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CORRESP
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Tidal ETF Trust

234 West Florida Street, Suite 203

Milwaukee, Wisconsin 53204

December 15, 2022

VIA EDGAR TRANSMISSION

Mr. Daniel Greenspan, Senior Counsel

U.S. Securities and Exchange Commission

Division of Investment Management

100 F Street NE

Washington, DC 20549

    Re:
    Tidal ETF Trust (the “Trust”)

    Post-Effective Amendment No. 134 to the Trust’s Registration Statement on Form N-1A (the “Amendment”)

    File Nos. 333-227298, 811-23377

Dear Mr. Greenspan:

This correspondence responds to comments the Trust
received from the staff of the U.S. Securities and Exchange Commission (the “Staff” or the “Commission”) on September
30, 2022, with respect to the Amendment and the Trust’s proposed new series, the Subversive Cannabis ETF (the “Fund”).
For your convenience, the comments have been reproduced with responses following each comment. Capitalized terms not otherwise defined
have the same meaning as in the Amendment.

General

 1. Please file a legality opinion as an exhibit to the registration statement
as to state and federal law as cannabis continues to be illegal federally. Please include in the opinion that the Fund will not be violating,
either directly or indirectly, state or federal laws. Please also include the Fund’s intention to invest in total return swaps and
address how that may or may not impact the legality analysis.

Response: Please see a draft of the
legality opinion, attached hereto as Exhibit A, an executed version of which will be filed as an exhibit to the next post-effective amendment
to the Trust’s registration statement filed with respect to the Fund.

 2. To the extent that the Fund will incur any acquired fund fees and expenses
(“AFFE”), disclose them in the table under “Fees and Expenses of the Fund”, or confirm supplementally to us that
AFFE will not exceed one basis point. Also, if the Management Fee will be subject to a fee waiver, please disclose or confirm supplementally
to us that the waiver will not be subject to reimbursement or recoupment.

Response: The Trust confirms that the
Fund is not expected to incur greater than one basis point of AFFE during its initial fiscal year. The Trust also confirms that the Management
Fee will not be subject to a fee waiver.

Prospectus – Fund Summary – Principal Investment Strategies

 3. Please supplementally explain and provide examples of THC Cannabis Companies
that operate in the U.S. but sell cannabis legally in non-U.S. countries and how these companies are nonetheless involved in THC-

related businesses. Please also supplementally
discuss how the Fund determines whether companies that are listed on a non-U.S. exchange but operate in the U.S. are U.S. companies.
If the Fund does not consider such companies to be U.S. companies, please include risk disclosure on the countries in which the Fund
expects to invest and their associated risks.

Response: The Trust responds by noting
that examples of companies that operate legally in the U.S. but are listed on foreign exchanges include Curaleaf Holdings, Inc. and Green
Thumb Industries Inc. The Trust further responds that the Fund considers such companies to be U.S. companies as they derive more than
50% of their revenues in the U.S., regardless of the exchange on which the company is listed. Accordingly, the Trust believes that additional
risk disclosure related to the country in which a company’s shares are listed is not necessary.

 4. Please discuss in correspondence what “THC-related” means
and what sort of companies the Fund considers to be THC Cannabis Companies. Please also disclose briefly what types of businesses and
associated business activities are covered by the term THC Cannabis Companies.

Response: The Trust responds by noting
that “THC-related” means relating to products, services and business activities that touch the cannabis flower (commonly referred
to in the Cannabis industry as “touching flower”). The Trust further notes that the Fund considers THC Cannabis Companies
to be those companies that derive at least 50% of their net revenue from legal THC-related sales. Such sales may also include the cultivation
and production of cannabis where such company is directly touching flower. The types of businesses and associated business activities
that are covered by THC Cannabis Companies include agriculture, biotechnology, pharmaceuticals, real estate, retail, and finance companies.

 5. Please confirm supplementally that the derivatives in which the Cannabis
ETF will invest will be valued on a mark to market basis for purposes of Rule 35d-1 (the “Names Rule”) under the Investment
Company Act of 1940, as amended (the “1940 Act”).

Response: The Trust responds by supplementally
confirming that for the purposes of the Names Rules, derivatives will be valued on a mark to market basis.

 6. Please ensure the Fund’s derivatives disclosure fully describes
how the Fund will use derivatives.

Response: The Trust responds that derivatives
disclosure will not be generic and will address the Fund’s use of derivatives. In addition, the Trust notes that the Fund will engage
in shorting of securities, to a limited extent not to exceed 5% of the Fund’s net assets. The principal investment strategies and
risk disclosures in the Prospectus have been revised to include disclosure that is substantially similar to that shown on Exhibit B.

If you have any questions or require further information,
please contact Michael Pellegrino at (844) 986-7676 #731 or mpellegrino@torosoinv.com.

