Company: DEFI
Filing Date: 2025-03-25
Form Type: POS AM
Source: 0001999371-25-003118
Chunk: 141

Company: Tidal Commodities Trust I
Filing Date: 2025-03-25
Form: POS AM
Chunk 141
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 Fund might not recover the full value of its assets, particularly if any part of the assets becomes part of the 
 Cash Custodian’s bankruptcy estate.                                                                                              |

| ● | Operational Disruptions: Transitioning to a new custodian may cause operational disruptions. This includes administrative burdens, 
 potential errors during the transfer of records and assets, and the need to establish new operational protocols.                   |

In addition to the foregoing risks, the
Fund would be subject to additional risks if the Custody Agreement is terminated, which include:

| ● | Cost Implications: Terminating the agreement and engaging a new custodian might incur additional costs, including early termination 
 fees, transfer fees, and higher fees charged by a new custodian.                                                                    |

| ● | Continuity of Service: There is a risk of service interruptions during the transition period, which might affect the Fund’s 
 ability to execute transactions and manage its assets effectively.                                                          |

Sub-Administration Agreement. The
Fund Sub-Administrator is U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (Global Fund Services).
In the Fund Administration Servicing Agreement with the Trust and the Sponsor, Global Fund Services has been appointed to provide
a range of administrative services to the Trust. These services encompass general fund management, financial reporting, tax reporting,
and optional additional tax services, as detailed in the Agreement.

The agreement specifies an initial term
of three years, with automatic renewal for successive one-year periods unless a party provides 90 days’ prior written notice
indicating non-renewal. Termination can occur under several conditions, including material breach, compliance with applicable laws,
or operational changes that affect Global Fund Services or the Trust. Additionally, the Agreement may be amended only through a
written agreement executed by both parties.

The agreement limits the Global Fund Services’
liability to direct damages arising from Global Fund Services’ refusal or failure to comply with the terms of the agreement
or from its bad faith, negligence or willful misconduct in the performance of its duties under the agreement.

The Trust is required to indemnify Global
Fund Services against losses or liabilities incurred in performing its duties, except in cases of failure to meet the standard
of care or due to the Fund Administrator’s own misconduct. Conversely, Global Fund Services is obligated to indemnify the
Trust against any liabilities arising from Global Fund Services’ refusal or failure to comply with the terms of the Agreement
or from its bad faith, negligence or willful misconduct in the performance of