Company: DEFI
Filing Date: 2025-03-17
Form Type: S-1/A
Source: 0001387131-25-000058
Chunk: 22

Company: Tidal Commodities Trust I
Filing Date: 2025-03-17
Form: S-1/A
Chunk 22
---
, and/or the Bitcoin Custodian exposes the Fund and its 
 shareholders to the risk of loss of the Fund’s bitcoin, for which no person or          
 entity is liable.                                                                       |

Risks Related to the Regulation of Bitcoin

| ● | Digital                                                                                       
 asset markets in the U.S. exist in a state of regulatory uncertainty, and adverse legislative 
 or regulatory developments could significantly harm the value of bitcoin or the Shares,       
 such as by banning, restricting or imposing onerous conditions or prohibitions on the         
 use of bitcoin, mining activity, digital wallets, the provision of services related to        
 trading and custodying bitcoin, the operation of the Bitcoin Network, or the digital          
 asset markets generally.                                                                      |

| ● | The                                                                             
 U.S. federal income tax treatment of transactions in digital assets is unclear. |

Risks Related to Carbon Credit Futures and the Fund’s Status as a Commodity Pool

| ● | There                                                                                   
 is no assurance that cap-and-trade regimes will continue to exist. New technologies may 
 arise that diminish or eliminate the need for cap-and-trade markets. Emissions limits   
 allocations may not properly reflect the amount needed for a stable price of credits,   
 which can lead to large price volatility.                                               |

<div align='center'>5</div>

| ● | Legislative                                                                                
 or regulatory changes may impact the operation of the Fund, the regulation and enforcement 
 of cap-and-trade regimes, the competitive landscape and/or market behavior regarding       
 cap-and-trade regimes. New regulation relating to cap-and-trade markets may arise, which   
 could negatively impact the value underlying carbon credits, the liquidity of said markets 
 and the Fund.                                                                              |

| ● | Investments                                                                                        
 in commodity-linked derivatives, such as Carbon Credit Futures, involve risks that are             
 greater than, and different from, investing directly in the referenced commodity. Commodity-linked 
 derivatives may also be subject to greater price volatility than the underlying reference          
 asset.                                                                                             |

| ● | The                                                                                         
 Fund obtains exposure to Carbon Credit Futures with multiple geographic focuses, and        
 accordingly is subjected to the accompanying geographic risks. The Fund may also experience 
 risks related to the energy, agriculture and metal sectors, among others, in connection     
 with its exposure to Carbon Credit Futures.                                                 |

| ● | In                                                                                         
 some cases, the near-month Carbon Credit Futures price will be lower than the next month’s 
 contract prices (i.e., “contango”). In the event of a prolonged period                     
 of contango, and absent the impact of rising or falling prices