Certified Annual Shareholder Report

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

Academy Veteran Bond ETF Tailored Shareholder Report

annual shareholder report July 31, 2026

Academy Veteran Bond ETF

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

This annual shareholder report contains important information about the Academy Veteran Bond ETF (the "Fund") for the period August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.academyetfs.com. You can also request this information by contacting us at (866) 631-0504 or by writing the Fund at Academy Veteran Bond 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
Academy Veteran Bond ETF	$36	0.35%

Cumulative Performance

(Initial Investment of $10,000)

Date	Academy Veteran Bond ETF - $11,441	Bloomberg U.S. Aggregate Bond Index - $11,223	Bloomberg U.S. Mortgage-Backed Securities Index - $11,365
8/1/2023	10000	10000	10000
8/31/2023	10007	9992	9984
9/30/2023	9761	9739	9666
10/31/2023	9570	9585	9466
11/30/2023	10036	10019	9960
12/31/2023	10389	10402	10389
1/31/2024	10372	10374	10341
2/29/2024	10205	10227	10173
3/31/2024	10324	10322	10280
4/30/2024	10067	10061	9969
5/31/2024	10226	10232	10169
6/30/2024	10358	10328	10287
7/31/2024	10553	10570	10559
8/31/2024	10736	10722	10729
9/30/2024	10839	10865	10856
10/31/2024	10552	10596	10549
11/30/2024	10688	10708	10690
12/31/2024	10566	10532	10514
1/31/2025	10644	10588	10567
2/28/2025	10906	10821	10837
3/31/2025	10903	10825	10835
4/30/2025	10911	10868	10866
5/31/2025	10823	10790	10767
6/30/2025	11027	10956	10958
7/31/2025	10979	10927	10914
8/31/2025	11134	11058	11089
9/30/2025	11242	11178	11224
10/31/2025	11351	11248	11321
11/30/2025	11436	11318	11392
12/31/2025	11466	11301	11416
1/31/2026	11537	11314	11463
2/28/2026	11700	11499	11654
3/31/2026	11551	11296	11462
4/30/2026	11565	11309	11470
5/31/2026	11591	11344	11504
6/30/2026	11633	11371	11529
7/31/2026	11441	11223	11365

Annual Performance

Average Annual Returns for the Periods Ended July 31, 2026	One Year	Since Inception (8/1/2023)
Academy Veteran Bond ETF	4.21%	4.59%
Bloomberg U.S. Aggregate Bond Index	2.71%	3.92%
Bloomberg U.S. Mortgage-Backed Securities Index	4.13%	4.36%

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.academyetfs.com for more recent performance information.

How did the Fund perform in the past year?

The Fund is an actively managed exchange-traded fund that invests primarily in high-quality mortgage-backed securities ("MBS") and asset-backed securities ("ABS"). The Adviser uses loan-level analysis and quantitative modeling to identify undervalued securities with favorable borrower characteristics. Through this approach, the Fund seeks to provide broad portfolio diversification, limit exposure to corporate credit risk, and outperform the Bloomberg U.S. Mortgage-Backed Securities Index. For the fiscal year ended July 31, 2026, the Fund returned 4.21% at NAV, compared with returns of 4.13% for the Bloomberg U.S. Mortgage-Backed Securities Index and 2.71% for the Bloomberg U.S. Aggregate Bond Index.

What factors influenced performance?

Active security selection within the agency MBS and ABS markets contributed positively to the Fund's performance during the fiscal year. Higher-coupon securities generally performed better than lower-coupon securities during the period, consistent with their generally lower sensitivity to changes in interest rates.

Agency MBS performance was affected by interest-rate volatility and rising longer-term interest rates. Although the Federal Reserve lowered the target range for the federal funds rate by a total of 75 basis points ("bps"), the yield on the 10-year U.S. Treasury increased from 4.38% to 4.74%, weighing on MBS price returns. By contrast, the option-adjusted spread of the Bloomberg U.S. Mortgage-Backed Securities Index narrowed by 9 bps to 31 bps amid increased investor demand, supporting MBS prices. Spreads on small-business loan ABS also narrowed by 5 bps amid increased demand, supporting ABS prices. Mortgage rates remained elevated by historical standards. The national average rate for a 30-year fixed-rate mortgage ended the period at 6.73%, broadly unchanged from the end of the prior fiscal year despite fluctuations during the period. Elevated mortgage rates and affordability challenges kept refinancing and housing activity subdued, while limited housing supply continued to support home prices. The S&P Cotality Case-Shiller U.S. National Home Price NSA Index increased 1.1% year over year as of May 21, 2026, the last adjustment period.

Academy Veteran Bond ETF Tailored Shareholder Report

Key Fund Statistics

(as of July 31, 2026)

Fund Size (Thousands)	$124,485
Number of Holdings	153
Total Advisory Fee Paid	$325,233
Portfolio Turnover Rate	23%

What did the Fund invest in?

