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Aztlan Global Stock Selection DM SMID ETF
Ticker: AZTD

Annual Report

July 31, 2023

Aztlan Global Stock Selection DM SMID 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.


Shareholder Letter		1
Performance Summary		3
Portfolio Allocation		4
Portfolio Diversification		5
Schedule of Investments		6
Statement of Assets and Liabilities		7
Statement of Operations		8
Statement of Changes in Net Assets		9
Financial Highlights		10
Notes to Financial Statements		11
Report of Independent Registered Public Accounting Firm		19
Expense Example		20
Trustees and Executive Officers		21
Additional Information		23

Aztlan Global Stock Selection DM SMID ETF

SHAREHOLDER LETTER (Unaudited)

Market Commentary

U.S. and global equity markets broadly strengthened during the 1-year period ending July 31, 2023 as inflation and central bank tightening began to calm worries. The U.S. Federal Reserve’s interest rate hikes in the face of widespread inflation finally took shape, and within several months began to accomplish the goal of lowering inflation while the world economy still churned higher. Additionally, global markets bottomed in October 2022 and the lasting effects of Covid-19 dissipated. The global trend toward digitalization and contactless transactions continues to grow throughout 2023. The implementation of the Work From Anywhere (“WFA”) phenomenon has grown steadily even in the face of companies beginning to request employees come back to the office at least part-time.

The information presented in this report relates to the Fund’s performance period, beginning on the Fund’s inception date (August 17, 2022) and ending July 31, 2023 (the “fiscal period”), as applicable.

The Aztlan Global Stock Selection DM SMID ETF

The Aztlan Global Stock Selection DM SMID ETF (“AZTD” or the “Fund”) seeks to track the performance, before fees and expenses, of the Solactive Aztlan Global Developed Markets SMID Cap Index (the “Index”).

Index Description:

AZTD tracks the Index, an equal-weighted index of 27 mid- and small-cap stocks from developed markets, selected based on six factors: value, cashflow, capital structure, growth, earnings per share revisions, and price momentum.

Fund Description:

Aztlan Equity Management LLC (“Aztlan”) is the fund sponsor of AZTD, which is Aztlan’s stock selection ETF. The Index is comprised of stocks of companies in developed markets across North America, Western Europe, and Developed Asia, with market caps between $500 million and $10 billion. Energy, Real Estate and Pharmaceuticals are excluded.

The Fund invests all, or substantially all of its assets in the component securities that make up the Index. The Fund will generally use a replication strategy to achieve its investment objective, meaning it generally will invest in all of the Index components.

Performance Overview:

During the fiscal period, AZTD generated a total return of 10.80% (NAV) and 10.70% (Market). This compares to the 13.03% total return of the Index, and the 9.10% total return of the benchmark, the S&P 500 ^® Total Return Index, and 5.99% for the MSCI World SMID Cap Index Gross Total Return Index for the same period.

From a sector perspective, based on performance attribution to the overall portfolio, Industrials and Financials were the leading contributors, while Materials and Communication Services were the leading detractors.

Reviewing individual stocks based on performance attribution to the overall portfolio, leading contributors included, Scotts Miracle-Gro, M&A Research Institute Holdings, and Wise PLC. Conversely, the leading detractors included Louisiana Pacific Corp, Chemours, and Appier Group.

Aztlan Global Stock Selection DM SMID ETF

SHAREHOLDER LETTER (Unaudited) (Continued)

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.

There is no guarantee that the Fund’s investment strategy will be successful. Shares may trade at a premium or discount to their NAV in the secondary market, and a fund’s holdings and returns may deviate from those of its index, if applicable. These variations may be greater when markets are volatile or subject to unusual conditions. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses. The Fund is newer and has a limited operating history. You can lose money on your investment in the Fund. Diversification does not ensure profit or protect against loss in declining markets. Investments in foreign securities may involve risks such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. Investing in emerging markets involves different and greater risks, as these countries are substantially smaller, less liquid and more volatile than securities markets in more developed markets.

