0001145549-24-043737.txt : 20240715 0001145549-24-043737.hdr.sgml : 20240715 20240715101206 ACCESSION NUMBER: 0001145549-24-043737 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20240430 FILED AS OF DATE: 20240715 DATE AS OF CHANGE: 20240715 EFFECTIVENESS DATE: 20240715 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Tidal ETF Trust CENTRAL INDEX KEY: 0001742912 ORGANIZATION NAME: IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-23377 FILM NUMBER: 241116091 BUSINESS ADDRESS: STREET 1: 234 WEST FLORIDA STREET, SUITE 203 CITY: MILWAUKEE, STATE: WI ZIP: 53204 BUSINESS PHONE: 844-986-7676 MAIL ADDRESS: STREET 1: 234 WEST FLORIDA STREET, SUITE 203 CITY: MILWAUKEE, STATE: WI ZIP: 53204 0001742912 S000072268 Robinson Alternative Yield Pre-Merger SPAC ETF C000228355 Robinson Alternative Yield Pre-Merger SPAC ETF SPAX 0001742912 S000072366 ZEGA Buy and Hedge ETF C000228537 ZEGA Buy and Hedge ETF ZHDG 0001742912 S000076008 Ionic Inflation Protection ETF C000235433 Ionic Inflation Protection ETF CPII N-CEN 1 primary_doc.xml X0404 N-CEN LIVE 0001742912 XXXXXXXX false false false N-1A S000076008 true S000072268 true S000072366 true Tidal ETF Trust 811-23377 0001742912 549300VTYHP8U2332C46 c/o Tidal ETF Services, LLC 234 West Florida Street, Suite 203 Milwaukee 53204 US-WI US 8449867700 U.S. Bancorp Fund Services LLC 615 East Michigan St. Milwaukee 53202 18336121912 Maintain physical/electronic accounts/books or any document required by section 31(a) of the Act (15 U.S.C. 80a-30(a)) and the rules under that section. N N N N-1A 33 Y Dusko Culafic N/A N Eduardo Mendoza N/A N Mark H.W. Baltimore N/A N Eric W. Falkeis N/A Y William H. Woolverton N/A c/o Tidal ETF Services, LLC 234 West Florida, Suite 203 Milwaukee 53204 XXXXXX N N N N N Foreside Fund Services, LLC 8-51293 000046106 N/A N N Tait Weller and Baker LLP 00445 N/A Cohen & Company, Ltd. 00925 N/A N N N 2024-02-21 Valuation Designee evaluation determined mean of bid/ask more appropriate Derivative-other Options contracts N/A N N Ionic Inflation Protection ETF S000076008 549300MQXB1MKWKUC159 N 1 0 0 Exchange-Traded Fund Y N N N/A N/A N/A Rule 6c-11 (17 CFR 270.6c-11) Rule 18f-4 (17 CFR 270.18f-4) Rule 18f-4(c)(2) (17 CFR 270.18f-4(c)(2)) N N N N Tidal Investments LLC 801-76857 000164201 N/A N Ionic Capital Management, LLC 801-72188 000156400 N/A N N U.S. Bancorp Fund Services LLC 85-11357 N1GZ7BBF3NP8GI976H15 N N N Intercontinental Exchange Inc. 5493000F4ZO33MV32P92 N PricingDirect Inc. 549300WIC0TOJ7N7GD54 N Bloomberg L.P. 549300B56MD0ZC402L06 N LSEG Data & Analytics N/A GB N IHS Markit Ltd. 549300HLPTRASHS0E726 BM N Standard and Poors Financial Services LLC 549300U4VWNITEKO2881 N N U.S. Bank N.A. 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N N Tidal ETF Services, LLC N/A Y N U.S. Bancorp Global Fund Services LLC N1GZ7BBF3NP8GI976H15 N Y N 0.000000000000 MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED 8-7221 000007691 8NAV47T0Y26Q87Y0QP81 2939772.290000000000 MORGAN STANLEY & CO. LLC 8-15869 000008209 9R7GPTSO7KV3UQJZQ078 459770.550000000000 3399542.840000000000 N 11563319.910000000000 N N N N Robinson Alternative Yield Pre-Merger SPAC ETF S000072268 549300QD1W3TD8YH2H03 N 1 0 0 Exchange-Traded Fund Y N Y N N U.S. Bank, N.A. 6BYL5QZYBDK8S7L73M02 N N Revenue sharing split Cash collateral reinvestment fee 100123.600000000000 5966.770000000000 Rule 6c-11 (17 CFR 270.6c-11) Y Y N N Tidal Investments LLC 801-76857 000164201 N/A N Robinson Capital Management, LLC 801-77378 000166182 N/A N N U.S. Bancorp Fund Services LLC 85-11357 N1GZ7BBF3NP8GI976H15 N N N Intercontinental Exchange Inc. 5493000F4ZO33MV32P92 N PricingDirect Inc. 549300WIC0TOJ7N7GD54 N Bloomberg L.P. 549300B56MD0ZC402L06 N LSEG Data & Analytics N/A GB N IHS Markit Ltd. 549300HLPTRASHS0E726 BM N Standard and Poors Financial Services LLC 549300U4VWNITEKO2881 N N U.S. Bank N.A. 