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FUND SUMMARY Investment Objective The Subversive Growth 100 Redacted ETF (the “Fund”) seeks capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zLnkh1Lw7fzb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_za4YnPuf3GA" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td colspan="3" id="xdx_98C_eoef--OperatingExpensesCaption_c20260930__20260930__dei--LegalEntityAxis__custom--S000109190Member_zoawqKfbZqDj" style="border-bottom: black 1pt solid; vertical-align: bottom">Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) </td> <td> </td></tr> <tr> <td colspan="2" style="vertical-align: bottom; text-align: justify">Management Fee </td> <td id="xdx_98D_eoef--ManagementFeesOverAssets_dpn_c20260930__20260930__oef--ClassAxis__custom--C000280289Member_fKDEp_z9BkOGowQo8g" style="vertical-align: bottom; text-align: right">0.55%</td> <td> </td></tr> <tr> <td colspan="2" style="vertical-align: bottom; text-align: justify">Distribution and Service (12b-1) Fees </td> <td style="vertical-align: bottom; text-align: right"> 0.00%</td> <td> </td></tr> <tr> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: justify">Other Expenses(2)</td> <td id="xdx_98D_eoef--OtherExpensesOverAssets_dpn_c20260930__20260930__oef--ClassAxis__custom--C000280289Member_fKDEpKDIp_zOZJOywpbVNk" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">0.00%</td> <td> </td></tr> <tr> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: justify">Total Annual Fund Operating Expenses </td> <td id="xdx_987_eoef--ExpensesOverAssets_dpn_c20260930__20260930__oef--ClassAxis__custom--C000280289Member_fKDEp_zElaPUtZrDY7" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">0.55%</td> <td> </td></tr> <tr> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: justify">Less: Fee Waiver</td> <td id="xdx_98D_eoef--FeeWaiverOrReimbursementOverAssets_dpn_c20260930__20260930__oef--ClassAxis__custom--C000280289Member_fKDEp_zmU5FraeHlh9" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">(0.25)%</td> <td> </td></tr> <tr> <td colspan="2" style="vertical-align: bottom; text-align: justify">Total Annual Fund Operating Expenses After Fee Waiver (3)</td> <td id="xdx_98D_eoef--NetExpensesOverAssets_dpn_c20260930__20260930__oef--ClassAxis__custom--C000280289Member_fKDEpKDMp_zWeiKJv2woMe" style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: right">0.30%</td> <td> </td></tr> <tr> <td id="xdx_F0E_zeAfwnVXbVsh" style="vertical-align: top">(1) </td> <td colspan="2" id="xdx_F14_zPBL69O73iah" style="vertical-align: top; text-align: justify">The Fund’s investment adviser, Tidal Investments LLC (“Tidal” or the “Adviser”), a Tidal Financial Group company, will pay, or require the Fund Sponsor (defined below) to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding 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, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses (collectively, the “Excluded Expenses”).</td> <td> </td></tr> <tr> <td id="xdx_F08_zT90if316LIi" style="vertical-align: top">(2)</td> <td colspan="2" id="xdx_F1A_z9puLo6LGsil" style="vertical-align: top; text-align: justify">Estimated for the current fiscal year.</td> <td> </td></tr> <tr> <td style="vertical-align: top">(3)</td> <td colspan="2" style="vertical-align: top; text-align: justify">The Adviser has agreed to reduce its unitary management fee (which includes all expenses incurred by the Fund except for Excluded Expenses) to 0.30% of the Fund’s average daily net assets through at least January 28, 2028. To the extent the Fund incurs Excluded Expenses, Total Annual Fund Operating Expenses After Fee Waiver will be greater than 0.30%. This agreement may be terminated only by, or with the consent of, the Board of Trustees (the “Board”) of Tidal Trust I (the “Trust”), on behalf of the Fund, upon sixty (60) days’ written notice to the Adviser. This Agreement may not be terminated by the Adviser without the consent of the Board.</td> <td> </td></tr> <tr> <td style="width: 2%"> </td> <td style="width: 90%"> </td> <td style="width: 7%"> </td> <td style="width: 1%"> </td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)  0.0055 0.0000 0.0000 0.0055 -0.0025 0.0030 Estimated for the current fiscal year. January 28, 2028 Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zdKL1vU3cPP9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zo2aK3AsiQac" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_484_eoef--ExpenseExampleYear01_zypUoCy4vV2c" style="border-top: black 1pt solid; width: 50%; text-align: center"> 1 Year</td> <td id="xdx_482_eoef--ExpenseExampleYear03_z7UA8qd826Ib" style="border-top: black 1pt solid; width: 50%; text-align: center">3 Years</td></tr> <tr id="xdx_410_20260930__20260930__oef--ClassAxis__custom--C000280289Member_z1E5o2e6QR1i" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; text-align: center">$31</td> <td style="border-bottom: black 1pt solid; text-align: center">$124</td></tr> </table> 31 124 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to provide capital appreciation through exposure to a broad universe of large-capitalization U.S. equity securities, while excluding the equity securities of companies that are founded, controlled, or led by Elon Musk, or with which Mr. Musk is otherwise primarily associated. The Adviser believes that the exclusion of companies associated with Mr. Musk will potentially appeal to investors who may view as less desirable the potential corporate governance concerns, political risks, and heightened share-price volatility often tied to Musk-associated companies, while offering comparable large-capitalization U.S. equity exposure. Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in a portfolio consisting of exposure to the equity securities of growth companies (i.e., companies included in the Nasdaq-100 Index), other than the equity securities of the Excluded Enterprises (defined below). The Nasdaq-100 Index includes approximately 100 of the largest domestic and international non-financial companies listed on the Nasdaq Stock Market based on market capitalization. The Nasdaq-100 Index, given its composition of issuers commonly associated with innovation and above-average growth, is viewed as a benchmark for large capitalization growth companies. The “Excluded Enterprises” are identified by the Adviser using an actively managed process designed to determine whether a company is founded, controlled, or led by Mr. Musk, or with which Mr. Musk is otherwise primarily associated, including any company for which Mr. Musk serves, directly or indirectly, as a founder, chief executive officer, or controlling shareholder. This determination applies both to companies presently included in the Nasdaq-100 Index and to any such company that may become eligible following a future public listing. As of the date of this Prospectus, the Excluded Enterprises are Tesla, Inc. (TSLA) and Space Exploration Technologies Corp. (SPCX). Portfolio holdings are generally weighted based on market capitalization, resulting in exposure that reflects the relative size of the underlying companies, with the weights of the Excluded Enterprises reallocated across the remaining holdings. The Fund’s portfolio is reviewed and rebalanced periodically in a manner intended to maintain alignment with the composition and maintenance practices of the Nasdaq-100 Index, while giving effect to the Fund’s exclusion criteria. The Fund’s portfolio may obtain its investment exposure through direct investments in equity securities, investments in ETFs that provide exposure to the constituent companies of the Nasdaq-100 Index, and derivative instruments, including options and swap agreements, that provide economic exposure to such securities or ETFs. The Fund is deemed to be non-diversified under the 1940 Act, which means that it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. To the extent the Nasdaq-100 Index concentrates (i.e., holds more than 25% of its total assets in the securities of a particular industry or group of related industries), the Fund will concentrate its investments to approximately the same extent as the index. As of the date of this Prospectus, the Nasdaq-100 Index was not concentrated in any industry or group of industries. Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in a portfolio consisting of exposure to the equity securities of growth companies (i.e., companies included in the Nasdaq-100 Index), other than the equity securities of the Excluded Enterprises (defined below). As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Referenced Index Risk. The Fund invests in the securities of companies included in, or representative of, the Nasdaq-100 Index regardless of their investment merit. As a result, the Fund’s performance may be adversely affected by a general decline in the market segments relating to the Nasdaq-100 Index. The Nasdaq-100 Index does not include, and therefore the Fund will not invest in, financial companies. Equity Market Risk. Common stocks, such as those held by the Fund, 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 specific issuers. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests. Growth Investing Risk. Investors expect growth companies to increase their earnings at a certain rate that is generally higher than the rate expected for non-growth companies. If a growth company does not meet these expectations, the price of its stock may decline significantly, even if it has increased earnings. Growth companies also typically do not pay dividends. Companies that pay dividends may experience less significant stock price declines during market downturns. Large-Capitalization Investing Risk. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Exclusionary Investing Risk. The Fund excludes companies that are founded, controlled, led by or primarily associated with Elon Musk. As a result, the Fund may underperform the broader equity market, the Nasdaq-100 Index or other funds that do not exclude those companies. Foreign Securities Risk. Investments in securities or other instruments of non-U.S. companies involve certain risks not involved in domestic investments and may experience more rapid and extreme changes in value than investments in securities of U.S. companies. Financial markets in foreign countries often are not as developed, efficient, or liquid as financial markets in the United States, and therefore, the prices of non-U.S. securities and instruments can be more volatile. In addition, the Fund will be subject to risks associated with adverse political and economic developments in foreign countries, which may include the imposition of economic sanctions. Generally, there is less readily available and reliable information about non-U.S. companies due to less rigorous disclosure or accounting standards and regulatory practices. Derivatives Risk. The Fund’s derivative investments 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; the possible default of the other party to the transaction; and illiquidity of the derivative investments. