[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_101":102},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","bhys6dydx2086q198elmtym81","revision",2,"title","Tidal Trust I旗下两只ETF 2026财年表现分化","originalTitle","Tidal Trust I (0001742912) (Filer)","summary","Tidal Trust I旗下Aztlan Global Stock Selection DM SMID ETF 2026财年总回报率18.45%，跑输基准；Aztlan North America Nearshoring Stock Selection ETF总回报率45.93%，跑赢标普500指数。两只基金均面临高换手率和费用率问题，且均更换了子管理员。","reason","Tidal Trust I旗下两只ETF在2026财年表现分化，其中Nearshoring Fund跑赢标普500指数，但Global Fund跑输基准，且两只基金均面临高换手率和费用率问题。","source",{"_12":92,"_93":94,"_9":95,"_96":42,"_97":98,"_99":100},"links",{"_89":90,"_78":91},"publishedAt","2026-10-08T19:12:00.000Z","discoveredAt","2026-10-08T19:52:12.736Z","timelineAt","category","ai-products","tags",[83,84,85,86,87,88],"stockSymbols",[],"score",66,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":15},"hasTranslation","bodyLanguage","zh","factId","f6sQlUQhMIQI",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","e9e9e6c2-1450-4243-9550-4545673fe045","Tidal Trust I 2026财年ETF表现与财务披露",{"_73":74,"_16":75},"

美国
\n证券交易委员会
\n华盛顿特区 20549

表格 N-CSR

经认证的注册
\n管理投资公司股东报告

投资公司法案编号 (811-23377)

潮汐信托 I
\n（注册人章程中指定的全名）

威斯康星州佛罗里达街 234 号，700 室

密尔沃基，威斯康星州 53204
\n（主要执行办公室地址）（邮政编码）

埃里克·W·法尔凯斯

潮汐信托 I
\n威斯康星州佛罗里达街 234 号，700 室

密尔沃基，威斯康星州 53204
\n（服务代理人姓名和地址）

(844) 986-7700

注册人的电话号码，包括地区代码

财政年度结束日期： 7 月 31 日

报告期间日期： 2026 年 7 月 31 日

项目 1. 向股东报告。

阿兹特兰全球股票选择 DM SMID ETF 定制股东报告

年度股东报告 2026 年 7 月 31 日

阿兹特兰全球股票选择 DM SMID ETF

股票代码： AZTD（在纽约证券交易所阿卡，公司上市）

这份年度股东报告包含了关于阿兹特兰全球股票选择 DM SMID ETF（“基金”）在 2025 年 8 月 1 日至 2026 年 7 月 31 日期间的重要信息。您可以在 https://aztlanetfs.com/aztd 找到有关该基金的更多信息。您也可以通过致电 (800) 886-4107 或写信给基金阿兹特兰全球股票选择 DM SMID ETF，收件人：美国银行全球基金服务部，邮编箱 701，密尔沃基，威斯康星州 53201-0701 来索取此信息。

本报告描述了在报告期间发生的基金变化。

过去一年基金的费用是多少？

（基于假设的 10,000 美元投资）

\n \n \n \n \n \n \n \n \n

\n 基金名称	\n 10,000 美元投资的费用	\n 作为 10,000 美元投资的百分比支付的费用
\n 阿兹特兰全球股票选择 DM SMID ETF	\n $82	\n 0.75%

累计表现

（初始投资 10,000 美元）

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n 日期	\n 阿兹特兰全球股票选择 DM SMID ETF - 16,612 美元	\n Solactive 阿兹特兰全球发达市场 SMID 指数 - 17,887 美元	\n 标普 500® 总回报指数 - 18,536 美元	\n MSCI 世界 SMID 指数总回报 - 16,004 美元
\n 8/17/2022	\n 10000	\n 10000	\n 10000	\n 10000
\n 8/31/2022	\n 9646	\n 9677	\n 9260	\n 9386
\n 9/30/2022	\n 9040	\n 9070	\n 8407	\n 8428
\n 10/31/2022	\n 9668	\n 9734	\n 9088	\n 9058
\n 11/30/2022	\n 10315	\n 10389	\n 9596	\n 9692
\n 12/31/2022	\n 9858	\n 9934	\n 9043	\n 9382
\n 1/31/2023	\n 10601	\n 10671	\n 9611	\n 10210
\n 2/28/2023	\n 10220	\n 10300	\n 9377	\n 9971
\n 3/31/2023	\n 10275	\n 10381	\n 9721	\n 9806
\n 4/30/2023	\n 10165	\n 10288	\n 9873	\n 9829
\n 5/31/2023	\n 9828	\n 9968	\n 9915	\n 9537
\n 6/30/2023	\n 10515	\n 10711	\n 10571	\n 10134
\n 7/31/2023	\n 11080	\n 11303	\n 10910	\n 10599
\n 8/31/2023	\n 10558	\n 10798	\n 10737	\n 10216
\n 9/30/2023	\n 9888	\n 10123	\n 10225	\n 9719
\n 10/31/2023	\n 9441	\n 9666	\n 10010	\n 9168
\n 11/30/2023	\n 10341	\n 10593	\n 10924	\n 10067
\n 12/31/2023	\n 10957	\n 11240	\n 11420	\n 10902
\n 1/31/2024	\n 10954	\n 11239	\n 11612	\n 10697
\n 2/29/2024	\n 10889	\n 11216	\n 12232	\n 11083
\n 3/31/2024	\n 10802	\n 11194	\n 12626	\n 11523
\n 4/30/2024	\n 10563	\n 10972	\n 12110	\n 10993
\n 5/31/2024	\n 11007	\n 11469	\n 12710	\n 11399
\n 6/30/2024	\n 10760	\n 11198	\n 13166	\n 11207
\n 7/31/2024	\n 11147	\n 11610	\n 13327	\n 11838
\n 8/31/2024	\n 11749	\n 12269	\n 13650	\n 12041
\n 9/30/2024	\n 12348	\n 12917	\n 13941	\n 12309
\n 10/31/2024	\n 11673	\n 12241	\n 13815	\n 11989
\n 11/30/2024	\n 12488	\n 13151	\n 14626	\n 12736
\n 12/31/2024	\n 11719	\n 12347	\n 14277	\n 12001
\n 1/31/2025	\n 12251	\n 12918	\n 14675	\n 12466
\n 2/28/2025	\n 11960	\n 12622	\n 14483	\n 12199
\n 3/31/2025	\n 11696	\n 12360	\n 13667	\n 11801
\n 4/30/2025	\n 12222	\n 12925	\n 13575	\n 11914
\n 5/31/2025	\n 13130	\n 13919	\n 14429	\n 12591
\n 6/30/2025	\n 13835	\n 14679	\n 15163	\n 13123
\n 7/31/2025	\n 14018	\n 14888	\n 15503	\n 13259
\n 8/31/2025	\n 14495	\n 15424	\n 15817	\n 13771
\n 9/30/2025	\n 14460	\n 15393	\n 16395	\n 13968
\n 10/31/2025	\n 14267	\n 15199	\n 16779	\n 13978
\n 11/30/2025	\n 14487	\n 15478	\n 16820	\n 14147
\n 12/31/2025	\n 14638	\n 15650	\n 16830	\n 14274
\n 1/31/2026	\n 15201	\n 16263	\n 17074	\n 14898
\n 2/28/2026	\n 15991	\n 17122	\n 16944	\n 15493
\n 3/31/2026	\n 14671	\n 15721	\n 16101	\n 14317
\n 4/30/2026	\n 16444	\n 17638	\n 17790	\n 15524
\n 5/31/2026	\n 16654	\n 17902	\n 18726	\n 16026
\n 6/30/2026	\n 17074	\n 18372	\n 18548	\n 16165
\n 7/31/2026	\n 16612	\n 17887	\n 18536	\n 16004

$\"line\"$

年度表现

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n 各期间的平均年化收益率 \n 截至 2026 年 7 月 31 日	\n 一年	\n 自成立以来 \n (8/17/2022)
\n 阿兹特兰全球股票选择 \n DM SMID ETF	\n 18.45%	\n 13.70%
\n Solactive 阿兹特兰全球发达 \n 市场 SMID 指数	\n 20.15%	\n 15.85%
\n 标普 500® 总回报指数	\n 19.56%	\n 16.89%
\n MSCI 世界 SMID 指数 \n 总回报	\n 20.71%	\n 12.63%

基金的历史业绩并不能很好地预示基金未来的业绩表现。图表和表格并未反映出股东在基金分红或赎回基金股份时需缴纳的税款。

访问 www.aztlanetfs.com/aztd/ 获取更近期的业绩信息。

基金在过去一年的表现如何？

在报告期间，基金实现了18.45%的总回报。这与Solactive Aztlan全球发达市场SMID指数的20.15%总回报、基准指数S&P 500®总回报指数的19.56%总回报以及同期MSCI世界SMID指数总回报的20.71%相比如何。

从行业角度来看，根据整体投资组合的业绩归因，工业和信息技术是主要贡献者，而可选消费和公用事业是主要拖累因素。

根据整体投资组合的业绩归因分析个别股票，主要贡献者包括Lumentum Holdings Inc.、Enova International Inc.和Sterling Infrastructure Inc.。相反，主要拖累因素包括HelloFresh SE、VusionGroup S.A.和Catapult Sports Ltd。

Aztlan全球股票选择DM SMID ETF 定制股东报告

基金关键统计数据

(截至 2026年7月31日)

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n 基金规模（千美元）	\n $37,863
\n 持仓数量	\n 51
\n 总管理费	\n $253,105
\n 投资组合换手率	\n 170%

基金投资了哪些内容？

(截至 2026年7月31日)

行业分布

(总资产的百分比)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n 行业	\n %
\n 工业服务	\n 0.154
\n 金融服务	\n 0.139
\n 零售与批发 - 可选消费	\n 0.085
\n 媒体	\n 0.084
\n 医疗保健	\n 0.078
\n 工业产品	\n 0.077
\n 科技硬件与半导体	\n 0.074
\n 软件与科技服务	\n 0.066
\n 零售与批发 - 必需消费	\n 0.043
\n 可选消费服务	\n 0.04
\n 公用事业	\n 0.037
\n 可选消费产品	\n 0.022
\n 必需消费产品	\n 0.021
\n 银行	\n 0.02
\n 材料	\n 0.02
\n 石油与天然气	\n 0.02
\n 可再生能源	\n 0.02
\n 现金与其他	\n 0

$\"bar\"$

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n 十大持仓	\n (总资产的 \n 百分比)
\n Sprouts Farmers Market, Inc.	\n 2.3%
\n Kyndryl Holdings, Inc.	\n 2.2%
\n Happinet Corp.	\n 2.2%
\n Cybozu, Inc.	\n 2.2%
\n Toyo Tire Corp.	\n 2.2%
\n DocuSign, Inc.	\n 2.2%
\n CarGurus, Inc. - Class A	\n 2.2%
\n JB Hi-Fi Ltd.	\n 2.2%
\n Enova International, Inc.	\n 2.1%
\n CyberAgent, Inc.	\n 2.1%

这是基金某些变更的摘要。如需更完整的信息，您可以查阅基金的招募说明书。

基金变更

自 2025年8月1日起，U.S. Bancorp Fund Services, LLC（以Global Fund Services名义营业）不再担任Tidal Trust I每个系列（包括基金）的次级管理员。

有关该基金的更多信息，包括其说明书、财务信息、持仓和投票信息，请访问 https://aztlanetfs.com/aztd.

