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AS\nFILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION ON OCTOBER 28, 2026

1933\nAct Registration File No.: 333-227298

1940\nAct File No.: 811-23377

UNITED\nSTATES

SECURITIES\nAND EXCHANGE COMMISSION

Washington,\nD.C. 20549

FORM\nN-1A

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

REGISTRATION\n STATEMENT UNDER THE SECURITIES ACT OF 1933	☒
Pre-Effective\n Amendment No. ___	☐
Post-Effective\n Amendment No. 345	☒
and/or
REGISTRATION\n STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940	☒
Amendment\n No. 346	☒

TIDAL\nTRUST I

(Exact\nName of Registrant as Specified in Charter)

234\nWest Florida Street, Suite 700,

Milwaukee,\nWisconsin 53204

(Address\nof Principal Executive Offices, Zip Code)

(Registrant’s\nTelephone Number, including Area Code) (855) 843-2534

The\nCorporation Trust Company

1209\nOrange Street

Corporation\nTrust Center

Wilmington,\nDE 19801

(Name\nand Address of Agent for Service)

Copies\nto:

\n \n \n \n

Eric\n W. Falkeis

Tidal\n ETF Services LLC

234\n West Florida Street, Suite 700

\n \n

Milwaukee,\nWisconsin 53204

Christopher\n M. Cahlamer

Godfrey\n & Kahn, S.C.

833\n East Michigan Street, Suite 1800

Milwaukee,\nWisconsin 53202

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

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

☒	immediately\n upon filing pursuant to paragraph (b)
☐	on\n (date) pursuant to paragraph (b)
☐	60\n days after filing pursuant to paragraph (a)(1)
☐	on\n (date) pursuant to paragraph (a)(1)
☐	75\n days after filing pursuant to paragraph (a)(2)
☐	on\n (date) pursuant to paragraph (a)(2) of rule 485

Explanatory\nNote: This Post-Effective Amendment No. 345 to the\nRegistration Statement of Tidal Trust I (the “Trust”) is being filed to respond to Staff comments with respect to the registration\nof the FINQ CORE U.S. Large Cap AI-Managed Equity ETF as a new series of the Trust, and to make other permissible changes under Rule\n485(b).

$\"\"$

FINQ\nCORE U.S. Large Cap AI-Managed Equity ETF (AIBE)

listed\non NYSE Arca, Inc.

PROSPECTUS

October\n28, 2026

The\nU.S. Securities and Exchange Commission (the “SEC”) has not approved or disapproved of these securities or passed upon the\naccuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.

TABLE\nOF CONTENTS

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

Summary Information	1

FINQ CORE U.S. Large Cap AI-Managed Equity ETF – Fund Summary	1

Additional Information About the Fund	8

Portfolio Holdings	11

Management	11

How to Buy and Sell Shares	13

Dividends, Distributions, and Taxes	15

Distribution	17

Premium/Discount Information	18

Additional Notices	18

Financial Highlights	18

SUMMARY\nINFORMATION

FINQ\nCORE U.S. Large Cap AI-Managed Equity ETF - FUND SUMMARY

Investment\nObjective

The\nFINQ CORE U.S. Large Cap AI-Managed Equity ETF (the “Fund”) seeks long-term capital appreciation.

Fees\nand Expenses of the Fund

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

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

Annual\n Fund Operating Expenses⁽¹⁾ (expenses that you pay each year as a percentage of the value of your investment)
Management Fee	0.53%
Distribution and Service\n (12b-1) Fees	None
Other\n Expenses⁽²⁾	0.00%
Total Annual Fund Operating\n Expenses	0.53%

(1)

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

(2)

Estimated\n for the current fiscal year.

Expense\nExample

This\nExample is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes\nthat 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.\nThe Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.\nThe Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual\ncosts may be higher or lower, based on these assumptions your costs would be:

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

1\n Year	3\n Years
$54	$170

Portfolio\nTurnover

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

Principal\nInvestment Strategies

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

AI-Managed\nRanking System

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

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

●

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

●

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

●

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

●

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

●

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

●

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

The\nModel is an AI-managed system that operates fully autonomously, without human intervention or interference. It functions end-to-end based\non AI logic and the learned elements of the system described above. The system methodology results in a daily, model-generated ranking\nof all 500 stocks in the Index and the Fund’s portfolio is constructed directly based on this ranking process as described below.\nBased on the data features noted above, the Model then processes the selected data features using its adaptive machine-learning algorithms,\nwhich learn and evaluate the relative importance of different data features and their relationships. Based on this analysis, the Model\ngenerates a composite score for each security, reflecting its relative attractiveness compared to other securities in the investment\nuniverse.

The\nsecurities are then ranked from highest to lowest based on their composite scores, with higher-ranked securities reflecting a more favorable\nrelative assessment and lower-ranked securities reflecting a less favorable assessment. The relative importance of individual features\nmay evolve over time as the Model adapts to changing data patterns and market conditions.

AI-Managed\nInvestment Selection and Rebalancing

The\nFund’s portfolio is selected based wholly on the rankings generated by the Model, which typically includes the Model’s\ntop 25 to 35 ranked stocks. The selected securities are assigned approximately equal portfolio weights at each scheduled rebalance.\nUsing the same adaptive AI framework to draw, ingest and apply data inputs as described above, the Model determines, on a daily\nbasis, the specific stock positions invested in by the Fund (which vary as the Model’s rankings change), and the optimal\nnumber of stock positions (i.e., typically between 25 to 35). In making a daily determination of the stocks to be held by the Fund, the Model takes into account regulatory investment restrictions and limitations applicable to the Fund, including\ncompliance with tax diversification requirements applicable to registered investment companies under the Internal Revenue Code of\n1986, as amended (the “Code”). The Model generates one set of rankings and portfolio recommendations per trading day at approximately 11 a.m. Eastern Time. The rankings\nused for the Fund's portfolio construction are established during this daily process and are not continuously updated intraday. Following\nthe Sub-Adviser's review of the recommendations for compliance with the Model's established rules and parameters, the recommendations\nare transmitted to the Adviser's trading team for execution.

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

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

Portfolio\nCharacteristics

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

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

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

Principal\nInvestment Risks

The\nprincipal 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\nof your investment in the Fund. Some or all of these risks may adversely affect the Fund’s net asset value (“NAV”)\nper share, trading price, yield, total return, and/or ability to meet its objective. For more information about the risks of investing\nin the Fund, see the section in the Fund’s Prospectus titled “Additional Information About the Fund—Principal Risks\nof Investing in the Fund.”

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

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

Large-Capitalization\nInvesting Risk. The securities of large-capitalization companies may be relatively mature compared to smaller companies and\ntherefore subject 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.

Limited\nHoldings Risk. Although the Fund does not intend to concentrate in any particular industry, it will hold a limited number of\nsecurities, typically 25 to 35 stocks. As a result, it may be more volatile and have a greater risk of loss than more broadly diversified\nfunds.

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

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

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

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

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

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

ETF\nRisks.

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

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

Shares\nMay Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices.\nAlthough it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price\nof 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\nperiods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when\nthere is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.

Trading. Although\nShares are listed on a national securities exchange, such as NYSE Arca, Inc. (the “Exchange”), and may be traded on U.S.\nexchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will develop or be maintained\nor that the Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares\nmay begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares.\nShares trade on the Exchange at market price that may be below, at or above the Fund’s NAV. Trading in Shares on the Exchange may\nbe halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition,\ntrading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange “circuit\nbreaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will\ncontinue to be met or will remain unchanged. As a result, the Fund could be adversely affected and be unable to implement its investment\nstrategies in the event of an unscheduled closing.

New\nSub-Adviser Risk. The Sub-Adviser is a recently formed entity and has limited experience managing an ETF, which may limit the\nSub-Adviser’s effectiveness.

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 regions.\nThe market value of a security in the Fund’s portfolio may move up or down, sometimes rapidly and unpredictably. These fluctuations\nmay cause a security to be worth less than the price the Fund originally paid for it, or less than it was worth at an earlier time. Securities\nin the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market,\nor other asset classes, due to a number of factors, including inflation (or expectations for inflation), interest rates, global demand\nfor particular products or resources, natural disasters or events, pandemic diseases, terrorism, regulatory events, and government controls.

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

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

Models\nand Data Risk. The Fund’s portfolio holdings are fully dependent on proprietary 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 made in reliance\nthereon may lead to the inclusion or exclusion of securities from the Fund’s portfolio that would have been excluded or included\nhad the Models and Data been correct and complete. Additionally, technology risk arises from the use of computer models and algorithms;\nany technical failures, coding errors, or cybersecurity breaches could disrupt the Fund’s trading activities, potentially leading\nto significant financial losses and compromised data integrity.

The\nModel is subject to risks associated with changes in the quality, accuracy, completeness, availability, and relevance of the data on\nwhich it relies. Changes in market conditions, data characteristics, or the relationships between data inputs and investment outcomes\nmay result in data drift or model drift, potentially reducing the effectiveness of the Model's analysis over time. Machine-learning techniques\nmay also generate inaccurate, unexpected, or ineffective outputs due to limitations in training data, the Model's underlying assumptions,\nor its ability to adapt to changing market conditions. Although the Sub-Adviser employs monitoring procedures and periodically retrains\nand updates the Model, these measures may not identify or prevent all deficiencies, malfunctions, or adverse outcomes. Such issues could\nresult in inappropriate security rankings, portfolio allocations, or trading decisions and adversely affect the Fund's performance.

Non-Diversification\nRisk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities\nof 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\nin 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\nFund held a more diversified portfolio.

Operational\nRisk. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing\nand communication errors, errors of the Fund’s service providers, counterparties, or other third-parties, failed or inadequate\nprocesses and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay\nor failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective.\nAlthough the Fund, Adviser, and Sub-Adviser seek to reduce these operational risks through controls and procedures, there is no way to\ncompletely protect against such risks.

Recent\nMarket Events Risk. U.S. and international markets have experienced and may continue to\nexperience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors\nincluding uncertainty regarding inflation and central banks’ interest rate changes, the possibility of a national or global recession,\ntrade tensions and tariffs, political events, armed conflict, war, and geopolitical conflict. These developments, as well as other events,\ncould result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal\noperations of securities exchanges and other markets, despite efforts to address market disruptions. As a result, the risk environment\nremains elevated.

Performance

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

Management

Investment\nAdviser: Tidal Investments LLC serves as investment adviser to the Fund.

Investment\nSub-Adviser: FINQ AI, LLC serves\nas an investment sub-adviser to the Fund.

Portfolio\nManagers:

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

Investment\nAdviser

Qiao\nDuan, CFA, Vice President of Portfolio Management & Trading for the Adviser, has been a portfolio manager of the Fund since its inception\nin 2026.

Andy\nHicks, Senior Vice President of Trading for the Adviser, has been a portfolio manager of the Fund since its inception in 2026.

Sub-Adviser

Dan\nSolomon, Equity Research Analyst of the Sub-Adviser, has been a portfolio manager of the Fund since its inception in 2026.

Eran\nShoshani, Senior Investment Analyst of the Sub-Adviser, has been a portfolio manager of the Fund since its inception in 2026.

CFA^®is\na registered trademark owned by the CFA Institute.

Purchase\nand Sale of Shares

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

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

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

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

Tax\nInformation

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

Financial\nIntermediary Compensation

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

ADDITIONAL\nINFORMATION ABOUT THE FUND

Investment\nObjective

The\ninvestment objective of the Fund is long-term capital appreciation.

An\ninvestment objective is fundamental if it cannot be changed without the consent of the holders of a majority of the outstanding Shares.\nThe Fund’s investment objective has not been adopted as a fundamental investment policy and therefore the Fund’s investment\nobjective may be changed without the consent of that Fund’s shareholders upon approval by the Board of Trustees (the “Board”)\nof Tidal Trust I (the “Trust”) and at least 60 days’ prior written notice to shareholders.

Principal\nInvestment Strategies

There\nis no guarantee that the Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment.

The\nFund’s “80%” investment policy is non-fundamental and can be changed without shareholder approval. However, shareholders\nof the Fund would be given at least 60 days’ notice prior to any such change.

The\nModel utilizes both publicly available information and data obtained through commercial subscription arrangements with established institutional\nfinancial data and analytics providers. The types of data obtained from third party providers include financial market information, company\nfundamentals, valuation metrics, analyst estimates, financial news, and other financial and economic datasets.

The\nSub-Adviser conducts research and analysis on each data input to assess its economic relevance and potential contribution to the Model's\ninvestment decision-making process. Based on this research, the Sub-Adviser determines which data inputs are incorporated into the Model.

Generally,\nunder normal operating conditions, there are no anticipated circumstances that would delay or prevent the implementation of the Model's\nrecommendations. However, circumstances such as interruptions in third-party data feeds, incomplete or inaccurate data, Model processing\nfailures, system outages, connectivity issues, or other technological or operational disruptions may delay or prevent the Model from\ngenerating reliable recommendations. If such an issue is identified, the Sub-Adviser investigates the cause and may temporarily suspend\nthe generation or transmission of recommendations until the issue is resolved and the Model's outputs have been reviewed. Where necessary,\nthe Model may be rerun following corrective action. During such a disruption, the Fund may continue to hold its existing portfolio positions,\nand implementation of updated recommendations may be delayed until reliable outputs become available and the Adviser can execute the\ncorresponding transactions. The Sub-Adviser employs automated monitoring and portfolio manager oversight to identify and address potential\nissues.

Investments\nby Registered Investment Companies

Section\n12(d)(1) of the 1940 Act restricts investments by investment companies in the securities of other investment companies. However, registered\ninvestment companies are permitted to invest in other investment companies beyond the limits set forth in Section 12(d)(1) in recently\nadopted rules under the 1940 Act, subject to certain conditions. The Fund may rely on Rule 12d1-4 of the 1940 Act, which provides an\nexemption 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\ncertain conditions specified in Rule 12d1-4, including, among other conditions, that the Fund and its advisory group will not control\n(individually or in the aggregate) an acquired fund (e.g., hold more than 25% of the outstanding voting securities of an acquired fund\nthat is a registered open-end management investment company).

Temporary\nDefensive Strategies

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

Principal\nRisks of Investing in the Fund

The\nprincipal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with those of other funds.\nThe following information is in addition to, and should be read along with, the description of the Fund’s principal investment\nrisks in the section titled “Fund Summary—Principal Investment Risks” above. Each risk summarized below is considered\na “principal risk” of investing in the Fund, regardless of the order in which it appears. As with any investment, there is\na 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\nNAV per share, trading price, yield, total return and/or ability to meet its investment objective. The following risks could affect the\nvalue of your performance in the Fund.

ETF\nRisks.

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

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

New\nFund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective\ninvestors do not have a track record or history on which to base their investment decisions. There can be no assurance that the Fund\nwill grow to or maintain an economically viable size or that an active trading market for the Shares will develop or be maintained. When\nthe Fund has relatively low assets, it may be more significantly affected by purchases and redemptions than a fund with greater assets\nunder management. Compared to a larger fund, a new or smaller fund may need to sell a larger portion of its portfolio to meet significant\nredemptions or invest a larger amount of cash following significant purchases. Such transactions may require the Fund to buy or sell\nportfolio securities at unfavorable times, cause it to miss attractive investment opportunities, or otherwise cause the Fund to perform\ndifferently from what was intended.

New\nSub-Adviser Risk. The Sub-Adviser is a recently formed entity and has limited experience with managing an ETF, which may limit\nthe Sub-Adviser’s effectiveness.

Although\nthe Fund, Adviser, and Sub-Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely\nprotect against such risks.

Recent\nMarket Events Risk. U.S. and international markets have experienced and may continue to\nexperience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors\nincluding uncertainty regarding inflation and central banks’ interest rate changes, the possibility of a national or global recession,\ntrade tensions and tariffs, political events, armed conflict, war, and geopolitical conflict. These developments, as well as other events,\ncould result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities\nand the normal operations of securities exchanges and other markets, despite efforts to address market disruptions. As a result, the\nrisk environment remains elevated.

PORTFOLIO\nHOLDINGS INFORMATION

Information\nabout the Fund’s daily portfolio holdings will be available on the Fund’s website at www.finqai.com/etfs. A complete description\nof the Fund’s policies and procedures with respect to the disclosure of the Fund’s portfolio holdings is available in the\nFund’s Statement of Additional Information (the “SAI”).

MANAGEMENT

Investment\nAdviser

Tidal\nInvestments LLC, a Tidal Financial Group company, located at 234 West Florida Street, Suite 700, Milwaukee, Wisconsin 53204, is an SEC-registered\ninvestment adviser and a Delaware limited liability company. Tidal was founded in March 2012 and is dedicated to understanding, researching,\nand managing assets within the expanding ETF universe. As of September 30, 2026, Tidal had assets under management of approximately $62.8\nbillion and served as the investment adviser or sub-adviser for 443 registered funds.

Tidal\nserves as investment adviser to the Fund and has overall responsibility for the general management and administration of the Fund pursuant\nto an investment advisory agreement with the Trust, on behalf of the Fund (the “Advisory Agreement”). The Adviser is responsible\nfor trading portfolio securities and financial instruments for the Fund, including selecting broker-dealers to execute purchase and sale\ntransactions. The Adviser provides oversight of the Sub-Adviser and review of its performance. The Adviser also arranges for transfer\nagency, custody, fund administration, and all other related services necessary for the Fund to operate. For the services provided to\nthe Fund, the Fund pays the Adviser a unitary management fee, which is calculated daily and paid monthly, at an annual rate of 0.53%\nof the Fund’s average daily net assets.

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

Investment\nSub-Adviser

FINQ\nAI, LLC, a Delaware limited liability company, located at 9 Ahad Ha’am Street, Tel Aviv, Tel-Aviv District, Israel 6514224, serves\nas the investment sub-adviser for the Fund. The Sub-Adviser was founded in April 2023 and became an SEC-registered investment adviser\nin March 2025. As of September 30, 2026, the Sub-Adviser had $15.43 million in assets under management.

The\nSub-Adviser is responsible for oversight of the Fund’s portfolio and supervision and monitoring of the Model that selects the Fund’s\ninvestment portfolio on a day-to-day basis, subject to the oversight of the Adviser and the Board. The Sub-Adviser serves as the sub-adviser\nto the Fund, pursuant to a sub-advisory agreement between the Adviser and the Sub-Adviser (a “Sub-Advisory Agreement”). The\nSub-Adviser serves as the investment sub-adviser to two other series of the Trust, the FINQ FIRST U.S. Large Cap AI-Managed Equity ETF\nand the FINQ DOLLAR NEUTRAL U.S. Large Cap AI-Managed Equity ETF.

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

Advisory\nand Sub-Advisory Agreements

A\ndiscussion regarding the basis for the Board’s approval of the Fund’s Advisory Agreement and Sub-Advisory Agreements will\nbe available in the Fund’s semi-annual or annual report to shareholders on Form N-CSR for the period ended March 31, 2027.

Portfolio\nManagers

Since\nthe Fund’s inception in 2026, Dan Solomon and Eran Shoshani have been primarily responsible for the day-to-day management of the\nFund, and Qiao Duan and Andy Hicks have overseen trading and execution for the Fund.

Dan\nSolomon, Equity Research Analyst for the Sub-Adviser

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

Eran\nShoshani, Senior Investment Analyst for the Sub-Adviser

Mr.\nShoshani is an Israeli-licensed portfolio manager with over eight years of experience in investment research and portfolio management.\nHe joined the Sub-Adviser in November 2025 and currently serves as a Senior Investment Analyst. Prior to joining the Sub-Adviser, Mr.\nShoshani spent two years at eToro, a global trading and investment platform, as an Investment Research Analyst, where he contributed\nto investment strategy development and thematic research. Earlier in his career, he served as an Analyst, Hedge Fund Manager at Infinity\nInvestment Group, a wealth management firm, for three years overseeing fund strategy and structured product development. Mr. Shoshani\nalso served as a Securities Lending Manager and Trader at Union Bank for two years. Mr. Shoshani received an MBA in Business Analytics,\nFinance, and Strategy from The Open University of Israel in 2019 and a B.Sc. in Aerospace Engineering from the Technion – Israel\nInstitute of Technology in 2014.

Qiao\nDuan, CFA^®, Vice President of Portfolio Management & Trading for the Adviser

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

Andy\nHicks, Senior Vice President of Trading for the Adviser

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

CFA^®is\na registered trademark owned by the CFA Institute.

The\nFund’s SAI provides additional information about each portfolio manager’s compensation structure, other accounts that each\nportfolio manager manages, and each portfolio manager’s ownership of Shares.

Fund\nSponsor

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

In\nreturn for its financial support for the Fund, the Adviser has agreed to pay the Sub-Adviser any remaining profits generated by the Fund\nunitary management fee. If the amount of the unitary management fees for the Fund exceeds the Fund’s operating expenses (including\nthe sub-advisory fee) and the Adviser-retained amount, that excess amount is considered “remaining profit.” In that case,\nthe Adviser will pay the remaining profits to the Sub-Adviser.

During\nmonths when the funds generated by the unitary management fee are insufficient to cover the entire sub-advisory fee, those fees are automatically\nwaived, and any such waivers are not subject to recoupment. Further, if the amount of the unitary management fee for the Fund is less\nthan the Fund’s operating expenses and the Adviser-retained amount, the Sub-Adviser is obligated to reimburse the Adviser for the\nshortfall.

HOW\nTO BUY AND SELL SHARES

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

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

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

Book\nEntry

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

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

Frequent\nPurchases and Redemptions of Shares

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

Determination\nof Net Asset Value

The\nFund’s NAV is calculated as of the scheduled close of regular trading on the New York Stock Exchange (“NYSE”), generally\n4:00 p.m. Eastern Time, each day the NYSE is open for regular business. The NAV for the Fund is calculated by dividing the Fund’s\nnet assets by its Shares outstanding.