Sincerely,

/s/ Michael T. Pellegrino

Michael T. Pellegrino, General Counsel

Toroso Investments, LLC

    2

Exhibit A

Legality Opinion

  Seyfarth
Shaw LLP

975
F Street, N.W.

Washington,
DC 20004

(202)
463-2400

fax
(202) 828-5393

www.seyfarth.com

December
15, 2022

Tidal
ETF Trust

234
West Florida Street, Suite 203

Milwaukee,
WI 53204

Subversive
Capital Advisor LLC

217
Centre Street, Suite 122

New
York, NY 10013

Attn.:
Michael Auerbach, Chief Investment Officer

 Re: Opinions
                                         with Respect to the Execution of Derivatives

and
Purchase of Cannabis Company Securities

Ladies
and Gentlemen:

Subversive
Capital Advisor LLC acts as sub-advisor (“Sub-Advisor”) to the Subversive Cannabis ETF (the “Fund”), a
series of Tidal ETF Trust (the “Trust”). The Fund, an exchange-traded fund regulated under the Investment Company
Act of 1940, 15 U.S.C. §§ 80a-1–80a-64 (the “1940 Act”), is subject to the oversight of the Board
of Trustees of the Trust (the “Board”). The Sub-Advisor has retained Seyfarth Shaw LLP for purposes of rendering opinions
for the benefit of the Fund and its beneficial owners or beneficiaries.

The
Sub-Advisor has asked us to opine to it as to whether (i) the Fund’s investment in securities issued by companies which
are directly involved in legal tetrahydrocannabinol-related businesses in the United States (“Cannabis Companies”1);

1A
Cannabis Company is a company which is engaged in the commercialization of cannabis in the legal tetrahydrocannabinol (“THC”)-related
business. The business of a Cannabis Company is expressly permitted without exception by local and state law and/or the law of
a non-U.S. country (so long as local and state law permit the business activity of a company operating lawfully under non-U.S.
law) and a Cannabis Company is also a company whose equity securities are listed on a regulated exchange. For purposes of this
letter, we make clear the nature of business conducted by individuals or entities which we deem outside of the scope of
the business conducted by Cannabis Companies. For example, outside of our definition of Cannabis Companies are those companies
(whether formally incorporated or not, or individuals) that (i) develop, market or sell cannabis unlawfully under local
or state law; (ii) develop, market or sell “designer” drugs, whether cannabis-related or not (i.e., synthetically
modified drugs made for purposes of circumventing existing law and regulation); and (iii) develop, market or sell other drugs
such

       3

Legal
Opinion prepared

for
Tidal ETF Trust and Subversive Capital Advisor LLC

Subversive
Cannabis ETF, a series of Tidal ETF Trust

December
15, 2022

Page 2

and (ii) the Fund’s execution and settlement of financial over-the-counter (“OTC”) derivatives, specifically
total return swaps, each referencing the equity of one or more Cannabis Companies (“TRS’s”)(with each TRS having
economic characteristics similar to the securities referenced in clause (i)), would violate certain laws of the United States
and whether the Fund and its beneficial owners would incur liability arising out of any such violation.

Based
upon our analysis and for purposes of this letter, the applicable federal laws are the Controlled Substances Act, 21 U.S.C. §
801, et seq. (the “CSA”), the Money Laundering Control Act, 18 U.S.C. §1956, et seq. (the “MCA”)
and the Securities Exchange Act of 1934, 15 U.S.C. §78a et seq. (“1934 Act”) (as amended by the Dodd-Frank Wall
Street Reform and Consumer Protection Act, Pub. L. 111-203, H.R. 4173,124 Stat. 1376 (2010)(“Dodd-Frank”2)(for
purposes of this letter and collectively with the CSA, MCA, the 1934 Act, Dodd-Frank and the regulations promulgated thereunder,
the foregoing are referred to as the “Applicable Federal Law”).

As
described more fully below, our opinion is that the Fund and its beneficial owners would not violate Applicable Federal Law (i)
for the Fund’s purchase of securities or (ii) for the Fund’s execution and settlement of TRS’s referencing any
such security issued by Cannabis Companies, so long as those companies issuing securities referenced in clause (i) or (ii) have
those securities listed on regulated exchanges and participate in the cannabis industry in full compliance with local and state
law, and/or the law of a non-U.S. country (so long as local and state law permit the business activity of a

as LSD or MDMA. For purposes of this letter, Cannabis Companies are none of the individuals and companies engaging in the
activities referenced in the foregoing clauses (i) through (iii), or similar activities, and Cannabis Companies are not companies
which either do not observe corporate formalities or are not legally conducting business for any reason, or are operating despite
having their corporate status suspended or revoked, or under investigation by a regulator or other authority. The CSA, as amended
by the Federal Analogue Act, 21 U.S.C. § 813, is intended to ban pre-emptively in the United States designer drugs by
making illegal the manufacture, sale, and/or possession of chemicals that are substantially similar in chemistry and pharmacology
to Schedule I or Schedule II drugs, including and not limited to cannabis-related drugs. For purposes of this letter and based
on information provided to us by the Sub-Advisor, the Fund and its portfolio managers (as a part of the execution of the investment
strategy and in order to comply with the policies and procedures of the Fund) also consider a company to be a Cannabis Company
if the company derives at least 50% of its net revenue from legal THC-related sales in the cannabis industry in the United States;
this may include companies that are listed on exchanges in non-U.S. countries where cannabis is legal, but which have operations
in the United States.

