ThZeal - The Zeal

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

Aztlan Global Stock Selection DM SMID ETF Tailored Shareholder Report

semi-annual Shareholder Report January 31, 2025

Aztlan Global Stock Selection DM SMID ETF

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

This semi-annual shareholder report contains important information about the Aztlan Global Stock Selection DM SMID ETF (the "Fund") for the period August 1, 2024 to January 31, 2025. You can find additional information about the Fund at www.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.

What were the Fund costs for the past six months?
(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	$40	0.75%

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of January 31, 2025)


Fund Size (Thousands)	$27,622
Number of Holdings	51
Portfolio Turnover	277%

Sector Breakdown
(% of Total Net Assets)

What did the Fund invest in?

(as of January 31, 2025)

Top Ten Holdings	(% of Total Net Assets)
Sanwa Holdings Corp.	2.1
Skyward Specialty Insurance Group, Inc.	2.1
Northern Star Resources Ltd.	2.1
Pro Medicus Ltd.	2.1
Centrica PLC	2.0
Palomar Holdings, Inc.	2.0
Enova International, Inc.	2.0
Wallenius Wilhelmsen ASA	2.0
JB Hi-Fi Ltd.	2.0
Clear Secure, Inc. - Class A	2.0

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.

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

Aztlan North America Nearshoring Stock Selection ETF Tailored Shareholder Report

semi-annual Shareholder Report January 31, 2025

Aztlan North America Nearshoring Stock Selection ETF

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

This semi-annual shareholder report contains important information about the Aztlan North America Nearshoring Stock Selection ETF (the "Fund") for the period August 1, 2024 to January 31, 2025. You can find additional information about the Fund at www.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.

What were the Fund costs for the past six months?
(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	$37	0.75%

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of January 31, 2025)


Fund Size (Thousands)	$10,162
Number of Holdings	30
Portfolio Turnover	82%

Sector Breakdown
(% of Total Net Assets)

What did the Fund invest in?

(as of January 31, 2025)

Top Ten Holdings	(% of Total Net Assets)
Corp. Inmobiliaria Vesta SAB de CV	5.6
Prologis Property Mexico SA de CV	5.6
Terreno Realty Corp.	5.5
EastGroup Properties, Inc.	5.4
Kirby Corp.	5.4
FIBRA Macquarie Mexico	5.1
Iron Mountain, Inc.	5.1
RXO, Inc.	5.0
LXP Industrial Trust	4.9
GXO Logistics, Inc.	4.6

Householding

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

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 ETF Trust (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 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 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”).

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 net asset value (“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 the Funds’ investments as of January 31, 2025:

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

In order to avoid imposition of the excise tax applicable to regulated investment companies, each 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 registered investment company, 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 each fund’s 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 January 31, 2025, 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 jurisdiction 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.

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.

REITs are subject to additional risks, including those related to adverse governmental actions; declines in property value and the real estate market; the potential failure to qualify for tax-free pass through of income; and exemption from registration as an investment company. REITs are dependent upon specialized management skills and may invest in relatively few properties, a small geographic area, or a small number of property types. As a result, investments in REITs may be volatile. To the extent the Fund invests in REITs concentrated in specific geographic areas or property types, the Fund may be subject to a greater loss as a result of adverse developments affecting such area or property types. REITs are pooled investment vehicles with their own fees and expenses and the Fund will indirectly bear a proportionate share of those fees and expenses.

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 each 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 Funds under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act (collectively, “Excluded Expenses”) and the Investment Advisory Fees payable to the Adviser. The Investment Advisory Fees incurred are paid monthly to the Adviser. Investment Advisory Fees for the six-months ended January 31, 2025 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’ sub-administrator, fund accountant and transfer agent. In those capacities, Fund Services performs various administrative and accounting services for the Funds. Fund Services prepares various federal and state regulatory filings, reports and returns for the Funds, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the Board; and monitors the activities of the Funds’ custodian. U.S. Bank N.A. (the “Custodian”), an affiliate of Fund Services, serves as the Funds’ custodian. 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 the Funds’ 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 (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, the Funds have evaluated their business activities and determined that they each operate as a single reportable segment.

Each Fund's investment activities are managed by the Adviser, which serves as the Chief Operating Decision Maker ("CODM"). The Adviser is responsible for assessing each Fund’s financial performance and allocating resources. In making these assessments, the Adviser 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.

