCLOSURE POLICIES AND PROCEDURES**

The Trust, on behalf of the Fund, has adopted portfolio holdings disclosure policies ("Portfolio Holdings Policies") that govern the timing and circumstances of disclosure of portfolio holdings of the Fund. Information about the Fund's portfolio holdings will not be distributed to any third party except in accordance with these Portfolio Holdings Policies. The Board has considered the circumstances under which the Fund's portfolio holdings may be disclosed under the Portfolio Holdings Policies. The Board has also considered actual and potential material conflicts that could arise in such circumstances between the interests of the Fund's shareholders and the interests of the Adviser, Sub-Adviser Distributor or any other affiliated person of the Fund. After due consideration, the Board has determined that the Fund has a legitimate business purpose for disclosing portfolio holdings to persons described in the Portfolio Holdings Policies. The Board has authorized its CCO to consider and authorize dissemination of portfolio holdings information to additional parties, after considering the best interests of the Fund's shareholders and potential conflicts of interest in making such disclosures.

The Board exercises continuing oversight of the disclosure of the Fund's portfolio holdings by (1) overseeing the implementation and enforcement of the Portfolio Holdings Policies, codes of ethics and other relevant policies of the Fund and its service providers by the CCO, (2) by considering reports and recommendations by the CCO concerning any material compliance matters (as defined in Rule 38a-1 under the 1940 Act), and (3) by considering whether to approve any amendment to these Portfolio Holdings Policies. The Board reserves the right to amend the Portfolio Holdings Policies at any time without prior notice in its sole discretion.

Disclosure of the Fund's complete holdings is required to be made quarterly within 60 days of the end of each fiscal quarter, in the annual and semi-annual reports to Fund shareholders, and in the quarterly holdings report on Form N-PORT Part F. These reports will be made available, free of charge, on the EDGAR database on the SEC's website at www.sec.gov. The Fund's most recently filed annual and semi-annual reports are also available on the Fund's website at https://www.atacfunds.com. In accordance with Rule 30e-3 of the 1940 Act, fiscal quarter holdings for quarters not covered by the annual and semi-annual reports are also made available at https://www.atacfunds.com. The Fund may provide the Fund's portfolio holdings separately to any person, including rating and ranking organizations such as Lipper and Morningstar, in accordance with the Portfolio Holdings Policies. In addition, the Fund may provide its complete portfolio holdings at the same time that it is filed with the SEC.

In the event of a conflict between the interests of the Fund and its shareholders and the interests of the Adviser or an affiliated person of the Adviser or the Sub-Adviser, the CCO of the Adviser or Sub-Adviser, as applicable, in consultation with the Trust's CCO, shall make a determination in the best interests of the Fund and its shareholders, and shall report such determination to the Board at the end of the quarter in which such determination was made. Any employee of the Adviser or the Sub-Adviser who suspects a breach of this obligation must report the matter immediately to the Adviser's CCO or to his or her supervisor.

In addition, material non-public holdings information may be provided without lag as part of the normal investment activities of the Fund to each of the following entities which, by explicit agreement or by virtue of their respective duties to the Fund, are required to maintain the confidentiality of the information disclosed: the Administrator; Global Fund Services; U.S. Bank; the Fund's independent registered public accounting firm; counsel to the Fund or the Board (current parties are identified in this SAI); broker-dealers (in connection with the purchase or sale of securities or requests for price quotations or bids on one or more securities); and regulatory authorities. Portfolio holdings information not publicly available with the SEC or on the Fund's website may only be provided to additional third parties, in accordance with the Portfolio Holdings Policies, when the Fund has a legitimate business purpose, and the third party recipient is subject to a confidentiality agreement. Such portfolio holdings disclosure may be approved under the Portfolio Holdings Policies by the Trust's CCO.

In no event shall the Adviser, the Sub-Adviser, their affiliates or employees, or the Fund receive any direct or indirect compensation in connection with the disclosure of information about the Fund's portfolio holdings.

There can be no assurance that the Portfolio Holdings Policies and these procedures will protect the Fund from potential misuse of Fund information by individuals or entities to which it is disclosed

**DESCRIPTION OF SHARES**

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

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

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

**LIMITATION OF TRUSTEES' LIABILITY**

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

**DERIVATIVE ACTIONS**

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

**BROKERAGE TRANSACTIONS**

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

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

The Adviser or Sub-Adviser, as applicable, may use the Fund's assets for, or participate in, third-party soft dollar arrangements, in addition to receiving proprietary research from various full-service brokers, the cost of which is bundled with the cost of the broker's execution services. The Adviser or Sub-Adviser, as applicable, does not "pay up" for the value of any such proprietary research. Section 28(e) of the 1934 Act permits the Adviser or Sub-Adviser, as applicable, under certain circumstances, to cause the Fund to pay a broker or dealer a commission for effecting a transaction in excess of the amount of commission another broker or dealer would have charged for effecting the transaction in recognition of the value of brokerage and research services provided by the broker or dealer. The Adviser or Sub-Adviser, as applicable, may receive a variety of research services and information on many topics, which it can use in connection with its management responsibilities with respect to the various accounts over which it exercises investment discretion or otherwise provides investment advice. The research services may include qualifying order management systems, portfolio attribution and monitoring services, and computer software and access charges which are directly related to investment research.

Accordingly, the Fund may pay a broker commission higher than the lowest available in recognition of the broker's provision of such services to the Adviser or Sub-Adviser, as applicable, but only if the Adviser or Sub-Adviser, as applicable, determines the total commission (including the soft dollar benefit) is comparable to the best commission rate that could be expected to be received from other brokers. The amount of soft dollar benefits received depends on the amount of brokerage transactions effected with the brokers. A conflict of interest exists because there is an incentive to (1) cause clients to pay a higher commission than the firm might otherwise be able to negotiate, (2) cause clients to engage in more securities transactions than would otherwise be optimal, and (3) only recommend brokers that provide soft dollar benefits.

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

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

The Fund may deal with affiliates in principal transactions to the extent permitted by exemptive order or applicable rule or regulation.

The Fund is new and has not paid any brokerage commissions as of the date of this SAI. The following table shows the amount of brokerage commissions paid by the Predecessor Fund during the fiscal periods ended August 31:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** |
| &nbsp;&nbsp;$149995 | &nbsp;&nbsp;$242569 | &nbsp;&nbsp;$409798 |

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Broker commissions decreased in 2024 versus 2023 due to the Fund being less active in 2024 and therefore having lower total trading costs.

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

The Fund is new and has not paid brokerage commissions to any registered broker-dealer affiliates of the Fund or the Adviser as of the date of this SAI.

**Directed Brokerage**

The Fund is new and has not paid any commissions on brokerage transactions directed to brokers pursuant to an agreement or understanding whereby the broker provides research or other brokerage services to the Adviser.

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

The Fund is new and did not own equity securities of its regular broker-dealers or their parent companies as of the date of this SAI.

**PORTFOLIO TURNOVER RATE**

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

The Fund is new and does not have portfolio turnover rates to report as of the date of this SAI.

**PURCHASE AND REDEMPTION OF FUND SHARES** 

Shares of the Fund are sold in a continuous offering and shares may be purchased or redeemed on any business day that the Fund calculates its NAV. The Fund may also authorize one or more financial intermediaries to accept purchase and redemption orders on its behalf ("Authorized Intermediaries"). Authorized Intermediaries are authorized to designate other Authorized Intermediaries to accept orders on the Fund's behalf. An order is deemed to be received when the Fund or an Authorized Intermediary accepts the order.

Orders received by the Fund or an Authorized Intermediary by the close of trading on the NYSE (generally 4:00 p.m., Eastern Time) on a business day will be effected at the NAV per share determined as of the close of trading on the NYSE on that day. Otherwise, the orders will be processed based on the next determined NAV.

Orders received by financial intermediaries that are not Authorized Intermediaries will be processed at the NAV next calculated after the Transfer Agent receives the order from the financial intermediary.

**Purchase Requests Must be Received in Good Order.** "Good order" means that your purchase request includes:

● The name of the Fund;

● The class of shares to be purchased;

● The dollar amount of shares to be purchased;

● Your account application or investment stub; and

● A check payable to the name of the Fund.

Shares of the Fund have not been registered for sale outside of the United States. The Fund generally does not sell shares to investors residing outside the United States, even if they are United States citizens or lawful permanent residents, except to investors with United States military APO or FPO addresses or in certain other circumstances where the CCO and Anti-Money Laundering Officer for the Trust conclude that such sale is appropriate and is not in contravention of United States law.

**Redemption Requests Must be Received in Good Order.** Your share price will be based on the next NAV per share calculated after the Transfer Agent or an Authorized Intermediary receives your redemption request in good order. A redemption request will be deemed in "good order" if it includes:

● The shareholder's name;

● The name of the Fund;

● The class of shares to be redeemed;

● The account number;

● The share or dollar amount to be redeemed; and

● Signatures by all shareholders on the account (with signature(s) guaranteed if applicable).

Unless you instruct the Transfer Agent otherwise, redemption proceeds will be sent to the address of record. The Fund will not be responsible for interest lost on redemption amounts due to lost or misdirected mail.

A signature guarantee of each owner is required in the following situations:

● If ownership is changed on your account;

● When redemption proceeds are payable or sent to any person, address or bank account not on record;

● When a redemption is received by the Transfer Agent and the account address has changed within the last 15 calendar days; or

● For all redemptions in excess of $100,000 from any shareholder account.

Non-financial transactions, including establishing or modifying certain services on an account, may require a signature guarantee, signature verification from a Signature Validation Program member, or other acceptable form of authentication from a financial institution source. Signature guarantees, from either a Medallion program member or a non-Medallion program member, can be obtained from banks and securities dealers, but not from a notary public.

The Fund may elect in the future to limit eligible signature guarantors to institutions that are members of a signature guarantee program. The Fund and the Transfer Agent reserve the right to amend these standards at any time without notice.

**Redemption-In-Kind.** Under normal circumstances, the Fund does not intend to redeem shares in any form except cash. The Trust, however, has filed a notice of election under Rule 18f-1 of the 1940 Act that allows the Fund to redeem in-kind redemption requests during any 90-day period in excess of the lesser of $250,000 or 1% of the net assets of the Fund, valued at the beginning of such period. If the Fund pays your redemption proceeds by a distribution of securities, you could incur brokerage or other charges in converting the securities to cash, and will bear any market risks associated with such securities until they are converted into cash.

**Cancellations and Modifications.** The Fund will not accept a request to cancel or modify a written transaction once processing has begun.

**DETERMINATION OF NAV**

The NAV of the Fund's shares will fluctuate and is determined by the Fund Accountant as of the close of trading on the New York Stock Exchange (the "NYSE") (generally 4:00 p.m., Eastern Time) each business day. The NYSE annually announces the days on which it will not be open for trading. The most recent announcement indicates that it will not be open on the following days: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. However, the NYSE may close on days not included in that announcement.

The NAV of each class of shares is computed by determining the "Net Assets" of each class and dividing by the total number of shares outstanding of each class at such time. The Net Assets of each class are calculated by (1) taking the value of all assets, less liabilities, held by the Fund and allocating such value to each share class based on the number of shares outstanding in each share class; (2) subtracting "Class Expenses" from each respective share class as defined and approved by the Board and a majority of the Independent Trustees under the Trust's Rule 18f-3 Multiple Class Plan; and (3) subtracting from each share class non-class specific "Other Expenses" that are allocated to each class based on the NAV of each class relative to the NAV of the Fund or the Trust, as the case may be.

<u>Net Assets Per Share Class</u> = NAV Per Share Class <br> Shares Outstanding Per Share Class

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

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

**DIVIDENDS AND DISTRIBUTIONS**

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

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

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

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

**Dividend Reinvestment Service.** All distributions will be reinvested in Fund shares unless you choose one of the following options: (1) receive distributions of net capital gains in cash, while reinvesting net investment income distributions in additional Fund shares; (2) receive all distributions in cash; or (3) reinvest net capital gain distributions in additional Fund shares, while receiving distributions of net investment income in cash. If you wish to change your distribution option, write or call the transfer agent at 855-ATACFUND (855-282-2386) in advance of the payment date of the distribution. However, any such change will be effective only as to distributions for which the record date is five or more calendar days after the transfer agent has received your request.

Shareholders who choose to receive distributions in the form of additional shares of the Fund will have a cost basis for federal income tax purposes in each share so received equal to the NAV of a share on the reinvestment date. Distributions are generally taxable when received. However, distributions declared in October, November or December to shareholders of record on a date in such a month and paid the following January are taxable as if received on December 31. Distributions are includable in alternative minimum taxable income in computing a noncorporate shareholder's liability for the alternative minimum tax.

**FEDERAL INCOME TAXES**

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

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

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

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

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

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

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

The Fund may elect to treat part or all of any "qualified late year loss" as if it had been incurred in the succeeding taxable year in determining the Fund's taxable income, net capital gain, net short-term capital gain, and earnings and profits. The effect of this election is to treat any such "qualified late year loss" as if it had been incurred in the succeeding taxable year in characterizing Fund distributions for any calendar year. A "qualified late year loss" generally includes net capital loss, net long-term capital loss, or net short-term capital loss incurred after October 31 of the current taxable year, subject to special rules in the event a Fund makes an election under Section 4982(e)(4) of the Code (commonly referred to as "post-October losses"), and certain other late-year losses.

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

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

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

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

The Fund (or your broker) will report to shareholders annually the amounts of dividends paid from ordinary income, the amount of distributions of net capital gain, the portion of dividends which may qualify for the dividends received deduction for corporate shareholders, and the portion of dividends which may qualify for treatment as qualified dividend income, which is taxable to non-corporate shareholders at long-term capital gain rates. Due to the Fund's principal investment strategies, described in the Prospectus, a Fund may have only a limited amount of or no qualified dividend income to distribute.

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

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

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

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

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

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

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

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

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

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

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

**Taxation of Fund Investments.** Certain of the Fund's investments may be subject to complex provisions of the Code (including provisions relating to hedging transactions, straddles, integrated transactions, foreign currency contracts, forward foreign currency contracts, and notional principal contracts) that, among other things, may affect the Fund's ability to qualify as a RIC, affect the character of gains and losses realized by the Fund (e.g*.*, may affect whether gains or losses are ordinary or capital), accelerate recognition of income to the Fund and defer losses. These rules could therefore affect the character, amount and timing of distributions to shareholders. These provisions also may require the Fund to mark to market certain types of positions in its portfolio (i.e., treat them as if they were closed out) which may cause the Fund to recognize income without the Fund receiving cash with which to make distributions in amounts sufficient to enable the Fund to satisfy the RIC distribution requirements for avoiding Fund-level income and excise taxes. The Fund intends to monitor its transactions, intends to make appropriate tax elections, and intends to make appropriate entries in its books and records to mitigate the effect of these rules and preserve the Fund's qualification for treatment as a RIC. To the extent the Fund invests in an underlying fund that is taxable as a RIC, the rules applicable to the tax treatment of complex securities will also apply to the underlying funds that also invest in such complex securities and investments.

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

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

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

**FINANCIAL STATEMENTS**

Financial statements and annual reports will be available after the Fund has completed a fiscal year of operations. The Fund has adopted the financial statements of the Predecessor Fund. The Predecessor Fund's [audited financial statements](https://www.sec.gov/Archives/edgar/data/0001511699/000199937124014432/atacrf-ncsr.htm) for the fiscal period ended August 31, 2024, including the notes thereto and the report of the Predecessor Fund's independent registered public accounting firm, included in the Predecessor Fund's annual report are incorporated into this Statement of Additional Information by reference. The [unaudited financial statements](http://www.sec.gov/Archives/edgar/data/1511699/000199937125005749/atacrf-ncsrs.htm) for the fiscal period ended February 28, 2025 included in the semi-annual report to shareholders of the Predecessor Fund are also incorporated by reference into this SAI.

**TIDAL TRUST I**

**PART C: OTHER INFORMATION**

**Item 28. Exhibits**

---

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

---

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(xxii) [Investment Advisory Agreement between the Trust (on behalf of ATAC Rotation Fund) and Tidal Investments LLC – **filed herewith**.](ex99-dxxii.htm)

(xxiii) Investment Advisory Agreement between the Trust (on behalf of Dana Unconstrained Equity ETF, Dana Concentrated Dividend ETF and Dana Limited Volatility ETF (the Dana ETFs)) and Tidal Investments LLC – **to be filed by amendment**.

(xxiv) Investment Advisory Agreement between the Trust (on behalf of SMART Trend 25 ETF and SMART Earnings Growth 30 ETF) and Tidal Investments LLC – **to be filed by amendment**.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(xli) [Investment Sub-Advisory Agreement between Tidal and Tactical Rotation Management, LLC (for the ATAC Rotation Fund) – **filed herewith**.](ex99-dxli.htm)

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

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

(xliii) Investment Sub-Advisory Agreement between Tidal and Dana Investment Advisors, Inc. (for the Dana ETFs) – **to be filed by amendment.** 

(xliv) Investment Sub-Advisory Agreement between Tidal and SMART Wealth, LLC (for the SMART Trend 25 ETF and SMART Earnings Growth 30 ETF) – **to be filed by amendment**.

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

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

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

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

(4) Fourth Amendment to the Amended and Restated ETF Distribution Agreement between the Trust and Foreside (adding the Dana ETFs) – **to be filed by amendment.** 

(5) Fifth Amendment to the Amended and Restated ETF Distribution Agreement between the Trust and Foreside (adding the SMART Trend 25 ETF and SMART Earnings Growth 30 ETF) – **to be filed by amendment.** 

(6) Sixth Amendment to the Amended and Restated ETF Distribution Agreement between the Trust and Foreside (adding the SoFi Agentic AI ETF) – **to be filed by amendment.** 

(ii) [Distribution Agreement between the Trust and Foreside (on behalf of the ATAC Rotation Fund) – **filed herewith.**](ex99-eii.htm)

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

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

(v) Distribution Services Agreement (Mutual Funds) between Tidal and Foreside – **to be filed by amendment.** 

(f) Not applicable.

(g) (i) [Custody Agreement between the Trust and U.S. Bank National Association](http://www.sec.gov/Archives/edgar/data/1742912/000089418919002080/exh-gi_agrmt.htm) , previously filed with Post-Effective Amendment No. 7 on Form N-1A on April 5, 2019 and is incorporated herein by reference.

(1) [First Amendment to Custody Agreement (adding the SoFi ETFs)](http://www.sec.gov/Archives/edgar/data/1742912/000089418919002080/exh-gi1_agrmt.htm) , previously filed with Post-Effective Amendment No. 7 on Form N-1A on April 5, 2019 and is incorporated herein by reference.

(2) [Second Amendment to Custody Agreement (adding the RPAR Risk Parity ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418919007861/exgi2secondamendmenttocust.htm) , previously filed with Post-Effective Amendment No. 14 on Form N-1A on November 22, 2019 and is incorporated herein by reference.

(3) [Third Amendment to Custody Agreement (adding the SP Funds Dow Jones Global Sukuk ETF and SP Funds S&P 500 Sharia Industry Exclusions ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418919008382/exgi3thirdamendedcustodyag.htm) , previously filed with Post-Effective Amendment No. 16 on Form N-1A on December 16, 2019 and is incorporated herein by reference.

(4) [Fourth Amendment to Custody Agreement](http://www.sec.gov/Archives/edgar/data/1742912/000089418920006449/exgi4custodyagmttidalfourt.htm) , previously filed with Post-Effective Amendment No. 25 on Form N-1A on August 17, 2020 and is incorporated herein by reference.

(5) [Fifth Amendment to Custody Agreement (adding the SoFi Weekly Income ETF, the Leatherback ETFs, the Adasina Social Justice All Cap Global ETF, and the ATAC US Rotation ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418920008126/exgi5fifthamendcustody.htm) , previously filed with Post-Effective Amendment No. 28 on Form N-1A on September 30, 2020 and is incorporated herein by reference.

(6) [Sixth Amendment to Custody Agreement (adding the Gotham Enhanced 500 ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418920008947/exgi6sixthamendcustody.htm) , previously filed with Post-Effective Amendment No. 34 on Form N-1A on November 9, 2020 and is incorporated herein by reference.

(7) [Seventh Amendment to Custody Agreement (adding the SP Funds S&P Global REIT Sharia ETF, and Sound Income ETFs)](http://www.sec.gov/Archives/edgar/data/1742912/000089418920009890/exgi7seventhamendcustodyag.htm) , previously filed with Post-Effective Amendment No. 40 on Form N-1A on December 23, 2020 and is incorporated herein by reference.

(8) [Eighth Amendment to Custody Agreement (adding the Acruence Active Hedge U.S. Equity ETF, the SoFi Weekly Dividend ETF, the SonicShares Airlines, Hotels, Cruise Lines ETF, and the American Customer Satisfaction ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418921002071/gi8tidaleightamendmenttocu.htm) , previously filed with Post-Effective Amendment No. 51 on Form N-1A on April 5, 2021 and is incorporated herein by reference.

(9) [Ninth Amendment to Custody Agreement (adding the SoFi Smart Energy ETF, the ZEGA Buy and Hedge ETF, and the ATAC Credit Rotation ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418921003798/exgi9ninthamdcustodyagrmt.htm) , previously filed with Post-Effective Amendment No. 62 on Form N-1A on June 21, 2021 and is incorporated herein by reference.

(10) [Tenth Amendment to Custody Agreement (adding the SonicShares Global Shipping ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418921004902/tidaltenthamendmenttocusto.htm) , previously filed with Post-Effective Amendment No. 69 on Form N-1A on July 30, 2021 and is incorporated herein by reference.

(11) [Eleventh Amendment to Custody Agreement (adding the FolioBeyond Alternative Income and Interest Rate Hedge ETF f/k/a FolioBeyond Rising Rates ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418921006894/exgi11tidaleleventhamendme.htm) , previously filed with Post-Effective Amendment No. 71 on Form N-1A on September 27, 2021 and is incorporated herein by reference.

(12) [Twelfth Amendment to Custody Agreement (adding the UPAR Ultra Risk Parity ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418921009297/exgi12tidaltwelfthamendmen.htm) , previously filed with Post-Effective Amendment No. 82 on Form N-1A on December 29, 2021 and is incorporated herein by reference.

(13) [Thirteenth Amendment to Custody Agreement (adding the Residential REIT ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418922001156/exgi13tidalthirteenthamend.htm) , previously filed with Post-Effective Amendment No. 89 on Form N-1A on February 11, 2022 and is incorporated herein by reference.

(14) [Amended and Restated Sixteenth Amendment to Custody Agreement (adding the Gotham 1000 Value ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000138713122007404/ex99-gi16.htm) , previously filed with Post-Effective Amendment No. 127 on Form N-1A on June 30, 2022 and is incorporated herein by reference.

(15) [Seventeenth Amendment to Custody Agreement (adding the SoFi Web 3 ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000138713122007404/ex99-gi17.htm) , previously filed with Post-Effective Amendment No. 127 on Form N-1A on June 30, 2022 and is incorporated herein by reference.

(16) [Eighteenth Amendment to Custody Agreement (adding the Aztlan Global Stock Selection DM SMID ETF and the Unlimited HFND Multi-Strategy Return Tracker ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000138713122008799/ex99-gi18.htm) , previously filed with Post-Effective Amendment No. 137 on Form N-1A on August 15, 2022 and is incorporated herein by reference.

(17) [Nineteenth Amendment to Custody Agreement (adding the God Bless America ETF and the ATAC Equity Leverage Rotation ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000138713122009961/ex99-gi19.htm) , previously filed with Post-Effective Amendment No. 148 on Form N-1A on September 23, 2022 and is incorporated herein by reference.

(18) [Twentieth Amendment to Custody Agreement (adding the Subversive Cannabis ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000138713122012696/ex99-gi20.htm) , previously filed with Post-Effective Amendment No. 160 on Form N-1A on December 27, 2022 and is incorporated herein by reference.

(19) [Twenty-First Amendment to Custody Agreement (adding the Intelligent Real Estate ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000138713123007192/ex99-gi21.htm) , previously filed with Post-Effective Amendment No. 180 on Form N-1A on June 2, 2023 and is incorporated herein by reference.

(20) [Twenty-Second Amendment to Custody Agreement (adding the Academy Veteran Impact ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000138713123008819/ex99-gi22.htm) , previously filed with Post-Effective Amendment No. 187 on Form N-1A on July 27, 2023 and is incorporated herein by reference.

(21) [Twenty-Third Amendment to the Custody Agreement (adding the Gotham Short Strategies ETF, the SoFi Enhanced Yield ETF, the Unlimited ETFs, and the Aztlan North America Nearshoring Stock Selection ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000199937123000328/ex99-gi23.htm) , previously filed with Post-Effective Amendment No. 202 on Form N-1A on November 17, 2023 and is incorporated herein by reference.

(22) [Twenty-Fourth Amendment to the Custody Agreement](http://www.sec.gov/Archives/edgar/data/1742912/000199937124007741/ex99-g124.htm) , previously filed with Post-Effective Amendment No. 220 on Form N-1A on June 24, 2024 and is incorporated herein by reference.

(23) [Twenty-Fifth Amendment to the Custody Agreement (adding the Unusual Whales ETFs and FolioBeyond Enhanced Fixed Income Premium ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000199937124015403/ex99-gi25.htm) , previously filed with Post-Effective Amendment No. 238 on Form N-1A on December 13, 2024 and is incorporated herein by reference.

(24) [Twenty-Sixth Amendment to the Custody Agreement (adding the Digital Asset Debt Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000199937125006197/ex99-gi24.htm) , previously filed with Post-Effective Amendment No. 263 on Form N-1A on May 15, 2025 and is incorporated herein by reference.

(25) [Twenty-Seventh Amendment to the Custody Agreement (adding The Free Markets ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000199937125007961/ex99-gi25.htm) , previously filed with Post-Effective Amendment No. 271 on Form N-1A on June 18, 2025 and is incorporated herein by reference.

(26) Twenty-Eighth Amendment to the Custody Agreement (adding the Dana ETFs) – **to be filed by amendment.** 

(27) Twenty-Ninth Amendment to the Custody Agreement (adding the SMART Trend 25 ETF and SMART Earnings Growth 30 ETF) – **to be filed by amendment.** 

(28) Thirtieth Amendment to the Custody Agreement (adding the SoFi Agentic AI ETF) – **to be filed by amendment.** 

(ii) Custody Agreement between the Trust and U.S. Bank National Association (for the ATAC Rotation Fund) – **to be filed by amendment.** 

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

(ii) [Fund Sub-Administration Servicing Agreement between Tidal ETF Services LLC on behalf of the Trust and U.S. Bancorp Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1742912/000089418919002080/exh-hii_agrmt.htm) , previously filed with Post-Effective Amendment No. 7 on Form N-1A on April 5, 2019 and is incorporated herein by reference.

(1) [First Amendment to Fund Sub-Administration Servicing Agreement (adding the SoFi ETFs)](http://www.sec.gov/Archives/edgar/data/1742912/000089418919002080/exh-hii1_agrmt.htm) , previously filed with Post-Effective Amendment No. 7 on Form N-1A on April 5, 2019 and is incorporated herein by reference.

(2) [Second Amendment to Fund Sub-Administration Servicing Agreement (adding the RPAR Risk Parity ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418919007861/exhii2secondamendmenttosub.htm) , previously filed with Post-Effective Amendment No. 14 on Form N-1A on November 22, 2019 and is incorporated herein by reference.

(3) [Third Amendment to Fund Sub-Administration Servicing Agreement (adding the SP Funds Dow Jones Global Sukuk ETF and SP Funds S&P 500 Sharia Industry Exclusions ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418919008382/exhii3thirdamendedsub-admi.htm) , previously filed with Post-Effective Amendment No. 16 on Form N-1A on December 16, 2019 and is incorporated herein by reference.

(4) [Fourth Amendment to Fund Sub-Administration Servicing Agreement](http://www.sec.gov/Archives/edgar/data/1742912/000089418920006449/exhii4sub-adminagmttidalfo.htm) , previously filed with Post-Effective Amendment No. 25 on Form N-1A on August 17, 2020 and is incorporated herein by reference.

(5) [Fifth Amendment to Fund Sub-Administration Servicing Agreement (adding the SoFi Weekly Income ETF, the Leatherback ETFs, the Adasina Social Justice All Cap Global ETF, and the ATAC US Rotation ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418920008126/exhii5fifthamendfundsu.htm) , previously filed with Post-Effective Amendment No. 28 on Form N-1A on September 30, 2020 and is incorporated herein by reference.

(6) [Sixth Amendment to Fund Sub-Administration Servicing Agreement (adding the Gotham Enhanced 500 ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418920008947/exhii6sixthamendfundsu.htm) , previously filed with Post-Effective Amendment No. 34 on Form N-1A on November 9, 2020 and is incorporated herein by reference.

(7) [Seventh Amendment to Fund Sub-Administration Servicing Agreement (adding the SP Funds S&P Global REIT Sharia ETF and Sound Income ETFs)](http://www.sec.gov/Archives/edgar/data/1742912/000089418920009890/exhii7seventhamendfundsub-.htm) , previously filed with Post-Effective Amendment No. 40 on Form N-1A on December 23, 2020 and is incorporated herein by reference.

(8) [Eighth Amendment to Fund Sub-Administration Servicing Agreement (adding the Acruence Active Hedge U.S. Equity ETF, the SoFi Weekly Dividend ETF, the SonicShares Airlines, Hotels, Cruise Lines ETF, and the American Customer Satisfaction ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418921002071/hii8tidaleightamendmenttof.htm) , previously filed with Post-Effective Amendment No. 51 on Form N-1A on April 5, 2021 and is incorporated herein by reference.

(9) [Ninth Amendment to Fund Sub-Administration Servicing Agreement (adding the SoFi Smart Energy ETF, the ZEGA Buy and Hedge ETF, and the ATAC Credit Rotation ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418921003798/exhii9ninthamdfundsub-admi.htm) , previously filed with Post-Effective Amendment No. 62 on Form N-1A on June 21, 2021 and is incorporated herein by reference.

(10) [Tenth Amendment to Fund Sub-Administration Servicing Agreement (adding the SonicShares Global Shipping ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418921004902/tidaltenthamendmenttofunds.htm) , previously filed with Post-Effective Amendment No. 69 on Form N-1A on July 30, 2021 and is incorporated herein by reference.

(11) [Eleventh Amendment to Fund Sub-Administration Servicing Agreement (adding the FolioBeyond Alternative Income and Interest Rate Hedge ETF f/k/a FolioBeyond Rising Rates ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418921006894/exhii11tidaleleventhamendm.htm) , previously filed with Post-Effective Amendment No. 71 on Form N-1A on September 27, 2021 and is incorporated herein by reference.

