Company: DEFI
Filing Date: 2025-02-21
Form Type: POS AM
Source: 0001839882-25-010345
Chunk: 151

Company: Tidal Commodities Trust I
Filing Date: 2025-02-21
Form: POS AM
Chunk 151
---
L FCStone Financial Inc., may have violated       
 Exchange Rule 6.15(a) by failing to submit to the Exchange daily large trader reports on reportable customer positions and Exchange  
 Rule 4.01(a) by failing to have proper processes for reporting large trader positions. The ICE Futures US Business Conduct Committee 
 imposed a $75,000 fine on StoneX Financial Inc. which was effective on March 23, 2021.                                               |

| ● | After a historic move in the natural gas market in November of 2018, INTL FCStone Financial Inc.                                      
 - FCM Division (“IFF”) experienced a number of customer deficits. IFF soon thereafter initiated NFA arbitrations, seeking             
 to collect these debits, and has also been countersued and sued in a number of these arbitrations. These accounts were managed        
 by Optionsellers.com, (“Optionsellers”) who is a Commodity Trading Advisor (“CTA”) authorized by investors                            
 to act as attorney-in-fact with exclusive trading authority over these investors’ trading accounts. These accounts cleared            
 through IFF. After this significant and historic natural gas market movement, the accounts declined below required maintenance        
 margin levels. IFF’s role in managing the accounts was limited. As a clearing firm, IFF did not provide any investment advice,        
 trading advice, or recommendations to customers of Optionsellers who chose to clear with IFF. Instead, it simply executed and cleared 
 trades placed by Optionsellers on behalf of Optionsellers’ customers. Optionsellers is a CFTC registered CTA operating under          
 a CFTC Rule 4.7 exemption from registration. Optionsellers engaged in a strategy that primarily involved selling options on futures   
 products. The arbitrations between IFF, Optionsellers, and the Optionsellers customers are currently ongoing.                         |

Further, StoneX Financial Inc. is subject
to litigation and regulatory enforcement in the normal course of business. Except as discussed above, the current or pending civil
litigation or administrative proceedings in which StoneX Financial Inc. is involved are not expected to have a material effect
upon its condition, financial or otherwise. StoneX Financial Inc. vigorously defends, as a matter of policy, civil litigation,
reparation, arbitration proceedings, and enforcement actions brought against it.

Litigation disclosure for Phillip Capital

Phillip Capital Inc. (“Phillip Capital”)
is a registered futures commission merchant and is a member of the NFA. Its main office is located at 141 West Jackson Blvd., Suite
153