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          <ccc>XXXXXXXX</ccc>
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        <classId>C000229056</classId>
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      <regStreet1>234 West Florida Street</regStreet1>
      <regStreet2>Suite 700</regStreet2>
      <regCity>Milwaukee</regCity>
      <regStateConditional regCountry="US" regState="US-WI"/>
      <regZipOrPostalCode>53204</regZipOrPostalCode>
      <regPhone>8449867676</regPhone>
      <seriesName>SonicShares(TM) Global Shipping ETF</seriesName>
      <seriesId>S000072647</seriesId>
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      <repPdEnd>2027-03-31</repPdEnd>
      <repPdDate>2026-06-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>8636596.33</totLiabs>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Heung-A Shipping Co Ltd</name>
        <lei>N/A</lei>
        <title>Heung-A Shipping Co Ltd</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7003280005"/>
          <ticker value="003280 KS"/>
        </identifiers>
        <balance>106269</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.3"/>
        <valUSD>110638.29</valUSD>
        <pctVal>0.16501521240274544</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Himalaya Shipping Ltd</name>
        <lei>N/A</lei>
        <title>Himalaya Shipping Ltd</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG4660A1036"/>
          <ticker value="HSHP NO"/>
        </identifiers>
        <balance>20766</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.8955"/>
        <valUSD>275327.09</valUSD>
        <pctVal>0.41064588251119766</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HMM Co Ltd</name>
        <lei>988400M8Q35QDZ4XXW80</lei>
        <title>HMM Co Ltd</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7011200003"/>
          <ticker value="011200"/>
        </identifiers>
        <balance>276456</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.3"/>
        <valUSD>3320755.28</valUSD>
        <pctVal>4.952852560056183</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hoegh Autoliners ASA</name>
        <lei>549300D7GNMPKTA4HD46</lei>
        <title>Hoegh Autoliners ASA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NO0011082075"/>
          <ticker value="HAUTO"/>
        </identifiers>
        <balance>84124</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.8955"/>
        <valUSD>1231829.38</valUSD>
        <pctVal>1.8372535112811506</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>International Seaways Inc</name>
        <lei>549300YUFDGFRNGBWF46</lei>
        <title>International Seaways Inc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MHY410531021"/>
          <ticker value="INSW"/>
        </identifiers>
        <balance>35751</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2738169.09</valUSD>
        <pctVal>4.083934720800386</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kawasaki Kisen Kaisha Ltd</name>
        <lei>353800FL04R73DS5P870</lei>
        <title>Kawasaki Kisen Kaisha Ltd</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3223800008"/>
          <ticker value="9107"/>
        </identifiers>
        <balance>216853</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.525"/>
        <valUSD>3315672.7</valUSD>
        <pctVal>4.945271974544116</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KNOT Offshore Partners LP</name>
        <lei>549300RM8O2QLS7ZQN07</lei>
        <title>KNOT Offshore Partners LP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MHY481251012"/>
          <ticker value="KNOP"/>
        </identifiers>
        <balance>14857</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>148272.86</valUSD>
        <pctVal>0.221146562247686</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Matson Inc</name>
        <lei>549300OI5H3Y0I9I4I12</lei>
        <title>Matson Inc</title>
        <cusip>57686G105</cusip>
        <identifiers>
          <isin value="US57686G1058"/>
          <ticker value="MATX"/>
        </identifiers>
        <balance>14983</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2880182.09</valUSD>
        <pctVal>4.2957448035389305</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="2736009.59"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mitsui OSK Lines Ltd</name>
        <lei>353800P8O843TMAZ6S09</lei>
        <title>Mitsui OSK Lines Ltd</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3362700001"/>
          <ticker value="9104"/>
        </identifiers>
        <balance>101334</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.525"/>
        <valUSD>3250294.67</valUSD>
        <pctVal>4.847761704754849</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mount Vernon Liquid Assets Portfolio, LLC</name>
        <lei>N/A</lei>
        <title>Mount Vernon Liquid Assets Portfolio, LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="990VR1110"/>
        </identifiers>
        <balance>8580573.25</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8580573.25</valUSD>
        <pctVal>12.797785625447263</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="8580573.25" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MPC Container Ships ASA</name>
