Company: DEFI
Filing Date: 2025-03-27
Form Type: 424B3
Source: 0001999371-25-003249
Chunk: 125

Company: Tidal Commodities Trust I
Filing Date: 2025-03-27
Form: 424B3
Chunk 125
---
 The Fund maintains cash and cash equivalents, either held by the Fund or posted
as margin or collateral, with a value that at all times approximates the aggregate market value of its obligations under Bitcoin
Futures Contracts. The Fund meets its liquidity needs in the normal course of business from the proceeds of the sale of its investments
or from the cash and cash equivalents that it intends to hold at all times.

The Benchmark

Benchmark Calculation

The Benchmark is governed by the CIOC, which
is responsible for implementation, administration, and oversight of the Benchmark, including its cessation. The CIOC shall approve
any material changes to the methodology and review the Benchmark methodology at least on an annual basis.

According to the Benchmark methodology,
any deviations from the Benchmark methodology are made in the sole judgment and discretion of Nasdaq so that the Benchmark continues
to achieve its objective. Nasdaq will provide transparency over the decisions affecting the compilation of the reference rate and
any related determination process, including contingency measures in the event of absence of or insufficient inputs, market stress
or disruption, failure of critical infrastructure, or other relevant factors. Any contingency measures that are not directly addressed
in the Benchmark methodology shall be subject to CIOC governance processes.

<div align='center'>75</div>

The Sponsor, in its sole discretion, may
cause the Fund to track a benchmark other than the Benchmark at any time, with prior notice to investors. The Sponsor may change
the Fund’s benchmark if investment conditions change or the Sponsor believes that another benchmark or standard better aligns
with the Fund’s investment objective and strategy. The Sponsor, however, is under no obligation whatsoever such a change
in any circumstance.

Shareholders will be duly notified of any
material changes to the Benchmark, including changes in the methodology or its complete replacement. Replacement or material modification
of the Benchmark would prompt the issuance of a press release describing the change and date of its implementation. The Sponsor
will provide at least 60 days’ notice to the Fund’s Shareholders before making any changes to the Fund’s Benchmark
and will file a press release on Form 8-K describing the changes and the date of implementation. Shareholder approval is not mandatory
and Shareholders will not receive notification in the event of changes resulting from the CIOC’s annual review of the Benchmark
or in the case of any non-material alterations to the Benchmark.

The Benchmark is calculated and published
once a day on business days at 3pm, New York Time by CF Benchmarks Limited ()
or other Nas