# EDGAR Filing Document

**Accession Number:** 0001742912
**File Stem:** 0001999371-26-002390
**Filing Date:** 2026-2
**Character Count:** 621906
**Document Hash:** 3b7b5a289d9349cb153957cc88a4be21
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-002390.hdr.sgml**: 20260202

**ACCESSION NUMBER**: 0001999371-26-002390

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 35

**FILED AS OF DATE**: 20260202

**DATE AS OF CHANGE**: 20260202

**EFFECTIVENESS DATE**: 20260202

**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:** 26587556

**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:** 26587555

**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

### FINQ DOLLAR NEUTRAL U.S. Large Cap AI-Managed Equity ETF (Series ID: S000095944)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000264731 | FINQ DOLLAR NEUTRAL U.S. Large Cap AI-Managed Equity ETF | AINT            |

### FINQ FIRST U.S. Large Cap AI-Managed Equity ETF (Series ID: S000095945)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000264732 | FINQ FIRST U.S. Large Cap AI-Managed Equity ETF | AIUP            |

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

AS FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION ON FEBRUARY 2, 2026

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. 302 | ☒ |
| 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. 303 | ☒ |

---

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

(Exact Name of Registrant as Specified in Charter)

**234 West Florida Street, Suite 700, 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 700**<br>**Milwaukee, Wisconsin 53204**  | **Christopher M. Cahlamer**<br>**Godfrey & Kahn, S.C.**<br> **833 East Michigan Street, Suite 1800**<br>**Milwaukee, Wisconsin 53202**<br>|

---

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

☒ immediately upon filing pursuant to paragraph (b)

☐ on (date) 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. 302 to the Registration Statement of Tidal Trust I (the "Trust") is being filed to respond to Staff comments with respect to the registration of the FINQ First U.S. Large Cap AI-Managed Equity ETF and FINQ Dollar Neutral U.S. Large Cap AI-Managed Equity ETF as two new series of the Trust, and to make other permissible changes under Rule 485(b).

![](finq485bpos001.jpg)

**FINQ FIRST U.S. Large Cap AI-Managed Equity ETF** (AIUP)

**FINQ DOLLAR NEUTRAL U.S. Large Cap AI-Managed Equity ETF** (AINT)

*each listed on NYSE Arca, Inc.* 

**PROSPECTUS**

**February 2, 2026**

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

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [**Summary Information**](#finq485bposa001) | **1** |
| [**FINQ FIRST U.S. Large Cap AI-Managed Equity ETF– Fund Summary**](#finq485bposa002) | **1** |
| [**FINQ DOLLAR NEUTRAL U.S. Large Cap AI-Managed Equity ETF – Fund Summary**](#finq485bposa003) | **8** |
| [**Additional Information About the Funds**](#finq485bposa004) | **16** |
| [**Portfolio Holdings**](#finq485bposa005) | **20** |
| [**Management**](#finq485bposa006) | **20** |
| [**How to Buy and Sell Shares**](#finq485bposa007) | **22** |
| [**Dividends, Distributions, and Taxes**](#finq485bposa008) | **23** |
| [**Distribution**](#finq485bposa009) | **26** |
| [**Premium/Discount Information**](#finq485bposa010) | **26** |
| [**Additional Notices**](#finq485bposa011) | **26** |
| [**Financial Highlights**](#finq485bposa012) | **27** |

---

**SUMMARY INFORMATION**

**FINQ FIRST U.S. LARGE CAP AI-MANAGED EQUITY ETF - FUND SUMMARY**

**Investment Objective**

The FINQ FIRST U.S. Large Cap AI-Managed Equity ETF (the "Fund") seeks long-term capital appreciation.

**Fees and Expenses of the Fund**

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

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses<sup>(1)</sup>** (expenses that you pay each year as a percentage of the value of your investment) | <sup>(1)</sup> |
| Management Fee | 0.70% |
| Distribution and Service (12b-1) Fees |  |
| Other Expenses<sup>(2)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% |
| Total Annual Fund Operating Expenses | 0.70% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(2) Estimated for the
 current fiscal year.

**Expense Example**

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

---

| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $72 | $224 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund's performance. Because the Fund is newly organized, portfolio turnover information is not yet available.

**Principal Investment Strategies**

The Fund, an exchange-traded fund ("ETF"), is actively managed and seeks to achieve its investment objective primarily by taking long (buy) positions in equity securities of U.S. large-cap companies based on the results of a proprietary adaptive artificial intelligence ("AI") framework (the "Model"). The Fund defines a large-cap company to be any company that is included in the S&P 500<sup>®</sup> Index (the "Index"). The Index is a market capitalization weighted index representing the 500 largest public companies in the United States. The Fund's investments are determined by the stock rankings and weightings as generated by the Model which was developed and is maintained by FINQ AI, LLC (the "Sub-Adviser") and its affiliates. An "adaptive" AI framework is one designed to learn, evolve, and dynamically adjust its behavior and decision-making based on real-time data and market changes, rather than relying on static, predefined rules.

*AI-Managed Ranking System*

The Fund's investments are determined by the Model which, at its core, is an adaptive relative ranking system that, on a daily basis, continuously ranks all 500 stocks comprising the Index from "1" (being most relatively attractive as determined by the Model) to "500" (being the least relatively attractive). The Model does not predict future performance, but rather, drawing from factors described below, establishes a dynamic and evolving "view" of each stock as to its relative positioning or attractiveness, based solely on how each stock ranks compared to its peers in the Index. Stocks ranked at the top may not necessarily "outperform" and those ranked at the bottom may not necessarily decline in value, but the Model's relative positioning of each stock as compared to its peers dictates the investment selection process (as discussed below).

In formulating its view and rankings of relative attractiveness, the Model compares and processes a wide range of financial news and other data relevant to each company represented in the Index, gathered from public media sources, industry and institutional data providers and financial and regulatory filings databases. The Model processes these data inputs through its adaptive AI framework to arrive at relative attractiveness rankings and positioning. The Model:

● **Draws** from "common wisdom" (*i.e.*, widely accepted beliefs and conventional advice regarding investment and market trends that drive public market behavior), "professional wisdom" (*i.e.*, institutional data, insights and expertise from financial professionals, market analysts and asset managers), "fundamental signals" (*i.e.*, indicators of companies' financial health, performance, and future growth potential, such as key financial and valuation metrics, economic and industry trends, qualitative factors and market sentiment), and "regulatory interpretations" (*i.e.,* relevant regulatory requirements and limitations).

● **Ingests** third-party natural language processing (NLP) data. The data is derived from written text or recorded speech, such as financial analyst reports, news sources, social media and blog posts NLP techniques are then used to extract relevant financial information, which informs the system's analysis of market and company fundamentals, events, trends, themes, sentiments, and structures; and

● **Applies** advanced machine learning techniques allowing the system to evolve and self-correct over time. These include:

● genetic algorithms (*i.e.*, search techniques designed to find optimal solutions to complex problems);

● reinforcement learning (*i.e.,* trial-and-error processes used to train AI systems to learn optimal outcomes); and

● adaptive signal optimization (*i.e.*, techniques to adjust or respond to constantly changing signals or inputs).

The Model is an AI-managed system that operates fully autonomously, without human intervention or interference. It functions end-to-end based on AI logic and the learned elements of the system described above. The system methodology results in a daily, model-generated ranking of all 500 stocks in the Index and the Fund's portfolio is constructed directly based on this ranking process as described below.

*AI-Managed Investment Selection, Weighting and Rebalancing*

The Fund's portfolio is selected based wholly on the rankings generated by the Model, which typically includes the Model's top 14 to 20 ranked stocks. Using the same adaptive AI framework to draw, ingest and apply data inputs as described above, the Model determines, on a daily basis, the specific stock positions invested in by the Fund (which vary as the Model's rankings change), and the optimal number of stock positions (*i.e.*, typically between typically 14 to 20) based upon weightings assigned by the Model to each ranked position in the Fund's portfolio. In making a daily determination of the stocks to be held by the Fund and individual position weightings, the Model takes into account regulatory investment restrictions and limitations applicable to the Fund, including compliance with tax diversification requirements applicable to registered investment companies under the Internal Revenue Code of 1986, as amended (the "Code").

The Sub-Adviser supervises and monitors the Model to detect and address any potential malfunctions or technology issues impacting the Model's performance, which includes reviewing the Model's outputs to ensure they adhere to the built-in rules and parameters. The Sub-Adviser will not alter the Model's programming, and will not intervene or override the Model's ranked selection, weighting and rebalancing outputs other than to ensure the Fund remains in compliance with applicable regulatory requirements.

Actual performance of the Fund may differ from the performance of the Model's selected and weighted stock positions due to factors including (i) timing differences between when the Model generates its outputs and when corresponding portfolio securities transactions are executed and settled, (ii) brokerage commissions, transactions costs and other fees and expenses of the Fund; and (iii) any Fund holdings of cash or cash equivalents for operational or liquidity purposes. Accordingly, there can be no assurance that the Fund's performance will fully reflect the performance of the Model's selected and weighted stock positions.

*Portfolio Characteristics*

The Fund invests, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of U.S. large-cap companies.

The Fund is deemed to be non-diversified under the 1940 Act, which means that it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. The Fund's portfolio of Index stocks, selected and weighted as dictated by the Model's outputs, will be focused in certain sectors from time to time to the extent that stocks represented in the Index are focused in those sectors. As of the date of this Prospectus, the most prevalent sectors in the Index, based on market capitalization, included the communications, consumer discretionary, finance, healthcare and technology sectors. The Fund's exposure to one or more market sectors is subject to change over time.

The Fund is expected to have a moderate to high portfolio turnover rate on an annual basis.

**Principal Investment Risks**

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

An investment in the Fund entails risk. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. The Fund is not a complete investment program. It is important that investors closely review all of the risks listed below and understand them before making an investment in the Fund.

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

**Large-Capitalization Investing 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.

**Limited Holdings Risk.** Although the Fund does not intend to concentrate in any particular industry, it will hold a limited number of securities. As a result, it may be more volatile and have a greater risk of loss than more broadly diversified funds.

**Sector Focus Risk.** The Fund may invest a significant portion of its assets in one or more sectors and as a result will be more susceptible to the risks affecting those sectors. While the Fund's sector exposure is expected to vary over time, the Fund anticipates that it may be subject to some or all of the sector-specific risks described below, and could be negatively impacted by market events or economic factors affecting such sectors.

*Communications Sector Risk.* Communication companies are particularly vulnerable to the potential obsolescence of products and services due to technological advancement and the innovation of competitors. Companies in the communications sector may also be affected by other fierce competitive pressures, including pricing competition. They may also be adversely affected by research and development costs, substantial capital requirements, and increased governmental regulation.

*Consumer Discretionary Sector Risk*. The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and global economy, interest rates, competition, and consumer confidence. Success depends heavily on disposable household income and consumer spending. Also, companies in the consumer discretionary sector may be subject to severe competition, which may have an adverse impact on their respective profitability. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products and services in the marketplace.

*Finance Sector Risk:* Companies in the finance sector may underperform the broader markets due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the sector. Companies operating in the finance sector are subject to extensive government regulation, which may limit their ability to leverage their capital. Interest rates and banking fees are also regulated by federal and state authorities. Profitability is largely dependent on the availability and cost of deposit funds, as impacted by statutory reserve requirements which can fluctuate significantly when interest rates change, or the sector faces increased competition from less regulated competitors. The sector is also affected by ongoing technology investments in and upgrades to legacy systems in order to meet regulatory reporting requirements.

*Healthcare Sector Risk*: Companies' profitability in the healthcare sector may be negatively impacted by government regulations and government healthcare programs, increases or decreases in the cost of medical products and services, an increased emphasis on outpatient services, and product liability claims, among other factors. Many healthcare companies are heavily dependent on patent protection, and the expiration of a company's patent may adversely affect that company's profitability. Healthcare companies are subject to competitive forces that may result in price discounting, and may be thinly capitalized and susceptible to product obsolescence.

*Technology Sector Risk*. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

**ETF Risks.**

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

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

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

*Trading.* Although Shares are listed on a national securities exchange, such as NYSE Arca, Inc. (the "Exchange"), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will develop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund's underlying portfolio holdings, which can be significantly less liquid than Shares. Shares trade on the Exchange at market price that may be below, at or above the Fund's NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange "circuit breaker" rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. As a result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing.

**New Fund Risk.** The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. There can be no assurance that the Fund will grow to or maintain an economically viable size.

**New Sub-Adviser Risk.** The Sub-Adviser is a recently formed entity and has no experience with managing an ETF, which may limit the Sub-Adviser's effectiveness.

**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.

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

**Management Risk.** The Fund is actively-managed and may not meet its investment objective based on the Model's implementation of the investment strategies for the Fund, subject to the oversight and monitoring of the Sub-Adviser.

**Models and Data Risk.** The Fund's portfolio holdings are fully dependent on proprietary models as well as information and data supplied by third parties (Models and Data). When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities from the Fund's portfolio that would have been excluded or included had the Models and Data been correct and complete. Additionally, technology risk arises from the use of computer models and algorithms; any technical failures, coding errors, or cybersecurity breaches could disrupt the Fund's trading activities, potentially leading to significant financial losses and compromised data integrity.

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

**Operational Risk.** The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund's service providers, counterparties, or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund's ability to meet its investment objective. Although the Fund, Adviser, and Sub-Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.

**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. As a result, the risk environment remains elevated.

**Performance**

Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance history from year to year and showing how the Fund's average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. Updated performance information will be available on the Fund's website at www.finqai.com/etfs.

**Management**

*Investment Adviser*: Tidal Investments LLC serves as investment adviser to the Fund.

*Investment Sub-Adviser*: FINQ AI, LLC serves as an investment sub-adviser to the Fund.

*Portfolio Managers*:

The following individuals are jointly and primarily responsible for the day-to-day management of the Fund.

*Investment Adviser*

Charles A. Ragauss, CFA, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since its inception in 2026.

*Sub-Adviser*

Dan Solomon, Portfolio Manager of the Sub-Adviser, has been a portfolio manager of the Fund since its inception in 2026.

CFA<sup>®</sup> is a registered trademark owned by the CFA Institute.

**Purchase and Sale of Shares**

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

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

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

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

**Tax Information**

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

**Financial Intermediary Compensation**

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

**SUMMARY INFORMATION**

**FINQ DOLLAR NEUTRAL U.S. LARGE CAP AI-MANAGED EQUITY ETF - FUND SUMMARY**

**Investment Objective**

The FINQ DOLLAR NEUTRAL U.S. Large Cap AI-Managed Equity ETF (the "Fund") seeks long-term capital appreciation and to achieve absolute returns.

**Fees and Expenses of the Fund**

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

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| | |
|:---|:---|
| **Annual Fund Operating Expenses<sup>(1)</sup>** (expenses that you pay each year as a percentage of the value of your investment) | <sup>(1)</sup> |
| Management Fee | 1.25% |
| Distribution and Service (12b-1) Fees |  |
| Other Expenses<sup>(2)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% |
| Total Annual Fund Operating Expenses | 1.25% |

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

&nbsp;&nbsp;&nbsp;&nbsp;(2) Estimated for the
 current fiscal year.

**Expense Example**

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

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| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $127 | $397 |

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**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund's performance. Because the Fund is newly organized, portfolio turnover information is not yet available.

**Principal Investment Strategies**

The Fund, an exchange-traded fund ("ETF"), is actively-managed and seeks to achieve its investment objective by generating absolute returns through a dollar-neutral investing approach based on the results of a proprietary adaptive artificial intelligence ("AI") framework (the "Model). This approach involves taking long (buy) and short (sell) positions in equity securities of U.S. large-cap companies. The Fund defines a large-cap company to be any company that is included in the S&P 500<sup>®</sup> Index (the "Index"). The Index is a market capitalization weighted index representing the 500 largest public companies in the United States. A dollar-neutral portfolio aims to profit from the relative performance of assets, not overall market direction (as described more fully below). The Fund's long and short dollar-neutral investments are determined by the stock rankings and weightings as generated by the Model, which was developed and is maintained by FINQ AI, LLC (the "Sub-Adviser") and its affiliates. An "adaptive" AI framework is one designed to learn, evolve, and dynamically adjust its behavior and decision-making based on real-time data and market changes, rather than relying on static, predefined rules.

*AI-Managed Ranking System*

The Fund's investments are determined by the Model which, at its core, is an adaptive relative ranking system that, on a daily basis, continuously ranks all 500 stocks comprising the Index from "1" (being most relatively attractive as determined by the Model) to "500" (being the least relatively attractive). The Model does not predict future performance, but rather, drawing from factors described below, establishes a dynamic and evolving "view" of each stock as to its relative positioning or attractiveness, based solely on how each stock ranks compared to its peers in the Index. Stocks ranked at the top may not necessarily "outperform" and those ranked at the bottom may not necessarily decline in value, but the Model's relative positioning of each stock as compared to its peers dictates the investment selection process (as discussed below).

In formulating its view and rankings of relative attractiveness, the Model compares and processes a wide range of financial news and other data relevant to each company represented in the Index, gathered from public media sources, industry and institutional data providers and financial and regulatory filings databases. The Model processes these data inputs through its adaptive AI framework to arrive at relative attractiveness rankings and positioning. The Model:

● **Draws** from "common wisdom" (*i.e.*, widely accepted beliefs and conventional advice regarding investment and market trends that drive public market behavior), "professional wisdom" (*i.e.*, institutional data, insights and expertise from financial professionals, market analysts and asset managers), "fundamental signals" (*i.e.*, indicators of companies' financial health, performance, and future growth potential, such as key financial and valuation metrics, economic and industry trends, qualitative factors and market sentiment), and "regulatory interpretations" (*i.e.,* relevant regulatory requirements and limitations).

● **Ingests** third-party natural language processing (NLP) data. The data is derived from written text or recorded speech, such as financial analyst reports, news sources, social media and blog posts NLP techniques are then used to extract relevant financial information, which informs the system's analysis of market and company fundamentals, events, trends, themes, sentiments, and structures; and

● **Applies** advanced machine learning techniques allowing the system to evolve and self-correct over time. These include:

● genetic algorithms (*i.e.*, search techniques designed to find optimal solutions to complex problems);

● reinforcement learning (*i.e.,* trial-and-error processes used to train AI systems to learn optimal outcomes); and

● adaptive signal optimization (*i.e.,* techniques to adjust or respond to constantly changing signals or inputs).

The Model is an AI-managed system that operates fully autonomously, without human intervention or interference. It functions end-to-end based on AI logic and the learned elements of the system described above. The system methodology results in a daily, model-generated ranking of all 500 stocks in the Index and the Fund's portfolio is constructed directly based on this ranking process as described below.

*AI-Managed Investment Selection, Weighting and Rebalancing*

The Fund's portfolio is selected based wholly on the rankings generated by the Model, which will reflect long positions in the top 10 to 14 ranked stocks, and short positions in the bottom 10 to 14 ranked stocks. A short sale is a transaction in which the Fund sells a security it does not own, typically in anticipation of a decline in the market price of that security. To effect a short sale, the Fund arranges through a broker to borrow the security it does not own to be delivered to a buyer of such security. In borrowing the security to be delivered to the buyer, the Fund will become obligated to replace the security borrowed at the time of replacement, regardless of the market price at that time. The Fund will hold a portfolio of cash or cash equivalents, such as short-term U.S. treasury obligations and other money market instruments, as collateral for the Fund's short positions.

Using the same adaptive AI framework to draw, ingest and apply data inputs as described above, the Model determines, on a daily basis, the specific 10 to 14 long (*i.e.*, highest ranked) and 10 to 14 short (*i.e.*, lowest ranked) stock positions invested in by the Fund (which vary as the Model's rankings change), with weightings assigned by the Model to each of the long and short positions in the Fund's portfolio. In making such determinations, the Model takes into account regulatory investment restrictions and limitations applicable to the Fund, including complying with tax diversification requirements applicable to registered investment companies under the Internal Revenue Code of 1986, as amended (the "Code").

The Model seeks to maintain a dollar-neutral Fund portfolio with the aim of balancing long and short investment exposures as a means to reduce market direction dependency and instead, focus on relative price performance among the long and short positions. For example, assume the Fund has a $75 cash position to be invested on a dollar-neutral basis to achieve a $100 long position in ABC stock and a $100 short position in XYZ stock. The Fund in this example could sell short $100 of XYZ stock, with the short sale proceeds increasing its cash position to $175, and then buy $100 of ABC stock. This results in a $100 XYZ short position, a $100 ABC long position and $75 in remaining cash (available for collateral on the short sale). In this example, the Fund's net exposure is $0 ($100 long ABC stock - $100 short XYZ stock = $0), while its gross exposure – the sum of the absolute value of both long and short positions – is $200. The use of leverage in this example (where gross exposure exceeds the capital invested) can amplify both potential gains and losses. See "*Principal Investment Risks – "Leverage Risk"* and "*Short Sales Risk*" below. The strategy aims to profit from the relative performance between such long and short positions, not from overall market direction. In other words, the strategy can potentially gain if the long positions outperform while the short positions underperform, while the dollar amounts invested in long and short positions act as a potential hedge against market-wide fluctuations. There is no guarantee, however, that a dollar-neutral investment strategy will be successful, achieve profits or avoid losses.

The Sub-Adviser supervises and monitors the Model to detect and address any potential malfunctions or technology issues impacting the Model's performance, which includes reviewing the Model's outputs to ensure they adhere to the built-in rules and parameters. The Sub-Adviser will not alter the Model's programming, and will not intervene or override the Model's ranked selection, weighting and rebalancing outputs other than to ensure the Fund remains in compliance with applicable regulatory requirements.

Actual performance of the Fund may differ from the performance of the Model's selected and weighted stock positions due to factors including (i) timing differences between when the Model generates its outputs and when corresponding portfolio securities transactions are executed and settled, (ii) brokerage commissions, transactions costs and other fees and expenses of the Fund; and (iii) any Fund holdings of cash or cash equivalents for operational or liquidity purposes. Accordingly, there can be no assurance that the Fund's performance will fully reflect the performance of the Model's selected and weighted stock positions.

*Portfolio Characteristics*

The Fund invests, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in long and short positions in equity securities of U.S. large-cap companies.

The Fund is deemed to be non-diversified under the 1940 Act, which means that it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. The Fund's portfolio of long and short positions in Index stocks, selected and weighted as dictated by the Model's outputs, will be focused in certain sectors from time to time to the extent that stocks represented in the Index are focused in those sectors. As of the date of this Prospectus, the most prevalent sectors in the Index, based on market capitalization, included the communications, consumer discretionary, finance, healthcare and technology sectors. The Fund's exposure to one or more market sectors is subject to change over time.

The Fund is expected to have a moderate to high portfolio turnover rate on an annual basis.

**Principal Investment Risks**

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

An investment in the Fund entails risk. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. The Fund is not a complete investment program. It is important that investors closely review all of the risks listed below and understand them before making an investment in the Fund.

**Dollar-Neutral Strategy Risk.** The Fund uses short positions in combination with long positions in a dollar-neutral strategy with the aim of profiting from the relative performance of assets, rather than from overall market movements. The Fund's strategy may result in greater losses or lower positive returns than if the Fund held only long positions, and the Fund's short positions could result in unlimited losses. Due to limited availability of shorts or other market factors, the Fund may be unable to match its long and short positions expressed in dollars for a period of time. The overall performance of the Fund depends on the net performance of its long and short positions, and it is possible for the Fund to experience a net loss across all positions. It is also possible that the Fund's long positions will decline in value at the same time that securities underlying the Fund's short positions increase in value, thereby increasing potential losses to the Fund.

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

**Large-Capitalization Investing 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.

**Limited Holdings Risk.** Although the Fund does not intend to concentrate in any particular industry, it will hold a limited number of securities. As a result, it may be more volatile and have a greater risk of loss than more broadly diversified funds.

**Sector Focus Risk.** The Fund may invest a significant portion of its assets in one or more sectors and as a result will be more susceptible to the risks affecting those sectors. While the Fund's sector exposure is expected to vary over time, the Fund anticipates that it may be subject to some or all of the sector-specific risks described below, and could be negatively impacted by market events or economic factors affecting such sectors.

*Communications Sector Risk.* Communication companies are particularly vulnerable to the potential obsolescence of products and services due to technological advancement and the innovation of competitors. Companies in the communications sector may also be affected by other fierce competitive pressures, including pricing competition. They may also be adversely affected by research and development costs, substantial capital requirements, and increased governmental regulation.

*Consumer Discretionary Sector Risk*. The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and global economy, interest rates, competition, and consumer confidence. Success depends heavily on disposable household income and consumer spending. Also, companies in the consumer discretionary sector may be subject to severe competition, which may have an adverse impact on their respective profitability. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products and services in the marketplace.

