Company: DEFI
Filing Date: 2025-03-27
Form Type: 424B3
Source: 0001999371-25-003249
Chunk: 105

Company: Tidal Commodities Trust I
Filing Date: 2025-03-27
Form: 424B3
Chunk 105
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 Redemption Basket. The
purchase price for Creation Baskets and the redemption price for Redemption Baskets are the actual NAV calculated at the end of
the business day when a request for a purchase or redemption is received by the Fund. The NYSE Arca publishes an approximate NAV
intra-day based on the prior day’s NAV and the current price of bitcoin and Bitcoin Futures Contracts, but the price of Creation
Baskets and Redemption Baskets is determined based on the actual NAV calculated at the end of each trading day.

While the Fund issues Shares only in Creation
Baskets, Shares may also be purchased and sold in much smaller increments on NYSE Arca. These transactions, however, are effected
at the bid and ask prices established by the specialist firm(s). Like any listed security, Shares can be purchased and sold at
any time a secondary market is open.

The Fund’s Investment Strategy

The Fund seeks to achieve its investment
objective by primarily investing in bitcoin. The Fund will use Bitcoin Futures Contracts for the primary purpose of using such
Bitcoin Futures Contracts to acquire physical bitcoin through EFP transactions and to offset cash and receivables for better tracking
the benchmark index. The EFP transactions, although facilitated by the infrastructure and under the regulatory oversight of the
CME, a CFTC-regulated market, are executed off-exchange and may not carry the same regulatory requirements and level of oversight
as on-exchange transactions. Under normal market conditions, the Fund has established a policy to maximize its investments in physical
bitcoin such that it’s expected at least 95% of the Fund’s assets will be invested in bitcoin, and up to 5% may be
invested in Bitcoin Futures Contracts and in cash and cash equivalents, such as short-term Treasury bills, money market funds,
and demand deposit accounts. The Sponsor does not have discretion in choosing the Fund’s investments. See “Use of Proceeds.”
The term “normal market conditions” includes, but is not limited to, the absence of: trading halts in the applicable
financial markets generally; operational issues (e.g., systems failure) causing dissemination of inaccurate market information;
or force majeure type events such as natural or man-made disaster, act of God, armed conflict, act of terrorism, riot or labor
disruption or any similar intervening circumstance. Similarly, the Fund will use bitcoin to acquire Bitcoin Futures Contracts through
EFP transactions, so the Fund can then sell the Bitcoin Futures Contracts for cash in order to satisfy redemption orders.

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