acsi-033122

American Customer Satisfaction ETF

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

SCHEDULE OF INVESTMENTS at March 31, 2022 (Unaudited)


	Shares	Value
Common Stocks — 99.9%
Airlines — 4.0%
Delta Air Lines, Inc.⁽¹⁾	39,278	$1,554,230
Southwest Airlines Co.⁽¹⁾	35,755	1,637,579
		3,191,809
Apparel — 2.3%
Nike, Inc. - Class B	13,355	1,797,049
Auto Manufacturers — 3.9%
Tesla, Inc.⁽¹⁾	2,850	3,071,160
Banks — 1.3%
Citigroup, Inc.	19,292	1,030,193
Beverages — 2.9%
Keurig Dr Pepper, Inc.	60,858	2,306,518
Computers — 10.0%
Apple, Inc.	45,455	7,936,898
Diversified Financial Services — 5.7%
Capital One Financial Corp.	8,204	1,077,103
The Charles Schwab Corp.	41,498	3,498,697
		4,575,800
Electric — 2.8%
CenterPoint Energy, Inc.	39,410	1,207,523
NextEra Energy, Inc.	12,616	1,068,701
		2,276,224
Food — 6.1%
The Kroger Co.	29,315	1,681,801
The Hershey Co.	14,522	3,145,901
		4,827,702
Gas — 1.5%
Atmos Energy Corp.	10,357	1,237,558
Healthcare-Services — 4.7%
Humana, Inc.	4,483	1,950,867
UnitedHealth Group, Inc.	3,566	1,818,553
		3,769,420
Insurance — 7.0%
Berkshire Hathaway, Inc. - Class B ⁽¹⁾	7,937	2,801,047
The Allstate Corp.	20,087	2,782,250
		5,583,297


	Shares	Value
Common Stocks — 99.9% (Continued)
Internet — 11.7%
Alphabet, Inc. - Class C ⁽¹⁾	1,429	$3,991,183
Amazon.com, Inc. ⁽¹⁾	803	2,617,740
Etsy, Inc. ⁽¹⁾	10,838	1,346,947
Pinterest, Inc. - Class A ⁽¹⁾	55,878	1,375,157
		9,331,027
Lodging — 3.2%
Hilton Worldwide Holdings, Inc. ⁽¹⁾	16,553	2,511,752
Media — 5.2%
Comcast Corp. - Class A	54,293	2,541,998
The Walt Disney Co. ⁽¹⁾	11,486	1,575,420
		4,117,418
Pharmaceuticals — 4.0%
CVS Health Corp.	31,389	3,176,881
Retail — 11.6%
Costco Wholesale Corp.	6,238	3,592,152
Darden Restaurants, Inc.	11,480	1,526,266
Domino’s Pizza, Inc.	3,300	1,343,133
Starbucks Corp.	15,484	1,408,579
TJX Companies, Inc.	22,370	1,355,175
		9,225,305
Software — 3.2%
Microsoft Corp.	8,281	2,553,115
Telecommunications — 5.2%
AT&T, Inc.	68,956	1,629,430
Motorola Solutions, Inc.	10,299	2,494,418
		4,123,848
Transportation — 3.6%
FedEx Corp.	12,389	2,866,691
Total Common Stocks
(Cost $75,939,918)		79,509,665

Short-Term Investments — 0.1%
Money Market Funds — 0.1%
First American Government Obligations Fund - Class X, 0.180% ⁽²⁾	91,456	91,456
Total Short-Term Investments
(Cost $91,456)		91,456

American Customer Satisfaction ETF

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

STATEMENT OF ASSETS AND LIABILITIES at March 31, 2022 (Unaudited)


Assets:
Investments in securities, at value (Cost $76,031,374) (Note 2)	$79,601,121
Receivables:
Dividends and interest	53,524
Total assets	79,654,645

Liabilities:
Payables:
Management fees (Note 4)	42,572
Total liabilities	42,572
Net Assets	$79,612,073

Components of Net Assets:
Paid-in capital	$80,787,347
Total distributable (accumulated) earnings (losses)	(1,175,274	)
Net assets	$79,612,073

Net Asset Value (unlimited shares authorized):
Net assets	$79,612,073
Shares of beneficial interest issued and outstanding	1,575,000
Net asset value	$50.55

American Customer Satisfaction ETF

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

STATEMENT OF CHANGES IN NET ASSETS


	Period Ended March 31, 2022 (Unaudited)		Year Ended September 30, 2021

Increase (Decrease) in Net Assets From:

Operations:
Net investment income (loss)	$187,322		$312,293
Net realized gain (loss) on investments	3,910,394		16,317,069
Change in net unrealized appreciation/depreciation on investments	(1,085,059	)	1,998,006
Net increase (decrease) in net assets resulting from operations	3,012,657		18,627,368

Distributions to Shareholders:
Net distributions to shareholders	(259,875	)	(554,952	)

Capital Share Transactions:
Net increase (decrease) in net assets derived from net change in outstanding shares⁽¹⁾	(1,444,025	)	1,319,185
Total increase (decrease) in net assets	1,308,757		19,391,601

Net Assets:
Beginning of period/year	78,303,316		58,911,715
End of period/year	$79,612,073		$78,303,316

⁽¹⁾Summary of share transactions is as follows:


	Period Ended March 31, 2022 (Unaudited)				Year Ended September 30, 2021
	Shares		Value		Shares		Value
Shares sold	425,000		$21,536,490		1,425,000		$64,392,668
Shares redeemed	(450,000	)	(22,980,515	)	(1,400,000	)	(63,073,483	)
Net increase (decrease)	(25,000	)	$(1,444,025	)	25,000		$1,319,185

American Customer Satisfaction ETF

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

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period


	Period Ended March 31, 2022 (Unaudited)		Year Ended September 30, 2021		Year Ended September 30, 2020		Year Ended September 30, 2019		Year Ended September 30, 2018		Year Ended September 30, 2017⁽¹⁾
Net asset value, beginning of period	$48.94		$37.40		$34.12		$34.03		$29.18		$25.00

Income from Investment Operations:
Net investment income (loss)⁽²⁾	0.12		0.20		0.47		0.52		0.45		0.40
Net realized and unrealized gain (loss) on investments	1.66		11.69		3.39		0.03	⁽⁸⁾	4.77		3.83
Total from investment operations	1.78		11.89		3.86		0.55		5.22		4.23

Less Distributions:
From net investment income	(0.17	)	(0.35	)	(0.58	)	(0.46	)	(0.37	)	(0.05	)
Total distributions	(0.17	)	(0.35	)	(0.58	)	(0.46	)	(0.37	)	(0.05	)

Capital Share Transactions:
Transaction Fees	—		—		—		—		0.00	⁽⁷⁾	—
Net asset value, end of period	$50.55		$48.94		$37.40		$34.12		$34.03		$29.18
Total return⁽⁴⁾	3.61	%⁽³⁾	31.91	%	11.44	%	1.86	%	18.02	%	16.92	%⁽³⁾

Ratios / Supplemental Data:
Net assets, end of period (millions)	$79.6		$78.3		$58.9		$58.0		$57.8		$40.8
Portfolio turnover rate⁽⁶⁾	19	%⁽³⁾	50	%	67	%	36	%	72	%	38	%⁽³⁾
Ratio of expenses to average net assets	0.65	%⁽⁵⁾	0.65	%	0.65	%	0.65	%	0.65	%	0.65	%⁽⁵⁾
Ratio of net investment income (loss) to average net assets	0.47	%⁽⁵⁾	0.42	%	1.37	%	1.59	%	1.41	%	1.56	%⁽⁵⁾

⁽¹⁾The Fund commenced operations on October 31, 2016. The information presented is from October 31, 2016 to September 30, 2017.

⁽²⁾Calculated based on average shares outstanding during the period.

⁽³⁾Not annualized.

⁽⁴⁾Total return is based on the Fund’s net assets value.

⁽⁵⁾Annualized.

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

⁽⁷⁾Represents less than $0.005.

⁽⁸⁾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 Statements of Operations due to share transactions for the period.

American Customer Satisfaction ETF

NOTES TO FINANCIAL STATEMENTS March 31, 2022 (Unaudited)

NOTE 1 – ORGANIZATION

The American Customer Satisfaction 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 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 October 31, 2016.

The investment objective of the Fund is to track the performance, before fees and expenses, of the American Customer Satisfaction Investable Index (the “Index”).

The American Customer Satisfaction ETF (the “Predecessor Fund”), a series of ETF Series Solutions, reorganized into the Trust pursuant to a tax-free reorganization on May 24, 2021 (the “Reorganization”). As a series of the Trust, the Fund is a continuation of the Predecessor Fund (See Note 9).

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.

For securities for which quotations are not readily available, a fair value will be determined by the Valuation Committee using the Fair Value Procedures approved by the Trust’s Board of Trustees (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 Fair Value Procedures adopted by the Board. Fair value pricing is an inherently subjective process, and no single standard exists for determining fair value. Different funds could reasonably arrive at different values for the same security. The use of fair value pricing by a fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to such considerations.