2When
we refer in this letter to “Dodd-Frank,” we are referring to the Dodd-Frank Wall Street Reform and Consumer Protection
Act generally and in particular, The Wall Street Transparency and Accountability Act, which is Title VII of Dodd-Frank, and which
generally became effective, subject to rulemaking, on July 16, 2010, Public Law 111-203, 124 Stat. 1376. Title VII of Dodd-Frank
amended the 1934 Act and the Commodity Exchange Act, ch. 545, 49 Stat. 1491, enacted on June 15, 1936, as amended (“CEA”),
by defining “swap,” 7 U.S.C. 1a(47)(E)(i)), and “Security-Based Swap,” as such term is defined in Section
3(a)(68) of the 1934 Act.

Legal
Opinion prepared

for
Tidal ETF Trust and Subversive Capital Advisor LLC

Subversive
Cannabis ETF, a series of Tidal ETF Trust

December
15, 2022

Page 3

company operating
lawfully under non-U.S. law), which expressly permits such participation. This is our opinion and it is subject to the assumptions,
qualifications and other statements in this letter.

We
are also of the opinion that, assuming full compliance with local and state and/or non-U.S. law by a TRS Company (which is, as
described in detail below, a Cannabis Company whose security is referenced in a TRS) referenced in a cash-settled TRS: (i) the
TRS Documentation (as defined below) should create legal, valid and binding obligations under New York law with respect to the
Fund and its TRS counterparties; (ii) the TRS under the TRS Documentation should not be rendered unenforceable due to a violation
of the CSA; (iii) the Fund should not have ownership, pursuant to Rule 13d-3 promulgated under the 1934 Act, with respect to the
TRS Company; and (iv) the Fund and its beneficial owners should incur no regulatory exposure or regulatory liability because we
are of the opinion that, with respect to the TRS’s, the TRS’s (based on assumptions in this letter) each have as a
Reference Asset (as defined below) a single security of a Cannabis Company (resulting in each TRS being deemed to be a security-based
swap regulated by the Securities and Exchange Commission (“SEC”) under its rules and the 1934 Act, as amended by Dodd-Frank),
and accordingly, we are of the opinion that such Reference Asset, by itself, would not likely render the TRS unenforceable under
the 1934 Act and the SEC rules promulgated thereunder, and would not expose the beneficial owners of the Fund to regulatory exposure
or regulatory liability; and (v) in the event that the federal government declares at some future time by means of written guidance,
the enactment of law or promulgation of a regulation that the TRS violates the CSA, the Fund and each of its TRS counterparties
can terminate the TRS on a no-fault basis and use mid-market values calculated pursuant Section 6(e) of the ISDA Master Agreement
in the TRS Documentation.3 These opinions are being provided for inclusion with the Fund’s Registration Statement
filed on Form N-1A (the “Registration Statement”). Our opinions are subject to the assumptions, qualifications and
limitations set forth herein as of the date of this opinion letter.

Our
opinions are expressed herein solely with respect to Applicable Federal Law and are based on these laws as in effect on the date
hereof and not the law of any other jurisdiction. Our opinions in all respects are subject to and may be limited by future legislation,
regulations, guidance, formal and informal interpretations and/or case law. The opinions expressed herein represent our reasonable
professional judgment as to the

3For
the reasons stated in this letter and although we reference the law of the state of Oregon, the focus of this letter is Applicable
Federal law, not state or local law, and additionally, we do not have any actual knowledge of any specific investment in any company
in particular and we have no actual knowledge of any federal investigation of any Cannabis Company or TRS Company (as defined
herein) and accordingly, we make certain assumptions stated in this letter including that the Fund will directly invest in companies
whose securities are listed on regulated exchanges.

Legal
Opinion prepared

for
Tidal ETF Trust and Subversive Capital Advisor LLC

Subversive
Cannabis ETF, a series of Tidal ETF Trust

December
15, 2022

Page 4

matters of law addressed herein, based upon the facts presented or assumed, and are not a guarantee
that a court or regulator will reach any particular result.

In
connection with this opinion letter, we have examined and relied upon the originals, or copies certified or otherwise identified
to our satisfaction, of such r