集中投递

集中投递是该基金某些投资者可选择的一项服务。集中投递是一种投递方式，根据个人投资者的偏好，可以将某些股东文件的单份副本递送至具有相同地址的投资者，即使他们的账户注册在不同的名称下。该基金的集中投递可通过某些经纪自营商提供。如果您有兴趣参加集中投递并接收说明书和其他股东文件的单份副本，请联系您的经纪自营商。如果您目前已参加集中投递并希望更改您的集中投递状态，请联系您的经纪自营商。

Aztlan 全球股票选择 DM SMID ETF 定制股东报告

Aztlan 北美近岸股票选择 ETF 定制股东报告

年度股东报告 2026 年 7 月 31 日

Aztlan 北美近岸股票选择 ETF

股票代码： NRSH（在 NYSE Arca，Inc. 上市）

本年度股东报告包含有关 Aztlan 北美近岸股票选择 ETF（\"基金\"）在 2025 年 8 月 1 日至 2026 年 7 月 31 日期间的重要信息。您可以在 https://aztlanetfs.com/nrsh 找到有关该基金的其他信息。您也可以通过致电 (800) 886-4107 或通过写信给基金 Aztlan 北美近岸股票选择 ETF，收件人：美国银行全球基金服务部，邮编 701，密尔沃基，威斯康星州 53201-0701 与我们联系。

本报告描述了在报告期间基金发生的变化。

过去一年基金的费用是多少？

（基于假设的 10,000 美元投资）

\n \n \n \n \n \n \n \n \n

\n 基金名称	\n 10,000 美元投资的费用	\n 作为 10,000 美元投资的百分比支付的费用
\n Aztlan 北美近岸股票选择 ETF	\n $92	\n 0.75%

累计表现

（初始投资 10,000 美元）

\n 日期	\n Aztlan 北美近岸股票选择 ETF - 15,616 美元	\n Aztlan 北美近岸价格回报指数 - 15,414 美元	\n S&P 500® 总回报指数 - 17,038 美元
\n 11/29/2023	\n 10000	\n 10000	\n 10000
\n 11/30/2023	\n 10141	\n 10133	\n 10041
\n 12/31/2023	\n 11023	\n 11038	\n 10497
\n 1/31/2024	\n 10612	\n 10633	\n 10673
\n 2/29/2024	\n 10782	\n 10812	\n 11243
\n 3/31/2024	\n 10984	\n 11025	\n 11605
\n 4/30/2024	\n 10016	\n 10059	\n 11131
\n 5/31/2024	\n 10411	\n 10462	\n 11683
\n 6/30/2024	\n 10303	\n 10363	\n 12102
\n 7/31/2024	\n 11101	\n 11174	\n 12250
\n 8/31/2024	\n 11118	\n 11256	\n 12547
\n 9/30/2024	\n 11346	\n 11504	\n 12815
\n 10/31/2024	\n 11067	\n 11226	\n 12698
\n 11/30/2024	\n 11772	\n 11951	\n 13444
\n 12/31/2024	\n 10333	\n 10497	\n 13123
\n 1/31/2025	\n 10811	\n 11000	\n 13489
\n 2/28/2025	\n 10721	\n 10911	\n 13313
\n 3/31/2025	\n 10171	\n 10365	\n 12563
\n 4/30/2025	\n 10146	\n 10348	\n 12478
\n 5/31/2025	\n 10844	\n 11069	\n 13263
\n 6/30/2025	\n 10973	\n 11223	\n 13937
\n 7/31/2025	\n 10701	\n 10949	\n 14250
\n 8/31/2025	\n 10937	\n 11215	\n 14539
\n 9/30/2025	\n 11648	\n 11956	\n 15070
\n 10/31/2025	\n 12565	\n 12907	\n 15423
\n 11/30/2025	\n 11957	\n 12290	\n 15460
\n 12/31/2025	\n 11699	\n 12035	\n 15470
\n 1/31/2026	\n 12657	\n 13032	\n 15694
\n 2/28/2026	\n 12871	\n 13262	\n 15575
\n 3/31/2026	\n 12387	\n 12769	\n 14799
\n 4/30/2026	\n 15106	\n 15585	\n 16352
\n 5/31/2026	\n 16851	\n 17403	\n 17213
\n 6/30/2026	\n 17424	\n 18054	\n 17049
\n 7/31/2026	\n 15616	\n 15414	\n 17038

$\"line\"$

年度表现

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n 各期间的平均年化收益率 \n 截至 2026 年 7 月 31 日	\n 一年	\n 自成立起 \n (11/29/2023)
\n Aztlan 北美近岸 \n 股票选择 ETF	\n 45.93%	\n 18.16%
\n Aztlan 北美近岸 \n 价格回报指数	\n 46.84%	\n 17.58%
\n S&P 500® 总回报指数	\n 19.56%	\n 22.08%

各期间的平均年化收益率

截至 2026 年 7 月 31 日

一年

自成立起

(11/29/2023)

Aztlan 北美近岸

股票选择 ETF

45.93%

18.16%

Aztlan 北美近岸

价格回报指数

46.84%

17.58%

S&P 500® 总回报指数

19.56%

22.08%

基金的历史业绩并不能很好地预示基金未来的业绩。图表和表格并未反映股东在基金分配或赎回基金股份时需缴纳的税款。

访问 www.aztlanetfs.com/nrsh/ 获取更近期的业绩信息。

基金在过去一年的表现如何？

在报告期间，基金实现了45.93%的总回报。这与Aztlan北美近岸化价格回报指数的46.84%总回报以及基准指数标普500®总回报指数的19.56%总回报相比。

从行业角度看，根据整体投资组合的表现归因，工业和信息技术是主要贡献者，而能源公司Centrus的一小部分仓位是唯一在行业层面的拖累因素。

根据整体投资组合的表现归因，个股分析显示，主要贡献者包括美光科技公司和斯特林基础设施公司。

Aztlan北美近岸化选股ETF 定制股东报告

基金关键统计数据

(截至 2026年7月31日)

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n 基金规模（千美元）	\n $30,009
\n 持仓数量	\n 32
\n 总管理费	\n $169,995
\n 投资组合换手率	\n 272%

基金投资了哪些内容？

(截至 2026年7月31日)

行业分布

(总资产净值的百分比)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n 行业	\n %
\n 科技硬件与半导体	\n 0.375
\n 工业服务	\n 0.356
\n 软件与技术服务	\n 0.195
\n 工业产品	\n 0.038
\n 房地产	\n 0.034
\n 现金及其他	\n 0.002

$\"bar\"$

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n 前十大持仓	\n (总资产的百分比 \n 净值)
\n Tenable Holdings, Inc.	\n 4.4%
\n Mullen Group Ltd.	\n 4.3%
\n Intuit, Inc.	\n 4.1%
\n CrowdStrike Holdings, Inc. - Class A	\n 4.1%
\n NetApp, Inc.	\n 4.0%
\n Grupo Aeroportuario del Centro \n Norte SAB de CV - Class B	\n 3.8%
\n Rockwell Automation, Inc.	\n 3.8%
\n Broadcom, Inc.	\n 3.7%
\n NetScout Systems, Inc.	\n 3.6%
\n NVIDIA Corp.	\n 3.5%

这是基金某些变动的摘要。如需更完整的信息，您可以查阅基金的招募说明书。

基金变动

自2025年8月1日

如需了解有关基金的更多信息，包括其招募说明书、财务信息、持仓和投票信息，请访问 https://aztlanetfs.com/nrsh.

集中邮寄

基金的某些投资者可以使用集中送达服务。集中送达是一种根据个人投资者偏好进行的送达方式，即可以将某些股东文件的单一副本送达具有相同地址的投资者，即使他们的账户注册在不同的名称下。该基金的集中送达服务可通过某些经纪交易商获得。如果您有兴趣参加集中送达并收到一份说明书和其他股东文件的单一副本，请联系您的经纪交易商。如果您目前已参加集中送达并希望更改您的集中送达状态，请联系您的经纪交易商。

Aztlan 北美近岸股票选择 ETF 定制股东报告

第 2 项：道德准则。

注册人已制定一项适用于注册人首席执行官和首席财务官的道德准则。在本报告涵盖的期间内，注册人未对道德准则进行任何实质性修订。在本报告涵盖的期间内，注册人未根据道德准则的任何条款给予任何豁免。

注册人的道德准则副本已随本文件提交。

第 3 项：审计委员会财务专家。

该基金的受托人委员会已确定，其审计委员会至少有一名审计委员会财务专家。Dusko Culafic 先生和 Eduardo Mendoza 先生是“审计委员会财务专家”，并根据 Form N-CSR 第 3 项中定义的每个术语被视为“独立”。

第 4 项：主要会计师费用和业务。

注册人在过去两个财年中聘请了其主要会计师提供审计服务、与审计相关的服务、税务服务和其他服务。“审计服务”指对注册人年度财务报表进行审计，或会计师在与财年法定和监管文件或业务相关时通常提供的服务。“与审计相关的服务”指主要会计师提供的保证及相关服务，这些服务与审计的执行合理相关。“税务服务”指主要会计师提供的税务合规、税务建议和税务规划的专业服务。主要会计师未提供任何“其他服务”。下表详细列出了过去两年中主要会计师收取或预计收取的审计费用、与审计相关的费用、税务费用和其他费用的总费用。

Aztlan 全球股票选择 DM SMID ETF

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	财年结束 7/31/2026	财年结束 7/31/2025
( a ) 审计费用	$14,000	$14,000
( b ) 与审计相关的费用	不适用	不适用
( c ) 税务费用	$3,000	$3,000
( d ) 其他所有费用	不适用	不适用

Aztlan 北美近岸股票选择\nETF

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	财年结束 7/31/2026	财年结束 7/31/2025
( a ) 审计费用	$14,000	$13,500
( b ) 与审计相关的费用	不适用	不适用
( c ) 税务费用	$3,000	$3,000
( d ) 其他所有费用	不适用	不适用

(e)(1) 审计委员会已制定了事先批准政策和程序，要求审计委员会事先批准注册人的所有审计和非审计服务，包括提供给与注册人有关联的任何实体的服务。

(e)(2) 根据事先批准要求的豁免，Cohen & Company, Ltd. LLP 向注册人收取的非审计服务费用比例如下：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	财年结束 7/31/2026	财年结束 7/31/2025
审计相关费用	0%	0%
税务费用	0%	0%
其他所有费用	0%	0%

