# EDGAR Filing Document

**Accession Number:** 0001742912
**File Stem:** 0001999371-26-006973
**Filing Date:** 2026-3
**Character Count:** 674493
**Document Hash:** b0882fff06facc424f2d322622644ba3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-006973.hdr.sgml**: 20260326

**ACCESSION NUMBER**: 0001999371-26-006973

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 34

**FILED AS OF DATE**: 20260326

**DATE AS OF CHANGE**: 20260326

**EFFECTIVENESS DATE**: 20260330

**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:** 26797219

**BUSINESS ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 700
- **CITY:** MILWAUKEE,
- **STATE:** WI
- **BUSINESS PHONE:** 844-986-7676

**MAIL ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 700
- **CITY:** MILWAUKEE,
- **STATE:** WI

**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:** 26797218

**BUSINESS ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 700
- **CITY:** MILWAUKEE,
- **STATE:** WI
- **BUSINESS PHONE:** 844-986-7676

**MAIL ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 700
- **CITY:** MILWAUKEE,
- **STATE:** WI

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

## Series and Classes Contracts Data

### Sound Fixed Income ETF (Series ID: S000070509)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000224018 | Sound Fixed Income ETF | SDFI            |

### Sound Enhanced Fixed Income ETF (Series ID: S000070510)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000224019 | Sound Enhanced Fixed Income ETF | FXED            |

### Sound Equity Dividend Income ETF (Series ID: S000070511)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000224020 | Sound Equity Dividend Income ETF | DIVY            |

### Sound Enhanced Equity Income ETF (Series ID: S000070512)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000224021 | Sound Enhanced Equity Income ETF | SDEE            |

### Sound Total Return ETF (Series ID: S000070513)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000224022 | Sound Total Return ETF | SDTR            |

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

AS FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION ON MARCH 26, 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. 306 | ☒ |
| 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. 307 | ☒ |

---

**<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 Tidal ETF Services LLC 234 West Florida Street, Suite 700 Milwaukee, Wisconsin 53204 Christopher M. Cahlamer Godfrey & Kahn, S.C. 833 East Michigan Street, Suite 1800 Milwaukee, Wisconsin 53202

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

☐ immediately upon filing pursuant to paragraph (b)

☒ on March 30, 2026 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. 306 to the Registration Statement of Tidal Trust I is being filed to add the Sound Equity Dividend Income ETF's and Sound Enhanced Fixed Income ETF's audited financial statements and certain related financial information and to make other permissible changes under Rule 485(b).

---

| | |
|:---|:---|
| **DIVY**<br>| &nbsp;&nbsp; **Sound Equity Dividend Income ETF** <br> *listed on New York Stock Exchange LLC*<br>|
| **FXED**<br>| &nbsp;&nbsp; **Sound Enhanced Fixed Income ETF** <br> *listed on New York Stock Exchange LLC*<br>|
| **SDEE** | &nbsp;&nbsp; **Sound Enhanced Equity Income ETF** <br> *(not currently available for purchase)*<br>|
| **SDFI** | &nbsp;&nbsp; **Sound Fixed Income ETF** <br> *(not currently available for purchase)*<br>|
| **SDTR** | &nbsp;&nbsp; **Sound Total Return ETF** <br> *(not currently available for purchase)*<br>|

---

**PROSPECTUS**

March 30, 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**

---

| | |
|:---|:---|
| [**Sound Equity Dividend Income ETF - Fund Summary**](#sound485bposa001) | 1 |
| [**Sound Enhanced Fixed Income ETF - Fund Summary**](#sound485bposa002) | 7 |
| [**Sound Enhanced Equity Income ETF- Fund Summary**](#sound485bposa003) | 15 |
| [**Sound Fixed Income ETF - Fund Summary**](#sound485bposa004) | 20 |
| [**Sound Total Return ETF - Fund Summary**](#sound485bposa005) | 26 |
| [**Additional Information About the Funds**](#sound485bposa006) | 30 |
| [**Portfolio Holdings Information**](#sound485bposa007) | 37 |
| [**Management**](#sound485bposa008) | 37 |
| [**How to Buy and Sell Shares**](#sound485bposa009) | 39 |
| [**Dividends, Distributions, and Taxes**](#sound485bposa010) | 40 |
| [**Distribution**](#sound485bposa011) | 43 |
| [**Premium/Discount Information**](#sound485bposa012) | 43 |
| [**Additional Notices**](#sound485bposa013) | 44 |
| [**Financial Highlights**](#sound485bposa014) | 44 |

---

**Sound Equity Dividend Income ETF – Fund Summary**

**Investment Objective**

The Sound Equity Dividend Income ETF's (the "Fund" or the "Equity Dividend Income ETF") primary objective is to generate current income via a dividend yield that is at least two times that of the S&P 500<sup>®</sup> Index.

The Fund also seeks to capture long-term capital appreciation as a secondary objective.

**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 Fees | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses | 0.00% |
| **Total Annual Fund Operating Expenses** | 0.45% |

---

<sup>1</sup> 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").

**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** | **5 Years** | **10 Years** |
| $46 | $144 | $252 | $567 |

---

**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. During the most recent fiscal year ended November 30, 2025, the Fund's portfolio turnover rate was 26% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund is an actively-managed exchange-traded fund ("ETF") that seeks to achieve its investment objectives by investing primarily in common stock issued by dividend paying, mid- and large-capitalization companies whose market capitalization at the time of purchase is typically in excess of $2 billion. Investment decisions for the Fund are made by Sound Income Strategies, LLC ("SIS" or the "Sub-Adviser"), the Fund's investment sub-adviser. The Fund will invest in companies whose securities trade on U.S. stock exchanges, which may include indirect investments in foreign securities via American Depositary Receipts ("ADRs"). In making investment decisions for the Fund, the Sub-Adviser conducts a fundamental, "bottom-up" analysis on individual securities, focusing on companies that the Sub-Adviser believes are undervalued and have sound economic foundations, as demonstrated by indicators such as: generally positive cash flows, favorable profitability ratios and manageable leverage ratios. In creating the universe of securities eligible for selection in the Fund's portfolio, the Sub-Adviser seeks to identify companies with low price to earnings ratios and high dividend yields to create a total portfolio with an aggregate dividend yield that is twice the dividend yield of the S&P 500<sup>®</sup> Index. The Fund will also select securities that have a catalyst that the Sub-Adviser believes will increase the price of the stock. Catalysts for equity appreciation might include such factors as: new management, new products, corporate restructuring, a recapitalization, or market dynamics, such as a turn in the business cycle, change in factor costs, or competitive dynamics. The Sub-Adviser may sell a security due to achievement of price objective, significant change in the initial investment premise or fundamental deterioration.

Under normal circumstances the Fund will invest at least 80% of its net assets (plus any borrowing) in dividend paying equity securities. The Fund may invest in ETFs that principally invest in equity securities. The Fund will typically hold securities of approximately 30 companies in its portfolio.

**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 per share ("NAV"), trading price, yield, total return, and/or ability to meet its objectives. 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."

Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears.

**Equity Market Risk.** 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, in which the Fund primarily invests, 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.

**Value Investing Risk**. The value approach to investing involves the risk that stocks may remain undervalued. Value stocks may underperform the overall equity market if they remain out of favor in the market or are not undervalued in the market.

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

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

***The remaining risks are presented in alphabetical order. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears.***

**Depositary Receipt Risk.** Depositary receipts involve risks similar to those associated with investments in foreign securities and give rise to certain additional risks. Depositary receipts listed on U.S. or foreign exchanges are issued by banks or trust companies, and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares ("Underlying Shares"). When the Fund invests in depositary receipts as a substitute for an investment directly in the Underlying Shares, the Fund is exposed to the risk that the depositary receipts may not provide a return that corresponds precisely with that of the Underlying Shares.

**ETF Risk.**

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

○ *Trading*. Although Shares are listed on a national securities exchange, such as New York Stock Exchange LLC (the "Exchange"), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund's underlying portfolio holdings, which can be significantly less liquid than Shares. Also, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings. These adverse effects on liquidity for Shares, in turn, could lead to wider bid/ask spreads and differences between the market price of Shares and the underlying value of those Shares.

**Foreign Securities Risk.** The Fund will invest in foreign securities only indirectly, via exchange-listed ADRs (see Depositary Receipt Risk above). Nonetheless, investments in securities or other instruments of non-U.S. issuers involve certain risks not involved in domestic investments and may experience more rapid and extreme changes in value than investments in securities of U.S. companies. Financial markets in foreign countries often are not as developed, efficient, or liquid as financial markets in the United States, and therefore, the prices of non-U.S. securities and instruments can be more volatile. In addition, the Fund will be subject to risks associated with adverse political and economic developments in foreign countries, which may include the imposition of economic sanctions. Investing in emerging markets can have more risk than investing in developed foreign markets. Governments of developing and emerging market countries may be more unstable as compared to more developed countries.

**Market Capitalization Risk.**

○ *Large-Capitalization Investing.* The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during 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.

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

**Other Investment Companies Risk**. The Fund may suffer losses due to the investment practices of the underlying funds as the Fund will be subject to substantially the same risks as those associated with the direct ownership of securities held by such investment companies. By investing in another investment company, the Fund becomes a shareholder of that investment company and bears its proportionate share of the fees and expenses of the other investment company. The Fund will incur higher and duplicative expenses when it invests in ETFs and other investment companies. ETFs may be less liquid than other investments, and thus their share values more volatile than the values of the investments they hold. Investments in ETFs are also subject to the "ETF Risks" described above.

**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, and geopolitical conflict. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite efforts to address market disruptions.

**Performance**

The following performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance over time. The bar chart shows the annual returns for the Fund from year-to-year. The table illustrates how the Fund's average annual total returns for the 1-year and since inception periods compare with those of a broad measure of market performance. The Fund's past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is available on the Fund's website at www.soundetfs.com.

**Calendar Year Ended December 31,**

![](sound-chart_001.jpg)

During the period of time shown in the bar chart, the Fund's highest quarterly return was 21.06% for the quarter ended March 31, 2021 and the lowest quarterly return was -8.02% for the quarter ended September 30, 2022.

**Average Annual Total Returns** 

**For the Periods Ended December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Year** | **Since<br> Inception<br> (12/30/2020)** |
| Return Before Taxes | 7.22% | 9.89% | 10.03% |
| Return After Taxes on Distributions | 6.26% | 8.84% | 8.97% |
| Return After Taxes on Distributions and Sale of Fund Shares | 4.90% | 7.74% | 7.86% |
| **S&P 500<sup>®</sup> Total Return Index**<br> (reflects no deduction for fees, expenses, or taxes) | 17.88% | 14.42% | 14.57% |

---

After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements or other tax-advantaged accounts, such as an individual retirement account ("IRA"). A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.

**Management**

*Investment Adviser*

Tidal Investments LLC, a Tidal Financial Group company, serves as investment adviser to the Fund.

*Investment Sub-Adviser*

Sound Income Strategies, LLC serves as 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.

Qiao Duan, CFA, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since 2026.

Andy Hicks, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since 2026.

Eric Beyrich, CFA, CFP*<sup>®</sup>*, Co-Chief Investment Officer and Portfolio Manager for the Sub-Adviser, has been a portfolio manager of the Fund since its inception in 2020.

**Purchase and Sale of Shares**

The Fund issues and redeems Shares at NAV only in large blocks known as "Creation Units," which only APs (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."

Recent 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.soundetfs.com.

**Tax Information**

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

**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.

**Sound Enhanced Fixed Income ETF – Fund Summary**

**Investment Objective**

The Sound Enhanced Fixed Income ETF (the "Fund" or the "Enhanced Fixed Income ETF") seeks current income while providing the opportunity for 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 Fees | 0.49% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses | 0.00% |
| Acquired Fund Fees and Expenses<sup>2</sup> | 1.40% |
| **Total Annual Fund Operating Expenses**<sup>2</sup> | 1.89% |

---

<sup>1</sup> 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 ("AFFE"), 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").

<sup>2</sup> AFFE are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund's "Financial Highlights" section of the prospectus because the Financial Highlights include the direct operating expenses incurred by the Fund and exclude AFFE.

**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** | **5 Years** | **10 Years** |
| $192 | $594 | $1021 | $2212 |

---

**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. During the most recent fiscal year ended November 30, 2025, the Fund's portfolio turnover rate was 8% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund is an actively-managed exchange-traded fund ("ETF") that seeks to achieve its investment objective by investing primarily in fixed income securities. Investment decisions for the Fund are made by Sound Income Strategies, LLC ("SIS" or the "Sub-Adviser"), the Fund's sub-adviser. The Fund will invest in a combination of investment grade and below investment grade (often referred to as "high yield" or "junk" bonds) debt securities. Typically, the Fund's portfolio will have an approximate equal weighting of investment grade and high yield debt securities; however, the Fund's portfolio weighting will be adjusted from time to time based on the assessment of the Sub-Adviser. "Investment grade" debt securities are rated in one of the top four rating categories by nationally recognized statistical rating organizations such as Moody's Investors Service, Inc. (Moody's) or S&P Global Ratings (S&P).

In making investment decisions for the Fund, the Sub-Adviser uses a fundamental, "bottom-up" approach to analyzing individual debt securities. The Sub-Adviser considers the expected return of each security taking into account the yield, duration, and option-adjusted spread ("OAS") of individual debt securities. OAS measures the difference in yield between a debt security with an embedded option, such as a callable bond, and a debt security with no embedded option, such as U.S. Treasuries. OAS considers how a debt security's embedded option can change the future cash flows and thus the overall value of the security. Within the Fund's investment universe, the Sub-Adviser categorizes securities into component groups based on factors including industry, sector, credit rating, duration, and security type. The Sub-Adviser estimates expected returns based on a yield component (spread above U.S. Treasuries) and a capital appreciation component (price appreciation or depreciation) for each component group. The Sub-Adviser will then make any needed adjustments to securities in the Fund's portfolio or their weightings, with the goal of purchasing securities that the Sub-Adviser believes are inexpensive relative to other securities in the same or similar asset class. The Sub-Adviser also considers an issuer's leverage and cash flow over a 12- to 24-month period, based on an analysis of publicly available filings. The Sub-Adviser continually analyzes market and financial data to make buy, sell, and hold decisions. When the Sub-Adviser believes that a security has achieved a price equal to or greater than its fair-value, the Sub-Adviser will look to liquidate or replace the security with another perceived mispriced security when available.

Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowing) in fixed income securities. The Fund's investments in fixed income securities will typically include U.S. corporate bonds, preferred stock and ETFs that invest in bonds, sovereign debt, and private placement debt securities. The Fund may also invest in fixed income securities issued by U.S. and foreign corporations, securities issued by governments and their agencies, instrumentalities, or sponsored corporations, including supranational organizations. The Fund's investments in fixed income securities will also include shares of business development companies ("BDCs") and real estate investment trusts ("REITs"). Investments in BDCs and REITs are intended to provide the "enhanced" component of the Fund's strategy because these securities typically pay a higher yield than traditional investment-grade bonds and preferred stocks. The Fund may also invest in fixed income securities that are illiquid, thinly traded or subject to special resale restrictions, such as those imposed by Rule 144A promulgated under the Securities Act of 1933, as amended (the "Securities Act").

The Fund may invest in fixed income securities of any duration. Duration is a measure of the expected life of a bond that is used to determine the sensitivity of an instrument's price to changes in interest rates. For example, the price of a bond fund with an average duration of three years generally would be expected to fall approximately 3% if interest rates rose by one percentage point. The Fund may invest in fixed income securities of any market capitalization.

**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 per share ("NAV"), 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."

Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears.

**Fixed Income Risk**. The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to changes in an issuer's credit rating or market perceptions about the creditworthiness of an issuer. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Changes in government intervention may have adverse effects on investments, volatility, and illiquidity in debt markets. These changes could cause the Fund's net asset value to fluctuate or make it more difficult for the Fund to accurately value its securities. How specific fixed income securities may react to changes in interest rates will depend on the specific characteristics of each security.

**High Yield Securities Risk**. Securities rated below investment grade are often referred to as high yield securities or "junk bonds." Investments in lower rated corporate debt securities typically entail greater price volatility and principal and income risk. High yield securities may be more susceptible to real or perceived adverse economic and competitive industry conditions than investment grade securities. The prices of high yield securities have been found to be more sensitive to adverse economic downturns or individual corporate developments. A projection of an economic downturn or of a period of rising interest rates, for example, could cause a decline in high yield security prices because the advent of a recession could lessen the ability of a highly leveraged company to make principal and interest payments on its debt securities. If an issuer of high yield securities defaults, in addition to risking payment of all or a portion of interest and principal, the Fund by investing in such securities may incur additional expenses to obtain recovery.

**Interest Rate Risk**. Generally, the value of fixed income securities will change inversely with changes in interest rates. As interest rates rise, the market value of fixed income securities tends to decrease. Conversely, as interest rates fall, the market value of fixed income securities tends to increase. This risk will be greater for long-term securities than for short-term securities. Changes in government intervention may have adverse effects on investments, volatility, and illiquidity in debt markets.

**Financial Services Sector Risk.** The Fund has emphasized its investments in the financial services sector. Companies in the financial services sector are often subject to risks tied to the global financial markets, which have experienced very difficult conditions and volatility as well as significant adverse trends. Companies in the financial services sector may also be negatively impacted by disruptions in the banking industry. The conditions in these markets have resulted in a decrease in availability of corporate credit, capital and liquidity and have led indirectly to the insolvency, closure or acquisition of a number of financial institutions. As of November 30, 2025, 24.3% of the Fund's net assets were invested in the financial services sector.

**Preferred Stocks Risk**. Preferred stocks are subject to the risks of equity securities generally and also risks associated with fixed-income securities, such as interest rate risk. A company's preferred stock, which may pay fixed or variable rates of return, generally pays dividends only after the company makes required payments to creditors, including vendors, depositors, counterparties, holders of its bonds and other fixed-income securities. As a result, the value of a company's preferred stock will react more strongly than bonds and other debt to actual or perceived changes in the company's financial condition or prospects. Preferred stock may be less liquid than many other types of securities, such as common stock, and generally has limited or no voting rights. In addition, preferred stock is subject to the risks that a company may defer or not pay dividends, and, in certain situations, may call or redeem its preferred stock or convert it to common stock. To the extent that the Fund invests a substantial portion of its assets in convertible preferred stocks, declining common stock values may also cause the value of the Fund's investments to decline.

**BDC Risk**. BDCs generally invest in debt securities that are not rated by a credit rating agency and are considered below investment grade quality ("junk bonds"). Little public information generally exists for the type of companies in which a BDC may invest and, therefore, there is a risk that the Fund may not be able to make a fully informed evaluation of the BDC and its portfolio of investments. In addition, investments made by BDCs are typically illiquid and are difficult to value for purposes of determining a BDC's net asset value.

**REIT Risk.** A REIT is a company that owns or finances income-producing real estate. Through its investments in REITs, the Fund is subject to the risks of investing in the real estate market, including decreases in property revenues, increases in interest rates, increases in property taxes and operating expenses, legal and regulatory changes, a lack of credit or capital, defaults by borrowers or tenants, environmental problems and natural disasters.

REITs are subject to additional risks, including those related to adverse governmental actions; declines in property value and the real estate market; the potential failure to qualify for tax-free pass through of income; and exemption from registration as an investment company. REITs are dependent upon specialized management skills and may invest in relatively few properties, a small geographic area, or a small number of property types. As a result, investments in REITs may be volatile. To the extent the Fund invests in REITs concentrated in specific geographic areas or property types, the Fund may be subject to a greater loss as a result of adverse developments affecting such area or property types. REITs are pooled investment vehicles with their own fees and expenses and the Fund will indirectly bear a proportionate share of those fees and expenses.

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

**Illiquid Investments Risk**. The Fund may, at times, hold illiquid investments, by virtue of the absence of a readily available market for certain of its investments, or because of legal or contractual restrictions on sales. The Fund could lose money if it is unable to dispose of an investment at a time or price that is most beneficial to the Fund.

**Foreign Securities Risk.** Investments in securities or other instruments of non-U.S. issuers involve certain risks not involved in domestic investments and may experience more rapid and extreme changes in value than investments in securities of U.S. companies. Financial markets in foreign countries often are not as developed, efficient, or liquid as financial markets in the United States, and therefore, the prices of non-U.S. securities and instruments can be more volatile. In addition, the Fund will be subject to risks associated with adverse political and economic developments in foreign countries, which may include the imposition of economic sanctions. Generally, there is less readily available and reliable information about non-U.S. issuers due to less rigorous disclosure or accounting standards and regulatory practices.

**Sovereign Debt Risk**. The Fund may invest in securities issued or guaranteed by foreign governmental entities (known as sovereign debt securities). These investments are subject to the risk of payment delays or defaults, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, large debt positions relative to the country's economy, or failure to implement economic reforms. There is no legal or bankruptcy process for collecting sovereign debt.

***The remaining risks are presented in alphabetical order. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears.***

**Equity Market Risk.** 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 specific issuers.

**ETF Risk.**

○ *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., derivative instruments and bonds that cannot be broken up beyond certain minimum sizes needed for transfer and settlement). 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 pay out higher annual capital gain distributions than if the in-kind redemption process was used.

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

○ *Trading*. Although Shares are listed on a national securities exchange, such as New York Stock Exchange LLC (the "Exchange"), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund's underlying portfolio holdings, which can be significantly less liquid than Shares. Also, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings. These adverse effects on liquidity for Shares, in turn, could lead to wider bid/ask spreads and differences between the market price of Shares and the underlying value of those Shares.

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

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

**Market Capitalization Risk.**

○ *Large-Capitalization Investing.* The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during 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.

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

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

**Other Investment Companies Risk**. The Fund may suffer losses due to the investment practices of the underlying funds as the Fund will be subject to substantially the same risks as those associated with the direct ownership of securities held by such investment companies. By investing in another investment company, the Fund becomes a shareholder of that investment company and bears its proportionate share of the fees and expenses of the other investment company. The Fund will incur higher and duplicative expenses when it invests in ETFs and other investment companies. ETFs may be less liquid than other investments, and thus their share values more volatile than the values of the investments they hold. Investments in ETFs are also subject to the "ETF Risks" described above.

**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.

**U.S. Government Obligations Risk**. Obligations of U.S. government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. government, which could affect the Fund's ability to recover should they default. No assurance can be given that the U.S. government will provide financial support to its agencies and authorities if it is not obligated by law to do so. Additionally, market prices and yields of securities supported by the full faith and credit of the U.S. government or other countries may decline or be negative for short or long periods of time.

**Performance**

The following performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance over time. The bar chart shows the annual returns for the Fund from year-to-year. The table illustrates how the Fund's average annual total returns for the 1-year and since inception periods compare with those of a broad measure of market performance. The Fund's past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is available on the Fund's website at www.soundetfs.com.

**Calendar Year Ended December 31 ,**

![](sound-chart_002.jpg)

During the period of time shown in the bar chart, the Fund's highest quarterly return was 8.30% for the quarter ended December 31, 2023 and the lowest quarterly return was -10.90% for the quarter ended June 30, 2022.

**Average Annual Total Returns** 

**For the Periods Ended December 31, 2025**

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| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Year** | **Since<br> Inception**<br>**(12/30/2020)**  |
| Return Before Taxes | 5.19% | 3.72% | 3.74% |
| Return After Taxes on Distributions | 2.63% | 1.57% | 1.59% |
| Return After Taxes on Distributions and Sale of Fund Shares | 3.38% | 2.06% | 2.08% |
| **Bloomberg U.S. Universal Bond Index**<br> (reflects no deduction for fees, expenses, or taxes) | 7.58% | 0.06% | 0.08% |

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After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements or other tax-advantaged accounts, such as an individual retirement account ("IRA"). In certain cases, the figure representing "Return After Taxes on Distributions and Sale of Fund Shares" may be higher than other return figures for the same period due to a capital loss that occurs upon redemption and provides an assumed tax deduction that benefits the investor.

**Management**

*Investment Adviser*

Tidal Investments LLC, a Tidal Financial Group company, serves as investment adviser to the Fund.

*Investment Sub-Adviser*

Sound Income Strategies, LLC serves as 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.

Ben McCaig, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since 2026.

Stephen Foy, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since 2026.

Eric Beyrich, CFA, CFP*<sup>®</sup>*, Co-Chief Investment Officer and Portfolio Manager for the Sub-Adviser, has been a portfolio manager of the Fund since 2026.

David Scranton, CFA, CFP*<sup>®</sup>*, Chief Executive Officer, Co-Chief Investment Officer and Portfolio Manager for the Sub-Adviser, has been a portfolio manager of the Fund since 2026.

**Purchase and Sale of Shares**

The Fund issues and redeems Shares at NAV only in large blocks known as "Creation Units," which only APs (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."

Recent 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.soundetfs.com.

**Tax Information**

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

**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.

**Sound Enhanced Equity Income ETF – Fund Summary**

**Investment Objective**

The Sound Enhanced Equity Income ETF's (the "Fund" or the "Enhanced Equity Income ETF") primary objective is to generate current income via a dividend yield that is at least two times that of the S&P 500<sup>®</sup> Index.

The Fund also seeks to capture long-term capital appreciation as a secondary objective. The Fund has not yet commenced operations as of the date of this Prospectus.

**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 Fees | 0.68% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses <sup>2</sup> | 0.00% |
| Acquired Fund Fees and Expenses <sup>2 3</sup> | 0.00% |
| **Total Annual Fund Operating Expenses** | 0.68% |

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<sup>1</sup> 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 Act, as amended (the "1940 Act"), and litigation expenses, and other non-routine or extraordinary expenses (collectively, the "Excluded Expenses").

<sup>2</sup> Estimated for the current fiscal year.

<sup>3</sup> Acquired Fund Fees and Expenses ("AFFE") are the indirect costs of investing in other investment companies.

**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** |
| $69 | $218 |

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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 has not commenced operations as of the date of this Prospectus, portfolio turnover information is not yet available.

**Principal Investment Strategies**

The Fund is an actively-managed exchange-traded fund ("ETF") that seeks to achieve its investment objective by investing in equity securities. Investment decisions for the Fund are made by Sound Income Strategies, LLC ("SIS" or the "Sub-Adviser"), the Fund's sub-adviser. In making investment decisions for the Fund, the Sub-Adviser conducts a fundamental, "bottom-up" analysis on individual securities, focusing on companies with sound economic foundations, as demonstrated by indicators such as: generally positive cash flows, favorable profitability ratios and manageable leverage ratios. In creating the universe of securities eligible for selection in the Fund's portfolio, the Sub-Adviser seeks to identify companies with low price to earnings ratios and high dividend yields to create a total portfolio with an aggregate dividend yield that is twice the dividend yield of the S&P 500<sup>®</sup> Index. The Fund will also select securities that have a catalyst that the Sub-Adviser believes will increase the price of the stock. Catalysts for equity appreciation might include such factors as: new management, new products, corporate restructuring, a recapitalization, or market dynamics, such as a turn in the business cycle, change in factor costs, or competitive dynamics. The Sub-Adviser may sell a security due to achievement of price objective, significant change in the initial investment premise or fundamental deterioration.

The Fund will seek to "enhance" equity returns predominantly by writing call options on positions held and occasionally writing put options on individual equity securities deemed to be attractive by the Fund's Sub-Adviser. The Fund may write a call or put option when such option appears to be mispriced in order to increase the Fund's income with option premiums. Any written call or put option would be covered by securities or cash. In the case of writing covered calls, the Sub-Adviser seeks to identify situations where the option premium appears to be too high, based on the known prospects for business growth or price appreciation, so the Fund can earn a higher return collecting the option premium than it expects to earn holding the stock and collecting the dividends alone. The Fund will write put options on the securities of companies the Fund either holds or intends to purchase and that the Sub-Adviser believes to be undervalued and attractive to purchase at lower prices. When writing puts, the Sub-Adviser will set aside the cash necessary to purchase the shares put, so that if the option is exercised, there will not be any funding stress placed on the portfolio.

Under normal circumstances the Fund invests at least 80% its net assets (plus any borrowing) in dividend paying equity securities and options on equity securities for which the Fund receives a premium. The Fund's investments in equity securities will primarily be common stock issued by dividend paying, mid- and large-capitalization companies whose market capitalization at the time of purchase is typically in excess of $2 billion. The Fund will count the notional value of options on equity securities for which the Fund receives a premium towards compliance with the 80% investment policy noted above. The Fund may also invest in ETFs that principally invest in equity securities, though this is unlikely. The intent of the Fund is to hold 30 to 40 positions in underlying stocks, depending on the market conditions. The number of options written against these holdings will likely amplify the number of "securities" held in the portfolio.

The Fund is considered to be non-diversified, 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 were a diversified fund. However, the Fund has a policy that it will reduce its holding in a security if the position makes up more than 6% of the Fund's portfolio.

**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 per share ("NAV"), 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."

Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears.

**Value Investing Risk**. The value approach to investing involves the risk that stocks may remain undervalued. Value stocks may underperform the overall equity market if they remain out of favor in the market or are not undervalued in the market.

**Derivatives Risk**. The Fund's derivative investments have risks, including the imperfect correlation between the value of such instruments and the underlying assets or index; the loss of principal, including the potential loss of amounts greater than the initial amount invested in the derivative instrument; the possible default of the other party to the transaction; and illiquidity of the derivative investments. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. The derivatives used by the Fund may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Certain of the Fund's transactions in derivatives could also affect the amount, timing, and character of distributions to shareholders, which may result in the Fund realizing more short-term capital gain and ordinary income subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund's after-tax returns.

○ *Options*. If the Fund sells an option, it sells to another person the right to buy from or sell to the Fund (i.e., "call" or "put," respectively) a specific amount of the underlying instrument or swap or futures contract on the underlying instrument at an agreed-upon price typically in exchange for a premium received by the Fund. A decision as to whether, when and how to use options involves the exercise of skill and judgment and even a well-conceived option transaction may be unsuccessful because of market behavior or unexpected events. The prices of options can be highly volatile and the use of options can lower total returns.

**Equity Market Risk.** The Fund will invest in common stocks directly or indirectly through ETFs. 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, such as those held by the Fund, 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.

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

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

**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.

***The remaining risks are presented in alphabetical order. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears.***

**ETF Risk.**

○ *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., derivative instruments and bonds that cannot be broken up beyond certain minimum sizes needed for transfer and settlement). 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 pay out higher annual capital gain distributions than if the in-kind redemption process was used.

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

○ *Trading*. Although Shares are listed on a national securities exchange, such as NYSE Arca, Inc. (the "Exchange"), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund's underlying portfolio holdings, which can be significantly less liquid than Shares. Also, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings. These adverse effects on liquidity for Shares, in turn, could lead to wider bid/ask spreads and differences between the market price of Shares and the underlying value of those Shares.

**Market Capitalization Risk.**

○ *Large-Capitalization Investing.* The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during 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.

