AINT

1. Summary

• AINT is an actively managed, AI-run ETF. It holds 10 to 14 long and 10 to 14 short positions in S&P 500 stocks, picked and weighted by FINQ's model.
• It aims to be dollar-neutral (long dollars equal short dollars). The fact sheet says gross exposure is about 200% under normal conditions. The prospectus's own example shows 2.67x gross on the fund's capital. Its first financial statements show 101.8% long and 99.7% short on March 31, 2026, or 2.01x gross (AINT-SAR, pages 10 and 11; my arithmetic).
• It shorts directly. It borrows stock through an unnamed broker and pledges liquid assets to the broker. The prospectus example uses short sale cash to buy longs. On March 31, 2026, though, the longs were paid for with shareholders' money and the short sale cash stayed at the broker (AINT-SAR, pages 14 and 15; my inference).
• Most relevant for us: this is a Tidal-platform ETF that shorts directly at about 2.0x gross. Its Tidal-drafted prospectus illustrates a book above 2.0x, but no document names the broker or says whether the account is Reg T or portfolio margin. On March 31, 2026 the measured book was a 100/100 book that fits Reg T (my arithmetic). Only the prospectus example points above Reg T.

2. Key facts

Other trading data, as of November 6, 2026: median 30-day bid/ask spread 0.57%; day's volume 1,700 shares (AINT-FS, page 1, "Premium/Discount").

3. Service providers

4. Strategy

• Objective and benchmark. The prospectus objective is to seek "long-term capital appreciation and to achieve absolute returns" (AINT-PR, page 11, "Investment Objective"). The fact sheet words it differently: "long-term capital appreciation with reduced market exposure" (AINT-FS, page 1, "Fund overview"). The fact sheet compares returns with the S&P 500 (AINT-FS, page 2). No formal benchmark is named in the prospectus summary.
• Universe. U.S. large caps, defined as any company in the S&P 500 (AINT-PR, page 12, "Principal Investment Strategies"). At least 80% of net assets in long and short positions in these stocks (AINT-PR, page 13, "Portfolio Characteristics").
• How it picks stocks. Fully quantitative. The model ranks all 500 stocks daily from 1 to 500 (AINT-PR, page 12, "AI-Managed Ranking System"). It uses news, analyst and institutional data, filings, natural language processing (software that reads text) and machine learning (AINT-PR, page 12). The model "operates fully autonomously, without human intervention" (AINT-PR, page 13). "The Sub-Adviser will not alter the Model's programming" and will not override it except for regulatory compliance (AINT-PR, page 13).
• Neutrality targets. Dollar-neutral: "The Model seeks to maintain a dollar-neutral Fund portfolio" (AINT-PR, page 13). No beta or sector neutrality target is stated. The fact sheet shows a large size gap: weighted average market cap of $603 billion long versus $36 billion short (AINT-FS, page 1, "Portfolio stats"). So the book is not size-neutral (my inference).
• Net exposure. About zero by design (AINT-PR, page 13). The fund may be "unable to match its long and short positions expressed in dollars for a period of time" (AINT-PR, page 14, "Dollar-Neutral Strategy Risk").
• Limits on position size. No numeric limit is stated. The model accounts for tax diversification rules (AINT-PR, page 13). The fund is non-diversified (AINT-PR, page 13). Fundamental policy bars holding "more than 25% of its total assets" in one industry (AINT-SAI, page 13, "Investment Restrictions"). On November 6, 2026 the largest positions were PANW at 9.56% long and MTD at -15.68% short (AINT-FS, page 1).

