0001387131-23-007453.txt : 20230609 0001387131-23-007453.hdr.sgml : 20230609 20230609105240 ACCESSION NUMBER: 0001387131-23-007453 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20230331 FILED AS OF DATE: 20230609 DATE AS OF CHANGE: 20230609 EFFECTIVENESS DATE: 20230609 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Tidal ETF Trust CENTRAL INDEX KEY: 0001742912 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-23377 FILM NUMBER: 231004217 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 S000071415 Acruence Active Hedge U.S. Equity ETF C000226496 Acruence Active Hedge U.S. Equity ETF XVOL N-CSR 1 xvol-ncsr_033123.htm CERTIFIED ANNUAL SHAREHOLDER REPORT xvol-ncsr_033123

 

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number (811-23377)

 

Tidal ETF Trust
(Exact name of registrant as specified in charter)

 

234 West Florida Street, Suite 203
Milwaukee, Wisconsin 53204
(Address of principal executive offices) (Zip code)

 

Eric W. Falkeis

Tidal ETF Trust

234 West Florida Street, Suite 203

Milwaukee, Wisconsin 53204
(Name and address of agent for service)

 

(844) 986-7700

Registrant’s telephone number, including area code

 

Date of fiscal year end: March 31, 2023

 

Date of reporting period: March 31, 2023 

 

 

 

 

Item 1. Reports to Stockholders.

 

(a)

 

 

Acruence Active Hedge U.S. Equity ETF

Ticker: XVOL

Annual Report

March 31, 2023

Acruence Active Hedge U.S. Equity ETF

TABLE OF CONTENTS

This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

1

Acruence Active Hedge U.S. Equity ETF

SHAREHOLDER LETTER

Market Commentary

U.S. labor markets continue to be secularly tight, while advancements in the Federal Reserve (the “Fed”) funds rate are doing everything but fighting supply-driven inflationary pressures. The Fed funds rate hit 5-5.25%, the treasury yield curve is as inverted as it’s been in decades. The Fed is attempting to be proactive instead of reactive when it comes to short-term rates, and only time will tell if they are successful. The Fed is applying measures used to slow down a growth market fueled by a booming credit market, except credit markets are as rocky as they’ve ever been. From the perspective of U.S. equity markets, the Information Technology sector led the way in Q1 2023 earnings, with strong profits driven by mass layoffs. However, future growth prospects are uncertain. Will the productivity gains from artificial intelligence (“AI”) be realized in the short term? Or will bottom line gains take longer to realize? Most tech firms mentioned AI between 40-200 times in this most recent earnings season. The S&P 500® returned 9.17% through April, The Russell 2000® returned only 0.88%. The divergence is even worse than it looks when reviewing the individual names that produced almost all the S&P 500® returns this year. The march towards unprofitability in the Russell 2000® continues.

The information presented in this report relates to the Fund’s performance for the fiscal year ended March 31, 2023 (the “fiscal year”).

The Acruence Active Hedge U.S. Equity ETF

The Acruence Active Hedge U.S. Equity ETF (“XVOL”) is an actively-managed exchange-traded fund that seeks capital appreciation with reduced volatility as compared to the S&P 500.

Fund Description:

XVOL, though actively-managed, invests at least 80% of its net assets in a portfolio of U.S. equity securities that replicates the constituents and weights of the S&P 500® Index, while seeking to deliver lower volatility by purchasing options contracts on the CBOE Volatility Index (“VIX Index”). An option gives investors the right to purchase or sell the underlying asset at a specified price, on a specified date in exchange for the premium paid. To determine the number of VIX options contracts to purchase, as well as its strike price and expiration date, the Fund utilizes a proprietary, volatility-based algorithm. This VIX options exposure is evaluated each month based on the level of forward-expected volatility in the S&P 500®, considering the VIX Index level and options price. The VIX Index estimates the expected level of volatility in the U.S. stock market (as reflected by the S&P 500®), forward-looking over 30 days. Overall, XVOL targets investors that seek to achieve high risk-adjusted returns.

Performance Overview:

During the fiscal year ended March 31, 2023, XVOL generated a total return of -10.18% (NAV) and -12.45% (Market). This compares to the -7.73% total return of the S&P 500® Total Return Index, for the same period.

From a sector perspective, based on performance attribution to the overall portfolio, there were no contributing sectors during the period, while Information Technology, Consumer Discretionary, and Financials were the leading detractors.

Reviewing individual stocks based on performance attribution to the overall portfolio, leading contributors included Merck, NVIDIA, and Gilead. Conversely, the leading detractors included Tesla, Amazon, and Microsoft. The VIX Index did not provide a good hedge to market downturn in the past year, therefore the options we purchased on the VIX Index produced negative performance.

Past performance does not guarantee future results.

Must be preceded or accompanied by a prospectus.

Investors buy and sell ETF shares through a brokerage account or an investment advisor. Like ordinary stocks, brokerage commissions, and/or transaction costs or service fees may apply. Please consult your broker or financial advisor for their fee schedule.

Effective April 28, 2023, the Fund’s principal investment strategies were revised to state that the Fund invests in a select group of approximately 40 to 80 equity securities that have characteristics most closely aligned with the Fund’s investment objective and to permit the Fund to use additional options strategies to reduce the Fund’s total equity exposure and reduce the volatility of the Fund’s portfolio.

2

Acruence Active Hedge U.S. Equity ETF

SHAREHOLDER LETTER (Continued)

Options can be volatile and have a large impact on the performance of the Fund. There is a risk of loss of all or part of the cash paid (premium) for purchasing options and the value of the option may be lost if not exercised at or prior to expiration. One of the primary drivers of the value of a VIX option is movement in the spot value of the VIX Index, which is a measure of implied volatility of S&P 500 options. Therefore, changing market expectations of future volatility will lead to changes in the market value of VIX options. Because implied volatilities often rise during periods of market stress, the VIX Index is often negatively correlated to equity markets. The Fund is actively-managed and may not meet its investment objective based on the Sub-Adviser’s (Acruence Capital, LLC) success or failure to implement investment strategies for the Fund. The Fund is classified as non-diversified. Because it is non-diversified, it may hold large positions in a small number of securities. To the extent it maintains such positions; a price change in any one of those securities may have a greater impact on the Fund’s share price than if it were diversified. The Fund is a recently organized management investment company with a limited operating history.

The S&P 500® Total Return Index is an index of 500 large-capitalization companies selected by Standard & Poor’s Financial Services LLC.

Fund holdings are subject to change. Please see the Consolidated Schedule of Investments on page 5 for a complete list of Fund holdings.

3

Acruence Active Hedge U.S. Equity ETF

PERFORMANCE SUMMARY (Unaudited)

Annualized Returns for the Periods Ended March 31, 2023:

1 Year

Since Inception (4/21/2021)

Ending Value
(3/31/2023)

Acruence Active Hedge U.S. Equity ETF - NAV

-10.18%

-2.25%

$9,568

Acruence Active Hedge U.S. Equity ETF - Market

-12.45%

-3.34%

9,360

S&P 500® Total Return Index

-7.73%

0.78%

10,152

This chart illustrates the performance of a hypothetical $10,000 investment made on April 21, 2021 (commencement of operations), and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains, dividends, and return of capital, if applicable, for a fund and dividends for an index.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (833) 653-6400. The Fund’s expense ratio is 0.83% (as of the Fund’s most recently filed prospectus dated April, 28, 2023).

Acruence Active Hedge U.S. Equity ETF

4

The accompanying notes are an integral part of these consolidated financial statements.

PORTFOLIO ALLOCATION at March 31, 2023 (Unaudited)

Sector/Security Type

% of
Net Assets

Technology

24.5

%

Consumer, Non-cyclical

20.8

Financial

13.3

Communications

11.8

Consumer, Cyclical

8.8

Industrial

7.7

Options Purchased

4.8

Energy

4.6

Utilities

2.8

Basic Materials

2.1

Cash Equivalents(1) 

0.1

Options Written

(1.3

)

Total

100.0

%

(1)Represents money market funds and other assets in excess of liabilities.

Acruence Active Hedge U.S. Equity ETF

5

The accompanying notes are an integral part of these consolidated financial statements.

CONSOLIDATED SCHEDULE OF INVESTMENTS at March 31, 2023

Shares

Value

Common Stocks — 96.4%

Advertising — 0.1%

The Interpublic Group of Companies, Inc.

160

$5,958

Omnicom Group, Inc.

81

7,642

 

13,600

Aerospace & Defense — 1.7%

The Boeing Co.(1) 

207

43,973

General Dynamics Corp.

86

19,626

Howmet Aerospace, Inc.

153

6,483

L3Harris Technologies, Inc.

73

14,325

Lockheed Martin Corp.

85

40,182

Northrop Grumman Corp.

54

24,933

Raytheon Technologies Corp.

548

53,666

TransDigm Group, Inc.

20

14,741

 

217,929

Agriculture — 0.8%

Altria Group, Inc.

659

29,405

Archer-Daniels-Midland Co.

212

16,888

Bunge Ltd.

63

6,018

Philip Morris International, Inc.

566

55,043

 

107,354

Airlines — 0.2%

Delta Air Lines, Inc.(1) 

248

8,660

Southwest Airlines Co.

230

7,484

United Airlines Holdings, Inc.(1) 

133

5,886

 

22,030

Apparel — 0.4%

Nike, Inc. - Class A

469

57,518

 

Auto Manufacturers — 2.1%

Cummins, Inc.

55

13,139

Ford Motor Co.

1,525

19,215

General Motors Co.

528

19,367

PACCAR, Inc.

202

14,786

Tesla, Inc.(1) 

978

202,896

 

269,403

Auto Parts & Equipment — 0.1%

Aptiv PLC(1) 

108

12,116

Shares

Value

Common Stocks — 96.4% (Continued)

Banks — 3.8%

Bank of America Corp.

2,475

$70,785

The Bank of New York Mellon Corp.

288

13,087

Citigroup, Inc.

704

33,010

Citizens Financial Group, Inc.

202

6,135

Fifth Third Bancorp

278

7,406

The Goldman Sachs Group, Inc.

125

40,889

Huntington Bancshares, Inc.

588

6,586

JPMorgan Chase & Co.

1,048

136,565

M&T Bank Corp.

64

7,652

Morgan Stanley

484

42,495

Northern Trust Corp.

93

8,196

The PNC Financial Services Group, Inc.

153

19,446

Regions Financial Corp.

378

7,016

State Street Corp.

146

11,051

SVB Financial Group(1) 

27

24

Truist Financial Corp.

511

17,425

U.S. Bancorp

517

18,638

Wells Fargo & Co.

