Item A.1. Reporting period covered.

a. Report for period ending:

2024-07-31

b. Does this report cover a period of less than 12 months?

Yes

No

Item B.1. Background information.

a. Full name of Registrant

Tidal Trust II

b. Investment Company Act file number ( e.g., 811-)

811-23793

c. CIK

0001924868

d. LEI

549300BGXECFCIZF2P89

Item B.2. Address and telephone number of Registrant.

a. Street 1

c/o Tidal ETF Services, LLC

Street 2

234 West Florida Street, Suite 203

b. City

Milwaukee

c. State, if applicable

WISCONSIN

d. Foreign country, if applicable

UNITED STATES OF AMERICA

e. Zip code and zip code extension, or foreign postal code

53204

f. Telephone number (including country code if foreign)

8449867700

g. Public Website, if any

N/A

Item B.3. Location of books and records.

Instruction. Provide the requested information for each person maintaining physical possession of each account, book, or other document required to be maintained by section 31(a) of the Act (15 U.S.C. 80a-30(a)) and the rules under that section.

Location books Record: 1

a. Name of person (e.g., a custodian of records)

U.S. Bancorp Fund Services LLC

b. Street 1

615 East Michigan St.

Street 2

c. City

Milwaukee

d. State, if applicable

WISCONSIN

e. Foreign country, if applicable

UNITED STATES OF AMERICA

f. Zip code and zip code extension, or foreign postal code

53202

g. Telephone number (including country code if foreign)

18336121912

h. Briefly describe the books and records kept at this location:

Maintain physical/electronic accounts/books or any document required by section 31(a) of the Act (15 U.S.C. 80a-30(a)) and the rules under that section.

Item B.4. Initial of final filings.

Instruction. Respond "yes" to Item B.4.b only if the Registrant has filed an application to deregister or will file an application to deregister before its next required filing on this form.

a. Is this the first filing on this form by the Registrant?

Yes

No

b. Is this the last filing on this form by the Registrant?

Yes

No

Item B.5. Family of investment companies.

Instruction. "Family of investment companies" means, except for insurance company separate accounts, any two or more registered investment companies that (i) share the same investment adviser or principal underwriter; and (ii) hold themselves out to investors as related companies for purposes of investment and investor services.In responding to this item, all Registrants in the family of investment companies should report the name of the family of investment companies identically.

Insurance company separate accounts that may not hold themselves out to investors as related companies (products) for purposes of investment and investor services should consider themselves part of the same family if the operational or accounting or control systems under which these entities function are substantially similar.

a. Is the Registrant part of a family of investment companies?

Yes

No

Item B.6. Organization.

Instruction. For Item B.6.a.i., the Registrant should include all Series that have been established by the Registrant and have shares outstanding (other than shares issued in connection with an initial investment to satisfy section 14(a) of the Act).

Indicate the classification of the Registrant by checking the applicable item below.

a. Open-end management investment company registered under the Act on Form N-1A
Checkbox not checked

b. Closed-end management investment company registered under the Act on Form N-2
Checkbox not checked

c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3
Checkbox not checked

d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4
Checkbox not checked

e. Small business investment company registered under the Act on Form N-5
Checkbox not checked

f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6
Checkbox not checked

g. Unit investment trust registered under the Act on Form N-8B-2

i. Total number of Series of the Registrant

62

ii. If a Series of the Registrant with a fiscal year end covered by the report was terminated during the reporting period, provide the following information:

Terminated Organization Record: 1

i. Name of the Series

Clouty Tune ETF

ii. Series identification number

S000080167

iii. Date of termination (month/year)

11/2023

ii. If a Series of the Registrant with a fiscal year end covered by the report was terminated during the reporting period, provide the following information:

Terminated Organization Record: 2

i. Name of the Series

Defiance Treasury Alternative Yield ETF

ii. Series identification number

S000083887

iii. Date of termination (month/year)

07/2024

Item B.7. Securities Act registration.

Is the Registrant the issuer of a class of securities registered under the Securities Act of 1933 ("Securities Act")?

Yes

No

Item B.8. Directors.

Provide the information requested below about each person serving as director of the Registrant (management investment companies only):

Director Record: 1

a. Full Name

Eric W. Falkeis

b. CRD number, if any

N/A

c. Is the person an "interested person" of the Registrant as that term is defined in section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19))?

Yes

No

d. Investment Company Act file number of any other registered investment company for which the person also serves as a director (e.g., 811-)

File Number Record: 1

File Number Record:

811-05037

File Number Record: 2

File Number Record:

811-23377

Director Record: 2

a. Full Name

Dave Norris

b. CRD number, if any

N/A

c. Is the person an "interested person" of the Registrant as that term is defined in section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19))?

Yes

No

d. Investment Company Act file number of any other registered investment company for which the person also serves as a director (e.g., 811-)

File Number Record: 1

File Number Record:

N/A

Director Record: 3

a. Full Name

Michelle McDonough

b. CRD number, if any

N/A

c. Is the person an "interested person" of the Registrant as that term is defined in section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19))?

Yes

No

d. Investment Company Act file number of any other registered investment company for which the person also serves as a director (e.g., 811-)

File Number Record: 1

File Number Record:

811-05037

Director Record: 4

a. Full Name

Javier Marquina

b. CRD number, if any

006281864

c. Is the person an "interested person" of the Registrant as that term is defined in section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19))?

Yes

No

d. Investment Company Act file number of any other registered investment company for which the person also serves as a director (e.g., 811-)

File Number Record: 1

File Number Record:

N/A

Item B.9. Chief compliance officer.

Provide the information requested below about each person serving as chief compliance officer of the Registrant for purposes of rule 38a-1 (17 CFR 270.38a- 1):

Chief compliance officer Record: 1

a. Full Name

William H. Woolverton

b. CRD Number, if any

N/A

c. Street Address 1

c/o Tidal ETF Services, LLC

Street Address 2

234 West Florida, Suite 203

d. City

Milwaukee

e. State, if applicable

WISCONSIN

f. Foreign country, if applicable

UNITED STATES OF AMERICA

g. Zip code and zip code extension, or foreign postal code

53204

h. Telephone number (including country code if foreign)

XXXXXX

i. Has the chief compliance officer changed since the last filing?