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

**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.

**Other Investment Companies Risk**. The Fund may suffer losses due to the investment practices of the underlying funds as the Fund will be subject to substantially the same risks as those associated with the direct ownership of securities held by such investment companies. By investing in another investment company, the Fund becomes a shareholder of that investment company and bears its proportionate share of the fees and expenses of the other investment company. The Fund will incur higher and duplicative expenses when it invests in ETFs and other investment companies. ETFs may be less liquid than other investments, and thus their share values more volatile than the values of the investments they hold. Investments in ETFs are also subject to the "ETF Risks" described above.

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

**Performance**

Performance information for the Fund is not included because the Fund has not commenced 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.soundetfs.com.

**Management**

*Investment Adviser*

Tidal Investments LLC, a Tidal Financial Group company, serves as investment adviser to the Fund.

*Investment Sub-Adviser*

Sound Income Strategies, LLC serves as 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.

Qiao Duan, CFA, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since its inception.

Andy Hicks, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since its inception.

Eric Beyrich, CFA, CFP*<sup>®</sup>*, Co-Chief Investment Officer and Portfolio Manager for the Sub-Adviser, has been a portfolio manager of the Fund since its inception.

**Purchase and Sale of Shares**

The Fund has not commenced operations as of the date of this Prospectus and is not currently available for purchase. The Fund issues and redeems Shares at NAV only in large blocks known as "Creation Units," which only APs (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.soundetfs.com.

**Tax Information**

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

**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.

**Sound Fixed Income ETF – Fund Summary**

**Investment Objective**

The Sound Fixed Income ETF (the "Fund" or the "Fixed Income ETF") seeks current income. The Fund has not yet commenced operations as of the date of this Prospectus.

**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 Fees | 0.40% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses <sup>2</sup> | 0.00% |
| Acquired Fund Fees and Expenses <sup>2,3</sup> | 1.40% |
| **Total Annual Fund Operating Expenses** | 1.80% |

---

<sup>1</sup> 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 Act, as amended (the "1940 Act"), and litigation expenses, and other non-routine or extraordinary expenses (collectively, the "Excluded Expenses").

<sup>2</sup> Estimated for the current fiscal year.

<sup>3</sup> Acquired Fund Fees and Expenses ("AFFE") are the indirect costs of investing in other investment companies.

**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** |
| $183 | $566 |

---

**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 has not commenced operations as of the date of this Prospectus, portfolio turnover information is not yet available.

**Principal Investment Strategies**

The Fund is an actively-managed exchange-traded fund ("ETF") that seeks to achieve its investment objective by investing in fixed income securities. Investment decisions for the Fund are made by Sound Income Strategies, LLC ("SIS" or the "Sub-Adviser"), the Fund's sub-adviser. The Fund will invest in a combination of investment grade and below investment grade (often referred to as "high yield" or "junk" bonds) debt securities. Typically, the Fund's portfolio will have an approximate equal weighting of investment grade and high yield debt securities; however, the Fund's portfolio weighting will be adjusted from time to time based on the assessment of the Sub-Adviser. "Investment grade" debt securities are rated in one of the top four rating categories by nationally recognized statistical rating organizations such as Moody's Investors Service, Inc. (Moody's) or S&P Global Ratings (S&P).

In making investment decisions for the Fund, the Sub-Adviser uses a fundamental, "bottom-up" approach to analyzing individual debt securities. The Sub-Adviser considers the expected return of each security taking into account the yield, duration, and option-adjusted spread ("OAS") of individual debt securities. OAS measures the difference in yield between a debt security with an embedded option, such as a callable bond, and a debt security with no embedded option, such as U.S. Treasuries. OAS considers how a debt security's embedded option can change the future cash flows and thus the overall value of the security. Within the Fund's investment universe, the Sub-Adviser categorizes securities into component groups based on factors including industry, sector, credit rating, duration, and security type. The Sub-Adviser estimates expected returns based on a yield component (spread above U.S. Treasuries) and a capital appreciation component (price appreciation or depreciation) for each component group. The Sub-Adviser will then make any needed adjustments to securities in the Fund's portfolio or their weightings, with the goal of purchasing securities that the Sub-Adviser believes are inexpensive relative to other securities in the same or similar asset class. The Sub-Adviser also considers an issuer's leverage and cash flow over a 12- to 24-month period, based on analysis of publicly available filings. The Sub-Adviser continually analyzes market and financial data to make buy, sell, and hold decisions. When the Sub-Adviser believes that a security has achieved a price equal to or greater than its fair-value, the Sub-Adviser will look to liquidate or replace the security with another perceived mispriced security when available.

Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowing) in fixed income securities. The Fund's investments in fixed income securities will typically include U.S. corporate bonds, preferred stock and ETFs that invest in bonds, sovereign debt, and private placement debt securities. The Fund may also invest in fixed income securities issued by U.S. and foreign corporations, securities issued by governments and their agencies, instrumentalities, or sponsored corporations, including supranational organizations.

The Fund may invest in fixed income securities of any duration. Duration is a measure of the expected life of a bond that is used to determine the sensitivity of an instrument's price to changes in interest rates. For example, the price of a bond fund with an average duration of three years generally would be expected to fall approximately 3% if interest rates rose by one percentage point. The Fund may invest in fixed income securities of any market capitalization.

The Fund is considered to be non-diversified, 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 were a diversified fund.

**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 per share ("NAV"), 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."

Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears.

**Fixed Income Risk**. The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to changes in an issuer's credit rating or market perceptions about the creditworthiness of an issuer. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Changes in government intervention may have adverse effects on investments, volatility, and illiquidity in debt markets. These changes could cause the Fund's net asset value to fluctuate or make it more difficult for the Fund to accurately value its securities. How specific fixed income securities may react to changes in interest rates will depend on the specific characteristics of each security.

**High Yield Securities Risk**. Securities rated below investment grade are often referred to as high yield securities or "junk bonds." Investments in lower rated corporate debt securities typically entail greater price volatility and principal and income risk. High yield securities may be more susceptible to real or perceived adverse economic and competitive industry conditions than investment grade securities. The prices of high yield securities have been found to be more sensitive to adverse economic downturns or individual corporate developments. A projection of an economic downturn or of a period of rising interest rates, for example, could cause a decline in high yield security prices because the advent of a recession could lessen the ability of a highly leveraged company to make principal and interest payments on its debt securities. If an issuer of high yield securities defaults, in addition to risking payment of all or a portion of interest and principal, the Fund by investing in such securities may incur additional expenses to obtain recovery.

**Interest Rate Risk**. Generally, the value of fixed income securities will change inversely with changes in interest rates. As interest rates rise, the market value of fixed income securities tends to decrease. Conversely, as interest rates fall, the market value of fixed income securities tends to increase. This risk will be greater for long-term securities than for short-term securities. Changes in government intervention may have adverse effects on investments, volatility, and illiquidity in debt markets.

**Preferred Stocks Risk**. Preferred stocks are subject to the risks of equity securities generally and also risks associated with fixed-income securities, such as interest rate risk. A company's preferred stock, which may pay fixed or variable rates of return, generally pays dividends only after the company makes required payments to creditors, including vendors, depositors, counterparties, holders of its bonds and other fixed-income securities. As a result, the value of a company's preferred stock will react more strongly than bonds and other debt to actual or perceived changes in the company's financial condition or prospects. Preferred stock may be less liquid than many other types of securities, such as common stock, and generally has limited or no voting rights. In addition, preferred stock is subject to the risks that a company may defer or not pay dividends, and, in certain situations, may call or redeem its preferred stock or convert it to common stock. To the extent that the Fund invests a substantial portion of its assets in convertible preferred stocks, declining common stock values may also cause the value of the Fund's investments to decline.

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

**Foreign Securities Risk.** Investments in securities or other instruments of non-U.S. issuers involve certain risks not involved in domestic investments and may experience more rapid and extreme changes in value than investments in securities of U.S. companies. Financial markets in foreign countries often are not as developed, efficient, or liquid as financial markets in the United States, and therefore, the prices of non-U.S. securities and instruments can be more volatile. In addition, the Fund will be subject to risks associated with adverse political and economic developments in foreign countries, which may include the imposition of economic sanctions. Generally, there is less readily available and reliable information about non-U.S. issuers due to less rigorous disclosure or accounting standards and regulatory practices.

**Sovereign Debt Risk**. The Fund may invest in securities issued or guaranteed by foreign governmental entities (known as sovereign debt securities). These investments are subject to the risk of payment delays or defaults, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, large debt positions relative to the country's economy, or failure to implement economic reforms. There is no legal or bankruptcy process for collecting sovereign debt.

***The remaining risks are presented in alphabetical order. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears.***

**ETF Risk.**

○ *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., derivative instruments and bonds that cannot be broken up beyond certain minimum sizes needed for transfer and settlement). 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 pay out higher annual capital gain distributions than if the in-kind redemption process was used.

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

○ *Trading*. Although Shares are listed on a national securities exchange, such as NYSE Arca, Inc. (the "Exchange"), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund's underlying portfolio holdings, which can be significantly less liquid than Shares. Also, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings. These adverse effects on liquidity for Shares, in turn, could lead to wider bid/ask spreads and differences between the market price of Shares and the underlying value of those Shares.

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

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

**Market Capitalization Risk.**

○ *Large-Capitalization Investing.* The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during 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.

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

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

**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.

**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.

**Other Investment Companies Risk**. The Fund may suffer losses due to the investment practices of the underlying funds as the Fund will be subject to substantially the same risks as those associated with the direct ownership of securities held by such investment companies. By investing in another investment company, the Fund becomes a shareholder of that investment company and bears its proportionate share of the fees and expenses of the other investment company. The Fund will incur higher and duplicative expenses when it invests in ETFs and other investment companies. ETFs may be less liquid than other investments, and thus their share values more volatile than the values of the investments they hold. Investments in ETFs are also subject to the "ETF Risks" described above.

**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.

**U.S. Government Obligations Risk**. Obligations of U.S. government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. government, which could affect the Fund's ability to recover should they default. No assurance can be given that the U.S. government will provide financial support to its agencies and authorities if it is not obligated by law to do so. Additionally, market prices and yields of securities supported by the full faith and credit of the U.S. government or other countries may decline or be negative for short or long periods of time.

**Performance**

Performance information for the Fund is not included because the Fund has not commenced 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.soundetfs.com.

**Management**

*Investment Adviser*

Tidal Investments LLC, a Tidal Financial Group company, serves as investment adviser to the Fund.

*Investment Sub-Adviser*

Sound Income Strategies, LLC serves as 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.

Ben McCaig, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since its inception.

Stephen Foy, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since its inception.

Eric Beyrich, CFA, CFP*<sup>®</sup>*, Co-Chief Investment Officer and Portfolio Manager for the Sub-Adviser, has been a portfolio manager of the Fund since its inception.

David Scranton, CFA, CFP*<sup>®</sup>*, Chief Executive Officer, Co-Chief Investment Officer and Portfolio Manager for the Sub-Adviser, has been a portfolio manager of the Fund since its inception.

**Purchase and Sale of Shares**

The Fund has not commenced operations as of the date of this Prospectus and is not currently available for purchase. The Fund issues and redeems Shares at NAV only in large blocks known as "Creation Units," which only APs (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 will 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.soundetfs.com.

**Tax Information**

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

**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.

**Sound Total Return ETF – Fund Summary**

**Investment Objective**

The Sound Total Return ETF (the "Fund" or the "Total Return ETF") seeks to deliver a dividend return that is at least 1.5 times that of the S&P 500<sup>®</sup> Index and generate meaningful long-term capital growth. The Fund has not yet commenced operations as of the date of this Prospectus.

**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 Fees | 0.59% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses <sup>2</sup> | 0.00% |
| **Total Annual Fund Operating Expenses** | 0.59% |

---

<sup>1</sup> 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 Act, as amended (the "1940 Act"), and litigation expenses, and other non-routine or extraordinary expenses (collectively, the "Excluded Expenses").

<sup>2</sup> 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** |
| $60 | $189 |

---

**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 has not commenced operations as of the date of this Prospectus, portfolio turnover information is not yet available.

**Principal Investment Strategies** 

The Fund is an actively-managed exchange-traded fund ("ETF") that seeks to achieve its investment objective by investing in portfolio of securities with a total return profile of dividend yield and price appreciation. The Fund will typically invest in common stock issued by mid- and large-capitalization companies whose market capitalization at the time of purchase is in excess of $2 billion. Investment decisions for the Fund are made by Sound Income Strategies, LLC ("SIS" or the "Sub-Adviser"), the Fund's sub-adviser. In making investment decisions for the Fund, the Sub-Adviser conducts a fundamental, "bottom-up" analysis on individual securities, focusing on companies with sound economic foundations, as demonstrated by indicators such as: generally positive cash flows, favorable profitability ratios and manageable leverage ratios. The Fund's portfolio will be composed of a mix of dividend-paying stocks and non-dividend-paying stocks that are considered by the Sub-Adviser to be undervalued and have a catalyst that the Sub-Adviser believes will increase the price the of the stock. Catalysts for equity appreciation might include such factors as: new management, new products, corporate restructuring, a recapitalization, or market dynamics, such as a turn in the business cycle, change in factor costs, or competitive dynamics. The Sub-Adviser uses industry-appropriate measures, such as price-to-earnings ratio, price-to-book value, or enterprise value/EBITDA measures, to determine the valuation of a company and its stock. The Sub-Adviser may sell a security due to achievement of price objective, significant change in the initial investment premise or fundamental deterioration. For securities that are expected to pay a dividend, the Sub-Adviser seeks to identify companies that will create a portfolio with an average dividend yield above the average dividend yield of the S&P 500<sup>®</sup> Index.

The Fund may also invest in ETFs that invest in equity securities. The Fund will typically hold securities issued by approximately 30 companies in its portfolio.

The Fund is considered to be non-diversified, 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 were a diversified fund. However, the Fund has a policy that it will reduce its holding in a security if the position makes up more than 6% of the Fund's portfolio.

**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 per share ("NAV"), 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."

Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears.

**Equity Market Risk.** The Fund will invest in common stocks directly or indirectly through ETFs. 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, such as those held by the Fund, 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.

**Value Investing Risk**. The value approach to investing involves the risk that stocks may remain undervalued. Value stocks may underperform the overall equity market if they remain out of favor in the market or are not undervalued in the market.

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

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

**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.

***The remaining risks are presented in alphabetical order. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears.***

**ETF Risk.**

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

○ *Trading*. Although Shares are listed on a national securities exchange, such as NYSE Arca, Inc. (the "Exchange"), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund's underlying portfolio holdings, which can be significantly less liquid than Shares. Also, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings. These adverse effects on liquidity for Shares, in turn, could lead to wider bid/ask spreads and differences between the market price of Shares and the underlying value of those Shares.

**Market Capitalization Risk.**

○ *Large-Capitalization Investing.* The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during 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.

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

**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.

**Other Investment Companies Risk**. The Fund may suffer losses due to the investment practices of the underlying funds as the Fund will be subject to substantially the same risks as those associated with the direct ownership of securities held by such investment companies. By investing in another investment company, the Fund becomes a shareholder of that investment company and bears its proportionate share of the fees and expenses of the other investment company. The Fund will incur higher and duplicative expenses when it invests in ETFs and other investment companies. ETFs may be less liquid than other investments, and thus their share values more volatile than the values of the investments they hold. Investments in ETFs are also subject to the "ETF Risks" described above.

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

**Performance**

Performance information for the Fund is not included because the Fund has not commenced 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.soundetfs.com.

**Management**

*Investment Adviser*

Tidal Investments LLC, a Tidal Financial Group company, serves as investment adviser to the Fund.

*Investment Sub-Adviser*

Sound Income Strategies, LLC serves as 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.

Qiao Duan, CFA, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since its inception

Andy Hicks, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since its inception

Eric Beyrich, CFA, CFP*<sup>®</sup>*, Co-Chief Investment Officer and Portfolio Manager for the Sub-Adviser, has been a portfolio manager of the Fund since its inception.

**Purchase and Sale of Shares**

The Fund has not commenced operations as of the date of this Prospectus and is not currently available for purchase. The Fund issues and redeems Shares at NAV only in large blocks known as "Creation Units," which only APs (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 will 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.soundetfs.com.

**Tax Information**

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

**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 Objective**

The Sound Equity Dividend Income ETF's (the "Equity Dividend Income ETF") primary objective is to generate current income via a dividend yield that is at least two times that of the S&P 500<sup>®</sup> Index. The Fund also seeks to capture long-term capital appreciation as a secondary objective.

The Sound Enhanced Fixed Income ETF (the "Enhanced Fixed Income ETF") seeks current income while providing the opportunity for capital appreciation.

The Sound Enhanced Equity Income ETF's (the "Enhanced Equity Income ETF") primary objective is to generate current income via a dividend yield that is at least two times that of the S&P 500<sup>®</sup> Index. The Fund also seeks to capture long-term capital appreciation as a secondary objective.

The Sound Fixed Income ETF (the "Fixed Income ETF") seeks current income.

The Sound Total Return ETF (the "Total Return ETF") seeks to deliver a dividend return that is at least 1.5 times that of the S&P 500<sup>®</sup> Index and generate meaningful long-term capital growth.

An investment objective is fundamental if it cannot be changed without the consent of the holders of a majority of the outstanding Shares. Each Fund's investment objective has not been adopted as a fundamental investment policy and therefore may be changed without the consent of the Fund's shareholders upon approval by the Board of Trustees (the "Board") of Tidal Trust I (the "Trust") and written notice to shareholders.

**Change in Investment Policy**

Each of the Sound Fixed Income ETF and the Sound Enhanced Fixed Income ETF will not change its investment policy of, under normal market conditions, investing at least 80% of its net assets (plus any borrowing) in fixed income securities without providing 60 days' notice to shareholders.

The Sound Equity Dividend Income ETF will not change its investment policy of, under normal market conditions, investing at least 80% of its net assets (plus any borrowing) in dividend paying equity securities without providing 60 days' notice to shareholders.

The Sound Enhanced Equity Income ETF will not change its investment policy of, under normal circumstances, investing at least 80% of its net assets (plus any borrowing) in dividend paying equity securities and options on equity securities for which the Fund receives a premium without providing 60 days' notice to shareholders.

**Principal Investment Strategies**

The following information is in addition to, and should be read along with, the description of each Fund's principal investment strategies (except where otherwise noted) in the sections titled "Fund Summary—Principal Investment Strategies" above.

*Put Options*

The Enhanced Equity Income Fund may write put options to obtain additional premium income. The Enhanced Equity Income Fund intends to write put options when the Sub-Adviser calculates that the Fund will collect an option premium or purchase a security at a price that the Sub-Adviser believes to be lower than fair value; however, the strategy may result in the Fund paying a higher price than otherwise would be paid for the security without such an option, thereby increasing the security's cost and reducing its yield.

A put option gives the buyer of the option the right to sell a security at a specified future date at an agreed upon price (the "strike price") in exchange for a premium paid by the buyer to the Fund. If the Fund sells (writes) a put option and the market price drops below the strike price, the Fund is obligated to purchase the underlying security from the buyer of the put option. The Fund will segregate cash or other liquid assets in an amount equal to the value of the exercise liability of a put option, adjusted daily to the option's current market value.

**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. 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**

For temporary defensive purposes during adverse market, economic, political, or other conditions, a Fund may invest up to 100% of its assets in cash or cash equivalents, such as U.S. Government obligations, investment grade debt securities and other money market instruments. Taking a temporary defensive position may result in a Fund not achieving its investment objective.

**Manager of Managers Structure**

The Funds and the Adviser have received exemptive relief from the SEC permitting the Adviser (subject to certain conditions and the approval of the Board) to change or select new unaffiliated sub-advisers without obtaining shareholder approval. The relief also permits the Adviser to materially amend the terms of agreements with an unaffiliated sub-adviser (including an increase in the fee paid by the Adviser to the unaffiliated sub-adviser (and not paid by a Fund)) or to continue the employment of an unaffiliated sub-adviser after an event that would otherwise cause the automatic termination of services with Board approval, but without shareholder approval. Shareholders will be notified of any unaffiliated sub-adviser changes. The Adviser has the ultimate responsibility, subject to oversight by the Board, to oversee any sub-adviser(s) and recommend their hiring, termination and replacement.

**Principal Risks of Investing in each Fund**

There can be no assurance that a Fund will achieve its investment objective. 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 information is in addition to, and should be read along with, the description of each Fund's principal investment risks in the section titled "Fund Summary— Principal Investment Risks" above. 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. 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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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Sound** <br> **Equity** <br> **Dividend** <br> **Income** <br> **ETF** | &nbsp;&nbsp;**Sound** <br> **Enhanced** <br> **Fixed** <br> **Income** <br> **ETF** | &nbsp;&nbsp;**Sound** <br> **Enhanced** <br> **Equity** <br> **Income** <br> **ETF** | &nbsp;&nbsp; **Sound** <br> **Fixed<br> Income** <br> **ETF**  | &nbsp;&nbsp; **Sound** <br> **Total** <br> **Return** <br> **ETF**  |
| &nbsp;&nbsp;**BDC Risk** |  | &nbsp;&nbsp;X |  |  |  |
| &nbsp;&nbsp;**Credit Risk** |  | &nbsp;&nbsp;X |  | &nbsp;&nbsp;X |  |
| &nbsp;&nbsp;**Depositary Receipt Risk** | &nbsp;&nbsp;X |  |  |  |  |
| &nbsp;&nbsp;**Derivatives Risk** |  |  | &nbsp;&nbsp;X |  |  |
| &nbsp;&nbsp;**— Options** |  |  | &nbsp;&nbsp;X |  |  |
| &nbsp;&nbsp;**Equity Market Risk** | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |  | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**ETF Risk** | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**— Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk** | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**— Cash Redemption Risk** |  | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |  |
| &nbsp;&nbsp;**— Costs of Buying or Selling Shares** | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**— Shares May Trade at Prices Other Than NAV** | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**— Trading** | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**Financial Services Sector Risk** |  | &nbsp;&nbsp; X |  |  |  |
| &nbsp;&nbsp;**Fixed Income Risk** |  | &nbsp;&nbsp;X |  | &nbsp;&nbsp;X |  |
| &nbsp;&nbsp;**Foreign Securities Risks** | &nbsp;&nbsp;X | &nbsp;&nbsp;X |  | &nbsp;&nbsp;X |  |
| &nbsp;&nbsp;**General Market Risk** | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**High Yield Securities Risk** |  | &nbsp;&nbsp;X |  | &nbsp;&nbsp;X |  |
| &nbsp;&nbsp;**Illiquid Investments Risks** |  | &nbsp;&nbsp;X |  |  |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Sound** <br> **Equity** <br> **Dividend** <br> **Income** <br> **ETF** | &nbsp;&nbsp;**Sound** <br> **Enhanced** <br> **Fixed** <br> **Income** <br> **ETF** | &nbsp;&nbsp;**Sound** <br> **Enhanced** <br> **Equity** <br> **Income** <br> **ETF** | &nbsp;&nbsp; **Sound** <br> **Fixed<br> Income** <br> **ETF**  | &nbsp;&nbsp; **Sound** <br> **Total** <br> **Return** <br> **ETF**  |
| &nbsp;&nbsp;**Interest Rate Risk** |  | &nbsp;&nbsp;X |  | &nbsp;&nbsp;X |  |
| &nbsp;&nbsp;**Management Risk** | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**Market Capitalization Risk.** | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**— Large-Capitalization Investing** | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**— Mid-Capitalization Investing** | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**— Small-Capitalization Investing** |  | &nbsp;&nbsp;X |  | &nbsp;&nbsp;X |  |
| &nbsp;&nbsp;**New Fund Risk** |  |  | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**Non-Diversification Risk** |  |  | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**Other Investment Companies Risk** | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**Preferred Stocks Risk** |  | &nbsp;&nbsp;X |  | &nbsp;&nbsp;X |  |
| &nbsp;&nbsp;**Recent Market Events Risk** | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;**REIT Risk** |  | &nbsp;&nbsp;X |  |  |  |
| &nbsp;&nbsp;**Sovereign Debt Risk** |  | &nbsp;&nbsp;X |  | &nbsp;&nbsp;X |  |
| &nbsp;&nbsp;**U.S. Government Obligations Risk** |  | &nbsp;&nbsp;X |  | &nbsp;&nbsp;X |  |
| &nbsp;&nbsp;**Value Investing Risk** | &nbsp;&nbsp;X |  | &nbsp;&nbsp;X |  | &nbsp;&nbsp;X |

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**BDC Risk***.* BDCs generally invest in debt securities that are not rated by a credit rating agency and are considered below investment grade quality ("junk bonds"). Little public information generally exists for the type of companies in which a BDC may invest and, therefore, there is a risk that the Fund may not be able to make a fully informed evaluation of the BDC and its portfolio of investments. In addition, investments made by BDCs are typically illiquid and are difficult to value for purposes of determining a BDC's net asset value.

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

**Depositary Receipt Risk.** Depositary receipts involve risks similar to those associated with investments in foreign securities and give rise to certain additional risks. Depositary receipts listed on U.S. or foreign exchanges are issued by banks or trust companies, and entitle the holder to all dividends and capital gains that are paid out on the Underlying Shares. When the Fund invests in depositary receipts as a substitute for an investment directly in the Underlying Shares, the Fund is exposed to the risk that the depositary receipts may not provide a return that corresponds precisely with that of the Underlying Shares.

**Derivatives Risk**. The Fund's derivative investments have risks, including the imperfect correlation between the value of such instruments and the underlying assets or index; the loss of principal, including the potential loss of amounts greater than the initial amount invested in the derivative instrument; the possible default of the other party to the transaction; and illiquidity of the derivative investments. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. The derivatives used by the Fund may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Certain of the Fund's transactions in derivatives could also affect the amount, timing, and character of distributions to shareholders, which may result in the Fund realizing more short-term capital gain and ordinary income subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund's after-tax returns.

○ *Options*. If the Fund sells an option, it sells to another person the right to buy from or sell to the Fund (i.e., "call" or "put," respectively) a specific amount of the underlying instrument or swap or futures contract on the underlying instrument at an agreed-upon price typically in exchange for a premium received by the Fund. A decision as to whether, when and how to use options involves the exercise of skill and judgment and even a well-conceived option transaction may be unsuccessful because of market behavior or unexpected events. The prices of options can be highly volatile and the use of options can lower total returns.

**Equity Market Risk.** 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. 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, or government controls.

**ETF Risk.**

○ *Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.* The Fund has a limited number of financial institutions that may act as 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., TBA transactions, short positions, derivative instruments, and bonds that cannot be broken up beyond certain minimum sizes needed for transfer and settlement). 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 pay out higher annual capital gain distributions 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.* Investors buying or selling Shares in the secondary market will pay brokerage commissions or other charges imposed by brokers, as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. In addition, secondary market investors will also incur the cost arising from the difference between the price at which buyers are willing to buy Shares (the "bid" price) and the price at which sellers are willing to sell Shares (the "ask" price). This difference in bid and ask prices is often referred to as the "spread" or the "bid-ask spread." The bid-ask. The bid/ask spread varies over time for Shares based on trading volume and market liquidity, and is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Further, a relatively small investor base in the Fund, asset swings in the Fund and/or increased market volatility may cause increased bid/ask spreads. Due to the costs of buying or selling Shares, including 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 the 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 the Shares or during periods of market volatility. This risk is heightened in times of market volatility or periods of steep market declines. The market price of Shares during the trading day, like the price of any exchange-traded security, includes a "bid/ask" spread charged by the exchange specialist, market makers or other participants that trade the Shares. In times of severe market disruption, the bid/ask spread can increase significantly. At those times, Shares are most likely to be traded at a discount to NAV, and the discount is likely to be greatest when the price of Shares is falling fastest, which may be the time that you most want to sell your Shares. The Adviser believes that, under normal market conditions, large market price discounts or premiums to NAV will not be sustained because of arbitrage opportunities.

○ *Trading.* Although Shares are listed for trading on the Exchange and may be listed or traded on U.S. and non-U.S. stock exchanges other than the Exchange, there can be no assurance that an active trading market for such Shares will develop or be maintained. Trading in Shares 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 Exchange "circuit breaker" rules, which temporarily halt trading on the Exchange when a decline in the S&P 500<sup>®</sup> Index during a single day reaches certain thresholds (e.g., 7%, 13%, and 20%). Additional rules applicable to the Exchange may halt trading in Shares when extraordinary volatility causes sudden, significant swings in the market price of Shares. There can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund's underlying portfolio holdings, which can be significantly less liquid than Shares. Also, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings. These adverse effects on liquidity for Shares, in turn, could lead to wider bid/ask spreads and differences between the market price of Shares and the underlying value of those Shares.

**Financial Services Sector Risk.** The Fund has emphasized its investments in the financial services sector. Companies in the financial services sector are often subject to risks tied to the global financial markets, which have experienced very difficult conditions and volatility as well as significant adverse trends. Companies in the financial services sector may also be negatively impacted by disruptions in the banking industry. The conditions in these markets have resulted in a decrease in availability of corporate credit, capital and liquidity and have led indirectly to the insolvency, closure or acquisition of a number of financial institutions.

**Fixed Income Risk**. The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to changes in an issuer's credit rating or market perceptions about the creditworthiness of an issuer. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Changes in government intervention may have adverse effects on investments, volatility, and illiquidity in debt markets. These changes could cause the Fund's net asset value to fluctuate or make it more difficult for the Fund to accurately value its securities. How specific fixed income securities may react to changes in interest rates will depend on the specific characteristics of each security.

**Foreign Securities Risks**. Certain foreign countries may impose exchange control regulations, restrictions on repatriation of profit on investments or of capital invested, local taxes on investments, and restrictions on the ability of issuers of non-U.S. securities to make payments of principal and interest to investors located outside the country, whether from currency blockage or otherwise. In addition, the Fund will be subject to risks associated with adverse political and economic developments in foreign countries, including seizure or nationalization of foreign deposits, the imposition of economic sanctions, different legal systems and laws relating to bankruptcy and creditors' rights and the potential inability to enforce legal judgments, all of which could cause the Fund to lose money on its investments in non-U.S. securities. The cost of servicing external debt will also generally be adversely affected by rising international interest rates, as many external debt obligations bear interest at rates which are adjusted based upon international interest rates. Because non-U.S. securities may trade on days when Shares are not priced, NAV may change at times when the Fund's shares cannot be sold.

Foreign banks and securities depositories at which the Fund holds its foreign securities and cash may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight. Additionally, many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws. Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments.

In recent years, the European financial markets have experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries. These events may spread to other countries in Europe, including countries that do not use the Euro. These events may affect the value and liquidity of certain of the Fund's investments.

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

**High Yield Securities Risk**. Securities rated below investment grade are often referred to as high yield securities or "junk bonds." Investments in lower rated corporate debt securities typically entail greater price volatility and principal and income risk. High yield securities may be more susceptible to real or perceived adverse economic and competitive industry conditions than investment grade securities. The prices of high yield securities have been found to be more sensitive to adverse economic downturns or individual corporate developments. A projection of an economic downturn or of a period of rising interest rates, for example, could cause a decline in high yield security prices because the advent of a recession could lessen the ability of a highly leveraged company to make principal and interest payments on its debt securities. If an issuer of high yield securities defaults, in addition to risking payment of all or a portion of interest and principal, the Fund by investing in such securities may incur additional expenses to obtain recovery.