5. Exposure and leverage

• Measured exposure. On March 31, 2026: common stocks long were 101.8% of net assets ($3,149,677) and securities sold short were 99.7% ($3,086,164), on net assets of $3,095,218 (AINT-SAR, pages 10 and 11). That is 201.5% gross, or 2.01x, and 2.1% net (my arithmetic). No later measured figure is given. On November 6, 2026, only the top three positions per side are given (AINT-FS, page 1):
  • Top three longs total 28.22% (my arithmetic).
  • Top three shorts total -43.96% (my arithmetic).
• Stated level. "200% gross market exposure" and "approximately 200% total market exposure under normal conditions" (AINT-FS, page 1, "Why invest in AINT?").
• Prospectus example. With $75 of cash, the fund sells short $100 of XYZ, then uses the proceeds to buy $100 of ABC. The result: $100 long, $100 short, $75 cash, net exposure $0 and gross exposure $200 (AINT-PR, page 13, "AI-Managed Investment Selection, Weighting and Rebalancing"). That is about 133% long and 133% short, or 2.67x gross, on $75 of capital (my arithmetic). This differs from the fact sheet's "approximately 200%". The example is an illustration, not a stated target. The measured March 31, 2026 book does not match it: the longs were paid for with capital, not short sale cash (see section 6).
• How it gets exposure above 100%. Short sale proceeds reinvested in longs: "with the short sale proceeds increasing its cash position to $175, and then buy $100 of ABC stock" (AINT-PR, page 13). No swaps, futures or options are described. On March 31, 2026, no short sale cash had been spent on longs (my inference; see section 6).
• Borrowing limits. "Although the Funds do not intend to borrow money," a fund "may borrow up to one-third (1/3) of its total assets" and will generally borrow "only for short-term or emergency purposes" (AINT-SAI, page 7, "Borrowing"). One-third of total assets is the same as 300% asset coverage (my inference). No line of credit is named. The SAI mentions a line of credit only as a possible cost of borrowing (AINT-SAI, page 7).

6. Shorting, financing and collateral

• How it shorts. Direct short sales only: "the Fund arranges through a broker to borrow the security it does not own" (AINT-PR, page 13). No split between methods is given because no other method is described.
• Who lends the stock and who holds collateral. "A short sale involves the sale of a security that is borrowed from a broker or other institution" (AINT-SAI, page 11, "Short Sales"). "A Fund will be required to pledge its liquid assets to the broker to secure its performance on short sales" (AINT-SAI, page 11). The broker is not named.
• What is posted. "The Fund will hold a portfolio of cash or cash equivalents, such as short-term U.S. treasury obligations and other money market instruments, as collateral for the Fund's short positions" (AINT-PR, page 13). Whether long stocks are also pledged is not stated. The SAI says only "liquid assets" (AINT-SAI, page 11). The semiannual report repeats the SAI's pledge language (AINT-SAR, page 22, Note 2, "Short Sales"). Its schedule of investments has no footnote marking long stocks as pledged (AINT-SAR, page 10).
• Short sale proceeds used to buy longs. Yes, in the prospectus example (AINT-PR, page 13). Not on March 31, 2026, as far as the financial statements show. "Deposits with brokers for other investments" were $3,039,144 (AINT-SAR, page 14). Short proceeds of $3,135,845 (AINT-SAR, page 11), less $88,542 of realized short losses and $11,736 of short dividends paid ($14,110 expense less $2,374 payable), plus $3,061 of interest income, give $3,038,628. That is within $516 of the deposit (AINT-SAR, pages 14 and 15; my arithmetic). So the short sale cash stayed at the broker, and the longs were paid for with shareholders' money (my inference).
• No margin loan. The statement of assets and liabilities shows no borrowing and no amount payable to a broker. Liabilities are securities sold short, $2,652 payable to the custodian, $2,524 payable to the adviser and $2,374 of dividends payable (AINT-SAR, page 14).
• Reg T check, March 31, 2026. Reg T's opening requirement is 50% of $6,235,841 gross, or $3,117,920. If the broker counts all the longs, account equity is $3,039,144 + $3,149,677 - $3,086,164 = $3,102,657, about $15,000 short of that. So the book sat at Reg T's 2.0x opening limit (my arithmetic). Without the longs, the broker account would be $47,020 negative. So the broker must count long stocks toward short margin, either by holding them or through a pledge (my inference). No document says which.
• Segregated or tri-party account. The SAI says a fund "must segregate assets determined to be liquid" or "otherwise cover its positions in a permissible manner" (AINT-SAI, page 11). No tri-party or special custody account is named. Where the longs bought with short proceeds are held is not stated.
• Costs named. Short sales may bring "costs of borrowing and margin account maintenance costs" (AINT-SAI, page 11). The term "margin account" is the only mention of margin. The margin type is not stated. The semiannual report's Note 2 repeats the same words (AINT-SAR, page 22).
• Securities lending. Permitted: "The Funds may lend portfolio securities to certain creditworthy borrowers" (AINT-SAI, page 10, "Securities Lending"). The documents don't say whether AINT actually lends. The statement of operations shows no securities lending income for February 5 to March 31, 2026 (AINT-SAR, page 15), so the fund likely did not lend in that period (my inference).
• Permitted only. Repurchase agreements, other ETFs (including leveraged ETFs), U.S. government securities and money market instruments are permitted investments (AINT-SAI, pages 8 to 11, "Description of Permitted Investments"). None is a principal strategy.