(f) 主要会计师用于审计注册人财务报表的所有工时均归因于主要会计师的全职永久员工所执行的工作。

(g) 下表显示了注册人会计师在过去两年内为注册人及其投资顾问（以及任何其他控制实体等——不包括子顾问）提供的服务所收取或预计收取的非审计费用。

\n \n \n \n \n \n \n \n \n \n \n \n \n

非审计相关费用	财年结束 7/31/2026	财年结束 7/31/2025
注册人	N/A	N/A
注册人的投资顾问	N/A	N/A

(h) 董事会信托人/董事的审计委员会已考虑向注册人的投资顾问提供的非审计服务是否与保持主要会计师的独立性相容，并得出结论认为会计师提供的此类非审计服务并未损害会计师的独立性。

(i) 注册人未被美国证券交易委员会认定为曾由位于外国司法管辖区的注册公众会计公司分支机构或办事处发布的年度报告所涉及的公司，因为该司法管辖区的权威机构采取了某种立场，导致公众公司会计监督委员会无法进行检查或完全调查。

(j) 注册人不是外国发行人。

第5项。上市注册人的审计委员会。

(a) 注册人根据《1934年证券交易法》第10A-3条定义的发行人，并根据《法案》第3(a)(58)(A)条的规定设立了单独指定的常设审计委员会。委员会的独立成员如下：Dusko Culafic、Eduardo Mendoza 和 Mark H.W. Baltimore。

(b) 不适用

项目 6。投资。

(a)

投资明细表包含在本表格第 7 项提交的财务报表中。

(b)

不适用。

项目 7。开放式投资基金的财务报表和财务亮点。

(a)

$\"\"$

财务报表

2026 年 7 月 31 日

潮汐信托 I

\n\n \n \n \n \n\n \n \n \n \n

•	Aztlan 全球股票选择\n DM SMID ETF	\| AZTD	\| 纽约证券交易所阿卡公司
•	Aztlan 北美近岸股票选择\n ETF	\| NRSH	\| 纽约证券交易所阿卡公司

Aztlan\nETFs

\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n

	页码
投资明细表 – Aztlan 全球股票选择 DM SMID ETF	1
投资明细表 – Aztlan 北美近岸股票选择 ETF	4
资产和负债表	6
运营声明	7
净资产变动声明	8
财务亮点	9
财务报表附注	11
独立注册公共会计事务所的报告	24
其他非审计信息	25

Aztlan\n全球股票选择 DM SMID ETF

投资\n明细

2026年\n7月31日

普通股 - 100.0%	股数		市值
银行 - 2.0%
Bancorp, Inc.^(a)		11,226		$	752,928

可自由支配产品 - 2.2%
Toyo Tire Corp.		30,885			830,195

可自由支配服务 - 4.0%
Food & Life Cos. Ltd.		22,743			794,023
Lottomatica Group SpA		27,135			733,049
					1,527,072

必需品产品 - 2.1%
Greencore Group PLC		228,210			799,724

金融服务 - 13.9%
Enova International, Inc.^(a)		3,169			805,370
Euronet Worldwide, Inc.^(a)		9,481			676,280
Federated Hermes, Inc. - 类B		12,982			778,401
FlatexDEGIRO SE		17,995			751,560
PJT Partners, Inc. - 类A		4,447			748,474
Remitly Global, Inc.^(a)		33,373			759,903
Virtu Financial, Inc. - 类A		12,586			739,176
					5,259,164

医疗保健 - 7.8%
DaVita, Inc.^(a)		3,194			766,848
Exelixis, Inc.^(a)		13,580			720,147
Halozyme Therapeutics, Inc.^(a)		9,178			757,552
Medpace Holdings, Inc.^(a)		1,251			721,965
					2,966,512

工业产品 - 7.7%
Anritsu Corp.		31,202			698,408
Generac Holdings, Inc.^(a)		3,721			733,446
Nexans SA		4,998			757,909
Sanki Engineering Co. Ltd.		50,554			733,108
					2,922,871

工业服务 - 15.4%
Argan, Inc.		1,321			753,538
Frontdoor, Inc.^(a)		10,518			763,922
Koninklijke BAM Groep NV		60,070			801,026
Mitie Group PLC		269,405			750,482
Shimizu Corp.		50,043			747,856
Sterling Infrastructure, Inc.^(a)		1,138			679,124

accompanying notes are an integral part of these financial statements.

Technip Energies NV	19,230	$	661,539
TFI International, Inc.	4,985		672,994
			5,830,481

材料 - 2.0%
Commercial Metals Co.	10,904		749,323

媒体 - 8.4%
CarGurus, Inc. - Class A^(a)	22,531		816,524
CyberAgent, Inc.	87,674		801,441
ITV PLC	772,259		771,656
Maplebear, Inc.^(a)	17,812		794,415
			3,184,036

石油和天然气 - 2.0%
Plains GP Holdings LP - Class A	28,427		748,483

可再生能源 - 2.0%
Array Technologies, Inc.^(a)	141,330		737,743

零售和批发 - 可自由支配 - 8.5%
Avolta AG	13,133		784,685
Happinet Corp.	40,515		843,506
JB Hi-Fi Ltd.	14,152		814,357
Pet Valu Holdings Ltd.	56,618		792,252
			3,234,800

零售和批发 - 必需品 - 4.3%
HelloFresh SE^(a)	190,420		747,527
Sprouts Farmers Market, Inc.^(a)	10,039		874,999
			1,622,526

软件和技术服务 - 6.6%
Cybozu, Inc.	49,596		839,448
DocuSign, Inc.^(a)	14,907		817,351
Kyndryl Holdings, Inc.^(a)	62,396		845,466
			2,502,265

技术硬件和半导体 - 7.4%
ADTRAN Holdings, Inc.^(a)	76,332		649,585
Allegro MicroSystems, Inc.^(a)	16,335		677,902
Arrow Electronics, Inc.^(a)	3,543		767,308
Lumentum Holdings, Inc.^(a)	985		703,231
			2,798,026

公用事业 - 3.7%
Centrica PLC	346,095		721,924

accompanying notes are an integral part of these financial statements.

\n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n

Italgas SpA	65,714	$	676,382
			1,398,306

普通股总计（成本 $34,863,343）			37,864,455

\n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n

短期投资 - 0.8%
货币市场基金 - 0.8%	股数		市值
First American Government Obligations Fund - Class X, 3.58%^(b)		314,758			314,758

短期投资总计（成本 $314,758）					314,758

总投资 - 100.8%（成本 $35,178,101）				$	38,179,213
负债超过其他资产 - (0.8)%					(316,403	)
总资产 - 100.0%				$	37,862,810

百分比\n以净资产的百分比表示。

\n\n \n \n

PLC

股份有限公司

(a)

非收入\n 来源的证券。

(b)

显示的\n 利率代表截至2026年7月31日的7天年化有效收益率。

附注是这些财务报表不可分割的组成部分。

Aztlan 北美近岸股票选择ETF

投资明细

2026年7月31日

普通股 - 99.8%	股数		市值
工业产品 - 3.8%
Astronics Corp. - B类股^(a)		1		$	55
Rockwell Automation, Inc.		2,370			1,137,790
					1,137,845

工业服务 - 35.6%^(b)
APi Group Corp.^(a)(c)		25,711			1,020,213
Argan, Inc.		1,696			967,449
Dycom Industries, Inc.^(a)		2,321			930,883
Grupo Aeroportuario del Centro Norte SAB de CV - B类股		85,697			1,141,201
J.B. Hunt Transport Services, Inc.		3,762			1,022,324
MasTec, Inc.^(a)		2,999			789,037
Mullen Group Ltd.		66,178			1,298,699
MYR Group, Inc.^(a)		2,442			813,723
Quanta Services, Inc.		1,538			1,026,400
Sterling Infrastructure, Inc.^(a)		1,267			756,108
TFI International, Inc.		6,807			918,970
					10,685,007

房地产 - 3.4%
American Tower Corp. - REIT		5,816			1,008,262

软件与技术服务 - 19.5%
CrowdStrike Holdings, Inc. - A类股^(a)		6,377			1,217,114
Intuit, Inc.		3,934			1,243,419
Leidos Holdings, Inc.		8,911			1,030,112
Palantir Technologies, Inc. - A类股^(a)		8,505			1,046,625
Tenable Holdings, Inc.^(a)		40,619			1,325,804
					5,863,074

科技硬件与半导体 - 37.5%^(b)
ADTRAN Holdings, Inc.^(a)		71,336			607,069
Broadcom, Inc.		2,849			1,109,059
Celestica, Inc.^(a)		2,776			917,919
Ciena Corp.^(a)		2,441			920,379
Cisco Systems, Inc.		8,989			1,042,634
Lam Research Corp.		2,968			869,683
Micron Technology, Inc.		1,109			912,740
NetApp, Inc.		6,736			1,202,376
NetScout Systems, Inc.^(a)		26,282			1,068,889
NVIDIA Corp.		5,305			1,064,979
ON Semiconductor Corp.^(a)		9,321			760,687

附注是这些财务报表不可分割的组成部分。

\n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n

Sanmina Corp.^(a)	4,266	$	791,599
			11,268,013

普通股总计（成本28,408,130美元）			29,962,201

\n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n


短期投资 - 0.2%
货币市场基金 - 0.2%	股数		市值
First American Government Obligations Fund - X类，3.58%^(d)		61,156			61,156

短期投资总计（成本61,156美元）					61,156

总投资 - 100.0%（成本28,469,286美元）				$	30,023,357
负债超过其他资产 - 0.0%^(e)					(14,414	)
总资产 - 100.0%				$	30,008,943

百分比是总资产的百分比。

\n\n \n \n

REIT

房地产投资信托

(a)

非收入产生证券。

\n\n

(b)

基金在特定行业或经济部门的投资越重，其表现将特别敏感于对该行业或部门有重大影响的发展。

\n\n

(c)

根据1933年证券法修正案第144A条免于注册的证券。这些证券可以免于注册出售给合格机构投资者。截至2026年7月31日，该证券的价值为1,020,213美元，占基金总资产的3.4%。

(d)

所示利率代表截至2026年7月31日的7日年化有效收益率。

(e)

不四舍五入到0.1%或(0.1)%，以适用者为准。

附注是这些财务报表不可分割的组成部分。

资产和负债表

2026年7月31日

	Aztlan 全球股票 \n选择 DM SMID ETF		Aztlan 北美 \n 美洲 \n 近岸股票 \n 选择 ETF
资产：
投资，按市值（成本35,178,101美元和28,469,286美元）
(注2)	$	38,179,213		$	30,023,357
应收投资款		7,690,677			–
应收股息		30,884			5,000
股息税款可追回额		20,616			505
应收利息		342			160
总资产		45,921,732			30,029,022

负债：
应付购买的投资		8,035,444			–
应付顾问（注释4）		23,478			20,079
总负债		8,058,922			20,079
净资产	$	37,862,810		$	30,008,943

净资产包括：
实收资本	$	37,647,457		$	30,991,992
可分配收益/累计亏损总额		215,353			(983,049)
总净资产	$	37,862,810		$	30,008,943