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. The derivatives used by the Fund may give rise to a form of leverage. Leverage magnifies the risk of loss. Certain of the Fund’s transactions in derivatives could also affect the amount, timing, and character of distributions to shareholders, which may result in the Fund realizing more ordinary income and short-term capital gain 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. <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zCKoPd3kVBKh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Options Risk: Options enable the Fund to purchase exposure that is significantly greater than the premium paid. Consequently, the value of such options can be volatile, and a small investment in options can have a large impact on the performance of the Fund. The Fund risks losing all or part of the cash paid (premium) for purchasing options. Even a small decline in the value of a reference asset underlying call options or a small increase in the value of a reference asset underlying put options can result in the entire investment in such options being lost. Additionally, the value of the option may be lost if the Adviser fails to exercise such option at or prior to its expiration.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsRiskMember_zRA4TZIR24fj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Swap Agreements Risk: Swap agreements are entered into primarily with major global financial institutions for a specified period, which may range from one day to more than six months. The derivative transactions in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities representing a particular sector or index.</td></tr></table> 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. ETF Risks. The Fund is an ETF, and, as a result of an ETF’s structure, is exposed to the following risks: <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zVnt3OgLTxz6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. Cash Redemption Risk. The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments that cannot be broken up beyond certain minimum sizes needed for transfer and settlement). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may have less cash efficiency and pay out higher annual capital gain distributions to shareholders than if the in-kind redemption process was used. In addition, cash redemption costs could include brokerage costs or taxable gains or losses, which might not have otherwise been incurred if the redemption was fully in-kind. Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_z7qxwFBj6546" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although Shares are listed on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will develop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. Shares trade on the Exchange at market price that may be below, at or above the Fund’s NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. As a result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing. Market Risk. The trading prices of securities and other instruments fluctuate in response to a variety of factors. Turbulence in financial markets and reduced liquidity in equity, credit and fixed income markets may negatively affect many issuers worldwide, which could have an adverse effect on the Fund. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time. Management Risk. The investment techniques and risk analyses applied by the Adviser may not produce the desired results. Legislative, regulatory, or tax developments may affect the investment techniques available to the Adviser and the portfolio managers in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved. New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. There can be no assurance that the Fund will grow to or maintain an economically viable size. Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. Concentration Risk. The Fund’s investments will be concentrated in an industry or group of industries to approximately the same extent as the Nasdaq-100 Index it is linked to is so concentrated. In such event, the value of Shares may rise and fall more than the value of shares that invest in securities of companies in a broader range of industries. Operational Risk. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks. Recent Market Events Risk. 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 efforts to address market disruptions. Performance Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. Updated performance information will be available on the Fund’s website at www.subversiveetfs.com. Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.subversiveetfs.com Subversive S&P 500 Redacted ETF - FUND SUMMARY Investment Objective The Subversive S&P 500 Redacted ETF (the “Fund”) seeks capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zXSS3DP8vr07"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zsdFQpeB6Soi" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td colspan="3" id="xdx_98C_eoef--OperatingExpensesCaption_c20260930__20260930__dei--LegalEntityAxis__custom--S000109191Member_zgzVF7pbxDLl" style="border-bottom: black 1pt solid">Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: justify">Management Fee </td> <td id="xdx_985_eoef--ManagementFeesOverAssets_dpn_c20260930__20260930__oef--ClassAxis__custom--C000280290Member_fKDEp_zRPMUT4YBwbb" style="text-align: right">0.55%</td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: justify">Distribution and Service (12b-1) Fees </td> <td style="text-align: right"> 0.00%</td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; text-align: justify">Other Expenses(2)</td> <td id="xdx_985_eoef--OtherExpensesOverAssets_dpn_c20260930__20260930__oef--ClassAxis__custom--C000280290Member_fKDEpKDIp_zOyrjv2CYQya" style="border-bottom: black 1pt solid; text-align: right">0.00%</td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; text-align: justify">Total Annual Fund Operating Expenses </td> <td id="xdx_982_eoef--ExpensesOverAssets_dpn_c20260930__20260930__oef--ClassAxis__custom--C000280290Member_fKDEp_zUDlcPJYX44k" style="border-bottom: black 1pt solid; text-align: right">0.55%</td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; text-align: justify">Less: Fee Waiver</td> <td id="xdx_989_eoef--FeeWaiverOrReimbursementOverAssets_dpn_c20260930__20260930__oef--ClassAxis__custom--C000280290Member_fKDEp_zFL1fn6PH6ob" style="border-bottom: black 1pt solid; text-align: right">(0.25)%</td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: justify">Total Annual Fund Operating Expenses After Fee Waiver (3)</td> <td id="xdx_98D_eoef--NetExpensesOverAssets_dpn_c20260930__20260930__oef--ClassAxis__custom--C000280290Member_fKDEpKDMp_zAp9LD7Y1Xxb" style="border-bottom: black 2.25pt double; text-align: right">0.30%</td></tr> <tr style="vertical-align: top"> <td id="xdx_F03_zppSZje9hD41">(1) </td> <td colspan="2" id="xdx_F17_zLI5dN3QGN4a" style="text-align: justify">The Fund’s investment adviser, Tidal Investments LLC (“Tidal” or the “Adviser”), a Tidal Financial Group company, will pay, or require the Fund Sponsor (defined below) to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding 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, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses (collectively, the “Excluded Expenses”).</td></tr> <tr style="vertical-align: top"> <td id="xdx_F0B_zsziso5ETSH8">(2)</td> <td colspan="2" id="xdx_F13_zbZi74pD6Rw6" style="text-align: justify">Estimated for the current fiscal year.</td></tr> <tr> <td style="vertical-align: top">(3)</td> <td colspan="2" style="vertical-align: top; text-align: justify">The Adviser has agreed to reduce its unitary management fee (which includes all expenses incurred by the Fund except for Excluded Expenses) to 0.30% of the Fund’s average daily net assets through at least January 28, 2028. To the extent the Fund incurs Excluded Expenses, Total Annual Fund Operating Expenses After Fee Waiver will be greater than 0.30%. This agreement may be terminated only by, or with the consent of, the Board of Trustees (the “Board”) of Tidal Trust I (the “Trust”), on behalf of the Fund, upon sixty (60) days’ written notice to the Adviser. This Agreement may not be terminated by the Adviser without the consent of the Board.</td></tr> <tr> <td style="width: 2%"> </td> <td style="width: 90%"> </td> <td style="width: 8%"> </td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)  0.0055 0.0000 0.0000 0.0055 -0.0025 0.0030 Estimated for the current fiscal year. January 28, 2028 Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_z8VvCM82iy33"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zFMKAxP1ECqa" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_483_eoef--ExpenseExampleYear01_zoryZz53a67h" style="border-top: black 1pt solid; width: 50%; text-align: center">1 Year</td> <td id="xdx_48D_eoef--ExpenseExampleYear03_zN9vbhlqLDRl" style="border-top: black 1pt solid; width: 50%; text-align: center">3 Years</td></tr> <tr id="xdx_411_20260930__20260930__oef--ClassAxis__custom--C000280290Member_zwL599jkqXU5" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; text-align: center">$31</td> <td style="border-bottom: black 1pt solid; text-align: center">$124</td></tr> </table> 31 124 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to provide capital appreciation through exposure to a broad universe of large-capitalization U.S. equity securities, while excluding the equity securities of companies that are founded, controlled, or led by Elon Musk, or with which Mr. Musk is otherwise primarily associated. The Adviser believes that the exclusion of companies associated with Mr. Musk will potentially appeal to investors who may view as less desirable the potential corporate governance concerns, political risks, and heightened share-price volatility often tied to Musk-associated companies, while offering comparable large-capitalization U.S. equity exposure. Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in a portfolio consisting of exposure to the equity securities of the companies included in the S&P 500 Index, other than the equity securities of the Excluded Enterprises (defined below). The S&P 500 Index includes approximately 500 of the largest U.S. companies listed on U.S. stock exchanges based on market capitalization. The “Excluded Enterprises” are identified by the Adviser using an actively managed process designed to determine whether a company is founded, controlled, or led by Mr. Musk, or with which Mr. Musk is otherwise primarily associated, including any company for which Mr. Musk serves, directly or indirectly, as a founder, chief executive officer, or controlling shareholder. This determination applies both to companies presently included in the S&P 500 Index and to any such company that may become eligible for inclusion, whether through a future public listing or, in the case of an already-public company, upon satisfying the S&P 500 Index’s eligibility criteria. As of the date of this Prospectus, the only Excluded Enterprise included in the S&P 500 Index is Tesla, Inc. (TSLA). Space Exploration Technologies Corp. (SPCX), although publicly traded, is not currently included in the S&P 500 Index, but it will be treated as an Excluded Enterprise in the event it is added to the S&P 500 Index. Portfolio holdings are generally weighted based on market capitalization, resulting in exposure that reflects the relative size of the underlying companies, with the weights of the Excluded Enterprises reallocated across the remaining holdings. The Fund’s portfolio is reviewed and rebalanced periodically in a manner intended to maintain alignment with the composition and maintenance practices of the S&P 500 Index, while giving effect to the Fund’s exclusion criteria. The Fund’s portfolio may obtain its investment exposure through direct investments in equity securities, investments in ETFs that provide exposure to the constituent companies of the S&P 500 Index, and derivative instruments, including options and swap agreements, that provide economic exposure to such securities or ETFs. The Fund is deemed to be non-diversified under the 1940 Act, which means that it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. To the extent the S&P 500 Index concentrates (i.e., holds more than 25% of its total assets in the securities of a particular industry or group of related industries), the Fund will concentrate its investments to approximately the same extent as the index. As of the date of this Prospectus, the S&P 500 Index was not concentrated in any industry or group of industries. Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in a portfolio consisting of exposure to the equity securities of the companies included in the S&P 500 Index, other than the equity securities of the Excluded Enterprises (defined below). As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Referenced Index Risk. The Fund invests in the securities of companies included in, or representative of, the S&P 500 Index regardless of their investment merit. As a result, the Fund’s performance may be adversely affected by a general decline in the market segments relating to the S&P 500 Index. Equity Market Risk. Common stocks, such as those held by the Fund, 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 specific issuers. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests. Large-Capitalization Investing Risk. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Exclusionary Investing Risk. The Fund excludes companies that are founded, controlled, led by or primarily associated with Elon Musk. As a result, the Fund may underperform the broader equity market, the S&P 500 Index or other funds that do not exclude those companies. Derivatives Risk. The Fund’s derivative investments 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; the possible default of the other party to the transaction; and illiquidity of the derivative investments. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. The derivatives used by the Fund may give rise to a form of leverage. Leverage magnifies the risk of loss. Certain of the Fund’s transactions in derivatives could also affect the amount, timing, and character of distributions to shareholders, which may result in the Fund realizing more ordinary income and short-term capital gain 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. <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zyMC36xPzhce"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Options Risk: Options enable the Fund to purchase exposure that is significantly greater than the premium paid. Consequently, the value of such options can be volatile, and a small investment in options can have a large impact on the performance of the Fund. The Fund risks losing all or part of the cash paid (premium) for purchasing options. Even a small decline in the value of a reference asset underlying call options or a small increase in the value of a reference asset underlying put options can result in the entire investment in such options being lost. Additionally, the value of the option may be lost if the Adviser fails to exercise such option at or prior to its expiration.</td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsRiskMember_zed9i2kYnFBi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Swap Agreements Risk: Swap agreements are entered into primarily with major global financial institutions for a specified period, which may range from one day to more than six months. The derivative transactions in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities representing a particular sector or index.