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美国
\n证券交易委员会
\n华盛顿特区 20549

表格 N-CSR

经认证的注册管理投资公司的股东报告

投资公司法案文件编号 (811-23377)

潮汐信托 I
\n（注册人章程中指定的全名）

威斯康星州佛罗里达街 234 号，700 室

密尔沃基，威斯康星州 53204
\n（主要执行办公室地址）（邮政编码）

埃里克·W·法尔凯斯

潮汐信托 I
\n威斯康星州佛罗里达街 234 号，700 室

密尔沃基，威斯康星州 53204
\n（服务代理人姓名和地址）

(844) 986-7700

注册人的电话号码，包括地区代码

财年结束日期： 7 月 31 日

报告期间日期： 2026 年 7 月 31 日

项目 1. 向股东报告。

学院\n退伍军人债券 ETF\n定制股东报告

年度\n股东报告 7 月 31,\n2026

学院\n退伍军人债券 ETF

TICKER:\nVETZ\n（在纽约证券交易所阿卡交易所有限公司上市。）

本\n年度股东报告包含了关于学院退伍军人债券 ETF（“基金”）在 2025 年 8 月 1 日至 2026 年 7 31 日期间的重要信息。您可以在 www.academyetfs.com 找到有关该基金的更多信息。\n您也可以通过致电 (866) 631-0504 或写信给基金，联系我们的办公室，地址为：学院退伍军人债券 ETF，美国银行全球基金服务公司代管，邮编 53201-0701，威斯康星州密尔沃基市，邮局信箱 701。

本报告描述了在报告期间基金发生的变化。

过去一年基金的费用是多少？

（基于假设的 10,000 美元投资）

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

\n 基金\n 名称	\n 10,000 美元投资的\n 费用	\n 作为 10,000 美元投资的百分比支付的\n 费用
\n 学院\n 退伍军人债券 ETF	\n $36	\n 0.35%

累计\n绩效

（初始\n投资 10,000 美元）

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

\n 日期	\n 学院退伍军人债券 ETF - 11,441 美元	\n 彭博美国综合债券指数 - 11,223 美元	\n 彭博美国抵押贷款支持证券指数 - 11,365 美元
\n 8/1/2023	\n 10000	\n 10000	\n 10000
\n 8/31/2023	\n 10007	\n 9992	\n 9984
\n 9/30/2023	\n 9761	\n 9739	\n 9666
\n 10/31/2023	\n 9570	\n 9585	\n 9466
\n 11/30/2023	\n 10036	\n 10019	\n 9960
\n 12/31/2023	\n 10389	\n 10402	\n 10389
\n 1/31/2024	\n 10372	\n 10374	\n 10341
\n 2/29/2024	\n 10205	\n 10227	\n 10173
\n 3/31/2024	\n 10324	\n 10322	\n 10280
\n 4/30/2024	\n 10067	\n 10061	\n 9969
\n 5/31/2024	\n 10226	\n 10232	\n 10169
\n 6/30/2024	\n 10358	\n 10328	\n 10287
\n 7/31/2024	\n 10553	\n 10570	\n 10559
\n 8/31/2024	\n 10736	\n 10722	\n 10729
\n 9/30/2024	\n 10839	\n 10865	\n 10856
\n 10/31/2024	\n 10552	\n 10596	\n 10549
\n 11/30/2024	\n 10688	\n 10708	\n 10690
\n 12/31/2024	\n 10566	\n 10532	\n 10514
\n 1/31/2025	\n 10644	\n 10588	\n 10567
\n 2/28/2025	\n 10906	\n 10821	\n 10837
\n 3/31/2025	\n 10903	\n 10825	\n 10835
\n 4/30/2025	\n 10911	\n 10868	\n 10866
\n 5/31/2025	\n 10823	\n 10790	\n 10767
\n 6/30/2025	\n 11027	\n 10956	\n 10958
\n 7/31/2025	\n 10979	\n 10927	\n 10914
\n 8/31/2025	\n 11134	\n 11058	\n 11089
\n 9/30/2025	\n 11242	\n 11178	\n 11224
\n 10/31/2025	\n 11351	\n 11248	\n 11321
\n 11/30/2025	\n 11436	\n 11318	\n 11392
\n 12/31/2025	\n 11466	\n 11301	\n 11416
\n 1/31/2026	\n 11537	\n 11314	\n 11463
\n 2/28/2026	\n 11700	\n 11499	\n 11654
\n 3/31/2026	\n 11551	\n 11296	\n 11462
\n 4/30/2026	\n 11565	\n 11309	\n 11470
\n 5/31/2026	\n 11591	\n 11344	\n 11504
\n 6/30/2026	\n 11633	\n 11371	\n 11529
\n 7/31/2026	\n 11441	\n 11223	\n 11365

$\"line\"$

年度\n绩效

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

\n 平均\n 年度回报率 \n 截至 2026 年 7 月 31 日的\n 期间	\n 一年\n 时间	\n 自成立起（8/1/2023）
\n 学院\n 退伍军人债券 ETF	\n 4.21%	\n 4.59%
\n 彭博\n 美国综合 \n 债券\n 指数	\n 2.71%	\n 3.92%
\n 彭博\n 美国抵押贷款支持证券指数	\n 4.13%	\n 4.36%

平均\n 年度回报率

截至 2026 年 7 月 31 日的\n 期间

一年\n 时间

自成立起（8/1/2023）

学院\n 退伍军人债券 ETF

4.21%

4.59%

彭博\n 美国综合

债券\n 指数

2.71%

3.92%

彭博\n 美国抵押贷款支持证券指数

4.13%

4.36%

基金过去的业绩并不能很好地说明基金未来的表现。图表和表格不反映股东在基金分配或赎回基金股份时应缴纳的税款。

访问\nwww.academyetfs.com 获取更近期的业绩信息。

基金在过去一年的表现如何？

该基金是一个主动管理的交易所交易基金，主要投资于高质量的抵押贷款支持证券（\"MBS\"）和资产支持证券（\"ABS\"）。顾问通过贷款级别分析和量化建模，识别具有有利借款人特征的被低估证券。通过这种方法，该基金旨在提供广泛的组合多样化，限制对企业信用风险的敞口，并跑赢彭博美国抵押贷款支持证券指数。截至2026年7月31日的财年，该基金在NAV下的回报率为4.21%，而彭博美国抵押贷款支持证券指数的回报率为4.13%，彭博美国综合债券指数的回报率为2.71%。

哪些因素影响了业绩？

在机构MBS和ABS市场中的主动证券选择在财年内对基金业绩产生了积极影响。在该期间，高票息证券通常表现优于低票息证券，这与其通常对利率变化的较低敏感性一致。

机构MBS的表现受到利率波动和长期利率上升的影响。尽管美联储将联邦基金利率的目标范围降低了75个基点（\"bps\"），但10年期美国国债的收益率从4.38%上升至4.74%，对MBS价格回报造成压力。相比之下，由于投资者需求增加，彭博美国抵押贷款支持证券指数的期权调整利差缩小了9个基点至31个基点，支持了MBS价格。小企业贷款ABS的利差也因需求增加而缩小了5个基点，支持了ABS价格。按历史标准来看，抵押贷款利率仍然很高。30年期固定利率抵押贷款的全国平均利率在该期间结束时为6.73%，尽管期间有所波动，但与上一财年末基本持平。高抵押贷款利率和可负担性挑战使得再融资和住房活动保持低迷，而有限的住房供应继续支撑房价。截至2026年5月21日，标普Cotality Case-Shiller美国全国非季节性调整房价指数同比上涨1.1%，这是最后一次调整期。

学院退伍军人债券ETF\n定制股东报告

关键基金统计数据

（截至 2026年7月 31日）

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

\n 基金规模（千美元）	\n $124,485
\n 持仓数量	\n 153
\n 总管理费支付	\n $325,233
\n 投资组合换手率	\n 23%

该基金投资了什么？

（截至 2026年7月 31日）

行业分布

（占总资产的百分比）

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

\n 行业	\n %
\n 抵押贷款支持证券	\n 0.868
\n 资产支持证券	\n 0.117
\n 现金及其他	\n 0.015

$\"bar\"$

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

\n 主要发行人	\n （占总资产的百分比）
\n 吉利美II池	\n 78.7%
\n 小企业管理局池	\n 11.7%
\n 吉利美I池	\n 8.2%

这是对基金某些变更的总结。如需更完整的信息，您可以查阅基金的招募说明书。

基金\n变更

自\n2025年8月1日起，美国银行基金服务公司，作为全球基金服务公司开展业务，不再担任潮汐信托I的每个系列（包括基金）的次级管理员。

关于基金的\n更多信息，包括其招募说明书、财务信息、持仓和代理投票信息，请访问 www.academyetfs.com。

集中投递

集中投递\n是基金某些投资者可选择的一项服务。集中投递是一种根据个人投资者偏好进行的投递方式，即可以将某些股东文件的单一副本投递给具有相同地址的投资者，即使他们的账户注册在不同的名称下。基金的集中投递可通过某些经纪自营商提供。如果您有兴趣参加集中投递并接收一份招募说明书和其他股东文件的单一副本，请联系您的经纪自营商。\n如果您目前已参加集中投递并希望更改您的集中投递状态，请联系您的经纪自营商。