1,377

51,472

 

497,878

Beverages — 1.7%

The Coca-Cola Co.

1,422

88,206

Constellation Brands, Inc. - Class 1

63

14,231

Keurig Dr Pepper, Inc.

335

11,819

Monster Beverage Corp.(1) 

294

15,879

PepsiCo, Inc.

510

92,973

 

223,108

Biotechnology — 1.7%

Amgen, Inc.

201

48,592

Biogen, Inc.(1) 

55

15,292

Corteva, Inc.

277

16,706

Gilead Sciences, Inc.

466

38,664

Illumina, Inc.(1) 

62

14,418

Moderna, Inc.(1) 

128

19,658

Regeneron Pharmaceuticals, Inc.(1) 

41

33,688

Vertex Pharmaceuticals, Inc.(1) 

97

30,562

 

217,580

Building Materials — 0.5%

Carrier Global Corp.

335

15,326

Johnson Controls International PLC

268

16,139

Martin Marietta Materials, Inc.

25

8,877

Trane Technologies PLC

92

16,926

Vulcan Materials Co.

56

9,607

 

66,875


Acruence Active Hedge U.S. Equity ETF

6

The accompanying notes are an integral part of these consolidated financial statements.

CONSOLIDATED SCHEDULE OF INVESTMENTS at March 31, 2023 (Continued)

Shares

Value

Common Stocks — 96.4% (Continued)

Chemicals — 1.6%

Air Products and Chemicals, Inc.

84

$24,126

Albemarle Corp.

47

10,389

CF Industries Holdings, Inc.

80

5,799

Dow, Inc.

279

15,295

DuPont de Nemours, Inc.

180

12,919

Ecolab, Inc.

96

15,891

FMC Corp.

50

6,106

International Flavors & Fragrances, Inc.

98

9,012

Linde PLC

182

64,690

LyondellBasell Industries NV

101

9,483

The Mosaic Co.

140

6,423

PPG Industries, Inc.

93

12,423

The Sherwin-Williams Co.

90

20,229

 

212,785

Commercial Services — 1.8%

Automatic Data Processing, Inc.

154

34,285

Cintas Corp.

34

15,731

CoStar Group, Inc.(1) 

155

10,672

Equifax, Inc.

48

9,736

FleetCor Technologies, Inc.(1) 

30

6,326

Gartner, Inc.(1) 

31

10,099

Global Payments, Inc.

104

10,945

MarketAxess Holdings, Inc.

16

6,261

Moody’s Corp.

60

18,361

PayPal Holdings, Inc.(1) 

425

32,275

Quanta Services, Inc.

60

9,998

S&P Global, Inc.

124

42,751

United Rentals, Inc.

28

11,081

Verisk Analytics, Inc.

63

12,087

 

230,608

Computers — 8.3%

Accenture PLC - Class A

235

67,165

Apple, Inc.

5,509

908,434

Cognizant Technology Solutions Corp.

199

12,125

EPAM Systems, Inc.(1) 

24

7,176

Fortinet, Inc.(1) 

252

16,748

Hewlett Packard Enterprise Co.

518

8,252

HP, Inc.

355

10,419

International Business Machines Corp.

327

42,867

1,073,186

Shares

Value

Common Stocks — 96.4% (Continued)

Cosmetics & Personal Care — 1.3%

Colgate-Palmolive Co.

316

$23,747

The Estee Lauder Company, Inc.

88

21,689

The Procter & Gamble Co.

872

129,658

 

175,094

Distribution & Wholesale — 0.3%

Copart, Inc.(1) 

169

12,710

Fastenal Co.

220

11,867

LKQ Corp.

105

5,960

W.W. Grainger, Inc.

18

12,399

 

42,936

Diversified Financial Services — 3.6%

American Express Co.

219

36,124

Ameriprise Financial, Inc.

42

12,873

BlackRock, Inc.

56

37,471

Capital One Financial Corp.

148

14,232

Cboe Global Markets, Inc.

45

6,041

The Charles Schwab Corp.

560

29,333

CME Group, Inc. - Class A

135

25,855

Discover Financial Services

108

10,675

Intercontinental Exchange, Inc.

216

22,526

Mastercard, Inc. - Class A

308

111,930

Nasdaq, Inc.

140

7,654

Raymond James Financial, Inc.

77

7,182

T. Rowe Price Group, Inc.

89

10,048

Visa, Inc. - Class A

596

134,374

 

466,318

Electric — 2.7%

The AES Corp.

298

7,176

Ameren Corp.

106

9,157

American Electric Power Co., Inc.

198

18,016

CenterPoint Energy, Inc.

261

7,689

CMS Energy Corp.

127

7,795

Consolidated Edison, Inc.

138

13,203

Constellation Energy Corp.

129

10,127

Dominion Energy, Inc.

308

17,220

DTE Energy Co.

80

8,763

Duke Energy Corp.

289

27,880

Edison International

160

11,294

Entergy Corp.

83

8,942

Evergy, Inc.

99

6,051

Eversource Energy

145

11,348

Exelon Corp.

384

16,086

FirstEnergy Corp.

216

8,653

NextEra Energy, Inc.

742

57,193


Acruence Active Hedge U.S. Equity ETF

7

The accompanying notes are an integral part of these consolidated financial statements.

CONSOLIDATED SCHEDULE OF INVESTMENTS at March 31, 2023 (Continued)

Shares

Value

Common Stocks — 96.4% (Continued)

Electric — 2.7% (Continued)

PG&E Corp.(1) 

620

$10,025

PPL Corp.

301

8,365

Public Service Enterprise
Group, Inc.

194

12,115

Sempra Energy

119

17,988

The Southern Co.

412

28,667

WEC Energy Group, Inc.

125

11,849

Xcel Energy, Inc.

217

14,635

 

350,237

Electrical Components & Equipment — 0.2%

AMETEK, Inc.

93

13,515

Emerson Electric Co.

220

19,171

 

32,686

Electronics — 1.1%

Agilent Technologies, Inc.

112

15,494

Amphenol Corp.

230

18,796

Fortive Corp.

144

9,816

Garmin Ltd.

65

6,560

Honeywell International, Inc.

251

47,971

Keysight Technologies, Inc.(1) 

72

11,626

Mettler-Toledo International, Inc.(1) 

9

13,772

TE Connectivity Ltd.

124

16,263

 

140,298

Energy — Alternate Sources — 0.2%

Enphase Energy, Inc.(1) 

55

11,565

First Solar, Inc.(1) 

42

9,135

SolarEdge Technologies, Inc.(1) 

24

7,295

 

27,995

Engineering & Construction — 0.1%

Jacobs Solutions, Inc.

56

6,581

 

Environmental Control —- 0.3%

Republic Services, Inc.

82

11,088

Waste Management, Inc.

141

23,007

 

34,095

Food — 1.2%

Conagra Brands, Inc.

193

7,249

General Mills, Inc.

229

19,570

The Hershey Co.

57

14,501

The J.M. Smucker Co.

44

6,924

Kellogg Co.

111

7,433

The Kraft Heinz Co.

307

11,872

The Kroger Co.

266

13,133

Shares

Value

Common Stocks — 96.4% (Continued)

Food — 1.2% (Continued)

Lamb Weston Holdings, Inc.

60

$6,271

McCormick & Co., Inc.

97

8,071

Mondelez International, Inc.

511

35,627

Sysco Corp.

196

15,137

Tyson Foods, Inc. - Class A

115

6,822

 

152,610

Gas — 0.1%

Atmos Energy Corp.

58

6,517

 

Healthcare — Products — 3.8%

Abbott Laboratories

646

65,414

Align Technology, Inc.(1) 

30

10,024

Baxter International, Inc.

210

8,518

Boston Scientific Corp.(1) 

533

26,666

The Cooper Companies, Inc.

20

7,467

Danaher Corp.

243

61,246

Edwards Lifesciences Corp.(1) 

235

19,442

GE HealthCare Technologies, Inc.(1) 

138

11,320

Hologic, Inc.(1) 

102

8,231

IDEXX Laboratories, Inc.(1) 

32

16,003

Insulet Corp.(1) 

28

8,931

Intuitive Surgical, Inc.(1) 

133

33,977

Medtronic PLC

495

39,907

PerkinElmer, Inc.

49

6,530

ResMed, Inc.

56

12,263

STERIS PLC

38

7,269

Stryker Corp.

125

35,684

Thermo Fisher Scientific, Inc.

144

82,997

Waters Corp.(1) 

23

7,121

West Pharmaceutical Services, Inc.

30

10,394

Zimmer Biomet Holdings, Inc.

83

10,724

 

490,128

Healthcare — Services — 2.3%

Centene Corp.(1) 

215

13,590

Elevance Health, Inc.

87

40,003

HCA Healthcare, Inc.

80

21,094

Humana, Inc.

47

22,817

IQVIA Holdings, Inc.(1) 

71

14,121

Laboratory Corp. of America Holdings

36

8,259

Molina Healthcare, Inc.(1) 

24

6,420

Quest Diagnostics, Inc.

47

6,650

UnitedHealth Group, Inc.

340

160,681

 

293,635


Acruence Active Hedge U.S. Equity ETF

8

The accompanying notes are an integral part of these consolidated financial statements.

CONSOLIDATED SCHEDULE OF INVESTMENTS at March 31, 2023 (Continued)

Shares

Value

Common Stocks — 96.4% (Continued)

Home Builders — 0.2%

D.R. Horton, Inc.

131

$12,798

Lennar Corp. - Class A

102

10,721

NVR, Inc.(1) 

1

5,572

 

29,091

Household Products & Wares — 0.3%

Avery Dennison Corp.

33

5,905

Church & Dwight Co., Inc.

100

8,841

The Clorox Co.

52

8,228

Kimberly-Clark Corp.

130

17,449

 

40,423

Insurance — 3.6%

Aflac, Inc.

221

14,259

The Allstate Corp.

103

11,414

American International Group, Inc.

285

14,353

Aon PLC

78

24,593

Arch Capital Group Ltd.(1) 

143

9,705

Arthur J Gallagher & Co.

81

15,496

Berkshire Hathaway, Inc. -
Cla
ss A(1) 

655

202,244

Chubb Ltd.

155

30,098

Cincinnati Financial Corp.

65

7,285

Everest Re Group Ltd.

17

6,086

The Hartford Financial Services Group, Inc.

128

8,920

Marsh & McLennan Company, Inc.

184

30,645

MetLife, Inc.

260

15,064

Principal Financial Group, Inc.

96

7,135

The Progressive Corp.

219

31,330

Prudential Financial, Inc.

144

11,915

The Travelers Companies, Inc.