净资产	$	37,862,810		$	30,008,943
已发行和流通股^(a)		1,175,000			975,000
每股净资产	$	32.22		$	30.78

\n\n

(a)

授权无限股，无面值。

附注是这些财务报表不可分割的一部分。

损益表

截至2026年7月31日止年度

	Aztlan全球股票 \n选择DM SMID ETF			Aztlan北美 \n近岸股票 \n选择ETF
投资收益：
股息收入	$	562,469			$	141,415
减：外国预扣税		(66,944	)			(5,218)
利息收入		2,818				1,695
证券出借收入（注释7）		777				–
总投资收益		499,120				137,892

费用：
投资顾问费（注释4）		253,105				169,995
税款支出		–				332
总费用		253,105				170,327
净投资收益（损失）		246,015				(32,435)

已实现和未实现损益
从以下项目中实现的净损益：
投资		(1,965,845	)			(1,597,152)
非现金赎回		8,292,911				8,413,692
外币交易		(51,531	)			(8,131)
已实现净损益		6,275,535				6,808,409
以下项目的未实现增值（贬值）变动：
投资		(635,956	)			1,453,828
外币折算		(10,239	)			(2)
未实现增值（贬值）变动		(646,195	)			1,453,826
已实现和未实现损益总额		5,629,340				8,262,235
运营产生的净资产净增加（减少）	$	5,875,355			$	8,229,800

附注是这些财务报表不可分割的一部分。

净资产变动表

	Aztlan\n 全球股票选择 \nDM SMID ETF		Aztlan\n 北美近岸化 \n股票选择 ETF
	截至\n 2026 年 7 月 31 日\n 的年度			截至\n 2025 年 7 月 31 日\n 的年度			截至\n 2026 年 7 月 31 日\n 的年度		截至\n 2025 年 7 月 31 日\n 的年度
运营：
净投资收益（损失）	$	246,015			$	402,978		$	(32,435	)	$	154,756
净已实现收益（损失）		6,275,535				2,458,259			6,808,409			9,527
净未实现增值（贬值）变动		(646,195	)			3,707,388			1,453,826			(639,767	)
运营产生的净资产净增加（减少）		5,875,355				6,568,625			8,229,800			(475,484	)

向股东的分配：
来自收益		(336,229	)			(490,870	)		(81,498	)		(87,704	)
向股东的总分配		(336,229	)			(490,870	)		(81,498	)		(87,704	)

资本交易：
申购		27,573,996				7,326,757			48,261,953			8,512,258
赎回		(26,171,425	)			(8,024,598	)		(36,460,300	)		(8,418,810	)
ETF 交易费用（注释 9）		–				–			–			83
资本交易产生的净资产净增加（减少）		1,402,571				(697,841	)		11,801,653			93,531

净资产净增加（减少）		6,941,697				5,379,914			19,949,955			(469,657	)

净资产：
期间开始时		30,921,113				25,541,199			10,058,988			10,528,645
期间结束时	$	37,862,810			$	30,921,113		$	30,008,943		$	10,058,988

份额交易
申购		950,000				275,000			1,825,000			400,000
赎回		(900,000	)			(300,000	)		(1,325,000	)		(400,000	)
已发行份额的净增加（减少）		50,000				(25,000	)		500,000			–

附注是这些财务报表不可分割的一部分。

财务亮点

对于在所列期间内始终存在的份额

	Aztlan Global Stock Selection DM SMID ETF
	截至\n 2026 年 7 月 31 日\n 的年度	截至\n 2025 年 7 月 31 日\n 的年度	截至\n 2024 年 7 月 31 日\n 的年度	截至\n 2023 年 7 月 31 日 ^(a)
每份额数据：

期初资产净值	$27.49	$22.21	$22.14	$20.00

投资运营：
净投资收益（损失）^(b)	0.22	0.35	0.41	0.29
净已实现和未实现收益（损失）^(c)	4.81	5.36	(0.31)	1.85
投资运营总收益	5.03	5.71	0.10	2.14

少于分配：
净投资收益	(0.30)	(0.43)	(0.03)	–
总分配	(0.30)	(0.43)	(0.03)	–

资本交易：
每份ETF交易费用	–	–	–	0.00^(d)
期末净资产	$32.22	$27.49	$22.21	$22.14
总回报^(e)	18.45%	26.03%	0.44%	10.70%

补充数据和比率：
期末净资产（以千为单位）	$37,863	$30,921	$25,541	$45,931
费用比率与平均净资产^(f)	0.75%	0.75%	0.75%	0.75%
税费用比率与平均净资产^(f)	–%	–%	–%	0.00%^(g)
净投资收益比率与平均净资产^(f)	0.73%	1.45%	1.97%	1.49%
投资组合换手率^(e)(h)	170%	316%	931%	986%

(a)

基金成立日期为2022年8月17日。

(b)

每份净投资收益是根据各期间平均流通份额计算的。

(c)

标题中的已实现和未实现收益和损失是为使各期间每份净资产价值的变化相符合而必需的平衡金额，可能与运营报表中的总收益和损失不一致，因为各期间的份额交易。

(d)

金额低于每份0.005美元。

(e)

对于少于一年的期间未进行年度化。

(f)

对于少于一年的期间进行年度化。

(g)

金额低于0.005%。

(h)

投资组合换手率不包括任何实物交易。

附注是这些财务报表的组成部分。

财务亮点

对于在所列期间内一直持有的份额

	Aztlan North America Nearshoring Stock Selection ETF
	截至2026年7月31日的年度	截至2025年7月31日的年度	截至2024年7月31日的期间^(a)
每份数据：

期初净资产	$21.18	$22.17	$20.00

投资运作：
净投资收益（损失）^(b)	(0.04)	0.32	0.14
已实现和未实现收益（损失）^(c)	9.74	(1.13)	2.07
投资运作总收益	9.70	(0.81)	2.21

减少分配：
净投资收益	(0.10)	(0.18)	(0.04)
总分配	(0.10)	(0.18)	(0.04)

资本交易：
每份ETF交易费用	–	0.00^(d)	–
期末净资产	$30.78	$21.18	$22.17
总回报^(e)	45.93%	(3.61)%	11.01%

补充数据和比率：
期末净资产（以千为单位）	$30,009	$10,059	$10,529
费用比率与平均净资产^(f)	0.75%	0.76%	0.75%
税费用比率与平均净资产^(f)	0.00%^(g)	0.01%	–%
运营费用比率与平均净资产
不包括税费用^(f)	0.75%	0.75%	0.75%
净投资收益比率与平均净资产^(f)	(0.13)%	1.54%	1.02%
投资组合换手率^(e)(h)	272%	184%	85%

(a)

基金成立日期为2023年11月29日。

(b)

每股净投资收益是根据各期间流通股的平均数计算的。

(c)

标题中的已实现和未实现损益每股金额是必要的平衡金额，以调整各期间每股净资产价值的变化，并可能与运营报表中的总损益不一致，这是由于各期间的股份交易所致。

(d)

金额低于每股0.005美元。

(e)

对于不足一年的期间未进行年化。

(f)

对于不足一年的期间已进行年化。

(g)

金额低于0.005%。

(h)

投资组合换手率不包括任何实物交易。

附注是这些财务报表的组成部分。

财务报表附注

2026年7月31日

注1 - 组织结构

Aztlan全球股票选择DM SMID ETF（“全球基金”）和Aztlan北美近岸化股票选择ETF（“近岸化基金”）（每只基金称为“基金”，合称为“基金”）是Tidal Trust I（“信托”）的受益权益份额系列。全球基金是一个多样化系列，而近岸化基金是一个非多样化系列。信托于2018年6月4日作为特拉华州的法定信托成立，并根据《1940年投资公司法》（经修订）（“1940年法案”）向证券交易委员会（“SEC”）注册，作为开放式管理投资公司，每只基金的份额（“份额”）的发行均根据《1933年证券法》（经修订）注册。信托由其受托人委员会（“董事会”）管理。Tidal Investments LLC（“Tidal Investments”或“顾问”），一家Tidal Financial Group公司，担任基金的投资顾问。每只基金都是投资公司，因此遵循财务会计准则委员会（“FASB”）会计准则编码主题946“金融服务——投资公司”的投资公司会计和报告指南。全球基金于2022年8月17日开始运营，近岸化基金于2023年11月29日开始运营。

基金的总投资目标是跟踪Solactive Aztlan全球发达市场SMID指数的表现（在扣除费用和开支前）。\n基金的总投资目标是跟踪Aztlan北美近岸化价格回报指数的表现（在扣除费用和开支前）。\n

注2 - 重要会计政策

以下为基金一贯遵循的重要会计政策摘要。这些政策符合美国普遍接受的会计原则（“美国GAAP”）。

安全估值 - 权益证券，可能包括房地产投资信托基金（“REITs”）、业务开发公司（“BDCs”）和主有限合伙企业（“MLPs”），在证券交易所、市场或自动报价系统上上市，其报价可随时获得（纳斯达克证券市场有限责任公司（“NASDAQ”）除外），包括场外交易的证券，按其在估值日交易的主要交易所或市场（国内或国外）的最后报价销售价格（或如果证券的主要交易所通常在该时间开放，则为美国东部标准时间下午4:00左右）进行估值，或者，如果在估值日没有此类已报告的销售，则按最近的报价出价进行估值。对于在多个交易所交易的证券，通常将交易最活跃的交易所视为主要交易所。对于在NASDAQ交易的证券，将使用NASDAQ官方收盘价。在基金开放业务的每一天，证券交易所交易证券的价格将从公认的独立定价代理处获得。

货币市场共同基金的投资按每个底层基金在估值时间的已发布每股净资产价值（“NAV”）进行估值。每个底层货币市场基金使用摊余成本法计算NAV（这近似于公允价值），根据1940法案下的规则2a-7允许的方法。

根据1940法案第2a-5条规则，对于报价不易获得的证券，将由估值指定人（根据第2a-5条定义）根据顾问的定价和估值政策及公允价值程序（如适用）确定公允价值，并受董事会的监督。当证券被“公允估值”时，将考虑与特定情况相关的事实和情况，包括审查顾问的定价和估值政策及公允价值程序中列出的各种因素（如适用）。公允价值定价本质上是一个主观过程，没有确定公允价值的单一标准。

财务报表附注

2026年7月31日

不同的基金可能对同一证券合理地得出不同的价值。基金使用公允价值定价可能会导致其份额的NAV与不考虑这些因素时计算的NAV有显著差异。

如上所述，基金使用各种方法对投资进行定期公允价值衡量。美国通用会计准则（U.S. GAAP）建立了一个优先考虑估值方法输入的层级。输入的三个级别是：

Level 1 – 基金能够访问的活跃市场中相同资产或负债的未调整报价。

Level 2 – 除Level 1中包含的报价外的可观察输入，这些输入对于资产或负债是可观察的，无论是直接还是间接。这些输入可能包括在非活跃市场中相同工具的报价、类似工具的价格、利率、提前还款速度、信用风险、收益率曲线、违约率和类似数据。