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

Fair\nValue Pricing

Consistent\nwith Rule 2a-5 under the 1940 Act, the Trust and the Adviser have adopted procedures and methodologies wherein the Adviser, serving as\nthe Fund’s Valuation Designee (as defined in Rule 2a-5), determines the fair value of Fund investments whose market prices are\nnot “readily available” or are deemed to be unreliable. For example, such circumstances may arise when: (i) an investment\nhas been delisted or has had its trading halted or suspended; (ii) an investment’s primary pricing source is unable or unwilling\nto provide a price; (iii) an investment’s primary trading market is closed during regular market hours; or (iv) an investment’s\nvalue is materially affected by events occurring after the close of the investment’s primary trading market. Generally, when fair\nvaluing an investment, the Valuation Designee will take into account all reasonably available information that may be relevant to a particular\nvaluation including, but not limited to, fundamental analytical data regarding the issuer, information relating to the issuer’s\nbusiness, recent trades or offers of the investment, general and/or specific market conditions, and the specific facts giving rise to\nthe need to fair value the investment. Fair value determinations are made in good faith and in accordance with the Adviser’s fair\nvalue methodologies, subject to oversight by the Board. Due to the subjective and variable nature of fair value pricing, there can be\nno assurance that the Adviser will be able to obtain the fair value assigned to the investment upon the sale of such investment.

Investments\nby Other Registered Investment Companies in the Fund

Section\n12(d)(1) of the 1940 Act restricts investments by registered investment companies in the securities of other investment companies, including\nShares. Registered investment companies are permitted to invest in the Fund beyond the limits set forth in Section 12(d)(1), subject\nto certain terms and conditions set forth by the rule under the 1940 Act, including that such investment companies enter into an agreement\nwith the Fund.

Delivery\nof Shareholder Documents – Householding

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

DIVIDENDS,\nDISTRIBUTIONS, AND TAXES

Dividends\nand Distributions

The\nFund intends to pay out dividends and interest income, if any, annually, and distribute any net realized capital gains to its shareholders\nat least annually.

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

Dividend\npayments and the timing of distributions, including ex-dividend dates, are determined by the Fund and may change. Historical and upcoming\nex-dividend and distribution dates are available on the Fund’s website. Shareholders and prospective shareholders should refer\nto the Fund’s website or contact the Fund for the most current dividend schedule.

Taxes

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

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

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

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

Taxes\non Distributions. For U.S. federal income tax purposes, distributions of net investment income are generally taxable to shareholders\nas ordinary income or qualified dividend income. Taxes on distributions of net capital gains (if any) are determined by how long the\nFund owned the investments that generated them, rather than how long a shareholder has owned their Shares. Sales of assets held by the\nFund for more than one year generally result in long-term capital gains and losses, and sales of assets held by the Fund for one year\nor less generally result in short-term capital gains and losses. Distributions of the Fund’s net capital gain (the excess of net\nlong-term capital gains over net short-term capital losses) that are reported by the Fund as capital gain dividends (“Capital Gain\nDividends”) will be taxable as long-term capital gains to shareholders. Distributions of short-term capital gain will generally\nbe taxable to shareholders as ordinary income. Dividends and distributions are generally taxable to you whether you receive them in cash\nor reinvest them in additional Shares.

Distributions\nreported by the Fund as “qualified dividend income” are generally taxed to non-corporate shareholders at rates applicable\nto long-term capital gains, provided certain holding period and other requirements are met. “Qualified dividend income” generally\nis income derived from dividends paid by U.S. corporations or certain foreign corporations that are either incorporated in a U.S. possession\nor eligible for tax benefits under certain U.S. income tax treaties. In addition, dividends that the Fund receives in respect of stock\nof certain foreign corporations may be qualified dividend income if that stock is readily tradable on an established U.S. securities\nmarket. Corporate shareholders may be entitled to a dividends-received deduction for the portion of dividends they receive from the Fund\nthat are attributable to dividends received by the Fund from U.S. corporations, subject to certain limitations.

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

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

In\ngeneral, your distributions are subject to federal income tax for the year in which they are paid. Certain distributions paid in January,\nhowever, may be treated as paid on December 31 of the prior year. Distributions are generally taxable even if they are paid from income\nor gains earned by the Fund before your investment (and thus were included in the Shares’ NAV when you purchased your Shares).

You\nmay wish to avoid investing in the Fund shortly before a dividend or other distribution, because such a distribution will generally be\ntaxable to you even though it may economically represent a return of a portion of your investment. See “Important Tax Considerations\nWhen Purchasing Fund Shares” below.

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

Under\nthe Foreign Account Tax Compliance Act (“FATCA”), the Fund may be required to withhold a generally nonrefundable 30% tax\non (i) distributions of investment company taxable income and (ii) distributions of net capital gain and the gross proceeds of a sale\nor redemption of Fund Shares paid to (A) certain “foreign financial institutions” unless such foreign financial institution\nagrees to verify, monitor, and report to the IRS the identity of certain of its account-holders, among other items (or unless such entity\nis otherwise deemed compliant under the terms of an intergovernmental agreement between the United States and the foreign financial institution’s\ncountry of residence), and (B) certain “non-financial foreign entities” unless such entity certifies to the Fund that it\ndoes not have any substantial U.S. owners or provides the name, address, and taxpayer identification number of each substantial U.S.\nowner, among other items. In December 2018, the IRS and Treasury Department released proposed Treasury Regulations that would eliminate\nFATCA withholding on Fund distributions of net capital gain and the gross proceeds from a sale or redemption of Fund Shares. Although\ntaxpayers are entitled to rely on these proposed Treasury Regulations until final Treasury Regulations are issued, these proposed Treasury\nRegulations have not been finalized, may not be finalized in their proposed form, and are potentially subject to change. This FATCA withholding\ntax could also affect the Fund’s return on its investments in foreign securities or affect a shareholder’s return if the\nshareholder holds its Fund Shares through a foreign intermediary. You are urged to consult your tax adviser regarding the application\nof this FATCA withholding tax to your investment in the Fund and the potential certification, compliance, due diligence, reporting, and\nwithholding obligations to which you may become subject in order to avoid this withholding tax.

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

Taxes\nWhen Shares are Sold on an Exchange

Any\ncapital 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\nfor 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\non 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\nrespect to such Shares. Any loss realized on a sale will be disallowed to the extent Shares of the Fund are acquired, including through\nreinvestment of dividends, within a 61-day period beginning 30 days before and ending 30 days after the sale of substantially identical\nShares.

Taxes\non Purchases and Redemptions of Creation Units

An\nAP having the U.S. dollar as its functional currency for U.S. federal income tax purposes who exchanges securities for Creation Units\ngenerally 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\ntime of the exchange and the exchanging AP’s aggregate basis in the securities delivered plus the amount of any cash paid for the\nCreation Units. An AP who exchanges Creation Units for securities will generally recognize a gain or loss equal to the difference between\nthe exchanging AP’s basis in the Creation Units and the aggregate U.S. dollar market value of the securities received, plus any\ncash received for such Creation Units. The IRS may assert, however, that a loss that is realized upon an exchange of securities for Creation\nUnits may not be currently deducted under the rules governing “wash sales” (for an AP who does not mark-to-market their holdings)\nor on the basis that there has been no significant change in economic position. Persons exchanging securities should consult their own\ntax advisor with respect to whether wash sale rules apply and when a loss might be deductible.

Any\ncapital gain or loss realized upon redemption of Creation Units is generally treated as long-term capital gain or loss if Shares comprising\nthe 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\nyear or less.

The\nFund 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\nUnits. The Fund may sell portfolio securities to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to\nrecognize investment income and/or capital gains or losses that it might not have recognized if it had completely satisfied the redemption\nin-kind. As a result, the Fund may be less tax efficient if it includes such a cash payment in the proceeds paid upon the redemption\nof Creation Units.

Important\nTax Considerations When Purchasing Fund Shares

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

When\nthe Fund makes a distribution, its share price typically drops by an amount roughly equal to the distribution. As a hypothetical example,\nif 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\n16, the share price would adjust to $19 (ignoring market fluctuations). Although your total investment value remains $5,000 (250 shares\n× $19 in share value plus 250 shares × $1 distribution), you would owe taxes on the $250 distribution, even if you reinvest\nthe distribution rather than receiving it in cash.

Distributions\nare taxable to shareholders even if they are paid from income or gains realized by the Fund before you invested, and even if they were\nreflected in the purchase price of the shares. Consequently, you may incur taxes on income or gains that accrued before your investment,\nwithout corresponding benefit.

Unless\nyou are investing through a tax-advantaged account, such as an IRA or an employer-sponsored retirement plan, you may wish to avoid purchasing\nFund shares shortly before a distribution. You can minimize the potential tax impact by reviewing the Fund’s distribution schedule\nprior to investing. When available, information about the Fund’s distribution schedule can be found on the Fund’s website\nat www.finqai.com/etfs.

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

DISTRIBUTION

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

The\nBoard has adopted a Distribution (Rule 12b-1) Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. In accordance\nwith the Plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to pay distribution fees\nfor the sale and distribution of its Shares.

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

PREMIUM/DISCOUNT\nINFORMATION

When\navailable, information regarding how often Shares of the Fund traded on the applicable Exchange at a price above (i.e., at a premium)\nor below (i.e., at a discount) the NAV of the Fund can be found on the Fund’s website at www.finqai.com/etfs.

ADDITIONAL\nNOTICES

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

Without\nlimiting any of the foregoing, in no event shall the Exchange have any liability for any lost profits or indirect, punitive, special,\nor consequential damages even if notified of the possibility thereof.

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

Delaware\nlaw permits the governing documents of a statutory trust to expand, restrict or eliminate the fiduciary duties that trustees, shareholders\nor other persons might otherwise be subject to, and replace them with the standards set forth in the Trust’s governing documents.

The\nTrust’s Amended and Restated Declaration of Trust (the “Declaration of Trust”) provides that the Trustees shall not\nbe subject to fiduciary duties except as set forth in the Declaration of Trust. The foregoing relates specifically to Delaware laws.\nNothing in the Declaration of Trust modifying, restricting, or eliminating the duties or liabilities of trustees shall apply to, or in\nany way limit, the duties (including state law fiduciary duties of loyalty and care) or liabilities of such persons with respect to matters\narising under the federal securities laws.

FINANCIAL\nHIGHLIGHTS

This\nsection would ordinarily include Financial Highlights for the Fund. The Financial Highlights table is intended to help you understand\nthe performance of the Fund for the Fund’s periods of operations. Because the Fund has not yet commenced operations as of the date\nof this Prospectus, no Financial Highlights are shown.

FINQ\nCORE U.S. Large Cap AI-Managed Equity ETF

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

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

Investors\nmay find more information about the Fund in the following documents:

Statement\nof Additional Information: The Fund’s SAI provides additional details about the investments of the Fund and certain other\nadditional information. A current SAI dated October 28, 2026, as supplemented from time to time, is on file with the SEC and is herein\nincorporated by reference into this Prospectus. It is legally considered a part of this Prospectus.

Annual/Semi-Annual\nReports: Additional information about the Fund’s investments will be available in the Fund’s annual and semi-annual\nshareholder reports and in Form N-CSR. In the annual report you will find a discussion of the market conditions and investment strategies\nthat significantly affected the Fund’s performance during the first fiscal year the Fund is in operation. In Form N-CSR, you will\nfind the Fund’s annual and semi-annual financial statements.

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

These\ndocuments and other information about the Fund are also available:

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

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

	●	Free of charge from the\n Fund’s Internet website at www.finqai.com/etfs; or

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

(SEC\nInvestment Company Act File No. 811-23377)

$\"\"$

FINQ\nCORE U.S. Large Cap AI-Managed Equity ETF (AIBE)

listed on NYSE Arca, Inc.

STATEMENT\nOF ADDITIONAL INFORMATION

October\n28, 2026

This\nStatement of Additional Information (“SAI”) is not a prospectus and should be read in conjunction with the Prospectus for\nFINQ CORE U.S. Large Cap AI-Managed Equity ETF (the “Fund”), a series of Tidal Trust I (the “Trust”), dated October\n28, 2026, as may be supplemented from time to time (the “Prospectus”). Capitalized terms used in this SAI that are not defined\nhave the same meaning as in the Prospectus, unless otherwise noted. A copy of the Prospectus may be obtained without charge, by calling\nthe Fund at (866) 533-5565, visiting www.finqai.com/etfs, or writing to the Fund, c/o U.S. Bank Global Fund Services, P.O. Box 219252,\nKansas City, Missouri 64121-9252.

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

TABLE\nOF CONTENTS

General Information\n About the Trust	1
Additional Information about Investment\n Objectives, Policies, and Related Risks	1
Description of Permitted Investments	2
Investment Restrictions	8
Exchange Listing and Trading	9
Management of the Trust	9
Principal Shareholders, Control Persons,\n and Management Ownership	15
Codes of Ethics	16
Proxy Voting Policies	16
Investment Adviser	16
Investment Sub-Adviser	17
Portfolio Managers	17
The Distributor	18
Administrator	20
Fund Accountant and Transfer Agent	20
Custodian	21
Legal Counsel	21
Independent Registered Public Accounting\n Firm	21
Portfolio Holdings Disclosure Policies\n and Procedures	21
Description of Shares	21
Limitation of Trustees’ Liability	21
Derivative Actions	22
Brokerage Transactions	22
Portfolio Turnover Rate	23
Book Entry Only System	24
Purchase and Redemption of Shares in\n Creation Units	24
Determination of Net Asset Value	30
Dividends and Distributions	30
U.S. Federal Income Taxes	30
Financial Statements	35

GENERAL\nINFORMATION ABOUT THE TRUST

The\nTrust is an open-end management investment company consisting of multiple series, including the Fund. This SAI relates to the Fund. The\nTrust 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\nis registered with the U.S. Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended\n(together with the rules and regulations adopted thereunder, as amended, the “1940 Act”), as an open-end management investment\ncompany and the offering of the Fund’s shares (“Shares”) is registered under the Securities Act of 1933, as amended\n(the “Securities Act”). The Trust is governed by its Board of Trustees (the “Board”). Tidal Investments LLC (“Tidal”\nor the “Adviser”), a Tidal Financial Group company, serves as investment adviser to the Fund. FINQ AI, LLC (the “Sub-Adviser”)\nserves as the investment sub-adviser to the Fund. The Sub-Adviser serves as sub-adviser to two other series of the Trust, the FINQ DOLLAR\nNEUTRAL U.S. Large Cap AI-Managed Equity ETF and the FINQ FIRST U.S. Large Cap AI-Managed Equity ETF.

The\nFund offers and issues Shares at their net asset value (“NAV”) only in aggregations of a specified number of Shares (each,\na “Creation Unit”). The Fund generally offers and issues Shares in exchange for a basket of securities (“Deposit Securities”)\ntogether with the deposit of a specified cash payment (“Cash Component”). The Trust reserves the right to permit or require\nthe substitution of a “cash in lieu” amount (“Deposit Cash”) to be added to the Cash Component to replace any\nDeposit Security. Shares are listed on NYSE Arca, Inc. (the “Exchange”). Shares trade on the Exchange at market prices that\nmay differ from the Shares’ NAV. Shares are also redeemable only in Creation Unit aggregations, primarily for a basket of Deposit\nSecurities together with a Cash Component. As a practical matter, only institutions or large investors, known as “Authorized Participants”\nor “APs,” purchase or redeem Creation Units. Except when aggregated in Creation Units, Shares are not individually redeemable.

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

ADDITIONAL\nINFORMATION ABOUT INVESTMENT OBJECTIVES, POLICIES, AND RELATED RISKS

The\nFund’s investment objective and principal investment strategies are described in the Prospectus under “Investment Objective”\nand “Principal Investment Strategies,” respectively. The following information supplements, and should be read in conjunction\nwith, the Prospectus. For a description of certain permitted investments, see “Description of Permitted Investments” in this\nSAI.

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

Non-Diversification

The\nFund is classified as non-diversified investment company under the 1940 Act. A “non-diversified” classification means that\nthe Fund is not limited by the 1940 Act’s diversification rule with regard to the percentage of its total assets that may be invested\nin the securities of a single issuer. This means that the Fund may invest a greater portion of its total assets in the securities of\na single issuer or a smaller number of issuers than if it was a diversified fund. The securities of a particular issuer may constitute\na greater portion of the Index and, therefore, those securities may constitute a greater portion of the Fund’s portfolio. This\nmay have an adverse effect on the Fund’s performance or subject the Fund’s Shares to greater price volatility than more diversified\ninvestment companies. Although the Fund is non-diversified for purposes of the 1940 Act, the Fund intends to maintain the required level\nof diversification and otherwise conduct its operations so as to qualify as a regulated investment company (“RIC”) for purposes\nof the Internal Revenue Code of 1986, as amended (the “Code”), and to relieve the Fund of any liability for federal income\ntax to the extent that its earnings are distributed to shareholders. Compliance with the diversification requirements of the Code may\nlimit the investment flexibility of the Fund and may make it less likely that the Fund will meet its investment objective. See “U.S.\nFederal Income Taxes” in this SAI for further discussion.

General\nRisks

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

There\ncan be no guarantee that a liquid market for the securities held by the Fund will be maintained. The existence of a liquid trading market\nfor certain securities may depend on whether dealers will make a market in such securities. There can be no assurance that a market will\nbe 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\nwill be adversely affected if trading markets for the Fund’s portfolio securities are limited or absent, or if bid-ask spreads\nare wide.

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

Cyber\nSecurity Risk. Investment companies, such as the Fund, and their service providers may be subject to operational and information\nsecurity risks resulting from cyber attacks. Cyber attacks include, among other behaviors, stealing or corrupting data maintained online\nor digitally, denial of service attacks on websites, the unauthorized release of confidential information or various other forms of cyber\nsecurity breaches. Cyber attacks affecting the Fund or the Adviser, the Sub-Adviser, the Custodian (defined below), Transfer Agent (defined\nbelow), intermediaries or other third-party service providers may adversely impact the Fund. For instance, cyber attacks may interfere\nwith the processing of shareholder transactions, impact the Fund’s ability to calculate its NAV, cause the release of private shareholder\ninformation or confidential company information, impede trading, subject the Fund to regulatory fines or financial losses, and cause\nreputational damage. The Fund may also incur additional costs for cyber security risk management purposes. Similar types of cyber security\nrisks are also present for issuers of securities in which the Fund invests, which could result in material adverse consequences for such\nissuers, and may cause the Fund’s investment in such portfolio companies to lose value. The growing use of artificial intelligence\nand machine learning may introduce new vulnerabilities in cyber security.

DESCRIPTION\nOF PERMITTED INVESTMENTS

The\nfollowing are descriptions of the permitted investments and investment practices and the associated risk factors. The Fund will only\ninvest in any of the following instruments or engage in any of the following investment practices if such investment or activity is consistent\nwith the Fund’s investment objective and permitted by the Fund’s stated investment policies. In addition, certain of the\ntechniques and investments discussed in this SAI are not principal strategies of the Fund as disclosed in the Prospectus, and while such\ntechniques and investments are permissible for the Fund to utilize, the Fund is not required to utilize such non-principal techniques\nor investments.

Borrowing

Although\nthe Fund does not intend to borrow money, the Fund may do so to the extent permitted by the 1940 Act. Under the 1940 Act, the Fund may\nborrow up to one-third (1/3) of its total assets. The Fund will borrow money only for short-term or emergency purposes. Such borrowing\nis not for investment purposes and will be repaid by the Fund promptly. Borrowing will tend to exaggerate the effect on NAV of any increase\nor decrease in the market value of the Fund’s portfolio. Money borrowed will be subject to interest costs that may or may not be\nrecovered by earnings on the securities purchased. The Fund also may be required to maintain minimum average balances in connection with\na borrowing or to pay a commitment or other fee to maintain a line of credit; either of these requirements would increase the cost of\nborrowing over the stated interest rate. In some instances, the Fund may borrow money via repurchase transactions, in which the fund\nsells a security to a counterparty with the obligation to repurchase that security in the future at a price that includes interest charges.\nSuch repurchase transactions are economically equivalent to a loan secured by the pledged security. See Repurchase Agreements,\nbelow.

Equity\nSecurities

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

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

Types\nof Equity Securities:

Common\nStocks — Common stocks represent units of ownership in a company. Common stocks usually carry voting rights and earn dividends.\nUnlike preferred stocks, which are described below, dividends on common stocks are not fixed but are declared at the discretion of the\ncompany’s board of directors. Common stocks are susceptible to general stock market fluctuations and to volatile increases and\ndecreases in value as market confidence and perceptions change. These investor perceptions are based on various and unpredictable factors,\nincluding expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion\nor contraction; and global or regional political, economic, or banking crises.

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

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

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

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

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

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

When\npurchasing a security on a when-issued basis, the Fund assumes the rights and risks of ownership of the security, including the risk\nof 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\navailable in the market when the delivery takes place also may be higher than those obtained in the transaction itself. Because the Fund\ndoes not pay for the security until the delivery date, these risks are in addition to the risks associated with its other investments.

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

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

Foreign\nSecurities

The\nFund may invest directly in foreign securities. Investing in securities of foreign companies and countries involves certain considerations\nand risks that are not typically associated with investing in U.S. government securities and securities of domestic companies. There\nmay be less publicly available information about a foreign issuer than a domestic one, and foreign companies are not generally subject\nto uniform accounting, auditing and financial standards and requirements comparable to those applicable to U.S. companies. There may\nalso be less government supervision and regulation of foreign securities exchanges, brokers and listed companies than exists in the United\nStates. Interest and dividends paid by foreign issuers as well as gains or proceeds realized from the sale or other disposition of foreign\nsecurities may be subject to withholding and other foreign taxes, which may decrease the net return on such investments as compared to\ndividends and interest paid to the Fund by domestic companies or the U.S. government. There may be the possibility of expropriations,\nseizure or nationalization of foreign deposits, the imposition of tariffs or economic sanctions, confiscatory taxation, political, economic\nor social instability or diplomatic developments that could affect assets of the Fund held in foreign countries. The establishment of\nexchange controls or other foreign governmental laws or restrictions could adversely affect the payment of obligations. In addition,\ninvesting in foreign securities will generally result in higher commissions than investing in similar domestic securities. Because non-U.S.\nsecurities may trade on days when the Fund’s shares are not priced, NAV may change at times when Shares cannot be sold.

Decreases\nin the value of currencies of the foreign countries in which the Fund will invest relative to the U.S. dollar will result in a corresponding\ndecrease in the U.S. dollar value of the Fund’s assets denominated in those currencies (and possibly a corresponding increase in\nthe amount of securities required to be liquidated to meet distribution requirements). Conversely, increases in the value of currencies\nof the foreign countries in which the Fund invests relative to the U.S. dollar will result in a corresponding increase in the U.S. dollar\nvalue of the Fund’s assets (and possibly a corresponding decrease in the amount of securities to be liquidated).

