Annual Shareholder Report

Milwaukee, Wisconsin 53204
(Address of principal executive offices) (Zip code)

ZEGA Buy and Hedge ETF Tailored Shareholder Report

annual shareholder report April 30, 2026

ZEGA Buy and Hedge ETF

Ticker: ZHDG (Listed on NYSE Arca, Inc.)

This annual shareholder report contains important information about the ZEGA Buy and Hedge ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.zegaetfs.com/zhdg-zega-buy-hedge-etf/. You can also request this information by contacting us at (833) 415-4006 or by writing the Fund at ZEGA Buy and Hedge ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
ZEGA Buy and Hedge ETF	$105	0.95%

Cumulative Performance

(Initial Investment of $10,000)

Date	ZEGA Buy and Hedge ETF - $12,767	Bloomberg U.S. Aggregate Bond Index - $9,938	S&P 500^® Total Return Index - $17,796
7/6/2021	10000	10000	10000
7/31/2021	10035	10063	10127
8/31/2021	10252	10044	10434
9/30/2021	9941	9957	9949
10/31/2021	10340	9954	10646
11/30/2021	10274	9983	10572
12/31/2021	10657	9958	11046
1/31/2022	10093	9743	10475
2/28/2022	9806	9635	10161
3/31/2022	10048	9367	10538
4/30/2022	9299	9011	9619
5/31/2022	9245	9069	9637
6/30/2022	8487	8927	8842
7/31/2022	8999	9145	9657
8/31/2022	8693	8887	9263
9/30/2022	8245	8503	8410
10/31/2022	8622	8393	9091
11/30/2022	8889	8701	9599
12/31/2022	8306	8662	9046
1/31/2023	8673	8929	9614
2/28/2023	8423	8698	9380
3/31/2023	8617	8919	9724
4/30/2023	8678	8973	9876
5/31/2023	8709	8875	9919
6/30/2023	9150	8843	10574
7/31/2023	9423	8837	10914
8/31/2023	9301	8781	10740
9/30/2023	8927	8558	10228
10/31/2023	8711	8423	10013
11/30/2023	9230	8804	10927
12/31/2023	9396	9141	11424
1/31/2024	9470	9116	11616
2/29/2024	9765	8987	12236
3/31/2024	10055	9070	12629
4/30/2024	9683	8841	12114
5/31/2024	10112	8991	12714
6/30/2024	10440	9076	13171
7/31/2024	10525	9288	13331
8/31/2024	10707	9422	13654
9/30/2024	10916	9548	13946
10/31/2024	10832	9311	13819
11/30/2024	11368	9409	14631
12/31/2024	11065	9255	14282
1/31/2025	11294	9305	14679
2/28/2025	11147	9509	14488
3/31/2025	10582	9513	13672
4/30/2025	10625	9550	13579
5/31/2025	11150	9482	14434
6/30/2025	11621	9628	15168
7/31/2025	11844	9602	15508
8/31/2025	12018	9717	15822
9/30/2025	12402	9823	16400
10/31/2025	12656	9884	16784
11/30/2025	12626	9946	16825
12/31/2025	12611	9931	16835
1/31/2026	12742	9942	17079
2/28/2026	12602	10105	16950
3/31/2026	11885	9927	16106
4/30/2026	12767	9938	17796

Annual Performance

Average Annual Returns for the Periods Ended April 30, 2026	1 Year	Inception (7/6/2021)
ZEGA Buy and Hedge ETF	20.15%	5.20%
Bloomberg U.S. Aggregate Bond Index	4.06%	-0.13%
S&P 500^® Total Return Index	31.05%	12.71%

The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Visit www.zegaetfs.com/zhdg-zega-buy-hedge-etf/ for more recent performance information.

How did the Fund perform last year?

For the fiscal year ended April 30, 2026, the Fund gained 20.15% which outperformed the Bloomberg U.S. Aggregate Bond Index's return of 4.06%. The Fund underperformed the S&P 500^® Total Return Index, which returned 31.05% during the fiscal year.

The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to provide exposure to the U.S. large capitalization equity market, while mitigating overall market downside risk in the event of a major market decline.

What Factors Influenced Performance?

1. Macroeconomic Environment: During the fiscal year, markets were supported by continued economic expansion and a resilient labor market, while investors navigated persistent inflation, elevated interest rates, and geopolitical uncertainty. This environment favored risk-managed equity exposure, allowing the Fund to participate in equity market gains while maintaining downside protection.

2. Portfolio Composition: As of April 30, 2026, the Fund’s holdings included a significant allocation to a State Street SPDR S&P 500 ETF call option which comprised over 100% of the portfolio’s weight due to leverage. The Fund also utilizes SPY put options as a hedge against broad market declines. These put positions are actively managed and rolled higher in strike price during periods of market appreciation, with the objective of limiting drawdowns to no more than 10% over any rolling 12-month period. Additionally, the Fund held various U.S. Treasury securities and cash equivalents, which provided income and helped manage risk.

3. Risk-Adjusted Metrics: The Fund’s Sharpe ratio as of April 30, 2026, was 1.48, indicating a favorable return relative to its risk. Other metrics, such as the Sortino ratio of 1.47 and Omega ratio of 1.28, further suggest that the Fund managed to achieve returns with controlled downside risk.