(12) [Twelfth Amendment to Fund Sub-Administration Servicing Agreement (adding the UPAR Ultra Risk Parity ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418921009297/exhii12tidaltwelfthamendme.htm) , previously filed with Post-Effective Amendment No. 82 on Form N-1A on December 29, 2021 and is incorporated herein by reference.

(13) [Thirteenth Amendment to Fund Sub-Administration Servicing Agreement (adding the Residential REIT ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418922001156/exhii13tidalthirteenthamen.htm) , previously filed with Post-Effective Amendment No. 89 on Form N-1A on February 11, 2022 and is incorporated herein by reference.

(14) [Sixteenth Amendment to Fund Sub-Administration Servicing Agreement (adding the Gotham 1000 Value ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000138713122006756/ex99-hii16.htm) , previously filed with Post-Effective Amendment No. 118 on Form N-1A on June 3, 2022 and is incorporated herein by reference.

(15) [Seventeenth Amendment to Fund Sub-Administration Servicing Agreement (adding the SoFi Web 3 ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000138713122007404/ex99-hii17.htm) , previously filed with Post-Effective Amendment No. 127 on Form N-1A on June 30, 2022 and is incorporated herein by reference.

(16) [Eighteenth Amendment to Fund Sub-Administration Servicing Agreement (adding the Aztlan Global Stock Selection DM SMID ETF and the Unlimited HFND Multi-Strategy Return Tracker ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000138713122008799/ex99-hii18.htm) , previously filed with Post-Effective Amendment No. 137 on Form N-1A on August 15, 2022 and is incorporated herein by reference.

(17) [Nineteenth Amendment to Fund Sub-Administration Servicing Agreement (adding the God Bless America ETF and the ATAC Equity Leverage Rotation ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000138713122009961/ex99-hii19.htm) , previously filed with Post-Effective Amendment No. 148 on Form N-1A on September 23, 2022 and is incorporated herein by reference.

(18) [Twentieth Amendment to Fund Sub-Administration Servicing Agreement (adding the Subversive Cannabis ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000138713122012696/ex99-hii20.htm) , previously filed with Post-Effective Amendment No. 160 on Form N-1A on December 27, 2022 and is incorporated herein by reference.

(19) [Twenty-First Amendment to Fund Sub-Administration Servicing Agreement (adding the Intelligent Real Estate ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000138713123007192/ex99-hii21.htm) , previously filed with Post-Effective Amendment No. 180 on Form N-1A on June 2, 2023 and is incorporated herein by reference.

(20) [Twenty-Second Amendment to Fund Sub-Administration Servicing Agreement (adding the Academy Veteran Impact ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000138713123008819/ex99-hii22.htm) , previously filed with Post-Effective Amendment No. 187 on Form N-1A on July 27, 2023 and is incorporated herein by reference.

(21) [Twenty-Third Amendment to Fund Sub-Administration Servicing Agreement (adding the Gotham Short Strategies ETF, the SoFi Enhanced Yield ETF, the Unlimited ETFs, and the Aztlan North America Nearshoring Stock Selection ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000199937123000328/ex99-hii23.htm) , previously filed with Post-Effective Amendment No. 202 on Form N-1A on November 17, 2023 and is incorporated herein by reference.

(22) [Twenty-Fourth Amendment to Fund Sub-Administration Servicing Agreement (adding the Unusual Whales ETFs and FolioBeyond Enhanced Fixed Income Premium ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000199937124015403/ex99-hii24.htm) , previously filed with Post-Effective Amendment No. 238 on Form N-1A on December 13, 2024 and is incorporated herein by reference.

(23) [Twenty-Fifth Amendment to the Fund Sub-Administration Servicing Agreement (adding the Digital Asset Debt Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000199937125006197/ex99-hiii23.htm) , previously filed with Post-Effective Amendment No. 263 on Form N-1A on May 15, 2025 and is incorporated herein by reference.

(24) [Twenty-Sixth Amendment to the Fund Sub-Administration Servicing Agreement (adding The Free Markets ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000199937125007961/ex99-hiii24.htm) , previously filed with Post-Effective Amendment No. 271 on Form N-1A on June 18, 2025 and is incorporated herein by reference.

(25) Twenty-Seventh Amendment to the Fund Sub-Administration Servicing Agreement (adding the Dana ETFs) – **to be filed by amendment.** 

(26) Twenty-Eighth Amendment to the Fund Sub-Administration Servicing Agreement (adding the SMART Trend 25 ETF and SMART Earnings Growth 30 ETF) – **to be filed by amendment.** 

(27) Twenty-Ninth Amendment to the Fund Sub-Administration Servicing Agreement (adding the SoFi Agentic AI ETF) – **to be filed by amendment.** 

(iii) Fund Sub-Administration Servicing Agreement between Tidal ETF Services LLC on behalf of the Trust and U.S. Bancorp Fund Services, LLC (for the ATAC Rotation Fund) – **to be filed by amendment.** 

(iv) [Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1742912/000089418919002080/exh-hiii_agrmt.htm) , previously filed with Post-Effective Amendment No. 7 on Form N-1A on April 5, 2019 and is incorporated herein by reference.

(1) [First Amendment to Fund Accounting Servicing Agreement (adding the SoFi ETFs)](http://www.sec.gov/Archives/edgar/data/1742912/000089418919002080/exh-hiii1_agrmt.htm) , previously filed with Post-Effective Amendment No. 7 on Form N-1A on April 5, 2019 and is incorporated herein by reference.

(2) [Second Amendment to Fund Accounting Servicing Agreement (adding the RPAR Risk Parity ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418919007861/exhiii2secondamendmenttofu.htm) , previously filed with Post-Effective Amendment No. 14 on Form N-1A on November 22, 2019 and is incorporated herein by reference.

(3) [Third Amendment to Fund Accounting Servicing Agreement (adding the SP Funds Dow Jones Global Sukuk ETF and SP Funds S&P 500 Sharia Industry Exclusions ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418919008382/exhiii3thirdamendedfundacc.htm) , previously filed with Post-Effective Amendment No. 16 on Form N-1A on December 16, 2019 and is incorporated herein by reference.

(4) [Fourth Amendment to Fund Accounting Servicing Agreement](http://www.sec.gov/Archives/edgar/data/1742912/000089418920006449/exhiii4fundacctagmttidalfo.htm) , previously filed with Post-Effective Amendment No. 25 on Form N-1A on August 17, 2020 and is incorporated herein by reference.

(5) [Fifth Amendment to Fund Accounting Servicing Agreement (adding the SoFi Weekly Income ETF, the Leatherback ETFs, the Adasina Social Justice All Cap Global ETF, and the ATAC US Rotation ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418920008126/exhiii5fifthamendfunda.htm) , previously filed with Post-Effective Amendment No. 28 on Form N-1A on September 30, 2020 and is incorporated herein by reference.

(6) [Sixth Amendment to Fund Accounting Servicing Agreement (adding the Gotham Enhanced 500 ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418920008947/exhiii6sixthamendfunda.htm) , previously filed with Post-Effective Amendment No. 34 on Form N-1A on November 9, 2020 and is incorporated herein by reference.

(7) [Seventh Amendment to Fund Accounting Servicing Agreement (adding the SP Funds S&P Global REIT Sharia ETF and Sound Income ETFs)](http://www.sec.gov/Archives/edgar/data/1742912/000089418920009890/exhiii7seventhamendfundacc.htm) , previously filed with Post-Effective Amendment No. 40 on Form N-1A on December 23, 2020 and is incorporated herein by reference.

(8) [Eighth Amendment to Fund Accounting Servicing Agreement (adding the Acruence Active Hedge U.S. Equity ETF, the SoFi Weekly Dividend ETF, the SonicShares](http://www.sec.gov/Archives/edgar/data/1742912/000089418921002071/hiii8tidaleighthamendmentt.htm) [Airlines, Hotels, and Cruise Lines ETF, and the American Customer Satisfaction ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418921002071/hiii8tidaleighthamendmentt.htm) , previously filed with Post-Effective Amendment No. 51 on Form N-1A on April 5, 2021 and is incorporated herein by reference.

(9) [Ninth Amendment to Fund Accounting Servicing Agreement (adding the SoFi Smart Energy ETF, the ZEGA Buy and Hedge ETF, and the ATAC Credit Rotation ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418921003798/exhiii9ninthamdfundaccount.htm) , previously filed with Post-Effective Amendment No. 62 on Form N-1A on June 21, 2021 and is incorporated herein by reference.

(10) [Tenth Amendment to Fund Accounting Servicing Agreement (adding the SonicShares Global Shipping ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418921004902/tidaltenthamendmenttofunda.htm) , previously filed with Post-Effective Amendment No. 69 on Form N-1A on July 30, 2021 and is incorporated herein by reference.

(11) [Eleventh Amendment to Fund Accounting Servicing Agreement (adding the FolioBeyond Alternative Income and Interest Rate Hedge ETF f/k/a FolioBeyond Rising Rates ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418921006894/exhiii11tidaleleventhamend.htm) , previously filed with Post-Effective Amendment No. 71 on Form N-1A on September 27, 2021 and is incorporated herein by reference.

(12) [Twelfth Amendment to Fund Accounting Servicing Agreement (adding the UPAR Ultra Risk Parity ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418921009297/exhiii12tidaltwelfthamendm.htm) , previously filed with Post-Effective Amendment No. 82 on Form N-1A on December 29, 2021 and is incorporated herein by reference.

(13) [Thirteenth Amendment to Fund Accounting Servicing Agreement (adding the Residential REIT ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418922001156/exhiii13tidalthirteenthame.htm) , previously filed with Post-Effective Amendment No. 89 on Form N-1A on February 11, 2022 and is incorporated herein by reference.

(14) [Sixteenth Amendment to Fund Accounting Servicing Agreement (adding the Gotham 1000 Value ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000138713122006756/ex99-gi16.htm) , previously filed with Post-Effective Amendment No. 118 on Form N-1A on June 3, 2022, and is incorporated herein by reference.

(15) [Seventeenth Amendment to Fund Accounting Servicing Agreement (adding the SoFi Web 3 ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000138713122007404/ex99-hiv17.htm) , previously filed with Post-Effective Amendment No. 127 on Form N-1A on June 30, 2022 and is incorporated herein by reference.

(16) [Eighteenth Amendment to Fund Accounting Servicing Agreement (adding the Aztlan Global Stock Selection DM SMID ETF and the Unlimited HFND Multi-Strategy Return Tracker ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000138713122008799/ex99-hiii18.htm) , previously filed with Post-Effective Amendment No. 137 on Form N-1A on August 15, 2022 and is incorporated herein by reference.

(17) [Nineteenth Amendment to Fund Accounting Servicing Agreement (adding the God Bless America ETF and the ATAC Equity Leverage Rotation ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000138713122009961/ex99-hiii19.htm) , previously filed with Post-Effective Amendment No. 148 on Form N-1A on September 23, 2022 and is incorporated herein by reference.

(18) [Twentieth Amendment to Fund Accounting Servicing Agreement (adding the Subversive Cannabis ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000138713122012696/ex99-hiii20.htm) , previously filed with Post-Effective Amendment No. 160 on Form N-1A on December 27, 2022 and incorporated herein by reference.

(19) [Twenty-First Amendment to Fund Accounting Servicing Agreement (adding the Intelligent Real Estate ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000138713123007192/ex99-hiii21.htm) , previously filed with Post-Effective Amendment No. 180 on Form N-1A on June 2, 2023 and is incorporated herein by reference.

(20) [Twenty-Second Amendment to Fund Accounting Servicing Agreement (adding the Academy Veteran Impact ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000138713123008819/ex99-hiii22.htm) , previously filed with Post-Effective Amendment No. 187 on Form N-1A on July 27, 2023 and is incorporated herein by reference.

(21) [Twenty-Third Amendment to Fund Accounting Servicing Agreement (adding the Gotham Short Strategies ETF, the SoFi Enhanced Yield ETF, the Unlimited ETFs, and the Aztlan North America Nearshoring Stock Selection ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000199937123000328/ex99-hiii23.htm) , previously filed with Post-Effective Amendment No. 202 on Form N-1A on November 17, 2023 and is incorporated herein by reference.

(22) [Twenty-Fourth Amendment to Fund Accounting Servicing Agreement (adding the Unusual Whales ETFs and FolioBeyond Enhanced Fixed Income Premium ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000199937124015403/ex99-hiii24.htm) , previously filed with Post-Effective Amendment No. 238 on Form N-1A on December 13, 2024 and is incorporated herein by reference.

(23) [Twenty-Fifth Amendment to the Fund Accounting Servicing Agreement (adding the Digital Asset Debt Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000199937125006197/ex99-hv23.htm) , previously filed with Post-Effective Amendment No. 263 on Form N-1A on May 15, 2025 and is incorporated herein by reference.

(24) [Twenty-Sixth Amendment to the Fund Accounting Servicing Agreement (adding The Free Markets ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000199937125007961/ex99-hv24.htm) , previously filed with Post-Effective Amendment No. 271 on Form N-1A on June 18, 2025 and is incorporated herein by reference.

(25) Twenty-Seventh Amendment to the Fund Accounting Servicing Agreement (adding the Dana ETFs) – **to be filed by amendment.** 

(26) Twenty-Eighth Amendment to the Fund Accounting Agreement (adding the SMART Trend 25 ETF and SMART Earnings Growth 30 ETF) – **to be filed by amendment.** 

(27) Twenty-Ninth Amendment to the Fund Accounting Agreement (adding the SoFi Agentic AI ETF) – **to be filed by amendment.** 

(v) Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC (for the ATAC Rotation Fund) – **to be filed by amendment.** 

(vi) [Transfer Agent Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1742912/000089418919002080/exh-hiv_agrmt.htm) , previously filed with Post-Effective Amendment No. 7 on Form N-1A on April 5, 2019 and is incorporated herein by reference.

(1) [First Amendment to Transfer Agent Servicing Agreement (adding the SoFi ETFs)](http://www.sec.gov/Archives/edgar/data/1742912/000089418919002080/exh-hiv1_agrmt.htm) , previously filed with Post-Effective Amendment No. 7 on Form N-1A on April 5, 2019 and is incorporated herein by reference.

(2) [Second Amendment to Transfer Agent Servicing Agreement (adding the RPAR Risk Parity ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418919007861/exhiv2secondamendmenttotra.htm) , previously filed with Post-Effective Amendment No. 14 on Form N-1A on November 22, 2019 and is incorporated herein by reference.

(3) [Third Amendment to Transfer Agent Servicing Agreement (adding the SP Funds Dow Jones Global Sukuk ETF and SP Funds S&P 500 Sharia Industry Exclusions ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418919008382/exhiv3thirdamendedtransfer.htm) , previously filed with Post-Effective Amendment No. 16 on Form N-1A on December 16, 2019 and is incorporated herein by reference.

(4) [Fourth Amendment to Transfer Agent Servicing Agreement](http://www.sec.gov/Archives/edgar/data/1742912/000089418920006449/exhiv4transferagentagmttid.htm) , previously filed with Post-Effective Amendment No. 25 on Form N-1A on August 17, 2020 and is incorporated herein by reference.

(5) [Fifth Amendment to Transfer Agent Servicing Agreement (adding the SoFi Weekly Income ETF, the Leatherback ETFs, the Adasina Social Justice All Cap Global ETF, and the ATAC US Rotation ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418920008126/exhiv5fifthamendtransf.htm) , previously filed with Post-Effective Amendment No. 28 on Form N-1A on September 30, 2020 and is incorporated herein by reference.

(6) [Sixth Amendment to Transfer Agent Servicing Agreement (adding the Gotham Enhanced 500 ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418920008947/exhiv6sixthamendtransf.htm) , previously filed with Post-Effective Amendment No. 34 on Form N-1A on November 9, 2020 and is incorporated herein by reference.

(7) [Seventh Amendment to Transfer Agent Servicing Agreement (adding the SP Funds S&P Global REIT Sharia ETF and Sound Income ETFs)](http://www.sec.gov/Archives/edgar/data/1742912/000089418920009890/exhiv7seventhamendtransfer.htm) , previously filed with Post-Effective Amendment No. 40 on Form N-1A on December 23, 2020 and is incorporated herein by reference.

(8) [Eighth Amendment to Transfer Agent Servicing Agreement (adding the Acruence Active Hedge U.S. Equity ETF, the SoFi Weekly Dividend ETF, the SonicShares](http://www.sec.gov/Archives/edgar/data/1742912/000089418921002071/hiv8tidaleighthamendmentto.htm) [Airlines, Hotels, Cruise Lines ETF, and the American Customer Satisfaction ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418921002071/hiv8tidaleighthamendmentto.htm) , previously filed with Post-Effective Amendment No. 51 on Form N-1A on April 5, 2021 and is incorporated herein by reference.

(9) [Ninth Amendment to Transfer Agent Servicing Agreement (adding the SoFi Smart Energy ETF, the ZEGA Buy and Hedge ETF, and the ATAC Credit Rotation ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418921003798/exhiv9ninthamdtransferagen.htm) , previously filed with Post-Effective Amendment No. 62 on Form N-1A on June 21, 2021 and is incorporated herein by reference.

(10) [Tenth Amendment to Transfer Agent Servicing Agreement (adding the SonicShares Global Shipping ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418921004902/tidaltenthamendmenttota.htm) , previously filed with Post-Effective Amendment No. 69 on Form N-1A on July 30, 2021 and is incorporated herein by reference.

(11) [Eleventh Amendment to Transfer Agent Servicing Agreement (adding the FolioBeyond Alternative Income and Interest Rate Hedge ETF f/k/a FolioBeyond Rising Rates ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418921006894/exhiv11tidaleleventhamendm.htm) , previously filed with Post-Effective Amendment No. 71 on Form N-1A on September 27, 2021 and is incorporated herein by reference.

(12) [Twelfth Amendment to Transfer Agent Servicing Agreement (adding the UPAR Ultra Risk Parity ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418921009297/exhiv12tidaltwelfthamendme.htm) , previously filed with Post-Effective Amendment No. 82 on Form N-1A on December 29, 2021 and is incorporated herein by reference.

(13) [Thirteenth Amendment to Transfer Agent Servicing Agreement (adding the Residential REIT ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000089418922001156/exhiv13tidalthirteenthamen.htm) , previously filed with Post-Effective Amendment No. 89 on Form N-1A on February 11, 2022 and is incorporated herein by reference.

(14) [Sixteenth Amendment to Transfer Agent Servicing Agreement (adding the Gotham 1000 Value ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000138713122006756/ex99-hiv16.htm) , previously filed with Post-Effective Amendment No. 118 on Form N-1A on June 3, 2022, and is incorporated herein by reference.

(15) [Seventeenth Amendment to Transfer Agent Servicing Agreement (adding the SoFi Web 3 ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000138713122007404/ex99-hiv17.htm) , previously filed with Post-Effective Amendment No. 127 on Form N-1A on June 30, 2022 and is incorporated herein by reference.

(16) [Eighteenth Amendment to Transfer Agent Servicing Agreement (adding the Aztlan Global Stock Selection DM SMID ETF and the Unlimited HFND Multi-Strategy Return Tracker ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000138713122008799/ex99-hiv18.htm) , previously filed with Post-Effective Amendment No. 137 on Form N-1A on August 15, 2022 and is incorporated herein by reference.

(17) [Nineteenth Amendment to Transfer Agent Servicing Agreement (adding the God Bless America ETF and the ATAC Equity Leverage Rotation ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000138713122009961/ex99-hiv19.htm) , previously filed with Post-Effective Amendment No. 148 on Form N-1A on September 23, 2022 and is incorporated herein by reference.

(18) [Twentieth Amendment to Transfer Agent Servicing Agreement (adding the Subversive Cannabis ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000138713122012696/ex99-hiv20.htm) , previously filed with Post-Effective Amendment No. 160 on Form N-1A on December 27, 2022 and incorporated herein by reference.

(19) [Twenty-First Amendment to Transfer Agent Servicing Agreement (adding the Intelligent Real Estate ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000138713123007192/ex99-hiv21.htm) , previously filed with Post-Effective Amendment No. 180 on Form N-1A on June 2, 2023 and is incorporated herein by reference.

(20) [Twenty-Second Amendment to Transfer Agent Servicing Agreement (adding the Academy Veteran Impact ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000138713123008819/ex99-hiv22.htm) , previously filed with Post-Effective Amendment No. 187 on Form N-1A on July 27, 2023 and is incorporated herein by reference.

(21) [Twenty-Third Amendment to Transfer Agent Servicing Agreement (adding the Gotham Short Strategies ETF, the SoFi Enhanced Yield ETF, the Unlimited ETFs, and the Aztlan North America Nearshoring Stock Selection ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000199937123000328/ex99-hiv23.htm) , previously filed with Post-Effective Amendment No. 202 on Form N-1A on November 17, 2023 and is incorporated herein by reference.

(22) [Twenty-Fourth Amendment to Transfer Agent Servicing Agreement (adding the Unusual Whales ETFs and FolioBeyond Enhanced Fixed Income Premium ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000199937124015403/ex99-hiv24.htm) , previously filed with Post-Effective Amendment No. 238 on Form N-1A on December 13, 2024 and is incorporated herein by reference.

(23) [Twenty-Fifth Amendment to the Transfer Agent Servicing Agreement (adding the Digital Asset Debt Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000199937125006197/ex99-hvii23.htm) . previously filed with Post-Effective Amendment No. 263 on Form N-1A on May 15, 2025 and is incorporated herein by reference.

(24) [Twenty-Sixth Amendment to the Transfer Agent Servicing Agreement (adding The Free Markets ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000199937125007961/ex99-hvii24.htm) , previously filed with Post-Effective Amendment No. 271 on Form N-1A on June 18, 2025 and is incorporated herein by reference.

(25) Twenty-Seventh Amendment to the Transfer Agent Servicing Agreement (adding the Dana ETFs) – **to be filed by amendment.** 

(26) Twenty-Eighth Amendment to the Transfer Agent Servicing Agreement (adding the SMART Trend 25 ETF and SMART Earnings Growth 30 ETF) – **to be filed by amendment.** 

(27) Twenty-Ninth Amendment to the Transfer Agent Servicing Agreement (adding the SoFi Agentic AI ETF) – **to be filed by amendment.** 

(vii) Transfer Agent Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC (for the ATAC Rotation Fund) – **to be filed by amendment.** 

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

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

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

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

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

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

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

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

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

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

(xvii) Operating Expenses Limitation Agreement between the Trust (on behalf of the ATAC Rotation Fund) and Tidal – **filed herewith.** 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(xxxiii) [Opinion and Consent of Counsel (for ATAC Rotation Fund)](ex99-ixxxiii.htm) – **filed herewith.** 

(xxxiv) Opinion and Consent of Counsel (for the Dana ETFs) – **to be filed by amendment.** 

(xxxv) Opinion and Consent of Counsel (for the SMART Trend 25 ETF and SMART Earnings Growth 30 ETF) – **to be filed by amendment.** 

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

(j) (i) [Consent of Independent Registered Accounting Firm (Cohen & Company, Ltd.)](ex99-ji.htm) – **filed herewith.** 

(ii) [Consent of Independent Registered Accounting Firm (Tait, Weller & Baker LLP)](ex99-jii.htm) – **filed herewith.** 

(k) Not applicable.

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

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

(m) (i) [Amended and Restated Distribution (Rule 12b-1) Plan (ETFs)](http://www.sec.gov/Archives/edgar/data/1742912/000199937125007078/ex99-mi.htm) , previously filed with Post-Effective Amendment No. 267 on Form N-1A on June 3, 2025 and is incorporated herein by reference.

(ii) Distribution (Rule 12b-1) Plan (Mutual Funds). – **to be filed by amendment.** 

(n) Not applicable.

(o) Reserved.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(xix) Code of Ethics for Dana Investment Advisors, Inc. – **to be filed by amendment.** 

(xx) Code of Ethics for Smart Wealth, LLC – **to be filed by amendment.** 

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

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

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

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

**Item 30. Indemnification**

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

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

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

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

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

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

---

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

---

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

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. AB Active ETFs, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ABS Long/Short Strategies Fund

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. AdvisorShares Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. AFA Private Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. AGF Investments Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. AIM ETF Products Trust

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. AlphaCentric Prime Meridian Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. American Century ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Amplify ETF Trust

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Ardian Access LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. ARK ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. ARK Venture Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. Bitwise Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. BondBloxx ETF Trust

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. Bridgeway Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. Brinker Capital Destinations Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. Brookfield Real Assets Income Fund Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. Build Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. Calamos Convertible and High Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. Calamos Convertible Opportunities and Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. Calamos Dynamic Convertible and Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31. Calamos Global Dynamic Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32. Calamos Global Total Return Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33. Calamos Strategic Total Return Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34. Carlyle Tactical Private Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35. Cascade Private Capital Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36. Catalyst Strategic Income Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37. CBRE Global Real Estate Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38. Center Coast Brookfield MLP & Energy Infrastructure Fund

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40. Cliffwater Corporate Lending Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41. Cliffwater Enhanced Lending Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42. Cohen & Steers ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43. Cohen & Steers Infrastructure Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44. Convergence Long/Short Equity ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45. CornerCap Small-Cap Value Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46. CrossingBridge Pre-Merger SPAC ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47. Curasset Capital Management Core Bond Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48. Curasset Capital Management Limited Term Income Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49. CYBER HORNET S&P 500® and Bitcoin 75/25 Strategy ETF, Series of ONEFUND Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50. Davis Fundamental ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51. Defiance Connective Technologies ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52. Defiance Quantum ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53. Denali Structured Return Strategy Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54. Dividend Performers ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55. Dodge & Cox Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56. DoubleLine ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57. DoubleLine Income Solutions Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58. DoubleLine Opportunistic Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59. DoubleLine Yield Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60. DriveWealth ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61. EIP Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62. Ellington Income Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63. ETF Opportunities Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64. Exchange Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65. Exchange Place Advisors Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66. FlexShares Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67. Fortuna Hedged Bitcoin Fund, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68. Forum Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69. Forum Funds II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70. Forum Real Estate Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71. Gramercy Emerging Markets Debt Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72. Grayscale Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73. Guinness Atkinson Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74. Harbor ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75. Harris Oakmark ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76. Hawaiian Tax-Free Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77. Horizon Kinetics Blockchain Development ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78. Horizon Kinetics Energy and Remediation ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79. Horizon Kinetics Inflation Beneficiaries ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80. Horizon Kinetics Japan Owner Operator ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81. Horizon Kinetics Medical ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82. Horizon Kinetics SPAC Active ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83. IDX Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84. Innovator ETFs Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85. Ironwood Institutional Multi-Strategy Fund LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86. Ironwood Multi-Strategy Fund LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87. Jensen Quality Growth ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88. John Hancock Exchange-Traded Fund Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89. Kurv ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90. Lazard Active ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91. LDR Real Estate Value-Opportunity Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92. Mairs & Power Balanced Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93. Mairs & Power Growth Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94. Mairs & Power Minnesota Municipal Bond ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95. Mairs & Power Small Cap Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96. Manor Investment Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97. Milliman Variable Insurance Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98. MoA Funds Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99. Moerus Worldwide Value Fund, Series of Northern Lights Fund Trust IV

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100. Morgan Stanley ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101. Morgan Stanley Pathway Large Cap Equity ETF, Series of Morgan Stanley Pathway Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102. Morgan Stanley Pathway Small-Mid Cap Equity ETF, Series of Morgan Stanley Pathway Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103. Morningstar Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104. NEOS ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105. Niagara Income Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106. North Square Evanston Multi-Alpha Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107. NXG Cushing® Midstream Energy Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108. NXG NextGen Infrastructure Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109. Opal Dividend Income ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110. OTG Latin American Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111. Overlay Shares Core Bond ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112. Overlay Shares Foreign Equity ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113. Overlay Shares Hedged Large Cap Equity ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114. Overlay Shares Large Cap Equity ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115. Overlay Shares Municipal Bond ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116. Overlay Shares Short Term Bond ETF, Series of Listed Funds Trust

117. Overlay Shares Small Cap Equity ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118. Palmer Square Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119. Palmer Square Opportunistic Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120. Partners Group Private Income Opportunities, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121. Perkins Discovery Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122. Philotimo Focused Growth and Income Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123. Plan Investment Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124. Point Bridge America First ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125. Precidian ETFs Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126. Preferred-Plus ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127. Rareview 2x Bull Cryptocurrency & Precious Metals ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128. Rareview Dynamic Fixed Income ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129. Rareview Systematic Equity ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130. Rareview Tax Advantaged Income ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131. Rareview Total Return Bond ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132. Renaissance Capital Greenwich Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133. Reynolds Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134. RiverNorth Enhanced Pre-Merger SPAC ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135. RiverNorth Patriot ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136. RMB Investors Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137. Robinson Opportunistic Income Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138. Robinson Tax Advantaged Income Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139. Roundhill Ball Metaverse ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140. Roundhill Cannabis ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141. Roundhill ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142. Roundhill Magnificent Seven ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143. Roundhill Sports Betting & iGaming ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144. Roundhill Video Games ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145. Rule One Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146. Russell Investments Exchange Traded Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147. Securian AM Real Asset Income Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148. Six Circles Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149. Sound Shore Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150. SP Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151. Sparrow Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152. Spear Alpha ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153. STF Tactical Growth & Income ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154. STF Tactical Growth ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155. Strategic Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156. Strategy Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157. Swan Hedged Equity US Large Cap ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158. Tekla World Healthcare Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159. Tema ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160. The 2023 ETF Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161. The 2023 ETF Series Trust II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162. The Community Development Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163. The Cook & Bynum Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164. The Finite Solar Finance Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165. The Private Shares Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166. The SPAC and New Issue ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167. Third Avenue Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168. Third Avenue Variable Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169. Tidal Trust I

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170. Tidal Trust II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171. Tidal Trust III

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172. TIFF Investment Program

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173. Timothy Plan High Dividend Stock Enhanced ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174. Timothy Plan High Dividend Stock ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175. Timothy Plan International ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176. Timothy Plan Market Neutral ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177. Timothy Plan US Large/Mid Cap Core ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178. Timothy Plan US Large/Mid Core Enhanced ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179. Timothy Plan US Small Cap Core ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180. Total Fund Solution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181. Touchstone ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182. T-Rex 2X Inverse Bitcoin Daily Target ETF, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183. T-Rex 2x Inverse Ether Daily Target ETF, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184. T-Rex 2X Long Bitcoin Daily Target ETF, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185. T-Rex 2x Long Ether Daily Target ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186. TrueShares Active Yield ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187. TrueShares Eagle Global Renewable Energy Income ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188. TrueShares Structured Outcome (April) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189. TrueShares Structured Outcome (August) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190. TrueShares Structured Outcome (December) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191. TrueShares Structured Outcome (February) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192. TrueShares Structured Outcome (January) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193. TrueShares Structured Outcome (July) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194. TrueShares Structured Outcome (June) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195. TrueShares Structured Outcome (March) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196. TrueShares Structured Outcome (May) ETF, Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197. TrueShares Structured Outcome (November) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198. TrueShares Structured Outcome (October) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199. TrueShares Structured Outcome (September) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200. TrueShares Technology, AI & Deep Learning ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201. U.S. Global Investors Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202. Union Street Partners Value Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203. Vest Bitcoin Strategy Managed Volatility Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204. Vest S&P 500® Dividend Aristocrats Target Income Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205. Vest US Large Cap 10% Buffer Strategies Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206. Vest US Large Cap 10% Buffer Strategies VI Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207. Vest US Large Cap 20% Buffer Strategies Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208. Vest US Large Cap 20% Buffer Strategies VI Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209. Virtus Stone Harbor Emerging Markets Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210. Volatility Shares Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211. WEBs ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212. Wellington Global Multi-Strategy Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213. Wilshire Mutual Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214. Wilshire Variable Insurance Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215. WisdomTree Digital Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216. WisdomTree Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217. XAI Octagon Floating Rate & Alternative Income Term Trust