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 six-months ended January 31, 2025, 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 as follows:

For the six-months ended January 31, 2025, there were no purchases or sales of long-term U.S. government securities for the Funds.

For the six-months ended January 31, 2025, in-kind transactions associated with creations and redemptions for the Funds were as follows:

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.

The tax character of distributions paid during the six-months ended January 31, 2025 (estimated) and the prior fiscal period ended July 31, 2024, were as follows:

As of July 31, 2024, 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 Funds’ next taxable year. As of the most recent fiscal period ended July 31, 2024, the Funds had not elected to defer any post-October or late-year losses.

As of July 31, 2024, the Global Fund and Nearshoring Fund had short-term capital loss carryovers of $1,699,949 and $4,294, respectively, which do not expire.

During the prior fiscal period ended July 31, 2024, the Funds did not utilize any capital loss carryovers.

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 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 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 for the Funds of up to a maximum of 2% of the value of the Creation Units and Redemption Units subject to the transaction. 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 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.

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 the 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 ETF Trust (the “Trust”) met at a meeting held on April 3, 2024 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 “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 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 a passively-managed ETF. The Board noted that the 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 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, in comparison to its underlying index (the Solactive Aztlan Global Developed Markets SMID Cap Index Total Return) and 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, a third-party ETF research firm, comparing the Fund to a peer group of ETFs within the Fund’s designated Morningstar category (a peer group of U.S. global small/mid stock funds) (the “AZTD Peer Group”), as well as a peer group of ETFs representing a subset of the AZTD Peer Group based on select criteria (the “AZTD Select Peer Group”). The Board considered the Fund’s performance compared to its underlying index and noted factors that contributed to tracking error. The Board noted that the Fund underperformed the MSCI World SMID Cap Index Gross Total Return over the one-year and since inception periods ended December 31, 2023. The Board also noted that the Fund underperformed the S&P 500 Total Return Index over the one-year period ended December 31, 2023, but outperformed the Index over the since inception period ended December 31, 2023. The Board considered that the Fund outperformed the AZTD Peer Group average over the one-year period ended February 29, 2024. The Board also noted that the Fund ranked second out of five funds in the AZTD Peer Group over the one-year period ended February 29, 2024.

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 and the profit realized by the Adviser from its relationship with the Fund, and concluded that the fees had not been, and currently were not, excessive, and the Board further concluded that the Adviser had adequate financial resources to support its services to the Fund from the revenues of its overall investment advisory business.

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 one-year term 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	%
Industrial	0.22
Consumer, Cyclical	0.199
Consumer, Non-cyclical	0.179
Financial	0.161
Technology	0.1
Basic Materials	0.041
Communications	0.04
Energy	0.04
Utilities	0.02
Cash & Other	0

Sector	%
Financial	0.629
Industrial	0.307
Consumer, Non-cyclical	0.057
Consumer, Cyclical	0.005
Cash & Other	0.002

●	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

COMMON STOCKS - 100.0%	Shares		Value
Apparel - 1.9%
Crocs, Inc.^(a)		5,283	$	539,236

Auto Manufacturers - 4.0%
Blue Bird Corp.^(a)		15,285		544,452
Iveco Group NV		44,572		547,680
				1,092,132

Banks - 4.0%
Banca Monte dei Paschi di Siena SpA		85,451		551,996
Fukuoka Financial Group, Inc.		20,306		555,612
				1,107,608

Building Materials - 4.1%
Griffon Corp.		7,239		548,499
Sanwa Holdings Corp.		18,370		578,919
				1,127,418

Chemicals - 2.0%
Methanex Corp.		10,409		544,725

Commercial Services - 8.0%
Affirm Holdings, Inc.^(a)		8,942		546,088
Toast, Inc. - Class A^(a)		13,380		547,509
TriNet Group, Inc.		5,951		555,764
Upbound Group, Inc.		18,767		550,624
				2,199,985

Computers - 2.0%
Insight Enterprises, Inc.^(a)		3,200		552,800

Distribution & Wholesale - 2.0%
Nippon Gas Co. Ltd.		39,125		550,555

Diversified Financial Services - 8.0%
Enova International, Inc.^(a)		4,999		561,488
Swissquote Group Holding SA		1,269		556,764
Victory Capital Holdings, Inc. - Class A		8,392		555,382
Virtu Financial, Inc. - Class A		13,730		550,024
				2,223,658

Electronics - 3.9%
Celestica, Inc.^(a)		4,289		530,139
dormakaba Holding AG		772		556,864
				1,087,003