7. Derivatives and Rule 18f-4

• Derivatives used. Short sales only. "Short sales are considered derivative instruments for purposes of Rule 18f-4" (AINT-SAI, page 11, "Short Sales"). The SAI's list of permitted investments has no swaps, futures or options (AINT-SAI, pages 7 to 11). The fundamental policy on commodities says it "shall not prevent the Fund from purchasing or selling options and futures contracts" (AINT-SAI, page 12, "Investment Restrictions"). That is a carve-out, not a stated use.
• Limited derivatives user or full program. Full program: AINT "has implemented a derivatives risk management program that complies with Rule 18f-4" (AINT-SAI, page 11). So it is not a limited derivatives user (my inference). The SAI notes that funds above the limited exposure amount must "appoint a derivatives risk manager" (AINT-SAI, page 11). The manager is not named.
• VaR test and reference portfolio. The SAI says "a fund's derivatives exposure is limited through a value-at-risk test" (AINT-SAI, page 11). VaR (value at risk) estimates the most a fund could lose over a set period at a set confidence level. Whether AINT uses the relative or absolute test, and any reference portfolio, is not stated.
• Commodity pool status (CFTC Rule 4.5). Not stated.

8. Costs

• Who pays what. The fund pays the 1.25% unitary fee plus Excluded Expenses. These include interest on borrowings, dividends and other expenses on short sales, taxes, brokerage commissions, acquired fund fees, any 12b-1 fees, litigation and extraordinary costs (AINT-PR, page 11, footnote 1). Under a sponsorship deal, the sub-adviser has taken on the adviser's duty to pay fund expenses. It receives the "remaining profit" from the unitary fee and must cover any shortfall (AINT-PR, page 23, "Fund Sponsor"; AINT-SAI, page 20, "Investment Sub-Adviser").
• 12b-1 plan. The trust has a 12b-1 plan of up to 0.25%, but "No payments pursuant to the Plan are expected to be made during the twelve (12) month period from the date of this SAI" (AINT-SAI, pages 22 and 23, "Distribution (Rule 12b-1) Plan"). The fee table shows "None" (AINT-PR, page 11).
• Expense example. $127 for 1 year and $397 for 3 years per $10,000 (AINT-PR, page 12, "Expense Example").
• Brokerage commissions and turnover. None yet: "The Funds are new and have not paid any brokerage commissions as of the date of this SAI" (AINT-SAI, page 26, "Brokerage Transactions"). No turnover rate yet (AINT-SAI, page 27, "Portfolio Turnover Rate"; AINT-PR, page 12). The fund expects "a moderate to high portfolio turnover rate" (AINT-PR, page 13). Actual turnover was 4% for February 5 to March 31, 2026, not annualized and excluding in-kind transactions (AINT-SAR, page 17).
• Gap between expense ratio and management fee. 1.25% minus 1.25% is 0.00% (my arithmetic). The gap is zero because the fee is unitary and short costs sit outside the estimate. Actual total costs will be higher once short dividends, borrow fees and commissions are counted (my inference). Actual for February 5 to March 31, 2026: 5.82% minus 1.25% is 4.57%, all of it short dividend expense (AINT-SAR, pages 15 and 17; my arithmetic).

