Company: DEFI
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001999371-25-006264
Chunk: 12

Company: Tidal Commodities Trust I
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 8
Chunk 12
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The
Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee. This election is subject
to change by the Sponsor, at its discretion. Expenses paid by the Sponsor or the Prior Sponsor are, if applicable, presented as
waived expenses in the statements of operations for the Fund:

For
the three months ending March 31, 2025 and March 31, 2024, the Sponsor did not waive expenses.

Administrator

The
Fund employs Tidal ETF Services LLC as the Fund’s administrator (the “Administrator”). In turn, the Administrator
has engaged U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Global Fund Services”)
to act as sub-administrator. The Administrator is a wholly-owned subsidiary of Sponsor. The Administrator also assists the Fund
and the Sponsor with certain functions and duties relating to marketing, which include the following: marketing and sales strategy
and marketing related services.

Cash
Custodian, Registrar, Transfer Agent, Fund Sub-Administrator

In
its capacity as the Fund’s custodian, the Custodian, currently U.S. Bank, N.A., holds the Fund’s securities, cash
and/or cash equivalents pursuant to a custodial agreement. Global Fund Services, an entity affiliated with U.S. Bank, N.A., is
the registrar and transfer agent for the Fund’s Shares. In addition, Global Fund Services also serves as sub-administrator
for the Fund, performing certain sub-administrative, and accounting services, and support in preparing certain SEC and CFTC reports
on behalf of the Fund.

Bitcoin
Custodian

Holdings
of the Fund also includes bitcoin. Such investments are held by BitGo Trust Company, Inc. (the “Bitcoin Custodian”)
on behalf of the Fund. The Bitcoin Custodian will keep custody of all of the Fund’s bitcoin in a multi-layer, multi-party
cold storage or similarly secure technology. The Bitcoin Custodian is responsible for safekeeping passwords, keys
or phrases that allow transfers of digital assets (“Security Factors”) safe, secure and confidential. 100%
of the private keys will be held in cold storage. The Bitcoin Custodian will establish the Bitcoin Accounts on the Bitcoin Network
solely for the Fund. The Bitcoin Custodian will follow valid instructions given by the Sponsor to use the Fund’s Security
Factors to effect transfers to and from the Bitcoin Accounts. The Fund’s bitcoin will be held in segregated