89

15,256

Willis Towers Watson PLC

42

9,760

 

465,558

Internet — 8.4%

Alphabet, Inc. - Class A(1) 

2,247

233,081

Alphabet, Inc. - Class C(1) 

1,960

203,840

Amazon.com, Inc.(1) 

3,272

337,965

Booking Holdings, Inc.(1) 

14

37,134

CDW Corp.

54

10,524

eBay, Inc.

217

9,628

Etsy, Inc.(1) 

51

5,678

Expedia Group, Inc. - Class A(1) 

61

5,919

Meta Platforms, Inc. - Class A(1) 

833

176,546

Netflix, Inc.(1) 

167

57,695

VeriSign, Inc.(1) 

37

7,819

1,085,829

Shares

Value

Common Stocks — 96.4% (Continued)

Iron & Steel — 0.2%

Nucor Corp.

98

$15,138

Steel Dynamics, Inc.

66

7,462

 

22,600

Lodging — 0.3%

Hilton Worldwide Holdings, Inc.

104

14,650

Las Vegas Sands Corp.(1) 

130

7,469

Marriott International, Inc.

102

16,936

 

39,055

Machinery —- Construction & Mining — 0.3%

Caterpillar, Inc.

196

44,853

 

Machinery — Diversified — 0.8%

Deere & Co.

100

41,288

Dover Corp.

60

9,116

IDEX Corp.

32

7,393

Ingersoll Rand, Inc.

157

9,134

Otis Worldwide Corp.

164

13,842

Rockwell Automation, Inc.

45

13,205

Westinghouse Air Brake Technologies Corp.

76

7,681

Xylem, Inc.

76

7,957

 

109,616

Media — 1.2%

Charter Communications, Inc. -
Class A
(1) 

41

14,662

Comcast Corp. - Class A

1,542

58,457

FactSet Research Systems, Inc.

16

6,642

The Walt Disney Co.(1) 

670

67,087

Warner Bros Discovery, Inc.(1) 

852

12,865

 

159,713

Mining — 0.3%

Freeport-McMoRan, Inc.

535

21,887

Newmont Corp.

313

15,343

 

37,230

Miscellaneous Manufacturers — 1.1%

3M Co.

213

22,388

Eaton Corp. PLC

151

25,872

General Electric Co.

402

38,431

Illinois Tool Works, Inc.

105

25,562

Parker-Hannifin Corp.

51

17,142

Teledyne Technologies, Inc.(1) 

19

8,500

Textron, Inc.

87

6,145

 

144,040


Acruence Active Hedge U.S. Equity ETF

9

The accompanying notes are an integral part of these consolidated financial statements.

CONSOLIDATED SCHEDULE OF INVESTMENTS at March 31, 2023 (Continued)

Shares

Value

Common Stocks — 96.4% (Continued)

Office & Business Equipment — 0.1%

Zebra Technologies Corp.(1) 

22

$6,996

 

Oil & Gas — 3.7%

Chevron Corp.

649

105,891

ConocoPhillips

445

44,148

Coterra Energy, Inc.

308

7,558

Devon Energy Corp.

251

12,703

Diamondback Energy, Inc.

70

9,462

EOG Resources, Inc.

215

24,645

Exxon Mobil Corp.

1,480

162,297

Hess Corp.

104

13,763

Marathon Oil Corp.

258

6,182

Marathon Petroleum Corp.

167

22,517

Occidental Petroleum Corp.

270

16,856

Phillips 66

177

17,944

Pioneer Natural Resources Co.

91

18,586

Valero Energy Corp.

143

19,963

 

482,515

Oil & Gas Services — 0.4%

Baker Hughes Co. - Class A

383

11,053

Halliburton Co.

342

10,821

Schlumberger NV

524

25,729

 

47,603

Packaging & Containers — 0.1%

Amcor PLC

602

6,851

Ball Corp.

129

7,109

 

13,960

Pharmaceuticals — 5.9%

AbbVie, Inc.

653

104,068

AmerisourceBergen Corp.

65

10,407

Becton Dickinson & Co.

107

26,487

Bristol-Myers Squibb Co.

785

54,408

Cardinal Health, Inc.

108

8,154

The Cigna Group

113

28,875

CVS Health Corp.

480

35,669

Dexcom, Inc.(1) 

149

17,311

Eli Lilly & Co.

292

100,278

Johnson & Johnson

957

148,335

McKesson Corp.

53

18,871

Merck & Co., Inc.

918

97,666

Pfizer, Inc.

2,080

84,864

Zoetis, Inc.

172

28,628

764,021

Shares

Value

Common Stocks — 96.4% (Continued)

Pipelines — 0.3%

Kinder Morgan, Inc.

768

$13,448

ONEOK, Inc.

172

10,929

Targa Resources Corp.

88

6,419

The Williams Companies, Inc.

466

13,915

 

44,711

Real Estate — 0.1%

CBRE Group, Inc.(1) 

125

9,101

 

Real Estate Investment Trusts (REITs) — 2.3%

Alexandria Real Estate Equities, Inc.

65

8,163

American Tower Corp.

180

36,781

AvalonBay Communities, Inc.

59

9,916

Crown Castle, Inc.

163

21,816

Digital Realty Trust, Inc.

112

11,011

Equinix, Inc.

35

25,236

Equity Residential

140

8,400

Extra Space Storage, Inc.

57

9,287

Invitation Homes, Inc.

229

7,152

Iron Mountain, Inc.

115

6,085

Mid-America Apartment Communities, Inc.

47

7,099

Prologis, Inc.

344

42,921

Public Storage

62

18,733

Realty Income Corp.

239

15,133

SBA Communications Corp.

42

10,965

Simon Property Group, Inc.

127

14,220

Ventas, Inc.

155

6,719

VICI Properties, Inc.

390

12,722

Welltower, Inc.

187

13,406

Weyerhaeuser Co.

300

9,039

 

294,804

Retail — 5.1%

AutoZone, Inc.(1) 

7

17,207

Best Buy Co., Inc.

85

6,653

Chipotle Mexican Grill, Inc.(1) 

10

17,083

Costco Wholesale Corp.

164

81,487

Darden Restaurants, Inc.

51

7,913

Dollar General Corp.

86

18,100

Dollar Tree, Inc.(1) 

83

11,915

Genuine Parts Co.

58

9,704

The Home Depot, Inc.

378

111,555

Lowe’s Companies, Inc.

225

44,993

McDonald’s Corp.

271

75,774

O’Reilly Automotive, Inc.(1) 

24

20,376


Acruence Active Hedge U.S. Equity ETF

10

The accompanying notes are an integral part of these consolidated financial statements.

CONSOLIDATED SCHEDULE OF INVESTMENTS at March 31, 2023 (Continued)

Shares

Value

Common Stocks — 96.4% (Continued)

Retail — 5.1%

Ross Stores, Inc.

135

$14,328

Starbucks Corp.

425

44,255

Target Corp.

173

28,654

The TJX Companies, Inc.

434

34,008

Tractor Supply Co.

45

10,577

Ulta Beauty, Inc.(1) 

20

10,913

Walgreens Boots Alliance, Inc.

299

10,339

Walmart, Inc.

510

75,199

Yum! Brands, Inc.

111

14,661

 

665,694

Semiconductors — 6.2%

Advanced Micro Devices, Inc.(1) 

606

59,394

Analog Devices, Inc.

194

38,261

Applied Materials, Inc.

318

39,060

Broadcom, Inc.

156

100,080

Intel Corp.

1,527

49,887

KLA Corp.

53

21,156

Lam Research Corp.

52

27,566

Microchip Technology, Inc.

219

18,348

Micron Technology, Inc.

421

25,403

Monolithic Power Systems, Inc.

18

9,010

NVIDIA Corp.

909

252,493

NXP Semiconductors NV

101

18,834

ON Semiconductor Corp.(1) 

174

14,324

QUALCOMM, Inc.

417

53,201

Skyworks Solutions, Inc.

67

7,905

Teradyne, Inc.

69

7,418

Texas Instruments, Inc.

340

63,243

 

805,583

Software — 10.0%

Activision Blizzard, Inc.

272

23,280

Adobe, Inc.(1) 

170

65,513

ANSYS, Inc.(1) 

34

11,315

Autodesk, Inc.(1) 

83

17,277

Broadridge Financial Solutions, Inc.

49

7,182

Cadence Design Systems, Inc.(1) 

104

21,849

Electronic Arts, Inc.

106

12,768

Fair Isaac Corp.(1) 

11

7,730

Fidelity National Information Services, Inc.

222

12,061

Fiserv, Inc.(1) 

238

26,901

Intuit, Inc.

106

47,258

Microsoft Corp.

2,768

798,014

MSCI, Inc.

31

17,350

Oracle Corp.

560

52,035

Shares

Value

Common Stocks — 96.4% (Continued)

Software — 10.0% (Continued)

Paychex, Inc.

124

$14,209

Roper Technologies, Inc.

42

18,509

Salesforce, Inc.(1) 

370

73,919

ServiceNow, Inc.(1) 

76

35,319

Synopsys, Inc.(1) 

58

22,403

Take-Two Interactive Software,
In
c.(1) 

70

8,351

Tyler Technologies, Inc.(1) 

18

6,384

 

1,299,627

Telecommunications — 2.0%

Arista Networks, Inc.(1) 

96

16,115

AT&T, Inc.

2,621

50,454

Cisco Systems, Inc.

1,521

79,510

Corning, Inc.

297

10,478

Motorola Solutions, Inc.

65

18,598

T-Mobile US, Inc.(1) 

221

32,010

Verizon Communications, Inc.

1,539

59,852

 

267,017

Transportation — 1.4%

CSX Corp.

802

24,012

Expeditors International of Washington, Inc.

67

7,378

FedEx Corp.

88

20,107

J.B. Hunt Transport Services, Inc.

33

5,790

Norfolk Southern Corp.

88

18,656

Old Dominion Freight Line, Inc.

36

12,270

Union Pacific Corp.

224

45,082

United Parcel Service, Inc. - Class B

270

52,378

 

185,673

Water — 0.1%

American Water Works Co., Inc.

73

10,694

 

Total Common Stocks

(Cost $12,144,440)

12,517,107

 


Acruence Active Hedge U.S. Equity ETF

11

The accompanying notes are an integral part of these consolidated financial statements.

