Company: DEFI
Filing Date: 2025-03-25
Form Type: POS AM
Source: 0001999371-25-003118
Chunk: 11

Company: Tidal Commodities Trust I
Filing Date: 2025-03-25
Form: POS AM
Chunk 11
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 index, BTC Contracts and MBT Contracts provide a means for investors to hedge investment positions or speculate on the future price of bitcoin.

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The Bitcoin Futures Contracts are cash-settled to the CME CF Bitcoin Reference Rate (BRR). The BRR is a daily reference rate of the U.S. dollar price of one bitcoin calculated daily as of 4:00 p.m. London time provided by CF Benchmarks. It is calculated based on the bitcoin trading activity on specified spot bitcoin trading platforms (“Constituent Exchanges”) during an observation window between 3:00 p.m. and 4:00 p.m. London time, which currently include Bitstamp, Coinbase, Gemini, itBit Kraken, LMAX Digital and Bullish Exchange but may change from time to time.

Constituent exchanges for the BRR are selected on the basis of the following criteria, which each must demonstrate that it continues to fulfill on an ongoing basis:

| ● | The                                                                                     
 exchange has policies to ensure fair and transparent market conditions at all times and 
 has processes in place to identify and impede illegal, unfair or manipulative trading   
 practices.                                                                              |

| ● | The                                                                                           
 exchange does not impose undue barriers to entry or restrictions on market participants,      
 and utilizing the venue does not expose market participants to undue credit risk, operational 
 risk, legal risk or other risks.                                                              |

| ● | The                                                                                         
 exchange complies with applicable law and regulation, including, but not limited to capital 
 markets regulations, money transmission regulations, client money custody regulations,      
 know-your-client (KYC) regulations and anti-money-laundering (AML) regulations.             |

| ● | The                                                                                       
 exchange cooperates with inquiries and investigations of regulators and the Administrator 
 upon request and has to execute data sharing agreements with the CME.                     |

Should the average daily contribution of a constituent exchange fall below 3%, then the continued inclusion of the venue as a constituent exchange is assessed by the CME CF Oversight Committee.

Qualifying transactions from the constituent exchanges that take place during the one-hour calculation window are added to a list, with the trade price and size for each transaction recorded. The one-hour calculation is partitioned into twelve intervals of five minutes each, and for each partition, the volume-weighted median trade price is calculated from the trade prices and sizes of relevant transactions. (A volume-weighted median differs from a standard median in that a weighting factor, in this case trade size,