        <lei>213800MXS7CXYJ2Q1805</lei>
        <title>MPC Container Ships ASA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NO0010791353"/>
          <ticker value="MPCC"/>
        </identifiers>
        <balance>195658</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.8955"/>
        <valUSD>501230.89</valUSD>
        <pctVal>0.7475777307853106</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Navigator Holdings Ltd</name>
        <lei>213800H7RVOFYARK2W19</lei>
        <title>Navigator Holdings Ltd</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MHY621321089"/>
          <ticker value="NVGS"/>
        </identifiers>
        <balance>27244</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>507555.72</valUSD>
        <pctVal>0.7570111119941241</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nordic American Tankers Ltd</name>
        <lei>213800W4T8AMPKIPIU94</lei>
        <title>Nordic American Tankers Ltd</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG657731060"/>
          <ticker value="NAT"/>
        </identifiers>
        <balance>93465</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>517796.1</valUSD>
        <pctVal>0.7722844724264376</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NS United Kaiun Kaisha Ltd</name>
        <lei>353800MK2Y7X2PZGXN23</lei>
        <title>NS United Kaiun Kaisha Ltd</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3385000009"/>
          <ticker value="9110"/>
        </identifiers>
        <balance>10572</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.525"/>
        <valUSD>418261.56</valUSD>
        <pctVal>0.6238303227870176</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Okeanis Eco Tankers Corp</name>
        <lei>N/A</lei>
        <title>Okeanis Eco Tankers Corp</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MHY641771016"/>
          <ticker value="OET NO"/>
        </identifiers>
        <balance>17163</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.8955"/>
        <valUSD>848133.7</valUSD>
        <pctVal>1.2649776370497625</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OOIL</name>
        <lei>529900DQ426GJO276W95</lei>
        <title>Orient Overseas International Ltd</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG677491539"/>
          <ticker value="316"/>
        </identifiers>
        <balance>203409</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84205"/>
        <valUSD>3164465.67</valUSD>
        <pctVal>4.7197491454020675</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pacific Basin Shipping Ltd</name>
        <lei>254900LNPK737X4Y3V26</lei>
        <title>Pacific Basin Shipping Ltd</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG684371393"/>
          <ticker value="2343"/>
        </identifiers>
        <balance>2280436</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84205"/>
        <valUSD>785148.93</valUSD>
        <pctVal>1.1710368756760279</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pan Ocean Co Ltd</name>
        <lei>988400HGOJIHDWPIAT45</lei>
        <title>Pan Ocean Co Ltd</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7028670008"/>
          <ticker value="028670"/>
        </identifiers>
        <balance>236282</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.3"/>
        <valUSD>722129.52</valUSD>
        <pctVal>1.0770444493049613</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pangaea Logistics Solutions Lt</name>
        <lei>N/A</lei>
        <title>Pangaea Logistics Solutions Ltd</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG6891L1054"/>
          <ticker value="PANL"/>
        </identifiers>
        <balance>28874</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>187681</valUSD>
        <pctVal>0.2799231629389759</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Safe Bulkers Inc</name>
        <lei>549300V6ZM2HJJYQQO85</lei>
        <title>Safe Bulkers Inc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MHY7388L1039"/>
          <ticker value="SB"/>
        </identifiers>
        <balance>45130</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>284770.3</valUSD>
        <pctVal>0.42473027683719206</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MC</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Scorpio Tankers Inc</name>
        <lei>549300NVJUH16NXG8K87</lei>
        <title>Scorpio Tankers Inc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MHY7542C1306"/>
          <ticker value="STNG"/>
        </identifiers>
        <balance>37375</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2588592.5</valUSD>
        <pctVal>3.8608436664345938</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MC</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="2459145.56"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Seanergy Maritime Holdings Cor</name>
        <lei>213800S7JIZA8FZXF245</lei>
        <title>Seanergy Maritime Holdings Corp</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MHY737604006"/>
          <ticker value="SHIP"/>
        </identifiers>
        <balance>9320</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>125167.6</valUSD>
        <pctVal>0.18668544226363115</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SFL Corp Ltd</name>
