Company: DEFI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001999371-25-017892
Chunk: 4

Company: Tidal Commodities Trust I
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 8
Chunk 4
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 the Fund’s statements of assets and liabilities as capital
shares receivable. Amounts payable to Authorized Purchasers upon redemption will be reflected in the Fund’s statements of
assets and liabilities as payable for Shares redeemed.

As outlined in the Trust’s most recent
Registration Statement on Form S-1 filing, 50,000 Shares represent five Redemption Baskets for the Fund and a minimum level of
Shares. If the Fund experienced redemptions that caused the number of Shares outstanding to decrease to the minimum level of Shares
required to be outstanding, until the minimum number of Shares is again exceeded through the purchase of a new Creation Basket,
there can be no more redemptions by an Authorized Purchaser.

Calculation of Net Asset Value

The Fund’s NAV is calculated by:

●Taking the current market value of its total assets;

●Subtracting any liabilities; and

●Dividing the above total by the number of Shares outstanding.

U.S. Bancorp Fund
Services, LLC, doing business as U.S. Bank Global Fund Services (“Global Fund Services”), the Fund’s sub-administrator
(the “Sub-Administrator”), will calculate the NAV of the Fund once each trading day. Global Fund Services will calculate
the NAV as of the earlier of the close of the New York Stock Exchange or 4:00 p.m. (ET). The NAV for a particular trading day will
be released after 4:15 p.m. (ET).

To determine the value of Bitcoin Futures
Contracts, Global Fund Services uses the settlement price for the Benchmark Component Futures Contracts, as reported on the CME.
CME Group staff determines the daily settlements for the Benchmark Component Futures Contracts based on trading activity on CME
Globex exchange between 14:59:00 and 15:00:00 Central Time (CT), the settlement period. When a Bitcoin Futures Contract has closed
at its daily price fluctuation limit, that limit price will be the daily settlement price that the CME publishes. The Fund will
use the published settlement price to determine the NAV of its Shares on that day. If the CME halted trading in Bitcoin Futures
Contracts for other reasons, including if trading were halted for an entire trading day or several trading days, the Fund would
value its Bitcoin Futures Contracts by using the settlement price that the CME publishes. Such valuation is generally deemed a
Level 1 valuation.

The value of the Bitcoin held by the Fund
will be determined using a “Futures-Based Spot Price” (or