Investing\nin emerging markets can have more risk than investing in developed foreign markets. The risks of investing in these markets may be exacerbated\nrelative to investments in foreign markets. Governments of developing and emerging market countries may be more unstable as compared\nto more developed countries. Developing and emerging market countries may have less developed securities markets or exchanges, and legal\nand accounting systems. It may be more difficult to sell securities at acceptable prices and security prices may be more volatile than\nin countries with more mature markets. Currency values may fluctuate more in developing or emerging markets. Developing or emerging market\ncountries may be more likely to impose government restrictions, including confiscatory taxation, expropriation or nationalization of\na company’s assets, and restrictions on foreign ownership of local companies. In addition, emerging markets may impose restrictions\non the Fund’s ability to repatriate investment income or capital and thus, may adversely affect the operations of the Fund. Certain\nemerging markets may impose constraints on currency exchange and some currencies in emerging markets may have been devalued significantly\nagainst the U.S. Dollar. For these and other reasons, the prices of securities in emerging markets can fluctuate more significantly than\nthe prices of securities of companies in developed countries. The less developed the country, the greater effect these risks may have\non the Fund.

American\nDepositary Receipts (“ADRs”) involve risks similar to those associated with investments in foreign securities and give rise\nto certain additional risks. ADRs listed on U.S. exchanges are issued by banks or trust companies, and entitle the holder to all dividends\nand capital gains that are paid out on the underlying foreign shares (Underlying Shares). When the Fund invests in ADRs as a substitute\nfor an investment directly in the Underlying Shares, the Fund is exposed to the risk that the ADRs may not provide a return that corresponds\nprecisely with that of the Underlying Shares. Investment in ADRs may be less liquid than the Underlying Shares in their primary trading\nmarket.

Exchange-Traded\nFunds

To\nthe extent the Fund invests in shares of other investment companies (including exchanged-traded funds (“ETFs”)), the Fund,\nas the shareholder of another ETF, would bear, along with other shareholders, its pro rata portion of the other ETF’s expenses,\nincluding advisory fees. Such expenses are in addition to the expenses a Fund pays in connection with its own operations. The Fund’s\ninvestments in other ETFs may be limited by applicable law.

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

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

Illiquid\nInvestments and Restricted Investments

The\nFund may invest in illiquid investments (i.e., investments that are not readily marketable) to the extent permitted under the 1940 Act.\nIlliquid investments include, but are not limited to, restricted investments (investments the disposition of which is restricted under\nthe federal securities laws); investments that may only be resold pursuant to Rule 144A under the Securities Act, but that are deemed\nto be illiquid; and repurchase agreements with maturities in excess of seven days. However, the Fund will not acquire illiquid investments\nif, immediately after the acquisition, such investments would comprise more than 15% of the value of the Fund’s net assets. Determinations\nof liquidity are made pursuant to guidelines contained in the liquidity risk management program of the Trust applicable to the Fund.\nThe Adviser determines and monitors the liquidity of the portfolio investments and reports periodically on its decisions to the Board.\nIn making such determinations it takes into account a number of factors in reaching liquidity decisions, including but not limited to:\n(1) the frequency of trades and quotations for the investment; (2) the number of dealers willing to purchase or sell the investment and\nthe number of other potential buyers; (3) the willingness of dealers to undertake to make a market in the investment; and (4) the nature\nof the marketplace trades, including the time needed to dispose of the investment, the method of soliciting offers and the mechanics\nof the transfer. The term “illiquid investment” is defined as an investment that the Fund reasonably expects cannot be sold\nor disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the\nmarket value of the investment.

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

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

Illiquid\ninvestments will be priced at fair value as determined in good faith under procedures adopted by the Trust and the Adviser. If, through\nthe appreciation of illiquid investments or the depreciation of liquid investments, the Fund should be in a position where more than\n15% of the value of its net assets are invested in illiquid investments, including restricted investments which are not readily marketable,\nthe Fund will take such steps as set forth in its procedures as adopted by the Board.

Investment\nCompany Securities

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

Pursuant\nto Section 12(d)(1), the Fund may invest in the securities of another investment company (the “acquired company”) provided\nthat the Fund, immediately after such purchase or acquisition, does not own in the aggregate: (1) more than 3% of the total outstanding\nvoting stock of the acquired company; (2) securities issued by the acquired company having an aggregate value in excess of 5% of the\nvalue of the total assets of the Fund; or (3) securities issued by the acquired company and all other investment companies (other than\ntreasury 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\nby law or regulation, the Fund may invest its assets in securities of investment companies that are money market funds in excess of the\nlimits discussed above.

The\nFund 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\nits assets in other registered funds, including ETFs, if the Fund satisfies certain conditions specified in the Rule.

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

Money\nMarket Funds

The\nFund may invest in underlying money market funds that either seek to maintain a stable $1 NAV (“stable NAV money market funds”)\nor that have a share price that fluctuates (“variable NAV market funds”). Although an underlying stable NAV money market\nfund seeks to maintain a stable $1 NAV, it is possible for the Fund to lose money by investing in such a money market fund. Because the\nshare price of an underlying variable NAV market fund will fluctuate, when the Fund sells the shares it owns they may be worth more or\nless than what the Fund originally paid for them. In addition, neither type of money market fund is designed to offer capital appreciation.\nCertain underlying money market funds may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares\nif such fund’s liquidity falls below required minimums.

Other\nShort-Term Instruments

In\naddition to repurchase agreements, the Fund may invest in short-term instruments, including money market instruments, on an ongoing basis\nto provide liquidity or for other reasons. Money market instruments are generally short-term investments that may include but are not\nlimited to: (i) shares of money market funds; (ii) obligations issued or guaranteed by the U.S. government, its agencies, or instrumentalities\n(including government-sponsored enterprises); (iii) negotiable certificates of deposit (“CDs”), bankers’ acceptances,\nfixed time deposits, and other obligations of U.S. and foreign banks (including foreign branches) and similar institutions; (iv) commercial\npaper rated at the date of purchase “Prime-1” by Moody’s or “A-1” by S&P or, if unrated, of comparable\nquality as determined by the Adviser or Sub-Adviser; (v) non-convertible corporate debt securities (e.g., bonds and debentures) with\nremaining maturities at the date of purchase of not more than 397 days and that satisfy the rating requirements set forth in Rule 2a-7\nunder the 1940 Act; and (vi) short-term U.S. dollar-denominated obligations of foreign banks (including U.S. branches) that, in the opinion\nof the Adviser or Sub-Adviser, are of comparable quality to obligations of U.S. banks which may be purchased by the Fund. Any of these\ninstruments may be purchased on a current or a forward-settled basis. Money market instruments also include shares of money market funds.\nTime deposits are non-negotiable deposits maintained in banking institutions for specified periods of time at stated interest rates.\nBankers’ acceptances are time drafts drawn on commercial banks by borrowers, usually in connection with international transactions.

Repurchase\nAgreements

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

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

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

Reverse\nRepurchase Agreements

The\nFund may enter into reverse repurchase agreements, which involve the sale of securities held by the Fund subject to its agreement to\nrepurchase the securities at an agreed-upon date or upon demand and at a price reflecting a market rate of interest. Reverse repurchase\nagreements are subject to the Fund’s limitation on borrowings and may be entered into only with banks or securities dealers or\ntheir affiliates. While a reverse repurchase agreement is outstanding, the Fund will maintain the segregation, either on its records\nor with its custodian bank, of cash or other liquid securities, marked-to-market daily, in an amount at least equal to its obligations\nunder the reverse repurchase agreement.

Reverse\nrepurchase agreements involve the risk that the buyer of the securities sold by the Fund might be unable to deliver them when the Fund\nseeks to repurchase. If the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, the buyer\nor trustee or receiver may receive an extension of time to determine whether to enforce the Fund’s obligation to repurchase the\nsecurities, and the Fund’s use of the proceeds of the reverse repurchase agreement may effectively be restricted pending such decision.

Securities\nLending

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

With\nrespect to loans that are collateralized by cash, the borrower will be entitled to receive a fee based on the amount of cash collateral.\nThe Fund is compensated by the difference between the amount earned on the reinvestment of cash collateral and the fee paid to the borrower.\nIn the case of collateral other than cash, the Fund is compensated by a fee paid by the borrower equal to a percentage of the value of\nthe loaned securities. Any cash collateral may be reinvested in certain short-term instruments either directly on behalf of the Fund\nor through one or more joint accounts or money market funds, which may include those managed by the Adviser.

The\nFund 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\nlending agents approved by the Board who administer the lending program for the Fund in accordance with guidelines approved by the Board.\nIn such capacity, the lending agent causes the delivery of loaned securities from the Fund to borrowers, arranges for the return of loaned\nsecurities to the Fund at the termination of a loan, requests deposit of collateral, monitors the daily value of the loaned securities\nand collateral, requests that borrowers add to the collateral when required by the loan agreements, and provides recordkeeping and accounting\nservices necessary for the operation of the program.

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

Tax\nRisks

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

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

U.S.\nGovernment Securities

The\nFund may invest in U.S. government securities. Securities issued or guaranteed by the U.S. government or its agencies or instrumentalities\ninclude 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\nrates, maturities, and times of issuance. U.S. Treasury bills have initial maturities of one-year or less; U.S. Treasury notes have initial\nmaturities of one to ten years; and U.S. Treasury bonds generally have initial maturities of greater than ten years. Certain U.S. government\nsecurities are issued or guaranteed by agencies or instrumentalities of the U.S. government including, but not limited to, obligations\nof U.S. government agencies or instrumentalities such as the FNMA, the GNMA, the Small Business Administration, the Federal Farm Credit\nAdministration, the Federal Home Loan Banks, Banks for Cooperatives (including the Central Bank for Cooperatives), the Federal Land Banks,\nthe Federal Intermediate Credit Banks, the Tennessee Valley Authority, the Export-Import Bank of the United States, the Commodity Credit\nCorporation, the Federal Financing Bank, the Student Loan Marketing Association, the National Credit Union Administration and the Federal\nAgricultural Mortgage Corporation (Farmer Mac).

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

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

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

INVESTMENT\nRESTRICTIONS

The\nTrust has adopted the following investment restrictions as fundamental policies with respect to the Fund. These restrictions cannot be\nchanged with respect to the Fund without the approval of the holders of a majority of the Fund’s outstanding voting securities.\nFor the purposes of the 1940 Act, a “majority of outstanding shares” means the vote of the lesser of: (1) 67% or more of\nthe voting securities of the Fund present at the meeting if the holders of more than 50% of the Fund’s outstanding voting securities\nare present or represented by proxy; or (2) more than 50% of the outstanding voting securities of the Fund.

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

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

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

	2.	Make loans, except to the\n extent permitted under the 1940 Act.

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

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

	5.	Underwrite securities issued\n by other persons, except to the extent permitted under the 1940 Act.

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

In\ndetermining its compliance with the fundamental investment restriction on concentration, the Fund will look through to the underlying\nholdings of any affiliated investment company and will consider its entire investment in any investment company with a policy to concentrate,\nor having otherwise disclosed that it is concentrated, in a particular industry or group of related\nindustries as being invested in such industry or group of related industries. Additionally, in determining its compliance with the fundamental\ninvestment restriction on concentration, the Fund will look through to the user or use of private activity municipal bonds to determine\ntheir industry.

In\naddition to the investment restrictions adopted as fundamental policies as set forth above, the Fund observes the following non-fundamental\nrestriction, which may be changed without a shareholder vote upon 60-days’ notice to shareholders:

Under\n normal circumstances, at least 80% of the Fund’s net assets (plus any borrowings for\n investment purposes) will be invested in equity securities of U.S. large-cap companies(as\n defined in the Prospectus).

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

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

EXCHANGE\nLISTING AND TRADING

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

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

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

MANAGEMENT\nOF THE TRUST

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

The\nday-to-day business of the Trust, including the management of risk, is performed by third-party service providers, such as the Adviser,\nthe Sub-Adviser, the Distributor (defined below), and the Administrator (defined below). The Board is responsible for overseeing the\nTrust’s service providers and, thus, has oversight responsibility with respect to risk management performed by those service providers.\nRisk management seeks to identify and address risks, i.e., events or circumstances that could have material adverse effects on the business,\noperations, shareholder services, investment performance, or reputation of the Fund. The Fund and its service providers employ a variety\nof processes, procedures, and controls to identify various of those possible events or circumstances, to lessen the probability of their\noccurrence and/or to mitigate the effects of such events or circumstances if they do occur. Each service provider is responsible for\none or more discrete aspects of the Trust’s business (e.g., the Sub-Adviser is responsible for the day-to-day management of the\nFund’s portfolio investments) and, consequently, for managing the risks associated with that business. The Board has emphasized\nto the Fund’s service providers the importance of maintaining vigorous risk management.

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

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

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

The\nBoard receives reports from the Fund’s service providers regarding operational risks and risks related to the valuation and liquidity\nof portfolio securities. Annually, the Fund’s independent registered public accounting firm reviews with the Audit Committee its\naudit of the Fund’s financial statements, focusing on major areas of risk encountered by the Fund and noting any significant deficiencies\nor material weaknesses in the Fund’s internal controls over financial reporting. Additionally, in connection with its oversight\nfunction, the Board oversees Fund management’s implementation of disclosure controls and procedures, which are designed to ensure\nthat information required to be disclosed by the Trust in its periodic reports with the SEC are recorded, processed, summarized, and\nreported within the required time periods. The Board also oversees the Trust’s internal controls over financial reporting, which\ncomprise policies and procedures designed to provide reasonable assurance regarding the reliability of the Trust’s financial reporting\nand the preparation of the Trust’s financial statements.

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

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

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

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

Additional\ninformation 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\nFlorida Street, Suite 700, Milwaukee, Wisconsin 53204.

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

Name\n and Year of Birth	Position\n \n Held with \n the Trust	Term\n of Office \n and Length of \n Time Served	Principal\n Occupation(s) \n During Past 5 Years	Number\n \n of \n Portfolios \n in Fund \n Complex \n Overseen \n by \n Trustee⁽³⁾	Other\n Directorships \n Held by Trustee \n During Past 5 Years
Independent\n Trustees⁽¹⁾
Mark\n H.W. Baltimore \n Born: 1967	Trustee	Indefinite\n term; since 2018	Co-Chief\n Executive Officer, Global Rhino, LLC (asset management consulting firm) (since 2018); Chief Business Development Officer, Joot (asset\n management compliance services firm) (2019 to 2023).	70	None
Dusko\n Culafic \n Born: 1958	Trustee	Indefinite\n term; since 2018	Retired\n (since 2018).	70	None
Eduardo\n Mendoza \n Born: 1966	Trustee	Indefinite\n term; since 2018	Chief\n Corporate Development Officer & Head of Structured Lending (since 2024), Chief Financial Officer (2022 to 2023); Executive Vice\n President - Head of Capital Markets & Corporate Development (since 2019), Credijusto (financial technology company).	70	None
Interested\n Trustee
Eric\n W. Falkeis⁽²⁾ \n Born: 1973	President,\n Principal Executive Officer, Trustee and Chairman	President\n and Principal Executive Officer since 2019, Indefinite term; Trustee and Chairman, since 2018, Indefinite term	Chief\n Operating Officer, Tidal Investments LLC (since 2023); Chief Executive Officer, Tidal ETF Services LLC (since 2018).	756⁽⁴⁾	Trustee,\n Tidal Trust II (since 2022); Trustee, Tidal Trust III (since 2025); Trustee, Tidal Trust IV (since 2025); Trustee, Tidal Trust V\n (since 2025) (686 series total); Independent Director, Muzinich Direct Lending Income Fund, Inc. (since 2023); Independent Director,\n Muzinich BDC, Inc. (since 2019); Trustee, Professionally Managed Portfolios (27 series) (since 2011).

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

(1)	All Independent\n Trustees of the Trust are not “interested persons” of the Trust as defined under the 1940 Act.
(2)	Mr. Falkeis is considered\n an “interested person” of the Trust due to his positions as President, Principal Executive Officer and Chairman of the\n Trust, Chief Operating Officer of Tidal Investments, LLC, and Chief Executive Officer of Tidal ETF Services LLC, each a Tidal Financial\n Group company and an affiliate of the Adviser.
(3)	The Trust, as of the\n date of this SAI, offers to the public 49 of the 70 Funds registered with the SEC.
(4)	Includes series of Tidal\n Trust II, Tidal Trust III, Tidal Trust IV and Tidal Trust V for which Mr. Falkeis also serves as Trustee.

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

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

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

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

The\nTrust has concluded that Mr. Falkeis should serve as a Trustee because of his substantial investment company experience and his experience\nwith financial, accounting, investment, and regulatory matters through his current positions as Chief Operating Officer of the Adviser\nand Chief Executive Officer of the Administrator and his former position as Senior Vice President and Chief Financial Officer (and other\npositions) of U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Global Fund Services”),\na full service provider to ETFs, mutual funds, and alternative investment products. In addition, he has experience consulting with investment\nadvisors regarding the legal structure of mutual funds, distribution channel analysis, and actual distribution of those funds. Mr. Falkeis\nalso has substantial managerial, operational, technological, and risk oversight related experience through his former position as Chief\nOperating Officer of the advisers to the Direxion mutual fund and ETF complex. Mr. Falkeis’ experience, qualifications, attributes,\nor skills on an individual basis and in combination with those of the other Trustees led to the Board’s conclusion that he possesses\nthe requisite skills and attributes as a Trustee to carry out oversight responsibilities with respect to the Trust.

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

Board\nCommittees. The Board has established the following standing committees of the Board:

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

The\nAudit Committee also serves as the Qualified Legal Compliance Committee (“QLCC”) for the Trust for the purpose of compliance\nwith Rules 205.2(k) and 205.3(c) of the Code of Federal Regulations, regarding alternative reporting procedures for attorneys retained\nor employed by an issuer who appear and practice before the SEC on behalf of the issuer (the “issuer attorneys”). An issuer\nattorney who becomes aware of evidence of a material violation by the Trust, or by any officer, director, employee, or agent of the Trust,\nmay report evidence of such material violation to the QLCC as an alternative to the reporting requirements of Rule 205.3(b) (which requires\nreporting to the chief legal officer and potentially escalating further to other entities).

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

Principal\nOfficers of the Trust

The\nofficers 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\nFlorida Street, Suite 700, Milwaukee, Wisconsin 53204, unless otherwise indicated. Additional information about the Trust’s officers\nis 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

Name\n and Year of Birth	Position(s) \n Held with \n the Trust	Term\n of Office \n and Length of \n Time Served	Principal\n Occupation(s) \n During Past 5 Years
Eric\n W. Falkeis ⁽¹⁾ \n Born: 1973	President,\n Principal Executive Officer, Interested Trustee and Chairman	President\n and Principal Executive Officer since 2019, Indefinite term; Interested Trustee and Chairman since 2018, Indefinite term	Chief\n Operating Officer of Tidal Investments LLC (since 2023); Chief Executive Officer, Tidal ETF Services LLC (since 2018).
John\n F. Kernan, CFA \n Born: 1965	Senior\n Vice President	Indefinite\n term; since 2026	Senior\n Vice President of Fund Administration, Tidal Investments LLC (since 2025); Staff, U.S. Securities and Exchange Commission (2020 to\n 2025).
Aaron\n J. Perkovich \n Born: 1973	Treasurer,\n Principal Financial Officer, and Principal Accounting Officer	Indefinite\n term; \n since 2022	Senior\n Vice President of Fund Administration (since 2024), Head of Fund Administration (2023 to 2024) Tidal Investments LLC; Fund Administration\n Manager, Tidal ETF Services LLC (2022 to 2023); Assistant Director – Investments, Mason Street Advisors, LLC (2021 to 2022);\n Vice President, U.S. Bancorp Fund Services, LLC (2006 to 2021).
William\n H. Woolverton, Esq. \n Born: 1951	Chief\n Compliance Officer and AML Compliance Officer	AML\n Compliance Officer since 2023, Indefinite term; Chief Compliance Officer since 2021, Indefinite term	Chief\n Compliance Officer (since 2023), Compliance Adviser (2022 to 2023), Tidal Investments LLC; Senior Compliance Adviser, ACA Global\n (2020 to 2023); Director, Hadron Specialty Insurance Company (since 2023) Operating Partner, Altamont Capital Partners (private equity\n firm) (since 2021).
Lissa\n M. Richter \n Born: 1979	Vice\n President and Secretary	Vice\n President since 2025, Indefinite term; Secretary since 2023, Indefinite term	Vice\n President of Fund Governance and Compliance Tidal Investments LLC (since 2024); ETF Regulatory Manager, Tidal ETF Services LLC (2021\n to 2024).
Melissa\n Breitzman \n Born: 1983	Assistant\n Treasurer	Indefinite\n term: \n since 2023	Vice\n President of Fund Administration Tidal Investments LLC (since 2024); Fund Administration Manager, Tidal ETF Services LLC (2023 to\n 2024) Assistant Vice President, U.S. Bancorp Fund Services, LLC (2005 to 2023).

\n \n \n \n

(1)

Mr. Falkeis is considered\n an “interested person” of the Trust due to his positions as President, Principal Executive Officer and Chairman of the\n Trust, Chief Operating Officer of Tidal Investments LLC and Chief Executive Officer of Tidal ETF Services LLC, each a Tidal Financial\n Group company, and an affiliate of the Adviser.

Trustee\nOwnership of Shares. The Fund is required to show the dollar amount ranges of each Trustee’s “beneficial ownership”\nof Shares and each other series of the Trust as of the end of the most recently completed calendar year. Dollar amount ranges disclosed\nare established by the SEC. “Beneficial ownership” is determined in accordance with Rule 16a-1(a)(2) under the Securities\nExchange Act of 1934, as amended (the “1934 Act”).

As\nof October 28, 2026, the Fund had not commenced operations and no Shares were outstanding.

