Company: DEFI
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001999371-25-006264
Chunk: 26

Company: Tidal Commodities Trust I
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 8
Chunk 26
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 fees and other expenses excluding management fees 
    $—  
    $16,148 

    Brokerage Commissions 
    $—  
    $5781 

    Total gross expense ratio 
     0.56% 
     1.30%

    Net investment gain (loss) 
     (11.68)% 
     59.78%

    Creation of Shares 
     —  
     310,000 

    Redemption of Shares 
     —  
     220,000 

Net
Realized Gain or Loss on Futures Contracts

Realized
gain or loss on trading of commodity futures contracts is a function of: 1) the change in the price of the particular contracts
sold as part of a “roll” in contracts as the nearest to expire contracts are exchanged for the appropriate contract
given the investment objective of the fund, 2) the change in the price of particular contracts sold in relation to redemption
of shares, 3) the gain or loss associated with rebalancing trades which are made to ensure conformance to the benchmark, 4) the
number of contracts held and then sold for either circumstance aforementioned. The Fund recognizes the expense for brokerage commissions
for futures contract trades on a per trade basis. Unrealized gain or loss on trading of commodity futures contracts is a function
of the change in the price of contracts held on the final date of the period versus the purchase price for each contract and the
number of contracts held in each contract month. The Fund conducts creation and redemption transactions only for cash, and, with
respect to creation transactions, the cash is used to purchase Bitcoin Futures Contracts only. The Fund will use Bitcoin Futures
Contracts for the primary purpose of using such Bitcoin Futures Contracts to acquire physical bitcoin through Exchange for Physical
(“EFP”) transactions and to offset cash and receivables for better tracking the Benchmark. The net realized and unrealized
loss on futures contracts was related to the decrease in the Fund’s net assets and the Bitcoin price depreciation during
the three months ended March 31, 2025.

F-24 

In
the three months ended March 31, 2025 compared to the three months ended March 31, 2024, the amount of interest income earned
as a percentage of daily total net assets was significantly lower. The decrease in interest and other income over these periods
was primarily due to a decrease in the investments within short-term Treasury Securities, demand deposits