CONSOLIDATED SCHEDULE OF INVESTMENTS at March 31, 2023 (Continued)

Contracts

Notional Amount

Value

Options Purchased — 4.8%

Call Options — 2.2%

CBOE Market Index

Expiration 4/5/2023, Exercise Price $45(2) 

550

$11,000

$275,000

CBOE Volatility Index

Expiration 4/19/2023, Exercise Price $45(2) 

703

10,545

6,327

 

281,327

Put Options — 2.6%

CBOE S&P Index

Expiration 10/20/2023, Exercise Price $3,725(2) 

35

1,035,336

345,240

Total Options Purchased

(Cost $1,058,701)

626,567

 

 

Shares

Short-Term Investments — 0.1%

Money Market Funds — 0.1%

First American Government Obligations Fund, Class X, 4.650%(3) 

12,805

12,805

Total Short-Term Investments

(Cost $12,805)

12,805

 

Total Investments in Securities — 101.3%

(Cost $13,215,946)

13,156,479

Liabilities in Excess of Other Assets - (1.3)%

(171,791

)

Total Net Assets — 100.0%

$12,984,688

(1)Non-income producing security.

(2)The investment is a holding of Toroso Cayman Subsidiary I, a wholly-owned subsidiary of the Acruence Active Hedge U.S. Equity ETF.

(3)The rate shown is the annualized seven-day effective yield as of March 31, 2023.

Acruence Active Hedge U.S. Equity ETF

12

The accompanying notes are an integral part of these consolidated financial statements.

CONSOLIDATED SCHEDULE OF OPTIONS WRITTEN at March 31, 2023

 

Contracts

Notional Amount

Value

Options Written — 1.3%

Put Options — 1.3%

S&P 500 Index

Expiration: 10/20/2023, Excercise Price: $3,350(1) 

35

$639,791

$174,300

Total Options Written

(Premium Received $639,640)

$174,300

(1)The investment is a holding of Toroso Cayman Subsidiary I, a wholly-owned subsidiary of the Acruence Active Hedge U.S. Equity ETF.

Percentages are stated as a percent of net assets.

Acruence Active Hedge U.S. Equity ETF

13

The accompanying notes are an integral part of these consolidated financial statements.

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES at March 31, 2023

Assets:

Investments in securities, at value (Cost $13,215,946) (Note 2)

$13,156,479

Collateral at broker for purchased options

2,533

Receivables:

Dividends and interest

9,114

Total assets

13,168,126

 

Liabilities:

Options written (Premium received $639,640) (Note 2)

174,300

Payables:

Management fees (Note 4)

9,138

Total liabilities

183,438

Net Assets

$12,984,688

 

Components of Net Assets:

Paid-in capital

$26,462,858

Total distributable (accumulated) earnings (losses)

(13,478,170

)

Net assets

$12,984,688

 

Net Asset Value (unlimited shares authorized):

Net assets

$12,984,688

Shares of beneficial interest issued and outstanding

700,000

Net asset value

$18.55

Acruence Active Hedge U.S. Equity ETF

14

The accompanying notes are an integral part of these consolidated financial statements.

CONSOLIDATED STATEMENT OF OPERATIONS For the Year Ended March 31, 2023

Investment Income:

Dividend income (net of foreign withholding tax of $179)

$502,993

Interest income

944

Total investment income

503,937

 

Expenses:

Management fees (Note 4)

258,037

Total expenses

258,037

Net investment income (loss)

245,900

 

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investments

(11,266,341

)

Change in net unrealized appreciation/depreciation on:

Investments

(7,040,549

)

Options written

465,340

Net realized and unrealized gain (loss) on investments

(17,841,550

)

Net increase (decrease) in net assets resulting from operations

$(17,595,650

)

Acruence Active Hedge U.S. Equity ETF

15

The accompanying notes are an integral part of these consolidated financial statements.

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

Year Ended March 31, 2023

Period Ended March 31, 2022(1) 

 

Increase (Decrease) in Net Assets From:

 

Operations:

Net investment income (loss)

$245,900

$421,368

Net realized gain (loss)

(11,266,341

)

(2,153,807

)

Change in net unrealized appreciation/depreciation

(6,575,209

)

6,981,082

Net increase (decrease) in net assets resulting from operations

(17,595,650

)

5,248,643

 

Distributions to Shareholders:

Net distributions to shareholders

(345,005

)

(292,000

)

 

Capital Share Transactions:

Net increase (decrease) in net assets derived from net change in outstanding shares(2)

(73,162,560

)

99,131,260

Total increase (decrease) in net assets

$(91,103,215

)

$104,087,903

 

Net Assets:

Beginning of year/period

104,087,903

End of year/period

$12,984,688

$104,087,903

(1)The Fund commenced operations on April 21, 2021. The information presented is from April 21, 2021 to March 31, 2022.

(2)Summary of share transactions is as follows:

Year Ended March 31, 2023

Period Ended March 31, 2022(1) 

Shares

Value

Shares

Value

Shares sold

100,000

$1,834,110

4,900,000

$99,131,260

Shares redeemed

(4,300,000

)

(74,996,670

)

Net increase (decrease)

(4,200,000

)

$(73,162,560

)

4,900,000

$99,131,260

Acruence Active Hedge U.S. Equity ETF

16

The accompanying notes are an integral part of these consolidated financial statements.

Consolidated Financial Highlights For a capital share outstanding throughout the periods

 

Year Ended
March 31, 2023
(Consolidated)

Period Ended
March 31, 2022
(1)
(Consolidated)

Net asset value, beginning of year/period

$21.24

$20.00

 

Income (Loss) from Investment Operations:

Net investment income (loss)(2)

0.15

0.11

Net realized and unrealized gain (loss) on investments

(2.35

)

1.20

Total from investment operations

(2.20

)

1.31

 

Less Distributions:

From net investment income

(0.49

)

(0.07

)

Total distributions

(0.49

)

(0.07

)

 

Net asset value, end of year/period

$18.55

$21.24

Total return(4)

(10.18

)%

6.52

%(3)

 

Ratios / Supplemental Data:

Net assets, end of year/period (millions)

$13.0

$104.1

Portfolio turnover rate(6)

14

%

6

%(3)

Ratio of expenses to average net assets

0.83

%

0.83

%(5)

Ratio of net investment income (loss) to average net assets

0.79

%

0.56

%(5)

(1)The Fund commenced operations on April 21, 2021. The information presented is from April 21, 2021 to March 31, 2022.

(2)Calculated using average shares outstanding method.

(3)Not annualized.

(4)The total return is based on the Fund’s net asset value. Additional performance information is presented in the Performance Summary.

(5)Annualized.

(6)Excludes the impact of in-kind transactions.

17

Acruence Active Hedge U.S. Equity ETF

Notes to Consolidated Financial Statements March 31, 2023

NOTE 1 – ORGANIZATION

The Acruence Active Hedge U.S. Equity ETF (the “Fund”) is a non-diversified series of shares of beneficial interest of Tidal ETF Trust (the “Trust”). The Trust was organized as a Delaware statutory trust on June 4, 2018 and is registered with the Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of the Fund’s shares is registered under the Securities Act of 1933, as amended. The Trust is governed by the Board of Trustees (the “Board”). Toroso Investments, LLC (“Toroso” or the “Adviser”), a Tidal Financial Group company, serves as investment adviser to the Fund and Acruence Capital, LLC (“Acruence” or the “Sub-Adviser”) serves as the investment sub-adviser to the Fund. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies.” The Fund commenced operations on April 21, 2021.

The investment objective of the Fund is to seek capital appreciation with reduced volatility as compared to the S&P 500® Index.

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

A.Security Valuation. Equity securities, which may include real estate investment trusts (“REITs”), listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on the NASDAQ Stock Market, LLC (“NASDAQ”)), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on the valuation date (or at approximately 4:00 p.m. EST if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price or mean between the most recent quoted bid and ask prices for long and short positions. For a security that trades on multiple exchanges, the primary exchange will generally be considered the exchange on which the security is generally most actively traded. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. Prices of securities traded on the securities exchange will be obtained from recognized independent pricing agents (“Independent Pricing Agents”) each day that the Fund is open for business.

Options are valued at the last quoted sales price. If there is no such reported sale on the valuation date, both long and short positions are valued at the mean between the most recent quoted bid and ask prices.

Effective September 8, 2022, for securities for which quotations are not readily available, under Rule 2a-5 of the 1940 Act, a fair value will be determined by the Valuation Designee (as defined in Rule 2a-5) in accordance with the Pricing and Valuation Policy and Fair Value Procedures, as applicable, of the Adviser, subject to oversight by the Board. When a security is “fair valued,” consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the Adviser’s Pricing and Valuation Policy and Fair Value Procedures, as applicable. Fair value pricing is an inherently subjective process, and no single standard exists for determining fair value. Different funds could reasonably arrive at different values for the same security. The use of fair value pricing by a fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to such considerations.

As described above, the Fund utilizes various methods to measure the fair value of its investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 –Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 –Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available.

18

Acruence Active Hedge U.S. Equity ETF

Notes to Consolidated Financial Statements March 31, 2023 (Continued)

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following is a summary of the inputs used to value the Fund’s consolidated investments as of March 31, 2023:

Investments in Securities

Level 1

Level 2

Level 3

Total

Common Stocks(1) 

$12,517,107

$

$

$12,517,107

Purchased Options

351,567

275,000

626,567

Short-Term Investments

12,805

12,805

Total Investments in Securities

$12,881,479

$275,000

$

$13,156,479

Options Written

Level 1

Level 2

Level 3

Total

Put Options

$174,300

$

$

$174,300

Total Options Written

$174,300

$

$

$174,300

(1)See Consolidated Schedule of Investments for the industry breakout.

The Fund has adopted financial reporting rules and regulations that require enhanced disclosure regarding derivatives and hedging activity intending to improve financial reporting of derivative instruments by enabling investors to understand how an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position.

The Fund may invest in options on equities and stock indices. The Fund may make these investments as a substitute for a comparable market position in the underlying security, to attempt to hedge or limit the exposure of the Fund’s position, to create a synthetic money market position for certain tax-related purposes and to effect closing transactions. The following table shows the effects of derivative instruments on the consolidated financial statements.

Consolidated Statement of Assets & Liabilities

Fair value of derivative instruments as of March 31, 2023.

Asset Derivatives as of
March 31, 2023

Liability Derivatives as of
March 31, 2023

Derivative Instruments

Balance Sheet
Location

Fair Value

Balance Sheet
Location

Fair Value

Equity Contracts:

Options Purchased(1) 

Investments
in
securities,
at value

$ 626,567

None

$ —

Options Written(1) 

None

Options written

174,300

19

Acruence Active Hedge U.S. Equity ETF

Notes to Consolidated Financial Statements March 31, 2023 (Continued)

Statement of Operations

The effect of derivative instruments on the Consolidated Statement of Operations for the year ended March 31, 2023:

Derivative Instruments

Location of Gain (Loss)
on Derivatives Recognized
in Income

Realized Gain (Loss)
on Derivatives
Recognized in Income

Change in Unrealized
Appreciation/Depreciation
on Derivatives
Recognized in Income

Equity Contracts:

Options Purchased(1) 

Realized and Unrealized

Gain (Loss)

$ 767,266

$ (219,048)

Options Written(1) 

465,340

(1)The investment is a holding of Toroso Cayman Subsidiary I, a wholly-owned subsidiary of the Fund.

