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

Company: Tidal Commodities Trust I
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 8
Chunk 25
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 to safeguard the continued operations
and the auditing and examination programs of the CFTC and the SROs are monitoring the activities of FCMs in a thorough manner.

StoneX and Phillip Capital serve as the Fund’s clearing
brokers to execute futures contracts and provide other brokerage-related services.

F-23 

Results of Operations

The discussion below addresses the material changes in the results
of operations for the three months ended September 30, 2025, compared to the same period in 2024.

Total expenses for the current and comparative
period are presented both gross and net of any expenses waived or paid by the Prior Sponsor that would have been incurred by the
Fund (“expenses waived by the Prior Sponsor”). For all expenses waived in 2024, the Prior Sponsor is not entitled to
reimbursement. “Total expenses, net” is after the impact of any expenses waived by the Prior Sponsor, are presented
in the same manner as previously reported. There is, therefore, no impact to or change in the Net gain or Net loss in any period
for the Trust and the Fund as a result of this change in presentation.

The Fund is the successor and surviving
entity from the Merger of the Predecessor Fund into the Fund. The Predecessor Fund was a series of the Teucrium Commodity Trust
sponsored by Teucrium Trading, LLC. The Predecessor Fund commenced operations on September 15, 2022. The investment objective of
both the Predecessor Fund and the Fund (for the period from January 3, 2024 to March 26, 2024) was for changes in the Fund’s
shares’ net asset value (“NAV”) to reflect the daily changes of the price of the Hashdex U.S. Bitcoin Futures
Fund Benchmark (the “Prior Benchmark”), less expenses from such Fund’s operations. The Prior Benchmark reflect
the average of the closing settlement prices for the first to expire and second to expire bitcoin futures contracts listed on the
Chicago Mercantile Exchange (“CME”).

Effective as of March 27, 2024, the Fund’s
investment objective and strategy were revised to reflect that the Fund could have spot bitcoin holdings. That is, the Fund’s
investment objective is for changes in the Shares’ 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. Under