Company: DEFI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001999371-25-017892
Chunk: 1

Company: Tidal Commodities Trust I
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 8
Chunk 1
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 of beneficial interest no par value (the “Share”) for each share of
the Predecessor Fund they owned prior to the Merger. See Note 5 - Merger with Hashdex Bitcoin Futures ETF for more information
on the Merger.

On March 26, 2024,
the Sponsor announced the renaming of the Fund from the Hashdex Bitcoin Futures ETF to the Hashdex Bitcoin ETF. The renaming of
the Fund corresponds to its completion of the conversion of its investment strategy to allow the Fund to provide spot bitcoin holdings
and its tracking of a new benchmark index effective March 27, 2024. The Fund’s investment objective is for changes in the
Shares’ net asset value (“NAV”) to reflect the daily changes of the price of the Nasdaq Bitcoin Reference Price
- Settlement (NQBTCS) (the “Benchmark”), less expenses from the Fund’s operations. The Benchmark is designed
to track the price performance of bitcoin. The Fund invests in bitcoin, bitcoin futures contracts (“Bitcoin Futures Contracts”)
listed on the Chicago Mercantile Exchange Inc. (“CME”), cash and cash equivalents. Under normal market conditions,
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 assets may be invested in CME-traded bitcoin futures contracts
and in cash and cash equivalents. Because the Fund’s investment objective is to track the price of the Benchmark, changes
in the price of the Shares may vary from changes in the spot price of bitcoin.

The Fund currently offers one class of
shares that has no front-end sales load, no deferred sales charge, and no redemption fee. The Fund may issue an Unlimited number
of Shares. All shares of the Fund have equal rights and privileges.

The Fund continuously offers and redeems
Shares in blocks of 10,000 Shares (each such block, a “Creation Unit”) at a price per Share equal to NAV. Only “Authorized
Participants” may purchase and redeem Shares from the Fund and then only in Creation Units at NAV. An Authorized Participant
is an entity that has entered into an Authorized Participant Agreement with the Trust and the Sponsor. Shares are offered on a
continuous basis to Authorized Participants in Creation Units at NAV. Authorized Participants may then offer to the public, from
time to time, shares from any Creation Unit they create at a per-share market price. The form