In summary, the Fund’s performance during the fiscal year was shaped by strategic options positioning, macroeconomic factors, and a diversified portfolio aimed at balancing growth and risk mitigation.

ZEGA Buy and Hedge ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$34,183
Number of Holdings	9
Total Advisory Fee Paid	$295,240
Portfolio Turnover Rate	106%

What did the Fund invest in?

(as of April 30, 2026)

Sector Breakdown

(% of total net assets)

Top Holdings	(% of total net assets)
State Street SPDR S&P 500 ETF Trust, Expiration: 12/31/2026; Exercise Price: $220.01	71.9
U.S. Treasury Bill, 7/9/2026, 3.63%	8.5
U.S. Treasury Bill, 9/3/2026, 3.64%	6.4
U.S. Treasury Bill, 8/6/2026, 3.63%	5.5
U.S. Treasury Bill, 6/11/2026, 3.57%	3.9
State Street SPDR S&P 500 ETF Trust, Expiration: 6/30/2026; Exercise Price: $640.00	0.4
State Street SPDR S&P 500 ETF Trust, Expiration: 9/18/2026; Exercise Price: $615.00	0.2

This is a summary of certain changes to the Fund. For more complete information, you may review the Fund's prospectus.

How has the Fund Changed?

Effective August 1, 2025, U.S. Bancorp Fund Services, LLC, doing business as Global Fund Services, no longer serves as the Sub-Administrator for each series of Tidal Trust I, including the Fund.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.zegaetfs.com/zhdg-zega-buy-hedge-etf/.

Householding

Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

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

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

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

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Cohen & Company, Ltd. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

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

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

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

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

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

Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.

The ZEGA Buy and Hedge ETF (the “Fund”) is a diversified series of shares of beneficial interest of Tidal Trust I (the “Trust”). The Fund commenced operations as a non-diversified series of the Trust; however, the Fund continuously operated as diversified for three years and as of July 5, 2024 is classified as diversified. 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 (“Shares”) is registered under the Securities Act of 1933, as amended. The Trust is governed by its Board of Trustees (the “Board”). Tidal Investments LLC (“Tidal Investments” 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 July 6, 2021.

The investment objective of the Fund is to seek long-term capital appreciation while mitigating overall market risk.

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”).

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 the 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 each day that the Fund is open for business.

Investments in money market mutual funds are valued at each underlying fund’s published net asset value (“NAV”) per share as of the valuation time. Each underlying money market fund calculates NAV using the amortized cost method (which approximates fair value) as permitted by Rule 2a-7 under the 1940 Act.

Debt securities are valued by using an evaluated mean of the bid and ask prices provided by independent pricing agents. The independent pricing agents may employ methodologies that utilize actual market transactions (if the security is actively traded), broker-dealer supplied valuations, or other methodologies designed to identify the market value for such securities. In arriving at valuations, such methodologies generally consider factors such as security prices, yields, maturities, call features, ratings and developments relating to specific securities.

Options are valued at the mean between the closing bid and ask prices as provided by an independent pricing agent.

FLexible EXchange® Options (“FLEX Options”) listed on an exchange will typically be valued at a model-based price provided by the exchange at the official close of that exchange’s trading day. However, when the Fund’s option has a same-day market trade price, this same-day market trade price will be used for FLEX Option values

instead of the exchange’s model-based price. If the exchange on which the option is traded is unable to provide a model price, model-based FLEX Options prices will additionally be provided by a backup third-party pricing provider. In selecting the model prices, the Adviser may provide a review of the calculation of model prices provided by each vendor, and may note to such vendors of any data errors observed, or where an underlying component value of the model pricing package may be missing or incorrect, prior to publication by the vendor of the model pricing to the Fund Accounting Agent for purposes of that day’s NAV. If either pricing vendor is not available to provide a model price for that day, the value of a FLEX Option will be determined by the Valuation Designee in accordance with the Valuation Procedures (as defined below). In instances where in the same trading day a particular FLEX Option is both represented in an all-cash basket (either a creation unit or redemption unit), as well as in an in-kind basket (either a creation unit or redemption unit), for valuation purposes that trading day the Fund will default to use the trade price for both instances, rather than using the model price otherwise available for the in-kind transaction.

Under Rule 2a-5 of the 1940 Act, a fair value will be determined for securities for which quotations are not readily available 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 NAV of its shares to differ significantly from the 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.

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 April 30, 2026:

Refer to the Schedule of Investments for further disaggregation of investment categories.

Derivative Instruments - An option gives the purchaser of the option the right to purchase (for a call option) or sell (for a put option) the underlying asset (or deliver cash equal to the value of an underlying index) at a specified price (“strike price”). In the event the underlying asset declines in value, the value of a call option will generally decrease (and may end up worthless) and the value of a put option will generally increase. In the event the underlying asset appreciates in value, the value of a call option will generally increase, and the value of a put option will generally decrease (and may end up worthless). FLEX Options are for settlement by the Options Clearing Corporation (“OCC”). The Adviser may “ladder” the Fund’s S&P 500^® option positions by utilizing multiple option positions over multiple expiration dates within a 12-month period using at least two intervals or “rungs.” “Laddering” is an investment technique intended to avoid the risk of reinvesting a large portion of assets in an unfavorable financial environment, while creating opportunities to roll hedges and secure gains during extended periods of market appreciation. As options expire, the Adviser may rebuild each ladder rung to achieve additional equity exposure as markets decline or realize gains as prices increase and hedged positions are reestablished at higher levels.