*Finance Sector Risk:* Companies in the finance sector may underperform the broader markets due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the sector. Companies operating in the finance sector are subject to extensive government regulation, which may limit their ability to leverage their capital. Interest rates and banking fees are also regulated by federal and state authorities. Profitability is largely dependent on the availability and cost of deposit funds, as impacted by statutory reserve requirements which can fluctuate significantly when interest rates change, or the sector faces increased competition from less regulated competitors. The sector is also affected by ongoing technology investments in and upgrades to legacy systems in order to meet regulatory reporting requirements.

*Healthcare Sector Risk*: Companies' profitability in the healthcare sector may be negatively impacted by government regulations and government healthcare programs, increases or decreases in the cost of medical products and services, an increased emphasis on outpatient services, and product liability claims, among other factors. Many healthcare companies are heavily dependent on patent protection, and the expiration of a company's patent may adversely affect that company's profitability. Healthcare companies are subject to competitive forces that may result in price discounting, and may be thinly capitalized and susceptible to product obsolescence.

*Technology Sector Risk*. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

**Leverage Risk.** Leverage risk refers to the potential for increased volatility and losses in a portfolio due to the use of short positions or other financial instruments that may magnify gains and losses beyond the initial investment. Leverage could possibly create increased volatility for the Fund. The effect of the use of leverage by the Fund in a market that moves adversely to its investments could result in substantial losses to the Fund, which would be greater than if the Fund were not leveraged.

**Short Sales Risk.** In connection with a short sale of a security or other instrument, the Fund is subject to the risk that instead of declining, the price of the security or other instrument sold short will rise. If the price of the security or other instrument sold short increases, the Fund will experience a loss, which is theoretically unlimited since there is a theoretically unlimited potential for the market price of a security or other instrument sold short to increase.

**ETF Risks.**

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

*Cash Redemption Risk.* The Fund's investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., short positions). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may have less efficiency and pay out higher annual capital gain distributions to shareholders than if the in-kind redemption process was used. In addition, cash redemption costs could include brokerage costs or taxable gains or losses, which might not have otherwise been incurred if the redemption was fully in-kind.

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

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

*Trading.* Although Shares are listed on a national securities exchange, such as NYSE Arca, Inc. (the "Exchange"), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will develop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund's underlying portfolio holdings, which can be significantly less liquid than Shares. Shares trade on the Exchange at market price that may be below, at or above the Fund's NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange "circuit breaker" rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. As a result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing.

**New Fund Risk.** The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. There can be no assurance that the Fund will grow to or maintain an economically viable size.

**New Sub-Adviser Risk.** The Sub-Adviser is a recently formed entity and has no experience with managing an ETF, which may limit the Sub-Adviser's effectiveness.

**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.

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

**Management Risk.** The Fund is actively-managed and may not meet its investment objective based on the Model's implementation of the investment strategies for the Fund, subject to the oversight and monitoring of the Sub-Adviser.

**Models and Data Risk.** The Fund's portfolio holdings are fully dependent on proprietary models as well as information and data supplied by third parties (Models and Data). When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities from the Fund's portfolio that would have been excluded or included had the Models and Data been correct and complete. Additionally, technology risk arises from the use of computer models and algorithms; any technical failures, coding errors, or cybersecurity breaches could disrupt the Fund's trading activities, potentially leading to significant financial losses and compromised data integrity.

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

**Operational Risk.** The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund's service providers, counterparties, or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund's ability to meet its investment objective. Although the Fund, Adviser, and Sub-Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.

**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. As a result, the risk environment remains elevated.

**Performance**

Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance history from year to year and showing how the Fund's average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. Updated performance information will be available on the Fund's website at www.finqai.com/etfs.

**Management**

*Investment Adviser*: Tidal Investments LLC serves as investment adviser to the Fund.

*Investment Sub-Adviser*: FINQ AI, LLC serves as an investment sub-adviser to the Fund.

*Portfolio Managers*:

The following individuals are jointly and primarily responsible for the day-to-day management of the Fund.

*Investment Adviser*

Charles A. Ragauss, CFA, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since its inception in 2026.

*Sub-Adviser*

Dan Solomon, Portfolio Manager of the Sub-Adviser, has been a portfolio manager of the Fund since its inception in 2026.

CFA<sup>®</sup> is a registered trademark owned by the CFA Institute.

**Purchase and Sale of Shares**

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

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

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

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

**Tax Information**

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

**Financial Intermediary Compensation**

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

**ADDITIONAL INFORMATION ABOUT THE FUNDS**

**Investment Objectives**

The investment objective of each Fund is as follows:

● The FINQ FIRST U.S. Large Cap AI-Managed Equity ETF seeks long-term capital appreciation.

● The FINQ DOLLAR NEUTRAL U.S. Large Cap AI-Managed Equity ETF seeks long-term capital appreciation and to achieve absolute returns.

An investment objective is fundamental if it cannot be changed without the consent of the holders of a majority of the outstanding Shares. No Fund's investment objective has been adopted as a fundamental investment policy and therefore each Fund's investment objective may be changed without the consent of that Fund's shareholders upon approval by the Board of Trustees (the "Board") of Tidal Trust I (the "Trust") and at least 60 days' prior written notice to shareholders.

**Principal Investment Strategies**

**There is no guarantee that each Fund's investment strategy will be properly implemented, and an investor may lose some or all of its investment.**

Each Fund's "80%" investment policy is non-fundamental and can be changed without shareholder approval. However, shareholders of that Fund would be given at least 60 days' notice prior to any such change.

**Investments by Registered Investment Companies**

Section 12(d)(1) of the 1940 Act restricts investments by investment companies in the securities of other investment companies. However, registered investment companies are permitted to invest in other investment companies beyond the limits set forth in Section 12(d)(1) in recently adopted rules under the 1940 Act, subject to certain conditions. Each 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 beyond the limits set forth in Section 12(d)(1) if the Fund satisfies certain conditions specified in Rule 12d1-4, 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).

**Temporary Defensive Strategies**

Each Fund will employ its investment strategy regardless of whether there are periods of adverse market, economic, or other conditions and will not take temporary defensive positions during such periods.

**Principal Risks of Investing in each Fund**

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

The following risks could affect the value of your performance in the Funds: The risks below apply to each Fund as indicated in the following table. The number of risk factors applicable to a Fund does not necessarily correlate to the overall risk of an investment in that Fund. Additional information about each such risk and its potential impact on a Fund is set forth below the table.

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| | | |
|:---|:---|:---|
|  | **FINQ FIRST U.S.**<br> **Large Cap**<br> **AI-Managed Equity ETF** | &nbsp;&nbsp;**FINQ DOLLAR**<br> **NEUTRAL U.S.** <br> **Large Cap**<br> **AI-Managed Equity ETF** |
| &nbsp;&nbsp;**Dollar-Neutral Strategy Risk** | &nbsp;&nbsp;-- | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**Equity Market Risk** | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**ETF Risks** | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***—* Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk** | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**— Cash Redemption Risk** | &nbsp;&nbsp;-- | &nbsp;&nbsp;X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**— Costs of Buying or Selling Shares** | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**— Shares May Trade at Prices Other Than NAV** | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**— Trading** | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**General Market Risk** | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**High Portfolio Turnover Risk** | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**Large-Capitalization Investing Risk** | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**Leverage Risk** | &nbsp;&nbsp;-- | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**Limited Holdings Risk** | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**Management Risk** | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**Models and Data Risk** | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**New Fund Risk** | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**New Sub-Adviser Risk** | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**Non-Diversification Risk** | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**Operational Risk** | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**Recent Market Events Risk** | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**Sector Focus Risk** | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**— Communications Sector Risk** | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**— Consumer Discretionary Sector Risk** | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**— Finance Sector Risk** | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**— Healthcare Sector Risk** | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**— Technology Sector Risk** | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**Short Sales Risk** | &nbsp;&nbsp;-- | &nbsp;&nbsp;X |

---

**Dollar-Neutral Strategy Risk.** The Fund uses short positions in combination with long positions in a dollar-neutral strategy with the aim of profiting from the relative performance of assets, rather than from overall market movements. The Fund's strategy may result in greater losses or lower positive returns than if the Fund held only long positions, and the Fund's short positions could result in unlimited losses. Due to limited availability of shorts or other market factors, the Fund may be unable to match its long and short positions expressed in dollars for a period of time. The overall performance of the Fund depends on the net performance of its long and short positions, and it is possible for the Fund to experience a net loss across all positions. It is also possible that the Fund's long positions will decline in value at the same time that securities underlying the Fund's short positions increase in value, thereby increasing potential losses to the Fund.

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

**ETF Risks.**

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

*Cash Redemption Risk.* The Fund's investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., short positions). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may have less efficiency and pay out higher annual capital gain distributions to shareholders than if the in-kind redemption process was used. In addition, cash redemption costs could include brokerage costs or taxable gains or losses, which might not have otherwise been incurred if the redemption was fully in-kind.

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

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

*Trading.* Although Shares are listed on a national securities exchange, such as NYSE Arca, Inc. (the "Exchange"), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will develop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund's underlying portfolio holdings, which can be significantly less liquid than Shares. Shares trade on the Exchange at market price that may be below, at or above the Fund's NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange "circuit breaker" rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. As a result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing.

**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.

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

**Large-Capitalization Investing 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.

**Leverage Risk.** Leverage risk refers to the potential for increased volatility and losses in a portfolio due to the use of short positions or other financial instruments that may magnify gains and losses beyond the initial investment. Leverage could possibly create increased volatility for the Fund. The effect of the use of leverage by the Fund in a market that moves adversely to its investments could result in substantial losses to the Fund, which would be greater than if the Fund were not leveraged.

**Limited Holdings Risk.** Although the Fund does not intend to concentrate in any particular industry, it will hold a limited number of securities. As a result, it may be more volatile and have a greater risk of loss than more broadly diversified funds.

**Management Risk.** The Fund is actively-managed and may not meet its investment objective based on the Model's implementation of the investment strategies for the Fund, subject to the oversight and monitoring of the Sub-Adviser.

**Models and Data Risk.** The Fund's portfolio holdings are fully dependent on proprietary models as well as information and data supplied by third parties (Models and Data). When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities from the Fund's portfolio that would have been excluded or included had the Models and Data been correct and complete. Additionally, technology risk arises from the use of computer models and algorithms; any technical failures, coding errors, or cybersecurity breaches could disrupt the Fund's trading activities, potentially leading to significant financial losses and compromised data integrity.

**New Fund Risk.** The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. There can be no assurance that the Fund will grow to or maintain an economically viable size.

**New Sub-Adviser Risk.** The Sub-Adviser is a recently formed entity and has no experience with managing an ETF, which may limit the Sub-Adviser's effectiveness.

**Non-Diversification Risk.** Because the Fund is "non-diversified," it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund's overall value to decline to a greater degree than if the Fund held a more diversified portfolio. This may increase the Fund's volatility and have a greater impact on the Fund's performance.

**Operational Risk.** The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund's service providers, counterparties, or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund's ability to meet its investment objective. Although the Fund, Adviser, and Sub-Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.

**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. As a result, the risk environment remains elevated.

**Sector Focus Risk.** The Fund may invest a significant portion of its assets in one or more sectors and as a result will be more susceptible to the risks affecting those sectors. While the Fund's sector exposure is expected to vary over time, the Fund anticipates that it may be subject to some or all of the sector-specific risks described below, and could be negatively impacted by market events or economic factors affecting such sectors.

*Communications Sector Risk.* Communication companies are particularly vulnerable to the potential obsolescence of products and services due to technological advancement and the innovation of competitors. Companies in the communications sector may also be affected by other fierce competitive pressures, including pricing competition. They may also be adversely affected by research and development costs, substantial capital requirements, and increased governmental regulation.

*Consumer Discretionary Sector Risk*. The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and global economy, interest rates, competition, and consumer confidence. Success depends heavily on disposable household income and consumer spending. Also, companies in the consumer discretionary sector may be subject to severe competition, which may have an adverse impact on their respective profitability. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products and services in the marketplace.

*Finance Sector Risk:* Companies in the finance sector may underperform the broader markets due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the sector. Companies operating in the finance sector are subject to extensive government regulation, which may limit their ability to leverage their capital. Interest rates and banking fees are also regulated by federal and state authorities. Profitability is largely dependent on the availability and cost of deposit funds, as impacted by statutory reserve requirements which can fluctuate significantly when interest rates change, or the sector faces increased competition from less regulated competitors. The sector is also affected by ongoing technology investments in and upgrades to legacy systems in order to meet regulatory reporting requirements.

*Healthcare Sector Risk*: Companies' profitability in the healthcare sector may be negatively impacted by government regulations and government healthcare programs, increases or decreases in the cost of medical products and services, an increased emphasis on outpatient services, and product liability claims, among other factors. Many healthcare companies are heavily dependent on patent protection, and the expiration of a company's patent may adversely affect that company's profitability. Healthcare companies are subject to competitive forces that may result in price discounting, and may be thinly capitalized and susceptible to product obsolescence.

*Technology Sector Risk*. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

**Short Sales Risk.** In connection with a short sale of a security or other instrument, the Fund is subject to the risk that instead of declining, the price of the security or other instrument sold short will rise. If the price of the security or other instrument sold short increases, the Fund will experience a loss, which is theoretically unlimited since there is a theoretically unlimited potential for the market price of a security or other instrument sold short to increase.

**PORTFOLIO HOLDINGS INFORMATION**

Information about each Fund's daily portfolio holdings will be available on the Funds' website at www.finqai.com/etfs. A complete description of the Funds' policies and procedures with respect to the disclosure of the Funds' portfolio holdings is available in the Funds' Statement of Additional Information (the "SAI").

**MANAGEMENT**

**Investment Adviser**

Tidal Investments LLC, a Tidal Financial Group company, located at 234 West Florida Street, Suite 700, Milwaukee, Wisconsin 53204, is an SEC-registered investment adviser and a Delaware limited liability company. Tidal was founded in March 2012 and is dedicated to understanding, researching, and managing assets within the expanding ETF universe. As of December 31, 2025 Tidal had assets under management of approximately $46.33 billion and served as the investment adviser or sub-adviser for 322 registered funds.

Tidal serves as investment adviser to the Funds and has overall responsibility for the general management and administration of the Funds pursuant to an investment advisory agreement with the Trust, on behalf of each Fund (the "Advisory Agreement"). The Adviser is responsible for trading portfolio securities and financial instruments for the Funds, including selecting broker-dealers to execute purchase and sale transactions. The Adviser provides oversight of the Sub-Adviser and review of its performance. The Adviser also arranges for transfer agency, custody, fund administration, and all other related services necessary for the Funds to operate. For the services provided to the Funds, each Fund pays the Adviser a unitary management fee, which is calculated daily and paid monthly, at an annual rate set forth in the table below based on such Fund's average daily net assets.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;Advisory Fee Rate |
| &nbsp;&nbsp;FINQ FIRST U.S. Large Cap AI-Managed Equity ETF | &nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;FINQ DOLLAR NEUTRAL U.S. Large Cap AI-Managed Equity ETF | &nbsp;&nbsp;1.25% |

---

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

**Investment Sub-Adviser**

FINQ AI, LLC, a Delaware limited liability company, located at 9 Ahad Ha'am Street, Tel Aviv, Tel-Aviv District, Israel 6514224, serves as the investment sub-adviser for the Funds. The Sub-Adviser was founded in April 2023 and became an SEC-registered investment adviser in March 2025. As of December 31, 2025, the Sub-Adviser had no assets under management.

The Sub-Adviser is responsible for oversight of the Fund's portfolio and supervision and monitoring of the Model that selects each Fund's investment portfolio on a day-to-day basis, subject to the oversight of the Adviser and the Board. The Sub-Adviser serves as the sub-adviser to the Funds, pursuant to a sub-advisory agreement between the Adviser and the Sub-Adviser (a "Sub-Advisory Agreement").

For its services as sub-adviser, the Sub-Adviser is entitled to receive a fee from the Adviser, which fee is calculated daily and payable monthly, at an annual rate of 0.04% of the average daily net assets of each Fund. However, as fund sponsor, the Sub-Adviser may automatically waive all or a portion of its sub-advisory fee with respect to each Fund. See "Fund Sponsor" below for more information.

**Advisory and Sub-Advisory Agreements**

A discussion regarding the basis for the Board's approval of the Fund's Advisory Agreement and Sub-Advisory Agreements will be available in the Fund's next semi-annual or annual report to shareholders on Form N-CSR.

**Portfolio Managers**

Since their inception in 2026, Dan Solomon has been primarily responsible for the day-to-day management of the Funds, and Charles A. Ragauss, CFA has overseen trading and execution for each Fund.

*Dan Solomon, Portfolio Manager for the Sub-Adviser*

Mr. Solomon is an Israeli-licensed portfolio manager with over six years' experience in equity research, investment strategy and portfolio management. He joined the Sub-Adviser in June 2024 and currently serves as an Equity Research Analyst, leading company-level analysis and supporting fund strategy development. Prior to joining the Sub-Adviser, Mr. Solomon spent nearly six years at Infinity Investment Group, a wealth management firm, where he managed portfolios for high net worth individuals and corporate clients, with responsibilities including developing tailored investment plans, conducting deep-dive equity and asset allocation analyses, financial modeling and identifying macro and sector-specific investment opportunities. Mr. Solomon received a Bachelor of Arts degree in Business Administration and Finance from Reichman University, Herzliya, Tel Aviv District, Israel in 2018.

*Charles A. Ragauss, CFA, Portfolio Manager for the Adviser* 

Mr. Ragauss serves as Portfolio Manager of the Adviser, having joined the Adviser in September 2020. Mr. Ragauss previously served as Chief Operating Officer and in other roles at CSat Investment Advisory, L.P. from April 2016 to September 2020. Previously, Mr. Ragauss was Assistant Vice President at Huntington National Bank ("Huntington"), where he was Product Manager for the Huntington Funds and Huntington Strategy Shares ETFs, a combined fund complex of almost $4 billion in assets under management. At Huntington, he led ETF development, bringing to market some of the first actively-managed ETFs. Mr. Ragauss joined Huntington in 2010. Mr. Ragauss attended Grand Valley State University where he received his Bachelor of Business Administration in Finance and International Business, as well as a minor in French. He is a member of both the National and West Michigan CFA societies and holds the CFA designation.

CFA<sup>®</sup> is a registered trademark owned by the CFA Institute.

The Funds' SAI provides additional information about each portfolio manager's compensation structure, other accounts that each portfolio manager manages, and each portfolio manager's ownership of Shares.

**Fund Sponsor**

The Adviser has entered into a fund sponsorship agreement with the Sub-Adviser pursuant to which the Sub-Adviser is a sponsor to the Funds. Under this arrangement, the Sub-Adviser has agreed to provide financial support (as described below) to the Funds. Every month, unitary management fees for the Funds are calculated and paid to the Adviser, and the Adviser retains a portion of the unitary management fees from the Funds.

In return for its financial support for the Funds, the Adviser has agreed to pay the Sub-Adviser any remaining profits generated by the Funds' unitary management fee. If the amount of the unitary management fees for a Fund exceeds the Fund's operating expenses (including the sub-advisory fee) and the Adviser-retained amount, that excess amount is considered "remaining profit." In that case, the Adviser will pay the remaining profits to the Sub-Adviser.

During months when the funds generated by the unitary management fee are insufficient to cover the entire sub-advisory fee, those fees are automatically waived, and any such waivers are not subject to recoupment. Further, if the amount of the unitary management fee for a Fund is less than the Fund's operating expenses and the Adviser-retained amount, the Sub-Adviser is obligated to reimburse the Adviser for the shortfall.

**HOW TO BUY AND SELL SHARES**

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

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

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

**Book Entry**

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

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

**Frequent Purchases and Redemptions of Shares**

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

**Determination of Net Asset Value**

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

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

**Fair Value Pricing**

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

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

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

**Delivery of Shareholder Documents – Householding**

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

**DIVIDENDS, DISTRIBUTIONS, AND TAXES**

**Dividends and Distributions**

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

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

Dividend payments and the timing of distributions, including ex-dividend dates, are determined by the Funds and may change. Historical and upcoming ex-dividend and distribution dates are available on the Funds' website. Shareholders and prospective shareholders should refer to the Funds' website or contact the Funds for the most current dividend schedule.

**Taxes**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**Important Tax Considerations When Purchasing Fund Shares**

If you are investing through a taxable account, you should carefully consider the timing of your investment relative to a 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 a 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 relevant Fund's distribution schedule prior to investing. When available, information about a Fund's distribution schedule can be found on the Funds' website at www.finqai.com/etfs.

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

**DISTRIBUTION**

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

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

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

**PREMIUM/DISCOUNT INFORMATION**

When available, information regarding how often Shares of a Fund traded on the applicable Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the applicable Fund can be found on the Funds' website at www.finqai.com/etfs.

**ADDITIONAL NOTICES**

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

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

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

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

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

**FINANCIAL HIGHLIGHTS**

This section would ordinarily include Financial Highlights for the Funds. The Financial Highlights tables are intended to help you understand the performance of each Fund for that Fund's periods of operations. Because the Funds have not yet commenced operations as of the date of this Prospectus, no Financial Highlights are shown.

**FINQ FIRST U.S. Large Cap AI-Managed Equity ETF** 

**FINQ DOLLAR NEUTRAL U.S. Large Cap AI-Managed Equity ETF**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Adviser** | &nbsp;&nbsp;**Tidal Investments LLC** <br> 234 West Florida Street<br> Suite 700 <br> Milwaukee, Wisconsin 53204 | &nbsp;&nbsp;**Sub-Adviser** | &nbsp;&nbsp;**FINQ AI, LLC**<br> 9 Ahad Ha'am Street<br> Tel Aviv, Tel-Aviv District, Israel 6514224 |
| &nbsp;&nbsp;**Distributor** | &nbsp;&nbsp;**Foreside Fund Services, LLC** <br> 190 Middle Street<br> Suite 301<br> Portland, Maine 04101 | &nbsp;&nbsp;**Administrator** | &nbsp;&nbsp;**Tidal ETF Services LLC** <br> 234 West Florida Street, Suite 700 <br> Milwaukee, Wisconsin 53204 |
| &nbsp;&nbsp;**Legal Counsel** | &nbsp;&nbsp;**Godfrey & Kahn, S.C.** <br> 833 East Michigan Street<br> Suite 1800 <br> Milwaukee, Wisconsin 53202 | &nbsp;&nbsp;**Fund Accountant** <br> **and Transfer Agent** | &nbsp;&nbsp;**U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services**<br> 615 East Michigan Street <br> Milwaukee, Wisconsin 53202 |
| &nbsp;&nbsp;**Independent**<br> **Registered Public**<br> **Accounting Firm** | &nbsp;&nbsp;**Tait, Weller & Baker LLP**<br> Two Liberty Place, 50 South 16<sup>th</sup> Street<br> Philadelphia, Pennsylvania, 19102 | &nbsp;&nbsp;**Custodian** | &nbsp;&nbsp;**U.S. Bank National Association** <br> 1555 N. Rivercenter Dr.<br> Milwaukee, Wisconsin 53212 |

---

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

**Statement of Additional Information:** The Funds' SAI provides additional details about the investments of the Funds and certain other additional information. A current SAI dated February 2, 2026, 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 each Fund's investments will be available in the Funds' annual and semi-annual shareholder reports and in Form N-CSR. In the annual report you will find a discussion of the market conditions and investment strategies that significantly affected each Fund's performance during the first fiscal year the Funds are in operation. In Form N-CSR, you will find each Fund's annual and semi-annual financial statements.

When available, you can obtain free copies of these documents, request other information, such as the Fund's financial statements, or make general inquiries about the Funds by contacting the Funds at FINQ AI ETFs, c/o U.S. Bank Global Fund Services PO Box 219252 Kansas City, Missouri 64121-9252 or calling (866) 533-5565.

These documents and other information about the Funds are also available:

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

&nbsp;&nbsp;&nbsp;&nbsp;● Free of charge from the Funds' Internet website at www.finqai.com/etfs; or

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

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

![](finq485bpos001.jpg)

**FINQ FIRST U.S. LARGE CAP AI-MANAGED EQUITY ETF** (AIUP)

**FINQ DOLLAR NEUTRAL U.S. LARGE CAP AI-MANAGED EQUITY ETF** (AINT)

*each listed on NYSE Arca, Inc.*

**STATEMENT OF ADDITIONAL INFORMATION**

**February 2, 2026**

This Statement of Additional Information ("SAI") is not a prospectus and should be read in conjunction with the Prospectus for the FINQ FIRST U.S. Large Cap AI-Managed Equity ETF and FINQ DOLLAR NEUTRAL U.S. Large Cap AI-Managed Equity ETF (each, a "Fund," and collectively the "Funds"), each a series of Tidal Trust I (the "Trust"), dated February 2, 2026, 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 (866) 533-5565, visiting www.finqai.com/etfs, or writing to the Funds, FINQ AI ETFs c/o U.S. Bank Global Fund Services, PO Box 219252 Kansas City, Missouri 64121-9252.