9. Performance and risk

Cumulative returns from the fact sheet (AINT-FS, page 2, "Cumulative %"). The fund has less than a year of history, so 1-year and annualized figures are shown as "-".

• Calendar-year returns. None. The prospectus has no performance section yet because the fund "has not completed a full calendar year of operations" (AINT-PR, page 16, "Performance").
• First financial statements. NAV total return of -0.93% for February 5 to March 31, 2026, not annualized. NAV fell from $25.00 to $24.76 (AINT-SAR, page 17).
• Risk statistics. None given (no beta, correlation, volatility, Sharpe ratio, drawdown or capture figures).
• Note. The swing from +14.2% in September to -18.7% in October 2026 at NAV shows high monthly volatility for a dollar-neutral fund (my inference). This fits a book of 20 to 28 stocks.
• Premium and discount. The fact sheet chart shows one large premium near launch in February 2026 and small values after. These are read from the chart; the values aren't tabulated (AINT-FS, page 1, "Premium/Discount").

10. History and structural changes

• Predecessor funds. None stated. The fund had not started operations at the prospectus date (AINT-PR, page 27, "Financial Highlights").
• Reorganizations and 351 conversions. None. Section 351 appears only in a rule letting the trust reject creation orders that would give a buyer 80% or more of shares (AINT-SAI, page 37, "Federal Income Taxes").
• Trust name change. "Prior to June 2, 2025, the Trust was named Tidal ETF Trust" (AINT-SAI, page 6, "General Information about the Trust").
• Portfolio manager change. Eran Shoshani added as portfolio manager in March 2026 (AINT-PR, page 1, supplement dated March 9, 2026). The prospectus summary dated February 2, 2026 lists only Solomon and Ragauss (AINT-PR, page 17).
• Document dates. The prospectus and SAI are dated February 2, 2026, three days before inception. They predate the March 9, 2026 supplement and the November 6, 2026 fact sheet. The fiscal year ended September 30, 2026, but no annual report was attached. The semiannual report for February 5 to March 31, 2026 (AINT-SAR) was signed June 3, 2026 (AINT-SAR, page 32).
• Conflicts between documents.
  • Trust name: "Tidal Trust I" (AINT-SAI, page 4) versus "FINQ ETF Trust" (AINT-FS, page 3, footer). The semiannual report's registrant is Tidal Trust I (AINT-SAR, page 1).
  • Objective wording: "absolute returns" (AINT-PR, page 11) versus "reduced market exposure" (AINT-FS, page 1).
  • Gross exposure: about 200% (AINT-FS, page 1) versus a 2.67x example (AINT-PR, page 13, my arithmetic). Measured 2.01x on March 31, 2026 (AINT-SAR, pages 10 and 11; my arithmetic).

11. Principal risks

Summary list: AINT-PR, pages 14 to 16, "Principal Investment Risks". Fund-by-fund table: AINT-PR, page 18. Longer descriptions: AINT-PR, pages 19 to 21.

• Dollar-Neutral Strategy Risk (page 14). Flag: shorting. Short positions "could result in unlimited losses." Longs may fall while shorts rise.
• Equity Market Risk (page 14).
• Large-Capitalization Investing Risk (page 14).
• Limited Holdings Risk (page 14). Flag: concentration amplifies leveraged losses (my inference).
• Sector Focus Risk (pages 14 and 15): communications, consumer discretionary, finance, healthcare and technology.
• Leverage Risk (page 15; also page 20). Flag: leverage. Leverage comes from "the use of short positions or other financial instruments".
• Short Sales Risk (page 15; also page 21). Flag: shorting. Loss is "theoretically unlimited".
• ETF Risks (page 15): Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk; Cash Redemption Risk (flag: shorting, since short positions may not be redeemable in kind); Costs of Buying or Selling Shares; Shares May Trade at Prices Other Than NAV; Trading.
• New Fund Risk (page 15).
• New Sub-Adviser Risk (page 16).
• General Market Risk (page 16).
• High Portfolio Turnover Risk (page 16).
• Management Risk (page 16).
• Models and Data Risk (page 16).
• Non-Diversification Risk (page 16).
• Operational Risk (page 16). Flag: counterparties. It names errors of "service providers, counterparties, or other third-parties" and reliance on third parties "including custody."
• Recent Market Events Risk (page 16).

