Annual Certified Shareholder Report

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

Aztlan Global Stock Selection DM SMID ETF Tailored Shareholder Report

annual shareholder report July 31, 2026

Aztlan Global Stock Selection DM SMID ETF

TICKER: AZTD (Listed on NYSE Arca, Inc.)

This annual shareholder report contains important information about the Aztlan Global Stock Selection DM SMID ETF (the "Fund") for the period August 1, 2025 to July 31, 2026. You can find additional information about the Fund at https://aztlanetfs.com/aztd. You can also request this information by contacting us at (800) 886-4107 or by writing the Fund at Aztlan Global Stock Selection DM SMID ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.

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

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Aztlan Global Stock Selection DM SMID ETF	$82	0.75%

Cumulative Performance

(Initial Investment of $10,000)

Date	Aztlan Global Stock Selection DM SMID ETF - $16,612	Solactive Aztlan Global Developed Markets SMID Cap Index - $17,887	S&P 500® Total Return Index - $18,536	MSCI World SMID Cap Index Gross Total Return - $16,004
8/17/2022	10000	10000	10000	10000
8/31/2022	9646	9677	9260	9386
9/30/2022	9040	9070	8407	8428
10/31/2022	9668	9734	9088	9058
11/30/2022	10315	10389	9596	9692
12/31/2022	9858	9934	9043	9382
1/31/2023	10601	10671	9611	10210
2/28/2023	10220	10300	9377	9971
3/31/2023	10275	10381	9721	9806
4/30/2023	10165	10288	9873	9829
5/31/2023	9828	9968	9915	9537
6/30/2023	10515	10711	10571	10134
7/31/2023	11080	11303	10910	10599
8/31/2023	10558	10798	10737	10216
9/30/2023	9888	10123	10225	9719
10/31/2023	9441	9666	10010	9168
11/30/2023	10341	10593	10924	10067
12/31/2023	10957	11240	11420	10902
1/31/2024	10954	11239	11612	10697
2/29/2024	10889	11216	12232	11083
3/31/2024	10802	11194	12626	11523
4/30/2024	10563	10972	12110	10993
5/31/2024	11007	11469	12710	11399
6/30/2024	10760	11198	13166	11207
7/31/2024	11147	11610	13327	11838
8/31/2024	11749	12269	13650	12041
9/30/2024	12348	12917	13941	12309
10/31/2024	11673	12241	13815	11989
11/30/2024	12488	13151	14626	12736
12/31/2024	11719	12347	14277	12001
1/31/2025	12251	12918	14675	12466
2/28/2025	11960	12622	14483	12199
3/31/2025	11696	12360	13667	11801
4/30/2025	12222	12925	13575	11914
5/31/2025	13130	13919	14429	12591
6/30/2025	13835	14679	15163	13123
7/31/2025	14018	14888	15503	13259
8/31/2025	14495	15424	15817	13771
9/30/2025	14460	15393	16395	13968
10/31/2025	14267	15199	16779	13978
11/30/2025	14487	15478	16820	14147
12/31/2025	14638	15650	16830	14274
1/31/2026	15201	16263	17074	14898
2/28/2026	15991	17122	16944	15493
3/31/2026	14671	15721	16101	14317
4/30/2026	16444	17638	17790	15524
5/31/2026	16654	17902	18726	16026
6/30/2026	17074	18372	18548	16165
7/31/2026	16612	17887	18536	16004

Annual Performance

Average Annual Returns for the Periods Ended July 31, 2026	One Year	Since Inception (8/17/2022)
Aztlan Global Stock Selection DM SMID ETF	18.45%	13.70%
Solactive Aztlan Global Developed Markets SMID Cap Index	20.15%	15.85%
S&P 500® Total Return Index	19.56%	16.89%
MSCI World SMID Cap Index Gross Total Return	20.71%	12.63%

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

Visit www.aztlanetfs.com/aztd/ for more recent performance information.

How did the Fund perform in the past year?

During the reporting period, the Fund generated a total return of 18.45%. This compares to the 20.15% total return of the Solactive Aztlan Global Developed Markets SMID Cap Index, the 19.56% total return of the benchmark, the S&P 500® Total Return Index, and 20.71% for the MSCI World SMID Cap Index Gross Total Return for the same period.

From a sector perspective, based on performance attribution to the overall portfolio, Industrials and Information Technology were the leading contributors, while Consumer Discretionary and Utilities were the leading detractors.

Reviewing individual stocks based on performance attribution to the overall portfolio, leading contributors included Lumentum Holdings Inc., Enova International Inc., and Sterling Infrastructure Inc. Conversely, the leading detractors included HelloFresh SE, VusionGroup S.A., and Catapult Sports Ltd.

Aztlan Global Stock Selection DM SMID ETF Tailored Shareholder Report

Key Fund Statistics

(as of July 31, 2026)

Fund Size (Thousands)	$37,863
Number of Holdings	51
Total Advisory Fee Paid	$253,105
Portfolio Turnover Rate	170%

What did the Fund invest in?