The Funds' audited financial statements for the most recent fiscal year (when available) will be incorporated into this SAI by reference to the Funds' most recent Annual Report to Shareholders on Form N-CSR (File No. 811-23377). When available, a copy of the Funds' Annual Report and Semi-Annual Report to Shareholders on Form N-CSR may be obtained at no charge by contacting the Funds at the address or phone number noted above.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [General Information about the Trust](#finq485bposb001) | 1 |
| [Additional Information about Investment Objectives, Policies, and Related Risks](#finq485bposb002) | 1 |
| [Description of Permitted Investments](#finq485bposb003) | 2 |
| [Investment Restrictions](#finq485bposb004) | 8 |
| [Exchange Listing and Trading](#finq485bposb005) | 9 |
| [Management of the Trust](#finq485bposb006) | 9 |
| [Principal Shareholders, Control Persons, and Management Ownership](#finq485bposb007) | 15 |
| [Codes of Ethics](#finq485bposb008) | 15 |
| [Proxy Voting Policies](#finq485bposb009) | 16 |
| [Investment Adviser](#finq485bposb010) | 16 |
| [Investment Sub-Adviser](#finq485bposb011) | 17 |
| [Portfolio Managers](#finq485bposb012) | 17 |
| [The Distributor](#finq485bposb013) | 18 |
| [Administrator](#finq485bposb014) | 20 |
| [Fund Accountant and Transfer Agent](#finq485bposb015) | 20 |
| [Custodian](#finq485bposb016) | 20 |
| [Legal Counsel](#finq485bposb017) | 20 |
| [Independent Registered Public Accounting Firm](#finq485bposb018) | 21 |
| [Portfolio Holdings Disclosure Policies and Procedures](#finq485bposb019) | 21 |
| [Description of Shares](#finq485bposb020) | 21 |
| [Limitation of Trustees' Liability](#finq485bposb021) | 21 |
| [Derivative Actions](#finq485bposb022) | 21 |
| [Brokerage Transactions](#finq485bposb023) | 22 |
| [Portfolio Turnover Rate](#finq485bposb024) | 23 |
| [Book Entry Only System](#finq485bposb025) | 23 |
| [Purchase and Redemption of Shares in Creation Units](#finq485bposb026) | 24 |
| [Determination of Net Asset Value](#finq485bposb027) | 29 |
| [Dividends and Distributions](#finq485bposb028) | 30 |
| [Federal Income Taxes](#finq485bposb029) | 30 |
| [Financial Statements](#finq485bposb030) | 35 |

---

**GENERAL INFORMATION ABOUT THE TRUST**

The Trust is an open-end management investment company consisting of multiple series, including the Funds. This SAI relates to the FINQ FIRST U.S. Large Cap AI-Managed Equity ETF and FINQ DOLLAR NEUTRAL U.S. Large Cap AI-Managed Equity ETF, (each, a "Fund," and collectively the "Funds"). The Trust was organized as a Delaware statutory trust on June 4, 2018. Prior to June 2, 2025, the Trust was named Tidal ETF Trust. The Trust is registered with the U.S. Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (together with the rules and regulations adopted thereunder, as amended, the "1940 Act"), as an open-end management investment company and the offering of the Funds' 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 Funds. FINQ AI, LLC (the "Sub-Adviser") serves as an investment sub-adviser to the Funds.

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

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

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

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

With respect to each 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.

**Non-Diversification** 

The Funds are each classified as a non-diversified investment company under the 1940 Act. A "non-diversified" classification means that a Fund is not limited by the 1940 Act's diversification requirements with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means that a Fund may invest a greater portion of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. The securities of a particular issuer may constitute a greater portion of the Funds. This may have an adverse effect on a Fund's performance or subject a Fund's Shares to greater price volatility than more diversified investment companies.

Although the Funds are each non-diversified for purposes of the 1940 Act, each Fund intends to maintain the required level of diversification and otherwise conduct its operations so as to qualify as a regulated investment company ("RIC") for purposes of the Internal Revenue Code of 1986, as amended (the "Code"), and to relieve the Funds of any liability for federal income tax to the extent that their earnings are distributed to shareholders. Compliance with the diversification requirements of the Code may limit the investment flexibility of a Fund and may make it less likely that a Fund will meet its investment objectives. See "Federal Income Taxes" in this SAI for further discussion.

**General Risks**

The value of a 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 a 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 a 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 a 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 the Funds' performance.

*Cyber Security Risk.* Investment companies, such as the Funds, 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 Funds or the Adviser, the Sub-Adviser, Custodian (defined below), Transfer Agent (defined below), intermediaries, and other third-party service providers may adversely impact a Fund. For instance, cyber attacks may interfere with the processing of shareholder transactions, impact a Fund's ability to calculate its NAV, cause the release of private shareholder information or confidential company information, impede trading, subject a Fund to regulatory fines or financial losses, and cause reputational damage. A 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 a Fund invests, which could result in material adverse consequences for such issuers, and may cause a 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. A 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 such Fund's investment objective and permitted by such Fund's stated investment policies. Each of the permitted investments described below applies to each Fund unless otherwise noted. In addition, certain of the techniques and investments discussed in this SAI are not principal strategies of the Funds as disclosed in the Prospectus, and while such techniques and investments are permissible for the Funds to utilize, the Funds are not required to utilize such non-principal techniques or investments.

**Borrowing**

Although the Funds do not intend to borrow money, a Fund may do so to the extent permitted by the 1940 Act. Under the 1940 Act, a Fund may borrow up to one-third (1/3) of its total assets. A Fund will generally borrow money only for short-term or emergency purposes. Such borrowing is not for investment purposes and will be repaid by the Fund promptly. Borrowing will tend to exaggerate the effect on NAV of any increase or decrease in the market value of a Fund's portfolio. Money borrowed will be subject to interest costs that may or may not be recovered by earnings on the securities purchased. A 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.

**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 a Fund's portfolio may also cause the value of Shares to decline. An investment in a 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 a 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.

*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.

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 a 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, such Fund may miss the opportunity to obtain the security at a favorable price or yield.

When purchasing a security on a when-issued basis, a 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 a 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. A Fund will segregate cash or liquid securities equal in value to commitments for the when-issued transactions. The Fund will segregate additional liquid assets daily so that the value of such assets is equal to the amount of the commitments.

**Exchange-Traded Funds**

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

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

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

**Illiquid and Restricted Investments**

A Fund may invest directly or indirectly 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, a 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 a 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 a 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, a 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, a 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, a 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.

**Investment Company Securities**

The Funds 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 a 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), each Fund may invest in the securities of another investment company (the "acquired company") provided that such 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 Funds may rely on Rule 12d1-4 of the 1940 Act, which provides an exemption from Section 12(d)(1) that allows a Fund to invest beyond the stated limits in other registered funds, including ETFs, if such 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 Funds 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 a 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"). Additionally, a Fund may rely on exemptive relief issued by the SEC to other registered funds, including ETFs, to invest in such other funds in excess of the limits of Section 12(d)(1) if a Fund complies with the terms and conditions of such exemptive relief.

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

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

**Repurchase Agreements**

The Funds 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 a 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 a 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, a 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 a 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.

**Other Short-Term Instruments**

The Funds may invest in short-term instruments, including money market instruments, on an ongoing basis to provide liquidity or for other reasons. Money market instruments are generally short-term investments that may include but are not limited to: (1) shares of money market funds; (2) obligations issued or guaranteed by the U.S. government, its agencies, or instrumentalities (including government-sponsored enterprises); (3) negotiable certificates of deposit ("CDs"), bankers' acceptances, fixed time deposits, and other obligations of U.S. and foreign banks (including foreign branches) and similar institutions; (4) commercial paper rated at the date of purchase "Prime-1" by Moody's or "A-1" by S&P or, if unrated, of comparable quality as determined by the Adviser or 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 Adviser or Sub-Adviser, are of comparable quality to obligations of U.S. banks which may be purchased by the Funds. 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.

**Securities Lending**

The Funds 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 Funds may terminate a loan at any time and obtain the return of the securities loaned. The lending 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 Funds are 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 Funds are compensated by a fee paid by the borrower equal to a percentage of the value of the loaned securities. Any cash collateral may be reinvested in certain short-term instruments either directly on behalf of the Fund or through one or more joint accounts or money market funds, which may include those managed by the Adviser.

The Funds 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 Funds in accordance with guidelines approved by the Board. In such capacity, the lending agent causes the delivery of loaned securities from the Funds to borrowers, arranges for the return of loaned securities to the Funds 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 a Fund has agreed to pay a borrower), and credit, legal, counterparty and market risk. In the event a borrower does not return a 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.

**Short Sales**

The Funds may make short sales as part of their overall portfolio management strategies or to offset a potential decline in value of a security. A short sale involves the sale of a security that is borrowed from a broker or other institution to complete the sale. A Fund may engage in short sales with respect to securities it owns, as well as securities that it does not own. Short sales expose a Fund to the risk that it will be required to acquire, convert or exchange securities to replace the borrowed security (also known as "covering" the short position) at a time when the security sold short has appreciated in value, thus resulting in a loss to the Fund. A Fund's investment performance may also suffer if the Fund is required to close out a short position earlier than it had intended. A Fund must segregate assets determined to be liquid in accordance with procedures established by the Board, or otherwise cover its positions in a permissible manner. A Fund will be required to pledge its liquid assets to the broker to secure its performance on short sales. As a result, the assets pledged may not be available to meet the Fund's needs for immediate cash or other liquidity. In addition, a Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund's open short positions. These types of short sales expenses are sometimes referred to as the "negative cost of carry," and will tend to cause a Fund to lose money on a short sale even in instances where the price of the security sold short does not change over the duration of the short sale. Dividend expenses on securities sold short will be borne by the shareholders of a Fund.

Short sales are considered derivative instruments for purposes of 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 FINQ DOLLAR NEUTRAL U.S. Large Cap AI-Managed Equity ETF has implemented a derivatives risk management program that complies with Rule 18f-4.

**U.S. Government Securities**

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

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

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

The total public debt of the United States as a percentage of gross domestic product has grown rapidly since the beginning of the 2008–2009 financial downturn. Although high debt levels do not necessarily indicate or cause economic problems, they may create certain systemic risks if sound debt management practices are not implemented. A high national debt can raise concerns that the U.S. government will not be able to make principal or interest payments when they are due. This increase has also necessitated the need for the U.S. Congress to negotiate adjustments to the statutory debt limit to increase the cap on the amount the U.S. government is permitted to borrow to meet its existing obligations and finance current budget deficits. In August 2011, S&P lowered its long-term sovereign credit rating of the U.S. from AAA to AA+ 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.

**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 or 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 a Fund makes distributions or you sell Shares.

**Temporary Defensive Positions**.

Each Fund will employ its investment strategy regardless of whether there are periods of adverse market, economic, or other conditions and will not take temporary defensive positions during such periods.

**INVESTMENT RESTRICTIONS**

The Trust has adopted the following investment restrictions as fundamental policies with respect to each Fund. These restrictions cannot be changed with respect to a Fund without the approval of the holders of a majority of such 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 a Fund present at the meeting if the holders of more than 50% of such Fund's outstanding voting securities are present or represented by proxy; or (2) more than 50% of the outstanding voting securities of a Fund.

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

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

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

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

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

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

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

In determining its compliance with the fundamental investment restriction on concentration, a Fund will look through to the underlying holdings of any investment company that publicly publishes its underlying holdings on a daily basis. In addition, if an underlying investment company does not publish its holdings daily but has a policy to concentrate or has otherwise disclosed that it is concentrated in a particular industry or group of related industries, the Fund will consider such investment company as being invested in such industry or group of related industries. Additionally, in determining its compliance with the fundamental investment restriction on concentration, the Funds 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, a 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. A 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.

In addition to the investment restrictions adopted as fundamental policies as set forth above, each Fund observes a non-fundamental restriction, as set forth below, which may be changed without a shareholder vote upon 60 days' notice to shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The FINQ FIRST U.S.
 Large Cap AI-Managed Equity ETF invests, under normal circumstances, at least 80% of its net assets, plus the amount of any
 borrowings for investment purposes, in equity securities of U.S. large-cap companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The FINQ DOLLAR
 NEUTRAL U.S. Large Cap AI-Managed Equity ETF invests, under normal circumstances, at least 80% of its net assets, plus the
 amount of any borrowings for investment purposes, in long and short positions in equity securities of U.S. large-cap companies.

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.

**EXCHANGE LISTING AND TRADING**

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

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

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

**MANAGEMENT OF THE TRUST**

**Board Responsibilities.** The management and affairs of the Trust and its series are overseen by the Board, which elects the officers of the Trust who are responsible for administering the day-to-day operations of the Trust and the Funds. 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 Funds. The Funds and their 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 each Fund's portfolio investments) and, consequently, for managing the risks associated with that business. The Board has emphasized to the Funds' service providers the importance of maintaining vigorous risk management.

The Board's role in risk oversight begins before the inception of the Funds, at which time certain of the Funds' service providers present the Board with information concerning the investment objective, strategies, and risks of the Funds as well as proposed investment limitations for the Funds. 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 Funds' 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 a Fund may be exposed.

The Board is responsible for overseeing the nature, extent, and quality of the services provided to the Funds 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 each Fund's investment restrictions and compliance with various Fund policies and procedures and with applicable securities regulations. The Board also reviews information about each Fund's performance and the nature of each Fund's investments.

The Trust's Chief Compliance Officer reports regularly to the Board to review and discuss compliance issues and Fund, and Adviser risk assessments. At least annually, the Trust's Chief Compliance Officer provides the Board with a report reviewing the adequacy and effectiveness of the Trust's policies and procedures and those of its service providers, including the Adviser 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 Funds' service providers regarding operational risks and risks related to the valuation and liquidity of portfolio securities. Annually, the Funds' independent registered public accounting firm reviews with the Audit Committee its audit of each Fund's financial statements, focusing on major areas of risk encountered by the Funds and noting any significant deficiencies or material weaknesses in the Funds' internal controls over financial reporting. 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 each 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 a 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 a 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 Funds' 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 Funds' 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 700, 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**<br> **Office and**<br> **Length of**<br> **Time Served** | &nbsp;&nbsp;**Principal Occupation(s)** <br> **During Past 5 Years** | &nbsp;&nbsp;**Number of**<br> **Portfolios in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee<sup>(3)</sup>** | &nbsp;&nbsp;**Other** <br> **Directorships Held**<br> **by Trustee During** <br> **Past 5 Years** |
| &nbsp;&nbsp;**Independent Trustees <sup>(1)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;Mark H.W. Baltimore <br> Born: 1967 | &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). | &nbsp;&nbsp;55 |  |
| &nbsp;&nbsp;Dusko Culafic <br> Born: 1958 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite term; since 2018 | &nbsp;&nbsp;Retired (since 2018). | &nbsp;&nbsp;55 |  |
| &nbsp;&nbsp;Eduardo Mendoza <br> Born: 1966 | &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) Credijusto (financial technology company). | &nbsp;&nbsp;55 |  |
| &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 | &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).<br>| &nbsp;&nbsp;522<sup>(4)</sup> | &nbsp;&nbsp;Trustee, Tidal Trust II (since 2022); Trustee, Tidal Trust III (since 2025); Trustee, Tidal Trust IV (since 2025); Trustee, Tidal Trust V (since 2025) (469 series total); Independent Director, Muzinich Direct Lending Income Fund, Inc. (since 2023); Independent Director, Muzinich BDC, Inc. (since 2019); Trustee, Professionally Managed Portfolios (27 series) (since 2011). |

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

<sup>(2)</sup> 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.

<sup>(3)</sup> The Trust, as of the date of this SAI, offers for sale to the public 46 of 55 funds registered with the SEC.

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

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

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

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

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

The Trust has concluded that Mr. Falkeis should serve as a Trustee because of his substantial investment company experience and his experience with financial, accounting, investment, and regulatory matters through his former position as Senior Vice President and Chief Financial Officer (and other positions) of U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Global Fund Services"), a full service provider to ETFs, mutual funds, and alternative investment products. 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 Funds' 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 Funds' shareholders; discussing with management and the independent auditor significant financial reporting issues and judgments made in connection with the preparation of the Funds' 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 Funds' Form N-CSR. As of the date of this SAI, the Audit Committee met one time with respect to the Funds.

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 700, Milwaukee, Wisconsin 53204, unless otherwise indicated. Additional information about the Trust's officers is as follows:

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

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<sup>(1)</sup> 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 Funds are 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, 2025, the Funds had not commenced operations and no Shares were outstanding. As of December 31, 2025, 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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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Dollar Range of Shares Owned**<br> **in the Funds** | &nbsp;&nbsp;**Aggregate Dollar Range of Shares of** <br> **Series of the Trust** |
| &nbsp;&nbsp;Dusko Culafic |  | &nbsp;&nbsp;$50001-$100000 |

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As of December 31, 2025, 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 Funds, 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 Funds, 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 $35,000 for each regular meeting attended, $6,000 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 $45,000. 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 year ending September 30, 2026. Independent Trustee fees are paid by the Adviser or sub-adviser (for series that are sub-advised) to each series of the Trust and not by the Funds. Trustee compensation shown below does not include estimated reimbursed out-of-pocket expenses in connection with attendance at meetings.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name** | **Aggregate Estimated** <br> **Compensation**<br> **From the Funds<sup>(1)</sup>** | **Total Estimated Compensation**<br> **From Fund Complex** <br> **Paid to Trustees<sup>(1)(2)</sup>** |
| &nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;**Interested Trustees** |
| &nbsp;&nbsp;Eric W. Falkeis | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** |
| &nbsp;&nbsp;Mark H.W. Baltimore | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$180000 |
| &nbsp;&nbsp;Dusko Culafic | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$225000 |
| &nbsp;&nbsp;Eduardo Mendoza | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$180000 |

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<sup>(1)</sup> Compensation is based on estimated amounts for the fiscal year.

<sup>(2)</sup> The Trust, as of the date of this SAI, offers for sale to the public 46 of 55 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 a Fund.

As of the date of this SAI, the Funds had not yet commenced operations and no Shares were outstanding.

**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 a 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 a 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 https://www.sec.gov.

**PROXY VOTING POLICIES**

The Funds have 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 each 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.

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

When available, information on how the Funds 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 (866) 533-5565, (2) on the Fund's website at www.finqai.com/etfs, and (3) on the SEC's website at www.sec.gov.

**INVESTMENT ADVISER**

Tidal Investments LLC, a Tidal Financial Group company, located at 234 West Florida Street, Suite 700, Milwaukee, Wisconsin 53204, serves as investment adviser to the Funds and has overall responsibility for the general management and administration of the Funds.

Pursuant to the Investment Advisory Agreement (the "Advisory Agreement"), the Adviser provides investment advice to the Funds and oversees the day-to-day operations of the Funds, subject to the direction and oversight of the Board. The Adviser also oversees the trading of portfolio securities for the Funds, including selecting broker-dealers to execute purchase and sale transactions. 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 Funds to operate. The Adviser administers the Funds' 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. Under the Advisory Agreement, in exchange for a single unitary management fee from each Fund, the Adviser has agreed to pay all expenses incurred by the Funds except for the Excluded Expenses, as defined in the Prospectus. For services provided to the Funds, each Fund pays the Adviser a unitary management fee, which is calculated daily and paid monthly, at an annual rate based on the applicable Fund's average daily net assets as set forth in the table below.

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| | |
|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;Advisory Fee Rate |
| &nbsp;&nbsp;FINQ FIRST U.S. Large Cap AI-Managed Equity ETF | &nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;FINQ DOLLAR NEUTRAL U.S. Large Cap AI-Managed Equity ETF | &nbsp;&nbsp;1.25% |

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The Advisory Agreement with respect to each Fund will continue in force for an initial period of two years. Thereafter, the Advisory Agreement will be renewable from year to year with respect to the Funds, 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 Funds are new, and the Funds have not paid fees to the Adviser pursuant to the Advisory Agreement as of the date of this SAI.

**INVESTMENT SUB-ADVISER**

The Adviser has retained FINQ AI, LLC, a registered investment adviser located at 9 Ahad Ha'am Street, Tel Aviv, Tel-Aviv District, Israel 6514224, to serve as the investment sub-adviser to the Funds pursuant to an investment sub-advisory agreement (the "Sub-Advisory Agreement") between the Adviser and the Sub-Adviser. The Sub-Adviser provides portfolio management services to the Funds.

The Sub-Adviser is responsible for oversight of the Fund's portfolio and supervision and monitoring of the Model that selects each Fund's investment portfolio on a day-to-day basis, subject to the approval of the Adviser and the supervision of 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 0.04% of the average daily net assets of each Fund. The Sub-Adviser has agreed to assume the Adviser's obligation to pay all expenses incurred by the Funds, except for Excluded Expenses. For assuming the payment obligations for each Fund, the Adviser has agreed to pay the Sub-Adviser the profits, if any, generated by each Fund's unitary management fee. Expenses incurred by the Funds and paid by the Sub-Adviser include fees charged by Tidal ETF Services, LLC, a Tidal Financial Group company, the Funds' administrator and an affiliate of the Adviser.

The Sub-Advisory Agreement will continue in force for an initial period of two years. Thereafter, the Sub-Advisory Agreement with respect to the Funds 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 Funds, 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 Funds are new, and the Adviser has not paid fees to the Sub-Adviser as of the date of this SAI.

**PORTFOLIO MANAGERS**

The Funds are managed by Dan Solomon, Portfolio Manager for the Sub-Adviser, and Charles A. Ragauss, Portfolio Manager for the Adviser.

**Other Accounts.** In addition to the Funds for which each serves as portfolio manager, as noted below, the portfolio managers managed the following other accounts as of December 31, 2025:

*Dan Solomon, Portfolio Manager for the Sub-Adviser*

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type of Accounts** | **Total**<br> **Number**<br> **of Accounts** | **Total Assets**<br> **of Accounts** <br> **(in millions)** | **Total** <br> **Number of**<br> **Accounts**<br> **Subject to a**<br> **Performance-**<br> **Based Fee** | **Total Assets**<br> **of Accounts** <br> **Subject to a**<br> **Performance-**<br> **Based Fee**<br> **(in millions)** |
| &nbsp;&nbsp;Registered Investment Companies | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Other Accounts\* | 22 | &nbsp;&nbsp;$542148 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |

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\* Other accounts reflect those managed by Mr. Solomon on behalf of clients of an affiliate of the Sub-Adviser.

*Charles A. Ragauss, CFA, Portfolio Manager for the Adviser*

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type of Accounts** | **Total** <br> **Number**<br> **of Accounts** | **Total Assets**<br> **of Accounts** <br> **(in millions)** | **Total** <br> **Number of**<br> **Accounts**<br> **Subject to a**<br> **Performance-**<br> **Based Fee** | **Total Assets**<br> **of Accounts**<br> **Subject to a**<br> **Performance-**<br> **Based Fee** <br> **(in millions)** |
| &nbsp;&nbsp;Registered Investment Companies | &nbsp;&nbsp;101 | &nbsp;&nbsp;$21028 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Other Accounts |  | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |

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**Portfolio Manager Fund Ownership.** Each 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. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) under the 1934 Act. As of the date of this SAI, the Funds have not yet commenced operations and no Shares were owned by the portfolio managers.

**Portfolio Manager Compensation.** Mr. Solomon is compensated by the Sub-Adviser with a fixed global salary, which is not contingent upon the performance of the investments or the funds.

Mr. Ragauss 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 Funds. Mr. Ragauss is an equity owner of the Adviser and therefore may benefit indirectly from the revenue generated by the Funds' 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 Funds' 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 Funds. 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 Funds. For instance, the portfolio managers may receive fees from certain accounts that are higher than the fees received from a Fund, or receive a performance-based fee on certain accounts. In those instances, a portfolio manager has an incentive to favor the higher and/or performance-based fee accounts over a Fund. In addition, a conflict of interest exists to the extent the Sub-Adviser has proprietary investments in certain accounts, or where the portfolio managers or other employees have personal investments in certain accounts. To mitigate these conflicts, however, the Adviser has established policies and procedures to ensure that the purchase and sale of securities among all accounts the firm manages 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 Funds and distributes Shares on a best efforts basis. Shares are continuously offered for sale by the Distributor only in Creation Units. The Distributor will not distribute Shares in amounts less than a Creation Unit and does not maintain a secondary market in Shares. The principal business address of the Distributor is 190 Middle Street, Suite 301, Portland, Maine 04101.