As the buyer of a call option, the Fund has a right to buy the underlying reference instrument (e.g., a currency or security) at the exercise price at any time during the option period (for American style options). The Fund may enter into closing sale transactions with respect to call options, exercise them, or permit them to expire. For example, the Fund may buy call options on underlying reference instruments that it intends to buy with the goal of limiting the risk of a substantial increase in their market price before the purchase is effected. Unless the price of the underlying reference instrument changes sufficiently, a call option purchased by the Fund may expire without any value to the Fund, in which case such Fund would experience a loss to the extent of the premium paid for the option plus related transaction costs.

As the buyer of a put option, the Fund has the right to sell the underlying reference instrument at the exercise price at any time during the option period (for American style options). Like a call option, the Fund may enter into closing sale transactions with respect to put options, exercise them, or permit them to expire. The Fund may buy a put option on an underlying reference instrument owned by the Fund (a protective put) as a hedging technique in an attempt to protect against an anticipated decline in the market value of the underlying reference instrument. Such hedge protection is provided only during the life of the put option when the Fund, as the buyer of the put option, is able to

sell the underlying reference instrument at the put exercise price, regardless of any decline in the underlying instrument’s market price. The Fund may also seek to offset a decline in the value of the underlying reference instrument through appreciation in the value of the put option. The premium paid for the put option and any transaction costs would reduce any short-term capital gain that may be available for distribution when the instrument is eventually sold. Buying put options at a time when the buyer does not own the underlying reference instrument allows the buyer to benefit from a decline in the market price of the underlying reference instrument, which generally increases the value of the put option.

If a put option is not terminated in a closing sale transaction when it has remaining value, and if the market price of the underlying reference instrument remains equal to or greater than the exercise price during the life of the put option, the buyer would not make any gain upon exercise of the option and would experience a loss to the extent of the premium paid for the option plus related transaction costs. In order for the purchase of a put option to be profitable, the market price of the underlying reference instrument must decline sufficiently below the exercise price to cover the premium and transaction costs.

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

For the year ended April 30, 2026, the Fund’s monthly average notional amount is described below:

The effect of derivative instruments on the Statement of Operations for the year ended April 30, 2026:

The Fund is not subject to a master netting agreement with respect to the Fund’s investment in written options and purchased options; therefore, no additional disclosures regarding netting arrangements are required.

Federal Income Taxes - The Fund has elected to be taxed as a regulated investment company (“RIC”) and intends to distribute substantially all taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”) applicable to RICs. Therefore, no provision for federal income taxes or excise taxes has been made.

In order to avoid imposition of the excise tax applicable to RICs, the Fund intends to declare as dividends in each calendar year, at least 98% 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 a RIC, the Fund is subject to a 4% excise tax that is imposed if the Fund does not distribute by the end of any calendar year at least the sum of (i) 98% of its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a one-year period generally ending on October 31 of the calendar year (unless an election is made to use the Fund’s fiscal year). The Fund generally intends to distribute income and capital gains in the manner necessary to minimize (but not necessarily eliminate) the imposition of such excise tax. The Fund may retain income or capital gains and pay excise tax when it is determined that doing so is in the best interest of shareholders. Management evaluates the costs of the excise tax relative to the benefits of retaining income and capital gains, including that such undistributed amounts (net of the excise tax paid) remain available for investment by the Fund and are available to supplement future distributions. Tax expense is disclosed in the Statement of Operations, if applicable.

As of April 30, 2026, 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.

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. Interest 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.

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 at least annually. Distributions are recorded on the ex-dividend date.

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 and disclosure of

contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Share Valuation - The NAV per Share 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. Fund Shares will not be priced on the days on which the New York Stock Exchange (“NYSE”) is closed for trading.

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.

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

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 NAV per Share. For the year ended April 30, 2026, no adjustments were made that impacted paid-in capital or distributable earnings.

Risks of Investing in Derivatives. The Fund invests in options, which are a form of derivative investment. Derivatives have risks, including the imperfect correlation between the value of such instruments and the underlying assets or index; the loss of principal, including the potential loss of amounts greater than the initial amount invested in the derivative instrument; and illiquidity of the derivative investments. The derivatives used by the Fund may give rise to a form of leverage. Leverage magnifies the potential for risk of loss. Certain of the Fund’s transactions in derivatives could also affect the amount, timing, and character of distributions to shareholders. The Fund’s transactions in derivatives may result in the Fund realizing more short-term capital gain and ordinary income subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund’s after-tax returns.

may be adversely affected if the market for the option becomes less liquid or smaller, and will be affected by changes in the value or yield of the option’s underlying asset, an increase in interest rates, a change in the actual or perceived volatility of the stock market or the underlying asset and the remaining time to expiration. Additionally, the value of an option does not increase or decrease at the same rate as the underlying asset(s). The Fund’s use of options, due to the cost of the options, may reduce the Fund’s ability to achieve returns equal to the underlying asset. This means that if the underlying asset price changes, the Fund may not benefit to the same extent or at the same rate as the underlying asset price changed. In addition, if the price of the underlying asset of an option is above the strike price of a written call option or below the strike price for a written put option, the value of the option, and consequently of the Fund, may decline significantly more than if the Fund invested directly in the underlying asset instead of using options. The Fund could experience a loss if its options do not perform as anticipated or are not correlated with the performance of their underlying index or reference asset or if the Fund is unable to purchase or liquidate a position because of an illiquid secondary market.