**Illiquid Investments Risks**. The Fund may invest up to 15% of its net assets in illiquid or restricted investments deemed illiquid. Investments in restricted investments could have the effect of increasing the amount of the Fund's assets invested in illiquid investments if qualified institutional buyers are unwilling to purchase these securities.

Illiquid and restricted investments may be difficult to dispose of at a fair price at the times when the Fund believes it is desirable to do so. The market price of illiquid and restricted investments generally is more volatile than that of more liquid securities, which may adversely affect the price that the Fund pays for or recovers upon the sale of such investments. Illiquid and restricted investments are also more difficult to value, especially in challenging markets. The Sub-Adviser's judgment may play a greater role in the valuation process. Investment of the Fund's assets in illiquid and restricted investments may restrict the Fund's ability to take advantage of market opportunities. To dispose of an unregistered investment, the Fund, where it has contractual rights to do so, may have to cause such investment to be registered. A considerable period may elapse between the time the decision is made to sell the investment and the time the investment is registered, thereby enabling the Fund to sell it. Contractual restrictions on the resale of investments vary in length and scope and are generally the result of a negotiation between the issuer and acquiror of the investments. In either case, the Fund would bear market risks during that period. Liquidity risk may impact the Fund's ability to meet shareholder redemptions and as a result, the Fund may be forced to sell investments at inopportune prices.

Certain fixed income instruments are not readily marketable and may be subject to restrictions on resale. Fixed income instruments may not be listed on any national securities exchange and no active trading market may exist for certain of the fixed income instruments in which the Fund will invest. Where a secondary market exists, the market for some fixed income instruments may be subject to irregular trading activity, wide bid-ask spreads and extended trade settlement periods. In addition, dealer inventories of certain investments are at historic lows in relation to market size, which indicates a potential for reduced liquidity as dealers may be less able to "make markets" for certain fixed income investments.

**Interest Rate Risk**. Generally, the value of fixed income securities will change inversely with changes in interest rates. As interest rates rise, the market value of fixed income securities tends to decrease. Conversely, as interest rates fall, the market value of fixed income securities tends to increase. This occurs because new debt securities are likely to be issued with higher interest rates as interest rates increase, making the old or outstanding debt securities less attractive. This risk will be greater for long-term securities than for short-term securities. Changes in government intervention may have adverse effects on investments, volatility, and illiquidity in debt markets. Interest rate changes can be sudden and unpredictable. In addition, short-term and long-term rates are not necessarily correlated to each other as short-term rates tend to be influenced by government monetary policy while long-term rates are market driven and may be influenced by macroeconomic events (such as economic expansion or contraction), inflation expectations, as well as supply and demand.

In general, the market prices of long-term debt securities or securities that make little (or no) interest payments are more sensitive to interest rate fluctuations than shorter-term debt securities. The longer a Fund's average weighted portfolio duration, the greater the potential impact a change in interest rates will have on its share price. Also, certain segments of the fixed income markets, such as high quality bonds, tend to be more sensitive to interest rate changes than other segments, such as lower-quality bonds.

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

**Market Capitalization Risk.**

○ *Large-Capitalization Investing.* The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during 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.

○ *Mid-Capitalization Investing.* The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large capitalization stocks or the stock market as a whole. Some mid-capitalization companies have limited product lines, markets, financial resources, and management personnel and tend to concentrate on fewer geographical markets relative to large-capitalization companies.

○ *Small-Capitalization Investing*. The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks or the stock market as a whole. Some small-capitalization companies have limited product lines, markets, and financial and managerial resources and tend to concentrate on fewer geographical markets relative to larger-capitalization companies. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies. Small-capitalization companies also may be particularly sensitive to changes in interest rates, government regulation, borrowing costs and earnings.

**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 decision. There can be no assurance that the Fund will grow to or maintain an economically viable size.

**Non-Diversification Risk.** The Fund is considered to be "non-diversified," 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. 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.

**Other Investment Companies Risk**. The Fund may suffer losses due to the investment practices of the underlying funds as the Fund will be subject to substantially the same risks as those associated with the direct ownership of securities held by such investment companies. By investing in another investment company, the Fund becomes a shareholder of that investment company and bears its proportionate share of the fees and expenses of the other investment company. The Fund will incur higher and duplicative expenses when it invests in ETFs and other investment companies. ETFs may be less liquid than other investments, and thus their share values more volatile than the values of the investments they hold. Investments in ETFs are also subject to the "ETF Risks" described above.

**Preferred Stocks Risk**. Preferred stocks are subject to the risks of equity securities generally and also risks associated with fixed-income securities, such as interest rate risk. A company's preferred stock, which may pay fixed or variable rates of return, generally pays dividends only after the company makes required payments to creditors, including vendors, depositors, counterparties, holders of its bonds and other fixed-income securities. As a result, the value of a company's preferred stock will react more strongly than bonds and other debt to actual or perceived changes in the company's financial condition or prospects. Preferred stock may be less liquid than many other types of securities, such as common stock, and generally has limited or no voting rights. In addition, preferred stock is subject to the risks that a company may defer or not pay dividends, and, in certain situations, may call or redeem its preferred stock or convert it to common stock. To the extent that the Fund invests a substantial portion of its assets in convertible preferred stocks, declining common stock values may also cause the value of the Fund's investments to decline.

**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. The Adviser and Sub-Adviser will monitor developments and seek to manage the Fund in a manner consistent with achieving the Fund's investment objective, but there can be no assurance that they will be successful in doing so.

**REIT Risk**. A REIT is a company that owns or finances income-producing real estate. Through its investments in REITs, the Fund is subject to the risks of investing in the real estate market, including decreases in property revenues, increases in interest rates, increases in property taxes and operating expenses, legal and regulatory changes, a lack of credit or capital, defaults by borrowers or tenants, environmental problems and natural disasters.

REITs are subject to additional risks, including those related to adverse governmental actions; declines in property value and the real estate market; the potential failure to qualify for tax-free pass through of income; and exemption from registration as an investment company. REITs are dependent upon specialized management skills and may invest in relatively few properties, a small geographic area, or a small number of property types. As a result, investments in REITs may be volatile. To the extent the Fund invests in REITs concentrated in specific geographic areas or property types, the Fund may be subject to a greater loss as a result of adverse developments affecting such area or property types. REITs are pooled investment vehicles with their own fees and expenses and the Fund will indirectly bear a proportionate share of those fees and expenses.

**Sovereign Debt Risk**. The Fund may invest in securities issued or guaranteed by foreign governmental entities (known as sovereign debt securities). These investments are subject to the risk of payment delays or defaults, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, large debt positions relative to the country's economy, or failure to implement economic reforms. There is no legal or bankruptcy process for collecting sovereign debt.

Certain issuers of sovereign debt may be dependent on disbursements from foreign governments, multilateral agencies and others abroad to reduce principal and interest liabilities on their debt. Such disbursements may be conditioned upon a debtor's implementation of economic reforms and/or economic performance and the timely service of such debtor's obligations. A failure on the part of the debtor to implement such reforms, achieve such levels of economic performance or repay principal or interest when due may result in the cancellation of such third parties' commitments to lend funds to the debtor, which may impair the debtor's ability to service its debts on a timely basis. As a holder of sovereign debt, the Fund may be requested to participate in the restructuring of such sovereign indebtedness, including the rescheduling of payments and the extension of further loans to debtors, which may adversely affect the Fund. There can be no assurance that such restructuring will result in the repayment of all or part of the debt.

**U.S. Government Obligations Risk**. Obligations of U.S. government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. government, which could affect the Fund's ability to recover should they default. No assurance can be given that the U.S. government will provide financial support to its agencies and authorities if it is not obligated by law to do so. 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. 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. Additionally, market prices and yields of securities supported by the full faith and credit of the U.S. government or other countries may decline or be negative for short or long periods of time.

**Value Investing Risk**. The value approach to investing involves the risk that stocks may remain undervalued. Value stocks may underperform the overall equity market if they remain out of favor in the market or are not undervalued in the market.

**PORTFOLIO HOLDINGS INFORMATION**

Information about the Enhanced Fixed Income ETF's and the Equity Dividend Income ETF's daily portfolio holdings is available on the Funds' website at www.soundetfs.com. 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 ("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. Tidal is dedicated to understanding, researching and managing assets within the expanding ETF universe. As of February 28, 2026, Tidal had assets under management of approximately $52.41 billion and served as the investment adviser or sub-adviser for 362 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 the Funds (the "Advisory Agreement"). The Adviser provides oversight of the Sub-Adviser and review of the Sub-Adviser's performance. The Adviser also arranges for sub-advisory, transfer agency, custody, fund administration, and all other related services necessary for the Funds to operate. The Adviser is also responsible for trading portfolio securities for the Funds, including selecting broker-dealers to execute purchase and sale transactions.

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 based on the applicable Fund's average daily net assets as set forth in the table below.

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| | |
|:---|:---|
| **Name of Fund** | **Management Fee** |
| Equity Dividend Income ETF | 0.45% |
| Enhanced Fixed Income ETF | 0.49% |
| Enhanced Equity Income ETF | 0.68% |
| Fixed Income ETF | 0.40% |
| Total Return ETF | 0.59% |

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For the fiscal year ended November 30, 2025, the Adviser received an aggregate fee of 0.45% for the Equity Dividend Income ETF and an aggregate fee of 0.49% for the Enhanced Fixed Income ETF. The Enhanced Equity Income ETF, the Fixed Income ETF and Total Return ETF have not commenced operations as of the date of this Prospectus.

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

**Sub-Adviser**

Sound Income Strategies, LLC, located at 500 West Cypress Creek Road, Suite 290, Fort Lauderdale, Florida 33309, serves as investment sub-adviser to the Funds pursuant to a sub-advisory agreement between the Adviser and the Sub-Adviser (the "Sub-Advisory Agreement"). Founded in 2014, SIS offers discretionary and non-discretionary direct asset management services to the Funds, individuals, including high net worth individuals, pension and profit-sharing plans and corporations. SIS is responsible for the day-to-day management of each Fund's portfolio, including determining the securities purchased and sold by the Funds, subject to the supervision of the Adviser and the Board. For its services, SIS is paid a fee by the Adviser, which fee is calculated daily and paid monthly, at an annual rate of 0.02% of each Fund's average daily net assets. As of February 28, 2026, SIS had assets under management of approximately $4.3 billion.

The Sub-Adviser has agreed to assume the Adviser's obligation to pay all expenses incurred by each Fund, except for the sub-advisory fee payable to the Sub-Adviser and Excluded Expenses. Such 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. For assuming the payment obligations, the Adviser has agreed to pay to the Sub-Adviser the profits, if any, generated by the Funds' unitary management fees. See the section of the SAI titled "Administrator" for additional information about the Funds' administrator.

A discussion regarding the basis for the Board's approval of the Equity Dividend Income ETF's and the Enhanced Fixed Income ETF's Advisory Agreement and Sub-Advisory Agreement is available in the Funds' annual report to shareholders filed on Form N-CSR for the reporting period ended November 30, 2025. A discussion regarding the basis for the Board's approval of the Total Return ETF's, Fixed Income ETF's and Enhanced Equity Income ETF's Advisory Agreement and Sub-Advisory Agreement will be available in the Funds' first annual or semi-annual report to shareholders.

**Portfolio Managers**

The Fixed Income ETF and Enhanced Fixed Income ETF are managed jointly and primarily by Stephen Foy, Ben McCaig, Eric Beyrich, CFA, CFP*<sup>®</sup>*, and David Scranton, CFA, CFP*<sup>®</sup>*. The Equity Dividend Income ETF, Enhanced Equity Income ETF, and Total Return ETF are managed jointly and primarily by Andy Hicks, Qiao Duan, CFA, and Eric Beyrich, CFA, CFP*<sup>®</sup>*.

*Eric Beyrich, CFA, CFP<sup>®</sup>, Co-Chief Investment Officer and Portfolio Manager for SIS*

Mr. Beyrich joined the Sub-Adviser as an Equity Portfolio Manager in 2020. Prior to that appointment, Mr. Beyrich had over 30 years' experience as a fundamental value investor, during which time he served in the roles of Analyst, Portfolio Manager, and Corporate Strategist. Before joining the Sub-Adviser in 2020, Mr. Beyrich was a Senior Research Analyst at Arbiter Partners from 2013 to 2019. Prior to Arbiter Partners, he was the Head of Equities and Senior Portfolio Manager at Loews Corporation from 2004 to 2013. Prior to joining Loews, he was a Partner, Senior Analyst and Head of Marketing at KR Capital Advisors. Mr. Beyrich holds a BA in Economics from Rutgers College, an MBA in Finance and International Business from New York University, and a Graduate Diploma in Financial Strategy from the University of Oxford. He also holds the CFA and CFP designations.

*David Scranton, CFA, CFP<sup>®</sup>, Chief Executive Officer, Co-Chief Investment Officer and Portfolio Manager for SIS*

Mr. Scranton is the Chief Executive Officer, Co-Chief Investment Officer and Portfolio Manager of the Sub-Adviser, which he founded in 2014. Mr. Scranton has spent more than three decades in the financial services industry and has been involved in the fixed income securities decisions since the Fund's inception. Mr.-Scranton holds his Master of Science in Financial Services from Trinity College – Hartford. He also holds the CFA and CFP designations.

*Qiao Duan, CFA, Portfolio Manager for the Adviser*

Qiao Duan serves as Portfolio Manager of the Adviser, having joined the Adviser in October 2020. From February 2017 to October 2020, she was an execution Portfolio Manager at Exponential ETFs, where she managed research and analysis relating to all Exponential ETF strategies. Ms. Duan previously served as a portfolio manager for the Exponential ETFs from their inception in May 2019 until October 2020. Ms. Duan received a Master of Science in Quantitative Finance and Risk Management from the University of Michigan in 2016 and a Bachelor of Science in Mathematics and Applied Mathematics from Xiamen University in 2014. She holds the CFA designation.

*Stephen Foy, Portfolio Manager for the Adviser*

Mr. Foy joined Tidal in 2024 and is Senior Vice President of Trading and Co-Head of Tidal's ETF Trading and Portfolio Management team. He previously oversaw Invesco ETF Services from 2021 to 2024, including middle and back-office operations as well as portfolio implementation for all equity and alternative ETFs. Mr. Foy holds an MBA from Johns Hopkins University and spent five years in ETF Portfolio Management at ProShares from 2016 to 2021. He brings a robust portfolio management background across a wide array of strategies and asset classes. Throughout his career, he has led global teams through hundreds of product launches, organizational changes, and technological and operational transformations.

*Andy Hicks, Portfolio Manager for the Adviser*

Mr. Hicks serves as SVP of Trading for the Adviser, having joined the Adviser in September 2025. Mr. Hicks previously served as Director of ETF Portfolio Management, Trading, and Research at SS&C ALPS Advisors for over ten years. Prior to SS&C ALPS Advisors, Mr. Hicks held roles as a Senior Equity Trader and Research Analyst with Virtus Investment Partners, specializing in equity and ETF trading, and a head equity trader for SCM Advisors. With over 20 years of experience, Mr. Hicks holds an accounting/ finance degree from Miami University (Ohio) and an MBA in Finance from the University of Colorado – Denver.

*Ben McCaig, Portfolio Manager for the Adviser*

Mr. McCaig serves as Portfolio Manager of the Adviser, having joined the Adviser in August 2021. Mr. McCaig previously served as a portfolio manager, compliance, and operations manager at the Ohio Treasurer's Office from July 2017 to August 2021. Previously, Mr. McCaig was Senior Equity Trader for the trust department at Huntington National Bank. Mr. McCaig attended Bowling Green State University where he received a Bachelor of Science in Business Administration with a specialization in Finance.

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

CFP<sup>®</sup> is a registered trademark owned by the Certified Financial Planner Board of Standards, Inc.

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.

**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. 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 do not impose any 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 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 business. The NAV for each Fund is calculated by dividing the applicable 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 each Fund's 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 or Sub-Adviser will be able to obtain the fair value assigned to the investment upon the sale of such investment.

**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 of the Equity Dividend Income ETF and the Enhanced Fixed Income ETF intend to pay out dividends and interest income, if any, at least monthly, and distribute any net realized capital gains to its shareholders at least annually. Each of the Enhanced Equity Income ETF, the Fixed Income ETF, and the Total Return ETF intend to pay out dividends and interest income, if any, quarterly, and distribute any net realized capital gains to its shareholders at least annually.

Each Fund will declare and pay 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 regulated investment company (a "RIC") under the Internal Revenue Code of 1986, as amended (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-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 his or her 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 a 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 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 the Fund from U.S. corporations, subject to certain limitations. Dividends received by a Fund from a REIT may be treated as qualified dividend income generally only to the extent so reported by such REIT.

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 federal income tax, certain individuals, trusts and estates with income exceeding specified thresholds 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). 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, exchange 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).

You may wish to avoid investing in a Fund shortly before a dividend or other distribution, because such a distribution will generally be taxable to you even though it may economically represent a return of a portion of your investment, see "Important Tax Considerations When Purchasing Fund Shares" below.

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 Internal Revenue Service ("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 he, she or it is not subject to such withholding.

**Taxes When Shares are Sold on the 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 its 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.

A Fund 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. A Fund 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.

**Taxation of REIT Investments**

The Funds may invest in REITs. The Tax Cuts and Jobs Act treats "qualified REIT dividends" (i.e., ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income eligible for capital gain tax rates) as eligible for a 20% deduction by non-corporate taxpayers. 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 Shares.

**Foreign Investments by a Fund**

Interest and other income received by a Fund with respect to foreign securities may give rise to withholding and other taxes imposed by foreign countries. Tax treaties or conventions between certain countries and the United States may reduce or eliminate such taxes. If as of the close of a taxable year more than 50% of the value of a Fund's assets consists of certain foreign stock or securities, such Fund will be eligible to elect to "pass through" to investors the amount of foreign income and similar taxes paid by such Fund during that taxable year. This means that investors would be considered to have received as additional income their respective shares of such foreign taxes, but may be entitled to either a corresponding tax deduction in calculating taxable income, or, subject to certain limitations, a credit in calculating federal income tax. If a Fund does not so elect, such Fund will be entitled to claim a deduction for certain foreign taxes incurred by such Fund. A Fund (or its administrative agent) will notify you if it makes such an election and provide you with the information necessary to reflect foreign taxes paid on your income tax return.

**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 the Fund before you invested, and even if they were reflected in the purchase price of the shares. Consequently, you may incur taxes on income or gains that accrued before your investment, without corresponding benefit.

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

*The foregoing discussion summarizes some of the possible consequences under current federal tax law of an investment in each Fund. 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 titled "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, each Fund is 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 Fund assets 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**

Information regarding how often Shares of the Enhanced Fixed Income ETF and the Equity Dividend Income ETF traded on the 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.soundetfs.com. When available, information regarding how often Shares of the Fixed Income ETF, Enhanced Equity Dividend Income ETF and Total Return ETF traded on the 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.soundetfs.com.

**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 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**

The Financial Highlights tables are intended to help you understand the Equity Dividend Income ETF's and the Enhanced Fixed Income ETF's financial performance for the fiscal years ended November 30, 2025, 2024, 2023 and 2022 and the fiscal period from December 30, 2020 (commencement of operations) to November 30, 2021. Because the Enhanced Equity Income ETF, the Fixed Income ETF, and Total Return ETF have not commenced operations as of the date of this Prospectus, no information is shown for those Funds. The total returns in the tables represent the rate that an investor would have earned or lost on an investment in a Fund (assuming reinvestment of all dividends and distributions). This information has been audited by Tait, Weller & Baker LLP, the Funds' independent registered public accounting firm, whose report, along with the Funds' financial statements, is included in the Funds' annual report on Form N-CSR, which is available upon request.

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| | |
|:---|:---|
| **Financial Highlights** | **Sound Enhanced Fixed Income ETF** |

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For a share outstanding throughout the periods presented

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br> November 30,<br> 2025** | **Year Ended<br> November 30,<br> 2024** | **Year Ended<br> November 30,<br> 2023** | **Year Ended<br> November 30,<br> 2022** | **Period Ended<br> November 30,<br> 2021<sup>(a)</sup>** |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of period | $18.88 | $17.69 | $17.49 | $20.53 | $20.00 |
| **INVESTMENTS OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>(b)(c)</sup> | 1.15 | 1.17 | 1.11 | 0.98 | 0.85 |
| Net realized and unrealized gain (loss)<sup>(d)</sup> | (0.60) | 1.06 | 0.10 | (3.02) | 0.53 |
| Total from investment operations | 0.55 | 2.23 | 1.21 | (2.04) | 1.38 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | (1.22) | (1.04) | (1.01) | (0.99) | (0.80) |
| Return of capital | – | – | – | (0.01) | (0.05) |
| Total distributions | (1.22) | (1.04) | (1.01) | (1.00) | (0.85) |
| ETF transaction fees per share | 0.00 <sup>(e)</sup> | 0.00 <sup>(e)</sup> | 0.00 <sup>(e)</sup> | 0.00 <sup>(e)</sup> | 0.00 <sup>(e)</sup> |
| Net asset value, end of period | $18.21 | $18.88 | $17.69 | $17.49 | $20.53 |
| **TOTAL RETURN <sup>(f)</sup>** | 3.06% | 12.94% | 7.21% | (10.10)% | 6.94% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $44613 | $42015 | $30070 | $23170 | $13347 |
| Ratio of expenses to average net assets<sup>(g)(h)</sup> | 0.49% | 0.50% | 0.49% | 0.49% | 0.49% |
| Ratio of tax expense to average net assets <sup>(h)</sup> | – % | 0.01% | – % | – % | – % |
| Ratio of interest expense to average net <br> assets<sup>(h)</sup> | 0.00 %<sup>(e)</sup> | – % | – % | – % | – % |
| Ratio of operational expenses to average net assets excluding tax and interest expense <sup>(g)(h)</sup> | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% |
| Ratio of net investment income to average net assets<sup>(g)(h)</sup> | 6.29% | 6.29% | 6.40% | 5.35% | 4.46% |
| Portfolio turnover rate<sup>(f)(i)</sup> | 8% | 6% | 1% | 6% | 6% |

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(a) Inception date of the Fund was December 30, 2020.

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

(c) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange
traded funds in which the Fund invests. The ratio does not include net investment income of the exchange traded funds in which the Fund
invests.

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

(e) Amount represents less than $0.005.

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

(g) These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments.
Recognition of net investment income by the Fund is affected by the timing of the underlying exchange traded funds in which the Fund invests.

(h) Annualized for periods less than one year.

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

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| | |
|:---|:---|
| **Financial Highlights** | **Sound Equity Dividend Income ETF** |

---

For a share outstanding throughout the periods presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br> November 30,<br> 2025** | **Year Ended<br> November 30,<br> 2024** | **Year Ended<br> November 30,<br> 2023** | **Year Ended<br> November 30,<br> 2022** | **Period Ended<br> November 30,<br> 2021<sup>(a)</sup>** |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of period | $27.34 | $24.61 | $26.97 | $24.30 | $20.00 |
| **INVESTMENTS OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 1.07 | 1.02 | 1.00 | 1.01 | 0.86 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | (1.11) | 2.73 | (2.10) | 2.55 | 4.15 |
| Total from investment operations | (0.04) | 3.75 | (1.10) | 3.56 | 5.01 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | (1.18) | (1.02) | (1.12) | (0.89) | (0.71) |
| Net realized gains | – | – | (0.14) | – | – |
| Total distributions | (1.18) | (1.02) | (1.26) | (0.89) | (0.71) |
| Net asset value, end of period | $26.12 | $27.34 | $24.61 | $26.97 | $24.30 |
| **TOTAL RETURN <sup>(d)</sup>** | 0.02% | 15.55% | (4.13)% | 14.88% | 25.05% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $28077 | $31443 | $25842 | $22922 | $12150 |
| Ratio of expenses to average net assets<sup>(e)</sup> | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
| Ratio of net investment income to average net assets<sup>(e)</sup> | 4.18% | 3.92% | 3.93% | 3.94% | 3.78% |
| Portfolio turnover rate<sup>(d)(f)</sup> | 26% | 23% | 17% | 20% | 16% |

---

(a) Inception date of the Fund was December 30, 2020.

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

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

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

(e) Annualized for periods less than one year.

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

**Sound Equity Dividend Income ETF Sound Enhanced Fixed Income ETF Sound Enhanced Equity Income ETF Sound Fixed Income ETF Sound Total Return ETF**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Adviser** | &nbsp;&nbsp;**Tidal Investments LLC** <br> 234 West Florida Street, Suite 700 <br> Milwaukee, Wisconsin 53204  | &nbsp;&nbsp;**Administrator** | &nbsp;&nbsp;**Tidal ETF Services LLC**<br> 234 West Florida Street, Suite 700<br> Milwaukee, Wisconsin 53204  |
| &nbsp;&nbsp;**Sub-Adviser** | &nbsp;&nbsp;**Sound Income Strategies, LLC** <br> 500 West Cypress Creek Road, Suite 290 <br> Fort Lauderdale, Florida 33309  | &nbsp;&nbsp;<br> **Fund Accountant** <br> **and Transfer Agent** | &nbsp;&nbsp;**U.S. Bancorp Fund Services, LLC,** <br> **doing business as U.S. Bank Global Fund Services**<br> 615 East Michigan Street<br> Milwaukee, Wisconsin 53202  |
| &nbsp;&nbsp;**Distributor**<br>| &nbsp;&nbsp;**Foreside Fund Services, LLC** <br> 190 Middle Street, Suite 301<br> Portland, Maine 04101  | &nbsp;&nbsp;**Custodian**<br>| &nbsp;&nbsp;**U.S. Bank National Association** <br> 1555 N. Rivercenter Drive <br> Milwaukee, Wisconsin 53212  |
| &nbsp;&nbsp;**Legal Counsel**<br>| &nbsp;&nbsp;**Godfrey & Kahn, S.C.** <br> 833 East Michigan Street, Suite 1800<br> Milwaukee, Wisconsin 53202 | &nbsp;&nbsp;**Independent<br> Registered Public<br> Accounting Firm**<br>| &nbsp;&nbsp;**Tait, Weller & Baker LLP** <br> Two Liberty Place <br> 50 S. 16<sup>th</sup> Street <br> Philadelphia, Pennsylvania 19102  |

---

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 March 30, 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 the Equity Dividend Income ETF's and the Enhanced Fixed Income ETF's investments is available in the Funds' annual and semi-annual reports to shareholders and in Form N-CSR. In the annual report you will find a discussion of the market conditions and investment strategies that significantly affected each Fund's performance during the Funds' last fiscal year. In Form N-CSR, you will find the Funds' annual and semi-annual financial statements.

You can obtain free copies of the SAI, the Funds' annual and semi-annual reports to shareholders, and other information such as the Fund financial statements, upon request, or make general inquiries about the Funds by contacting the Funds at Sound Income ETFs, c/o U.S. Bank Global Fund Services, P.O. Box 219252 Kansas City, Missouri 64121-9252 or calling 833-916-9056.

Shareholder reports, the Funds' current Prospectus and SAI and other information about the Funds, such as the Fund financial statements are also available:

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

● Free of charge from the Funds' website at www.soundetfs.com; or

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

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

---

| | |
|:---|:---|
| **DIVY** | &nbsp;&nbsp;**Sound Equity Dividend Income ETF**<br> *listed on New York Stock Exchange LLC* |
| **FXED** | &nbsp;&nbsp;**Sound Enhanced Fixed Income ETF** <br> *listed on New York Stock Exchange LLC* |
| **SDEE** | &nbsp;&nbsp;**Sound Enhanced Equity Income ETF**<br> *(not currently available for purchase)* |
| **SDFI** | &nbsp;&nbsp;**Sound Fixed Income ETF**<br> *(not currently available for purchase)* |
| **SDTR** | &nbsp;&nbsp;**Sound Total Return ETF**<br> *(not currently available for purchase)* |

---

Each, a series of Tidal Trust I

**STATEMENT OF ADDITIONAL INFORMATION**

**March 30, 2026**

This Statement of Additional Information ("SAI") is not a prospectus and should be read in conjunction with the Prospectus for the Sound Equity Dividend Income ETF (the "Equity Dividend Income ETF"), Sound Enhanced Fixed Income ETF (the "Enhanced Fixed Income ETF"), the Sound Enhanced Equity Income ETF (the "Enhanced Equity Income ETF"), the Sound Fixed Income ETF (the "Fixed Income ETF"), and Sound Total Return ETF (the "Total Return ETF") (each, a "Fund", and collectively, the "Funds"), each a series of Tidal Trust I (the "Trust"), dated March 30, 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 833-916-9056, visiting www.soundetfs.com, or writing to the Funds, c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, Missouri 64121-9252.

The Equity Dividend Income ETF's and the Enhanced Fixed Income ETF's audited financial statements for the most recent fiscal year are incorporated into this SAI by reference to the Funds' most recent Annual Report to Shareholders on Form N-CSR for the fiscal year ended November 30, 2025 (File No. 811-23377). A copy of the Equity Dividend Income ETF and the Enhanced Fixed Income ETF's and the Annual Report to Shareholders may be obtained at no charge by contacting the Funds at the address or phone number noted above.

In addition, when available, the audited financial statements for the most recent fiscal year for the Enhanced Equity Income ETF, Fixed Income ETF, and Total Return ETF will be incorporated into this SAI by reference to the Funds' most recent [Annual Report](https://www.sec.gov/ix?doc=/Archives/edgar/data/1742912/000199937126002884/sound-ncsr_113025.htm) to Shareholders on Form N-CSR (File No. 811-23377) and a copy of Funds' Annual Report to Shareholders 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](#sound485bposb001) | 1 |
| [Additional Information about Investment Objectives, Policies, and Related Risks](#sound485bposb002) | 1 |
| [Description of Permitted Investments](#sound485bposb003) | 2 |
| [Investment Restrictions](#sound485bposb004) | 12 |
| [Exchange Listing and Trading](#sound485bposb005) | 14 |
| [Management of the Trust](#sound485bposb006) | 14 |
| [Principal Shareholders, Control Persons and Management Ownership](#sound485bposb007) | 20 |
| [Codes of Ethics](#sound485bposb008) | 21 |
| [Proxy Voting Policies](#sound485bposb009) | 21 |
| [Investment Adviser](#sound485bposb010) | 21 |
| [Investment Sub-Adviser](#sound485bposb011) | 22 |
| [Portfolio Managers](#sound485bposb012) | 23 |
| [Securities Lending Activity](#sound485bposb013) | 25 |
| [The Distributor](#sound485bposb014) | 26 |
| [Administrator](#sound485bposb015) | 27 |
| [Fund Accountant and Transfer Agent](#sound485bposb016) | 28 |
| [Custodian](#sound485bposb017) | 28 |
| [Legal Counsel](#sound485bposb018) | 28 |
| [Independent Registered Public Accounting Firm](#sound485bposb019) | 28 |
| [Portfolio Holdings Disclosure Policies and Procedures](#sound485bposb020) | 28 |
| [Description of Shares](#sound485bposb021) | 28 |
| [Limitation of Trustees' Liability](#sound485bposb022) | 29 |
| [Derivative Actions](#sound485bposb031) | 29 |
| [Brokerage Transactions](#sound485bposb023) | 29 |
| [Portfolio Turnover Rate](#sound485bposb024) | 31 |
| [Book Entry Only System](#sound485bposb025) | 32 |
| [Purchase and Redemption of Shares in Creation Units](#sound485bposb026) | 33 |
| [Determination of Net Asset V](#sound485bposb027)alue | 38 |
| [Dividends and Distributions](#sound485bposb028) | 38 |
| [Federal Income Taxes](#sound485bposb029) | 39 |
| [Financial Statements](#sound485bposb030) | 44 |

---

**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 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 and Sound Income Strategies, LLC ("SIS" or the "Sub-Adviser") serves as investment sub-adviser to the Funds.

