Company: DEFI
Filing Date: 2025-03-27
Form Type: 424B3
Source: 0001999371-25-003249
Chunk: 206

Company: Tidal Commodities Trust I
Filing Date: 2025-03-27
Form: 424B3
Chunk 206
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 purposes of ERISA or Section 4975 of the Code, the operations of that entity would be subject to and, in some cases, limited by the provisions of ERISA and Section 4975 of the Code. A regulation issued under ERISA contains rules for determining when an investment by a plan in an equity interest of an entity will result in the underlying assets of the entity being deemed plan assets for purposes of ERISA and Section 4975 of the Code. The regulation includes an exception that provides that assets of an entity will not be plan assets of a plan that purchases an equity interest in the entity, if the equity interest purchased is a “publicly offered security.”

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The publicly offered security exception applies if the equity interest is a security that is:

| (1) | freely                               
 transferable (see discussion below); |

| (2) | part                                                                                  
 of a class of securities that is widely held (meaning that the class of securities is 
 owned by 100 or more investors independent of the issuer and of each other); and      |

| (3) | either                                                                                         
 (a) part of a class of securities registered under Section 12(b) or 12(g) of the Exchange      
 Act or (b) sold to the plan as part of a public offering pursuant to an effective registration 
 statement under the 1933 Act and the class of which such security is a part is registered      
 under the Exchange Act within 120 days (or such later time as may be allowed by the SEC)       
 after the end of the fiscal year of the issuer in which the offering of such security          
 occurred.                                                                                      |

The determination of whether a security is freely transferable is to be made based on all the relevant facts and circumstances. In the case of a security that is part of an offering in which the minimum investment is $10,000 or less, the following requirements, alone or in combination, ordinarily will not affect a finding that the security is freely transferable: (i) a requirement that no transfer or assignment of the security or rights relating to the security be made that would violate any federal or state law; and (ii) a requirement that no transfer or assignment be made without advance written notice given to the entity that issued the security.

The Sponsor believes that the conditions described above should be satisfied with respect to the Shares. The Sponsor believes that the Shares therefore should constitute publicly offered securities, and the underlying assets of the Fund should not be considered to constitute plan assets