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

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

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

The Funds are new and have 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 a Fund or its shareholders), may pay certain broker dealers, banks, and other financial intermediaries ("Intermediaries") for certain activities related to a Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange traded products, including the Funds, or for other activities, such as marketing and educational training or support. These arrangements are not financed by the Funds 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 Funds' 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 Funds, 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 Funds 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) 533-5565.

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

Continuance of the Plan must be approved annually by a majority of the Trustees of the Trust and by a majority of the Trustees who are not interested persons (as defined in the 1940 Act) of the Trust and have no direct or indirect financial interest in the Plan or in any agreements related to the Plan ("Disinterested Trustees"). None of the Trustees have a direct or indirect financial interest in the Plan or in any agreements related to the Plan. The Plan may be continued from year-to-year only if the Board, including a majority of the Disinterested Trustees, concludes at least annually that continuation of the Plan is likely to benefit shareholders. The Board has determined that the Plan is likely to benefit the Funds by providing an incentive for brokers, dealers, and other financial intermediaries to engage in sales and marketing efforts on behalf of the Funds and to provide enhanced services to shareholders. The Board also determined that the Plan may enhance each 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 a 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, a Fund is authorized to compensate the Distributor up to the maximum amount to finance any activity primarily intended to result in the sale of Creation Units of the Fund or for providing, or arranging for others to provide, shareholder services and for the maintenance of shareholder accounts. Such activities may include, but are not limited to: (1) delivering copies of the Fund's then current reports, prospectuses, notices, and similar materials, to prospective purchasers of Creation Units; (2) marketing and promotional services, including advertising; (3) paying the costs of and compensating others, including Authorized Participants with whom the Distributor has entered into written Authorized Participant Agreements, for performing shareholder servicing on behalf of the Fund; (4) compensating certain Authorized Participants for providing assistance in distributing the Creation Units of the Fund, including the travel and communication expenses and salaries and/or commissions of sales personnel in connection with the distribution of the Creation Units of the Fund; (5) payments to financial institutions and intermediaries such as banks, savings and loan associations, insurance companies, and investment counselors, broker-dealers, mutual fund supermarkets, and the affiliates and subsidiaries of the Trust's service providers as compensation for services or reimbursement of expenses incurred in connection with distribution assistance; (6) facilitating communications with beneficial owners of Shares, including the cost of providing, or paying others to provide, services to beneficial owners of Shares, including, but not limited to, assistance in answering inquiries related to Shareholder accounts; and (7) such other services and obligations as are set forth in the Distribution Agreement.

**ADMINISTRATOR**

Tidal ETF Services LLC (the "Administrator"), a Tidal Financial Group company and an affiliate of the Adviser, serves as the Funds' administrator. The Administrator is located at 234 West Florida Street, Suite 700, Milwaukee, Wisconsin 53204. Pursuant to a Fund Administration Servicing Agreement between the Trust and the Administrator, the Administrator provides the Trust with, or arranges for, administrative, compliance and management services (other than investment advisory services) to be provided to the Trust and the Board. Pursuant to the Fund Administration Servicing Agreement, officers or employees of the Administrator serve as the Trust's principal executive officer, principal financial officer, and chief compliance officer, the Administrator coordinates the payment of Fund-related expenses, and manages the Trust's relationships with its various service providers. As compensation for the services it provides, the Administrator receives a fee based on each 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 Funds are new, and the Administrator has not received any fees for administrative services to the Funds as of the date of this SAI.

**FUND ACCOUNTANT AND TRANSFER AGENT**

Global Fund Services, located at 615 East Michigan Street, Milwaukee, Wisconsin 53202, serves as the Funds' fund accountant and transfer agent.

Pursuant to a Fund Accounting Servicing Agreement between the Trust and Global Fund Services, Global Fund Services provides the Trust with accounting services, including portfolio accounting services, tax accounting services, and furnishing financial reports. In this capacity, Global Fund Services does not have any responsibility or authority for the management of the Funds, the determination of investment policy, or for any matter pertaining to the distribution of Shares. As compensation for the accounting and management services, the Adviser pays Global Fund Services a fee based on each 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 Funds are new, and Global Fund Services has not received any fees for accounting or transfer agent services to the Funds 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 Funds' assets. U.S. Bank is the parent company of Global Fund Services. The Custodian holds and administers the assets in each 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, located at Two Liberty Place, 50 South 16th Street, 29th Floor, Philadelphia, Pennsylvania, 19102, serves as the independent registered public accounting firm for the Funds, providing services which include: (1) auditing the annual financial statements for the Funds; and (2) the review of the annual federal income tax returns filed on behalf of the Funds.

**PORTFOLIO HOLDINGS DISCLOSURE POLICIES AND PROCEDURES**

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

**DESCRIPTION OF SHARES**

The Amended and Restated Declaration of Trust ("Declaration of Trust") authorizes the issuance of an unlimited number of funds and shares. Each share represents an equal proportionate interest in the applicable Fund with each other share. Shares are entitled upon liquidation to a pro rata share in the net assets of the applicable 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 a Fund without shareholder approval. While the Trustees have no present intention of exercising this power, they may do so if a Fund fails to reach a viable size within a reasonable amount of time or for such other reasons as may be determined by the Board.

**LIMITATION OF TRUSTEES' LIABILITY**

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

**DERIVATIVE ACTIONS**

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

**BROKERAGE TRANSACTIONS**

The policy of the Trust regarding purchases and sales of securities for a 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 Funds and the 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 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, as in most cases, an exact dollar value for those services is not ascertainable. The Trust has adopted policies and procedures that prohibit the consideration of sales of Shares as a factor in the selection of a broker or dealer to execute its portfolio transactions.

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

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

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

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

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

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

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

The Funds are new and have not paid any brokerage commissions as of the date of this SAI.

**Brokerage with Fund Affiliates**. A Fund may execute brokerage or other agency transactions through registered broker-dealer affiliates of the Funds, or 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 Funds 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 Funds, have adopted procedures for evaluating the reasonableness of commissions paid to affiliates and review these procedures periodically.

The Funds are new and have not paid brokerage commissions to any registered broker-dealer affiliates of the Funds or the Adviser as of the date of this SAI.

**Directed Brokerage.** The Funds are new and have 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."** Each 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 a Fund are the ten brokers or dealers that, during the most recent fiscal year (1) received the greatest dollar amounts of brokerage commissions from a Fund's portfolio transactions, (2) engaged as principal in the largest dollar amounts of portfolio transactions of a Fund, or (3) sold the largest dollar amounts of Shares.

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

The Funds are new and do not have portfolio turnover rates to report as of the date of this SAI.

**BOOK ENTRY ONLY SYSTEM**

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

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

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

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

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

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

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

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

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

**Placement of Creation or Redemption Orders**. All orders to purchase or redeem Creation Units are to be governed according to the applicable Participant Agreement that each Authorized Participant has executed. In general, all orders to purchase or redeem Creation Units must be received by the transfer agent in the proper form required by the Participant Agreement no later than the closing time of the regular trading session of the NYSE (ordinarily 4:00 p.m. Eastern Time) on each day the NYSE is open for business (the "Closing Time") in order for the purchase or redemption of Creation Units to be effected based on the NAV of shares of a Fund as next determined on such date after receipt of the order in proper form. At its discretion, the Funds may require an Authorized Participant to submit an order to purchase or redeem Creation Units earlier in the day, including in circumstances in which an applicable market for a security included in the creation or redemption basket closes earlier than usual, or in such other circumstances as the Funds may determine and disclose to Authorized Participants.

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

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

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

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

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

All orders to purchase Shares directly from the Funds must be placed for one or more Creation Units and in the manner and by the time set forth in the Participant Agreement and/or applicable order form. The order cut-off time for orders to purchase Creation Units is generally the Closing Time which time may be modified by each Fund from time-to-time by amendment to the Participant Agreement and/or applicable order form or as noted under "Placement of Creation or Redemption Orders." The date on which an order to purchase Creation Units (or an order to redeem Creation Units, as set forth below) is received and accepted is referred to as the "Order Placement Date."

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

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

Fund Deposits must be delivered by an Authorized Participant through the Federal Reserve System (for cash) or through DTC (for corporate securities), through a sub-custody agent (for foreign securities), and/or through such other arrangements allowed by the Trust or its agents. With respect to foreign Deposit Securities, the Custodian shall cause the sub-custodian of the Funds to maintain an account into which the Authorized Participant shall deliver, on behalf of itself or the party on whose behalf it is acting, such Deposit Securities (or Deposit Cash for all or a part of such securities, as permitted or required), with any appropriate adjustments as advised by the Trust. Foreign Deposit Securities must be delivered to an account maintained at the applicable local sub-custodian. A Fund Deposit transfer must be ordered by the Authorized Participant in a timely fashion to ensure the delivery of the requisite number of Deposit Securities or Deposit Cash, as applicable, to the account of the applicable Fund or its agents by no later than 4:00 p.m. Eastern Time (or such other time as specified by the Trust) on the contractual settlement date. If a Fund or its agents do not receive all of the Deposit Securities, or the required Deposit Cash in lieu thereof, by such time, then the order may be deemed rejected and the Authorized Participant shall be liable to the applicable Fund for losses, if any, resulting therefrom. The typical contractual settlement date for each purchase transaction will be within one day of the Order Placement Date (commonly referred to as "T+1"), unless the Fund and Authorized Participant agree to a different timeline for settlement or the transaction is exempt from the requirements of Rule 15c6-1 under the 1934 Act. Due to the schedule of holidays in certain countries, however, the delivery of Shares may take longer than one Business Day following the day on which the purchase order is received. In such cases, the local market settlement procedures will not commence until the end of local holiday periods.

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

The order shall be deemed to be received on the Business Day on which the order is placed provided that the order is placed in proper form prior to the applicable cut-off time and the federal funds in the appropriate amount are deposited by 4:00 p.m. Eastern Time, with the Custodian on the contractual settlement date. If the order is not placed in proper form as required, or federal funds in the appropriate amount are not received by 4:00 p.m. Eastern Time on the contractual settlement date, then the order may be deemed to be rejected and the Authorized Participant shall be liable to the applicable Fund for losses, if any, resulting therefrom. A creation request is in "proper form" if all procedures set forth in the Participant Agreement, order form and this SAI are properly followed.

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

Creation Units may be purchased in advance of receipt by the Trust of all or a portion of the applicable Deposit Securities as described below. In these circumstances, the initial deposit will have a value greater than the NAV of the Shares on the date the order is placed in proper form since, in addition to available Deposit Securities, cash must be deposited in an amount equal to the sum of (1) the Cash Component, plus (2) an additional amount of cash equal to a percentage of the value as set forth in the Participant Agreement, of the undelivered Deposit Securities (the "Additional Cash Deposit"), which shall be maintained in a separate non-interest bearing collateral account. The Authorized Participant must deposit with the Custodian the Additional Cash Deposit, as applicable, by 4:00 p.m. Eastern Time (or such other time as specified by the Trust) on the contractual settlement date. If a Fund or its agents do not receive the Additional Cash Deposit in the appropriate amount, by such time, then the order may be deemed rejected and the Authorized Participant shall be liable to the applicable Fund for losses, if any, resulting therefrom. An additional amount of cash shall be required to be deposited with the Trust, pending delivery of the missing Deposit Securities to the extent necessary to maintain the Additional Cash Deposit with the Trust in an amount at least equal to the applicable percentage, as set forth in the Participant Agreement, of the daily market value of the missing Deposit Securities. The Participant Agreement will permit the Trust to buy the missing Deposit Securities at any time. Authorized Participants will be liable to the Trust for the costs incurred by the Trust in connection with any such purchases. These costs will be deemed to include the amount by which the actual purchase price of the Deposit Securities exceeds the value of such Deposit Securities on the day the purchase order was deemed received by the Transfer Agent, plus the brokerage and related transaction costs associated with such purchases. The Trust will return any unused portion of the Additional Cash Deposit once all of the missing Deposit Securities have been properly received by the Custodian or purchased by the Trust and deposited into the Trust. In addition, a transaction fee, as described below under "Creation Transaction Fee," may be charged. The delivery of Creation Units so created generally will occur no later than the contractual settlement date.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**Additional Redemption Procedures.** In connection with taking delivery of Shares of Fund Securities upon redemption of Creation Units, a redeeming shareholder or Authorized Participant acting on behalf of such Shareholder must maintain appropriate custody arrangements with a qualified broker-dealer, bank, or other custody providers in each jurisdiction in which any of the Fund Securities are customarily traded, to which account such Fund Securities will be delivered. The typical contractual settlement date for each redemption transaction will be within one day of the Order Placement Date (or T+1), unless the Fund and Authorized Participant agree to a different timeline for settlement or the transaction is exempt from the requirements of Rule 15c6-1 under the 1934 Act. Due to the schedule of holidays in certain countries, however, the receipt of redemption proceeds may take longer than one Business Day following the day on which the purchase order is received. In such cases, the local market settlement procedures will not commence until the end of local holiday periods.

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

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

Because the portfolio securities of a Fund may trade on other exchanges on days that the applicable Exchange is closed or are otherwise not Business Days for the Fund, shareholders may not be able to redeem their Shares, or to purchase or sell Shares on such Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant foreign markets.

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

**DETERMINATION OF NAV**

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

In calculating a 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. A 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 each 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**.

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

The Funds will declare and pay income and capital gains distributions, if any, in cash. Distributions of net realized capital gains, if any, generally are declared and paid once a year, but a 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 a Fund.

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

**FEDERAL INCOME TAXES**

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

To the extent a Fund makes investments that may generate income that is not qualifying income, including certain derivatives, such 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 each Fund intends to distribute substantially all of its net investment income and may distribute its capital gains for any taxable year, each Fund will be subject to federal income taxation to the extent any such income or gains are not distributed. Each Fund is treated as a separate corporation for federal income tax purposes. Each 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 a Fund fails to satisfy the Qualifying Income Requirement or the Diversification Requirement in any taxable year, such 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 a 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, a Fund may be required to dispose of certain assets. If these relief provisions were not available to a 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, a 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 a 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 a Fund for treatment as a RIC if it determines such course of action to be beneficial to shareholders. If a Fund determines that it will not qualify as a RIC, such Fund will establish procedures to reflect the anticipated tax liability in the Fund's NAV.

A 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, a 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 a Fund and may not be distributed as capital gains to its shareholders. Generally, a 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 a Fund experiences an ownership change as defined in the Code.

A 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. Each 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.

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

Each 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 a 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 a 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 a Fund from an ETF or an underlying fund taxable as a RIC or a REIT may be treated as qualified dividend income generally only to the extent so reported by such ETF, underlying fund or REIT. If 95% or more of a 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 a 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 a Fund of its net short-term capital gains will be taxable to shareholders as ordinary income.

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

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

In addition to the federal income tax, certain individuals, trusts, and estates may be subject to a Net Investment Income ("NII") tax of 3.8%. The NII tax is imposed on the lesser of (1) a taxpayer's investment income, net of deductions properly allocable to such income; or (2) the amount by which such taxpayer's modified adjusted gross income exceeds certain thresholds ($250,000 for married individuals filing jointly, $200,000 for unmarried individuals, and $125,000 for married individuals filing separately). A 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 a 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 a Fund shortly before a dividend or other distribution, because the distribution will generally be taxable to the shareholder even though it may economically represent a return of a portion of the shareholder's investment.

To the extent that a Fund makes a distribution of income received by such 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 a 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 a Fund and result in a higher capital gain or lower capital loss when the Shares on which the distribution was received are sold. After a shareholder's basis in the Shares has been reduced to zero, distributions in excess of earnings and profits will be treated as gain from the sale of the shareholder's Shares.

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

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

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

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

The Trust, on behalf of a Fund, has the right to reject an order for Creation Units if the purchaser (or a group of purchasers) would, upon obtaining the Creation Units so ordered, own 80% or more of the outstanding Shares and if, pursuant to Section 351 and 362 of the Code, the Fund would have a basis in the deposit securities different from the market value of such securities on the date of deposit. The Trust also has the right to require the provision of information necessary to determine beneficial Share ownership for purposes of the 80% determination. If a Fund does issue Creation Units to a purchaser (or a group of purchasers) that would, upon obtaining the Creation Units so ordered, own 80% or more of the outstanding Shares, the purchaser (or a group of purchasers) will not recognize gain or loss upon the exchange of securities for Creation Units.

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

**Taxation of Fund Investments**. Certain of a 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 a Fund's ability to qualify as a RIC, affect the character of gains and losses realized by a 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 a Fund to mark-to-market certain types of positions in its portfolio (i.e., treat them as if they were closed out) which may cause a Fund to recognize income without 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. Each 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 a Fund invests in an underlying fund that is taxable as a RIC, the rules applicable to the tax treatment of complex securities will also apply to the underlying funds that also invest in such complex securities and investments.

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

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

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

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

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

**Certain Potential Tax Reporting Requirements**. Under U.S. Treasury regulations, if a shareholder recognizes a loss on disposition of the Shares of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder (or certain greater amounts over a combination of years), the shareholder must file with the IRS a disclosure statement on IRS Form 8886 (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 a Fund and of Fund shareholders with respect to distributions by a Fund may differ from federal tax treatment**.**

**FINANCIAL STATEMENTS**

Financial statements and annual reports will be available after the Funds have completed a fiscal year of operations. When available, you may request a copy of the Funds' annual report at no charge by calling (866) 533-5565 or through the Funds' website at www.finqai.com/etfs.

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

**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)](http://www.sec.gov/Archives/edgar/data/1742912/000199937125012022/ex99-di5.htm) , previously filed with Post-Effective Amendment No. 281 on Form N-1A on August 26, 2025 and is incorporated
 herein by reference.

(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.

(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 Bond ETF (f/k/a 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](http://www.sec.gov/Archives/edgar/data/1742912/000199937125008250/ex99-dxxii.htm) , previously filed with
 Post-Effective Amendment No. 273 on Form N-1A on June 25, 2025 and is incorporated herein by reference.

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

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

(xxv) [Investment Advisory Agreement between the Trust (on behalf of FINQ FIRST U.S. Large Cap AI-Managed Equity ETF and FINQ DOLLAR NEUTRAL U.S. Large Cap AI-Managed Equity ETF (the FINQ AI ETFs)) and Tidal Investments LLC](ex99-dxxv.htm) – **filed herewith.** 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(xlvi) [Investment Sub-Advisory Agreement between Tidal and FINQ AI, LLC (for the FINQ AI ETFs)](ex99-dxlvi.htm) – **filed herewith.** 

(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 between the Trust and Foreside (adding the Unusual Whales ETFs)](http://www.sec.gov/Archives/edgar/data/1742912/000199937124015090/ex99-ei1.htm) previously filed with Post-Effective Amendment No. 237 on Form N-1A on November 27, 2024 and is incorporated
 herein by reference.

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

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

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

(5) [Fifth Amendment to the Amended and Restated ETF Distribution Agreement between the Trust and Foreside (adding the FINQ AI ETFs)](ex99-ei5.htm) – **filed herewith.** 

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

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

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

(v) [Distribution Services Agreement (Mutual Funds) between Tidal and Foreside](http://www.sec.gov/Archives/edgar/data/1742912/000199937125009674/ex99-ev.htm) , previously filed with Post-Effective Amendment No. 275 on
 Form N-1A on July 24, 2025 and is incorporated herein by reference.

(f) Not applicable.

(g) (i) [Amended and Restated Custody Agreement between the Trust and U.S. Bank National Association](http://www.sec.gov/Archives/edgar/data/1742912/000199937125009674/ex99-gi.htm) , previously filed with Post-Effective
 Amendment No. 275 on Form N-1A on July 24, 2025 and is incorporated herein by reference.

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

(2) [Second Amendment to the Amended and Restated Custody Agreement between the Trust and U.S. Bank National Association (adding the FINQ AI ETFs)](ex99-gi2.htm) – **filed herewith.** 

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

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

(2) [Second Amendment to the Amended and Restated Fund Administration Servicing Agreement between the Trust and Tidal ETF Services LLC (adding the FINQ AI ETFs)](ex99-hi2.htm) **– filed herewith.** 

(ii) [Amended and Restated Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1742912/000199937125009674/ex99-hiii.htm) , previously filed
 with Post-Effective Amendment No. 275 on Form N-1A on July 24, 2025 and is incorporated herein by reference.

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

(2) [Second Amendment to the Amended and Restated Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC (adding the FINQ AI ETFs)](ex99-hii2.htm) **– filed herewith.** 

(iii) [Amended and Restated Transfer Agent Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1742912/000199937125009674/ex99-hiv.htm) , previously filed
 with Post-Effective Amendment No. 275 on Form N-1A on July 24, 2025 and is incorporated herein by reference.

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

(2) [Second Amendment to the Amended and Restated Transfer Agent Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC (adding the FINQ AI ETFs)](ex99-hiii2.htm) **– filed herewith.** 

(iv) [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.

(v) [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.

(vi) [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.

(vii) [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.

(viii) [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.

(ix) [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.

(x) [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.

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

(xii) [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.

(xiii) [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 **.** 

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

(1) [Amended Schedule A to the Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of certain series of the Trust) and Vanguard Funds](http://www.sec.gov/Archives/edgar/data/1742912/000199937125009674/ex99-hxvii1.htm) , previously filed with Post-Effective Amendment No. 275 on Form N-1A on July 24, 2025 and is incorporated
 herein by reference.

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

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

(2) [Amendment to the Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of certain series of the Trust) and PIMCO ETF Trust and PIMCO Equity Series](http://www.sec.gov/Archives/edgar/data/1742912/000199937125009674/ex99-hxviii2.htm) , previously filed with Post-Effective Amendment No. 275 on Form N-1A on July 24, 2025
 and is incorporated herein by reference.

(xvi) [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 **.** 

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

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

(2) [Amendment to the Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of the ATAC Rotation Fund) and Direxion Shares ETF Trust](http://www.sec.gov/Archives/edgar/data/1742912/000199937125009674/ex99-hxx2.htm) , previously filed with Post-Effective Amendment No. 275 on Form N-1A on July 24, 2025 and is incorporated
 herein by reference.

(xviii) [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of 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 **.** 

(xix) [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 **.** 

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

(1) [Amendment to the Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of the ATAC Rotation Fund) and Schwab Strategic Trust (on behalf of each series)](http://www.sec.gov/Archives/edgar/data/1742912/000199937125009674/ex99-hxxiii1.htm) , previously filed with Post-Effective Amendment No. 275 on Form N-1A on July 24, 2025
 and is incorporated herein by reference.

(xxi) [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.

(xxiii) [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.

(xxiv) [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.

(xxv) [Rule 12d1-4 Fund of Funds Investment Agreement 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)](http://www.sec.gov/Archives/edgar/data/1742912/000183988225008397/ex99-hxxvii.htm) , previously filed with Post-Effective
 Amendment No. 253 on Form N-1A on February 11, 2025 and is incorporated herein by reference.

(xxvii) [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of the ATAC Rotation Fund) and Direxion Funds (on behalf of certain series of the Trust)](http://www.sec.gov/Archives/edgar/data/1742912/000199937125009674/ex99-hxxviii.htm) , previously filed with Post-Effective Amendment No. 275 on Form N-1A on July 24, 2025
 and is incorporated herein by reference.

(xxvi) [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of the ATAC Rotation Fund) and ProShares Trust (on behalf of certain series of the Trust)](http://www.sec.gov/Archives/edgar/data/1742912/000199937125009674/ex99-hxxix.htm) , previously filed with Post-Effective Amendment No. 275 on Form N-1A on July 24,
 2025 and is incorporated herein by reference.

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

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

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

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

(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 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.

(viii) [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.

(ix) [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.

(x) [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.

(xi) [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.

(xii) [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.

(xiii) [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.

(xiv) [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.

(xv) [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.

(xvi) [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.

(xvii) [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.

(xviii) [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.

(xix) [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.

(xx) [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.

(xxi) [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.

(xxii) [Opinion and Consent of Counsel (for the Academy Veteran Bond 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.

(xxiii) [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.

(xxiv) [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.

(xxv) [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.

(xxvi) [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.

(xxvii) [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.

(xxviii) [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.

(xxix) [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 **.** 

(xxx) [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.

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

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

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

(xxxiv) [Opinion and Consent of Counsel (for the SoFi Agentic AI ETF)](http://www.sec.gov/Archives/edgar/data/1742912/000199937125012022/ex99-ixxxvi.htm) , previously filed with Post-Effective Amendment No. 281 on Form N-1A
 on August 26, 2025 and is incorporated herein by reference.

(xxxv) [Opinion and Consent of Counsel (for the FINQ AI ETFs)](ex99-ixxxv.htm) – **filed herewith.** 

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

(k) Not applicable.

