Company: DEFI
Filing Date: 2025-03-25
Form Type: POS AM
Source: 0001999371-25-003118
Chunk: 220

Company: Tidal Commodities Trust I
Filing Date: 2025-03-25
Form: POS AM
Chunk 220
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Pool NAV as of December 31, 2024: $108,025,558

NAV per Share as of December 31, 2024: $18.00

Worst monthly percentage drawdown*: -6.77% / October 2024

Worst peak to valley drawdown**: -8.20% / August 2024 – October 2024

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

| Rates of Return*      |       |     |
| Month                 |  2024 |     |
| January               |     – |     |
| February              |     – |     |
| March                 |     – |     |
| April                 |     – |     |
| May                   |     – |     |
| June                  |     – |     |
| July                  |     – |     |
| August                | (1.14 | )%+ |
| September             | (0.49 | %   |
| October               | (6.77 | )%  |
| November              |  1.74 | %   |
| December              | (1.32 | )%  |
| Annual Rate of Return | (7.92 | )%  |

+ For the partial month beginning August 20, 2024

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STKD Bitcoin & Gold ETF (TICKER: BTGD)

The STKD Bitcoin & Gold ETF commenced trading and investment operations
on October 15, 2024. The Fund is listed on CBOE and is neither: (i) a privately offered pool pursuant to Section 4(a)(2) of the 1933 Act;
(ii) a multi-advisor pool as defined in CFTC Regulation 4.10(d)(2); or (iii) a principal-protected pool as defined in CFTC Regulation
4.10(d)(3).

Units of beneficial interest issued (from inception until December 31,
2024): 975,000

Aggregate gross sale price for units issued: $25,730,250

Pool NAV as of December 31, 2024: $24,410,301

NAV per Share as of December 31, 2024: $26.39

Worst monthly percentage drawdown*: -6.90% / December 2024

Worst peak to valley drawdown**: -7.08% / November 2024 –