As of the date of this SAI, the Fixed Income ETF, Enhanced Equity Income ETF, and the Total Return ETF have not commenced operations. Prior to July 24, 2023, the Sound Equity Dividend Income ETF was named the Sound Equity Income ETF.

Each Fund offers and issues Shares at its 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 the Equity Dividend Income ETF, Enhanced Fixed Income ETF, and Enhanced Equity Income ETF are or will be listed on New York Stock Exchange LLC (the "Exchange"). Shares of each Fund 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 the "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.

**Diversification (applies to Sound Equity Dividend Income ETF and Sound Enhanced Fixed Income ETF)**

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

**Non-Diversification (applies to Sound Enhanced Equity Income ETF, Sound Fixed Income ETF and Sound Total Return ETF)** 

Each Fund is 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 small number of issuers than if it was a diversified fund. The securities of a particular issuer may constitute a greater portion of a Fund. 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 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 Fund or the Adviser, 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. Each 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**

Under the 1940 Act, a Fund may borrow up to one-third (1/3) of its total assets. A Fund may borrow money only for short-term or emergency purposes. Such borrowing is not for investment purposes and will be repaid by the relevant 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.

**Debt Securities** 

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

Debt securities are subject to the risk of an issuer's (or other party's) failure or inability to meet its obligations under the security. Multiple parties may have obligations under a debt security. An issuer or borrower may fail to pay principal and interest when due. A guarantor, insurer or credit support provider may fail to provide the agreed upon protection. A counterparty to a transaction may fail to perform its side of the bargain. An intermediary or agent interposed between the investor and other parties may fail to perform the terms of its service. Also, performance under a debt security may be linked to the obligations of other persons who may fail to meet their obligations.

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

*Credit risk*. The credit risk associated with investing in debt securities and the credit risk associated with a debt security could increase to the extent that a Fund's ability to benefit fully from its investment in the security depends on the performance by multiple parties of their respective contractual or other obligations. The market value of a debt security is also affected by the market's perception of the creditworthiness of the issuer.

Credit risk is generally greater where less information is publicly available, where fewer covenants safeguard the investors' interests, where collateral may be impaired or inadequate, where little legal redress or regulatory protection is available, or where a party's ability to meet obligations is speculative. Additionally, any inaccuracy in the information used by a Fund to evaluate credit risk may affect the value of securities held by the Fund.

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

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

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

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

*Uncertain Tax Treatment Risk*. Investments in debt securities rated below investment grade instruments may present special tax issues for the Funds. U.S. federal income tax rules are not entirely clear about issues such as when a Fund may cease accruing interest, OID or market discount, when and to what extent deductions may be taken for bad debts or worthless instruments, how payments received on obligations in default should be allocated between principal and income and whether exchanges of debt obligations in a bankruptcy or workout context are taxable. These and other issues will be addressed by the Funds to the extent necessary to seek to ensure that each Fund distributes sufficient income that the Fund does not become subject to U.S. federal income or excise tax.

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

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

Fluctuations in income paid to a Fund are generally greater for variable rate debt securities. The Funds will be deemed to receive taxable income on certain securities which pay no cash payments until maturity, such as zero-coupon securities. A Fund may be required to sell portfolio securities that it would otherwise continue to hold in order to obtain sufficient cash to make the distribution to shareholders required for U.S. federal tax purposes.

*Inflation risk.* The market price of debt securities generally falls as inflation increases because the purchasing power of the future income and repaid principal is expected to be worth less when received by the Fund. Debt securities that pay a fixed rather than variable interest rate are especially vulnerable to inflation risk because variable-rate debt securities may be able to participate, over the long term, in rising interest rates which have historically corresponded with long-term inflationary trends.

*Interest rate risk.* The market value of debt securities generally varies in response to changes in prevailing interest rates. Interest rate changes can be sudden and unpredictable. In addition, short-term and long-term rates are not necessarily correlated to each other as short-term rates tend to be influenced by government monetary policy while long-term rates are market driven and may be influenced by macroeconomic events (such as economic expansion or contraction), inflation expectations, as well as supply and demand. During periods of declining interest rates, the market value of debt securities generally increases. Conversely, during periods of rising interest rates, the market value of debt securities generally declines. This occurs because new debt securities are likely to be issued with higher interest rates as interest rates increase, making the old or outstanding debt securities less attractive. In general, the market prices of long-term debt securities or securities that make little (or no) interest payments are more sensitive to interest rate fluctuations than shorter-term debt securities. The longer a Fund's average weighted portfolio duration, the greater the potential impact a change in interest rates will have on its share price. Also, certain segments of the fixed income markets, such as high quality bonds, tend to be more sensitive to interest rate changes than other segments, such as lower-quality bonds.

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

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

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

**Depositary Receipts**

To the extent a Fund invests in stocks of foreign corporations, the Fund's investment in securities of foreign companies may be in the form of depositary receipts or other securities convertible into securities of foreign issuers. American Depositary Receipts ("ADRs") are dollar-denominated receipts representing interests in the securities of a foreign issuer, which securities may not necessarily be denominated in the same currency as the securities into which they may be converted. ADRs are receipts typically issued by U.S. banks and trust companies which evidence ownership of underlying securities issued by a foreign corporation. Generally, ADRs in registered form are designed for use in domestic securities markets and are traded on exchanges or over-the-counter in the United States.

Global Depositary Receipts ("GDRs"), European Depositary Receipts ("EDRs"), and International Depositary Receipts ("IDRs") are similar to ADRs in that they are certificates evidencing ownership of shares of a foreign issuer; however, GDRs, EDRs, and IDRs may be issued in bearer form and denominated in other currencies and are generally designed for use in specific or multiple securities markets outside the U.S. EDRs, for example, are designed for use in European securities markets, while GDRs are designed for use throughout the world. Depositary receipts will not necessarily be denominated in the same currency as their underlying securities.

The Funds will not invest in any unlisted Depositary Receipts or any Depositary Receipt that is deemed to be illiquid or for which pricing information is not readily available. In addition, all Depositary Receipts generally must be sponsored. However, a Fund may invest in unsponsored Depositary Receipts under certain limited circumstances. The issuers of unsponsored Depositary Receipts are not obligated to disclose material information in the United States and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the value of the Depositary Receipts.

**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 the Fund's 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 of the Fund).

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

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

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

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

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

*Rights and Warrants* — A right is a privilege granted to existing shareholders of a corporation to subscribe to shares of a new issue of common stock before it is issued. Rights normally have a short life of usually two to four weeks, are freely transferable and entitle the holder to buy the new common stock at a lower price than the public offering price. Warrants are securities that are usually issued together with a debt security or preferred stock and that give the holder the right to buy 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, the Fund may miss the opportunity to obtain the security at a favorable price or yield.

When purchasing a security on a when-issued basis, 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 the Fund does not pay for the security until the delivery date, these risks are in addition to the risks associated with its other investments.

Decisions to enter into "when-issued" transactions will be considered on a case-by-case basis when necessary to maintain continuity in a company's index membership. 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.

*Smaller Companies* — The securities of small- and mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of larger-capitalization companies. The securities of small- and mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than larger capitalization stocks or the stock market as a whole. Some small- or mid-capitalization companies have limited product lines, markets, and financial and managerial resources and tend to concentrate on fewer geographical markets relative to larger capitalization companies. There is typically less publicly available information concerning small- and mid-capitalization companies than for larger, more established companies. Small- and mid-capitalization companies also may be particularly sensitive to changes in interest rates, government regulation, borrowing costs, and earnings.

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

**Real Estate Investment Trusts ("REITs")** 

A REIT is a corporation or business trust (that would otherwise be taxed as a corporation) which meets certain definitional requirements of the Code. The Code permits a qualifying REIT to deduct from taxable income the dividends paid, thereby effectively eliminating corporate level federal income tax. To meet the definitional requirements of the Code, a REIT must, among other things: invest substantially all of its assets in interests in real estate (including mortgages and other REITs), cash and government securities; derive most of its income from rents from real property or interest on loans secured by mortgages on real property; and, in general, distribute annually 90% or more of its taxable income (other than net capital gains) to shareholders.

REITs are sometimes informally characterized as Equity REITs and Mortgage REITs. An Equity REIT invests primarily in the fee ownership or leasehold ownership of land and buildings (*e.g.*, commercial equity REITs and residential equity REITs); a Mortgage REIT invests primarily in mortgages on real property, which may secure construction, development or long-term loans.

REITs may be affected by changes in underlying real estate values, which may have an exaggerated effect to the extent that REITs in which a Fund invests may concentrate investments in particular geographic regions or property types. Additionally, rising interest rates may cause investors in REITs to demand a higher annual yield from future distributions, which may in turn decrease market prices for equity securities issued by REITs. Rising interest rates also generally increase the costs of obtaining financing, which could cause the value of a Fund's investments to decline. During periods of declining interest rates, certain Mortgage REITs may hold mortgages that the mortgagors elect to prepay, which prepayment may diminish the yield on securities issued by such Mortgage REITs. In addition, Mortgage REITs may be affected by the ability of borrowers to repay when due the debt extended by the REIT and Equity REITs may be affected by the ability of tenants to pay rent.

Certain REITs have relatively small market capitalization, which may tend to increase the volatility of the market price of securities issued by such REITs. Furthermore, REITs are dependent upon specialized management skills, have limited diversification and are, therefore, subject to risks inherent in operating and financing a limited number of projects. By investing in REITs indirectly through a Fund, a shareholder will bear not only his or her proportionate share of the expenses of a Fund, but also, indirectly, similar expenses of the REITs. REITs depend generally on their ability to generate cash flow to make distributions to shareholders.

In addition to these risks, Equity REITs may be affected by changes in the value of the underlying property owned by the trusts, while Mortgage REITs may be affected by the quality of any credit extended. Further, Equity and Mortgage REITs are dependent upon management skills and generally may not be diversified. Equity and Mortgage REITs are also subject to heavy cash flow dependency defaults by borrowers and self-liquidation. In addition, Equity and Mortgage REITs could possibly fail to qualify for the favorable U.S. federal income tax treatment generally available to REITs under the Code or fail to maintain their exemptions from registration under the 1940 Act. The above factors may also adversely affect a borrower's or a lessee's ability to meet its obligations to the REIT. In the event of default by a borrower or lessee, the REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting its investments.

**Illiquid and Restricted Investments**

A Fund may invest in illiquid investments (i.e., investments that are not readily marketable) to the extent permitted under the 1940 Act. Illiquid investments include, but are not limited to, restricted investments (investments the disposition of which is restricted under the federal securities laws); investments that may only be resold pursuant to Rule 144A under the Securities Act, but that are deemed to be illiquid; and repurchase agreements with maturities in excess of seven days. However, 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 the Fund. The Adviser determines and monitors the liquidity of the portfolio investments and reports periodically on its decisions to the Board. In making such determinations it takes into account a number of factors in reaching liquidity decisions, including but not limited to: (1) the frequency of trades and quotations for the investment; (2) the number of dealers willing to purchase or sell the investment and the number of other potential buyers; (3) the willingness of dealers to undertake to make a market in the investment; and (4) the nature of the marketplace trades, including the time needed to dispose of the investment, the method of soliciting offers and the mechanics of the transfer. The term "illiquid investment" is defined as an investment that 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, the Fund should be in a position where more than 15% of the value of its net assets are invested in illiquid investments, including restricted investments which are not readily marketable, the Fund will take such steps as set forth in its procedures as adopted by the Trust and the Adviser.

**Investment Company Securities**

Each Fund may invest in the securities of other investment companies, including money market funds and ETFs, subject to applicable limitations under Section 12(d)(1) of the 1940 Act. Investing in another pooled vehicle exposes the Funds 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 Funds may invest their assets in securities of investment companies that are money market funds in excess of the limits discussed above.

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

The 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.

**Leveraged, Inverse, and Inverse-Leveraged ETFs ("Leveraged ETFs")** *(Enhanced Fixed Income ETF)*

The Fund may invest in Leveraged ETFs. Leveraged ETFs expose the Fund to all of the risks that traditional ETFs present. A Leveraged ETF also presents additional risks than other types of ETFs. A Leveraged ETF uses leverage and is riskier than similarly benchmarked ETFs that do not use leverage. Leveraged ETFs seek to provide investment results that match a multiple (positive or negative) of the performance of an underlying index (the "Index") (e.g., three times the inverse performance). Leveraged ETFs rely to some degree, often extensively, on derivatives to achieve their objectives and, thus, the Fund is indirectly exposed to derivatives risk through its investments in these Leveraged ETFs. Further, investments in Leveraged ETFs are subject to the risk that the performance of such Leveraged ETF will not correlate with to their benchmark index as intended. 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 (or inverse of the performance) of their Index or benchmark during the same period of time. Longer holding periods, higher to their benchmark volatility, and greater leverage each exacerbate the impact of compounding on an investor's returns. During periods of higher Index volatility, the volatility of the to their benchmark may affect a Leveraged ETF's return as much as or more than the return of the to their benchmark. Consequently, these investment vehicles may be extremely volatile and can potentially expose the Fund to complete loss of its investment. The Fund's investment in a Leveraged ETF is dependent on the skill of the Sub-Adviser.

**Money Market Funds**

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

**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: (i) shares of money market funds; (ii) obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities (including government-sponsored enterprises); (iii) 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; (iv) commercial paper rated at the date of purchase "Prime-1" by Moody's or "A-1" by S&P or, if unrated, of comparable quality as determined by the Sub-Adviser; (v) 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 (vi) short-term U.S. dollar-denominated obligations of foreign banks (including U.S. branches) that, in the opinion of the Sub-Adviser, are of comparable quality to obligations of U.S. banks which may be purchased by the 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. Securities lending activity for the fiscal year ended November 30, 2025 for the Enhanced Fixed Income ETF is discussed in further detail in the section "Securities Lending Activity," below. 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. When lending securities, a 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 lending 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 the fees the Funds have 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.

**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 certain tax-advantaged accounts, such as an individual retirement account, you need to be aware of the possible tax consequences when the Funds make distributions or you sell Shares.

**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 "Agreement"). Under the Agreement, the U.S. Treasury pledged to provide up to $200 billion per instrumentality as needed, including the contribution of cash capital to the instrumentalities in the event their liabilities exceed their assets. This was intended to ensure that the instrumentalities maintain a positive net worth and meet their financial obligations, preventing mandatory triggering of receivership. The Agreement has been amended several times since September 7, 2008, both formally and through letter agreements. If the conservatorship is terminated, the investments of holders, including the Fund, of mortgage-backed securities and other obligations issued by the FNMA and Freddie Mac will no longer have the protection of the U.S. Treasury.

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

**Derivative Instruments**

Generally, derivatives are financial instruments whose value depends on or is derived from, the value of one or more underlying assets, reference rates, or indices or other market factors (a "reference instrument") and may relate to stocks, bonds, interest rates, credit, currencies, commodities or related indices. Derivative instruments can provide an efficient means to gain or reduce exposure to the value of a reference instrument without actually owning or selling the instrument. Some common types of derivatives include options, futures, forwards and swaps. To the extent the Funds invest in derivatives, the Adviser and Sub-Adviser anticipate that each Fund except for the Sound Enhanced Equity Income ETF will qualify as a "limited derivatives user" under Rule 18f-4 of the 1940 Act. A Fund is considered a "limited derivatives user" if it limits the Fund's derivatives exposure to no more than 10% of its net assets, calculated in accordance with Rule 18f-4, and adopts written policies and procedures reasonably designed to manage the Fund's derivatives risks.

Rule 18f-4 under the 1940 Act ("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 Funds have a derivatives risk management program that complies with the requirements of Rule 18f-4 and the Sound Enhanced Equity Income Fund has adopted a derivatives risk management program.

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

Derivative instruments may be used for purposes of direct hedging. Direct hedging means that the transaction must be intended to reduce a specific risk exposure of a portfolio security or its denominated currency and must also be directly related to such security or currency.

The Funds' use of derivative instruments may be limited from time to time by policies adopted by the Board, the Adviser, or the Sub-Adviser. The successful use of derivative instruments is not assured and will depend upon, among other factors, the Sub-Adviser's ability to gauge relevant market movements. Each Fund's use of derivative instruments may be limited from time to time by policies adopted by the Board, the Adviser, or the Sub-Adviser.

*Options*

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

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

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

*Over-the-counter options*. Like exchange-traded options, OTC options give the holder the right to buy from the writer, in the case of OTC call options, or sell to the writer, in the case of OTC put options, an underlying reference instrument at a stated exercise price. OTC options, however, differ from exchange-traded options in certain material respects.

OTC options are arranged directly with dealers and not with a clearing corporation or exchange. Consequently, there is a risk of non-performance by the dealer, including because of the dealer's bankruptcy or insolvency. While the Funds use only counterparties, such as dealers, that meet its credit quality standards, in unusual or extreme market conditions, a counterparty's creditworthiness and ability to perform may deteriorate rapidly, and the availability of suitable replacement counterparties may become limited. Because there is no exchange, pricing is typically done based on information from market makers or other dealers. OTC options are available for a greater variety of underlying reference instruments and in a wider range of expiration dates and exercise prices than exchange-traded options.

There can be no assurance that a continuous liquid secondary market will exist for any particular OTC option at any specific time. The Funds may be able to realize the value of an OTC option it has purchased only by exercising it or entering into a closing sale transaction with the dealer that issued it. When a Fund writes an OTC option, it generally can close out that option prior to its expiration only by entering into a closing purchase transaction with the dealer with which the Fund originally wrote the option. A Fund may suffer a loss if it is not able to exercise (in the case of a purchased option) or enter into a closing sale transaction on a timely basis.

The staff of the SEC has taken the position that purchased OTC options on securities are considered illiquid securities and that the assets segregated to cover the Fund's obligation under an OTC option on securities it has written are considered illiquid. Pending a change in the staff's position, each Fund will treat such OTC options on securities and "covering" assets as illiquid and subject to the Fund's limitation on illiquid securities.

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

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

**Temporary Defensive Strategies**

Under normal market conditions, each Fund will stay fully invested according to its principal investment strategies. For temporary defensive purposes during adverse market, economic, political, or other conditions, a Fund may invest up to 100% of its assets in cash or cash equivalents, such as U.S. Government obligations, investment grade debt securities and other money market instruments. Taking a temporary defensive position may result in a Fund not achieving its investment objective.

**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 the Fund's outstanding voting securities. For the purposes of the 1940 Act, a "majority of outstanding shares" means the vote of the lesser of: (1) 67% or more of the voting securities of a Fund present at the meeting if the holders of more than 50% of the Fund's outstanding voting securities are present or represented by proxy; or (2) more than 50% of the outstanding voting securities of 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;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;2. Make loans, except to the extent permitted under the 1940 Act.

&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;4. Purchase or sell 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;5. Underwrite securities issued by other persons, except to the extent permitted under the 1940 Act.

&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 securities of the U.S. government (including its agencies and instrumentalities), 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 addition, each of the Equity Dividend Income ETF and Enhanced Fixed Income ETF is a diversified investment company within the meaning of the 1940 Act. Each Fund commenced operations as a non-diversified fund, however, each Fund continuously operated as diversified for three years and effective December 30, 2023, and is now classified as diversified. Therefore, in addition to the fundamental investment restrictions above, except with the approval of a majority of the outstanding voting securities, each such Fund may not, with respect to 75% of its total assets, purchase the securities of any one issuer if, immediately after and as a result of such purchase, (a) the value of the Fund's holdings in the securities of such issuer exceeds 5% of the value of the Fund's total assets, or (b) the Fund owns more than 10% of the outstanding voting securities of the issuer (with the exception that this restriction does not apply to the Fund's investments in the securities of the U.S. government, or its agencies or instrumentalities, or other investment companies).

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

For purposes of applying the limitation set forth in the concentration policy set forth above, the Funds may use the Standard Industrial Classification (SIC) Codes, North American Industry Classification System (NAICS) Codes, MSCI Global Industry Classification System, FTSE/Dow Jones Industry Classification Benchmark (ICB) system, or any other reasonable industry classification system (including systems developed by the Adviser) to identify each industry. The Funds' method of 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 (unless otherwise indicated) observes the following non-fundamental restrictions, which may be changed without a shareholder vote upon 60-days' notice to shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Fund will not hold illiquid investments in excess of 15% of its net assets. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Each Fund other than the Total Return ETF invests, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in the securities suggested by its name.

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 of a Fund from the listing under any of the following circumstances: (i) the Exchange becomes aware that the Fund is no longer eligible to operate in reliance on Rule 6c-11 of the 1940 Act; (ii) the Fund no longer complies with the Exchange's requirements for Shares; or (iii) such other event shall occur or condition shall exist that, in the opinion of the Exchange, makes further dealings on the Exchange inadvisable. The Exchange will remove 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 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 the 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, Adviser, and Sub-Adviser risk assessments. At least annually, the Trust's Chief Compliance Officer provides the Board with a report reviewing the adequacy and effectiveness of the Trust's policies and procedures and those of its service providers, including the Adviser and the Sub-Adviser. The report addresses the operation of the policies and procedures of the Trust and each service provider since the date of the last report; any material changes to the policies and procedures since the date of the last report; any recommendations for material changes to the policies and procedures; and any material compliance matters since the date of the last report.

The Board receives reports from the 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. 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 comprised 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** <br> **Year of Birth** | &nbsp;&nbsp;**Position Held**<br> **with the**<br> **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**<br> **in Fund**<br> **Complex**<br> **Overseen**<br> **by Trustee<sup>(3)</sup>** | &nbsp;&nbsp;**Other**<br> **Directorships**<br> **Held by**<br> **Trustee**<br> **During Past**<br> **5 Years** |
| &nbsp;&nbsp;**Independent Trustees <sup>(1)</sup>** | &nbsp;&nbsp;**Independent Trustees <sup>(1)</sup>** | &nbsp;&nbsp;**Independent Trustees <sup>(1)</sup>** | &nbsp;&nbsp;**Independent Trustees <sup>(1)</sup>** | &nbsp;&nbsp;**Independent Trustees <sup>(1)</sup>** | &nbsp;&nbsp;**Independent Trustees <sup>(1)</sup>** |
| &nbsp;&nbsp;Mark H.W. Baltimore<br> Born: 1967<br>| &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite term; since 2018 | &nbsp;&nbsp;Co-Chief Executive Officer, Global Rhino, LLC (asset management consulting firm) (since 2018); Chief Business Development Officer, Joot (asset management compliance services firm) (2019 to 2023). | &nbsp;&nbsp;54 |  |
| &nbsp;&nbsp;Dusko Culafic<br> Born: 1958 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite term; since 2018 | &nbsp;&nbsp;Retired (since 2018). | &nbsp;&nbsp;54 |  |
| &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;54 |  |
| &nbsp;&nbsp;**Interested Trustee** | &nbsp;&nbsp;**Interested Trustee** | &nbsp;&nbsp;**Interested Trustee** | &nbsp;&nbsp;**Interested Trustee** | &nbsp;&nbsp;**Interested Trustee** | &nbsp;&nbsp;**Interested Trustee** |
| &nbsp;&nbsp;Eric W. Falkeis<sup>(2)</sup> <br> Born: 1973<br>| &nbsp;&nbsp;President, Principal Executive Officer, Trustee and Chairman | &nbsp;&nbsp;President and Principal Executive Officer since 2019, Indefinite term; Trustee and Chairman since 2018, Indefinite term | &nbsp;&nbsp;Chief Operating Officer, Tidal Investments LLC (since 2023); Chief Executive Officer, Tidal ETF Services LLC (since 2018). | &nbsp;&nbsp;549 <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) (495 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.

<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 45 of the 54 Funds registered with the SEC.

<sup>(4)</sup> Includes series of Tidal Trust II, Tidal Trust III, 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. For the fiscal year ended November 30, 2025, the Audit Committee met twice with respect to each of the Equity Dividend Income ETF and the Enhanced Fixed Income ETF.

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**<br> **with the Trust** | &nbsp;&nbsp;**Term of Office and**<br> **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;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), 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;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;Lissa M. Richter<br> Born: 1979 | &nbsp;&nbsp;Vice President and Secretary | &nbsp;&nbsp;Vice President since 2025, Indefinite term; 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; since 2023 | &nbsp;&nbsp;Vice President of Fund Administration (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, 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;**Dollar Range of Shares Owned in**<br> **the Enhanced Fixed Income ETF** | &nbsp;&nbsp;**Dollar Range of Shares Owned**<br> **in the Equity Dividend Income ETF** | &nbsp;&nbsp;**Aggregate Dollar Range of**<br> **Shares of 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.<sup>(1)</sup> 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 earned by each Trustee for the Funds' fiscal year ended November 30, 2025. Independent Trustee fees are paid by the Adviser or the Sub-Adviser to each series of the Trust and not by the Funds. Trustee compensation shown below does not include reimbursed out-of-pocket expenses in connection with attendance at meetings.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Aggregate Compensation**<br> **From Funds** | &nbsp;&nbsp;**Total Compensation From Fund**<br> **Complex Paid to Trustees<sup>(1)(2)</sup>** |
| &nbsp;&nbsp;**Interested Trustee** | &nbsp;&nbsp;**Interested Trustee** | &nbsp;&nbsp;**Interested Trustee** |
| &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; $20000 |
| &nbsp;&nbsp;Dusko Culafic | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$235000 |
| &nbsp;&nbsp;Eduardo Mendoza | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$200000 |

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<sup>(1)</sup> During 2025, each Independent Trustee received $30,000 for each regular quarterly meeting attended, $5,000 for each special meeting attended and $1,000 for each standalone audit committee meeting attended. The Audit Committee Chair received an annual fee of $35,000. During 2024, the Audit Committee Chair received an annual fee of $30,000.

<sup>(2)</sup> The Trust, as of the date of this SAI, offers for sale to the public 45 of the 54 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 March 2, 2026, to the best of the Trust's knowledge, the following shareholders were considered to be principal shareholders of the Equity Dividend Income ETF:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name and Address** | &nbsp;&nbsp;**% of**<br> **Ownership** | &nbsp;&nbsp;**Type of**<br> **Ownership** |
| &nbsp;&nbsp;Charles Schwab & Co., Inc.<br> 211 Main Street<br> San Francisco, CA 94105-1905 | &nbsp;&nbsp;76.28% | &nbsp;&nbsp;Record |
| &nbsp;&nbsp;National Financial Services, Inc. (NFS)<br> 200 Liberty Street<br> New York, NY 10281 | &nbsp;&nbsp;13.88% | &nbsp;&nbsp;Record |

---

As of March 2, 2026, to the best of the Trust's knowledge, the following shareholders were considered to be principal shareholders of the Enhanced Fixed Income ETF:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name and Address** | &nbsp;&nbsp;**% of**<br> **Ownership** | &nbsp;&nbsp;**Type of**<br> **Ownership** |
| &nbsp;&nbsp;Charles Schwab & Co., Inc.<br> 211 Main Street<br> San Francisco, CA 94105-1905 | &nbsp;&nbsp;70.99% | &nbsp;&nbsp;Record |
| &nbsp;&nbsp;National Financial Services, Inc. (NFS)<br> 200 Liberty Street<br> New York, NY 10281 | &nbsp;&nbsp;21.45% | &nbsp;&nbsp;Record |

---

As of March 2, 2026, to the best of the Trust's knowledge, no person was a control person of a Fund and the Trustees and officers of the Trust, as a group, beneficially owned less than 1% of the outstanding shares of each Fund.

**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.

Information on how the Equity Dividend Income ETF and the Enhanced Fixed Income ETF 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 833-916-9056 or (2) on the Funds' website at www.soundetfs.com 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. 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. 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.

---

| | |
|:---|:---|
| **Name of Fund** | **Management Fee** |
| Equity Dividend Income ETF | 0.45% |
| Enhanced Fixed Income ETF | 0.49% |
| Enhanced Equity Income ETF\* | 0.68% |
| Fixed Income ETF\* | 0.40% |
| Total Return ETF\* | 0.59% |

---

\* The Fund has not commenced operations as of the date of this SAI and, therefore, the Fund paid no advisory fees to date.

The Adviser provides oversight of the Sub-Adviser and review of the Sub-Adviser's performance. The Adviser is also responsible for trading portfolio securities for the Funds, including selecting broker-dealers to execute purchase and sale transactions.

The Advisory Agreement with respect to each Fund is 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 at a meeting called for that purpose, (or in another manner permitted by the 1940 Act or pursuant to exemptive relief therefrom), 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 tables below show management fees paid by the Enhanced Fixed Income ETF and Equity Dividend Income ETF for the fiscal years indicated. The Fixed Income ETF, Enhanced Equity Income ETF and Total Return ETF had not commenced operations as of the date of this SAI.

---

| | |
|:---|:---|
| **Equity Dividend Income ETF** | **Management Fee Paid** |
| Fiscal Year Ended November 30, 2025 | $135688 |
| Fiscal Year Ended November 30, 2024 | $128076 |
| Fiscal Year Ended November 30, 2023 | $112119 |
| **Enhanced Fixed Income ETF** | **Management Fee Paid** |
| Fiscal Year Ended November 30, 2025 | $205630 |
| Fiscal Year Ended November 30, 2024 | $178397 |
| Fiscal Year Ended November 30, 2023 | $130547 |

---

**INVESTMENT SUB-ADVISER**

The Adviser has retained Sound Income Strategies, LLC, located at 500 West Cypress Creek Road, Suite 290, Fort Lauderdale, Florida 33309, to serve as sub-adviser to the Funds, pursuant to an investment sub-advisory agreement (the "Sub-Advisory Agreement") between the Adviser and SIS. SIS is responsible for determining the securities purchased and sold by the Funds, subject to the supervision of the Adviser and the Board. Sound Income Group LLC, a financial services holding company, owns more than 75% of SIS. David Scranton is the principal owner of Sound Income Group LLC, and, therefore, David Scranton is a control person of SIS. For its services, SIS is paid a fee by the Adviser, which fee is calculated daily and paid monthly, at an annual rate of 0.02% of each Fund's average daily net assets.

The Sub-Advisory Agreement, with respect to each Fund, is 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 at a meeting called for that purpose, (or in another manner permitted by the 1940 Act or pursuant to exemptive relief therefrom), 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 a Fund, on 60 days' written notice to the Adviser and the Sub-Adviser, or by the Adviser or Sub-Adviser on 60 days' written notice to the Trust and the other party.