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

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

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

(ii) [Distribution (Rule 12b-1) Plan (Mutual Funds).](http://www.sec.gov/Archives/edgar/data/1742912/000199937125009674/ex99-mii.htm) previously filed with Post-Effective Amendment No. 275 on Form N-1A on July 24,
 2025 and is incorporated herein by reference.

(n) [Multiple Class Plan (Rule 18f-3) (ATAC Rotation Fund)](http://www.sec.gov/Archives/edgar/data/1742912/000199937125009674/ex99-n.htm) , previously filed with Post-Effective Amendment No. 275 on Form N-1A on July
 24, 2025 and is incorporated herein by reference.

(o) Reserved.

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

(ii) [Code of Ethics for Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1742912/000199937125018468/ex99-pii.htm) , previously filed with Post-Effective Amendment No. 286 on Form N-1A on November 24,
 2025 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/1742912/000199937125018468/ex99-piv.htm) , previously filed with Post-Effective Amendment No. 286 on Form N-1A on November 24,
 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/1742912/000199937125011938/ex99-pxviii.htm) , previously filed with Post-Effective Amendment No. 280 on Form N-1A on
 August 25, 2025 and is incorporated herein by reference.

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

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

(xxi) [Code of Ethics for FINQ AI, LLC](ex99-pxxi.htm) – **filed herewith.** 

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

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

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

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

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

**Item 30. Indemnification**

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

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

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

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

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

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

---

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

---

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

---

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

---

&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. AMG
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Amplify
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Applied
 Finance Dividend Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Applied
 Finance Explorer Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Applied
 Finance Select Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. Ardian
 Access LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. ARK
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. ARK
 Venture Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. Bitwise
 Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. BondBloxx
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. Bramshill
 Multi-Strategy Income Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. Bridgeway
 Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. Brinker
 Capital Destinations Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. Brookfield
 Real Assets Income Fund Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. Build
 Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. Calamos
 Convertible and High Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. Calamos
 Convertible Opportunities and Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31. Calamos
 Dynamic Convertible and Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32. Calamos
 Global Dynamic Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33. Calamos
 Global Total Return Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34. Calamos
 Strategic Total Return Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35. Carlyle
 Tactical Private Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36. Cascade
 Private Capital Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37. Catalyst/Perini
 Strategic Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38. CBRE
 Global Real Estate Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39. Center
 Coast Brookfield MLP & Energy Infrastructure Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40. Clifford
 Capital Partners Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41. Cliffwater
 Corporate Lending Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42. Cliffwater
 Enhanced Lending Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43. Coatue
 Innovative Strategies Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44. Cohen
 & Steers ETF Trust

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51. Davis
 Fundamental ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52. Defiance
 BMNR Option Income ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53. Defiance
 Connective Technologies ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54. Defiance
 Drone and Modern Warfare ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55. Defiance
 Quantum ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56. Denali
 Structured Return Strategy Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57. Dodge
 & Cox Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58. DoubleLine
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59. DoubleLine
 Income Solutions Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60. DoubleLine
 Opportunistic Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61. DoubleLine
 Yield Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62. DriveWealth
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63. EIP
 Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64. Ellington
 Income Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65. ETF
 Opportunities Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66. Exchange
 Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67. Exchange
 Place Advisors Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68. FIS
 Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69. FlexShares
 Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70. Fortuna
 Hedged Bitcoin Fund, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71. Forum
 Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72. Forum
 Funds II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73. Forum
 Real Estate Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74. Fundrise
 Growth Tech Fund, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75. GMO
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76. GoldenTree
 Opportunistic Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77. Gramercy
 Emerging Markets Debt Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78. Grayscale
 Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79. Guinness
 Atkinson Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80. Harbor
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81. Harris
 Oakmark ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82. Hawaiian
 Tax-Free Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83. Horizon
 Kinetics Blockchain Development ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84. Horizon
 Kinetics Energy and Remediation ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85. Horizon
 Kinetics Inflation Beneficiaries ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86. Horizon
 Kinetics Japan Owner Operator ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87. Horizon
 Kinetics Medical ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88. Horizon
 Kinetics SPAC Active ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89. Innovator
 ETFs Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90. Ironwood
 Institutional Multi-Strategy Fund LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91. Ironwood
 Multi-Strategy Fund LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92. Jensen
 Quality Growth ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93. John
 Hancock Exchange-Traded Fund Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94. Kurv
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95. Lazard
 Active ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96. LDR
 Real Estate Value-Opportunity Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97. Mairs
 & Power Balanced Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98. Mairs
 & Power Growth Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99. Mairs
 & Power Minnesota Municipal Bond ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100. Mairs
 & Power Small Cap Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101. Manor
 Investment Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102. MoA
 Funds Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103. Moerus
 Worldwide Value Fund, Series of Northern Lights Fund Trust IV

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104. Morgan
 Stanley ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105. Morgan
 Stanley Pathway Large Cap Equity ETF, Series of Morgan Stanley Pathway Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106. Morgan
 Stanley Pathway Small-Mid Cap Equity ETF, Series of Morgan Stanley Pathway Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107. Morningstar
 Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108. NEOS
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109. Niagara
 Income Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110. North
 Square Evanston Multi-Alpha Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111. NXG
 Cushing® Midstream Energy Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112. NXG
 NextGen Infrastructure Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113. OTG
 Latin American Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114. Overlay
 Shares Core Bond ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115. Overlay
 Shares Foreign Equity ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116. Overlay
 Shares Hedged Large Cap Equity ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117. Overlay
 Shares Large Cap Equity ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118. Overlay
 Shares Municipal Bond ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119. Overlay
 Shares Short Term Bond ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120. Overlay
 Shares Small Cap Equity ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121. Palmer
 Square Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122. Palmer
 Square Opportunistic Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123. Partners
 Group Private Income Opportunities, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124. Perkins
 Discovery Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125. Philotimo
 Focused Growth and Income Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126. Plan
 Investment Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127. Point
 Bridge America First ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128. Precidian
 ETFs Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129. Rareview
 2x Bull Cryptocurrency & Precious Metals ETF, Series of Collaborative Investment
 Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130. Rareview
 Dynamic Fixed Income ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131. Rareview
 Systematic Equity ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132. Rareview
 Tax Advantaged Income ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133. Rareview
 Total Return Bond ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134. Renaissance
 Capital Greenwich Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135. REX
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136. Reynolds
 Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137. RMB
 Investors Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138. Robinson
 Opportunistic Income Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139. Robinson
 Tax Advantaged Income Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140. Roundhill
 Ball Metaverse ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141. Roundhill
 Cannabis ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142. Roundhill
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143. Roundhill
 Magnificent Seven ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144. Roundhill
 Sports Betting & iGaming ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145. Roundhill
 Video Games ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146. Rule
 One Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147. Russell
 Investments Exchange Traded Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148. Securian
 AM Real Asset Income Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149. Six
 Circles Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150. Sound
 Shore Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151. SP
 Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152. Sparrow
 Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153. Spear
 Alpha ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154. STF
 Tactical Growth & Income ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155. STF
 Tactical Growth ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156. Strategic
 Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157. Strategy
 Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158. Swan
 Hedged Equity US Large Cap ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159. Tekla
 World Healthcare Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160. Tema
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161. The
 2023 ETF Series Trust

&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
 Private Shares Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165. The
 SPAC and New Issue ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166. Third
 Avenue Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167. Third
 Avenue Variable Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168. Tidal
 Trust I

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169. Tidal
 Trust II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170. Tidal
 Trust III

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171. Tidal Trust IV

&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 ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174. Timothy
 Plan International ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175. Timothy
 Plan Market Neutral ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176. Timothy
 Plan US Large/Mid Cap Core ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177. Timothy
 Plan US Small Cap Core ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178. Total
 Fund Solution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179. Touchstone
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180. Trailmark
 Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181. T-Rex
 2X Inverse Bitcoin Daily Target ETF, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182. T-Rex
 2x Inverse Ether Daily Target ETF, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183. T-Rex
 2X Long Bitcoin Daily Target ETF, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184. T-Rex
 2x Long Ether Daily Target ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185. U.S.
 Global Investors Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186. Union
 Street Partners Value Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187. Vest
 Bitcoin Strategy Managed Volatility Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188. Vest
 S&P 500® Dividend Aristocrats Target Income Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189. Vest
 US Large Cap 10% Buffer Strategies Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190. Vest
 US Large Cap 20% Buffer Strategies Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191. Vest
 US Large Cap 20% Buffer Strategies VI Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192. Virtus
 Stone Harbor Emerging Markets Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193. Volatility
 Shares Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194. WEBs
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195. Wedbush
 Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196. Wellington
 Global Multi-Strategy Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197. Wilshire
 Mutual Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198. Wilshire
 Variable Insurance Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199. WisdomTree
 Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200. XAI
 Octagon Floating Rate & Alternative Income Term Trust

---

| | |
|:---|:---|
| **Item 32(b)** | **The following are the Officers and Manager of the Distributor, the Registrant's underwriter. The Distributor's main business address is 190 Middle Street, Suite 301, Portland, Maine 04101.** |

---

---

| | | | |
|:---|:---|:---|:---|
| **<u>Name</u>** | &nbsp;&nbsp;**<u>Address</u>** | &nbsp;&nbsp;**<u>Position with Underwriter</u>** | &nbsp;&nbsp;**<u>Position with Registrant</u>** |
| Teresa Cowan | &nbsp;&nbsp;190 Middle Street, Suite 301<br> Portland, Maine 04101 | &nbsp;&nbsp;President/Manager |  |
| Chris Lanza | &nbsp;&nbsp;190 Middle Street, Suite 301<br> Portland, Maine 04101 | &nbsp;&nbsp;Vice President |  |
| Kate Macchia | &nbsp;&nbsp;190 Middle Street, Suite 301 <br> Portland, Maine 04101 | &nbsp;&nbsp;Vice President |  |
| Alicia Strout | &nbsp;&nbsp;190 Middle Street, Suite 301 <br> Portland, Maine 04101 | &nbsp;&nbsp;Vice President and Chief Compliance Officer |  |
| Gabriel E. Edelman | &nbsp;&nbsp;190 Middle Street, Suite 301 <br> Portland, Maine 04101 | &nbsp;&nbsp;Secretary |  |
| Susan L. LaFond | &nbsp;&nbsp;190 Middle Street, Suite 301 <br> Portland, Maine 04101 | &nbsp;&nbsp;Treasurer |  |
| Weston Sommers | &nbsp;&nbsp;190 Middle Street, Suite 301<br> Portland, Maine 04101 | &nbsp;&nbsp;Financial and Operations Principal and Chief Financial Officer |  |

---

---

| | |
|:---|:---|
| **Item 32(c)** | **Not applicable.** |

---

**Item 33.** **Location of Accounts and Records**

The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 are maintained at the following locations:

---

| | |
|:---|:---|
| **Records Relating to:** | **Are located at:** |
| Registrant's Administrator | Tidal ETF Services LLC<br> 234 West Florida Street, Suite 700<br> Milwaukee, Wisconsin 53204 |
| Registrant's Fund<br> Accountant and Transfer Agent | U.S. Bancorp Fund Services, LLC<br> 615 East Michigan Street<br> Milwaukee, Wisconsin 53202 |
| Registrant's Custodian | U.S. Bank National Association<br> 1555 North River Center Drive<br> Milwaukee, Wisconsin 53212 |
| Registrant's Principal Underwriter | Foreside Fund Services, LLC<br> 190 Middle Street, Suite 301<br> Portland, Maine 04101 |
| **Records Relating to:** | **Are located at:** |
| Registrant's Investment Adviser | Tidal Investments LLC<br> 234 West Florida Street, Suite 700<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> 4851 LBJ Freeway, Suite 850<br> Dallas, Texas 75225 |
| Registrant's Sub-Adviser | FolioBeyond, LLC<br> 1050 Park Avenue, Suite 6A<br> New York, New York 10028 |
| Registrant's Sub-Adviser | Armada ETF Advisors LLC<br> d/b/a Armada ETFs <br> 39500 High Point Boulevard, Suite 20 <br> Novi, Michigan 48375  |
| Registrant's Sub-Adviser | Unlimited Funds Inc.<br> 222 Broadway, 20th Floor<br> New York City, New York 10038 |
| Registrant's Sub-Adviser | Curran Financial Partners, LLC<br> 115 River Landing Drive, Suite 200<br> Daniel Island, South Carolina 29492 |
| Registrant's Sub-Adviser | Academy Asset Management, LLC<br> d/b/a Academy Asset Management<br> 622 3rd Avenue, 12th Floor<br> New York, New York 10017 |
| Registrant's Sub-Adviser | AlphaBit Investments, LLC<br> 136 S 4th Street,<br> Forest City, Iowa 50436 |
| Registrant's Sub-Adviser | SYKON Asset Management LLC <br> 500 Mamaroneck Avenue, Suite 435 <br> Harrison, New York 10528  |
| Registrant's Sub-Adviser | Point Bridge Capital, LLC<br> 300 Throckmorton Street, Suite 1550<br> Fort Worth, Texas 76102 |
| Registrant's Sub-Adviser | Tactical Rotation Management, LLC<br> 118-35 Queens Blvd., Suite 400<br> Forest Hills, New York 11375 |

---

---

| | |
|:---|:---|
| Registrant's Sub-Adviser | Dana Investment Advisors, Inc. <br> 20700 Swenson Drive, Suite 400 <br> Waukesha, Wisconsin 53186&nbsp;&nbsp;&nbsp;&nbsp; |
| Registrant's Sub-Adviser | Smart Wealth, LLC <br> 13815 FNB Parkway, Suite 400 <br> Omaha, Nebraska 68154  |
| Registrant's Sub-Adviser | FINQ AI, LLC <br> 9 Ahad Ha'am Street <br> Tel Aviv, Tel Aviv District, Israel 6514224 |

---

**Item 34. Management Services**

Not applicable.

**Item 35. Undertakings**

Not applicable.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended (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. 302 to its Registration Statement on Form N-1A under Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 302 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 February 2, 2026.

---

| | |
|:---|:---|
| **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. 302 to the Registrant's Registration Statement has been signed below by the following persons in the capacities indicated on February 2, 2026.

---

| | | |
|:---|:---|:---|
| **Signature** | **Signature** | **Title** |
| /s/ Eric W. Falkeis | /s/ Eric W. Falkeis | President (principal executive officer), Trustee and Chairman |
| Eric W. Falkeis | Eric W. Falkeis |  |
| \* Dusko Culafic | \* Dusko Culafic | Trustee |
| Dusko Culafic | Dusko Culafic |  |
| \* Mark H. W. Baltimore | \* Mark H. W. Baltimore | Trustee |
| Mark H. W. Baltimore | Mark H. W. Baltimore |  |
| \* Eduardo Mendoza | \* Eduardo Mendoza | Trustee |
| Eduardo Mendoza | Eduardo Mendoza |  |
| /s/ Aaron Perkovich | /s/ Aaron Perkovich | Treasurer (principal financial officer and principal accounting officer) |
| Aaron Perkovich | Aaron Perkovich |  |
| By: | /s/ Eric W. Falkeis |  |
|  | Eric W. Falkeis, Attorney-in-Fact |  |

---

\* Pursuant to Powers of Attorney filed previously.

**<u>Exhibit Index</u>**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [(d)(xxv)](ex99-dxxv.htm) | [Investment Advisory Agreement](ex99-dxxv.htm) |
| [(d)(xlvi)](ex99-dxlvi.htm) | [Sub-Advisory Agreement](ex99-dxlvi.htm) |
| [(e)(i)(5)](ex99-ei5.htm) | [Amended and Restated Distribution Plan](ex99-ei5.htm) |
| [(g)(i)(2)](ex99-gi2.htm) | [Amended and Restated Custody Agreement](ex99-gi2.htm) |
| [(h)(i)(2)](ex99-hi2.htm) | [Amended and Restated Fund Administration Servicing Agreement](ex99-hi2.htm) |
| [(h)(ii)(2)](ex99-hii2.htm) | [Amended and Restated Fund Accounting Servicing Agreement](ex99-hii2.htm) |
| [(h)(iii)(2)](ex99-hiii2.htm) | [Amended and Restated Transfer Agent Servicing Agreement](ex99-hiii2.htm) |
| (i)(xxxv) | [Opinion and Consent of Counsel](ex99-ixxxv.htm) |
| [(j)](ex99-j.htm) | [Consent of Independent Registered Public Accounting Firm](ex99-j.htm) |
| [(p)(xxi)](ex99-pxxi.htm) | [Code of Ethics](ex99-pxxi.htm) |

---

## Ex-99.(D)(Xlvi)

[TIDAL TRUST I 485BPOS](finq-485bpos_020226.htm)

**Exhibit 99.(d)(xlvi)**

**SUB-ADVISORY AGREEMENT**

This Sub-Advisory Agreement (the "<u>Agreement</u>") is made as of January 8, 2026, 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 **FINQ AI LLC**, a Delaware limited liability company, with its principal place of business at 9 Ahad Ha'Am Street, Tel Aviv, 6514224, Israel (the "<u>Sub-Adviser</u>"), with respect to each series of Tidal Trust I (f/k/a Tidal ETF Trust) (the "<u>Trust</u>") 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 October 9, 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.

In any case (e.g., non-discretionary, partial discretion, or full discretion), the Adviser may retain such discretionary authority as it deems appropriate for effecting in-kind and other transactions of Fund portfolio investments vis-à-vis "creation units."

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>.

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.

3.2. The
 Sub-Adviser is registered as an investment adviser under the Advisers Act and has provided
 its current Form ADV, including, if applicable, the firm brochure and applicable brochure
 supplements to the Adviser.

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.

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.

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.

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;&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.

3.8. The
 Sub-Adviser agrees to provide reasonable assistance with the liquidity classifications
 required under each Fund's liquidity risk management program.

4. <u>Representations of the Adviser</u>.

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.

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.

4.3. The
 Adviser has the authority under the Investment Advisory Agreement to appoint the Sub-Adviser.

4.4. The
 Adviser further represents and warrants that it has received a copy of the Sub-Adviser's
 current Form ADV.

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.

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.

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.

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.

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.

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.

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>.

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.

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.

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.

8.4. <u>Cooperation</u>.
 The Adviser and the Sub-Adviser shall cooperate with each other and provide reasonable
 assistance and information as may be necessary or appropriate to carry out their respective
 obligations under this Agreement. 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.

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.

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.

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. 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.

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>.

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.

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.

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>.

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> ").

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.

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.

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.

14.5. For
 the avoidance of doubt, neither Fund shareholders nor the members of the Board shall
 be personally liable under this Agreement.

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> ").

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>.

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).

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.

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.

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>.

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.

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.

Subject to the Sub-Adviser's obligations set forth in Section 8.6, above, and the Sub-Adviser's obligations to comply with Regulation S-P, nothing contained in this Agreement, including without limitation, any provision that requires the Sub-Adviser to maintain certain information as confidential, limits the Sub-Adviser's ability to voluntarily, with reasonable cause, file or submit a charge or complaint to the SEC or any other federal, state, or local governmental regulatory, law enforcement or prosecutorial agency (collectively, "Government Agencies"), relating to a violation of federal securities laws by the Adviser, the Trust, or the Funds, and to communicate with any Government Agencies or otherwise participate in or fully cooperate as required by applicable law with any investigation or proceeding that may be conducted by any Government Agency, regarding the Adviser, the Trust, or the Funds, including providing documents or other information only as permitted by applicable law, without notice or approval from the Adviser, the Trust, or the Funds.

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 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 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: | 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: | Notices to Sub-Adviser shall be sent to: |
|  | FINQ AI LLC |
|  | 9 Ahad Ha'Am Street<br> Tel Aviv<br> 6514224<br> Israel |
|  | Attn: |

---

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/Jay Pestrichelli |
| Name: | Jay Pestrichelli |
| Title: | Chief Trading Officer |
| FINQ AI LLC | FINQ AI LLC |
| By: | /s/Lital Narkis |
| Name: | Lital Narkis |
| Title: | CFO |
| By: | /s/Eldad Tamir |
| Name: | Eldad Tamir |
| Title: | CEO |

---

Schedule A

to the

Sub-Advisory Agreement

by and between

Tidal Investments LLC

and

FINQ AI LLC

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund Name** | &nbsp;&nbsp;**Sub-Advisory Fee** | &nbsp;&nbsp;**Effective Date** | &nbsp;&nbsp;**Trading Authority** | &nbsp;&nbsp;**Proxy Voting Authority** |
| &nbsp;&nbsp;FINQ FIRST U.S. Large Cap AI-Managed Equity ETF | &nbsp;&nbsp;0.04% | &nbsp;&nbsp;Commencement of Operations | &nbsp;&nbsp; Non-Discretionary |  |
| &nbsp;&nbsp;FINQ DOLLAR NEUTRAL U.S. Large Cap AI-Managed Equity ETF | &nbsp;&nbsp;0.04% | &nbsp;&nbsp;Commencement of Operations | &nbsp;&nbsp; Non-Discretionary |  |

---

## Ex-99.(D)(Xxv)

[TIDAL TRUST I 485BPOS](finq-485bpos_020226.htm)

**Exhibit 99.(d)(xxv)**

**INVESTMENT ADVISORY AGREEMENT**

This Investment Advisory Agreement (the "<u>Agreement</u>") is made as of October 9, 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>.

1.1. 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.

1.2. 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 (and other financial instruments) shall
be purchased for each Fund, what securities (and other financial instruments) shall be held, exchanged 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, 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.

1.3. 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 engage, terminate and replace one or more 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> 

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.

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.

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.

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.

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.

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, and with any requirements applicable to the Fund of any national securities exchange on which the Fund's shares are listed. 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;&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;&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;&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;&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> 

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.

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 other such records as may be required by law including,
 but not limited to, Rule 31a-4 of the 1940 Act, and shall preserve such records for the
 periods and in a manner prescribed therefore by Rule 31a-2 under the 1940 Act, or other
 applicable provisions of 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.

7.3. <u>Holdings Information and Pricing</u>. The Adviser shall provide regular reports regarding Fund
 holdings, and shall furnish the Trust and the Board from time to time with whatever information
 the Adviser, or the Board believes is appropriate for this purpose. The Adviser agrees
 to provide such valuation reports and pricing information, of which the Adviser is aware,
 that the Board shall require in connection with the Board's responsibilities under
 Rule 2a-5, 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.

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.

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.

7.6. <u>Notification of Breach/Compliance Reports</u>. The Adviser shall promptly notify the Trust 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.

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.

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, the Chief Compliance Officer or
 their designated agents to perform such compliance testing on each Fund and the Adviser's
 services as the Trust or its Chief Compliance Officer may 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>Unitary Fee</u>. During the term of this Agreement, the Adviser shall bear its own costs of providing services under this Agreement. The Adviser agrees to pay all expenses incurred by the Trust and each Fund (except for advisory fees payable to the Adviser under this Agreement) pursuant to this Agreement, excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, and litigation expenses, and other non-routine or extraordinary expenses.

12. <u>Compensation</u>.

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.

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 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.

12.3. The
 Adviser shall look exclusively to the assets of each Fund for payment of that Fund's
 advisory fee.

12.4. The
 Adviser may voluntarily or contractually waive the Adviser's own advisory fee.

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>.

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.

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 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").

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.

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.

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.

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>.

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).

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.

15.3. In
 connection with such renewal or amendment, the Adviser shall furnish such information
 as may be reasonably necessary for the Board to evaluate the terms of this Agreement
 and any amendment thereto.

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.

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. If the Adviser enters into a definitive agreement that would result
 in an assignment (as defined in Section 2(a)(4) of the 1940 Act) of this Agreement by
 the Adviser, the Adviser agrees to give the Trust the lesser of sixty days' written
 notice or such notice as is reasonably practicable before consummating the transaction.

16. <u>Use of the Adviser's Name</u>.

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.

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 identified in section 16.1 above. 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. Where the effect of a requirement of the 1940 Act reflected in or contemplated by any provisions of this Agreement is altered by a rule, regulation or order of the SEC, whether of special or general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

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 Delaware and the Adviser consents to the jurisdiction of courts, both state or federal, in Delaware, 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.

27. <u>No Third Party Beneficiaries</u>. This Agreement is not intended and shall not convey any rights, privileges, claims or remedies to any person other than a party to this Agreement and its respective successors and permitted assigns.

