Company: DEFI
Filing Date: 2025-03-25
Form Type: POS AM
Source: 0001999371-25-003118
Chunk: 134

Company: Tidal Commodities Trust I
Filing Date: 2025-03-25
Form: POS AM
Chunk 134
---
.68% | 9.78%        | 6.63%    | 47.65%   | 2.16%  | 9.05%  | N/A      | 24.05%   |
| 2024 Q2                       | 0.69% | 7.05%        | 7.97%    | 51.17%   | 2.79%  | 9.96%  | N/A      | 20.37%   |
| 2024 Q3                       | 0.46% | 4.73%        | 7.26%    | 36.01%   | 2.06%  | 6.74%  | N/A      | 42.75%   |
| 2024 Q4                       | 0.33% | 4.39%        | 5.33%    | 29.95%   | 2.17%  | 5.33%  | 0.05%*   | 52.44%   |

* Bullish became a CME CF Constituent Platform on December
30th, 2024, and thus its share is that observed for 2 days (December 30th and 31st, 2024) within the quarter.

** Comprises Bitfinex, Crypto.com

*** Source: CF Benchmarks

Benchmark Contingency Measures

Where it is not possible to calculate the settlement price for
any individual constituent asset in accordance with the methodology for any reason, including in the event of the absence of or
insufficient inputs from Core Exchanges, the settlement price for the impacted constituent asset for that day shall be the last
published settlement price for that asset.

Benchmark Performance

The chart below shows the percent change
in the NAV per share for the Fund, the market price of the Fund shares, represented by the closing price of the Fund on NYSE Arca,
and the Benchmark for five specific periods. The Benchmark does not reflect any impact of expenses, which would generally reduce
the Fund’s NAV, or interest income, which would generally increase the NAV. The actual results for the NAV include the impacts
of both expenses and interest income.

<div align='center'>80</div>

The Sponsor, in its sole discretion, may
cause the Fund to track a benchmark other than the Benchmark at any time, with prior notice to investors. The