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N N Tidal ETF Services, LLC N/A Y N U.S. Bancorp Global Fund Services LLC N1GZ7BBF3NP8GI976H15 N Y N ROBERT W. BAIRD & CO. INCORPORATED 8-497 000008158 549300772UJAHRD6LO53 21939.220000000000 MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED 8-7221 000007691 8NAV47T0Y26Q87Y0QP81 725.890000000000 GOLDMAN SACHS & CO. LLC 8-129 000000361 FOR8UP27PHTHYVLBNG30 253.300000000000 22918.410000000000 MAXIM GROUP LLC 8-65337 000120708 254900OJ6JZO6SDMHQ83 350000.000000000000 CANTOR FITZGERALD & CO. 8-201 000000134 5493004J7H4GCPG6OB62 220000.000000000000 U.S. BANCORP INVESTMENTS INC. 8-35359 000017868 H85Z6XZP8B10ES0M2G89 0.010000000000 570000.010000000000 N 20992246.950000000000 N N N N ZEGA Buy and Hedge ETF S000072366 5493001BFQPSE4Y7N468 N 1 0 0 Exchange-Traded Fund Y N N N N/A N/A N/A Rule 6c-11 (17 CFR 270.6c-11) Rule 18f-4 (17 CFR 270.18f-4) N N N N Tidal Investments LLC 801-76857 000164201 N/A N ZEGA Financial, LLC 801-78723 000156803 N/A N N U.S. Bancorp Fund Services LLC 85-11357 N1GZ7BBF3NP8GI976H15 N N N Intercontinental Exchange Inc. 5493000F4ZO33MV32P92 N PricingDirect Inc. 549300WIC0TOJ7N7GD54 N Bloomberg L.P. 549300B56MD0ZC402L06 N LSEG Data & Analytics N/A GB N IHS Markit Ltd. 549300HLPTRASHS0E726 BM N Standard and Poors Financial Services LLC 549300U4VWNITEKO2881 N N U.S. Bank N.A. 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N N Tidal ETF Services, LLC N/A Y N U.S. Bancorp Global Fund Services LLC N1GZ7BBF3NP8GI976H15 N Y N PERSHING LLC 8-17574 000007560 ZI8Q1A8EI8LQFJNM0D94 8080.000000000000 WOLVERINE EXECUTION SERVICES LLC 8-65336 000120719 2549003XDWF020DPX559 5922.000000000000 COWEN AND COMPANY LLC 8-22522 000007616 549300WR155U7DVMIW58 5566.500000000000 GOLDMAN SACHS & CO. LLC 8-129 000000361 FOR8UP27PHTHYVLBNG30 63.000000000000 MAREX CAPITAL MARKETS INC. 8-69039 000161014 5493006BWPDUCYG6EQ34 50.000000000000 19681.500000000000 STONEX FINANCIAL INC. 8-51269 000045993 549300LNKU6K5TJCRG93 8641300.320000000000 MORGAN STANLEY & CO. LLC 8-15869 000008209 9R7GPTSO7KV3UQJZQ078 8234886.620000000000 COWEN AND COMPANY LLC 8-22522 000007616 549300WR155U7DVMIW58 3551458.660000000000 RBC CAPITAL MARKETS LLC 8-45411 000031194 549300LCO2FLSSVFFR64 3282676.890000000000 BMO CAPITAL MARKETS CORP. 8-34344 000016686 RUC0QBLBRPRCU4W1NE59 2859542.960000000000 MAREX CAPITAL MARKETS INC. 8-69039 000161014 5493006BWPDUCYG6EQ34 1981875.000000000000 ROBERT W. BAIRD & CO. INCORPORATED 8-497 000008158 549300772UJAHRD6LO53 1635112.100000000000 MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED 8-7221 000007691 8NAV47T0Y26Q87Y0QP81 1474531.150000000000 PERSHING LLC 8-17574 000007560 ZI8Q1A8EI8LQFJNM0D94 1238671.880000000000 TELSEY ADVISORY GROUP LLC 8-67988 000148234 54930080BFVVEZCZGF48 499987.000000000000 33839469.920000000000 N 48925481.788000000000 Uncommitted 50000000.000000000000 N N N Ionic Inflation Protection ETF S000076008 N 25000.000000000000 17.970000000000 36.920000000000 82.030000000000 36.920000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 N Robinson Alternative Yield Pre-Merger SPAC ETF S000072268 N 25000.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 8.750000000000 12.100000000000 91.250000000000 12.100000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 Y ZEGA Buy and Hedge ETF S000072366 N 25000.000000000000 100.000000000000 0.000000000000 0.000000000000 0.000000000000 9.080000000000 76.470000000000 90.920000000000 76.470000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 Y true INTERNAL CONTROL RPT 2 ionic.htm CPII ETF - 04/30/24 INTERNAL CONTROL REPORT