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

The MSCI World SMID Cap Index Gross Total Return Index captures small cap representation across 23 Developed Markets (DM) countries. With 4,324 constituents, the index covers approximately 14% of the free float-adjusted market capitalization in each country.

Solactive Aztlan Global Developed Markets SMID Cap Index is comprised of equity securities of companies from the following three developed markets (DM) regions: North America (United States and Canada), Western Europe (Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom), and Asia (Australia, Japan and New Zealand, but excluding Hong Kong and Singapore). Solactive assigns each security to a particular country based on its analysis of multiple factors, including country of incorporation, primary listing, and domicile. The Index includes securities of small- and mid-capitalization companies (“SMID-capitalization companies”), which are those with market caps between $500 million USD and $10 billion USD at the time of first purchase and as of five weekdays prior to each monthly rebalance of the Index (See the Fund’s prospectus for additional information about the Index).

It is not possible to invest directly in an Index. Holdings are subject to change.

Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security. For a complete list of portfolio holdings, please refer to the Schedule of Investments provided in this report.

Distributed by Foreside Fund Services, LLC

Aztlan Global Stock Selection DM SMID ETF

Performance Summary (Unaudited)


Total Returns for the Period Ended July 31, 2023:	Since Inception (8/17/2022)	Ending Value (7/31/2023)
Aztlan Global Stock Selection DM SMID ETF - NAV	10.80%	$11,080
Aztlan Global Stock Selection DM SMID ETF - Market	10.70%	11,070
Soloactive Aztlan Global Developed Markets SMID CAP Index TR	13.03%	11,303
S&P 500 ^® Total Return Index	9.10%	10,910

This chart illustrates the performance of a hypothetical $10,000 investment made on August 17, 2022 (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 (800) 886-4107. The Fund’s expense ratio is 0.75% (as of the Fund’s most recently filed Prospectus).

Aztlan Global Stock Selection DM SMID ETF

PORTFOLIO ALLOCATION at July 31, 2023 (Unaudited)


Sector	% of Net Assets
Consumer, Cyclical		19.2	%
Consumer, Non-cyclical		18.6
Industrial		14.7
Utilities		11.3
Communications		11.0
Financial		7.6
Basic Materials		7.6
Technology		7.5
Energy		3.7
Cash & Cash Equivalents ⁽¹⁾		(1.2	)
Total		100.0	%

⁽¹⁾ Represents short-term investments, investments purchased with collateral from securities lending and liabilities in excess of other assets.

Aztlan Global Stock Selection DM SMID ETF

PORTFOLIO DIVERSIFICATION at July 31, 2023 (Unaudited)


Country	% of Total Net Assets
United States		29.9	%
Japan		29.8
Britain		11.6
Germany		11.3
Sweden		3.8
France		3.7
Canada		3.7
Australia		3.7
Italy		3.7
Cash & Cash Equivalents ⁽¹⁾		(1.2	)
Total		100.0	%

⁽¹⁾ Represents cash, money market funds, investments purchased with collateral from securities lending and liabilities in excess of other assets.

Aztlan Global Stock Selection DM SMID ETF


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

SCHEDULE OF INVESTMENTS at July 31, 2023


	Shares	Value
Common Stocks — 101.2%

Airlines — 4.1%
International Consolidated Airlines Group SA	853,373	$ 1,878,670

Apparel — 3.8%
Crocs, Inc. ⁽¹⁾	15,955	1,728,724

Banks — 3.7%
BPER Banca	486,677	1,688,632

Building Materials — 3.7%
Louisiana-Pacific Corp.	22,540	1,715,970

Commercial Services — 7.5%
Park24 Co. Ltd.	130,699	1,722,968
Shift4 Payments, Inc. - Class A ⁽¹⁾	24,961	1,722,059
		3,445,027
Computers — 3.8%
SHIFT, Inc. ⁽¹⁾	7,329	1,733,209