B.Basis for Consolidation for the Fund – The Fund may invest up to 20% of its assets in the Toroso Cayman Subsidiary I, a subsidiary that is wholly-owned by the Fund and organized under the laws of the Cayman Islands (the “Subsidiary”). The Subsidiary may invest in option contracts (“VIX Options”) on the CBOE Volatility Index (the “VIX Index”) and other derivatives instruments. The Fund’s investment in the Subsidiary will not exceed 20% of the value of the Fund’s total assets (notwithstanding any subsequent market appreciation in the Subsidiary’s value). Asset limitations are imposed by Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and are measured at each taxable year and quarter end. The Adviser also serves as the investment adviser to the Subsidiary, but does not receive separate compensation.

The Subsidiary is not registered under the 1940 Act, but is subject to certain protections of the 1940 Act with respect to the Fund, as described in the Fund’s Statement of Additional Information. All of the Fund’s investments in the Subsidiary are subject to the investment policies and restrictions of the Fund, including those related to leverage, collateral and segregation requirements and liquidity. In addition, the valuation and brokerage policies of the Fund are applied to the Subsidiary. The Fund’s investments in the Subsidiary are not subject to all investor protection provisions of the 1940 Act. However, because the Fund is the sole investor in the Subsidiary, it is not likely that the Subsidiary will take any action that is contrary to the interests of the Fund and its shareholders.

The financial information of the Subsidiary has been consolidated into the Fund’s consolidated financial statements. The Fund had 4.8% of its total assets invested in the Subsidiary as of March 31, 2023.

The Subsidiary is an exempted Cayman Islands investment company and as such is not subject to Cayman Islands taxes at the present time. For U.S. income tax purposes, the Subsidiary is a Controlled Foreign Corporation (“CFC”) not subject to U.S. income taxes. As a wholly-owned CFC, however, the Subsidiary’s net income and capital gains, if any, will be included each year in the Fund’s investment company taxable income.

C.Federal Income Taxes. The Fund has elected to be taxed as a “regulated investment company” and intends to distribute substantially all taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. Therefore, no provision for federal income taxes or excise taxes has been made.

In order to avoid imposition of the excise tax applicable to regulated investment companies, the Fund intends to declare as dividends in each calendar year at least 98.0% of its net investment income (earned during the calendar year) and at least 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts, if any, from prior years.

As of March 31, 2023, the Fund did not have any tax positions that did not meet the threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all the tax returns filed for the last three years. The Fund identifies its major tax jurisdiction as U.S. Federal and the Commonwealth of Delaware; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially.

D.Securities Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Discounts/premiums on debt securities purchased are accreted/amortized over the life of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Dividends received from REITs generally are comprised of ordinary income, capital gains,

20

Acruence Active Hedge U.S. Equity ETF

Notes to Consolidated Financial Statements March 31, 2023 (Continued)

and may include return of capital. Debt income is recorded on an accrual basis. Other non-cash dividends are recognized as investment income at the fair value of the property received. Withholding taxes on foreign dividends have been provided for in accordance with the Trust’s understanding of the applicable country’s tax rules and rates.

E.Foreign Currency. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.

The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

The Fund reports net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at period end, resulting from changes in exchange rates.

F. Distributions to Shareholders. Distributions to shareholders from net investment income, if any, for the Fund are declared and paid at least annually. Distributions to shareholders from net realized gains on securities, if any, for the Fund normally are declared and paid on an annual basis. Distributions are recorded on the ex-dividend date.

G. Use of Estimates. The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amount of revenue and expenses during the reporting period. Actual results could differ from those estimates.

H. Share Valuation. The NAV per share of the Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Fund’s shares will not be priced on the days on which the New York Stock Exchange (“NYSE”) is closed for trading.

I. Guarantees and Indemnifications. In the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

J.Illiquid Securities. Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a Board-approved Liquidity Risk Management Program (the “Program”) that requires, among other things, that the Fund limit its illiquid investments that are assets to no more than 15% of the value of the Fund’s net assets. An illiquid investment is any security that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If the Fund should be in a position where the value of illiquid investments held by the Fund exceeds 15% of the Fund’s net assets, the Fund will take such steps as set forth in the Program.

K.Derivatives Transactions. Pursuant to Rule 18f-4 under the 1940 Act, the SEC imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation and cover framework arising from prior SEC guidance for covering derivatives and certain financial instruments currently used by funds to comply with Section 18 of the 1940 Act and treats derivatives as senior securities. Under Rule 18f-4, a fund’s derivatives exposure is limited through a value-at-risk test. Funds whose use of derivatives is more than a limited specified exposure amount are required to establish and maintain a comprehensive derivatives risk management program, subject to oversight by a fund’s board of trustees, and appoint a derivatives risk manager. The Fund implemented a Rule 18f-4 Derivative Risk Management Program that complies with Rule 18f-4.

L.Recently Issued Accounting Pronouncements. In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact, if any, of these amendments on the consolidated financial statements.

21

Acruence Active Hedge U.S. Equity ETF

Notes to Consolidated Financial Statements March 31, 2023 (Continued)

M.Reclassification of Capital Accounts. U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. These differences are primarily due to adjustments for redemptions in-kind. For the year ended March 31, 2023, the following adjustments were made:

Paid-In Capital

Total Distributable (Accumulated) Earnings (Losses)

$2,407,425

$(2,407,425)

NOTE 3 – PRINCIPAL INVESTMENT RISKS

A.Cayman Subsidiary Risk. By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The VIX Options and other investments held by the Subsidiary are generally similar to those investments that are permitted to be held by the Fund and are subject to the same economic risks that apply to similar investments if held directly by the Fund. The Subsidiary is not registered under the 1940 Act, and, unless otherwise noted in the Fund’s Prospectus, is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to continue to operate as it does currently and could adversely affect the Fund.

B.Dividend Investing Risks. The Fund will be subject to the risk that issuers that have historically paid regular dividends or distributions to shareholders may not continue to do so in the future. An issuer may reduce or eliminate future dividends or distributions at any time and for any reason. Such events could lower the price or yield of that company’s equity securities. Additionally, equity securities with that make high or regular dividend payments may underperform other securities in certain market conditions.

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

D.Exchange Traded Fund (“ETF”) Risks.

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

Cash Redemption Risk. The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments and bonds that cannot be broken up beyond certain minimum sizes needed for transfer and settlement). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.

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

Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case

22

Acruence Active Hedge U.S. Equity ETF

Notes to Consolidated Financial Statements March 31, 2023 (Continued)

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

Trading. Although Shares are listed on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. Also, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. These adverse effects on liquidity for Shares, in turn, could lead to wider bid/ask spreads and differences between the market price of Shares and the underlying value of those Shares. Prior to May 18, 2022, shares were listed on the NYSE Arca, Inc.

E.General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters or events, pandemic diseases, terrorism, regulatory events, and government controls.

F.Growth Investing Risks. The Fund may invest in companies that appear to be growth-oriented. Growth companies are those that the Sub-Adviser believes will have revenue and earnings that grow faster than the economy as a whole, offering above-average prospects for capital appreciation and little or no emphasis on dividend income. If the Sub-Adviser’s perceptions of a company’s growth potential are wrong, the securities purchased may not perform as expected, reducing the Fund’s return.

G.Management Risk. The Fund is actively-managed and may not meet its investment objective based on the Sub-Adviser’s success or failure to implement investment strategies for the Fund. Although the Sub-Adviser has options trading experience, the Sub-Adviser may not be able to replicate the historical performance of its options strategies. In addition, the Sub-Adviser’s investment strategy to seek lower volatility may cause the Fund to underperform the broader equity market during market rallies. Such underperformance could be significant during sudden or significant market rallies.

H.Market Capitalization Risk.

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

I.Models and Data Risk. The composition of the Fund’s portfolio is heavily dependent on proprietary quantitative models as well as information and data supplied by third parties (“Models and Data”). When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities from the Fund’s portfolio universe that would have been excluded or included had the Models and Data been correct and complete. While the Sub-Adviser’s model measures relationships between the VIX Index, volatility, and premiums, levels may be depressed for extended periods and options can expire worthless.

J.Newer Fund Risk. The Fund is a recently organized management investment company with a limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decisions.

K.Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.

L.Options Risk. Options enable the Fund to purchase exposure that is significantly greater than the premium paid. Consequently, the value of such options can be volatile, and a small investment in options can have a large impact on the performance of the Fund. The Fund risks losing all or part of the cash paid (premium) for purchasing options. Even a small decline in the value of a reference asset underlying call options or a small increase in the value of a reference asset underlying put options can result

23

Acruence Active Hedge U.S. Equity ETF

Notes to Consolidated Financial Statements March 31, 2023 (Continued)

in the entire investment in such options being lost. Options may also present tracking risk. An imperfect or variable degree of correlation between price movements of the derivative and the underlying investment may prevent the portfolio from achieving the intended effect. The value of an option can change over time depending on several factors aside from just changes in the underlying asset’s price, such as the time remaining to expiration and the expected level of volatility in the underlying asset. For option buyers, the risk of loss is limited to the option premium at the time of purchase. Additionally, the value of the option may be lost if the Sub-Adviser fails to exercise such option at or prior to its expiration. If the Sub-Adviser applies an options strategy to seek to hedge the Fund’s portfolio at an inappropriate time or judges market movements incorrectly, options strategies may lower the Fund’s return. The Fund’s options strategies are also subject to the following risks:

VIX Options Strategy Risk. One of the primary drivers of the value of a VIX Option is movement in the spot value of the VIX Index, which is a measure of implied volatility of S&P 500 options. Therefore, changing market expectations of future volatility will lead to changes in the market value of VIX Options. VIX Options will be subject to market risk. Because implied volatilities often rise during periods of market stress, the VIX Index is often negatively correlated to equity markets.

Collar Strategy Risk. By selling call options in return for the receipt of premiums, the Fund will give up the opportunity to benefit from potential increases in the value of the underlying asset above the exercise prices of such options. By purchasing put options in return for the payment of premiums, the Fund may be protected from a significant decline in the price of the underlying asset if the put options become in the money, but during periods where the underlying asset appreciates, the Fund will underperform due to the cost of the premiums paid and the increased value of any call options sold on the underlying asset. In addition, the Fund’s ability to sell the securities that are underlying assets for the options will be limited while the options are in effect unless the Fund cancels out the options positions through the purchase or sale of offsetting identical options prior to the expiration of the options.