第三级 - 对资产或负债的不可观测输入，只要可观测输入不可用；代表基金对市场参与者在估值资产或负债时所使用假设的自身假设，并且将基于可获得的最佳信息。

可观测输入的可用性可能因证券而异，并受多种因素影响，包括但不限于证券类型、该证券是否为新发行且尚未在市场中确立、市场的流动性以及其他与证券相关的特性。在估值基于市场中较少可观测或不可观测的模型或输入的情况下，确定公允价值需要更多的判断。因此，确定公允价值所使用的判断程度在第三级分类的工具中最大。

用于衡量公允价值的输入可能属于公允价值层级中的不同级别。在这些情况下，为了披露目的，整个公允价值计量在公允价值层级中的级别是根据整个公允价值计量中最重要的最低级别输入来确定的。

以下是对截至2026年7月31日每个基金投资的输入的总结：

全球基金

\n\n \n \n \n \n \n\n \n \n \n \n \n\n \n \n \n \n \n\n \n \n \n \n \n\n \n \n \n \n \n

	第一级		第二级			第三级		总计
投资：
普通股	$	37,864,455		$	–		$	–	$	37,864,455
货币市场基金		314,758			–			–		314,758
总投资	$	38,179,213		$	–		$	–	$	38,179,213

近岸化基金

\n\n \n \n \n \n \n\n \n \n \n \n \n\n \n \n \n \n \n\n \n \n \n \n \n\n \n \n \n \n \n

	第一级		第二级			第三级		总计
投资：
普通股	$	29,962,201		$	–		$	–	$	29,962,201
货币市场基金	$	61,156		$	–		$	–	$	61,156
总投资	$	30,023,357		$	–		$	–	$	30,023,357

请参阅投资明细表以进一步细分投资类别。

财务报表附注

2026年7月31日

联邦所得税 - 每个基金已选择按规范投资公司（“RIC”）征税，并打算向其股东分配大部分应税收入，并且 otherwise 遵守1986年美国国内税收法典（经修订）（“法规”）中适用于RIC的规定。因此，未计提联邦所得税或特别税。

为了避免对RIC（注册投资公司）征收消费税，基金计划在每个日历年宣布至少98%的净投资收入（在该日历年中获得的）以及至少98.2%的净实现资本收益（在截至10月31日的十二个月内获得的）加上任何之前的未分配金额。作为RIC，每个基金都需缴纳4%的消费税，如果基金在任何日历年的结束时没有分配至少以下金额，则会征收该税：(i) 该日历年中98%的普通收入（不考虑任何资本利得或损失）和(ii) 该年度期间（通常在日历年10月31日结束）中超过资本损失的98.2%的资本利得（调整了某些普通损失）。除非选择使用基金的财政年度。基金通常计划以必要的方式分配收入和资本利得，以尽量减少（但不一定完全消除）该消费税的征收。当确定保留收入或资本利得并支付消费税符合股东的最佳利益时，基金可能会保留收入或资本利得。管理层会评估消费税的成本与保留收入和资本利得的收益之间的关系，包括这些未分配金额（扣除已支付的消费税）仍可用于基金的投资，并可用于补充未来的分配。如果适用，税务费用会在运营报表中披露。

截至2026年7月31日，基金没有任何税务立场不符合适用税务机关的持续性标准。通常，税务机关可以审查过去三年提交的所有税务报表。基金将主要税务管辖区确定为美国联邦和特拉华州；然而，基金并不了解任何可能使未确认税务利益的总金额发生重大变化的税务立场。基金在运营报表中将与不确定税务立场相关的利息和罚款（如有）确认为所得税费用。

证券交易和投资收入 - 证券投资交易按交易日进行核算。证券出售实现的收益和损失按特定识别法确定。购买的债务证券的折扣/溢价按有效利息法在其各自证券的期限内进行摊销/递延。股息收入在除息日确认。来自REITs的股息通常由普通收入、资本利得组成，可能包括资本回报。利息收入按应计基础确认。其他非现金股息按所获财产的公允价值确认为投资收入。根据基金对适用国家的税务规则和税率的理解，已为外国股息的预提税进行了准备。

资本回报分配 - 在截至2026年7月31日的财年中，全球基金和近岸基金分别从投资组合公司获得了26,156美元和417,390美元的资本回报类别的分配。这些金额在运营报表中未计入股息收入，并已作为相关投资成本基础的减少额进行了记录。

外币 - 以外币计价的投资证券\n和其他资产及负债在估值日按美元金额折算。\n以外币计价的投资证券的购买和销售以及收入和费用项目在相应交易日按美元金额折算。

财务报表附注

2026年7月31日

基金不会将由于投资的外币汇率变动产生的运营结果部分与由于持有证券的市场价格波动产生的波动分隔开来。此类波动与投资的已实现和未实现损益一起计入。

基金报告因出售外币产生的净已实现外币\n收益或损失，证券交易中买卖日期之间的货币收益或损失，以及基金账簿上记录的股息、利息和外币预提税金额与实际收到或支付金额的美元等值之间的差额。净未实现外币\n收益和损失由于汇率变动导致的资产和负债（除证券投资外）在期末公允价值的变化而产生。

对股东的分配 - 基金如有净投资收益，将每年宣布并支付给股东。\n如果基金有证券的净已实现收益，通常每年至少宣布并支付给股东一次。分配在除息日确认。

估计的使用 - 根据美国GAAP编制财务报表需要管理层做出估计和假设，这些估计和假设会影响财务报表日资产和负债的报告金额以及或有资产和负债的披露，以及报告期间净资产增减的报告金额。实际结果可能与这些估计不同。

份额估值 - 每只基金的每份额净值\n通过将基金持有的证券价值加上现金或其他资产，减去所有负债，再除以每只基金的总发行份额数计算得出，四舍五入到最近的分。如果纽约证券交易所（\"NYSE\"）因交易而关闭，基金份额将不会被定价。

保证和赔偿 - 在正常业务过程中，基金与服务提供商签订的合同中包含一般的赔偿条款。\n基金在这些安排下的最大风险尚不确定，因为这将涉及可能对基金提出的未来索赔，而这些索赔尚未发生。然而，根据经验，基金预计损失的风险很小。

资本账户的重分类。\n美国GAAP要求将与永久性差异相关的某些净资产组成部分在财务报告和税务报告之间进行重分类。这些重分类对净资产或每份额净值没有影响。这些差异主要是由于实物赎回造成的。截至2026年7月31日的年度，进行了以下调整：

\n\n \n \n \n\n \n \n \n\n \n \n \n

基金

实缴资本

可分配总额

收益/（累计损失）

全球基金

$8,204,857

$(8,204,857)

近岸基金

$8,413,345

$(8,413,345)

注释 3 - 主要投资风险

集中投资\n& 有限持仓风险（仅限近岸基金）。 该基金可能会将其投资集中于以下公司类型相关的行业之一或多个。因此，该基金将面临以下公司风险。此外，该基金持有的证券数量有限。因此，与更广泛分散的投资基金相比，它可能更具波动性，并且损失风险更大。

财务报表附注

2026 年 7 月 31 日

•

投资工业公司风险。 工业公司从事资本货物的制造和分销，例如用于国防、建筑和工程的货物，制造和分销电气设备和工业机械的公司，以及提供商业和交通服务及供应的公司。工业公司可能受到政府法规变化、世界事件和经济状况的不利影响。此外，工业部门的公司可能受到环境损害、产品责任索赔和汇率的不利影响。

•

投资半导体公司风险。 对半导体公司的投资风险包括：国内和国际的激烈竞争，包括来自生产成本较低的补贴外国竞争对手的竞争；由于产品快速过时的风险导致证券价格大幅波动；半导体公司客户经济效益；它们的研究成本以及其产品可能无法证明具有商业成功性的风险；可能相当巨大的资本设备支出，并可能面临快速过时的风险；以及资本不足和有限的产品线、市场、财务资源或人员。半导体行业也可能受到影响更广泛科技行业的风险，包括：政府监管；增长速度和合格人员竞争的剧烈且常常不可预测的变化；对专利和知识产权的严重依赖，其丢失或受损可能对盈利能力产生不利影响；以及少数几家公司代表了整个科技行业大部分的情况。

•

投资基础设施公司的风险。基础设施公司可能会受到各种因素的不利影响，包括与资本建设计划相关的高利息成本、与环境和其他法规相关的成本、在高通胀或资本市场不稳定时期难以以合理条件筹集足够资金、经济放缓和产能过剩的影响、来自其他服务提供商的竞争增加、燃油价格合理性的不确定性、节能政策的影响、因环境、运营或其他事故导致的服务中断，以及其他因素。此外，基础设施实体可能受到各种政府机构的监管，也可能受到政府对向客户收取费用的监管；特殊关税的征收和税法、监管政策和会计标准的变化；国有化；以及市场对基础设施资产总体情绪的变化。

•

投资网络安全公司的风险。网络安全领域的公司面临激烈的竞争，无论是在国内还是国际上，这可能对利润率产生不利影响。网络安全公司可能产品线有限、市场有限、财务资源或人员有限。由于技术的快速发展和新产品频繁推出，网络安全公司的产品可能会过时，此类公司可能面临增长速度的不可预测变化、对合格人员服务的竞争以及来自生产成本较低的外国竞争对手的竞争。网络安全领域的公司严重依赖专利和知识产权。这些权利的丧失或受损可能会对这些公司的盈利能力产生不利影响。此外，网络安全领域的公司可能成为网络攻击的目标，如果攻击成功，可能会显著或永久损害公司的声誉、财务状况和未来开展业务的能力。

财务报表附注

2026年7月31日

•

投资交通运输物流公司风险。投资交通运输物流公司存在固有风险。这些公司对燃油价格波动非常敏感，这可能显著影响运营成本。监管变化、环境问题和地缘政治紧张局势可能扰乱国际航运路线和贸易协议。此外，基础设施故障、事故或劳资纠纷可能导致延误和成本增加，而该行业激烈的竞争可能会进一步压低利润率。

股票市场风险。基金投资组合中持有的权益证券可能会出现价值突然、不可预测的下跌或长期价值下跌。这可能是因为影响证券市场整体的因素，或影响基金投资的特定发行人、行业或部门的因素。普通股，如基金持有的股票，通常比其他类型的证券（如优先股和债务义务）面临更大的风险，因为普通股股东通常在发行人支付时享有较低的优先权。

交易所交易基金（“ETF”）风险。

•

授权参与人、做市商和流动性提供方集中风险。基金仅有数量有限的金融机构可作为授权参与人（\"APs\"）。此外，市场上可能仅有数量有限的做市商和/或流动性提供方。如果以下任何一种情况发生，份额可能以显著低于净资产值（NAV）的价格交易，甚至可能被退市：(i) 授权参与人退出业务或无法处理创建和/或赎回订单，且没有其他授权参与人站出来提供这些服务，或 (ii) 做市商和/或流动性提供方退出业务或大幅减少其业务活动，且没有其他实体站出来履行其职能。

•

买入或卖出份额的成本。由于买入或卖出份额的成本，包括经纪人收取的经纪佣金和买卖价差，频繁交易份额可能会显著降低投资回报，因此对于预期经常进行小额投资的投资者而言，投资份额可能并不合适。