Equity Market Risk. The equity securities underlying the Fund’s option investments 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. 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.

FLEX Options Risk. The Fund may invest in FLEX Options issued and guaranteed for settlement by the OCC. The Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. Additionally, FLEX Options may be illiquid, and in such cases, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices.

Fixed-Income Securities Risk. The Fund may invest in fixed-income securities directly or through ETFs or other investment companies. Fixed-income securities are subject to interest rate risk (discussed further herein), credit risk (discussed further herein), call risk, prepayment and extension risk, and liquidity risk. An issuer may “call,” or repay, its high-yielding bonds before their maturity dates. Fixed-income securities subject to prepayment can offer less potential for gains during a declining interest rate environment and similar or greater potential for loss in a rising interest rate environment. Limited trading opportunities for certain fixed-income securities may make it more difficult to sell or buy a security at a favorable price or time.

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

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.

Other Investment Companies Risk. The Fund may suffer losses due to the investment practices of the underlying funds as the Fund will be subject to substantially the same risks as those associated with the direct ownership of securities held by such investment companies. The Fund will incur higher and duplicative expenses when it invests in ETFs and other investment companies. By investing in another investment company, the Fund becomes a shareholder of that investment company and bears its proportionate share of the fees and expenses of the other investment company. ETFs may be less liquid than other investments, and thus their share values more volatile than the values of the investments they hold. Investments in ETFs are also subject to the “ETF Risks” described below.

Credit Risk. An issuer or guarantor of debt instruments or the counterparty to a derivatives contract, repurchase agreement or loan of portfolio securities may be unable or unwilling to make its timely interest and/or principal payments or to otherwise honor its obligations. Debt instruments are subject to varying degrees of credit risk, which may be reflected in their credit ratings. There is the chance that the Fund’s portfolio holdings will have their credit ratings downgraded or will default (i.e., fail to make scheduled interest or principal payments), potentially reducing the Fund’s income level or Share price.

and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.

High Portfolio Turnover Risk. The Fund may actively and 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.

Interest Rate Risk. Generally, the value of fixed-income securities will change inversely with changes in interest rates. As interest rates rise, the market value of fixed-income securities tends to decrease. Conversely, as interest rates fall, the market value of fixed-income securities tends to increase. This risk will be greater for long-term securities than for short-term securities. Changes in government intervention may have adverse effects on investments, volatility, and illiquidity in debt markets. In addition, the interest rates payable on floating-rate securities are not fixed and may fluctuate based upon changes in market rates. The interest rate on a floating-rate security is a variable rate which is tied to another interest rate. Floating-rate securities are subject to interest rate risk and credit risk.

Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund. Although the Adviser has experience managing other accounts employing the Fund’s strategy, the Adviser may not be able to replicate the historical performance of the strategy.

Models and Data Risk. The composition of the Fund’s portfolio is heavily dependent on Models and Data (as defined in the Fund’s prospectus). When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities from the Fund’s portfolio universe that would have been excluded or included had the Models and Data been correct and complete.

Tax Risk. The Fund’s investments and investment strategies, including transactions in options contracts, may be subject to special and complex federal income tax provisions, the effect of which may be, among other things: (i) to disallow, suspend, defer or otherwise limit the allowance of certain losses or deductions; (ii) to accelerate income to the Fund; (iii) to convert long-term capital gain, which is currently subject to lower tax rates, into short-term capital gain or ordinary income, which are currently subject to higher tax rates; (iv) to convert an ordinary loss or a

deduction into a capital loss (the deductibility of which is more limited); (v) to treat dividends that would otherwise constitute qualified dividend income as non-qualified dividend income; and (vi) to produce income that will not qualify as good income under the gross income requirements that must be met for the Fund to qualify as a RIC under Subchapter M of Chapter 1, Subtitle A of the Code. Furthermore, to the extent that any option on a futures contract held by the Fund is a “Section 1256 contract” under Section 1256 of the Code, the contract will be marked-to-market annually, and any gain or loss will be treated as 60% long-term and 40% short-term capital gain or loss, regardless of the holding period for such contract. Section 1256 contracts may include Fund transactions involving call options on a broad-based securities index and other financial contracts.

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 the direction and 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.

Pursuant to the Advisory Agreement, the Fund pays the Adviser a unitary management fee (the “Investment Advisory Fee”) of 0.95% based on the average daily net assets of the Fund. Out of the Investment Advisory 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 (collectively, “Excluded Expenses”), and the Investment Advisory Fee payable to the Adviser. The Investment Advisory Fees incurred are paid monthly to the Adviser. Investment Advisory Fees for the year ended April 30, 2026 are disclosed in the Statement of Operations.

