Company: DEFI
Filing Date: 2025-02-21
Form Type: POS AM
Source: 0001839882-25-010345
Chunk: 105

Company: Tidal Commodities Trust I
Filing Date: 2025-02-21
Form: POS AM
Chunk 105
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 relating to or arising out of the formation, operation or termination
of the Trust, or any action or inaction of the Trustee under the Trust Agreement, except to the extent that such expenses result
from the fraud, or the gross negligence or willful misconduct of the Trustee. The Sponsor has the discretion to replace the Trustee.

The Trustee has not signed the registration
statement of which this prospectus is a part and is not subject to issuer liability under the federal securities laws for the information
contained in this prospectus and under federal securities laws with respect to the issuance and sale of the Shares. Under such
laws, neither the Trustee, either in its capacity as Trustee or in its individual capacity, nor any director, officer or controlling
person of the Trustee is, or has any liability as, the issuer or a director, officer or controlling person of the issuer of the
Shares.

Under the Trust Agreement, the Trustee has
delegated to the Sponsor the exclusive management and control of all aspects of the business of the Trust and the Fund. The Trustee
has no duty or liability to supervise or monitor the performance of the Sponsor, nor does the Trustee have any liability for the
acts or omissions of the Sponsor.

Because the Trustee has delegated substantially
all of its authority over the operation of the Trust to the Sponsor, the Trustee itself is not registered in any capacity with
the CFTC.

<div align='center'>OPERATION OF THE FUND</div>

The investment objective of the Fund is
for changes in the Shares’ NAV to reflect the daily changes of the price of the Benchmark, less expenses from the Fund’s
operations. The Fund expects that the Fund’s assets will be used to invest in bitcoin, Bitcoin Futures Contracts and cash
and cash equivalents, such as short-term Treasury bills, money market funds, and demand deposit accounts. The NYSE Arca rule under
which the Shares will be listed and traded prevents the Fund from utilizing leverage.

The Fund invests in bitcoin and Bitcoin
Futures Contracts without being leveraged or unable to satisfy its current or potential margin or collateral obligations with respect
to its investments. After fulfilling such margin and collateral requirements, the Fund invests the remainder of its proceeds from
the sale of baskets in cash and cash equivalents, including money-market funds, and/or merely holds such assets in cash in interest-bearing
accounts. The Fund seeks to earn interest and other income from the cash equivalents that it purchases,