Vertical Spread Strategy Risk. The vertical spread strategy used to seek to protect the Fund against market declines during periods of volatility may not work as intended. Effective use of a vertical spread strategy to limit potential losses to the Fund depends on the Sub-Adviser setting an appropriate spread between the two options held by the Fund. Use of vertical spread options may offer downside protection to the Fund but also limit the Fund’s returns if the reference asset in a vertical spread option appreciates in value. As a consequence, the Fund may underperform relative to other funds that do not employ a vertical spread option strategy.

Covered Call Strategy Risk. When the Fund sells call options, it receives cash but limits its opportunity to profit from an increase in the market value of the underlying asset to the exercise price (plus the premium received). The maximum potential gain on the underlying asset will be equal to the difference between the exercise price and the purchase price of the reference asset at the time the option is written, plus the premium received. In a rising market, the option may require an underlying asset to be sold at an exercise price that is lower than would be received if the underlying asset was sold at the market price. If a call expires, the Fund realizes a gain in the amount of the premium received, but because there may have been a decline (unrealized loss) in the market value of the reference asset during the option period, the loss realized may exceed such gain. If the underlying asset declines by more than the option premium the Fund receives, there will be a loss on the overall position.

Box Trade Strategy Risk. Use of a box trade strategy is intended to limit overall risk to the Fund since the loss in one option transaction is set off against the gain from another option transaction. Because box trades involve multiple options transactions, the Fund will incur additional transaction costs when utilizing a box trade strategy which will limit returns when using such a strategy.

M.Tax Risk. The federal income tax treatment of the Fund’s income from the Subsidiary may be negatively affected by future legislation, Treasury Regulations (proposed or final), and/or other Internal Revenue Service (“IRS”) guidance or authorities that could affect the character, timing of recognition, and/or amount of the Fund’s investment company taxable income and/or net capital gains and, therefore, the distributions it makes. If the Fund failed the source of income test for any taxable year but was eligible to and did not cure the failure, it could incur potentially significant additional federal income tax expenses. If, on the other hand, the Fund failed to qualify as a RIC for any taxable year and was ineligible to or otherwise did not cure the failure, it would be subject to federal income tax at the fund-level on its taxable income at the regular corporate tax rate (without reduction for distributions to shareholders), with the consequence that its income available for distribution to shareholders would be reduced and distributions from its current or accumulated earnings and profits would generally be taxable to its shareholders as dividend income.

24

Acruence Active Hedge U.S. Equity ETF

Notes to Consolidated Financial Statements March 31, 2023 (Continued)

N.U.S. Treasury Securities Risk. The Fund may invest in U.S. Treasury securities issued or guaranteed by the U.S. Treasury. U.S. government securities are subject to market risk, interest rate risk and counterparty risk. Securities, such as those issued or guaranteed the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund.

NOTE 4 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS

The Adviser serves as investment adviser to the Fund pursuant to an investment advisory agreement between the Adviser and the Trust, on behalf of the Fund (the “Advisory Agreement”), and, pursuant to the Advisory Agreement, provides investment advice to the Fund and oversees the day-to-day operations of the Fund, subject to oversight of the Board. The Adviser is also responsible for trading portfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Board. The Adviser provides oversight of the Sub-Adviser and review of the Sub-Adviser’s performance.

Pursuant to the Advisory Agreement, the Fund pays the Adviser a unitary management fee (the “Management Fee”) based on the average daily net assets of the Fund at the annualized rate of 0.83%. Out of the Management Fee, the Adviser is obligated to pay or arrange for the payment of substantially all expenses of the Fund, including the cost of transfer agency, custody, fund administration, and all other related services necessary for the Fund to operate. Under the Advisory Agreement, the Adviser has agreed to pay all expenses incurred by the Fund except for interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act (collectively, “Excluded Expenses”), and the Management Fee payable to the Adviser. The Management Fees incurred are paid monthly to the Adviser. Management fees for the fiscal year ended March 31, 2023 are disclosed in the Consolidated Statement of Operations.

Acruence Capital, LLC serves as sub-adviser to the Fund, pursuant to a sub-advisory agreement between the Adviser and the Sub-Adviser with respect to the Fund (the “Sub-Advisory Agreement”). Pursuant to the Sub-Advisory Agreement, the Sub-Adviser is responsible for the day-to-day management of the Fund’s portfolio, including determining the securities purchased and sold by the Fund, subject to the supervision of the Adviser and the Board. The Sub-Adviser is paid a fee by the Adviser, which is calculated and paid monthly, at an annual rate of 0.02% of the Fund’s average daily net assets. The Sub-Adviser has agreed to assume the Adviser’s obligation to pay all expenses incurred by the Fund, except for the sub-advisory fee payable to the Sub-Adviser and Excluded Expenses. For assuming the payment obligations for the Fund, the Adviser has agreed to pay the Sub-Adviser the profits, if any, generated by the Fund’s unitary fee. Expenses incurred by the Fund and paid by the Sub-Adviser include fees charged by Tidal ETF Services LLC, the Fund’s administrator and an affiliate of the Adviser.

Tidal ETF Services LLC (“Tidal”), a Tidal Financial Group company and an affiliate of the Adviser, serves as the Fund’s administrator and, in that capacity, performs various administrative and management services for the Fund. Tidal coordinates the payment of Fund-related expenses and manages the Trust’s relationships with its various service providers.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as the Fund’s sub-administrator, fund accountant and transfer agent. In those capacities Fund Services performs various administrative and accounting services for the Fund. Fund Services prepares various federal and state regulatory filings, reports and returns for the Fund, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the Board; and monitors the activities of the Fund’s custodian. U.S. Bank N.A. (the “Custodian”), an affiliate of Fund Services, serves as the Fund’s custodian.

Foreside Fund Services, LLC (the “Distributor”) acts as the Fund’s principal underwriter in a continuous public offering of the Fund’s shares.

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

NOTE 5 – PURCHASES AND SALES OF SECURITIES

For the year ended March 31, 2023, the cost of purchases and proceeds from the sales or maturities of securities, excluding short-term investments, U.S. government securities, and in-kind transactions were $4,469,213 and $69,130,555, respectively.

25

Acruence Active Hedge U.S. Equity ETF

Notes to Consolidated Financial Statements March 31, 2023 (Continued)

For the year ended March 31, 2023, there were no purchases or sales of long-term U.S. government securities.

For the year ended March 31, 2023, in-kind transactions associated with creations and redemptions for the Fund were $1,743,680 and $9,939,431, respectively.

NOTE 6 – INCOME TAXES AND DISTRIBUTONS TO SHAREHOLDERS

The tax character of distributions paid during the year ended March 31, 2023 and period ended March 31, 2022 was as follows:

Distributions paid from:

March 31, 2023

March 31, 2022

Ordinary income

$345,005

$292,000

As of March 31, 2023, the components of accumulated earnings (losses) on a tax basis were as follows:

March 31, 2023

Cost of investment (1) 

$13,784,204

Gross tax unrealized appreciation

1,903,045

Gross tax unrealized depreciation

(2,705,070

)

Net tax unrealized appreciation (depreciation)

(802,025

)

Undistributed ordinary income (loss)

30,263

Undistributed long-term capital gain (loss)

Total distributable earnings

30,263

Other accumulated gain (loss)

(12,706,408

)

Total accumulated gain (loss)

$(13,478,170

)

(1)The difference between book and tax-basis unrealized appreciation was attributable primarily to the treatment of wash sales.

Net capital losses incurred after October 31 and net investment losses incurred after March 31, and within the taxable year, are deemed to arise on the first business day of the Fund’s next taxable year. As of the most recent fiscal year ended March 31, 2023, the Fund had no later year losses. As of the most recent fiscal year ended March 31, 2023, the Fund had long-term and short-term capital loss carryovers of $7,115,633 and $5,590,775, respectively, which do not expire.

NOTE 7 – SHARE TRANSACTIONS

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

The Fund currently offers one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for the Fund is $500, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Fund’s Custodian has determined to waive some or all of the costs associated with the order or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% of the value of the Creation Units and Redemption Units subject to the transaction. Variable fees received by the Fund, if any, are disclosed in the capital shares transactions section of the Consolidated Statement of Changes in Net Assets. The Fund may issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Fund have equal rights and privileges.

26

Acruence Active Hedge U.S. Equity ETF

Notes to Consolidated Financial Statements March 31, 2023 (Continued)

NOTE 8 – RECENT MARKET EVENTS

U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including rising inflation, uncertainty regarding central banks’ interest rate increases, the possibility of a national or global recession, trade tensions, political events, the war between Russia and Ukraine and the impact of the coronavirus (COVID-19) global pandemic. The global recovery from COVID-19 may last for an extended period of time. As a result of continuing political tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. The war has contributed to recent market volatility and may continue to do so. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite government efforts to address market disruptions. Continuing market volatility as a result of recent market conditions or other events may have adverse effects on your account.

NOTE 9 – SUBSEQUENT EVENTS

In preparing these consolidated financial statements, the Fund has evaluated events and transactions for potential recognition or disclosure through the date the consolidated financial statements were issued. The Fund has determined that there are no subsequent events that would need to be disclosed in the Fund’s consolidated financial statements.

27

Acruence Active Hedge U.S. Equity ETF

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of
Acruence Active Hedge U.S. Equity ETF and
The Board of Trustees of
Tidal ETF Trust

Opinion on the Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities of Acruence Active Hedge U.S. Equity ETF (the “Fund”), a series of Tidal ETF Trust (the “Trust”), including the consolidated schedule of investments, as of March 31, 2023, the related consolidated statement of operations for the year ended March 31, 2023, the consolidated statement of changes in net assets and the consolidated financial highlights for the year ended March 31, 2023 and for the period April 21, 2021 (commencement of operations) to March 31, 2022, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Fund as of March 31, 2023, the results of its consolidated operations for the year ended March 31, 2023, the changes in its consolidated net assets and the consolidated financial highlights for the year ended March 31, 2023 and for the period April 21, 2021 to March 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These consolidated financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2018.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, 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.

Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of March 31, 2023, by correspondence with the custodian and prime broker. We believe that our audit provides a reasonable basis for our opinion.