Yes

No

If the chief compliance officer is compensated or employed by any person other than the Registrant, or an affiliated person of the Registrant, for providing chief compliance officer services, provide:

CCO employer Record: 1

i. Name of the person

Tidal ETF Services, LLC

ii. Person's IRS Employer Identification Number

45-4779500

CCO employer Record: 2

i. Name of the person

Tidal ETF Services LLC

ii. Person's IRS Employer Identification Number

45-4779500

Item B.10. Matters for security holder vote.

Instruction. Registrants registered on Forms N-3, N-4 or N-6, should respond "yes" to this Item only if security holder votes were solicited on contract-level matters.

Were any matters submitted by the Registrant for its security holders' vote during the reporting period?

Yes

No

Item B.11. Legal proceeding.

Instruction. For purposes of this Item, the following proceedings should be described: (1) any bankruptcy, receivership or similar proceeding with respect to the Registrant or any of its significant subsidiaries; (2) any proceeding to which any director, officer or other affiliated person of the Registrant is a party adverse to the Registrant or any of its subsidiaries; and (3) any proceeding involving the revocation or suspension of the right of the Registrant to sell securities.

a. Have there been any material legal proceedings, other than routine litigation incidental to the business, to which the Registrant or any of its subsidiaries was a party or of which any of their property was the subject during the reporting period?

Yes

No

b. Has any proceeding previously reported been terminated?

Yes

No

Item B.12. Fidelity bond and insurance (management investment companies only).

a. Were any claims with respect to the Registrant filed under a fidelity bond (including, but not limited to, the fidelity insuring agreement of the bond) during the reporting period?

Yes

No

Item B.13. Directors and officers/errors and omissions insurance (management investment companies only).

a. Are the Registrant's officers or directors covered in their capacities as officers or directors under any directors and officers/errors and omissions insurance policy owned by the Registrant or anyone else?

Yes

No

i. If yes, were any claims filed under the policy during the reporting period with respect to the Registrant?

Yes

No

Item B.14. Provision of financial support.

Instruction. For purposes of this Item, a provision of financial support includes any (1) capital contribution, (2) purchase of a security from a Money Market Fund in reliance on rule 17a-9 under the Act (17 CFR 270.17a-9), (3) purchase of any defaulted or devalued security at fair value reasonably intended to increase or stabilize the value or liquidity of the Registrant's portfolio, (4) execution of letter of credit or letter of indemnity, (5) capital support agreement (whether or not the Registrant ultimately received support), (6) performance guarantee, or (7) other similar action reasonably intended to increase or stabilize the value or liquidity of the Registrant's portfolio. Provision of financial support does not include any (1) routine waiver of fees or reimbursement of Registrant's expenses, (2) routine inter-fund lending, (3) routine inter-fund purchases of Registrant's shares, or (4) action that would qualify as financial support as defined above, that the board of directors has otherwise determined not to be reasonably intended to increase or stabilize the value or liquidity of the Registrant's portfolio.

Did an affiliated person, promoter, or principal underwriter of the Registrant, or an affiliated person of such a person, provide any form of financial support to the Registrant during the reporting period?

Yes

No

Item B.15. Exemptive orders.

a. During the reporting period, did the Registrant rely on any orders from the Commission granting an exemption from one or more provisions of the Act, Securities Act or Exchange Act?

Yes

No

Release number Record: 1

i. If yes, provide below the release number for each order

IC-34841

Release number Record: 2

i. If yes, provide below the release number for each order

IC-34863

Release number Record: 3

i. If yes, provide below the release number for each order

IC-33897

Item B.16. Principal underwriters.

a. Provide the information requested below about each principal underwriter:

Principal underwriter Record: 1

i. Full name

Foreside Fund Services, LLC

ii. SEC file number (e.g., 8-)

8-51293

iii. CRD number

000046106

iv. LEI, if any

N/A

v. State, if applicable

PENNSYLVANIA

vi. Foreign country, if applicable

UNITED STATES OF AMERICA

vii. Is the principal underwriter an affiliated person of the Registrant, or its investment adviser(s) or depositor?

Yes

No

b. Have any principal underwriters been hired or terminated during the reporting period?

Yes

No

Item B.17. Independent public accountant.

Provide the following information about eachthe independent public accountant:

Public accountant Record: 1

a. Full Name

Cohen & Company, Ltd.

b. PCAOB Number

00925

c. LEI, if any

N/A

d. State, if applicable

WISCONSIN

e. Foreign country, if applicable

UNITED STATES OF AMERICA

f. Has the independent public accountant changed since the last filing?

Yes

No

Item B.18. Report on internal control (management investment companies only).

Instruction. Small business investment companies are not required to respond to this item.

For the reporting period, did an independent public accountant's report on internal control note any material weaknesses?

Yes

No

Item B.19. Audit opinion.

For the reporting period, did an independent public accountant issue an opinion other than an unqualified opinion with respect to its audit of the Registrant's financial statements?

Yes

No

Item B.20. Change in valuation methods.

Instruction. Responses to this item need not include changes to valuation techniques used for individual securities (e.g., changing from market approach to income approach for a private equity security). In responding to Item B.20.c., provide the applicable "asset type" category specified in Item C.4.a. of Form N-PORT. In responding to Item B.20.d., provide a brief description of the type of investments involved. If the change in valuation methods applies only to certain sub-asset types included in the response to Item B.20.c., please provide the sub-asset types in the response to Item B.20.d. The responses to Item B.20.c. and Item B.20.d. should be identical only if the change in valuation methods applies to all assets within that category.

Have there been material changes in the method of valuation (e.g., change from use of bid price to mid price for fixed income securities or change in trigger threshold for use of fair value factors on international equity securities) of the Registrant's assets during the reporting period?