Cosmetics & Personal Care — 3.7%
elf Beauty, Inc. ⁽¹⁾	14,640	1,708,781

Diversified Financial Services — 4.0%
M&A Research Institute Holdings, Inc. ⁽¹⁾	65,189	1,812,335

Electric — 7.4%
Northland Power, Inc.	88,251	1,710,376
Origin Energy Ltd.	297,619	1,698,663
		3,409,039
Electrical Components & Equipment — 3.7%
SMA Solar Technology AG	17,597	1,681,143

Electronics — 3.7%
Jeol Ltd.	49,002	1,678,926

Energy — Alternate Sources — 3.7%
Array Technologies, Inc. ⁽¹⁾	89,853	1,711,700

Entertainment — 3.7%
Universal Entertainment Corp.	93,182	1,684,858

Food — 3.7%
Marks & Spencer Group PLC	635,143	1,685,902

Gas — 3.8%
Centrica PLC	991,602	1,761,308

Healthcare — Services — 3.7%
DaVita, Inc. ⁽¹⁾	16,842	1,717,716

Internet — 3.7%
Cargurus, Inc. - Class A ⁽¹⁾	75,949	1,721,004


	Shares	Value
Common Stocks — 101.2% (Continued)

Iron & Steel — 7.6%
JFE Holdings, Inc.	107,095	$ 1,731,399
SSAB AB - Class A	275,023	1,747,898
		3,479,297
Leisure Time — 3.9%
TUI AG	223,138	1,810,710

Media — 3.5%
Anycolor, Inc. ⁽¹⁾ ⁽²⁾	65,636	1,633,047

Packaging & Containers — 3.7%
Gerresheimer AG	14,161	1,681,540

Retail — 3.7%
Lawson, Inc.	33,729	1,693,334

Software — 3.7%
Ubisoft Entertainment SA ⁽¹⁾	51,072	1,723,066

Telecommunications — 3.7%
Extreme Networks, Inc. ⁽¹⁾	64,359	1,711,306

Total Common Stocks
(Cost $46,105,895)		46,495,244

Short-Term Investments — 0.2%

Money Market Funds — 0.2%
First American Government Obligations Fund, Class X, 5.175% ⁽³⁾	110,541	110,541

Total Short-Term Investments
(Cost $110,541)		110,541

Investments Purchased with Collateral from Securities Lending — 2.7%
First American Government Obligations Fund, Class X, 5.175% ⁽³⁾	1,229,866	1,229,866

Total Investments Purchased with Collateral from Securities Lending
(Cost $1,229,866)		1,229,866

Total Investments in Securities — 104.1%
(Cost $47,446,302)		47,835,651
Liabilities in Excess of Other Assets — (4.1)%		(1,904,737	)
Total Net Assets — 100.0%		$ 45,930,914

⁽¹⁾ Non-income producing security.

⁽²⁾ This security or a portion of this security was out on loan as of July 31, 2023. Total loaned securities had a value of $694,162 or 1.5% of net assets as of July 31, 2023. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous. Due to settlement of open trades that had a value of $482,375, some of the positions on loan are not listed in the portfolio as of July 31, 2023.

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

Aztlan Global Stock Selection DM SMID ETF


The accompanying notes are an integral part of these financial statements.		7

STATEMENT OF ASSETS AND LIABILITIES at July 31, 2023


Assets:
Investments in securities, at value (Note 2) ⁽¹⁾		$ 47,835,651
Receivables:
Investment securities sold		48,809,404
Fund shares sold		16,572,525
Dividends and interest		37,027
Securities lending, net (Note 7)		7,613
Total assets		113,262,220

Liabilities:
Collateral received from securities on loan		1,229,866
Payables:
Investment securities purchased		49,452,163
Fund shares redeemed		16,620,075
Management fees (Note 4)		29,202
Total liabilities		67,331,306
Net Assets		$ 45,930,914

Components of Net Assets:
Paid-in capital		$ 45,781,688
Total distributable (accumulated) earnings (losses)		149,226
Net assets		$ 45,930,914

Net Asset Value (unlimited shares authorized):
Net assets		$ 45,930,914
Shares of beneficial interest issued and outstanding		2,075,000
Net asset value		$ 22.14

Cost of investments		$ 47,446,302

⁽¹⁾ Includes securities on loan with a value of $694,162.