No principal risk is named for the prime broker or for borrow recalls (a lender demanding its stock back).

12. Relevance to our fund

• How close is its structure and leverage? Partly close (my inference). Same platform (Tidal), same 40 Act ETF wrapper, same direct-short method, and a market-neutral aim. But AINT runs about 2.0x gross, not 3.0x, and holds 20 to 28 stocks, not 150 or more. Its long book is mega-cap and its short book is much smaller ($603 billion versus $36 billion weighted average market cap), so it is not market neutral in our broader sense.
• What does it show about 3.0x gross in a 40 Act ETF? (my inference)
  • The fact sheet's "approximately 200%" matches Tidal's view that 100/100 is the practical ceiling, and the Reg T cap of about 2.0x in fund_context.md.
  • The prospectus example is the more interesting point. It shows 133/133 on capital, or 2.67x gross, built only with direct shorts and short proceeds. That is above the Reg T cap in fund_context.md. So either the example is loose wording, or Tidal's filing team accepted a structure that needs more than Reg T, such as portfolio margin. This is worth raising with Tidal directly.
  • The first financial statements point to loose wording, at least on March 31, 2026. The measured book was 101.8% long and 99.7% short, with longs paid for in cash and short sale cash left at the broker. That is Route A at 100/100, within Reg T (AINT-SAR, pages 10, 11 and 14; my arithmetic).
  • AINT adds no swaps, futures or bank borrowing. It gives no precedent for reaching 3.0x through those routes.
• What does it show about financing, collateral, custody and costs? (my inference)
  • Custody: longs and cash sit with U.S. Bank as custodian, while the fund pledges liquid assets to an unnamed broker. This fits Tidal's statement that shorts are "custodied away" from the main custodian. The documents don't say where the longs bought with short proceeds are held. The March 31, 2026 balance sheet implies the broker counts AINT's long stocks toward short margin (see section 6).
  • Costs: short dividends, borrow fees and margin costs are Excluded Expenses outside the unitary fee. So the 1.25% headline will understate total cost. We should expect the same treatment on Tidal's platform. The actual ratio was 5.82% for February 5 to March 31, 2026, of which 4.57% was short dividends (AINT-SAR, page 17).
  • Financing cost: at 100/100, a direct-short book has no broker debit. Using the formulas in fund_context.md, cost above the base rate would be about $100 × c + $100 × b per $100 of capital, against $150 × c + $50 × d + $150 × b for our 150/150.
  • Economics: the sub-adviser sponsors the fund. It pays fund expenses from the unitary fee and keeps the remainder. This is a model our fund might use on Tidal.

13. Gaps and open questions

What the documents don't answer, for a 150/150 fund:

• The prime broker's name and the margin type (Reg T or portfolio margin).
• Measured long, short, gross and net exposure after March 31, 2026. The March 31, 2026 figures are known: 2.01x gross (AINT-SAR, pages 10 and 11; my arithmetic).
• Where the long stocks are held: at U.S. Bank or at the broker. Whether they are pledged as collateral. The March 31, 2026 balance sheet implies the broker counts them (my inference; see section 6).
• Borrow fee, margin interest and rebate figures. The semiannual report gives short dividends (4.57%, annualized) but no borrow fee or interest expense line (AINT-SAR, pages 15 and 17). The annual report for the year ended September 30, 2026 wasn't attached.
• Which Rule 18f-4 VaR test the fund uses, the reference portfolio, and who the derivatives risk manager is.
• Whether the fund lends securities, and through which agent.
• Current net assets and NAV (the March 31, 2026 figures are known), beta and other risk statistics.