Yes

No

If yes, provide the following:

Valuation methods change Record: 1

a. Date of Change

2024-02-21

b. Explanation of the change

Valuation Designee evaluation determined mean of bid/ask more appropriate

c. Asset type involved

1. Short-term investment vehicle
Radio button not checked

2. Repurchase agreement
Radio button not checked

3. Equity-common
Radio button not checked

4. Equity-preferred
Radio button not checked

5. Debt

6. Derivative-commodity
Radio button not checked

7. Derivative-credit
Radio button not checked

8. Derivative-equity
Radio button not checked

9. Derivative-foreign exchange
Radio button not checked

10. Derivative-interest rate
Radio button checked

11. Derivative-other
Radio button not checked

12. Structured note
Radio button not checked

13. Loan

14. ABS-mortgage backed security
Radio button not checked

15. ABS-asset backed commercial paper
Radio button not checked

16. ABS-collateralized bond/debt obligation
Radio button not checked

17. ABS-other
Radio button not checked

18. Commodity
Radio button not checked

19. Real estate
Radio button not checked

20. Other

d. Types of investments involved

Options contracts

e. Statutory or regulatory basis, if any

N/A

f. To the extent the response relates only to certain series of the Registrant, indicate the series involved:

Item B.21. Change in accounting principles and practices.

Have there been any changes in accounting principles or practices, or any change in the method of applying any such accounting principles or practices, which will materially affect the financial statements filed or to be filed for the current year with the Commission and which has not been previously reported?

Yes

No

Item B.22. Net asset value error corrections (open-end management investment companies only).

a. During the reporting period, were any payments made to shareholders or shareholder accounts reprocessed as a result of an error in calculating the Registrant's net asset value (or net asset value per share)?

Yes

No

Item B.23. Rule 19a-1 notice (management investment companies only).

During the reporting period, did the Registrant pay any dividend or make any distribution in the nature of a dividend payment, required to be accompanied by a written statement pursuant to section 19(a) of the Act (15 U.S.C. 80a-19(a)) and rule 19a-1 thereunder (17 CFR 270.19a-1)?

Yes

No

Payment dividend series info Record: 1

a. If yes, and to the extent the response relates only to certain series of the Registrant, indicate the series involved:

i. Series name

YieldMax TSLA Option Income Strategy ETF

ii. Series identification number

S000077650

Payment dividend series info Record: 2

a. If yes, and to the extent the response relates only to certain series of the Registrant, indicate the series involved:

i. Series name

YieldMax XOMO Option Income Strategy ETF

ii. Series identification number

S000081455

Payment dividend series info Record: 3

a. If yes, and to the extent the response relates only to certain series of the Registrant, indicate the series involved:

i. Series name

YieldMax AMZN Option Income Strategy ETF

ii. Series identification number

S000077651

Payment dividend series info Record: 4

a. If yes, and to the extent the response relates only to certain series of the Registrant, indicate the series involved:

i. Series name

YieldMax GOOGL Option Income Strategy ETF

ii. Series identification number

S000077654

Payment dividend series info Record: 5

a. If yes, and to the extent the response relates only to certain series of the Registrant, indicate the series involved:

i. Series name

YieldMax Innovation Option Income Strategy ETF

ii. Series identification number

S000077664

Payment dividend series info Record: 6

a. If yes, and to the extent the response relates only to certain series of the Registrant, indicate the series involved:

i. Series name

YieldMax JPM Option Income Strategy ETF

ii. Series identification number

S000081459

Payment dividend series info Record: 7

a. If yes, and to the extent the response relates only to certain series of the Registrant, indicate the series involved:

i. Series name

Defiance R2000 Enhanced Options Income ETF

ii. Series identification number

S000081660

Payment dividend series info Record: 8

a. If yes, and to the extent the response relates only to certain series of the Registrant, indicate the series involved:

i. Series name

Defiance S&P 500 Enhanced Options Income ETF

ii. Series identification number

S000081661

Payment dividend series info Record: 9

a. If yes, and to the extent the response relates only to certain series of the Registrant, indicate the series involved:

i. Series name

Defiance Nasdaq 100 Enhanced Options Income ETF

ii. Series identification number

S000081659

Payment dividend series info Record: 10

a. If yes, and to the extent the response relates only to certain series of the Registrant, indicate the series involved:

i. Series name

Defiance Treasury Alternative Yield ETF

ii. Series identification number

S000083887

Payment dividend series info Record: 11

a. If yes, and to the extent the response relates only to certain series of the Registrant, indicate the series involved:

i. Series name

Nicholas Fixed Income Alternative Yield ETF

ii. Series identification number

S000078265

Payment dividend series info Record: 12

a. If yes, and to the extent the response relates only to certain series of the Registrant, indicate the series involved:

i. Series name

YieldMax META Option Income Strategy ETF

ii. Series identification number

S000077655

Payment dividend series info Record: 13

a. If yes, and to the extent the response relates only to certain series of the Registrant, indicate the series involved:

i. Series name

YieldMax MRNA Option Income Strategy ETF

ii. Series identification number

S000081460

Payment dividend series info Record: 14

a. If yes, and to the extent the response relates only to certain series of the Registrant, indicate the series involved:

i. Series name

YieldMax MSFT Option Income Strategy ETF

ii. Series identification number

S000081461

Payment dividend series info Record: 15

a. If yes, and to the extent the response relates only to certain series of the Registrant, indicate the series involved:

i. Series name

YieldMax NFLX Option Income Strategy ETF

ii. Series identification number

S000077656

Payment dividend series info Record: 16

a. If yes, and to the extent the response relates only to certain series of the Registrant, indicate the series involved:

i. Series name

YieldMax SQ Option Income Strategy ETF

ii. Series identification number

S000077658

Payment dividend series info Record: 17

a. If yes, and to the extent the response relates only to certain series of the Registrant, indicate the series involved:

i. Series name

YieldMax AI Option Income Strategy ETF

ii. Series identification number

S000082235

Payment dividend series info Record: 18

a. If yes, and to the extent the response relates only to certain series of the Registrant, indicate the series involved:

i. Series name

YieldMax NVDA Option Income Strategy ETF

ii. Series identification number

S000077657

Payment dividend series info Record: 19

a. If yes, and to the extent the response relates only to certain series of the Registrant, indicate the series involved:

i. Series name

YieldMax PYPL Option Income Strategy ETF

ii. Series identification number

S000081463

Payment dividend series info Record: 20

a. If yes, and to the extent the response relates only to certain series of the Registrant, indicate the series involved:

i. Series name

YieldMax AAPL Option Income Strategy ETF

ii. Series identification number

S000077649

Payment dividend series info Record: 21

a. If yes, and to the extent the response relates only to certain series of the Registrant, indicate the series involved:

i. Series name

YieldMax AMD Option Income Strategy ETF

ii. Series identification number

S000081456

Payment dividend series info Record: 22

a. If yes, and to the extent the response relates only to certain series of the Registrant, indicate the series involved:

i. Series name

YieldMax COIN Option Income Strategy ETF

ii. Series identification number

S000077653

Payment dividend series info Record: 23

a. If yes, and to the extent the response relates only to certain series of the Registrant, indicate the series involved:

i. Series name

YieldMax DIS Option Income Strategy ETF

ii. Series identification number

S000081458

General Instruction.