Aztlan Global Stock Selection DM SMID ETF


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

STATEMENT OF OPERATIONS For the Period Ended July 31, 2023 ⁽¹⁾


Investment Income:
Dividend income (net of foreign withholding tax of $33,101)	$ 514,714
Securities lending income, net (Note 7)	12,712
Interest income	3,897
Total investment income	531,323

Expenses:
Management fees (Note 4)	177,584
Tax expense	685
Total expenses	178,269
Net investment income (loss)	353,054

Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments	3,670,749
Foreign currency transactions	(360,014	)
Change in net unrealized appreciation/depreciation:
Investments	389,349
Foreign currency translations	(29,919	)
Net realized and unrealized gain (loss) on investments	3,670,165
Net increase (decrease) in net assets resulting from operations	$ 4,023,219

⁽¹⁾ The Fund commenced operations on August 17, 2022. The information presented is from August 17, 2022 to July 31, 2023.

Aztlan Global Stock Selection DM SMID ETF


The accompanying notes are an integral part of these financial statements.		9

STATEMENT OF CHANGES IN NET ASSETS


		Period Ended July 31, 2023 ⁽¹⁾

Increase (Decrease) in Net Assets From:

Operations:
Net investment income (loss)		$ 353,054
Net realized gain (loss)		3,310,735
Change in net unrealized appreciation/depreciation		359,430
Net increase (decrease) in net assets resulting from operations		4,023,219

Capital Share Transactions:
Net increase (decrease) in net assets derived from net changes in outstanding shares ⁽²⁾		41,907,695
Total increase (decrease) in net assets		45,930,914

Net Assets:
Beginning of period		—
End of period		$ 45,930,914

⁽¹⁾ The Fund commenced operations on August 17, 2022. The information presented is from August 17, 2022 to July 31, 2023.

⁽²⁾ Summary of share transactions is as follows:


	Period Ended July 31, 2023 ⁽¹⁾
	Shares		Value
Shares sold	3,675,000		$ 76,323,188
Shares redeemed	(1,600,000	)	(34,416,178	)
Variable fees			685
Net increase (decrease)	2,075,000		$ 41,907,695

Aztlan Global Stock Selection DM SMID ETF


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

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout the period


	Period Ended July 31, 2023 ⁽¹⁾

Net asset value, beginning of period	$ 20.00

Income from Investment Operations:
Net investment income (loss) ⁽²⁾	0.29
Net realized and unrealized gain (loss) on investments ⁽³⁾	1.85
Total from investment operations	2.14

Less Distributions:
From net investment income	—
Total distributions	—

Capital Share Transactions
Variable fees	0.00	⁽¹¹⁾
Net asset value, end of period	$ 22.14
Total return ⁽⁴⁾ ⁽⁵⁾ ⁽⁶⁾	10.70	%

Ratios / Supplemental Data:
Net assets, end of period (millions)	$ 45.9
Portfolio turnover rate ⁽⁴⁾ ⁽⁷⁾	986	%
Ratio of expenses to average net assets ⁽⁸⁾	0.75	% ⁽⁹⁾
Ratio of net investment income (loss) to average net assets ⁽⁸⁾	1.49	% ⁽¹⁰⁾

⁽¹⁾ The Fund commenced operations on August 17, 2022. The information presented is from August 17, 2022 to July 31, 2023.

⁽²⁾ Calculated using average shares outstanding method.

⁽³⁾ Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

⁽⁴⁾ Not annualized.

⁽⁵⁾ The total return for the period includes the impact of financial statement adjustments. This return differs from the actual performance a shareholder experienced over the period.