(as of July 31, 2026)

Sector Breakdown

(% of Total Net Assets)

Top Ten Holdings	(% of Total Net Assets)
Sprouts Farmers Market, Inc.	2.3%
Kyndryl Holdings, Inc.	2.2%
Happinet Corp.	2.2%
Cybozu, Inc.	2.2%
Toyo Tire Corp.	2.2%
DocuSign, Inc.	2.2%
CarGurus, Inc. - Class A	2.2%
JB Hi-Fi Ltd.	2.2%
Enova International, Inc.	2.1%
CyberAgent, Inc.	2.1%

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

Fund Changes

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

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://aztlanetfs.com/aztd.

Householding

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

Aztlan North America Nearshoring Stock Selection ETF Tailored Shareholder Report

annual Shareholder Report July 31, 2026

Aztlan North America Nearshoring Stock Selection ETF

TICKER: NRSH (Listed on NYSE Arca, Inc.)

This annual shareholder report contains important information about the Aztlan North America Nearshoring Stock Selection ETF (the "Fund") for the period August 1, 2025 to July 31, 2026. You can find additional information about the Fund at https://aztlanetfs.com/nrsh. You can also request this information by contacting us at (800) 886-4107 or by writing the Fund at Aztlan North America Nearshoring Stock Selection ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

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

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Aztlan North America Nearshoring Stock Selection ETF	$92	0.75%

Cumulative Performance

(Initial Investment of $10,000)

Date	Aztlan North America Nearshoring Stock Selection ETF - $15,616	Aztlan North America Nearshoring Price Return Index - $15,414	S&P 500® Total Return Index - $17,038
11/29/2023	10000	10000	10000
11/30/2023	10141	10133	10041
12/31/2023	11023	11038	10497
1/31/2024	10612	10633	10673
2/29/2024	10782	10812	11243
3/31/2024	10984	11025	11605
4/30/2024	10016	10059	11131
5/31/2024	10411	10462	11683
6/30/2024	10303	10363	12102
7/31/2024	11101	11174	12250
8/31/2024	11118	11256	12547
9/30/2024	11346	11504	12815
10/31/2024	11067	11226	12698
11/30/2024	11772	11951	13444
12/31/2024	10333	10497	13123
1/31/2025	10811	11000	13489
2/28/2025	10721	10911	13313
3/31/2025	10171	10365	12563
4/30/2025	10146	10348	12478
5/31/2025	10844	11069	13263
6/30/2025	10973	11223	13937
7/31/2025	10701	10949	14250
8/31/2025	10937	11215	14539
9/30/2025	11648	11956	15070
10/31/2025	12565	12907	15423
11/30/2025	11957	12290	15460
12/31/2025	11699	12035	15470
1/31/2026	12657	13032	15694
2/28/2026	12871	13262	15575
3/31/2026	12387	12769	14799
4/30/2026	15106	15585	16352
5/31/2026	16851	17403	17213
6/30/2026	17424	18054	17049
7/31/2026	15616	15414	17038

Annual Performance

Average Annual Returns for the Periods Ended July 31, 2026	One Year	Since Inception (11/29/2023)
Aztlan North America Nearshoring Stock Selection ETF	45.93%	18.16%
Aztlan North America Nearshoring Price Return Index	46.84%	17.58%
S&P 500® Total Return Index	19.56%	22.08%

Visit www.aztlanetfs.com/nrsh/ for more recent performance information.

How did the Fund perform in the past year?

During the reporting period, the Fund generated a total return of 45.93%. This compares to the 46.84% total return of the Aztlan North America Nearshoring Price Return Index, and the 19.56% total return of the benchmark, the S&P 500® Total Return Index.

From a sector perspective, based on performance attribution to the overall portfolio, Industrials and Information Technology were the leading contributors, while a small position in Energy company, Centrus, was the only detractor on a sector basis.

Reviewing individual stocks based on performance attribution to the overall portfolio, leading contributors included Micron Technology Inc. and Sterling Infrastructure Inc.

Aztlan North America Nearshoring Stock Selection ETF Tailored Shareholder Report

Key Fund Statistics

(as of July 31, 2026)

Fund Size (Thousands)	$30,009
Number of Holdings	32
Total Advisory Fee Paid	$169,995
Portfolio Turnover Rate	272%

What did the Fund invest in?

(as of July 31, 2026)

Sector Breakdown

(% of Total Net Assets)

Top Ten Holdings	(% of Total Net Assets)
Tenable Holdings, Inc.	4.4%
Mullen Group Ltd.	4.3%
Intuit, Inc.	4.1%
CrowdStrike Holdings, Inc. - Class A	4.1%
NetApp, Inc.	4.0%
Grupo Aeroportuario del Centro Norte SAB de CV - Class B	3.8%
Rockwell Automation, Inc.	3.8%
Broadcom, Inc.	3.7%
NetScout Systems, Inc.	3.6%
NVIDIA Corp.	3.5%

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

Fund Changes

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

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://aztlanetfs.com/nrsh.