---

| | |
|:---|:---|
| **Item 32(b)** | **The following are the Officers and Manager of the Distributor, the Registrant's underwriter. The Distributor's main business address is Three Canal Plaza, Suite 100, Portland, Maine 04101.** |

---

---

| | | | |
|:---|:---|:---|:---|
| Name | &nbsp;&nbsp;Address | &nbsp;&nbsp;Position with Underwriter | &nbsp;&nbsp; Position with Registrant |
| Teresa Cowan | &nbsp;&nbsp;Three Canal Plaza, Suite 100, Portland, ME 04101 | &nbsp;&nbsp;President/Manager |  |
| Chris Lanza | &nbsp;&nbsp;Three Canal Plaza, Suite 100, Portland, ME 04101 | &nbsp;&nbsp;Vice President |  |
| Kate Macchia | &nbsp;&nbsp;Three Canal Plaza, Suite 100, Portland, ME 04101 | &nbsp;&nbsp;Vice President |  |
| Alicia Strout | &nbsp;&nbsp;Three Canal Plaza, Suite 100, Portland, ME 04101 | &nbsp;&nbsp;Vice President and Chief Compliance Officer |  |
| Kelly B. Whetstone | &nbsp;&nbsp;Three Canal Plaza, Suite 100, Portland, ME 04101 | &nbsp;&nbsp;Secretary |  |
| Susan L. LaFond | &nbsp;&nbsp;Three Canal Plaza, Suite 100, Portland, ME 04101 | &nbsp;&nbsp;Treasurer |  |

---

Name Address Position with Underwriter Position with Registrant <br>Weston Sommers Three Canal Plaza, Suite 100, Portland, ME 04101 Financial and Operations Principal and Chief Financial Officer None

---

| | |
|:---|:---|
| **Item 32(c)** | **Not applicable.** |

---

**Item 33.** **Location of Accounts and Records**

The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 are maintained at the following locations:

---

| | |
|:---|:---|
| **Records Relating to:** | **Are located at:** |
| Registrant's Administrator | Tidal ETF Services LLC<br> 234 West Florida Street, Suite 203<br> Milwaukee, Wisconsin 53204 |
| Registrant's Sub-Administrator, Fund<br> Accountant and Transfer Agent | U.S. Bancorp Fund Services, LLC<br> 615 East Michigan Street<br> Milwaukee, Wisconsin 53202 |
| Registrant's Custodian | U.S. Bank National Association<br> 1555 North River Center Drive<br> Milwaukee, Wisconsin 53212 |
| Registrant's Principal Underwriter | Foreside Fund Services, LLC<br> Three Canal Plaza, Suite 100<br> Portland, Maine 04101 |

---

---

| | |
|:---|:---|
| Registrant's Investment Adviser | Tidal Investments LLC<br> 234 West Florida Street, Suite 203<br> Milwaukee, Wisconsin 53204 |
| Registrant's Sub-Adviser | Leatherback Asset Management, LLC<br> 2000 PGA Boulevard, Suite 4440<br> Palm Beach Gardens, Florida 33408 |
| Registrant's Sub-Adviser | Robasciotti & Associates, Inc., doing business as<br> Adasina Social Capital<br> 870 Market Street, Suite 1275<br> San Francisco, California 94102 |
| Registrant's Sub-Adviser | Gotham Asset Management, LLC<br> 825 Third Avenue, Suite 1750<br> New York, New York 10022 |
| Registrant's Sub-Adviser | ShariaPortfolio, Inc.<br> 1331 S. International Parkway, Suite 2291<br> Lake Mary, Florida 32746 |
| Registrant's Sub-Adviser | Sound Income Strategies, LLC<br> 500 West Cypress Creek Road, Suite 290<br> Fort Lauderdale, Florida 33309 |
| Registrant's Sub-Adviser | Acruence Capital, LLC<br> 8111 Preston Rd., Suite 500<br> Dallas, Texas 75225-6339 |
| Registrant's Sub-Adviser | FolioBeyond, LLC<br> 1050 Park Avenue, Suite 6A<br> New York, New York 10028 |
| Registrant's Sub-Adviser | Armada ETF Advisors LLC<br> d/b/a Armada ETFs<br> 39500 High Point Boulevard, Suite 20<br> Novi, Michigan 48375 |
| Registrant's Sub-Adviser | Unlimited Funds Inc.<br> 222 Broadway, 20th Floor<br> New York City, New York 10038 |
| Registrant's Sub-Adviser | Curran Financial Partners, LLC<br> 115 River Landing Drive, Suite 200<br> Daniel Island, South Carolina 29492 |
| Registrant's Sub-Adviser | Academy Asset Management, LLC<br> d/b/a Academy Asset Management <br> 622 3rd Avenue, 12th Floor <br> New York, New York 10017 |
| Registrant's Sub-Adviser | AlphaBit Investments, LLC<br> 136 S 4th Street,<br> Forest City, Iowa 50436 |
| Registrant's Sub-Adviser | SYKON Asset Management LLC<br> 500 Mamaroneck Avenue, Suite 435<br> Harrison, New York 10528 |

---

Registrant's Sub-Adviser Point Bridge Capital, LLC 300 Throckmorton Street, Suite 1550 Fort Worth, Texas 76102 <br>Registrant's Sub-Adviser Tactical Rotation Management, LLC 118-35 Queens Blvd., Suite 400 Forest Hills, New York 11375

---

| | |
|:---|:---|
| Registrant's Sub-Adviser | Dana Investment Advisors, Inc. <br> 20700 Swenson Drive, Suite 400 <br> Waukesha, Wisconsin 53186  |
| Registrant's Sub-Adviser | Smart Wealth, LLC <br> 13815 FNB Parkway, Suite 400 <br> Omaha, Nebraska 68154 |

---

**Item 34. Management Services**

Not applicable.

**Item 35. Undertakings**

Not applicable.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended (the "Securities Act"), and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all requirements for effectiveness of this Post-Effective Amendment No. 273 to its Registration Statement on Form N-1A under Rule 485(b) under the Securities Act and the Registrant has duly caused this Post-Effective Amendment No. 273 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized, in the City of Milwaukee, State of Wisconsin, on June 25, 2025.

---

| | |
|:---|:---|
| **Tidal Trust I** | **Tidal Trust I** |
| By: | /s/ Eric W. Falkeis |
|  | Eric W. Falkeis |
|  | President |

---

Pursuant to the requirements of the Securities Act, this Post-Effective Amendment No. 273 to the Registrant's Registration Statement has been signed below by the following persons in the capacities indicated on June 25, 2025.

---

| | | |
|:---|:---|:---|
| **Signature** | **Signature** | **Title** |
| /s/ Eric W. Falkeis | /s/ Eric W. Falkeis | President (principal executive officer), Trustee and Chairman |
| Eric W. Falkeis | Eric W. Falkeis |  |
| \*Dusko Culafic | \*Dusko Culafic | Trustee |
| Dusko Culafic | Dusko Culafic |  |
| \*Mark H. W. Baltimore | \*Mark H. W. Baltimore | Trustee |
| Mark H. W. Baltimore | Mark H. W. Baltimore |  |
| \*Eduardo Mendoza | \*Eduardo Mendoza | Trustee |
| Eduardo Mendoza | Eduardo Mendoza |  |
| /s/ Aaron Perkovich | /s/ Aaron Perkovich | Treasurer (principal financial officer and principal accounting officer) |
| Aaron Perkovich | Aaron Perkovich |  |
| By: | /s/ Eric W. Falkeis |  |
|  | Eric W. Falkeis, Attorney-in-Fact |  |

---

\* Pursuant to Powers of Attorney filed previously.

**<u>Exhibit Index</u>**

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| (d)(xxii) | [Investment Advisory Agreement](ex99-dxxii.htm) |
| (d)(xli) | [Investment Sub-Advisory Agreement](ex99-dxli.htm) |
| (e)(ii) | [Distribution Agreement](ex99-eii.htm) |
| (h)(xvii) | [Operating Expenses Limitation Agreement](ex99-hxvii.htm) |
| (i)(xxxiii) | [Opinion and Consent of Counsel](ex99-ixxxiii.htm) |
| (j)<u>(i)</u> | [Consent of Independent Registered Accounting Firm (Cohen & Company, Ltd.)](ex99-ji.htm) |
| (j)(ii) | [Consent of Independent Registered Accounting Firm (Tait, Weller & Baker LLP)](ex99-jii.htm) |

---

## Ex-99.(D)(Xxii)

[Tidal Trust I 485BPOS](atac-485bpos_070125.htm)

**Exhibit 99(d)(xxii)**

**INVESTMENT ADVISORY AGREEMENT**

This Investment Advisory Agreement (the "<u>Agreement</u>") is made as of June 2, 2025, by and between **Tidal Trust I (f/k/a Tidal ETF Trust)**, a Delaware statutory trust (the "<u>Trust</u>"), on behalf of each series of the Trust listed on Schedule A attached hereto, as may be amended from time to time (each, a "<u>Fund</u>" and collectively, the "<u>Funds</u>"), and **Tidal Investments LLC**, a Delaware limited liability company (the "<u>Adviser</u>").

**BACKGROUND**

A. The Trust has been organized and operates as an open-end management investment company registered
under the Investment Company Act of 1940, as amended (the " <u>1940 Act</u> ") and engages in the business of investing
and reinvesting Fund assets in securities and other investments. Each Fund is a series of the Trust having separate assets and
liabilities.

B. The Adviser is a registered investment adviser under the Investment Advisers Act of 1940, as amended
(the " <u>Advisers Act</u> "), and engages in the business of providing investment advisory services.

C. The Trust has selected the Adviser to serve as the investment adviser for each Fund listed on Schedule
A. **TERMS**

NOW, THEREFORE, in consideration of the mutual covenants herein contained, the sufficiency of which is hereby acknowledged, and each of the parties hereto intending to be legally bound, it is agreed as follows:

1. <u>Advisory Services</u>. The Trust, on behalf of each Fund, hereby appoints the Adviser to manage the investment and reinvestment of such Fund's assets, subject to the supervision and oversight of the Trust's Board of Trustees (the "<u>Board</u>") and the officers of the Trust, for the period and on the terms hereinafter set forth. The Adviser hereby accepts such appointment and agrees during such period to render the services and assume the obligations herein set forth for the compensation herein provided. The Adviser shall, for all purposes herein, be deemed to be an independent contractor, and shall, unless otherwise expressly provided and authorized, have no authority to act for or to represent the Trust or a Fund in any way, or in any way be deemed an agent of the Trust or a Fund. The Adviser shall determine, from time to time, what securities shall be purchased for each Fund, what securities shall be held or sold by each Fund and what portion of each Fund's assets shall be held uninvested in cash, subject always to the provisions of the Trust's Agreement and Declaration of Trust, Amended and Restated By-Laws and each Fund's prospectus and statement of additional information each, as may be amended from time to time, as set forth in the Trust's registration statement on Form N-1A (the "<u>Registration Statement</u>") under the 1940 Act, and under the Securities Act of 1933, as amended (the "<u>1933 Act</u>"), covering Fund shares, as filed with the U.S. Securities and Exchange Commission (the "<u>SEC</u>"), and to the investment objectives, policies and restrictions of each Fund, as shall be from time to time in effect, and such other limitations, policies and procedures as the Board may reasonably impose from time to time and provide in writing to the Adviser (the "<u>Investment Policies</u>"). To carry out such obligations, the Adviser shall exercise full discretion and act for each Fund in the same manner and with the same force and effect as each Fund itself might or could do with respect to purchases, sales or other transactions, as well as with respect to all other such things necessary or incidental to the furtherance or conduct of such purchases, sales or other transactions. No reference in this Agreement to the Adviser having full discretionary authority over each Fund's investments shall in any way limit the right of the Board, in its sole discretion, to establish or revise policies in connection with the management of a Fund's assets or to otherwise exercise its right to control the overall management of the Trust and each Fund. The Adviser acknowledges that the Board retains ultimate authority over each Fund and may take any and all actions necessary and reasonable to protect the interests of Fund shareholders.

2. <u>Selection of Sub-Adviser(s)</u>. The Adviser shall have the authority hereunder to select and retain sub-advisers, including an affiliated person (as defined under the 1940 Act) of the Adviser (each, a "<u>Sub-Adviser</u>"), for each Fund referenced in Schedule A to perform some or all of the services for which the Adviser is responsible pursuant to this Agreement. The Adviser shall supervise the activities of the Sub-Adviser(s), and the retention of a Sub-Adviser by the Adviser shall not relieve the Adviser of its responsibilities under this Agreement. Any such Sub-Adviser shall be registered and in good standing with the SEC and capable of performing its sub-advisory duties pursuant to a sub-advisory agreement approved by the Board and, except as otherwise permitted by the 1940 Act or by rule, regulation or Order of the SEC, a vote of a majority of the outstanding voting securities of the applicable Fund. The Adviser will compensate each Sub-Adviser for its services to each applicable Fund.

3. <u>Representations of the Adviser.</u>

&nbsp;&nbsp;&nbsp;&nbsp;3.1. The Adviser shall use its best judgment and efforts in rendering the advice and services to each
Fund as contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;3.2. The Adviser maintains errors and omissions insurance coverage in an appropriate amount and shall
provide prior written notice to the Trust (i) of any material changes in its insurance policies or insurance coverage; or
(ii) if any material claims will be made on its insurance policies. Furthermore, the Adviser shall upon reasonable request
provide the Trust with any information it may reasonably require concerning the amount of or scope of such insurance.

&nbsp;&nbsp;&nbsp;&nbsp;3.3. The Adviser shall implement and maintain a business continuity plan and policies and procedures
reasonably designed to prevent, detect and respond to cybersecurity threats and to implement such internal controls and other safeguards
with a goal of safeguarding each Fund's confidential information and the nonpublic personal information of Fund shareholders.
The Adviser shall promptly notify the Trust upon the Adviser's discovery of any material violations or breaches of such policies
and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;3.4. None of the Adviser, its affiliates, or any officer, manager, partner or employee of the Adviser
or its affiliates is subject to any event set forth in Section 9 of the 1940 Act that would disqualify the Adviser from acting
as an investment adviser to an investment company under the 1940 Act. The Adviser will promptly notify the Trust upon its discovery
of the occurrence of any event that would disqualify the Adviser from serving as an investment adviser to an investment company
pursuant to Section 9(a) of the 1940 Act or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;3.5. The Adviser will not engage in any futures transactions, options on futures transactions or transactions
in other commodity interests on behalf of a Fund prior to the Adviser becoming registered or filing a notice of exemption on behalf
of the Fund with the National Futures Association.

&nbsp;&nbsp;&nbsp;&nbsp;3.6. The Adviser agrees to provide reasonable assistance with the liquidity classifications required
under each Fund's liquidity risk management program when implemented in accordance with Rule 22e-4 under the 1940 Act.

4. <u>Compliance</u>. The Adviser agrees to comply with the requirements of the 1940 Act, the Advisers Act, the 1933 Act, the Securities Exchange Act of 1934, as amended (the "<u>1934 Act</u>"), the Commodity Exchange Act and the respective rules and regulations thereunder, as applicable, and any exemptive relief therefrom, as well as with all other applicable federal and state laws, rules, regulations and case law that relate to the services and relationships described hereunder and to the conduct of its business as a registered investment adviser and to maintain all licenses and registrations necessary to perform its duties hereunder in good order. The Adviser also agrees to comply with the objectives, policies and restrictions set forth in the Registration Statement, as amended or supplemented, of the Fund(s), and with any policies, guidelines, instructions and procedures approved by the Board and provided to the Adviser. In selecting each Fund's portfolio securities and performing the Adviser's obligations hereunder, the Adviser shall cause each Fund to comply with the diversification and source of income requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), for qualification as a regulated investment company if the Fund has elected to be treated as a regulated investment company under the Code. The Adviser shall maintain compliance procedures that it reasonably believes are adequate to ensure its compliance with the foregoing. No supervisory activity undertaken by the Board shall limit the Adviser's full responsibility for any of the foregoing.

5. <u>Proxy Voting</u>. The Board has the authority to determine how proxies with respect to securities that are held by each Fund shall be voted, and the Board has initially determined to delegate the authority and responsibility to vote proxies for each Fund's securities to the Adviser. So long as proxy voting authority for a Fund has been delegated to the Adviser, the Adviser shall exercise its proxy voting responsibilities. The Adviser shall carry out such responsibility in accordance with any instructions that the Board shall provide from time to time, and at all times in a manner consistent with Rule 206(4)-6 under the Advisers Act and its fiduciary responsibilities to the Trust. The Adviser shall provide periodic reports and keep records relating to proxy voting as the Board may reasonably request or as may be necessary for each Fund to comply with the 1940 Act and other applicable law. Any such delegation of proxy voting responsibility to the Adviser may be revoked or modified by the Board at any time. The Trust acknowledges and agrees that the Adviser may delegate its responsibility to vote proxies for a Fund to the Fund's Sub-Adviser(s).

6. <u>Brokerage</u>.

&nbsp;&nbsp;&nbsp;&nbsp;6.1. The Adviser shall arrange for the placing and execution of Fund orders for the purchase and sale
of portfolio securities with broker-dealers. Subject to seeking the best price and execution reasonably available, the Adviser
is authorized to place orders for the purchase and sale of portfolio securities for a Fund with such broker-dealers as it may select
from time to time. Subject to Section 6.2 below, the Adviser is also authorized to place transactions with brokers who provide
research or statistical information or analyses to such Fund, to the Adviser, or to any other client for which the Adviser provides
investment advisory services. The Adviser also agrees that it will cooperate with the Trust to allocate brokerage transactions
to brokers or dealers who provide benefits directly to a particular Fund; <u>provided, however</u>, that such allocation comports
with applicable law including, without limitation, Rule 12b-1(h) under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;6.2. Notwithstanding the provisions of Section 6.1 above and subject to such policies and procedures
as may be adopted by the Board and officers of the Trust and consistent with Section 28(e) of the 1934 Act, the Adviser is
authorized to cause a Fund to pay a member of an exchange, broker or dealer an amount of commission for effecting a securities
transaction in excess of the amount of commission another member of an exchange, broker or dealer would have charged for effecting
that transaction, in such instances where the Adviser has determined in good faith that such amount of commission was reasonable
in relation to the value of the brokerage and research services provided by such member, broker or dealer, viewed in terms of either
that particular transaction or the Adviser's overall responsibilities with respect to such Fund and to other funds or clients
for which the Adviser exercises investment discretion.

&nbsp;&nbsp;&nbsp;&nbsp;6.3. The Adviser is authorized to direct portfolio transactions to a broker that is an affiliated person
of the Adviser, any Sub-Adviser or a Fund in accordance with such standards and procedures as may be approved by the Board in accordance
with Rule 17e-1 under the 1940 Act, or other rules or guidance promulgated by the SEC. Any transaction placed with an affiliated
broker must (i) be placed at best execution, and (ii) may not be a principal transaction.

&nbsp;&nbsp;&nbsp;&nbsp;6.4. The Adviser is authorized to aggregate or "bunch" purchase or sale orders for a Fund
with orders for various other clients when it believes that such action is in the best interests of such Fund and all other such
clients. In such an event, allocation of the securities purchased or sold will be made by the Adviser in accordance with the Adviser's
written policy.

7. <u>Records/Reports.</u>

&nbsp;&nbsp;&nbsp;&nbsp;7.1. <u>Recordkeeping</u>. The Adviser shall not be responsible for the provision of administrative,
bookkeeping or accounting services to each Fund, except as otherwise provided herein or as may be necessary for the Adviser to
supply to the Trust, including the Trust's chief compliance officer (the " <u>Chief Compliance Officer</u> "),
or the Board the information required to be supplied under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;7.2. The Adviser shall maintain separate books and detailed records of all matters pertaining to Fund
assets advised by the Adviser required by Rule 31a-1 under the 1940 Act (other than those records being maintained by any
administrator, sub-administrator, custodian or transfer agent appointed by the Trust) relating to its responsibilities provided
hereunder with respect to the Fund(s), and shall preserve such records for the periods and in a manner prescribed therefore by
Rule 31a-2 under the 1940 Act (the " <u>Fund Books and Records</u> "). The Fund Books and Records shall be available
to the Board and the Chief Compliance Officer at any time upon request, shall be delivered to the Trust upon the termination of
this Agreement and shall be available without delay during any day the Trust is open for business.

&nbsp;&nbsp;&nbsp;&nbsp;7.3. <u>Holdings Information and Pricing</u>. The Adviser shall provide regular reports regarding Fund
holdings, and shall, on its own initiative, furnish the Trust and the Board from time to time with whatever information the Adviser
believes is appropriate for this purpose. The Adviser agrees to immediately notify the Trust if the Adviser reasonably believes
that the value of any security held by a Fund may not reflect its fair value. The Adviser agrees to provide any pricing information
of which the Adviser is aware to the Trust, the Board and/or any Fund pricing agent to assist in the determination of the fair
value of any Fund holdings for which market quotations are not readily available or as otherwise required in accordance with the
1940 Act or the Trust's valuation procedures for the purpose of calculating each Fund's net asset value in accordance
with procedures and methods established by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;7.4. <u>Cooperation with Agents of the Trust</u>. The Adviser agrees to cooperate with and provide reasonable
assistance to the Trust, the Chief Compliance Officer, any Trust custodian or foreign sub-custodians, any Trust pricing agents
and all other agents and representatives of the Trust, such information with respect to each Fund as they may reasonably request
from time to time in the performance of their obligations, provide prompt responses to reasonable requests made by such persons
and establish appropriate interfaces with each so as to promote the efficient exchange of information and compliance with applicable
laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;7.5. <u>Information and Reporting</u>. The Adviser shall provide the Trust and its respective officers
with such periodic reports concerning the obligations the Adviser has assumed under this Agreement as the Trust may from time to
time reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;7.6. <u>Notification of Breach/Compliance Reports</u>. The Adviser shall notify the Trust immediately
upon detection of (i) any material failure to manage any Fund in accordance with its investment objectives and policies or
any applicable law; or (ii) any material breach of any of a Fund's or the Adviser's policies, guidelines or procedures.
The Adviser agrees to correct any such failure promptly and to take any action that the Board may reasonably request in connection
with any such breach. Upon request, the Adviser shall also provide the officers of the Trust with supporting certifications in
connection with such certifications of Fund financial statements and the Trust's disclosure controls and procedures adopted
pursuant to the Sarbanes-Oxley Act of 2002 (the " <u>Sarbanes-Oxley Act</u> "), and the implementing regulations adopted
thereunder, and agrees to inform the Trust of any material development related to a Fund that the Adviser reasonably believes is
relevant to the Fund's certification obligations under the Sarbanes-Oxley Act. The Adviser will promptly notify the Trust
in the event (i) the Adviser is served or otherwise receives notice of any action, suit, proceeding, inquiry or investigation,
at law or in equity, before or by any court, public board, or body, involving the affairs of the Trust (excluding class action
suits in which a Fund is a member of the plaintiff class by reason of the Fund's ownership of shares in the defendant) or
the compliance by the Adviser with the federal or state securities laws or (ii) an actual change in control of the Adviser
resulting in an "assignment" (as defined in the 1940 Act) has occurred or is otherwise proposed to occur.

&nbsp;&nbsp;&nbsp;&nbsp;7.7. <u>Board and Filings Information</u>. The Adviser will also provide the Trust with any information
reasonably requested regarding its management of the Fund(s) required for any meeting of the Board, or for any shareholder report,
amended registration statement, proxy statement, or prospectus supplement to be filed by the Trust with the SEC. The Adviser will
make its officers and employees available to meet with the Board from time to time on reasonable notice to review its investment
management services to the Fund(s) in light of current and prospective economic and market conditions and shall furnish to the
Board such information as may reasonably be requested by the Board under Section 15(c) of the 1940 Act in order for the Board
to evaluate this Agreement or any proposed amendments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;7.8. <u>Transaction Information</u>. The Adviser shall furnish to the Trust such information concerning
portfolio transactions as may be necessary to enable the Trust or its designated agent to perform such compliance testing on each
Fund and the Adviser's services as the Trust may, in its sole discretion, determine to be appropriate. The provision of such
information by the Adviser to the Trust or its designated agent in no way relieves the Adviser of its own responsibilities under
this Agreement.

8. <u>Code of Ethics</u>. The Adviser has adopted a written code of ethics that it reasonably believes complies with the requirements of Rule 17j-1 under the 1940 Act, which it will provide to the Trust. The Adviser shall ensure that its Access Persons (as defined in the Adviser's Code of Ethics) comply in all material respects with the Adviser's Code of Ethics, as in effect from time to time. Upon request, the Adviser shall provide the Trust with (i) a copy of the Adviser's current Code of Ethics, as in effect from time to time, and (ii) a certification that it has adopted procedures reasonably necessary to prevent Access Persons from engaging in any conduct prohibited by the Adviser's Code of Ethics. Annually, the Adviser shall furnish a written report, which complies with the requirements of Rule 17j-1, concerning the Adviser's Code of Ethics to the Trust. The Adviser shall respond to requests for information from the Trust as to violations of the Code of Ethics by Access Persons and the sanctions imposed by the Adviser. The Adviser shall immediately notify the Trust of any material violation of the Code of Ethics, whether or not such violation relates to a security held by any Fund.

9. <u>Members and Employees</u>. Members and employees of the Adviser may be trustees, officers or employees of the Trust.

10. <u>Custody</u>. Nothing in this Agreement shall permit the Adviser to take or receive physical possession of cash, securities or other investments of a Fund.

11. <u>Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;11.1. With respect to the operation of each Fund, the Adviser shall be responsible for (i) the Fund's
organizational expenses, (ii) providing the personnel, office space and equipment reasonably necessary for its provision of the
services contemplated by this Agreement, (iii) the expenses of printing and distributing extra copies of the Fund's prospectus,
statement of additional information, and sales and advertising materials (but not the legal, auditing or accounting fees attendant
thereto) to prospective investors (but not to existing shareholders) to the extent such expenses are not covered by any applicable
plan adopted pursuant to Rule 12b-1 under the 1940 Act, (iv) the costs of any special Board meetings or shareholder meetings convened
for the primary benefit of the Adviser, and (v) any costs of liquidating or reorganizing the Fund at the request of the Adviser
(unless such cost is otherwise allocated by the Board). If the Adviser has agreed, whether voluntarily or pursuant to an agreement,
to limit the operating expenses of a Fund, the Adviser shall also be responsible on a monthly basis for any operating expenses
of such Fund that exceed the agreed upon expense limit, subject to the terms of such agreement.

&nbsp;&nbsp;&nbsp;&nbsp;11.2. Each Fund is responsible for and shall assume the obligation for payment of all of its expenses,
other than as stated in Section 11.1 above, including but not limited to: fees and expenses incurred in connection with the issuance,
registration and transfer of its shares; brokerage and commission expenses; all expenses of transfer, receipt, safekeeping, servicing
and accounting for the cash, securities and other property of the Trust for the benefit of the Fund, including all fees and expenses
of its custodian, shareholder services agent and accounting services agent; interest charges on any borrowings; costs and expenses
of pricing and calculating its daily net asset value and of maintaining its books of account required under the 1940 Act; taxes,
if any; a pro rata portion of expenditures in connection with meetings of the Fund's shareholders and the Board that are
properly payable by the Fund; salaries and expenses of officers of the Trust, including without limitation the Trust's Chief
Compliance Officer, and fees and expenses of members of the Board or members of any advisory board or committee who are not members
of, affiliated with or interested persons of the Adviser; insurance premiums on property or personnel of the Fund which inure to
its benefit, including liability and fidelity bond insurance; the cost of preparing and printing reports, proxy statements, prospectuses
and statements of additional information of the Fund or other communications for distribution to existing shareholders; legal,
auditing and accounting fees; all or any portion of trade association dues or educational program expenses determined appropriate
by the Board; fees and expenses (including legal fees) of registering and maintaining registration of its shares for sale under
federal and applicable state and foreign securities laws; all expenses of maintaining and servicing shareholder accounts, including
all charges for transfer, shareholder recordkeeping, dividend disbursing, redemption, and other agents for the benefit of the Fund,
if any; and all other charges and costs of its operation plus any extraordinary and non-recurring expenses, except as herein otherwise
prescribed.

&nbsp;&nbsp;&nbsp;&nbsp;11.3. The Adviser may contractually agree to bear certain Fund expenses. In addition, the Adviser may
agree not to require payment of any portion of the compensation or reimbursement of expenses otherwise due to it pursuant to this
Agreement. Any such agreement shall be applicable only with respect to the specific items covered thereby and shall not constitute
an agreement not to require payment of any future compensation or reimbursement due to the Adviser hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;11.4. Except to the extent set forth in Section 11.3, to the extent the Adviser incurs any costs by assuming
expenses which are an obligation of a Fund as set forth herein, the Fund shall promptly reimburse the Adviser for such costs and
expenses, except to the extent the Adviser has otherwise agreed in writing to bear such expenses. To the extent the services for
which a Fund is obligated to pay are performed by the Adviser, the Adviser shall be entitled to recover from such Fund to the extent
of the Adviser's actual costs for providing such services. In determining the Adviser's actual costs, the Adviser may
take into account an allocated portion of the salaries and overhead of personnel performing such services.

&nbsp;&nbsp;&nbsp;&nbsp;11.5. The Adviser may not pay fees in addition to any Fund distribution or servicing fees to financial
intermediaries, including, without limitation, banks, broker-dealers, financial advisors, or pension administrators, for sub-administration,
sub-transfer agency or any other shareholder servicing or distribution services associated with shareholders whose shares are held
in omnibus or other group accounts, except with the prior authorization of the Board. Where such arrangements are authorized by
the Board, the Adviser shall report regularly to the Board on the amounts paid and the relevant financial institutions.