Management investment companies that offer multiple series must complete Part C as to each series separately, even if some information is the same for two or more series. To begin this section or add an additional series(s), click on the bar labeled "Add a New Series" below.

Management Investment Record: 1

Item C.1. Background information.

a. Full Name of the Fund

Carbon Collective Climate Solutions U.S. Equity ETF

b. Series identication number, if any

S000076804

c. LEI

5493008VSTPRHOFOQF49

d. Is this the first filing on this form by the Fund?

Yes

No

Item C.2. Classes of open-end management investment companies.

a. How many Classes of shares of the Fund (if any) are authorized?

1

b. How many new Classes of shares of the Fund were added during the reporting period?

0

c. How many Classes of shares of the Fund were terminated during the reporting period?

0

d. For each Class with shares outstanding, provide the information requested below:

Shares Outstanding Record: 1

i. Full name of Class

Carbon Collective Climate Solutions U.S. Equity ETF

ii. Class identification number, if any

C000236854

iii. Ticker symbol, if any

CCSO

Item C.3. Type of fund.

Instructions. 1. "Fund of Funds" means a fund that acquires securities issued by any other investment company in excess of the amounts permitted under paragraph (A) of section 12(d)(1) of the Act (15 U.S.C. 80a-12(d)(1)(A)), but, for purposes of this Item, does not include a fund that acquires securities issued by another company solely in reliance on rule 12d1-1 under the Act (CFR 270.12d1-1). 2. "Index Fund" means an investment company, including an Exchange-Traded Fund, that seeks to track the performance of a specified index. 3. "Interval Fund" means a closed-end management investment company that makes periodic repurchases of its shares pursuant to rule 23c-3 under the Act (17 CFR 270.23c-3). 4. "Master-Feeder Fund" means a two-tiered arrangement in which one or more funds (each a feeder fund) holds shares of a single Fund (the master fund) in accordance with section 12(d)(1)(E) of the Act (15 U.S.C. 80a-12(d)(1)(E)) or pursuant to exemptive relief granted by the Commission. 5. "Target Date Fund" means an investment company that has an investment objective or strategy of providing varying degrees of long-term appreciation and capital preservation through a mix of equity and fixed income exposures that changes over time based on an investor's age, target retirement date, or life expectancy.

Indicate if the Fund is any one of the types listed below. Check all that apply.

a. Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund
i. Checkbox checked

Exchange-Traded Fund
ii. Checkbox not checked

Exchange-Traded Managed Fund
b. Checkbox not checked

Index Fund

c. Checkbox not checked

Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark
d. Checkbox not checked

Interval Fund
e. Checkbox not checked

Fund of Funds
f. Checkbox not checked

Master-Feeder Fund
g. Checkbox not checked

Money Market Fund
h. Checkbox not checked

Target Date Fund
i. Checkbox not checked

Underlying fund to a variable annuity or variable life insurance contract
Checkbox not checked

N/A

Item C.4. Diversification.

Does the Fund seek to operate as a “non-diversified company” as such term is defined in section 5(b)(2) of the Act (15 U.S.C. 80a- 5(b) (2))?

Yes

No

Item C.5. Investments in certain foreign corporations.

Instruction. "Controlled foreign corporation" has the meaning provided in section 957 of the Internal Revenue Code [26 U.S.C. 957].

a. Does the fund invest in a controlled foreign corporation for the purpose of investing in certain types of instruments such as, but not limited to, commodities?

Yes

No

Item C.6. Securities lending.

Instruction. For purposes of this Item, other adverse impacts would include, for example, (1) a loss to the Fund if collateral and indemnification were not sufficient to replace the loaned securities or their value, (2) the Fund's ineligibility to vote shares in a proxy, or (3) the Fund's ineligibility to receive a direct distribution from the issuer.

a. Is the Fund authorized to engage in securities lending transactions?

Yes

No

b. Did the Fund lend any of its securities during the reporting period?

Yes

No

c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:

i. Full name of securities lending agent

ii. LEI, if any

iii. Is the securities lending agent an affiliated person, or an affiliated person of an affiliated person, of the Fund?

Yes

No

iv. Does the securities lending agent or any other entity indemnify the fund against borrower default on loans administered by this agent?

Yes

No

v. If the entity providing the indemnification is not the securities lending agent, provide the following information:

1. Name of person providing indemnification

2. LEI, if any, of person providing indemnification

vi. Did the Fund exercise its indemnification rights during the reporting period?

Yes

No

d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:

i. Full name of cash collateral manager:

ii. LEI, if any:

iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund?

Yes

No

iv. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of the Fund?

Yes

No

e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):

i. Revenue sharing split
Checkbox not checked

ii. Non-revenue sharing split (other than administrative fee)
Checkbox not checked

iii. Administrative fee
Checkbox not checked

iv. Cash collateral reinvestment fee
Checkbox not checked

v. Indemnification fee
Checkbox not checked

vi. Other

N/A

f. Provide the monthly average of the value of portfolio securities on loan during the reporting period

N/A

g. Provide the net income from securities lending activities

N/A

Item C.7. Reliance on certain statutory exemption and rules.

Did the Fund rely on the following statutory exemption or any of the rules under the Act during the reporting period? (check all that apply)

a. Rule 10f-3 (17 CFR 270.10f-3)
Checkbox not checked

b. Rule 12d1-1 (17 CFR 270.12d1-1)
Checkbox not checked

c. Rule 15a-4 (17 CFR 270.15a-4)
Checkbox not checked

d. Rule 17a-6 (17 CFR 270.17a-6)
Checkbox not checked

e. Rule 17a-7 (17 CFR 270.17a-7)
Checkbox not checked

f. Rule 17a-8 (17 CFR 270.17a-8)
Checkbox not checked

g. Rule 17e-1 (17 CFR 270.17e-1)
Checkbox not checked

h. Rule 22d-1 (17 CFR 270.22d-1)
Checkbox not checked

i. Rule 23c-1 (17 CFR 270.23c-1)
Checkbox not checked

j. Rule 32a-4 (17 CFR 270.32a-4)
Checkbox checked

k. Rule 6c-11 (17 CFR 270.6c-11)
Checkbox not checked

l. Rule 12d1-4 (17 CFR 270.12d1-4)
Checkbox not checked

m. Section 12(d)(1)(G) of the Act (15 USC 80a-12(d)(1)(G))
Checkbox not checked

n. Rule 18f-4 (17 CFR 270.18f-4)

i.

