Company: DEFI
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001999371-25-006264
Chunk: 17

Company: Tidal Commodities Trust I
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 8
Chunk 17
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 conditions; changes in laws or regulations, including those concerning taxes, made by governmental authorities
or regulatory bodies; the costs and effect of any litigation or regulatory investigations; technology developments regarding the
use of bitcoin and other digital assets, including the systems used by Tidal Investments LLC (the “Sponsor”)
in its provision of services to the Trust; the Sponsor’s conflict of interest in allocating resources among its different
clients and the pursuit of future business or investment opportunities by the Sponsor, its officers and/or affiliated entities;
and other world economic and political developments.

These
and other risks and uncertainties, which are described in more detail in our Annual Report on Form 10-K, filed with the SEC on
March 25, 2025, could cause our actual results to differ materially from those expressed or implied by the forward-looking statements
in this report. You should not place undue reliance on any forward-looking statements. Except as expressly required by the Federal
securities laws, the Sponsor undertakes no obligation to publicly update or revise any forward-looking statements or the risks,
uncertainties or other factors described in this Report, as a result of new information, future events or changed circumstances
or for any other reason after the date of this Report.

Overview/Introduction

Tidal
Commodities Trust I (“Trust”), a Delaware statutory trust organized on February 10, 2023, is a series trust
currently consisting of one series: Hashdex Bitcoin ETF (f/k/a Hashdex Bitcoin Futures ETF) (“DEFI” or the
“Fund”). The Trust also includes one additional series, the 7RCC Spot Bitcoin and Carbon Credit Futures ETF,
which may be publicly offered in the future. The Fund is a commodity pool. The Fund issues shares of beneficial interest, with no par value (the “Shares”), representing fractional undivided beneficial interests in the Fund. The Fund’s investment
objective is for changes in the Shares’ net asset value (“NAV”) to reflect the daily changes of the price
of the Nasdaq Bitcoin Reference Price - Settlement (NQBTCS) (the “Benchmark”), less expenses from the
Fund’s operations. The Benchmark is designed to track the price performance of bitcoin. The Fund invests in bitcoin,
bitcoin futures contracts (“Bitcoin Futures Contracts”) listed on the Chicago Mercantile Exchange Inc.
(“CME”), and cash and cash equivalents. Because the Fund’s investment objective is to track the price of
the Benchmark, changes in the price of the Shares may vary