TAIT, WELLER & BAKER LLP

Philadelphia, Pennsylvania
May
25, 2023

28

Acruence Active Hedge U.S. Equity ETF

EXPENSE EXAMPLE For the Six-Months Ended March 31, 2023 (Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of the Fund’s shares, and (2) ongoing costs, including management fees of the Fund. The example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which is from October 1, 2022 to March 31, 2023.

Actual Expenses

The first line of the following table provides information about actual account values and actual expenses. The example includes, but is not limited to, unitary fees. However, the example does not include portfolio trading commissions and related expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then, multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period’’ to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the following table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of the Fund’s shares. Therefore, the second line of the following table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher.

Beginning
Account Value
October 1, 2022

Ending
Account Value
March 31, 2023

Expenses Paid
During the Period
October 1, 2022 -
March 31, 2023
(1) 

Actual 

$ 1,000.00

$ 1,133.70

$ 4.42

Hypothetical (5% annual return before expenses)

$ 1,000.00

$ 1,020.79

$ 4.18

(1) Expenses are equal to the Fund’s annualized net expense ratio of 0.83%, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the most recent six-month period).

29

Acruence Active Hedge U.S. Equity ETF

TRUSTEES AND EXECUTIVE OFFICERS (Unaudited)

Name, Address
and Year of Birth

 

Position
Held with
the Trust

 

Term of
Office and
Length of
Time Served

 

Principal
Occupation(s)
During Past 5 Years

 

Number of Portfolios in Fund Complex Overseen by Trustee

Other Directorships
Held by Trustee During
Past 5 Years

Independent Trustees(1) 

Mark H.W. Baltimore

c/o Tidal ETF Services, LLC

234 West Florida Street,

Suite 203

Milwaukee, Wisconsin 53204

Born: 1967

Trustee

Indefinite term; since 2018

Co-Chief Executive Officer, Global Rhino, LLC (asset management consulting firm) (since 2018); Chief Business Development Officer, Joot (asset management compliance services firm) (since 2019); Chief Executive Officer, Global Sight, LLC (asset management distribution consulting firm) (2016-2018).

47

None

Dusko Culafic

c/o Tidal ETF Services, LLC

234 West Florida Street,

Suite 203

Milwaukee, Wisconsin 53204

Born: 1958

Trustee

Indefinite term; since 2018

Retired (since 2018); Senior Operational Due Diligence Analyst, Aurora Investment Management, LLC (2012–2018).

47

None

Eduardo Mendoza

c/o Tidal ETF Services, LLC

234 West Florida Street,

Suite 203

Milwaukee, Wisconsin 53204

Born: 1966

Trustee

Indefinite term; since 2018

Chief Financial Officer (since 2022), Executive Vice President - Head of Capital Markets & Corporate Development (since 2019), Advisor (2017-2019), Credijusto (financial technology company).

47

None

Interested Trustee and Executive Officer

Eric W. Falkeis(2)

c/o Tidal ETF Services, LLC

234 West Florida Street,

Suite 203

Milwaukee, Wisconsin 53204

Born: 1973

President, Principal Executive Officer, Interested Trustee, Chairman, and Secretary

President and Principal Executive Officer since 2019, Indefinite term; Interested Trustee, Chairman, and Secretary since 2018, Indefinite term

Chief Executive Officer, Tidal ETF Services LLC (since 2018); Chief Operating Officer (and other positions), Rafferty Asset Management, LLC (2013 to 2018) and Direxion Advisors, LLC (2017 to 2018).

47

Trustee, Tidal Trust II (8 series) (since 2022); Independent Director, Muzinich BDC, Inc. (since 2019); Trustee, Professionally Managed Portfolios (25 series) (since 2011); Interested Trustee, Direxion Funds, Direxion Shares ETF Trust, and Direxion Insurance Trust (2014–2018).

30

Acruence Active Hedge U.S. Equity ETF

TRUSTEES AND EXECUTIVE OFFICERS (Unaudited) (Continued)

Name, Address
and Year of Birth

 

Position
Held with
the Trust

 

Term of
Office and
Length of
Time Served

 

Principal
Occupation(s)
During Past 5 Years

 

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

 

Other Directorships
Held by Trustee During
Past 5 Years

Executive Officers

Aaron J. Perkovich

c/o Tidal ETF Services, LLC

234 West Florida Street,

Suite 203

Milwaukee, Wisconsin 53204

Born: 1973

Treasurer, Principal Financial Officer, and Principal Accounting Officer

Indefinite term; since 2022

Head of Fund Administration (since 2023), Fund Administration Manager (2022 to 2023), Tidal ETF Services LLC; Assistant Director – Investments, Mason Street Advisors, LLC (2021 to 2022); Vice President, U.S. Bancorp Fund Services, LLC (2006 to 2021).

Not Applicable

Not Applicable

William H.Woolverton, Esq.

c/o Tidal ETF Services, LLC

234 West Florida Street,

Suite 203

Milwaukee, Wisconsin 53204

Born: 1951

Chief Compliance Officer and AML Compliance Officer

AML Compliance Officer since 2023, Indefinite term; Chief Compliance Officer since 2021, Indefinite term

Chief Compliance Officer (since 2023), Compliance Advisor (2022 to 2023), Toroso Investments, LLC; Chief Compliance Officer, Tidal ETF Services LLC (since 2022); Senior Compliance Advisor, Cipperman Compliance Services, LLC (2020 to 2022); Operating Partner, Altamont Capital Partners (private equity firm) (since 2021); Managing Director and Head of Legal - US, Waystone (global governance solutions) (2016 to 2019).

Not Applicable

Not Applicable

Ally L. Mueller

c/o Tidal ETF Services, LLC

234 West Florida Street,

Suite 203

Milwaukee, Wisconsin 53204

Born: 1979

Assistant Treasurer

Indefinite term; since 2022

Head of ETF Launches and Client Success (since 2023), Head of ETF Launches and Finance Director (2019 to 2023), Tidal ETF Services LLC.

Not Applicable

Not Applicable

Melissa Breitzman

c/o Tidal ETF Services, LLC

234 West Florida Street,

Suite 203

Milwaukee, Wisconsin 53204

Born: 1983

Assistant Treasurer

Indefinite term; since 2023

Fund Administration Manager, Tidal ETF Services LLC (since 2023); Assistant Vice President, U.S Bancorp Fund Services, LLC (2005 to 2023).

Not Applicable

Not Applicable

Lissa M Richter

c/o Tidal ETF Services, LLC
234 West Florida Street,
Suite 203
Milwaukee, Wisconsin 53204

Born: 1979

Assistant Secretary

Indefinite term; since 2023

ETF Regulatory Manager (since 2021), Tidal ETF Services LLC; Senior Paralegal, Rafferty Asset Management, LLC (2013 to 2020); Senior Paralegal, Officer, U.S Bancorp Fund Services LLC (2005 to 2013).

Not Applicable

Not Applicable

(1)All Independent Trustees of the Trust are not “interested persons” of the Trust as defined under the 1940 Act (“Independent Trustees”).

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

31

Acruence Active Hedge U.S. Equity ETF

STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)

In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (“Rule 22e-4”), Tidal ETF Trust (the “Trust”), on behalf of its series, the Acruence Active Hedge U.S. Equity ETF (the “Fund”), has adopted and implemented a liquidity risk management program (the “Program”). The Program seeks to promote effective liquidity risk management for the Fund and to protect the Fund’s shareholders from dilution of their interests. The Trust’s Board of Trustees (the “Board”) has approved the designation of Toroso Investments, LLC, the Fund’s investment adviser, as the program administrator (the “Program Administrator”). The Program Administrator has further delegated administration of the Program to a Program Administrator Committee composed of certain Trust officers. The Program Administrator has also delegated certain responsibilities under the Program to the investment sub-adviser of the Fund; however, the Program Administrator remains responsible for the overall administration and operation of the Program. The Program Administrator is required to provide a written annual report to the Board regarding the adequacy and effectiveness of the Program, including the operation of the highly liquid investment minimum, if applicable, and any material changes to the Program.

On November 21, 2022, the Board reviewed the Program Administrator’s written annual report for the period October 1, 2021 through September 30, 2022 (the “Report”). The Program assesses liquidity risk under both normal and reasonably foreseeable stressed market conditions. The risk is managed by monitoring the degree of liquidity of a fund’s investments, limiting the amount of illiquid investments and utilizing various risk management tools and facilities available to a fund, among other means. The Trust has engaged the services of ICE Data Services, a third-party vendor, to provide daily portfolio investment classification services to assist in the Program Administrator’s assessment. The Report noted that no material changes had been made to the Program during the review period. The Program Administrator determined that the Program is reasonably designed and operating effectively.

32

Acruence Active Hedge U.S. Equity ETF

ADDITIONAL INFORMATION

QUALIFIED DIVIDEND INCOME/DIVIDENDS RECEIVED DEDUCTION (Unaudited)

For the year ended March 31, 2023, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and the Tax Cuts and Jobs Act of 2017. The percentage of dividends declared from ordinary income designated as qualified dividend income for the year ended March 31, 2023 was 100%.

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the year ended March 31, 2023, was 100%.

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distribution under Internal Revenue Section 871(k)(2)(c) for the year ended March 31, 2023, was 0%.

INFORMATION ABOUT PROXY VOTING (Unaudited)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available upon request without charge, by calling (833) 653-6400 or by accessing the Fund’s website at www.acruenceetf.com. Furthermore, you can obtain the description on the SEC’s website at www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent period ended June 30 is available upon request without charge by calling (833) 653-6400 or by accessing the SEC’s website at www.sec.gov.

INFORMATION ABOUT THE PORTFOLIO HOLDINGS (Unaudited)

The Fund’s portfolio holdings are posted on the Fund’s website daily at www.acruenceetf.com. The Fund files its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Part F of Form N-PORT. The Fund’s Part F of Form N-PORT is available without charge, upon request, by calling (833) 653-6400. Furthermore, you can obtain the Part F of Form N-PORT on the SEC’s website at www.sec.gov.

FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS (Unaudited)

Information regarding how often shares of the Fund trade on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) to its daily NAV is available, without charge, on the Fund’s website at www.acruenceetf.com.

INFORMATION ABOUT THE FUND’S TRUSTEES (Unaudited)

The Statement of Additional Information (“SAI”) includes additional information about the Fund’s Trustees and is available without charge, upon request, by calling (833) 653-6400. Furthermore, you can obtain the SAI on the SEC’s website at www.sec.gov or the Fund’s website at www.acruenceetf.com.