Is the Fund excepted from the rule 18f-4 (17 CFR 270.18f-4) program requirement and limit on fund leverage risk under rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))?

ii.

Is the Fund a leveraged/inverse fund that, under rule 18f-4(c)(5) (17 CFR 270.18f-4(c)(5)), is excepted from the requirement to comply with the limit on fund leverage risk described in rule 18f-4(c)(2) (17 CFR 270.18f-4(c)(2))?

iii.

Did the Fund enter into any reverse repurchase agreements or similar financing transactions under rule 18f-4(d)(i) (17 CFR 270.18f-4(d)(i))?

iv.

Did the Fund enter into any reverse repurchase agreements or similar financing transactions under rule 18f-4(d)(ii) (17 CFR 270.18f-4(d)(ii))?

v.

Did the Fund enter into any unfunded commitment agreements under rule 18f-4(e) (17 CFR 270.18f-4(e))?

vi.

Did the Fund invest in a security on a when-issued or forward-settling basis, or with a non-standard settlement cycle, in reliance on rule 18f-4(f) (17 CFR 270.18f-4(f))?

N/A

Item C.8. Expense limitations.

Instruction. Provide information concerning any direct or indirect limitations, waivers or reductions, on the level of expenses incurred by the fund during the reporting period. A limitation, for example, may be applied indirectly (such as when an adviser agrees to accept a reduced fee pursuant to a voluntary fee waiver) or it may apply only for a temporary period such as for a new fund in its start-up phase.

a. Did the Fund have an expense limitation arrangement in place during the reporting period?

Yes

No

b. Were any expenses of the Fund reduced or waived pursuant to an expense limitation arrangement during the reporting period?

Yes

No

c. Are the fees waived subject to recoupment?

Yes

No

d. Were any expenses previously waived recouped during the period?

Yes

No

Item C.9. Investment advisers.

a. Provide the following information about each investment adviser (other than a sub-adviser) of the Fund:

Investment Advisers Record: 1

i. Full name

Tidal Investments LLC

ii. SEC file number ( e.g., 801- )

801-76857

iii.CRD number

000164201

iv. LEI, if any

N/A

v. State, if applicable

WISCONSIN

vi. Foreign country, if applicable

UNITED STATES OF AMERICA

vii. Was the investment adviser hired during the reporting period?

Yes

No

b. If an investment adviser (other than a sub- adviser) to the Fund was terminated during the reporting period, provide the following with respect to each investment adviser:

i. Full name

ii. SEC file number ( e.g., 801- )

iii. CRD number

iv. LEI, if any

v. State, if applicable

vi. Foreign country, if applicable

vii. Termination date

c. For each sub-adviser to the Fund, provide the information requested:

Sub Advisors Record: 1

i. Full name

Carbon Collective Investing, LLC

ii. SEC file number ( e.g., 801- ), if applicable

801-119296

iii. CRD number

000310129

iv. LEI, if any

N/A

v. State, if applicable

CALIFORNIA

vi. Foreign country, if applicable

UNITED STATES OF AMERICA

vii. Is the sub-adviser an affiliated person of the Fund's investment adviser(s)?

Yes

No

viii. Was the sub-adviser hired during the reporting period?

Yes

No

d. If a sub-adviser was terminated during the reporting period, provide the following with respect to such sub-adviser:

i. Full name

ii. SEC file number ( e.g., 801- )

iii. CRD number

iv. LEI, if any

v. State, if applicable

vi. Foreign country, if applicable

vii. Termination date

Item C.10. Transfer agents.

a. Provide the following information about each person providing transfer agency services to the Fund:

Transfer Agents Record: 1

i. Full name

U.S. Bancorp Fund Services LLC

ii.SEC file number ( e.g., 84- or 85- )

85-11357

iii. LEI, if any

N1GZ7BBF3NP8GI976H15

iv. State, if applicable

WISCONSIN

v. Foreign country, if applicable

UNITED STATES OF AMERICA

vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?

Yes

No

vii. Is the transfer agent a sub-transfer agent?

Yes

No

b. Has a transfer agent been hired or terminated during the reporting period?

Yes

No

Item C.11. Pricing services.

a. Provide the following information about each person that provided pricing services to the Fund during the reporting period:

Pricing Services Record: 1

i. Full name

Standard and Poors Financial Services LLC

ii. LEI, if any, or provide and describe other identifying number

549300U4VWNITEKO2881

Description of other identifying number

iii. State, if applicable

DELAWARE

iv. Foreign country, if applicable

UNITED STATES OF AMERICA

v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?

Yes

No

Pricing Services Record: 2

i. Full name

IHS Markit Ltd.

ii. LEI, if any, or provide and describe other identifying number

549300HLPTRASHS0E726

Description of other identifying number

iii. State, if applicable

iv. Foreign country, if applicable

BERMUDA

v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?

Yes

No

Pricing Services Record: 3

i. Full name

Refinitiv US LLC

ii. LEI, if any, or provide and describe other identifying number

213800HQORQAP68CJJ04

Description of other identifying number

iii. State, if applicable

DELAWARE

iv. Foreign country, if applicable

UNITED STATES OF AMERICA

v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?

Yes

No

Pricing Services Record: 4

i. Full name

Bloomberg L.P.

ii. LEI, if any, or provide and describe other identifying number

549300B56MD0ZC402L06

Description of other identifying number

iii. State, if applicable

DELAWARE

iv. Foreign country, if applicable

UNITED STATES OF AMERICA

v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?