Engineering & Construction - 8.0%
ACS Actividades de Construccion y Servicios SA		10,813		553,942
Comfort Systems USA, Inc.		1,255		548,121
HOCHTIEF AG		3,807		553,271
Sterling Infrastructure, Inc.^(a)		3,884		553,159
				2,208,493

Food - 4.0%
Marks & Spencer Group PLC		130,928		546,293
Pilgrim’s Pride Corp.^(a)		11,930		555,222
				1,101,515

Gas - 2.0%
Centrica PLC	319,411	565,558

Hand & Machine Tools - 2.0%
Konecranes OYJ	9,176	556,121

Healthcare-Services - 5.9%
DaVita, Inc.^(a)	3,133	552,034
Medpace Holdings, Inc.^(a)	1,567	547,118
Oscar Health, Inc. - Class A^(a)	32,643	541,874
		1,641,026

Housewares - 2.0%
Scotts Miracle-Gro Co.	7,822	555,049

Insurance - 4.1%
Palomar Holdings, Inc.^(a)	5,237	564,915
Skyward Specialty Insurance Group, Inc.^(a)	12,926	572,363
		1,137,278

Leisure Time - 2.0%
Round One Corp.	63,458	539,301

Machinery-Diversified - 2.0%
Wartsila OYJ ABP	29,163	553,429

Media - 2.0%
ITV PLC	603,521	556,052

Mining - 2.1%
Northern Star Resources Ltd.	52,775	569,487

Oil & Gas - 4.0%
Athabasca Oil Corp.^(a)	161,831	543,068
Cosmo Energy Holdings Co. Ltd.	12,663	552,805
		1,095,873

Retail - 8.0%
Abercrombie & Fitch Co. - Class A^(a)	4,637	553,565
Gap, Inc.	22,716	546,774
JB Hi-Fi Ltd.	8,820	558,454
Pandora AS	2,836	545,415
		2,204,208

Software - 8.0%
Alkami Technology, Inc.^(a)	15,529	540,254
Clear Secure, Inc. - Class A	23,583	558,209
Pro Medicus Ltd.	3,273	568,362
TeamViewer SE^(a)(b)	45,830	546,225
		2,213,050

Telecommunications - 2.0%
Freenet AG	17,895	553,248

Transportation - 2.0%
Wallenius Wilhelmsen ASA	69,034	558,469
TOTAL COMMON STOCKS (Cost $26,310,743)		27,633,277

SHORT-TERM INVESTMENTS - 0.2%
Money Market Funds - 0.2%
First American Government Obligations Fund - Class X, 4.32%^(c)	43,684		43,684
TOTAL SHORT-TERM INVESTMENTS (Cost $43,684)			43,684

TOTAL INVESTMENTS - 100.2% (Cost $26,354,427)			27,676,961
Liabilities in Excess of Other Assets - (0.2)%			(54,956	)
TOTAL NET ASSETS - 100.0%		$	27,622,005

REAL ESTATE INVESTMENT TRUSTS - 57.3%^(a)	Shares		Value
American Tower Corp.		1,637	$	302,763
Crown Castle, Inc.		4,431		395,600
Dream Industrial Real Estate Investment Trust		12,897		104,013
EastGroup Properties, Inc.		3,256		552,283
FIBRA Macquarie Mexico^(b)		341,512		520,497
Fibra MTY SAPI de CV		99,757		51,324
First Industrial Realty Trust, Inc.		7,967		425,358
Iron Mountain, Inc.		5,067		514,655
LXP Industrial Trust		60,080		499,866
Prologis Property Mexico SA de CV		180,489		564,417
Prologis, Inc.		2,641		314,939
Rexford Industrial Realty, Inc.		11,489		467,143
STAG Industrial, Inc.		13,331		455,654
Terreno Realty Corp.		8,486		555,154
Uniti Group, Inc.		18,076		98,514
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $5,802,179)				5,822,180

COMMON STOCKS - 42.5%
Commercial Services - 5.7%
GXO Logistics, Inc.^(c)		10,285		467,453
Promotora y Operadora de Infraestructura SAB de CV		11,898		111,160
				578,613