学院\n老兵债券ETF\n定制股东报告

第2项：道德准则。

注册人已制定了适用于注册人首席执行官和首席财务官的道德准则。在本报告涵盖的期间内，注册人未对道德准则作出任何实质性修订。在本报告涵盖的期间内，注册人未授予任何道德准则条款的豁免。

注册人的道德准则\n已随本文件提交。

第3项：审计委员会财务专家。

信托的受托人委员会已确定，其审计委员会中至少有两名审计委员会财务专家。杜斯科·库拉菲克先生和爱德华多·门多萨先生是“审计委员会财务专家”，并根据《N-CSR表格》第3项中定义的每个术语被视为“独立”。

第4项：主要会计师费用和\n服务。

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

学院老兵影响力ETF

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

	财年结束 7/31/2026	财年结束 7/31/2025
( a ) 审计费用	$15,500	$15,500
( b ) 审计相关费用	不适用	不适用
( c ) 税务费用	$3,000	$3,000
( d ) 其他所有费用	不适用	不适用

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

(e)(2) 根据预先批准要求的豁免，由Cohen & Company, Ltd. LLP开具的非审计服务费用百分比如下：

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

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

(f) 主要会计师用于审计注册人财务报表的工时全部归因于主要会计师的全职永久员工完成的工作。

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

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

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

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

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

(j) 注册人不是外国发行人。

第5项. 上市注册人的审计委员会。

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

(b) 不适用

第6项. 投资。

(a)

投资组合附在本表格第7项提交的财务报表中。

(b)

不适用。

第7项. 开放式投资公司的财务报表和财务亮点。

(a)

$\"\"$

财务报表

2026年7月31日

Tidal Trust I

Academy Veteran Bond ETF | VETZ\n| NYSE Arca, Inc.

Academy Veteran Bond\nETF

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

	页
投资组合表	1
资产和负债表	5
运营表	6
净资产变动表	7
财务亮点	8
财务报表附注	9
独立注册公共会计事务所的报告	19
其他未经审计的信息	20

学院老兵债券ETF

投资组合一览表

2026年7月31日

基于资产的证券 - 11.7%	面值		价值
小企业管理局池^(a)
池 SBA 530428，4.30%（基准利率 + (2.45%)），2033年10月25日	$	170,282		$	170,848
池 SBA 530439，4.30%（基准利率 + (2.45%)），2033年10月25日		474,074			475,655
池 SBA 530455，4.40%（基准利率 + (2.35%)），2033年11月25日		803,743			808,781
池 SBA 530472，4.45%（基准利率 + (2.30%)），2033年12月25日		194,781			196,240
池 SBA 530560，4.05%（基准利率 + (2.70%)），2034年5月25日		351,842			351,070
池 SBA 530574，4.05%（基准利率 + (2.70%)），2034年5月25日		296,756			296,108
池 SBA 530588，4.05%（基准利率 + (2.70%)），2034年8月25日		530,317			529,200
池 SBA 530592，5.75%（基准利率 + (1.00%)），2034年8月25日		167,394			172,991
池 SBA 530612，4.05%（基准利率 + (2.70%)），2034年8月25日		315,290			314,629
池 SBA 530631，4.10%（基准利率 + (2.65%)），2034年8月25日		123,870			123,768
池 SBA 530653，4.10%（基准利率 + (2.65%)），2034年9月25日		54,195			54,139
池 SBA 530692，4.10%（基准利率 + (2.65%)），2034年11月25日		324,778			324,579
池 SBA 530776，4.10%（基准利率 + (2.65%)），2035年3月25日		493,527			494,017
池 SBA 530809，4.88%（基准利率 + (1.88%)），2035年8月25日		214,832			218,661
池 SBA 530810，4.10%（基准利率 + (2.65%)），2035年4月25日		328,178			328,086
池 SBA 530832，4.16%（基准利率 + (2.59%)），2050年6月25日		669,706			670,696
池 SBA 530851，7.02%（基准利率 + 0.27%），2035年7月25日		392,792			419,096
池 SBA 530885，4.20%（基准利率 + (2.55%)），2035年7月25日		2,057,450			2,062,774
池 SBA 530887，5.75%（基准利率 + (1.00%)），2035年7月25日		1,639,292			1,702,709
池 SBA 530979，4.15%（基准利率 + (2.60%)），2035年11月25日		275,397			275,829
池 SBA 531001，5.75%（基准利率 + (1.00%)），2036年4月25日		474,992			495,064
池 SBA 531034，4.25%（基准利率 + (2.50%)），2051年7月25日		247,237			248,528
池 SBA 531081，4.15%（基准利率 + (2.60%)），2051年4月25日		496,174			497,065
池 SBA 531109，4.08%（基准利率 + (2.67%)），2036年4月25日		1,851,724			1,851,638
池 SBA 531126，4.08%（基准利率 + (2.67%)），2036年5月25日		477,913			477,926
池 SBA 531147，4.15%（基准利率 + (2.60%)），2051年10月25日		998,127			1,000,192

基于资产的证券总计（成本14,536,473美元）					14,560,289

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

基于抵押的证券 - 86.8%	面值		价值
吉利美I池
池 GN 615400，4.50%，2033年8月15日		248,405		247,093
池 GN 666291，2.50%，2042年12月15日		54,230		48,539
池 GN 682229，4.00%，2049年7月15日		453,505		415,715
池 GN AD0997，2.50%，2043年4月15日		35,009		29,724
池 GN AD0998，2.50%，2043年4月15日		89,005		75,568
池 GN AD0999，2.50%，2043年5月15日		8,304		7,050
池 GN AI6890，3.00%，2045年6月15日		288,475		253,993
池 GN BP6229，3.00%，2049年11月15日		1,467,662		1,274,905
池 GN BR6606，3.00%，2050年2月15日		8,991,342		7,795,241
吉利美II池
池 G2 678014，4.00%，2048年4月20日		68,450		61,704
池 G2 784981，3.50%，2050年4月20日		871,548		772,887
池 G2 785510，2.50%，2051年1月20日		1,759,851		1,431,393
池 G2 786095，3.00%，2052年4月20日		445,634		384,851
池 G2 786134，3.00%，2052年4月20日		3,078,409		2,658,528
池 G2 786216，3.50%，2052年6月20日		190,862		167,458

附注是这些财务报表的不可或缺的一部分。

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

池 G2 786463，3.50%，2052年12月20日	1,902,080	1,666,822
池 G2 786464，2.50%，2052年12月20日	367,630	298,745
池 G2 786552，2.00%，2052年12月20日	406,654	320,082
池 G2 786612，3.00%，2052年3月20日	1,892,246	1,634,153
池 G2 786723，3.50%，2052年11月20日	256,492	225,040
池 G2 786724，2.50%，2053年1月20日	798,966	649,259
池 G2 786725，3.00%，2052年11月20日	366,684	313,260
池 G2 786784，4.50%，2053年6月20日	604,565	566,888
池 G2 786793，2.00%，2052年12月20日	409,230	322,110
池 G2 786842，4.00%，2053年4月20日	698,506	634,524
池 G2 787240，5.00%，2054年1月20日	1,620,100	1,571,161
池 G2 787975，5.50%，2055年5月20日	140,603	139,357
池 G2 788093，5.50%，2055年7月20日	501,728	497,281
池 G2 788100，5.50%，2055年8月20日	962,541	954,010
池 G2 788152，5.00%，2055年9月20日	1,640,089	1,582,776
池 G2 788440，5.50%，2055年11月20日	1,765,764	1,750,115
池 G2 788554，4.50%，2056年4月20日	2,988,223	2,766,415
池 G2 788614，5.00%，2056年4月20日	3,986,059	3,843,285
池 G2 AX3507，3.00%，2046年12月20日	283,496	253,518
池 G2 BK5879，4.50%，2048年11月20日	164,519	156,564
池 G2 BR8118，3.00%，2049年11月20日	656,966	568,617
池 G2 BS8626，3.00%，2050年2月20日	745,764	645,472
池 G2 BS8891，3.50%，2050年2月20日	995,861	883,938
池 G2 BS8912，3.00%，2050年2月20日	484,519	419,360
池 G2 BT1911，3.50%，2050年12月20日	129,785	113,646
池 G2 BU6116，2.50%，2050年4月20日	58,328	48,508
池 G2 BU6352，3.50%，2051年6月20日	131,639	116,257
池 G2 BV1199，3.50%，2050年5月20日	131,515	115,160
Pool G2 BX2636, 2.50%, 10/20/2050	683,319	567,594
Pool G2 BY0769, 2.50%, 09/20/2050	750,841	625,984
Pool G2 BZ0238, 2.50%, 03/20/2051	1,641,817	1,356,034
Pool G2 CD4331, 2.00%, 04/20/2051	413,218	329,584
Pool G2 CK2586, 3.00%, 04/20/2052	1,307,175	1,128,882
Pool G2 CL5518, 3.00%, 03/20/2052	1,561,656	1,348,654
Pool G2 CL5523, 3.00%, 04/20/2052	923,023	788,543
Pool G2 CN0347, 3.00%, 09/20/2052	115,335	99,802
Pool G2 CN5150, 2.50%, 07/20/2052	879,865	726,820
Pool G2 CN6487, 3.00%, 06/20/2052	890,264	768,836
Pool G2 CN6885, 3.50%, 05/20/2052	79,748	69,440
Pool G2 CN8589, 4.00%, 08/20/2052	306,306	278,248
Pool G2 CO5989, 3.00%, 02/20/2052	638,156	551,385
Pool G2 CO5999, 3.00%, 09/20/2052	648,753	560,541
Pool G2 CQ2299, 3.00%, 11/20/2052	217,744	187,537
Pool G2 CQ5485, 4.50%, 11/20/2052	285,385	268,453
Pool G2 CR2134, 3.50%, 09/20/2060	656,395	572,682
Pool G2 CT5959, 4.50%, 04/20/2053	748,422	698,139
Pool G2 CT6282, 4.50%, 02/20/2062	459,494	430,228
Pool G2 CT9943, 5.00%, 04/20/2053	846,894	821,311
Pool G2 CU0134, 4.50%, 05/20/2053	422,010	393,657
Pool G2 CU4415, 6.50%, 05/20/2053	66,062	68,333
Pool G2 CU5352, 5.50%, 08/20/2053	424,420	423,845
Pool G2 CV1066, 5.00%, 06/20/2053	598,033	579,967
Pool G2 CV6338, 5.50%, 07/20/2053	1,214,709	1,210,987

