Company: DEFI
Filing Date: 2025-03-17
Form Type: S-1/A
Source: 0001387131-25-000058
Chunk: 21

Company: Tidal Commodities Trust I
Filing Date: 2025-03-17
Form: S-1/A
Chunk 21
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 asset trading platforms meeting specific criteria (the “Index Pricing Sources”) and takes the time-weighted average price from 3:00 pm ET to 4:00 pm ET on each Index Pricing Source. Kaiko then calculates the median price across the Index Pricing Sources to determine the value of bitcoin (the “Bitcoin Price”).

The Carbon Credit Futures portion of the Index is built using a combination of three carbon credit indices, each of which is calculated and administered by Solactive: Solactive Future Series European Carbon Credit Rolling Futures Index (the “European Sub-index”), Solactive Future Series California Carbon Rolling Futures Index (the “California Sub-index”), and the Solactive Future Series Regional Greenhouse Gas Rolling Futures Index (the “RGGI Sub-index” and, collectively with the European Sub-index and the California Sub-index, the “Sub-indexes”). The three underlying Sub-indexes provides the Index with returns tied to futures contracts on carbon credits connected to EU ETS, CCA and RGGI. The Fund’s Carbon Credit Futures will not result in any direct participation by the Fund in any particular carbon emissions offsetting project, including any carbon emissions associated with the mining of bitcoin or the Fund’s bitcoin holdings. The Sub-indexes include only Carbon Credit Futures that mature in the upcoming December. Each Sub-index includes front-month futures contracts that are rolled over a five-day period prior to the expiration of the current-year futures contract and rolls into a contract with an expiration date of December of the immediately following year. The Index rebalances quarterly to maintain the 80:20 percent ratio between bitcoin and Carbon Credit Futures in March, June, September and December. The December rebalance of the Index is the business day that immediately follows the December rolling of futures contracts of the Sub-indexes.

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Risk Summary An investment in the Fund involves a high degree of risk uncertainty. Some of the risks associated with an investment in the Fund are summarized below. A more extensive discussion of these risks appears in the section titled “ Risk Factors” which begins on page [ ]. These risks include, but are not limited to, the following: Risks Related to Bitcoin, the Bitcoin Network and Bitcoin Trading Markets

| ● | The                                                                                           
 trading prices of many digital assets, including bitcoin, have experienced extreme volatility 
 in recent periods and may continue to do so. The Fund invests 80% of its assets in bitcoin,   
 the value of which is highly volatile and subject to fluctuations due to a number of          
 factors. Future