The index is a rules-based index that seeks to provide exposure to a global portfolio of companies identified as being engaged in the water transportation industry. Under normal circumstances, at least 80% of the fund’s net assets, plus borrowings for investment purposes, will be invested in Global Shipping Companies. It also may invest in securities or other investments not included in the index, but which the fund’s investment adviser believes will help it track the index. The fund is non-diversified.

Ticker	Company	% Portfolio	Market Value	Shares	Chg. Shares %	Chg. Shares	% Owned
9104	Mitsui O.S.K. Lines, Ltd.	5.6%	$247.80M	51.4K	—	—	0.0%
STNG	Scorpio Tankers Inc.	3.4%	$149.75M	28.3K	—	—	0.1%

Tidal ETF Trust - SonicShares Global Shipping ETF

Top 2 Holdings out of 2