Householding

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

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

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

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

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

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

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

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

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

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

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

The Aztlan Global Stock Selection DM SMID ETF (the “Global Fund”) and the Aztlan North America Nearshoring Stock Selection ETF (the “Nearshoring Fund”) (each, a “Fund,” and collectively, the “Funds”) are each a series of shares of beneficial interest of Tidal Trust I (the “Trust”) . The Global Fund is a diversified series and the Nearshoring Fund is a non-diversified series of the Trust. The Trust was organized as a Delaware statutory trust on June 4, 2018 and is registered with the Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of each Fund’s shares (“Shares”) is registered under the Securities Act of 1933, as amended. The Trust is governed by its Board of Trustees (the “Board”). Tidal Investments LLC (“Tidal Investments” or the “Adviser”), a Tidal Financial Group company, serves as investment adviser to the Funds. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services — Investment Companies.” The Global Fund commenced operations on August 17, 2022, and the Nearshoring Fund commenced operations on November 29, 2023.

The investment objective of the Global Fund is to seek to track the performance, before fees and expenses, of the Solactive Aztlan Global Developed Markets SMID Cap Index. The investment objective of the Nearshoring Fund is to seek to track the performance, before fees and expenses, of the Aztlan North America Nearshoring Price Return Index.

The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Security Valuation - Equity securities, which may include Real Estate Investment Trusts (“REITs”), Business Development Companies (“BDCs”), and Master Limited Partnerships (“MLPs”), listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on the Nasdaq Stock Market, LLC (the “NASDAQ”)), including securities traded over-the-counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on the valuation date (or at approximately 4:00 p.m. EST if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For a security that trades on multiple exchanges, the primary exchange will generally be considered the exchange on which the security is generally most actively traded. For securities traded on the NASDAQ, the NASDAQ Official Closing Price will be used. Prices of securities traded on the securities exchanges will be obtained from recognized independent pricing agents each day that the Funds are open for business.

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

Under Rule 2a-5 of the 1940 Act, a fair value will be determined for securities for which quotations are not readily available by the Valuation Designee (as defined in Rule 2a-5) in accordance with the Pricing and Valuation Policy and Fair Value Procedures, as applicable, of the Adviser, subject to oversight by the Board. When a security is “fair valued,” consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the Adviser’s Pricing and Valuation Policy and Fair Value Procedures, as applicable. Fair value pricing is an inherently subjective process, and no single standard exists for determining fair value.

Different funds could reasonably arrive at different values for the same security. The use of fair value pricing by a Fund may cause the NAV of its shares to differ significantly from the NAV that would be calculated without regard to such considerations.

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

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

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

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

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

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

The following is a summary of the inputs used to value each Fund's investments as of July 31, 2026:

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

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

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

As of July 31, 2026, the Funds did not have any tax positions that did not meet the threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all the tax returns filed for the last three years. The Funds identify their major tax jurisdictions as U.S. Federal and the Commonwealth of Delaware; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statements of Operations.

Securities Transactions and Investment Income - Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Discounts/premiums on debt securities purchased are accreted/amortized over the life of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Dividends received from REITs generally are comprised of ordinary income, capital gains, and may include return of capital. Interest income is recorded on an accrual basis. Other non-cash dividends are recognized as investment income at the fair value of the property received. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country’s tax rules and rates.

Return of Capital Distributions - During the fiscal year ended July 31, 2026, the Global Fund and Nearshoring Fund received $26,156 and $417,390, respectively, in distributions from portfolio companies that were classified as return of capital for tax purposes. These amounts are excluded from dividend income in the Statements of Operations and have been recorded as a reduction of the cost basis of the related investments.

Foreign Currency - Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

The Funds report net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at period end, resulting from changes in exchange rates.

Distributions to Shareholders - Distributions to shareholders from net investment income, if any, for the Funds are declared and paid annually. Distributions to shareholders from net realized gains on securities, if any, for the Funds normally are declared and paid at least annually. Distributions are recorded on the ex-dividend date.

Use of Estimates - The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Share Valuation - The NAV per Share of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities by the total number of Shares outstanding for each Fund, rounded to the nearest cent. Fund Shares will not be priced on the days on which the New York Stock Exchange (“NYSE”) is closed for trading.

Guarantees and Indemnifications - In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

Reclassification of Capital Accounts. U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per Share. These differences are primarily due to redemptions in kind. For the year ended July 31, 2026, the following adjustments were made:

Concentration & Limited Holdings Risks (Nearshoring Fund Only). The Fund may concentrate its investments in one or more of the industries related to the types of companies noted below. As a result, the Fund will be subject to the company risks noted below. In addition, the Fund will hold a limited number of securities. As a result, it may be more volatile and have a greater risk of loss than more broadly diversified funds.

Equity Market Risk. The equity securities held in the Funds’ portfolios 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 Funds invest. Common stocks, such as those held by the Funds, are generally exposed to greater risk than other types of securities, such as preferred stocks and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers.

Foreign Securities Risk. Investments in securities or other instruments of non-U.S. issuers involve certain risks not involved in domestic investments and may experience more rapid and extreme changes in value than investments in securities of U.S. companies. Financial markets in foreign countries often are not as developed, efficient, or liquid as financial markets in the United States, and therefore, the prices of non-U.S. securities and instruments can be more volatile. In addition, the Funds will be subject to risks associated with adverse political and economic developments in foreign countries, which may include the imposition of economic sanctions. Generally, there is less readily available and reliable information about non-U.S. issuers due to less rigorous disclosure or accounting standards and regulatory practices.

