M&A: Tidal ETF Trust

Form Type: CORRESP

Filing Date: 2024-09-24

Corporate Action: Merger

Type: Update

Accession Number: 000199937124012293

Comments: This correspondence addresses comments received from the SEC regarding the proposed reorganization of the Unusual Whales Subversive Democratic Trading ETF and the Unusual Whales Subversive Republican Trading ETF into newly created series of Tidal ETF Trust. The document clarifies that each Acquiring Fund is to be considered the accounting survivor of its proposed reorganization despite being new, correcting earlier statements to reflect that the Target Funds are the accounting survivors instead. It emphasizes that this communication is a response to SEC inquiries and clarifies terms used in their proxy statement and prospectus.

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Form Type: CORRESP

Filing Date: 2024-09-23

Corporate Action: Merger

Type: Update

Accession Number: 000199937124012247

Comments: This correspondence addresses comments from the SEC regarding Form N-14 related to the proposed reorganization of two Target Funds into newly created Acquiring Funds under Tidal ETF Trust. Key revisions include clearer disclosure of Tidal Investments LLC's recent appointment as investment adviser, adjustments to shareholder communications to explain the business reasons and impacts of the reorganization, and assurance that the number of shares received by shareholders will be materially unchanged following the transition. Additional revisions aim to clarify risks, management considerations, and correct terminology regarding the funds' investment strategies and structure. The document also disputes an SEC comment about the nature of broker non-votes in this context, asserting that no broker non-votes are anticipated due to the lack of routine matters needing approval.

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Form Type: N-14

Filing Date: 2024-08-28

Corporate Action: Merger

Type: New

Accession Number: 000199937124010891

Comments: Tidal ETF Trust has filed a Registration Statement for the merger of its Unusual Whales Subversive Democratic Trading ETF and Unusual Whales Subversive Republican Trading ETF, which are series of the Series Portfolios Trust (SPT). The mergers will involve reorganizing the Target Funds into newly created Acquiring Funds under Tidal ETF Trust, retaining the same name. Shareholders of each Target Fund will vote separately on the merger proposal, scheduled for a Special Meeting on December 4, 2024. Upon approval, shares will be exchanged based on net asset values, ensuring no tax consequences for shareholders. The proposal seeks to lower management fees and total expenses, benefiting the shareholders. The document outlines how shareholders can vote and the timeline for the proposed mergers, with the effective date anticipated on December 9, 2024, contingent on shareholder approval.

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