Investment Adviser
Toroso Investments, LLC
234 West Florida Street, Suite 203
Milwuakee,
Wisconsin 53204

Investment Sub-Adviser
Acruence Capital, LLC
539 West Commerce Street, Suite 3770
Dallas,
Texas 75208

Independent Registered Public Accounting Firm
Tait, Weller & Baker LLP
Two Liberty Place
50 South 16th Street, Suite 2900
Philadelphia,
Pennsylvania 19102

Legal Counsel
Godfrey & Kahn, S.C.
833 East Michigan Street, Suite 1800
Milwaukee,
Wisconsin 53202

Custodian
U.S. Bank N.A. Custody Operations
1555 North RiverCenter Drive, Suite 302
Milwaukee,
Wisconsin 53212

Fund Administrator
Tidal ETF Services LLC
234 West Florida Street, Suite 203
Milwaukee,
Wisconsin 53204

Transfer Agent, Fund Accountant and Fund Sub-Administrator
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee,
Wisconsin 53202

Distributor
Foreside Fund Services, LLC
Three Canal Plaza, Suite 100
Portland,
Maine 04101

 

Fund Information

Fund

Ticker

CUSIP

Acruence Active Hedge U.S. Equity ETF

XVOL

886364744

 

 

(b)Not applicable.

 

Item 2. Code of Ethics.

 

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

 

A copy of the registrant’s Code of Ethics is filed herewith.

 

Item 3. Audit Committee Financial Expert.

 

The registrant’s Board of Trustees of the Trust has determined that there is at least one audit committee financial expert serving on its audit committee. Mr. Dusko Culafic is the “audit committee financial expert” and is considered to be “independent” as each term is defined in Item 3 of Form N-CSR.

 

Item 4. Principal Accountant Fees and Services.

 

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. “Audit services” refer to performing an audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no “Other services” provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

 

Acruence Active Hedge U.S. Equity ETF

 

  FYE  03/31/2023 FYE  03/31/2022
Audit Fees  $14,625  $12,500
Audit-Related Fees  N/A   N/A 
Tax Fees  $2,625  $2,500
All Other Fees  N/A   N/A 

 

1

The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

 

The percentage of fees billed by Tait Weller & Baker LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

 

Non-Audit Related Fees FYE  03/31/2023 FYE  03/31/2022
Registrant  N/A  N/A
Registrant’s Investment Adviser  N/A  N/A

 

All of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

 

The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two year.

 

Non-Audit Related Fees FYE  03/31/2023 FYE  03/31/2022
Registrant  N/A  N/A
Registrant’s Investment Adviser  N/A  N/A

 

The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser is compatible with maintaining the principal accountant’s independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.

 

The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

 

Item 5. Audit Committee of Listed Registrants.

 

The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the “Act”) and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Dusko Culafic, Eduardo Mendoza, and Mark H.W. Baltimore.

 

2

Item 6. Investments.

 

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

 

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

Not applicable to open-end investment companies.

 

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

 

Not applicable to open-end investment companies.

 

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

Not applicable to open-end investment companies.

 

Item 10. Submission of Matters to a Vote of Security Holders.

 

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of Trustees.

 

Item 11. Controls and Procedures.

 

(a)The Registrant’s President/Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (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 and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

 

(b)There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

 

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

 

Not applicable to open-end investment companies.

 

3

Item 13. 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) A separate certification for each President/Principal Executive Officer and Treasurer/Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

 

(3) Any written solicitation to purchase 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 to 10 or more persons. Not applicable to open-end investment companies.

 

(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.

 

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

 

4

SIGNATURES

 

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

 

(Registrant) Tidal ETF Trust

 

By (Signature and Title) /s/ Eric W. Falkeis
  Eric W. Falkeis, President/Principal Executive Officer

 

Date June 7, 2023

 

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

 

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

 

Date June 7, 2023

 

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

 

Date June 7, 2023

 

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

 

5

EX-99.CODE ETH 2 ex99-coe.htm CODE OF ETHICS
 

Tidal ETF Trust N-CSR 

 

EX.99.CODE ETH

 

TIDAL ETF TRUST

FINANCIAL OFFICER CODE OF ETHICS

Purposes of the Code

The reputation and integrity of Tidal ETF Trust (the “Trust”) are valuable assets that are vital to the Trust’s success. Each officer and employee of the Trust, including each of the Trust’s senior financial officers (“SFOs”), is responsible for conducting the Trust’s business in a manner that demonstrates a commitment to the highest standards of integrity. SFOs include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any person who performs a similar function.

The Trust has adopted a code of ethics pursuant Rule 17j-1 under the Investment Company Act of 1940, as amended (“Code of Ethics”). The Trust’s Rule 17j-1 Code of Ethics is designed to prevent certain conflicts of interest that may arise when officers, employees, or trustees know about present or future Trust transactions, have the power to influence those transactions; and engage in securities transactions in their personal account(s).

The Trust has chosen to adopt a senior financial officer code of ethics (“SFO Code”) for the purpose of promoting:

Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
Full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the U.S. Securities and Exchange Commission, and in other public communications made by the Trust;
Compliance with applicable laws and governmental rules and regulations;
The prompt internal reporting of violations of the SFO Code to an appropriate person or persons identified in the SFO Code; and
Accountability for adherence to the SFO Code.

This SFO Code should be read in conjunction with the Trust’s other policy statements, including its Code of Ethics and its Disclosure Controls and Procedures.

Principles for the Handling of Financial Information

The Trust has adopted the following principles to govern the manner in which SFOs perform their duties. Persons subject to these guidelines include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any Trust officer or employee who performs a similar function or who participates in the preparation of any part of the Trust’s financial statements. Specifically, persons subject to this SFO Code shall:

Act with honesty and integrity;
Avoid actual or apparent conflicts of interest with the Trust in personal and professional relationships;

 1 
 

 

Provide information to the Trust’s employees and service providers (adviser, administrator, outside auditor, outside counsel, custodian, Tidal ETF) that is accurate, complete, objective, relevant, timely and understandable;
Endeavor to ensure full, fair, timely, accurate and understandable disclosure in the Trust’s periodic reports;
Comply with the federal securities laws and other applicable laws and rules, such as the Internal Revenue Code;
Act in good faith, responsibly, and with due care, competence and diligence, without misrepresenting material facts or subordinating independent judgment to another end;
Respect the confidentiality of information acquired in the course of their work, except where disclosure is expressly permitted or is otherwise legally mandated;
Record (or participate in the recording of) entries in the Trust’s books and records that are accurate; and
Refrain from using confidential information for personal advantage.

Violations of the SFO Code

Any action that directly or indirectly contravenes one or more of the Principles outlined above shall be treated as a violation of this SFO Code unless good cause for such apparent contravention is found to exist.

Dishonest or unethical conduct or conduct that is illegal will constitute a per se violation of this SFO Code, regardless of whether this Code refers to that particular conduct.

A violation of this SFO Code may result in disciplinary action, up to and including termination of employment. The Trust must and will report all suspected criminal violations to the appropriate authorities for possible prosecution, and will investigate, address and report as appropriate, non-criminal violations.

Enforcement of the SFO Code

Violations

All persons subject to this SFO Code who observe, learn of, or, in good faith, suspect a current or threatened violation of the SFO Code must immediately report the violation in writing to the Compliance Officer, another member of the Trust’s senior management, or to the Audit Committee of the Board. An example of a possible SFO Code violation is the preparation and filing of financial disclosure that omits material facts, or that is accurate but is written in a way that obscures its meaning.

 2 
 

 

Disclosures

All persons subject to this SFO Code shall file a letter (a “Disclosure Letter”) regarding any transaction or relationship that reasonably appears to involve an actual or apparent conflict of interest with the Trust within ten days of becoming aware of such transaction or relationship. A Disclosure Letter should be prepared regarding these transactions or relationships whether you are involved or have only observed the transaction or relationship. All Disclosure Letters shall be submitted to the compliance officer, or if it is not possible to disclose the matter to the compliance officer, then the Disclosure Letter shall be submitted to another member of the Trust’s senior management or to the Audit Committee of the Board of Trustees.

An executive officer of the Trust or the Audit Committee will review all Disclosure Letters and determine whether further action is warranted. All determinations will be documented in writing and will be maintained by the compliance officer or other appropriate officers of the Trust.

Outside Service Providers

Because service providers to the Trust, such as the administrator, outside accounting firm and custodian, provide much of the work relating to the Trust’s financial statements, you should be alert for actions by service providers that may be illegal, or that could be viewed as dishonest or unethical conduct. You should report these actions to the compliance officer even if you know, or think, that the service provider has its own code of ethics covering persons who are Trust SFOs or employees.

Non-Retaliation Policy

SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated confidentially to the extent possible.

Annual Certification

SFOs will receive training on the contents and importance of this SFO Code and related policies and the manner in which violations must be reported and how Disclosure Letters must be submitted. Each SFO will be asked to certify on an annual basis that he/she is in full compliance with the SFO Code and any related policy statements.

Questions about the Code

The Trust’s Board of Trustees has designated the Trust’s Chief Compliance Officer to be the compliance officer for purposes of implementing and administering this SFO Code. Any questions about this SFO Code should be directed to the compliance officer.

 

 3 

EX-99.CERT 3 ex99-cert.htm CERTIFICATIONS

 

 

Tidal ETF Trust N-CSR 

 

EX.99.CERT

  

CERTIFICATIONS

 

I, Eric W. Falkeis, certify that:

 

1.I have reviewed this report on Form N-CSR of Tidal ETF Trust;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;

 

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the last fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: June 7, 2023   /s/ Eric W. Falkeis  
      Eric W. Falkeis
President/Principal Executive Officer
 

 

6

 

EX.99.CERT

  

CERTIFICATIONS

 

I, Aaron J. Perkovich, certify that:

 

1.I have reviewed this report on Form N-CSR of Tidal ETF Trust;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;

 

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the last fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: June 7, 2023   /s/ Aaron J. Perkovich  
      Aaron J. Perkovich
Treasurer/Principal Financial Officer

 

7

EX-99.906 CERT 4 ex99-906cert.htm SECTION 906 CERTIFICATIONS

 

Tidal ETF Trust N-CSR 

 

EX.99.906CERT

  

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act

 

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Tidal ETF Trust, does hereby certify, to such officer’s knowledge, that the report on Form N-CSR of the Tidal ETF Trust for the year ended March 31, 2023 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Tidal ETF Trust for the stated period.

 

/s/ Eric W. Falkeis   /s/ Aaron J. Perkovich
Eric W. Falkeis
President/Principal Executive Officer,
Tidal ETF Trust
  Aaron J. Perkovich
Treasurer/Principal Financial Officer,
Tidal ETF Trust
         
Dated: June 7, 2023   Dated: June 7, 2023

 

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Tidal ETF Trust for purposes of Section 18 of the Securities Exchange Act of 1934.

 

8

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