</td></tr></table> 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. ETF Risks. The Fund is an ETF, and, as a result of an ETF’s structure, is exposed to the following risks: <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_z7dTcCFfghXh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. Cash Redemption Risk. The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments that cannot be broken up beyond certain minimum sizes needed for transfer and settlement). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may have less cash efficiency and pay out higher annual capital gain distributions to shareholders than if the in-kind redemption process was used. In addition, cash redemption costs could include brokerage costs or taxable gains or losses, which might not have otherwise been incurred if the redemption was fully in-kind. Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zmuKQWlsCDK1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although Shares are listed on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will develop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. Shares trade on the Exchange at market price that may be below, at or above the Fund’s NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. As a result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing. Market Risk. The trading prices of securities and other instruments fluctuate in response to a variety of factors. Turbulence in financial markets and reduced liquidity in equity, credit and fixed income markets may negatively affect many issuers worldwide, which could have an adverse effect on the Fund. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time. Management Risk. The investment techniques and risk analyses applied by the Adviser may not produce the desired results. Legislative, regulatory, or tax developments may affect the investment techniques available to the Adviser and the portfolio managers in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved. New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. There can be no assurance that the Fund will grow to or maintain an economically viable size. Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. Concentration Risk. The Fund’s investments will be concentrated in an industry or group of industries to approximately the same extent as the S&P 500 Index it is linked to is so concentrated. In such event, the value of Shares may rise and fall more than the value of shares that invest in securities of companies in a broader range of industries. Operational Risk. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks. Recent Market Events Risk. 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 efforts to address market disruptions. Performance Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. Updated performance information will be available on the Fund’s website at www.subversiveetfs.com. Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.subversiveetfs.com The Fund’s investment adviser, Tidal Investments LLC (“Tidal” or the “Adviser”), a Tidal Financial Group company, will pay, or require the Fund Sponsor (defined below) to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding 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, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses (collectively, the “Excluded Expenses”). Estimated for the current fiscal year. The Adviser has agreed to reduce its unitary management fee (which includes all expenses incurred by the Fund except for Excluded Expenses) to 0.30% of the Fund’s average daily net assets through at least January 28, 2028. To the extent the Fund incurs Excluded Expenses, Total Annual Fund Operating Expenses After Fee Waiver will be greater than 0.30%. This agreement may be terminated only by, or with the consent of, the Board of Trustees (the “Board”) of Tidal Trust I (the “Trust”), on behalf of the Fund, upon sixty (60) days’ written notice to the Adviser. This Agreement may not be terminated by the Adviser without the consent of the Board. The Fund’s investment adviser, Tidal Investments LLC (“Tidal” or the “Adviser”), a Tidal Financial Group company, will pay, or require the Fund Sponsor (defined below) to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding 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, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses (collectively, the “Excluded Expenses”). Estimated for the current fiscal year. The Adviser has agreed to reduce its unitary management fee (which includes all expenses incurred by the Fund except for Excluded Expenses) to 0.30% of the Fund’s average daily net assets through at least January 28, 2028. To the extent the Fund incurs Excluded Expenses, Total Annual Fund Operating Expenses After Fee Waiver will be greater than 0.30%. This agreement may be terminated only by, or with the consent of, the Board of Trustees (the “Board”) of Tidal Trust I (the “Trust”), on behalf of the Fund, upon sixty (60) days’ written notice to the Adviser. This Agreement may not be terminated by the Adviser without the consent of the Board.