Company: DEFI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001999371-25-017892
Chunk: 21

Company: Tidal Commodities Trust I
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 8
Chunk 21
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 Fund determined immediately prior to the Merger closing. The share price used for the delivery
of shares of the Predecessor Fund was the net asset value per share of the Predecessor Fund determined after the close of business
of NYSE Arca on January 2, 2024. Consequently, the Merger resulted in a one-for-one exchange of shares between the Predecessor
Fund and the Fund. Further, the Fund acquired in the Merger all the assets of the Predecessor Fund and assumed all the liabilities
of the Predecessor Fund. Effective the Merger closing, the Plan of Merger caused all of the Predecessor Fund’s shares to
be cancelled and the Predecessor Fund to be liquidated.

The Merger did not materially modify the
rights of Predecessor Fund shareholders with respect to their investment. The Fund has the same investment objective, investment
strategies and investment restrictions, and substantially identical investment risks, as those had by the Predecessor Fund. Following
the Merger, the Fund is now sponsored by the 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 September
30, 2025 for DEFI