General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. The market value of a security in the Funds’ portfolios may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price the Funds originally paid for it, or less than it was worth at an earlier time. Securities in the Funds’ portfolios may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters or events, pandemic diseases, terrorism, regulatory events, and government controls.

Geographic Concentration Risk (Nearshoring Fund Only). Because the Fund focuses its investments only in the United States, Canada, and Mexico, it may be more volatile than a more geographically diversified fund.

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

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

Models and Data Risk. The composition of each Index is heavily dependent on proprietary quantitative models as well as information and data supplied by third parties (“Models and Data”) . When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon may lead to securities being included in or excluded from each Index that would have been excluded or included had the Models and Data been correct and complete. If the composition of the Index reflects such errors, a Fund’s portfolio can be expected to reflect the errors, too.

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

Non-Diversification Risk (Nearshoring Fund Only). 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 were 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.

Operational Risk. The Funds are subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Funds’ service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Funds rely 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 Funds’ ability to meet their investment objectives. Although the Funds and the Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.

Passive Investment Risk. The Funds invest in the securities included in, or representative of, the Index regardless of their investment merit. The Funds do not attempt to outperform the Index or take defensive positions in declining markets. As a result, the Funds’ performance may be adversely affected by a general decline in the market segments relating to the Index.

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

The Adviser serves as investment adviser to the Funds pursuant to an investment advisory agreement between the Adviser and the Trust, on behalf of the Funds (the “Advisory Agreement”), and, pursuant to the Advisory Agreement, provides investment advice to the Funds and oversees the day-to -day operations of the Funds, subject to the direction and oversight of the Board. The Adviser is also responsible for trading portfolio securities for the Funds, including selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Board.

Pursuant to the Advisory Agreement, each Fund pays the Adviser a unitary management fee (the “Investment Advisory Fee”) based on the average daily net assets of each Fund as follows:

Out of the Investment Advisory Fees, the Adviser is obligated to pay or arrange for the payment of substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, and all other related services necessary for the Funds to operate. Under the Advisory Agreement, the Adviser has agreed to pay all expenses incurred by the Funds except for interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, distribution fees and expenses paid by the Funds under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act (collectively, “Excluded Expenses”) and the Investment Advisory Fee payable to the Adviser. The Investment Advisory Fees incurred are paid monthly to the Adviser. Investment Advisory Fees for the year ended July 31, 2026 are disclosed in the Statements of Operations.

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

Tidal ETF Services LLC (“Tidal”), a Tidal Financial Group company and an affiliate of the Adviser, serves as the Funds' administrator and, in that capacity, performs various administrative and management services for the Funds. Tidal coordinates the payment of Fund-related expenses and manages the Trust’s relationships with its various service providers. As compensation for the services it provides, Tidal receives a fee based on each Fund’s average daily net assets, subject to a minimum annual fee. Tidal also is entitled to certain out-of-pocket expenses for the services mentioned above.

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

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

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

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

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

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

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

For the year ended July 31, 2026, the cost of purchases and proceeds from the sales or maturities of securities, excluding short-term investments, U.S. government securities, and in-kind transactions were:

For the year ended July 31, 2026, there were no purchases or sales of long-term U.S. government securities.

For the year ended July 31, 2026, in-kind transactions associated with creations and redemptions for the Funds were:

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

During the year ended July 31, 2026, the Global Fund loaned securities that were collateralized by cash. The cash collateral received was invested in the First American Government Obligations Fund of which the investment objective is to seek to maximize income to the extent consistent with the preservation of capital and liquidity and maintain a stable NAV of $1.00. Although risk is mitigated by the collateral, the Global Fund could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return the borrowed securities. In addition, the Global Fund bears the risk of loss associated with the investment of cash collateral received.

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

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

The tax character of distributions paid during the fiscal year ended July 31, 2026 and the prior fiscal year ended July 31, 2025 was as follows:

As of the fiscal year ended July 31, 2026, the components of distributable earnings/(accumulated losses) on a tax basis were as follows:

(a) The difference between book and tax-basis unrealized appreciation is primarily due to wash sales.

Net capital losses incurred after October 31 (post-October losses) and net investment losses incurred after December 31 (late-year losses), and within the taxable year, may be elected to be deferred to the first business day of each Fund’s next taxable year. As of the fiscal year ended July 31, 2026, the Funds had not elected to defer any post-October losses. Only the Nearshoring Fund had late-year losses, totaling $36,640.