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

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

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

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

American Customer Satisfaction ETF

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

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

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2022:


Investments in Securities	Level 1	Level 2	Level 3	Total
Common Stocks⁽¹⁾	$79,509,665	$—	$—	$79,509,665
Short-Term Investments	91,456	—	—	91,456
Total Investments in Securities	$79,601,121	$—	$—	$79,601,121

⁽¹⁾See Schedule of Investments for the industry 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 twelve months ended October 31) plus undistributed amounts, if any, from prior years.

As of March 31, 2022, 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.

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

D.Distributions to Shareholders. Distributions to shareholders from net investment income, if any, for the Fund are declared and paid 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.

E.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.

F.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.

G.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.

NOTES TO FINANCIAL STATEMENTS March 31, 2022 (Unaudited) (Continued)

American Customer Satisfaction ETF

H.Illiquid Investments. Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a Board-approved Liquidity Risk Management Program (the “Program”) that requires, among other things, that the Fund limit its illiquid investments that are assets to no more than 15% of the value of the Fund’s net assets. An illiquid investment is any 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 Program.

I.Recently Issued Accounting Pronouncements. In October 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Fund will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. Management is currently assessing the potential impact of the new rule on the Fund’s financial statements.

In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices (“Rule 2a-5”). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Fund will be required to comply with the rules by September 8, 2022. Management is currently evaluating the impact, if any, of applying this provision.

NOTE 3 – PRINCIPAL INVESTMENT RISKS

A.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. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on the Fund and its investments.

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

•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.

NOTES TO FINANCIAL STATEMENTS March 31, 2022 (Unaudited) (Continued)

American Customer Satisfaction ETF

•Trading. Although shares are listed for trading on Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares.

C.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.

D.Sector Risk. To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors .

•Consumer Discretionary Sector Risk. The Fund is generally expected to invest significantly in companies in the consumer discretionary sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. The success of consumer product manufacturers and retailers is tied closely to the performance of domestic and international economies, interest rates, exchange rates, competition, consumer confidence, changes in demographics and consumer preferences. Companies in the consumer discretionary sector depend heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. These companies may be subject to severe competition, which may have an adverse impact on their profitability.

•Consumer Staples Sector Risk. The Fund may invest in companies in the consumer staples sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Companies in the consumer staples sector, including those in the food and beverage industries, may be affected by general economic conditions, commodity production and pricing, consumer confidence and spending, consumer preferences, interest rates, product cycles, marketing campaigns, competition, and government regulations.

•Information Technology Sector Risk. Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

NOTE 4 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS

Toroso Investments, LLC (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, has overall responsibility for the general management and administration of the Fund, subject to the direction and control of the Board. The Adviser is also responsible for trading portfolio securities on behalf of the Fund, including selecting broker-dealers to execute purchase and sales transactions, subject to the supervision of the Board. Prior to the Reorganization, CSat Investment Advisory, L.P. (“CSat”), served as investment advisor to the Predecessor Fund.

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 0.65%. 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. The Adviser has entered into an agreement with CSat, under which CSat assumes

NOTES TO FINANCIAL STATEMENTS March 31, 2022 (Unaudited) (Continued)

American Customer Satisfaction ETF

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 CSat has agreed to be responsible for the Unitary Expenses, the Adviser retains the ultimate obligation to the Fund to pay such expenses. CSat 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, CSat is entitled to a fee, to be paid by the Adviser, based on the total management fee earned by the Adviser under the Advisory Agreement less the Unitary Expenses. CSat 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”), 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. Prior to the Reorganization, U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), served as the administrator to the Predecessor Fund.

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

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

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

NOTE 5 – PURCHASES AND SALES OF SECURITIES

For the period ended March 31, 2022, 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 $15,145,760 and $15,063,487, respectively.

For the period ended March 31, 2022, there were no purchases or sales of long-term U.S. Government securities.

For the year ended March 31, 2022, in-kind transactions associated with creations and redemptions for the Fund were $21,414,809 and $22,993,824, respectively.

NOTE 6 – INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the six-month period and year ended March 31, 2022 (estimated) and September 30, 2021, respectively, are as follows:


Distributions paid from:	March 31, 2022	September 30, 2021
Ordinary income	$259,875	$554,952

As of the year ended September 30, 2021, the components of accumulated earnings/(losses) on a tax basis were as follows:


	September 30, 2021
Cost of investments⁽¹⁾	$73,905,148
Gross tax unrealized appreciation	$8,124,628
Gross tax unrealized depreciation	(3,705,401	)
Net tax unrealized appreciation (depreciation)	4,419,227
Undistributed ordinary income (loss)	234,683
Undistributed long-term capital gain (loss)	—
Total distributable earnings	234683
Other accumulated gain (loss)	(8,581,966	)
Total accumulated gain (loss)	$(3,928,056	)

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

NOTES TO FINANCIAL STATEMENTS March 31, 2022 (Unaudited) (Continued)

American Customer Satisfaction ETF

Net capital losses incurred after October 31 and net investment losses incurred after December 31, and within the taxable year, are deemed to arise on the first business day of the Fund’s next taxable year. As of September 30, 2021, the Fund had no late year losses and had short-term and long-term capital loss carryovers of $5,113,979 and $3,467,987, respectively, which do not expire.

