Fund Description: SP Funds S&P 500 Sharia Industry Exclusions ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the Tidal ETF Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The SP Funds Dow Jones Global Sukuk ETF seeks to provide investment returns that closely correspond to the price and yield performance of the S&P 500 Shariah Industry Exclusions Index. INDEX DESCRIPTION: The S&P 500 Shariah Industry Exclusions Index is composed of the constituents of the S&P 500 Shariah Index other than those from the following sub-industries: Aerospace & Defense, Financial Exchanges & Data, and Data Processing & Outsourced Services. The S&P 500 Shariah Index includes all Sharia-compliant constituents of the S&P 500 Index, which consists of approximately 500 leading U.S.-listed companies representing approximately 80% of the U.S. equity market capitalization. The Index is rebalanced and reconstituted monthly and weighted based on the float-adjusted market capitalization of each constituent. FUND STRATEGY: The Fund uses a passive management (or indexing) approach to track the performance of the Index. Under normal circumstances, at least 80% of the Fund’s total assets will be invested in the component securities of the Index. The Fund will generally use a replication strategy to achieve its investment objective, meaning it generally will invest in all of the component securities of the Index. However, the Fund may use a representative sampling strategy, meaning it may invest in a sample of the securities in the Index whose risk, return, and other characteristics closely resemble the risk, return, and other characteristics of the Index. The Fund generally may invest up to 20% of its total assets in Sharia-compliant securities or other investments not included in the Index, but which the Fund’s sub-advisers believe will help the Fund track the Index. FUND MANAGEMENT: Toroso Investments, LLC serves as investment adviser to the Fund. CSat Investment Advisory, L.P. d/b/a Exponential ETFs and ShariaPortfolio, Inc. serve as investment sub-advisers to the Fund.