Company: DEFI
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001999371-25-011381
Chunk: 18

Company: Tidal Commodities Trust I
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 8
Chunk 18
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 SEC on
March 25, 2025, could cause our actual results to differ materially from those expressed or implied by the forward-looking statements
in this report. You should not place undue reliance on any forward- looking statements. Except as expressly required by the Federal
securities laws, the Sponsor undertakes no obligation to publicly update or revise any forward-looking statements or the risks,
uncertainties or other factors described in this Report, as a result of new information, future events or changed circumstances
or for any other reason after the date of this Report.

Overview/Introduction

Tidal
Commodities Trust I (“Trust”), a Delaware statutory trust organized on February 10, 2023, is a series trust currently
consisting of one series: Hashdex Bitcoin ETF (f/k/a Hashdex Bitcoin Futures ETF) (“DEFI” or the “Fund”).
The Trust also includes one additional series, the 7RCC Spot Bitcoin and Carbon Credit Futures ETF, which may be publicly offered
in the future. The Fund is a commodity pool. The Fund issues shares of beneficial interest, with no par value (the “Shares”),
representing fractional undivided beneficial interests in the Fund. The Fund’s investment objective is for changes in the
Shares’ net asset value (“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. The Benchmark is designed
to track the price performance of bitcoin. The Fund invests in bitcoin, bitcoin futures contracts (“Bitcoin Futures Contracts”)
listed on the Chicago Mercantile Exchange Inc. (“CME”), and cash and cash equivalents. Because the Fund’s investment
objective is to track the price of the Benchmark, changes in the price of the Shares may vary from changes in the spot price of
bitcoin.

The
Trust and the Fund operate pursuant to the Trust’s Amended and Restated Declaration of Trust and Trust Agreement (the “Trust
Agreement”), dated March 10, 2023. On January 2, 2024, the initial Form S-1 for DEFI was declared effective by the U.S.
Securities and Exchange Commission (“SEC”). As noted below, the Fund is the successor to the Predecessor Fund (defined
below), which commenced operations in September 2022. The Fund’s shares trade on the NYSE Arca stock exchange (“NYSE
Arca”). The current registration