The Sub-Advisory Agreement provides that the Sub-Adviser shall not be protected against any liability to the Trust or its shareholders by reason of willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard of its obligations or duties thereunder.

The tables below show the sub-advisory fees paid by the Adviser to the Sub-Adviser with respect to the Equity Dividend Income ETF and the Enhanced Fixed Income ETF for the fiscal years indicated. The Enhanced Equity Income ETF, Fixed Income ETF, and Total Return ETF had not commenced operations as of the date of this SAI.

---

| | |
|:---|:---|
| **Equity Dividend Income ETF** | **Sub-Advisory Fee Paid** |
| Fiscal Year Ended November 30, 2025 | $6031 |
| Fiscal Year Ended November 30, 2024 | $5692 |
| Fiscal Year Ended November 30, 2023 | $4983 |

---

---

| | |
|:---|:---|
| **Enhanced Fixed Income ETF** | **Sub-Advisory Fee Paid** |
| Fiscal Year Ended November 30, 2025 | $8393 |
| Fiscal Year Ended November 30, 2024 | $7282 |
| Fiscal Year Ended November 30, 2023 | $5328 |

---

**PORTFOLIO MANAGERS**

The Fixed Income ETF and Enhanced Fixed Income ETF are managed jointly and primarily by Stephen Foy, Portfolio Manager for the Adviser, Ben McCaig, Portfolio Manager for the Adviser, Eric Beyrich, CFA, CFP*<sup>®</sup>*, Co-Chief Investment Officer and Portfolio Manager for the Sub-Adviser and David Scranton, CFA, CFP*<sup>®</sup>*, Chief Executive Officer, Co-Chief Investment Officer and Portfolio Manager for the Sub-Adviser.

The Equity Dividend Income ETF, Enhanced Equity Income ETF, and Total Return ETF are managed jointly and primarily by Qiao Duan, CFA, Portfolio Manager for the Adviser, Andy Hicks, Portfolio Manager for the Adviser, and Eric Beyrich, CFA, CFP*<sup>®</sup>*, Portfolio Manager for the Sub-Adviser.

**Other Accounts.** In addition to the Equity Dividend Income ETF and the Enhanced Fixed Income ETF, the portfolio managers managed the following other accounts as of November 30, 2025:

*Eric Beyrich, CFA, CFP<sup>®</sup>, Co-Chief Investment Manager and Portfolio Manager for the Sub-Adviser*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type of Accounts** | &nbsp;&nbsp;**Total Number of**<br> **Accounts** | &nbsp;&nbsp; **Total Assets of<br> Accounts**<br> **(in millions)** | &nbsp;&nbsp;**Total Number of**<br> **Accounts Subject to**<br> **a Performance-**<br> **Based Fee** | &nbsp;&nbsp; **Total Assets of<br> Accounts Subject to<br> a 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 | &nbsp;&nbsp;20758 | &nbsp;&nbsp;$3844 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |

---

*David Scranton, CFA, CFP<sup>®</sup> Chief Executive Officer, Co-Chief Investment Officer and Portfolio Manager for the Sub-Adviser*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type of Accounts** | &nbsp;&nbsp;**Total Number of**<br> **Accounts** | &nbsp;&nbsp; **Total Assets of<br> Accounts**<br> **(in millions)** | &nbsp;&nbsp;**Total Number of**<br> **Accounts Subject to**<br> **a Performance-**<br> **Based Fee** | &nbsp;&nbsp; **Total Assets of<br> Accounts Subject to<br> a 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 | &nbsp;&nbsp;20758 | &nbsp;&nbsp;$3844 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |

---

*Qiao Duan, CFA, Portfolio Manager for the Adviser*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type of Accounts** | &nbsp;&nbsp;**Total Number of**<br> **Accounts** | &nbsp;&nbsp; **Total Assets of<br> Accounts**<br> **(in millions)** | &nbsp;&nbsp;**Total Number of**<br> **Accounts Subject to**<br> **a Performance-**<br> **Based Fee** | &nbsp;&nbsp;**Total Assets of**<br> **Accounts Subject to**<br> **a Performance-**<br> **Based Fee** |
| &nbsp;&nbsp;Registered Investment Companies | &nbsp;&nbsp;111 | &nbsp;&nbsp;$18415 | &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 | &nbsp;&nbsp;$0 |

---

 

*Stephen Foy, Portfolio Manager for the Adviser*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type of Accounts** | &nbsp;&nbsp;**Total Number of**<br> **Accounts** | &nbsp;&nbsp; **Total Assets of<br> Accounts**<br> **(in millions)** | &nbsp;&nbsp;**Total Number of**<br> **Accounts Subject to**<br> **a Performance-**<br> **Based Fee** | &nbsp;&nbsp;**Total Assets of**<br> **Accounts Subject to**<br> **a Performance-**<br> **Based Fee** |
| &nbsp;&nbsp;Registered Investment Companies | &nbsp;&nbsp;24 | &nbsp;&nbsp;$843 | &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 | &nbsp;&nbsp;$0 |

---

 

*Andy Hicks, Portfolio Manager for the Adviser*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type of Accounts** | &nbsp;&nbsp;**Total Number of**<br> **Accounts** | &nbsp;&nbsp;**Total Assets of<br> Accounts**<br> **(in millions)** | &nbsp;&nbsp;**Total Number of**<br> **Accounts Subject to**<br> **a Performance-**<br> **Based Fee** | &nbsp;&nbsp;**Total Assets of**<br> **Accounts Subject to**<br> **a Performance-**<br> **Based Fee** |
| &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 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |

---

*Ben McCaig, Portfolio Manager for the Adviser* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type of Accounts** | &nbsp;&nbsp;**Total Number of**<br> **Accounts** | &nbsp;&nbsp;**Total Assets of<br> Accounts**<br> **(in millions)** | &nbsp;&nbsp;**Total Number of**<br> **Accounts Subject to**<br> **a Performance-**<br> **Based Fee** | &nbsp;&nbsp;**Total Assets of**<br> **Accounts Subject to**<br> **a Performance-**<br> **Based Fee** |
| &nbsp;&nbsp;Registered Investment Companies | &nbsp;&nbsp;9 | &nbsp;&nbsp;$4289 | &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 | &nbsp;&nbsp;$0 |

---

**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. Dollar amount ranges disclosed are established by the SEC. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) under the 1934 Act.

As of November 30, 2025, no Shares of the Funds were owned by the portfolio managers.

**Portfolio Manager Compensation.** Each portfolio manager of the Adviser is compensated by the Adviser with a base salary and discretionary bonus based on the financial performance and profitability of the Adviser and not based on the performance of the Fund. To the extent a portfolio manager is an equity owner of the Adviser, such portfolio manager may benefit indirectly from the revenue generated by the Fund's Advisory Agreement with the Adviser. Mr. Beyrich and Mr. Scranton are compensated by the Sub-Adviser with a fixed salary with respect to the Funds (not based on the performance of the Funds) and the other accounts with a performance-based fee. Mr. Scranton is also an equity owner of the Sub-Adviser and benefits indirectly from the revenue generated by the Sub-Advisory Agreement.

**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. To mitigate these conflicts, however, the Adviser and SIS have each established policies and procedures to ensure that the purchase and sale of securities among all accounts the firms manage are fairly and equitably allocated.

**SECURITIES LENDING ACTIVITY** 

The Trust, on behalf of the Funds, has entered into a securities lending agreement with U.S. Bank National Association (the "Securities Lending Agent") to provide certain services related to the Funds' securities lending program. Pursuant to the securities lending agreement, the Securities Lending Agent, on behalf of the Funds, is authorized to enter into securities loan agreements, negotiate loan fees and rebate payments, collect loan fees, deliver securities, manage and hold collateral, invest cash collateral, receive substitute payments, make interest and dividend payments (in cases where a borrower has provided non-cash collateral), and upon termination of a loan, liquidate collateral investments and return collateral to the borrower.

For the most recent fiscal year ended November 30, 2025, the Enhanced Fixed Income ETF's securities lending activities resulted in the following:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Equity Dividend**<br> **Income ETF** |
| &nbsp;&nbsp;Gross income from securities lending activities | &nbsp;&nbsp;$374336 |
| &nbsp;&nbsp;Fees and/or compensation for securities lending activities and related services: |  |
| &nbsp;&nbsp;Fees paid to Securities Lending Agent from a revenue split | &nbsp;&nbsp;$(6457) |
| &nbsp;&nbsp;Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split | &nbsp;&nbsp;$(2497) |
| &nbsp;&nbsp;Administrative fees not included in revenue split |  |
| &nbsp;&nbsp;Indemnification fee not included in revenue split |  |
| &nbsp;&nbsp;Rebates (paid to borrower) | &nbsp;&nbsp;$(339556) |
| &nbsp;&nbsp;Other fees not included in revenue split (specify) |  |
| &nbsp;&nbsp;Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp;$(348510) |
| &nbsp;&nbsp;**Net income from securities lending activities** | &nbsp;&nbsp;$25826 |

---

The Equity Dividend Income ETF did not engage in securities lending during the fiscal year ended November 30, 2025.

U.S. Bank oversees the securities lending process, which includes the screening, selecting and ongoing review of borrowers, monitoring the availability of securities, negotiating rebates, daily marking to market of loans, monitoring and maintaining cash collateral levels, processing securities movements and reinvesting cash collateral as directed by the Adviser. U.S. Bank National Association, as Securities Lending Agent, received fees from the Enhanced Fixed Income ETF as set forth in the table above.

**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 (i) by the vote of the Trustees or by a vote of the shareholders of the Fund and (ii) 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.

For the fiscal years ended November 30, 2025, 2024 and 2023, the Equity Dividend Income ETF and the Enhanced Fixed Income ETF did not incur any underwriting commissions and the Distributor did not receive any amounts. The Enhanced Equity Income ETF, Fixed Income ETF and Total Return ETF had not commenced operations 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 Fund, 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 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 a Fund over other investments. The same conflict of interest exists with respect to your financial adviser, broker or investment professional if he or she receives similar payments from his or her 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 his or her Intermediary firm may receive. Any payments made by the Adviser, 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 833-916-9056.

**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 of a Fund. 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: (i) delivering copies of the Fund's then current reports, prospectuses, notices, and similar materials, to prospective purchasers of Creation Units; (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 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; (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; (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; and (vi) 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, chief compliance officer, and principal financial 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 tables below show fees paid for administrative services by the Adviser to the Administrator with respect to the Equity Dividend Income ETF and the Enhanced Fixed Income ETF for the fiscal years indicated. The Enhanced Equity Income ETF, Fixed Income ETF and Total Return ETF had not commenced operations as of the date of this SAI.

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| | |
|:---|:---|
| **Equity Dividend Income ETF** | **Fees paid to Administrator** |
| Fiscal Year ended November 30, 2025 | $21671 |
| Fiscal Year ended November 30, 2024 | $15055 |
| Fiscal Year ended November 30, 2023 | $20000 |
| **Enhanced Fixed Income ETF** | **Fees paid to Administrator** |
| Fiscal Year Ended November 30, 2025 | $20000 |
| Fiscal Year Ended November 30, 2024 | $15055 |
| Fiscal Year Ended November 30, 2023 | $20000 |

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**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. Until July 31, 2025, Global Fund Services also served as the Funds' sub-administrator.

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. Until July 31, 2025, Global Fund Services provided administrative and management (other than investment advisory services) to the Funds under a Fund Sub-Administration Servicing Agreement. As compensation for the sub-administration (through July 31, 2025), accounting and management services, the Adviser pays Global Fund Services a fee based on the Funds' 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 tables below show fees paid by the Adviser to Global Fund Services with respect to the Equity Dividend Income ETF and the Enhanced Fixed Income ETF for the fiscal years indicated. The Enhanced Equity Income ETF, Fixed Income ETF, and Total Return ETF had not commenced operations as of the date of this SAI.

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| | |
|:---|:---|
| **Equity Dividend Income ETF** | **Fees paid to Global Fund Services** |
| Fiscal Year Ended November 30, 2025 | $25326 |
| Fiscal Year Ended November 30, 2024 | $28000 |
| Fiscal Year Ended November 30, 2023 | $34000 |
| **Enhanced Fixed Income ETF** | **Fees paid to Global Fund Services** |
| Fiscal Year Ended November 30, 2025 | $26997 |
| Fiscal Year Ended November 30, 2024 | $28000 |
| Fiscal Year Ended November 30, 2023 | $34000 |

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**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 the Funds' portfolios. 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, 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 Exchange via the National Securities Clearing Corporation ("NSCC").

**DESCRIPTION OF SHARES**

The Amended and Restated Declaration of Trust (the "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.

**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.

**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 his or her 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.

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

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 or Sub-Adviser, as applicable, 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 or Sub-Adviser, as applicable, 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 or Sub-Adviser, as applicable, does not "pay up" for the value of any such proprietary research. Section 28(e) of the 1934 Act permits the Adviser or Sub-Adviser, as applicable, under certain circumstances, to cause 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 or Sub-Adviser, as applicable, may receive a variety of research services and information on many topics, which it can use in connection with its management responsibilities with respect to the various accounts over which it exercises investment discretion or otherwise provides investment advice. The research services may include qualifying order management systems, portfolio attribution and monitoring services, and computer software and access charges which are directly related to investment research. Accordingly, 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 or Sub-Adviser, as applicable, but only if the Adviser or Sub-Adviser, as applicable, determines the total commission (including the soft dollar benefit) is comparable to the best commission rate that could be expected to be received from other brokers. The amount of soft dollar benefits received depends on the amount of brokerage transactions effected with the brokers. A conflict of interest exists because there is an incentive to (1) cause clients to pay a higher commission than the firm might otherwise be able to negotiate, (2) cause clients to engage in more securities transactions than would otherwise be optimal, and (3) only recommend brokers that provide soft dollar benefits.

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

The Adviser or Sub-Adviser, as applicable, is responsible, subject to oversight by the Adviser (if applicable) and the Board, for placing orders on behalf of the 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 or Sub-Adviser, as applicable, are considered at or about the same time, transactions in such securities are allocated among the several investment companies and clients in a manner deemed equitable and consistent with its fiduciary obligations to all by the Adviser or Sub-Adviser, as applicable. In some cases, this procedure could have a detrimental effect on the price or volume of the security so far as the 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.

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

The tables below show brokerage commissions paid with respect to the Equity Dividend Income ETF and Enhanced Fixed Income ETF for the fiscal years indicated. The Fixed Income ETF, Enhanced Equity Income ETF and Total Return ETF had not commenced operations as of the date of this SAI.

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| | |
|:---|:---|
| **Equity Dividend Income ETF** | **Brokerage Commissions** |
| Fiscal Year Ended November 30, 2025 | $6736 |
| Fiscal Year Ended November 30, 2024 | $4139 |
| Fiscal Year ended November 30, 2023 | $2735 |

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| | |
|:---|:---|
| **Enhanced Fixed Income ETF** | **Brokerage Commissions** |
| Fiscal Year Ended November 30, 2025 | $1619 |
| Fiscal Year Ended November 30, 2024 | $2712 |
| Fiscal Year Ended November 30, 2023 | $711 |

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**Brokerage with Fund Affiliates**. A Fund may execute brokerage or other agency transactions through registered broker-dealer affiliates of the Funds, 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.

For the fiscal year ended November 30, 2025, the Equity Dividend Income ETF did not pay any brokerage commissions to any registered broker-dealer affiliates of the Funds, the Adviser, or the Sub-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) or their parent companies 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: (i) received the greatest dollar amounts of brokerage commissions from the Fund's portfolio transactions; (ii) engaged as principal in the largest dollar amounts of portfolio transactions of the Fund; or (iii) sold the largest dollar amounts of Shares.

**Enhanced Fixed Income ETF**

As of November 30, 2025, the Enhanced Fixed Income ETF held shares of its regular broker-dealers as indicated in the table below.

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| | | |
|:---|:---|:---|
| | Broker-Dealer | Value of Shares Held |
| Fiscal Year Ended November 30, 2025 | Wells Fargo & Co. | $57 |

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During the fiscal year ended November 30, 2025, the Equity Dividend Income ETF did not acquire equity securities of their regular broker-dealers.

**Directed Brokerage.** For the fiscal year ended November 30, 2025, the Equity Dividend Income ETF and the Enhanced Fixed Income ETF did not pay any commissions on brokerage transactions directed to brokers pursuant to an agreement or understanding whereby the broker provided research or other brokerage services to the Adviser or Sub-Adviser.

**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 tables below show the portfolio turnover rate with respect to the Equity Dividend Income ETF and the Enhanced Fixed Income ETF for the fiscal years indicated. The Enhanced Equity Income ETF, Fixed Income ETF, and Total Return ETF had not commenced operations as of the date of this SAI.

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| | |
|:---|:---|
| **Equity Dividend Income ETF** | **Portfolio Turnover** |
| Fiscal Year Ended November 30, 2025 | 26% |
| Fiscal Year Ended November 30, 2024 | 23% |
| **Enhanced Fixed Income ETF** | **Portfolio Turnover** |
| Fiscal Year Ended November 30, 2025 | 8% |
| Fiscal Year Ended November 30, 2024 | 6% |

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**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 New York Stock Exchange ("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 interests, 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 Exchange.

**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, a Fund 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 Fund may determine and disclose to Authorized Participants. In general, any Fund Deposit (as defined below) or Additional Cash Deposit (as also defined below) corresponding to the placement of an order to purchase Creation Units must be transferred and delivered to the Custodian by no later than 3 p.m. Eastern Time for a Fund on the contractual settlement date (or such other time as specified by the Trust and disclosed to Authorized Participants) (in each instance, the "Deposit Deadline").

**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, make available on each Business Day, prior to the opening of business on the Exchange (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.

Cash Purchases. The Trust may at its discretion permit full or partial cash purchases of Creation Units of the Fund. When full or partial cash purchases of Creation Units are available or specified for the Fund, they will be effected in essentially the same manner as in-kind purchases thereof. In the case of a full or partial cash purchase, the Authorized Participant must pay the cash equivalent of the Deposit Securities it would otherwise be required to provide through an in-kind purchase, plus the same Cash Component required to be paid by an in-kind purchaser together with a creation transaction fee and non-standard charges, as may be applicable.

**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 (i) 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 (ii) 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 the 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 the 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 the Deposit Deadline. 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 a 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.

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 with the Custodian by no later than the Deposit Deadline. If the order is not placed in proper form as required, or federal funds in the appropriate amount are not received by the Deposit Deadline, 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 typical contractual settlement date for each purchase transaction will be within one day of the transaction (commonly referred to as "T+1"), unless a 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. 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 (i) the Cash Component, plus (ii) 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 the Deposit Deadline. 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 (a) the order is not in proper form; (b) 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; (c) the investor(s), upon obtaining Shares ordered, would own 80% or more of the currently outstanding Shares of the applicable Fund; (d) the acceptance of the Fund Deposit would, in the opinion of counsel, be unlawful; (e) the acceptance or receipt of the order for a Creation Unit would, in the opinion of counsel to the Trust, be unlawful; or (f) 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 or 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 do so only in a manner consistent with Rule 6c-11 under the 1940 Act, and SEC guidance relating thereto, including the ability of the Trust to suspend orders only in limited times and extraordinary circumstances. Additionally, a suspension of creation units by the Trust, on behalf of the Fund, will not impair 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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| | | |
|:---|:---|:---|
| **Name of Fund** | **Fixed Creation Transaction Fee** | **Maximum Variable Transaction Fee** |
| Equity Dividend Income ETF | $300 | 2% |
| Enhanced Fixed Income ETF | $500 | 5% |
| Enhanced Equity Income ETF | $300 | 2% |
| Fixed Income ETF | $500 | 5% |
| Total Return ETF | $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.

The typical settlement date for each redemption transaction will be within one day of the transaction (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.

**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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| | | |
|:---|:---|:---|
| **Name of Fund** | **Fixed Redemption Transaction Fee** | **Maximum Variable Transaction Fee** |
| Equity Dividend Income ETF | $300 | 2% |
| Enhanced Fixed Income ETF | $500 | 5% |
| Enhanced Equity Income ETF | $300 | 2% |
| Fixed Income ETF | $500 | 5% |
| Total Return ETF | $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 be submitted in proper form to the Transfer Agent prior to Closing Time, subject to a Fund's right to require an earlier submission as indicated under "Placement or Creation of Redemption Orders.". A redemption request is considered to be in "proper form" if (i) 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 (ii) 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. Deliveries of redemption proceeds will generally be made by the next Business Day following the trade date, as discussed above.

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) reserve 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.

The right of redemption may be suspended or the date of payment postponed with respect to a Fund (1) for any period during which the Exchange is closed (other than customary weekend and holiday closings); (2) for any period during which trading on the 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 NET ASSET VALUE**

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 (generally 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. A market valuation generally means a valuation (i) obtained from an exchange, a pricing service, or a major market maker (or dealer), (ii) 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 (iii) 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 of the Equity Dividend Income ETF and the Enhanced Fixed Income ETF intend to pay out dividends and interest income, if any, at least monthly, and distribute any net realized capital gains to its shareholders at least annually. Each of the Fixed Income ETF, the Enhanced Equity Income ETF, and the Total Return ETF intend to pay out dividends and interest income, if any, quarterly, and distribute any net realized capital gains to its shareholders at least annually.

Distributions of net realized capital gains, if any, generally are declared and paid once a year, but 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.

The Funds will declare and pay income and capital gains distributions, if any, in cash.

Dividends and other distributions on Shares are distributed, as described below, on a pro rata basis to Beneficial Owners of such Shares. Dividend payments are made through DTC Participants and Indirect Participants to Beneficial Owners then of record with proceeds received from the Trust.

Each Fund makes additional distributions to the extent necessary (i) to distribute the entire annual taxable income of the Fund, plus any net capital gains and (ii) 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.

<u>Dividend Reinvestment Service</u>. 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 their 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.

<u>Taxation of the Funds</u>. 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 either 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 (i) 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, (ii) 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 (iii) 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.

As of November 30, 2025, there were short-term and long-term capital loss carryovers of the following:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** |
| Equity Dividend Income ETF | $402077 | $1697208 |
| Enhanced Fixed Income ETF | $130058 | $888196 |

---

<u>Taxation of Shareholders – Distributions</u>. 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), its net tax-exempt income, if any, and 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 Internal Revenue Service ("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 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). 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.

<u>Taxation of Shareholders – Sale of Shares</u>. 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 comprising 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 Sections 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.

<u>Taxation of Fund Investments</u>. 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.

<u>Backup Withholding</u>. 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.

<u>Foreign Shareholders</u>. 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 (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.

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.

<u>Certain Potential Tax Reporting Requirements</u>. 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.

<u>Other Issues</u>. 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**

The Equity Dividend Income ETF's and the Enhanced Fixed Income ETF's audited financial statements, accompanying notes and report of the Funds' independent registered public accounting firm appearing in the Fund's [Annual Report](https://www.sec.gov/ix?doc=/Archives/edgar/data/1742912/000199937126002884/sound-ncsr_113025.htm) to Shareholders on Form N-CSR for the fiscal year ended November 30, 2025, are incorporated herein by reference.

You may request a copy of the Funds' Annual Report at no charge by calling 833-916-9056 or through the Funds' website at www.soundetfs.com. The Enhanced Equity Income ETF, Fixed Income ETF, and Total Return ETF had not commenced operations as of the date of this SAI and therefore do not have any financial statements.

**PART C: OTHER INFORMATION**

**Item 28. Exhibits**

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

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(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.** 

(ix) Organizational Documents for Cayman Subsidiary (for the Brandywine Large Cap ETF)

(1) Investment Advisory Agreement – **to be filed by amendment.** 

(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.** 

(x) Organizational Documents for Cayman Subsidiary (for the Brandywine Large Cap Growth ETF)

(1) Investment Advisory Agreement – **to be filed by amendment.** 

(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.** 

(xi) Organizational Documents for Cayman Subsidiary (for the Brandywine Large Cap Value ETF)

(1) Investment Advisory Agreement – **to be filed by amendment.** 

(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.** 

(xii) Organizational Documents for Cayman Subsidiary (for the Brandywine Small Cap ETF)

(1) Investment Advisory Agreement – **to be filed by amendment.** 

(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.** 

(xiii) Organizational Documents for Cayman Subsidiary (for the Brandywine Small Cap Growth ETF)

(1) Investment Advisory Agreement – **to be filed by amendment.** 

(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.** 

(xiv) Organizational Documents for Cayman Subsidiary (for the Brandywine Small Cap Value ETF)

(1) Investment Advisory Agreement – **to be filed by amendment.** 

(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.** 

(xv) Organizational Documents for Cayman Subsidiary (for the Brandywine International ETF)

(1) Investment Advisory Agreement – **to be filed by amendment.** 

(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.** 

(xvi) Organizational Documents for Cayman Subsidiary (for the Brandywine Core Bond ETF)

(1) Investment Advisory Agreement – **to be filed by amendment.** 

(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.** 

(xvii) Organizational Documents for Cayman Subsidiary (for the Brandywine Diversified Income ETF)

(1) Investment Advisory Agreement – **to be filed by amendment.** 

(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.

(1) First Amendment to the Investment Advisory Agreement between the Trust and Tidal Investments LLC (adding SMART Small Cap ETF and SMART Mid Cap ETF) – **to be filed by amendment**.

(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](http://www.sec.gov/Archives/edgar/data/1742912/000199937126002390/ex99-dxxv.htm) , previously filed with Post-Effective Amendment No. 302 on Form N-1A on February 2, 2026 and is incorporated herein by reference.

(xxvi) Investment Advisory Agreement between the Trust (on behalf of Brandywine Large Cap ETF, Brandywine Large Cap Growth ETF, Brandywine Large Cap Value ETF, Brandywine Small Cap ETF, Brandywine Small Cap Growth ETF, Brandywine Small Cap Value ETF, Brandywine International ETF, Brandywine Core Bond ETF and Brandywine Diversified Income ETF (the Brandywine ETFs)) and Tidal Investments LLC – **to be filed by amendment.** 

(xxvii) [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.

(xxviii) [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.

(xxix) [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.

(xxx) [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.

(xxxi) [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.

(xxxii) [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.

(xxxiii) [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.

(xxxiv) [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.

(xxxv) [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.

(xxxvi) [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.

(xxxvii) [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.

(xxxviii) [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.

(xxxix) [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.

(xl) [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.

(xli) [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.

(xlii) [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.

(xliii) [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.

(xliv) [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.

(xlv) [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.

(xlvi) [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.

(1) First Amendment to the Investment Sub-Advisory Agreement between the Tidal and Smart Wealth, LLC (for the SMART Small Cap ETF and SMART Mid Cap ETF) – **to be filed by amendment**.

(xlvii) [Investment Sub-Advisory Agreement between Tidal and FINQ AI, LLC (for the FINQ AI ETFs)](http://www.sec.gov/Archives/edgar/data/1742912/000199937126002390/ex99-dxlvi.htm) , previously filed with Post-Effective Amendment No. 302 on Form N-1A on February 2, 2026 and is incorporated herein by reference.

(xlviii) Investment Sub-Advisory Agreement between Tidal and Brandywine Asset Management, Inc. (for the Brandywine ETFs) – **to be filed by amendment.** 

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

(1) [First Amendment to the Amended and Restated ETF Distribution Agreement 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)](https://www.sec.gov/Archives/edgar/data/1742912/000199937126006956/ex99-ei5.htm) , previously filed with Post-Effective Amendment No. 305 on Form N-1A on March 26, 2026 and is incorporated herein by reference .

(6) Sixth Amendment to the Amended and Restated ETF Distribution Agreement between the Trust and Foreside (adding the SMART Small Cap ETF and SMART Mid Cap ETF) – **to be filed by amendment.** 

(7) Seventh Amendment to the Amended and Restated ETF Distribution Agreement between the Trust and Foreside (adding the Brandywine ETFs) – **to be filed by amendment.** 

(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)](http://www.sec.gov/Archives/edgar/data/1742912/000199937126002390/ex99-gi2.htm) , previously filed with Post-Effective Amendment No. 302 on Form N-1A on February 2, 2026 and is incorporated herein by reference.

(3) Third Amendment to the Amended and Restated Custody Agreement between the Trust and U.S. Bank National Association (adding the SMART Small Cap ETF and SMART Mid Cap ETF) – **to be filed by amendment.** 

(4) Fourth Amendment to the Amended and Restated Custody Agreement between the Trust and U.S. Bank National Association (adding the Brandywine ETFs) – **to be filed by amendment.** 

(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),](http://www.sec.gov/Archives/edgar/data/1742912/000199937126002390/ex99-hi2.htm) previously filed with Post-Effective Amendment No. 302 on Form N-1A on February 2, 2026 and is incorporated herein by reference.

(3) Third Amendment to the Amended and Restated Fund Administration Servicing Agreement between the Trust and Tidal ETF Services LLC (adding the SMART Small Cap ETF and SMART Mid Cap ETF) – **to be filed by amendment.** 

(4) Fourth Amendment to the Amended and Restated Fund Administration Servicing Agreement between the Trust and Tidal ETF Services LLC (adding the Brandywine ETFs) – **to be filed by amendment.** 

(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)](http://www.sec.gov/Archives/edgar/data/1742912/000199937126002390/ex99-hii2.htm) , previously filed with Post-Effective Amendment No. 302 on Form N-1A on February 2, 2026 and is incorporated herein by reference.

(3) Third Amendment to the Amended and Restated Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC (adding the SMART Small Cap ETF and SMART Mid Cap ETF) – **to be filed by amendment.** 

(4) Fourth Amendment to the Amended and Restated Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC (adding the Brandywine ETFs) – **to be filed by amendment.** 

(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),](http://www.sec.gov/Archives/edgar/data/1742912/000199937126002390/ex99-hiii2.htm) previously filed with Post-Effective Amendment No. 302 on Form N-1A on February 2, 2026 and is incorporated herein by reference.

(3) Third Amendment to the Amended and Restated Transfer Agent Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC (adding the SMART Small Cap ETF and SMART Mid Cap ETF) – **to be filed by amendment.** 

(4) Fourth Amendment to the Amended and Restated Transfer Agent Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC (adding the Brandywine ETFs) – **to be filed by amendment.** 

(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)](http://www.sec.gov/Archives/edgar/data/1742912/000199937126002390/ex99-ixxxv.htm) , previously filed with Post-Effective Amendment No. 302 on Form N-1A on February 2, 2026 and is incorporated herein by reference.

(xxxvi) Opinion and Consent of Counsel (for the Brandywine ETFs) **– to be filed by amendment.** 

(xxxvii) Opinion and Consent of Counsel (for the SMART Small Cap ETF and SMART Mid Cap ETF) – **to be filed by amendment.** 

(xxxviii) [Consent of Counsel (for the Sound Equity Dividend Income ETF, Sound Enhanced Fixed Income ETF, Sound Enhanced Equity Income ETF, Sound Fixed Income ETF and Sound Total Return ETF)](ex99-ixxxviii.htm) – **filed herewith**.