NOTE 7 – SHARE TRANSACTIONS

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

The Fund currently offers one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for the Fund is $250, 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 8 – RECENT MARKET EVENTS

U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the impact of COVID-19 as a global pandemic and related public health crisis, growth concerns in the U.S. and overseas, uncertainties regarding interest rates, rising inflation, trade tensions, and the threat of tariffs imposed by the U.S. and other countries. In particular, the global spread of COVID-19 has resulted in disruptions to business operations and supply chains, stress on the global healthcare system, growth concerns in the U.S. and overseas, staffing shortages and the inability to meet consumer demand, and widespread concern and uncertainty. The global recovery from COVID-19 is proceeding at slower than expected rates due to the emergence of variant strains and may last for an extended period of time. Health crises and related political, social and economic disruptions caused by the spread of COVID-19 may also exacerbate other pre-existing political, social and economic risks in certain countries. As a result of continuing political tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. The war has contributed to recent market volatility and may continue to do so. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite government efforts to address market disruptions. Continuing market volatility as a result of recent market conditions or other events may have adverse effects on your account.

NOTE 9 – SUBSEQUENT EVENTS

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

NOTES TO FINANCIAL STATEMENTS March 31, 2022 (Unaudited) (Continued)

American Customer Satisfaction ETF

EXPENSE EXAMPLE For the Six-Months Ended March 31, 2022 (Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of the Fund’s shares, and (2) ongoing costs, including management fees of the Fund. The example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which is from October 1, 2021 to March 31, 2022.

Actual Expenses

The first line of the following table provides information about actual account values and actual expenses. To the extent the Fund invests in shares of other investment companies as part of its investment strategy, you will indirectly bear your proportionate share of any fees and expenses charged by the underlying funds in which the Fund invests, in addition to the expenses of the Fund. Actual expenses of the underlying funds are expected to vary among the various underlying funds. These expenses are not included in the example. The example includes, but is not limited to, unitary fees. However, the example does not include portfolio trading commissions and related expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then, multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period’’ to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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


	Beginning Account Value October 1, 2021	Ending Account Value March 31, 2022	Expenses Paid During the Period October 1, 2021 – March 31, 2022⁽¹⁾
Actual	$1,000.00	$1,036.10	$3.30
Hypothetical (5% annual return before expenses)	$1,000.00	$1,021.69	$3.28

⁽¹⁾Expenses are equal to the Fund’s annualized net expense ratio for the most recent six-month period of 0.65%, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the most recent six-month period).


Portfolio Allocation		1
Schedule of Investments		2
Statement of Assets and Liabilities		4
Statement of Operations		5
Statement of Changes in Net Assets		6
Financial Highlights		7
Notes to Financial Statements		8
Expense Example		14
Statement Regarding Liquidity Risk Management Program		15
Additional Information		16


PORTFOLIO ALLOCATION at March 31, 2022 (Unaudited)

Sector	% of Total Investments
Consumer, Cyclical		24.9	%
Communications		22.1
Consumer, Non-cyclical		17.7
Financial		14.0
Technology		13.2
Utilities		4.4
Industrial		3.6
Cash & Cash Equivalents⁽¹⁾		0.1
Total		100.0	%


Investment Income:
Dividend income	$448,251
Interest income	21
Total investment income	448,272

Expenses:
Management fees (Note 4)	260,950
Total expenses	260,950
Net investment income (loss)	187,322

Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on:
Investments	3,910,394
Change in net unrealized appreciation/depreciation on:
Investments	(1,085,059	)
Net realized and unrealized gain (loss) on investments	2,825,335
Net increase (decrease) in net assets resulting from operations	$3,012,657


Fund Information
Fund	Ticker	CUSIP
American Customer Satisfaction ETF	ACSI	886364710


	Shares	Value
Total Investments in Securities — 100.0%
(Cost $76,031,374)		$79,601,121
Other Assets in Excess of Liabilities - 0.00%⁽³⁾		10,952
Total Net Assets — 100.0%		$79,612,073