(as of July 31, 2026)

Sector Breakdown

(% of Total Net Assets)

Top Issuers	(% of Total Net Assets)
Ginnie Mae II Pool	78.7%
Small Business Administration Pools	11.7%
Ginnie Mae I Pool	8.2%

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 www.academyetfs.com.

Householding

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

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

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

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

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

(e)(2) The percentage of fees billed by Cohen & Company, Ltd. 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 Academy Veteran Bond ETF (the “Fund”) is a diversified series of shares of beneficial interest of Tidal Trust I (the “Trust”). The Trust was organized as a Delaware statutory trust on June 4, 2018 and is registered with the Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of the Fund’s shares (“Shares”) is registered under the Securities Act of 1933, as amended. The Trust is governed by the Board of Trustees (the “Board”). Tidal Investments LLC (“Tidal Investments” or the “Adviser”), a Tidal Financial Group company, serves as investment adviser to the Fund and Academy Asset Management, LLC d/b/a Academy Asset Management (the “Sub-Adviser”) serves as investment sub-adviser to the Fund. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services—Investment Companies.” The Fund commenced operations on August 1, 2023.

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

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

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

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 the Fund may cause the NAV of its shares to differ significantly from the NAV that would be calculated without regard to such considerations.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Agency Small Business Loan & MBS Risk. There is uncertainty as to the current status of many obligations of Fannie Mae or Freddie Mac and other agencies that are placed under conservatorship of the U.S. Government. Agency-backed securities may be more sensitive to changes in interest rates than other types of fixed income securities. Movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of agency-backed securities. Agency-backed securities are subject to fluctuations in yield due to prepayment rates that may be faster or slower than expected. Agency-backed securities can also be subject to the risk of default on the underlying small business loans or mortgages, as the case may be. In addition, MBS securities may be subject to extended settlement periods. If the counterparty to a transaction fails to deliver the securities, the Fund could suffer a loss.

Default or bankruptcy of a counterparty to a transaction would expose the Fund to possible loss. These risks may reduce the Fund’s returns.

Fixed-Income Securities Risk. Typically, the value of fixed-income securities changes inversely with prevailing interest rates. Therefore, a fundamental risk of fixed-income securities is interest rate risk (discussed below), which is the risk that the value of such securities will generally decline as prevailing interest rates rise, which may cause the Fund’s NAV to likewise decrease. For example, while securities with longer maturities and durations tend to produce higher yields, they also tend to be more sensitive to changes in prevailing interest rates and are therefore more volatile than shorter-term securities and are subject to greater market fluctuations as a result of changes in interest rates. Investments in fixed-income securities with very low or negative interest rates may diminish the Fund’s yield and performance. Recent and potential future changes in government monetary policy may also affect the level of interest rates. These changes could cause the Fund’s NAV to fluctuate or make it more difficult for the Fund to accurately value its securities. How specific fixed-income securities may react to changes in interest rates will depend on the specific characteristics of each security. Fixed-income securities are also subject to credit risk, prepayment risk (discussed below), valuation risk, extension risk (discussed below), and liquidity risk. Credit risk is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default. Prepayment risk is the risk that during periods of falling interest rates, certain fixed-income securities with higher interest rates, such as mortgage- and asset-backed securities, may be prepaid by their issuers thereby reducing the amount of interest payments. Valuation risk is the risk that one or more of the fixed-income securities in which the Fund invests are priced differently than the value realized upon such security’s sale. In times of market instability, valuation may be more difficult. Extension risk is the risk that borrowers may pay off their debt obligations more slowly in times of rising interest rates. Liquidity risk is the risk that fixed-income securities may be difficult or impossible to sell at the time that the portfolio managers would like or at the price the portfolio managers believe the security is currently worth.

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

Counterparty and Issuer Credit Risk. The financial condition of an issuer of a fixed-income security or other instrument or a counterparty to a derivative or other contract may cause such issuer or counterparty to default, become unable to pay interest or principal due or otherwise fail to honor its obligations or cause such issuer or counterparty to be perceived (whether by market participants, rating agencies, pricing services or otherwise) as being in such situations. The value of an investment in the Fund may change quickly and without warning in response to issuer or counterparty defaults, changes in the credit ratings of the Fund’s portfolio investments and/or perceptions related thereto.

Non-Agency MBS Risk. Non-agency MBS are subject to heightened risks as compared to agency MBS, including that non-agency MBS are not subject to the same underwriting requirements for the underlying mortgages that are applicable to those MBS that have a government or government-sponsored entity guarantee. As a result, the mortgage loans underlying non-agency MBS may, and frequently do, have less favorable collateral, credit risk, or other underwriting characteristics than government or government-sponsored MBS and have wider variances in a number of terms including interest rate, term, size, purpose, and borrower characteristics. There may be a limited market for such securities.

Prepayment Risk and Extension Risk. Many issuers have a right to prepay their fixed-income securities. Issuers may be more likely to prepay their securities if interest rates fall. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and will be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on prepaid securities. The Fund may also lose any premium it paid on prepaid securities. If interest rates rise, then issuers may extend the duration of a fixed-income security so that it is paid off more slowly than expected and the value of the security may decline.