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

(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)](https://www.sec.gov/Archives/edgar/data/1742912/000199937126006956/ex99-mi.htm) , previously filed with Post-Effective Amendment No. 305 on Form N-1A on March 26, 2026 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 – **filed herewith**.](ex99-pviii.htm)

(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 – **filed herewith**](ex99-pxiii.htm)

(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](http://www.sec.gov/Archives/edgar/data/1742912/000199937126002390/ex99-pxxi.htm) , previously filed with Post-Effective Amendment No. 302 on Form N-1A on February 2, 2026 and is incorporated herein by reference.

(xxii) Code of Ethics for Brandywine Asset Management, Inc. – **to be filed by amendment.** 

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

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

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

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

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 |
| Brandywine Asset Management, Inc. | 801-121987 |

---

**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;1. AB Active ETFs, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;2. ABS Long/Short Strategies Fund

&nbsp;&nbsp;&nbsp;&nbsp;3. ActivePassive Core Bond ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;4. ActivePassive Intermediate Municipal Bond ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;5. ActivePassive International Equity ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;6. ActivePassive U.S. Equity ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;7. AdvisorShares Trust

&nbsp;&nbsp;&nbsp;&nbsp;8. AFA Private Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;9. AGF Investments Trust

&nbsp;&nbsp;&nbsp;&nbsp;10. AIM ETF Products Trust

&nbsp;&nbsp;&nbsp;&nbsp;11. Alexis Practical Tactical ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;12. AlphaCentric Prime Meridian Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;13. Alternative Strategies Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;14. American Century ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;15. AMG ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;16. Amplify ETF Trust

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

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

&nbsp;&nbsp;&nbsp;&nbsp;19. Applied Finance Select Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;20. Ardian Access LLC

&nbsp;&nbsp;&nbsp;&nbsp;21. ARK ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;22. ARK Venture Fund

&nbsp;&nbsp;&nbsp;&nbsp;23. Bitwise Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;24. BondBloxx ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;25. Bramshill Multi-Strategy Income Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;26. Bridgeway Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;27. Brinker Capital Destinations Trust

28. Brookfield Real Assets Income Fund Inc.

&nbsp;&nbsp;&nbsp;&nbsp;29. Build Funds Trust

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

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

&nbsp;&nbsp;&nbsp;&nbsp;32. Calamos Dynamic Convertible and Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;33. Calamos Global Dynamic Income Fund

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

&nbsp;&nbsp;&nbsp;&nbsp;35. Calamos Strategic Total Return Fund

&nbsp;&nbsp;&nbsp;&nbsp;36. Carlyle Tactical Private Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;37. Cascade Private Capital Fund

&nbsp;&nbsp;&nbsp;&nbsp;38. Catalyst/Perini Strategic Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;39. CBRE Global Real Estate Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;40. Center Coast Brookfield MLP & Energy Infrastructure Fund

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;47. CrossingBridge Ultra-Short Duration ETF, Series of Trust for Professional Managers

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

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

&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;51. Davis Fundamental ETF Trust

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;56. Defiance Retail Kings ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;57. Denali Structured Return Strategy Fund

&nbsp;&nbsp;&nbsp;&nbsp;58. Dodge & Cox Funds

&nbsp;&nbsp;&nbsp;&nbsp;59. DoubleLine ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;60. DoubleLine Income Solutions Fund

&nbsp;&nbsp;&nbsp;&nbsp;61. DoubleLine Opportunistic Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;62. DoubleLine Yield Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;63. DriveWealth ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;64. EIP Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;65. Ellington Income Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;66. ETF Opportunities Trust

&nbsp;&nbsp;&nbsp;&nbsp;67. Exchange Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;68. Exchange Place Advisors Trust

&nbsp;&nbsp;&nbsp;&nbsp;69. FIS Trust

&nbsp;&nbsp;&nbsp;&nbsp;70. FlexShares Trust

&nbsp;&nbsp;&nbsp;&nbsp;71. Fortuna Hedged Bitcoin ETF, Series of Listed Funds Trust

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

&nbsp;&nbsp;&nbsp;&nbsp;73. Forum Funds II

&nbsp;&nbsp;&nbsp;&nbsp;74. Forum Real Estate Income Fund

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

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

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

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;89. Horizon Kinetics Texas ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;90. Innovator ETFs Trust

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

&nbsp;&nbsp;&nbsp;&nbsp;92. Ironwood Multi-Strategy Fund LLC

&nbsp;&nbsp;&nbsp;&nbsp;93. Jensen Quality Growth ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;94. John Hancock Exchange-Traded Fund Trust

&nbsp;&nbsp;&nbsp;&nbsp;95. Kurv ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;96. Lazard Active ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;97. LDR Real Estate Value-Opportunity Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;98. Lone Peak Value Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;99. Mairs & Power Balanced Fund, Series of Trust for Professional Managers

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

&nbsp;&nbsp;&nbsp;&nbsp;101. Mairs & Power Minnesota Municipal Bond ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;102. Mairs & Power Small Cap Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;103. Manor Investment Funds

&nbsp;&nbsp;&nbsp;&nbsp;104. MoA Funds Corporation

&nbsp;&nbsp;&nbsp;&nbsp;105. Moerus Worldwide Value Fund, Series of Northern Lights Fund Trust IV

&nbsp;&nbsp;&nbsp;&nbsp;106. Morgan Stanley ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;107. Morgan Stanley Pathway Large Cap Equity ETF, Series of Morgan Stanley Pathway Funds

&nbsp;&nbsp;&nbsp;&nbsp;108. Morgan Stanley Pathway Small-Mid Cap Equity ETF, Series of Morgan Stanley Pathway Funds

&nbsp;&nbsp;&nbsp;&nbsp;109. Morningstar Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;110. NEOS ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;111. Niagara Income Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;112. NXG Cushing® Midstream Energy Fund

&nbsp;&nbsp;&nbsp;&nbsp;113. NXG NextGen Infrastructure Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;114. OTG Latin American Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;115. Overlay Shares Core Bond ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;116. Overlay Shares Foreign Equity ETF, Series of Listed Funds Trust

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

&nbsp;&nbsp;&nbsp;&nbsp;118. Overlay Shares Large Cap Equity ETF, Series of Listed Funds Trust

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

&nbsp;&nbsp;&nbsp;&nbsp;120. Overlay Shares Short Term Bond ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;121. Overlay Shares Small Cap Equity ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;122. Palmer Square Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;123. Palmer Square Opportunistic Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;124. Partners Group Private Income Opportunities, LLC

&nbsp;&nbsp;&nbsp;&nbsp;125. Perkins Discovery Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;126. Philotimo Focused Growth and Income Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;127. Plan Investment Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;128. Point Bridge America First ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;129. Precidian ETFs Trust

&nbsp;&nbsp;&nbsp;&nbsp;130. Rareview 2x Bull Cryptocurrency & Precious Metals ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;131. Rareview Dynamic Fixed Income ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;132. Rareview Systematic Equity ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;133. Rareview Tax Advantaged Income ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;134. Rareview Total Return Bond ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;135. Renaissance Capital Greenwich Funds

&nbsp;&nbsp;&nbsp;&nbsp;136. REX ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;137. Reynolds Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;138. RMB Investors Trust

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

&nbsp;&nbsp;&nbsp;&nbsp;140. Robinson Tax Advantaged Income Fund, Series of Investment Managers Series Trust

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

&nbsp;&nbsp;&nbsp;&nbsp;142. Roundhill Cannabis ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;143. Roundhill ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;144. Roundhill Magnificent Seven ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;145. Roundhill Sports Betting & iGaming ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;146. Roundhill Video Games ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;147. Rule One Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;148. Russell Investments Exchange Traded Funds

&nbsp;&nbsp;&nbsp;&nbsp;149. Securian AM Real Asset Income Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;150. Six Circles Trust

&nbsp;&nbsp;&nbsp;&nbsp;151. Sound Shore Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;152. SP Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;153. Sparrow Funds

&nbsp;&nbsp;&nbsp;&nbsp;154. Spear Alpha ETF, Series of Listed Funds Trust

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

&nbsp;&nbsp;&nbsp;&nbsp;156. STF Tactical Growth ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;157. Strategic Trust

&nbsp;&nbsp;&nbsp;&nbsp;158. Strategy Shares

&nbsp;&nbsp;&nbsp;&nbsp;159. Swan Hedged Equity US Large Cap ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;160. Tekla World Healthcare Fund

&nbsp;&nbsp;&nbsp;&nbsp;161. Tema ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;162. The 2023 ETF Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;163. The Community Development Fund

&nbsp;&nbsp;&nbsp;&nbsp;164. The Cook & Bynum Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;165. The Private Shares Fund

&nbsp;&nbsp;&nbsp;&nbsp;166. The SPAC and New Issue ETF, Series of Collaborative Investment Series Trust

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

&nbsp;&nbsp;&nbsp;&nbsp;168. Third Avenue Variable Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;169. Tidal Trust I

&nbsp;&nbsp;&nbsp;&nbsp;170. Tidal Trust II

&nbsp;&nbsp;&nbsp;&nbsp;171. Tidal Trust III

&nbsp;&nbsp;&nbsp;&nbsp;172. Tidal Trust IV

&nbsp;&nbsp;&nbsp;&nbsp;173. TIFF Investment Program

&nbsp;&nbsp;&nbsp;&nbsp;174. Timothy Plan High Dividend Stock ETF, Series of The Timothy Plan

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

&nbsp;&nbsp;&nbsp;&nbsp;176. Timothy Plan Market Neutral ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;177. Timothy Plan US Large/Mid Cap Core ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;178. Timothy Plan US Small Cap Core ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;179. Total Fund Solution

&nbsp;&nbsp;&nbsp;&nbsp;180. Touchstone ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;181. Trailmark Series Trust

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

&nbsp;&nbsp;&nbsp;&nbsp;183. T-Rex 2x Inverse Ether Daily Target ETF, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;184. T-Rex 2X Long Bitcoin Daily Target ETF, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;185. T-Rex 2x Long Ether Daily Target ETF

&nbsp;&nbsp;&nbsp;&nbsp;186. U.S. Global Investors Funds

&nbsp;&nbsp;&nbsp;&nbsp;187. Union Street Partners Value Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;188. Vest Bitcoin Strategy Managed Volatility Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;189. Vest S&P 500® Dividend Aristocrats Target Income Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;190. Vest US Large Cap 10% Buffer Strategies Fund, Series of World Funds Trust

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

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

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

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

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

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

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

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

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

&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>** | **<u>Address</u>** | **<u>Position with Underwriter</u>** | **<u>Position with Registrant</u>** |
| Teresa Cowan | 190 Middle Street, Suite 301<br> Portland, Maine 04101 | President/Manager |  |
| Chris Lanza | 190 Middle Street, Suite 301<br> Portland, Maine 04101 | Vice President |  |
| Kate Macchia | 190 Middle Street, Suite 301 <br> Portland, Maine 04101 | Vice President |  |
| Alicia Strout | 190 Middle Street, Suite 301 <br> Portland, Maine 04101 | Vice President and Chief Compliance Officer |  |
| **<u>Name</u>** | **<u>Address</u>** | **<u>Position with Underwriter</u>** | **<u>Position with Registrant</u>** |
| Gabriel E. Edelman | 190 Middle Street, Suite 301 <br> Portland, Maine 04101 | Secretary |  |
| Susan L. LaFond | 190 Middle Street, Suite 301 <br> Portland, Maine 04101 | Treasurer |  |
| Weston Sommers | 190 Middle Street, Suite 301<br> Portland, Maine 04101 | 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 |
| 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.&nbsp;&nbsp;&nbsp;&nbsp;<br> 20700 Swenson Drive, Suite 400&nbsp;&nbsp;&nbsp;&nbsp;<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  |
| Registrant's Sub-Adviser | Brandywine Asset Management, Inc. <br> 381 Brinton Lake Road, Suite 5 <br> Thornton, Pennsylvania 19373  |

---

**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. 306 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. 306 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 March 26, 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. 306 to the Registrant's Registration Statement has been signed below by the following persons in the capacities indicated on March 26, 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** |
| [(i)(xxxviii)](ex99-ixxxviii.htm) | Consent of Counsel |
| [(j)](ex99-j.htm) | Consent of Independent Registered Public Accounting Firm |
| [(p)(viii)](ex99-pviii.htm) | Code of Ethics for Sound Income Strategies, LLC |
| [(p)(xiii)](ex99-pxiii.htm) | Code of Ethics for Curran Financial Partners, LLC |

---

## Ex-99.(I)(Xxxviii)

[TIDAL TRUST I 485BPOS](sound-485bpos_032626.htm)

**Exhibit (i)(xxxviii)**

![](ex99ixxxviii001.jpg)

March 26, 2026

Tidal Trust I<br> 234 West Florida Street, Suite 700<br> Milwaukee, Wisconsin 53204

Ladies and Gentlemen:

We consent to the incorporation by reference in this Registration Statement of our opinion dated December 29, 2020 regarding the sale of an unlimited number of shares of beneficial interest of the Sound Fixed Income ETF, the Sound Enhanced Fixed Income ETF, the Sound Equity Dividend Income ETF (formerly, the Sound Equity Income ETF), the Sound Enhanced Equity Income ETF and the Sound Total Return ETF, each a series of Tidal Trust I (formerly, Tidal ETF Trust). In giving this consent, however, we do not admit that we are experts 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. |

---

![](ex99ixxxviii002.jpg)

## Ex-99.(J)

[TIDAL TRUST I 485BPOS](sound-485bpos_032626.htm)

**Exhibit (j)**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the references to our firm in the Post-Effective Amendment No. 306 and No. 307, to the Registration Statement on Form N-1A of Tidal Trust I for Sound Equity Dividend Income ETF, Sound Enhanced Fixed Income ETF, Sound Enhanced Equity Income ETF, Sound Fixed Income ETF and Sound Total Return ETF and to the use of our report dated January 29, 2026 on the financial statements and financial highlights of Sound Enhanced Fixed Income ETF and Sound Equity Dividend Income ETF, each a series of Tidal Trust I. Such financial statements and financial highlights appear in the 2025 Financial Statements in Form N-CSR, which is incorporated by reference into the Registration Statement.

**/s/ TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania**

**March 26, 2026**

## Ex-99.(P)(Viii)

[TIDAL TRUST I 485BPOS](sound-485bpos_032626.htm)

**Exhibit (p)(viii)**

**Sound Income Strategies, LLC <br> Code of Ethics (Jan '26)**

**EXHIBIT H CODE OF ETHICS**

![](ex99pviii001.jpg)

**CODE of ETHICS**

**Sound Income Strategies, LLC.**

500 West Cypress Creek Road, Suite 290 Fort Lauderdale, FL 33309

(954) 487-1860

**January 1, 2026**

THIS CODE OF ETHICS IS EFFECTIVE AS OF THE DATE SET FORTH ON THIS COVER PAGE. THIS CODE OF ETHICS CONTAINS CERTAIN STATEMENTS WHICH REFER TO SOUND INCOME STRATEGIES, LLC ("**SIS**" OR THE "**FIRM**") AS BEING REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION (the "**SEC**"), AS AN INVESTMENT ADVISER AND/OR REFER TO SIS' OBLIGATIONS AS A REGISTERED INVESTMENT ADVISER. AS A REGISTERED INVESTMENT ADVISER WITH THE SEC, SIS HAS IMPLEMENTED THE REQUISITE POLICIES AND PROCEDURES FOR IT TO BE IN COMPLIANCE WITH THE RULES AND REGULATIONS APPLICABLE TO REGISTERED ADVISERS, AND, THUS, THIS CODE OF ETHICS REFLECTS SUCH POLICIES AND PROCEDURES.

**Sound Income Strategies, LLC <br> Code of Ethics (Jan '26)**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **SECTION 1 INTRODUCTION AND PURPOSE** | **SECTION 1 INTRODUCTION AND PURPOSE** | **1** |
| &nbsp;&nbsp;&nbsp;**1.1** | **Initial and Annual Acknowledgements of Receipt and Review** | **1** |
| **SECTION 2 OUR CORE VALUES** | **SECTION 2 OUR CORE VALUES** | **2** |
| &nbsp;&nbsp;&nbsp;**2.1** | **General Standards of Business Conduct** | **2** |
| &nbsp;&nbsp;&nbsp;**2.2** | **General Employee Responsibilities** | **2** |
| &nbsp;&nbsp;&nbsp;**2.3** | **Document Retention** | **2** |
| &nbsp;&nbsp;&nbsp;**2.4** | **Conflicts of Interest** | **3** |
| &nbsp;&nbsp;&nbsp;**2.5** | **Sole Interests of the Account** | **4** |
| &nbsp;&nbsp;&nbsp;**2.6** | **Impartial Treatment of Managed Accounts** | **4** |
| **SECTION 3 COMPLYING WITH APPLICABLE LAWS AND REGULATIONS** | **SECTION 3 COMPLYING WITH APPLICABLE LAWS AND REGULATIONS** | **4** |
| &nbsp;&nbsp;&nbsp;**3.1** | **Criminal Activities** | **5** |
| &nbsp;&nbsp;&nbsp;**3.2** | **Anticompetitive Activities** | **5** |
| &nbsp;&nbsp;&nbsp;**3.3** | **Bribery and Kickbacks** | **5** |
| &nbsp;&nbsp;&nbsp;**3.4** | **Money Laundering and Other Financial Crimes** | **5** |
| **SECTION 4 CONFIDENTIALITY OF INFORMATION** | **SECTION 4 CONFIDENTIALITY OF INFORMATION** | **5** |
| &nbsp;&nbsp;&nbsp;**4.1** | **Client's Confidential Information** | **6** |
| &nbsp;&nbsp;&nbsp;**4.2** | **Third Parties' Confidential Information** | **6** |
| &nbsp;&nbsp;&nbsp;**4.3** | **Privacy** | **6** |
| &nbsp;&nbsp;&nbsp;**4.4** | **Proprietary Information of the Firm** | **6** |
| **SECTION 5 PROFESSIONAL WORKING ENVIRONMENT** | **SECTION 5 PROFESSIONAL WORKING ENVIRONMENT** | **6** |
| &nbsp;&nbsp;&nbsp;**5.1** | **Equal Opportunity, Discrimination and Harassment** | **6** |
| &nbsp;&nbsp;&nbsp;**5.2** | **Drug-Free/Smoke-Free Workplace** | **7** |
| **SECTION 6 PROTECTION AND USE OF THE FIRM'S ASSETS** | **SECTION 6 PROTECTION AND USE OF THE FIRM'S ASSETS** | **7** |
| &nbsp;&nbsp;&nbsp;**6.1** | **Computer Software** | **7** |
| &nbsp;&nbsp;&nbsp;**6.2** | **Use of Electronic Communications Resources for Business Purposes** | **7** |
| &nbsp;&nbsp;&nbsp;**6.3** | **Using Information Found on the Internet** | **7** |
| &nbsp;&nbsp;&nbsp;**6.4** | **No Personal Email or IM Accounts** | **8** |
| &nbsp;&nbsp;&nbsp;**6.5** | **No Expectation of Privacy** | **8** |
| **SECTION 7 REPORT CONDUCT THAT MAY BE IN VIOLATION OF THE CODE.** | **SECTION 7 REPORT CONDUCT THAT MAY BE IN VIOLATION OF THE CODE.** | **8** |
| **SECTION 8 SPECIFIC ASSOCIATED PERSON RESPONSIBILITIES** | **SECTION 8 SPECIFIC ASSOCIATED PERSON RESPONSIBILITIES** | **9** |
| &nbsp;&nbsp;&nbsp;**8.1** | **Financial Disclosure; Audits** | **9** |
| &nbsp;&nbsp;&nbsp;**8.2** | **Marketing; Public Relations** | **9** |
| **SECTION 9 INSIDER TRADING** | **SECTION 9 INSIDER TRADING** | **9** |
| **SECTION 10 DISCLOSURE OF EMPLOYEE ACTIVITIES** | **SECTION 10 DISCLOSURE OF EMPLOYEE ACTIVITIES** | **10** |
| &nbsp;&nbsp;&nbsp;**10.1** | **Personal Securities Transactions And Policy** | **10** |
| &nbsp;&nbsp;&nbsp;**10.2** | **Private Securities Investment** | **12** |
| &nbsp;&nbsp;&nbsp;**10.3** | **Outside Business Activities ("OBA")** | **13** |

---

i

**Sound Income Strategies, LLC <br> Code of Ethics (Jan '26)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**10.4** | **Gifts and Entertainment, Rebates, or Other Payments** | **13** |
| &nbsp;&nbsp;&nbsp;**10.5** | **Political Activities and Contributions** | **14** |
| &nbsp;&nbsp;&nbsp;**10.6** | **Social Media** | **15** |
| &nbsp;&nbsp;&nbsp;**10.7** | **Text Messaging** | **16** |
| **SECTION 11 EXCEPTIONS** | **SECTION 11 EXCEPTIONS** | **16** |
| **SECTION 12 EMPLOYEE CERTIFICATION** | **SECTION 12 EMPLOYEE CERTIFICATION** | **17** |
| **SECTION 13 CODE ADMINISTRATION** | **SECTION 13 CODE ADMINISTRATION** | **17** |
| **EXHIBIT A INITIAL AND ANNUAL REPORT OF HOLDINGS** | **EXHIBIT A INITIAL AND ANNUAL REPORT OF HOLDINGS** | **I** |
| **EXHIBIT B OUTSIDE BUSINESS ACTIVITY APPROVAL FORM** | **EXHIBIT B OUTSIDE BUSINESS ACTIVITY APPROVAL FORM** | **II** |
| **EXHIBIT C GIFT & ENTERTAINMENT LEGER** | **EXHIBIT C GIFT & ENTERTAINMENT LEGER** | **IV** |
| **EXHIBIT D SOCIAL MEDIA REQUEST FORM** | **EXHIBIT D SOCIAL MEDIA REQUEST FORM** | **V** |

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ii

**Sound Income Strategies, LLC <br> Code of Ethics (Jan '26)**

**SECTION 1 INTRODUCTION AND PURPOSE**

Sound Incomes Strategies, LLC ("**SIS**" or the "**Firm**") is a registered investment adviser ("**RIA**") registered with the Securities and Exchange Commission ("**SEC**") to engage in investment advisory business. SEC Rule 204A-1 (the "**Rule**") under The Investment Advisers Act of 1940, as amended, requires all RIAs to adopt a code of ethics that sets forth standards of conduct and requires Firm Associated Persons to comply with all applicable federal securities laws. This document contains the Code of Ethics (the "**Code**") for the Firm. The Code is intended to reflect the fiduciary principles that govern the conduct of SIS and its Associated Persons. The requirements of the Code are in addition to and do not replace an Associated Person's obligations to comply with SIS's Compliance Manual, which is under separate cover.

The Firm provides investment advisory and management services to a number of Clients. The Firm owes a fiduciary duty to its clients including a general duty to act in their best interests. The interests of clients should be placed ahead of those of the Firm or the Firm's Associated Persons. Accordingly, the Firm's Associated Persons must always act honestly, fairly, and professionally when dealing with clients.

The restrictions and requirements of the Code are designed to prevent or manage behavior, which actually or potentially conflicts, or raises the appearance of an actual or potential conflict, with client interests. This Code sets forth the standards of conduct that are expected of all the Firm's Associated Persons and is intended to help such Associated Persons uphold the Firm's fiduciary duties. The Code must be reviewed and acknowledged at the time this Code of Ethics is adopted or when you are first employed by the Firm, and annually thereafter.

The Code is not exhaustive. It provides guidance for the Firm's Associated Persons in carrying out their responsibilities in a manner that is consistent with the highest standards of ethical conduct and with the Firm's core values. Certain topics that are discussed in the Code may be discussed in more detail in other sections of the Firm's Compliance Manual or the Employee Handbook, which are separate documents provided to each Associated Person. Any Associated Person who has a question regarding the contents or applicability of this Code is urged to contact the Firm's Chief Compliance Officer ("**CCO"**). The CCO is responsible for overseeing the Code where applicable, providing any revisions, and implementing its provisions.

The penalty for violating any provision of this Code may be disciplinary action up to and including dismissal. In addition, all violations of criminal laws applicable to the Firm's business are required to be and will be reported to the appropriate authorities for prosecution.

&nbsp;&nbsp;&nbsp;&nbsp;1.1 Initial
 and Annual Acknowledgements of Receipt and Review

My Compliance Office ("**MCO**"), which is the cornerstone resource the Firm employs to oversee Employee's attestations and disclosable activities. Common practice at the Firm is to conduct most attestation and disclosable activities via MCO.

All Associated Persons are required to acknowledge via MCO that they are aware of and have access to this Code. In addition, when an Associated Person is first employed by the Firm, they will receive a copy of this Code. Within 7 business days after receipt, the new Associated Person must acknowledge that:

● they have received a copy of this Code.

● that they have read it.

● that they understand it; and

● that they will comply with all applicable policies and procedures contained herein.

In addition, at least annually or at such other times as are necessary to reflect changes in laws, regulations and/or Firm policies, the CCO will notify all Firm Associated Persons of any updates to the Code.

Within 45 business days after receiving any such updates, all Firm Associated Persons must acknowledge their receipt, understanding and agreement to comply with the Code through MCO.

**Sound Income Strategies, LLC <br> Code of Ethics (Jan '26)**

**SECTION 2 OUR CORE VALUES**

The Firm expects its Associated Persons to always uphold the following core values:

● High Quality Output

● Get It Done

● Personal Ownership

● Can Do Attitude

● Humbly Confident

● Team Player

&nbsp;&nbsp;&nbsp;&nbsp;2.1 General
 Standards of Business Conduct

Associated Persons are obligated to monitor their personal and professional affairs so as not to harm the reputation of themselves or the Firm. Associated Person should treat all persons fairly, including clients, potential clients, competitors, service providers and fellow Associated Persons. Each of these people has an expectation that the Firm's Associated Persons will act with honesty, integrity, and fairness.

All Associated Persons must adhere to the standards of business conduct in the Code in addition to the Compliance Manual, which is issued to all Associated Persons under separate cover. In addition, Associated Persons must comply with all laws and regulations that apply to the Firm's business activities, including, but not limited to, the federal securities laws and the applicable laws and regulations of states and foreign jurisdictions in which the Firm conducts business. Violating any of these laws could subject you and/or the Firm to criminal and civil penalties. If you have any questions about these laws or how they apply to a particular situation, ask the CCO.

This Code cannot anticipate every situation that the Firm's Associated Persons will be confronted with while employed at the Firm. Therefore, common sense and good judgment are required in responding to any situation that may not seem to be specifically covered by this Code, or any other materials provided by the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;2.2 General
 Employee Responsibilities

Specific procedures and policies that pertain to each Associated Persons' particular duties are set forth throughout this Code and form a part of the Firm's Compliance Manual. As further discussed below, in addition to following specific procedures and policies, each Associated Person must uphold the Firm's fiduciary duty to its clients by, among other things, keeping complete and accurate records, avoiding conflicts of interest, complying with all applicable laws and regulations, maintaining the confidence of confidential information, maintaining a professional working environment, seeking guidance when necessary and reporting conduct that may be in violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;2.3 Document
 Retention

The Firm requires honest and accurate recording and reporting of information to maintain the integrity of our business records and to make responsible business decisions. The Firm's books, records and accounts must:

● accurately reflect all transactions of the Firm and all other events that are subject to a specific regulatory recordkeeping requirement.

● be maintained in reasonable detail; and

● conform both to applicable legal requirements and to the Firm's system of internal controls. Unrecorded or "**off the books**" transactions or assets are prohibited unless permitted by applicable law or regulation.

Business records must not contain exaggeration, derogatory remarks, guesswork, or inappropriate characterizations of people and companies. This applies equally to e-mail, internal memoranda, formal reports, and all other forms of business records. Each Associated Person must be familiar with the Firm's document retention policies and always retain or destroy records according to such policies which are set forth in the Required Books and Records of the Compliance Manual. In the event of litigation, governmental investigation, or the threat of such action, you should contact the CCO regarding record retention.

**Sound Income Strategies, LLC <br> Code of Ethics (Jan '26)**

&nbsp;&nbsp;&nbsp;&nbsp;2.4 Conflicts
 of Interest

A "**conflict of interest**" occurs when an Associated Person's private interest interferes in any way - or even appears to interfere - with the interests of the Firm and/or its clients. The Firm's Associated Persons have a duty to report any material transaction or relationship that reasonably could be considered to create a conflict of interest with the Firm and/or its clients. A conflict of interest may occur when an Associated Person allows any interest, activity, or influence outside of the Firm to:

● Influence his/her judgment when acting on behalf of the Firm and/or its clients.

● Compete against the Firm and/or its clients in any business activity.

● Divert business away from the Firm.

● Harm or impair the Firm's reputation; or

● Benefit him/herself at the expense of the Firm and/or its clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4.1** **Examples of Conflicts of Interest Situations** 

The following is a list of some, but not all, potential conflicts of interest that a Firm Associated Person could be faced with and our policy for dealing with such conflicts.

●  **<u>Self-Dealings</u>** . If an Associated Person or his/her family member or close friend engages in a business transaction in which the Firm or its client(s) is the counterparty and the Associated Person is entitled to receive a monetary fee for his/her involvement, a conflict of interest could arise because there could be an appearance that the Associated Person's professional judgment was impaired by his/her desire to receive a monetary fee. Accordingly, such transactions are prohibited without the prior written approval of the CCO. In addition, Associated Persons may not use corporate property, information or their position for improper personal gain, and Associated Persons may not compete with the Firm directly or indirectly.

●  **<u>Insider Trading</u>** . If an Associated Person is in possession of material nonpublic information relating to an issuer and a client holds or is contemplating purchasing such issuer's securities, a conflict of interest could arise if the client bought or sold such issuer's securities. Generally, Associated Persons should avoid receiving material nonpublic information. However, in order to properly conduct our business, it is necessary from time to time for Associated Persons to be in possession of material nonpublic information. When an Associated Person is in possession of material nonpublic information it is imperative that they abide by the Firm's policies and procedures designed to prevent insider trading which are set forth in the Compliance Manual.

●  **<u>Personal Securities Accounts</u>** . The following policies are pursuant to Rule 17j-1 of the Investment Company Act and the Advisers Act of 1940. Rule 17j-1 When Associated Persons trade securities for their own accounts it could appear that they are "front-running" trades for clients or otherwise favoring their own accounts over that of clients thus creating a conflict of interest. Accordingly, Associated Persons must follow the policies and procedures set forth in Section 0 below. Further, the Firm adheres to Rule 17j-1 by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;► Adopting
 a Code of Ethics containing provisions to prevent fraudulent, deceptive, or manipulative
 acts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;► Requiring
 access persons to report their personal securities transactions to the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;► Requiring
 pre-clearance of any transactions by Covered Persons for Funds sub advised by the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;► Conducting
 oversight of personal investment activities.

**Sound Income Strategies, LLC <br> Code of Ethics (Jan '26)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;► Monitoring
 compliance with Rule 17j-1; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;► Making
 information about the Firm's policies concerning personal investment activities available
 to the public

●  **<u>Personal Social Media Use</u>** : When Associated Persons' comment or contribute to online forums, a conflict of interest could arise because there could be an appearance that the Associated Person represents the Firm, providing advice, participating in abusive or manipulative trading activities that is prohibited by the federal securities laws. Accordingly, posting in any fashion or contributing to any online forums about investing, specific investments or topics is prohibited without the prior written approval of the CCO and/or Senior Management. In addition, Associated Persons personal trading based on the use of information may violate the insider trading rules listed above. Accordingly, Associated Persons must follow the policies and procedures set forth in Section 10.6 below.

