Fund Description: Aware Ultra-Short Duration Enhanced Income ETF is an actively managed exchange-traded fund or Actively Managed ETF which is a separate investment portfolio of the Tidal ETF Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The Aware Ultra-Short Duration Enhanced Income ETF seeks to maximize current income. The Fund is an actively managed ETF and thus does not seek to replicate the performance of a specific index. Rather, the Sub-Adviser has discretion on a daily basis to actively manage the Fund’s portfolio in accordance with the Fund’s investment objective. FUND STRATEGY: The Fund, targeting a yield of 0.75% to 1.00% over the yield of the most recently issued 3-month U.S. Treasury bill while maintaining a portfolio consistent with the preservation of capital and daily liquidity designed to meet the requirements of the relevant standard-setting and regulatory support organization applicable to U.S. insurance companies for treatment equivalent to that of investment grade securities held by a U.S. insurance company, while striving to achieve the status denoting the highest available credit quality category for such investments held by U.S. insurance companies. The Fund seeks to achieve its investment objective primarily by investing in U.S.-dollar denominated investment-grade fixed- and floating-rate bonds, debt securities, and other instruments with an overall effective duration of less than one year under normal circumstances. The Fund’s investments may include instruments issued by both U.S. and non-U.S. government and private sector issuers, including asset-backed securities. Instruments issued by the U.S. government include U.S. Treasury and U.S. agency securities, which may include mortgage-backed securities issued or guaranteed by the U.S. government. The Fund may invest, without limitation, in short-term instruments such as commercial paper and/or repurchase agreements collateralized by U.S. government securities, corporate obligations, municipal debt securities, or mortgage-backed securities. The Fund may also invest in repurchase agreements. FUND MANAGEMENT: Toroso Investments, LLC serves as the investment advisor to the Fund. Aware Asset Management, Inc. serves as the Investment Sub-Adviser to the Fund.