Exhibit 99.(d)(xxi)(i)
FIRST AMENDMENT TO THE
SUB-ADVISORY AGREEMENT
This First Amendment to the Sub-Advisory Agreement (the “Amendment”) is made as of October 16, 2026, by and between TIDAL INVESTMENTS LLC (the “Adviser”) and EMQQ GLOBAL, LLC (the “Sub-Adviser”).
BACKGROUND:
| A. | The Adviser and the Sub-Adviser are parties to a Sub-Advisory Agreement dated as of July 13, 2026 (the “Agreement”). |
| B. | Pursuant to Section 22 of the Agreement the parties desire to amend and restate Schedule A to the Agreement to add the following new series: |
Emerging Markets Optical & Photonics ETF
| C. | This Background section and the Schedule attached to this Amendment are incorporated by reference into, and made a part of, this Amendment. |
TERMS:
NOW, THEREFORE, intending to be legally bound, the parties agree as follows:
| 1. | The current Schedule A to the Agreement is hereby amended and restated in its entirety as set forth on the Amended and Restated Schedule A attached hereto. |
| 2. | Miscellaneous. |
| a. | Capitalized terms not defined in this Amendment shall have the respective meanings set forth in the Agreement. |
| b. | Except as specifically amended by this Amendment, and except as necessary to conform to the intention of the parties hereinabove set forth, the Agreement shall remain unaltered and in full force and effect and is hereby ratified and confirmed. |
| c. | The Agreement, as amended hereby, together with its Amended and Restated Schedule A, constitutes the complete understanding and agreement of the parties with respect to the subject matter hereof and supersedes all prior communications with respect thereto. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. The facsimile signature of any party to this Amendment shall constitute the valid and binding execution hereof by such party. |
[Signature Page Follows]
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IN WITNESS WHEREOF, the parties have caused this Amendment to be signed by duly authorized representatives as of the date first set forth above.
| TIDAL INVESTMENTS LLC | ||
| By: | /s/ Jay Pestrichelli | |
| Name: | Jay Pestrichelli | |
| Title: | Chief Investment Officer | |
| Date: | 10/27/2026 | |
| EMQQ GLOBAL, LLC | ||
| By: | /s/ Kevin Carter | |
| Name: | Kevin Carter | |
| Title: | Founder and Chief Investment Officer | |
| Date: | 10/27/2026 | |
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Amended and Restated Schedule A
to the
Sub-Advisory Agreement by and between Tidal Investments LLC and EMQQ Global, LLC
(October 16, 2026)
| Fund Name | Sub-Advisory Fee | Effective Date | Trading Authority |
| Emerging Markets AI ETF | 0.06% | Commencement of Operations | Non-Discretionary |
| Emerging Markets AI Mag 3 ETF | 0.06% | Commencement of Operations | Non-Discretionary |
| Emerging Markets Memory ETF | 0.06% | Commencement of Operations | Non-Discretionary |
| Emerging Markets Semiconductor ETF | 0.06% | Commencement of Operations | Non-Discretionary |
| China AI Tigers LLM ETF | 0.06% | Commencement of Operations | Non-Discretionary |
| China AI ETF | 0.06% | Commencement of Operations | Non-Discretionary |
| Emerging Markets GPU ETF | 0.06% | Commencement of Operations | Non-Discretionary |
| Emerging Markets Optical & Photonics ETF | 0.06% | Commencement of Operations | Non-Discretionary |
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