[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 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 Falkeis |
| Title: | President |
| Date: | 10/09/2025 |
| **TIDAL INVESTMENTS LLC** | **TIDAL INVESTMENTS LLC** |
| By: | /s/Daniel Carlson |
| Name: | Daniel Carlson |
| Title: | Co-Founder & Chief of Staff |
| Date: | 10/14/2025 |

---

**Schedule A** 

**to the**

**Investment Advisory Agreement**

**by and between**

**Tidal Trust I**

**and**

**Tidal Investments LLC**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund Name** | &nbsp;&nbsp;**Advisory Fee** |
| &nbsp;&nbsp;FINQ FIRST U.S. Large Cap AI-Managed Equity ETF | &nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;FINQ DOLLAR NEUTRAL U.S. Large Cap AI-Managed Equity ETF | &nbsp;&nbsp;1.25% |

---

## Ex-99.(E)(I)(5)

[TIDAL TRUST I 485BPOS](finq-485bpos_020226.htm)

**Exhibit 99.(e)(i)(5)**

**TIDAL TRUST I**

**<u>AMENDED AND RESTATED DISTRIBUTION (RULE 12b-1) PLAN</u>**

The following Distribution (Rule 12b-1) Plan (the "Plan") has been adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the "Act"), by Tidal Trust I (the "Trust"), a Delaware statutory trust, on behalf of the series of the Trust listed on Schedule A as may be amended from time to time (each, a "Fund"). The Plan has been approved by a majority of the Trust's Board of Trustees (the "Board"), including a majority of the Trustees who are not interested persons of the Trust and who have no direct or indirect financial interest in the operation of the Plan or in any Rule 12b-1 Agreement (as defined below) (the "Disinterested Trustees"), cast in person at a meeting called for the purpose of voting on such Plan (or in another manner permitted by the Act or pursuant to exemptive relief therefrom).

In approving the Plan, the Board determined that adoption of the Plan would be prudent and in the best interests of each Fund and its shareholders. Such approval by the Board of Trustees included a determination, in the exercise of its reasonable business judgment and in light of its fiduciary duties, that there is a reasonable likelihood that the Plan will benefit each Fund and its shareholders.

The provisions of the Plan are as follows:

1. PAYMENTS
BY THE FUND TO PROMOTE THE SALE OF FUND SHARES

The Trust, on behalf of each identified Fund, will pay the principal distributor of the Fund's shares (the "Distributor"), a distribution fee and/or shareholder servicing fee equal to a percentage of the average daily net assets of each Fund as shown on Schedule A in connection with the promotion and distribution of Fund shares and the provision of personal services to shareholders and the maintenance of shareholder accounts, including, but not necessarily limited to: (i) delivering copies of the Fund's then current reports, prospectuses, notices, and similar materials, to prospective purchasers of Fund shares; (ii) marketing and promotional services, including advertising; (iii) paying the costs of and compensating others, including authorized participants with whom the Distributor has entered into written authorized participant agreements, for performing shareholder servicing on behalf of the Fund; (iv) compensating certain authorized participants for providing assistance in distributing the shares of the Fund, including the travel and communication expenses and salaries and/or commissions of sales personnel in connection with the distribution of Fund shares; (v) 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; and (vi) facilitating communications with beneficial owners of shares, including the cost of providing (or paying others to provide) services to beneficial owners of shares, including, but not limited to, assistance in answering inquiries related to shareholder accounts. The Distributor may pay all or a portion of these fees to any registered securities dealer, financial institution or any other person (the "Recipient") who renders assistance in distributing or promoting the sale of shares, or who provides certain shareholder services, pursuant to a written agreement (the "Rule 12b-1 Agreement"), a form of which is attached hereto as Appendix A with respect to each Fund. To the extent not so paid by the Distributor, such amounts may be retained by the Distributor. Payment of these fees shall be made monthly promptly following the close of the month.

2. RULE
 12b-1 AGREEMENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Rule 12b-1 Agreement shall be entered into with respect to a Fund and no payments shall be made pursuant to any Rule 12b-1 Agreement, unless such Rule 12b-1 Agreement is in writing and the form of which has first been delivered to and approved by a vote of a majority of the Board, and of the Disinterested Trustees, cast in person at a meeting called for the purpose of voting on such Rule 12b-1 Agreement (or in another manner permitted by the Act or pursuant to exemptive relief therefrom). The form of Rule 12b-1 Agreement relating to the Funds attached hereto as Appendix A has been approved by the Board as specified above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Rule 12b-1 Agreement shall describe the services to be performed by the Recipient and shall specify the amount of, or the method for determining, the compensation to the Recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Rule 12b-1 Agreement may be entered into unless it provides (i) that it may be terminated with respect to a Fund at any time, without the payment of any penalty, by vote of a majority of the shareholders of the Fund, or by vote of a majority of the Disinterested Trustees, on not more than 60 days' written notice to the other party to the Rule 12b-1 Agreement, and (ii) that it shall automatically terminate in the event of its assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any Rule 12b-1 Agreement shall continue in effect for a period of more than one year from the date of its execution only if such continuance is specifically approved at least annually by a vote of a majority of the Board, and of the Disinterested Trustees, cast in person at a meeting called for the purpose of voting on such Rule 12b-1 Agreement (or in another manner permitted by the Act or pursuant to exemptive relief therefrom).

3. QUARTERLY
REPORTS

The Distributor shall provide to the Board, and the Board shall review at least quarterly, a written report of all amounts expended pursuant to the Plan. This report shall include the identity of the recipient of each payment and the purpose for which the amounts were expended and such other information as the Board may reasonably request.

4. EFFECTIVE
DATE AND DURATION OF THE PLAN

The Plan shall become effective immediately upon approval by the vote of a majority of the Board, and of the Disinterested Trustees, cast in person at a meeting called for the purpose of voting on the approval of the Plan (or in another manner permitted by the Act or pursuant to exemptive relief therefrom). The Plan shall continue in effect with respect to each Fund for a period of one year from its effective date unless terminated pursuant to its terms. Thereafter, the Plan shall continue with respect to each Fund from year to year, provided that such continuance is approved at least annually by a vote of a majority of the Board of Trustees, and of the Disinterested Trustees, cast in person at a meeting called for the purpose of voting on such continuance (or in another manner permitted by the Act or pursuant to exemptive relief therefrom). The Plan, or any Rule 12b-1 Agreement, may be terminated with respect to each Fund at any time, without penalty, on not more than 60 days' written notice by a majority vote of shareholders of the Fund, or by vote of a majority of the Disinterested Trustees.

5. SELECTION
OF DISINTERESTED TRUSTEES

During the period in which the Plan is effective, the selection and nomination of those Trustees who are Disinterested Trustees of the Trust shall be committed to the discretion of the Disinterested Trustees.

6. AMENDMENTS

All material amendments of the Plan shall be in writing and shall be approved by a vote of a majority of the Board, and of the Disinterested Trustees, cast in person at a meeting called for the purpose of voting on such amendment (or in another manner permitted by the Act or pursuant to exemptive relief therefrom). In addition, the Plan may not be amended to increase materially the amount to be expended by a Fund hereunder without the approval by a majority vote of shareholders of such Fund.

7. RECORDKEEPING

The Trust shall preserve copies of the Plan, any Rule 12b-1 Agreement and all reports made pursuant to Section 3 for a period of not less than six years from the date of this Plan, any such Rule 12b-1 Agreement or such reports, as the case may be, the first two years in an easily accessible place.

Adopted: December 21, 2018

Amended: October 9, 2025

**Schedule A** 

**to the**

**Distribution (Rule 12b-1) Plan**

---

| | |
|:---|:---|
| **<u>Series of Tidal Trust I</u>** | **<u>Rule 12b-1 Fee</u>** |
| SoFi Select 500 ETF | Up to 0.25% of average daily net assets |
| SoFi Next 500 ETF | Up to 0.25% of average daily net assets |
| SoFi Social 50 ETF | Up to 0.25% of average daily net assets |
| SoFi Enhanced Yield ETF | Up to 0.25% of average daily net assets |
| SoFi Agentic AI ETF | Up to 0.25% of average daily net assets |
| RPAR Risk Parity ETF | Up to 0.25% of average daily net assets |
| UPAR Ultra Risk Parity ETF | Up to 0.25% of average daily net assets |
| SP Funds Dow Jones Global Sukuk ETF | Up to 0.25% of average daily net assets |
| SP Funds S&P 500 Sharia Industry Exclusions ETF | Up to 0.25% of average daily net assets |
| SP Funds S&P Global REIT Sharia ETF | Up to 0.25% of average daily net assets |
| Adasina Social Justice All Cap Global ETF | Up to 0.25% of average daily net assets |
| Leatherback Long/Short Absolute Return ETF | Up to 0.25% of average daily net assets |
| Leatherback Long/Short Alternative Yield ETF | Up to 0.25% of average daily net assets |
| ATAC US Rotation ETF | Up to 0.25% of average daily net assets |
| ATAC Credit Rotation ETF | Up to 0.25% of average daily net assets |
| ATAC Equity Leverage Rotation ETF | Up to 0.25% of average daily net assets |
| Gotham Enhanced 500 ETF | Up to 0.25% of average daily net assets |
| Gotham 1000 Value ETF | Up to 0.25% of average daily net assets |
| Gotham Short Strategies ETF | Up to 0.25% of average daily net assets |
| Sound Fixed Income ETF | Up to 0.25% of average daily net assets |
| Sound Enhanced Fixed Income ETF | Up to 0.25% of average daily net assets |
| Sound Equity Dividend Income ETF | Up to 0.25% of average daily net assets |
| Sound Enhanced Equity Income ETF | Up to 0.25% of average daily net assets |
| Sound Total Return ETF | Up to 0.25% of average daily net assets |
| Acruence Active Hedge U.S. Equity ETF | Up to 0.25% of average daily net assets |
| American Customer Satisfaction ETF | Up to 0.25% of average daily net assets |
| SonicShares<sup>TM</sup> Global Shipping ETF | Up to 0.25% of average daily net assets |
| ZEGA Buy and Hedge ETF | Up to 0.25% of average daily net assets |
| FolioBeyond Alternative Income and Interest Rate Hedge ETF | Up to 0.25% of average daily net assets |
| FolioBeyond Enhanced Fixed Income Premium ETF | Up to 0.25% of average daily net assets |
| Residential REIT ETF | Up to 0.25% of average daily net assets |
| Intelligent Real Estate ETF | Up to 0.25% of average daily net assets |
| Aztlan Global Stock Selection DM SMID ETF | Up to 0.25% of average daily net assets |
| Aztlan North America Nearshoring Stock Selection ETF | Up to 0.25% of average daily net assets |
| Unlimited HFND Multi-Strategy Return Tracker ETF | Up to 0.25% of average daily net assets |
| Unlimited HFEQ Equity Long/Short ETF | Up to 0.25% of average daily net assets |
| Unlimited HFGM Global Macro ETF | Up to 0.25% of average daily net assets |
| Unlimited HFEV Event Driven ETF | Up to 0.25% of average daily net assets |
| Unlimited HFFI Fixed Income ETF | Up to 0.25% of average daily net assets |
| Unlimited HFEM Emerging Markets ETF | Up to 0.25% of average daily net assets |
| Unlimited HFMF Managed Futures ETF | Up to 0.25% of average daily net assets |
| Unlimited Ultra HFND Multi-Strategy ETF | Up to 0.25% of average daily net assets |
| Unlimited Low-Beta HFND Multi-Strategy ETF | Up to 0.25% of average daily net assets |
| God Bless America ETF | Up to 0.25% of average daily net assets |
| Academy Veteran Bond ETF | Up to 0.25% of average daily net assets |
| Unusual Whales Subversive Democratic Trading ETF | Up to 0.25% of average daily net assets |
| Unusual Whales Subversive Republican Trading ETF | Up to 0.25% of average daily net assets |
| Digital Asset Debt Strategy ETF | Up to 0.25% of average daily net assets |
| The Free Markets ETF | Up to 0.25% of average daily net assets |
| Dana Unconstrained Equity ETF | Up to 0.25% of average daily net assets |
| Dana Concentrated Dividend ETF | Up to 0.25% of average daily net assets |
| Dana Limited Volatility ETF | Up to 0.25% of average daily net assets |
| SMART Trend 25 ETF | Up to 0.25% of average daily net assets |
| SMART Earnings Growth 30 ETF | Up to 0.25% of average daily net assets |
| FINQ FIRST U.S. Large Cap AI-Managed Equity ETF | Up to 0.25% of average daily net assets |
| FINQ DOLLAR NEUTRAL U.S. Large Cap AI-Managed Equity ETF | Up to 0.25% of average daily net assets |

---

For all services rendered pursuant to the Rule 12b-1 Agreement, we shall pay you the fee shown above calculated as follows:

The above fee as a percentage of the average daily net assets of the Fund (computed on an annual basis) which are owned of record by your firm as nominee for your customers or which are owned by those customers of your firm whose records, as maintained by the Trust or its agent, designate your firm as the customer's dealer or service provider of record.

We shall make the determination of the net asset value, which determination shall be made in the manner specified in the Fund's current prospectus, and pay to you, on the basis of such determination, the fee specified above, to the extent permitted under the Plan.

**Appendix A**

**<u>Rule 12b-1 Related Agreement</u>**

[Distributor Letterhead]

[Adviser name and address]

Ladies and Gentlemen:

This letter will confirm our understanding and agreement with respect to payments to be made to you pursuant to a Distribution (Rule 12b-1) Plan (the "Plan") adopted by Tidal Trust I (the "Trust"), on behalf of the [__________________] ETF, a series of the Trust (the "Fund"), pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the "Act"). The Plan and this related agreement (the "Rule 12b-1 Agreement") have been approved by a majority of the Board of Trustees of the Trust (the "Board"), including a majority of the Board who are not "interested persons" of the Trust, as defined in the Act, and who have no direct or indirect financial interest in the operation of the Plan or in this or any other Rule 12b-1 Agreement (the "Disinterested Trustees"), cast in person at a meeting called for the purpose of voting thereon. Such approval included a determination by the Board that, in the exercise of its reasonable business judgment and in light of its fiduciary duties, there is a reasonable likelihood that the Plan will benefit the Fund or its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To the extent you provide distribution and marketing services in the promotion of the Fund's shares and/or services to the Fund's shareholders, including furnishing services and assistance to your customers who invest in and own shares, including, but not limited to, answering routine inquiries regarding the Fund and assisting in changing account designations and addresses, we shall pay you a fee as described on Schedule A. We reserve the right to increase, decrease or discontinue the fee at any time in our sole discretion upon written notice to you.

You agree that all activities conducted under this Rule 12b-1 Related Agreement will be conducted in accordance with the Plan, as well as all applicable state and federal laws, including the Act, the Securities Exchange Act of 1934, the Securities Act of 1933, the U.S. PATRIOT Act of 2001 and any applicable rules of the Financial Industry Regulatory Authority, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. You shall furnish us with such information as shall reasonably be requested either by the Board or by us with respect to the services provided and the fees paid to you pursuant to this Rule 12b-1 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. We shall furnish to the Board, for its review, on a quarterly basis, a written report of the amounts expended under the Plan by us and the purposes for which such expenditures were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Rule 12b-1 Agreement may be terminated: (a) on 60 days' written notice after the vote of a majority of shareholders, or (b) at any time by the vote of a majority of the Disinterested Trustees, in each case, without payment of any penalty. In addition, this Rule 12b-1 Agreement will be terminated by any act which terminates the Plan or the Distribution Agreement between the Trust and us and shall terminate immediately in the event of its assignment. This Rule 12b-1 Agreement may be amended by us upon written notice to you, and you shall be deemed to have consented to such amendment upon effecting any purchases of shares for your own account or on behalf of any of your customer's accounts following your receipt of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. This Rule 12b-1 Agreement shall become effective on the date accepted by you and shall continue in full force and effect so long as the continuance of the Plan and this Rule 12b-1 Agreement are approved at least annually by a vote of the Board and of the Disinterested Trustees, cast in person at a meeting called for the purpose of voting thereon (or in another manner permitted by the Act or pursuant to exemptive relief therefrom). All communications to us should be sent to the above address. Any notice to you shall be duly given if mailed or faxed to you at the address specified by you below.

**[Distributor]**

By:

Name:

Title:

**Accepted**:

(Dealer or Service Provider Name)

(Street Address)

(City)(State)(ZIP)

(Telephone No.)

(Facsimile No.)

By:

(Name and Title)

**Schedule A** 

**to the**

**Rule 12b-1 Related Agreement**

---

| | |
|:---|:---|
| **<u>Series of Tidal Trust I</u>** | **<u>Rule 12b-1 Fee</u>** |
| SoFi Select 500 ETF | Up to 0.25% of average daily net assets |
| SoFi Next 500 ETF | Up to 0.25% of average daily net assets |
| SoFi Social 50 ETF | Up to 0.25% of average daily net assets |
| SoFi Enhanced Yield ETF | Up to 0.25% of average daily net assets |
| SoFi Agentic AI ETF | Up to 0.25% of average daily net assets |
| RPAR Risk Parity ETF | Up to 0.25% of average daily net assets |
| UPAR Ultra Risk Parity ETF | Up to 0.25% of average daily net assets |
| SP Funds Dow Jones Global Sukuk ETF | Up to 0.25% of average daily net assets |
| SP Funds S&P 500 Sharia Industry Exclusions ETF | Up to 0.25% of average daily net assets |
| SP Funds S&P Global REIT Sharia ETF | Up to 0.25% of average daily net assets |
| Adasina Social Justice All Cap Global ETF | Up to 0.25% of average daily net assets |
| Leatherback Long/Short Absolute Return ETF | Up to 0.25% of average daily net assets |
| Leatherback Long/Short Alternative Yield ETF | Up to 0.25% of average daily net assets |
| ATAC US Rotation ETF | Up to 0.25% of average daily net assets |
| ATAC Credit Rotation ETF | Up to 0.25% of average daily net assets |
| ATAC Equity Leverage Rotation ETF | Up to 0.25% of average daily net assets |
| Gotham Enhanced 500 ETF | Up to 0.25% of average daily net assets |
| Gotham 1000 Value ETF | Up to 0.25% of average daily net assets |
| Gotham Short Strategies ETF | Up to 0.25% of average daily net assets |
| Sound Fixed Income ETF | Up to 0.25% of average daily net assets |
| Sound Enhanced Fixed Income ETF | Up to 0.25% of average daily net assets |
| Sound Equity Dividend Income ETF | Up to 0.25% of average daily net assets |
| Sound Enhanced Equity Income ETF | Up to 0.25% of average daily net assets |
| Sound Total Return ETF | Up to 0.25% of average daily net assets |
| Acruence Active Hedge U.S. Equity ETF | Up to 0.25% of average daily net assets |
| American Customer Satisfaction ETF | Up to 0.25% of average daily net assets |
| SonicShares<sup>TM</sup> Global Shipping ETF | Up to 0.25% of average daily net assets |
| ZEGA Buy and Hedge ETF | Up to 0.25% of average daily net assets |
| FolioBeyond Alternative Income and Interest Rate Hedge ETF | Up to 0.25% of average daily net assets |
| FolioBeyond Enhanced Fixed Income Premium ETF | Up to 0.25% of average daily net assets |
| Residential REIT ETF | Up to 0.25% of average daily net assets |
| Intelligent Real Estate ETF | Up to 0.25% of average daily net assets |
| Aztlan Global Stock Selection DM SMID ETF | Up to 0.25% of average daily net assets |
| Aztlan North America Nearshoring Stock Selection ETF | Up to 0.25% of average daily net assets |
| Unlimited HFND Multi-Strategy Return Tracker ETF | Up to 0.25% of average daily net assets |
| Unlimited HFEQ Equity Long/Short ETF | Up to 0.25% of average daily net assets |
| Unlimited HFGM Global Macro ETF | Up to 0.25% of average daily net assets |
| Unlimited HFEV Event Driven ETF | Up to 0.25% of average daily net assets |

---

---

| | |
|:---|:---|
| Unlimited HFFI Fixed Income ETF | Up to 0.25% of average daily net assets |
| Unlimited HFEM Emerging Markets ETF | Up to 0.25% of average daily net assets |
| Unlimited HFMF Managed Futures ETF | Up to 0.25% of average daily net assets |
| Unlimited Ultra HFND Multi-Strategy ETF | Up to 0.25% of average daily net assets |
| Unlimited Low-Beta HFND Multi-Strategy ETF | Up to 0.25% of average daily net assets |
| God Bless America ETF | Up to 0.25% of average daily net assets |
| Academy Veteran Bond ETF | Up to 0.25% of average daily net assets |
| Unusual Whales Subversive Democratic Trading ETF | Up to 0.25% of average daily net assets |
| Unusual Whales Subversive Republican Trading ETF | Up to 0.25% of average daily net assets |
| Digital Asset Debt Strategy ETF | Up to 0.25% of average daily net assets |
| The Free Markets ETF | Up to 0.25% of average daily net assets |
| Dana Unconstrained Equity ETF | Up to 0.25% of average daily net assets |
| Dana Concentrated Dividend ETF | Up to 0.25% of average daily net assets |
| Dana Limited Volatility ETF | Up to 0.25% of average daily net assets |
| SMART Trend 25 ETF | Up to 0.25% of average daily net assets |
| SMART Earnings Growth 30 ETF | Up to 0.25% of average daily net assets |
| FINQ FIRST U.S. Large Cap AI-Managed Equity ETF | Up to 0.25% of average daily net assets |
| FINQ DOLLAR NEUTRAL U.S. Large Cap AI-Managed Equity ETF | Up to 0.25% of average daily net assets |

---

For all services rendered pursuant to the Rule 12b-1 Agreement, we shall pay you the fee shown above calculated as follows:

The above fee as a percentage of the average daily net assets of the Fund (computed on an annual basis) which are owned of record by your firm as nominee for your customers or which are owned by those customers of your firm whose records, as maintained by the Trust or its agent, designate your firm as the customer's dealer or service provider of record.

We shall make the determination of the net asset value, which determination shall be made in the manner specified in the Fund's current prospectus, and pay to you, on the basis of such determination, the fee specified above, to the extent permitted under the Plan.

## Ex-99.(G)(I)(2)

[TIDAL TRUST I 485BPOS](finq-485bpos_020226.htm)

**Exhibit 99.(g)(i)(2)**

**SECOND AMENDMENT TO THE** 

**AMENDED AND RESTATED** 

**CUSTODY AGREEMENT**

THIS AMENDMENT, effective as of the last date on the signature page (the "Effective Date"), to the Amended and Restated Custody Agreement, dated as of July 11, 2025, as amended (the "Agreement"), is entered into by and between **TIDAL TRUST I** (formerly, TIDAL ETF TRUST), a Delaware statutory trust (the "Trust"), and **U.S. BANK NATIONAL ASSOCIATION**, a national banking association organized and existing under the laws of the United States of America with its principal place of business at Minneapolis, Minnesota (the "Custodian").

WHEREAS, the parties entered into the Agreement; and

WHEREAS, the parties desire to amend Exhibit A of the Agreement to add the following ETF series:

● FINQ First U.S. Large Cap AI-Managed Equity ETF

● FINQ Dollar Neutral U.S. Large Cap Managed Equity ETF

; and

WHEREAS, the parties desire to reflect the following fund name change:

● Academy Veteran Bond ETF (f/k/a Academy Veteran Impact ETF)

; and

WHEREAS, the parties desire to remove the following series from Exhibit A:

● Ionic Inflation Protection ETF

; and

WHEREAS, Section 15.02 of the Agreement allows for its amendment by a written instrument executed by the Trust and the Custodian, and authorized or approved by the Trust's Board of Trustees.

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. As
 of the Effective Date, Exhibit A of the Agreement is hereby superseded and replaced in
 its entirety with the Exhibit A attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Except
 to the extent amended hereby, the Agreement shall remain in full force and effect.