The Adviser has entered into an agreement with ZEGA Financial, LLC (“ZEGA”), with respect to the Fund, under which ZEGA assumes the obligation of the Adviser to pay all expenses of the Fund, except the Excluded Expenses (such expenses of the Fund, except Excluded Expenses, the “Unitary Expenses”). For assuming the payment obligations for the Fund, the Adviser has agreed to pay ZEGA the profits, if any, generated by the Fund’s unitary fee less a contractual fee retained by the Adviser. Expenses incurred by the Fund and paid by ZEGA include fees charged by Tidal (defined below) which is an affiliate of the Adviser. Although ZEGA has agreed to be responsible for all of the Unitary Expenses for the Fund, the Adviser retains the ultimate obligation to the Fund to pay such expenses.

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. As compensation for the services it provides, Tidal receives a fee based on the Fund’s average daily net assets, subject to a minimum annual fee. Tidal also is entitled to certain out-of-pocket expenses for the services mentioned above.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as the Fund’s fund accountant and transfer agent. In those capacities, Fund Services performs various accounting and transfer agency services for the Fund. U.S. Bank N.A. (the “Custodian”), an affiliate of Fund Services, serves as the Fund’s custodian. Prior to August 1, 2025, Fund Services also served as the Fund’s sub-administrator.

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.

In accordance with the FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07"), the Fund has evaluated its business activities and determined that it operates as a single reportable segment.

The Fund’s investment activities are managed by the Principal Financial Officer, which serves as the Chief Operating Decision Maker (“CODM”). The Principal Financial Officer is responsible for assessing the Fund’s financial performance and allocating resources. In making these assessments, the Principal Financial Officer evaluates the Fund’s financial results on an aggregated basis, rather than by separate segments. As such, the Fund does not allocate operating expenses or assets to multiple segments, and accordingly, no additional segment disclosures are required. There were no intra-entity sales or transfers during the reporting period.

The Fund primarily generates income through dividends, interest, and realized/unrealized gains on its investment portfolio. Expenses incurred, including management fees, Fund operating expenses, and transaction costs, are considered general Fund-level expenses and are not allocated to specific segments or business lines.

Management has determined that the Fund does not meet the criteria for disaggregated segment reporting under ASU 2023-07 and will continue to evaluate its reporting requirements in accordance with applicable accounting standards.

For the year ended April 30, 2026, 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:

For the year ended April 30, 2026, the purchases and sales of long-term U.S. government securities were as follows:

For the year ended April 30, 2026, in-kind transactions associated with creations and redemptions for the Fund were:

The tax character of distributions paid during the year ended April 30, 2026 and the prior fiscal year ended April 30, 2025 were as follows:

As of the fiscal year ended April 30, 2026, the components of distributable earnings/(accumulated losses) on a tax basis were as follows:

^(a)The difference between cost amounts for financial statement and federal income tax purposes is primarily related to wash sale and straddle adjustments.

^(b)Includes straddle loss deferral of $774,364 and unrealized appreciation/(depreciation) on written options of $ 309,266.

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 fiscal year ended April 30, 2026, the Fund had not elected to defer any post-October or late-year losses.

As of the fiscal year ended April 30, 2026, the Fund did not have long-term capital loss carryovers and had short-term capital loss carryovers of $7,312,970, which do not expire. As of April 30, 2026, the Fund utilized long-term and short-term capital loss carryovers of $6,020,262 and $102,936, respectively.

U.S. Bank N.A. has made available to the Fund a credit facility pursuant to a Loan Agreement for temporary or extraordinary purposes. Credit facility details for the year ended April 30, 2026, were as follows:

Interest expense incurred for the fiscal year ended April 30, 2026 is disclosed in the Statement of Operations, if applicable. The credit facility is an uncommitted, senior secured 364-day umbrella line of credit used for the benefit of certain funds in the Trust.

The maximum available credit is disclosed at the Trust level. The Fund’s ability to borrow is therefore limited by borrowings of other funds within the Trust which are party to the agreement and to one-third of the Fund’s total assets.

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 $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 Units and Redemption Units of up to a maximum of 2% of the value of the Creation Units and Redemption Units subject to the transaction. Variable fees are imposed to compensate the Fund for transaction costs associated with the cash transactions. Variable fees received by the Fund, if any, are disclosed in the capital shares transactions section of the Statement of Changes in Net Assets. The Fund may issue an unlimited number of Shares of beneficial interest, with no par value. All Shares of the Fund have equal rights and privileges.

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 uncertainty

regarding inflation and central banks’ interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, political events, armed conflict, war, and geopolitical conflict. 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. As a result, the risk environment remains elevated.

In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which enhances the transparency and decision usefulness of income tax disclosures. The amendments are effective for annual periods beginning after December 15, 2024. The Fund has adopted ASU 2023-09, which did not have a material impact on the Fund’s financial statements or disclosures.

In preparing these financial statements, management has 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 recognized or disclosed in the Fund’s financial statements.

We have audited the accompanying statement of assets and liabilities, including the schedules of investments and written options contracts, of ZEGA Buy and Hedge ETF (the “Fund”), a series of Tidal Trust I, as of April 30, 2026, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for the years ended April 30, 2026, 2025, 2024, and 2023, and for the period from July 6, 2021 (commencement of operations) to April 30, 2022, and the related notes (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 April 30, 2026, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated above, in conformity with accounting principles generally accepted in the United States of America.

