Company: DEFI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001999371-25-017892
Chunk: 12

Company: Tidal Commodities Trust I
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 8
Chunk 12
---
 certain costs including
brokerage commissions and redemptions of creation units with cash may result in the recognition of gains or losses that the Fund
might not have incurred if it had made redemptions in-kind. The Fund pays all of its respective brokerage commissions, including
applicable exchange fees, National Futures Association fees and give-up fees, and other transaction related fees and expenses
charged in connection with trading activities for the Fund’s investments in CFTC regulated investments. The Fund bears other
transaction costs related to the FCM’s capital requirements on a monthly basis. The Sponsor pays all of the routine operational,
administrative and other ordinary expenses of the Fund, generally as determined by the Sponsor, including but not limited to,
fees and expenses of the Administrator (as defined below), Sub-Administrator, Cash Custodian and Bitcoin Custodian (as defined
below), Marketing Agent (as defined below), Transfer Agent (as defined below), licensors, accounting and audit fees and expenses,
tax preparation expenses, legal fees, ongoing SEC registration fees, individual Schedule K-1 preparation and mailing fees, and
report preparation and mailing expenses. The Fund pays all of its non-recurring and unusual fees and expenses, if any, as determined
by the Sponsor. Non-recurring and unusual fees and expenses are unexpected or unusual in nature, such as legal claims and liabilities
and litigation costs or indemnification or other unanticipated expenses. Extraordinary fees and expenses also include material
expenses which are not currently anticipated obligations of the Fund. Routine operational, administrative and other ordinary expenses
are not deemed extraordinary expenses.

The Sponsor has the ability to elect to
pay certain expenses on behalf of the Fund or waive the management fee. This election is subject to change by the Sponsor, at its
discretion. Expenses paid by the Sponsor or the Prior Sponsor are, if applicable, presented as waived expenses in the statements
of operations for the Fund:

For the nine months ending September 30, 2025 and September
30, 2024, the Sponsor did not waive expenses.

Administrator

The Fund employs Tidal ETF Services LLC
as the Fund’s administrator (the “Administrator”). In turn, the Administrator has engaged U.S. Bancorp Fund Services,
LLC, doing business as U.S. Bank Global Fund Services (“Global Fund Services”) to act as sub-administrator. The Administrator
is a wholly-owned subsidiary of Sponsor. The Administrator also assists the Fund and the Sponsor with certain functions and duties
relating to marketing, which include