⁽⁶⁾ The total return is based on the Fund’s net asset value. Additional performance information is presented in the Performance Summary.

⁽⁷⁾ Excludes the impact of in-kind transactions.

⁽⁸⁾ Annualized.

⁽⁹⁾ The ratio of expenses to average net assets includes tax expense. The ratio excluding tax expense is 0.75% for the period ended July 31, 2023.

⁽¹⁰⁾ The net investment income (loss) ratio includes tax expense.

⁽¹¹⁾ Does not round to 0.01 or (0.01), if applicable.

Aztlan Global Stock Selection DM SMID ETF

NOTES TO FINANCIAL STATEMENTS July 31, 2023

NOTE 1 – ORGANIZATION

The Aztlan Global Stock Selection DM SMID ETF (the “Fund”) is a 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 are 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. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services—Investment Companies.” The Fund commenced operations on August 17, 2022.

The investment objective of the Fund is to track the performance, before fees and expenses, of the Soloactive Aztlan Global Developed Markets SMID Cap Index (the “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 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.

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 (“NAV”) 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.

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.

Aztlan Global Stock Selection DM SMID ETF

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 investments as of July 31, 2023:


Investments in Securities	Level 1	Level 2	Level 3	Total
Common Stocks ⁽¹⁾	$ 46,495,244	$ —	$ —	$ 46,495,244
Short-Term Investments	110,541	—	—	110,541
Investments Purchased With Collateral From Securities Lending	1,229,866	—	—	1,229,866
Total Investments in Securities	$ 47,835,651	$ —	$ —	$ 47,835,651

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

B. 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 period ended October 31) plus undistributed amounts, if any, from prior years.

As of July 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. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statement of Operations. Tax expense is disclosed in the Statement of Operations, if applicable.

C. 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 exc hange 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.

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, 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 Fund’s understanding of the applicable country’s tax rules and rates.

E. 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.

NOTES TO FINANCIAL STATEMENTS July 31, 2023 (Continued)

Aztlan Global Stock Selection DM SMID ETF

F. Use of Estimates. The preparation of 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 financial statements and the reported amount of revenue and expenses during the reporting period. Actual results could differ from those estimates.

G. 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.

H. 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.

I. Illiquid Securities. Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a Board-approved Liquidity Risk Management Program (the “LRMP”) 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 investment 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 LRMP.

J. Recently Issued Accounting Pronouncements .

• In June 2022, 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. The Fund is currently evaluating the impact, if any, of these amendments on the financial statements.

• In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022- 06, Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848 (“ASU 2022-06).ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022.ASU 2022-06 extends the effective period through December 31, 2024.The Fund is currently evaluating the impact, if any, of applying ASU 2022-06.

K. 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 period ended July 31, 2023, the following adjustments were made:


Paid-In Capital		Total Distributed (Accumulated) Earnings (Losses)
$3,873,993		$(3,873,993)

During the year ended July 31, 2023, the Fund realized $3,874,678, in net capital gains resulting from in-kind redemptions, in which shareholders exchanged Fund shares for securities held by the Fund rather than for cash. Because such losses are not taxable to the Fund, and are not distributed to shareholders, they have been reclassified from accumulated gains to paid-in capital.

L. Other Regulatory Matters. In October 2022, the Securities and Exchange Commission (the “SEC”) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

NOTES TO FINANCIAL STATEMENTS July 31, 2023 (Continued)

Aztlan Global Stock Selection DM SMID ETF

NOTE 3 – PRINCIPAL INVESTMENT RISKS

A. Cybersecurity Risk: With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security, and related risks. Cyber incidents affecting the Fund or its services providers may cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its NAV, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.

B. Equity Market Risk. 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. Common stocks 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 issuers.

C. ETF Risks. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:

• Authorized Participants, Market Ma kers, 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 (“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.

• 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 market 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 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 for trading on a national securities exchange, NYSE Arca, 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 effect 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.