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Ionic Inflation Protection ETF and
Board of Trustees of Tidal ETF Trust

In planning and performing our audit of the consolidated financial statements (the “financial statements”) of Ionic Inflation Protection ETF (the “Fund”), a series of Tidal ETF Trust, as of and for the year ended April 30, 2024, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Fund’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting.  Accordingly, we express no such opinion.

The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting.  In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls.  A fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles (GAAP).  A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.  A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund’s annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Fund’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB.  However, we noted no deficiencies in the Fund’s internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of April 30, 2024.

This report is intended solely for the information and use of management and the Board of Trustees of the Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ COHEN & COMPANY, LTD.

COHEN & COMPANY, LTD.
Milwaukee, Wisconsin
June 28, 2024
 INTERNAL CONTROL RPT 3 robinson.htm SPAX ETF - 04/30/24 INTERNAL CONTROL REPORT

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Robinson Alternative Yield Pre-Merger SPAC ETF and
Board of Trustees of Tidal ETF Trust

In planning and performing our audit of the financial statements of Robinson Alternative Yield Pre-Merger SPAC ETF (the “Fund”), a series of Tidal ETF Trust, as of and for the year ended April 30, 2024, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Fund’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting.  Accordingly, we express no such opinion.

The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting.  In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls.  A fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles (GAAP).  A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.  A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund’s annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Fund’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB.  However, we noted no deficiencies in the Fund’s internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of April 30, 2024.

This report is intended solely for the information and use of management and the Board of Trustees of the Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ COHEN & COMPANY, LTD.

COHEN & COMPANY, LTD.
Milwaukee, Wisconsin
June 28, 2024
 INTERNAL CONTROL RPT 4 zega.htm ZHDG ETF - 04/30/24 INTERNAL CONTROL REPORT

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of ZEGA Buy and Hedge ETF and
Board of Trustees of Tidal ETF Trust

In planning and performing our audit of the financial statements of ZEGA Buy and Hedge ETF (the “Fund”), a series of Tidal ETF Trust, as of and for the year ended April 30, 2024, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Fund’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting.  Accordingly, we express no such opinion.

The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting.  In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls.  A fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles (GAAP).  A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.  A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund’s annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Fund’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB.  However, we noted no deficiencies in the Fund’s internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of April 30, 2024.

This report is intended solely for the information and use of management and the Board of Trustees of the Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ COHEN & COMPANY, LTD.

COHEN & COMPANY, LTD.
Milwaukee, Wisconsin
June 28, 2024