Questions to ask:

• To Tidal: Does the $75 to $200 example on PR page 13 reflect a structure Tidal will run? If so, under which margin arrangement?
• To Tidal: The March 31, 2026 book was 100/100 with longs paid for in cash. Has AINT ever spent short sale cash on longs, as the PR page 13 example does?
• To Tidal: Is the about 1.0% interest earned (AINT-SAR, page 15; my arithmetic) the rebate on short sale cash, net of borrow fees?
• To Tidal: Are AINT's long stocks held at the broker, or pledged to it?
• To Tidal or the fund: Which broker lends AINT's shorts? Is it a prime brokerage account under Rule 17f-1, or a tri-party control agreement with U.S. Bank?
• To Tidal or the fund: What were AINT's borrow costs and short dividends in its first fiscal year? How does the sponsor treat them?
• To Tidal: Which VaR test and reference index did the board approve for AINT under Rule 18f-4?
• To the fund: Why are the top three short weights (about 44%, my arithmetic) much larger than the top three long weights (about 28%), if the book is dollar-neutral?
• To the fund: Who resolves the trust name conflict ("Tidal Trust I" versus "FINQ ETF Trust" on the fact sheet)? The semiannual report names Tidal Trust I (AINT-SAR, page 1).

Search terms tried for fields left "Not stated":

• Prime broker and margin type: prime broker, borrow, margin, Regulation T, portfolio margin, counterparty, pledge, segregat.
• Leverage cost and short dividends: short sale, sold short, dividend near short, interest expense, borrowing, line of credit, swap, box spread, reverse repurchase.
• VaR test: value at risk, VaR, 18f-4, derivatives risk manager, limited derivatives user.
• Commodity pool: Rule 4.5, commodity pool, futures, options.
• Securities lending agent: securities lending, lending agent.
• Net assets, beta and risk data: net assets, AUM, Morningstar, beta, Sharpe, volatility, drawdown.
• Predecessor: predecessor, reorganiz, 351.
• Semiannual report (AINT-SAR): margin, prime, Regulation T, 18f-4, value at risk, pledge, collateral, 17f, lending, borrow, broker.

14. Documents used

Page numbering.

• AINT-FS: page 1 has no printed number. Pages 2 and 3 carry printed numbers 2 and 3, the same as the PDF.
• AINT-PR: PDF pages 1 to 3 are the supplement (printed 1 to 3). PDF pages 4 and 5 are the cover and contents (no printed number). From PDF page 6 on, PDF page = printed page + 5. AINT's own summary is PDF pages 11 to 17 (printed 6 to 12). PDF pages 6 to 11 (top) cover the other fund, AIUP, and were used only for the cover, contents and shared text.
• AINT-SAI: PDF pages 1 to 3 are the supplement. PDF pages 4 and 5 are the cover and contents. From PDF page 6 on, PDF page = printed page + 5. The SAI covers both funds; only shared or AINT-specific passages were used.
• AINT-SAR: PDF pages 1 to 9 are the N-CSR cover, the two shareholder reports (AINT on pages 5 and 6), the Item 2 to 7 headers and the financial statements' cover and contents (no printed numbers). Financial statements printed pages 1 and 2 are PDF pages 10 and 11. Printed page 3 runs over PDF pages 12 and 13. From printed page 4 on, PDF page = printed page + 10, through PDF page 29. PDF pages 30 to 32 are N-CSR Items 8 to 19 and the signatures (no printed numbers). AIUP-only passages were used only for the money market fund yield on page 12.