The accompanying notes are an integral part of these financial\nstatements.

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

Pool G2 CV6387, 5.00%, 06/20/2053	668,428	648,236
Pool G2 CV6664, 5.50%, 06/20/2053	224,743	225,963
Pool G2 CV7142, 4.50%, 07/20/2050	1,096,211	1,062,280
Pool G2 CW6876, 7.00%, 08/20/2053	33,113	34,291
Pool G2 CY9047, 5.50%, 03/20/2054	996,288	995,733
Pool G2 DA2629, 5.00%, 03/20/2054	868,933	846,260
Pool G2 DG4649, 5.50%, 12/20/2054	245,217	243,678
Pool G2 DG4653, 4.00%, 12/20/2039	625,812	600,678
Pool G2 DH3437, 4.50%, 02/20/2040	885,964	866,544
Pool G2 DN7697, 4.88%, 02/20/2065	380,942	361,066
Pool G2 DN9680, 4.50%, 11/20/2055	1,442,267	1,336,159
Pool G2 DP3792, 5.00%, 01/20/2056	893,511	861,777
Pool G2 DQ6620, 4.50%, 03/20/2056	1,094,105	1,012,893
Pool G2 DR3077, 4.50%, 04/20/2056	1,861,163	1,723,014
Pool G2 DS2307, 4.50%, 04/20/2056	2,366,370	2,190,721
Pool G2 MA2752, 2.50%, 04/20/2045	897,964	764,031
Pool G2 MA2824, 2.50%, 05/20/2045	586,166	498,738
Pool G2 MA5386, 3.00%, 08/20/2048	154,403	133,335
Pool G2 MA6144, 3.00%, 09/20/2049	2,336,702	2,004,094
Pool G2 MA6209, 3.00%, 10/20/2049	1,058,283	907,646
Pool G2 MA6464, 3.00%, 02/20/2050	1,793,811	1,537,995
Pool G2 MA6646, 3.00%, 05/20/2050	1,645,098	1,410,490
Pool G2 MA7191, 1.50%, 02/20/2051	297,050	228,809
Pool G2 MA7906, 2.00%, 03/20/2037	587,382	527,457
Pool G2 MA8040, 1.50%, 04/20/2052	528,585	399,110
Pool G2 MA8095, 1.50%, 12/20/2043	96,093	82,089
Pool G2 MA8173, 2.50%, 08/20/2037	158,525	147,167
Pool G2 MA8190, 3.00%, 08/20/2052	1,573,055	1,343,868
Pool G2 MA8239, 2.00%, 02/20/2037	403,091	365,368
Pool G2 MA8314, 2.00%, 01/20/2037	99,425	90,120
Pool G2 MA8417, 4.00%, 11/20/2052	1,636,252	1,469,922
Pool G2 MA8475, 2.00%, 12/20/2052	1,104,602	869,445
Pool G2 MA8710, 3.00%, 01/20/2052	1,119,808	956,658
Pool G2 MA8712, 4.00%, 03/20/2053	2,669,236	2,397,900
Pool G2 MA8782, 2.00%, 12/20/2051	725,525	571,070
Pool G2 MA8783, 2.50%, 03/20/2052	1,246,235	998,302
Pool G2 MA8860, 2.00%, 08/20/2052	769,139	605,399
Pool G2 MA8862, 3.00%, 01/20/2053	1,096,237	936,520
Pool G2 MA8941, 2.00%, 06/20/2053	1,289,471	1,032,630
Pool G2 MA9093, 5.00%, 08/20/2053	1,174,839	1,141,727
Pool G2 MA9153, 2.50%, 09/20/2053	793,488	635,627
Pool G2 MA9157, 4.50%, 09/20/2053	1,310,050	1,224,513
Pool G2 MA9223, 3.00%, 04/20/2052	2,786,606	2,380,610
Pool G2 MA9224, 3.50%, 10/20/2053	815,390	709,943
Pool G2 MA9287, 3.00%, 02/20/2052	438,588	373,681
Pool G2 MA9344, 3.00%, 09/20/2053	189,459	161,421
Pool G2 MA9481, 2.00%, 01/20/2054	2,533,206	2,025,596
Pool G2 MA9593, 6.00%, 04/20/2054	318,027	321,507
Pool G2 MA9650, 3.00%, 12/20/2051	1,386,724	1,178,606
Pool G2 MA9893, 5.50%, 09/20/2054	85,217	84,848
Pool G2 MB0455, 3.50%, 07/20/2040	320,857	301,296
Pool G2 MB0507, 4.50%, 07/20/2040	1,860,385	1,809,127
Pool G2 MB0585, 4.50%, 08/20/2040	848,779	825,393

The accompanying notes are an integral part of these financial\nstatements.

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

Pool G2 MB0871, 5.00%, 01/20/2056	2,277,950		2,206,739
Pool G2 MB0922, 3.50%, 02/20/2056	381,439		329,221
Pool G2 MB0973, 4.00%, 09/20/2041	544,122		521,507
Pool G2 MB1047, 4.00%, 07/20/2041	2,456,537		2,354,438
Pool G2 MB1284, 5.00%, 07/20/2056	2,750,000		2,661,817

TOTAL MORTGAGE-BACKED SECURITIES (Cost $110,986,098)			108,071,531

SHORT-TERM INVESTMENTS - 0.9%
Money Market Funds - 0.9%	Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(b)	1,103,457		1,103,457

TOTAL SHORT-TERM INVESTMENTS (Cost $1,103,457)			1,103,457

TOTAL INVESTMENTS - 99.4% (Cost $126,626,028)		$	123,735,277
Other Assets in Excess of Liabilities - 0.6%			749,962
TOTAL NET ASSETS - 100.0%		$	124,485,239

Percentages are stated as a percent of net assets.

\n\n

(a)	票息率根据底层抵押品的加权平均票息率而变化。在底层资产的加权平均票息率上升或下降的情况下，该证券的票息率将相应上升或下降。所披露的利率截至2026年7月31日。

（b）	所显示的利率代表截至2026年7月31日的7日年化有效收益率。

附注是这些财务报表不可分割的一部分。

资产和负债表

2026年7月31日

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

	学院退伍军人债券ETF
资产：
投资，按价值计（成本126,626,028美元）（注释2）	$	123,735,277
已售投资应收款		13,005,134
应收利息		481,114
总资产		137,221,525

负债：
已购投资应付款		12,702,734
应付顾问费（注释4）		33,552
总负债		12,736,286
净资产	$	124,485,239

净资产包括：
实缴资本	$	126,864,794
总可分配收益/（累计损失）		(2,379,555	)
总净资产	$	124,485,239

净资产	$	124,485,239
已发行和流通股数^(a)		6,425,000
每份额净资产价值	$	19.38

\n\n

(a)

授权无限股数，无面值。

附注是这些财务报表不可分割的一部分。

运营表

截至2026年7月31日止年度

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

	学院退伍军人债券ETF
投资收入：
利息收入	$	5,786,037
总投资收入		5,786,037

费用：
投资咨询费（注释4）		325,233
利息费用（注释8）		674
总费用		325,907
净投资收入（损失）		5,460,130

已实现和未实现损益
来自以下项目的已实现损益：
投资		4,094
已实现损益		4,094
以下项目的未实现增值（贬值）变动：
投资		(2,583,794	)
未实现增值（贬值）变动		(2,583,794	)
净实现和未实现损益		(2,579,700	)
净资产因运营产生的增加（减少）	$	2,880,430