Repurchase Agreement Risk. Repurchase agreements may be viewed as loans made by the Fund that are collateralized by the securities subject to repurchase. The Fund’s investment in repurchase agreements may be subject to market and credit risk with respect to the collateral securing the repurchase agreements. If the Fund’s counterparty should default on its obligations and the Fund is delayed or prevented from recovering the collateral, or if the value of the collateral is insufficient, the Fund may realize a loss.

Reverse Repurchase Agreement Risk. A reverse repurchase agreement is the sale by the Fund of a debt obligation to a party for a specified price, with the simultaneous agreement by the Fund to repurchase that debt obligation from that party on a future date at an agreed-upon price. Similar to borrowing, reverse repurchase agreements provide the Fund with cash for investment purposes, which creates leverage and subjects the Fund to the risks of leverage. Reverse repurchase agreements also involve the risk that the other party may fail to return the securities in a timely manner or at all. The Fund could lose money if it is unable to recover the securities and the value of collateral held by the Fund, including the value of the investments made with cash collateral, is less than the value of securities.

To Be Announced (“TBA”) Transactions Risk. The Fund may enter into TBA transactions for MBS. There can be no assurance that a security purchased on a forward commitment basis will ultimately be issued or delivered by the counterparty. During the settlement period, the Fund will still bear the risk of any decline in the value of the security to be delivered. Because TBA transactions do not require the purchase and sale of identical securities, the characteristics of the security delivered to the Fund may be less favorable than the security delivered to the dealer. If the counterparty to a transaction fails to deliver the securities, the Fund could suffer a loss. At the time of its acquisition, a TBA security may be valued at less than the purchase price.

Third-Party Data Risk. The composition of the Fund’s portfolio is heavily dependent on information and data calculated and published by independent third parties (“Third-Party Data”). When Third-Party Data proves to be incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities from the Fund’s portfolio that would have been excluded or included had the Third-Party Data been correct and complete.

General Market Risk. Securities markets and individual securities will increase or decrease in value. Security prices may fluctuate widely over short or extended periods in response to market or economic news and conditions, and securities markets also tend to move in cycles. If there is a general decline in the securities markets, it is possible your investment may lose value regardless of the individual results of the companies in which the Fund invests. The magnitude of up and down price or market fluctuations over time is sometimes referred to as “volatility,” and it can be significant. In addition, different asset classes and geographic markets may experience periods of significant correlation with each other. As a result of this correlation, the securities and markets in which the Fund invests may experience volatility due to market, economic, political or social events and conditions that may not readily appear to directly relate to such securities, the securities’ issuer or the markets in which they trade.

Management Risk. The Fund is actively-managed and may not meet its investment objective based on the Sub-Adviser’s success or failure to implement investment strategies for the Fund.

Money Market Fund Risk. Money market funds are subject to the risk that they will decline in value due to changes of interest rates. Although each money market fund in which the Fund may invest seeks to maintain a NAV of $1.00 per share, there is no assurance that the underlying fund will be able to do so.

Newer Fund Risk. The Fund is a recently organized management investment company with limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decisions. There can be no assurance that the Fund will maintain an economically viable size.

Sub-Adviser Risk. The Sub-Adviser has experienced professionals who have managed investments in the past, but they do not have long-term experience managing an ETF.

The Adviser serves as investment adviser to the Fund pursuant to an investment advisory agreement between the Adviser and the Trust, on behalf of the Fund (the “Advisory Agreement”), and, pursuant to the Advisory Agreement, provides investment advice to the Fund and oversees the day-to-day operations of the Fund, subject to the direction and oversight of the Board. The Adviser provides oversight of the Sub-Adviser and regularly reviews the Sub-Adviser’s performance in executing investment decisions.

Pursuant to the Advisory Agreement, the Fund pays the Adviser a unitary management fee (the “Investment Advisory Fee”) of 0.35% based on the average daily net assets of the Fund. Out of the Investment Advisory Fee, the Adviser is obligated to pay or arrange for the payment of substantially all expenses of the Fund, including the cost of sub-advisory, transfer agency, custody, fund administration, and all other related services necessary for the Fund to operate. Under the Advisory Agreement, the Adviser has agreed to pay, or require the Sub-Adviser to pay, all expenses incurred by the Fund except for interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act (collectively, “Excluded Expenses”), and the Investment Advisory Fee payable to the Adviser. The Investment Advisory Fees incurred are paid monthly to the Adviser. Investment Advisory Fees for the year ended July 31, 2026 are disclosed in the Statement of Operations.

