Company: DEFI
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001999371-25-006264
Chunk: 4

Company: Tidal Commodities Trust I
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 8
Chunk 4
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 in the Redemption Basket determined
as of 4:00 p.m. (ET) on the day the order to redeem the basket is received in good order.

The
Fund will receive the proceeds from Shares sold or will pay for redeemed Shares within three business days after the trade date
of the purchase or redemption, respectively. The amounts due from Authorized Purchasers will be reflected in the Fund’s
statements of assets and liabilities as capital shares receivable. Amounts payable to Authorized Purchasers upon redemption will
be reflected in the Fund’s statements of assets and liabilities as payable for Shares redeemed.

As
outlined in the Trust’s most recent Registration Statement on Form S-1 filing, 50,000 Shares represent five Redemption Baskets
for the Fund and a minimum level of Shares. If the Fund experienced redemptions that caused the number of Shares outstanding to
decrease to the minimum level of Shares required to be outstanding, until the minimum number of Shares is again exceeded through
the purchase of a new Creation Basket, there can be no more redemptions by an Authorized Purchaser.

Calculation
of Net Asset Value

The Fund’s NAV is calculated by:

●Taking
                                         the current market value of its total assets;

●Subtracting
                                         any liabilities; and

●Dividing
                                         the above total by the number of Shares outstanding.

U.S.
Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Global Fund Services”), the Fund’s
sub-administrator (the “Sub-Administrator”), will calculate the NAV of the Fund once each trading day. Global Fund
Services will calculate the NAV as of the earlier of the close of the New York Stock Exchange or 4:00 p.m. (ET). The NAV for a
particular trading day will be released after 4:15 p.m. (ET).

To
determine the value of Bitcoin Futures Contracts, Global Fund Services uses the settlement price for the Benchmark Component Futures
Contracts, as reported on the CME. CME Group staff determines the daily settlements for the Benchmark Component Futures Contracts
based on trading activity on CME Globex exchange between 14:59:00 and 15:00:00 Central Time (CT), the settlement period. When
a Bitcoin Futures Contract has closed at its daily price fluctuation limit, that limit price will be the daily settlement price
that the CME publishes. The Fund will use the published settlement price to determine the NAV of its Shares on