As\nof December 31, 2025, Mr. Culafic beneficially owned shares of certain series of the Trust as follows, and no other Trustee owned shares\nof any series of the Trust:

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

Name	Dollar\n Range of Shares Owned \n in the Fund	Aggregate\n Dollar Range of Shares \n of Series of the Trust
Dusko\n Culafic	None	$50,001\n - $100,000

As\nof December 31, 2025, neither the Independent Trustees nor members of their immediate family, owned securities beneficially or of record\nin the Adviser, the Sub-Adviser, Distributor (as defined below), or an affiliate of the Adviser, the Sub-Adviser, or Distributor. Accordingly,\nneither the Independent Trustees nor members of their immediate family, have direct or indirect interest, the value of which exceeds\n$120,000, in the Adviser, the Distributor or any of their affiliates. In addition, during the two most recently completed calendar years,\nneither the Independent Trustees nor members of their immediate families had a direct or indirect interest, the value of which exceeds\n$120,000 in (i) the Adviser, the Sub-Adviser, the Distributor or any of their affiliates; (ii) any transaction or relationship in which\nsuch entity, the Fund, the Trust, any officer of the Trust, the Adviser, the Sub-Adviser, the Distributor, or any of their affiliates\nwas a party; or (iii) any other relationship related to payments for property or services to the Fund, the Trust, any officer of the\nTrust, the Adviser, the Sub-Adviser, the Distributor, or any of their affiliates.

Board\nCompensation. The Independent Trustees each receive $35,000 for each regular meeting attended, $6,000 for each special meeting attended,\nand $1,000 for each standalone audit committee meeting attended, as well as reimbursement for travel and other out-of-pocket expenses\nincurred in connection with serving as a Trustee. The Audit Committee Chair receives an annual fee of $45,000. The Trust has no pension\nor retirement plan.

The\nfollowing table shows the estimated compensation to be earned by each Trustee for the Fund’s fiscal period ending September 30,\n2027. Independent Trustee fees are paid by the Adviser or sub-adviser (for series that are sub-advised) to each series of the Trust and\nnot by the Fund. Trustee compensation shown below does not include reimbursed out-of-pocket expenses in connection with attendance at\nmeetings.

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

Name	Aggregate\n Compensation \n From Fund⁽¹⁾	Total\n Estimated Compensation From Fund \n Complex Paid to Trustees⁽¹⁾⁽²⁾
Interested\n Trustees
Eric\n W. Falkeis	$0	$0
Independent\n Trustees
Mark\n H.W. Baltimore	$0	$217,000
Dusko\n Culafic	$0	$262,000
Eduardo\n Mendoza	$0	$217,000

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

⁽¹⁾	Compensation is based on estimated\n amounts for the fiscal year.
⁽²⁾	The Trust, as of the\n date of this SAI, offers for sale to the public 49 of the 70 Funds registered with the SEC.

PRINCIPAL\nSHAREHOLDERS, CONTROL PERSONS, AND MANAGEMENT OWNERSHIP

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

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

CODES\nOF ETHICS

The\nTrust, 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\nare designed to prevent affiliated persons of the Trust, the Adviser, and the Sub-Adviser from engaging in deceptive, manipulative, or\nfraudulent activities in connection with securities held or to be acquired by the Fund (which may also be held by persons subject to\nthe codes of ethics). Each code of ethics permits personnel subject to that code of ethics to invest in securities for their personal\ninvestment accounts, subject to certain limitations, including limitations related to securities that may be purchased or held by the\nFund. The Distributor (as defined below) relies on the principal underwriters exception under Rule 17j-1(c)(3), specifically where the\nDistributor is not affiliated with the Trust, the Adviser, or the Sub-Adviser and no officer, director, or general partner of the Distributor\nserves as an officer, director, or general partner of the Trust, the Adviser, or the Sub-Adviser.

PROXY\nVOTING POLICIES

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

In\nthe absence of a conflict of interest, the Adviser will generally vote “for” routine proposals, such as the election of directors,\napproval of auditors, and amendments or revisions to corporate documents to eliminate outdated or unnecessary provisions. Unusual or\ndisputed proposals will be reviewed and voted on a case-by-case basis. The Proxy Voting Policies address, among other things, material\nconflicts of interest that may arise between the interests of the Fund and the interests of the Adviser. The Proxy Voting Policies will\nensure that all issues brought to shareholders are analyzed in light of the Adviser’s fiduciary responsibilities.

The\nTrust’s Chief Compliance Officer is responsible for monitoring the effectiveness of the Proxy Voting Policies.

When\navailable, information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June\n30 is available (1) without charge, upon request, by calling (866) 533-5565 or (2) on the Fund’s website at www.finqai.com/etfs\nor (3) on the SEC’s website at www.sec.gov.

INVESTMENT\nADVISER

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

Pursuant\nto the Investment Advisory Agreement (the “Advisory Agreement”), the Adviser provides investment advice to the Fund and oversees\nthe day-to-day operations of the Fund, subject to the direction and oversight of the Board. The Adviser also oversees the trading of\nportfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions. Under the Advisory Agreement,\nthe Adviser is also responsible for arranging sub-advisory, transfer agency, custody, fund administration and accounting, and other related\nservices necessary for the Fund to operate. The Adviser administers the Fund’s business affairs, provides office facilities and\nequipment and certain clerical, bookkeeping, and administrative services. The Adviser provides oversight of the Sub-Adviser and review\nof the Sub-Adviser’s performance. Under the Advisory Agreement, in exchange for a single unitary management fee from the Fund,\nthe Adviser has agreed to pay all expenses incurred by the Fund except for the Excluded Expenses, as defined in the Prospectus. For the\nservices provided to the Fund, the Fund pays the Adviser a unitary management fee, which is calculated daily and paid monthly, at an\nannual rate of 0.53% of the Fund’s average daily net assets.

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

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

The\nFund is new, and the Fund has not paid fees to the Adviser pursuant to the Advisory Agreement as of the date of this SAI.

INVESTMENT\nSUB-ADVISER

The\nAdviser has retained FINQ AI, LLC, a registered investment adviser located at 9 Ahad Ha’am Street, Tel Aviv, Tel-Aviv District,\nIsrael 6514224, to serve as the investment sub-adviser to the Fund pursuant to an investment sub-advisory agreement (the “Sub-Advisory\nAgreement”) between the Adviser and the Sub-Adviser. The Sub-Adviser provides portfolio management services to the Fund.

The\nSub-Adviser is responsible for oversight of the Fund’s portfolio and supervision and monitoring of the Model that selects the Fund’s\ninvestment portfolio on a day-to-day basis, subject to the approval of the Adviser and the supervision of the Board. For its services,\nthe Sub-Adviser is paid a fee by the Adviser, which is calculated daily and paid monthly, at an annual rate of 0.04% of the average daily\nnet assets of the Fund. The Sub-Adviser has agreed to assume the Adviser’s obligation to pay all expenses incurred by the Fund,\nexcept for Excluded Expenses. For assuming the payment obligations for the Fund, the Adviser has agreed to pay the Sub-Adviser the profits,\nif any, generated by the Fund’s unitary management fee. Expenses incurred by the Fund and paid by the Sub-Adviser include fees\ncharged by Tidal ETF Services, LLC, a Tidal Financial Group company, the Fund’s administrator and an affiliate of the Adviser.

The\nSub-Advisory Agreement will continue in force for an initial period of two years. Thereafter, the Sub-Advisory Agreement with respect\nto the Fund is renewable from year to year, so long as its continuance is approved at least annually (1) by the vote, cast in person\nat a meeting (or in another manner permitted by the 1940 Act or pursuant to exemptive relief therefrom) called for that purpose, of a\nmajority of those Trustees who are not “interested persons” of the Trust; and (2) by the majority vote of either the full\nBoard or the vote of a majority of the outstanding Shares. The Sub-Advisory Agreement will terminate automatically in the event of its\nassignment, and is terminable at any time, without penalty, by the Board, including a majority of the Independent Trustees, or by the\nvote of a majority of the outstanding voting securities of the Fund, on 60 days’ written notice to the Adviser and the Sub-Adviser,\nor by the Adviser or Sub-Adviser on 60 days’ written notice to the Trust and the other party.

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

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

PORTFOLIO\nMANAGERS

The\nFund is jointly and primarily managed by Dan Solomon and Eran Shoshani, Portfolio Managers for the Sub-Adviser and Qiao Duan and Andy\nHicks, Portfolio Managers for the Adviser. Each Portfolio Manager has managed the Fund since its inception in 2026.

Other\nAccounts. In addition to the Fund, the portfolio managers managed the following other accounts as of September 30, 2026:

Dan\nSolomon, Portfolio Manager for the Sub-Adviser

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

Type\n of Accounts	Total \n Number \n of Accounts	Total\n Assets \n of Accounts \n (in millions)	Total\n \n Number of \n Accounts \n Subject to a \n Performance- \n Based Fee	Total\n Assets \n of Accounts \n Subject to a \n Performance- \n Based Fee \n (in millions)
Registered\n Investment Companies	2	$15.43	0	$0
Other\n Pooled Investment Vehicles	0	$0	0	$0
Other\n Accounts*	62	$1.068	0	$0

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

Eran\nShoshani, Portfolio Manager for the Sub-Adviser

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

Type\n of Accounts	Total \n Number \n of Accounts	Total\n Assets \n of Accounts \n (in millions)	Total\n \n Number of \n Accounts \n Subject to a \n Performance- \n Based Fee	Total\n Assets \n of Accounts \n Subject to a \n Performance- \n Based Fee \n (in millions)
Registered\n Investment Companies	2	$15.43	0	$0
Other\n Pooled Investment Vehicles	0	$0	0	$0
Other\n Accounts*	0	$0	0	$0

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

Qiao\nDuan, CFA^®, Portfolio Manager for the Adviser

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

Type\n of Accounts	Total\n Number of \n Accounts	Total\n Assets of \n Accounts \n (millions)	Total\n Number of \n Accounts \n Subject to a \n Performance- \n Based Fee	Total\n Assets of \n Accounts \n Subject to a \n Performance- \n Based Fee \n (millions)
Registered\n Investment Companies	106	$24,760.48	0	$0
Other\n Pooled Investment Vehicles	0	$0	0	$0
Other\n Accounts	0	$0	0	$0

Andy\nHicks, Portfolio Manager for the Adviser

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

Type\n of Accounts	Total\n Number of \n Accounts	Total\n Assets of \n Accounts \n (millions)	Total\n Number of \n Accounts \n Subject to a \n Performance- \n Based Fee	Total\n Assets of \n Accounts \n Subject to a \n Performance- \n Based Fee \n (millions)
Registered\n Investment Companies	57	$8,943	0	$0
Other\n Pooled Investment Vehicles	0	$0	0	$0
Other\n Accounts	0	$0	0	$0

CFA^®\nis a registered trademark owned by the CFA Institute.

Portfolio\nManager Fund Ownership. The Fund is required to show the dollar range of each portfolio manager’s “beneficial ownership”\nof Shares as of the end of the most recently completed fiscal year. Dollar amount ranges disclosed are established by the SEC. “Beneficial\nownership” is determined in accordance with Rule 16a-1(a)(2) under the 1934 Act. As of the date of this SAI, the Fund has not yet\ncommenced operations and no Shares were owned by the portfolio managers.

Portfolio\nManager Compensation – Sub-Adviser. Mr. Solomon and Mr. Shoshani are compensated by the Sub-Adviser with a fixed global salary,\nwhich is not contingent upon the performance of the investments or the Fund.

Portfolio\nManager Compensation – Adviser. Each portfolio manager of the Adviser is compensated by the Adviser with a base salary and\ndiscretionary bonus based on the financial performance and profitability of the Adviser and not based on the performance of the Fund\nTo the extent a portfolio manager is an equity owner of the Adviser, such portfolio manager may benefit indirectly from the revenue generated\nby the Fund’s Advisory Agreement with the Adviser.

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

THE\nDISTRIBUTOR

The\nTrust and Foreside Fund Services, LLC, a wholly owned subsidiary of Foreside Financial Group (dba ACA Group) (the “Distributor”),\nare parties to a distribution agreement (“Distribution Agreement”), whereby the Distributor acts as principal underwriter\nfor the Fund and distributes Shares on a best efforts basis. Shares are continuously offered for sale by the Distributor only in Creation\nUnits. The Distributor will not distribute Shares in amounts less than a Creation Unit and does not maintain a secondary market in Shares.\nThe principal business address of the Distributor is 190 Middle Street, Suite 301, Portland, Maine 04101.

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

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

The\nDistribution Agreement will continue for two years from its effective date and is renewable annually thereafter. The continuance of the\nDistribution Agreement must be specifically approved at least annually (1) by the vote of the Trustees or by a vote of the shareholders\nof the Fund and (2) by the vote of a majority of the Independent Trustees who have no direct or indirect financial interest in the operations\nof the Distribution Agreement or any related agreement, cast in person (or in another manner permitted by the 1940 Act or pursuant to\nexemptive relief therefrom) at a meeting called for the purpose of voting on such approval. The Distribution Agreement is terminable\nwithout penalty by the Trust on 60 days’ written notice when authorized either by majority vote of its outstanding voting Shares\nor by a vote of a majority of its Board (including a majority of the Independent Trustees), or by the Distributor on 60 days’ written\nnotice, and will automatically terminate in the event of its assignment. The Distribution Agreement provides that, in the absence of\nwillful misfeasance, bad faith, or gross negligence on the part of the Distributor, or reckless disregard by it of its obligations thereunder,\nthe Distributor shall not be liable for any action or failure to act in accordance with its duties thereunder.

The\nFund is new and has not incurred any underwriting commissions and the Distributor has not retained any amounts as of the date of this\nSAI.

Intermediary\nCompensation. The Adviser, the Sub-Adviser or their affiliates, out of their own resources and not out of Fund assets (i.e.,\nwithout additional cost to the Fund or its shareholders), may pay certain broker dealers, banks, and other financial intermediaries (“Intermediaries”)\nfor certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable\nabout exchange traded products, including the Fund, or for other activities, such as marketing and educational training or support. These\narrangements are not financed by the Fund and, thus, do not result in increased Fund expenses. They are not reflected in the fees and\nexpenses listed in the fees and expenses sections of the Fund’s Prospectus and they do not change the price paid by investors for\nthe purchase of Shares or the amount received by a shareholder as proceeds from the redemption of Shares.

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

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

If\nyou have any additional questions, please call (866) 533-5565.

Distribution\n(Rule 12b-1) Plan. The Trust has adopted a Distribution (Rule 12b-1) Plan (the “Plan”) in accordance with the provisions\nof 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\ndate of this SAI. Rule 12b-1 fees to be paid by the Fund under the Plan may only be imposed after approval by the Board.

Continuance\nof 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\npersons (as defined in the 1940 Act) of the Trust and have no direct or indirect financial interest in the Plan or in any agreements\nrelated to the Plan (“Disinterested Trustees”). None of the Trustees have a direct or indirect financial interest in the\nPlan 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\nthe Disinterested Trustees, concludes at least annually that continuation of the Plan is likely to benefit shareholders. The Board has\ndetermined that the Plan is likely to benefit the Fund by providing an incentive for brokers, dealers, and other financial intermediaries\nto engage in sales and marketing efforts on behalf of the Fund and to provide enhanced services to shareholders. The Board also determined\nthat the Plan may enhance the Fund’s ability to sell shares and access important distribution channels.

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

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

Under\nthe Plan, subject to the limitations of applicable law and regulations, the Fund is authorized to compensate the Distributor up to the\nmaximum amount to finance any activity primarily intended to result in the sale of Creation Units of the Fund or for providing, or arranging\nfor others to provide, shareholder services and for the maintenance of shareholder accounts. Such activities may include, but are not\nlimited to: (1) delivering copies of the Fund’s then current reports, prospectuses, notices, and similar materials, to prospective\npurchasers of Creation Units; (2) marketing and promotional services, including advertising; (3) paying the costs of and compensating\nothers, including Authorized Participants with whom the Distributor has entered into written Authorized Participant Agreements, for performing\nshareholder servicing on behalf of the Fund; (4) compensating certain Authorized Participants for providing assistance in distributing\nthe Creation Units of the Fund, including the travel and communication expenses and salaries and/or commissions of sales personnel in\nconnection with the distribution of the Creation Units of the Fund; (5) payments to financial institutions and intermediaries such as\nbanks, savings and loan associations, insurance companies, and investment counselors, broker-dealers, mutual fund supermarkets and the\naffiliates and subsidiaries of the Trust’s service providers as compensation for services or reimbursement of expenses incurred\nin connection with distribution assistance; (6) facilitating communications with beneficial owners of Shares, including the cost of providing,\nor paying others to provide, services to beneficial owners of Shares, including, but not limited to, assistance in answering inquiries\nrelated to Shareholder accounts; and (7) such other services and obligations as are set forth in the Distribution Agreement.

ADMINISTRATOR

Tidal\nETF Services LLC (the “Administrator”), a Tidal Financial Group company, an affiliate of the Adviser, serves as the Fund’s\nadministrator. The Administrator is located at 234 West Florida Street, Suite 700, Milwaukee, Wisconsin 53204. Pursuant to a Fund Administration\nServicing Agreement between the Trust and the Administrator, the Administrator provides the Trust with, or arranges for, administrative,\ncompliance, and management services (other than investment advisory services) to be provided to the Trust and the Board. Pursuant to\nthe Fund Administration Servicing Agreement, officers or employees of the Administrator serve as the Trust’s principal executive\nofficer and principal financial officer, chief compliance officer, the Administrator coordinates the payment of Fund-related expenses,\nand manages the Trust’s relationships with its various service providers. As compensation for the services it provides, the Administrator\nreceives a fee based on the Fund’s average daily net assets, subject to a minimum annual fee. The Administrator also is entitled\nto certain out-of-pocket expenses for the services mentioned above.

The\nFund is new, and the Administrator has not received any fees for administrative services to the Fund as of the date of this SAI.

FUND\nACCOUNTANT AND TRANSFER AGENT

Global\nFund Services, located at 615 East Michigan Street, Milwaukee, Wisconsin 53202, serves as the Fund’s fund accountant and transfer\nagent.

Pursuant\nto a Fund Accounting Servicing Agreement between the Trust and Global Fund Services, Global Fund Services provides the Trust with accounting\nservices, including portfolio accounting services, tax accounting services, and furnishing financial reports. In this capacity, Global\nFund Services does not have any responsibility or authority for the management of the Fund, the determination of investment policy, or\nfor any matter pertaining to the distribution of Shares. As compensation for the accounting and management services, the Adviser pays\nGlobal Fund Services a fee based on the Fund’s average daily net assets, subject to a minimum annual fee. Global Fund Services\nalso is entitled to certain out-of-pocket expenses for the services mentioned above, including pricing expenses.

The\nFund is new, and Global Fund Services has not received any fees for accounting and management or transfer agent services to the Fund\nas of the date of this SAI.

CUSTODIAN

Pursuant\nto a Custody Agreement, U.S. Bank National Association (“U.S. Bank”), 1555 North Rivercenter Drive, Milwaukee, Wisconsin\n53212, serves as the custodian (the “Custodian”) of the Fund’s assets. U.S. Bank is the parent company of Global Fund\nServices. The Custodian holds and administers the assets in the Fund’s portfolio. Pursuant to the Custody Agreement, the Custodian\nreceives an annual fee from the Adviser based on the Trust’s total average daily net assets, subject to a minimum annual fee, and\ncertain settlement charges. The Custodian also is entitled to certain out-of-pocket expenses.

LEGAL\nCOUNSEL

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

INDEPENDENT\nREGISTERED PUBLIC ACCOUNTING FIRM

Tait,\nWeller & Baker LLP, located at Two Liberty Place, 50 South 16^th Street, 29^th Floor, Philadelphia, Pennsylvania,\n19102, serves as the independent registered public accounting firm for the Fund, providing services which include: (1) auditing the annual\nfinancial statements for the Fund; and (2) the review of the annual U.S. federal income tax returns filed on behalf of the Fund.

PORTFOLIO\nHOLDINGS DISCLOSURE POLICIES AND PROCEDURES

The\nBoard has adopted a policy regarding the disclosure of information about the Fund’s security holdings. The Fund’s entire\nportfolio holdings are publicly disseminated each day the Fund is open for business and through financial reporting and news services\nincluding publicly available internet web sites. In addition, the composition of the Deposit Securities is publicly disseminated daily\nprior to the opening of the Exchange via the National Securities Clearing Corporation (“NSCC”).

DESCRIPTION\nOF SHARES

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

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

Under\nthe Declaration of Trust, the Trustees have the power to liquidate the Fund without shareholder approval. While the Trustees have no\npresent intention of exercising this power, they may do so if the Fund fails to reach a viable size within a reasonable amount of time\nor for such other reasons as may be determined by the Board.

LIMITATION\nOF TRUSTEES’ LIABILITY

The\nDeclaration of Trust provides that a Trustee shall be liable only for his or her own willful misfeasance, bad faith, gross negligence,\nor reckless disregard of the duties involved in the conduct of the office of Trustee, and shall not be liable for errors of judgment\nor mistakes of fact or law. The Declaration of Trust also provides that the Trust shall indemnify each person who is, or has been, a\nTrustee, officer, employee, or agent of the Trust, and, upon due approval of the Trustees, any person who is serving or has served at\nthe Trust’s request as a director, officer, partner, trustee, employee, agent, or fiduciary of another organization with respect\nto any alleged acts or omissions while acting within the scope of Trustee’s service in such a position. However, nothing in the\nDeclaration of Trust shall protect or indemnify a Trustee against any liability for a Trustee’s willful misfeasance, bad faith,\ngross negligence, or reckless disregard of the duties involved in the conduct of the office of Trustee. Nothing contained in this section\nattempts to disclaim a Trustee’s individual liability in any manner inconsistent with the federal securities laws.

DERIVATIVE\nACTIONS

Pursuant\nto the Trust’s Declaration of Trust, and subject to the limitations disclosed in the Declaration of Trust, a Fund shareholder may\nnot bring a derivative action unless (i) the complaining shareholders have made a written demand (a “pre-suit demand”) to\nthe Board requesting that they cause the Trust or affected series or class of the Trust, as applicable, to file the action itself; (ii)\nshareholders owning shares representing no less than a majority of the then outstanding shares of the Trust or the affected series or\nclass, as applicable, must join in bringing the derivative action; and (iii) the Board has been given at least 30 days to consider the\ndemand for derivative action. The Declaration of Trust further provides that in evaluating a pre-suit demand the Board may retain counsel\nor other advisors in considering the merits of the request and may require an undertaking by the shareholders making such pre-suit demand\nto reimburse the Trust for the expense of any such advisors in the event that the Board determines not to bring such action. The provision\nrequiring a majority of shareholders of the Trust, or the affected series or class, as applicable, and the provision that the Board may\nrequire an undertaking by the shareholders making a pre-suit demand to reimburse the Trust for the expense of any advisers retained by\nthe Board in evaluating the merits of the pre-suit demand do not apply to claims arising under federal securities laws.