As of the fiscal year ended July 31, 2026, the Funds had long-term and short-term capital loss carryovers of the following, which do not expire:

Shares of the Funds are listed and traded on the Exchange. Market prices for the Shares may be different from their NAV. The Funds issue and redeem shares on a continuous basis at NAV, generally in large blocks of Shares, called Creation Units. Creation Units are issued and redeemed principally in-kind for securities included in a specified

universe. Once created, Shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, Shares are not redeemable securities of the Funds. Creation Units may only be purchased or redeemed by Authorized Participants. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the Shares directly from the Funds. Rather, most retail investors may purchase Shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

Each Fund currently offers one class of Shares, which have no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for each Fund is $300, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Funds’ Custodian has determined to waive some or all of the costs associated with the order or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units and Redemption Units of up to a maximum of 2% of the value of the Creation Units and Redemption Units subject to the transaction. Variable fees are imposed to compensate the Funds for transaction costs associated with the cash transactions. Variable fees received by the Funds, if any, are disclosed in the capital shares transactions section of the Statements of Changes in Net Assets. The Funds may issue an unlimited number of Shares of beneficial interest, with no par value. All Shares of the Funds have equal rights and privileges.

U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks’ interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, political events, armed conflict, war, and geopolitical conflict. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite government efforts to address market disruptions. As a result, the risk environment remains elevated.

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

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

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Aztlan Global Stock Selection DM SMID ETF and Aztlan North America Nearshoring Stock Selection ETF (the “Funds”), each a series of Tidal Trust I, as of July 31, 2026, the related statements of operations and changes in net assets and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2026, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2026, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

For the year ended July 31, 2026, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and the Tax Cuts and Jobs Act of 2017. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the year ended July 31, 2026, was as follows:

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distribution under Internal Revenue Section 871(k)(2)(c) for the year ended July 31, 2026, was as follows:

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

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

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

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

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

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

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

The Board also considered other services provided to the Funds, such as monitoring adherence to each Fund’s investment strategy and restrictions, oversight of other service providers to the Funds, monitoring compliance with various Fund policies and procedures and with applicable securities regulations, and monitoring the extent to which each Fund achieves its investment objective as a passively-managed ETF. The Board noted that each Fund is designed to track the performance of an index and the Adviser is responsible for trade execution.

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

The Board considered the performance of the AZTD ETF on an absolute basis, in comparison to its underlying index (the Solactive Aztlan Global Developed Markets SMID Cap Index Total Return), in comparison to its primary benchmark index (the MSCI World SMID Cap Index Gross Total Return) and a secondary benchmark index (the S&P 500 Total Return Index). The Board also considered comparative information prepared by the Adviser, in partnership with AltaVista Research, LLC (“AltaVista”), a third-party ETF research firm, comparing the Fund to a peer group comprised of other rules-based ETFs within the Fund’s designated Morningstar category (the U.S. global small/mid stock fund category) (the “AZTD Peer Group”). The Board considered that the AZTD ETF’s performance was in line with but trailed the performance of its underlying index for periods ended December 31, 2025, and noted factors that contributed to tracking error. The Board noted that the Fund outperformed the S&P 500 Total Return Index and MSCI World SMID Cap Index Gross Total Return for the one-year period ended December 31, 2025. The Board also noted that the Fund underperformed the S&P 500 Total Return Index and MSCI World SMID Cap Index Gross Total Return for the three-year period ended December 31, 2025. The Board also noted that the Fund outperformed the MSCI World SMID Cap Index Gross Total Return but underperformed the S&P 500 Total Return Index for the since inception period ended December 31, 2025. The Board considered that the Fund outperformed the AZTD Peer Group median, but underperformed the AZTD Peer Group average for the one-year period ended February 27, 2026. The Board noted the Fund outperformed the AZTD Peer Group average and median for the three-year period ended February 27, 2026. The Board also noted that the Fund ranked fourth out of seven funds in the AZTD Peer Group for the one-year period ended February 27, 2026 and the Fund ranked first out of seven funds in the AZTD Peer Group for the three-year period ended February 27, 2026.

The Board considered the performance of the NRSH ETF on an absolute basis, in comparison to its underlying index (the Aztlan North America Nearshoring Total Return Index), and in comparison, to its primary benchmark index (the S&P 500 Total Return Index). The Board also considered comparative information prepared by the Adviser, in partnership with AltaVista, a third-party ETF research firm, comparing the Fund to a peer group comprised of other rules-based ETFs within the Fund’s designated Morningstar category (the U.S. industrials fund category) (the “NRSH Peer Group”). The Board considered that the NRSH ETF’s performance was in line with but trailed the performance of its underlying index for periods ended December 31, 2025, and noted factors that contributed to tracking error. The Board noted that the Fund underperformed the S&P 500 Total Return Index for the one-year and since inception periods ended December 31, 2025. The Board considered that the Fund underperformed the NRSH Peer Group average and median for the one-year period ended February 27, 2026. The Board also noted that the Fund ranked twenty-second out of twenty-five funds in the NRSH Peer Group for the one-year period ended February 27, 2026.

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

The Board considered that the AZTD ETF’s advisory fee of 0.75% was above the AZTD Peer Group average of 0.625%, and that the Fund’s expense ratio of 0.75% was above the AZTD Peer Group average of 0.625%.

The Board considered that the NRSH ETF’s advisory fee of 0.75% was above the NRSH Peer Group average of 0.515%, and that the Fund’s expense ratio of 0.76% (which included 0.01% of tax expense) was above the NRSH Peer Group average of 0.548%.