附注是这些财务报表不可分割的组成部分。

净资产变动表

	学院老兵债券ETF
	截至 2026年7月31日		截至 2025年7月31日
运营：
投资净收益（损失）	$	5,460,130		$	4,641,081
净实现损益		4,094			(315	)
净未实现增值（贬值）变动		(2,583,794	)		(1,694,264	)
因运营产生的净资产增加（减少）		2,880,430			2,946,502

向股东的分配：
来自收益		(5,403,173	)		(4,603,400	)
向股东的总分配		(5,403,173	)		(4,603,400	)

资本交易：
认购		52,936,487			7,424,175
赎回		(5,406,705	)		—
ETF交易费用（注9）		40,840			5,197
因资本交易产生的净资产增加（减少）		47,570,622			7,429,372

净资产的净增加（减少）		45,047,879			5,772,474

净资产：
期间开始时		79,437,360			73,664,886
期间结束时	$	124,485,239		$	79,437,360

份额交易
认购		2,675,000			375,000
赎回		(275,000	)		—
已发行份额的净增加（减少）		2,400,000			375,000

附注是这些财务报表不可分割的组成部分。

财务亮点

对于在所列期间内始终存在的份额

	学院老兵债券ETF
	截至 2026年7月31日	截至 2025年7月31日	截至 2024年7月31日^(a)
每份额数据：

期间开始时的净资产价值	$19.74	$20.18	$20.00

投资运作：
投资净收益（损失）^(b)	1.17	1.24	1.10
实现和未实现损益^(c)	(0.35)	(0.45)	(0.05)
投资运作总收益	0.82	0.79	1.05

减：来自：
投资净收益	(1.19)	(1.23)	(0.89)
总分配	(1.19)	(1.23)	(0.89)

资本交易：
每份ETF交易费用	0.01	0.00^(d)	0.02
期末净资产价值	$19.38	$19.74	$20.18
总回报^(e)	4.21%	4.03%	5.53%

补充数据和比率：
期末净资产（以千美元计）	$124,485	$79,437	$73,665
费用比率与平均净资产^(f)	0.35%	0.35%	0.35%
净投资收益与平均净资产比率^(f)	5.88%	6.24%	5.55%
投资组合换手率^(e)(g)	23%	18%	13%

(a)	基金成立日期为2023年8月1日。

(b)	每份净投资收益是根据各期间平均发行份额计算的。

(c)	标题中的已实现和未实现损益每份是为使各期间的每份净资产价值变动相符合而必需的平衡金额，可能与运营状况表中的总损益不一致，这是由于各期间的份额交易所致。

(d)	金额低于每份0.005美元。

(e)	少于一年的期间未按年化计算。

(f)	少于一年的期间已按年化计算。

(g)	投资组合换手率不包括任何实物交易。

附注是这些财务报表的组成部分。

财务报表附注

2026年7月31日

注释\n1 - 组织结构

学院退伍军人债券ETF（“基金”）是Tidal Trust I（“信托”）的多样化份额受益权系列。信托于2018年6月4日作为特拉华州的法定信托成立，并根据《1940年投资公司法》（“1940年法案”）的修订版向证券交易委员会（“SEC”）注册，作为开放式管理投资公司，并且基金的份额（“份额”）的发行已根据《1933年证券法》（“1933年法案”）的修订版注册。信托由受托人委员会（“受托人委员会”）管理。Tidal Investments LLC（“Tidal Investments”或“顾问”），一家Tidal Financial Group公司，担任基金的投资顾问，Academy Asset Management, LLC d/b/a Academy Asset Management（“次级顾问”）担任基金的投资次级顾问。基金是一家投资公司，因此遵循财务会计准则委员会（“FASB”）会计准则编码主题946“金融服务—投资公司”的投资公司会计和报告指南。基金于2023年8月1日开始运营。

基金的投资目标是寻求产生当前收入。

注释\n2 - 重要会计政策

以下为基金一贯遵循的重要会计政策摘要。这些政策符合美国通用会计原则（“U.S. GAAP”）。

安全估值 - 在证券交易所、市场或自动报价系统上上市的权益证券，其报价可随时获得（纳斯达克股票市场有限责任公司（“NASDAQ”）交易的证券除外），包括场外交易的证券，按其在估值日主要交易所或市场（国内或国外）上最后报价的销售价格进行估值（或在主要交易所通常在该时间开放的情况下，大约在东部标准时间下午4:00），或者，如果在估值日没有此类已报告的销售，则按最近的报价出价进行估值。对于在多个交易所交易的证券，主要交易所通常被认为是该证券通常最活跃交易的交易所。对于在NASDAQ交易的证券，将使用NASDAQ官方收盘价。在证券交易所交易的证券价格将在基金营业的每一天从公认的独立定价代理处获得。

债务证券，包括抵押贷款支持证券（“MBS”）和资产支持证券（“ABS”）通过使用独立定价代理提供的买卖价差的评估平均值进行估值。独立定价代理可能采用利用实际市场交易（如果证券活跃交易）的的方法、经纪交易商提供的估值，或旨在确定此类证券市场价值的其他方法。在确定估值时，这些方法通常考虑诸如证券价格、收益率、到期日、赎回特征、评级以及与特定证券相关的最新发展等因素。

货币市场共同基金的投资按每个底层基金在估值时间的已公布每份额净资产价值（“NAV”）进行估值。每个底层货币市场基金根据1940法案下的规则2a-7允许的方法，使用摊销成本法（近似公允价值）计算NAV。

根据1940法案第2a-5条，对于报价不易获得的证券，将由估值指定人（根据第2a-5条定义）根据顾问的定价和估值政策及公允价值程序（适用时）确定公允价值，并受董事会的监督。当证券被“公允估值”时，将考虑与特定情况相关的事实和情况，包括审查顾问的定价和估值政策及公允价值程序中列出的各种因素。公允价值定价本质上是一个主观过程，没有确定公允价值的单一标准。不同的基金可能对同一证券合理地得出不同的价值。基金使用公允价值定价可能导致其份额的NAV与不考虑这些因素时计算的NAV有显著差异。

如上所述，基金采用各种方法定期衡量其投资的公允价值。美国通用会计准则（U.S. GAAP）建立了一个优先考虑估值方法输入的层次结构。输入的三个级别如下：

财务报表附注

2026年7月31日

Level 1 – 基金能够访问的活跃市场中相同资产或负债的未调整报价。

Level\n2 – 除Level 1中包含的报价以外的可观察输入，这些输入对于资产或负债而言是可观察的，无论是直接还是间接。这些输入可能包括在非活跃市场中相同工具的报价、类似工具的价格、利率、提前还款速度、信用风险、收益率曲线、违约率和类似数据。

Level\n3 – 对于资产或负债的不可观察输入，当相关可观察输入不可用时；代表基金自身对市场参与者在估值资产或负债时会使用假设的假设，并且将基于可用的最佳信息。

可观察输入的可用性因证券而异，并受各种因素的影响，包括但不限于证券的类型、证券是否为新发行且尚未在市场中确立、市场的流动性以及其他与证券相关的特定特征。在估值基于市场中较少可观察或不可观察的模型或输入的情况下，确定公允价值需要更多的判断。因此，对于归类在Level 3的工具，确定公允价值所进行的判断程度最大。

用于衡量公允价值的输入可能属于公允价值层级中的不同级别。在这些情况下，出于披露目的，整个公允价值衡量所属的公允价值层级是根据整个公允价值衡量中最重要的最低级别输入确定的。

以下是截至2026年7月31日该基金投资所使用的输入的摘要：

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

	Level\n 1		Level\n 2			Level\n 3		总计
投资：
资产支持证券	$	–		$	14,560,289		$	–	$	14,560,289
抵押贷款支持\n 证券		–			108,071,531			–		108,071,531
货币市场基金		1,103,457			–			–		1,103,457
总计\n 投资	$	1,103,457		$	122,631,820		$	–	$	123,735,277

联邦所得税 - 该基金已选择按规范投资公司（“RIC”）纳税，并打算向其股东分配大部分应税收入，并且在其他方面遵守适用于RIC的《国内税收法典》规定。因此，未计提联邦所得税或特别税。

为了避免对RIC征收消费税，该基金计划在每个日历年中，至少将98%的净投资收益（在该日历年中获得）和至少98.2%的净已实现资本收益（在截至10月31日的12个月内获得）加上以前年度的未分配金额（如有）作为股息进行宣告。作为RIC，该基金根据规定需缴纳4%的消费税，如果该基金在任何日历年的结束前未至少分配（i）该日历年中98%的普通收入（不考虑任何资本损益）和（ii）该年度内超过资本损失的98.2%的资本收益（调整某些普通损失），则会征收该消费税。该基金通常计划以必要的方式分配收入和资本收益，以尽量减少（但不一定完全消除）该消费税的征收。当确定这样做符合股东的最佳利益时，该基金可能会保留收入或资本收益并缴纳消费税。管理层会评估消费税的成本与保留收入和资本收益的收益之间的关系，包括此类未分配金额（扣除已缴纳的消费税）仍可用于基金投资，并可用于补充未来的分配。如适用，税务费用会在损益表中披露。