        <lei>549300RLYYPSB0C7RH77</lei>
        <title>SFL Corp Ltd</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG7738W1064"/>
          <ticker value="SFL"/>
        </identifiers>
        <balance>63818</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>650943.6</valUSD>
        <pctVal>0.9708718059200641</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SITC International Holdings Co</name>
        <lei>529900JUV4MOM9CE3V12</lei>
        <title>SITC International Holdings Co Ltd</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG8187G1055"/>
          <ticker value="1308"/>
        </identifiers>
        <balance>796540</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84205"/>
        <valUSD>3187358.56</valUSD>
        <pctVal>4.753893518980715</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Star Bulk Carriers Corp</name>
        <lei>549300SO3FMK7H6DDY54</lei>
        <title>Star Bulk Carriers Corp</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MHY8162K2046"/>
          <ticker value="SBLK"/>
        </identifiers>
        <balance>50251</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1254767.47</valUSD>
        <pctVal>1.8714652999255998</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>StealthGas Inc</name>
        <lei>549300JCJUO3WBVVKJ89</lei>
        <title>StealthGas Inc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MHY816691064"/>
          <ticker value="GASS"/>
        </identifiers>
        <balance>16413</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>129662.7</valUSD>
        <pctVal>0.19338981089831975</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Stolt-Nielsen Ltd</name>
        <lei>213800VZX4LWJSGRLR94</lei>
        <title>Stolt-Nielsen Ltd</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG850801025"/>
          <ticker value="SNI"/>
        </identifiers>
        <balance>42692</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.8955"/>
        <valUSD>1257613.86</valUSD>
        <pctVal>1.8757106443757994</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Teekay Corp Ltd</name>
        <lei>YHKQM2RIPKZYOZ6RVZ46</lei>
        <title>Teekay Corp Ltd</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG8726T1053"/>
          <ticker value="TK"/>
        </identifiers>
        <balance>38406</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>384060</valUSD>
        <pctVal>0.5728192515936247</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Teekay Tankers Ltd</name>
        <lei>549300DE8ZAIYS2T6Q22</lei>
        <title>Teekay Tankers Ltd</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG8726X1065"/>
          <ticker value="TNK"/>
        </identifiers>
        <balance>13250</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>859527.5</valUSD>
        <pctVal>1.2819713046767152</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TORM PLC</name>
        <lei>213800VL1H1ABVM1ZF63</lei>
        <title>TORM PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BZ3CNK81"/>
          <ticker value="TRMDA"/>
        </identifiers>
        <balance>45162</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.538"/>
        <valUSD>1164624.23</valUSD>
        <pctVal>1.7370181216903646</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TS Lines Ltd</name>
        <lei>8368006B8C0EXQ2JDM96</lei>
        <title>TS Lines Ltd</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="HK0001078598"/>
          <ticker value="2510"/>
        </identifiers>
        <balance>734894</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84205"/>
        <valUSD>716896.62</valUSD>
        <pctVal>1.0692396639545882</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tsakos Energy Navigation Ltd</name>
        <lei>549300IFUTS62LRRCU54</lei>
        <title>Tsakos Energy Navigation Ltd</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG9108L1735"/>
          <ticker value="TEN"/>
        </identifiers>
        <balance>12999</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>459774.63</valUSD>
        <pctVal>0.6857463923822729</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wallenius Wilhelmsen ASA</name>
        <lei>549300NBN0URT3RA3Y54</lei>
        <title>Wallenius Wilhelmsen ASA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NO0010571680"/>
          <ticker value="WAWI"/>
        </identifiers>
        <balance>205429</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.8955"/>
        <valUSD>2725767.04</valUSD>
        <pctVal>4.065437264675753</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ZIM Integrated Shipping Servic</name>
        <lei>21380089EIJRELKAIL21</lei>
        <title>ZIM Integrated Shipping Services Ltd</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IL0065100930"/>
          <ticker value="ZIM"/>
        </identifiers>
        <balance>53173</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1382498</valUSD>
        <pctVal>2.0619733106537597</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-08-25</ncom:dateSigned>
      <ncom:nameOfApplicant>Tidal Trust I</ncom:nameOfApplicant>
      <ncom:signature>/s/ Aaron Perkovich</ncom:signature>
      <ncom:signerName>Aaron Perkovich</ncom:signerName>
      <ncom:title>Treasurer/Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