12. <u>Compensation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;12.1. As compensation for the services to be rendered to the Fund(s) by the Adviser under the provisions
of this Agreement, the Trust, on behalf of each Fund, shall pay to the Adviser from a Fund's assets an annual advisory fee
equal to the amount of the daily average net assets of such Fund shown on Schedule A attached hereto, payable on a monthly
basis.

&nbsp;&nbsp;&nbsp;&nbsp;12.2. The initial fee for a particular Fund under this Agreement shall be payable on the first business
day of the first month following the effective date of this Agreement with respect to such Fund and shall be prorated as set forth
below. If this Agreement is terminated with respect to a Fund prior to the end of any calendar month, the advisory fee shall be
prorated for the portion of any month in which this Agreement is in effect according to the proportion which the number of calendar
days, during which the Agreement is in effect, bears to the number of calendar days in the month, and shall be payable within 30
days after the date of termination.

&nbsp;&nbsp;&nbsp;&nbsp;12.3. The Adviser shall look exclusively to the assets of the relevant Fund for payment of that Fund's
advisory fee.

&nbsp;&nbsp;&nbsp;&nbsp;12.4. The management fee payable to the Adviser under this Agreement related to a Fund will be reduced
to the extent of any receivable owed by the Adviser to such Fund.

&nbsp;&nbsp;&nbsp;&nbsp;12.5. The Adviser may voluntarily or contractually waive the Adviser's own advisory fee.

&nbsp;&nbsp;&nbsp;&nbsp;12.6. Notwithstanding Section 11.3, any such waiver made by the Adviser of its own advisory fees (unless
agreed in writing otherwise), or payment of expenses which are a Fund's obligation are subject to reimbursement by such Fund
to the Adviser, if so requested by the Adviser, in any subsequent month in the three year period from the date of the advisory
fee waiver and/or expense payment if the aggregate amount actually paid by the Fund toward the operating expenses for such month
(taking into account the reimbursement) will not cause the Fund to exceed the lesser of: (1) the expense limitation in place at
the time of the advisory fee waiver and/or expense payment; or (2) the expense limitation in place at the time of the reimbursement.
Any such reimbursement is also contingent upon the Board's prior review and approval. Such reimbursement may not be paid
prior to the Fund's payment of current ordinary operating expenses.

13. <u>Non-Exclusivity</u>. The services to be rendered by the Adviser to the Trust on behalf of a Fund under the provisions of this Agreement are not to be deemed to be exclusive, and the Adviser shall be free to render similar or different services to others so long as its ability to render the services provided for in this Agreement shall not be impaired thereby. Without limiting the foregoing, the Adviser, its members, employees and agents may engage in other businesses, may render investment advisory services to other investment companies, or to any other corporation, association, firm, entity or individual, and may render underwriting services to the Trust on behalf of a Fund or to any other investment company, corporation, association, firm, entity or individual. Likewise, the Trust may from time to time employ other individuals or entities to furnish other separate series of the Trust with the services provided for herein.

14. <u>Liability and Standard of Care</u>.

&nbsp;&nbsp;&nbsp;&nbsp;14.1. The Adviser shall exercise due care and diligence and use the same skill and care in providing
its services hereunder as it uses in providing services to other investment companies, accounts and customers, but the Adviser
and its affiliates and their respective agents, control persons, directors, officers, employees, supervised persons and access
persons shall not be liable for any action taken or omitted to be taken by the Adviser in the absence of willful misfeasance, bad
faith, gross negligence or reckless disregard of its duties. Notwithstanding the foregoing, federal securities laws and certain
state laws impose liabilities under certain circumstances on persons who have acted in good faith, and therefore nothing herein
shall in any way constitute a waiver or limitation of any right which the Trust, a Fund or any shareholder of a Fund may have under
any federal securities law or state law the applicability of which is not permitted to be contractually waived.

&nbsp;&nbsp;&nbsp;&nbsp;14.2. The Adviser shall indemnify the Trust, each Fund and each of their respective affiliates, agents,
control persons, directors, members of the Board, officers, employees and shareholders (the "Adviser Indemnified Parties")
against, and hold them harmless from, any costs, expense, claim, loss, liability, judgment, fine, settlement or damage (including
reasonable legal and other expenses) (collectively, "Losses") arising out of any claim, demands, actions, suits or
proceedings (civil, criminal, administrative or investigative) asserted or threatened to be asserted by any third party (collectively,
"Proceedings") in so far as such Loss (or actions with respect thereto) arises out of or is based upon (i) any
material misstatement or omission of a material fact in information regarding the Adviser furnished in writing to the Trust by
the Adviser for use in the Registration Statement, proxy materials or reports filed with the SEC; or (ii) the willful misfeasance,
bad faith, gross negligence, or reckless disregard of obligations or duties of the Adviser in the performance of its duties under
this Agreement (collectively, "Adviser Disabling Conduct").

&nbsp;&nbsp;&nbsp;&nbsp;14.3. The Trust shall indemnify and hold harmless the Adviser and its members, trustees, officers and
employees of the other party (any such person, an "Adviser Indemnified Party") against any Losses arising out of any
Proceedings in so far as such Loss or actions with respect thereto, arise out of, or is based upon the Trust's performance
or non-performance of any duties under this Agreement; provided, however, that nothing herein shall be deemed to protect any Adviser
Indemnified Party against any portion of liability that is attributable to Adviser Disabling Conduct.

&nbsp;&nbsp;&nbsp;&nbsp;14.4. Notwithstanding anything to the contrary contained herein, the Adviser, its affiliates and their
respective agents, control persons, directors, partners, officers, employees, supervised persons and access persons shall not be
liable to, nor shall they have any indemnity obligation to, the Trust, its officers, directors, agents, employees, controlling
persons or shareholders or to a Fund or any Fund shareholders for: (i) any material misstatement or omission of a material
fact in a Fund's Registration Statement, proxy materials or reports filed with the SEC, unless and to the extent such material
misstatement or omission was made in reliance upon, and is consistent with, the information furnished to the Trust by the Adviser
specifically for use therein; (ii) any action taken or failure to act in good faith reliance upon (A) information, instructions
or requests, whether oral or written, with respect to a Fund made to the Adviser by a duly authorized officer of the Trust who
is not an affiliated person of the Adviser or any affiliated person of the Adviser; (B) the advice of counsel to the Trust;
or (C) any written instruction of the Board; provided, however, that the limitations on the Adviser's liability and
indemnification obligations described in (i) through (ii) above shall not apply with respect to, and to the extent, any portion
of liability is attributable to Adviser Disabling Conduct.

&nbsp;&nbsp;&nbsp;&nbsp;14.5. The Adviser shall not be deemed by virtue of this Agreement to have made any representation or
warranty that any level of investment performance or level of investment results, either relative or absolute, will be achieved.

&nbsp;&nbsp;&nbsp;&nbsp;14.6. For the avoidance of doubt, neither Fund shareholders nor the members of the Board shall be personally
liable under this Agreement.

15. <u>Term/Approval/Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;15.1. This Agreement shall become effective with respect to a Fund as of the date of commencement of
operations of the Fund if approved by (i) the Board, including a majority of the Trustees who are not parties to this Agreement
or interested persons of such party (the " <u>Independent Trustees</u> "), cast in person at a meeting called for the
purpose of voting on such approval (or in another manner permitted by the 1940 Act or pursuant to exemptive relief therefrom);
and (ii) the vote of a majority of the outstanding voting securities of a Fund (to the extent required under the 1940 Act).
It shall continue in effect with respect to the Fund for an initial period of two years thereafter, and may be renewed annually
thereafter only so long as such renewal and continuance is specifically approved as required by the 1940 Act (currently, at least
annually by the Board or by vote of a majority of the outstanding voting securities of a Fund and only if the terms and the renewal
hereof have been approved by the vote of a majority of the Independent Trustees, cast in person at a meeting called for the purpose
of voting on such approval, or in another manner permitted by the 1940 Act or pursuant to exemptive relief therefrom).

&nbsp;&nbsp;&nbsp;&nbsp;15.2. No material amendment to this Agreement shall be effective unless the terms thereof have been approved
as required by the 1940 Act (currently, by the vote of a majority of the outstanding voting securities of a Fund unless such shareholder
approval would not be required under applicable interpretations by the staff of the SEC, and by the vote of a majority of Independent
Trustees, cast in person at a meeting called for the purpose of voting on such approval or in another manner permitted by the 1940
Act or pursuant to exemptive relief therefrom). The modification of any of the non-material terms of this Agreement may be approved
by the vote, cast in person at a meeting called for such purpose or in another manner permitted by the 1940 Act or pursuant to
exemptive relief therefrom, of a majority of the Independent Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;15.3. In connection with such renewal or amendment, it shall be the duty of the Board to request and
evaluate, and the duty of the Adviser to furnish, such information as may be reasonably necessary to evaluate the terms of this
Agreement and any amendment thereto.

&nbsp;&nbsp;&nbsp;&nbsp;15.4. Notwithstanding the foregoing, this Agreement may be terminated by the Trust at any time, without
the payment of a penalty, on sixty days' written notice to the Adviser of the Trust's intention to do so, pursuant
to action by the Board or pursuant to a vote of a majority of the outstanding voting securities of a Fund. The Adviser may terminate
this Agreement at any time, without the payment of penalty, on sixty days' written notice to the Trust of its intention to
do so. Upon termination of this Agreement, the obligations of all the parties hereunder shall cease and terminate as of the date
of such termination, except for any obligation to respond for a breach of this Agreement committed prior to such termination, and
except for the obligation of the Trust, on behalf of each Fund, to pay to the Adviser the fee provided in Section 12.

&nbsp;&nbsp;&nbsp;&nbsp;15.5. This Agreement shall automatically terminate in the event of its assignment (as defined in Section 2(a)(4)
of the 1940 Act) unless the parties hereto, by agreement, obtain an exemption from the SEC from the provisions of the 1940 Act
pertaining to the subject matter of this subsection.

16. <u>Use of the Adviser's Name</u>.

&nbsp;&nbsp;&nbsp;&nbsp;16.1. The parties agree that the name of the Adviser, any Sub-Adviser, the names of any affiliates of
the Adviser or a Sub-Adviser and any derivative or logo or trademark or service mark or trade name are the valuable property of
the Adviser, the Sub-Adviser, or their respective affiliates, as applicable. The Trust shall have the right to use such name(s),
derivatives, logos, trademarks or service marks or trade names only with the prior written approval of the Adviser, which approval
shall not be unreasonably withheld or delayed so long as this Agreement is in effect.

&nbsp;&nbsp;&nbsp;&nbsp;16.2. Upon termination of this Agreement, the Trust shall forthwith cease to use such name(s), derivatives,
logos, trademarks or service marks or trade names. The Trust agrees that it will review with the Adviser any advertisement, sales
literature, or notice prior to its use that makes reference to the Adviser, a Sub-Adviser or their respective affiliates or any
such name(s), derivatives, logos, trademarks, service marks or trade names so that the Adviser may review the context in which
it is referred to, it being agreed that the Adviser shall have no responsibility to ensure the adequacy of the form or content
of such materials for purposes of the 1940 Act or other applicable laws and regulations. If the Trust makes any unauthorized use
of the Adviser's or any Sub-Adviser's names, derivatives, logos, trademarks or service marks or trade names, the parties
acknowledge that the Adviser and/or Sub-Adviser(s) shall suffer irreparable harm for which monetary damages may be inadequate and
thus, the Adviser shall be entitled to injunctive relief, as well as any other remedy available under law.

17. <u>Nonpublic Personal Information.</u> Notwithstanding any provision herein to the contrary, the Adviser agrees on behalf of itself and its managers, members, shareholders, officers, and employees (1) to treat confidentially and as proprietary information of the Trust (a) all records and other information relative to each Fund's prior, present, or potential shareholders (and clients of said shareholders) and (b) any Nonpublic Personal Information, as defined under Section 248.3(t) of Regulation S-P ("Regulation S-P"), promulgated under the Gramm-Leach-Bliley Act (the "G-L-B Act"), and (2) except after prior notification to and approval in writing by the Trust, not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, or as otherwise permitted by Regulation S-P or the G-L-B Act, and if in compliance therewith, the privacy policies adopted by the Trust and communicated in writing to the Adviser. Such written approval shall not be unreasonably withheld by the Trust and may not be withheld where the Adviser may be exposed to civil or criminal contempt or other proceedings for failure to comply after being requested to divulge such information by duly constituted authorities.

18. <u>Anti-Money Laundering Compliance.</u> The Adviser acknowledges that, in compliance with the Bank Secrecy Act, as amended, the USA PATRIOT Act, and any implementing regulations thereunder (together, "AML Laws"), the Trust has adopted an Anti-Money Laundering Policy. The Adviser agrees to comply with the Trust's Anti-Money Laundering Policy and the AML Laws, to the extent the same may apply to the Adviser, now and in the future. The Adviser further agrees to provide to the Trust, the Trust's administrator, sub-administrator and/or the Trust's anti-money laundering compliance officer such reports, certifications and contractual assurances as may be reasonably requested by the Trust. The Trust may disclose information regarding the Adviser to governmental and/or regulatory or self-regulatory authorities to the extent required by applicable law or regulation and may file reports with such authorities as may be required by applicable law or regulation.

19. <u>Successors</u>. This Agreement shall extend to and bind the heirs, executors, administrators and successors of the parties hereto.

20. <u>Meanings</u>. For the purposes of this Agreement, the terms "vote of a majority of the outstanding voting securities," "interested persons" and "assignment" shall have the meaning defined in the 1940 Act or the rules promulgated thereunder; subject, however, to such exemptions as may be granted by the SEC under the 1940 Act or any interpretations of the SEC staff.

21. <u>Entire Agreement and Amendments</u>. This Agreement represents the entire agreement among the parties with regard to the investment management matters described herein and may not be added to or changed orally and may not be modified or rescinded except by a writing signed by the parties hereto except as otherwise noted herein.

22. <u>Enforceability</u>. Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to such jurisdiction be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms or provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction.

23. <u>Limited Recourse</u>. The parties to this Agreement acknowledge and agree that all litigation arising hereunder, whether direct or indirect, and of any and every nature whatsoever shall be satisfied solely out of the assets of the affected Fund and that no Trustee, officer or holder of shares of beneficial interest of the Fund shall be personally liable for any of the foregoing liabilities. The Trust's Certificate of Trust, as amended from time to time, is on file in the Office of the Secretary of State of the State of Delaware. Such Certificate of Trust and the Trust's Agreement and Declaration of Trust describe in detail the respective responsibilities and limitations on liability of the Trustees, officers, and holders of shares of beneficial interest.

24. <u>Jurisdiction</u>. This Agreement shall be governed by and construed in accordance with the substantive laws of the state of New York and the Adviser consents to the jurisdiction of courts, both state or federal, in New York, with respect to any dispute under this Agreement.

25. <u>Paragraph Headings</u>. The headings of paragraphs contained in this Agreement are provided for convenience only, form no part of this Agreement and shall not affect its construction.

26. <u>Counterparts</u>. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

[Signature Page Follows]

IN WITNESS WHEREOF, the parties hereto have this Agreement to be executed by their duly authorized officers on the day and year first written above.

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| | |
|:---|:---|
| TIDAL TRUST I (F/K/A TIDAL ETF TRUST) | TIDAL TRUST I (F/K/A TIDAL ETF TRUST) |
| On behalf of each series listed on Schedule A attached hereto | On behalf of each series listed on Schedule A attached hereto |
| By: | /s/Eric Falkeis |
| Name: | Eric W. Falkeis |
| Title: | President |

---

---

| | |
|:---|:---|
| TIDAL INVESTMENTS LLC | TIDAL INVESTMENTS LLC |
| By: | /s/Daniel Carlson |
| Name: | Daniel H. Carlson |
| Title: | Chief of Staff |

---

**Schedule A**

**to the**

**Investment Advisory Agreement**

**by and between**

**Tidal Trust I (f/k/a Tidal ETF Trust) and**

**Tidal Investments LLC**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund Name** | &nbsp;&nbsp;**Advisory Fee** |
| ATAC Rotation Fund | &nbsp;&nbsp;1.25% of the Fund's average daily net assets for the first $500 million; 1.15% on the next $250 million; 1.05% on the next $250 million; and 0.95% over $1 billion |

---

## Ex-99.(D)(Xli)

[Tidal Trust I 485BPOS](atac-485bpos_070125.htm)

**Exhibit 99(d)(xli)**

**SUB-ADVISORY AGREEMENT**

This Sub-Advisory Agreement (the "<u>Agreement</u>") is made as of this 2nd day of June, 2025 by and between **Tidal Investments LLC**, a Delaware limited liability company, with its principal place of business at 234 West Florida Street, Suite 203, Milwaukee, Wisconsin 53204 (the "<u>Adviser</u>"), and **Tactical Rotation Management, LLC**, a New York limited liability company, with its principal place of business at 118-35 Queens Boulevard, Suite 400, Forest Hills, New York 11375 (the "<u>Sub-Adviser</u>"), with respect to each series of **Tidal Trust I (f/k/a Tidal ETF Trust)** (the "<u>Trus</u>t") identified on Schedule A to this Agreement, as may be amended from time to time (each, a "<u>Fund</u>" and, if more than one Fund, together, the "<u>Funds</u>").

**BACKGROUND**

A. The Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "<u>Advisers Act</u>"), and engages in the business of providing investment advisory services.

B. The Adviser has entered into an Investment Advisory Agreement dated June 2, 2025 (the "<u>Investment Advisory Agreement</u>") with the Trust, an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"), on behalf of each Fund.

C. The Sub-Adviser is registered as an investment adviser under the Advisers Act and engages in the business of providing investment advisory services.

D. The Investment Advisory Agreement contemplates that the Adviser may appoint one or more sub-advisers to perform some or all of the services for which the Adviser is responsible.

E. Subject to the terms of this Agreement, the Sub-Adviser is willing to furnish such services to the Adviser and each Fund.

**TERMS**

NOW, THEREFORE, in consideration of the mutual covenants herein contained, the sufficiency of which is hereby acknowledged, and each of the parties hereto intending to be legally bound, it is agreed as follows:

1. <u>Appointment of the Sub-Adviser</u>. The Adviser hereby appoints the Sub-Adviser to act as an investment adviser for each Fund, subject to the supervision and oversight of the Adviser and the Board of Trustees of the Trust (the "<u>Board</u>"), and in accordance with the terms and conditions of this Agreement. The Sub-Adviser will be an independent contractor and will have no authority to act for or represent the Trust or the Adviser in any way or otherwise be deemed an agent of the Trust or the Adviser except as expressly authorized in this Agreement or another writing by the Trust, the Adviser and the Sub-Adviser. The Sub-Adviser accepts that appointment and agrees to render the services herein set forth, for the compensation herein provided.

2. <u>Sub-Advisory Services</u>. The Sub-Adviser shall have full discretionary authority for portfolio investment decisions for a Fund (or each portion of a Fund's assets allocated to the Sub-Adviser by the Adviser), including determining, from time to time, what securities (and other financial instruments) shall be purchased for the Fund, what securities (and other financial instruments) shall be held or sold by the Fund, and what portion of the Fund's assets shall be held uninvested in cash, subject always to the provisions of the Trust's Agreement and Declaration of Trust, By-Laws and each Fund's prospectus and statement of additional information as set forth in the Trust's registration statement on Form N-1A (the "<u>Registration Statement</u>") under the 1940 Act, and under the Securities Act of 1933, as amended (the "<u>1933 Act</u>"), covering Fund shares, as filed with the U.S. Securities and Exchange Commission (the "<u>SEC</u>"), and to the investment objectives, policies and restrictions of each Fund, as shall be from time to time in effect, and such other limitations, policies and procedures as the Board or the Adviser may reasonably impose from time to time and provide in writing to the Sub-Adviser (the "<u>Investment Policies</u>"). No reference in this Agreement to the Sub-Adviser having full discretionary authority over each Fund's portfolio investment decisions shall in any way limit the right of the Board or the Adviser to establish or revise policies in connection with the management of a Fund's assets or to otherwise exercise its right to control the overall management of the Trust and each Fund.

The scope of the Sub-Adviser's authority for trading portfolio securities (and other financial instruments) for a Fund, including selecting broker-dealers to execute purchase and sale transactions ("trading authority"), shall initially be as set forth on Schedule A hereto (which may differ by Fund). The Adviser may revise the scope of the Sub-Adviser's trading authority upon the provision of at least 30 days' written notice to the Sub-Adviser. Absent the Sub-Adviser's provision of written notice declining such change, such a change shall be effective as of the later of the end of such 30-day period or the date set forth in such notice.

If Schedule A indicates "partially discretionary" trading authority, initially, the Adviser shall retain discretionary trading authority for a mutually agreed subset of the Fund's portfolio investments (the "<u>Subset</u>"), and the Sub-Adviser shall be responsible for providing non-discretionary trading recommendations to the Adviser with respect to the Subset (in accordance with the applicable terms of the "non-discretionary" trading authority paragraph below). In addition, the Sub-Adviser shall have full discretionary trading authority for the remaining portion of the Fund's portfolio (in accordance with the applicable terms of the "discretionary" trading authority paragraph below).

If Schedule A indicates "fully discretionary" trading authority, initially, the Sub-Adviser shall exercise full trading authority for a Fund with respect to purchases, sales or other transactions, as well as with respect to all other such things necessary or incidental to the furtherance or conduct of such purchases, sales or other transactions.

If Schedule A indicates "non-discretionary" trading authority, initially, the Sub-Adviser shall be responsible for promptly informing the Adviser (or another investment sub-advisory firm designated by the Adviser (herein, a "<u>Trading Adviser</u>")) of portfolio investment decisions for a Fund in writing pursuant to mutually agreed notification protocols. In turn, the parties understand and acknowledge that the Adviser or the Trading Adviser, as the case may be, will fully rely on such notifications to effect the security (and other financial instrument) trading execution for each Fund's portfolio investments. Additionally, the Adviser and the Trading Adviser, as the case may be, has full discretionary authority to select broker-dealers to effect the trading execution for a Fund's portfolio investments. In the event the Adviser or the Trading Adviser desire clarification on a particular Sub-Adviser notification, the Adviser or the Trading Adviser, as the case may be, will seek guidance from the Sub-Adviser prior to executing any transaction in question.

Regardless of the scope of the Sub-Adviser's trading authority, the Sub-Adviser acknowledges that the Board retains ultimate authority over each Fund and may take any and all actions necessary and reasonable to protect the interests of Fund shareholders.

3. <u>Representations of the Sub-Adviser</u>.

&nbsp;&nbsp;&nbsp;&nbsp;3.1. The
 Sub-Adviser has all requisite power and authority to enter into and perform its obligations
 under this Agreement, and has taken all necessary corporate action to authorize its execution,
 delivery and performance of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;3.2. The
 Sub-Adviser is registered as an investment adviser under the Advisers Act and has provided
 its current Form ADV, including the firm brochure and applicable brochure supplements
 to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;3.3. The
 Sub-Adviser maintains errors and omissions insurance coverage in an appropriate amount
 and shall provide prior written notice to the Adviser and the Trust (i) of any material
 changes in its insurance policies or insurance coverage or (ii) if any material
 claims will be made on its insurance policies. Furthermore, the Sub-Adviser shall upon
 reasonable request provide the Adviser and the Trust with any information they may reasonably
 require concerning the amount of or scope of such insurance.

&nbsp;&nbsp;&nbsp;&nbsp;3.4. None
 of the Sub-Adviser, its affiliates, or any officer, director or employee of the Sub-Adviser
 or its affiliates is subject to any event set forth in Section 9 of the 1940 Act
 that would disqualify the Sub-Adviser from acting as an investment adviser to an investment
 company under the 1940 Act. The Sub-Adviser will promptly notify the Adviser and the
 Trust upon the Sub-Adviser's discovery of the occurrence of any event that would
 disqualify the Sub-Adviser from serving as an investment adviser of an investment company
 pursuant to Section 9(a) of the 1940 Act or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;3.5. The
 Sub-Adviser has adopted and implemented written policies and procedures, as required
 by Rule 206(4)-7 under the Advisers Act, which are reasonably designed to prevent
 violations of federal securities laws by the Sub-Adviser, its employees, officers, and
 agents. Upon reasonable notice to and reasonable request, the Sub-Adviser shall provide
 the Adviser and the Trust with access to the records relating to such policies and procedures
 as they relate to the Funds. The Sub-Adviser will also provide, at the reasonable request
 of the Adviser or the Trust, periodic certifications, in a form reasonably acceptable
 to the Adviser or the Trust, attesting to such written policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;3.6. The
 Sub-Adviser shall implement and maintain a business continuity plan and policies and
 procedures reasonably designed to prevent, detect and respond to cybersecurity threats
 and to implement such internal controls and other safeguards as the Sub-Adviser reasonably
 believes are necessary to protect each Fund's confidential information and the
 nonpublic personal information of Fund shareholders. The Sub-Adviser shall promptly notify
 the Adviser and the Trust of any material violations or breaches of such policies and
 procedures.

&nbsp;&nbsp;&nbsp;&nbsp;3.7. To
 the extent the Sub-Adviser is exercising "discretionary" trading authority,
 if any, the Sub-Adviser will not engage in any futures transactions, options on futures
 transactions or transactions in other commodity interests on behalf of a Fund prior to
 the Sub-Adviser becoming registered or filing a notice of exemption on behalf of the
 Fund with the National Futures Association (the " <u>NFA</u> "). To the extent
 the Sub-Adviser has "non-discretionary" trading authority, the Sub-Adviser
 will not recommend that a Fund engage in any futures transactions, options on futures
 transactions or transactions in other commodity interests prior to both the Sub-Adviser
 and the Adviser (or the Trading Adviser, as the case may be) becoming registered or filing
 a notice of exemption on behalf of the Fund with the NFA.

&nbsp;&nbsp;&nbsp;&nbsp;3.8. The
 Sub-Adviser agrees to provide reasonable assistance with the liquidity classifications
 required under each Fund's liquidity risk management program. For the avoidance
 of doubt, the Adviser shall be responsible for overseeing and monitoring each Fund's
 liquidity risk management program, including preparing all requisite reports.

4. <u>Representations of the Adviser</u>.

&nbsp;&nbsp;&nbsp;&nbsp;4.1. The
 Adviser has all requisite power and authority to enter into and perform its obligations
 under this Agreement, and has taken all necessary corporate action to authorize its execution,
 delivery and performance of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;4.2. The
 Adviser is registered as an investment adviser under the Advisers Act. None of the Adviser,
 its affiliates, or any officer, manager, partner or employee of the Adviser or its affiliates
 is subject to any event set forth in Section 9 of the 1940 Act that would disqualify
 the Adviser from acting as an investment adviser to an investment company under the 1940
 Act. The Adviser will promptly notify the Sub-Adviser upon the Adviser's discovery
 of an occurrence of any event that would disqualify the Adviser from serving as an investment
 adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise.
 The Adviser agrees to comply with the requirements of the 1940 Act, the Advisers Act,
 the 1933 Act, the Securities Exchange Act of 1934, as amended, the Commodity Exchange
 Act and the rules and regulations thereunder, as applicable, as well all other applicable
 federal and state laws, rules, regulations and case law that relate to the Adviser's
 services described hereunder and to the conduct of its business as a registered investment
 adviser and to maintain all licenses and registrations necessary to perform its duties
 hereunder in good order. The Adviser shall maintain compliance procedures that it reasonably
 believes are adequate to ensure its compliance with the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;4.3. The
 Adviser has the authority under the Investment Advisory Agreement to appoint the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;4.4. The
 Adviser further represents and warrants that it has received a copy of the Sub-Adviser's
 current Form ADV.

&nbsp;&nbsp;&nbsp;&nbsp;4.5. The
 Adviser has provided the Sub-Adviser with each Fund's most current prospectus and
 statement of additional information contained in the Trust's registration statement
 and the Investment Policies, as in effect from time to time. The Adviser shall promptly
 furnish to the Sub-Adviser copies of all material amendments or supplements to the foregoing
 documents.

&nbsp;&nbsp;&nbsp;&nbsp;4.6. The
 Adviser or its delegate will provide timely information to the Sub-Adviser regarding
 such matters as inflows to and outflows from each Fund and the cash requirements of,
 and cash available for investment in, the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;4.7. The
 Adviser or its delegate will timely provide the Sub-Adviser with copies of monthly accounting
 statements for each Fund, and such other information as may be reasonably necessary or
 appropriate in order for the Sub-Adviser to perform its responsibilities hereunder.

5. <u>Compliance</u>. The Sub-Adviser agrees to comply with the requirements of the 1940 Act, the Advisers Act, the 1933 Act, the Securities Exchange Act of 1934, as amended (the "<u>1934 Act</u>"), the Commodity Exchange Act and the respective rules and regulations thereunder, as applicable, as well as with all other applicable federal and state laws, rules, regulations and case law that relate to the services and relationships described hereunder and to the conduct of its business as a registered investment adviser and to maintain all licenses and registrations necessary to perform its duties hereunder in good order. The Sub-Adviser also agrees to comply with the objectives, policies and restrictions set forth in the Registration Statement, as amended or supplemented, of the Funds, and with any policies, guidelines, instructions and procedures approved by the Board or the Adviser and provided to the Sub-Adviser. In selecting each Fund's portfolio investments and performing the Sub-Adviser's obligations hereunder, the Sub-Adviser shall cause each Fund to comply with the diversification and source of income requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), for qualification as a regulated investment company if the Fund has elected to be treated as a regulated investment company under the Code. The Sub-Adviser shall maintain compliance procedures that it reasonably believes are adequate to ensure its compliance with the foregoing. No supervisory activity undertaken by the Board or the Adviser shall limit the Sub-Adviser's full responsibility for any of the foregoing.

6. <u>Proxy Voting</u>. The Board has the authority to determine how proxies with respect to securities that are held by the Funds shall be voted, and the Board has initially determined to delegate the authority and responsibility to vote proxies for each Fund's portfolio investments to the Adviser with the authority to delegate such responsibility to sub-advisers.

To carry out such proxy voting obligations, the Sub-Adviser shall initially have the proxy voting authority, if any, as set forth on Schedule A hereto (which may differ by Fund). The Adviser may revise the scope of the Sub-Adviser's proxy voting authority upon the provision of at least 30 days' written notice to the Sub-Adviser. Absent the Sub-Adviser's provision of written notice to the Adviser declining such change, such a change shall be effective as of the later of the end of such 30-day period or the date set forth in such notice.

