Company: DEFI
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001999371-25-011381
Chunk: 9

Company: Tidal Commodities Trust I
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 8
Chunk 9
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The
average notional market value categorized by primary underlying risk for futures contracts held was $0 and $0 million respectively
for the three and six months ended June 30, 2025. and $312.9 and $6.4 million respectively for the three and six months ended
June 30, 2024.

Basis
of Presentation

The
preparation of these financial statements in conformity with U.S. generally accepted accounting principles requires management
to make estimates and assumptions that affect the reported amount of net assets and liabilities and disclosure of contingent assets
and liabilities at the balance sheet date. Actual results could differ from those estimates.

    F-16 

Organizational
and Offering Costs

All
organizational and initial offering costs for the Trust and the Fund were borne directly by the Sponsor. The Trust and the Fund
do not have an obligation to reimburse the Sponsor for organization and offering costs paid on their behalf.

Revenue
Recognition

Investment
transactions are accounted for on a trade-date basis. All such transactions are recorded on the identified cost basis and marked
to market daily. Unrealized appreciation or depreciation on investments are reflected in the statements of operations as the difference
between the original amount and the fair market value as of the last business day of the year or as of the last date of the financial
statements. Changes in the appreciation or depreciation between periods are reflected in the statements of operations.

Brokerage
Commissions

The
Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis. The below table shows
the amounts included on the statements of operations as total brokerage commissions.

    Three
    Months Ended June 30, 2025  
    $148 

    Three
    Months Ended June 30, 2024  
    $505 

    Six
    Months Ended June 30, 2025  
    $148 

    Six
    Months Ended June 30, 2024  
    $6,286 

The
amount recorded by the Fund for the amount due from and to the clearing broker includes, but is not limited to, cash held by the
broker, amounts payable to the clearing broker related to open transactions, payables for cryptocurrency futures accounts liquidating
to an equity balance on the clearing broker’s records and amounts of brokerage commissions paid and recognized as unrealized
losses.

Margin
is the minimum amount of funds that must be deposited by a cryptocurrency interest trader with the