Company: DEFI
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001999371-25-006264
Chunk: 20

Company: Tidal Commodities Trust I
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 8
Chunk 20
---
 Sponsor, Tidal Investments LLC (f/k/a
Toroso Investments LLC), and the Fund is now managed by portfolio managers employed by the Sponsor. The Fund pays the same management
fee rate to the Sponsor, under the same terms, as previously paid by the Predecessor Fund to Teucrium Trading, LLC, the sponsor
of the Predecessor Trust and the Predecessor Fund.

The
Fund’s shares commenced trading on the NYSE Arca upon the effectiveness of the Merger under the ticker symbol “DEFI.”

Effect
of Merger - Conversion to U.S. Spot Bitcoin ETF

On
March 26, 2024, the Trust announced that the Fund would be permitted to have spot bitcoin holdings, and that it would track the
Benchmark effective March 27, 2024. The Predecessor Fund’s name was the Hashdex Bitcoin Futures ETF, and the Fund’s
name is the Hashdex Bitcoin ETF. Effective as of March 27, the Fund has a policy to maximize its holdings of physical bitcoin
such that it is expected that at least 95% of the Fund’s assets will be invested in spot bitcoin. Up to 5% of the Fund’s
remaining assets may be invested in CME-traded bitcoin futures contracts and in cash and cash equivalents.

Performance
Summary

This
report covers the periods from January 1, 2025 to March 31, 2025 for DEFI.

    Per Share Operation Performance 

    Net asset value at beginning of period 
    $106.00 

    Income (loss) from investment operations: 

    Investment income 
     0.00 

    Net realized and unrealized gain (loss) on investments and cryptocurrency 
futures contracts 
     (12.23)

    Total expenses 
     (0.15)

    Net increase (decrease) in net asset value 
     (12.38)

    Net asset value at end of period 
    $93.62 

    Total Return 
     -11.68%

    Ratios to Average Net Assets (Annualized) 

    Total expenses 
     0.56%

    Total expenses, net 
     0.56%

    Net investment income (loss) 
     -0.55%

Market
Outlook - The Bitcoin Industry

Bitcoin
is a digital asset that serves as the unit of account on an open-source, decentralized, peer-to-peer computer network. Bitcoin