If Schedule A indicates "full" proxy voting authority, initially, the Adviser hereby delegates such proxy voting authority for a Fund to the Sub-Adviser. So long as proxy voting authority for a Fund has been delegated to the Sub-Adviser, the Sub-Adviser shall exercise its proxy voting responsibilities. The Sub-Adviser shall carry out such responsibility in accordance with any instructions that the Board or the Adviser shall provide from time to time, and at all times in a manner consistent with Rule 206(4)-6 under the Advisers Act and its fiduciary responsibilities to the Trust. The Sub-Adviser shall provide periodic reports and keep records relating to proxy voting as the Board or the Adviser may reasonably request or as may be necessary for the Funds to comply with the 1940 Act and other applicable law. Any such delegation of proxy voting authority to the Sub-Adviser may be revoked or modified by the Adviser at any time.

If Schedule A indicates "advisory" proxy voting authority, initially, the Sub-Adviser shall provide the Adviser, via a mutually agreed upon methodology, the Sub-Adviser's recommendations with respect to how to vote proxies with respect to all or a sub-set of a Fund's proxies. Notwithstanding such recommendations, the Adviser shall retain full proxy voting authority to decide how to vote all such proxies.

If Schedule A indicates "none" with respect to proxy voting authority, the Sub-Adviser shall have no proxy voting authority or responsibilities with respect to a Fund's proxy voting obligations.

7. <u>Brokerage</u>. As described above in Section 2, the Adviser may delegate full trading authority to the Sub-Adviser, delegate shared (or partial) trading authority to the Sub-Adviser, or the Adviser may retain full trading authority (and, in that case, delegate no such authority to the Sub-Adviser). If Schedule A indicates "fully discretionary" trading authority, initially, the Sub-Adviser shall have the trading authority set forth below in this Section 7 (Brokerage) for a Fund's entire portfolio. If Schedule A indicates "partially discretionary" trading authority, initially, the Sub-Adviser shall have no trading authority with respect to the Subset, but shall have the authority set forth below in this Section 7 (Brokerage) for the remaining portion of a Fund's portfolio. Finally, if Schedule A indicates "non-discretionary" trading authority, initially, the Sub-Adviser will have no trading authority or responsibilities under this Agreement (for a Fund), nor any authority to place or execute securities transactions on behalf of such Fund and the Sub-Adviser shall not have the trading authority set forth below in this Section 7 (Brokerage) for a Fund's entire portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;7.1. The
 Sub-Adviser shall arrange for the placing and execution Fund orders for the purchase
 and sale of portfolio securities with broker-dealers. Subject to seeking the best price
 and execution reasonably available, the Sub-Adviser is authorized to place orders for
 the purchase and sale of portfolio securities for a Fund with such broker-dealers as
 it may select from time to time. Subject to Section 7.2 below, the Sub-Adviser is
 also authorized to place transactions with brokers who provide research or statistical
 information or analyses to such Fund, to the Sub-Adviser, or to any other client for
 which the Sub-Adviser provides investment advisory services. The Sub-Adviser also agrees
 that it will cooperate with the Trust and the Adviser to allocate brokerage transactions
 to brokers or dealers who provide benefits directly to a particular Fund; provided, however,
 that such allocation comports with applicable law including, without limitation, Rule 12b-1(h)
 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;7.2. Notwithstanding
 the provisions of Section 7.1 above and subject to such policies and procedures
 as may be adopted by the Board and officers of the Trust or the direction of the Adviser
 and consistent with Section 28(e) of the 1934 Act, the Sub-Adviser is authorized
 to cause a Fund to pay a member of an exchange, broker or dealer an amount of commission
 for effecting a securities transaction in excess of the amount of commission another
 member of an exchange, broker or dealer would have charged for effecting that transaction,
 in such instances where the Sub-Adviser has determined in good faith that such amount
 of commission was reasonable in relation to the value of the brokerage and research services
 provided by such member, broker or dealer, viewed in terms of either that particular
 transaction or the Sub-Adviser's overall responsibilities with respect to such
 Fund and to other funds or clients for which the Sub-Adviser exercises investment discretion.

&nbsp;&nbsp;&nbsp;&nbsp;7.3. The
 Sub-Adviser is authorized to direct portfolio transactions to a broker that is an affiliated
 person of the Adviser, the Sub-Adviser, or a Fund in accordance with such standards and
 procedures as may be approved by the Board in accordance with Rule 17e-1 under the
 1940 Act, or other rules or guidance promulgated by the SEC. Any transaction placed with
 an affiliated broker must (i) be placed at best execution, and (ii) may not
 be a principal transaction.

&nbsp;&nbsp;&nbsp;&nbsp;7.4. The
 Sub-Adviser is authorized to aggregate or "bunch" purchase or sale orders
 for a Fund with orders for various other clients when it believes that such action is
 in the best interests of such Fund and all other such clients. In such an event, allocation
 of the securities purchased or sold will be made by the Sub-Adviser in accordance with
 the Sub-Adviser's written policy.

8. <u>Records/Reports</u>.

&nbsp;&nbsp;&nbsp;&nbsp;8.1. <u>Recordkeeping</u>.
 The Sub-Adviser shall not be responsible for the provision of administrative, bookkeeping
 or accounting services to the Funds, except as otherwise provided herein or as may be
 necessary for the Sub-Adviser to supply to the Adviser, the Board or the Trust's
 chief compliance officer (the " <u>Chief Compliance Officer</u> ") the information
 required to be supplied under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;8.2. The
 Sub-Adviser shall maintain separate books and detailed records of all matters pertaining
 to Fund assets advised by the Sub-Adviser required by Rule 31a-1 under the 1940
 Act (other than those records being maintained by any administrator, sub-administrator,
 custodian or transfer agent appointed by the Funds) relating to its responsibilities
 provided hereunder with respect to the Funds, and shall preserve such records for the
 periods and in a manner prescribed therefore by Rule 31a-2 under the 1940 Act (the
 " <u>Funds' Books and Records</u> "). The Funds' Books and Records
 shall be available to the Adviser, the Board and the Chief Compliance Officer at any
 time upon request, shall be delivered to the Adviser upon the termination of this Agreement
 and shall be available without delay during any day the Adviser is open for business.

&nbsp;&nbsp;&nbsp;&nbsp;8.3. <u>Holdings Information and Pricing</u>. The Sub-Adviser shall provide regular reports regarding
 Fund holdings, and shall, on its own initiative, furnish the Adviser and the Board from
 time to time with whatever information the Sub-Adviser believes is appropriate for this
 purpose. The Sub-Adviser agrees to immediately notify the Adviser if the Sub-Adviser
 reasonably believes that the value of any security held by a Fund may not reflect its
 fair value. The Sub-Adviser agrees to provide any pricing information of which the Sub-Adviser
 is aware to the Trust, the Board, the Adviser and/or any Fund pricing agent to assist
 in the determination of the fair value of any Fund holdings for which market quotations
 are not readily available or as otherwise required in accordance with the 1940 Act or
 the Trust's valuation procedures for the purpose of calculating each Fund's
 net asset value in accordance with procedures and methods established by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;8.4. <u>Cooperation with Agents of the Trust</u>. The Sub-Adviser agrees to cooperate with and provide reasonable
 assistance to the Adviser, the Trust, the Chief Compliance Officer, any Trust custodian
 or foreign sub-custodians, any Trust pricing agents and all other agents and representatives
 of the Trust, and to provide such information with respect to the Funds as they may reasonably
 request from time to time in the performance of their obligations, provide prompt responses
 to reasonable requests made by such persons and establish appropriate interfaces with
 each so as to promote the efficient exchange of information and compliance with applicable
 laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;8.5. <u>Information and Reporting</u>. The Sub-Adviser shall provide the Adviser and the Trust, and its respective
 officers, with such periodic reports concerning the obligations the Sub-Adviser has assumed
 under this Agreement as the Board or the Adviser may from time to time reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;8.6. <u>Notification of Breach/Compliance Reports</u>. The Sub-Adviser shall notify the Adviser immediately
 upon detection of (i) any material failure to manage any Fund in accordance with
 its investment objectives and policies or any applicable law; or (ii) any material
 breach of any of the Funds' or the Sub-Adviser's policies, guidelines or
 procedures. The Sub-Adviser agrees to correct any such failure promptly and to take any
 action that the Adviser or the Board may reasonably request in connection with any such
 breach. Upon request, the Sub-Adviser shall also provide the officers of the Trust with
 supporting certifications in connection with such certifications of Fund financial statements
 and the Trust's disclosure controls adopted pursuant to the Sarbanes-Oxley Act
 of 2002 (the " <u>Sarbanes-Oxley Act</u> "), and the implementing regulations
 adopted thereunder, and agrees to inform the Trust of any material development related
 to a Fund that the Adviser reasonably believes is relevant to the Fund's certification
 obligations under the Sarbanes-Oxley Act. The Sub-Adviser will promptly notify the Adviser
 in the event (i) the Sub-Adviser is served or otherwise receives notice of any action,
 suit, proceeding, inquiry or investigation, at law or in equity, before or by any court,
 public board, or body, involving the affairs of the Trust or the Adviser (excluding class
 action suits in which a Fund is a member of the plaintiff class by reason of the Fund's
 ownership of shares in the defendant) or the compliance by the Sub-Adviser with the federal
 or state securities laws or (ii) an actual change in control of the Sub-Adviser
 resulting in an "assignment" (as defined in the 1940 Act) that has occurred
 or is otherwise proposed to occur.

&nbsp;&nbsp;&nbsp;&nbsp;8.7. <u>Board and Filings Information</u>. The Sub-Adviser will also provide the Adviser and the Board
 with any information reasonably requested regarding its management of the Funds required
 for any meeting of the Board, or for any shareholder report, amended registration statement,
 proxy statement, or prospectus supplement to be filed by the Trust with the SEC. For
 the avoidance of doubt, the Adviser shall be responsible for preparing, drafting and
 making all regulatory filings for each Fund. The Sub-Adviser will make its officers and
 employees available to meet with the Board from time to time on reasonable notice to
 review its investment management services to the Funds in light of current and prospective
 economic and market conditions and shall furnish to the Board such information as may
 reasonably be requested by the Board under Section 15(c) of the 1940 Act in order
 for the Board to evaluate this Agreement or any proposed amendments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;8.8. <u>Transaction Information</u>. The Sub-Adviser shall furnish to the Adviser, the Board or a designee
 such information concerning portfolio transactions as may be necessary to enable the
 Adviser, the Board or a designated agent to perform such compliance testing on the Funds
 and the Sub-Adviser's services as the Adviser may, in its sole discretion, determine
 to be appropriate. The provision of such information by the Sub-Adviser to the Adviser,
 the Board or a designated agent in no way relieves the Sub-Adviser of its own responsibilities
 under this Agreement.

9. <u>Code of Ethics</u>. The Sub-Adviser has adopted a written code of ethics that it reasonably believes complies with the requirements of Rule 17j-1 under the 1940 Act, which it will provide to the Adviser and Trust. The Sub-Adviser shall ensure that its Access Persons (as defined in the Sub-Adviser's Code of Ethics) comply in all material respects with the Sub-Adviser's Code of Ethics, as in effect from time to time. Upon request, the Sub-Adviser shall provide the Adviser and the Trust with a copy of the Sub-Adviser's current Code of Ethics, as in effect from time to time. The Sub-Adviser certifies that it has adopted procedures reasonably necessary to prevent Access Persons from engaging in any conduct prohibited by the Sub-Adviser's Code of Ethics. Annually, the Sub-Adviser shall furnish a written report, which complies with the requirements of Rule 17j-1, concerning the Sub-Adviser's Code of Ethics to the Adviser and Trust. The Sub-Adviser shall respond to requests for information from the Adviser and the Trust as to violations of the Code of Ethics by Access Persons and the sanctions imposed by the Sub-Adviser. The Sub-Adviser shall immediately notify the Adviser of any material violation of the Code of Ethics, whether or not such violation relates to a security held by any Fund.

10. <u>Members and Employees</u>. Members and employees of the Sub-Adviser may be trustees, officers or employees of the Trust.

11. <u>Custody</u>. Nothing in this Agreement shall permit the Sub-Adviser to take or receive physical possession of cash, securities or other investments of a Fund.

12. <u>Compensation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;12.1. <u>Sub-Advisory Fee</u>. During the term of this Agreement, the Sub-Adviser shall bear its own costs
 of providing services under this Agreement. The Adviser agrees to pay to the Sub-Adviser
 or its designated paying agent, an annual sub-advisory fee equal to the amount of the
 daily average net assets of each Fund shown on Schedule A attached hereto, payable
 on a monthly basis.

&nbsp;&nbsp;&nbsp;&nbsp;12.2. The
 initial fee under this Agreement shall be payable on the first business day of the first
 month following the effective date of this Agreement with respect to a Fund and shall
 be prorated as set forth below. If this Agreement is terminated with respect to a Fund
 prior to the end of any calendar month, the sub-advisory fee shall be prorated for the
 portion of any month in which this Agreement is in effect according to the proportion
 which the number of calendar days, during which the Agreement is in effect, bears to
 the number of calendar days in the month, and shall be payable within 30 days after the
 date of termination.

&nbsp;&nbsp;&nbsp;&nbsp;12.3. The
 Sub-Adviser shall look exclusively to the Adviser for payment of the sub-advisory fee.

13. <u>Non-Exclusivity</u>. The services to be rendered by the Sub-Adviser under the provisions of this Agreement are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render similar or different services to others so long as its ability to render the services provided for in this Agreement shall not be impaired thereby. Without limiting the foregoing, the Sub-Adviser, its members, employees and agents may engage in other businesses, may render investment advisory services to other investment companies, or to any other corporation, association, firm, entity or individual, and may render underwriting services to the Trust on behalf of a Fund or to any other investment company, corporation, association, firm, entity or individual.

14. <u>Liability and Standard of Care</u>.

&nbsp;&nbsp;&nbsp;&nbsp;14.1. The
 Sub-Adviser shall exercise due care and diligence and use the same skill and care in
 providing its services hereunder as it uses in providing services to other investment
 companies, accounts and customers, but the Sub-Adviser and its affiliates and their respective
 agents, control persons, directors, officers, employees, supervised persons and access
 persons shall not be liable for any action taken or omitted to be taken by the Sub-Adviser
 in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard
 of its duties. Notwithstanding the foregoing, federal securities laws and certain state
 laws impose liabilities under certain circumstances on persons who have acted in good
 faith, and therefore nothing herein shall in any way constitute a waiver or limitation
 of any right which the Trust, a Fund or any shareholder of a Fund may have under any
 federal securities law or state law the applicability of which is not permitted to be
 contractually waived. In addition, to the extent the Sub-Adviser is acting under this
 Agreement with "non-discretionary" trading authority or "partially
 discretionary" trading authority, the Sub-Adviser will be liable for Losses (defined
 below) caused by the Sub-Adviser's provision of a securities (or other financial
 instrument) purchase or sale recommendation to the Adviser or the Trading Adviser, but
 for which the Sub-Adviser failed to: (i) correctly identify one or more securities and/or
 financial instruments for purchase, sale, shorting, or closing out a short (e.g., wrong
 CUSIP number); (ii) provide the correct amount or percentage of the Fund's investment
 portfolio for a particular security or financial instrument; (iii) accurately identify
 the type of transaction (e.g., buy, rather than short); or (iv) provide a particular
 recommendation to the Adviser in a timely manner (collectively, " <u>Update Failures</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;14.2. The
 Sub-Adviser shall indemnify the Trust, each Fund, the Adviser and each of their respective
 affiliates, agents, control persons, directors, members of the Board, officers, employees
 and shareholders (the " <u>Adviser Indemnified Parties</u> ") against, and
 hold them harmless from, any costs, expense, claim, loss, liability, judgment, fine,
 settlement or damage (including reasonable legal and other expenses) (collectively, " <u>Losses</u> ")
 arising out of any claim, demands, actions, suits or proceedings (civil, criminal, administrative
 or investigative) asserted or threatened to be asserted by any third party (collectively,
 " <u>Proceedings</u> ") in so far as such Loss (or actions with respect thereto)
 arises out of or is based upon: (i) any material misstatement or omission of a material
 fact in information regarding the Sub-Adviser furnished in writing to the Adviser by
 the Sub-Adviser for use in the Registration Statement, proxy materials or reports filed
 with the SEC; (ii) the willful misfeasance, bad faith, gross negligence, or reckless
 disregard of obligations or duties of the Sub-Adviser in the performance of its duties
 under this Agreement (collectively, " <u>Sub-Adviser Disabling Conduct</u> ");
 or (iii) Update Failures.

&nbsp;&nbsp;&nbsp;&nbsp;14.3. Notwithstanding
 anything to the contrary contained herein, the Sub-Adviser, its affiliates and their
 respective agents, control persons, directors, partners, officers, employees, supervised
 persons and access persons shall not be liable to, nor shall they have any indemnity
 obligation to, the Adviser, its officers, directors, agents, employees, controlling persons
 or shareholders or to a Fund, Trust or their shareholders for: (i) any material
 misstatement or omission of a material fact in a Fund's Prospectus, registration
 statement, proxy materials or reports filed with the SEC, unless and to the extent such
 material misstatement or omission was made in reliance upon, and is consistent with,
 the information furnished to the Adviser by the Sub-Adviser specifically for use therein;
 (ii) any action taken or failure to act in good faith reliance upon (A) information,
 instructions or requests, whether oral or written, with respect to a Fund made to the
 Sub-Adviser by a duly authorized officer of the Adviser or the Trust; (B) the advice
 of counsel to the Trust; or (C) any written instruction of the Board; or (iii) acts
 of the Sub-Adviser which result from or are based upon acts or omissions of the Adviser,
 including, but not limited to, a failure of the Adviser to provide accurate and current
 information with respect to any records maintained by Adviser, which records are not
 also maintained by the Sub-Adviser; provided, however, that the limitations on the Sub-Adviser's
 liability and indemnification obligations described in (i) through (iii) above shall
 not apply with respect to, and to the extent, any portion of liability is attributable
 to Sub-Adviser Disabling Conduct.

&nbsp;&nbsp;&nbsp;&nbsp;14.4. The
 Sub-Adviser shall not be deemed by virtue of this Agreement to have made any representation
 or warranty that any level of investment performance or level of investment results,
 either relative or absolute, will be achieved.

&nbsp;&nbsp;&nbsp;&nbsp;14.5. For
 the avoidance of doubt, neither Fund shareholders nor the members of the Board shall
 be personally liable under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;14.6. The
 Adviser shall indemnify the Sub-Adviser and each of its respective affiliates, agents,
 control persons, directors, officers, employees and shareholders (the " <u>Sub-Adviser Indemnified Parties</u> ") against, and hold them harmless from, any Losses arising
 out of any Proceedings in so far as such Loss (or actions with respect thereto) arises
 out of or is based upon: (i) any material misstatement or omission of a material
 fact in information regarding the Adviser furnished by or on behalf of the Adviser in
 writing for use in the Registration Statement, proxy materials or reports filed with
 the SEC; or (ii) the willful misfeasance, bad faith, gross negligence, or reckless
 disregard of obligations or duties of the Adviser in the performance of its duties under
 this Agreement (collectively, " <u>Adviser Disabling Conduct</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;14.7. Notwithstanding
 anything to the contrary contained herein, the Adviser, its affiliates and their respective
 agents, control persons, directors, partners, officers, employees, supervised persons
 and access persons shall not be liable to, nor shall they have any indemnity obligation
 to, any Sub-Adviser Indemnified Parties for: (i) any material misstatement or omission
 of a material fact in a Fund's Prospectus, registration statement, proxy materials
 or reports filed with the SEC, to the extent such material misstatement or omission was
 made in reliance upon, and is consistent with, the information furnished to the Adviser
 by or on behalf of the Sub-Adviser specifically for use therein; (ii) any action
 taken or failure to act in good faith reliance upon acts or omissions of the Sub-Adviser
 which result from or are based upon acts or omissions of the Sub-Adviser, including,
 but not limited to, a failure of the Sub-Adviser to provide accurate and current information
 with respect to any records maintained by Sub-Adviser; provided, however, that the limitations
 on the Adviser's liability and indemnification obligations described in this Section
 14.7 shall not apply with respect to, and to the extent, any portion of liability that
 is attributable to Adviser Disabling Conduct.

15. <u>Term/Approval/Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;15.1. This
 Agreement shall become effective with respect to a Fund as of the date of commencement
 of operations of the Fund if approved: (i) by a vote of the Board, including a majority
 of those trustees of the Trust who are not "interested persons" (as defined
 in the 1940 Act) of any party to this Agreement (the " <u>Independent Trustees</u> "),
 cast in person at a meeting called for the purpose of voting on such approval (or in
 another manner permitted by the 1940 Act or pursuant to exemptive relief therefrom),
 and (ii) by vote of a majority of the Fund's outstanding securities (to the
 extent required under the 1940 Act). This Agreement shall continue in effect with respect
 to a Fund for an initial period of two years thereafter, and may be renewed annually
 thereafter only so long as such renewal and continuance is specifically approved at least
 annually by the Board provided that in such event such renewal and continuance shall
 also be approved by the vote of a majority of the Independent Trustees cast in person
 at a meeting called for the purpose of voting on such approval (or in another manner
 permitted by the 1940 Act or pursuant to exemptive relief therefrom).

&nbsp;&nbsp;&nbsp;&nbsp;15.2. No
 material amendment to this Agreement shall be effective unless the terms thereof have
 been approved as required by the 1940 Act. The modification of any of the non-material
 terms of this Agreement may be approved by the vote, cast in person at a meeting called
 for such purpose (or in another manner permitted by the 1940 Act or pursuant to exemptive
 relief therefrom), of a majority of the Independent Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;15.3. In
 connection with such renewal or amendment, the Sub-Adviser shall furnish such information
 as may be reasonably necessary by the Adviser or the Board to evaluate the terms of this
 Agreement and any amendment thereto.

&nbsp;&nbsp;&nbsp;&nbsp;15.4. This
 Agreement may be terminated at any time, without the payment of any penalty, by the Board,
 including a majority of the Independent Trustees, by the vote of a majority of the outstanding
 voting securities of a Fund, on sixty (60) days' written notice to the Adviser
 and the Sub-Adviser, or by the Adviser or Sub-Adviser on sixty (60) days' written
 notice to the Trust and the other party. This Agreement will automatically terminate,
 without the payment of any penalty, in the event the Investment Advisory Agreement between
 the Adviser and the Trust is assigned (as defined in the 1940 Act) or terminates for
 any other reason. This Agreement will also terminate upon written notice to the other
 party that the other party is in material breach of this Agreement, unless the other
 party in material breach of this Agreement cures such breach to the reasonable satisfaction
 of the party alleging the breach within thirty (30) days after written notice. This Agreement
 will also automatically terminate in the event of its assignment (as defined in the 1940
 Act) unless the parties hereto, by agreement, obtain an exemption from the SEC from the
 provisions of the 1940 Act pertaining to the subject matter of this subsection.

16. <u>Use of the Sub-Adviser's Name</u>.

&nbsp;&nbsp;&nbsp;&nbsp;16.1. The
 parties agree that the name of the Sub-Adviser, the names of any affiliates of the Sub-Adviser
 and any derivative or logo or trademark or service mark or trade name are the valuable
 property of the Sub-Adviser and its affiliates. The Adviser and the Trust shall have
 the right to use such name(s), derivatives, logos, trademarks or service marks or trade
 names only with the prior written approval of the Sub-Adviser, which approval shall not
 be unreasonably withheld or delayed so long as this Agreement is in effect.

&nbsp;&nbsp;&nbsp;&nbsp;16.2. Upon
 termination of this Agreement, the Adviser and the Trust shall forthwith cease to use
 such name(s), derivatives, logos, trademarks or service marks or trade names. The Adviser
 and the Trust agree that they will review with the Sub-Adviser any advertisement, sales
 literature, or notice prior to its use that makes reference to the Sub-Adviser or its
 affiliates or any such name(s), derivatives, logos, trademarks, service marks or trade
 names so that the Sub-Adviser may review the context in which it is referred to, it being
 agreed that the Sub-Adviser shall have no responsibility to ensure the adequacy of the
 form or content of such materials for purposes of the 1940 Act or other applicable laws
 and regulations. If the Adviser or the Trust makes any unauthorized use of the Sub-Adviser's
 names, derivatives, logos, trademarks or service marks or trade names, the parties acknowledge
 that the Sub-Adviser shall suffer irreparable harm for which monetary damages may be
 inadequate and thus, the Sub-Adviser shall be entitled to injunctive relief, as well
 as any other remedy available under law.

17. <u>Nonpublic Personal Information</u>. Notwithstanding any provision herein to the contrary, the Sub-Adviser agrees on behalf of itself and its directors, shareholders, officers, and employees (1) to treat confidentially and as proprietary information of the Adviser and the Trust (a) all records and other information relative to each Fund's prior, present, or potential shareholders (and clients of said shareholders) and (b) any Nonpublic Personal Information, as defined under Section 248.3(t) of Regulation S-P ("<u>Regulation S-P</u>"), promulgated under the Gramm-Leach-Bliley Act (the "<u>G-L-B Act</u>"), and (2) except after prior notification to and approval in writing by the Adviser or the Trust, not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, or as otherwise permitted by Regulation S-P or the G-L-B Act, and if in compliance therewith, the privacy policies adopted by the Trust and communicated in writing to the Sub-Adviser. Such written approval shall not be unreasonably withheld by the Adviser or the Trust and may not be withheld where the Sub-Adviser may be exposed to civil or criminal contempt or other proceedings for failure to comply after being requested to divulge such information by duly constituted authorities.

18. <u>Anti-Money Laundering Compliance</u>. The Sub-Adviser acknowledges that, in compliance with the Bank Secrecy Act, as amended, the USA PATRIOT Act, and any implementing regulations thereunder (together, "<u>AML Laws</u>"), the Trust has adopted an Anti-Money Laundering Policy. The Sub-Adviser agrees to comply with the Trust's Anti-Money Laundering Policy and the AML Laws, as the same may apply to the Sub-Adviser, now and in the future. The Sub-Adviser further agrees to provide to the Trust, the Trust's administrator, sub-administrator and/or the Trust's anti-money laundering compliance officer such reports, certifications and contractual assurances as may be reasonably requested by the Trust. The Trust may disclose information regarding the Sub-Adviser to governmental and/or regulatory or self-regulatory authorities to the extent required by applicable law or regulation and may file reports with such authorities as may be required by applicable law or regulation.

19. <u>Notices</u>. Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by email or courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by email or facsimile transmission to the other party's address set forth below, or such other address(es) as may be specified in writing by one party to the other party.

Notices to Adviser shall be sent to:

Tidal Investments LLC

234 West Florida Street, Suite 203

Milwaukee, Wisconsin 53204

Attn: Chief Executive Officer

Notices to Sub-Adviser shall be sent to:

Tactical Rotation Management, LLC

118-35 Queens Boulevard, Suite 400

Forest Hills, New York 11375

Attn: Michael Gayed

20. <u>Successors</u>. This Agreement shall extend to and bind the heirs, executors, administrators and successors of the parties hereto.

21. <u>Meanings</u>. For the purposes of this Agreement, the terms "vote of a majority of the outstanding voting securities;" "interested persons;" and "assignment" shall have the meaning defined in the 1940 Act or the rules promulgated thereunder; subject, however, to such exemptions as may be granted by the SEC under the 1940 Act or any interpretations of the SEC staff.

22. <u>Entire Agreement and Amendments</u>. This Agreement represents the entire agreement among the parties with regard to the investment management matters described herein and may not be added to or changed orally and may not be modified or rescinded except by a writing signed by the parties hereto except as otherwise noted herein.

23. <u>Enforceability</u>. Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to such jurisdiction be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms or provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction.

24. <u>Jurisdiction</u>. This Agreement shall be governed by and construed in accordance with the substantive laws of the state of New York and the Adviser and Sub-Adviser consent to the jurisdiction of courts, both state or federal, in New York, with respect to any dispute under this Agreement.

25. <u>Section Headings</u>. The headings of sections contained in this Agreement are provided for convenience only, form no part of this Agreement and shall not affect its construction.

26. <u>Counterparts</u>. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

[Signature Page Follows]

IN WITNESS WHEREOF, the parties hereto have this Agreement to be executed by their duly authorized officers on the day and year first written above.

---

| | |
|:---|:---|
| TIDAL INVESTMENTS LLC | TIDAL INVESTMENTS LLC |
| By: | /s/Daniel Carlson |
| Name: | Daniel Carlson |
| Title: | Co-Founder & Chief of Staff |

---

---

| | |
|:---|:---|
| TACTICAL ROTATION MANAGEMENT, LLC | TACTICAL ROTATION MANAGEMENT, LLC |
| By: | /s/Michael Gayed |
| Name: | Michael Gayed |
| Title: | Founder |

---

**Schedule A**

**to the**

**Sub-Advisory Agreement**

**by and between**

**Tidal Investments LLC**

**and**

**Tactical Rotation Management, LLC**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund Name** | &nbsp;&nbsp;**Sub-Advisory Fee** | &nbsp;&nbsp;**Effective Date** | &nbsp;&nbsp;**Trading Authority** | &nbsp;&nbsp;**Proxy Voting Authority** |
| ATAC Rotation Fund | 2.5 basis points | Commencement of Operations | &nbsp;&nbsp;[ ] Fully Discretionary<br> [ ] Partially Discretionary<br> [X] Non-Discretionary | &nbsp;&nbsp;[ ] Full<br> [ ] Advisory<br> [X] None |

---

## Ex-99.(E)(Ii)

[Tidal Trust I 485BPOS](atac-485bpos_070125.htm)

**Exhibit 99(e)(ii)**

**DISTRIBUTION AGREEMENT**

THIS AGREEMENT is made and entered into as of June 2, 2025, by and between Tidal Trust I (formerly, Tidal ETF Trust), a Delaware statutory trust (the "Client") and Foreside Fund Services, LLC, a Delaware limited liability company (the "Distributor").

WHEREAS, the Client is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and is authorized to issue shares of beneficial interest ("Shares") in separate series, with each such series representing interests in a separate portfolio of securities and other assets;

WHEREAS, the Client desires to retain the Distributor as principal underwriter and distributor in connection with the offering of the Shares of each series of the Client listed on Exhibit A hereto (as amended from time to time) (each a "Fund" and collectively the "Funds");

WHEREAS, the Distributor is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (the "1934 Act"), and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA");

WHEREAS, this Agreement has been approved by a vote of the Client's board of trustees (the "Board"), including a majority of the Board who are not "interested persons" as defined in the 1940 Act of any party to this Agreement (the "Independent Trustees") in conformity with Section 15(c) of the 1940 Act; and

WHEREAS, the Distributor is willing to act as principal underwriter for the Client on the terms and conditions hereinafter set forth.