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 audits. 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 audits 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 audits 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 April 30, 2026, by correspondence with the custodian and brokers. Our audits 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 audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Tidal Investments LLC investment companies since 2020.

For the year ended April 30, 2026, 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:

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the year ended April 30, 2026, was as follows:

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(c) for the year ended April 30, 2026, was as follows:

Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.

There were no matters submitted to a vote of shareholders during the period covered by the report.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.

See Item 7(a). Under the Investment Advisory Agreement, in exchange for a single unitary management fee from each Fund, the Adviser has agreed to pay all expenses incurred by the Fund, including Trustee compensation, except for certain excluded expenses.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

The Board of Trustees (the “Board” or the “Trustees”) of Tidal Trust I (the “Trust”) met at a meeting held on April 2, 2026 to consider the renewal of the Investment Advisory Agreement (the “Advisory Agreement”) between the Trust, on behalf of the ZEGA Buy and Hedge ETF (the “Fund”), a series of the Trust, and Tidal Investments LLC, the Fund’s investment adviser (the “Adviser”). Prior to this meeting, the Board requested and received materials to assist them in considering the renewal of the Advisory Agreement. The materials provided contained information with respect to the factors enumerated below, including a copy of the Advisory Agreement, a memorandum prepared by outside legal counsel to the Trust and Independent Trustees discussing in detail the Trustees’ fiduciary obligations and the factors they should assess in considering the renewal of the Advisory Agreement, due diligence materials relating to the Adviser (including the due diligence response completed by the Adviser with respect to a specific request letter from outside legal counsel to the Trust and Independent Trustees, the Adviser’s Form ADV, select ownership, organizational, financial and insurance information for the Adviser, biographical information of the Adviser’s key management and compliance personnel, detailed comparative information regarding the unitary advisory fee for the Fund, and information regarding the Adviser’s compliance program) and other pertinent information. Based on their evaluation of the information provided, the Trustees, by a unanimous vote (including a separate vote of the Trustees who are not “interested persons,” as that term is defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”)), approved the renewal of the Advisory Agreement for an additional one-year term.

In considering the renewal of the Advisory Agreement and reaching their conclusions, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors enumerated below.

The Board also considered other services provided to the Fund, such as monitoring adherence to the Fund’s investment strategy and restrictions, oversight of other service providers to the Fund, monitoring compliance with various Fund policies and procedures and with applicable securities regulations, the investment purpose and potential benefits and risks of the Fund’s use of derivatives instruments, and monitoring the extent to which the Fund achieves its investment objective as an actively-managed ETF. The Board noted that the Adviser is responsible for portfolio investment decisions and trade execution for the Fund.

The Board concluded that the Adviser had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Advisory Agreement and managing the Fund and that the nature, overall quality and extent of the management services provided to the Fund, as well as the Adviser’s compliance program, were satisfactory.

The Board considered the performance of the Fund on an absolute basis, in comparison to its benchmark index (the S&P 500 Total Return Index), and in comparison, to a secondary benchmark index (the Bloomberg U.S. Aggregate Bond Index). The Board also considered comparative information prepared by the Adviser, in partnership with AltaVista Research, LLC, a third-party ETF research firm, comparing the Fund to a peer group comprised of other actively-managed ETFs within the Fund’s designated Morningstar category (the U.S. derivative income fund category) (the “ZHDG Peer Group”). The Board noted that the Fund underperformed the S&P 500 Total Return Index for the one-year, three-year and since inception periods ended December 31, 2025. The Board also noted that the Fund outperformed the Bloomberg U.S. Aggregate Bond Index for the one-year, three-year, and since inception periods ended December 31, 2025. The Board also considered that the Fund outperformed the ZHDG Peer Group average, but underperformed the ZHDG Peer Group median for the one-year period ended February 27, 2026. The Board also considered the Fund underperformed the ZHDG Peer Group median and average for the three-year period ended February 27, 2026. The Board also noted that the Fund ranked fifty-eighth out of one hundred six funds in the ZHDG Peer Group for the one-year period ended February 27, 2026, and thirteenth out of nineteen funds in the ZHDG Peer Group for the three-year period ended February 27, 2026.

After considering all of the information, the Board concluded that the performance of the Fund was satisfactory under current market conditions and that the Adviser has the necessary expertise and resources in providing investment advisory services in accordance with the Fund’s investment objective and strategies. Although past performance is not a guarantee or indication of future results, the Board determined that the Fund and its shareholders were likely to benefit from the Adviser’s continued management.

The Board considered that the Fund’s advisory fee of 0.95% was above the ZHDG Peer Group average of 0.795%, and that the Fund’s expense ratio of 0.96% (which included 0.01% of interest charges on borrowings) was above the ZHDG Peer Group average of 0.85%.

The Board concluded that the Fund’s expense ratio and the advisory fee were fair and reasonable in light of the comparative performance, advisory fee and expense information and the investment management services provided to the Fund by the Adviser given the nature of the Fund’s investment strategy. The Board also evaluated, based on a profitability analysis prepared by the Adviser, the fees received by the Adviser and its affiliates and the profits realized by the Adviser from its relationship with the Fund and the profitability of the Fund’s unitary fee on an aggregate basis. The Board concluded that while the Fund was profitable, the fees had not been, and currently were not, excessive, and the Adviser had adequate financial resources to support its services to the Fund from the revenues of its overall investment advisory business including fees retained by the Adviser under a contractual support agreement with the Fund’s sponsor.