15. Snapshot sources

• Ticker: AINT-FS, page 1, "Fund facts".
• Fund name: AINT-FS, page 1, header. The prospectus capitalizes it as "FINQ DOLLAR NEUTRAL U.S. Large Cap AI-Managed Equity ETF" (AINT-PR, page 4, cover).
• As of date: "All data on this page is as of Nov 6, 2026" (AINT-FS, page 1, header).
• Adviser: AINT-FS, page 1, "Fund facts"; AINT-PR, page 16, "Management".
• Platform: Tidal is the adviser, and the fund is "a series of Tidal Trust I" (AINT-SAI, page 4, cover).
• Exchange: AINT-FS, page 1, "Fund facts" ("Primary Exchange NYSE Arca").
• Inception: AINT-FS, page 1, "Fund facts" ("Inception Date 2026-02-05").
• Net assets: $3,095,218 on March 31, 2026 (AINT-SAR, page 14, "Statements of Assets and Liabilities"). The fact sheet's position weights imply a base of about $9.24 million on November 6, 2026 (my arithmetic). See section 2.
• Strategy type: (my inference) from "a dollar-neutral investing approach" and the aim to "profit from the relative performance of assets, not overall market direction" (AINT-PR, page 12, "Principal Investment Strategies").
• Long %: 101.8% of net assets in common stocks on March 31, 2026 (AINT-SAR, page 10, "Schedule of Investments"). The fact sheet lists only the top three positions on each side (AINT-FS, page 1).
• Short %: 99.7% of net assets in securities sold short on March 31, 2026 (AINT-SAR, page 11, "Schedule of Securities Sold Short").
• Gross: 201.5% on March 31, 2026, from 101.8% long plus 99.7% short (AINT-SAR, pages 10 and 11; my arithmetic). The fact sheet states "approximately 200% total market exposure under normal conditions" (AINT-FS, page 1, "Why invest in AINT?"). The prospectus's worked example implies 2.67x on the fund's capital (my arithmetic). See section 5.
• Above 2.0x: 201.5% on March 31, 2026 is above 2.0x by 1.5 points (AINT-SAR, pages 10 and 11; my arithmetic), so effectively at the limit. The fact sheet's "approximately 200%" (AINT-FS, page 1) would give No. The prospectus example would be above 2.0x, but it is an illustration, not a target.
• Net: "The Model seeks to maintain a dollar-neutral Fund portfolio" (AINT-PR, page 13, "AI-Managed Investment Selection, Weighting and Rebalancing"). Measured net was 101.8% minus 99.7%, or 2.1%, on March 31, 2026 (AINT-SAR, pages 10 and 11; my arithmetic).
• Short method: "the Fund arranges through a broker to borrow the security it does not own" (AINT-PR, page 13, "AI-Managed Investment Selection, Weighting and Rebalancing").
• Prime broker or counterparty: the documents say only "a broker" (AINT-PR, page 13). No firm is named.
• Custodian: AINT-SAI, page 24, "Custodian"; AINT-PR, page 28, back cover.
• Management fee: AINT-PR, page 11, "Fees and Expenses of the Fund"; AINT-FS, page 1, "Fund facts". It is a unitary fee (AINT-PR, page 22, "Investment Adviser").
• Total expense ratio: 5.82% of average net assets, annualized, for February 5 to March 31, 2026, including short dividend and interest expense; 1.25% excluding it (AINT-SAR, page 17, "Financial Highlights"; also page 5). The prospectus estimate is 1.25%: AINT-PR, page 11, "Fees and Expenses of the Fund" ("Total Annual Fund Operating Expenses 1.25%"); AINT-FS, page 1 ("Expense Ratio 1.25%"). "Other Expenses" of 0.00% are "Estimated for the current fiscal year." No waiver line.
• Short costs in expense ratio: the financial highlights include short costs in the 5.82% ratio and show them separately as 4.57% (AINT-SAR, page 17). The prospectus fee table did not: the unitary fee excludes "dividends and other expenses on securities sold short" and "interest charges on any borrowings" (AINT-PR, page 11, footnote 1), and the fee table has no line for them.
• 3-month return: -3.3% at NAV, 3 months to October 31, 2026 (AINT-FS, page 2, "Cumulative %"). This is the latest period end given. The fact sheet also gives 22.17% at NAV for 3 months to September 30, 2026 (AINT-FS, page 2).
• 1-year return: not available. The fund started February 5, 2026, and the fact sheet shows "-" for 1 year (AINT-FS, page 2, "Avg Annualized %"). No period end applies.
• Beta: not given in any of the three documents.
• Beta benchmark: not stated, because no beta is given.