D. Foreign Securities Risk. Investments in securities or other instruments of non-U.S. issuers involve certain risks not involved in domestic investments and may experience more rapid and extreme changes in value than investments in securities of U.S. companies. Financial markets in foreign countries often are not as developed, efficient, or liquid as financial markets in the United States, and therefore, the prices of non-U.S. securities and instruments can be more volatile. In addition, the Fund will be subject to risks associated with adverse political and economic developments in foreign countries, which may include the imposition of economic sanctions. Generally, there is less readily available and reliable information about non-U.S. issuers due to less rigorous disclosure or accounting standards and regulatory practices. The growth of Japan’s economy has historically lagged that of its Asian neighbors and other major developed economies. The Japanese economy is heavily dependent on international trade and has been adversely affected by trade tariffs, other protectionist measures, competition from emerging economies and the economic conditions of its trading partners.

NOTES TO FINANCIAL STATEMENTS July 31, 2023 (Continued)

Aztlan Global Stock Selection DM SMID ETF

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. High Portfolio Turnover Risk. The Index has historically had a high portfolio turnover rate. As a result, the Fund is likewise expected to frequently trade all or a significant portion of the securities in its portfolio. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.

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

H. Market Capitalization Risk.

• Mid-Capitalization Investing . The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large capitalization stocks or the stock market as a whole.

• Small-Capitalization Investing. The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks or the stock market as a whole. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies.

I. Models and Data Risk. The composition of the Index 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 securities being included in or excluded from the Index that would have been excluded or included had the Models and Data been correct and complete. If the composition of the Index reflects such errors, the Fund’s portfolio can be expected to reflect the errors, too.

J. New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. While the total operating expenses of the Fund will be limited by the Fund’s unitary management fee, there can be no assurance that the Fund will grow to or maintain an economically viable size. If the Fund fails to maintain an economically viable size, it may cease operations, and investors may be required to liquidate or transfer their investments at inopportune times.

K. Passive Investment Risk. The Fund invests in the securities included in, or representative of, the Index regardless of their investment merit. The Fund does not attempt to outperform the Index or take defensive positions in declining markets. As a result, the Fund’s performance may be adversely affected by a ge neral decline in the market segments relating to the Index.

L. Tracking Error Risk. As with all index funds, the performance of the Fund and the Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index.

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.

NOTES TO FINANCIAL STATEMENTS July 31, 2023 (Continued)

Aztlan Global Stock Selection DM SMID ETF

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 0.75%. 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, distribution fees, and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act (the “Excluded Expenses”), and the Management Fee payable to the Adviser. The Management Fees incurred are paid monthly to the Adviser. Management Fees for the period ended July 31, 2023 are disclosed in the Statement of Operations.

The Adviser has entered into an agreement with Aztlan Equity Management, LLC (“Aztlan”) under which Aztlan assumes the obligation of the Adviser to pay all expenses of the Fund, except Excluded Expenses (such expenses of the Fund, except Excluded Expenses, the “Unitary Expenses”). Although Aztlan has agreed to be responsible for the Unitary Expenses, the Adviser retains the ultimate obligation to the Fund to pay such expenses. Aztlan will also provide marketing support for the Fund, including hosting the Fund’s website and preparing marketing materials related to the Fund. For these services and payments, Aztlan is entitled to a fee, to be paid by the Adviser, based on the total management fee earned by the Adviser with respect to the Fund under the Advisory Agreement less the Unitary Expenses. Aztlan does not make investment decisions, provide investment advice, or otherwise act in the capacity of an investment adviser to the Fund.

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. The Custodian acts as the securities lending agent (the “Securities Lending Agent”) for the Fund.

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. Neither the affiliated trustee nor the Trust’s officers receive compensation from the Fund.

NOTE 5 – PURCHASES AND SALES OF SECURITIES

For the period ended July 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 $260,008,889 and $259,324,334 respectively.