BROKERAGE\nTRANSACTIONS

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

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

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

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

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

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

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

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

The\nFund is new and has not paid any brokerage commissions as of the date of this SAI.

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

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

Directed\nBrokerage

The\nFund is new, the Fund did not pay any brokerage commissions to any registered broker-dealer affiliates of the Fund or the Adviser.

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

The\nFund is new, the Fund did not acquire or own equity securities of their regular broker-dealers or their parent companies.

PORTFOLIO\nTURNOVER RATE

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

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

BOOK\nENTRY ONLY SYSTEM

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

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

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

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

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

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

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

PURCHASE\nAND REDEMPTION OF SHARES IN CREATION UNITS

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

Placement\nof Creation or Redemption Orders. All orders to purchase or redeem Creation Units are to be governed according to the applicable\nParticipant Agreement that each Authorized Participant has executed. In general, all orders to purchase or redeem Creation Units must\nbe received by the transfer agent in the proper form required by the Participant Agreement no later than the closing time of the regular\ntrading session of the NYSE (ordinarily 4:00 p.m. Eastern Time) on each day the NYSE is open for business (the “Closing Time”)\nin order for the purchase or redemption of Creation Units to be effected based on the NAV of shares of the Fund as next determined on\nsuch date after receipt of the order in proper form. At its discretion, the Fund may require an Authorized Participant to submit an order\nto purchase or redeem Creation Units earlier in the day, including in circumstances in which an applicable market for a security included\nin the creation or redemption basket closes earlier than usual, or in such other circumstances as the Fund may determine and disclose\nto Authorized Participants. In general, any Fund Deposit (as defined below) or Additional Cash Deposit (as also defined below) corresponding\nto the placement of an order to purchase Creation Units must be transferred and delivered to the Custodian by no later than 2 p.m. Eastern\nTime for the Fund on the contractual settlement date (or such other time as specified by the Trust and disclosed to Authorized Participants)\n(in each instance, the “Deposit Deadline”).

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

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

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

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

Procedures\nfor Purchase of Creation Units. To be eligible to place orders with the Transfer Agent to purchase a Creation Unit of the Fund, an\nentity must be (1) a “Participating Party” (i.e., a broker-dealer or other participant in the clearing process through the\nContinuous Net Settlement System of the NSCC (the “Clearing Process”)), a clearing agency that is registered with the SEC;\nor (2) a DTC Participant (see “Book Entry Only System”). In addition, each Participating Party or DTC Participant (each,\nan “Authorized Participant”) must execute a Participant Agreement with respect to purchases and redemptions of Creation Units.\nEach Authorized Participant will agree, pursuant to the terms of a Participant Agreement, on behalf of itself or any investor on whose\nbehalf it will act, to certain conditions, including that it will pay to the Trust, an amount of cash sufficient to pay the Cash Component\ntogether with the creation transaction fee (described below), if applicable, and any other applicable fees and taxes.

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

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

On\ndays when the Exchange closes earlier than normal, the Fund may require orders to create Creation Units to be placed earlier in the day.\nIn addition, if a market or markets on which the Fund’s investments are primarily traded is closed, the Fund will also generally\nnot accept orders on such day(s). Orders must be transmitted by an Authorized Participant by telephone or other transmission method acceptable\nto the Transfer Agent pursuant to procedures set forth in the Participant Agreement and in accordance with the applicable order form.\nOn behalf of the Fund, the Transfer Agent will notify the Custodian of such order. The Custodian will then provide such information to\nthe appropriate local sub-custodian(s). Those placing orders through an Authorized Participant should allow sufficient time to permit\nproper submission of the purchase order to the Transfer Agent by the cut-off time on such Business Day. Economic or market disruptions\nor changes, or telephone or other communication failure may impede the ability to reach the Transfer Agent or an Authorized Participant.

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

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

The\norder 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\nprior to the applicable cut-off time and the federal funds in the appropriate amount are deposited by the Deposit Deadline. If the order\nis not placed in proper form as required, or federal funds in the appropriate amount are not received by the Deposit Deadline, then the\norder may be deemed to be rejected and the Authorized Participant shall be liable to the Fund for losses, if any, resulting therefrom.\nA creation request is in “proper form” if all procedures set forth in the Participant Agreement, order form and this SAI\nare properly followed.

Issuance\nof a Creation Unit. Except as provided in this SAI, Creation Units will not be issued until the transfer of good title to the Trust\nof the Deposit Securities or payment of Deposit Cash, as applicable, and the payment of the Cash Component have been completed. When\nthe required Deposit Securities (or the cash value thereof) have been delivered to the account of the Custodian (or sub-custodian, as\napplicable), the Transfer Agent and the Adviser shall be notified of such delivery, and the Trust will issue and cause the delivery of\nthe Creation Units. The typical contractual settlement date for each purchase transaction will be within one day of the transaction (commonly\nreferred to as \"T+1\"), unless the Fund and Authorized Participant agree to a different timeline for settlement or the transaction\nis exempt from the requirements of Rule 15c6-1 under the 1934 Act. Due to the schedule of holidays in certain countries, however, the\ndelivery of Shares may take longer than one Business Day following the day on which the purchase order is received. In such cases, the\nlocal market settlement procedures will not commence until the end of local holiday periods. The Authorized Participant shall be liable\nto the Fund for losses, if any, resulting from unsettled orders.

Creation\nUnits may be purchased in advance of receipt by the Trust of all or a portion of the applicable Deposit Securities as described below.\nIn 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\nform since, in addition to available Deposit Securities, cash must be deposited in an amount equal to the sum of (1) the Cash Component,\nplus (2) an additional amount of cash equal to a percentage of the value as set forth in the Participant Agreement, of the undelivered\nDeposit Securities (the “Additional Cash Deposit”), which shall be maintained in a separate non-interest bearing collateral\naccount. The Authorized Participant must deposit with the Custodian the Additional Cash Deposit, as applicable, by the Deposit Deadline.\nIf the Fund or its agents do not receive the Additional Cash Deposit in the appropriate amount, by such time, then the order may be deemed\nrejected and the Authorized Participant shall be liable to the Fund for losses, if any, resulting therefrom. An additional amount of\ncash shall be required to be deposited with the Trust, pending delivery of the missing Deposit Securities to the extent necessary to\nmaintain the Additional Cash Deposit with the Trust in an amount at least equal to the applicable percentage, as set forth in the Participant\nAgreement, of the daily market value of the missing Deposit Securities. The Participant Agreement will permit the Trust to buy the missing\nDeposit Securities at any time. Authorized Participants will be liable to the Trust for the costs incurred by the Trust in connection\nwith any such purchases. These costs will be deemed to include the amount by which the actual purchase price of the Deposit Securities\nexceeds the value of such Deposit Securities on the day the purchase order was deemed received by the Transfer Agent plus the brokerage\nand related transaction costs associated with such purchases. The Trust will return any unused portion of the Additional Cash Deposit\nonce all of the missing Deposit Securities have been properly received by the Custodian or purchased by the Trust and deposited into\nthe Trust. In addition, a transaction fee, as described below under “Creation Transaction Fee,” may be charged. The delivery\nof Creation Units so created generally will occur no later than the contractual settlement date.

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

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

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

Creation\nTransaction Fee. A fixed purchase (i.e., creation) transaction fee, payable to the Custodian, may be imposed for the transfer and\nother transaction costs associated with the purchase of Creation Units (“Creation Order Costs”). The standard fixed creation\ntransaction fee for the Fund, regardless of the number of Creation Units created in the transaction, can be found in the table below.\nThe Fund may adjust the standard fixed creation transaction fee from time to time. The fixed creation fee may be waived on certain orders\nif the Custodian has determined to waive some or all of the Creation Order Costs associated with the order or another party, such as\nthe Adviser, has agreed to pay such fee.

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

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

Fixed\n Creation Transaction Fee	Maximum\n Variable Transaction Fee
$300	2%

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

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

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

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

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

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

The\ntypical settlement date for each redemption transaction will be within one day of the transaction (or T+1), unless the Fund and Authorized\nParticipant agree to a different timeline for settlement or the transaction is exempt from the requirements of Rule 15c6-1 under the\n1934 Act. Due to the schedule of holidays in certain countries, however, the receipt of redemption proceeds may take longer than one\nBusiness Day following the day on which the purchase order is received. In such cases, the local market settlement procedures will not\ncommence until the end of local holiday periods.

Redemption\nTransaction Fee. A fixed redemption transaction fee, payable to the Custodian, may be imposed for the transfer and other transaction\ncosts associated with the redemption of Creation Units (“Redemption Order Costs”). The standard fixed redemption transaction\nfee for the Fund, regardless of the number of Creation Units redeemed in the transaction, can be found in the table below. The Fund may\nadjust the redemption transaction fee from time to time. The fixed redemption fee may be waived on certain orders if the Custodian has\ndetermined to waive some or all of the Redemption Order Costs associated with the order or another party, such as the Adviser, has agreed\nto pay such fee.

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

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

Fixed\n Redemption Transaction Fee	Maximum\n Variable Transaction Fee
$300	2%

Procedures\nfor Redemption of Creation Units. Orders to redeem Creation Units must be submitted in proper form to the Transfer Agent prior to\nthe Closing Time, subject to the Fund’s right to require an earlier submission as indicated under “Placement of Creation\nor Redemption Orders.” A redemption request is considered to be in “proper form” if (1) an Authorized Participant has\ntransferred or caused to be transferred to the Trust’s Transfer Agent the Creation Unit(s) being redeemed through the book-entry\nsystem of DTC so as to be effective by the time as set forth in the Participant Agreement and (2) a request in form satisfactory to the\nTrust is received by the Transfer Agent from the Authorized Participant on behalf of itself or another redeeming investor within the\ntime periods specified in the Participant Agreement. If the Transfer Agent does not receive the investor’s Shares through DTC’s\nfacilities by the times and pursuant to the other terms and conditions set forth in the Participant Agreement, the redemption request\nshall be rejected.

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

Additional\nRedemption Procedures. In connection with taking delivery of Shares of Fund Securities upon redemption of Creation Units, a redeeming\nshareholder or Authorized Participant acting on behalf of such Shareholder must maintain appropriate custody arrangements with a qualified\nbroker-dealer, bank, or other custody providers in each jurisdiction in which any of the Fund Securities are customarily traded, to which\naccount such Fund Securities will be delivered. Deliveries of redemption proceeds will generally be made by the next Business Day following\nthe trade date, as discussed above.

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

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

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

DETERMINATION\nOF NET ASSET VALUE

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

In\ncalculating the Fund’s NAV per Share, the Fund’s investments are generally valued using market valuations, last sale prices,\nor estimates of value furnished by a pricing service or brokers who make markets in such instruments. A market valuation generally means\na valuation (1) obtained from an exchange, a pricing service, or a major market maker (or dealer); (2) based on a price quotation or\nother equivalent indication of value supplied by an exchange, a pricing service, or a major market maker (or dealer); or (3) based on\namortized cost. In the case of shares of other funds that are not traded on an exchange, a market valuation means such fund’s published\nNAV per share. The Fund may use various pricing services, or discontinue the use of any pricing service, as approved by the Board from\ntime to time. A price obtained from a pricing service based on such pricing service’s valuation matrix may be considered a market\nvaluation. Any assets or liabilities denominated in currencies other than the U.S. dollar are converted into U.S. dollars at the current\nmarket rates on the date of valuation as quoted by one or more sources.

When\nmarket prices are not “readily available” or are deemed to be unreliable, consistent with Rule 2a-5 under the 1940 Act, the\nTrust and the Adviser have adopted procedures and methodologies wherein the Adviser, serving as the Fund’s Valuation Designee (as\ndefined in Rule 2a-5), determines the fair value of Fund investments.

DIVIDENDS\nAND DISTRIBUTIONS

The\nfollowing information supplements and should be read in conjunction with the section in the Prospectus entitled “Dividends, Distributions,\nand Taxes.”

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

The\nFund will declare and pay income and capital gain distributions, if any, in cash.

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

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

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

U.S.\nFEDERAL INCOME TAXES

The\nfollowing is only a summary of certain U.S. federal income tax considerations generally affecting the Fund and its shareholders that\nsupplements the discussion in the Prospectus. No attempt is made to present a comprehensive explanation of the federal, state, local\nor foreign tax treatment of the Fund or its shareholders, and the discussion here and in the Prospectus is not intended to be a substitute\nfor careful tax planning.

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

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

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

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

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

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

The\nFund may elect to treat part or all of any “qualified late year loss” as if it had been incurred in the succeeding taxable\nyear in determining the Fund’s taxable income, net capital gain, net short-term capital gain, and earnings and profits. The effect\nof this election is to treat any such “qualified late year loss” as if it had been incurred in the succeeding taxable year\nin characterizing Fund distributions for any calendar year, subject to special rules in the event a Fund makes an election under Section\n4982(e)(4) of the Code. A “qualified late year loss” generally includes net capital loss, net long-term capital loss, or\nnet short-term capital loss incurred after October 31 of the current taxable year, subject to special rules in the event the Fund makes\nan election under Section 4982(e)(4) of the Code (commonly referred to as “post-October losses”), and certain other late-year\nlosses.

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

The\nFund will be subject to a nondeductible 4% federal excise tax on certain undistributed income if it does not distribute to its shareholders\nin 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\nincome for the one-year period generally ending on October 31 of that year, or, if the Fund makes an election under Section 4982(e)(4)\nof the Code, the Fund’s fiscal year, subject to an increase for any shortfall in the prior year’s distribution. The Fund\nintends to declare and distribute dividends and distributions in the amounts and at the times necessary to avoid the application of the\nexcise tax, but can make no assurances that all such tax liability will be eliminated.

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

Taxation\nof Shareholders – Distributions. The distribution of investment company taxable income (as so computed) and net capital gain\nwill be taxable to Fund shareholders regardless of whether the shareholders receive these distributions in cash or reinvest them in additional\nShares.

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

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

Qualified\ndividend income includes, in general, subject to certain holding period and other requirements, dividend income from taxable domestic\ncorporations and certain “qualified foreign corporations.” Subject to certain limitations, “qualified foreign corporations”\ninclude those incorporated in territories of the United States, those incorporated in certain countries with comprehensive tax treaties\nwith the United States, and other foreign corporations if the stock with respect to which the dividends are paid is readily tradable\non an established securities market in the United States.

Dividends\nreceived by the Fund from an ETF or an underlying fund taxable as a RIC may be treated as qualified dividend income generally only to\nthe extent so reported by such ETF or underlying fund. If 95% or more of the Fund’s gross income (calculated without taking into\naccount net capital gain derived from sales or other dispositions of stock or securities) consists of qualified dividend income, the\nFund may report all distributions of such income as qualified dividend income.

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

In\nthe case of corporate shareholders, certain dividends received by the Fund from U.S. corporations (generally, dividends received by the\nFund 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\nthat 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)\nand distributed and appropriately so reported by the Fund may be eligible for the 50% dividends-received deduction. Certain preferred\nstock 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\non which the stock becomes ex-dividend as to that dividend to be eligible. Capital gain dividends distributed to the Fund from other\nRICs are not eligible for the dividends-received deduction. To qualify for the deduction, corporate shareholders must meet the minimum\nholding period requirement stated above with respect to their Shares, taking into account any holding period reductions from certain\nhedging or other transactions or positions that diminish their risk of loss with respect to their Shares, and, if they borrow to acquire\nor otherwise incur debt attributable to Shares, they may be denied a portion of the dividends-received deduction with respect to those\nShares.

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

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

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

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

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

Taxation\nof Shareholders – Sale of Shares. A sale or redemption of Shares may give rise to a gain or loss. In general, any gain or loss\nrealized upon a taxable disposition of Shares will be treated as long-term capital gain or loss if Shares have been held for more than\n12 months. Otherwise, the gain or loss on the taxable disposition of Shares will generally be treated as short-term capital gain or loss.\nAny loss realized upon a taxable disposition of Shares held for six months or less will be treated as long-term capital loss, rather\nthan short-term capital loss, to the extent of any amounts treated as distributions to the shareholder of long-term capital gain with\nrespect to such Shares (including any amounts credited to the shareholder as undistributed capital gains). All or a portion of any loss\nrealized upon a taxable disposition of Shares may be disallowed if substantially identical Shares are acquired (through the reinvestment\nof dividends or otherwise) within a 61-day period beginning 30 days before and ending 30 days after the disposition. In such a case,\nthe basis of the newly acquired Shares will be adjusted to reflect the disallowed loss.

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

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

Any\ncapital gain or loss realized upon the creation of Creation Units will generally be treated as long-term capital gain or loss if the\nsecurities exchanged for such Creation Units have been held for more than one year. Any capital gain or loss realized upon the redemption\nof Creation Units will generally be treated as long-term capital gain or loss if the Shares composing the Creation Units have been held\nfor more than one year. Otherwise, such capital gains or losses will generally be treated as short-term capital gains or losses. Any\nloss 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\ntreated as distributions to the applicable Authorized Participant of long-term capital gain with respect to the Creation Units (including\nany amounts credited to the Authorized Participant as undistributed capital gains).

The\nTrust, on behalf of the Fund, has the right to reject an order for Creation Units if the purchaser (or a group of purchasers) would,\nupon obtaining the Creation Units so ordered, own 80% or more of the outstanding Shares and if, pursuant to Section 351 of the Code,\nthe Fund would have a basis in the deposit securities different from the market value of such securities on the date of deposit. The\nTrust also has the right to require the provision of information necessary to determine beneficial Share ownership for purposes of the\n80% determination. If the Fund does issue Creation Units to a purchaser (or a group of purchasers) that would, upon obtaining the Creation\nUnits so ordered, own 80% or more of the outstanding Shares, the purchaser (or a group of purchasers) will not recognize gain or loss\nupon the exchange of securities for Creation Units.

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

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

As\nstated above, the Fund is required for federal income tax purposes to mark-to-market and recognize as income for each taxable year its\nnet unrealized gains and losses on certain options contracts subject to Code Section 1256 (“Section 1256 Contracts”) as of\nthe end of the year as well as those actually realized during the year. Gain or loss from Section 1256 Contracts on broad-based indexes\nrequired to be marked to market will be 60% long-term and 40% short-term capital gain or loss. Application of this rule may alter the\ntiming and character of distributions to shareholders. The Fund may be required to defer the recognition of losses on Section 1256 Contracts\nto the extent of any unrecognized gains on offsetting positions held by the Fund. These provisions may also require the Fund to mark-to-market\ncertain types of positions in its portfolio (i.e., treat them as if they were closed out), which may cause the Fund to recognize income\nwithout receiving cash with which to make distributions in amounts necessary to satisfy the distribution requirement and for avoiding\nthe excise tax discussed above. Accordingly, to avoid certain income and excise taxes, the Fund may be required to liquidate its investments\nat a time when the investment adviser might not otherwise have chosen to do so.

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

Foreign\nShareholders. Any non-U.S. investors in the Fund may be subject to U.S. withholding and estate tax and are encouraged to consult\ntheir tax advisors prior to investing in the Fund. Foreign shareholders (i.e., nonresident alien individuals and foreign corporations,\npartnerships, trusts and estates) are generally subject to a U.S. withholding tax at the rate of 30% (or a lower tax treaty rate) on\ndistributions derived from taxable ordinary income. The Fund may, under certain circumstances, report all or a portion of a dividend\nas an “interest-related dividend” or a “short-term capital gain dividend,” which would generally be exempt from\nthis 30% U.S. withholding tax, provided certain other requirements are met. Short-term capital gain dividends received by a nonresident\nalien 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\nfrom this 30% withholding tax. Gains realized by foreign shareholders from the sale or other disposition of Shares generally are not\nsubject 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\non a formula that factors in presence in the U.S. during the two preceding years as well). Foreign shareholders who fail to provide an\napplicable IRS form may be subject to backup withholding on certain payments from the Fund. Backup withholding will not be applied to\npayments that are subject to the 30% (or lower applicable treaty rate) withholding tax described in this paragraph. Different tax consequences\nmay result if the foreign shareholder is engaged in a trade or business within the United States. In addition, the tax consequences to\na foreign shareholder entitled to claim the benefits of a tax treaty may be different than those described above.

Under\nthe Foreign Account Tax Compliance Act (“FATCA”), the Fund may be required to withhold a generally nonrefundable 30% tax\non (1) distributions of investment company taxable income and (2) distributions of net capital gain and the gross proceeds of a sale\nor redemption of Fund shares paid to (a) certain “foreign financial institutions” unless such foreign financial institution\nagrees to verify, monitor, and report to the IRS the identity of certain of its account holders, among other items (or unless such entity\nis otherwise deemed compliant under the terms of an intergovernmental agreement between the United States and the foreign financial institution’s\ncountry of residence), and (b) certain “non-financial foreign entities” unless such entity certifies to the Fund that it\ndoes not have any substantial U.S. owners or provides the name, address, and taxpayer identification number of each substantial U.S.\nowner, among other items. In December 2018, the IRS and Treasury Department released proposed Treasury Regulations that would eliminate\nFATCA withholding on Fund distributions of net capital gain and the gross proceeds from a sale or redemption of Fund shares. Although\ntaxpayers are entitled to rely on these proposed Treasury Regulations until final Treasury Regulations are issued, these proposed Treasury\nRegulations have not been finalized, may not be finalized in their proposed form, and are potentially subject to change. This FATCA withholding\ntax could also affect the Fund’s return on its investments in foreign securities or affect a shareholder’s return if the\nshareholder holds its Fund shares through a foreign intermediary. You are urged to consult your tax adviser regarding the application\nof this FATCA withholding tax to your investment in the Fund and the potential certification, compliance, due diligence, reporting, and\nwithholding obligations to which you may become subject in order to avoid this withholding tax.