•

份额可能以不同于NAV的价格交易。与所有ETF一样，份额可以在二级市场以市场价格买卖。尽管预期份额的市场价格将接近基金的NAV，但由于份额的供需或市场波动期间，份额的市场价格可能在盘中高于NAV（溢价）或低于NAV（折价）。在市场波动时期、市场大幅下跌时期以及份额在二级市场交易活动有限的时期，这种风险会加剧，此时这种溢价或折价可能相当显著。由于基金持有的证券可能在基金主要上市交易所开放时已关闭的外国交易所交易，基金很可能会经历比仅持有国内证券的ETF更大的溢价和折价。

•

交易。尽管份额在如纽约证券交易所阿拉卡公司（\"交易所\"）等全国性证券交易所上市交易，且可能在除交易所以外的美国交易所交易，但无法保证份额在任何股票交易所都有任何成交量，甚至可能完全无法交易。在压力市场条件下，份额的流动性可能会开始反映基金底层投资组合资产的流动性，而这些资产的流动性可能显著低于份额。此外，在压力市场条件下，由于基金底层投资组合资产的市场流动性恶化，份额的市场流动性可能变得不那么活跃。这些对份额流动性的不利影响反过来可能导致买卖价差扩大，以及份额的市场价格与其底层价值之间的差异。

财务报表附注

2026年7月31日

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

•

Investing in Canada Risks (Nearshoring Fund Only). Risks of investing\nin Canadian issuers center around the country’s economic dependency on natural resources and the potential volatility of\ncommodity prices. Additional risks stem from currency fluctuations, regulatory changes, and political instability. Furthermore,\nthe heavy reliance on the U.S. market and the lack of economic diversification introduce geographic concentration risk. Interest\nrate changes, complexity in the taxation system, and the impact of environmental change on resource-focused sectors further influence\ninvestment risks.

•

Investing in Mexico Risks (Nearshoring Fund Only). Investing in Mexican\nissuers exposes investors to several risks, including economic risk due to reliance on industries like manufacturing, petroleum,\nand tourism. Currency risk arises from potential depreciation of the Mexican peso, and political risk is driven by instability\nand changeable government policies. The close economic ties with the U.S. introduce geographic concentration risk, while changes\nin Banco de México’s interest rates could affect company performance. Furthermore, the complexity of Mexico’s\ntax system, security issues in certain regions, and the potential erosion of investment value by inflation all contribute to investment\nrisk.

General\nMarket Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases\nthe likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or\nregions. The market value of a security in the Funds’ portfolios may move up or down, sometimes rapidly and unpredictably.\nThese fluctuations may cause a security to be worth less than the price the Funds originally paid for it, or less than it was worth\nat an earlier time. Securities in the Funds’ portfolios may underperform in comparison to securities in the general financial\nmarkets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations\nfor inflation), interest rates, global demand for particular products or resources, natural disasters or events, pandemic diseases,\nterrorism, regulatory events, and government controls.

Geographic Concentration Risk\n(Nearshoring Fund Only). Because the Fund focuses its investments only in the United States, Canada, and Mexico, it may be\nmore volatile than a more geographically diversified fund.

High Portfolio\nTurnover Risk. Each Index is expected to have a high portfolio turnover rate. As a result, the Funds are likewise expected\nto frequently trade all or a significant portion of the securities in their portfolios. A high portfolio turnover rate increases\ntransaction costs, which may increase the Funds’ expenses. Frequent trading may also cause adverse tax consequences for investors\nin the Funds due to an increase in short-term capital gains.

Notes to Financial Statements

July 31, 2026

Limited Holdings\nRisk (Global Fund Only). Although the Fund does not intend to concentrate in any particular industry, it will hold a limited\nnumber of securities. As a result, it may be more volatile and have a greater risk of loss than more broadly diversified funds.

Market Capitalization Risk.

\n\n

•

Large-Capitalization Investing Risk (Nearshoring\nFund Only). The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore\nsubject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly\nto new competitive challenges, such as changes in technology and consumer tastes.

•

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

•

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

Models and Data\nRisk. The composition of each Index is heavily dependent on proprietary quantitative models as well as information and data\nsupplied by third parties (“Models and Data”) . When Models and Data prove to be incorrect or incomplete, any decisions\nmade in reliance thereon may lead to securities being included in or excluded from each Index that would have been excluded or\nincluded had the Models and Data been correct and complete. If the composition of the Index reflects such errors, a Fund’s\nportfolio can be expected to reflect the errors, too.

Newer Fund Risk\n(Nearshoring Fund Only). The Fund is newer with a limited operating history. As a result, prospective investors do not have\na track record or history on which to base their investment decisions. While total operating expenses of the Fund will be limited\nby the Fund’s unitary management fee, there can be no assurance that the Fund will grow to or maintain an economically viable\nsize. If the Fund fails to maintain an economically viable size, it may cease operations, and investors may be required to liquidate\nor transfer their investments at inopportune times.

Non-Diversification\nRisk (Nearshoring Fund Only). Because the Fund is “non-diversified,” it may invest a greater percentage of its\nassets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. As a result, a decline\nin the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline\nto a greater degree than if the Fund held a more diversified portfolio.

Operational Risk. The Funds are\nsubject to risks arising from various operational factors, including, but not limited to, human error, processing and communication\nerrors, errors of the Funds’ service providers, counterparties or other third parties, failed or inadequate processes and\ntechnology or systems failures. The Funds rely on third parties\nfor a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may\naffect the Funds’ ability to meet their investment objectives. Although the Funds and the Adviser seek to reduce these operational\nrisks through controls and procedures, there is no way to completely protect against such risks.

Notes to Financial Statements

July 31, 2026

Passive Investment Risk.\nThe Funds invest in the securities included in, or representative of, the Index regardless of their investment merit. The Funds\ndo not attempt to outperform the Index or take defensive positions in declining markets. As a result, the Funds’ performance\nmay be adversely affected by a general decline in the market segments relating to the Index.

Tracking Error Risk. As with all\nindex funds, the performance of a Fund and its Index may differ from each other for a variety of reasons. For example, a Fund incurs\noperating expenses and portfolio transaction costs not incurred by its Index. In addition, a Fund may not be fully invested in\nthe securities of its Index at all times or may hold securities not included in the Index.

NOTE 4 - COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS

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

Pursuant to the Advisory Agreement, each\nFund pays the Adviser a unitary management fee (the “Investment Advisory Fee”) based on the average daily net assets\nof each Fund as follows:

\n\n \n \n\n \n \n\n \n \n

Fund	Investment Advisory Fee
Global Fund	0.75%
Nearshoring Fund	0.75%

Out of the Investment Advisory Fees, the\nAdviser is obligated to pay or arrange for the payment of substantially all expenses of the Funds, including the cost of transfer\nagency, custody, fund administration, and all other related services necessary for the Funds to operate. Under the Advisory Agreement,\nthe Adviser has agreed to pay all expenses incurred by the Funds except for interest charges on any borrowings, dividends and other\nexpenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase\nand sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary\nexpenses, distribution fees and expenses paid by the Funds under any distribution plan adopted pursuant to Rule 12b-1 under the\n1940 Act (collectively, “Excluded Expenses”) and the Investment Advisory Fee payable to the Adviser. The Investment\nAdvisory Fees incurred are paid monthly to the Adviser. Investment Advisory Fees for the year ended July 31, 2026 are disclosed\nin the Statements of Operations.

The Adviser has entered into an agreement\nwith Aztlan Equity Management, LLC (“Aztlan”) under which Aztlan assumes the obligation of the Adviser to pay all expenses\nof the Funds, except Excluded Expenses (such expenses of the Funds, except Excluded Expenses, the “Unitary Expenses”).\nAlthough Aztlan has agreed to be responsible for all of the Unitary Expenses, the Adviser retains the ultimate obligation to the\nFunds to pay such expenses. Aztlan will also provide marketing support for the Funds, including hosting the Funds’ website\nand preparing marketing materials related to the Funds. For these\nservices and payments, Aztlan is entitled to a fee, to be paid by the Adviser, based on the total Investment Advisory Fees earned\nby the Adviser under the Advisory Agreement less the Unitary Expenses. Aztlan does not make investment decisions, provide investment\nadvice, or otherwise act in the capacity of an investment adviser to the Funds.

Notes to Financial Statements

July 31, 2026

Tidal ETF Services LLC (“Tidal”),\na Tidal Financial Group company and an affiliate of the Adviser, serves as the Funds' administrator and, in that capacity, performs\nvarious administrative and management services for the Funds. Tidal coordinates the payment of Fund-related expenses and manages\nthe Trust’s relationships with its various service providers. As compensation for the services it provides, Tidal receives\na fee based on each Fund’s average daily net assets, subject to a minimum annual fee. Tidal also is entitled to certain out-of-pocket\nexpenses for the services mentioned above.

U.S. Bancorp Fund Services, LLC, doing\nbusiness as U.S. Bank Global Fund Services (“Fund Services”), serves as the Funds' fund accountant and transfer agent.\nIn those capacities, Fund Services performs various accounting and transfer agency services for the Funds. U.S. Bank N.A. (the\n“Custodian”), an affiliate of Fund Services, serves as the Funds' custodian. Prior to August 1, 2025, Fund Services\nalso served as the Funds' sub-administrator. The Custodian acts as the securities lending agent (the “Securities Lending\nAgent”) for the Global Fund.

Foreside Fund Services, LLC (the “Distributor”)\nacts as the Funds' principal underwriter in a continuous public offering of each Fund’s Shares.

Certain officers and a trustee of the Trust\nare affiliated with the Adviser. Neither the affiliated trustee nor the Trust’s officers receive compensation from the Funds.

NOTE 5 - SEGMENT REPORTING

In accordance with the FASB Accounting\nStandards Update 2023 -07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”),\neach Fund has evaluated its business activities and determined that they each operate as a single reportable segment.

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

The Funds primarily generate income through\ndividends, interest, and realized/unrealized gains on their investment portfolios. Expenses incurred, including management fees,\nFund operating expenses, and transaction costs, are considered general Fund-level expenses and are not allocated to specific segments\nor business lines.

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

NOTE 6 - PURCHASES AND SALES OF SECURITIES

For the year ended July 31, 2026, the\ncost of purchases and proceeds from the sales or maturities of securities, excluding short-term investments, U.S. government securities,\nand in-kind transactions were:

Notes to Financial Statements

July 31, 2026

\n\n \n \n \n\n \n \n \n\n \n \n \n

Fund	Purchases	Sales
Global Fund	$57,022,675	$57,281,837
Nearshoring Fund	61,516,999	61,588,652

For the year ended July 31, 2026, there were no purchases or\nsales of long-term U.S. government securities.

