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Tidal Financial Group announced a $32 million growth equity investment led by FTV Capital to enhance its ETF development and management platform. This funding aims to expand Tidal's team, unify its multi-brand offering, and digitize client solutions. Tidal, with over $6.5 billion in assets across 55 ETFs, is positioned to capitalize on the growing ETF market, projected to reach $20 trillion by 2026. The investment underscores Tidal's commitment to supporting independent issuers and improving its services, enhancing its credibility in the ETF space.
On July 29, 2022, Tidal ETF Trust announced a rebranding of two ETFs taking effect on August 9, 2022. The SoFi Gig Economy ETF (GIGE) will be renamed to SoFi Be Your Own Boss ETF (BYOB), while the iClima Distributed Smart Energy ETF will transition to the SoFi platform, becoming the SoFi Smart Energy ETF (ENRG). Despite these changes, both funds will maintain their investment objectives and strategies. This initiative is part of Tidal ETF Services' mission to innovate ETF offerings in a competitive market.
The Board of Trustees of the Tidal ETF Trust has approved the liquidation of the EUCLID CAPITAL GROWTH ETF (EUCG), following a recommendation from its investment adviser, Toroso Investments LLC. This decision aims to serve the best interests of shareholders. Trading will cease on the Cboe BZX Exchange on July 28, 2022, and the Fund will not accept new purchases after this date. Shareholders can sell their shares prior to this date but may face limited market access during the liquidation phase until August 4, 2022, when assets will be distributed.
The Tidal ETF Trust has announced the liquidation of the SonicShares Airlines, Hotels, Cruise Lines ETF (TRYP) due to recommendations from its investment adviser, Toroso Investments LLC. Trading will cease on NYSE Arca on July 22, 2022, with the fund closing to new purchases. Shareholders can sell their holdings before the Closing Date, though post-closure sales may be limited. Liquidation will result in a distribution of cash to shareholders, which could have tax implications. The fund will terminate following distribution completion.
The Tidal ETF Trust's Board of Trustees has decided to liquidate the AWTM Ultra-Short Duration Enhanced Income ETF (AWTM). This decision follows the investment adviser, Toroso Investments LLC's, recommendation that liquidation serves the best interests of shareholders. The Fund will cease trading on the NYSE Arca on July 15, 2022, and will be closed to new purchases. Shareholders can sell shares before this date, but from July 15 to July 22, 2022, they may face limited market access. Liquidation proceeds will be distributed to shareholders and may incur tax implications.
