Company: DEFI
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001999371-25-006264
Chunk: 23

Company: Tidal Commodities Trust I
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 8
Chunk 23
---
”), such as the Fund’s clearing brokers, to meet and maintain specified fitness and financial requirements,
to segregate customer funds from proprietary funds and account separately for all customers’ funds and positions, and to
maintain specified books and records open to inspection by the staff of the CFTC. The CFTC has similar authority over introducing
brokers, or persons who solicit or accept orders for commodity interest trades but who do not accept margin deposits for the execution
of trades. The CEA authorizes the CFTC to regulate trading by FCMs and by their officers and directors, permits the CFTC to require
action by exchanges in the event of market emergencies, and establishes an administrative procedure under which customers may
institute complaints for damages arising from alleged violations of the CEA. The CEA also gives the states powers to enforce its
provisions and the regulations of the CFTC.

On
November 14, 2013, the CFTC published final regulations that require enhanced customer protections, risk management programs,
internal monitoring and controls, capital and liquidity standards, customer disclosures and auditing and examination programs
for FCMs. The rules are intended to afford greater assurances to market participants that customer segregated funds and secured
amounts are protected, customers are provided with appropriate notice of the risks of futures trading and of the FCMs with which
they may choose to do business, FCMs are monitoring and managing risks in a robust manner, the capital and liquidity of FCMs are
strengthened 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 March 31, 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