Company: DEFI
Filing Date: 2025-03-25
Form Type: POS AM
Source: 0001999371-25-003118
Chunk: 99

Company: Tidal Commodities Trust I
Filing Date: 2025-03-25
Form: POS AM
Chunk 99
---
 |                  |      — | %  |     |      |  -8.25 | %  |     |      |  14.34 | %  |
| June                  |     |                  |      — | %  |     |      |  12.80 | %  |     |      | (11.35 | )% |
| July                  |     |                  |      — | %  |     |      |  -5.21 | %  |     |      |   8.67 | %  |
| August                |     |                  |      — | %  |     |      | -11.31 | %  |     |      | (10.17 | )% |
| September             |     |                  |  (1.57 | )% |     |      |   2.59 | %  |     |      |   8.16 | %  |
| October               |     |                  |   4.64 | %  |     |      |  27.53 | %  |     |      |  10.28 | %  |
| November              |     |                  | (14.91 | )% |     |      |   8.00 | %  |     |      |  39.06 | %  |
| December              |     |                  |  (2.30 | )% |     |      |  10.16 | %  |     |      |  (4.33 | )% |
| Annual Rate of Return |     |                  | (14.39 | )% |     |      | 137.10 | %  |     |      | 108.91 | %* |

* The monthly rate of return is calculated by dividing the ending NAV for a given month by the ending NAV for the previous month, subtracting 1 and multiplying this number by 100 to arrive at a percentage increase or decrease.

For performance information of the Sponsor’s other commodity pools, see “General Pool Disclosure - Performance of the Other Commodity Pools Operated by the Commodity Pool Operator” on page 124.

<div align='center'>MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</div>

Investors should consider Management’s Discussion and Analysis of Financial Condition and Results of Operations with respect to the Trust, which section is incorporated by reference to the Trust’s Annual Report on