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

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

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

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

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

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

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

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

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

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

sector	%
Industrial Services	0.154
Financial Services	0.139
Retail & Wholesale - Discretionary	0.085
Media	0.084
Health Care	0.078
Industrial Products	0.077
Tech Hardware & Semiconductors	0.074
Software & Tech Services	0.066
Retail & Wholesale - Staples	0.043
Consumer Discretionary Services	0.04
Utilities	0.037
Consumer Discretionary Products	0.022
Consumer Staple Products	0.021
Banking	0.02
Materials	0.02
Oil & Gas	0.02
Renewable Energy	0.02
Cash & Other	0

sector	%
Tech Hardware & Semiconductors	0.375
Industrial Services	0.356
Software & Tech Services	0.195
Industrial Products	0.038
Real Estate	0.034
Cash & Other	0.002

	FYE 7/31/2026	FYE 7/31/2025
( a ) Audit Fees	$14,000	$14,000
( b ) Audit-Related Fees	N/A	N/A
( c ) Tax Fees	$3,000	$3,000
( d ) All Other Fees	N/A	N/A

	FYE 7/31/2026	FYE 7/31/2025
( a ) Audit Fees	$14,000	$13,500
( b ) Audit-Related Fees	N/A	N/A
( c ) Tax Fees	$3,000	$3,000
( d ) All Other Fees	N/A	N/A

Non-Audit Related Fees	FYE 7/31/2026	FYE 7/31/2025
Registrant	N/A	N/A
Registrant’s Investment Adviser	N/A	N/A

	FYE 7/31/2026	FYE 7/31/2025
Audit-Related Fees	0%	0%
Tax Fees	0%	0%
All Other Fees	0%	0%

•	Aztlan Global Stock Selection DM SMID ETF	\| AZTD	\| NYSE Arca, Inc.
•	Aztlan North America Nearshoring Stock Selection ETF	\| NRSH	\| NYSE Arca, Inc.

	Page
Schedule of Investments – Aztlan Global Stock Selection DM SMID ETF	1
Schedule of Investments – Aztlan North America Nearshoring Stock Selection ETF	4
Statements of Assets and Liabilities	6
Statements of Operations	7
Statements of Changes in Net Assets	8
Financial Highlights	9
Notes to the Financial Statements	11
Report of Independent Registered Public Accounting Firm	24
Other Non-Audited Information	25

COMMON STOCKS - 100.0%	Shares		Value
Banking - 2.0%
Bancorp, Inc.^(a)		11,226	$	752,928

Consumer Discretionary Products - 2.2%
Toyo Tire Corp.		30,885		830,195

Consumer Discretionary Services - 4.0%
Food & Life Cos. Ltd.		22,743		794,023
Lottomatica Group SpA		27,135		733,049
				1,527,072

Consumer Staple Products - 2.1%
Greencore Group PLC		228,210		799,724

Financial Services - 13.9%
Enova International, Inc.^(a)		3,169		805,370
Euronet Worldwide, Inc.^(a)		9,481		676,280
Federated Hermes, Inc. - Class B		12,982		778,401
FlatexDEGIRO SE		17,995		751,560
PJT Partners, Inc. - Class A		4,447		748,474
Remitly Global, Inc.^(a)		33,373		759,903
Virtu Financial, Inc. - Class A		12,586		739,176
				5,259,164

Health Care - 7.8%
DaVita, Inc.^(a)		3,194		766,848
Exelixis, Inc.^(a)		13,580		720,147
Halozyme Therapeutics, Inc.^(a)		9,178		757,552
Medpace Holdings, Inc.^(a)		1,251		721,965
				2,966,512

Industrial Products - 7.7%
Anritsu Corp.		31,202		698,408
Generac Holdings, Inc.^(a)		3,721		733,446
Nexans SA		4,998		757,909
Sanki Engineering Co. Ltd.		50,554		733,108
				2,922,871

Industrial Services - 15.4%
Argan, Inc.		1,321		753,538
Frontdoor, Inc.^(a)		10,518		763,922
Koninklijke BAM Groep NV		60,070		801,026
Mitie Group PLC		269,405		750,482
Shimizu Corp.		50,043		747,856
Sterling Infrastructure, Inc.^(a)		1,138		679,124

Technip Energies NV	19,230	$	661,539
TFI International, Inc.	4,985		672,994
			5,830,481

Materials - 2.0%
Commercial Metals Co.	10,904		749,323

Media - 8.4%
CarGurus, Inc. - Class A^(a)	22,531		816,524
CyberAgent, Inc.	87,674		801,441
ITV PLC	772,259		771,656
Maplebear, Inc.^(a)	17,812		794,415
			3,184,036

Oil & Gas - 2.0%
Plains GP Holdings LP - Class A	28,427		748,483

Renewable Energy - 2.0%
Array Technologies, Inc.^(a)	141,330		737,743

Retail & Wholesale - Discretionary - 8.5%
Avolta AG	13,133		784,685
Happinet Corp.	40,515		843,506
JB Hi-Fi Ltd.	14,152		814,357
Pet Valu Holdings Ltd.	56,618		792,252
			3,234,800