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

For the period ended July 31, 2023, the in-kind transactions associated with creations and redemptions for the Fund were $75,868,725 and $34,053,195, respectively.

NOTE 6 – INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

The Fund is subject to examination by U.S. taxing authorities for the tax period since the commencement of operations. The amount and character of tax basis distributions and composition of net assets, including undistributed (accumulated) net investment income (loss), are finalized at the fiscal year-end; accordingly, tax basis balances have not been determined for the period ended July 31, 2023. Differences between the tax cost of investments and the cost noted in the Schedule of Investments will be determined at fiscal year-end.

During the fiscal period ended July 31, 2023, the Fund did not have any distributions.

NOTES TO FINANCIAL STATEMENTS July 31, 2023 (Continued)

Aztlan Global Stock Selection DM SMID ETF

NOTES TO FINANCIAL STATEMENTS July 31, 2023 (Continued)

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


	July 31, 2023
Cost of investments ⁽¹⁾	$ 47,534,845
Gross tax unrealized appreciation	736,348
Gross tax unrealized depreciation	(465,461	)
Net tax unrealized appreciation (depreciation)	270,887
Undistributed ordinary income (loss)	54,687
Undistributed long-term capital gain (loss)	—
Total distributable earnings	54,687
Other accumulated gain (loss)	(176,348	)
Total distributable (accumulated) earnings (losses)	$ 149,226

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

Net capital losses incurred after October 31 (post-October losses) and net investment losses incurred after December 31 (late-year losses), and within the taxable year, may be elected to be deferred to the first business day of the Fund’s next taxable year. As of the most recent fiscal period ended July 31, 2023, the Fund had not elected to defer any post-October or late year losses. As of the most recent fiscal period ended July 31, 2023, the Fund had long-term and short-term capital loss carryovers of $0 and $176,348, respectively, which do not expire.

NOTE 7 – SECURITIES LENDING

The Fund may lend up to 33 1/3% of the value of the securities in its portfolio to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by the Securities Lending Agent. The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least the market value of the securities loaned by the Fund. The Fund receives compensation in the form of fees and earned interest on the cash collateral. Due to timing issues of when a security is recalled from loan, the financial statements may differ in presentation. The amount of fees depends on a number of factors including the type of security and length of the loan. The Fund continues to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the value of securities loaned that may occur during the term of the loan will be for the account of the Fund. The Fund has the right under the terms of the securities lending agreements to recall the securities from the borrower on demand.

As of July 31, 2023 the market value of the securities on loan and payable on collateral received for securities lending was as follows:


Fund	Market Value of Securities on Loan	Payable on Collateral Received	Percentage of Net Assets of Securities on Loan
Aztlan Global Stock Selection DM SMID ETF	$694,162	$1,229,866	1.51%

The cash collateral is invested in the First American Government Obligations Fund – Class X, of whi ch the investment objective is to seek to maximize income to the extent consistent with the preservation of capital and liquidity and maintain a stable NAV of $1.00. Although risk is mitigated by the collateral, the Fund could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return the borrowed securities. In addition, the Fund bears the risk of loss associated with the investment of cash collateral received.

Securities lending income is disclosed in the Fund’s Statement of Operations.

The Fund is not subject to a master netting agreement with respect to the Fund’s participation in securities lending; therefore, no additional disclosures regarding netting arrangements are required.

Aztlan Global Stock Selection DM SMID ETF

NOTES TO FINANCIAL STATEMENTS July 31, 2023 (Continued)

NOTE 8 – 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 (“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 $300, 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 Unit of up to a maximum of 2% and for Redemption Units of up to a maximum of 2%, respectively, 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 Statements 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.

NOTE 9 – 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 corona virus (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 10 – SUBSEQUENT EVENTS

In preparing these financial statements, the Fund has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

Effective August 31, 2023, Eric Falkeis resigned as Secretary of the Trust. Lissa M. Richter resigned as Assistant Secretary and was appointed as Secretary of the Trust. Ally L. Mueller resigned as Assistant Treasurer and was appointed as Vice President of the Trust.