The Sub-Adviser serves as investment sub-adviser to the Fund, pursuant to a sub-advisory agreement between the Adviser and the Sub-Adviser with respect to the Fund (the “Sub-Advisory Agreement”). Pursuant to the Sub-Advisory Agreement, the Sub-Adviser is responsible for the day-to-day management of the Fund’s portfolio, including determining the securities purchased and sold by the Fund, subject to the supervision of the Adviser and the Board. The Sub-Adviser is also responsible for trading portfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions. The Sub-Adviser is paid a fee by the Adviser, which is calculated daily and paid monthly, at an annual rate of 0.12% of the Fund’s average daily net assets (the “Sub-Advisory Fee”). The Sub-Adviser has agreed to assume all of the Adviser’s obligation to pay all expenses incurred by the Fund, except for the Sub-Advisory Fee and Excluded Expenses. For assuming the payment obligation for all of the Fund’s expenses, the Adviser has agreed to pay to the Sub-Adviser the profits, if any, generated by the Fund’s Investment Advisory Fee, less a contractual fee retained by the Adviser. Expenses incurred by the Fund and paid by the Sub-Adviser include fees charged by Tidal (defined below), which is an affiliate of the Adviser.

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

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

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

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

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

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

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

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

For the year ended July 31, 2026, the cost of purchases and proceeds from the sales, maturities or paydowns of securities, excluding short-term investments, U.S. government securities, and in-kind transactions were $4,972,813 and $2,845,763, respectively.

For the year ended July 31, 2026, the cost of purchases and proceeds from the sales, maturities or paydowns of long-term U.S. government securities for the Fund were $61,605,493 and $18,087,143, respectively.

For the year ended July 31, 2026, there were no in-kind transactions associated with creations and redemptions for the Fund.

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

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

As of July 31, 2026, the Fund had long-term and short-term capital loss carryovers of $(7,380) and $(55,426), respectively, which do not expire.

U.S. Bank N.A. has made available to the Fund a credit facility pursuant to a Loan Agreement for temporary or extraordinary purposes. Credit facility details for the year ended July 31, 2026, were as follows:

Interest expense incurred for the year ended July 31, 2026 is disclosed in the Statement of Operations, if applicable. The credit facility is an uncommitted, senior secured 364-day umbrella line of credit used for the benefit of certain funds in the Trust.

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

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

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

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

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

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

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Academy Veteran Bond ETF (the “Fund”), a series of Tidal Trust I, as of July 31, 2026, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2026, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. 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 Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and the Tax Cuts and Jobs Act of 2017. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

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

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(c) for the year ended 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 and Sub-Advisory Contracts.

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

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

The Board also considered other services provided to the Fund, such as monitoring adherence to the Fund’s investment strategy and restrictions, oversight of Academy Asset Management, LLC (“Academy” or the “Sub-Adviser”), the Fund’s sub-adviser, and other service providers to the Fund, monitoring compliance with various Fund policies and procedures and with applicable securities regulations, and monitoring the extent to which the Fund achieves its investment objective as an actively-managed ETF. The Board noted that the Sub-Adviser is responsible for trade execution and portfolio investment decisions for the Fund, subject to the supervision of the Adviser.

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

The Board considered the performance of the Fund on an absolute basis and in comparison, to its benchmark index (the Bloomberg U.S. Aggregate Bond Index) and a secondary index (the Bloomberg U.S. Mortgage-Backed Securities Index). The Board also considered comparative information prepared by the Adviser, in partnership with AltaVista Research, LLC, a third-party ETF research firm, comparing the Fund to a peer group comprised of other actively-managed ETFs within the Fund’s designated Morningstar category (the U.S. government mortgage-backed bond fund category) (the “VETZ Peer Group”). The Board noted that the Fund outperformed the Bloomberg U.S. Aggregate Bond Index for the one-year and since inception periods ended December 31, 2025. The Board also noted that the Fund’s performance was in-line with but slightly underperformed the Bloomberg U.S. Mortgage-Backed Securities Index for the one-year period ended December 31, 2025, but outperformed the Bloomberg U.S. Mortgage-Backed Securities Index for the since inception period ended December 31, 2025. The Board considered that the Fund’s performance was in-line with the VETZ Peer Group average, but underperformed the VETZ Peer Group median for the one-year period ended February 27, 2026. The Board also noted that the Fund ranked sixth out of seven funds in the VETZ Peer Group for the one-year period ended February 27, 2026.

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

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

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

At the meeting held on April 2, 2026, the Board also considered the renewal of the sub-advisory agreement (the “Sub-Advisory Agreement”) for the Fund, entered into between the Adviser and Academy. Prior to this meeting, the Board requested and received materials to assist them in considering the renewal of the Sub-Advisory Agreement. The materials provided contained information with respect to the factors enumerated below, including a copy of the Sub-Advisory Agreement, a memorandum prepared by outside legal counsel to the Trust and the Independent Trustees discussing in detail the Trustees’ fiduciary obligations and the factors they should assess in considering the renewal of the Sub-Advisory Agreement, due diligence materials prepared by the Sub-Adviser (including the due diligence response completed by the Sub-Adviser with respect to a specific request letter from outside legal counsel to the Trust and the Independent Trustees, the Sub-Adviser’s Form ADV, select ownership, organizational, financial and insurance information for the Sub-Adviser, biographical information of key management and compliance personnel, and the Sub-Adviser’s compliance manual and code of ethics) and other pertinent information. Based on their evaluation of the information provided, the Trustees, by a unanimous vote (including a separate vote of the Independent Trustees), approved the Sub-Advisory Agreement for an initial two-year term.