Retail & Wholesale - Staples - 4.3%
HelloFresh SE^(a)	190,420		747,527
Sprouts Farmers Market, Inc.^(a)	10,039		874,999
			1,622,526

Software & Tech Services - 6.6%
Cybozu, Inc.	49,596		839,448
DocuSign, Inc.^(a)	14,907		817,351
Kyndryl Holdings, Inc.^(a)	62,396		845,466
			2,502,265

Tech Hardware & Semiconductors - 7.4%
ADTRAN Holdings, Inc.^(a)	76,332		649,585
Allegro MicroSystems, Inc.^(a)	16,335		677,902
Arrow Electronics, Inc.^(a)	3,543		767,308
Lumentum Holdings, Inc.^(a)	985		703,231
			2,798,026

Utilities - 3.7%
Centrica PLC	346,095		721,924

Italgas SpA	65,714	$	676,382
			1,398,306

TOTAL COMMON STOCKS (Cost $34,863,343)			37,864,455

SHORT-TERM INVESTMENTS - 0.8%
Money Market Funds - 0.8%	Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(b)		314,758		314,758

TOTAL SHORT-TERM INVESTMENTS (Cost $314,758)				314,758

TOTAL INVESTMENTS - 100.8% (Cost $35,178,101)			$	38,179,213
Liabilities in Excess of Other Assets - (0.8)%				(316,403	)
TOTAL NET ASSETS - 100.0%			$	37,862,810

COMMON STOCKS - 99.8%	Shares		Value
Industrial Products - 3.8%
Astronics Corp. - Class B^(a)		1	$	55
Rockwell Automation, Inc.		2,370		1,137,790
				1,137,845

Industrial Services - 35.6%^(b)
APi Group Corp.^(a)(c)		25,711		1,020,213
Argan, Inc.		1,696		967,449
Dycom Industries, Inc.^(a)		2,321		930,883
Grupo Aeroportuario del Centro Norte SAB de CV - Class B		85,697		1,141,201
J.B. Hunt Transport Services, Inc.		3,762		1,022,324
MasTec, Inc.^(a)		2,999		789,037
Mullen Group Ltd.		66,178		1,298,699
MYR Group, Inc.^(a)		2,442		813,723
Quanta Services, Inc.		1,538		1,026,400
Sterling Infrastructure, Inc.^(a)		1,267		756,108
TFI International, Inc.		6,807		918,970
				10,685,007

Real Estate - 3.4%
American Tower Corp. - REIT		5,816		1,008,262

Software & Tech Services - 19.5%
CrowdStrike Holdings, Inc. - Class A^(a)		6,377		1,217,114
Intuit, Inc.		3,934		1,243,419
Leidos Holdings, Inc.		8,911		1,030,112
Palantir Technologies, Inc. - Class A^(a)		8,505		1,046,625
Tenable Holdings, Inc.^(a)		40,619		1,325,804
				5,863,074

Tech Hardware & Semiconductors - 37.5%^(b)
ADTRAN Holdings, Inc.^(a)		71,336		607,069
Broadcom, Inc.		2,849		1,109,059
Celestica, Inc.^(a)		2,776		917,919
Ciena Corp.^(a)		2,441		920,379
Cisco Systems, Inc.		8,989		1,042,634
Lam Research Corp.		2,968		869,683
Micron Technology, Inc.		1,109		912,740
NetApp, Inc.		6,736		1,202,376
NetScout Systems, Inc.^(a)		26,282		1,068,889
NVIDIA Corp.		5,305		1,064,979
ON Semiconductor Corp.^(a)		9,321		760,687

Sanmina Corp.^(a)	4,266	$	791,599
			11,268,013

TOTAL COMMON STOCKS (Cost $28,408,130)			29,962,201


SHORT-TERM INVESTMENTS - 0.2%
Money Market Funds - 0.2%	Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(d)		61,156		61,156

TOTAL SHORT-TERM INVESTMENTS (Cost $61,156)				61,156

TOTAL INVESTMENTS - 100.0% (Cost $28,469,286)			$	30,023,357
Liabilities in Excess of Other Assets - 0.0%^(e)				(14,414	)
TOTAL NET ASSETS - 100.0%			$	30,008,943

	Aztlan Global Stock Selection DM SMID ETF			Aztlan North America Nearshoring Stock Selection ETF
INVESTMENT INCOME:
Dividend income	$	562,469		$	141,415
Less: Foreign withholding taxes		(66,944	)		(5,218)
Interest income		2,818			1,695
Securities lending income (Note 7)		777			–
Total investment income		499,120			137,892

EXPENSES:
Investment advisory fee (Note 4)		253,105			169,995
Tax expense		–			332
Total expenses		253,105			170,327
NET INVESTMENT INCOME (LOSS)		246,015			(32,435)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments		(1,965,845	)		(1,597,152)
In-kind redemptions		8,292,911			8,413,692
Foreign currency transactions		(51,531	)		(8,131)
Net realized gain (loss)		6,275,535			6,808,409
Net change in unrealized appreciation (depreciation) on:
Investments		(635,956	)		1,453,828
Foreign currency translations		(10,239	)		(2)
Net change in unrealized appreciation (depreciation)		(646,195	)		1,453,826
Net realized and unrealized gain (loss)		5,629,340			8,262,235
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	5,875,355		$	8,229,800