NOW THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

1. **Appointment of Distributor**. The Client hereby appoints the Distributor as its principal underwriter and distributor for the distribution of Shares of the Funds, on the terms and conditions set forth in this Agreement, and the Distributor hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement.

2. **Services and Duties of the Distributor**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Distributor agrees to act as the principal underwriter of the Client for the distribution of the Shares of the Funds, upon the terms and at the current offering price (plus sales charge, if any) described in the Prospectus. As used in this Agreement, the term "Prospectus" shall mean the current prospectus, including the statement of additional information, as both may be amended or supplemented, relating to any of the Funds and included in the currently effective registration statement(s) or post-effective amendment(s) thereto (the "Registration Statement") of the Client under the Securities Act of 1933, as amended (the "1933 Act"), and the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. During the continuous public offering of Shares of the Funds, the Distributor shall use commercially reasonable efforts to distribute the Shares. All orders for Shares shall be made through financial intermediaries or submitted directly to the applicable Fund or its designated agent. Such purchase orders shall be deemed effective at the time and in the manner set forth in the Prospectus. The Client or its designated agent will confirm orders and subscriptions upon receipt, will make appropriate book entries and, upon receipt of payment therefor, will issue the appropriate number of Shares in uncertificated form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Distributor shall maintain membership with the National Securities Clearing Corporation ("NSCC") and any other similar successor organization to sponsor a participant number for the Funds so as to enable the Shares to be traded through NSCC's Fund/SERV System ("FundSERV"). The Client acknowledges and agrees that the Distributor shall not be responsible for any operational matters associated with FundSERV or Networking transactions, including but not limited to taking orders from financial intermediaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Distributor acknowledges and agrees that it is not authorized to provide any information or make any representations regarding the Funds other than as contained in the Prospectus and any marketing materials specifically approved by the Client or the investment adviser to the Fund(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Distributor agrees to review all proposed marketing materials provided by the Client for compliance with applicable Securities and Exchange Commission ("SEC") and FINRA advertising rules and regulations, and shall file with FINRA those marketing materials it believes are in compliance with such applicable laws and regulations. The Distributor agrees to furnish to the Client any comments provided by regulators with respect to such marketing materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. At the request of the Client, the Distributor shall enter into the Standard Dealer Agreement (as defined below), and may, in its discretion, enter into non-standard dealer agreements with financial intermediaries as the Client may select, in order that such broker-dealers and other intermediaries may sell Shares of the Funds. The Funds' form of dealer agreement and/or selling agreement shall in a form similar to that attached at Exhibit C and shall be approved by the Client's Board ("Standard Dealer Agreement").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. The Client acknowledges and agrees that the Distributor shall not be obligated to make any payments to any broker-dealers, other financial intermediaries or other third parties, unless (i) the Distributor has received an authorized corresponding payment from the applicable Fund's plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act ("Plan"), or the applicable Fund's shareholder servicing plan (each, a "Plan") and (ii) such Plan been approved by the Client's Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. The Distributor shall not be obligated to sell any certain number of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. The Distributor shall prepare reports for the Board regarding its activities under this Agreement as from time to time shall be reasonably requested by the Board, including reports regarding the use of Plan payments received by the Distributor, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. The Distributor may enter into agreements ("Subcontracts") with qualified third parties to carry out some or all of the Distributor's obligations under this Agreement, with the prior written consent of the Client, such consent not to be unreasonably withheld; provided that execution of a Subcontract shall not relieve the Distributor of any of its responsibilities hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. The services furnished by the Distributor hereunder are not to be deemed exclusive and the Distributor shall be free to furnish similar services to others so long as its services under this Agreement are not impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. Notwithstanding anything herein to the contrary, the Distributor shall not be required to register as a broker or dealer in any specific jurisdiction or to maintain its registration in any jurisdiction in which it is now registered provided; however, that during the term of this Agreement, the Distributor shall maintain all registrations required to perform the services it has agreed to perform hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. The Distributor undertakes to perform such duties and only such duties as are expressly set forth herein, or expressly incorporated herein by reference, and no implied covenants or obligations shall be read into this Agreement against the Distributor.

**3. Duties of the Client.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Client agrees to redeem or repurchase Shares tendered by shareholders of the Funds in accordance with the Client's obligations in the Prospectus and the Registration Statement. The Client reserves the right to suspend such repurchase right upon written notice to the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Client shall take, or cause to be taken, all necessary action to register the Shares under the federal and all applicable state securities laws and to maintain an effective Registration Statement for such Shares in order to permit the sale of Shares as herein contemplated. The Client authorizes the Distributor to use the Prospectus, in the form furnished to the Distributor from time to time, in connection with the sale of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Client agrees to advise the Distributor promptly in writing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) of
 any material action, correspondence, or other communication by the Securities and Exchange
 Commission ("SEC") or its staff relating to the Funds, including requests
 by the SEC for amendments to the Registration Statement or Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 the event of the issuance by the SEC of any stop-order suspending the effectiveness of
 the Registration Statement then in effect or the initiation of any proceeding for that
 purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) of
 the happening of any event which makes untrue any statement of a material fact made in
 the Prospectus or which requires the making of a change in such Prospectus in order to
 make the statements therein not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in
 the event that it determines to suspend the sale of Shares at any time in response to
 conditions in the securities markets or otherwise or to suspend the redemption of Shares
 of any Fund at any time as permitted by the 1940 Act or the rules of the SEC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) of
 the commencement of any material litigation or proceedings against the Client or any
 of its officers or trustees in connection with the issue and sale of any of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Client shall file such reports and other documents as may be required under applicable federal and state laws and regulations, including state blue sky laws, and shall notify the Distributor in writing of the states in which the Shares may be sold and of any changes to such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Client agrees to file from time to time such amendments to its Registration Statement and Prospectus as may be necessary in order that its Registration Statement and Prospectus will not contain any untrue statement of material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The Client shall reasonably cooperate in the efforts of the Distributor to distribute the Shares. In addition, the Client shall keep the Distributor reasonably informed of its affairs related to the activities contemplated by this Agreement and shall provide to the Distributor from time to time copies of all information, financial statements, and other material that the Distributor may reasonably request for use in connection with the distribution of Shares, including, without limitation, certified copies of any financial statements prepared for the Client by its independent public accountants and such reasonable number of copies of the most current Prospectus, statement of additional information and annual and interim reports to shareholders as the Distributor may reasonably request. The Client shall forward a copy of any SEC filings, including the Registration Statement, to the Distributor promptly after any such filings, and in each case, prior to the effective date of such SEC filings, where applicable. The Client represents that it will not use or authorize the use of any marketing materials unless and until such marketing materials have been approved and authorized for use by the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. The Client shall provide and cause each other agent or service provider to the Client, including the Client's transfer agent and investment adviser, to provide, to Distributor in a timely and accurate manner all such information (and in such reasonable medium) that the Distributor may reasonably request that may be necessary for the Distributor to perform its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. The Client shall not file any amendment to the Registration Statement or Prospectus that materially amends any provision therein which pertains to Distributor, the distribution of the Shares or the applicable sales loads or public offering price without giving Distributor reasonable advance notice thereof; provided, however, that nothing contained in this Agreement shall in any way limit the Client's right to file at any time such amendments to the Registration Statement or Prospectus, of whatever character, as the Client may deem advisable, such right being in all respects absolute and unconditional.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. The Client shall not list the Distributor as the principal underwriter or distributor in any post-effective amendment to the Registration Statement, which is filed for the purpose of creating a new Fund, without receiving prior written permission from the Distributor. At or before such time as a new Fund becomes effective, Client and Distributor agree to amend this Agreement for purposes of updating Exhibit A.

4. **Representations and Warranties of the Client**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Client hereby represents and warrants to the Distributor, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it
 is duly organized and existing and in good standing under the laws of its jurisdiction
 of incorporation/organization and is registered as an open-end management investment
 company under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) this
 Agreement has been duly authorized, executed and delivered by the Client and, when executed
 and delivered, will constitute a valid and legally binding obligation of the Client,
 enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization,
 moratorium and other laws of general application affecting the rights and remedies of
 creditors and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it
 is conducting its business in compliance in all material respects with all applicable
 laws and regulations, both state and federal, and has obtained all regulatory approvals
 necessary to carry on its business as now conducted; there is no statute, rule, regulation,
 order or judgment binding on it and no provision of its declaration of trust, bylaws
 or any contract binding it or affecting its property which would prohibit its execution
 or performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 Shares are validly authorized and, when issued in accordance with the description in
 the Prospectus, will be fully paid and nonassessable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 Registration Statement and Prospectus included therein have been prepared in conformity
 with the requirements of the 1933 Act and the 1940 Act and the rules and regulations
 thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the
 Registration Statement and Prospectus and any marketing materials prepared by the Client
 or its agent do not and shall not contain any untrue statement of material fact or omit
 to state any material fact required to be stated therein or necessary to make the statements
 therein not misleading, and that all statements or information furnished to the Distributor
 pursuant to this Agreement shall be true and correct in all material respects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the
 Client owns, possesses, licenses or has other rights to use all patents, patent applications,
 trademarks and service marks, trademark and service mark registrations, trade names,
 copyrights, licenses, inventions, trade secrets, technology, know-how and other intellectual
 property (collectively, "Intellectual Property") necessary for or used in
 the conduct of the Client's business and for the offer, issuance, distribution
 and sale of the Shares in accordance with the terms of the Prospectus and this Agreement,
 and such Intellectual Property does not and will not breach or infringe the terms of
 any Intellectual Property owned, held or licensed by any third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Client has adopted policies and procedures pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time. In this regard, the Client (and relevant agents) shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent the unauthorized access to or use of, records and information relating to the Client and the owners of the Shares.

5. **Representations and Warranties of the Distributor**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Distributor hereby represents and warrants to the Client, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it
 is duly organized and existing under the laws of the jurisdiction of its organization,
 with full power to carry on its business as now conducted, to enter into this Agreement
 and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) this
 Agreement has been duly authorized, executed and delivered by the Distributor and, when
 executed and delivered, will constitute a valid and legally binding obligation of the
 Distributor, enforceable in accordance with its terms, subject to bankruptcy, insolvency,
 reorganization, moratorium and other laws of general application affecting the rights
 and remedies of creditors and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it
 is conducting its business in compliance in all material respects with all applicable
 laws and regulations, both state and federal, and has obtained all regulatory approvals
 necessary to carry on its business as now conducted; there is no statute, rule, regulation,
 order or judgment binding on it and no provision of its charter, operating agreement
 or any contract binding it or affecting its property which would prohibit its execution
 or performance of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) it
 is registered as a broker-dealer under the 1934 Act and is a member in good standing
 of FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In connection with all matters relating to this Agreement, the Distributor will comply with the applicable requirements of the 1933 Act, the 1934 Act, the 1940 Act, the regulations of FINRA and all other applicable federal or state laws and regulations to the extent such laws, rules, and regulations relate to Distributor's role as the principal underwriter and distributor of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Distributor shall promptly notify the Client of the commencement of any material litigation or proceedings against the Distributor, including any regulatory proceedings, or any of its managers, officers or directors in connection with the issue and sale of any of the Shares, or that that may limit the ability of the Distributor to fulfill its obligations under this Agreement.

6. **Compensation**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. In consideration of the Distributor's services in connection with the distribution of Shares of each Fund and Class thereof, the Distributor shall receive the compensation set forth in Exhibit B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Except as specified in Section 6A, the Distributor shall be entitled to no compensation or reimbursement of expenses from the Client for the services provided by the Distributor pursuant to this Agreement. Any such compensation or reimbursement of expenses shall be paid or reimbursed by the Fund's investment adviser pursuant to an Agreement between the investment adviser and the Distributor.

7. **Expenses**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Client shall bear all costs and expenses in connection with registration of the Shares with the SEC and the applicable states, as well as all costs and expenses in connection with the offering of the Shares and communications with shareholders of its Funds, including but not limited to (i) fees and disbursements of its counsel and independent public accountants; (ii) costs and expenses of the preparation, filing, printing and mailing of Registration Statements and Prospectuses and amendments thereto, as well as related marketing material, (iii) costs and expenses of the preparation, printing and mailing of annual and interim reports, proxy materials and other communications to shareholders of the Funds; and (iv) fees required in connection with the offer and sale of Shares in such jurisdictions as shall be selected by the Client pursuant to Section 3(D) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Distributor shall only bear the expenses of registration or qualification of the Distributor as a dealer or broker under federal or state laws and the expenses of continuing such registration or qualification. The Distributor does not assume responsibility for any expenses not expressly assumed hereunder.

**8. <u>Limitation of Liability</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Distributor shall be under no duty to take any action except as specifically set forth herein or as may be specifically agreed to by the Distributor in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Distributor shall not be liable for any action taken or failure to act in good faith or reasonable reliance upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the
advice of the Trust, or counsel to the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. any
oral instruction which it receives and which it reasonably believes in good faith was transmitted by the person or persons authorized
by the Board to give such oral instruction (the Distributor shall have no duty or obligation to make any inquiry or effort of
certification of such oral instruction);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. any
written instruction or certified copy of any resolution of the Board, and the Distributor may rely upon the genuineness of any
such document or copy thereof reasonably believed in good faith by the Distributor to have been validly executed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. any
signature, instruction, request, letter of transmittal, certificate, opinion of counsel, statement, instrument, report, notice,
consent, order, or other document reasonably believed in good faith by the Distributor to be genuine and to have been signed or
presented by the Trust or other proper party or parties; and the Distributor shall not be under any duty or obligation to inquire
into the validity or invalidity or authority or lack thereof of any statement, oral or written instruction, resolution, signature,
request, letter of transmittal, certificate, opinion of counsel, instrument, report, notice, consent, order, or any other document
or instrument which the Distributor reasonably believes in good faith to be genuine.

9. **Indemnification**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Client shall indemnify, defend and hold the Distributor, its affiliates and each of their respective members, managers, directors, officers, employees, representatives and any person who controls or previously controlled the Distributor within the meaning of Section 15 of the 1933 Act (collectively, the "Distributor Indemnitees"), free and harmless from and against any and all losses, claims, demands, liabilities, damages and expenses (including the reasonable costs of investigating or defending any alleged losses, claims, demands, liabilities, damages or expenses and any reasonable and documented counsel fees incurred in connection therewith) (collectively, "Losses") that any Distributor Indemnitee may incur under the 1933 Act, the 1934 Act, the 1940 Act any other statute (including blue sky laws) or any rule or regulation thereunder, or under common law or otherwise, arising out of or relating to (i) the Distributor serving as distributor of the Funds pursuant to this Agreement and in accordance with the terms and conditions of this Agreement; (ii) the Client's material breach of any of its obligations, representations, warranties or covenants contained in this Agreement; (iii) the Client's failure to comply in all material respects with any applicable securities laws or regulations; or (iv) any claim that the Registration Statement, a Prospectus, shareholder reports, marketing materials or other information filed or made public by the Client (as from time to time amended) include or included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading under the 1933 Act, or any other statute or the common law or any rule of FINRA or of the SEC or any other jurisdiction wherein Shares of the Funds are sold, provided, however, that the Client's obligation to indemnify any of the Distributor Indemnitees shall not be deemed to cover any Losses arising out of any untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement, Prospectus, annual or interim report, or any such marketing material in reasonable reliance upon and in conformity with information relating to the Distributor and furnished to the Client or its counsel by the Distributor in writing for use in such Registration Statement, Prospectus, annual or interim report, or any marketing materials. In no event shall anything contained herein be so construed as to protect the Distributor against any liability to the Client or its shareholders to which the Distributor would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of its duties under this Agreement or by reason of its reckless disregard of its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Distributor shall indemnify, defend and hold the Client, its affiliates, and each of their respective trustees, officers, employees, representatives, and any person who controls or previously controlled the Client within the meaning of Section 15 of the 1933 Act (collectively, the "Client Indemnitees"), free and harmless from and against any and all Losses that any Client Indemnitee may incur under the 1933 Act, the 1934 Act, the 1940 Act, any other statute (including blue sky laws) or any rule or regulation thereunder, or under common law or otherwise, arising out of or based upon (i) the Distributor's material breach of any of its obligations, representations, warranties or covenants contained in this Agreement; (ii) the Distributor's failure to comply in all material respects with any applicable securities laws or regulations; or (iii) any claim that the Registration Statement, a Prospectus, marketing materials or other information filed or made public by the Client (as from time to time amended) include or included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements not misleading, insofar as such statement or omission was made in reasonable reliance upon, and in conformity with, information furnished to the Client by the Distributor in writing for use in such Registration Statement, Prospectus, marketing materials or other information filed or made public by the Client. In no event shall anything contained herein be so construed as to protect the Client against any liability to the Distributor to which the Client would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of its duties under this Agreement or by reason of its reckless disregard of its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. In no case (i) is the indemnification provided by an indemnifying party to be deemed to protect against any liability the indemnified party would otherwise be subject to by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under this Agreement, or (ii) is the indemnifying party to be liable under this Section with respect to any claim made against any indemnified party unless the indemnified party notifies the indemnifying party in writing of the claim within a reasonable time after the summons or other first written notification giving information of the nature of the claim shall have been served upon the indemnified party (or after the indemnified party shall have received notice of service on any designated agent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Failure by the indemnified party to notify the indemnifying party of any claim shall not relieve the indemnifying party from any liability that it may have to the indemnified party against whom such action is brought, on account of this Section, unless failure or delay to so notify the indemnifying party prejudices the indemnifying party's ability to defend against such claim. The indemnifying party shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce the claim, but if the indemnifying party elects to assume the defense, the defense shall be conducted by counsel chosen by it and satisfactory to the indemnified party. In the event that indemnifying party elects to assume the defense of any suit and retain counsel, the indemnified party shall bear the fees and expenses of any additional counsel retained by them. If the indemnifying party does not elect to assume the defense of any suit, it will reimburse the indemnified party for the reasonable fees and expenses of any counsel retained by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. No indemnified party shall settle any claim against it for which it intends to seek indemnification from the indemnifying party, under the terms of section 9A or 9B above, without prior written notice to and consent from the indemnifying party, which consent shall not be unreasonably withheld. No indemnified or indemnifying party shall settle any claim unless the settlement contains a full release of liability with respect to the other party in respect of such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. No person shall be obligated to provide indemnification under this Section 9 if such indemnification would be impermissible under the 1940 Act, the 1933 Act, the 1934 Act or the rules of the FINRA; provided, however, in such event indemnification shall be provided under this Section 9 to the maximum extent so permissible.

10. **Conversions; Dealer Agreement Indemnification**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. **Conversions.** The Client acknowledges and agrees that the Distributor may enter into, assume, or become a party to certain dealer, selling and/or similar agreements ("Conversion Agreement") as the result of the conversion of the Client to Distributor from another principal underwriter or distributor. Such Conversion Agreements may contain certain obligations or duties more appropriately allocated to the Funds' transfer agent, the Funds' adviser, or one of the Funds' other service providers. The Client agrees to perform, or cause to perform, any and all duties and obligations under those Conversion Agreements to the extent that such duties and obligations are not required to be performed by the Distributor under the Standard Dealer Agreement ("Non-Standard Duties"). The Distributor shall not enter into a Conversion Agreement without prior approval from the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. **Non-Standard Dealer Agreements.** The Client acknowledges and agrees that the Distributor may enter into certain dealer, selling and/or similar agreements ("Non-Standard Dealer Agreements") that contain certain representations, duties, undertakings and indemnification that are not included in the Standard Dealer Agreement, or lack certain representations, duties, and indemnification included in the Standard Dealer Agreement ("Non-Standard Obligations," and collectively with Non-Standard Duties, "Non-Standard Obligations"); provided that the Distributor notifies the Client prior to entering into any such agreements and gives the Client an opportunity to review and approve or reject such terms, or determine whether any such agreements require approval by the Board. The Client agrees to perform, or cause to perform, all such Non-Standard Obligations under any Non-Standard Dealer Agreement. For the avoidance of doubt, any dealer or selling agreement that materially deviates from the Standard Agreement shall be considered a "Non-Standard Dealer Agreement."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. **Indemnification.** To the extent that the Distributor (i) assumes, or becomes a party to, any Conversion Agreement, or (ii) after the review and approval by the Client, enters into any Non-Standard Dealer Agreement, the Client shall indemnify, defend and hold the Distributor Indemnitees free and harmless from and against any and all Losses that any Distributor Indemnitee may incur arising out of or relating to (a) any failure to perform any Non-Standard Obligations under any Conversion Agreement or Non-Standard Dealer Agreement; (b) any representations made by the Distributor in any Non-Standard Dealer Agreement or Conversion Agreement to the extent that the Distributor is not required to make such representations in the Standard Dealer Agreement; (c) any indemnification provided by the Distributor under a Conversion Agreement or Non-Standard Dealer Agreement to the extent that such indemnification is beyond the indemnification that the Distributor provides to intermediaries in the Standard Dealer Agreement. In no event shall anything contained herein be so construed as to protect the Distributor Indemnitee against any liability to the Client or its shareholders to which such Distributor Indemnitee would otherwise be subject by reason of its willful misfeasance, bad faith, or gross negligence in the performance or reckless disregard of its obligations or duties under a Conversion Agreement or a Non-Standard Dealer Agreement to the extent that such duties and obligations are the responsibility of the Distributor in the Standard Dealer Agreement.

11. **Limitations on Damages**. Neither party shall be liable for any consequential special or indirect losses or damages suffered by the other party, whether or not the likelihood of such losses or damages was known by the party.

12. **Force Majeure**. Neither party shall be liable for losses, delays, failure, errors, interruption or loss of data occurring directly or indirectly by reason of circumstances beyond its reasonable control, including, without limitation, acts of nature (including fire, flood, earthquake, storm, hurricane or other natural disaster); action or inaction of civil or military authority; acts of foreign enemies; war; terrorism; riot; insurrection; sabotage; epidemics; labor disputes; civil commotion; or interruption, loss or malfunction of utilities, transportation, computer or communications capabilities; provided, however, that in each specific case such circumstance shall be beyond the reasonable control of the party seeking to apply this force majeure clause.

13. **Duration and Termination**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. This Agreement shall become effective with respect to each Fund listed on Exhibit A hereof as of the date hereof and, with respect to each Fund not in existence on that date, on the date an amendment to Exhibit A to this Agreement relating to that Fund is executed. Unless sooner terminated as provided herein, this Agreement shall continue in effect for two years from the date hereof. Thereafter, if not terminated, this Agreement shall continue automatically in effect as to each Fund for successive one-year periods, provided such continuance is specifically approved at least annually by (i) the Client's Board or (ii) the vote of a majority of the outstanding voting securities of a Fund, in accordance with Section 15 of the 1940 Act; provided that, in either event, the continuance is also approved by a majority of the Independent Trustees, by vote cast in person at a meeting called for the purpose of voting on such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Notwithstanding the foregoing, this Agreement may be terminated, without the payment of any penalty, with respect to a particular Fund (i) through a failure to renew this Agreement at the end of a term or (ii) upon mutual consent of the parties. Further, this Agreement may be terminated upon no less than 60 days' written notice, by either the Client through a vote of a majority of the Independent Trustees or by vote of a majority of the outstanding voting securities of a Fund, or by the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. This Agreement will automatically terminate in the event of its assignment, as that term is defined in the 1940 Act and the rule adopted thereunder.

14. **Anti-Money Laundering Compliance**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Each of Distributor and Client acknowledges that it is a financial institution subject to the USA PATRIOT Act of 2001 and the Bank Secrecy Act (collectively, the "AML Acts"), which require, among other things, that financial institutions adopt compliance programs to guard against money laundering. Each represents and warrants to the other that it is in compliance with and will continue to comply with the AML Acts and applicable regulations in all relevant respects to the extent applicable to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Each of Distributor and Client agrees that it will take such further steps, and cooperate with the other as may be reasonably necessary, to facilitate compliance with the AML Acts, including but not limited to the provision of copies of its written procedures, policies and controls related thereto ("AML Operations"). Distributor undertakes that it will grant to the Client, the Client's anti-money laundering compliance officer and appropriate regulatory agencies, reasonable access to copies of Distributor's AML Operations, and related books and records to the extent they pertain to the Distributor's services hereunder. It is expressly understood and agreed that the Client and the Client's compliance officer shall have no access to any of Distributor's AML Operations, books or records pertaining to other clients or services of Distributor.

15. **Privacy**. In accordance with Regulation S-P, the Distributor will not disclose any non-public personal information, as defined in Regulation S-P, received from the Client or any Fund regarding any Fund shareholder; provided, however, that the Distributor may disclose such information to any party as necessary in the ordinary course of business to carry out the purposes for which such information was disclosed to the Distributor. The Distributor shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Funds.

The Client represents to the Distributor that it has adopted a statement of its privacy policies and practices as required by Securities and Exchange Commission Regulation S-P and agrees to provide to the Distributor a copy of that statement annually. The Distributor agrees to use reasonable precautions to protect, and prevent the unintentional disclosure of, such non-public personal information.

16. **Confidentiality**. During the term of this Agreement, the Distributor and the Client may have access to confidential information relating to such matters as either party's business, trade secrets, systems, procedures, manuals, products, contracts, personnel, and clients. As used in this Agreement, "Confidential Information" means information belonging to the Distributor or the Client which is of value to such party and the disclosure of which could result in a competitive or other disadvantage to either party, including, without limitation, financial information, business practices and policies, know-how, trade secrets, market or sales information or plans, customer lists, shareholder lists, business plans, and all provisions of this Agreement. Confidential Information does not include: (i) information that was known to the receiving party before receipt thereof from or on behalf of the disclosing party; (ii) information that is disclosed to the receiving party by a third person who has a right to make such disclosure without any obligation of confidentiality to the party seeking to enforce its rights under this Section; (iii) information that is or becomes generally known in the trade without violation of this Agreement by the receiving party; or (iv) information that is independently developed by the receiving party or its employees or affiliates without reference to the disclosing party's information.

Each party will protect the other's Confidential Information with at least the same degree of care it uses with respect to its own Confidential Information and will not use the other party's Confidential Information other than in connection with its obligations hereunder. Notwithstanding the foregoing, a party may disclose the other's Confidential Information if (i) required by law, regulation or legal process or if requested by any governmental or quasi-governmental authority, such as the SEC or FINRA; (ii) it is advised by counsel that it may incur liability for failure to make such disclosure; (iii) requested to by the other party; provided that in the event of (i) or (ii) the disclosing party shall give the other party reasonable prior notice of such disclosure to the extent reasonably practicable and unless otherwise prohibited by law and will cooperate with the other party (at such other party's expense) in any efforts to prevent such disclosure. The parties agree that the procedures and restrictions set forth herein shall not apply to disclosures of Confidential Information to Distributor's applicable regulatory authorities in connection with routine regulatory examinations or requests for information with respect to which Distributor shall be permitted to disclose such Confidential Information necessary to respond to such examinations or requests. The Distributor will advise such regulatory authorities of the confidential nature of such information.

17. **Notices**. Any notice or other communication authorized or required by this Agreement to be given to either party shall be in writing and deemed to have been given when delivered in person or by confirmed facsimile, email, or posted by certified mail, return receipt requested, to the following address (or such other address as a party may specify by written notice to the other):

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| | |
|:---|:---|
| &nbsp;&nbsp;(i) **To Distributor:** | &nbsp;&nbsp;(ii) **If to the Client:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreside Fund Services, LLC<br>Attn: Legal Department<br>Three Canal Plaza, Suite 100<br>Portland, ME 04101<br>Telephone: (207) 553-7110<br>Email: legal@Foreside.com<br>With a copy to:<br><u>dealerservices@acaglobal.com</u><br>| &nbsp;&nbsp;Tidal Trust I<br>Attn: Eric Falkeis<br>234 West Florida Street, Suite 203<br>Milwaukee, WI 53204<br>Telephone:<br>Email: efalkeis@tidalfg.com<br>|

---

18. **Modifications**. The terms of this Agreement shall not be waived, altered, modified, amended or supplemented in any manner whatsoever except by a written instrument signed by the Distributor and the Client. If required under the 1940 Act, any such amendment must be approved by the Client's Board, including a majority of the Independent Trustees, by vote cast in person at a meeting for the purpose of voting on such amendment.

19. **Governing Law**. This Agreement shall be construed in accordance with the laws of the State of Delaware, without regard to the conflicts of law principles thereof.

20. **Entire Agreement**. This Agreement constitutes the entire agreement between the parties hereto and supersedes all prior communications, understandings and agreements relating to the subject matter hereof, whether oral or written.

21. **Survival**. The provisions of Sections 6, 7, 8, 9, 10, 11, 14, 15, 16, 20 and 21 of this Agreement shall survive any termination of this Agreement.

22. **Miscellaneous**. The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors. This Agreement has been negotiated and executed by the parties in English. In the event any translation of this Agreement is prepared for convenience or any other purpose, the provisions of the English version shall prevail.

23. **Counterparts**. This Agreement may be executed by the parties hereto in any number of counterparts, and all of the counterparts taken together shall be deemed to constitute one and the same document.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date first above written.

---

| | |
|:---|:---|
| FORESIDE FUND SERVICES, LLC | FORESIDE FUND SERVICES, LLC |
| By: | /s/Teresa Cowan |
|  | Teresa Cowan, President |
| TIDAL TRUST I | TIDAL TRUST I |
| By: | /s/Eric Falkeis |
|  | Eric Falkeis, President |

---

EXHIBIT A

<u>Fund Names</u>

ATAC Rotation Fund

EXHIBIT B

<u>Compensation</u>

<u>SALES LOADS<sup>\*</sup></u><sup>:</sup>

1. With respect to Class A Shares (i) that part of the sales charge which is retained by the Distributor after reallowance of discounts to dealers as set forth, if required, in the Registration Statement, including the Prospectus, filed with the SEC and in effect at the time of the offering, as amended.

2. With respect to Class C Shares (i) that part of any front-end sales charge which is retained by the Distributor after allowance of discounts to dealers as set forth, if required, in the Registration Statement, including the Prospectus, filed with the SEC and in effect at the time of the offering, as amended, and (ii) the contingent deferred sales charge payable with respect to Class C Shares sold through the Distributor as set forth in the Registration Statement, including the Prospectus, filed with the SEC and in effect at the time of sale of such Class C Shares.

3. With respect to Class I Shares, if any, the Distributor shall not be entitled to any compensation.

4. With respect to any future Class of Shares, the Distributor shall be entitled to such consideration as the Fund and the Distributor shall agree at the time such Class of Shares is established.