For the year ended July 31, 2026, in-kind transactions associated\nwith creations and redemptions for the Funds were:

\n\n \n \n \n\n \n \n \n\n \n \n \n

Fund	Purchases	Sales
Global Fund	$27,397,951	$25,708,215
Nearshoring Fund	47,948,339	35,790,497

NOTE 7 - SECURITIES LENDING

The Global Fund may lend up to 33 1/3%\nof the value of the securities in its portfolio to brokers, dealers and financial institutions (but not individuals) under terms\nof participation in a securities lending program administered by the Securities Lending Agent. The securities lending agreement\nrequires that loans are collateralized at all times in an amount equal to at least the market value of the securities loaned by\nthe Global Fund. The Global Fund receives compensation in the form of fees and earned interest on the cash collateral. Due to timing\nissues of when a security is recalled from loan, the financial statements may differ in presentation. The amount of fees depends\non a number of factors including the type of security and length of the loan. The Global Fund continues to receive interest payments\nor dividends on the securities loaned during the borrowing period. Gain or loss in the value of securities loaned that may occur\nduring the term of the loan will be for the account of the Global Fund. The Global Fund has the right under the terms of the securities\nlending agreements to recall the securities from the borrower on demand.

As of July 31, 2026, the Global Fund did not have any securities\non loan.

During the year ended July 31, 2026, the\nGlobal Fund loaned securities that were collateralized by cash. The cash collateral received was invested in the First American\nGovernment Obligations Fund of which the investment objective is to seek to maximize income to the extent consistent with the preservation\nof capital and liquidity and maintain a stable NAV of $1.00. Although risk is mitigated by the collateral, the Global Fund could\nexperience a delay in recovering its securities and possible loss of income or value if the borrower fails to return the borrowed\nsecurities. In addition, the Global Fund bears the risk of loss associated with the investment of cash collateral received.

Securities lending income is disclosed in the Global Fund’s\nStatement of Operations.

The Global Fund is not subject to a master\nnetting agreement with respect to the Fund’s participation in securities lending; therefore, no additional disclosures regarding\nnetting arrangements are required.

Notes to Financial Statements

July 31, 2026

NOTE 8 - INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions\npaid during the fiscal year ended July 31, 2026 and the prior fiscal year ended July 31, 2025 was as follows:

\n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n

Distributions paid from:	July 31, 2026		July 31, 2025
Global Fund
Ordinary Income	$	336,229		$	490,870

Nearshoring Fund
Ordinary Income	$	81,498		$	87,704

As of the fiscal year ended July\n31, 2026, the components of distributable earnings/(accumulated losses) on a tax basis were as follows:

\n\n \n \n \n \n \n\n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n

	Global Fund		Nearshoring Fund
Cost of investments^(a)	$	35,189,526		$	28,477,387
Gross tax unrealized appreciation		4,657,020			3,563,079
Gross tax unrealized depreciation		(1,667,333)			(2,017,109)
Net tax unrealized appreciation (depreciation)		2,989,687			1,545,970
Undistributed ordinary income (loss)		56,384			–
Undistributed long-term capital gain (loss)		–			–
Other accumulated gain (loss)		(2,830,718)			(2,529,019)
\n Total distributable earnings/(accumulated losses)	$	215,353		$	(983,049)

(a) The difference\nbetween book and tax-basis unrealized appreciation is primarily due to wash sales.

Net capital losses incurred after\nOctober 31 (post-October losses) and net investment losses incurred after December 31 (late-year losses), and within the taxable\nyear, may be elected to be deferred to the first business day of each Fund’s next taxable year. As of the fiscal year ended\nJuly 31, 2026, the Funds had not elected to defer any post-October losses. Only the Nearshoring Fund had late-year losses, totaling\n$36,640.

As of the fiscal year ended July\n31, 2026, the Funds had long-term and short-term capital loss carryovers of the following, which do not expire:

\n\n \n \n \n\n \n \n \n\n \n \n \n

Fund	Short-Term			Long-Term
Global Fund	$	(2,823,572	)		$	-
Nearshoring Fund		(2,293,389	)			(198,988	)

NOTE 9 - SHARE TRANSACTIONS

Shares of the Funds are listed\nand traded on the Exchange. Market prices for the Shares may be different from their NAV. The Funds issue and redeem shares on\na continuous basis at NAV, generally in large blocks of Shares, called Creation Units. Creation Units are issued and redeemed principally\nin-kind for securities included in a specified

Notes to Financial Statements

July 31, 2026

universe. Once created, Shares generally\ntrade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, Shares\nare not redeemable securities of the Funds. Creation Units may only be purchased or redeemed by Authorized Participants. An Authorized\nParticipant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System\nof the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed\na Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources\nto buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the Shares directly from the Funds. Rather,\nmost retail investors may purchase Shares in the secondary market with the assistance of a broker and are subject to customary\nbrokerage commissions or fees.

Each Fund currently offers one class of\nShares, which have no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed\nfor the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction\nfee for each Fund is $300, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Funds’\nCustodian has determined to waive some or all of the costs associated with the order or another party, such as the Adviser, has\nagreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units and\nRedemption Units of up to a maximum of 2% of the value of the Creation Units and Redemption Units subject to the transaction. Variable\nfees are imposed to compensate the Funds for transaction costs associated with the cash transactions. Variable fees received by\nthe Funds, if any, are disclosed in the capital shares transactions section of the Statements of Changes in Net Assets. The Funds\nmay issue an unlimited number of Shares of beneficial interest, with no par value. All Shares of the Funds have equal rights and\nprivileges.

NOTE 10 - RECENT MARKET EVENTS

U.S. and international markets have experienced\nand may continue to experience significant periods of volatility in recent years and months due to a number of economic, political\nand global macro factors including uncertainty regarding inflation and central banks’ interest rate changes, the possibility\nof a national or global recession, trade tensions and tariffs, political events, armed conflict, war, and geopolitical conflict.\nThese developments, as well as other events, could result in further market volatility and negatively affect financial asset prices,\nthe liquidity of certain securities and the normal operations of securities exchanges and other markets, despite government efforts\nto address market disruptions. As a result, the risk environment remains elevated.

NOTE 11 - NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued ASU No.\n2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which enhances the transparency\nand decision usefulness of income tax disclosures. The amendments are effective for annual periods beginning after December 15,\n2024. The Funds have adopted ASU 2023-09, which did not have a material impact on the Funds' financial statements or disclosures.

NOTE 12 - SUBSEQUENT EVENTS

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

$\"\"$

REPORT\nOF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To\nthe Shareholders of Aztlan ETFs and

Board\nof Trustees of Tidal Trust I

Opinion\non the Financial Statements

We\nhave audited the accompanying statements of assets and liabilities, including the schedules of investments, of Aztlan Global Stock\nSelection DM SMID ETF and Aztlan North America Nearshoring Stock Selection ETF (the “Funds”), each a series of Tidal\nTrust I, as of July 31, 2026, the related statements of operations and changes in net assets and the financial highlights for\neach of the periods indicated below, and the related notes (collectively referred to as the “financial statements”).\nIn our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds\nas of July 31, 2026, the results of their operations, the changes in net assets, and the financial highlights for each of the\nperiods indicated below in conformity with accounting principles generally accepted in the United States of America.

\n\n \n \n \n \n\n \n \n \n \n\n \n \n \n \n

Fund\n Name

Statements\n of Operations

Statements\n of Changes in Net Assets

Financial\n Highlights

Aztlan\n Global Stock

Selection\n DM SMID ETF

For\n the year ended July 31, 2026

For\n the years ended July 31, 2026 and 2025

For\n the years ended July 31, 2026, 2025, and 2024 and the period from August 17, 2022 (commencement\n of operations) through July 31, 2023

Aztlan\n North America Nearshoring Stock Selection ETF

For\n the year ended July 31, 2026

For\n the years ended July 31, 2026 and 2025

For\n the years ended July 31, 2026 and 2025 and the period from November 29, 2023 (commencement\n of operations) through July 31, 2024

Basis\nfor Opinion

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

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

Our\naudits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to\nerror or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence\nregarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as\nof July 31, 2026, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles\nused and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.\nWe believe that our audits provide a reasonable basis for our opinion.

We\nhave served as the auditor of one or more Tidal Investments LLC investment companies since 2020.

$\"\"$

COHEN\n& COMPANY, LTD.

Milwaukee,\nWisconsin

September\n29, 2026

$\"\"$

\n\n \n

Other Non-Audited Information

Aztlan ETFs

July 31, 2026

QUALIFIED DIVIDEND INCOME/DIVIDENDS RECEIVED DEDUCTION

For the year ended July 31, 2026,\ncertain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief\nReconciliation Act of 2003 and the Tax Cuts and Jobs Act of 2017. The percentage of dividends declared from ordinary income designated\nas qualified dividend income was as follows:

\n\n \n \n\n \n \n

Aztlan Global Stock Selection DM SMID ETF	100.00%
Aztlan North America Nearshoring Stock Selection ETF	100.00%

For corporate shareholders, the\npercent of ordinary income distributions qualifying for the corporate dividends received deduction for the year ended July 31,\n2026, was as follows:

\n\n \n \n\n \n \n

Aztlan Global Stock Selection DM SMID ETF	58.82%
Aztlan North America Nearshoring Stock Selection ETF	25.13%

The percentage of taxable ordinary\nincome distributions that are designated as short-term capital gain distribution under Internal Revenue Section 871(k)(2)(c) for\nthe year ended July 31, 2026, was as follows:

\n\n \n \n\n \n \n

Aztlan Global Stock Selection DM SMID ETF	00.00%
Aztlan North America Nearshoring Stock Selection ETF	00.00%

(b)

Financial Highlights are included within the financial statements filed under Item 7(a) of this Form.

Item 8. Changes in and Disagreements with\nAccountants for Open-End Investment Companies.

There have been no changes in or disagreements\nwith the Funds’ accountants.

Item 9. Proxy Disclosure for Open-End\nInvestment Companies.

There were no matters submitted to a vote of shareholders\nduring the period covered by the report.

Item 10. Remuneration Paid to Directors,\nOfficers, and Others of Open-End Investment Companies.

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

Item 11. Statement Regarding Basis\nfor Approval of Investment Advisory Contract.

The Board of Trustees (the\n“Board” or the “Trustees”) of Tidal Trust I (the “Trust”) met at a meeting held on April 2, 2026 to\nconsider the renewal of the Investment Advisory Agreement (the “Advisory Agreement”) between the Trust, on behalf of the Aztlan\nGlobal Stock Selection DM SMID ETF (the “AZTD ETF”) and Aztlan North America Nearshoring Stock Selection ETF (the “NRSH\nETF”) (each, a “Fund”, and together, the “Funds”), each a series of the Trust, and Tidal Investments\nLLC, the Funds’ investment adviser (the “Adviser”). Prior to this meeting, the Board requested and received\nmaterials to assist them in considering the renewal of the Advisory Agreement. The materials provided contained information with respect\nto the factors enumerated below, including a copy of the Advisory Agreement, a memorandum prepared by outside legal counsel to the Trust\nand Independent Trustees discussing in detail the Trustees’ fiduciary obligations and the factors they should assess in considering\nthe renewal of the Advisory Agreement, due diligence materials relating to the Adviser (including the due diligence response completed\nby the Adviser with respect to a specific request letter from outside legal counsel to the Trust and Independent Trustees, the Adviser’s\nForm ADV, select ownership, organizational, financial and insurance information for the Adviser, biographical information of the Adviser’s\nkey management and compliance personnel, detailed comparative information regarding the unitary advisory fees for the Funds, and information\nregarding the Adviser’s compliance program) and other pertinent information. Based on their evaluation of the information provided,\nthe Trustees, by a unanimous vote (including a separate vote of the Trustees who are not “interested persons,” as that term\nis defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”)), approved the renewal of the Advisory\nAgreement for an additional one-year term.