The Fund has determined there are no other subsequent events that would need to be disclosed or recorded in the Fund’s financial statements.

Aztlan Global Stock Selection DM SMID ETF

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Aztlan Global Stock Selection DM SMID ETF and
Board of Trustees of Tidal ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Aztlan Global Stock Selection DM SMID ETF (the “Fund”), a series of Tidal ETF Trust, as of July 31, 2023, and the related statements of operations and changes in net assets, the related notes, and the financial highlights for the period from August 17, 2022 (commencement of operations) to July 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2023, the results of its operations, the changes in net assets, and the financial highlights for the period indicated above, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s 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 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 financial statements are free of material misstatement whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the 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 financial statements. Our procedures included confirmation of securities owned as of July 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

We have served as the auditor of one or more of Toroso Investments, LLC’s investment companies since 2020.

COHEN & COMPANY, LTD.
Milwaukee, Wisconsin
September 26, 2023

Aztlan Global Stock Selection DM SMID ETF

EXPENSE EXAMPLE For the Six Months Ended July 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 February 1, 2023 to July 31, 2023.

Actual Expenses

The first line of the following table provides information about actual account values based on actual returns 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 example that appears 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 February 1, 2023	Ending Account Value July 31, 2023	Expenses Paid During the Period February 1, 2023 – July 31, 2023 ⁽¹⁾
Actual	$1,000.00	$1,045.20	$3.80
Hypothetical (5% annual return before expenses)	$1,000.00	$1,021.08	$3.76

⁽¹⁾ Expenses are equal to the Fund’s annualized expense ratio for the most recent six-month period of 0.75%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the most recent six-month period).

Aztlan Global Stock Selection DM SMID 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 ⁽³⁾	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 to 2018).	46	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 to 2018).	46	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 to 2019), Credijusto (financial technology company).	46	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 ⁽⁴⁾	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).	46	Trustee, Tidal ETF Trust II (30 series) (since 2022); Independent Director, Muzinich BDC, Inc. (since 2019); Trustee, Professionally Managed Portfolios (27 series) (since 2011); Interested Trustee, Direxion Funds, Direxion Shares ETF Trust, and Direxion Insurance Trust (2014–2018).

Aztlan Global Stock Selection DM SMID 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 ⁽⁴⁾	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 ⁽⁴⁾	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.

⁽³⁾ The Trust, as of the date of this shareholder report, offers for sale to the public 36 of the 46 Funds registered with the SEC.

⁽⁴⁾ The officer’s positions held have changed since July 31, 2023, the date of this report and fiscal year-end of the Fund.

Aztlan Global Stock Selection DM SMID ETF

ADDITIONAL INFORMATION (Unaudited)

QUALIFIED DIVIDEND INCOME/DIVIDENDS RECEIVED DEDUCTION (Unaudited)

For the period ended July 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 was as follows:


Aztlan Global Stock Selection DM SMID ETF	0%

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the year ended July 31, 2023, was as follows:


Aztlan Global Stock Selection DM SMID ETF	0%

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 July 31, 2023, was as follows:


Aztlan Global Stock Selection DM SMID ETF	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 (800) 886-4107 or by accessing the Fund’s website at www.aztlanetfs.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 12-month period ended June 30 is available upon request without charge by calling (800) 886-4107 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.aztlanetfs.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 (800) 886-4107. 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.aztlanetfs.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 (800) 886-4107. Furthermore, you can obtain the SAI on the SEC’s website at www.sec.gov or the Fund’s website at www.aztlanetfs.com.

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

Independent Registered Public Accounting Firm
Cohen & Company, Ltd.
342 North Water Street, Suite 830
Milwaukee, Wisconsin 53202

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

Custodian
U.S. Bank N.A.
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
Aztlan Global Stock Selection DM SMID ETF	AZTD	886364470

(b)

Not applicable.