In considering the renewal of the Sub-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 Academy provides to the Fund, such as monitoring adherence to the Fund’s investment strategies and restrictions, monitoring compliance with various Fund policies and procedures and with applicable securities regulations, monitoring the extent to which the Fund meets its investment objective as an actively-managed ETF and quarterly reporting to the Board. The Board noted that Academy is responsible for Fund’s portfolio investment decisions and the trading of the Fund’s portfolio securities, subject to the supervision of the Adviser.

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

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

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 Sub-Advisory Agreement are fair and reasonable; (b) the sub-advisory fees are reasonable in light of the services that Academy provides to the Fund; and (c) the approval of the renewal of the Sub-Advisory Agreement for an additional term ending April 30, 2027 was in the best interests of the Fund and its shareholders.

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

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

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

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

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

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

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

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

Sector	%
Mortgage-Backed Securities	0.868
Asset-Backed Securities	0.117
Cash & Other	0.015

	FYE 7/31/2026	FYE 7/31/2025
( a ) Audit Fees	$15,500	$15,500
( 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
Audit-Related Fees	0%	0%
Tax Fees	0%	0%
All Other Fees	0%	0%

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

	Page
Schedule of Investments	1
Statement of Assets and Liabilities	5
Statement of Operations	6
Statements of Changes in Net Assets	7
Financial Highlights	8
Notes to the Financial Statements	9
Report of Independent Registered Public Accounting Firm	19
Other Non-Audited Information	20

ASSET BACKED SECURITIES - 11.7%	Par		Value
Small Business Administration Pools^(a)
Pool SBA 530428, 4.30% (Prime Rate + (2.45%)), 10/25/2033	$	170,282	$	170,848
Pool SBA 530439, 4.30% (Prime Rate + (2.45%)), 10/25/2033		474,074		475,655
Pool SBA 530455, 4.40% (Prime Rate + (2.35%)), 11/25/2033		803,743		808,781
Pool SBA 530472, 4.45% (Prime Rate + (2.30%)), 12/25/2033		194,781		196,240
Pool SBA 530560, 4.05% (Prime Rate + (2.70%)), 05/25/2034		351,842		351,070
Pool SBA 530574, 4.05% (Prime Rate + (2.70%)), 05/25/2034		296,756		296,108
Pool SBA 530588, 4.05% (Prime Rate + (2.70%)), 08/25/2034		530,317		529,200
Pool SBA 530592, 5.75% (Prime Rate + (1.00%)), 08/25/2034		167,394		172,991
Pool SBA 530612, 4.05% (Prime Rate + (2.70%)), 08/25/2034		315,290		314,629
Pool SBA 530631, 4.10% (Prime Rate + (2.65%)), 08/25/2034		123,870		123,768
Pool SBA 530653, 4.10% (Prime Rate + (2.65%)), 09/25/2034		54,195		54,139
Pool SBA 530692, 4.10% (Prime Rate + (2.65%)), 11/25/2034		324,778		324,579
Pool SBA 530776, 4.10% (Prime Rate + (2.65%)), 03/25/2035		493,527		494,017
Pool SBA 530809, 4.88% (Prime Rate + (1.88%)), 08/25/2035		214,832		218,661
Pool SBA 530810, 4.10% (Prime Rate + (2.65%)), 04/25/2035		328,178		328,086
Pool SBA 530832, 4.16% (Prime Rate + (2.59%)), 06/25/2050		669,706		670,696
Pool SBA 530851, 7.02% (Prime Rate + 0.27%), 07/25/2035		392,792		419,096
Pool SBA 530885, 4.20% (Prime Rate + (2.55%)), 07/25/2035		2,057,450		2,062,774
Pool SBA 530887, 5.75% (Prime Rate + (1.00%)), 07/25/2035		1,639,292		1,702,709
Pool SBA 530979, 4.15% (Prime Rate + (2.60%)), 11/25/2035		275,397		275,829
Pool SBA 531001, 5.75% (Prime Rate + (1.00%)), 04/25/2036		474,992		495,064
Pool SBA 531034, 4.25% (Prime Rate + (2.50%)), 07/25/2051		247,237		248,528
Pool SBA 531081, 4.15% (Prime Rate + (2.60%)), 04/25/2051		496,174		497,065
Pool SBA 531109, 4.08% (Prime Rate + (2.67%)), 04/25/2036		1,851,724		1,851,638
Pool SBA 531126, 4.08% (Prime Rate + (2.67%)), 05/25/2036		477,913		477,926
Pool SBA 531147, 4.15% (Prime Rate + (2.60%)), 10/25/2051		998,127		1,000,192