Discussion of Factors Considered

In considering the renewal of the Advisory\nAgreement and reaching their conclusions, the Trustees reviewed and analyzed various factors that they determined were relevant, including\nthe factors enumerated below.

Nature, Extent and Quality of Services Provided. The Board considered the nature, extent and\nquality of the Adviser’s overall services provided to the Funds as well as its specific responsibilities in all aspects of day-to-day\ninvestment management of the Funds, including trade execution. The Board considered the qualifications, experience and responsibilities\nof the Adviser’s investment management team, including Michael Venuto and Charles Ragauss, who each serve as a portfolio manager\nto the Funds, as well as the responsibilities of other key personnel of the Adviser involved in the day-to-day activities of the Funds.\nThe Board reviewed due diligence information provided by the Adviser, including information regarding the Adviser’s compliance program,\nits compliance personnel and compliance record, as well as the Adviser’s cybersecurity program and business continuity plan. The\nBoard noted that the Adviser does not manage any other accounts that utilize a strategy similar to that employed by each of the Funds.

The Board also considered other\nservices provided to the Funds, such as monitoring adherence to each Fund’s investment strategy and restrictions, oversight of other\nservice providers to the Funds, monitoring compliance with various Fund policies and procedures and with applicable securities regulations,\nand monitoring the extent to which each Fund achieves its investment objective as a passively-managed ETF. The Board noted that each Fund\nis designed to track the performance of an index and the Adviser is responsible for trade execution.

The Board concluded that the Adviser\nhad sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing\nits duties under the Advisory Agreement and managing the Funds and that the nature, overall quality and extent of the management services\nprovided to the Funds, as well as the Adviser’s compliance program, were satisfactory.

Investment Performance of the Funds and the Adviser. The Board considered the investment performance\nof the Funds and the Adviser. The Board noted that each Fund was designed to track the performance of an index and considered the extent\nto which each Fund tracked its index, before fees and expenses, in addition to the performance of each Fund (at net asset value) against\nits benchmark index, a secondary benchmark index and respective peer group.

The Board considered the performance\nof the AZTD ETF on an absolute basis, in comparison to its underlying index (the Solactive Aztlan Global Developed Markets SMID Cap Index\nTotal Return), in comparison to its primary benchmark index (the MSCI World SMID Cap Index Gross Total Return) and a secondary benchmark\nindex (the S&P 500 Total Return Index). The Board also considered comparative information prepared by the Adviser, in partnership\nwith AltaVista Research, LLC (“AltaVista”), a third-party ETF research firm, comparing the Fund to a peer group comprised\nof other rules-based ETFs within the Fund’s designated Morningstar category (the U.S. global small/mid stock fund category) (the\n“AZTD Peer Group”). The Board considered that the AZTD ETF’s performance was in line with but trailed the performance\nof its underlying index for periods ended December 31, 2025, and noted factors that contributed to tracking\nerror. The Board noted that the Fund outperformed the S&P 500 Total Return Index and MSCI World SMID Cap Index Gross Total Return\nfor the one-year period ended December 31, 2025. The Board also noted that the Fund underperformed the S&P 500 Total Return Index\nand MSCI World SMID Cap Index Gross Total Return for the three-year period ended December 31, 2025. The Board also noted that the Fund\noutperformed the MSCI World SMID Cap Index Gross Total Return but underperformed the S&P 500 Total Return Index for the since inception\nperiod ended December 31, 2025. The Board considered that the Fund outperformed the AZTD Peer Group median, but underperformed the AZTD\nPeer Group average for the one-year period ended February 27, 2026. The Board noted the Fund outperformed the AZTD Peer Group average\nand median for the three-year period ended February 27, 2026. The Board also noted that the Fund ranked fourth out of seven funds in the\nAZTD Peer Group for the one-year period ended February 27, 2026 and the Fund ranked first out of seven funds in the AZTD Peer Group for\nthe three-year period ended February 27, 2026.

The Board considered the performance\nof the NRSH ETF on an absolute basis, in comparison to its underlying index (the Aztlan North America Nearshoring Total Return Index),\nand in comparison, to its primary benchmark index (the S&P 500 Total Return Index). The Board also considered comparative information\nprepared by the Adviser, in partnership with AltaVista, a third-party ETF research firm, comparing the Fund to a peer group comprised\nof other rules-based ETFs within the Fund’s designated Morningstar category (the U.S. industrials fund category) (the “NRSH\nPeer Group”). The Board considered that the NRSH ETF’s performance was in line with but trailed the performance of its underlying\nindex for periods ended December 31, 2025, and noted factors that contributed to tracking error. The Board noted that the Fund underperformed\nthe S&P 500 Total Return Index for the one-year and since inception periods ended December 31, 2025. The Board considered that the\nFund underperformed the NRSH Peer Group average and median for the one-year period ended February 27, 2026. The Board also noted that\nthe Fund ranked twenty-second out of twenty-five funds in the NRSH Peer Group for the one-year period ended February 27, 2026.

After considering all of the information,\nthe Board concluded that the performance of each Fund was satisfactory under current market conditions and that the Adviser has the necessary\nexpertise and resources in providing investment advisory services in accordance with each Fund’s investment objective and strategies.\nAlthough past performance is not a guarantee or indication of future results, the Board determined that each Fund and its shareholders\nwere likely to benefit from the Adviser’s continued management.

Cost of Services Provided and Profits Realized by the Adviser. The Board considered the cost\nof services and the structure of the Adviser’s advisory fee, including a review of comparative expenses, expense components and\npeer group selection for each Fund. The Board took into consideration that the advisory fee for each Fund was a “unitary fee,”\nmeaning that each Fund pays no expenses other than the advisory fee and certain other costs such as interest, brokerage, and extraordinary\nexpenses and, to the extent it is implemented, fees pursuant to each Fund’s Rule 12b-1 Plan. The Board noted that the Adviser continues\nto be responsible for compensating each Fund’s other service providers and paying each Fund’s other expenses out of its own\nfees and resources, subject to the contractual agreement of each Fund’s sponsor, Aztlan Equity Management, LLC, to assume such obligation\nin exchange for the profits, if any, generated by each Fund’s unitary fee. The Board also considered the overall profitability of\nthe Adviser and examined the level of profits accrued to the Adviser from the fees payable under the Advisory Agreement.

The Board considered that the AZTD\nETF’s advisory fee of 0.75% was above the AZTD Peer Group average of 0.625%, and that the Fund’s expense ratio of 0.75% was\nabove the AZTD Peer Group average of 0.625%.

The Board considered that the NRSH\nETF’s advisory fee of 0.75% was above the NRSH Peer Group average of 0.515%, and that the Fund’s expense ratio of 0.76% (which\nincluded 0.01% of tax expense) was above the NRSH Peer Group average of 0.548%.

The Board concluded that each Fund’s\nexpense ratio and the advisory fee were fair and reasonable in light of the comparative performance, advisory fee and expense information\nand the investment management services provided to the Funds by the Adviser given the nature of each Fund’s investment strategy.\nThe Board also evaluated, based on a profitability analysis prepared by the Adviser, the fees received by the Adviser and its affiliates\nand the profit realized by the Adviser from its relationship with each Fund and the profitability of each Fund’s unitary fee on\nan aggregate basis. The Board concluded that while each Fund was not profitable on an aggregate basis, the fees had not been, and currently\nwere not, excessive, and that the Adviser had adequate financial resources to support its services to the Funds from the revenues of its\noverall investment advisory business including fees retained by the Adviser under a contractual support agreement with the Fund’s\nsponsor.

Extent of Economies of Scale as the Funds Grow. The Board compared each Fund’s expenses\nrelative to its applicable peer group and discussed realized and potential economies of scale. The Board considered the potential economies\nof scale that each Fund might realize under the structure of the advisory fee. The Board noted that the advisory fee did not contain any\nbreakpoint reductions as each Fund’s assets grow in size, but that the Adviser would evaluate future circumstances that may warrant\nbreakpoints in the fee structure.

Benefits Derived from the Relationship with the Funds. The Board considered the direct and indirect\nbenefits that could be received by the Adviser and its affiliates from association with the Funds. The Board concluded that the benefits\nthe Adviser may receive, such as greater name recognition or the ability to attract additional investor assets, appear to be reasonable\nand in many cases may benefit the Funds.

Conclusion. Based on the\nBoard’s deliberations and its evaluation of the information described above, with no single factor determinative of a conclusion,\nthe Board, including the Independent Trustees, unanimously concluded that: (a) the terms of the Advisory Agreement are fair and reasonable;\n(b) the advisory fee is reasonable in light of the services that the Adviser provides to each of the Funds; and (c) the approval of the\nrenewal of the Advisory Agreement for an additional term ending April 30, 2027 was in the best interests of each Fund and its shareholders.

Item 12. Disclosure of Proxy Voting Policies\nand Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13. Portfolio Managers of Closed-End\nManagement Investment Companies.

Not applicable to open-end investment companies.

Item 14. Purchases of Equity Securities\nby Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 15. Submission of Matters to a Vote\nof Security Holders.

Not Applicable.

Item 16. Controls and Procedures.

(a)

The Registrant’s President/Principal Executive Officer and Treasurer/Principal Financial Officer\nhave reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of\n1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act\nand Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded\nthat the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately\nrecorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service\nprovider.

(b)

There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule\n30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely\nto materially affect, the Registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending\nActivities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 18. Recovery of Erroneously Awarded\nCompensation.

(a) Not Applicable

(b) Not Applicable

Item 19. Exhibits.

(a)

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

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

(3) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

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

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

(b)

Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

SIGNATURES

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

\n\n \n \n \n

(Registrant)

Tidal Trust\nI

\n \n \n \n \n \n \n \n \n

	By (Signature and Title)*	/s/\nEric W. Falkeis
		Eric W. Falkeis, President/Principal\nExecutive Officer

\n \n \n \n \n

Date

October 8, 2026

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

\n \n \n \n \n \n \n \n \n

	By (Signature and Title)*	/s/\nEric W. Falkeis
		Eric W. Falkeis, President/Principal\nExecutive Officer

\n \n \n \n \n

Date

October 8, 2026

\n \n \n \n \n \n \n \n \n

	By (Signature and Title)*	/s/\nAaron J. Perkovich
		Aaron J. Perkovich,\nTreasurer/Principal Financial Officer

\n \n \n \n \n

Date

October 7, 2026

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

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