Fund Description: RPAR Risk Parity 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 RPAR Risk Parity ETF seeks to generate positive returns during periods of economic growth, preserve capital during periods of economic contraction, and preserve real rates of return during periods of heightened inflation. The Fund is an actively managed ETF and thus, does not seek to replicate the performance of a specific index, but rather uses an active investment strategy to meet its investment objective, however, an actively managed ETF may have an index-based benchmark. Accordingly, the ETF’s investment advisor has discretion on a daily basis to actively manage the Fund’s portfolio in accordance with the Fund’s investment objective and investment policies. The Fund’s investment adviser seeks to invest the Fund’s assets to achieve exposures similar to those of the Advanced Research Risk Parity Index (the RPAR Index). INDEX DESCRIPTION: The RPAR Index is a rules-based index that allocates its exposure to the four asset classes that seeks to achieve an equal balance between the risk associated with each asset class based on the long-term historic volatility exhibited by each asset class. In seeking to obtain exposures comparable to those of the RPAR Index, the Fund may invest in a combination of (i) U.S. Treasury securities (including TIPS), (ii) U.S. Treasury futures contracts, (iii) ETFs that track a broad-based index of equity securities for one or more asset classes (or sub-classes), (iv) individual equity securities or American Depositary Receipts (ADRs) representing an interest in foreign equity securities, and (v) other exchange-listed vehicles issuing equity securities (ETVs). FUND STRATEGY: The fund will diversify its allocations amongst four asset classes – equities, commodities, Treasury bonds (Treasuries), and Treasury inflation-protected securities (TIPS). FUND MANAGEMENT: Toroso Investments, LLC serves as the investment adviser to the Fund. CSat Investment Advisory, L.P., doing business as Exponential ETFs serves as the sub-adviser to the Fund.