Yes

No

Pricing Services Record: 5

i. Full name

PricingDirect Inc.

ii. LEI, if any, or provide and describe other identifying number

549300WIC0TOJ7N7GD54

Description of other identifying number

iii. State, if applicable

DELAWARE

iv. Foreign country, if applicable

UNITED STATES OF AMERICA

v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?

Yes

No

Pricing Services Record: 6

i. Full name

Intercontinental Exchange Inc.

ii. LEI, if any, or provide and describe other identifying number

5493000F4ZO33MV32P92

Description of other identifying number

iii. State, if applicable

GEORGIA

iv. Foreign country, if applicable

UNITED STATES OF AMERICA

v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?

Yes

No

b. Was a pricing service hired or terminated during the reporting period?

Yes

No

Item C.12. Custodians.

a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:

Custodians Record: 1

i. Full name

U.S. Bank N.A.

ii. LEI, if any

6BYL5QZYBDK8S7L73M02

iii. State, if applicable

OHIO

iv. Foreign country, if applicable

UNITED STATES OF AMERICA

v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?

Yes

No

vi. Is the custodian a sub-custodian?

Yes

No

vii. With respect to the custodian, check below to indicate the type of custody:

1.Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
Radio button not checked

2.Member national securities exchange - rule 17f-1 (17 CFR 270.17f-1)
Radio button not checked

3.Self - rule 17f-2 (17 CFR 270.17f-2)
Radio button not checked

4.Securities depository - rule 17f-4 (17 CFR 270.17f-4)
Radio button not checked

5.Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Radio button not checked

6.Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)
Radio button not checked

7.Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)
Radio button not checked

8.Insurance company sponsor - rule 26a-2 (17 CFR 270.26a-2)
Radio button not checked

9.Other

b. Has a custodian been hired or terminated during the reporting period?*

Yes

No

Item C.13. Shareholder servicing agents.

a. Provide the following information about each shareholder servicing agent of the Fund:

i. Full name

ii. LEI, if any, or provide and describe other identifying number

Description of other identifying number

iii. State, if applicable

iv. Foreign country, if applicable

v. Is the shareholder servicing agent an affiliated person of the Fund or its investment adviser(s)?

Yes

No

vi. Is the shareholder servicing agent a sub-shareholder servicing agent?

Yes

No

b. Has a shareholder servicing agent been hired or terminated during the reporting period?

Yes

No

Item C.14. Administrators.

a. Provide the following information about each administrator of the Fund:

Administrators Record: 1

i. Full name

U.S. Bancorp Global Fund Services LLC

ii. LEI, if any, or other identifying number

N1GZ7BBF3NP8GI976H15

Description of other identifying number

iii. State, if applicable

WISCONSIN

iv. Foreign country, if applicable

UNITED STATES OF AMERICA

v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?

Yes

No

vi. Is the administrator a sub-administrator?

Yes

No

Administrators Record: 2

i. Full name

Tidal ETF Services, LLC

ii. LEI, if any, or other identifying number

N/A

Description of other identifying number

iii. State, if applicable

WISCONSIN

iv. Foreign country, if applicable

UNITED STATES OF AMERICA

v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?

Yes

No

vi. Is the administrator a sub-administrator?

Yes

No

b.Has a third-party administrator been hired or terminated during the reporting period?

Yes

No

Item C.15. Affiliated broker-dealers.

Provide the following information about each affiliated broker-dealer:

a. Full name

b. SEC file number

c. CRD number

d. LEI, if any

e. State, if applicable

f. Foreign country, if applicable

g. Total commissions paid to the affiliated broker-dealer for the reporting period:

Item C.16. Brokers.

Instructions to Item C.16 and Item C.17.
To help Registrants distinguish between agency and principal transactions, and to promote consistent reporting of the information required by these items, the following criteria should be used:
1. If a security is purchased or sold in a transaction for which the confirmation specifies the amount of the commission to be paid by the Registrant, the transaction should be considered an agency transaction and included in determining the answers to Item C.16.
2. If a security is purchased or sold in a transaction for which the confirmation specifies only the net amount to be paid or received by the Registrant and such net amount is equal to the market value of the security at the time of the transaction, the transaction should be considered a principal transaction and included in determining the amounts in Item C.17.
3. If a security is purchased by the Registrant in an underwritten offering, the acquisition should be considered a principal transaction and included in answering Item C.17 even though the Registrant has knowledge of the amount the underwriters are receiving from the issuer.
4. If a security is sold by the Registrant in a tender offer, the sale should be considered a principal transaction and included in answering Item C.17 even though the Registrant has knowledge of the amount the offeror is paying to soliciting brokers or dealers.
5. If a security is purchased directly from the issuer (such as a bank CD), the purchase should be considered a principal transaction and included in answering Item C.17.
6. The value of called or maturing securities should not be counted in either agency or principal transactions and should not be included in determining the amounts shown in Item C.16 and Item C.17. This means that the acquisition of a security may be included, but it is possible that its disposition may not be included. Disposition of a repurchase agreement at its expiration date should not be included.
7. The purchase or sales of securities in transactions not described in paragraphs (1) through (6) above should be evaluated by the Fund based upon the guidelines established in those paragraphs and classified accordingly. The agents considered in Item C.16 may be persons or companies not registered under the Exchange Act as securities brokers. The persons or companies from whom the investment company purchased or to whom it sold portfolio instruments on a principal basis may be persons or entities not registered under the Exchange Act as securities dealers.

a. For each of the ten brokers that received the largest dollar amount of brokerage commissions (excluding dealer concessions in underwritings) by virtue of direct or indirect participation in the Fund’s portfolio transactions, provide the information below:

Brokers Record: 1

i. Full name of broker

MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED

ii. SEC file number

8-7221

iii. CRD number

000007691

iv. LEI, if any

8NAV47T0Y26Q87Y0QP81

v. State, if applicable

NEW YORK

vi. Foreign country, if applicable

UNITED STATES OF AMERICA

vii. Gross commissions paid by the Fund for the reporting period

4,381.370000000000

Brokers Record: 2

i. Full name of broker

GOLDMAN SACHS & CO. LLC

ii. SEC file number

8-129

iii. CRD number

000000361

iv. LEI, if any

FOR8UP27PHTHYVLBNG30

v. State, if applicable

NEW YORK

vi. Foreign country, if applicable

UNITED STATES OF AMERICA

vii. Gross commissions paid by the Fund for the reporting period

2,321.210000000000

Brokers Record: 3

i. Full name of broker

TELSEY ADVISORY GROUP LLC

ii. SEC file number

8-67988

iii. CRD number

000148234

iv. LEI, if any

54930080BFVVEZCZGF48

v. State, if applicable

NEW YORK

vi. Foreign country, if applicable

UNITED STATES OF AMERICA

vii. Gross commissions paid by the Fund for the reporting period

189.320000000000

Brokers Record: 4

i. Full name of broker

NATIONAL FINANCIAL SERVICES LLC

ii. SEC file number

8-26740

iii. CRD number

000013041

iv. LEI, if any

549300JRHF1MHHWUAW04

v. State, if applicable

MASSACHUSETTS

vi. Foreign country, if applicable

UNITED STATES OF AMERICA

vii. Gross commissions paid by the Fund for the reporting period

133.480000000000

b. Aggregate brokerage commissions paid by Fund during the reporting period:

7,025.380000000000

Item C.17. Principal transactions.

a. For each of the ten entities acting as principals with which the Fund did the largest dollar amount of principal transactions (include all short-term obligations, and U.S. government and tax-free securities) in both the secondary market and in underwritten offerings, provide the information below:

Principal Transactions Record: 1

i. Full name of dealer

BTIG LLC

ii. SEC file number

8-65473

iii. CRD number

000122225

iv. LEI, if any

549300GTG9PL6WO3EC51

v. State, if applicable

CALIFORNIA

vi. Foreign country, if applicable

UNITED STATES OF AMERICA

vii. Total value of purchases and sales (excluding maturing securities) with Fund:

30.000000000000

Principal Transactions Record: 2

i. Full name of dealer

TELSEY ADVISORY GROUP LLC

ii. SEC file number

8-67988

iii. CRD number

000148234

iv. LEI, if any

54930080BFVVEZCZGF48

v. State, if applicable

NEW YORK

vi. Foreign country, if applicable

UNITED STATES OF AMERICA

vii. Total value of purchases and sales (excluding maturing securities) with Fund:

12.310000000000

b. Aggregate value of principal purchase/sale transactions of Fund during the reporting period:

42.310000000000

Item C.18. Payments for brokerage and research.

During the reporting period, did the Fund pay commissions to broker-dealers for "brokerage and research services" within the meaning of section 28(e) of the Exchange Act (15 U.S.C. 78bb)?

Yes

No

Item C.19. Average net assets.

a. Provide the Fund's (other than a money market fund's) monthly average net assets during the reporting period

23,354,140.830000000000

b. Provide the money market fund's daily average net assets during the reporting period

Item C.20. Lines of credit, interfund lending and interfund borrowing.

For open-end management investment companies, respond to the following:

a. Does the Fund have available a line of credit?

Yes

No

b. Did the Fund engage in interfund lending?

Yes

No

c.Did the Fund engage in interfund borrowing?

Yes

No

Management Investment Record: 2

Item C.1. Background information.

a. Full Name of the Fund

Carbon Collective Short Duration Green Bond ETF

b. Series identication number, if any

S000084091

c. LEI

254900W9HBZ31YITGZ07

d. Is this the first filing on this form by the Fund?

Yes

No

Item C.2. Classes of open-end management investment companies.

a. How many Classes of shares of the Fund (if any) are authorized?

1

b. How many new Classes of shares of the Fund were added during the reporting period?

0

c. How many Classes of shares of the Fund were terminated during the reporting period?

0

d. For each Class with shares outstanding, provide the information requested below:

Shares Outstanding Record: 1

i. Full name of Class

Carbon Collective Short Duration Green Bond ETF

ii. Class identification number, if any

C000248351

iii. Ticker symbol, if any

CCSB

Item C.3. Type of fund.

Instructions. 1. "Fund of Funds" means a fund that acquires securities issued by any other investment company in excess of the amounts permitted under paragraph (A) of section 12(d)(1) of the Act (15 U.S.C. 80a-12(d)(1)(A)), but, for purposes of this Item, does not include a fund that acquires securities issued by another company solely in reliance on rule 12d1-1 under the Act (CFR 270.12d1-1). 2. "Index Fund" means an investment company, including an Exchange-Traded Fund, that seeks to track the performance of a specified index. 3. "Interval Fund" means a closed-end management investment company that makes periodic repurchases of its shares pursuant to rule 23c-3 under the Act (17 CFR 270.23c-3). 4. "Master-Feeder Fund" means a two-tiered arrangement in which one or more funds (each a feeder fund) holds shares of a single Fund (the master fund) in accordance with section 12(d)(1)(E) of the Act (15 U.S.C. 80a-12(d)(1)(E)) or pursuant to exemptive relief granted by the Commission. 5. "Target Date Fund" means an investment company that has an investment objective or strategy of providing varying degrees of long-term appreciation and capital preservation through a mix of equity and fixed income exposures that changes over time based on an investor's age, target retirement date, or life expectancy.

Indicate if the Fund is any one of the types listed below. Check all that apply.

a. Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund
i. Checkbox checked

Exchange-Traded Fund
ii. Checkbox not checked

Exchange-Traded Managed Fund
b. Checkbox not checked

Index Fund

c. Checkbox not checked

Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark
d. Checkbox not checked

Interval Fund
e. Checkbox not checked

Fund of Funds
f. Checkbox not checked

Master-Feeder Fund
g. Checkbox not checked

Money Market Fund
h. Checkbox not checked

Target Date Fund
i. Checkbox not checked

Underlying fund to a variable annuity or variable life insurance contract
Checkbox not checked

N/A

Item C.4. Diversification.

Does the Fund seek to operate as a “non-diversified company” as such term is defined in section 5(b)(2) of the Act (15 U.S.C. 80a- 5(b) (2))?

Yes

No

Item C.5. Investments in certain foreign corporations.

Instruction. "Controlled foreign corporation" has the meaning provided in section 957 of the Internal Revenue Code [26 U.S.C. 957].

a. Does the fund invest in a controlled foreign corporation for the purpose of investing in certain types of instruments such as, but not limited to, commodities?

Yes

No

Item C.6. Securities lending.