Conclusion. Based on the Board’s deliberations and its evaluation of the information described above, with no single factor determinative of a conclusion, the Board, including the Independent Trustees, unanimously concluded that: (a) the terms of the Advisory Agreement are fair and reasonable; (b) the advisory fee is reasonable in light of the services that the Adviser provides to the Fund; and (c) the approval of the renewal of the Advisory Agreement for an additional term ending April 30, 2027 was in the best interests of the Fund and its shareholders.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed. Not applicable.

(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

(5) Change in the registrant’s independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable.

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

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

sector	%
Purchased Options	72.4%
U.S. Treasury Bills	24.3%
Cash & Other	3.3%

	FYE 4/30/2026	FYE 4/30/2025
( a ) Audit Fees	$14,000	$14,000
( b ) Audit-Related Fees	N/A	N/A
( c ) Tax Fees	$3,000	$3,000
( d ) All Other Fees	N/A	N/A

Non-Audit Related Fees	FYE 4/30/2026	FYE 4/30/2025
Registrant	N/A	N/A
Registrant’s Investment Adviser	N/A	N/A

	Page
Schedule of Investments	1
Schedule of Written Options Contracts	2
Statement of Assets and Liabilities	3
Statement of Operations	4
Statements of Changes in Net Assets	5
Financial Highlights	6
Notes to Financial Statements	7
Report of Independent Registered Public Accounting Firm	21
Other Non-Audited Information	22

PURCHASED OPTIONS - 72.4%^(a)(b)(c)	Notional Amount		Contracts		Value
Call Options - 71.9%
State Street SPDR S&P 500 ETF Trust, Expiration: 12/31/2026;
Exercise Price: $220.01	$	35,358,072		492	$	24,573,880

Put Options - 0.5%
State Street SPDR S&P 500 ETF Trust, Expiration: 6/30/2026; Exercise Price: $640.00^(d)		28,746,400		400		127,400
State Street SPDR S&P 500 ETF Trust, Expiration: 9/18/2026; Exercise Price: $615.00		6,108,610		85		61,242
Total Put Options						188,642

TOTAL PURCHASED OPTIONS (Cost $23,808,893)						24,762,522

SHORT-TERM INVESTMENTS - 24.9%
Money Market Funds - 0.6%			Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(e)				203,388		203,388

				Principal
U.S. Treasury Bills - 24.3%			Amount		Value
U.S. Treasury Bill, 6/11/2026, 3.57%^(f)			$	1,338,000		1,332,522
U.S. Treasury Bill, 7/9/2026, 3.63%^(f)				2,927,000		2,906,790
U.S. Treasury Bill, 8/6/2026, 3.63%^(f)				1,885,000		1,866,817
U.S. Treasury Bill, 9/3/2026, 3.64%^(f)				2,225,000		2,197,380
						8,303,509

TOTAL SHORT-TERM INVESTMENTS (Cost $8,507,222)						8,506,897

TOTAL INVESTMENTS - 97.3% (Cost $32,316,115)						33,269,419
Other Assets in Excess of Liabilities - 2.7%						913,410
TOTAL NET ASSETS - 100.0%					$	34,182,829

	FYE 4/30/2026	FYE 4/30/2025
Audit-Related Fees	0%	0%
Tax Fees	0%	0%
All Other Fees	0%	0%

	Notional
WRITTEN OPTIONS - (0.1)%^(a)(b)	Amount			Contracts			Value
Put Options - (0.1)%
State Street SPDR S&P 500 ETF Trust, Expiration: 6/30/2026; Exercise Price: $550.00	$	(28,746,400	)		(400	)	$	(35,400	)

TOTAL WRITTEN OPTIONS (Premiums received $344,666)							$	(35,400	)

Percentages are stated as a percent of net assets.

	ZEGA Buy and Hedge ETF
ASSETS:
Investments, at value (cost $32,316,115) (Note 2)	$	33,269,419
Deposits with brokers for derivatives		1,544,417
Interest receivable		523
Total assets		34,814,359

LIABILITIES:
Written option contracts, premium received ($344,666)		35,400
Payable for Fund shares redeemed		569,715
Payable to adviser (Note 4)		26,415
Total liabilities		631,530
NET ASSETS	$	34,182,829

NET ASSETS CONSISTS OF:
Paid-in capital	$	41,479,944
Total distributable earnings/(accumulated losses)		(7,297,115)
Total Net Assets	$	34,182,829

Net assets	$	34,182,829
Shares issued and outstanding^(a)		1,500,000
Net asset value per share	$	22.79

	ZEGA Buy and
	Hedge ETF

INVESTMENT INCOME:
Interest income	$	342,364
Total investment income		342,364

EXPENSES:
Investment advisory fee (Note 4)		295,240
Total expenses		295,240
NET INVESTMENT INCOME (LOSS)		47,124

