Company: DEFI
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001999371-25-011381
Chunk: 24

Company: Tidal Commodities Trust I
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 8
Chunk 24
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 regulate trading by FCMs
and by their officers and directors, permits the CFTC to require action by exchanges in the event of market emergencies, and establishes
an administrative procedure under which customers may institute complaints for damages arising from alleged violations of the
CEA. The CEA also gives the states powers to enforce its provisions and the regulations of the CFTC.

On
November 14, 2013, the CFTC published final regulations that require enhanced customer protections, risk management programs,
internal monitoring and controls, capital and liquidity standards, customer disclosures and auditing and examination programs
for FCMs. The rules are intended to afford greater assurances to market participants that customer segregated funds and secured
amounts are protected, customers are provided with appropriate notice of the risks of futures trading and of the FCMs with which
they may choose to do business, FCMs are monitoring and managing risks in a robust manner, the capital and liquidity of FCMs are
strengthened to safeguard the continued operations and the auditing and examination programs of the CFTC and the SROs are monitoring
the activities of FCMs in a thorough manner.

StoneX
and Phillip Capital serve as the Fund’s clearing brokers to execute futures contracts and provide other brokerage-related
services.

F-23 

Results
of Operations

The
discussion below addresses the material changes in the results of operations for the three months ended June 30, 2025, compared
to the same period in 2024.

Total
expenses for the current and comparative period are presented both gross and net of any expenses waived or paid by the Prior Sponsor
that would have been incurred by the Fund (“expenses waived by the Prior Sponsor”). For all expenses waived in 2024,
the Prior Sponsor is not entitled to reimbursement. “Total expenses, net” is after the impact of any expenses waived
by the Prior Sponsor, are presented in the same manner as previously reported. There is, therefore, no impact to or change in
the Net gain or Net loss in any period for the Trust and the Fund as a result of this change in presentation.

The
Fund is the successor and surviving entity from the Merger of the Predecessor Fund into the Fund. The Predecessor Fund was a series
of the Teucrium Commodity Trust sponsored by Teucrium Trading, LLC. The Predecessor Fund commenced operations on September 15,
2022. The investment objective of both the Predecessor Fund