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

财务报表附注

2026年7月31日

证券交易和投资收益 - 证券交易按交易日进行核算。证券出售产生的已实现收益和损失按具体识别法确定。购买的债务证券的折扣/溢价按有效利息法在其各自证券的存续期内进行摊销/递延。股息收入在除息日确认。利息收入按应计基础确认。其他非现金股息按所获财产的公允价值确认为投资收益。根据该基金对相关国家税法和税率的理解，已为外国股息的预提税进行了计提。

向股东的分配 - 该基金如有净投资收益，将按月宣告并支付给股东。该基金如有证券的净已实现收益，通常会至少每年宣告并支付给股东。分配在除息日进行记录。

估计的使用 - 按照美国通用会计准则编制财务报表需要管理层做出影响财务报表中资产和负债的报告金额以及或有资产和负债在财务报表日的披露和运营净资产增减金额的估计和假设。实际结果可能与这些估计不同。

份额估值 - 每份额的净资产值通过将基金持有的证券价值加上现金或其他资产，减去所有负债，再除以基金的总发行份额数计算得出，四舍五入到分。基金份额在纽约证券交易所（“NYSE”）停止交易的日期不会被定价。

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

非流动性证券 - 根据1940法案下的规则22e-4，基金已采用董事会批准的流动性风险管理计划（“计划”），其中包括要求基金将其非流动性投资（作为资产）限制在基金净资产价值的15%以内。非流动性投资是指基金合理预期在当前市场条件下无法在七天内或更短时间内出售或处置的任何证券，且出售或处置不会显著改变该投资的市场价值。如果基金持有的非流动性投资价值超过基金净资产的15%，基金将按照计划中规定的步骤采取措施。

资本账户的重新分类。 美国通用会计准则要求将与永久性差异相关的某些净资产组成部分在财务报告和税务报告之间重新分类。这些重新分类对净资产或每份额净资产值没有影响。截至2026年7月31日的财年，没有进行任何调整。

注释\n3 - 主要投资风险

代理小企业贷款和MBS风险。 许多由房利美或房地美及其他受美国政府监管的机构所发行的债务目前状况存在不确定性。代理支持的证券可能比其他类型的固定收益证券对利率变化更敏感。利率的变动（包括上升和下降）可能会迅速且显著地降低代理支持证券的价值。代理支持的证券由于提前还款率可能快于或慢于预期，可能会出现收益率波动。代理支持的证券还可能面临底层小企业贷款或抵押贷款违约的风险。此外，MBS证券可能面临延长的结算期。如果交易对手未能交付证券，基金可能会遭受损失。

财务报表附注

2026年7月31日

交易对手违约或破产可能会使基金面临可能的损失。这些风险可能会降低基金的收益。

固定收益证券风险。 通常，固定收益证券的价值会随着现行利率的变化而反向变化。因此，固定收益证券的基本风险是利率风险（如下所述），即当现行利率上升时，此类证券的价值通常会下降，这可能导致基金的净资产值（NAV）也下降。例如，虽然久期和期限较长的证券通常会产生更高的收益，但它们也更容易受到现行利率变化的影响，因此比短期证券更具波动性，并且由于利率变化而面临更大的市场波动。投资于利率非常低或为负的固定收益证券可能会降低基金的收益和表现。最近和潜在的未来政府货币政策变化也会影响利率水平。这些变化可能导致基金的NAV波动或使基金更难准确估值其证券。特定的固定收益证券对利率变化的反应将取决于每种证券的具体特征。固定收益证券还面临信用风险、提前偿付风险（如下所述）、估值风险、展期风险（如下所述）和流动性风险。信用风险是指固定收益证券发行人的信用实力可能减弱和/或发行人可能无法及时支付本金和利息，证券可能违约的风险。提前偿付风险是指在利率下降期间，某些利率较高的固定收益证券（如抵押贷款和资产支持证券）可能被发行人提前偿付，从而减少利息支付金额。估值风险是指基金投资的某些固定收益证券的定价可能与该证券出售时实现的价值不同。在市场不稳定时期，估值可能更加困难。展期风险是指在利率上升时期，借款人可能更慢地偿还其债务义务。流动性风险是指固定收益证券可能在组合经理希望的时间或组合经理认为证券当前价值的价格上难以出售。

利率风险。 一般来说，固定收益证券的价值会随着利率的变化而反向变化。当利率上升时，固定收益证券的市场价值往往会下降。相反，当利率下降时，固定收益证券的市场价值往往会增加。这种风险对于长期证券比短期证券更大。政府干预的变化可能对债务市场的投资、波动性和流动性产生不利影响。此外，浮动利率证券的利息率不是固定的，可能根据市场利率的变化而波动。浮动利率证券的利率是一种与另一种利率挂钩的可变利率。浮动利率证券面临利率风险和信用风险。

对手方和发行人信用风险。 固定收益证券或其他工具的发行人或衍生品或其他合同的对手方的财务状况可能导致该发行人或对手方违约、无法支付利息或本金或未能履行其义务，或可能导致该发行人或对手方被市场参与者、评级机构、定价服务或其他方面认为处于此类情况。对基金的投资价值可能因发行人或对手方违约、基金投资组合投资的信用评级变化和/或与此相关的看法而迅速且意外地发生变化。

非机构\nMBS 风险。 与机构 MBS 相比，非机构 MBS 面临更高的风险，包括非机构 MBS 不受适用于具有政府或政府支持实体担保的 MBS 的相同承销要求的约束。因此，非机构 MBS 所依据的抵押贷款可能且通常具有比政府或政府支持的 MBS 更不利的抵押品、信用风险或其他承销特征，并且在利率、期限、规模、用途和借款人特征等多项条款上存在更大的差异。此类证券可能有有限的市场。

提前还款\n风险和延期风险。 许多发行人有权提前偿还其固定收益证券。如果利率下降，发行人可能更有可能提前偿还其证券。如果发生这种情况，基金将无法从利率下降通常带来的证券市场价格上涨中获益，并且必须在市场证券收益率低于提前偿还证券收益率的时候重新投资提前偿还所得资金。基金可能还会损失其为提前偿还证券支付的任何溢价。如果利率上升，发行人可能会延长固定收益证券的期限，使其比预期更慢地偿还，证券的价值可能会下降。

财务报表\n附注

2026年\n7月31日

回购\n协议风险。 回购协议可能被视为基金提供的以待回购证券为抵押的贷款。基金对回购协议的投资可能面临与回购协议所担保的抵押品相关的市场和信用风险。如果基金的对手方未能履行其义务，且基金在收回抵押品方面受到延迟或阻碍，或者抵押品价值不足，基金可能会产生损失。

逆回购协议风险。 逆回购协议是指基金将一项债务义务以指定价格出售给一方，同时基金同意在未来的某个日期以约定价格从该方回购该债务义务。类似于借款，逆回购协议为基金提供用于投资的现金，这会产生杠杆作用，并使基金面临杠杆风险。逆回购协议还涉及对方可能无法及时或根本无法归还证券的风险。如果基金无法收回证券，且基金持有的抵押品价值（包括用现金抵押品进行的投资价值）低于证券价值，基金可能会遭受损失。

待定发行（“TBA”）交易风险。 基金可能会参与MBS的TBA交易。无法保证以远期承诺方式购买的证券最终会由交易对手发行或交付。在结算期间，基金仍需承担所要交付证券价值下跌的风险。由于TBA交易不要求买卖相同证券，交付给基金的证券特性可能不如交付给交易商的证券有利。如果交易对手未能交付证券，基金可能会遭受损失。在购买时，TBA证券的价值可能低于购买价格。

第三方数据风险。 基金投资组合的构成严重依赖于独立第三方（“第三方数据”）计算和发布的信息和数据。当第三方数据被证明是错误或不完整的时，基于此做出的任何决策可能导致基金投资组合中包含或排除本应包含或排除的证券。

交易所交易基金（“ETF”）风险。

●

授权参与者、做市商和流动性提供者集中风险。 基金仅有少量的金融机构被授权直接从基金购买和赎回份额（称为“授权参与者”或“APs”）。此外，市场上可能仅有少量的做市商和/或流动性提供者。如果以下任何一种情况发生，份额可能以低于净资产值（NAV）的重大折扣交易，甚至可能被退市：(i) 授权参与者退出业务或以其他方式无法处理创设和/或赎回订单，且没有其他授权参与者站出来提供这些服务；或 (ii) 做市商和/或流动性提供者退出业务或大幅减少其业务活动，且没有其他实体站出来履行其职能。

●

现金赎回风险。 该基金的投资策略可能要求其以现金形式赎回份额或在赎回所得中包含现金。例如，该基金可能无法以实物形式赎回某些由该基金持有的证券（例如，无法拆分为小于特定最小规模的固定收益证券，而该最小规模是转移和结算所需的）。在这种情况下，该基金可能需要出售或平仓投资组合中的投资，以获得用于分配赎回所得的现金。这可能导致该基金确认资本利得，而如果采用实物赎回方式，该利得可能不会被确认。因此，与采用实物赎回流程相比，该基金可能现金效率较低，并向股东支付更高的年度资本利得分配。

●

买卖份额的成本。 由于买卖份额会产生成本，包括经纪人收取的经纪佣金和买卖价差，频繁交易份额可能会显著降低投资收益，因此对于计划经常进行小额投资的投资者来说，投资份额可能并不合适。