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

Tax-Exempt\nShareholders. Certain tax-exempt shareholders, including qualified pension plans, individual retirement accounts, salary deferral\narrangements, 401(k) plans, and other tax-exempt entities, generally are exempt from U.S. federal income taxation, except with respect\nto their unrelated business taxable income (“UBTI”). Tax-exempt entities are generally not permitted to offset losses from\none unrelated trade or business against the income or gain of another unrelated trade or business. Certain net losses incurred prior\nto January 1, 2018 are permitted to offset gain and income created by an unrelated trade or business, if otherwise available. Under current\nlaw, the Fund generally serves to block UBTI from being realized by its tax-exempt shareholders with respect to their shares of Fund\nincome. However, notwithstanding the foregoing, tax-exempt shareholders could realize UBTI by virtue of their investment in the Fund\nif, for example, (1) the Fund invests in residual interests of Real Estate Mortgage Investment Conduits (“REMICs”); (2) the\nFund invests in a REIT that is a taxable mortgage pool (“TMP”), or that has a subsidiary that is a TMP or that invests in\nthe residual interest of a REMIC; or (3) Shares in the Fund constitute debt-financed property in the hands of the tax-exempt shareholders\nwithin the meaning of section 514(b) of the Code. Charitable remainder trusts are subject to special rules and should consult their tax\nadvisers. The IRS has issued guidance with respect to these issues and prospective shareholders, especially charitable remainder trusts,\nare strongly encouraged to consult with their tax advisers regarding these issues.

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

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

FINANCIAL\nSTATEMENTS

Financial\nstatements and annual reports will be available after the Fund has completed a fiscal year of operations. When available, you may request\na copy of the Fund’s Annual Report on Form N-CSR at no charge by calling (866) 533-5565 or through the Fund’s website at\nwww.finqai.com/etfs.

PART C: OTHER INFORMATION

Item 28. Exhibits

Exhibit \nNo.	Description of Exhibit
(a)	(i)		Amended and Restated Certificate of Trust 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, 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 Unlimited HFND Cayman Subsidiary (for the Unlimited HFND Multi-Strategy Return Tracker ETF).
		(1)	Investment Advisory Agreement, 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, 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, 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, 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, previously filed with Post-Effective Amendment No. 215 on Form N-1A on March 22, 2024 and is incorporated herein by reference.
	(iv)		Organizational Documents for Unlimited HFGM Cayman Subsidiary (for the Unlimited HFGM Global Macro ETF).
		(1)	Investment Advisory Agreement, 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, 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, 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, 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, previously filed with Post-Effective Amendment No. 253 on Form N-1A on February 11, 2025 and is incorporated herein by reference.
	(v)		Organizational Documents for Unlimited HFMF Cayman Subsidiary (for the Unlimited HFMF Managed Futures ETF).
		(1)	Investment Advisory Agreement, 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, 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, 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, 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, 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 Cayman Subsidiary (for the Unlimited Ultra HFND Multi-Strategy ETF).
		(1)	Form of Investment Advisory Agreement, 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.
	(vii)		Organizational Documents for Cayman Subsidiary (for the Unlimited Low-Beta HFND Multi-Strategy ETF).
		(1)	Form of Investment Advisory Agreement, 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.

C-1

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

		(5)	Private Investment Company Custodian Agreement – to be filed by amendment.
	(viii)		Organizational Documents for Cayman Subsidiary (for the Unlimited Dynamic Leverage Gold ETF)
		(1)	Form of Investment Advisory Agreement, previously filed with Post-Effective Amendment No. 333 on Form N-1A on September 4, 2026 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 Unlimited Dynamic Leverage Bitcoin ETF)
		(1)	Form of Investment Advisory Agreement, previously filed with Post-Effective Amendment No. 333 on Form N-1A on September 4, 2026 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.
	(x)		Organizational Documents for Cayman Subsidiary (for the Unlimited Dynamic Leverage Oil ETF)
		(1)	Form of Investment Advisory Agreement, previously filed with Post-Effective Amendment No. 333 on Form N-1A on September 4, 2026 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.
	(xi)	Organizational Documents for Cayman Subsidiary (for the Subversive Prediction 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 Subversive All Season Sports 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 Prediction Market Fed Funds Consensus 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 Prediction Market Fed Funds Surprise 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, 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 and By-Laws.
(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)), 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), 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), previously filed with Post-Effective Amendment No. 55 on Form N-1A on May 5, 2021 and is incorporated herein by reference.

C-2

	(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), 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), 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), previously filed with Post-Effective Amendment No. 281 on Form N-1A on August 26, 2025 and is incorporated herein by reference.
	(6)	Sixth Amendment to the Investment Advisory Agreement between the Trust (on behalf of SoFi ETFs) and Tidal Investments LLC (adding SoFi Social 50 Income ETF), previously filed with Post-Effective Amendment No. 318 on Form N-1A on June 18, 2026 and is incorporated herein by reference.
	(7)	Seventh Amendment to the Investment Advisory Agreement between the Trust (on behalf of the SoFi ETFs) and Tidal Investments LLC (adding the SoFi AI Power Grid ETF, SoFi Blockchain Infrastructure ETF, SoFi Robotaxi and Autonomous Vehicles ETF, SoFi International Efficient Growth ETF, SoFi Emerging Markets Efficient Growth ETF, SoFi Risk-Off Equity ETF, and SoFi Risk-On Equity ETF), previously filed with Post-Effective Amendment No. 331 on Form N-1A on September 4, 2026 and is incorporated herein by reference.
(ii)		Investment Advisory Agreement between the Trust (on behalf of RPAR Risk Parity ETF and Toroso, 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), 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), 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)), 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, 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, 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, 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, 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, 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, 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, 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), 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), previously filed with Post-Effective Amendment No. 200 on Form N-1A on November 1, 2023 and is incorporated herein by reference.

C-3

(vii)		Investment Advisory Agreement between the Trust (on behalf of ATAC US Rotation ETF) and Toroso, 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), 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, 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 SonicShares Airlines, Hotels, Cruise Lines ETF) and Toroso, 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), previously filed with Post-Effective Amendment No. 69 on Form N-1A on July 30, 2021 and is incorporated herein by reference.
(x)		Investment Advisory Agreement between the Trust (on behalf of American Customer Satisfaction ETF) and Toroso, previously filed with Post-Effective Amendment No. 59 on Form N-1A on May 21, 2021 and is incorporated herein by reference.
(xi)		Investment Advisory Agreement between the Trust (on behalf of ZEGA Buy and Hedge ETF) and Toroso, previously filed with Post-Effective Amendment No. 64 on Form N-1A on June 25, 2021 and is incorporated herein by reference.
(xii)		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, 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), previously filed with Post-Effective Amendment No. 245 on Form N-1A on January 13, 2025 and is incorporated herein by reference.
(xiii)		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, 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)), 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, previously filed with Post-Effective Amendment No. 187 on Form N-1A on July 27, 2023 and is incorporated herein by reference.
(xiv)		Investment Advisory Agreement between the Trust (on behalf of Aztlan Global Stock Selection DM SMID ETF) and Toroso, 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), previously filed with Post-Effective Amendment No. 203 on Form N-1A on November 21, 2023 and is incorporated herein by reference.
(xv)		Investment Advisory Agreement between the Trust (on behalf of Unlimited HFND Multi-Strategy Return Tracker ETF) and Toroso, 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)), previously filed with Post-Effective Amendment No. 202 on Form N-1A on November 17, 2023 and is incorporated herein by reference.
	(2)	Second Amendment to the Investment Advisory Agreement between the Trust and Tidal Investments LLC (adding the Unlimited Dynamic Leverage Gold ETF, Unlimited Dynamic Leverage Bitcoin ETF, Unlimited Dynamic Leverage Oil ETF, Unlimited Dynamic Leverage US Stocks ETF, and Unlimited Dynamic Leverage US Treasuries ETF), previously filed with Post-Effective Amendment No. 333 on Form N-1A on September 4, 2026 and is incorporated herein by reference.

C-4

(xvi)		Investment Advisory Agreement between the Trust (on behalf of Academy Veteran Bond ETF (f/k/a Academy Veteran Impact ETF)) and Toroso, previously filed with Post-Effective Amendment No. 187 on Form N-1A on July 27, 2023 and is incorporated herein by reference.
(xvii)		Investment Advisory Agreement between the Trust (on behalf of the Subversive Congressional Democrats Trading ETF (f/k/a Unusual Whales Subversive Democratic Trading ETF) and Subversive Congressional Republicans Trading ETF (f/k/a Unusual Whales Subversive Republican Trading ETF) (the Subversive ETFs (f/k/a the Unusual Whales ETFs)) and Tidal Investments LLC, previously filed with Post-Effective Amendment No. 237 on Form N-1A on November 27, 2024 and is incorporated herein by reference.
	(1)	First Amendment to the Investment Advisory Agreement between the Trust and Tidal Investments LLC (adding Subversive S&P 500 Redacted ETF and Subversive Growth 100 Redacted ETF), previously filed with Post-Effective Amendment No. 341 on Form N-1A on September 30, 2026 and is incorporated herein by reference.
	(2)	Second Amendment to the Investment Advisory Agreement between the Trust and Tidal Investments LLC (adding Subversive Prediction ETF and Subversive All Season Sports ETF) – to be filed by amendment.
	(3)	Third Amendment to the Investment Advisory Agreement between the Trust and Tidal Investments LLC (adding Subversive Bi-Partisan Congressional Trading ETF) – to be filed by amendment.
(xviii)		Investment Advisory Agreement between the Trust (on behalf of the Digital Asset Debt Strategy ETF) and Tidal Investments LLC, previously filed with Post-Effective Amendment No. 263 on Form N-1A on May 15, 2025 and is incorporated herein by reference.
(xix)		Investment Advisory Agreement between the Trust (on behalf of The Free Markets ETF) and Tidal Investments LLC, previously filed with Post-Effective Amendment No. 267 on Form N-1A on June 3, 2025 and is incorporated herein by reference.
(xx)		Investment Advisory Agreement between the Trust (on behalf of ATAC Rotation Fund) and Tidal Investments LLC, previously filed with Post-Effective Amendment No. 273 on Form N-1A on June 25, 2025 and is incorporated herein by reference.
(xxi)		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, previously filed with Post-Effective Amendment No. 277 on Form N-1A on August 12, 2025 and is incorporated herein by reference.
(xxii)		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, 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), previously filed with Post-Effective Amendment No. 312 on Form N-1A on May 5, 2026 and is incorporated herein by reference.
(xxiii)		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, previously filed with Post-Effective Amendment No. 302 on Form N-1A on February 2, 2026 and is incorporated herein by reference.
	(1)	First Amendment to Investment Advisory Agreement between the Trust and Tidal Investments LLC (adding FINQ CORE U.S. Large Cap AI-Managed Equity ETF) – filed herewith.
(xxiv)		Investment Advisory Agreement between the Trust (on behalf of Prediction Market Fed Funds Consensus ETF and Prediction Market Fed Funds Surprise ETF) and Tidal Investments LLC – to be filed by amendment.
(xxv)		Investment Advisory Agreement between the Trust (on behalf of LV Active Latin American Equity ETF) and Tidal Investments LLC – to be filed by amendment.
(xxvi)		Investment Advisory Agreement between the Trust (on behalf of Creekmur Tactical Equity ETF) 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), 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), 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), 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), previously filed with Post-Effective Amendment No. 228 on Form N-1A on September 24, 2024 and is incorporated herein by reference.

C-5

(xxxi)		Investment Sub-Advisory Agreement between Toroso and Gotham Asset Management, LLC (Gotham) (for the Gotham Enhanced 500 ETF), 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), 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 FolioBeyond, LLC (for the FolioBeyond Alternative Income and Interest Rate Hedge ETF f/k/a FolioBeyond Rising Rates ETF), 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), previously filed with Post-Effective Amendment No. 245 on Form N-1A on January 13, 2025 and is incorporated herein by reference.
(xxxiv)		Investment Sub-Advisory Agreement between Tidal and Armada ETF Advisors LLC (Armada) (for the Residential REIT ETF and Intelligent Real Estate ETF), 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), previously filed with Post-Effective Amendment No. 263 on Form N-1A on May 15, 2025 and is incorporated herein by reference.
(xxxv)		Investment Sub-Advisory Agreement between Toroso and Gotham (for the Gotham 1000 Value ETF), 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), previously filed with Post-Effective Amendment No. 200 on Form N-1A on November 1, 2023 and is incorporated herein by reference.
(xxxvi)		Investment Sub-Advisory Agreement between Toroso and Unlimited Funds, Inc. (for the Unlimited HFND Multi-Strategy Return Tracker ETF), 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), previously filed with Post-Effective Amendment No. 202 on Form N-1A on November 17, 2023 and is incorporated herein by reference.
	(2)	Second Amendment to the Investment Sub-Advisory Agreement between Tidal and Unlimited Funds, Inc. (for the Unlimited Dynamic Leverage Gold ETF, Unlimited Dynamic Leverage Bitcoin ETF, Unlimited Dynamic Leverage Oil ETF, Unlimited Dynamic Leverage US Stocks ETF, and Unlimited Dynamic Leverage US Treasuries ETF), previously filed with Post-Effective Amendment No. 333 on Form N-1A on September 4, 2026 and is incorporated herein by reference.
(xxxvii)		Investment Sub-Advisory Agreement between Toroso and Academy Asset Management, LLC d/b/a Academy Asset Management (for the Academy Veteran Bond ETF), previously filed with Post-Effective Amendment No. 187 on Form N-1A on July 27, 2023 and is incorporated herein by reference.
(xxxviii)		Investment Sub-Advisory Agreement between Tidal and AlphaBit Investments, LLC (for the Digital Asset Debt Strategy ETF), previously filed with Post-Effective Amendment No. 263 on Form N-1A on May 15, 2025 and is incorporated herein by reference.
(xxxix)		Investment Sub-Advisory Agreement between Tidal and SYKON Asset Management LLC (for The Free Markets ETF), previously filed with Post-Effective Amendment No. 267 on Form N-1A on June 3, 2025 and is incorporated herein by reference.
(xl)		Investment Sub-Advisory Agreement between Tidal and Point Bridge Capital, LLC (for The Free Markets ETF), previously filed with Post-Effective Amendment No. 267 on Form N-1A on June 3, 2025 and is incorporated herein by reference.
(xli)		Investment Sub-Advisory Agreement between Tidal and Tactical Rotation Management, LLC (for the ATAC Rotation Fund), previously filed with Post-Effective Amendment No. 273 on Form N-1A on June 25, 2025 and is incorporated herein by reference.
(xlii)		Investment Sub-Advisory Agreement between Tidal and Tactical Rotation Management, LLC (for the ATAC Credit Rotation ETF, and ATAC Equity Leverage Rotation ETF), 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), previously filed with Post-Effective Amendment No. 267 on Form N-1A on June 3, 2025 and is incorporated herein by reference.

C-6

	(xliii)		Investment Sub-Advisory Agreement between Tidal and Dana Investment Advisors, Inc. (for the Dana ETFs), previously filed with Post-Effective Amendment No. 277 on Form N-1A on August 12, 2025 and is incorporated herein by reference.
	(xliv)		Investment Sub-Advisory Agreement between Tidal and SMART Wealth, LLC (for the SMART ETFs), 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 Tidal and Smart Wealth, LLC (for the SMART Small Cap ETF and SMART Mid Cap ETF), previously filed with Post-Effective Amendment No. 312 on Form N-1A on May 5, 2026 and is incorporated herein by reference.
	(xlv)		Investment Sub-Advisory Agreement between Tidal and FINQ AI, LLC (for the FINQ AI ETFs), previously filed with Post-Effective Amendment No. 302 on Form N-1A on February 2, 2026 and is incorporated herein by reference.
		(1)	First Amendment to the Investment Sub-Advisory Agreement between Tidal and FINQ AI, LLC (for the FINQ CORE U.S. Large Cap AI-Managed Equity ETF) – filed herewith.
	(xlvi)		Investment Sub-Advisory Agreement between Tidal and LarrainVial US IA LLC (for the LV Active Latin American Equity ETF) – to be filed by amendment.
	(xlvii)		Investment Sub-Advisory Agreement between Tidal and Creekmur Asset Management, LLC (for the Creekmur Tactical Equity ETF) – to be filed by amendment.
(e)	(i)		Amended and Restated ETF Distribution Agreement between the Trust and Foreside Fund Services, LLC (Foreside), 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 Subversive ETFs), 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), 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), 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), 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), 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), previously filed with Post-Effective Amendment No. 312 on Form N-1A on May 5, 2026 and is incorporated herein by reference.
		(7)	Seventh Amendment to the Amended and Restated ETF Distribution Agreement between the Trust and Foreside (adding the SoFi Social 50 Income ETF), previously filed with Post-Effective Amendment No. 318 on Form N-1A on June 18, 2026 and is incorporated herein by reference.
		(8)	Eighth Amendment to the Amended and Restated ETF Distribution Agreement between the Trust and Foreside (adding SoFi International Efficient Growth ETF, SoFi Emerging Markets Efficient Growth ETF, SoFi Risk-Off Equity ETF, SoFi Risk-On Equity ETF, SoFi AI Power Grid ETF, SoFi Blockchain Infrastructure ETF and SoFi Robotaxi and Autonomous Vehicles ETF), previously filed with Post-Effective Amendment No. 331 on Form N-1A on September 4, 2026 and is incorporated herein by reference.
		(9)	Ninth Amendment to the Amended and Restated ETF Distribution Agreement between the Trust and Foreside (adding the Unlimited Dynamic Leverage Gold ETF, Unlimited Dynamic Leverage Bitcoin ETF, Unlimited Dynamic Leverage Oil ETF, Unlimited Dynamic Leverage US Stocks ETF, and Unlimited Dynamic Leverage US Treasuries ETF), previously filed with Post-Effective Amendment No. 333 on Form N-1A on September 4, 2026 and is incorporated herein by reference.
		(10)	Tenth Amendment to the Amended and Restated ETF Distribution Agreement between the Trust and Foreside (adding Subversive S&P 500 Redacted ETF and Subversive Growth 100 Redacted ETF), previously filed with Post-Effective Amendment No. 341 on Form N-1A on September 30, 2026 and is incorporated herein by reference.
		(11)	Form Of Eleventh Amendment to the Amended and Restated ETF Distribution Agreement between the Trust and Foreside (adding FINQ CORE U.S. Large Cap AI-Managed Equity ETF) – filed herewith.

C-7

		(12)	Twelfth Amendment to the Amended and Restated ETF Distribution Agreement between the Trust and Foreside (adding Prediction Market Fed Funds Consensus ETF and Prediction Market Fed Funds Surprise ETF) – to be filed by amendment.
		(13)	Thirteenth Amendment to the Amended and Restated ETF Distribution Agreement between the Trust and Foreside (adding LV Active Latin American Equity ETF) – to be filed by amendment.
		(14)	Fourteenth Amendment to the Amended and Restated ETF Distribution Agreement between the Trust and Foreside (adding Creekmur Tactical Equity ETF) – to be filed by amendment.
		(15)	Fifteenth Amendment to the Amended and Restated ETF Distribution Agreement between the Trust and Foreside (adding Subversive Bi-Partisan Congressional Trading ETF) – to be filed by amendment.
	(ii)		Distribution Agreement between the Trust and Foreside (on behalf of the ATAC Rotation Fund), 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, 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, 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, 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, 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), 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), 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), previously filed with Post-Effective Amendment No. 312 on Form N-1A on May 5, 2026 and is incorporated herein by reference.
		(4)	Fourth Amendment to the Amended and Restated Custody Agreement between the Trust and U.S. Bank National Association (adding the SoFi Social 50 Income ETF), previously filed with Post-Effective Amendment No. 318 on Form N-1A on June 18, 2026 and is incorporated herein by reference.
		(5)	Fifth Amendment to the Amended and Restated Custody Agreement between the Trust and U.S. Bank National Association (adding the SoFi AI Power Grid ETF, SoFi Blockchain Infrastructure ETF, SoFi Robotaxi and Autonomous Vehicles ETF, SoFi International Efficient Growth ETF, SoFi Emerging Markets Efficient Growth ETF, SoFi Risk-Off Equity ETF, and SoFi Risk-On Equity ETF), previously filed with Post-Effective Amendment No. 331 on Form N-1A on September 4, 2026 and is incorporated herein by reference.
		(6)	Sixth Amendment to the Amended and Restated Custody Agreement between the Trust and U.S. Bank National Association (adding the Unlimited Dynamic Leverage Gold ETF, Unlimited Dynamic Leverage Bitcoin ETF, Unlimited Dynamic Leverage Oil ETF, Unlimited Dynamic Leverage US Stocks ETF, and Unlimited Dynamic Leverage US Treasuries ETF), previously filed with Post-Effective Amendment No. 333 on Form N-1A on September 4, 2026 and is incorporated herein by reference.
		(7)	Seventh Amendment to the Amended and Restated Custody Agreement between the Trust and U.S. Bank National Association (adding the Subversive S&P 500 Redacted ETF and Subversive Growth 100 Redacted ETF), previously filed with Post-Effective Amendment No. 341 on Form N-1A on September 30, 2026 and is incorporated herein by reference.
		(8)	Eighth Amendment to the Amended and Restated Custody Agreement between the Trust and U.S. Bank National Association (adding FINQ CORE U.S. Large Cap AI-Managed Equity ETF) – filed herewith.
		(9)	Ninth Amendment to the Amended and Restated Custody Agreement between the Trust and U.S. Bank National Association (adding Prediction Market Fed Funds Consensus ETF and Prediction Market Fed Funds Surprise ETF) – to be filed by amendment.
		(10)	Tenth Amendment to the Amended and Restated Custody Agreement between the Trust and U.S. Bank National Association (adding LV Active Latin American Equity ETF) – to be filed by amendment.
		(11)	Eleventh Amendment to the Amended and Restated Custody Agreement between the Trust and U.S. Bank National Association (adding Creekmur Tactical Equity ETF) – to be filed by amendment.
		(12)	Twelfth Amendment to the Amended and Restated Custody Agreement between the Trust and U.S. Bank National Association (adding Subversive Bi-Partisan Congressional Trading ETF) – to be filed by amendment.

