Company: DEFI
Filing Date: 2025-03-27
Form Type: 424B3
Source: 0001999371-25-003249
Chunk: 156

Company: Tidal Commodities Trust I
Filing Date: 2025-03-27
Form: 424B3
Chunk 156
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 be indemnified
by the Sponsor, they will not be entitled to receive a discount or commission from the Trust or the Sponsor for their purchases
of Creation Baskets.

Calculating NAV

The Fund’s NAV per Share is calculated
by:

| ● | taking the current market value of its total assets, including but not limited to Bitcoin Futures Contracts, spot bitcoin and 
 cash, pursuant to policies established from time to time by the Sponsor or otherwise described herein,                        |

| ● | subtracting any liabilities and dividing the balance by the number of Shares, and |

| ● | dividing the above total by the number of Shares outstanding. |

Global Fund Services, in its capacity as
the Sub-Administrator calculates the NAV of the Fund once each trading day. It calculates the NAV as of the earlier of the close
of trading on NYSE Arca or 4:00 p.m. (ET). The NAV for a particular trading day is released after 4:15 p.m. (ET).

Valuation of Bitcoin Futures Contracts

In determining the value of Bitcoin Futures
Contracts, the Sub-Administrator uses primarily the settlement price for the Bitcoin Futures Contracts, as reported on the CME.
CME Group staff determines the daily settlements for the Bitcoin Futures Contracts based on trading activity on CME Globex exchange
between 14:59:00 and 15:00:00 Central Time (CT), the settlement period. In situations where a two-sided market is not available
during the closing period, the CME will derive a settlement price using the carry calculation method based on the CME CF Bitcoin
Reference Rate (BRR). This method calculates the settlement price as the reference rate plus an adjustment factoring in the days
to expiration and the interest rate. Specifically, the settlement price is determined by the formula: BRR + [(Days to Expiration
/ 365) × Interest Rate × BRR]. The interest rate used will be the rate on the Overnight Index Swap (OIS) curve corresponding
with the expiration date of the futures contract used in the calculation. When a Bitcoin Futures Contracts has closed at its daily
price fluctuation limit, that limit price will be the daily settlement price that the CME publishes.

In exceptional circumstances when: (i) Bitcoin
Futures Contracts settlement prices are not readily available; or (ii) when a trading halt closes CME or the Bitcoin Futures Market
early, including if trading were halted for an entire trading day or several trading days; or (iii) when