*\*All Sales Loads received by the Distributor shall be held to be used solely for distribution-related expenses and shall not be retained as profit.*

<u>12b-1 PAYMENTS</u>:

The Distributor shall be obligated to make 12b-1 payments only after, for so long as, and to the extent that the Distributor receives such payments from the applicable Fund.

*\*All 12b-1 payments received by the Distributor shall be held to be used solely for distribution-related expenses and shall not be retained as profit by the Distributor.*

**EXHIBIT C**

**FORESIDE FUND SERVICES, LLC**

**DEALER AGREEMENT**

**TIDAL TRUST** **I**

This agreement is made and effective as of this _____ day of _________________, 20__, by and between Foreside Fund Services, LLC("<u>Distributor</u>") and [**DEALER NAME**] ("<u>Dealer</u>" and, together with Distributor, the "<u>Parties</u>");

**WHEREAS**, Tidal Trust I (formerly, Tidal ETF Trust) (the "<u>Company</u>") is registered under the Investment Company Act of 1940 ("<u>1940 Act</u>"), as an open-end management investment company and is authorized to issue shares of beneficial interest ("<u>Shares</u>") in separate series as listed on Appendix A (each, a "<u>Fund</u>"), as amended by Distributor from time to time;

**WHEREAS**, Distributor serves as principal underwriter in connection with the offering and sale of the Shares pursuant to a distribution agreement ("<u>Distribution Agreement</u>"); and

**WHEREAS**, Dealer desires to serve as a selected dealer of the Funds;

**NOW, THEREFORE**, in consideration of the promises and the mutual covenants contained herein, and other good and valuable consideration, the receipt of which is hereby acknowledged, the Parties, intending to be legally bound, do hereby agree as follows:

1. **Dealer.** Dealer represents that it is a broker-dealer properly registered and qualified under all applicable federal, state and local laws to engage in the business and transactions described in this agreement and is a member in good standing of the Financial Industry Regulatory Authority ("<u>FINRA</u>") and the Securities Investor Protection Corporation ("<u>SIPC</u>"). Dealer agrees that it is responsible for determining the suitability of any Shares as investments for its customers and that Distributor has no responsibility for such determination. Dealer shall maintain all records required by Applicable Laws (as defined below) or that are otherwise reasonably requested by Distributor relating to Dealer's transactions in Shares. In addition, Dealer shall notify Distributor immediately in the event Dealer's status as a member of FINRA or SIPC changes. Dealer shall at all times comply with (i) the provisions of this agreement related to compliance with all applicable rules and regulations and (ii) the terms of each registration statement and prospectus for the Funds.

2. **Qualification of Shares.** The Fund will make available to Dealer a list of the states or other jurisdictions in which Shares are registered for sale or are otherwise qualified for sale, which may be revised by the Fund from time to time. Dealer will make offers of Shares to its customers only in those states and will ensure that it (including its associated persons) is appropriately licensed and qualified to offer and sell Shares in any state or other jurisdiction that requires such licensing or qualification in connection with its activities.

3. **Orders.** All orders Dealer submits for transactions in Shares shall reflect orders received from its customers or shall be for its account for its own bona fide investment. Dealer will date and timestamp its customer orders and forward them promptly each day and in any event prior to the time required by the applicable Fund prospectus (the "<u>Prospectus</u>," which for purposes of this agreement includes the Statement of Additional Information incorporated therein). As agent for its customers, Dealer shall not withhold placing customers' orders for any Shares so as to profit Dealer or its customers as a result of such withholding. Dealer is hereby authorized to: (i) place its orders directly with the Company for the purchase of Shares and (ii) tender Shares directly to the Company for redemption, in each case subject to the terms and conditions set forth in the Prospectus and any operating procedures and policies established by Distributor or the Fund (directly or through its transfer agent) from time to time. All purchase orders Dealer submits are subject to acceptance or rejection, and Distributor reserves the right to suspend or limit the sale of Shares. Dealer is not authorized to make any representations concerning Shares except such representations as are contained in the Prospectus and in such supplemental written information that the Fund or Distributor (acting on behalf of the Fund) may provide to Dealer with respect to a Fund. All orders that are accepted for the purchase of Shares shall be executed at the next determined public offering price per share (i.e., the net asset value ("<u>NAV</u>") per share plus the applicable sales load, if any) and all orders for the redemption of Shares shall be executed at the next determined NAV per share and subject to any applicable redemption fee or contingent deferred sales load, in each case as described in the Prospectus.

4. **Compliance with Applicable Laws; Distribution of Prospectus and Reports; Confirmations.** In connection with its respective activities hereunder, each Party shall abide by the Conduct Rules of FINRA and all other rules of self-regulatory organizations of which it is a member, as well as all laws, rules and regulations, including federal and state securities laws, that are applicable to it (and its associated persons) from time to time in connection with its activities hereunder ("<u>Applicable Laws</u>"). Dealer is authorized to distribute to Dealer's customers the current Prospectus, as well as any supplemental sales material received from the Fund or Distributor (acting on behalf of the Fund) (on the terms and for the period specified by Distributor or stated in such material). Dealer is not authorized to distribute, furnish or display any other sales or promotional material relating to a Fund without Distributor's prior written approval, but Dealer may identify the Funds in a listing of mutual funds available through Dealer to its customers. Unless otherwise mutually agreed in writing, Dealer shall deliver or cause to be delivered to each customer who purchases Shares from or through Dealer, copies of all annual and interim reports, proxy solicitation materials, and any other information and materials relating to such Funds and prepared by or on behalf of the Funds or Distributor. If required by Rule 10b-10 under the Securities Exchange Act or other Applicable Laws, Dealer shall send or cause to be sent confirmations or other reports to its customers containing such information as may be required by Applicable Laws.

5. **Sales Charges and Concessions.** On each purchase of Shares by Dealer (but not including the reinvestment of any dividends or distributions), Dealer shall be entitled to receive such dealer allowances, concessions, sales charges or other compensation, if any, as may be set forth in the Prospectus. Sales charge reductions and discounts may be available as provided in the Prospectus. To obtain any such reductions, the Company or its transfer agent must be notified promptly when a transaction or transactions would qualify for the reduced charge, and Dealer must submit information that is sufficient (in the discretion of the Company) to substantiate qualification therefor. The foregoing shall include advising Distributor of any Letter of Intent signed by Dealer's customer or of any Right of Accumulation available to such customer. If Dealer fails to so advise the Fund, Dealer will be liable for the return of any commissions plus interest thereon. Rights of Accumulation (including rights under a Letter of Intent) are available, if at all, only as set forth in the Prospectus, and Dealer authorizes any adjustment to its account (and will be liable for any refund) to the extent any allowance, discount or concession is made and the conditions therefor are not fulfilled. Each price is always subject to confirmation and will be based upon the NAV next determined after receipt of an order that is in good form. If any Shares purchased are tendered for redemption or repurchased by the Fund for any reason within seven (7) business days after confirmation of the purchase order for such Shares, Dealer shall promptly refund the full sales load or other concession, and Dealer will forfeit the right to receive any compensation allowable or payable to it on such Shares. The Fund reserves the right to waive sales charges. Dealer represents that it is eligible to receive any such sales charges and concessions paid to it under this section.

6. **Transactions in Shares.** With respect to all orders Dealer places for the purchase of Shares, unless otherwise agreed, settlement shall be made with the Company within one (1) business day after acceptance of the order. If payment is not so received or made, the transaction may be cancelled. In this event or in the event that Dealer cancels the trade for any reason, Dealer shall be responsible for any loss resulting to the Funds or to Distributor from Dealer's failure to make payments as aforesaid. Dealer shall not be entitled to any gains generated thereby. Dealer also assumes responsibility for any loss to a Fund caused by any order placed by Dealer on an "as-of" basis subsequent to the trade date for the order and will immediately pay such loss to the Fund upon notification or demand. Such orders shall be acceptable only as permitted by the Company and shall be subject to the Company's policies pertaining thereto, which may include receipt of an executed Letter of Indemnity in a form acceptable to the Fund and/or to Distributor prior to the Company's acceptance of any such order.

7. **Accuracy of Orders; Customer Signatures.** Dealer shall be responsible for the accuracy, timeliness and completeness of any orders transmitted by it on behalf of its customers by any means, including wire or telephone. In addition, Dealer shall guarantee the signatures of its customers when such guarantee is required by the Company, and Dealer shall indemnify and hold harmless all persons, including Distributor and the Funds' transfer agent, from and against any and all loss, cost, damage or expense suffered or incurred in reliance upon such signature guarantee.

8. **Indemnification.** Dealer shall indemnify and hold harmless Distributor and Distributor's officers, directors, agents and employees from and against any claims, liabilities, expenses (including reasonable attorneys' fees) and losses (collectively, the "<u>Losses</u>") resulting from any breach by Dealer of any provision of this agreement.

Distributor shall indemnify and hold harmless Dealer and Dealer's officers, directors, agents and employees from and against any Losses resulting from (i) any breach by Distributor of any provision of this agreement or (ii) any untrue statement of a material fact set forth in a Fund's Prospectus or supplemental sales material provided to Dealer by Distributor (and used by Dealer on the terms and for the period specified by Distributor or stated in such material), or omission to state a material fact required to be stated therein to make the statements therein not misleading.

9. **Multi-Class Distribution Arrangements.** Dealer understands and acknowledges that the Funds may offer Shares in multiple classes. Dealer represents and warrants that it has established compliance procedures designed to ensure (i) that its customers are made aware of the terms of each available class of Shares, (ii) that each customer is offered only Shares that are suitable investments for him or her, (iii) that each customer is availed of the opportunity to obtain sales charge break points as detailed in the Prospectus, and (iv) proper supervision of its representatives in recommending and offering the Shares of multiple classes to its customers.

10. **Anti-Money Laundering Compliance.** Each Party acknowledges that it is a financial institution subject to the USA PATRIOT Act of 2001 and the Bank Secrecy Act (collectively, the "<u>AML Acts</u>"), which require, among other things, that financial institutions adopt compliance programs to guard against money laundering. Each Party represents and warrants that it is in compliance with and will continue to comply with the AML Acts and applicable rules thereunder ("<u>AML Laws</u>"), including FINRA Rule 3310, in all relevant respects. Dealer shall cooperate with Distributor to satisfy AML due diligence policies of the Company and Distributor, which may include annual compliance certifications and periodic due diligence reviews and/or other requests deemed necessary or appropriate by Distributor or the Company to ensure compliance with AML Laws. Dealer also shall provide for screening its own new and existing customers against the Office of Foreign Assets Control list and any other government list that is or becomes required under the AML Acts.

11. **Privacy.** The Parties agree that any Non-Public Personal Information, as the term is defined in Regulation S-P ("<u>Reg S-P</u>") of the Securities and Exchange Commission, that may be disclosed hereunder is disclosed for the specific purpose of permitting the other Party to perform the services set forth in this agreement. Each Party will, with respect to such information, comply with Reg S-P and will not disclose any Non-Public Personal Information received in connection with this agreement to any other party, except to the extent required to carry out the services set forth in this agreement or as otherwise permitted by law.

12. **Distribution and/or Service Fees.** Subject to and in accordance with the terms of each Prospectus and the Distribution Plan and/or Service Plan, if any, adopted by resolution of the Funds' board (the "<u>Board</u>") pursuant to Rule 12b-1 under the 1940 Act, Distributor may pay financial institutions with which Distributor has entered into an agreement in substantially the form annexed hereto as Appendix B, or such other form as may be approved from time to time by the Board, such fees as may be determined in accordance with such fee agreement, for distribution, shareholder or administrative services, as described therein. With respect to such payments to Dealer, Distributor shall have only the obligation to make payments to Dealer after, for as long as, and to the extent that Distributor receives from the Fund an amount equivalent to the amount payable to Dealer. If applicable, Dealer hereby authorizes Distributor to pay Dealer's designated clearing agent ("<u>Clearing Agent</u>") such fees set forth under this section on Dealer's behalf. In such case, Dealer acknowledges and agrees that after Distributor has made payment of such fees to Dealer's Clearing Agent on Dealer's behalf: (i) Dealer's Clearing Agent is solely responsible and liable for direct payment of such fees to Dealer, and Distributor will not pay Dealer directly, (ii) Distributor cannot guarantee payment by Dealer's Clearing Agent of such fees to Dealer, and (iii) should Dealer not receive payment of such fees from Dealer's Clearing Agent for any reason, Dealer's sole recourse is against Dealer's Clearing Agent.

13. **Order Processing.** In accordance with NASD Notice to Members 03-50 (reminding members of their responsibility to ensure that they have in place policies and procedures reasonably designed to detect and prevent the occurrence of mutual fund transactions that would violate Rule 22c-1 under the 1940 Act, FINRA Rule 2010 and other applicable rules and regulations), Dealer represents that it has reviewed its policies and procedures to ensure that they are adequate with respect to preventing violations of law and Prospectus requirements related to timely order-taking and market timing activity, in that such policies and procedures prevent (i) the submission of any order received after the deadline for submission of orders in each day that are eligible for pricing at that day's NAV per share and (ii) the purchase of Shares by an individual or entity whose stated objectives are not consistent with the stated policies of a Fund in protecting the best interests of longer-term investors, particularly where such investor may be seeking market timing or arbitrage opportunities through such purchase. Dealer represents that it will be responsible for the collection and payment to the Company of any Redemption Fees based upon the terms outlined in the Company's Prospectus.

14. **Amendments.** This agreement may be amended from time to time by the following procedure. Distributor will mail a copy of the amendment to Dealer at Dealer's address shown below or as registered as Dealer's main office from time to time with FINRA. If Dealer does not object to the amendment within fifteen (15) days after its receipt, the amendment will become a part of this agreement. Dealer's objection must be in writing and be received by Distributor within such fifteen (15) days. All amendments shall be in writing and, except as provided above, executed by both Parties.

15. **Termination.** This agreement may be terminated by either Party, without penalty, upon ten (10) days' prior written notice to the other Party. Dealer's suspension or expulsion from FINRA will automatically terminate this agreement without notice. Any unfulfilled obligations hereunder, and all obligations of indemnification, shall survive the termination of this agreement.

16. **Assignment.** This agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns. No Party may assign this agreement nor any rights, privileges, duties or obligations hereunder without the prior written consent of the other Party, except that Distributor may assign or transfer this agreement to any broker-dealer which becomes the distributor or underwriter of the Company without obtaining Dealer's written consent. For the avoidance of doubt, the Parties agree that a change of control of the Distributor shall not constitute an assignment of this agreement.

17. **Notices.** All notices and other communications to Distributor shall be sent to it at Three Canal Plaza, Suite 100, Portland, ME 04101, Attn: Legal Department, or at such other address as Distributor may designate in writing. All notices and other communications to Dealer shall be sent to it at the address set forth below or at such other address as Dealer may designate in writing. All notices required or permitted to be given pursuant to this agreement shall be given in writing and delivered by personal delivery, by postage prepaid mail, electronic mail, or by facsimile or similar means of same-day delivery.

18. **Authorization.** Each Party represents to the other that (i) all requisite corporate proceedings have been undertaken to authorize it to enter into and perform under this agreement as contemplated herein and (ii) the individual that has signed this agreement below on its behalf is a duly elected officer that has been empowered to act for and on behalf of it with respect to the execution of this agreement.

19. **Directed Brokerage Prohibitions.** Neither Party shall direct Fund portfolio securities transactions or related remuneration to compensate Dealer for any promotion or sale of Shares under this agreement. Distributor also will not directly or indirectly compensate Dealer in contravention of Rule 12b-1(h) of the 1940 Act.

20. **Shareholder Information.** Dealer shall comply with the requirements set forth on Appendix C regarding the provision of shareholder information pursuant to Rule 22c-2 of the 1940 Act.

21. **Arbitration.** Any controversy or claim arising out of or relating to this agreement, or any breach thereof, shall be settled by arbitration in accordance with the then existing FINRA Code of Arbitration Procedure. Any arbitration shall be conducted in New York, New York, and each arbitrator shall be from the securities industry. Judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof.

22. **Miscellaneous.** This agreement supersedes any other agreement between the Parties with respect to the offer and sale of Shares and other matters covered herein. The invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of any other term or provision hereof. This agreement may be executed in any number of counterparts, which together shall constitute one instrument. This agreement shall be governed by and construed in accordance with the laws of the State of Delaware without regard to conflict of laws principles and shall bind and inure to the benefit of the Parties and their respective successors and assigns. This agreement has been negotiated and executed by the Parties in English. In the event any translation of this agreement is prepared for convenience or any other purpose, the provisions of the English version shall prevail.

*[Signature Page Follows]*

**IN WITNESS WHEREOF**, the Parties have caused this agreement to be executed by a duly authorized officer on one or more counterparts as of the date first written above.

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| |
|:---|
| **FORESIDE FUND SERVICES, LLC** |
| By: |
| Name: |
| Title: |
| **[DEALER NAME]** |
| By: |
| Name: |
| Title: |
| Address of Dealer: |
| Operations Contact: |
| Name: |
| Phone: |
| Email: |

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**APPENDIX A**

**APPENDIX B**

**FORESIDE FUND SERVICES, LLC**

**DISTRIBUTION/SERVICE FEE AGREEMENT**

**TIDAL TRUST** **I**

This fee agreement ("<u>Agreement</u>") is made and effective as of this _____ day of _________________ 20__, by and between Foreside Fund Services, LLC ("<u>Distributor</u>") and [**DEALER NAME**] ("<u>Dealer</u>" and, together with Distributor, the "<u>Parties</u>");

**WHEREAS**, Distributor and Dealer have entered into a dealer agreement dated as of ____________ ("<u>Dealer Agreement</u>"), which entitles Dealer to serve as a selected dealer of certain Funds of the Tidal Trust I (formerly, Tidal ETF Trust) for which Distributor serves as principal underwriter and distributor; and

**WHEREAS**, Distributor and Dealer wish to confirm Distributor's and Dealer's understanding and agreement with respect to Rule 12b-1 payments to be made to Dealer in accordance with the Dealer Agreement;

**NOW, THEREFORE**, in consideration of the promises and the mutual covenants contained herein, and other good and valuable consideration, the receipt of which is hereby acknowledged, the Parties, intending to be legally bound, do hereby agree as follows:

1. This Agreement confirms Distributor's and Dealer's understanding and agreement with respect to Rule 12b-1 payments to be made to Dealer in accordance with the Dealer Agreement. Capitalized terms used but not defined herein shall have the respective meanings set forth in the Dealer Agreement.

2. From time to time during the term of this Agreement, Distributor may make payments to Dealer pursuant to one or more distribution and service plans (the "<u>Plans</u>") adopted by certain of the Funds pursuant to Rule 12b-1 of the 1940 Act. Dealer shall furnish sales and marketing services and/or shareholder services to Dealer's customers who invest in and own Shares, including, but not limited to, answering routine inquiries regarding the Funds, processing shareholder transactions, and providing any other shareholder services not otherwise provided by a Fund's transfer agent. With respect to such payments to Dealer, Distributor shall have only the obligation to make payments to Dealer after, for as long as, and to the extent that Distributor receives from the Fund an amount equivalent to the amount payable to Dealer. The Fund reserves the right, without prior notice, to suspend or eliminate the payment of such Rule 12b-1 Plan payments or other dealer compensation by amendment, sticker or supplement to the then-current prospectus of the Fund or other written notice to Dealer. If applicable, Dealer hereby authorizes Distributor to pay Dealer's Clearing Agent such fees set forth under this section on Dealer's behalf. In such case, Dealer acknowledges and agrees that after Distributor has made payment of such fees to Dealer's Clearing Agent on Dealer's behalf: (i) Dealer's Clearing Agent is solely responsible and liable for direct payment of such fees to Dealer, and Distributor will not pay Dealer directly, (ii) Distributor cannot guarantee payment by Dealer's Clearing Agent of such fees to Dealer, and (iii) should Dealer not receive payment of such fees from Dealer's Clearing Agent for any reason, Dealer's sole recourse is against Dealer's Clearing Agent.

3. Any such fee payments shall reflect the amounts described in the Fund's prospectus. Payments will be based on the average daily net assets of Shares which are owned by those customers of Dealer whose records, as maintained by the Funds or the transfer agent, designate Dealer's firm as the customer's dealer of record. No such fee payments will be payable to Dealer with respect to Shares purchased by or through Dealer and redeemed by the Funds within seven (7) business days after the date of confirmation of such purchase. Dealer represents that Dealer is eligible to receive any such payments made to Dealer under the Plans.

4. Dealer agrees that all activities conducted under this Agreement will be conducted in accordance with the Plans, as well as all applicable state and federal laws, including the 1940 Act, the Securities Exchange Act of 1934, the Securities Act of 1933 and any applicable rules of FINRA.

5. Upon request, on a quarterly basis, Dealer shall furnish Distributor with a written report describing the amounts payable to Dealer pursuant to this Agreement and the purpose for which such amounts were expended. Distributor shall provide quarterly reports to the Board of amounts expended pursuant to the Plans and the purposes for which such expenditures were made. Dealer shall furnish Distributor with such other information as shall reasonably be requested by Distributor in connection with Distributor's reports to the Board with respect to the fees paid to Dealer pursuant to this Agreement.

6. This Agreement shall continue in effect until terminated in the manner prescribed below or as provided in the Plans or in Rule 12b-1. This Agreement may be terminated, with respect to one or more Funds, without penalty, by either Party upon ten (10) days' prior written notice to the other Party. In addition, this Agreement will be terminated with respect to any Fund upon a termination of the relevant Plan or the Dealer Agreement, if a Fund closes to new investments, or if Distributor's Distribution Agreement with the Funds terminates.

7. This Agreement may be amended by Distributor from time to time by the following procedure. Distributor will mail a copy of the amendment to Dealer at Dealer's address shown below or as registered from time to time with FINRA. If Dealer does not object to the amendment within fifteen (15) days after its receipt, the amendment will become a part of this Agreement. Dealer's objection must be in writing and be received by Distributor within such fifteen (15) days.

8. This Agreement and all the rights and obligations of the Parties shall be governed by and construed under the laws of the State of Delaware, without regard to conflict of laws principles.

9. All notices and other communications shall be given as provided in the Dealer Agreement.

**IN WITNESS WHEREOF**, the Parties have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date first written above.

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| | |
|:---|:---|
| **FORESIDE FUND SERVICES, LLC** | **[DEALER NAME]** |
| By: | By: |
| Name: | Name: |
| Title: | Title: |
|  | [Dealer address] |

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**APPENDIX C**

**Information Regarding the Provision of Shareholder Information Pursuant to Rule 22c-2**

(a). **Agreement to Provide Information.** Dealer shall provide the Fund, upon request, the taxpayer identification number ("<u>TIN</u>"), if known, (or in the case of a non U.S. shareholder, if the TIN is unavailable, the International Taxpayer Identification Number or other government issued identifier) of any or all Shareholder(s) who have purchased, redeemed, transferred, or exchanged Shares held through an account with Dealer and the amount, date, name or other identifier of any investment professional(s) associated with the Shareholder(s) or account (if known), and transaction type (purchase, redemption, transfer, or exchange) of every purchase, redemption, transfer, or exchange of Shares held through an account maintained by the Dealer during the period covered by the request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. **Period Covered by Request.** Requests must set forth a specific period, not to exceed 90 days from the date of the request, for which transaction information is sought. The Fund may request transaction information older than 90 days from the date of the request as it deems necessary to investigate compliance with policies established by the Fund for the purpose of eliminating or reducing any dilution of the value of the outstanding shares issued by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. **Form and Timing of Response.** Dealer shall transmit the requested information that is on its books and records to the Fund or its designee promptly, but in any event not later than five business days, after receipt of a request. If the requested information is not on the Dealer's books and records, Dealer shall use best efforts to: (x) provide or arrange to provide to the Fund the requested information from shareholders who hold an account with an indirect intermediary, including a determination on whether any specific person about whom Dealer has received information, is itself a financial intermediary; or (y) if directed by the Fund, restrict or prohibit further purchases or exchanges of Shares by a shareholder who has been identified by the Fund as having engaged in transactions of Shares (directly or indirectly) that violate policies established by the Fund for the purpose of eliminating or reducing any dilution of the value of the outstanding securities issued by the Fund. In such instance, Dealer shall inform the Fund whether it plans to perform (x) or (y). Responses required by this paragraph must be communicated in writing and in a format mutually agreed upon by the parties. To the extent practicable, the format for any transaction information provided to the Fund should be consistent with the NSCC Standardized Data Reporting Format. For purposes of this provision, an "indirect intermediary" has the same meaning as in SEC Rule 22c-2 under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. **Limitations on Use of Information.** The Fund agrees not to use the information received for marketing or any other similar purpose without the prior written consent of the Dealer.

(b) **Agreement to Restrict Trading.** Dealer shall execute written instructions from the Fund to restrict or prohibit further purchases or exchanges of Shares by a Shareholder who has been identified by the Fund as having engaged in transactions of the Shares (directly or indirectly through the Dealer's account) that violate policies established by the Fund for the purpose of eliminating or reducing any dilution of the value of the outstanding shares issued by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. **Form of Instructions.** Instructions must include the TIN, if known, and the specific restriction(s) to be executed. If the TIN is not known, the instructions must include an equivalent identifying number of the Shareholder(s) or account(s) or other agreed upon information to which the instruction relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Timing of Response. Dealer shall execute instructions as soon as reasonably practicable, but not later than five business days after receipt of the instructions by the Dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Confirmation by Dealer. Dealer must provide written confirmation to the Fund that instructions have been executed. Dealer shall provide confirmation as soon as reasonably practicable, but not later than ten business days after the instructions have been executed.

(c) **Definitions.** For purposes of this Appendix C:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The term "<u>Fund</u>" includes the fund's investment adviser, principal underwriter/distributor and transfer agent. The term does not include any "excepted funds" as defined in SEC Rule 22c-2(b) under the Investment Company Act of 1940 (the "<u>1940 Act</u>").<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The term "<u>Shares</u>" means the interests of Shareholders corresponding to the redeemable securities of record issued by the Fund under the 1940 Act that are held by the Dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The term "<u>Shareholder</u>" means the beneficial owner of Shares, whether the Shares are held directly or by the Dealer in nominee name or, alternatively, for use with retirement plan recordkeepers, the term means the Plan participant notwithstanding that the Plan may be deemed to be the beneficial owner of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. The term "<u>written</u>" includes electronic writings and facsimile transmissions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. The term "<u>Dealer</u>" shall mean a "financial intermediary" as defined in SEC Rule 22c-2.

1. As defined in SEC Rule 22c-2(b), the term "excepted fund" means any: (1) money market fund; (2) fund that issues securities that are listed on a national exchange; and (3) fund that affirmatively permits short-term trading of its securities, if its prospectus clearly and prominently discloses that the fund permits short-term trading of its securities and that such trading may result in additional costs for the fund.

**FORESIDE FUND SERVICES, LLC**

**SELLING GROUP MEMBER AGREEMENT**

**TIDAL TRUST** **I**

This agreement is made and effective as of this _____ day of _________________, 20__, by and between Foreside Fund Services, LLC ("<u>Distributor</u>") and [**INTERMEDIARY NAME**] ("<u>Selling Group Member</u>" or "<u>Intermediary</u>") and, together with Distributor, the "<u>Parties</u>");

**WHEREAS**, Tidal Trust I (formerly, Tidal ETF Trust) (the "<u>Company</u>") is registered under the Investment Company Act of 1940 ("<u>1940 Act</u>"), as an open-end management investment company and is authorized to issue shares of beneficial interest ("<u>Shares</u>") in separate series as listed on Appendix A (each, a "<u>Fund</u>"), as amended by Distributor from time to time;

**WHEREAS**, Distributor serves as principal underwriter and distributor in connection with the offering and sale of the Shares pursuant to a distribution agreement ("<u>Distribution Agreement</u>"); and

**WHEREAS**, Intermediary desires to serve as a selling group member of the Funds;

**NOW, THEREFORE**, in consideration of the promises and the mutual covenants contained herein, and other good and valuable consideration, the receipt of which is hereby acknowledged, the Parties, intending to be legally bound, do hereby agree as follows:

1. **Selling Group Member.** Intermediary represents that it is properly qualified under all applicable federal, state and local laws to engage in the business and transactions described in this agreement. In addition, Intermediary agrees to comply with the rules of the Financial Industry Regulatory Authority ("<u>FINRA</u>") as if they were applicable to Intermediary in connection with its activities under this agreement. Intermediary agrees that it is responsible for determining the suitability of any Shares as investments for its customers and that Distributor has no responsibility for such determination. Intermediary shall maintain all records required by Applicable Laws (as defined below) or that are otherwise reasonably requested by Distributor relating to Intermediary's transactions in Shares. Intermediary shall at all times comply with (i) the provisions of this agreement related to compliance with all applicable rules and regulations and (ii) the terms of each registration statement and prospectus for the Funds.

2. **Qualification of Shares.** The Fund will make available to Intermediary a list of the states or other jurisdictions in which Shares are registered for sale or are otherwise qualified for sale, which may be revised by the Fund from time to time. Intermediary will make offers of Shares to its customers only in those states and will ensure that it (including its associated persons) is appropriately licensed and qualified to offer and sell Shares in any state or other jurisdiction that requires such licensing or qualification in connection with its activities.

3. **Orders.** All orders Intermediary submits for transactions in Shares shall reflect orders received from its customers or shall be for its account for its own bona fide investment. Intermediary will date and timestamp its customer orders and forward them promptly each day and in any event prior to the time required by the applicable Fund prospectus (the "<u>Prospectus</u>," which for purposes of this agreement includes the Statement of Additional Information incorporated therein). As agent for its customers, Intermediary shall not withhold placing customers' orders for any Shares so as to profit Intermediary or its customers as a result of such withholding. Intermediary is hereby authorized to: (i) place its orders directly with the Company for the purchase of Shares and (ii) tender Shares directly to the Company for redemption, in each case subject to the terms and conditions set forth in the Prospectus and any operating procedures and policies established by Distributor or the Fund (directly or through its transfer agent) from time to time. All purchase orders Intermediary submits are subject to acceptance or rejection, and Distributor reserves the right to suspend or limit the sale of Shares. Intermediary is not authorized to make any representations concerning Shares except such representations as are contained in the Prospectus and in such supplemental written information that the Fund or Distributor (acting on behalf of the Fund) may provide to Intermediary with respect to a Fund. All orders that are accepted for the purchase of Shares shall be executed at the next determined public offering price per share (i.e., the net asset value ("<u>NAV</u>") per share plus the applicable sales load, if any) and all orders for the redemption of Shares shall be executed at the next determined NAV per share and subject to any applicable redemption fee, in each case as described in the Prospectus.