TOTAL ASSET BACKED SECURITIES (Cost $14,536,473)				14,560,289

MORTGAGE-BACKED SECURITIES - 86.8%	Par		Value
Ginnie Mae I Pool
Pool GN 615400, 4.50%, 08/15/2033		248,405		247,093
Pool GN 666291, 2.50%, 12/15/2042		54,230		48,539
Pool GN 682229, 4.00%, 07/15/2049		453,505		415,715
Pool GN AD0997, 2.50%, 04/15/2043		35,009		29,724
Pool GN AD0998, 2.50%, 04/15/2043		89,005		75,568
Pool GN AD0999, 2.50%, 05/15/2043		8,304		7,050
Pool GN AI6890, 3.00%, 06/15/2045		288,475		253,993
Pool GN BP6229, 3.00%, 11/15/2049		1,467,662		1,274,905
Pool GN BR6606, 3.00%, 02/15/2050		8,991,342		7,795,241
Ginnie Mae II Pool
Pool G2 678014, 4.00%, 04/20/2048		68,450		61,704
Pool G2 784981, 3.50%, 04/20/2050		871,548		772,887
Pool G2 785510, 2.50%, 01/20/2051		1,759,851		1,431,393
Pool G2 786095, 3.00%, 04/20/2052		445,634		384,851
Pool G2 786134, 3.00%, 04/20/2052		3,078,409		2,658,528
Pool G2 786216, 3.50%, 06/20/2052		190,862		167,458

Pool G2 786463, 3.50%, 12/20/2052	1,902,080	1,666,822
Pool G2 786464, 2.50%, 12/20/2052	367,630	298,745
Pool G2 786552, 2.00%, 12/20/2052	406,654	320,082
Pool G2 786612, 3.00%, 03/20/2052	1,892,246	1,634,153
Pool G2 786723, 3.50%, 11/20/2052	256,492	225,040
Pool G2 786724, 2.50%, 01/20/2053	798,966	649,259
Pool G2 786725, 3.00%, 11/20/2052	366,684	313,260
Pool G2 786784, 4.50%, 06/20/2053	604,565	566,888
Pool G2 786793, 2.00%, 12/20/2052	409,230	322,110
Pool G2 786842, 4.00%, 04/20/2053	698,506	634,524
Pool G2 787240, 5.00%, 01/20/2054	1,620,100	1,571,161
Pool G2 787975, 5.50%, 05/20/2055	140,603	139,357
Pool G2 788093, 5.50%, 07/20/2055	501,728	497,281
Pool G2 788100, 5.50%, 08/20/2055	962,541	954,010
Pool G2 788152, 5.00%, 09/20/2055	1,640,089	1,582,776
Pool G2 788440, 5.50%, 11/20/2055	1,765,764	1,750,115
Pool G2 788554, 4.50%, 04/20/2056	2,988,223	2,766,415
Pool G2 788614, 5.00%, 04/20/2056	3,986,059	3,843,285
Pool G2 AX3507, 3.00%, 12/20/2046	283,496	253,518
Pool G2 BK5879, 4.50%, 11/20/2048	164,519	156,564
Pool G2 BR8118, 3.00%, 11/20/2049	656,966	568,617
Pool G2 BS8626, 3.00%, 02/20/2050	745,764	645,472
Pool G2 BS8891, 3.50%, 02/20/2050	995,861	883,938
Pool G2 BS8912, 3.00%, 02/20/2050	484,519	419,360
Pool G2 BT1911, 3.50%, 12/20/2050	129,785	113,646
Pool G2 BU6116, 2.50%, 04/20/2050	58,328	48,508
Pool G2 BU6352, 3.50%, 06/20/2051	131,639	116,257
Pool G2 BV1199, 3.50%, 05/20/2050	131,515	115,160
Pool G2 BX2636, 2.50%, 10/20/2050	683,319	567,594
Pool G2 BY0769, 2.50%, 09/20/2050	750,841	625,984
Pool G2 BZ0238, 2.50%, 03/20/2051	1,641,817	1,356,034
Pool G2 CD4331, 2.00%, 04/20/2051	413,218	329,584
Pool G2 CK2586, 3.00%, 04/20/2052	1,307,175	1,128,882
Pool G2 CL5518, 3.00%, 03/20/2052	1,561,656	1,348,654
Pool G2 CL5523, 3.00%, 04/20/2052	923,023	788,543
Pool G2 CN0347, 3.00%, 09/20/2052	115,335	99,802
Pool G2 CN5150, 2.50%, 07/20/2052	879,865	726,820
Pool G2 CN6487, 3.00%, 06/20/2052	890,264	768,836
Pool G2 CN6885, 3.50%, 05/20/2052	79,748	69,440
Pool G2 CN8589, 4.00%, 08/20/2052	306,306	278,248
Pool G2 CO5989, 3.00%, 02/20/2052	638,156	551,385
Pool G2 CO5999, 3.00%, 09/20/2052	648,753	560,541
Pool G2 CQ2299, 3.00%, 11/20/2052	217,744	187,537
Pool G2 CQ5485, 4.50%, 11/20/2052	285,385	268,453
Pool G2 CR2134, 3.50%, 09/20/2060	656,395	572,682
Pool G2 CT5959, 4.50%, 04/20/2053	748,422	698,139
Pool G2 CT6282, 4.50%, 02/20/2062	459,494	430,228
Pool G2 CT9943, 5.00%, 04/20/2053	846,894	821,311
Pool G2 CU0134, 4.50%, 05/20/2053	422,010	393,657
Pool G2 CU4415, 6.50%, 05/20/2053	66,062	68,333
Pool G2 CU5352, 5.50%, 08/20/2053	424,420	423,845
Pool G2 CV1066, 5.00%, 06/20/2053	598,033	579,967
Pool G2 CV6338, 5.50%, 07/20/2053	1,214,709	1,210,987