	Aztlan Global Stock Selection DM SMID ETF		Aztlan North America Nearshoring Stock Selection ETF
ASSETS:
Investments, at value (cost $35,178,101 and $28,469,286)
(Note 2)	$	38,179,213	$	30,023,357
Receivable for investments sold		7,690,677		–
Dividends receivable		30,884		5,000
Dividend tax reclaim receivable		20,616		505
Interest receivable		342		160
Total assets		45,921,732		30,029,022

LIABILITIES:
Payable for investments purchased		8,035,444		–
Payable to adviser (Note 4)		23,478		20,079
Total liabilities		8,058,922		20,079
NET ASSETS	$	37,862,810	$	30,008,943

NET ASSETS CONSISTS OF:
Paid-in capital	$	37,647,457	$	30,991,992
Total distributable earnings/(accumulated losses)		215,353		(983,049)
Total Net Assets	$	37,862,810	$	30,008,943

Net assets	$	37,862,810	$	30,008,943
Shares issued and outstanding^(a)		1,175,000		975,000
Net asset value per share	$	32.22	$	30.78

	Aztlan Global Stock Selection DM SMID ETF						Aztlan North America Nearshoring Stock Selection ETF
	Year Ended July 31, 2026			Year Ended July 31, 2025			Year Ended July 31, 2026			Year Ended July 31, 2025
OPERATIONS:
Net investment income (loss)	$	246,015		$	402,978		$	(32,435	)	$	154,756
Net realized gain (loss)		6,275,535			2,458,259			6,808,409			9,527
Net change in unrealized appreciation (depreciation)		(646,195	)		3,707,388			1,453,826			(639,767	)
Net increase (decrease) in net assets resulting from operations		5,875,355			6,568,625			8,229,800			(475,484	)

DISTRIBUTIONS TO SHAREHOLDERS:
From earnings		(336,229	)		(490,870	)		(81,498	)		(87,704	)
Total distributions to shareholders		(336,229	)		(490,870	)		(81,498	)		(87,704	)

CAPITAL TRANSACTIONS:
Subscriptions		27,573,996			7,326,757			48,261,953			8,512,258
Redemptions		(26,171,425	)		(8,024,598	)		(36,460,300	)		(8,418,810	)
ETF transaction fees (Note 9)		–			–			–			83
Net increase (decrease) in net assets from capital transactions		1,402,571			(697,841	)		11,801,653			93,531

NET INCREASE (DECREASE) IN NET ASSETS		6,941,697			5,379,914			19,949,955			(469,657	)

NET ASSETS:
Beginning of the period		30,921,113			25,541,199			10,058,988			10,528,645
End of the period	$	37,862,810		$	30,921,113		$	30,008,943		$	10,058,988

SHARES TRANSACTIONS
Subscriptions		950,000			275,000			1,825,000			400,000
Redemptions		(900,000	)		(300,000	)		(1,325,000	)		(400,000	)
Total increase (decrease) in shares outstanding		50,000			(25,000	)		500,000			–

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	37,864,455	$	–	$	–	$	37,864,455
Money Market Funds		314,758		–		–		314,758
Total Investments	$	38,179,213	$	–	$	–	$	38,179,213

Fund	Investment Advisory Fee
Global Fund	0.75%
Nearshoring Fund	0.75%

Fund	Purchases	Sales
Global Fund	$57,022,675	$57,281,837
Nearshoring Fund	61,516,999	61,588,652

Distributions paid from:	July 31, 2026		July 31, 2025
Global Fund
Ordinary Income	$	336,229	$	490,870

Nearshoring Fund
Ordinary Income	$	81,498	$	87,704

	Global Fund		Nearshoring Fund
Cost of investments^(a)	$	35,189,526	$	28,477,387
Gross tax unrealized appreciation		4,657,020		3,563,079
Gross tax unrealized depreciation		(1,667,333)		(2,017,109)
Net tax unrealized appreciation (depreciation)		2,989,687		1,545,970
Undistributed ordinary income (loss)		56,384		–
Undistributed long-term capital gain (loss)		–		–
Other accumulated gain (loss)		(2,830,718)		(2,529,019)
Total distributable earnings/(accumulated losses)	$	215,353	$	(983,049)

Fund	Short-Term			Long-Term
Global Fund	$	(2,823,572	)	$	-
Nearshoring Fund		(2,293,389	)		(198,988	)

Aztlan Global Stock Selection DM SMID ETF	100.00%
Aztlan North America Nearshoring Stock Selection ETF	100.00%

Aztlan Global Stock Selection DM SMID ETF	58.82%
Aztlan North America Nearshoring Stock Selection ETF	25.13%

Aztlan Global Stock Selection DM SMID ETF	00.00%
Aztlan North America Nearshoring Stock Selection ETF	00.00%

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

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