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments		6,543,685
Written option contracts		149,132
Net realized gain (loss)		6,692,817
Net change in unrealized appreciation (depreciation) on:
Investments		(1,778,850)
Written option contracts		309,266
Net change in unrealized appreciation (depreciation)		(1,469,584)
Net realized and unrealized gain (loss)		5,223,233
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	5,270,357

	ZEGA Buy and Hedge ETF
	Year Ended		Year Ended
	April 30, 2026		April 30, 2025
OPERATIONS:
Net investment income (loss)	$	47,124	$	159,341
Net realized gain (loss)		6,692,817		1,119,327
Net change in unrealized appreciation (depreciation)		(1,469,584)		2,229,001
Net increase (decrease) in net assets resulting from operations		5,270,357		3,507,669

DISTRIBUTIONS TO SHAREHOLDERS:
From earnings		(47,243)		(159,341)
Return of capital		(823,507)		(497,847)
Total distributions to shareholders		(870,750)		(657,188)

CAPITAL TRANSACTIONS:
Subscriptions		12,926,449		6,990,193
Redemptions		(9,886,687)		(18,537,158)
Net increase (decrease) in net assets from capital transactions		3,039,762		(11,546,965)

NET INCREASE (DECREASE) IN NET ASSETS		7,439,369		(8,696,484)

NET ASSETS:
Beginning of the period		26,743,460		35,439,944
End of the period	$	34,182,829	$	26,743,460

SHARES TRANSACTIONS
Subscriptions		575,000		350,000
Redemptions		(450,000)		(925,000)
Total increase (decrease) in shares outstanding		125,000		(575,000)

	ZEGA Buy and Hedge ETF
	Year Ended	Year Ended	Year Ended	Year Ended	Period Ended
	April 30, 2026	April 30, 2025	April 30, 2024	April 30, 2023	April 30, 2022^(a)

PER SHARE DATA:

Net asset value, beginning of period	$19.45	$18.17	$16.54	$18.35	$20.00

INVESTMENTS OPERATIONS:
Net investment income (loss)^(b)	0.03	0.11	0.09	0.46	0.34
Net realized and unrealized gain (loss) on investments^(c)	3.89	1.70	1.81	(1.70)	(1.71)
Total from investment operations	3.92	1.81	1.90	(1.24)	(1.37)

LESS DISTRIBUTIONS FROM:
Net investment income	(0.03)	(0.13)	(0.19)	(0.57)	(0.28)
Return of capital	(0.55)	(0.40)	(0.08)	–	–
Total distributions	(0.58)	(0.53)	(0.27)	(0.57)	(0.28)

Net asset value, end of period	$22.79	$19.45	$18.17	$16.54	$18.35
TOTAL RETURN^(d)	20.15%	9.73%	11.58%	(6.67)%	(7.01)%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$34,183	$26,743	$35,440	$55,393	$116,985
Ratio of expenses to average net assets^(e)	0.95%	0.96%	0.98%	0.95%	0.95%
Ratio of interest expense to average net assets^(e)	–%	0.01%^(g)	0.03%	0.00%^(f)(g)	–%
Ratio of operational expenses to average net assets excluding interest expense^(e)	0.95%	0.95%	0.95%	0.95%	0.95%
Ratio of net investment income to average net assets^(e)	0.15%	0.53%	0.50%	2.68%	2.09%
Portfolio turnover rate^(d)(h)	106%⁽ⁱ⁾	20%	80%	214%	107%

	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Purchased Options	$	–	$	24,762,522		$	–	$	24,762,522
U.S. Treasury Bills		–		8,303,509			–		8,303,509
Money Market Funds		203,388		–			–		203,388
Total Investments	$	203,388	$	33,066,031		$	–	$	33,269,419
Liabilities:
Investments:
Written Options		–		(35,400	)		–		(35,400	)
Total Investments	$	–	$	(35,400	)	$	–	$	(35,400	)

		Average Notional Amount
Purchased Options	$	64,777,969
Written Options		(7,065,394)

	Asset Derivatives as of April 30, 2026			Liability Derivatives as of April 30, 2026
Instrument	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Equity Contracts:
Purchased Options	Investments, at value	$	24,762,522	None	$	-
Written Options	None		-	Written option contracts, at value		35,400

Instrument	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Equity Contracts:
Purchased Options	Realized and Unrealized Gain (Loss) from Investments	$	6,545,311	$	(1,773,041	)

Distributions paid from:		April 30, 2026			April 30, 2025
Ordinary Income	$		47,243	$		159,341
Return of Capital			823,507			497,847

Cost of investments^(a)	$	32,788,467

Gross tax unrealized appreciation		1,536,259
Gross tax unrealized depreciation		(1,055,307	)
Net tax unrealized appreciation (depreciation)		480,952
Undistributed ordinary income (loss)		–
Undistributed long-term capital gain (loss)		–
Total distributable earnings		–
Other accumulated gain (loss)^(b)		(7,778,067	)
Total distributable earnings/(accumulated losses)	$	(7,297,115	)

Maximum available credit	$ 50,000,000
Largest amount outstanding on an individual day	–
Average daily loan outstanding	–
Credit facility outstanding as of April 30, 2026	–
Average interest rate, when in use	N/A
Interest rate terms	Prime
Interest rate as of April 30, 2026	6.75%
Expiration date (renewed through June 23, 2027)	June 24, 2026

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

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