Pool G2 CV6387, 5.00%, 06/20/2053	668,428	648,236
Pool G2 CV6664, 5.50%, 06/20/2053	224,743	225,963
Pool G2 CV7142, 4.50%, 07/20/2050	1,096,211	1,062,280
Pool G2 CW6876, 7.00%, 08/20/2053	33,113	34,291
Pool G2 CY9047, 5.50%, 03/20/2054	996,288	995,733
Pool G2 DA2629, 5.00%, 03/20/2054	868,933	846,260
Pool G2 DG4649, 5.50%, 12/20/2054	245,217	243,678
Pool G2 DG4653, 4.00%, 12/20/2039	625,812	600,678
Pool G2 DH3437, 4.50%, 02/20/2040	885,964	866,544
Pool G2 DN7697, 4.88%, 02/20/2065	380,942	361,066
Pool G2 DN9680, 4.50%, 11/20/2055	1,442,267	1,336,159
Pool G2 DP3792, 5.00%, 01/20/2056	893,511	861,777
Pool G2 DQ6620, 4.50%, 03/20/2056	1,094,105	1,012,893
Pool G2 DR3077, 4.50%, 04/20/2056	1,861,163	1,723,014
Pool G2 DS2307, 4.50%, 04/20/2056	2,366,370	2,190,721
Pool G2 MA2752, 2.50%, 04/20/2045	897,964	764,031
Pool G2 MA2824, 2.50%, 05/20/2045	586,166	498,738
Pool G2 MA5386, 3.00%, 08/20/2048	154,403	133,335
Pool G2 MA6144, 3.00%, 09/20/2049	2,336,702	2,004,094
Pool G2 MA6209, 3.00%, 10/20/2049	1,058,283	907,646
Pool G2 MA6464, 3.00%, 02/20/2050	1,793,811	1,537,995
Pool G2 MA6646, 3.00%, 05/20/2050	1,645,098	1,410,490
Pool G2 MA7191, 1.50%, 02/20/2051	297,050	228,809
Pool G2 MA7906, 2.00%, 03/20/2037	587,382	527,457
Pool G2 MA8040, 1.50%, 04/20/2052	528,585	399,110
Pool G2 MA8095, 1.50%, 12/20/2043	96,093	82,089
Pool G2 MA8173, 2.50%, 08/20/2037	158,525	147,167
Pool G2 MA8190, 3.00%, 08/20/2052	1,573,055	1,343,868
Pool G2 MA8239, 2.00%, 02/20/2037	403,091	365,368
Pool G2 MA8314, 2.00%, 01/20/2037	99,425	90,120
Pool G2 MA8417, 4.00%, 11/20/2052	1,636,252	1,469,922
Pool G2 MA8475, 2.00%, 12/20/2052	1,104,602	869,445
Pool G2 MA8710, 3.00%, 01/20/2052	1,119,808	956,658
Pool G2 MA8712, 4.00%, 03/20/2053	2,669,236	2,397,900
Pool G2 MA8782, 2.00%, 12/20/2051	725,525	571,070
Pool G2 MA8783, 2.50%, 03/20/2052	1,246,235	998,302
Pool G2 MA8860, 2.00%, 08/20/2052	769,139	605,399
Pool G2 MA8862, 3.00%, 01/20/2053	1,096,237	936,520
Pool G2 MA8941, 2.00%, 06/20/2053	1,289,471	1,032,630
Pool G2 MA9093, 5.00%, 08/20/2053	1,174,839	1,141,727
Pool G2 MA9153, 2.50%, 09/20/2053	793,488	635,627
Pool G2 MA9157, 4.50%, 09/20/2053	1,310,050	1,224,513
Pool G2 MA9223, 3.00%, 04/20/2052	2,786,606	2,380,610
Pool G2 MA9224, 3.50%, 10/20/2053	815,390	709,943
Pool G2 MA9287, 3.00%, 02/20/2052	438,588	373,681
Pool G2 MA9344, 3.00%, 09/20/2053	189,459	161,421
Pool G2 MA9481, 2.00%, 01/20/2054	2,533,206	2,025,596
Pool G2 MA9593, 6.00%, 04/20/2054	318,027	321,507
Pool G2 MA9650, 3.00%, 12/20/2051	1,386,724	1,178,606
Pool G2 MA9893, 5.50%, 09/20/2054	85,217	84,848
Pool G2 MB0455, 3.50%, 07/20/2040	320,857	301,296
Pool G2 MB0507, 4.50%, 07/20/2040	1,860,385	1,809,127
Pool G2 MB0585, 4.50%, 08/20/2040	848,779	825,393

