Company: DEFI
Filing Date: 2025-03-25
Form Type: POS AM
Source: 0001999371-25-003118
Chunk: 128

Company: Tidal Commodities Trust I
Filing Date: 2025-03-25
Form: POS AM
Chunk 128
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 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 Nasdaq designated calculation agent. The closing level of the Benchmark is calculated and published as the Nasdaq Bitcoin
Reference Price - Settlement (NQBTCS).

The final NQBTCS calculation is a weighted
average across all Core Exchanges. The settlement price for each Core Exchange is the Time Weighted Average Price (“TWAP”)
calculated across Volume Weighted Average Prices (“VWAP”) for each minute in the settlement price window (between 1:50:00
and 2:00:00 P.M. ET). The weight of each Core Exchange is given by its median traded volume over the previous 30 trading days,
adjusted by three different penalty factors designed to minimize the weight of Core Exchanges that exhibit signs that can indicate
manipulation, illiquidity, large block trading, or operational issues which compromise price representation, as described below:

| - | Step 1: Calculate Core Exchanges volume |

First, calculate Core