Real Estate - 5.6%
Corp. Inmobiliaria Vesta SAB de CV		215,876		565,685

Storage-Warehousing - 0.5%
Westshore Terminals Investment Corp.		3,434		55,437

Transportation - 30.7%^(a)
Canadian Pacific Kansas City Ltd.		4,989		397,124
Covenant Logistics Group, Inc.		1,886		52,261
Expeditors International of Washington, Inc.		2,803		318,365
Kirby Corp.^(c)		4,998		545,532
Matson, Inc.		2,810		398,598
PAMT Corp.^(c)		3,266		52,289
RXO, Inc.^(c)		19,902		510,486
Union Pacific Corp.		1,624		402,411
Universal Logistics Holdings, Inc.		1,126		49,792
XPO, Inc.^(c)		2,940		392,990
				3,119,848
TOTAL COMMON STOCKS (Cost $4,071,176)				4,319,583

SHORT-TERM INVESTMENTS - 0.2%
Money Market Funds - 0.2%
First American Government Obligations Fund - Class X, 4.32%^(d)		21,840		21,840
TOTAL SHORT-TERM INVESTMENTS (Cost $21,840)				21,840

TOTAL INVESTMENTS - 100.0% (Cost $9,895,195)				10,163,603
Liabilities in Excess of Other Assets - (0.0)%^(e)				(1,125	)
TOTAL NET ASSETS - 100.0%			$	10,162,478

	Aztlan Global Stock Selection DM SMID ETF		Aztlan North America Nearshoring Stock Selection ETF
ASSETS:
Investments, at value (Note 2)	$	27,676,961	$	10,163,603
Receivable for investments sold		6,453,782		—
Dividends receivable		7,820		4,684
Dividend tax reclaims receivable		7,774		226
Interest receivable		142		57
Foreign currency, at value		—		215
Total assets		34,146,479		10,168,785

LIABILITIES:
Payable for investments purchased		6,507,312		—
Payable to adviser (Note 4)		17,162		6,307
Total liabilities		6,524,474		6,307
NET ASSETS	$	27,622,005	$	10,162,478

NET ASSETS CONSISTS OF:
Paid-in capital	$	26,863,740	$	9,821,971
Total distributable earnings		758,265		340,507
Total net assets	$	27,622,005	$	10,162,478

Net assets	$	27,622,005	$	10,162,478
Shares issued and outstanding^(a)		1,150,000		475,000
Net asset value per share	$	24.02	$	21.39

COST:
Investments, at cost	$	26,354,427	$	9,895,195
Foreign currency, at cost	$	—	$	217


	Aztlan Global Stock Selection DM SMID ETF			Aztlan North America Nearshoring Stock Selection ETF
INVESTMENT INCOME:
Dividend income	$	167,861		$	129,431
Less: Dividend withholding taxes		(17,034	)		(13,375	)
Interest income		2,128			784
Securities lending income (Note 7)		15			—
Total investment income		152,970			116,840

EXPENSES:
Investment advisory fee (Note 4)		101,924			39,603
Total expenses		101,924			39,603
NET INVESTMENT INCOME		51,046			77,237

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments		1,295,105			66,112
Foreign currency translation		(176,597	)		(5,131	)
Net realized gain (loss)		1,118,508			60,981
Net change in unrealized appreciation (depreciation) on:
Investments		1,351,822			(471,604	)
Foreign currency translation		33,519			(3	)
Net change in unrealized appreciation (depreciation)		1,385,341			(471,607	)
Net realized and unrealized gain (loss)		2,503,849			(410,626	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,554,895		$	(333,389	)

	Aztlan Global Stock Selection DM SMID ETF						Aztlan North America Nearshoring Stock Selection ETF
	Six-Months ended January 31, 2025 (Unaudited)			Year ended July 31, 2024			Six-Months ended January 31, 2025 (Unaudited)			Period ended July 31, 2024^(a)
OPERATIONS:
Net investment income (loss)	$	51,046		$	744,196		$	77,237		$	62,044
Net realized gain (loss)		1,118,508			(979,294	)		60,981			(25,757	)
Net change in unrealized appreciation (depreciation)		1,385,341			(426,657	)		(471,607	)		740,010
Net increase (decrease) in net assets from operations		2,554,895			(661,755	)		(333,389	)		776,297

DISTRIBUTIONS TO SHAREHOLDERS:
Distributions to shareholders		(490,870	)		(54,687	)		(87,704	)		(14,697	)
Total distributions to shareholders		(490,870	)		(54,687	)		(87,704	)		(14,697	)

CAPITAL TRANSACTIONS:
Subscriptions		599,509			7,890,675			4,337,612			9,767,045
Redemptions		(582,728	)		(27,563,948	)		(4,282,770	)		—
ETF transaction fees (Note 9)		—			—			84			—
Net increase (decrease) in net assets from capital transactions		16,781			(19,673,273	)		54,926			9,767,045