●

份额可能以不同于净值的价格交易。 与所有ETF一样，份额可以在二级市场以市场价格买卖。尽管预期份额的市场价格将接近该基金的净值，但由于份额的供需关系或在市场波动期间，份额的市场价格可能在盘中高于净值（溢价）或低于净值（折价）。在市场波动加剧、市场大幅下跌或二级市场中份额交易活动有限的时期，这种风险会更加突出，此时溢价或折价可能非常显著。由于该基金持有的证券可能在该基金主要上市交易所开放时已关闭的外国交易所交易，因此该基金很可能会经历比仅持有国内证券的ETF更大的溢价和折价。

财务报表附注

2026年7月31日

●

交易。\n 尽管份额在国家证券交易所上市，例如纽约证券交易所Arca,\n Inc.（“交易所”），并且可能在除\n 交易所以外的美国交易所交易，但无法保证份额在任何股票交易所都有任何成交量，甚至可能完全不交易。\n 在压力市场条件下，份额的流动性可能会开始反映基金底层投资组合头寸的流动性，这可能比份额本身显著不那么流动。此外，在压力市场条件下，由于基金底层投资组合头寸的流动性恶化，份额的市场可能变得不那么流动。这些对份额流动性的不利影响，反过来可能导致买卖价差变大，并且份额的市场价格与这些份额的底层价值之间出现差异。

一般市场风险。 证券市场和个别证券的价值会上涨或下跌。证券价格可能会因市场或经济新闻和条件而在短时间内或长时间内大幅波动，证券市场也往往会有周期性波动。如果整体证券市场出现下跌，那么您的投资可能会损失价值，无论基金投资的公司的个别结果如何。随着时间的推移，价格上涨和下跌的幅度有时被称为“波动性”，并且可能非常显著。此外，不同的资产类别和地理市场可能会经历彼此之间显著的相关性时期。由于这种相关性，基金投资的证券和市场可能会因市场、经济、政治或社会事件和条件而出现波动，而这些事件和条件可能并不明显直接与这些证券、证券发行人或它们交易的市场相关。

管理风险。 该基金是主动管理的，其是否能够实现投资目标取决于次级顾问成功或未能为基金实施投资策略。

货币市场基金风险。 货币市场基金可能会因利率变化而出现价值下降的风险。\n尽管基金可能投资的每个货币市场基金都力求保持每份额1.00美元的净值，但无法保证这些底层基金能够做到这一点。

新基金风险。该基金是一家最近成立的管理型投资公司，运营历史有限。因此，潜在投资者在做出投资决策时可供参考的业绩记录或历史有限。无法保证该基金能够保持经济上可行的规模。

次级顾问风险。 次级顾问拥有经验丰富的专业人员，过去曾管理过投资，但他们没有长期管理ETF的经验。

注\n4 - 承诺和其他关联方交易

顾问方根据顾问方与信托之间的投资顾问协议，代表基金（以下简称“顾问协议”）担任基金的投资顾问，并根据顾问协议，向基金提供投资建议并监督基金的日常运营，受董事会的指导和监督。顾问方对子顾问进行监督，并定期审查子顾问在执行投资决策方面的表现。

根据顾问协议，基金向顾问方支付统一管理费用（以下简称“投资顾问费”），即基于基金平均每日净资产的0.35%。从投资顾问费中，顾问方有义务支付或安排支付基金的大部分费用，包括子顾问费用、转让代理、托管、基金行政管理以及基金运营所需的所有其他相关服务费用。根据顾问协议，顾问方同意支付或要求子顾问支付基金产生的所有费用，但不包括任何借款的利息费用、做空证券的股息和其他费用、税款、经纪佣金及其他在买卖证券和投资工具时产生的费用、已收购基金的费用和开支、累计递延税负债、非常规费用、根据1940年法案第12b-1条制定的任何分销计划下由基金支付的分销费用和开支（统称为“排除费用”），以及支付给顾问方的投资顾问费。投资顾问费按月支付给顾问方。截至2026年7月31日的年度投资顾问费在运营报表中披露。

财务报表附注

2026年7月31日

子顾问根据顾问方与子顾问之间关于基金的子顾问协议（以下简称“子顾问协议”），担任基金的投资子顾问。根据子顾问协议，子顾问负责基金组合的日常管理，包括确定基金购买和出售的证券，受顾问方和董事会的监督。子顾问还负责为基金交易组合证券，包括选择经纪交易商来执行买卖交易。顾问方按日计算并按月支付给子顾问费用，年费率为基金平均每日净资产的0.12%（以下简称“子顾问费”）。子顾问已同意承担顾问方支付基金所有费用的义务，但不包括子顾问费和排除费用。为承担基金所有费用的支付义务，顾问方同意将基金投资顾问费产生的利润（如有）支付给子顾问，扣除顾问方保留的合同费用。由基金产生的并由子顾问支付的费用包括Tidal（如下所述）收取的费用，Tidal是顾问方的关联方。

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

U.S.\nBancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as the Fund’s\nfund accountant and transfer agent. In those capacities, Fund Services performs various accounting and transfer agency services\nfor the Fund. U.S. Bank N.A. (the “Custodian”), an affiliate of Fund Services, serves as the Fund's custodian. Prior\nto August 1, 2025, Fund Services also served as the Fund's sub-administrator.

Foreside\nFund Services, LLC (the “Distributor”) acts as the Fund’s principal underwriter in a continuous public offering\nof the Fund’s Shares.

Certain\nofficers and a trustee of the Trust are affiliated with the Adviser. Neither the affiliated trustee nor the Trust’s officers\nreceive compensation from the Fund.

NOTE\n5 - SEGMENT REPORTING

In\naccordance with the FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment\nDisclosures (“ASU 2023-07”), the Fund has evaluated its business activities and determined that it operates as a single\nreportable segment.

The\nFund's investment activities are managed by the Principal Financial Officer, which serves as the Chief Operating Decision Maker.\nThe Principal Financial Officer is responsible for assessing the Fund’s financial performance and allocating resources.\nIn making these assessments, the Principal Financial Officer evaluates the Fund’s financial results on an aggregated basis,\nrather than by separate segments. As such, the Fund does not allocate operating expenses or assets to multiple segments, and accordingly,\nno additional segment disclosures are required. There were no intra-entity sales or transfers during the reporting period.

Notes\nto Financial Statements

July\n31, 2026

The\nFund primarily generates income through dividends, interest, and realized/unrealized gains on its investment portfolio. Expenses\nincurred, including management fees, Fund operating expenses, and transaction costs, are considered general Fund-level expenses\nand are not allocated to specific segments or business lines.

Management\nhas determined that the Fund does not meet the criteria for disaggregated segment reporting under ASU 2023-07 and will continue\nto evaluate its reporting requirements in accordance with applicable accounting standards.

NOTE\n6 - PURCHASES AND SALES OF SECURITIES

For\nthe year ended July 31, 2026, the cost of purchases and proceeds from the sales, maturities or paydowns of securities, excluding\nshort-term investments, U.S. government securities, and in-kind transactions were $4,972,813 and $2,845,763, respectively.

For\nthe year ended July 31, 2026, the cost of purchases and proceeds from the sales, maturities or paydowns of long-term U.S. government\nsecurities for the Fund were $61,605,493 and $18,087,143, respectively.

For\nthe year ended July 31, 2026, there were no in-kind transactions associated with creations and redemptions for the Fund.

\n\n \n

NOTE 7 - INCOME TAXES AND\n DISTRIBUTIONS TO SHAREHOLDERS

The\ntax character of distributions paid during the fiscal year ended July 31, 2026 and the prior fiscal year ended July 31, 2025 were\nas follows:

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

Distributions\n paid from:		July\n 31, 2026			July\n 31, 2025
Ordinary Income		$	5,403,173			$	4,603,400

As\nof the fiscal year ended July 31, 2026, the components of distributable earnings/(accumulated losses) on a tax basis were as follows:

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

Cost of investments	$	126,626,028
Gross tax unrealized appreciation		212,106
Gross tax unrealized\n depreciation		(3,102,857)
Net tax unrealized\n appreciation (depreciation)		(2,890,751)
Undistributed ordinary income (loss)		574,002
Undistributed long-term capital gain\n (loss)		–
Other accumulated\n gain (loss)		(62,806)
Total distributable\n earnings/(accumulated losses)	$	(2,379,555)

Net\ncapital losses incurred after October 31 (post-October losses) and net investment losses incurred after December 31 (late-year\nlosses), and within the taxable year, may be elected to be deferred to the first business day of the Fund’s next taxable\nyear. As of the fiscal year ended July 31, 2026, the Fund had not elected to defer any post-October or late-year losses.

As\nof July 31, 2026, the Fund had long-term and short-term capital loss carryovers of $(7,380) and $(55,426), respectively, which\ndo not expire.