SIGNATURES ON THE FOLLOWING PAGE

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by a duly authorized officer on one or more counterparts as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **TIDAL TRUST I** | **TIDAL TRUST I** | **U.S. BANK NATIONAL ASSOCIATION** | **U.S. BANK NATIONAL ASSOCIATION** |
| By: | /s/Eric Falkeis | By: | /s/Gregory Farley |
| Name: | Eric Falkeis | Name: | Gregory Farley |
| Title: | President | Title: | Senior Vice President |
| Date: | 10/09/2025 | Date: | 10/09/2025 |

---

**<u>EXHIBIT A</u>**

**to the Custody Agreement**

Separate Series of Tidal Trust I

<u>Name of ETF Series</u> 

Academy Veteran Bond ETF

Acruence Active Hedge U.S. Equity ETF

Adasina Social Justice All Cap Global ETF

American Customer Satisfaction ETF

ATAC Credit Rotation ETF

ATAC Equity Leverage Rotation ETF

ATAC US Rotation ETF

Aztlan Global Stock Selection DM SMID ETF

Aztlan North America Nearshoring Stock Selection ETF

Dana Concentrated Dividend ETF

Dana Limited Volatility ETF

Dana Unconstrained Equity ETF

Digital Asset Debt Strategy ETF

FINQ First U.S. Large Cap AI-Managed Equity ETF

FINQ Dollar Neutral U.S. Large Cap Managed Equity ETF

FolioBeyond Alternative Income and Interest Rate Hedge ETF

FolioBeyond Enhanced Fixed Income Premium ETF

God Bless America ETF

Gotham 1000 Value ETF

Gotham Enhanced 500 ETF

Gotham Short Strategies ETF

Intelligent Real Estate ETF

Leatherback Long/Short Absolute Return ETF

Leatherback Long/Short Alternative Yield ETF

Residential REIT ETF

Robinson Alternative Yield Pre-Merger SPAC ETF

RPAR Risk Parity ETF

SMART Earnings Growth 30 ETF

SMART Trend 25 ETF

SoFi Agentic AI ETF

SoFi Enhanced Yield ETF

SoFi Next 500 ETF

SoFi Select 500 ETF

SoFi Social 50 ETF

SonicShares<sup>™</sup> Global Shipping ETF

Sound Enhanced Equity Income ETF

Sound Enhanced Fixed Income ETF

Sound Equity Dividend Income ETF

Sound Fixed Income ETF

Sound Total Return ETF

SP Funds Dow Jones Global Sukuk ETF

SP Funds S&P 500 Sharia Industry Exclusions ETF

SP Funds S&P Global REIT Sharia ETF

The Free Markets ETF

Unlimited HFEM Emerging Markets ETF

Unlimited HFEQ Equity Long/Short ETF

Unlimited HFEV Event Driven ETF

Unlimited HFFI Fixed Income ETF

Unlimited HFGM Global Macro ETF

Unlimited HFMF Managed Futures ETF

Unlimited HFND Multi-Strategy Return Tracker ETF

Unlimited Low-Beta HFND Multi-Strategy ETF

Unlimited Ultra HFND Multi-Strategy ETF

Unusual Whales Subversive Democratic Trading ETF

Unusual Whales Subversive Republican Trading ETF

UPAR Ultra Risk Parity ETF

ZEGA Buy and Hedge ETF

<u>Name of Mutual Fund Series</u>

ATAC Rotation Fund

## Ex-99.(H)(I)(2)

[TIDAL TRUST I 485BPOS](finq-485bpos_020226.htm)

**Exhibit 99.(h)(i)(2)**

**SECOND** **AMENDMENT** 

**TO THE AMENDED AND RESTATED FUND ADMINISTRATION SERVICING AGREEMENT**

**THIS SECOND AMENDMENT** effective as of October 9, 2025, to the Amended and Restated Fund Administration Servicing Agreement (the "Agreement") dated as of June 2, 2025, is entered into by and between **Tidal Trust I (f/k/a Tidal ETF Trust)**, a Delaware statutory trust (the "Trust"), and **Tidal ETF Services LLC**, a Delaware limited liability company ("Tidal").

**RECITALS**

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS,** the parties desire to amend the Agreement to add the following series of the Trust to Exhibit A:

● FINQ FIRST U.S. Large Cap AI-Managed Equity ETF

● FINQ DOLLAR NEUTRAL U.S. Large Cap AI-Managed Equity ETF

; and

**WHEREAS,** the parties desire to amend the Agreement to reflect the following Fund name change:

● Academy Veteran Bond ETF (f/k/a Academy Veteran Impact ETF)

; and

**WHEREAS,** Section 11 of the Agreement allows for its amendment by written agreement executed by both parties and authorized or approved by the Board of Trustees of the Trust.

**NOW, THEREFORE,** the parties agree as follows:

**Exhibit A of the Agreement is hereby superseded and replaced in its entirety with Amended Exhibit A attached hereto.**

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

**IN WITNESS WHEREOF,** the parties hereto have caused this Second Amendment to be executed by a duly authorized officer on one or more counterparts as of the date and year first written above.

---

| | | | |
|:---|:---|:---|:---|
| **TIDAL TRUST I (f/k/a Tidal ETF Trust)** <br> **On behalf of each series listed on Amended Exhibit A attached hereto**  | **TIDAL TRUST I (f/k/a Tidal ETF Trust)** <br> **On behalf of each series listed on Amended Exhibit A attached hereto**  | **TIDAL ETF SERVICES LLC** | **TIDAL ETF SERVICES LLC** |
| By: | /s/ Eric Falkeis | By: | /s/ Daniel Carlson |
| Name: | Eric Falkeis | Name: | Daniel Carlson |
| Title: | President | Title: | Co-Founder & Chief of Staff |

---

**Amended Exhibit A to the Amended and Restated Fund Administration Servicing Agreement**

Separate Series of Tidal Trust I

<u>Name of Series</u>

SoFi Select 500 ETF<br> SoFi Next 500 ETF<br> SoFi Social 50 ETF<br> SoFi Enhanced Yield ETF<br> SoFi Agentic AI ETF

RPAR Risk Parity ETF<br> UPAR Ultra Risk Parity ETF<br>SP Funds Dow Jones Global Sukuk ETF<br> SP Funds S&P 500 Sharia Industry Exclusions ETF<br> SP Funds S&P Global REIT Sharia ETF<br>Adasina Social Justice All Cap Global ETF<br>Leatherback Long/Short Absolute Return ETF<br> Leatherback Long/Short Alternative Yield ETF<br>ATAC US Rotation ETF<br> ATAC Credit Rotation ETF<br> ATAC Equity Leverage Rotation ETF

ATAC Rotation Fund<br>Gotham Enhanced 500 ETF<br> Gotham 1000 Value ETF<br> Gotham Short Strategies ETF<br>Sound Fixed Income ETF<br> Sound Enhanced Fixed Income ETF<br> Sound Equity Dividend Income ETF<br> Sound Enhanced Equity Income ETF<br> Sound Total Return ETF<br>Acruence Active Hedge U.S. Equity ETF<br>American Customer Satisfaction ETF<br>SonicShares™ Global Shipping ETF<br>ZEGA Buy and Hedge ETF<br>FolioBeyond Alternative Income and Interest Rate Hedge ETF<br>

FolioBeyond Enhanced Fixed Income Premium ETF<br>Residential REIT ETF<br> Intelligent Real Estate ETF<br>Aztlan Global Stock Selection DM SMID ETF<br> Aztlan North America Nearshoring Stock Selection ETF<br>Unlimited HFND Multi-Strategy Return Tracker ETF<br> Unlimited HFEQ Equity Long/Short ETF<br> Unlimited HFGM Global Macro ETF<br> Unlimited HFEV Event Driven ETF<br> Unlimited HFFI Fixed Income ETF<br> Unlimited HFEM Emerging Markets ETF<br> Unlimited HFMF Managed Futures ETF<br> Unlimited Ultra HFND Multi-Strategy ETF<br> Unlimited Low-Beta HFND Multi-Strategy ETF<br>God Bless America ETF<br>Academy Veteran Bond ETF<br>Unusual Whales Subversive Democratic Trading ETF<br> Unusual Whales Subversive Republican Trading ETF

Digital Asset Debt Strategy ETF<br>The Free Markets ETF

Dana Unconstrained Equity ETF

Dana Concentrated Dividend ETF

Dana Limited Volatility ETF

SMART Trend 25 ETF

SMART Earnings Growth 30 ETF

FINQ FIRST U.S. Large Cap AI-Managed Equity ETF

FINQ DOLLAR NEUTRAL U.S. Large Cap AI-Managed Equity ETF

## Ex-99.(H)(Ii)(2)

[TIDAL TRUST I 485BPOS](finq-485bpos_020226.htm)

**Exhibit 99.(h)(ii)(2)**

**SECOND AMENDMENT TO THE** 

**AMENDED AND RESTATED** 

**FUND ACCOUNTING SERVICING AGREEMENT**

THIS AMENDMENT, effective as of the last date written on the signature page (the "Effective Date"), to the Amended and Restated Fund Accounting Servicing Agreement, dated as of July 11, 2025, as amended (the "Agreement"), is entered into by and between **TIDAL TRUST I** (formerly, Tidal ETF Trust), a Delaware statutory trust (the "Trust"), and **U.S. BANCORP FUND SERVICES, LLC d/b/a U.S. BANK GLOBAL FUND SERVICES**, a Wisconsin limited liability company ("<u>USBGFS</u>").

WHEREAS, the parties entered into the Agreement; and

WHEREAS, the parties desire to amend Exhibit A of the Agreement to add the following ETF series:

● FINQ First U.S. Large Cap AI-Managed Equity ETF

● FINQ Dollar Neutral U.S. Large Cap Managed Equity ETF

; and

WHEREAS, the parties desire to reflect the following fund name change:

● Academy Veteran Bond ETF (f/k/a Academy Veteran Impact ETF)

; and

WHEREAS, the parties desire to remove the following series from Exhibit A:

● Ionic Inflation Protection ETF

; and

WHEREAS, Section 15 of the Agreement allows for its amendment by a written instrument executed by the Trust and USBGFS, and authorized or approved by the Trust's Board of Trustees.

NOW, THEREFORE, in consideration of the mutual promises and 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. As
 of the Effective Date, Exhibit A of the Agreement is hereby superseded and replaced in
 its entirety with the Exhibit A attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Except
 to the extent amended hereby, the Agreement shall remain in full force and effect.

SIGNATURES ON THE FOLLOWING PAGE

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by a duly authorized officer on one or more counterparts as of the Effective Date.

**TIDAL TRUST I** 

---

| | |
|:---|:---|
| By: | /s/ Eric Falkeis |

---

Name: <u>Eric Falkeis</u>

Title: <u>President</u>

Date: 10/09/2025

**U.S. BANCORP FUND SERVICES, LLC**

---

| | |
|:---|:---|
| By: | /s/ Gregory Farley |

---

Name: <u>Gregory Farley</u>

Title: <u>Senior Vice President</u>

Date: <u>10/09/2025</u>

**Exhibit A to the Fund Accounting Servicing Agreement** 

Separate Series of Tidal Trust I

<u>Name of ETF Series</u>

Academy Veteran Bond ETF

Acruence Active Hedge U.S. Equity ETF

Adasina Social Justice All Cap Global ETF

American Customer Satisfaction ETF

ATAC Credit Rotation ETF

ATAC Equity Leverage Rotation ETF

ATAC US Rotation ETF

Aztlan Global Stock Selection DM SMID ETF

Aztlan North America Nearshoring Stock Selection ETF

Dana Concentrated Dividend ETF

Dana Limited Volatility ETF

Dana Unconstrained Equity ETF

Digital Asset Debt Strategy ETF

FINQ First U.S. Large Cap AI-Managed Equity ETF

FINQ Dollar Neutral U.S. Large Cap Managed Equity ETF

FolioBeyond Alternative Income and Interest Rate Hedge ETF

FolioBeyond Enhanced Fixed Income Premium ETF

God Bless America ETF

Gotham 1000 Value ETF

Gotham Enhanced 500 ETF

Gotham Short Strategies ETF

Intelligent Real Estate ETF

Leatherback Long/Short Absolute Return ETF

Leatherback Long/Short Alternative Yield ETF

Residential REIT ETF

Robinson Alternative Yield Pre-Merger SPAC ETF

RPAR Risk Parity ETF

SMART Earnings Growth 30 ETF

SMART Trend 25 ETF

SoFi Agentic AI ETF

SoFi Enhanced Yield ETF

SoFi Next 500 ETF

SoFi Select 500 ETF

SoFi Social 50 ETF

SonicShares<sup>™</sup> Global Shipping ETF

Sound Enhanced Equity Income ETF

Sound Enhanced Fixed Income ETF

Sound Equity Dividend Income ETF

Sound Fixed Income ETF

Sound Total Return ETF

SP Funds Dow Jones Global Sukuk ETF

SP Funds S&P 500 Sharia Industry Exclusions ETF

SP Funds S&P Global REIT Sharia ETF

The Free Markets ETF

Unlimited HFEM Emerging Markets ETF

Unlimited HFEQ Equity Long/Short ETF

Unlimited HFEV Event Driven ETF

Unlimited HFFI Fixed Income ETF

Unlimited HFGM Global Macro ETF

Unlimited HFMF Managed Futures ETF

Unlimited HFND Multi-Strategy Return Tracker ETF

Unlimited Low-Beta HFND Multi-Strategy ETF

Unlimited Ultra HFND Multi-Strategy ETF

Unusual Whales Subversive Democratic Trading ETF

Unusual Whales Subversive Republican Trading ETF

UPAR Ultra Risk Parity ETF

ZEGA Buy and Hedge ETF

<u>Name of Mutual Fund Series</u>

ATAC Rotation Fund

## Ex-99.(H)(Iii)(2)

[TIDAL TRUST I 485BPOS](finq-485bpos_020226.htm)

**Exhibit 99.(h)(iii)(2)**

**SECOND AMENDMENT TO THE** 

**AMENDED AND RESTATED** 

**TRANSFER AGENT SERVICING AGREEMENT**

THIS AMENDMENT, effective as of the last date written on the signature page (the "Effective Date"), to the Amended and Restated Transfer Agent Servicing Agreement, dated as of July 11, 2025, as amended (the "Agreement"), is entered into by and between **TIDAL TRUST I** (formerly, Tidal ETF Trust)**,** a Delaware statutory trust (the "Trust"), and **U.S. BANCORP FUND SERVICES, LLC d/b/a U.S. BANK GLOBAL FUND SERVICES**, a Wisconsin limited liability company ("<u>USBGFS</u>").

WHEREAS, the parties entered into the Agreement; and

WHEREAS, the parties desire to amend Exhibit A of the Agreement to add the following ETF series:

● FINQ First U.S. Large Cap AI-Managed Equity ETF

● FINQ Dollar Neutral U.S. Large Cap Managed Equity ETF

; and

WHEREAS, the parties desire to reflect the following fund name change:

● Academy Veteran Bond ETF (f/k/a Academy Veteran Impact ETF)

; and

WHEREAS, the parties desire to remove the following series from Exhibit A:

● Ionic Inflation Protection ETF

; and

WHEREAS, Section 13 of the Agreement allows for its amendment by a written instrument executed by the Trust and USBGFS, and authorized or approved by the Trust's Board of Trustees.

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. As
 of the Effective Date, Exhibit A of the Agreement is hereby superseded and replaced in
 its entirety with the Exhibit A attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Except
 to the extent amended hereby, the Agreement shall remain in full force and effect.

SIGNATURES ON THE FOLLOWING PAGE

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by a duly authorized officer on one or more counterparts as of the Effective Date.

**TIDAL TRUST I**

---

| | |
|:---|:---|
| By: | /s/ Eric Falkeis |

---

Name: <u>Eric Falkeis</u>

Title: <u>President</u>

Date: <u>10/09/2025</u>

**U.S. BANCORP FUND SERVICES, LLC**

---

| | |
|:---|:---|
| By: | /s/ Gregory Farley |

---

Name: <u>Gregory Farley</u>

Title: <u>Senior Vice President</u>

Date: <u>10/09/2025</u>

**Exhibit A to the Transfer Agent Servicing Agreement**

Separate Series of Tidal Trust I

<u>Name of ETF Series</u>

Academy Veteran Bond ETF

Acruence Active Hedge U.S. Equity ETF

Adasina Social Justice All Cap Global ETF

American Customer Satisfaction ETF

ATAC Credit Rotation ETF

ATAC Equity Leverage Rotation ETF

ATAC US Rotation ETF

Aztlan Global Stock Selection DM SMID ETF

Aztlan North America Nearshoring Stock Selection ETF

Dana Concentrated Dividend ETF

Dana Limited Volatility ETF

Dana Unconstrained Equity ETF

Digital Asset Debt Strategy ETF

FINQ First U.S. Large Cap AI-Managed Equity ETF

FINQ Dollar Neutral U.S. Large Cap Managed Equity ETF

FolioBeyond Alternative Income and Interest Rate Hedge ETF

FolioBeyond Enhanced Fixed Income Premium ETF

God Bless America ETF

Gotham 1000 Value ETF

Gotham Enhanced 500 ETF

Gotham Short Strategies ETF

Intelligent Real Estate ETF

Leatherback Long/Short Absolute Return ETF

Leatherback Long/Short Alternative Yield ETF

Residential REIT ETF

Robinson Alternative Yield Pre-Merger SPAC ETF

RPAR Risk Parity ETF

SMART Earnings Growth 30 ETF

SMART Trend 25 ETF

SoFi Agentic AI ETF

SoFi Enhanced Yield ETF

SoFi Next 500 ETF

SoFi Select 500 ETF

SoFi Social 50 ETF

SonicShares<sup>™</sup> Global Shipping ETF

Sound Enhanced Equity Income ETF

Sound Enhanced Fixed Income ETF

Sound Equity Dividend Income ETF

Sound Fixed Income ETF

Sound Total Return ETF

SP Funds Dow Jones Global Sukuk ETF

SP Funds S&P 500 Sharia Industry Exclusions ETF

SP Funds S&P Global REIT Sharia ETF

The Free Markets ETF

Unlimited HFEM Emerging Markets ETF

Unlimited HFEQ Equity Long/Short ETF

Unlimited HFEV Event Driven ETF

Unlimited HFFI Fixed Income ETF

Unlimited HFGM Global Macro ETF

Unlimited HFMF Managed Futures ETF

Unlimited HFND Multi-Strategy Return Tracker ETF

Unlimited Low-Beta HFND Multi-Strategy ETF

Unlimited Ultra HFND Multi-Strategy ETF

Unusual Whales Subversive Democratic Trading ETF

Unusual Whales Subversive Republican Trading ETF

UPAR Ultra Risk Parity ETF

ZEGA Buy and Hedge ETF

<u>Name of Mutual Fund Series</u>

ATAC Rotation Fund

## Ex-99.(I)(Xxxv)

[TIDAL TRUST I 485BPOS](finq-485bpos_020226.htm)

**Exhibit 99.(i)(xxxv)**

---

| | |
|:---|:---|
| ![](corresp_001.jpg) | ![](corresp_002.jpg) |

---

February 2, 2026

Tidal Trust I

234 West Florida Street, Suite 700

Milwaukee, Wisconsin 53204

Re: Tidal Trust I – FINQ FIRST U.S. Large Cap AI-Managed Equity ETF and FINQ DOLLAR NEUTRAL U.S. Large Cap AI-Managed Equity ETF

Ladies and Gentlemen:

We have acted as your counsel in connection with the preparation of this Post-Effective Amendment No. 302 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 shares of beneficial interest (the "Shares"), no par value, of each of the FINQ FIRST U.S. Large Cap AI-Managed Equity ETF and FINQ DOLLAR NEUTRAL U.S. Large Cap AI-Managed Equity ETF (the "Funds"), each a series of Tidal Trust I (the "Trust"), in the manner set forth in the Registration Statement (and the Prospectus of the Funds included therein).

We have examined: (a) the Registration Statement (and the Prospectus of the Funds 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.

## Ex-99.(J)

[TIDAL TRUST I 485BPOS](finq-485bpos_020226.htm)

**Exhibit 99.(j)**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the references to our firm in the Post-Effective Amendment No. 302 and Amendment No. 303, to the Registration Statement on Form N-1A of FINQ FIRST U.S. Large Cap AI-Managed Equity ETF and FINQ DOLLAR NEUTRAL U.S. Large Cap AI-Managed Equity ETF, each a series of Tidal Trust I.

**/s/ TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania**

**February 2, 2026**

## Ex-99.(P)(Xxi)

[TIDAL TRUST I 485BPOS](finq-485bpos_020226.htm)

**Exhibit 99.(p)(xxi)**

![](ex99pxxi001.jpg)

**FINQ AI, LLC**

**MANUAL OF COMPLIANCE POLICIES AND PROCEDURES**

**CONFIDENTIAL**

**FOR INTERNAL USE ONLY**

**As Adopted September 17, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Code
 of Ethics

---

| | |
|:---|:---|
| **IX.A.** | **Introduction and Purpose** |

---

Under Advisers Act Rule 204A-1 and Company Act Rule 17j-1, the Firm is required to establish, maintain, and enforce written procedures reasonably necessary to prevent its Supervised Persons from violating provisions of the Advisers Act or the Company Act with respect to personal securities trading and fiduciary obligations, including the avoidance and detection of conflicts of interest. In meeting such responsibilities to our clients and Fund investors, the Firm has adopted this Code of Ethics to prevent, among other things, fraudulent, deceptive or manipulative acts. Compliance with Rules 204A-1 and Rule 17j-1 shall be monitored by the CCO through the use of the following policies and procedures.

IX.B. Definitions

For the purpose of this Code of Ethics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Access
 Person" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All
 of the Firm's directors, officers, and/or partners; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any
 Supervised Person of the Firm who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Has
 access to non-public information regarding any client's purchase or sale of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Has
 access to non-public information regarding the portfolio holdings of any Reportable Fund
 (as defined in Subsection (j) below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Is
 involved in making securities recommendations to clients; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Has
 access to such securities recommendations that are non- public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Agency
 Cross Transaction" is a transaction in which the Firm acts as an investment adviser
 in relation to a transaction in which it, or any person controlling, controlled by, or
 under common control with Firm, acts as broker (i.e., receives remuneration) for both
 the advisory client and for another person on the other side of the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "Automatic
 Investment Plan" means a program in which regular periodic purchases (or withdrawals)
 are made automatically in (or from) investment accounts in accordance with a predetermined
 schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment
 plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Beneficial
 Ownership" means having or sharing a direct or indirect pecuniary interest in the
 securities. A person has a pecuniary interest in securities if they have the ability
 to directly or indirectly profit from a securities transaction. The following are examples
 of indirect pecuniary interests in securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Securities
 held by members of employees' immediate family sharing the same household. Immediate
 family means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse,
 sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or
 sister-in-law. Adoptive relationships are included;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Supervised
 Persons' interests as a general partner in securities held by a general or limited
 partnership; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Supervised
 Persons' interests as a manager/member in the securities held by a limited liability
 company.

Supervised Persons do not have an indirect pecuniary interest in securities held by entities in which they hold an equity interest unless they are a controlling equity holder or they share investment control over the securities held by the entity.

The following circumstances constitute Beneficial Ownership by Supervised Persons of securities held by a trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Ownership
 of securities as a trustee where either the employee or members of the employees'
 immediate family have a vested interest in the principal or income of the trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Ownership
 of a vested beneficial interest in a trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) An
 employee's status as a settler of a trust unless the consent of all of the beneficiaries
 is required in order for the employee to revoke the trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "Federal
 Securities Laws" means the Securities Act of 1933 (15 U.S.C. 77 et seq.) ("Securities
 Act"), the Exchange Act (15 U.S.C. 78a et seq.), the Sarbanes-Oxley Act of 2002
 (Pub. L. 107-204, 116 Stat. 745 (2002)), the Company Act (15 U.S.C. 80a-1 et seq.), the
 Advisers Act (15 U.S.C. 806-21 et seq.), Title V of the Gramm-Leach-Bliley Act (Pub.
 L. No. 106-102, 113 Stat. 1338 (1999)) ("GLBA"), any rules adopted by the
 SEC under any of these statutes, the Bank Secrecy Act (31 U.S.C. 5311-5314; 5316-5332)
 as it applies to Funds and investment advisers, and any rules adopted thereunder by the
 SEC or the Department of the Treasury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "Fund"
 means an investment company registered under the Company Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "Initial
 Public Offering" means an offering of securities registered under the Securities
 Act (15 U.S.C. 77a), the issuer of which, immediately before the registration, was not
 subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act (15
 U.S.C. 78m or 78o(d)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "Limited
 Offering" means an offering that is exempt from registration under the Securities
 Act pursuant to Section 4(2) or Section 4(5) (15 U.S.C. 77d(2) or 77d(5)) or pursuant
 to 17 C.F.R. §§230.504 through 230.506.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "Purchase
 or Sale of a Security" includes, among other things, the writing of an option to
 purchase or sell a security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "Reportable
 Fund" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any
 Fund for which the Firm serves as an investment adviser as defined in Section 2(a)(20)
 of the Company Act (15 U.S.C. 80a-2(a)(20)); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any
 Fund whose investment adviser or principal underwriter controls, is controlled by, or
 is under common control with, the Firm. For purposes of this Code of Ethics, Control
 has the same meaning as it does in Section 2(a)(9) of the Company Act (15 U.S.C. 80a-2(a)(9)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "Reportable
 Security" means a security as defined in Section 202(a)(18) of the Advisers Act
 (15 U.S.C. 80b-2(a)(18)), except that it does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Direct
 obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Bankers'
 acceptances, bank certificates of deposit, commercial paper and high-quality short-term
 debt instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Shares
 issued by money market Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Shares
 issued by open-end Funds other than Reportable Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Shares
 issued by unit investment trusts that are invested exclusively in one (1) or more open-end
 Funds, none of which are Reportable Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "Supervised
 Person(s)" has the same meaning as defined in Section II.B.

