TIDAL ETF TRUST 485BPOS

Exhibit 99.(d)(xviii)(1)

FIRST AMENDMENT TO THE 

INVESTMENT ADVISORY AGREEMENT

THIS FIRST AMENDMENT dated as of June 17, 2022, to the Investment Advisory Agreement dated as of January 25, 2022 (the “Agreement”), entered into by and between TIDAL ETF TRUST (the “Trust”), on behalf of the series of the Trust as indicated on Schedule A to the Agreement, as may be amended from time to time (each, a “Fund,” and collectively, the “Funds”), and TOROSO INVESTMENTS, LLC (hereinafter called the “Adviser”).

RECITALS

WHEREAS, the parties have entered into the Agreement; and

WHEREAS, the Trust and the Adviser desire to amend Schedule A to add the Elevate Shares 2X Daily METV ETF and Elevate Shares 2X Daily BETZ ETF; and

WHEREAS, Section 21 of the Agreement allows for the amendment of the Agreement by a written instrument executed by both parties;

NOW, THEREFORE, the parties agree as follows:

Schedule A of the Agreement is hereby superseded and replaced with Amended Schedule A attached hereto, to be effective at the time each of the Elevate Shares 2X Daily METV ETF and the Elevate Shares 2X Daily BETZ ETF commences operation pursuant to an effective amendment to the Trust’s Registration Statement under the Securities Act of 1933, as amended.

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be executed by a duly authorized officer on one or more counterparts as of the date and year first written above.

TIDAL ETF TRUST		TOROSO INVESTMENTS, LLC
on behalf of its series listed on Amended Schedule A
By:	/s/ Eric W. Falkeis	By:	/s/ Dan Carlson
Name:	Eric W. Falkeis	Name:	Daniel H. Carlson
Title:	President	Title:	Chief Financial Officer

Amended Schedule A

to the

Tidal ETF Trust

Investment Advisory Agreement

with

Toroso Investments, LLC

Fund Name	Advisory Fee
Elevate Shares 2X Daily BLOK ETF	0.95%
Elevate Shares 2X Daily METV ETF	0.95%
Elevate Shares 2X Daily BETZ ETF	0.95%