NOTE\n8 - CREDIT FACILITY

U.S.\nBank N.A. has made available to the Fund a credit facility pursuant to a Loan Agreement for temporary or extraordinary purposes.\nCredit facility details for the year ended July 31, 2026, were as follows:

Notes\nto Financial Statements

July\n31, 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

Maximum available credit	$	50,000,000
Largest amount outstanding on an individual\n day		622,000
Average daily loan outstanding, when\n in use		513,143
Credit facility outstanding as of July 31, 2026		–
Average interest rate, when in use		6.75	%
Interest rate terms		Prime
Interest rate as of July 31, 2026		6.75	%
Expiration date		June\n 23, 2027

Interest\nexpense incurred for the year ended July 31, 2026 is disclosed in the Statement of Operations, if applicable. The credit facility\nis an uncommitted, senior secured 364-day umbrella line of credit used for the benefit of certain funds in the Trust.

The\nmaximum available credit is disclosed at the Trust level. The Fund’s ability to borrow is therefore limited by borrowings\nof other funds within the Trust which are party to the agreement and to one-third of the Fund’s total assets.

NOTE\n9 - SHARES TRANSACTIONS

Shares\nof the Fund are listed and traded on the Exchange. Market prices for the Shares may be different from their NAV. The Fund issues\nand redeems shares on a continuous basis at NAV, generally in large blocks of Shares, called Creation Units. Creation Units are\nissued and redeemed principally in-kind for securities included in a specified universe. Once created, Shares generally trade\nin the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, Shares are\nnot redeemable securities of the Fund. Creation Units may only be purchased or redeemed by Authorized Participants. An Authorized\nParticipant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System\nof the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed\na Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources\nto buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the Shares directly from the Fund. Rather,\nmost retail investors may purchase Shares in the secondary market with the assistance of a broker and are subject to customary\nbrokerage commissions or fees.

The\nFund currently offers one class of Shares, which has no front-end sales load, no deferred sales charge, and no redemption fee.\nA fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation\nUnits. The standard fixed transaction fee for the Fund is $300, payable to the Custodian. The fixed transaction fee may be waived\non certain orders if the Fund’s Custodian has determined to waive some or all of the costs associated with the order or\nanother party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions\nor substitutes for Creation Units and Redemption Units of up to a maximum of 2% of the value of the Creation Units and Redemption\nUnits subject to the transaction. Variable fees are imposed to compensate the Fund for transaction costs associated with the cash\ntransactions. Variable fees received by the Fund, if any, are disclosed in the capital shares transactions section of the Statement\nof Changes in Net Assets. The Fund may issue an unlimited number of Shares of beneficial interest, with no par value. All Shares\nof the Fund have equal rights and privileges.

NOTE\n10 - RECENT MARKET EVENTS

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

Notes\nto Financial Statements

July\n31, 2026

NOTE\n11 - NEW ACCOUNTING PRONOUNCEMENTS

In\nDecember 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”),\nwhich enhances the transparency and decision usefulness of income tax disclosures. The amendments are effective for annual periods\nbeginning after December 15, 2024. The Fund has adopted ASU 2023-09, which did not have a material impact on the Fund’s\nfinancial statements or disclosures.

NOTE\n12 - SUBSEQUENT EVENTS

In\npreparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure\nthrough the date the financial statements were issued. Management has determined that there are no subsequent events that would\nneed to be recognized or disclosed in the Fund’s financial statements.

$\"\"$

REPORT\nOF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To\nthe Shareholders of Academy Veteran Bond ETF and

Board\nof Trustees of Tidal Trust I

Opinion\non the Financial Statements

We\nhave audited the accompanying statement of assets and liabilities, including the schedule of investments, of Academy Veteran Bond\nETF (the “Fund”), a series of Tidal Trust I, as of July 31, 2026, the related statement of operations for the year\nthen ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights\nfor each of the three years in the period then ended, and the related notes (collectively referred to as the “financial\nstatements”). In our opinion, the financial statements present fairly, in all material respects, the financial position\nof the Fund as of July 31, 2026, the results of its operations for the year then ended, the changes in net assets for each of\nthe two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in\nconformity with accounting principles generally accepted in the United States of America.

Basis\nfor Opinion

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

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

Our\naudits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to\nerror or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence\nregarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as\nof July 31, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed\nother auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by\nmanagement, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable\nbasis for our opinion.

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

$\"\"$

COHEN\n& COMPANY, LTD.

Milwaukee,\nWisconsin

September\n29, 2026

$\"\"$

\n\n \n \n

Other\n Non-Audited Information

Academy\n Veteran Bond ETF

July\n31, 2026

QUALIFIED\nDIVIDEND INCOME/DIVIDENDS RECEIVED DEDUCTION

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

\n\n \n \n

Academy\n Veteran Bond ETF

0.00%

For\ncorporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction\nfor the year ended July 31, 2026, was as follows:

\n\n \n \n

Academy\n Veteran Bond ETF

0.00%

The\npercentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal\nRevenue Section 871(k)(2)(c) for the year ended July 31, 2026, was as follows:

\n\n \n \n

Academy\n Veteran Bond ETF

0.00%

(b)

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

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

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

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

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

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

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

Item 11. Statement Regarding Basis for\nApproval of Investment Advisory and Sub-Advisory Contracts.

The Board of Trustees (the “Board”\nor the “Trustees”) of Tidal Trust I (the “Trust”) met at a meeting held on April 2, 2026 to consider the renewal\nof the Investment Advisory Agreement (the “Advisory Agreement”) between the Trust, on behalf of the Academy Veteran Bond ETF\n(f/k/a Academy Veteran Impact ETF) (the “Fund”), a series of the Trust, and Tidal Investments LLC, the Fund’s\ninvestment adviser (the “Adviser”). Prior to this meeting, the Board requested and received materials to assist\nthem in considering the renewal of the Advisory Agreement. The materials provided contained information with respect to the factors enumerated\nbelow, including a copy of the Advisory Agreement, a memorandum prepared by outside legal counsel to the Trust and Independent Trustees\ndiscussing in detail the Trustees’ fiduciary obligations and the factors they should assess in considering the renewal of the Advisory\nAgreement, due diligence materials relating to the Adviser (including the due diligence response completed by the Adviser with respect\nto a specific request letter from outside legal counsel to the Trust and Independent Trustees, the Adviser’s Form ADV, select ownership,\norganizational, financial and insurance information for the Adviser, biographical information of the Adviser’s key management and\ncompliance personnel, detailed comparative information regarding the unitary advisory fee for the Fund, and information regarding the\nAdviser’s compliance program) and other pertinent information. Based on their evaluation of the information provided, the Trustees,\nby a unanimous vote (including a separate vote of the Trustees who are not “interested persons,” as that term is defined in\nthe Investment Company Act of 1940, as amended (the “Independent Trustees”)), approved the renewal of the Advisory Agreement\nfor an additional one-year term.

Discussion of Factors Considered

In considering the renewal\nof the Advisory Agreement and reaching their conclusions, the Trustees reviewed and analyzed various factors that they determined were\nrelevant, including the factors enumerated below.

Nature, Extent and Quality of Services Provided. The Board considered the nature, extent and quality of the Adviser’s\noverall services provided to the Fund as well as its specific responsibilities in all aspects of day-to-day investment management of the\nFund, including recommendations with respect to the hiring, termination, or replacement of sub-advisers to the Fund. The Board considered\nthe qualifications, experience and responsibilities of the Adviser’s investment management team, as well as the responsibilities\nof other key personnel of the Adviser involved in the day-to-day activities of the Fund. The Board reviewed due diligence information\nprovided by the Adviser, including information regarding the Adviser’s compliance program, its compliance personnel and compliance\nrecord, as well as the Adviser’s cybersecurity program and business continuity plan. The Board noted that the Adviser does not manage\nany other accounts that utilize a strategy similar to that employed by the Fund.

The Board also considered other services\nprovided to the Fund, such as monitoring adherence to the Fund’s investment strategy and restrictions, oversight of Academy Asset\nManagement, LLC (“Academy” or the “Sub-Adviser”), the Fund’s sub-adviser, and other service providers to\nthe Fund, monitoring compliance with various Fund policies and procedures and with applicable securities regulations, and monitoring the\nextent to which the Fund achieves its investment objective as an actively-managed ETF. The Board noted that the Sub-Adviser is responsible\nfor trade execution and portfolio investment decisions for the Fund, subject to the supervision of the Adviser.

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

Investment Performance of the Fund and the Adviser. The Board considered the investment\nperformance of the Fund and the Adviser. The Board also considered the Fund’s performance (at net asset value) against its benchmark\nindex, a secondary index and a peer group. The Board also considered that because the portfolio investment decision-making for the Fund\nis performed by the Sub-Adviser, the Fund’s performance is not the direct result of investment decisions made by the Adviser.