IX.C. Business Conduct Standards

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Compliance with Laws and Regulations</u> 

All Supervised Persons must comply with all applicable state and Federal Securities Laws. Supervised Persons are not permitted, in connection with the purchase or sale, directly or indirectly, of a security held or to be acquired by a client:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To
 defraud such client in any manner or to employ any device, scheme, or artifice to defraud
 a client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To
 mislead such client, including by making a statement that omits material facts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To
 engage in any act, practice or course of conduct which operates or would operate as a
 fraud or deceit upon such client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To
 engage in any manipulative practice with respect to such client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To
 engage in any manipulative practice with respect to securities, including price manipulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Fiduciary Duty</u> 

We owe a fiduciary duty to our clients, which comprises a duty of care and a duty of loyalty. These duties are given shape by the policies and procedures in this Manual. Our overarching responsibility is to act in the best interest of our client at all times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Conflicts of Interest Generally</u> 

As fiduciaries, we also have an affirmative duty of care, loyalty, honesty, and good faith to act in the best interests of our clients. Adherence to this duty can be achieved by avoiding and mitigating conflicts of interest and by fully disclosing all material facts concerning any conflict that does arise with respect to any client. Even conflicts that might incline a person to act one way versus another, wittingly or unwittingly, should be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Conflicts of Interest Between or Among Clients</u> 

Conflicts of interest may arise where the Firm or a Supervised Person has reason to favor the interests of one client over another client (e.g., larger accounts over smaller accounts, accounts in which employees have made material personal investments, or accounts of close friends or relatives of a Supervised Person). The Firm specifically prohibits inappropriate favoritism of one client over another client that would constitute a breach of fiduciary duty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Competing with Client Trades</u> 

The Firm prohibits Supervised Persons from using knowledge about pending or currently considered securities transactions for clients to profit personally, directly, or indirectly, as a result of such transactions. In order to avoid any potential conflict of interest between the Firm and our clients, securities transactions for the accounts of employees in the same security as that purchased or sold for advisory accounts should be entered only after completion of all reasonably anticipated trading in that security for client accounts on any given day. If after completion of all anticipated trading for client accounts, a trade is executed for an employee's personal account on that same day at a price better than that received by the client, the employee must notify the CCO, who will prepare a memorandum detailing the circumstances of the transaction. If after reviewing the transaction, the CCO determines that a potential conflict of interest exists, the CCO shall have the authority to make any necessary adjustments, including canceling and re-billing the transaction to such other account(s) as appropriate. Such memoranda and any corrective action taken will be maintained by CCO in the Firm's compliance files.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Blackout
 Period. Without CCO approval, Supervised Persons are prohibited from transacting securities
 Monday through Friday, between 8:00 AM and 4:30 PM (GMT +3) (1:00 AM – 9:30 AM
 ET).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Affiliate
 Communications. Without CCO approval, the Firm and Supervised Persons are prohibited
 from communicating any recommended transactions, model updates, algorithmic outputs,
 portfolio compositions and decisions, and similar material nonpublic information until
 such information is publicly available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding
 the foregoing, model outputs may be communicated to the Firm's clients (ETFs) and
 to the Firm's affiliates' managed accounts, provided such communications
 occur simultaneously and in accordance with applicable policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Principal Trades; Transactions with Clients</u> 

Principal trading (trading with clients in the Firm's own account) is prohibited. The Firm also prohibits Supervised Persons from knowingly selling to or purchasing from a client any security or other property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Cross Transactions Between Clients</u> 

Cross transactions between clients and Agency Cross Transactions are prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Personal Securities Transactions</u> 

Personal securities transactions by Supervised Persons are subject to the following trading restrictions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Initial
 Public Offerings ("IPO(s)"). Supervised Persons are prohibited from acquiring
 any securities in an IPO without first obtaining written pre-clearance from the CCO.
 The prior approval must take into account, among other factors, whether the investment
 opportunity should be reserved for clients, and whether the opportunity is being offered
 to a Supervised Person by virtue of their position with the Firm.

Upon receiving a request for pre-clearance, the CCO will review the intended transaction for consideration. The final decision will be sent in writing to the Supervised Person requesting the permission for the IPO. Only upon receipt of the written approval from the CCO, shall the Supervised Person engage in the purchase of the requested IPO. The Supervised Person making the request and the CCO will maintain final written approval or denial for their files.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Limited
 Offerings. Supervised Persons are prohibited from acquiring any securities in a Limited
 Offering without first obtaining written pre- clearance from the CCO. The prior approval
 must take into account, among other factors, whether the investment opportunity should
 be reserved for clients, and whether the opportunity is being offered to a Supervised
 Person by virtue of their position with the Firm.

Upon receiving a request, the CCO will review the intended transaction for consideration. The final decision will then be sent in writing to the agent or employee requesting permission for the Limited Offering. Only upon receipt of the written approval from the CCO shall the Supervised Person engage in the purchase of the requested Limited Offering. The Supervised Person making the request and the CCO will maintain copies of final written approval or denial.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Outside Business Activities</u> 

No Supervised Persons may conduct any other business activity without Firm approval. Outside business activity for which approval is necessary includes any (a) employment, (b) independent contractor position, (c) other activity for which compensation is anticipated, or (d) service on a board or advisory committee or other similar position for which the Supervised Persons will not receive compensation (except for any charitable organizations unrelated to investments, insurance, or real estate, and school or church boards).

Supervised Persons may also hold other product or professional licenses authorizing them to provide other products and services. The provision of these products and/or services is an outside business activity that must be approved. The Firm shall confirm that any such license remains active and effective if clients of the Firm may reasonably be expected to discuss those products or services with Supervised Persons.

Supervised Persons must submit a request for approval of outside business activity to the CCO using the Outside Business Activity Application Form attached as Exhibit E and must obtain written approval on that form from the CCO prior to engaging in any outside business activities. Additionally, all Supervised Persons may be required annually to certify as to their non- participation in unapproved outside business activities using the Outside Business Activity Annual Certification, which is attached as Exhibit F, or a substantially similar form approved by the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Dishonest or Unethical Practices</u> 

All Firm Supervised Persons have a responsibility to assist the Firm in fulfilling its fiduciary duty to transact business for the primary benefit of our client and in the clients' best interest. Many of the actions or omissions proscribed in this Manual are considered dishonest or unethical practices. In addition, the following are considered dishonest or unethical investment advisory practices and are prohibited:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Excessive
 trading. Inducing trades in a client's accounts that are excessive in size or frequency
 in view of the financial resources, objectives, and character of the account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Borrowing
 money or any other thing of value from, or lending money or any other things of value
 to, a client, either directly or indirectly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Misrepresenting
 the qualifications of the Firm, its IARs or any person employed by or associated with
 the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Misrepresenting
 the nature of the advisory services being offered or fees to be charged for that service
 or omitting a material fact regarding qualifications, services, or fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Charging
 a fee that is unreasonable or that is not authorized or approved by the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Failing
 to disclose material conflicts of interest, including without limitation those that arise
 from compensation arrangements connected with advisory services that are in addition
 to compensation from the clients for other services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Charging
 a client an advisory fee for rendering advice when a commission for executing securities
 transactions pursuant to the advice will be received by the Firm, an affiliate, or any
 IAR or other Supervised Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Guaranteeing
 performance or services. Guaranteeing clients that a certain or specific result will
 be achieved. Examples include guaranteeing a specific (percentage or dollar) gain or
 no loss or guaranteeing services as a result of the advice implemented by the Firm.

The unethical business practices listed above are not exhaustive. The Firm takes its fiduciary responsibilities seriously and will continually review advisory activities to detect and deter any unethical conduct by Firm Supervised Persons. Supervised Persons in violation of the Firm's policies and procedures may face admonishment, sanctions, disciplinary action, or termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Gifts and Entertainment</u> 

For purposes of this policy, the word "gifts" includes entertainment opportunities such as tickets to sporting events, concerts, special accommodations, favors and similar items or situations. As an adviser, the Firm and our Supervised Persons have a fiduciary obligation to our clients to act in their best interests at all times. Supervised Persons of this Firm should not accept extravagant gifts or gifts of excessive value that could influence your decision-making or make you feel beholden to a person or entity. Additionally, the Firm believes the following policies are necessary and appropriate in order to minimize undue influence relating to gifts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Solicitation
 of Gifts. Supervised Persons are prohibited from soliciting gifts of any size under any
 circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Accepting
 Gifts. On occasion, because of their position with the company, Supervised Persons or
 their family members may be offered or may receive Gifts from clients, brokers, vendors,
 or other persons. For purposes of this policy, acceptance of extraordinary or extravagant
 gifts or gifts of excessive value is prohibited. Any such gifts must be declined and
 returned in order to protect the reputation and integrity of Firm. Supervised Persons
 may accept gifts whose reasonable value, alone or in the aggregate during any calendar
 year, is not more than $100. Any gift that exceeds that value must be reported to the
 CCO, who may make an exception based on the circumstances. All gifts must be recorded
 in the Firm's gift log. Gifts should be valued using the higher of cost or market
 value, exclusive of tax and delivery charges. If a value cannot be determined, the Supervised
 Person should make a good faith estimation of the value of the gift. If gifts are received
 by multiple recipients, the Firm should record the names of each recipient and calculate
 and record the value of the gift on a pro rata basis per recipient. All gifts received
 by a Supervised Person that may be in violation of this Code of Ethics, excluding gifts
 from the recipient's immediate family members, must be promptly reported to the
 CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Giving
Gifts. The Firm's Supervised Persons may not give any gift or gifts with a cumulative value in excess of $250 in any calendar
year to an advisory client or any person it does business with, regulates, advises, or renders professional service to Firm, unless
approved by the CCO in writing before the gift is given. In addition, the Firm is prohibited from directly or indirectly giving
any gift regardless of value where such payment is in relation to the business of the recipient's employer. All gifts given
by a Supervised Person that may be in violation of this Code of Ethics, excluding gifts to the giver's immediate family
members, must be promptly reported to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Accepting
 Entertainment: Customary business meals and entertainment (e.g., sporting events) may
 be accepted by the Firm or Supervised Persons, are subject to the same value limitations
 for accepting gifts and must be logged into the gift log as entertainment. All entertainment
 accepted by the Firm or a Supervised Person that may be in violation of this Code of
 Ethics, excluding entertainment from the recipient's immediate family members,
 must be promptly reported to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Providing
 Entertainment: Customary business meals and entertainment (e.g., sporting events) may
 be provided by the Firm or Supervised Persons to current or prospective clients, are
 subject to the same value limitations for giving gifts and must be logged into the gift
 log as entertainment. All entertainment provided by the Firm or a Supervised Person that
 may be in violation of this Code of Ethics, excluding entertainment provided to the giver's
 immediate family members, must be promptly reported to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Gift
 Exclusions. Personal gifts in excess of the above limits may be permitted at the discretion
 of the CCO as long as the gifts are not related to the business of the recipient's
 employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Gift
 Log. The Firm and all Supervised Persons who receive or give a gift must fill out the
 Firm Gift Reporting Log attached here as Exhibit G within thirty (30) days of giving
 or receiving a gift. The CCO will review the Gift Log at least quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Gift
 Policy Testing. The CCO will test the Firm's gift policy's effectiveness
 annually.

IX.D. Insider Trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Insider Trading Generally</u> 

Investment advisers are prohibited from engaging in Insider Trading. The term "Insider Trading" is not defined in the securities laws, but generally refers to the use of Material, Non-Public Information to trade in securities or the communication of Material, Non-Public Information to others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Prohibited Activities</u> 

All Firm personnel are prohibited from engaging in the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) trading
 or recommending trading in securities for any account (personal or client) while in possession
 of Material, Non-Public Information about the issuer of the securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) communicating
 Material, Non-Public Information about the issuer of any securities to any other person.

The activities described above are not only violations of the Firm's Insider Trading Policy but may also be violations of applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Terminology</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Material
 Information.

"Material Information" generally includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 information that a reasonable client would likely consider important in making his or
 her investment decision; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 information that is reasonably certain to have a substantial effect on the price of an
 issuer's securities.

Examples of Material Information include the following: dividend changes, earnings estimates, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems, and extraordinary management developments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-Public
 Information.

Information is "Non-Public" only until it has been effectively communicated to the market, and the market has had time to "absorb" the information. For example, information found in a report filed with the SEC, or appearing in Dow Jones, Reuters, The Wall Street Journal, or other publications of general circulation would be considered "public."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Insider
 Trading.

While the law concerning "Insider Trading" is not static, it generally prohibits: (1) trading by an Insider while in possession of Material, Non-Public Information; (2) trading by non-Insiders while in possession of Material, Non-Public Information, where the information was either disclosed to the non-Insider in violation of an Insider's duty to keep it confidential or was misappropriated; and (3) communicating Material, Non-Public Information to others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Insiders.

The concept of "Insider" is quite broad and includes all employees of a company. In addition, any person may be a temporary Insider if he or she enters into a special, confidential relationship with a company in the conduct of that company's affairs and, as a result, has a duty to provide the information solely for the company's purposes. Any person associated with the Firm may become a temporary Insider for a company it advises or for which it performs other services. Temporary Insiders may also include the following: a firm's attorneys, accountants, consultants, bank lending officers, and the employees of such organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Penalties for Insider Trading</u> 

The legal consequences for trading on or communicating Material, Non-Public Information are severe, both for individuals involved in such unlawful conduct and their employers. A person can be subject to some or all of the penalties below, even if he or she does not personally benefit from the violation. Penalties may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) civil
 injunctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) jail
 sentences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) revocation
 of applicable securities-related registrations and licenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) fines
 for the person who committed the violation of up to three times the profit gained (or
 loss avoided), whether or not the person actually benefited; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) fines
 for the employee or other controlling person of up to the greater of $1,000,000
or three times the amount of the profit gained (or loss avoided).

In addition, the Firm's management will impose serious sanctions on any person who violates the Insider Trading Policies. These sanctions may include suspension or dismissal of the person or persons involved.

IX.E. Whistleblowers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Whistleblowers Generally</u> 

All Supervised Persons are expected to read, understand, and follow all policies and procedures set forth in this Manual, including the Code of Ethics. All Supervised Persons are also required to conduct themselves with loyalty and integrity in their dealings with our clients, and with one another. Improper conduct on the part of any Supervised Persons puts the Firm and its Supervised Persons at risk. Accordingly, all Supervised Persons are expected to promptly report to the CCO all apparent violations of the Firm's policies and procedures, including all those published in this Manual and in the Code of Ethics, plus any suspected violation of any state or federal law, rule, regulation, or standard of conduct. Nothing contained herein shall impede or otherwise limit the ability of a Supervised Person to communicate directly with the SEC or other authorities about a possible securities law violation or other misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Responsibility of the Whistleblower</u> 

Supervised Persons must act in good faith in reporting a complaint or concern under this policy and must have reasonable grounds for believing misconduct has occurred. A malicious allegation known to be false is considered a serious offense and will be subject to disciplinary action that may include termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Reporting Potential Misconduct</u> 

Supervised Persons must have the opportunity to report any concerns or suspicions of improper activity without retaliation. Accordingly, Supervised Persons may report potential misconduct confidentially if he or she wishes. The Firm will not attempt to identify the source of any misconduct reported confidentially unless we determine the report was made solely for the purpose of harassment or otherwise made with malicious intent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Receipt and Review of Whistleblower Complaint</u> 

The Firm will take seriously any report regarding possible misconduct. Once the CCO has received a complaint, the CCO will notify the Firm's principals and investigate the complaint as quickly as is practical by obtaining all relevant documents and interviewing the appropriate Supervised Persons. If the whistleblower is identifiable, the CCO will maintain confidentiality if so requested. After the CCO has reviewed the complaint, the CCO will determine the appropriate action to take, if any, to remedy the situation. The Firm will maintain records which contain all the information submitted with the complaint and a report or memorandum detailing the investigation and the actions taken by the CCO as a result of the complaint.

Supervised Persons are assured that the Firm will appropriately manage all such reported concerns or suspicions of improper activity in a timely and professional manner, confidentially and without retaliation. To protect the confidentiality of the individual submitting such a report, and to enable the Firm to conduct an investigation of reported misconduct, those individuals responsible for conducting any investigation are generally precluded from communicating information pertaining to the scope and/or status of such reviews to those outside of the group of decisionmakers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Retaliation Prohibited</u> 

The Firm will not discharge, demote, suspend, threaten, harass, directly or indirectly, or in any other way discriminate against any Supervised Person in the terms and conditions of employment because the Supervised Person, whether at the initiative of the Supervised Person or in the ordinary course of the duties of the Supervised Person, has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Provided,
 caused to be provided, or is about to provide, information to the Firm, the SEC, any
 state securities authority, or any other state, local, or federal government authority
 or law enforcement agency in relation to any violation of, or any act or omission that
 the Supervised Person reasonably believes to be a violation of, the Advisers Act, or
 any other provision of law, rule, order, standard, or prohibition prescribed by the SEC
 or any state securities authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Initiated,
 testified, or assisted in any investigation or proceeding resulting from the administration
 or enforcement of any provision of the Advisers Act, or any other provision of law, rule,
 order, standard, or prohibition prescribed by the SEC or any state securities authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Filed,
 instituted, or caused to be filed or instituted any proceeding under the Advisers Act,
 or any other provision of law, rule, order, standard, or prohibition prescribed by the
 SEC or any state securities authority; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Objected
to, or refused to participate in, any activity, policy, practice, or assigned task that the Supervised Persons reasonably believed
to be in violation of the Advisers Act, or any other provision of law, rule, order, standard, or prohibition prescribed by the
SEC or any state securities authority.

The Firm will not tolerate any retaliation against a Supervised Person for reporting complaints. Any other Supervised Person who retaliates against a Supervised Person reporting a complaint will be subject to disciplinary action, which may include termination of employment. Supervised Persons who believe s/he has been subject to retaliation or reprisal as a result of reporting a concern or making a complaint is to report such action to the CCO, or to other senior management in the event the concern pertains to the CCO.

Thirty (30) days after a Supervised Person files a complaint, the CCO will follow up with the complainant to ensure s/he has not been retaliated against. If at any time s/he reports retaliation, the CCO should initiate a follow up investigation by repeating the same procedure as above. If the retaliation was caused by an individual involved in the original review process, that individual will not be involved in the retaliation investigation.

If any Supervised Person of the Firm believes that he or she has been discharged or otherwise discriminated against by the Firm or any of the Firm's Supervised Persons, that Supervised Person may file a complaint with the U.S. Secretary of Labor alleging discharge or discrimination and identifying the individual responsible for such act.

IX.F. Reporting Requirements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Client Complaints</u> 

All written and verbal client complaints received by Supervised Persons should be immediately forwarded or communicated to the CCO. The Supervised Person shall take no further action with respect to the account without the permission of the CCO. The CCO should investigate the matter and interview and consult with other Supervised Persons and with legal counsel as deemed necessary. The client should be informed in writing regarding the investigation. After investigation, the CCO may take whatever actions he or she deems necessary and shall communicate the result of the investigation to the Supervised Person and the client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Duty to Report Certain Events or Occurrences</u> 

All Supervised Persons must inform the CCO as soon as possible, but in no event later than ten (10) days after the occurrence, of any of the following:

● Name change;

● Address change;

● Branch address change, if applicable;

● "Other business" changes such as becoming a proprietor, partner, officer, director, employee, trustee, or agent of another business;

● Client complaints, whether written, verbal, or electronic complaints, including new complaints received through previous firms and updates to or settlements of any client complaints;

● Litigation or arbitrations, including new arbitrations received through previous firms and any awards, dismissals, or settlements of any arbitrations;

● Arraignment, arrest, charge, indictment, summons, felony, or misdemeanor conviction (other than minor traffic violations), as well as similar foreign convictions or similar events which would equate to a domestic conviction or event;

● Bankruptcy or compromise with creditors — either personal or for an organization which the IAR controls;

● Unsatisfied judgments or liens including garnishments;

● Denial or revocation of bond from a bonding company;

● Investigation or proceedings by any governmental or securities industry self-regulatory body, including any requests for testimony or information before such bodies;

● Denial of registration, injunction, censure, fine, suspension, expulsion or other disciplinary action by any governmental agency or securities regulatory body;

● Any subpoena or other notice of legal process;

● Any contempt proceeding, cease or desist order, injunction, or civil judgment as a party defendant;

● Any contact whatsoever with any attorney or other IAR of any party involved in a civil litigation or arbitration;

● Any situation that would cause a registered individual's current Form U4 to be incorrect, false, or misleading; and

● Any oral or written contact from any regulatory agencies.

The foregoing is not an exhaustive list, and Supervised Persons should report any event that may be similar to the above and/or which may create a potential conflict of interest with Firm clients or be a material fact that clients of the Firm would be concerned about or would want to be made aware of. Supervised Persons should discuss suspected violations of this disclosure policy with CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Personal Reporting Requirements</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Holdings
 Reports. All Access Persons must submit to the CCO a report of the Access Person's
 current securities holdings on a form provided by the CCO (attached to this Manual as
 Exhibit H. Initial/Annual Holdings Report Form and Certification of Compliance) and which
 meets the following requirements. Please refer to the definition of "Beneficial
 Ownership" above, because that will require reporting of certain family and other
 accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Content
 of Holdings Reports. Each holdings report must contain, at a minimum:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The
 title and type of security, and as applicable the exchange ticker symbol or CUSIP number,
 number of shares, and principal amount of each Reportable Security in which the Access
 Person has any direct or indirect Beneficial Ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The
 name of any broker, dealer, or bank with which the Access Person maintains an account
 in which any securities are held for the Access Person's direct or indirect benefit;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The
 date the Access Person submits the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Timing
 of Holdings Reports. Each Access Person must submit a holdings report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) No
 later than ten (10) days after the person becomes an Access Person, and the information
 must be current as of a date no more than forty-five (45) days prior to the date the
 person becomes an Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) On
 or within thirty (30) days prior to January 31st of each year. The information contained
 in each holdings report submitted on each January 31st must be current as of a date no
 more than forty-five (45) days prior to the date the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Transaction
 Reports. All Access Persons must submit to the CCO quarterly securities transactions
 reports on a form provided by the CCO (attached to this Manual as Exhibit I. Personal
 Transactions Report Form and Certification of Compliance) and which meets the following
 requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Content
 of Transaction Reports. Each transaction report must contain, at a minimum, the following
 information about each transaction involving a Reportable Security, as defined in Section
 IX.B(k) above, in which the Access Person had, or as a result of the transaction acquired,
 any direct or indirect Beneficial Ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The
 date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP
 number, interest rate and maturity date, number of shares, and principal amount of each
 Reportable Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The
 nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The
 price of the security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) The
 name of the broker, dealer, or bank with or through which the transaction was effected;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) The
 date the Access Person submits the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Timing
 of Transaction Reports. Each Access Person must submit a transaction report no later
 than thirty (30) days after the end of each calendar quarter, which report must cover,
 at a minimum, all transactions during the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 CCO will review Access Persons' transaction and holding reports initially upon
 the Access Person's hire and quarterly thereafter. The CCO will review all Access
 Persons' transactions and holdings for potential violations of this Code of Ethics.
 The CCO will delegate the review of the CCO's transactions and holdings reports
 to Firm personnel qualified for such a review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exceptions
 from Reporting Requirements. An Access Person need not submit or include on any transaction
 report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any
 report with respect to securities held in accounts over which the Access Person had no
 direct or indirect influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any
 report with respect to transactions effected pursuant to an Automatic Investment Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any
 report if the report would duplicate information contained in broker trade confirmations
 or account statements previously provided to the CCO, provided that said statements were
 provided no later than thirty (30) days after the end of the applicable calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Reporting Non-Compliance with this Code of Ethics</u> 

All Supervised Persons must promptly report violations of the Code of Ethics to the CCO upon discovery of the violation. If the CCO is unavailable, the violation must then be reported to any executive officer of the Firm.

IX.G. Miscellaneous

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Acknowledgment of Receipt</u> 

All Supervised Persons must acknowledge upon becoming a Supervised Person, that they have received, read, and understand fully, the foregoing Code of Ethics and agree to comply with the provisions herein using the Code of Ethics Acknowledgment (attached to this Manual as Exhibit J). Additionally, each Supervised Person must acknowledge the same in writing annually using the same form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Consequences of Violating this Code of Ethics</u> 

Supervised Persons are urged to seek the advice of the CCO regarding the application of this Code of Ethics to their individual circumstances. A violation of the provisions of this Code of Ethics constitutes grounds for disciplinary action including termination of employment with the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Code of Ethics Description in Disclosure Document</u> 

A summary description of this Code of Ethics must be provided in the Firm's Brochure, if such a Brochure is required to be delivered. Additionally, the Firm provides a complete copy of this Code of Ethics to any client or prospective client upon request.