Instruction. For purposes of this Item, other adverse impacts would include, for example, (1) a loss to the Fund if collateral and indemnification were not sufficient to replace the loaned securities or their value, (2) the Fund's ineligibility to vote shares in a proxy, or (3) the Fund's ineligibility to receive a direct distribution from the issuer.

a. Is the Fund authorized to engage in securities lending transactions?

Yes

No

b. Did the Fund lend any of its securities during the reporting period?

Yes

No

c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:

i. Full name of securities lending agent

ii. LEI, if any

iii. Is the securities lending agent an affiliated person, or an affiliated person of an affiliated person, of the Fund?

Yes

No

iv. Does the securities lending agent or any other entity indemnify the fund against borrower default on loans administered by this agent?

Yes

No

v. If the entity providing the indemnification is not the securities lending agent, provide the following information:

1. Name of person providing indemnification

2. LEI, if any, of person providing indemnification

vi. Did the Fund exercise its indemnification rights during the reporting period?

Yes

No

d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:

i. Full name of cash collateral manager:

ii. LEI, if any:

iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund?

Yes

No

iv. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of the Fund?

Yes

No

e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):

i. Revenue sharing split
Checkbox not checked

ii. Non-revenue sharing split (other than administrative fee)
Checkbox not checked

iii. Administrative fee
Checkbox not checked

iv. Cash collateral reinvestment fee
Checkbox not checked

v. Indemnification fee
Checkbox not checked

vi. Other

N/A

f. Provide the monthly average of the value of portfolio securities on loan during the reporting period

N/A

g. Provide the net income from securities lending activities

N/A

Item C.7. Reliance on certain statutory exemption and rules.

Did the Fund rely on the following statutory exemption or any of the rules under the Act during the reporting period? (check all that apply)

a. Rule 10f-3 (17 CFR 270.10f-3)
Checkbox not checked

b. Rule 12d1-1 (17 CFR 270.12d1-1)
Checkbox not checked

c. Rule 15a-4 (17 CFR 270.15a-4)
Checkbox not checked

d. Rule 17a-6 (17 CFR 270.17a-6)
Checkbox not checked

e. Rule 17a-7 (17 CFR 270.17a-7)
Checkbox not checked

f. Rule 17a-8 (17 CFR 270.17a-8)
Checkbox not checked

g. Rule 17e-1 (17 CFR 270.17e-1)
Checkbox not checked

h. Rule 22d-1 (17 CFR 270.22d-1)
Checkbox not checked

i. Rule 23c-1 (17 CFR 270.23c-1)
Checkbox not checked

j. Rule 32a-4 (17 CFR 270.32a-4)
Checkbox checked

k. Rule 6c-11 (17 CFR 270.6c-11)
Checkbox not checked

l. Rule 12d1-4 (17 CFR 270.12d1-4)
Checkbox not checked

m. Section 12(d)(1)(G) of the Act (15 USC 80a-12(d)(1)(G))
Checkbox not checked

n. Rule 18f-4 (17 CFR 270.18f-4)

i.

Is the Fund excepted from the rule 18f-4 (17 CFR 270.18f-4) program requirement and limit on fund leverage risk under rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))?

ii.

Is the Fund a leveraged/inverse fund that, under rule 18f-4(c)(5) (17 CFR 270.18f-4(c)(5)), is excepted from the requirement to comply with the limit on fund leverage risk described in rule 18f-4(c)(2) (17 CFR 270.18f-4(c)(2))?

iii.

Did the Fund enter into any reverse repurchase agreements or similar financing transactions under rule 18f-4(d)(i) (17 CFR 270.18f-4(d)(i))?

iv.

Did the Fund enter into any reverse repurchase agreements or similar financing transactions under rule 18f-4(d)(ii) (17 CFR 270.18f-4(d)(ii))?

v.

Did the Fund enter into any unfunded commitment agreements under rule 18f-4(e) (17 CFR 270.18f-4(e))?

vi.

Did the Fund invest in a security on a when-issued or forward-settling basis, or with a non-standard settlement cycle, in reliance on rule 18f-4(f) (17 CFR 270.18f-4(f))?

N/A

Item C.8. Expense limitations.

Instruction. Provide information concerning any direct or indirect limitations, waivers or reductions, on the level of expenses incurred by the fund during the reporting period. A limitation, for example, may be applied indirectly (such as when an adviser agrees to accept a reduced fee pursuant to a voluntary fee waiver) or it may apply only for a temporary period such as for a new fund in its start-up phase.

a. Did the Fund have an expense limitation arrangement in place during the reporting period?

Yes

No

b. Were any expenses of the Fund reduced or waived pursuant to an expense limitation arrangement during the reporting period?

Yes

No

c. Are the fees waived subject to recoupment?

Yes

No

d. Were any expenses previously waived recouped during the period?

Yes

No

Item C.9. Investment advisers.

a. Provide the following information about each investment adviser (other than a sub-adviser) of the Fund:

Investment Advisers Record: 1

i. Full name

Tidal Investments LLC

ii. SEC file number ( e.g., 801- )

801-76857

iii.CRD number

000164201

iv. LEI, if any

N/A

v. State, if applicable

WISCONSIN

vi. Foreign country, if applicable

UNITED STATES OF AMERICA

vii. Was the investment adviser hired during the reporting period?

Yes

No

b. If an investment adviser (other than a sub- adviser) to the Fund was terminated during the reporting period, provide the following with respect to each investment adviser:

i. Full name

ii. SEC file number ( e.g., 801- )

iii. CRD number

iv. LEI, if any

v. State, if applicable

vi. Foreign country, if applicable

vii. Termination date

c. For each sub-adviser to the Fund, provide the information requested:

Sub Advisors Record: 1

i. Full name

Carbon Collective Investing, LLC

ii. SEC file number ( e.g., 801- ), if applicable

801-119296

iii. CRD number

000310129

iv. LEI, if any

N/A

v. State, if applicable

CALIFORNIA

vi. Foreign country, if applicable

UNITED STATES OF AMERICA

vii. Is the sub-adviser an affiliated person of the Fund's investment adviser(s)?

Yes

No

viii. Was the sub-adviser hired during the reporting period?

Yes

No

Sub Advisors Record: 2

i. Full name

Artesian Capital Management (Delaware) LP

ii. SEC file number ( e.g., 801- ), if applicable

801-129697

iii. CRD number

000325768