The Board considered the performance\nof the Fund on an absolute basis and in comparison, to its benchmark index (the Bloomberg U.S. Aggregate Bond Index) and a secondary index\n(the Bloomberg U.S. Mortgage-Backed Securities Index). The Board also considered comparative information prepared by the Adviser, in partnership\nwith AltaVista Research, LLC, a third-party ETF research firm, comparing the Fund to a peer group comprised of other actively-managed\nETFs within the Fund’s designated Morningstar category (the U.S. government mortgage-backed bond fund category) (the “VETZ\nPeer Group”). The Board noted that the Fund outperformed the Bloomberg U.S. Aggregate Bond Index for the one-year and since inception\nperiods ended December 31, 2025. The Board also noted that the Fund’s performance was in-line with but slightly underperformed the\nBloomberg U.S. Mortgage-Backed Securities Index for the one-year period ended December 31, 2025, but outperformed the Bloomberg U.S. Mortgage-Backed\nSecurities Index for the since inception period ended December 31, 2025. The Board considered that the Fund’s performance was in-line\nwith the VETZ Peer Group average, but underperformed the VETZ Peer Group median for the one-year period ended February 27, 2026. The Board\nalso noted that the Fund ranked sixth out of seven funds in the VETZ Peer Group for the one-year period ended February 27, 2026.

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

Cost of Services Provided and Profits Realized by the Adviser. The Board considered the cost\nof services and the structure of the Adviser’s advisory fee, including a review of comparative expenses, expense components and\npeer group selection. The Board took into consideration that the advisory fee for the Fund was a “unitary fee,” meaning that\nthe Fund pays no expenses other than the advisory fee and certain other costs such as interest, brokerage, and extraordinary expenses\nand, to the extent it is implemented, fees pursuant to the Fund’s Rule 12b 1 Plan. The Board noted that the Adviser continues to\nbe responsible for compensating the Fund’s other service providers and paying the Fund’s other expenses out of its own fees\nand resources, subject to the Sub-Adviser’s contractual agreement to assume such obligation in exchange for the profits, if any,\ngenerated by the Fund’s unitary fee. The Board also considered the overall profitability of the Adviser and examined the level of\nprofits accrued to the Adviser from the fees payable under the Advisory Agreement. The Board considered that the Fund’s advisory\nfee of 0.35% was below the VETZ Peer Group average of 0.385%, and that the Fund’s expense ratio of 0.35% was below the VETZ Peer\nGroup average of 0.475%.

The Board concluded that the Fund’s\nexpense ratio and the advisory fee were fair and reasonable in light of the comparative performance, advisory fee and expense information\nand the investment management services provided to the Fund by the Adviser given the nature of the Fund’s investment strategy. The\nBoard also evaluated, based on a profitability analysis prepared by the Adviser, the fees received by the Adviser and its affiliates from\ntheir relationship with the Fund, and the profitability of the Fund’s unitary fee on an aggregate basis. The Board considered that,\nwhile the Fund was not currently profitable on an aggregate basis, the portion of the unitary management fee retained by the Adviser and\nthe Sub-Adviser under a contractual support agreement between the parties was greater than the expenses borne by such parties under the\nsupport agreement. The Board concluded that, while the Fund was not currently profitable on an aggregate basis, the fees had not been,\nand currently were not, excessive, and the Adviser had adequate financial resources to support its services to the Fund from the revenues\nof its overall investment advisory business including fees retained by the Adviser under the support agreement.

Extent of Economies of Scale as the Fund Grows. The Board compared the Fund’s expenses\nrelative to its peer group and discussed realized and potential economies of scale. The Board considered the potential economies of scale\nthat the Fund might realize under the structure of the advisory fee. The Board noted that the advisory fee did not contain any breakpoint\nreductions as the Fund’s assets grow in size, but that the Adviser would evaluate future circumstances that may warrant breakpoints\nin the fee structure.

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

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

At the meeting held on April 2, 2026, the Board\nalso considered the renewal of the sub-advisory agreement (the “Sub-Advisory Agreement”) for the Fund, entered into between\nthe Adviser and Academy. Prior to this meeting, the Board requested and received materials to assist them in considering the renewal\nof the Sub-Advisory Agreement. The materials provided contained information with respect to the factors enumerated below, including a\ncopy of the Sub-Advisory Agreement, a memorandum prepared by outside legal counsel to the Trust and the Independent Trustees discussing\nin detail the Trustees’ fiduciary obligations and the factors they should assess in considering the renewal of the Sub-Advisory\nAgreement, due diligence materials prepared by the Sub-Adviser (including the due diligence response completed by the Sub-Adviser with\nrespect to a specific request letter from outside legal counsel to the Trust and the Independent Trustees, the Sub-Adviser’s\nForm ADV, select ownership, organizational, financial and insurance information for the Sub-Adviser, biographical information\nof key management and compliance personnel, and the Sub-Adviser’s compliance manual and code of ethics) and other pertinent information.\nBased on their evaluation of the information provided, the Trustees, by a unanimous vote (including a separate vote of the Independent\nTrustees), approved the Sub-Advisory Agreement for an initial two-year term.

Discussion of Factors Considered

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

Nature, Extent and Quality of Services Provided. The Board considered the nature, extent and\nquality of Academy’s overall services provided to the Fund as well as its specific responsibilities in aspects of day-to-day investment\nmanagement of the Fund. The Board considered the qualifications, experience and responsibilities of Seth Rosenthal who serves as the portfolio\nmanager for the Fund, as well as the responsibilities of other key personnel of Academy involved in the day-to-day activities of the Fund.\nThe Board reviewed the due diligence information provided by Academy, including information regarding Academy’s compliance program,\nits compliance personnel and compliance record, as well as Academy’s cybersecurity program and business continuity plan. The Board\nnoted that Academy manages two other separately-managed accounts in a similar strategy to that employed by the Fund.

The Board also considered other\nservices Academy provides to the Fund, such as monitoring adherence to the Fund’s investment strategies and restrictions, monitoring\ncompliance with various Fund policies and procedures and with applicable securities regulations, monitoring the extent to which the Fund\nmeets its investment objective as an actively-managed ETF and quarterly reporting to the Board. The Board noted that Academy is responsible\nfor Fund’s portfolio investment decisions and the trading of the Fund’s portfolio securities, subject to the supervision\nof the Adviser.

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

Investment Performance of the Fund and the Sub-Adviser. In considering Fund performance,\nthe Board noted that Academy is responsible for selecting investments for the Fund. Accordingly, the Board considered the performance\nof the Fund (at net asset value) on an absolute basis, in comparison to its benchmark index (the Bloomberg U.S. Aggregate Bond Index Index),\nin comparison to a secondary index (the Bloomberg U.S. Mortgage-Backed Securities Index), and in comparison to the VETZ Peer Group. The\nBoard noted that the Fund outperformed the Bloomberg U.S. Aggregate Bond Index for the one-year and since inception periods ended December\n31, 2025. The Board also noted that the Fund’s performance was in-line with but slightly underperformed the Bloomberg U.S. Mortgage-Backed\nSecurities Index for the one-year period ended December 31, 2025, but outperformed the Bloomberg U.S. Mortgage-Backed Securities Index\nfor the since inception period ended December 31, 2025. The Board considered that the Fund’s performance was in-line with the VETZ\nPeer Group average, but underperformed the VETZ Peer Group median for the one-year period ended February 27, 2026. The Board also noted\nthat the Fund ranked sixth out of seven funds in the VETZ Peer Group for the one-year period ended February 27, 2026. The Board also reviewed\nthe Fund’s performance relative to Academy’s composite of other separately-managed accounts with a similar investment strategy\nto that employed by the Fund, noting that the Fund had outperformed the composite for the one-year and since inception periods ended December\n31, 2025, which Academy attributed to security and coupon selection.

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

Cost of Services Provided and Profits Realized by the Sub-Adviser. The Board considered the\nstructure of the sub-advisory fees paid by the Adviser to Academy under the Sub-Advisory Agreement. The Board noted that the Adviser represented\nto the Board that the sub-advisory fees payable under the Sub-Advisory Agreement were reasonable in light of the services performed by\nAcademy. Since the sub-advisory fees are paid by the Adviser, the overall advisory fees paid by the Fund are not directly affected by\nthe sub-advisory fees paid to Academy. Consequently, the Board did not consider the cost of services provided by Academy or profitability\nfrom its relationship with the Fund to be material factors for consideration given that Academy is not affiliated with the Adviser and,\ntherefore, the sub-advisory fees paid to Academy were negotiated on an arm’s-length basis. Based on all of these factors, the Board\nconcluded that the sub-advisory fees paid to Academy by the Adviser reflected\nappropriate allocations of the advisory fees and were reasonable in light of the services provided by Academy.

Extent of Economies of Scale as the Fund Grows. Since the sub-advisory fees payable to Academy\nare not paid by the Fund, the Board did not consider whether the sub-advisory fees should reflect any realized or potential economies\nof scale that might be realized as the Fund’s assets increase.

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

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

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

Not Applicable.

Item 16. Controls and Procedures.

(a)

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

(b)

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

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

Not applicable to open-end investment companies.

Item 18. Recovery of Erroneously Awarded\nCompensation.

(a) Not Applicable

(b) Not Applicable

Item 19. Exhibits.

(a)

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

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

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

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

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

(b)

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

SIGNATURES

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

\n\n \n \n \n

(Registrant)

Tidal Trust\nI

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

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

\n \n \n \n \n

Date

October 8, 2026

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

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

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

\n \n \n \n \n

Date

October 8, 2026

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

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

\n \n \n \n \n

Date

October 7, 2026

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

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