NET INCREASE (DECREASE) IN NET ASSETS		2,080,806			(20,389,715	)		(366,167	)		10,528,645

NET ASSETS:
Beginning of the period		25,541,199			45,930,914			10,528,645			—
End of the period	$	27,622,005		$	25,541,199		$	10,162,478		$	10,528,645

SHARES TRANSACTIONS
Subscriptions		25,000			375,000			200,000			475,000
Redemptions		(25,000	)		(1,300,000	)		(200,000	)		—
Total increase (decrease) in shares outstanding		—			(925,000	)		—			475,000

	Six-Months ended January 31, 2025 (Unaudited)			Year ended July 31, 2024			Period ended July 31, 2023^(a)
PER SHARE DATA:

Net asset value, beginning of period	$	22.21		$	22.14		$	20.00

INVESTMENT OPERATIONS:
Net investment income (loss)^(b)		0.04			0.41			0.29
Net realized and unrealized gain (loss) on investments^(c)		2.20			(0.31	)		1.85
Total from investment operations		2.24			0.10			2.14

LESS DISTRIBUTIONS FROM:
Net investment income		(0.43	)		(0.03	)		—
Total distributions		(0.43	)		(0.03	)		—

ETF transaction fees per share		—			—			0.00	^(d)
Net asset value, end of period	$	24.02		$	22.21		$	22.14

TOTAL RETURN^(e)		10.13	%		0.44	%		10.70	%^(h)

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	27,622		$	25,541		$	45,931
Ratio of expenses to average net assets^(f)		0.75	%		0.75	%		0.00	%
Ratio of tax expense to average net assets^(f)		—			—			0.00	%
Ratio of operational expenses to average net assets excluding tax expense^(f)		0.75	%		0.75	%		0.75	%
Ratio of net investment income (loss) to average net assets^(f)		0.38	%		1.97	%		1.49	%
Portfolio turnover rate^(e)(g)		277	%		931	%		986	%

	Six-Months ended January 31, 2025 (Unaudited)			Period ended July 31, 2024^(a)
PER SHARE DATA:

Net asset value, beginning of period	$	22.17		$	20.00

INVESTMENT OPERATIONS:
Net investment income (loss)^(b)		0.16			0.14
Net realized and unrealized gain (loss) on investments^(c)		(0.76	)		2.07
Total from investment operations		(0.60	)		2.21

LESS DISTRIBUTIONS FROM:
Net investment income		(0.18	)		(0.04	)
Total distributions		(0.18	)		(0.04	)

ETF transaction fees per share		0.00	^(d)		—
Net asset value, end of period	$	21.39		$	22.17

TOTAL RETURN^(e)		-2.61	%		11.01	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	10,162		$	10,529
Ratio of expenses to average net assets^(f)		0.75	%		0.75	%
Ratio of net investment income (loss) to average net assets^(f)		1.46	%		1.02	%
Portfolio turnover rate^(e)(g)		82	%		85	%

Aztlan Global Stock Selection DM SMID ETF
	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	27,633,277		—		—	$	27,633,277
Money Market Funds		43,684		—		—		43,684
Total Investments	$	27,676,961		—		—	$	27,676,961

		Investment
Fund		Advisory Fee
Aztlan Global Stock Selection DM SMID ETF		0.75%
Aztlan North America Nearshoring Stock Selection ETF		0.75%

Fund	Purchases		Sales
Aztlan Global Stock Selection DM SMID ETF	$	75,275,871	$	74,197,891
Aztlan North America Nearshoring Stock Selection ETF		8,489,603		8,700,844

	Aztlan Global Stock Selection DM SMID ETF			Aztlan North America Nearshoring Stock Selection ETF
Investments, at cost^(a)	$	24,576,334		$	9,810,699
Gross tax unrealized appreciation		228,944			1,051,202
Gross tax unrealized depreciation		(325,625	)		(333,129	)
Net tax unrealized appreciation (depreciation)		(96,681	)		718,073
Undistributed ordinary income (loss)		490,870			47,821
Undistributed long-term capital gain (loss)		—			—
Total distributable earnings		490,870			47,821
Other accumulated gain (loss)		(1,699,949	)		(4,294	)
Total distributable earnings/(accumulated losses)	$	(1,305,760	)	$	761,600

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