●  **<u>Outside Employment, Activities and Directorships</u>** . A conflict of interest could arise from an Associated Person's participation in certain outside employment, activities, and directorships. Among other things, it could appear that an Associated Person was engaging in such employment, activities, or directorships in their context as an Associated Person of the Firm or competing with the Firm for certain business opportunities. Accordingly, Associated Persons must follow the policies and procedures set forth in Section 10.2 below before participation in any outside employment, activities, or directorships.

●  **<u>Giving or Acceptance of Gifts or Entertainment</u>** . Gifts or excessive entertainment to or from vendors, suppliers, competitors, or other Associated Persons could influence or appear to influence the recipient. Therefore, Associated Persons should only give or accept gifts or entertainment in accordance with the policies and procedures set forth in Section 10.4 below.

●  **<u>Political Activities</u>** . A conflict of interest could arise from an Associated Person's participation in political affairs if it appeared that the Associated Person was participating on behalf of the Firm. Accordingly, Associated Persons must follow the policies and procedures set forth in Section 10.5 below.

●  **<u>Brokerage</u>** . The Firm often executes securities trades through brokerage firms. A conflict of interest could arise or be perceived if such brokerage firms are, among other things, affiliated with the Firm or provide office space or other benefits or soft dollar services to the Firm. Accordingly, the Firm and its Associated Persons must follow the policies and procedures set forth in the Compliance Manual in order to ensure that client accounts receive the best execution from such brokers.

&nbsp;&nbsp;&nbsp;&nbsp;2.5 Sole
 Interests of the Account

If the Firm administers an account(s) which contains an investment in which an Associated Person may have an interest which might affect the best judgment of the Firm, it is the policy of the Firm to act in the sole interest of the account(s) when determining whether to take actions involving such investment.

The Firm may engage outside counsel or seek court approval where necessary to avoid the appearance of divided loyalty or exceeding its powers as trustee.

&nbsp;&nbsp;&nbsp;&nbsp;2.6 Impartial
 Treatment of Managed Accounts

All accounts for which the Firm has investment responsibility will be treated with impartiality. Any fees associated with securities transactions shall be allocated fairly and equitably among accounts.

**SECTION 3 COMPLYING WITH APPLICABLE LAWS AND REGULATIONS**

The foundation of the Firm's ethical standards is compliance with the letter and spirit of the laws, rules, and regulations applicable to its business, including among others, securities, banking, and other foreign, federal, state, and local laws. Associated Persons are not expected to know the details of each law governing the Firm's business. However, it is important that Associated Persons have a general understanding of basic activities that could be in violation of the law. These activities are set forth below.

**Sound Income Strategies, LLC <br> Code of Ethics (Jan '26)**

&nbsp;&nbsp;&nbsp;&nbsp;3.1 Criminal
 Activities

A number of criminal laws apply to the Firm Associated Persons. A few examples of criminal activities prohibited by these laws are as follows:

● Accepting or soliciting anything of value intending to be influenced or rewarded in connection with the Firm's business or in return for confidential information.

● Knowingly engaging in a financial transaction involving the proceeds of an illegal activity or money laundering.

● Stealing, embezzling, or misappropriating the Firm or client funds or assets.

● Using threats, physical force, or other unauthorized means to collect money.

● Using Firm funds or assets to finance campaigns for political office.

● Making a loan or giving a gift to an examiner who has the authority to examine the Firm; and

● Making a false report or statement to government officials.

&nbsp;&nbsp;&nbsp;&nbsp;3.2 Anticompetitive
 Activities

The laws of many jurisdictions, specifically the United States, prohibit anticompetitive activities. A complex body of antitrust law exists at the federal and state levels. However, the most pertinent prohibition, for the Firm's purposes, is that there be no agreement or understanding between the Firm and its competitors that affect prices, terms, or conditions of sale or that unreasonably restrain full and fair competition. Associated Persons must always respect the rights of and deal fairly with the Firm's clients, competitors, and Associated Persons. Associated Persons must never take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair dealing practice. If you have any question about what constitutes an unfair business practice or anticompetitive activities, you should contact the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;3.3 Bribery
 and Kickbacks

The U.S. government has a number of laws and regulations applicable specifically to business gratuities that may be accepted by U.S. and foreign government or corporate personnel. The promise, offer or delivery to an official or Associated Person of the U.S. or foreign government or corporate personnel of a gift, favor, payment, or other gratuity in violation of these rules would not only violate the Firm's policy but may also be a criminal offense. Similarly, federal law, as well as the laws of many states, prohibits engaging in "commercial bribery." Commercial bribery involves soliciting, demanding, or agreeing to accept anything of value from any person intending to influence or be rewarded in connection with any business or transaction, and prohibits all such behavior. If an Associated Person has any questions or needs any guidance, he/she should contact the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;3.4 Money
 Laundering and Other Financial Crimes

Anti-Money Laundering ("**AML**") laws and regulations are intended to safeguard the global financial system and the financial institutions that make up that system from the abuse of financial crime, including money laundering, terrorist financing and other illicit financial transactions. The Firm is committed to complying with applicable AML laws and regulations and have adopted AML policies to comply AML laws and regulations. Please refer to the Firm's Compliance Manual for further guidance. If you have questions about the Firm's AML policy, please contact the Firm's CCO.

**SECTION 4 CONFIDENTIALITY OF INFORMATION**

As an investment advisor, the Firm has particular responsibilities for safeguarding the information of its clients as well as its own proprietary information. Associated Persons should be mindful of this obligation when they use the telephone, fax, telex, electronic mail, and other electronic means of storing and transmitting information. Associated Persons should not discuss confidential information in public areas where it can be overheard, read confidential documents in public places, or leave discarded confidential documents where they can be retrieved by others.

**Sound Income Strategies, LLC <br> Code of Ethics (Jan '26)**

&nbsp;&nbsp;&nbsp;&nbsp;4.1 Client's
 Confidential Information

Information concerning the identity of each client, their transactions and accounts is confidential. Such information may only be disclosed to Associated Persons who have a need to know such information in order to fulfill their responsibilities. The Firm's policies and procedures for handling confidential client information are set out in the Compliance Manual. As a general matter, Associated Persons in the possession of information relating to the identity of clients and their transactions may not disclose such information to anyone outside of the Firm unless: (i) the outside person needs to know the information in order to perform services for the Firm and is bound to maintain its confidentiality, (ii) when the client has consented or been given an opportunity to request that the information not be shared, (iii) as required by law or, (iv) as authorized by the Firm's CCO.

&nbsp;&nbsp;&nbsp;&nbsp;4.2 Third
 Parties' Confidential Information

Associated Persons in possession of confidential information belonging to persons outside of the Firm (former advisors or employers or otherwise), or who are subject to confidentiality agreements with others, are expected to comply with their obligations regarding the protection of that information. Such Associated Persons are not permitted to use such information to aid the business of the Firm unless they have received appropriate written consent from the outside person or entity. Associated Persons must not encourage others to participate in the unauthorized use of confidential information belonging to a third party. Associated Persons should contact the CCO if they believe such information is being or may be shared with the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;4.3 Privacy

The Firm is committed to safeguarding its clients' privacy. We do not sell any personally identifiable client information. Sharing of such information with third parties is limited to situations related to the processing and servicing of client accounts, and to specifically delineated exceptions in the federal privacy law. The Firm shares information with its affiliates only as allowed by federal law. Associated Persons must be familiar with the procedural and systemic safeguards the Firm maintains to protect this information and report any breaches of these safeguards to the CCO. Please refer to the Compliance Manual for further clarification.

&nbsp;&nbsp;&nbsp;&nbsp;4.4 Proprietary
 Information of the Firm

Associated Persons are responsible for safeguarding proprietary information of the Firm. Proprietary information includes intellectual property (copyrights, trademarks or patents or trade secrets), particular expertise (business or organizational designs, or business, marketing or service plans or ideas) and sensitive information about the Firm (databases, records, salary information or unpublished financial reports). Associated Persons who have any questions about what constitutes proprietary information, or who believe such information has been compromised should contact the CCO.

**SECTION 5 PROFESSIONAL WORKING ENVIRONMENT**

&nbsp;&nbsp;&nbsp;&nbsp;5.1 Equal
 Opportunity, Discrimination and Harassment

The Firm's workplace is one of inclusion that fosters productivity and individual growth. The Firm and its Associated Persons are expected to hire, retain, advance, train, terminate, and otherwise treat Associated Persons and job applicants based on merit, qualifications and competence and to apply this policy without regard to any qualified individual's race, color, sex, pregnancy, religion, age, national origin, ancestry, citizenship, disability, medical condition, marital status, sexual orientation, veteran status, political affiliation, or any other characteristic protected by federal or state law.

**Sound Income Strategies, LLC <br> Code of Ethics (Jan '26)**

Discrimination or harassment of any kind, including any verbal or physical harassment regarding the race, color, sex, pregnancy, religion, age, national origin, ancestry, citizenship, disability, medical condition, marital status, sexual orientation, veteran status, or political affiliation of another, or any other characteristic protected by federal, or state law is not tolerated. All Associated Persons are expected to uphold these employment policies and to create a work environment supportive of optimal performance and opportunities for professional growth and advancement. Acts of discrimination or harassment are subject to disciplinary action, including termination of employment. If you reasonably believe acts of discrimination or harassment have occurred, you must report such conduct to your supervisor and/or the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;5.2 Drug-Free/Smoke-Free
 Workplace

The Firm is compassionate but firm in its instance that its Associated Persons maintain a drug-free and smoke-free environment.

**SECTION 6 PROTECTION AND USE OF THE FIRM'S ASSETS**

Associated Persons are obligated to protect the Firm's assets and ensure their efficient use. The Firm's equipment should not be used for non-Firm business, though incidental personal use may be permitted. Breaches of this code must be reported to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;6.1 Computer
 Software

Associated Persons are to use computer software in accordance with the licensing agreement of the particular application. No copying of software is permitted except in accordance with the licensing agreement.

&nbsp;&nbsp;&nbsp;&nbsp;6.2 Use
 of Electronic Communications Resources for Business Purposes

Home office Associated Persons are provided access to electronic communication systems for legitimate business purposes. These systems include, but are not limited to, electronic hardware or software equipment or configurations, telephones, voicemail, email, Internet and intranet systems, and all information sent, received, stored, or otherwise accessed or accessible on such systems. Minimal personal use of electronic equipment and/or resources is permitted subject to the requirements within this Code. Personal use is defined as electronic communications that contain non-business information, sent, or stored on the Firm's owned equipment that includes, but is not limited to, local fixed disk drives, local area network (LAN) drives, cloud-based storage, and USB drives stored at a user's workstation, or communications over the Internet.

When using electronic communication systems for business purposes, Associated Persons should be cognizant of the fact that such messages tend to be permanent and if transmitted over public lines are not secure or private and may be intercepted, altered, eavesdropped, or delivered incorrectly. Therefore, particularly when sending confidential information, Associated Persons should carefully consider whether and how to use electronic mail carriers and should be certain that the recipient has consented to the transmittal of confidential information by such electronic means.

&nbsp;&nbsp;&nbsp;&nbsp;6.3 Using
 Information Found on the Internet

Associated Persons should not assume that information available on the Internet is available for unrestricted public use. Information may be proprietary to a third party or otherwise protected by copyright laws including but not limited to any media file such as music, movies, and photographs. Therefore, Associated Persons should not incorporate information they locate on the Internet into their own work for or on behalf of the Firm or make copies to distribute to clients, without first determining whether they have a legal right to do so.

**Sound Income Strategies, LLC <br> Code of Ethics (Jan '26)**

In addition, home office Associated Persons must not download software from the Internet or from any resource (e.g., USB thumb drive) and store it on Firm owned equipment, except as instructed or permitted by an authorized Firm Associated Person.

&nbsp;&nbsp;&nbsp;&nbsp;6.4 No
 Personal Email or IM Accounts

Associated Persons must use their "@soundincomestrategies.com" email address provided by the Firm, or their own proprietary business domain address, and Firm provided or proprietary business web browsers to transmit electronic communications involving Firm related business. Personal email and/or text messaging accounts may not be used to conduct Firm business and generally the Firm provided email and/or text messaging services should not be used to conduct non-Firm business.

&nbsp;&nbsp;&nbsp;&nbsp;6.5 No
 Expectation of Privacy

Home office Associated Persons have no expectation of privacy when using the Firm's equipment and services. This is true even if they use passwords, encryption, or other security measures. The Firm reserves the right to, and does, access, monitor, review, read, disclose, and archive the use of the Firm's equipment, and services (including but not limited to telephones, voicemail, text messages, computer files, diskettes, local or system drives or networks, email, instant messages, intranet and Internet access, bulletin boards, including but not limited to stored or real time use).

Any use of Firm equipment or services that is inconsistent with the Firm's ownership or business interests, or that may violate the Firm's policies or applicable laws, rules or regulations may be investigated and may result in disciplinary action, including termination of employment, and civil litigation or criminal prosecution.

While using the Internet, home office Associated Persons may view a variety of web sites. It is always inappropriate for the Firm's Associated Persons to use the Firm's equipment and services to visit certain sites including, but not limited to, sites containing pornography, off-color jokes, chat rooms, and hate speech. Such websites may create a hostile, intimidating, or offensive working environment, which is directly contrary to and prohibited by this Code.

**SECTION 7 REPORT CONDUCT THAT MAY BE IN VIOLATION OF THE CODE**

Each Associated Person is required to notify the CCO (or, in the event that a matter implicates the CCO, the President or CEO) promptly if he/she knows or suspects in good faith that a violation of this Code may have occurred. Failure to do so is itself a violation of the Code. However, if an Associated Person has violated the Code, making a report will not protect him/her from the consequences of his/her actions. The range of sanctions for violating the Code include a written warning or reprimand, cancellation of trades, disgorgement of profits or sale of positions at a loss, restriction on trading privileges, fines, suspensions of employment without pay, termination of employment, and/or referral to regulatory or law enforcement authorities.

No Associated Person will be retaliated against for making a good faith complaint or bringing inappropriate conduct to the CCO's attention, for assisting another Associated Person in making a good faith report, for cooperating in an investigation, or for filing an administrative claim with a state or federal governmental agency. Any Associated Person who engages in retaliatory conduct in violation of the Firm's policies will be subject to disciplinary action, up to and including termination of employment. If an Associated Person reasonably believes that retaliatory conduct has occurred, he/she must report such conduct to the CCO.

The CCO shall not reveal the identity of any person who reports a violation of this Code and requests that his/her identity as the person who made such report remain confidential. The Firm shall not make any effort, or tolerate any effort made by any other person or group, to ascertain the identity of any person who reports a violation anonymously, unless (i) such information is required to be disclosed by applicable law or regulation; or (ii) disclosure of such information, or ascertaining such identity, is supported by a clear and compelling interest of clients that is sufficient in the particular case to overcome an expectation of anonymity.

**Sound Income Strategies, LLC <br> Code of Ethics (Jan '26)**

**SECTION 8 SPECIFIC ASSOCIATED PERSON RESPONSIBILITIES**

&nbsp;&nbsp;&nbsp;&nbsp;8.1 Financial
 Disclosure; Audits

The Firm is committed to providing full, fair, accurate, timely and understandable disclosure in all filings that the Firm submits for itself or on behalf of its clients to the SEC and other federal or state regulatory agencies or in other public communications made by the Firm. Associated Persons who participate in the Firm's reporting process are required to comply with the Firm's policies and procedures to provide such full, fair, accurate, timely and understandable disclosure. Among other things, such Associated Persons must comply with the Firm's policies and procedures relating to the maintenance of proper books and records which are set forth in the Compliance Manual.

In addition to maintaining proper financial records, all home office Associated Persons who are involved with any audit of the Firm's books and records must take care not to directly or indirectly take any action that is or could be seen as fraudulently influencing, coercing, manipulating, or misleading any independent public or certified public accountant ("**Accountant**") engaged in the performance of an audit or review of the Firm's or any of its clients' financial statements which would result in rendering the financial statements to be materially misleading. Types of conduct that constitute improper influence include, but are not limited to, directly or indirectly offering, or paying bribes or other financial incentives, including offering future employment or contracts for non-audit services.

● providing an auditor with inaccurate or misleading legal/tax analysis.

● threatening to cancel or canceling existing non-audit or audit engagements if the auditor objects to the issuer's accounting.

● seeking to have a partner removed from the audit engagement because the partner objects to the Firm's accounting.

● blackmailing; and

● making physical threats.

If you have any questions about your duties in supporting the Firm's financial reporting processes or if you reasonably believe improper influence has occurred with respect to an audit, contact the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;8.2 Marketing;
 Public Relations

Associated Persons who communicate with the media and/or the general public must take care to carefully manage and coordinate information about the Firm and its clients and to abide by all legal and regulatory requirements that may restrict information the Firm provides. Such Associated Persons must abide by the Firm's policies and procedures with regard to marketing and communicating with the media which are set forth in the Compliance Manual.

**SECTION 9 INSIDER TRADING**

The Firm forbids any of its Associated Persons from trading, either personally or on behalf of others, on material, non-public information, or communicating material non-public information to others in breach of a duty of trust or confidence owed directly or indirectly to an issuer, the issuer's shareholders, or the source of the information. This conduct is commonly referred to as "insider trading."

The term "insider trading" is not defined under the federal securities laws, but it is generally understood to refer to the use of material non-public information, and to the communication of material non-public information to others, to trade in securities (whether or not one is an "insider" of the issuer of the securities being traded).

While the law concerning insider trading is dynamic, federal securities laws generally prohibit:

**Sound Income Strategies, LLC <br> Code of Ethics (Jan '26)**

● trading by an insider while in possession of material non-public information.

● trading by a non-insider while in possession of material non-public information, where the information either was disclosed to the non-insider in violation of an insider's duty to keep it confidential or was misappropriated; or

● an insider, or a non-insider described in clause (ii) above, from communicating material non-public information to others.

The elements of insider trading and the penalties for such unlawful conduct are discussed in the Compliance Manual. If you have any questions regarding the Firm's insider trading policy, you should contact the CCO.

**SECTION 10 DISCLOSURE OF EMPLOYEE ACTIVITIES**

The Firm expects all Associated Persons, as defined in the Firm's Compliance Manual, to comply with high standards of integrity. This section sets forth basic behavioral standards and responsibilities for the Firm's personnel and provides guidelines with that end in mind.

Employees must submit the following via MCO, email requests are not accepted:

● brokerage account holdings and activities.

● outside business activities.

● gift and entertainment activities.

● political activities and contributions; and

● social media requests

**Note: MCO is the exclusive tool used by the Firm to assist with oversight of the above reference activities.**

&nbsp;&nbsp;&nbsp;&nbsp;10.1 Personal
 Securities Transactions And Policy

The Firm has implemented this personal securities policy to avoid the perception that Associated Persons trading securities for their own accounts are "**front-running**" trades for clients or otherwise favoring their own accounts over that of clients or Associated Persons may have material non-public information.

No trading personnel of the Firm may purchase or sell any security prior to a transaction(s) being implemented for an advisory account during the same day unless such transactions are at a price equal to or inferior to the price obtained by a client(s), and therefore, preventing such Associated Persons from benefiting from transactions placed on behalf of advisory accounts.

This policy requires that within ten (10) business days upon initial employment with the Firm and at least annually thereafter, all Firm Associated Persons and advisors shall disclose all securities account(s)/interest they maintain or in which they have a financial interest to the CCO, their designee, via MCO. Each advisor and Associated Person must also report the opening of any securities account(s)/interest during the reporting period. Below are examples of accounts which must be reported:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1.1** **Account Opening and Maintenance** 

●  **<u>Upon Initial Employment</u>** <u>.</u> Within ten (10) business days upon initial employment with the Firm, the Associated Person shall disclose all individual and household securities account(s) or accounts in which they have investment control. The Associated Person must submit their Initial and Annual Report of Holdings (**See <u>Exhibit A</u>**) to the Compliance Department. Upon receipt, the Compliance Department will populate MCO with the Associated Person's disclosed information to enable the Firm to receive electronic feeds to enable it to monitor the account(s) and transaction activity.

●  **<u>Disclosure of Employee Brokerage Account Approval Form.</u>** Prior to opening any brokerage account after initial employment, the Associated Person must submit an ()"**Employee Brokerage Account Approval Form**") via MCO, for the CCO, or designee, to review and approval, prior to opening any new account(s).

**Sound Income Strategies, LLC <br> Code of Ethics (Jan '26)**

●  **<u>Remove or Correct a Disclosed Brokerage Account.</u>** If an Associated Person has closed a previously disclosed brokerage account, the Associated Person must submit an ()"**Remove or Correct a Previously Disclosed Item** "), via MCO, for the CCO, or designee, to address.

The following accounts <u>do not</u> require reporting:

● Mutual funds that are held directly at the fund company.

● Unit investment trusts.

● Municipal fund securities.

● 529 plans.

● 401(k) plans held at a former employer that do not have brokerage capabilities.

● US government, money market instruments.

● Automatic investment plans such as Monthly investment plans and Dividend Reinvestment Plans; and

● Separately Managed Accounts ()"**SMAs**") with discretion given to the investment adviser.

As stated above, Associated Persons brokerage account(s) must be custodied at an approved custodian to enable the Firm ongoing access to such account(s) through MCO. If such account(s) must be custodied away from an approved firm, it must be first approved by the Firm's CCO in writing and the Associated Person along with the CCO will coordinate with the custodian to delivery at least duplicate monthly account statement(s) and all other periodic reports relating to such account(s) to the attention of the CCO for review and storage.

If an Associated Person owns an interest in a private security prior to employment or received approval to purchase of a private security as described in Section 10.2 below, the Associated Person, along with the CCO, will coordinate with the general partner, managing member or administrator of the private investment (collectively the "**private security custodian**"), to deliver at least quarterly account statement(s) and all other periodic reports relating to such private investment(s) to the attention of the CCO for review and storage. Private Placements require approval prior to the investment.

On an annual basis, all Associated Persons must certify complete disclosure of all securities accounts/holdings via MCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1.2** **Quarterly Transaction Reports.** 

All Associated Persons are required to report all securities transactions that they have made in securities accounts during the quarter no later thirty (30) days after the end of the calendar quarter.

In order to fulfill this reporting requirement, Associated Persons may instruct their broker-dealers to send the Compliance Department duplicate trade confirmations and Personal Account statements, not later than thirty (30) days after the end of each calendar quarter. If an Associated Person's trade does not occur through a broker-dealer (e.g., sale of a private investment fund), such transactions shall be reported directly to the Compliance Department.

If the Associated Person's broker-dealer supplies an electronic feed to the Firm via MCO, then it is not necessary for the Associated Person to request duplicate account statements and the CCO, or designee, will view the Associated Person's quarterly holdings using MCO. If an Associated Person's trade does not occur through a broker dealer (e.g., sale of a private investment fund), such transactions shall be reported separately via MCO.

Associated Persons must also report transactions and accounts of members of Immediate Family.

**Sound Income Strategies, LLC <br> Code of Ethics (Jan '26)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1.3** **Pre-Clearance of SIS ETFs by Covered Persons.** 

As stated in the Firm's Compliance Manual, pre-clearance is required by all Covered Persons for transactions in any SIS ETF where the Firm acts as an investment sub-advisor to the SIS ETFs. As mentioned, a Covered Person is any personnel of the Firm's trading team or persons who work closely with the Firm's trading team. The CCO will notify each Covered Person who is obligated to receive pre-clearance of their securities transactions.

Unless approved by the CCO or its designee, no Covered Person may engage in the purchase or sale of a SIS ETF unless such transaction has been **<u>pre-cleared</u>** pursuant to this policy.

In order to request a pre-clearance securities transaction, the Covered Person should complete the ("**Trade Clearance Request Form")** via MCO, for the CCO, or designee, to review and approval. If the purchase or sale of a reportable security is pre-cleared, it must be executed on the same business day as the trade approval date. If the trade has not been executed on the approval date, the Covered Person must obtain approval again. In order to approve a purchase/sale of an SIS ETF, the Compliance Department shall:

● obtain from such Covered Person full details of the proposed transaction.

● conclude that the Covered Person is not misappropriating an investment opportunity that should first be offered to eligible clients; and

● conclude that the Covered Person is not receiving a personal benefit for directing client business or brokerage.

**Note: The Firm does not require pre-clearance on any other transactions.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1.4** **Enforcement** 

Confirmations, statements, and other information regarding personal securities transactions and personal account holdings will be reviewed at least monthly by the CCO, or designee. The Firm reserves the right to require any Associated Person to reverse, cancel or freeze, at the Associated Person's expense, any transaction or position in a specific security if the Firm believes the transaction or position violates its policies or appears improper. The Firm will keep all such information confidential except as required to enforce this policy, to participate in any investigation concerning violations of applicable law or as it otherwise believes to be necessary under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 Private
 Securities Investment

Each Associated Person considering engaging in a private securities transaction (such as a hedge fund, private equity, or Limited Liability Company, etc.) must first submit a request via MCO detailing the proposed transaction, the person's role, and whether he/she has already received or may receive compensation.

In order to request a pre-clearance securities transaction, the Associated Person should complete the ("**Private Securities Transaction Form")** via MCO, for the CCO, or designee, to review and approval. If approved, the Firm may require the Associated Person to adhere to specified conditions in connection with the private securities transaction.

If the Firm disapproves the Associated Person's participation, then the Associated Person shall not participate in the transaction in any manner, directly or indirectly.

**Note: Regardless of compensation, if an Associated Person assumes any role(s) or duties with the issuer or any of its affiliated entities as a result of a private securities transaction (including but not limited to owner, consultant, officer, director or partner), the Associated Person will be required to complete an Outside Business Activity Form as mentioned in section 10.3 below.**

**Sound Income Strategies, LLC <br> Code of Ethics (Jan '26)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 Outside
 Business Activities ("OBA")

The Firm requires that Associated Persons wishing to engage in outside employment, activities or directorships submit an outside business activities request for the CCO's pre-approval. The purpose of this policy is to ensure that Associated Persons are not engaging or perceived as engaging in such activities in their capacity as an Associated Persons of the Firm or competing with the Firm for certain business opportunities.

The activities that require such pre-approval include but are not limited to the following:

● Engaging in any endeavor that interferes or conflicts with the interests of the Firm.

● Having a control relationship (such as acting as an officer, director, or partner) in a publicly or privately held entity.

● Holding 10% or more of a publicly traded security.

● Participation in the management of any joint investment.

● Serving as an official of any non-profit organization (with the exception of religious organizations or as a director of a cooperative or condominium residential building).

● Sole proprietor or owner of a business.

● Accepting compensation from any other person as a result of any business activity other than passive investment; and

● Teaching, writing, speaking, or broadcasting related to the subject of finance or securities; or

● Participating in certain political activities (please see Section 10.5 below for additional clarification).

Once the CCO receives the form, the CCO, or designee, will approve such activities if it is clear the proposed activity will not interfere with the Associated Persons' duties at the Firm and that the Firm will not incur any liability or responsibility for such outside activity. While performing an approved outside activity, the Associated Persons must never represent him or herself as an Associated Person or appear to be acting on the Firm's behalf. Associated Persons may not use the Firm's facilities, equipment, stationery, etc. to perform such outside work; although, with the express written consent of the CCO, exceptions may be granted for certain public service activities.

Accordingly, prior to engaging in any outside business activity, the Associated Persons must submit an Outside Activity Approval Form directly to the Compliance Department (**See <u>Exhibit B</u>**) or via MCO to review and approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 Gifts
 and Entertainment, Rebates, or Other Payments

Due to the numerous relationships SIS has with its clients and other entities, Associated Persons **may not solicit** gifts or gratuities. In addition, gifts of an extraordinary or extravagant nature to an Associated Person are to be declined or returned in order to not compromise the reputation of the Associated Person or the Firm. All gifts given to clients or received by Associated Persons must be recorded on the Gift and Entertainment Ledger (**See <u>Exhibit C</u>**) and delivered directly to the Compliance Department or via MCO. Any form of a loan by an Associated Person to a client or by a client to an Associated Person is not allowed as a matter of firm policy and good business practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4.1** **Gifts, Gratuities and Entertainment to Private Sector Employees** 

The Firm and its Associated Persons are prohibited from providing gifts, gratuities, or entertainment to private sector Associated Persons if they are given with the intent to influence the private sector Associated Person in connection with any actual or potential business or transaction. However, where there is no such intent, an Associated Person may, within a twelve-month period, provide a gift, gratuity, or entertainment to such private sector Associated Persons if it does not exceed $100 and the private sector Associated Person or entity has not received any other gift from a member of the Firm within the previous twelve months.

**Sound Income Strategies, LLC <br> Code of Ethics (Jan '26)**

In calculating the $100 gift limit, promotional items that bear the Firm's name or logo and that are of nominal value (e.g., pens or golf balls) will not be considered gifts. Furthermore, these limits do not apply to close family members, which include a spouse, parent or a member of the Associated Person's immediate household and personal friends who are also business associates or colleagues, unless the gift, gratuity or entertainment is given with the intent to circumvent this policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4.2** **Acceptance of Gifts, Gratuities vs. Entertainment by Associated Persons** 

No Associated Person may accept a gift, gratuity, or entertainment from anyone if it is intended or appears to be intended to influence or reward the Associated Person in connection with any business of the Firm. Among other things, Associated Persons are required to award orders, contracts, and commitments to counterparties only after a fair, impartial, and complete evaluation of all relevant information and therefore must avoid accepting gifts that could appear to be a bribe or kickback from an actual or potential counterparty or supplier or from a family member. Where there is no such intent, or appearance of such intent, an Associated Person may accept from a client, dealer, or business organization a gift, gratuity or entertainment that does not exceed $100 in total value per year or the usual and customary entertainment that is hosted by the provider. Similarly, in appropriate situations, orders, contracts, or commitments may be awarded to an entity in which an Associated Person has a family, financial or other interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4.3** **Business Entertainment** 

"**Ordinary and usual**" business entertainment is typically not considered a gift or gratuity and is exempt from the policies set forth above. What is ordinary and usual is not always easy to determine. However, as a general rule, if the donor is not present, the entertainment will be considered a gift and subject to the policies set forth above. If the donor is present, the entertainment will typically not be a gift, provided that the value of the entertainment is "**reasonable**." This standard of "**reasonableness**" will require an assessment of the value to the Associated Person's participation in the entertainment. Associated Persons are urged to exercise caution in making these assessments. Invitations to expense-paid-for conferences and seminars and offers from vendors to pay expenses for travel to facilities and the like can also be problematic. There will be situations where these invitations will fall into the category of a gift or where the circumstances may raise a potential conflict of interest. In some cases, to avoid any appearance of impropriety, it may be in the Firm's best interest for the Associated Person to attend an event and for the Firm to reimburse the person or firm making the invitation. Associated Persons with questions about the "ordinary and usual" nature of business entertainment should contact the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;10.5 Political
 Activities and Contributions

A conflict of interest could arise from an Associated Person's participation in political affairs if it appeared that the Associated Person was participating on behalf of the Firm. In addition, a variety of federal, state and securities laws and rules regulate the political activities and contributions of Associated Person who are affiliated with financial services companies such as the Firm, and violation of these laws can result in personal liability for the Associated Person and preclusion from doing business in certain states for the Firm.

