Company: DEFI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001999371-25-017892
Chunk: 17

Company: Tidal Commodities Trust I
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 8
Chunk 17
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 serves as the Chief Operating Decision Maker (“CODM”). The Sponsor is responsible
for assessing the Fund’s financial performance and allocating resources. In making these assessments, the Sponsor evaluates
the Fund’s financial results on an aggregated basis, rather than by separate segments. As such, the Fund does not allocate
operating expenses or assets to multiple segments, and accordingly, no additional segment disclosures are required.

The Fund primarily generates income
through dividends, interest, and realized/unrealized gains on its investment portfolio. Expenses incurred, including management
fees, fund operating expenses, and transaction costs, are considered general fund-level expenses and are not allocated to specific
segments or business lines.

Management has determined that
the Fund does not meet the criteria for disaggregated segment reporting under ASU 2023-07 and will continue to evaluate its reporting
requirements in accordance with applicable accounting standards.

Note 8 – Subsequent Events

In preparing these
financial statements, Management has evaluated the financial statements for the nine months ended September, 30, 2025 for subsequent
events through the date of this filing and noted no material events requiring either recognition through the date of the filing
or disclosure herein for the Fund, except for the following described below.

Amendments to the Declaration of Trust: Effective October 21, 2025, the Sponsor executed an amendment to the First Amended and Restated
Declaration of Trust and Trust Agreement ("Declaration of Trust") of the Trust. A copy of the Form 8-K describing the amendment to the
Declaration of Trust can be found here: https://www.sec.gov/ix?doc=/Archives/edgar/data/1985840/000199937125016202/defi-8k_102125.htm.

The Sponsor intends to withdraw as sponsor of the Trust and the Fund and appoint Hashdex Asset Management Ltd. ("Hashdex") to serve as
sponsor of the Trust, commencing upon the resignation of the Sponsor (the "Sponsor Replacement"). Hashdex will thereafter serve as sole
sponsor of the Trust and intends to carry on the business of the Trust and the Fund. It is expected that the Sponsor Replacement will
occur during the fourth quarter of 2025, subject to certain conditions, including, but not limited to, the effectiveness of a post-effective
amendment to the Fund's registration statement. 

    F-20 

Item 2. Management’s Discussion and Analysis of Financial
Condition and Results of Operations.

This information
should be