C-8

(h)	(i)		Amended\n and Restated Fund Administration Servicing Agreement between the Trust and Tidal ETF Services LLC,\n previously filed with Post-Effective Amendment No. 271 on Form N-1A on June 18, 2025 and is incorporated herein by reference.
		(1)	First\n Amendment to the Amended and Restated Fund Administration Servicing Agreement between the Trust and Tidal ETF Services LLC\n (adding the Dana ETFs, SMART ETFs and SoFi Agentic AI ETF),\n previously filed with Post-Effective Amendment No. 277 on Form N-1A on August 12, 2025 and is incorporated herein by reference.
		(2)	Second\n Amendment to the Amended and Restated Fund Administration Servicing Agreement between the Trust and Tidal ETF Services LLC\n (adding the FINQ AI ETFs), previously\n filed with Post-Effective Amendment No. 302 on Form N-1A on February 2, 2026 and is incorporated herein by reference.
		(3)	Third\n Amendment to the Amended and Restated Fund Administration Servicing Agreement between the Trust and Tidal ETF Services LLC\n (adding the SMART Small Cap ETF and SMART Mid Cap ETF), previously\n filed with Post-Effective Amendment No. 312 on Form N-1A on May 5, 2026 and is incorporated herein by reference.
		(4)	Fourth\n Amendment to the Amended and Restated Fund Administration Servicing Agreement between the Trust and Tidal ETF Services LLC\n (adding the SoFi Social 50 Income ETF ),\n previously filed with Post-Effective Amendment No. 318 on Form N-1A on June 18, 2026 and is incorporated herein by reference.
		(5)	Fifth\n Amendment to the Amended and Restated Fund Administration Servicing Agreement between the Trust and Tidal ETF Services LLC\n (adding the SoFi AI Power Grid ETF, SoFi Blockchain Infrastructure ETF, SoFi Robotaxi and Autonomous Vehicles ETF, SoFi International\n Efficient Growth ETF, SoFi Emerging Markets Efficient Growth ETF, SoFi Risk-Off Equity ETF, and SoFi Risk-On Equity ETF),\n previously filed with Post-Effective Amendment No. 331 on Form N-1A on September 4, 2026 and is incorporated herein by reference.
		(6)	Sixth\n Amendment to the Amended and Restated Fund Administration Servicing Agreement between the Trust and Tidal ETF Services LLC\n (adding the Unlimited Dynamic Leverage Gold ETF, Unlimited Dynamic Leverage Bitcoin ETF, Unlimited Dynamic Leverage Oil ETF,\n Unlimited Dynamic Leverage US Stocks ETF, and Unlimited Dynamic Leverage US Treasuries ETF),\n previously filed with Post-Effective Amendment No. 333 on Form N-1A on September 4, 2026 and is incorporated herein by reference.
		(7)	Seventh\n Amendment to the Amended and Restated Fund Administration Servicing Agreement between the Trust and Tidal ETF Services LLC (adding the\n Subversive S&P 500 Redacted ETF and Subversive Growth 100 Redacted ETF),\n previously filed with Post-Effective Amendment No. 341 on Form N-1A on September 30, 2026 and is incorporated herein by\n reference.
		(8)	Form Of Eighth Amendment to the Amended and Restated Fund Administration Servicing Agreement between the Trust and Tidal ETF Services LLC (adding FINQ CORE U.S. Large Cap AI-Managed Equity ETF) – filed herewith.
		(9)	Ninth\n Amendment to the Amended and Restated Fund Administration Servicing Agreement between the Trust and Tidal ETF Services LLC\n (adding Prediction Market Fed Funds Consensus ETF and Prediction Market Fed Funds Surprise ETF) – to be filed\n by amendment.
		(10)	Tenth\n Amendment to the Amended and Restated Fund Administration Servicing Agreement between the Trust and Tidal ETF Services LLC (adding LV\n Active Latin American Equity ETF) – to be filed by amendment.
		(11)	Eleventh\n Amendment to the Amended and Restated Fund Administration Servicing Agreement between the Trust and Tidal ETF Services LLC\n (adding Creekmur Tactical Equity ETF) – to be filed by amendment.
		(12)	Twelfth\n Amendment to the Amended and Restated Fund Administration Servicing Agreement between the Trust and Tidal ETF Services LLC\n (adding Subversive Bi-Partisan Congressional Trading ETF) – to be filed by amendment.
	(ii)		Amended\n and Restated Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC,\n previously filed with Post-Effective Amendment No. 275 on Form N-1A on July 24, 2025 and is incorporated herein by reference.
		(1)	First\n Amendment to the Amended and Restated Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services,\n LLC (adding the Dana ETFs, SMART ETFs and SoFi Agentic AI ETF),\n previously filed with Post-Effective Amendment No. 277 on Form N-1A on August 12, 2025 and is incorporated herein by reference.
		(2)	Second\n Amendment to the Amended and Restated Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services,\n LLC (adding the FINQ AI ETFs), previously\n filed with Post-Effective Amendment No. 302 on Form N-1A on February 2, 2026 and is incorporated herein by reference.
		(3)	Third\n Amendment to the Amended and Restated Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services,\n LLC (adding the SMART Small Cap ETF and SMART Mid Cap ETF), previously\n filed with Post-Effective Amendment No. 312 on Form N-1A on May 5, 2026 and is incorporated herein by reference.
		(4)	Fourth\n Amendment to the Amended and Restated Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services,\n LLC (adding the SoFi Social 50 Income ETF),\n previously filed with Post-Effective Amendment No. 318 on Form N-1A on June 18, 2026 and is incorporated herein by reference.
		(5)	Fifth\n Amendment to the Amended and Restated Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services,\n LLC (adding the SoFi AI Power Grid ETF, SoFi Blockchain Infrastructure ETF, SoFi Robotaxi and Autonomous Vehicles ETF, SoFi\n International Efficient Growth ETF, SoFi Emerging Markets Efficient Growth ETF, SoFi Risk-Off Equity ETF, and SoFi Risk-On\n Equity ETF), previously filed with Post-Effective\n Amendment No. 331 on Form N-1A on September 4, 2026 and is incorporated herein by reference.

C-9

	(6)	Sixth Amendment to the Amended and Restated Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC (adding the Unlimited Dynamic Leverage Gold ETF, Unlimited Dynamic Leverage Bitcoin ETF, Unlimited Dynamic Leverage Oil ETF, Unlimited Dynamic Leverage US Stocks ETF, and Unlimited Dynamic Leverage US Treasuries ETF), previously filed with Post-Effective Amendment No. 333 on Form N-1A on September 4, 2026 and is incorporated herein by reference.
	(7)	Seventh Amendment to the Amended and Restated Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC (adding the Subversive S&P 500 Redacted ETF and Subversive Growth 100 Redacted ETF), previously filed with Post-Effective Amendment No. 341 on Form N-1A on September 30, 2026 and is incorporated herein by reference.
	(8)	Eighth Amendment to the Amended and Restated Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC (adding FINQ CORE U.S. Large Cap AI-Managed Equity ETF) – filed herewith.
	(9)	Ninth Amendment to the Amended and Restated Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC (adding Prediction Market Fed Funds Consensus ETF and Prediction Market Fed Funds Surprise ETF) – to be filed by amendment.
	(10)	Tenth Amendment to the Amended and Restated Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC (adding LV Active Latin American Equity ETF) – to be filed by amendment.
	(11)	Eleventh Amendment to the Amended and Restated Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC (adding Creekmur Tactical Equity ETF) – to be filed by amendment.
	(12)	Twelfth Amendment to the Amended and Restated Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC (adding Subversive Bi-Partisan Congressional Trading ETF) – to be filed by amendment.
(iii)		Amended and Restated Transfer Agent Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC, 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), 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), 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), previously filed with Post-Effective Amendment No. 312 on Form N-1A on May 5, 2026 and is incorporated herein by reference.
	(4)	Fourth Amendment to the Amended and Restated Transfer Agent Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC (adding the SoFi Social 50 Income ETF ), previously filed with Post-Effective Amendment No. 318 on Form N-1A on June 18, 2026 and is incorporated herein by reference.
	(5)	Fifth Amendment to the Amended and Restated Transfer Agent Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC (adding the SoFi AI Power Grid ETF, SoFi Blockchain Infrastructure ETF, SoFi Robotaxi and Autonomous Vehicles ETF, SoFi International Efficient Growth ETF, SoFi Emerging Markets Efficient Growth ETF, SoFi Risk-Off Equity ETF, and SoFi Risk-On Equity ETF), previously filed with Post-Effective Amendment No. 331 on Form N-1A on September 4, 2026 and is incorporated herein by reference.
	(6)	Sixth Amendment to the Amended and Restated Transfer Agent Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC (adding the Unlimited Dynamic Leverage Gold ETF, Unlimited Dynamic Leverage Bitcoin ETF, Unlimited Dynamic Leverage Oil ETF, Unlimited Dynamic Leverage US Stocks ETF, and Unlimited Dynamic Leverage US Treasuries ETF), previously filed with Post-Effective Amendment No. 333 on Form N-1A on September 4, 2026 and is incorporated herein by reference.
	(7)	Seventh Amendment to the Amended and Restated Transfer Agent Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC (adding the Subversive S&P 500 Redacted ETF and Subversive Growth 100 Redacted ETF), previously filed with Post-Effective Amendment No. 341 on Form N-1A on September 30, 2026 and is incorporated herein by reference.
	(8)	Eighth Amendment to the Amended and Restated Transfer Agent Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC (adding FINQ CORE U.S. Large Cap AI-Managed Equity ETF) – filed herewith.
	(9)	Ninth Amendment to the Amended and Restated Transfer Agent Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC (adding Prediction Market Fed Funds Consensus ETF and Prediction Market Fed Funds Surprise ETF) – to be filed by amendment.

C-10

	(10)	Tenth Amendment to the Amended and Restated Transfer Agent Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC (adding LV Active Latin American Equity ETF) – to be filed by amendment.
	(11)	Eleventh Amendment to the Amended and Restated Transfer Agent Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC (adding Creekmur Tactical Equity ETF) – to be filed by amendment.
	(12)	Twelfth Amendment to the Amended and Restated Transfer Agent Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC (adding Subversive Bi-Partisan Congressional Trading ETF) – to be filed by amendment.
(iv)		Powers of Attorney, 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, 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, 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, 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, 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, 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, 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, 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)		Fee Waiver Agreement between the Trust (on behalf of Subversive S&P 500 Redacted ETF and Subversive Growth 100 Redacted ETF) and Tidal, previously filed with Post-Effective Amendment No. 341 on Form N-1A on September 30, 2026 and is incorporated herein by reference.
(xii)		Operating Expenses Limitation Agreement between the Trust (on behalf of the ATAC Rotation Fund) and Tidal, previously filed with Post-Effective Amendment No. 273 on Form N-1A on June 25, 2025 and is incorporated herein by reference.
(xiii)		Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of Gotham Enhanced 500 ETF) and FundVantage Trust, 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), 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.
(xiv)		Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of each series of the Trust) and VanEck ETF Trust, 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 B to Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of each series of the Trust) and VanEck ETF Trust, previously filed with Post-Effective Amendment No. 307 to the Trust’s Registration Statement on Form N-1A on March 27, 2026 and is incorporated herein by reference.
(xv)		Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of certain series of the Trust) and Vanguard Funds, 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, 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 ATAC Credit Rotation ETF) and PIMCO ETF Trust and PIMCO Equity Series, 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, 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.

C-11

		(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, previously filed with Post-Effective Amendment No. 275 on Form N-1A on July 24, 2025 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 ProShares Trust, 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.
	(xviii)		Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of certain series of the Trust) and Direxion Shares ETF Trust, 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, 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, previously filed with Post-Effective Amendment No. 275 on Form N-1A on July 24, 2025 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 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, 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 each series of the Trust) and abrdn Inc. (on behalf of each series), previously filed with Post-Effective Amendment No. 159 to the Trust’s Registration Statement on Form N-1A on December 21, 2022 and is incorporated herein by reference.
	(xxi)		Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of ATAC Credit Rotation ETF) and Schwab Strategic Trust (on behalf of each series), 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), previously filed with Post-Effective Amendment No. 275 on Form N-1A on July 24, 2025 and is incorporated herein by reference.
	(xxii)		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, 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, 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), 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), previously filed with Post-Effective Amendment No. 253 on Form N-1A on February 11, 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 Direxion Funds (on behalf of certain series of the Trust), previously filed with Post-Effective Amendment No. 275 on Form N-1A on July 24, 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 ProShares Trust (on behalf of certain series of the Trust), 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), 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), 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), 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.

C-12

	(iv)		Opinion and Consent of Counsel (for the Leatherback ETFs), 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), 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), 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), 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), 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 American Customer Satisfaction ETF), 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.
	(x)		Opinion and Consent of Counsel (for the ZEGA Buy and Hedge ETF), 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.
	(xi)		Opinion and Consent of Counsel (for the ATAC Credit Rotation ETF), 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.
	(xii)		Opinion and Consent of Counsel (for the SonicShares Global Shipping ETF), 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.
	(xiii)		Opinion and Consent of Counsel (for the FolioBeyond Alternative Income and Interest Rate Hedge ETF f/k/a FolioBeyond Rising Rates ETF), 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.
	(xiv)		Opinion and Consent of Counsel (for the UPAR Ultra Risk Parity ETF), 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.
	(xv)		Opinion and Consent of Counsel (for the Residential REIT ETF), 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.
	(xvi)		Opinion and Consent of Counsel (for the Gotham 1000 Value ETF), 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.
	(xvii)		Opinion and Consent of Counsel (for the Aztlan Global Stock Selection DM SMID ETF), 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.
	(xviii)		Opinion and Consent of Counsel (for the Unlimited HFND Multi-Strategy Return Tracker ETF), 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.
	(xix)		Opinion and Consent of Counsel (for the Intelligent Real Estate ETF), 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.
	(xx)		Opinion and Consent of Counsel (for the Academy Veteran Bond ETF), 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.
	(xxi)		Opinion and Consent of Counsel (for the Gotham Short Strategies ETF), previously filed with Post-Effective Amendment No. 200 on Form N-1A on November 1, 2023 and is incorporated herein by reference.
	(xxii)		Opinion and Consent of Counsel (for the Unlimited ETFs), previously filed with Post-Effective Amendment No. 202 on Form N-1A on November 17, 2023 and is incorporated herein by reference.
	(xxiii)		Opinion and Consent of Counsel (for the SoFi Enhanced Yield ETF) previously filed with Post-Effective Amendment No. 201 on Form N-1A on November 9, 2023 and is incorporated herein by reference.
	(xxiv)		Opinion and Consent of Counsel (for the Aztlan North America Nearshoring Stock Selection ETF), previously filed with Post-Effective Amendment No. 203 on Form N-1A on November 21, 2023 and is incorporated herein by reference.

C-13

	(xxv)	Opinion and Consent of Counsel (for the Subversive ETFs), previously filed with Post-Effective Amendment No. 237 on Form N-1A on November 27, 2024 and is incorporated herein by reference.
	(xxvi)	Opinion and Consent of Counsel (for the FolioBeyond Enhanced Fixed Income Premium ETF), previously filed with Post-Effective Amendment No. 245 on Form N-1A on January 13, 2025 and is incorporated herein by reference.
	(xxvii)	Opinion and Consent of Counsel (for the Digital Asset Debt Strategy ETF), previously filed with Post-Effective Amendment No. 263 on Form N-1A on May 15, 2025 and is incorporated herein by reference.
	(xxviii)	Opinion and Consent of Counsel (for The Free Markets ETF), previously filed with Post-Effective Amendment No. 267 on Form N-1A on June 3, 2025 and is incorporated herein by reference.
	(xxix)	Opinion and Consent of Counsel (for ATAC Rotation Fund), previously filed with Post-Effective Amendment No. 273 on Form N-1A on June 25, 2025 and is incorporated herein by reference.
	(xxx)	Opinion and Consent of Counsel (for the Dana ETFs), previously filed with Post-Effective Amendment No. 277 on Form N-1A on August 12, 2025 and is incorporated herein by reference.
	(xxxi)	Opinion and Consent of Counsel (for the SMART ETFs), previously filed with Post-Effective Amendment No. 279 on Form N-1A on August 18, 2025 and is incorporated herein by reference.
	(xxxii)	Opinion and Consent of Counsel (for the SoFi Agentic AI ETF), previously filed with Post-Effective Amendment No. 281 on Form N-1A on August 26, 2025 and is incorporated herein by reference.
	(xxxiii)	Opinion and Consent of Counsel (for the FINQ AI ETFs), previously filed with Post-Effective Amendment No. 302 on Form N-1A on February 2, 2026 and is incorporated herein by reference.
	(xxxiv)	Opinion and Consent of Counsel (for the SMART Small Cap ETF and SMART Mid Cap ETF), previously filed with Post-Effective Amendment No. 312 on Form N-1A on May 5, 2026 and is incorporated herein by reference.
	(xxxv)	Opinion and Consent of Counsel (for SoFi Social 50 Income ETF), previously filed with Post-Effective Amendment No. 318 on Form N-1A on June 18, 2026 and is incorporated herein by reference.
	(xxxvi)	Opinion and Consent of Counsel (for the Unlimited Dynamic Leverage Gold ETF, Unlimited Dynamic Leverage Bitcoin ETF, Unlimited Dynamic Leverage Oil ETF, Unlimited Dynamic Leverage US Stocks ETF, and Unlimited Dynamic Leverage US Treasuries ETF), previously filed with Post-Effective Amendment No. 333 on Form N-1A on September 4, 2026 and is incorporated herein by reference.
	(xxxvii)	Opinion and Consent of Counsel (for Sofi International Efficient Growth ETF, SoFi Emerging Markets Efficient Growth ETF, SoFi Risk-Off Equity ETF, and SoFi Risk-On Equity ETF), previously filed with Post-Effective Amendment No. 332 on Form N-1A on September 4, 2026 and is incorporated herein by reference.
	(xxxviii)	Opinion and Consent of Counsel (for the SoFi AI Power Grid ETF, SoFi Blockchain Infrastructure ETF and SoFi Robotaxi and Autonomous Vehicles ETF), previously filed with Post-Effective Amendment No. 331 on Form N-1A on September 4, 2026 and is incorporated herein by reference.
	(xxxix)	Opinion and Consent of Counsel (for Subversive S&P 500 Redacted ETF and Subversive Growth 100 Redacted ETF), previously filed with Post-Effective Amendment No. 341 on Form N-1A on September 30, 2026 and is incorporated herein by reference.
	(xl)	Opinion and Consent of Counsel (for Subversive Prediction ETF and Subversive All Season Sports ETF) – to be filed by amendment.
	(xli)	Opinion and Consent of Counsel (for FINQ CORE U.S. Large Cap AI-Managed Equity ETF) – filed herewith.
	(xlii)	Opinion and Consent of Counsel (for Prediction Market Fed Funds Consensus ETF and Prediction Market Fed Funds Surprise ETF) – to be filed by amendment.
	(xliii)	Opinion and Consent of Counsel (for LV Active Latin American Equity ETF) – to be filed by amendment.
	(xliv)	Opinion and Consent of Counsel (for Creekmur Tactical Equity ETF) – to be filed by amendment.
	(xlv)	Opinion and Consent of Counsel (for Subversive Bi-Partisan Congressional Trading ETF) – to be filed by amendment.
	(xlvi)	Consent of Counsel (for Adasina Social Justice All Cap Global ETF) – to be filed by amendment.
(j)		Consent of Independent Registered Public Accounting Firm – filed herewith.
(k)		Not applicable.
(l)	(i)	Subscription Agreement, 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, 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\n 12b-1) Plan (ETFs) – filed herewith.
	(ii)	Distribution (Rule 12b-1) Plan (Mutual Funds), 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), previously filed with Post-Effective Amendment No. 275 on Form N-1A on July 24, 2025 and is incorporated herein by reference.

C-14

(o)		Reserved.
(p)	(i)	Code of Ethics for the Trust, 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, 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., 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, previously filed with Post-Effective Amendment No. 330 on Form N-1A on August 26, 2026 and is incorporated herein by reference.
	(vi)	Code of Ethics for Adasina, 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 Asset Management, LLC, previously filed with Post-Effective Amendment No. 314 on Form N-1A on May 26, 2026 and is incorporated herein by reference.
	(viii)	Code of Ethics for Sound Income Strategies, LLC, previously filed with Post-Effective Amendment No. 306 on Form N-1A on March 26, 2026 and is incorporated herein by reference.
	(ix)	Code of Ethics for FolioBeyond, LLC, previously filed with Post-Effective Amendment No. 237 on Form N-1A on November 27, 2024 and is incorporated herein by reference.
	(x)	Code of Ethics for Armada ETF Advisors LLC, previously filed with Post-Effective Amendment No. 215 on Form N-1A on March 22, 2024 and is incorporated herein by reference.
	(xi)	Code of Ethics for Unlimited Funds Inc., previously filed with Post-Effective Amendment No. 220 on Form N-1A on June 24, 2024 and is incorporated herein by reference.
	(xii)	Code of Ethics for Academy Asset Management, previously filed with Post-Effective Amendment No. 187 on Form N-1A on July 27, 2023 and is incorporated herein by reference.
	(xiii)	Code of Ethics for AlphaBit Investments, LLC, previously filed with Post-Effective Amendment No. 263 on Form N-1A on May 15, 2025 and is incorporated herein by reference.
	(xiv)	Code of Ethics for SYKON Asset Management LLC, previously filed with Post-Effective Amendment No. 267 on Form N-1A on June 3, 2025 and is incorporated herein by reference.
	(xv)	Code of Ethics for Point Bridge Capital, LLC, previously filed with Post-Effective Amendment No. 267 on Form N-1A on June 3, 2025 and is incorporated herein by reference.
	(xvi)	Code of Ethics for Tactical Rotation Management, LLC, previously filed with Post-Effective Amendment No. 280 on Form N-1A on August 25, 2025 and is incorporated herein by reference.
	(xvii)	Code of Ethics for Dana Investment Advisors, Inc., previously filed with Post-Effective Amendment No. 277 on Form N-1A on August 12, 2025 and is incorporated herein by reference.
	(xviii)	Code of Ethics for Smart Wealth, LLC, previously filed with Post-Effective Amendment No. 279 on Form N-1A on August 18, 2025 and is incorporated herein by reference.
	(xix)	Code of Ethics for FINQ AI, LLC, previously filed with Post-Effective Amendment No. 302 on Form N-1A on February 2, 2026 and is incorporated herein by reference.
	(xx)	Code of Ethics for LarrainVial US IA LLC - to be filed by amendment.
	(xxi)	Code of Ethics for Creekmur Asset Management, LLC - to be filed by amendment.