Accordingly, prior to engaging in political activities or making political contributions, Associated Person must submit a Political Contributions Form directly to the Compliance Departments via MCO to review and approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.5.1** **ACTIVITIES** 

As stated above, Associated Persons must first submit an Outside Activity Approval Form directly to the Compliance Department **(See <u>Exhibit B</u>**) or via MCO for review and approval prior to volunteering for or accepting an official position, whether paid or unpaid, with any federal, state, or local governmental entity, campaign for federal, state, or local office or with a national, state, or local political party or association. In addition to seeking pre-approval from the CCO, the following restrictions apply unless exceptions are granted:

**Sound Income Strategies, LLC <br> Code of Ethics (Jan '26)**

● If an Associated Person intends to solicit political contributions from another Associated Person, he or she may only do so with the CCO's prior written approval and never in a coercive manner.

● All political activities must be conducted on the Associated Person's personal time.

● The Firm's premises may not be used for political activities.

● All political communications must take place away from the Firm's premises.

● The Firm's resources (resources include stationery, postage, copiers, computers, fax machines, telephones, secretaries, or other administrative staff) may not be used for political activities.

● The Firm's name may not be used in any media events or when soliciting contributions.

● The Firm's proprietary information (including client lists or lists of companies in which the clients invest) may not be used.

● Political activities may not be used to influence the award of business to the Firm or any of its affiliates, and there can be no quid pro quo.

● Associated Persons may not bundle or collect and forward contributions to campaigns or provide stamped or addressed envelopes from any premises of the Firm.

● Associated Persons may not direct their spouse or family members to make contributions that the Associated Person may otherwise be prohibited from making; and

● Campaign literature or other materials provided by a campaign may not be distributed from any premises of the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.5.2** **Legal Considerations** 

Once an Associated Person's political activity has been approved by the CCO, such activity must be conducted in accordance with all applicable laws, including without limitation the Foreign Corrupt Practices Act ("**FCPA**") and the International Anti-Bribery Act ("**IABA**").

The FCPA prohibits Associated Persons from making any payment:

● intended to influence any act or decision of a foreign official in his or her official capacity.

● to induce the official to do or omit to do any act in violation of his or her lawful duty.

● to obtain any improper advantage; or

● to induce a foreign official to use his or her influence improperly to affect or influence any act or decision. The FCPA does not require payment to succeed in its purpose.

The mere offer or promise of such a payment can constitute a violation of the FCPA. The FCPA provides for criminal penalties for individuals and entities that violate its provisions.

The IABA supplements the FCPA and applies the FCPA to acts done outside the United States by United States citizens or nationals, among others, and to prohibited acts committed by foreign persons within the territory of the United States or by any United States business or national anywhere in the world.

Associated Person should be aware of the anti-bribery laws of other countries and should determine their applicability when payments and other offers of value are made to foreign recipients. Associated Persons should also understand that the use of consultants or finders to make payments to foreign government Associated Persons does not insulate the Firm from liability under the FCPA. It is therefore important that all Associated Persons consult the CCO before employing a consultant or finder.

&nbsp;&nbsp;&nbsp;&nbsp;10.6 Social
 Media

If an Associated Person intends to use any social media networks for Firm business communications, the Associated Person must first submit a Social Media Request Form directly to the Compliance Department (**See <u>Exhibit D</u>**) to review and approval.

**Sound Income Strategies, LLC <br> Code of Ethics (Jan '26)**

Social media networks include, but are not limited to Facebook, LinkedIn, Twitter, Instagram, etc. Examples of prohibited business communications on an **unapproved site** include, but are not limited to, any email, instant message, blog, tweet, status update, or wall post/comment of a business nature. This includes communications either directly with the client/prospective client or posted on a publicly accessible website. Associated Persons are reminded that the use of social media for personal purposes may have implications for the Firm, particularly where the Associated Person is identified as an officer, Associated Person, or representative of the Firm. No Associated Person may discuss or post information pertaining to any security, investment strategy or similar information without the express approval of the CCO.

In instances where the CCO, or designee approves the use of a social media account for business purposes, all such accounts must be linked to SMARSH for review and archiving purposes. Include section on Text messaging.

&nbsp;&nbsp;&nbsp;&nbsp;10.7 Text
 Messaging

As mentioned in the Firm's Compliance Manual, the use of text or pin-to-pin messaging (such as WhatsApp, IMessage, Bloomberg, etc.) through one's personal phone number or account is not allowed under any circumstance. IARs may only communicate with clients via text messaging regarding the logistics of meetings, investment recommendations, specific products or services, investment performance, or for any other business purpose as long as the text messages are being captured for storage and monitoring.

To assist every Associate Person of the Firm with the use of Text Messaging for business purposes, the Firm has contracted with SMARSH, the Firm's email storage and monitoring provider, for the use of their text messaging service "Mobile Capture". This platform can either assign the Associated Person a separate phone number in their area code or utilize their office phone number for the purpose of text messaging. These messages will automatically include disclosures on the first text message of each day, and all messages are archived through the SMARSH platform and available for monitoring. The Firm has also approved another outside Text Messaging services (Cell Trust, and RedTail Speak) that perform similar achieving and monitoring services as SMARSH.

Upon each Associated Person's employment with the Firm, they will be assigned by the Compliance Department a mobile number for text messaging for business purposes that will be captured via SMARSH's Mobile Capture system. If an Associated Person wishes to use any other approved text messaging capture system, they must request pre-approval by the CCO, or designee, prior to using such system.

If an IAR receives a text message from a client on their personal number, which is not being achieved through SMARSH or a similar system, and the client discusses (i) investment recommendations, (ii) specific products or services, (iii) investment performance, or (iv) for any other business purpose, it is the Firm's policy that such text message(s) shall be forwarded to the Firm's email account to comply with the Firm's Books and Records obligations and the IAR should respond to the text notifying the client that any business communication should be disseminated through the approved texting service or business e-mail account.

**SECTION 11 EXCEPTIONS**

The Firm may grant written exceptions to the provisions of the Code from time to time, in its sole discretion. The exceptions may be granted to individuals or classes of individuals with respect to particular transactions, classes of transactions or all transactions, and may apply to past as well as future transactions, provided that no exception will be granted where the exceptions would result in a violation of applicable law.

**Sound Income Strategies, LLC <br> Code of Ethics (Jan '26)**

**SECTION 12 EMPLOYEE CERTIFICATION**

All Associated Persons are required via MCO to certify that they understand and agree to be bound by this Code, initially upon employment and, thereafter, at least annually. Associated Persons that violate the Code will be subject to disciplinary action, up to and including termination.

**SECTION 13 CODE ADMINISTRATION**

The Compliance Department at the direction of the CCO is responsible for administering this Code. The Compliance Department shall maintain all records related to this Code in accordance with the requirements established by applicable law and the Company's Document Retention Policy. Any Associated Person with questions regarding this Code should contact the Compliance Department or his or her supervisor.

**Sound Income Strategies, LLC <br> Code of Ethics (Jan '26)**

**EXHIBIT A INITIAL AND ANNUAL REPORT OF HOLDINGS**

Employee Name: _____________________________________________________________

I am reporting below all personal portfolio holdings information required to be reported pursuant to SIS's Personal Trading Policy. Securities reported must be current within 45 days of the date of this report.

<u>Required Portfolio Holdings to Report</u>

I am required to report holdings of all securities held in accounts in which I have a direct or indirect beneficial ownership interest as described in SIS – Personal Trading Policy.

<u>Transactions not Required to be Reported.</u>

I am not required to report holdings in the following securities: registered open-end investment companies not managed by SIS, securities issued by the United States Government, bankers' acceptances, bank certificates of deposit, commercial paper, money market mutual funds, and other money market instruments.

PORTFOLIO HOLDINGS INFORMATION

Check one or more applicable boxes:

☐ I have no reportable personal securities holdings.

☐ I have reportable personal securities holdings, as disclosed below.

☐ I have reportable securities holdings, as disclosed on the attached brokerage statements.

☐ SIS is in receipt of brokerage statements reflecting my personal securities holdings.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Account <br> Number** | **Security Name and <br> Ticker/CUSIP** | **Number of <br> Shares/Par** | **Principal Amount** | **Broker or Bank Name** |

---

Employee Signature: _________________________________ Date: __________________

Attach additional sheets as necessary.

i

**Sound Income Strategies, LLC <br> Code of Ethics (Jan '26)**

**EXHIBIT B OUTSIDE BUSINESS ACTIVITY APPROVAL FORM**

![](ex99pviii002.jpg)

**OUTSIDE BUSINESS ACTIVITY APPROVAL FORM (OBA)**

Advisor's Name:____________________________________ Date: ________________

**1.** Name
 of Outside Business Activity __________________ Start Date: _______________

**2.** Add
an Outside Business ☐ Terminate an Outside Business ☐

**3.** Type
of Business: Corporation ☐ Sole Proprietorship ☐ Partnership ☐ LLC ☐ Other ☐

Description of Other ____________________________________________________________________________________________________

**4.** Position/Title/Relationship:
_______________________________________________________________

**5.** Description
 of Duties: ___________________________________________________________________________________________________

**6.** Please
 check all of the following that apply:

Insurance ☐ Real Estate ☐ Mortgage Related ☐ Tax/Accounting ☐

Professional Services ☐ Corporate/Non-Profit ☐ Business Owner/Retail Sales ☐

Unaffiliated (Independent) Registered Investment Adviser (RIA) ☐ Other ☐

Description of Business _________________________________________________________________________________________________

**7.** Are you an owner of this business? Yes ☐ If Yes, please
 provide the % ________ No ☐

**8.** Did you raise capital
or assist in raising capital to fund this business? Yes ☐ No ☐

6/25/2025

ii

**Sound Income Strategies, LLC <br> Code of Ethics (Jan '26)**

**9.** Are
 any of your investment advisory clients involved with this OBA? Yes ☐ No ☐

If so, please describe the involvement: _____________________________________________________________________________________________________

**10.** Have
 you set up a business entity with your state's Secretary of State for this OBA? Yes
 ☐ No ☐

**11.** How are you compensated
for this business? Salary ☐ Commission ☐ Profits ☐

Hourly wage ☐ Flat Fee ☐ Other ☐

Other please explain _____________________________________________________________________________________________________

**12.** Are
 you subject to any formal or informal agreement or arrangement requiring you to turn over
 or share your advisory fees in this
business? Yes ☐ No ☐

**13.** Are
 any of the business' employees, co-owners, or partners registered representatives of
 a broker dealer? Yes
 ☐ No ☐

If yes, list their names here _____________________________________________________________________________________________________

**IAR SIGNATURE:**

By signing below, I authorize Sound Income Strategies, LLC to investigate my outside business activities and contact any entities or individuals affiliated with such outside business activities. Furthermore, I authorize these entities or individuals to release to you any information that you request about my employment, affiliation and/or activities with this organization.

I further understand that Sound Income Strategies, LLC reserves the right to object to, or place conditions on, outside business activities that may constitute, in the judgment of Sound Income Strategies, LLC, a potential conflict of interest to my association with the firm.

I acknowledge that I have read and understand the prohibitions and limitations listed in the Compliance Manual regarding OBAs and understand that there may be other activities not listed that will also be prohibited.

***The foregoing is true and correct.***

---

| | |
|:---|:---|
| **X**____________________IAR Signature | Date _____________ |
| **X**____________________Chief Compliance Officer | Date _____________ |

---

6/25/2025

iii

**Sound Income Strategies, LLC <br> Code of Ethics (Jan '26)**

**EXHIBIT C GIFT & ENTERTAINMENT LEGER**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Date** | &nbsp;&nbsp;**Name of Person Receiving Gift** | &nbsp;&nbsp;**Person Giving Gift** | &nbsp;&nbsp;**Description of Gift** | &nbsp;&nbsp;**Value of Gift** | &nbsp;&nbsp;**Reason for Gift** |

---

iv

**Sound Income Strategies, LLC <br> Code of Ethics (Jan '26)**

**EXHIBIT D SOCIAL MEDIA REQUEST FORM**

Please provide the following information for any social media account or site that you maintain for Business Purposes:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Social Media Account (e.g., Twitter, Facebook, LinkedIn, Google+, blog or website address)** | &nbsp;&nbsp;**Name on Account and or User Identification (if applicable)** | &nbsp;&nbsp;**Used for Business Purposes (Check Box if Yes)** |
|  |  | &nbsp;&nbsp;☐ |
|  |  | &nbsp;&nbsp;☐ |
|  |  | &nbsp;&nbsp;☐ |

---

Please select one of the following:

☐ I do not have any social media accounts I utilize for business purposes. I hereby certify that (i) I have read and understood the Firm's Social Media Policy and agree to abide by it, and (ii) I will promptly notify SIS' CCO if I open a social media account for business purposes by completing and submitting an updated Social Media Account and Usage Certification Form ("**Social Media Certification**").

☐ I do have social media accounts for business purposes. I hereby certify that (i) I have disclosed all of my social media accounts above and I will promptly notify the CCO if I open a new social media account by completing and submitting an updated Social Media Certification, (i) I understand that SIS may monitor the content posted on my social media accounts in order to maintain compliance with the federal securities laws, (iii) I authorize SIS to perform such monitoring at its discretion, and (iv) I have read and understood SIS's Social Media Policy and agree to abide by it.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Print Name of Employee |  |  |  |
| &nbsp;&nbsp;Signature of Employee | &nbsp;&nbsp;Date | &nbsp;&nbsp;Signature of SIS's CCO | &nbsp;&nbsp;Date |

---

v

## Ex-99.(P)(Xiii)

[TIDAL TRUST I 485BPOS](sound-485bpos_032626.htm)

**Exhibit (p)(xiii)**

![](ex99pxiii001.jpg)

Compliance and Supervisory Procedures Manual

Revised January 9, 2026

This Compliance Manual is the property of Curran Financial Partners LLC (CFP). It is for the confidential use and information of employees of CFP. It may not be copied and must be returned to CFP upon request or upon termination of employment.

For questions regarding this manual please contact Matthew Giggey, Chief Compliance Officer, at mgiggey@kbc.team, or by phone at (859) 402-1462.

Curran Financial Partners, LLC

115 River Landing Drive

Suite 200

Daniel Island, SC 29492

Phone: 843.300.1182

Fax: 843.203.5721

info@curranfinancialpartners.com

<u>CODE OF ETHICS INTRODUCTION</u>

Rule 204(A)-1 of the Investment Advisers Act of 1940 requires all registered investment advisers to adopt a code of ethics. In compliance with this rule, CFP has adopted this Code of Ethics (the "Code") setting forth the standards of conduct expected of our personnel and addressing conflicts that arise from personal trading by our personnel. This Code is intended to promote compliance with our fiduciary standards to our clients.

<u>Things You Need to Know to Use This Code:</u>

&nbsp;&nbsp;&nbsp;&nbsp;1. Terms
 in boldface have special meanings as used in this Code. To understand the Code, you will
 need to read the definitions of these terms, which are found in the Glossary.

&nbsp;&nbsp;&nbsp;&nbsp;2. There
 are three Reporting Forms that you must complete under this Code. Additional information
 pertaining to these Reporting Forms are included below. You can also get copies of the Reporting
 Forms from the CCO. CFP may establish alternate reporting mechanisms, which will be communicated
 in writing to all employees.

&nbsp;&nbsp;&nbsp;&nbsp;3. The
 CCO has the authority to grant written waivers of the provisions of this Code in appropriate
 instances. However:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. CFP
 expects that waivers will be granted only in <u>rare</u> instances, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Some
 provisions of the Code that are mandated by law <u>cannot</u> be waived.

&nbsp;&nbsp;&nbsp;&nbsp;4. For
 purposes of this Code, all **Supervised Persons** of CFP are considered an **Access Person** of CFP.

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 CCO will review the terms and provisions of this Code at least annually and make amendments
 as necessary. Any amendments will be distributed to all **Supervised Persons** of CFP
 and shall require each **Supervised Person** to provide in writing their receipt, understanding
 and acceptance of the change(s).

&nbsp;&nbsp;&nbsp;&nbsp;6. If
 you have any doubt or uncertainty about what this Code requires or permits, you should ask
 the CCO. Please do <u>not</u> guess at the answer.

<u>GENERAL PRINCIPLES OF CFP</u>

The reputation of CFP is important, and in order to protect this reputation we must uphold principles of honesty, integrity, and professionalism. Additionally, because CFP is a fiduciary for our **Advisory Client**s, we have the following general principles:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 duty at all times to place the interests of clients first. All Supervised Persons must scrupulously
 avoid serving their own personal interest ahead of the interests of the client. In addition,
 Supervised Persons must work diligently to ensure that no client is preferred over any other
 client;

&nbsp;&nbsp;&nbsp;&nbsp;2. Personal
 transactions in securities by Supervised Persons must be accomplished so as to avoid even
 the appearance of a conflict of interest on the part of such personnel with the interest
 of the clients.

&nbsp;&nbsp;&nbsp;&nbsp;3. Supervised
 Persons must avoid actions or activities that allow (or appear to allow) a person to profit
 or benefit from his or her position with CFP at the expense of clients, or that otherwise
 bring into question the person's independence or judgment.

&nbsp;&nbsp;&nbsp;&nbsp;4. All
 Supervised Persons are naturally prohibited from engaging in any practice that defrauds or
 misleads any client or engaging in any manipulative or deceitful practice with respect to
 clients or securities.

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The general principles discussed in this section govern all conduct, whether the conduct is covered by more specific standards and procedures set for below.

CFP expects all employees to comply with the spirit of the Code, as well as the specific rules contained in the Code. CFP treats violations of this Code (including violations of the spirit of the Code) very seriously. If you violate either the letter or the spirit of this Code, CFP may take disciplinary measures against you, including, without limitation, imposing penalties or fines, reducing your compensation, demoting you, requiring unwinding of the trade, requiring disgorgement of trading gains, suspending or terminating your employment, or any combination of the foregoing.

<u>GUIDELINES FOR PROFESSIONAL STANDARDS</u>

All **Supervised Persons** must at all times reflect the professional standards expected of those engaged in the investment advisory business and shall act within the spirit and the letter of the federal, state, and local laws and regulations pertaining to investment advisers and the general conduct of business. These standards require all personnel to be judicious, accurate, objective and reasonable in dealing with both clients and other parties so that their personal integrity is unquestionable.

&nbsp;&nbsp;&nbsp;&nbsp;1. It
 is every **Supervised Person's** obligation to report suspected or actual violations of
 laws, government rules and regulations, the Code or other suspected wrongdoings affecting
 CFP to the CCO or other appropriate person of CFP immediately. Such reports will be held
 in confidence to the extent possible under the circumstances and CFP will not permit any
 form of intimidation or retaliation against any **Supervised Person** who made a good-faith
 report of actual or suspected violations.

&nbsp;&nbsp;&nbsp;&nbsp;2. No **Supervised Person** may serve on the board of directors of any publicly traded company
 without prior written permission by the CCO, or other appropriate personnel.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Supervised Persons** must conduct all personal securities transactions in full compliance with this
 Code. Doubtful situations should always be resolved in favor of the **Advisory Clients** and in cooperation with the CCO. Technical compliance with the Code's provisions shall
 not automatically insulate from scrutiny any securities transactions or actions that could
 indicate a violation of CFP's fiduciary duties.

&nbsp;&nbsp;&nbsp;&nbsp;4. **Access Persons** are prohibited from accepting compensation for services from outside sources
 without the specific prior written permission of the CCO or other appropriate personnel.

&nbsp;&nbsp;&nbsp;&nbsp;5. When
 any **Supervised Person** faces a conflict or potential conflict between their personal
 interest and the interests of clients, they are required to immediately report the conflict
 to the CCO for instruction regarding how to proceed.

The recommendations and actions of CFP are confidential and private matters. Accordingly, CFP prohibits the transmission, distribution or communication of any information regarding securities transactions in client accounts or other **Non-Public Information**, except to broker/dealers or other bonafide service providers in the ordinary course of business. In addition, information obtained during the course of employment regarding particular securities (including internal reports and recommendations) may NOT be transmitted, distributed, or communicated to anyone who is not affiliated with CFP, without the prior written approval of the CCO.

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<u>PERSONAL TRADING POLICIES</u>

The following policies and procedures apply to all accounts owned or controlled by an **Access Person**, those accounts owned or controlled by members of the **Access Person**'s **Family/Household**, those accounts in which an **Access Person** exercises investment discretion (excluding the **Advisory Client** accounts of CFP), and any account in which the **Access Person** has any beneficial interest, such as a trust account, certain investment pools in which you might participate, and certain accounts that others may be managing for you. These accounts are collectively referred to as "**Covered Accounts**." Any account in question should be addressed with the CCO immediately to determine if it is a covered account.

**Reporting Requirements**

**Access Person**s must submit the reports described below, even if they have no holdings, transactions or accounts to list in the reports.

&nbsp;&nbsp;&nbsp;&nbsp;a) **Initial Holdings Reports:** No later than 10 calendar days after you become an **Access Person**,
 you must complete an Initial Holdings Report.

The Initial Holdings Report requires you to list all brokerage accounts and securities owned or controlled by you, or members of your **Family/Household**. The information contained in the initial holdings report must be current as of a date no more than 45 days prior to the date of hire. It also requires you to list all brokers, dealers and banks where you maintained an account in which <u>any</u> securities (not just **Covered Securities**) were held for the direct or indirect benefit of you or a member of your **Family/Household** on the date you became an employee.

**Content of Holding reports:**

Each holdings report must contain, at a minimum:

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;

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

The date the access person submits the report.

Each **Access Person** must notify the CCO within 10 calendar days of opening or closing an account.

The Initial Holdings Report also requires you to confirm that you have read and understand this Code, that you understand that it applies to you and members of your **Family/ Household**.

&nbsp;&nbsp;&nbsp;&nbsp;b) **Quarterly Transaction Reports:** Access Persons are required to establish a brokerage feed for their
 accounts, or upload quarterly statements manually, for routine monitoring in Orion Compliance
 (Formerly BasisCode).

&nbsp;&nbsp;&nbsp;&nbsp;c) **Annual Holdings Reports**: By January 31st of each year, you must complete an Annual Holdings
 Report to the CCO. The Annual Holdings Report requires you to list all **Covered Securities** in which you (or a member of your **Family/Household**) had **Beneficial Ownership** as of December 31st of the prior year. It also requires you to list all brokers, dealers
 and banks where you or a member of your **Family/Household** maintained an account in
 which any securities (not just **Covered Securities**) were held for the direct or indirect
 benefit of you or a member of your **Family/Household** on December 31st of the prior
 year.

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The Annual Holdings Report also requires you to confirm that you have read and understand this Code, have complied with its requirements, and that you understand that it applies to you and members of your **Family/Household**.

**Content of Holding reports:**

Each holdings report must contain, at a minimum:

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;

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

The date the access person submits the report.

**Exemptions from Reporting**

**Non-Reportable Securities** as defined in Rule 204(A)-1 are exempt from reporting requirements.

**529 College Savings Plans**, which CFP does not manage, distribute, market or underwrite the Plan or the investments and strategies underlying the Plan, are not considered "**Covered Accounts**" and do not need to be reported by the employee.

**Principal Transactions**

Neither CFP nor an employee may engage in principal transactions between a proprietary account and a client account.

**Private Placements**

No Employee may acquire, directly or indirectly, **Beneficial Ownership** of any security in a private placement without the prior written approval of the CCO.

**Initial Public Offerings**

No employee may acquire, directly or indirectly, **Beneficial Ownership** of any security in an initial public offering without the prior written approval of the CCO.

**Manipulative Practices**

Section 9(a)(2) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") makes it unlawful for any person, acting alone or with others, to affect a series of transactions in any security registered on a national securities exchange creating actual or apparent active trading in such security or raising or depressing the price of the security, for the purpose of inducing the purchase or sale of such security by others. Rule 10b-5 under the Exchange Act has been interpreted to proscribe the same type of trading practices in OTC securities.

The thrust of these prohibitions against manipulative trading practices is that no employee should, alone or with others, for either a client account or a proprietary account:

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&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Engage
 in trading or apparent trading activity for the purpose of inducing purchases or sales by
 others; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Engage
 in trading or apparent trading activity for the purpose of causing the price of a security
 to move up or down, and then take advantage of such price movement by buying or selling at
 such "artificial" price level.

Of course, buy or sell programs may cause stock prices to rise or fall, and price changes resulting from supply and demand factors are not prohibited. Rather, prohibited activity is where there is a purpose to affect the price of a security artificially through trading or apparent trading, not where such change is an incidental result of a change in supply, demand, or in the intrinsic value of a security.

**Client Priority**

Clients, including mutual funds in which CFP serves as Investment Adviser, must always receive the best price, in relation to employees, on same-day adviser directed transactions. Employees of CFP must first give priority on all purchases and sales of securities to CFP's clients, prior to the execution of transactions for their proprietary accounts, and personal trading must be conducted so as not to conflict with the interests of a client. While the scope of such actions cannot be exactly defined, they would always include each of the following prohibited situations:

&nbsp;&nbsp;&nbsp;&nbsp;a) Contemporaneously
 purchasing the same securities as a client without making an equitable allocation of the
 securities to the client first, on the basis of such considerations as available capital
 and current positions, and then to the account of the employee;

&nbsp;&nbsp;&nbsp;&nbsp;b) Knowingly
 purchasing or selling securities, directly or indirectly, in such a way as to personally
 injure a client's transactions;

&nbsp;&nbsp;&nbsp;&nbsp;c) Using
 knowledge of securities transactions by a client to profit personally, directly or indirectly,
 by the market effect of such transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;d) Giving
 to any person information not generally available to the public about contemplated, proposed
 or current purchases or sales of securities by or for a client account, except to the extent
 necessary to effectuate such transactions.

Exempted from these guidelines are situations where an **Access Person** has an account managed by a professional investment advisor where the: **Access Person** has no discretion over the trades made in that account; trades are allocated without the **Access Person's** knowledge; and the **Access Person** has submitted to the CCO a letter from the investment advisor acknowledging the above, upon request of the CCO.

**Case-by-Case Exemptions**

Because no written policy can provide for every possible contingency, the CCO may consider granting additional exemptions from the Prohibitions on Trading on a case-by-case basis. Any request for such consideration must be submitted by the covered person in writing to the CCO. Exceptions will only be granted in those cases in which the CCO determines that granting the request will create no actual, potential or apparent conflict of interest. All exceptions that are granted will be so granted only in writing.

**Review of Personal Securities Transactions**

Confirmations, statements, and other information regarding personal securities transactions and personal account holdings will be reviewed at least quarterly to monitor compliance with this policy. Such reviews will be conducted by the CCO or a designee that shall report the findings of the review to the CCO with documentation to substantiate the review maintained in CFP's compliance files. CFP reserves the right to require any employee to reverse, cancel or freeze, at the employee's expense, any transaction or position in a specific security if CFP believes the transaction or position violates its policies or appears improper. CFP will keep all such information confidential except as required to enforce this policy, to participate in any investigation concerning violations of applicable law or as it otherwise believes to be necessary under the circumstances.

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**Pre-Clearance for Personal Securities Transactions**

Access Persons are prohibited from trading in the Fund or in the same securities or instruments traded by the Fund unless they obtain preclearance from the CCO and, if approved, will be subject to continuous monitoring for possible future conflicts. Preclearance may be denied if the CCO determines that it is inconsistent with the best interests of any client, including the Fund.

Transactions in the following assets must be precleared and approved in Orion Compliance before the transaction is completed:

● Initial public offerings;

● Limited offerings;

● Private placements;

● The God Bless America ETF;

● Equity securities less than $1 billion in market capitalization.

For the avoidance of doubt, shares of ETFs, other than Single-Stock ETFs and the God Bless America ETF, do not require pre-clearance.

Pre-clearance request approvals are valid for the trading day the request was granted and the next trading day. If any part of the transaction was not completed during the pre-approved period, employees are expected to submit a new pre-clearance request.

In the event a pre-clearance request is submitted and there is client activity in the same security, on the same day, the CCO may approve the pre-clearance request only after if it receives confirmation from the trading desk that all client trades in the security have been completed for the day, typically after 3:00 pm EST.

If an Access Persons held a security prior to it being acquired by the Fund, or before the employee pre-clearance restriction was put into place for securities held by the Fund (i.e. a "legacy position"), the Access Person would be prohibited from purchasing additional shares of the security. The Access Person, however, may be permitted to sell their shares of the security but only under the following conditions:

● The pre-clearance request is for the entire position in the account, thereby closing out the position; and

● Pre-clearance is submitted and approved.

<u>INSIDER TRADING</u>

The purpose of the **Insider Trading Policy** is to educate our **Supervised Persons** regarding **Insider Trading**, and to detect and prevent **Insider Trading** by any person associated with CFP. The term "**Insider Trading**" is not specifically 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.

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**Prohibited Activities**

All **Supervised Persons** of CFP, including contract, temporary, or part-time personnel, or any other person associated with CFP are prohibited from the following activities:

&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;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 these **Insider Trading Policies**, but also may be violations of applicable law.

**Reporting of Material, Non-Public Information**

Any **Supervised Person** who possesses or believes that she or he may possess **material, Non- Public Information** about any issuer of securities must report the matter immediately to the CCO. The CCO will review the matter and provide further instructions regarding appropriate handling of the information to the reporting individual.

**Penalties for Insider Trading**

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/she does not personally benefit from the violation. Penalties may include:

&nbsp;&nbsp;&nbsp;&nbsp;a. civil
 injunctions

&nbsp;&nbsp;&nbsp;&nbsp;b. jail
 sentences

&nbsp;&nbsp;&nbsp;&nbsp;c. revocation
 of applicable securities-related registrations and licenses

&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;e. fines
 for the employee or other controlling person.

&nbsp;&nbsp;&nbsp;&nbsp;f. In
 addition, CFP's management will impose serious sanctions on any person who violates
 the **Insider Trading** Policies. These sanctions may include suspension or dismissal
 of the persons involved.

**Sanctions**

All disciplinary responses to violations of the Code shall be administered by the CCO, subject to approval by the President of CFP. Determinations regarding appropriate disciplinary responses will be administered on a case-by-case basis.

**Certification**

All **Supervised Persons** are required to annually certify his or her understanding and continuing acceptance of, as well as agreement to abide by, the guidelines and polices set forth herein. Additionally, any change or modification to the Code will be distributed to all **Supervised Persons** and they will be required to certify their receipt, understanding and acceptance of the change(s).

**Books and Records**

We will keep true, accurate, and current books and records relating to our investment advisory business in accordance with Rule 204-2 of the Investment Advisers Act of 1940.

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