Company: DEFI
Filing Date: 2025-03-25
Form Type: POS AM
Source: 0001999371-25-003118
Chunk: 112

Company: Tidal Commodities Trust I
Filing Date: 2025-03-25
Form: POS AM
Chunk 112
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 cash settlement is based
on the BRR. It serves as a once-a-day reference rate of the U.S. dollar price of bitcoin and is used as the rate on which bitcoin
futures contracts are cash-settled in U.S. dollars at the close of CME daily trading. The BRR is calculated by collecting purchase
and sale transactions from specified constituent bitcoin exchanges, which currently include Bitstamp, Coinbase, Gemini, itBit,
Kraken, and Bullish Exchange LMAX Digital, during a calculation window between 3:00 p.m. and 4:00 p.m. London time. It is published
at 4:00 p.m. London time each day.

The CME selects constituent exchanges for
the BRR on the basis of the following criteria, which each exchange must demonstrate that it continues to fulfill on an ongoing
basis:

| ● | The exchange has policies to ensure fair and transparent market conditions at all times and has processes in place to identify 
 and impede illegal, unfair or manipulative trading practices.                                                                  |

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| ● | The exchange does not impose undue barriers to entry or restrictions on market participants, and utilizing the venue does not 
 expose market participants to undue credit risk, operational risk, legal risk or other risks.                                 |

| ● | The exchange complies with applicable law and regulation, including, but not limited to capital markets regulations, money     
 transmission regulations, client money custody regulations, know-your-client (KYC) regulations and anti-money-laundering (AML) 
 regulations.                                                                                                                   |

| ● | The exchange cooperates with inquiries and investigations of regulators and the administrator upon request and has to execute 
 data sharing agreements with the CME.                                                                                         |

Should the average daily contribution of a constituent exchange
fall below 3%, then the continued inclusion of the venue as a constituent exchange is assessed.

Qualifying transactions from the constituent exchanges that
take place during the one-hour calculation window are added to a list, with the trade price and size for each transaction recorded.
The one-hour calculation is partitioned into twelve intervals of five minutes each, and for each partition, the volume-weighted
median trade price is calculated from the trade prices and sizes of relevant transactions. (A volume-weighted median differs from
a standard median in that a weighting factor, in this case trade size, is factored into the calculation.) The BRR is the equally-weighted
average of the volume-weighted medians of