Item 29. Persons Controlled by or Under\nCommon Control with Registrant

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

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

C-15

Item 30. Indemnification

Every person who is, has been, or becomes\na Trustee or officer of the Trust (hereinafter referred to as a Covered Person) shall be indemnified by the Trust to the fullest\nextent permitted by law against any and all liabilities and expenses reasonably incurred or paid by them in connection with the\ndefense of any proceeding in which they become involved as a party or otherwise by virtue of their being or having been such a\nTrustee or officer, and against amounts paid or incurred by them in the settlement thereof. Every person who is, has been, or becomes\nan agent of the Trust may, upon due approval of the Trustees (including a majority of the Trustees who are not interested persons\nof the Trust), be indemnified by the Trust, to the fullest extent permitted by law, against any and all liabilities and expenses\nreasonably incurred or paid by them in connection with the defense of any proceeding in which they become involved as a party or\notherwise by virtue of their being or having been an agent, and against amounts paid or incurred by him in the settlement thereof.\nEvery Person who is serving or has served at the request of the Trust as a director, officer, partner, trustee, employee, agent\nor fiduciary of another domestic or foreign corporation, partnership, joint venture, trust, other enterprise or employee benefit\nplan (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\nor omissions while acting within the scope of his or her service in such Other Position, may, upon due approval of the Trustees\n(including a majority of the Trustees who are not interested persons of the Trust), be indemnified by the Trust, to the fullest\nextent permitted by law, against any and all liabilities and expenses reasonably incurred or paid by them in connection with the\ndefense of any proceeding in which they become involved as a party or otherwise by virtue of their being or having held such Other\nPosition, and against amounts paid or incurred by them in the settlement thereof.

The Trust shall indemnify each Covered\nPerson 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\nthe scope of their service as a Covered Person, against judgments, fines, penalties, settlements and reasonable expenses (including\nattorneys fees) actually incurred by them in connection with such proceeding to the maximum extent consistent with state law and\nthe Investment Company Act of 1940, as amended.

No indemnification shall be provided to\nany person who shall have been adjudicated by a court or body before which the proceeding was brought: (i) to be liable to the\nTrust or its shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved\nin 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\ninterest of the Trust.

Insofar as indemnification for liability\narising under the Securities Act of 1933, as amended, may be permitted to Trustees, officers and controlling persons of the Registrant\npursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the U.S. Securities\nand Exchange Commission (SEC) such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable.\nIn the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred\nor paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding)\nis asserted by such Trustee, officer, or controlling person in connection with the securities being registered, the Registrant\nwill, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate\njurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed\nby the final adjudication of such issue.

C-16

Item 31. Business and Other Connections\nof Investment Adviser

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

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

Investment Adviser	SEC File No.
Tidal Investments LLC (f/k/a Toroso Investments, LLC)	801-76857
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
FolioBeyond, LLC	801-113952
Armada ETF Advisors LLC d/b/a Armada ETFs	801-123057
Unlimited Funds, Inc.	801-126421
Academy Asset Management, LLC, d/b/a Academy Asset Management	801-125719
AlphaBit Investments, LLC	801-132088
SYKON Asset Management LLC	801-132803

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

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
LarrainVial US IA LLC	801-137226
Creekmur Asset Management, LLC	801-118002

\n\n \n \n

Item 32.

Foreside Fund Services, LLC

\n\n \n \n

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:

1.	AB Active ETFs, Inc.
2.	ABS Long/Short Strategies Fund
3.	ActivePassive Core Bond ETF, Series of Trust for Professional Managers
4.	ActivePassive Intermediate Municipal Bond ETF, Series of Trust for Professional Managers
5.	ActivePassive International Equity ETF, Series of Trust for Professional Managers
6.	ActivePassive U.S. Equity ETF, Series of Trust for Professional Managers
7.	AdvisorShares Trust
8.	AFA Private Credit Fund
9.	AGF Investments Trust
10.	AIM ETF Products Trust
11.	Alexis Practical Tactical ETF, Series of Listed Funds Trust
12.	AlphaCentric Prime Meridian Income Fund
13.	Alternative Strategies Income Fund
14.	American Century ETF Trust
15.	AMG ETF Trust
16.	Amplify ETF Trust
17.	Applied Finance Dividend Fund, Series of World Funds Trust
18.	Applied Finance Explorer Fund, Series of World Funds Trust
19.	Applied Finance Select Fund, Series of World Funds Trust
20.	Ardian Access LLC
21.	ARK ETF Trust
22.	ARK Venture Fund
23.	Bitwise Funds Trust
24.	BondBloxx ETF Trust
25.	Bramshill Multi-Strategy Income Fund, Series of Investment Managers Series Trust
26.	Bridgeway Funds, Inc.
27.	Brinker Capital Destinations Trust
28.	Brookfield Real Assets Income Fund Inc.
29.	Build Funds Trust
30.	Calamos Convertible and High Income Fund
31.	Calamos Convertible Opportunities and Income Fund
32.	Calamos Dynamic Convertible and Income Fund
33.	Calamos Global Dynamic Income Fund
34.	Calamos Global Total Return Fund
35.	Calamos Strategic Total Return Fund
36.	Carlyle Tactical Private Credit Fund
37.	Cascade Private Capital Fund
38.	Catalyst/Perini Strategic Income Fund
39.	CBRE Global Real Estate Income Fund
40.	Cliffwater Corporate Lending Fund
41.	Cliffwater Enhanced Lending Fund
42.	Coatue Innovative Strategies Fund
43.	Cohen & Steers ETF Trust
44.	Convergence Long/Short Equity ETF, Series of Trust for Professional Managers
45.	Curasset Capital Management Core Bond Fund, Series of World Funds Trust
46.	Curasset Capital Management Limited Term Income Fund, Series of World Funds Trust
47.	CYBER HORNET S&P 500^® and Bitcoin 75/25 Strategy ETF, Series of CYBER HORNET Trust

C-17

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

48.	Davis Fundamental ETF Trust
49.	Defiance Autism Impact ETF, Series of ETF Series Solutions
50.	Defiance BMNR Option Income ETF, Series of ETF Series Solutions
51.	Defiance Connective Technologies ETF, Series of ETF Series Solutions
52.	Defiance Drone and Modern Warfare ETF, Series of ETF Series Solutions
53.	Defiance Quantum ETF, Series of ETF Series Solutions
54.	Defiance Retail Kings ETF, Series of ETF Series Solutions
55.	Defiance US 100 Tech AI Moat ETF, Series of ETF Series Solutions
56.	Defiance US 100 Tech Ex Software ETF, Series of ETF Series Solutions
57.	Denali Structured Return Strategy Fund
58.	Dodge & Cox Funds
59.	DoubleLine ETF Trust
60.	DoubleLine Income Solutions Fund
61.	DoubleLine Opportunistic Credit Fund
62.	DoubleLine Yield Opportunities Fund
63.	DriveWealth ETF Trust
64.	EIP Investment Trust
65.	Ellington Income Opportunities Fund
66.	ETF Opportunities Trust
67.	Exchange Listed Funds Trust
68.	Exchange Place Advisors Trust
69.	FIS Trust
70.	FlexShares Trust
71.	Fortuna Hedged Bitcoin ETF, Series of Listed Funds Trust
72.	Forum Funds
73.	Forum Funds II
74.	Forum Real Estate Income Fund
75.	GMO ETF Trust
76.	GoldenTree Opportunistic Credit Fund
77.	Gramercy Emerging Markets Debt Fund, Series of Investment Managers Series Trust
78.	Grayscale Funds Trust
79.	Guinness Atkinson Funds
80.	Harbor ETF Trust
81.	Harris Oakmark ETF Trust
82.	Hawaiian Tax-Free Trust
83.	Horizon Kinetics Blockchain Development ETF, Series of Listed Funds Trust
84.	Horizon Kinetics Energy and Remediation ETF, Series of Listed Funds Trust
85.	Horizon Kinetics Inflation Beneficiaries ETF, Series of Listed Funds Trust
86.	Horizon Kinetics Japan Owner Operator ETF, Series of Listed Funds Trust
87.	Horizon Kinetics Medical ETF, Series of Listed Funds Trust
88.	Horizon Kinetics SPAC Active ETF, Series of Listed Funds Trust
89.	Horizon Kinetics Texas ETF, Series of Listed Funds Trust
90.	Innovator ETFs Trust
91.	Ironwood Institutional Multi-Strategy Fund LLC
92.	Ironwood Multi-Strategy Fund LLC
93.	Jensen Quality Growth ETF, Series of Trust for Professional Managers
94.	John Hancock Exchange-Traded Fund Trust
95.	Kurv ETF Trust
96.	Lazard Active ETF Trust
97.	LDR High Income Realty Fund, Series of World Funds Trust
98.	Lone Peak Value Fund, Series of World Funds Trust
99.	Mairs & Power Balanced Fund, Series of Trust for Professional Managers
100.	Mairs & Power Fund, Series of Trust for Professional Managers
101.	Mairs & Power Minnesota Municipal Bond ETF, Series of Trust for Professional Managers
102.	Mairs & Power Small Cap Fund, Series of Trust for Professional Managers
103.	Manor Investment Funds
104.	Milliman Funds Trust
105.	MoA Funds Corporation
106.	Moerus Worldwide Fund, Series of Northern Lights Fund Trust IV
107.	Morgan Stanley ETF Trust

C-18

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

108.	Morgan Stanley Pathway Large Cap Equity ETF, Series of Morgan Stanley Pathway Funds
109.	Morgan Stanley Pathway Small-Mid Cap Equity ETF, Series of Morgan Stanley Pathway Funds
110.	Morningstar Funds Trust
111.	NEOS ETF Trust
112.	Niagara Income Opportunities Fund
113.	NXG Cushing^® Midstream Energy Fund
114.	NXG NextGen Infrastructure Income Fund
115.	OTG Latin American Fund, Series of World Funds Trust
116.	Overlay Shares Core Bond ETF, Series of Listed Funds Trust
117.	Overlay Shares Enhanced Equity Fund, Series of Listed Funds Trust
118.	Overlay Shares Foreign Equity ETF, Series of Listed Funds Trust
119.	Overlay Shares Hedged Equity Fund, Series of Listed Funds Trust
120.	Overlay Shares Hedged Large Cap Equity ETF, Series of Listed Funds Trust
121.	Overlay Shares Large Cap Equity ETF, Series of Listed Funds Trust
122.	Overlay Shares Municipal Bond ETF, Series of Listed Funds Trust
123.	Overlay Shares Short Term Bond ETF, Series of Listed Funds Trust
124.	Overlay Shares Small Cap Equity ETF, Series of Listed Funds Trust
125.	Palmer Square Funds Trust
126.	Palmer Square Opportunistic Income Fund
127.	Partners Group Private Income Opportunities, LLC
128.	Philotimo Focused Growth and Income Fund, Series of World Funds Trust
129.	Plan Investment Fund, Inc.
130.	Point Bridge America First ETF, Series of ETF Series Solutions
131.	Precidian ETFs Trust
132.	Rareview 2x Bull Cryptocurrency & Precious Metals ETF, Series of Collaborative Investment Series Trust
133.	Rareview Dynamic Fixed Income ETF, Series of Collaborative Investment Series Trust
134.	Rareview Systematic Equity ETF, Series of Collaborative Investment Series Trust
135.	Rareview Tax Advantaged Income ETF, Series of Collaborative Investment Series Trust
136.	Rareview Total Return Bond ETF, Series of Collaborative Investment Series Trust
137.	Renaissance Capital Greenwich Funds
138.	REX ETF Trust
139.	Reynolds Funds, Inc.
140.	RMB Investors Trust
141.	Robinson Opportunistic Income Fund, Series of Investment Managers Series Trust
142.	Robinson Tax Advantaged Income Fund, Series of Investment Managers Series Trust
143.	Roundhill Ball Metaverse ETF, Series of Listed Funds Trust
144.	Roundhill Cannabis ETF, Series of Listed Funds Trust
145.	Roundhill ETF Trust
146.	Roundhill Magnificent Seven ETF, Series of Listed Funds Trust
147.	Roundhill Sports Betting & iGaming ETF, Series of Listed Funds Trust
148.	Roundhill Video Games ETF, Series of Listed Funds Trust
149.	Rule One Fund, Series of World Funds Trust
150.	Russell Investments Exchange Traded Funds
151.	Securian AM Real Asset Income Fund, Series of Investment Managers Series Trust
152.	Six Circles Trust
153.	Sound Shore Fund, Inc.
154.	SP Funds Trust
155.	Sparrow Funds
156.	Spear Alpha ETF, Series of Listed Funds Trust
157.	STF Tactical Growth & Income ETF, Series of Listed Funds Trust
158.	STF Tactical Growth ETF, Series of Listed Funds Trust
159.	Strategic Trust
160.	Strategy Shares
161.	Swan Hedged Equity US Large Cap ETF, Series of Listed Funds Trust
162.	Tekla World Healthcare Fund
163.	Tema ETF Trust
164.	The 2023 ETF Series Trust
165.	The Community Development Fund
166.	The Cook & Bynum Fund, Series of World Funds Trust
167.	The Private Shares Fund

C-19

168.	The SPAC and New Issue ETF, Series of Collaborative Investment Series Trust
169.	Third Avenue Trust
170.	Third Avenue Variable Series Trust
171.	Tidal Trust I
172.	Tidal Trust II
173.	Tidal Trust III
174.	Tidal Trust IV
175.	TIFF Investment Program
176.	Timothy Plan Free Cash Flow ETF, Series of The Timothy Plan
177.	Timothy Plan Free Cash Flow Growth ETF, Series of The Timothy Plan
178.	Timothy Plan High Dividend Stock ETF, Series of The Timothy Plan
179.	Timothy Plan Fixed Income ETF, Series of The Timothy Plan
180.	Timothy Plan International ETF, Series of The Timothy Plan
181.	Timothy Plan US Large/Mid Cap Core ETF, Series of The Timothy Plan
182.	Timothy Plan US Small Cap Core ETF, Series of The Timothy Plan
183.	Total Fund Solution
184.	Touchstone ETF Trust
185.	Trailmark Series Trust
186.	T-Rex 2X Inverse Bitcoin Daily Target ETF, Series of World Funds Trust
187.	T-Rex 2X Long Bitcoin Daily Target ETF, Series of World Funds Trust
188.	T-Rex 2x Long Ether Daily Target ETF
189.	U.S. Global Investors Funds
190.	Union Street Partners Value Fund, Series of World Funds Trust
191.	Vest Bitcoin Strategy Managed Volatility Fund, Series of World Funds Trust
192.	Vest S&P 500^® Dividend Aristocrats Target Income Fund, Series of World Funds Trust
193.	Vest US Large Cap 10% Buffer Strategies Fund, Series of World Funds Trust
194.	Vest US Large Cap 20% Buffer Strategies Fund, Series of World Funds Trust
195.	Virtus Stone Harbor Emerging Markets Income Fund
196.	Volatility Shares Trust
197.	WEBs ETF Trust
198.	Wedbush Series Trust
199.	Wellington Global Multi-Strategy Fund
200.	Wilshire Mutual Funds, Inc.
201.	Wilshire Variable Insurance Trust
202.	WisdomTree Trust

\n\n \n \n

Item 32(b)

The following are the Officers and a Manager of the Distributor, the Registrant’s underwriter. The Distributor’s main business address is 190 Middle Street, Suite 301, Portland, Maine 04101.

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

Name	Address	Position with Underwriter	Position with Registrant
Teresa Cowan	190 Middle Street, Suite 301 \nPortland, Maine 04101	President/Manager	None
Chris Lanza	190 Middle Street, Suite 301 \nPortland, Maine 04101	Vice President	None
Kate Macchia	190 Middle Street, Suite 301 \nPortland, Maine 04101	Vice President	None
Alicia Strout	190 Middle Street, Suite 301 \nPortland, Maine 04101	Vice President and Chief Compliance Officer	None
Gabriel E. Edelman	190 Middle Street, Suite 301 \nPortland, Maine 04101	Secretary	None
Susan L. LaFond	190 Middle Street, Suite 301 \nPortland, Maine 04101	Treasurer	None
Weston Sommers	190 Middle Street, Suite 301 \nPortland, Maine 04101	Financial and Operations Principal and Chief Financial Officer	None

\n\n \n \n

Item 32(c)

Not applicable.

C-20

\n\n \n \n

Item 33.

Location of Accounts and Records

The books and records required to be maintained\nby 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 \n234 West Florida Street, Suite 700 \nMilwaukee, Wisconsin 53204

Registrant’s Fund Accountant \nand Transfer Agent		U.S. Bancorp Fund Services, LLC \n615 East Michigan Street \nMilwaukee, Wisconsin 53202

Registrant’s Custodian		U.S. Bank National Association \n1555 North River Center Drive \nMilwaukee, Wisconsin 53212

Registrant’s Principal Underwriter		Foreside Fund Services, LLC \n190 Middle Street, Suite 301 \nPortland, Maine 04101

Registrant’s Investment Adviser		Tidal Investments LLC \n234 West Florida Street, Suite 700 \nMilwaukee, Wisconsin 53204

Registrant’s Sub-Adviser		Leatherback Asset Management, LLC \n2000 PGA Boulevard, Suite 4440 \nPalm Beach Gardens, Florida 33408

Registrant’s Sub-Adviser		Robasciotti & Associates, Inc., doing business as \nAdasina Social Capital \n548 Market Street, Suite 60335 \nSan Francisco, California 94104

Registrant’s Sub-Adviser		Gotham Asset Management, LLC \n825 Third Avenue, Suite 1750 \nNew York, New York 10022

Registrant’s Sub-Adviser		ShariaPortfolio, Inc. \n1331 S. International Parkway, Suite 2291 \nLake Mary, Florida 32746

Registrant’s Sub-Adviser		Sound Income Strategies, LLC \n500 West Cypress Creek Road, Suite 290 \nFort Lauderdale, Florida 33309

Registrant’s Sub-Adviser		FolioBeyond, LLC \n1050 Park Avenue, Suite 6A \nNew York, New York 10028

Registrant’s Sub-Adviser		Armada ETF Advisors LLC \nd/b/a Armada ETFs \n39500 High Point Boulevard, Suite 20 \nNovi, Michigan 48375

Registrant’s Sub-Adviser		Unlimited Funds Inc. \n250 Broadway, 29th Floor \nNew York, New York 10007

C-21

Registrant’s Sub-Adviser		Academy Asset Management, LLC \nd/b/a Academy Asset Management \n622 3rd Avenue, 12th Floor \nNew York, New York 10017

Registrant’s Sub-Adviser		AlphaBit Investments, LLC \n136 S 4th Street, \nForest City, Iowa 50436

Registrant’s Sub-Adviser		SYKON Asset Management LLC \n500 Mamaroneck Avenue, Suite 435 \nHarrison, New York 10528

Registrant’s Sub-Adviser		Point Bridge Capital, LLC \n300 Throckmorton Street, Suite 1550 \nFort Worth, Texas 76102

Registrant’s Sub-Adviser		Tactical Rotation Management, LLC \n118-35 Queens Blvd., Suite 400 \nForest Hills, New York 11375

Registrant’s Sub-Adviser		Dana Investment Advisors, Inc. \n20700 Swenson Drive, Suite 400 \nWaukesha, Wisconsin 53186

Registrant’s Sub-Adviser		Smart Wealth, LLC \n13815 FNB Parkway, Suite 400 \nOmaha, Nebraska 68154

Registrant’s Sub-Adviser		FINQ AI, LLC \n9 Ahad Ha’am Street \nTel Aviv, Tel Aviv District, Israel 6514224

Registrant’s Sub-Adviser		\n LarrainVial US IA LLC \n Avenida Isidora Goyenchea 2800 \n Piso 15, Comuna de las Condes \n Region Metropolitana \n Santiago, Chile 7550647

Registrant’s Sub-Adviser		\n Creekmur Asset Management, LLC \n 805 West Jackson, Suite 301 \n Morton, Illinois 61550

Item 34. Management Services

Not applicable.

Item 35. Undertakings

Not applicable.

C-22

SIGNATURES

Pursuant to the requirements of the\nSecurities Act of 1933, as amended (the “Securities Act”), and the Investment Company Act of 1940, as amended, the\nRegistrant certifies that it meets all requirements for effectiveness of this Post-Effective Amendment No. 345 to its Registration\nStatement on Form N-1A under Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 345 to\nits Registration Statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized, in the City of Milwaukee,\nState of Wisconsin, on October 28, 2026.

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

	Tidal Trust I

	By:	/s/ Eric W. Falkeis
		Eric W. Falkeis
		President

Pursuant to the requirements of the\nSecurities Act, this Post-Effective Amendment No. 345 to the Registrant’s Registration Statement has been signed below by\nthe following persons in the capacities indicated on October 28, 2026.

Signature		Title

/s/ Eric W. Falkeis		President (principal executive officer), Trustee and Chairman
Eric W. Falkeis

* Dusko Culafic		Trustee
Dusko Culafic

* Mark H. W. Baltimore		Trustee
Mark H. W. Baltimore

* Eduardo Mendoza		Trustee
Eduardo Mendoza

/s/ Aaron Perkovich		Treasurer (principal financial officer and principal accounting officer)
Aaron Perkovich

By:	/s/ Eric W. Falkeis
	Eric W. Falkeis, Attorney-in-Fact

* Pursuant to Powers of Attorney filed\npreviously.

C-23

Exhibit Index

\n\n \n \n

Exhibit No.

Description

\n\n \n \n

(d)(xxiii)(1)

First Amendment to the Investment Advisory Agreement

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

(d)(xlv)(1)	First Amendment to the Investment Sub-Advisory Agreement
(e)(i)(11)	Form of Eleventh Amendment to the Amended and Restated ETF Distribution Agreement

\n\n \n \n

(g)(i)(8)

Eighth Amendment to the Amended and Restated Custody Agreement

\n\n \n \n

(h)(i)(8)

Form of Eighth Amendment to the Amended and Restated Fund Administration Servicing Agreement

\n\n \n \n

(h)(ii)(8)

Eighth Amendment to the Amended and Restated Fund Accounting Servicing Agreement

\n\n \n \n

(h)(iii)(8)

Eighth Amendment to the Amended and Restated Transfer Agent Servicing Agreement

\n\n \n \n

(i)(xli)

Opinion and Consent of Counsel

\n\n \n

(j)	Consent of Independent Registered Public Accounting Firm

\n\n \n \n

(m)(i)

Amended and Restated Distribution (Rule 12b-1) Plan (ETFs)

C-24

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