Company: DEFI
Filing Date: 2025-02-21
Form Type: POS AM
Source: 0001839882-25-010345
Chunk: 98

Company: Tidal Commodities Trust I
Filing Date: 2025-02-21
Form: POS AM
Chunk 98
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4 |

* A drawdown is a loss experienced by the fund over a specified period. Drawdowns are measured on the basis of monthly returns only and do not reflect intra-month figures. The worst monthly percentage drawdown reflects the largest single month loss sustained over the most recent five calendar years and the current year to date.

** The worst peak to valley drawdown is the largest percentage decline in the NAV per unit over the most recent five calendar years and the current year to date. This need not be a continuous decline but can be a series of positive and negative returns. Worst peak to valley drawdown represents the greatest percentage decline from any month end NAV per unit that occurs without such month end NAV per unit being equaled or exceeded as of a subsequent month end. For example, if the NAV per unit declined by $1 in each of January and February, increased by $1 in March and declined again by $2 in April, a “peak to valley drawdown” analysis conducted as of the end of April would consider that “drawdown” to be continuing and to be $3 in amount, whereas if the NAV per unit had increased by $2 in March, the drawdown would have ended as of the end of February at the $2 level.

<div align='center'>59

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS</div>

|                       |     | Rates of Return* |        |    |     |      |        |    |     |      |        |    |
| Month                 |     |             2022 |        |    |     | 2023 |        |    |     | 2024 |        |    |
| January               |     |                  |      — | %  |     |      |  40.38 | %  |     |      |  (5.04 | )% |
| February              |     |                  |      — | %  |     |      |  (0.01 | )% |     |      |  43.25 | %  |
| March                 |     |                  |      — | %  |     |      |  22.39 | %  |     |      |  12.02 | %  |
| April                 |     |                  |      — | %  |     |      |   1.90 | %  |     |      | (16.73 | )% |
| May                   |     |