Subversive Cannabis ETF (LGLZ) to Close

CHICAGO and MILWAUKEE and NEW YORK, March 20, 2024 (GLOBE NEWSWIRE) -- The Board of Trustees of the Tidal ETF Trust have decided to liquidate and close the Subversive Cannabis ETF (LGLZ) (the “Fund”), based on the recommendation of the Fund’s investment adviser, Tidal Investments LLC, and the Fund’s investment sub-adviser, Subversive Capital Advisor LLC. The Board of Trustees concluded that liquidating and closing the Fund would be in the best interest of the Fund and its shareholders. 

The Fund will cease trading on the Cboe BZX Exchange, Inc. (“CBOE”) and will be closed to purchases by investors as of the close of regular trading on the CBOE on March 28, 2024 (the “Closing Date”). The Fund will not accept purchase orders after the Closing Date.

Shareholders may sell their holdings in the Fund prior to the Closing Date and customary brokerage charges may apply to these transactions. However, from the Closing Date through April 5, 2024 (the “Liquidation Date”), shareholders may be able to sell their shares only to certain broker-dealers and there is no assurance that there will be a market for the Fund’s shares during this time period. Between the Closing Date and the Liquidation Date, the Fund will be in the process of closing down and liquidating the Fund’s portfolio. This process will result in the Fund increasing its cash holdings which may be inconsistent with the Fund’s investment objective and strategy.

On or about the Liquidation Date, the Fund will liquidate its assets and distribute cash pro rata to all shareholders of record who have not previously redeemed or sold their shares, subject to any required withholding. Liquidation proceeds paid to shareholders generally should be treated as received in exchange for shares and will therefore be treated as a taxable event giving rise to a capital gain or loss depending on a shareholder’s tax basis. Shareholders should contact their tax adviser to discuss the income tax consequences of the liquidation. In addition, these payments to shareholders may include distributions of accrued capital gains and dividends. As calculated on the Liquidation Date, the Fund’s net asset value will reflect the costs of closing the Fund. Once the distributions are complete, the Fund will terminate.

About Tidal Financial Group
Formed by ETF industry pioneers and thought leaders, Tidal Financial Group sets out to revolutionize the way ETFs have historically been developed, launched, marketed, and sold. With a focus on growing AUM, Tidal offers a comprehensive suite of services, proprietary tools, and methodologies designed to bring lasting ideas to market. Tidal is an advocate for ETF innovation. The firm is on a mission to provide issuers with the intelligence and tools needed to efficiently and to effectively launch ETFs and to optimize growth potential in a highly competitive space. For more information, visit

About Subversive
Subversive’s investment strategies primarily focus on different mission-driven emerging sectors that they believe will shape the economy of the future. The companies invested in are bold, daring, and uninhibited enough not to let the world as it exists today limit their imagination for opportunities of the future.   Leveraging the team's track record in the private sector, Subversive aims to bring the institutional knowledge and networks to all investors to drive meaningful value for their portfolios via diversified ETFs.



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