Company: DEFI
Filing Date: 2025-03-27
Form Type: 424B3
Source: 0001999371-25-003249
Chunk: 124

Company: Tidal Commodities Trust I
Filing Date: 2025-03-27
Form: 424B3
Chunk 124
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 outstanding amounts and an early termination fee.

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The Fund’s Investments in Cash and Cash Equivalents

The Fund seeks to have the aggregate “notional”
amount of bitcoin and Bitcoin Futures Contracts it holds approximate at all times the Fund’s total NAV. The Fund will, however,
maintain investments in cash and cash equivalents in sufficient amounts to support the Fund’s positions in Bitcoin Futures
Contracts. For example, the purchase of a BTC Contract with a stated or notional amount of $188,175 would not require the Fund
to pay $188,175 upon entering into the contract; rather, only a margin deposit, approximately 32% of the notional amount
based on the previous settlement price, would be required. To secure its BTC Contract obligations, the Fund would deposit the required
margin with the FCM and would separately hold its remaining assets through its Cash Custodian or other financial institution in
cash and cash equivalents, specifically in demand deposits, in short-term Treasury Securities held by the FCM, or in money-market
funds. Such remaining assets may be used to meet future margin payments that the Fund is required to make on its BTC Contracts
and/or MBT Contracts.

The Fund earns interest and other income
from the cash equivalents that it purchases, and on the cash, it holds through the Cash Custodian or other financial institutions.
The earned interest and other income increase the Fund’s NAV. The Fund applies the earned interest and other income to the
acquisition of additional investments or uses it to pay its expenses. When the Fund reinvests the earned interest and other income,
it makes investments that are consistent with its investment objectives.

Any cash equivalent invested in by the Fund
will have a remaining maturity of less than 90 days at the time of investment or will be subject to a demand feature that enables
that Fund to sell the security within that time period at approximately the security’s face value (plus accrued interest).
Any cash equivalents invested in by the Fund will be or will be deemed by the Sponsor to be of investment grade credit quality.

Other Trading Policies of the Fund

Liquidity

The Fund invests only in Bitcoin Futures
Contracts that, in the opinion of the Sponsor, are traded in sufficient volume to permit the ready taking and liquidation of positions
in these financial interests or other bitcoin interests based on the spot price of bitcoin.

Borrowings

The Fund does not intend to nor foresee
the need to borrow money or establish credit lines.