Company: DEFI
Filing Date: 2025-03-17
Form Type: S-1/A
Source: 0001387131-25-000058
Chunk: 160

Company: Tidal Commodities Trust I
Filing Date: 2025-03-17
Form: S-1/A
Chunk 160
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0.11 | % |
| September      |  1.88 | % |
| October        | -1.01 | % |
| November       |  3.17 | % |
| December       | -2.07 | % |
| Annual         
 Rate of Return |  7.94 | % |

<div align='center'>See accompanying footnotes and explanatory information below</div>

* The monthly rate of return is calculated by dividing the ending NAV of a given month by the ending NAV of the previous month, subtracting 1 and multiplying this number by 100 to arrive at a percentage increase or decrease.

<div align='center'>76</div>

Draw-down: Losses experienced over a specified period. Draw-down is measured on the basis of monthly returns only and does not reflect intra-month figures.

Worst Monthly Percentage Draw-down: The largest single month loss sustained since inception of trading.

Worst Peak-to-Valley Draw-down: The largest percentage decline in the NAV per share over the history of the fund. This need not be a continuous decline but can be a series of positive and negative returns where the negative returns are larger than the positive returns. Worst Peak-to-Valley Draw-down represents the greatest cumulative percentage decline in month-end per share NAV that is not equaled or exceeded by a subsequent month-end per share NAV.

<div align='center'>Management’s discussion and analysis of financial condition and results of operations</div>

The Fund is newly formed and has no operating history.

<div align='center'>77

Charges</div>

Breakeven Analysis

The breakeven analysis set forth below is a hypothetical illustration of the approximate dollar returns and percentage returns for the redemption value of a single Share to equal the amount invested twelve months after the investment is made. For purposes of this breakeven analysis, an initial selling price of $25.00 per Share, is assumed. The breakeven analysis is an approximation only and assumes a constant month-end NAV. In order for a hypothetical investment in Shares to breakeven over the next 12 months, assuming a selling price of $25.00 per Share, the investment would have to generate a 0.16% or $0.04 return. The numbers in the chart below have been rounded to the nearest 0.01.

|                                                                                                                           |     Per 
   Share |
| Assumed                                                                                                                   
 initial selling price per Share(1)                                                                                        |  $25.00 |
| Management                                                                                                                
 Fee(2