Company: DEFI
Filing Date: 2025-03-27
Form Type: 424B3
Source: 0001999371-25-003249
Chunk: 12

Company: Tidal Commodities Trust I
Filing Date: 2025-03-27
Form: 424B3
Chunk 12
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29/2025                                              | August    
 (BTCQ5)   | September 
 (BTCU5)   | September          
 (BTCU5)            |
| 9/26/2025                                              | September 
 (BTCU5)   | October   
 (BTCV5)   | October            
 (BTCV5)            |
| 10/31/2025                                             | October   
 (BTCV5)   | November  
 (BTCX5)   | November           
 (BTCX5)            |
| 11/28/2025                                             | November  
 (BTCX5)   | December  
 (BTCZ5)   | December           
 (BTCZ5)            |
| 12/26/2025                                             | December  
 (BTCZ5)   | January   
 (BTCF6)   | January            
 (BTCF6)            |

One factor determining the total return from investing in futures contracts is the price relationship between soon to expire contracts and later to expire contracts. Sometimes the Fund will have to pay more for longer maturity contracts to replace existing shorter maturity contracts about to expire. This situation is known as “contango” in the futures markets. In the event of a prolonged period of contango, and absent the impact of rising or falling bitcoin prices, this could have a negative impact on the Fund’s NAV and total return, which in turn may have a negative impact on your investment in the Fund. By way of example, during the period from 6/30/2020 to 6/30/2023, the market for Bitcoin Futures Contracts were in contango approximately 87% of the time, which resulted in an average annual negative roll yield of approximately 4.5%. If the futures market is in a state of backwardation (i.e., when the price of bitcoin in the future is to be less than the current price), the Fund will buy later to expire contracts for a lower price than the soon to expire contracts that it sells.

Consistent with applicable provisions of the Trust Agreement and Delaware law, the Fund has broad authority to make changes to the Fund’s operations. The Fund may change its investment objective, benchmark, or investment strategies and Shareholders of the Fund will not have any rights with respect to these changes. The Fund has no current intention to make any such change, and any change is subject to applicable regulatory requirements, including, but not limited to, any requirement to amend applicable listing rules of NYSE Arca.

The reasons for and circumstances