4. **Compliance with Applicable Laws; Distribution of Prospectus and Reports; Confirmations.** In connection with its respective activities hereunder, each Party shall abide by the Conduct Rules of FINRA and all other rules of self-regulatory organizations of which it is a member, as well as all laws, rules and regulations, including federal and state securities laws, that are applicable to it (and its associated persons) from time to time in connection with its activities hereunder ("<u>Applicable Laws</u>"). Intermediary is authorized to distribute to Intermediary's customers the current Prospectus, as well as any supplemental sales material received from the Fund or Distributor (acting on behalf of the Fund) (on the terms and for the period specified by Distributor or stated in such material). Intermediary is not authorized to distribute, furnish or display any other sales or promotional material relating to a Fund without Distributor's prior written approval, but Intermediary may identify the Funds in a listing of mutual funds available through Intermediary to its customers. Unless otherwise mutually agreed in writing, Intermediary shall deliver or cause to be delivered to each customer who purchases Shares from or through Intermediary, copies of all annual and interim reports, proxy solicitation materials, and any other information and materials relating to such Funds and prepared by or on behalf of the Funds or Distributor. If required by Rule 10b-10 under the Securities Exchange Act or other Applicable Laws, Intermediary shall send or cause to be sent confirmations or other reports to its customers containing such information as may be required by Applicable Laws.

5. **Sales Charges and Concessions. [not applicable]**.

6. **Transactions in Shares.** With respect to all orders Intermediary places for the purchase of Shares, unless otherwise agreed, settlement shall be made with the Company within one (1) business day after acceptance of the order. If payment is not so received or made, the transaction may be cancelled. In this event or in the event that Intermediary cancels the trade for any reason, Intermediary shall be responsible for any loss resulting to the Funds or to Distributor from Intermediary's failure to make payments as aforesaid. Intermediary shall not be entitled to any gains generated thereby. Intermediary also assumes responsibility for any loss to a Fund caused by any order placed by Intermediary on an "as-of" basis subsequent to the trade date for the order and will immediately pay such loss to the Fund upon notification or demand. Such orders shall be acceptable only as permitted by the Company and shall be subject to the Company's policies pertaining thereto, which may include receipt of an executed Letter of Indemnity in a form acceptable to the Fund and/or to Distributor prior to the Company's acceptance of any such order.

7. **Accuracy of Orders; Customer Signatures.** Intermediary shall be responsible for the accuracy, timeliness and completeness of any orders transmitted by it on behalf of its customers by any means, including wire or telephone. In addition, Intermediary shall guarantee the signatures of its customers when such guarantee is required by the Company, and Intermediary shall indemnify and hold harmless all persons, including Distributor and the Funds' transfer agent, from and against any and all loss, cost, damage or expense suffered or incurred in reliance upon such signature guarantee.

8. **Indemnification.** Intermediary shall indemnify and hold harmless Distributor and Distributor's officers, directors, agents and employees from and against any claims, liabilities, expenses (including reasonable attorneys' fees) and losses (collectively, the "<u>Losses</u>") resulting from any breach by Intermediary of any provision of this agreement.

Distributor shall indemnify and hold harmless Intermediary and Intermediary's officers, directors, agents and employees from and against any Losses resulting from (i) any breach by Distributor of any provision of this agreement or (ii) any untrue statement of a material fact set forth in a Fund's Prospectus or supplemental sales material provided to Intermediary by Distributor (and used by Intermediary on the terms and for the period specified by Distributor or stated in such material), or omission to state a material fact required to be stated therein to make the statements therein not misleading.

9. **Multi-Class Distribution Arrangements.** Intermediary understands and acknowledges that the Funds may offer Shares in multiple classes. Intermediary represents and warrants that it has established compliance procedures designed to ensure (i) that its customers are made aware of the terms of each available class of Shares, (ii) that each customer is offered only Shares that are suitable investments for him or her, and (iii) proper supervision of its representatives in recommending and offering the Shares of multiple classes to its customers.

10. **Anti-Money Laundering Compliance.** Each Party acknowledges that it is a financial institution subject to the USA PATRIOT Act of 2001 and the Bank Secrecy Act (collectively, the "<u>AML Acts</u>"), which require, among other things, that financial institutions adopt compliance programs to guard against money laundering. Each Party represents and warrants that it is in compliance with and will continue to comply with the AML Acts and applicable rules thereunder ("<u>AML Laws</u>"), including FINRA Rule 3310, in all relevant respects. Intermediary shall cooperate with Distributor to satisfy AML due diligence policies of the Company and Distributor, which may include annual compliance certifications and periodic due diligence reviews and/or other requests deemed necessary or appropriate by Distributor or the Company to ensure compliance with AML Laws. Intermediary also shall provide for screening its own new and existing customers against the Office of Foreign Assets Control list and any other government list that is or becomes required under the AML Acts.

11. **Privacy.** The Parties agree that any Non-Public Personal Information, as the term is defined in Regulation S-P ("<u>Reg S-P</u>") of the Securities and Exchange Commission, that may be disclosed hereunder is disclosed for the specific purpose of permitting the other Party to perform the services set forth in this agreement. Each Party will, with respect to such information, comply with Reg S-P and will not disclose any Non-Public Personal Information received in connection with this agreement to any other party, except to the extent required to carry out the services set forth in this agreement or as otherwise permitted by law.

12. **Service Fees.** Subject to and in accordance with the terms of each Prospectus and the Distribution Plan and/or Service Plan, if any, adopted by resolution of the Funds' board (the "<u>Board</u>") pursuant to Rule 12b-1 under the 1940 Act, Distributor may pay financial institutions with which Distributor has entered into an agreement in substantially the form annexed hereto as Appendix B, or such other form as may be approved from time to time by the Board, such fees as may be determined in accordance with such fee agreement, for shareholder or administrative services, as described therein. With respect to such payments to Intermediary, Distributor shall have only the obligation to make payments to Intermediary after, for as long as, and to the extent that Distributor receives from the Fund an amount equivalent to the amount payable to Intermediary. If applicable, Intermediary hereby authorizes Distributor to pay Intermediary's designated clearing agent ("<u>Clearing Agent</u>") such fees set forth under this section on Intermediary's behalf. In such case, Intermediary acknowledges and agrees that after Distributor has made payment of such fees to Intermediary's Clearing Agent on Intermediary's behalf: (i) Intermediary's Clearing Agent is solely responsible and liable for direct payment of such fees to Intermediary, and Distributor will not pay Intermediary directly, (ii) Distributor cannot guarantee payment by Intermediary's Clearing Agent of such fees to Intermediary, and (iii) should Intermediary not receive payment of such fees from Intermediary's Clearing Agent for any reason, Intermediary's sole recourse is against Intermediary's Clearing Agent. Intermediary hereby represents that Intermediary is permitted under Applicable Laws to receive all payments for shareholder services contemplated herein.

13. **Order Processing.** Intermediary represents that it has reviewed its policies and procedures to ensure that they are adequate with respect to preventing violations of law and Prospectus requirements related to timely order-taking and market timing activity, in that such policies and procedures prevent (i) the submission of any order received after the deadline for submission of orders in each day that are eligible for pricing at that day's NAV per share and (ii) the purchase of Shares by an individual or entity whose stated objectives are not consistent with the stated policies of a Fund in protecting the best interests of longer-term investors, particularly where such investor may be seeking market timing or arbitrage opportunities through such purchase. Intermediary represents that it will be responsible for the collection and payment to the Company of any Redemption Fees based upon the terms outlined in the Company's Prospectus.

14. **Amendments.** This agreement may be amended from time to time by the following procedure. Distributor will mail a copy of the amendment to Intermediary at Intermediary's address shown below. If Intermediary does not object to the amendment within fifteen (15) days after its receipt, the amendment will become a part of this agreement. Intermediary's objection must be in writing and be received by Distributor within such fifteen (15) days. All amendments shall be in writing and, except as provided above, executed by both Parties.

15. **Termination.** This agreement may be terminated by either Party, without penalty, upon ten (10) days' prior written notice to the other Party. Any unfulfilled obligations hereunder, and all obligations of indemnification, shall survive the termination of this agreement.

16. **Assignment.** This agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns. No Party may assign this agreement nor any rights, privileges, duties or obligations hereunder without the prior written consent of the other Party, except that Distributor may assign or transfer this agreement to any broker-dealer which becomes the principal underwriter or distributor of the Company without obtaining Intermediary's written consent. For the avoidance of doubt, the Parties agree that a change of control of the Distributor shall not constitute an assignment of this agreement.

17. **Notices.** All notices and other communications to Distributor shall be sent to it at Three Canal Plaza, Suite 100, Portland, ME 04101, Attn: Legal Department, or at such other address as Distributor may designate in writing. All notices and other communications to Intermediary shall be sent to it at the address set forth below or at such other address as Intermediary may designate in writing. All notices required or permitted to be given pursuant to this agreement shall be given in writing and delivered by personal delivery, by postage prepaid mail, electronic mail, or by facsimile or similar means of same-day delivery.

18. **Authorization.** Each Party represents to the other that (i) all requisite corporate proceedings have been undertaken to authorize it to enter into and perform under this agreement as contemplated herein and (ii) the individual that has signed this agreement below on its behalf is a duly elected officer that has been empowered to act for and on behalf of it with respect to the execution of this agreement.

19. **Directed Brokerage Prohibitions.** Neither Party shall direct Fund portfolio securities transactions or related remuneration to compensate Intermediary for any promotion or sale of Shares under this agreement. Distributor also will not directly or indirectly compensate Intermediary in contravention of Rule 12b-1(h) of the 1940 Act.

20. **Shareholder Information.** Intermediary shall comply with the requirements set forth on Appendix C regarding the provision of shareholder information pursuant to Rule 22c-2 of the 1940 Act.

21. **Arbitration.** Any controversy or claim arising out of or relating to this agreement, or any breach thereof, shall be settled by arbitration in accordance with the then existing FINRA Code of Arbitration Procedure. Any arbitration shall be conducted in New York, New York, and each arbitrator shall be from the securities industry. Judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof.

22. **Miscellaneous.** This agreement supersedes any other agreement between the Parties with respect to the offer and sale of Shares and other matters covered herein. The invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of any other term or provision hereof. This agreement may be executed in any number of counterparts, which together shall constitute one instrument. This agreement shall be governed by and construed in accordance with the laws of the State of Delaware without regard to conflict of laws principles and shall bind and inure to the benefit of the Parties and their respective successors and assigns. This agreement has been negotiated and executed by the Parties in English. In the event any translation of this agreement is prepared for convenience or any other purpose, the provisions of the English version shall prevail.

*[Signature Page Follows]*

**IN WITNESS WHEREOF**, the Parties have caused this agreement to be executed by a duly authorized officer on one or more counterparts as of the date first written above.

---

| |
|:---|
| **FORESIDE FUND SERVICES, LLC** |
| By: |
| Name: |
| Title: |
| **[INTERMEDIARY NAME]** |
| By: |
| Name: |
| Title: |
| Address of Intermediary: |
| Operations Contact: |
| Name: |
| Phone: |
| Email: |

---

**APPENDIX A**

**APPENDIX B**

**FORESIDE FUND SERVICES, LLC**

**SERVICE FEE AGREEMENT**

**TIDAL TRUST** **I**

This fee agreement ("<u>Agreement</u>") is made and effective as of this _____ day of _________________ 20__, by and between Foreside Fund Services, LLC ("<u>Distributor</u>") and [**INTERMEDIARY NAME**] ("<u>Selling Group Member</u>" or "<u>Intermediary</u>" and, together with Distributor, the "<u>Parties</u>");

**WHEREAS**, Distributor and Intermediary have entered into a selling group member agreement dated as of ____________ ("<u>Selling Group Member Agreement</u>"), which entitles Intermediary to serve as a selling group member of certain Funds of the Tidal Trust I (formerly, Tidal ETF Trust) for which Distributor serves as distributor; and

**WHEREAS**, Distributor and Intermediary wish to confirm Distributor's and Intermediary's understanding and agreement with respect to Rule 12b-1 payments to be made to Intermediary in accordance with the Selling Group Member Agreement;

**NOW, THEREFORE**, in consideration of the promises and the mutual covenants contained herein, and other good and valuable consideration, the receipt of which is hereby acknowledged, the Parties, intending to be legally bound, do hereby agree as follows:

1. This Agreement confirms Distributor's and Intermediary's understanding and agreement with respect to Rule 12b-1 payments to be made to Intermediary in accordance with the Selling Group Member Agreement. Capitalized terms used but not defined herein shall have the respective meanings set forth in the Selling Group Member Agreement.

2. From time to time during the term of this Agreement, Distributor may make payments to Intermediary pursuant to one or more distribution and service plans (the "<u>Plans</u>") adopted by certain of the Funds pursuant to Rule 12b-1 of the 1940 Act. Intermediary shall furnish sales and marketing services and/or shareholder services to Intermediary's customers who invest in and own Shares, including, but not limited to, answering routine inquiries regarding the Funds, processing shareholder transactions, and providing any other shareholder services not otherwise provided by a Fund's transfer agent. With respect to such payments to Intermediary, Distributor shall have only the obligation to make payments to Intermediary after, for as long as, and to the extent that Distributor receives from the Fund an amount equivalent to the amount payable to Intermediary. The Fund reserves the right, without prior notice, to suspend or eliminate the payment of such Rule 12b-1 Plan payments or other compensation by amendment, sticker or supplement to the then-current Prospectus of the Fund or other written notice to Intermediary. If applicable, Intermediary hereby authorizes Distributor to pay Intermediary's Clearing Agent such fees set forth under this section on Intermediary's behalf. In such case, Intermediary acknowledges and agrees that after Distributor has made payment of such fees to Intermediary's Clearing Agent on Intermediary's behalf: (i) Intermediary's Clearing Agent is solely responsible and liable for direct payment of such fees to Intermediary, and Distributor will not pay Intermediary directly, (ii) Distributor cannot guarantee payment by Intermediary's Clearing Agent of such fees to Intermediary, and (iii) should Intermediary not receive payment of such fees from Intermediary's Clearing Agent for any reason, Intermediary's sole recourse is against Intermediary's Clearing Agent.

3. Any such fee payments shall reflect the amounts described in the Fund's Prospectus. Payments will be based on the average daily net assets of Shares which are owned by those customers of Intermediary whose records, as maintained by the Funds or the transfer agent, designate Intermediary's firm as the customer's intermediary of record. No such fee payments will be payable to Intermediary with respect to Shares purchased by or through Intermediary and redeemed by the Funds within seven (7) business days after the date of confirmation of such purchase. Intermediary represents that Intermediary is eligible to receive any such payments made to Intermediary under the Plans.

4. Intermediary agrees that all activities conducted under this Agreement will be conducted in accordance with the Plans, as well as all applicable state and federal laws, including the 1940 Act, the Securities Exchange Act of 1934, the Securities Act of 1933 and any applicable rules of FINRA.

5. Upon request, on a quarterly basis, Intermediary shall furnish Distributor with a written report describing the amounts payable to Intermediary pursuant to this Agreement and the purpose for which such amounts were expended. Distributor shall provide quarterly reports to the Board of amounts expended pursuant to the Plans and the purposes for which such expenditures were made. Intermediary shall furnish Distributor with such other information as shall reasonably be requested by Distributor in connection with Distributor's reports to the Board with respect to the fees paid to Intermediary pursuant to this Agreement.

6. This Agreement shall continue in effect until terminated in the manner prescribed below or as provided in the Plans or in Rule 12b-1. This Agreement may be terminated, with respect to one or more Funds, without penalty, by either Party upon ten (10) days' prior written notice to the other Party. In addition, this Agreement will be terminated with respect to any Fund upon a termination of the relevant Plan or the Selling Group Member Agreement, if a Fund closes to new investments, or if Distributor's Distribution Agreement with the Funds terminates.

7. This Agreement may be amended by Distributor from time to time by the following procedure. Distributor will mail a copy of the amendment to Intermediary at Intermediary's address shown below. If Intermediary does not object to the amendment within fifteen (15) days after its receipt, the amendment will become a part of this Agreement. Intermediary's objection must be in writing and be received by Distributor within such fifteen (15) days.

8. This Agreement and all the rights and obligations of the Parties shall be governed by and construed under the laws of the State of Delaware, without regard to conflict of laws principles.

9. All notices and other communications shall be given as provided in the Selling Group Member Agreement.

**IN WITNESS WHEREOF**, the Parties have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date first written above.

---

| | |
|:---|:---|
| **FORESIDE FUND SERVICES, LLC** | **[INTERMEDIARY NAME]** |
| By: | By: |
| Name: | Name: |
| Title: | Title: |
|  | [Intermediary address] |

---

**APPENDIX C**

**Information Regarding the Provision of Shareholder Information Pursuant to Rule 22c-2**

(a). **Agreement to Provide Information.** Intermediary shall provide the Fund, upon request, the taxpayer identification number ("<u>TIN</u>"), if known, (or in the case of a non U.S. shareholder, if the TIN is unavailable, the International Taxpayer Identification Number or other government issued identifier) of any or all Shareholder(s) who have purchased, redeemed, transferred, or exchanged Shares held through an account with Intermediary and the amount, date, name or other identifier of any investment professional(s) associated with the Shareholder(s) or account (if known), and transaction type (purchase, redemption, transfer, or exchange) of every purchase, redemption, transfer, or exchange of Shares held through an account maintained by the Intermediary during the period covered by the request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. **Period Covered by Request.** Requests must set forth a specific period, not to exceed 90 days from the date of the request, for which transaction information is sought. The Fund may request transaction information older than 90 days from the date of the request as it deems necessary to investigate compliance with policies established by the Fund for the purpose of eliminating or reducing any dilution of the value of the outstanding shares issued by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. **Form and Timing of Response.** Intermediary shall transmit the requested information that is on its books and records to the Fund or its designee promptly, but in any event not later than five business days, after receipt of a request. If the requested information is not on the Intermediary's books and records, Intermediary shall use best efforts to: (x) provide or arrange to provide to the Fund the requested information from shareholders who hold an account with an indirect intermediary, including a determination on whether any specific person about whom Intermediary has received information, is itself a financial intermediary; or (y) if directed by the Fund, restrict or prohibit further purchases or exchanges of Shares by a shareholder who has been identified by the Fund as having engaged in transactions of Shares (directly or indirectly) that violate policies established by the Fund for the purpose of eliminating or reducing any dilution of the value of the outstanding securities issued by the Fund. In such instance, Intermediary shall inform the Fund whether it plans to perform (x) or (y). Responses required by this paragraph must be communicated in writing and in a format mutually agreed upon by the parties. To the extent practicable, the format for any transaction information provided to the Fund should be consistent with the NSCC Standardized Data Reporting Format. For purposes of this provision, an "indirect intermediary" has the same meaning as in SEC Rule 22c-2 under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. **Limitations on Use of Information.** The Fund agrees not to use the information received for marketing or any other similar purpose without the prior written consent of the Intermediary.

(b) **Agreement to Restrict Trading.** Intermediary shall execute written instructions from the Fund to restrict or prohibit further purchases or exchanges of Shares by a Shareholder who has been identified by the Fund as having engaged in transactions of the Shares (directly or indirectly through the Intermediary's account) that violate policies established by the Fund for the purpose of eliminating or reducing any dilution of the value of the outstanding shares issued by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. **Form of Instructions.** Instructions must include the TIN, if known, and the specific restriction(s) to be executed. If the TIN is not known, the instructions must include an equivalent identifying number of the Shareholder(s) or account(s) or other agreed upon information to which the instruction relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Timing of Response. Intermediary shall execute instructions as soon as reasonably practicable, but not later than five business days after receipt of the instructions by the Intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Confirmation by Intermediary. Intermediary must provide written confirmation to the Fund that instructions have been executed. Intermediary shall provide confirmation as soon as reasonably practicable, but not later than ten business days after the instructions have been executed.

(c) **Definitions.** For purposes of this Appendix C:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The term "<u>Fund</u>" includes the fund's investment adviser, principal underwriter/distributor and transfer agent. The term does not include any "excepted funds" as defined in SEC Rule 22c-2(b) under the Investment Company Act of 1940 (the "<u>1940 Act</u>").<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The term "<u>Shares</u>" means the interests of Shareholders corresponding to the redeemable securities of record issued by the Fund under the 1940 Act that are held by the Intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The term "<u>Shareholder</u>" means the beneficial owner of Shares, whether the Shares are held directly or by the Intermediary in nominee name or, alternatively, for use with retirement plan recordkeepers, the term means the Plan participant notwithstanding that the Plan may be deemed to be the beneficial owner of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. The term "<u>written</u>" includes electronic writings and facsimile transmissions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. The term "<u>Intermediary</u>" shall mean a "financial intermediary" as defined in SEC Rule 22c-2.

2. As defined in SEC Rule 22c-2(b), the term "excepted fund" means any: (1) money market fund; (2) fund that issues securities that are listed on a national exchange; and (3) fund that affirmatively permits short-term trading of its securities, if its prospectus clearly and prominently discloses that the fund permits short-term trading of its securities and that such trading may result in additional costs for the fund.

## Ex-99.(H)(Xvii)

[Tidal Trust I 485BPOS](atac-485bpos_070125.htm)

**Exhibit 99(h)(xvii)**

**TIDAL TRUST I**

**OPERATING EXPENSES LIMITATION AGREEMENT**

**THIS OPERATING EXPENSES LIMITATION AGREEMENT** (the "Agreement") is made as of the 2nd day of June 2025, by and between Tidal Trust I, a Delaware statutory trust (the "Trust"), on behalf of the series of the Trust listed on Schedule A, which may be amended from time to time (the "Fund"), and Tidal Investments LLC, a Delaware limited liability company (the "Adviser").

**WITNESSETH:**

**WHEREAS**, the Adviser renders advice and services to the Fund pursuant to the terms and provisions of an Investment Advisory Agreement between the Trust and the Adviser dated as of the 2nd day of June 2025 (the "Investment Advisory Agreement"); and

**WHEREAS**, the Fund is the successor to the ATAC Rotation Fund, a series of Managed Portfolio Series (the "Predecessor Fund"); and

**WHEREAS,** the Adviser served as the investment adviser to the Predecessor Fund and paid Predecessor Fund expenses in an amount necessary to ensure that the annual operating expenses of each class of the Predecessor Fund did not exceed the amount set forth in the Operating Expenses Limitation Agreement between the Adviser and Managed Portfolio Series on behalf of the Predecessor Fund (the "Predecessor Fund Expenses Limitation Agreement"); and

**WHEREAS,** each of the Trust and the Adviser agree that the amount subject to reimbursement under Section 3 of this Agreement shall include excess expense payments made by the Adviser to the Predecessor Fund pursuant to the Predecessor Fund Expenses Limitation Agreement; and

**WHEREAS**, the Fund, and each of its respective classes, is responsible for all of its operating expenses unless expressly assumed by the Adviser; and

**WHEREAS**, the Adviser desires to limit the Fund's Operating Expenses (as that term is defined in Paragraph 2 of this Agreement) pursuant to the terms and provisions of this Agreement, and the Trust (on behalf of the Fund) desires to allow the Adviser to implement those limits;

**NOW THEREFORE**, in consideration of the covenants and the mutual promises hereinafter set forth, the parties, intending to be legally bound hereby, mutually agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. LIMIT ON OPERATING EXPENSES.** The Adviser hereby agrees to limit each class of the Fund's current Operating Expenses to an annual rate, expressed as a percentage of each class's respective average annual net assets to the amounts listed in <u>Appendix A</u> (the "Annual Limits"). In the event that the annualized Operating Expenses of a class of the Fund, as accrued each day through the last calendar day of each month, exceed its Annual Limit, the Adviser will pay to that class of the Fund an amount equal to the excess expense within fifteen (15) calendar days, or such other period as determined by the Board of Trustees of the Trust (the "Board"), of being notified in writing that an excess expense payment is due. In the event that the Board of Trustees of the Trust determines that an excess expense payment due date be other than fifteen (15) calendar days, the Trust will provide the Adviser with ten (10) calendar days' written notice prior to the implementation of such other excess expense payment due date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. DEFINITION.** For purposes of this Agreement, the term "Operating Expenses" with respect to each class of the Fund, is defined to include all expenses necessary or appropriate for the operation of the Fund and each of its classes, including the Adviser's investment advisory or management fee detailed in the Investment Advisory Agreement, any Rule 12b-1 fees and other expenses described in the Investment Advisory Agreement, but does not include any front-end, level-, or contingent deferred sales loads, taxes, leverage interest, interest expense and dividends paid on short sales, brokerage commissions, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. REIMBURSEMENT OF FEES AND EXPENSES.** The Adviser retains its right to receive reimbursement of any excess expense payments paid by it pursuant to this Agreement under the same terms and conditions as it is permitted to receive reimbursement of reductions of its investment advisory fee under the Investment Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. TERM.** This Agreement shall become effective on the date specified herein and shall remain in effect indefinitely and for a period of not less than two years, unless sooner terminated as provided in Paragraph 5 of this Agreement. This Agreement shall continue in effect thereafter for additional periods of one year, or such other period as may be agreed upon by the Trust and the Adviser, so long as such continuation is approved for the Fund at least annually by the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. TERMINATION.** After this Agreement has been in effect for at least two (2) years from the effective date of the Fund's prospectus, or such other period as approved by resolution of the Board, this Agreement may be terminated at any time upon sixty (60) days' written notice, and without payment of any penalty prior to the completion of its term: (i) by the Board, on behalf of the Fund, or (ii) by the Adviser, with the consent of the Board, which consent shall not be unreasonably withheld. This Agreement will automatically terminate if the Investment Advisory Agreement is terminated, with such termination effective upon the effective date of the Investment Advisory Agreement's termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. ASSIGNMENT.** This Agreement and all rights and obligations hereunder may not be assigned without the written consent of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. SEVERABILITY.** If any provision of this Agreement shall be held or made invalid by a court decision, statute or rule, or shall be otherwise rendered invalid, the remainder of this Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. GOVERNING LAW.** This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware without giving effect to the conflict of laws principles thereof; provided that nothing herein shall be construed to preempt, or to be inconsistent with, any federal law, regulation or rule, including the Investment Company Act of 1940, as amended, and the Investment Advisers Act of 1940, as amended, and any rules and regulations promulgated thereunder.

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be duly executed and attested by their duly authorized officers, all on the day and year first above written.

---

| | | | |
|:---|:---|:---|:---|
| **TIDAL TRUST I** | **TIDAL TRUST I** | **TIDAL INVESTMENTS LLC** | **TIDAL INVESTMENTS LLC** |
| on behalf of the series listed on Schedule A | on behalf of the series listed on Schedule A |  |  |
| By: | /s/Eric Falkeis | By: | /s/Daniel Carlson |
| Name: | Eric Falkeis | Name: | Daniel Carlson |
| Title: | President and Principal Executive Officer | Title: | Co-Founder & Chief of Staff |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Series and Class of** <br> **<u>Tidal Trust I</u>** | &nbsp;&nbsp;**Operating Expense Limit as a** <br>  **<u>Percentage of Average Daily Net Assets</u>**<br>|
| ATAC Rotation Fund |  |
| Investor Class | 1.69% |
| Institutional Class | 1.44% |

---

## Ex-99.(I)(Xxxiii)

[Tidal Trust I 485BPOS](atac-485bpos_070125.htm)

**Exhibit 99(i)(xxxiii)**

![](gk_header.jpg)

June 25, 2025

Tidal Trust I

234 West Florida Street, Suite 203

Milwaukee, Wisconsin 53204

Re: Tidal Trust I – ATAC Rotation Fund

Ladies and Gentlemen:

We have acted as your counsel in connection with the preparation of this Post-Effective Amendment No. 273 to the Registration Statement on Form N-1A (Registration Nos. 333-227298; 811-23377) (the "Registration Statement") relating to the sale by you of an unlimited number of Investor Class Shares and Institutional Class Shares of beneficial interest (the "Shares"), no par value, of the ATAC Rotation Fund (the "Fund"), a series of Tidal Trust I (the "Trust"), in the manner set forth in the Registration Statement (and the Prospectus of the Fund included therein).

We have examined: (a) the Registration Statement (and the Prospectus of the Fund included therein); (b) the Trust's Amended and Restated Certificate of Trust, Amended and Restated Declaration of Trust and Amended and Restated By-Laws; (c) certain resolutions of the Trust's Board of Trustees; and (d) such other proceedings, documents and records as we have deemed necessary to enable us to render this opinion. In conducting such examination, we have assumed the genuineness of all signatures and the authenticity of all documents submitted to us as originals and the conformity to the original documents of all documents submitted to us as copies.

Based upon the foregoing, we are of the opinion that the Shares, when sold as contemplated in the Registration Statement, will be validly issued, fully paid and nonassessable.

For purposes of rendering this opinion, we have assumed that: (a) all offers and sales of Shares will be conducted in accordance with the Registration Statement and in compliance with applicable prospectus delivery requirements and state securities laws; (b) the Shares will be issued in accordance with the Trust's Amended and Restated Declaration of Trust and Amended and Restated By-Laws and resolutions of the Trust's Board of Trustees; and (c) the Shares will be issued and sold for consideration based upon their net asset value on the date of their respective issuances and all consideration for such Shares will actually be received by the Trust.

The opinion expressed herein is limited to our review of the documents referenced above and the published laws in effect on the date hereof and is limited to the Delaware Statutory Trust Act (other than conflict of law rules). We are not opining on, and we assume no responsibility for, the applicability to or effect on any of the matters covered herein of any other laws.

We consent to the use of this opinion as an exhibit to the Registration Statement. In giving this consent, however, we do not admit that we are experts or within the category of persons whose consent is required by Section 7 of the Securities Act of 1933, as amended.

---

| |
|:---|
| Very truly yours, |
| */s/ Godfrey & Kahn, S.C.* |
| Godfrey & Kahn, S.C. |

---

![](gk_footer.jpg)

## Ex-99.(J)(I)

[Tidal Trust I 485BPOS](atac-485bpos_070125.htm)

**Exhibit 99(j)(i)**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of our report dated October 30, 2024, relating to the financial statements and financial highlights of ATAC Rotation Fund, a series of Managed Portfolio Series, which are included in Form N-CSR for the year ended August 31, 2024, and to the references to our firm under the headings "Financial Highlights" in the Prospectus.

/s/ Cohen & Company, Ltd.

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

June 24, 2025

## Ex-99.(J)(Ii)

[Tidal Trust I 485BPOS](atac-485bpos_070125.htm)

**Exhibit 99(j)(ii)**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the references to our firm in the Post-Effective Amendment No. 273 and No. 274 to the Registration Statement on Form N-1A of ATAC Rotation Fund, a series of Tidal Trust I.

**/s/ TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania**

**June 25, 2025**