Company: DEFI
Filing Date: 2025-03-27
Form Type: 424B3
Source: 0001999371-25-003249
Chunk: 157

Company: Tidal Commodities Trust I
Filing Date: 2025-03-27
Form: 424B3
Chunk 157
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 a Bitcoin Futures Contracts
close at its price fluctuation limit for the day, the fair value of such contracts are determined by the Sponsor in good faith
and in a manner that assesses the Bitcoin Futures Contracts’ value based on a consideration of all available facts and all
available information on the valuation date. The fair value of Bitcoin Futures Contracts is determined by attempting to estimate
the price at which such Bitcoin Futures Contract would be trading in the absence of the price fluctuation limit (either above such
limit when an upward limit has been reached or below such limit when a downward limit has been reached). Typically, this estimate
will be made primarily using a carry calculation described above that uses the BRR at 4:00 p.m. E.T. on settlement day as a reference
price. The fair value of BTC Contracts and MBT Contracts may not reflect such security’s market value or the amount that
the Fund might reasonably expect to receive for the BTC Contracts and MBT Contracts upon its current sale.

<div align='center'>94</div>

The Futures-Based Spot Price for bitcoin

Unless otherwise determined by the Sponsor
in its sole discretion, the value of spot bitcoin held by the Fund is determined by the Administrator in good faith based on a
methodology that is entirely derived from the settlement prices of Bitcoin Futures Contracts on the CMEAn example of how the value
of spot bitcoin held by the Fund is calculated is included further below.

For the calculation of the Fund’s
NAV, the value of the bitcoin held by the Fund will be determined using a “Futures-Based Spot Price” (or “FBSP”)
methodology. This methodology has been chosen by the Sponsor specifically to calculate the Fund’s NAV, isolating it from
data from unregulated bitcoin exchanges. The FBSP will be utilized not only for valuing the Fund’s bitcoin for NAV calculation
but also for determining the amounts required for the Creation Basket Deposit and for the redemption distribution amounts. It is
important to distinguish this methodology from that of the Fund’s performance benchmark, the NQBTCS (the Benchmark). The
Benchmark, as selected by the Sponsor, is used exclusively for performance benchmarking purposes in relation to the Fund’s
investment objective, and, unless otherwise determined by the Sponsor, does not influence the NAV calculation or the determination
of the Creation Basket Deposit and redemption distributions.

The methodology to derive the settlement
prices of Bitcoin Futures Contracts on the CME involves a calculation that is a function of both the length of time (