• Beta period: not stated, because no beta is given.
• Leverage Method: "the Fund arranges through a broker to borrow the security it does not own" and "with the short sale proceeds increasing its cash position to $175, and then buy $100 of ABC stock" (AINT-PR, page 13). No document says Reg T, Regulation T or portfolio margin.
• Leverage cost: no borrow fee, margin interest or interest expense line for February 5 to March 31, 2026 (AINT-SAR, page 15, "Statements of Operations"). Interest income was $3,061, about 1.0% a year (my arithmetic), which may be a rebate net of borrow fees (my inference). See section 8. No annual report was attached.
• Short dividend expense: 4.57% of average net assets, annualized, for February 5 to March 31, 2026. The statement of operations shows dividend expense of $14,110 and no other short cost (AINT-SAR, page 15). $14,110 ÷ $3,863 × 1.25% = 4.57% (my arithmetic), matching the financial highlights ratio (AINT-SAR, page 17). The SAI says that "Dividend expenses on securities sold short will be borne by the shareholders of a Fund" (AINT-SAI, page 11, "Short Sales").
• Ranking properties (Rank to Score): from the ranking of the 27 LS peers prepared November 11, 2026, using only the project's fund profiles. Each of the seven criteria scores Yes = 1, Partly = 0.5, No or Not stated = 0. Funds sort first by Portfolio margin (YES, LIKELY, POSSIBLE, UNLIKELY, NO), then by Score, then Tidal funds first, then higher gross exposure (my inference). Rescored November 12, 2026 from AINT-SAR: Over 2.0x, Short costs (includes dividends) and Score changed.
• Rank: 1 of 27, as of November 12, 2026 (unchanged).
• Long/short: dollar-neutral long and short positions in S&P 500 stocks (AINT-PR, page 13); 12 long and 10 short positions on March 31, 2026 (AINT-SAR, pages 10 and 11).
• Portfolio margin: LIKELY. The prospectus example builds $100 long and $100 short on $75 of capital using short sale proceeds, about 2.67x gross, which is above Reg T's 2.0x opening cap (AINT-PR, page 13; my arithmetic). No document says Reg T or portfolio margin (my inference). Contrary evidence: on March 31, 2026 the measured book was 2.01x, with longs paid for with capital and short sale cash left at the broker, which fits Reg T's opening limit (AINT-SAR, pages 10, 11, 14 and 15; my arithmetic). LIKELY is kept because the rule turns on what the documents describe, and the prospectus example still stands (decision of November 12, 2026).
• Cross-collateral: Partly. "A Fund will be required to pledge its liquid assets to the broker to secure its performance on short sales" (AINT-SAI, page 11). The semiannual report repeats this (AINT-SAR, page 22). Its balance sheet implies the broker counts long stocks toward short margin, since deposits with brokers ($3,039,144) are below the value of the shorts ($3,086,164) (AINT-SAR, page 14; my inference). No document says longs and shorts are margined in one account, or that long stocks are pledged.
• Outside Reg T: Partly, from the same prospectus example (AINT-PR, page 13) (my inference). Same contrary evidence as Portfolio margin (AINT-SAR, pages 10, 11, 14 and 15).
• Short costs (includes dividends): No. 4.57% of average net assets, annualized, for February 5 to March 31, 2026, labeled "dividend and interest expense from borrowing on securities sold short" (AINT-SAR, page 17). The statement of operations shows it is all dividend expense, with no borrow fee or interest line (AINT-SAR, page 15). Scored No to match ORR and BTAL, whose combined figures were scored No. The financing cost itself is not stated.
• Over 2.0x: Yes. Measured 201.5% on March 31, 2026 (AINT-SAR, pages 10 and 11; my arithmetic). Scored Yes to match BTAL at 200.1%. About 200% stated, as of November 6, 2026 (AINT-FS, page 1); about 2.67x in the prospectus example (AINT-PR, page 13; my arithmetic).
• Tidal: Tidal Investments LLC is the adviser, and the fund is a series of Tidal Trust I (AINT-SAI, page 4, cover). The semiannual report's registrant is Tidal Trust I (AINT-SAR, page 1).
• Score: 4 (my arithmetic): Long/short 1, Cross-collateral 0.5, Outside Reg T 0.5, Short costs 0, Over 2.0x 1, Tidal 1.

16. Fund Documents

Fact Sheet

Prospectus

SAI