Pool G2 MB0871, 5.00%, 01/20/2056	2,277,950		2,206,739
Pool G2 MB0922, 3.50%, 02/20/2056	381,439		329,221
Pool G2 MB0973, 4.00%, 09/20/2041	544,122		521,507
Pool G2 MB1047, 4.00%, 07/20/2041	2,456,537		2,354,438
Pool G2 MB1284, 5.00%, 07/20/2056	2,750,000		2,661,817

TOTAL MORTGAGE-BACKED SECURITIES (Cost $110,986,098)			108,071,531

SHORT-TERM INVESTMENTS - 0.9%
Money Market Funds - 0.9%	Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(b)	1,103,457		1,103,457

TOTAL SHORT-TERM INVESTMENTS (Cost $1,103,457)			1,103,457

TOTAL INVESTMENTS - 99.4% (Cost $126,626,028)		$	123,735,277
Other Assets in Excess of Liabilities - 0.6%			749,962
TOTAL NET ASSETS - 100.0%		$	124,485,239

	Academy Veteran Bond ETF
ASSETS:
Investments, at value (cost $126,626,028) (Note 2)	$	123,735,277
Receivable for investments sold		13,005,134
Interest receivable		481,114
Total assets		137,221,525

LIABILITIES:
Payable for investments purchased		12,702,734
Payable to adviser (Note 4)		33,552
Total liabilities		12,736,286
NET ASSETS	$	124,485,239

NET ASSETS CONSISTS OF:
Paid-in capital	$	126,864,794
Total distributable earnings/(accumulated losses)		(2,379,555	)
Total Net Assets	$	124,485,239

Net assets	$	124,485,239
Shares issued and outstanding^(a)		6,425,000
Net asset value per share	$	19.38

	Academy Veteran Bond ETF
INVESTMENT INCOME:
Interest income	$	5,786,037
Total investment income		5,786,037

EXPENSES:
Investment advisory fee (Note 4)		325,233
Interest expense (Note 8)		674
Total expenses		325,907
NET INVESTMENT INCOME (LOSS)		5,460,130

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments		4,094
Net realized gain (loss)		4,094
Net change in unrealized appreciation (depreciation) on:
Investments		(2,583,794	)
Net change in unrealized appreciation (depreciation)		(2,583,794	)
Net realized and unrealized gain (loss)		(2,579,700	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,880,430

	Academy Veteran Bond ETF
	Year Ended July 31, 2026			Year Ended July 31, 2025
OPERATIONS:
Net investment income (loss)	$	5,460,130		$	4,641,081
Net realized gain (loss)		4,094			(315	)
Net change in unrealized appreciation (depreciation)		(2,583,794	)		(1,694,264	)
Net increase (decrease) in net assets resulting from operations		2,880,430			2,946,502

DISTRIBUTIONS TO SHAREHOLDERS:
From earnings		(5,403,173	)		(4,603,400	)
Total distributions to shareholders		(5,403,173	)		(4,603,400	)

CAPITAL TRANSACTIONS:
Subscriptions		52,936,487			7,424,175
Redemptions		(5,406,705	)		—
ETF transaction fees (Note 9)		40,840			5,197
Net increase (decrease) in net assets from capital transactions		47,570,622			7,429,372

NET INCREASE (DECREASE) IN NET ASSETS		45,047,879			5,772,474

NET ASSETS:
Beginning of the period		79,437,360			73,664,886
End of the period	$	124,485,239		$	79,437,360

SHARES TRANSACTIONS
Subscriptions		2,675,000			375,000
Redemptions		(275,000	)		—
Total increase (decrease) in shares outstanding		2,400,000			375,000

	Level 1		Level 2		Level 3		Total
Investments:
Asset Backed Securities	$	–	$	14,560,289	$	–	$	14,560,289
Mortgage-Backed Securities		–		108,071,531		–		108,071,531
Money Market Funds		1,103,457		–		–		1,103,457
Total Investments	$	1,103,457	$	122,631,820	$	–	$	123,735,277

Distributions paid from:		July 31, 2026				July 31, 2025
Ordinary Income		$	5,403,173			$	4,603,400

Cost of investments	$	126,626,028
Gross tax unrealized appreciation		212,106
Gross tax unrealized depreciation		(3,102,857)
Net tax unrealized appreciation (depreciation)		(2,890,751)
Undistributed ordinary income (loss)		574,002
Undistributed long-term capital gain (loss)		–
Other accumulated gain (loss)		(62,806)
Total distributable earnings/(accumulated losses)	$	(2,379,555)

Maximum available credit	$	50,000,000
Largest amount outstanding on an individual day		622,000
Average daily loan outstanding, when in use		513,143
Credit facility outstanding as of July 31, 2026		–
Average interest rate, when in use		6.75	%
Interest rate terms		Prime
Interest rate as of July 31, 2026		6.75	%
Expiration date		June 23, 2027

	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