10q10k10q10k.net

What changed in Teucrium Commodity Trust's 10-K — 2023 vs 2024

vs

Paragraph-level year-over-year comparison of Teucrium Commodity Trust's 2023 and 2024 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2024 report.

+342 added−813 removedSource: 10-K (2025-03-05) vs 10-K (2024-02-29)

Top changes in Teucrium Commodity Trust's 2024 10-K

342 paragraphs added · 813 removed · 293 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

118 edited+41 added−134 removed278 unchanged
Biggest changeWEIGHT (%) CME Bitcoin futures JAN24 6 $ 1,274,550 50 % CME Bitcoin futures FEB24 6 1,288,500 50 TOTAL $ 2,563,050 100 % The price relationship between the near month Futures Contract to expire and the Benchmark Component Futures Contracts will vary and may impact both the total return of each Fund over time and the degree to which such total return tracks the total return of the price indices related to the commodity of each Fund.
Biggest changeWEIGHT (%) CBOT wheat futures MAY25 1,518 $ 42,693,750 35 % CBOT wheat futures JUL25 1,286 $ 36,618,850 30 % CBOT wheat futures DEC25 1,430 $ 42,792,750 35 % TOTAL $ 122,105,350 100.00 % TAGS Benchmark Component Futures Contracts FAIR VALUE WEIGHT (%) Teucrium Corn Fund $ 2,594,798 25 % Teucrium Soybean Fund $ 2,619,232 25 % Teucrium Wheat Fund $ 2,616,822 25 % Teucrium Sugar Fund $ 2,513,606 25 % TOTAL $ 10,344,458 100 % 9 Table of Contents The price relationship between the near month Futures Contract to expire and the Benchmark Component Futures Contracts will vary and may impact both the total return of each Fund over time and the degree to which such total return tracks the total return of the price indices related to the commodity of each Fund.
As a general matter, the occurrence of a severe weather event, natural disaster, terrorist attack, geopolitical events, outbreak, or public health emergency as declared by the World Health Organization, the continuation or expansion of war or other hostilities, or a prolonged government shutdown may have significant adverse effects on the Fund and its investments and alter current assumptions and expectations.
As a general matter, the occurrence of a severe weather event, natural disaster, terrorist attack, geopolitical events, outbreak, or public health emergency as declared by the World Health Organization, the continuation or expansion of war or other hostilities, or a prolonged government shutdown may have significant adverse effects on the Fund and its investments and alter current assumptions and expectations.
If the futures market is in contango, the Fund will buy later to expire contracts for a higher price than the sooner to expire contracts that it sells.
If the futures market is in contango, the Fund will buy later to expire contracts for a higher price than the sooner to expire contracts that it sells.
As a general matter, the occurrence of a severe weather event, natural disaster, terrorist attack, geopolitical events, outbreak, or public health emergency as declared by the World Health Organization, the continuation or expansion of war or other hostilities, or a prolonged government shutdown may have significant adverse effects on the Fund and its investments and alter current assumptions and expectations.
As a general matter, the occurrence of a severe weather event, natural disaster, terrorist attack, geopolitical events, outbreak, or public health emergency as declared by the World Health Organization, the continuation or expansion of war or other hostilities, or a prolonged government shutdown may have significant adverse effects on the Fund and its investments and alter current assumptions and expectations.
For example, in late February 2022, Russia invaded Ukraine, significantly amplifying existing geopolitical tensions among Russia and other countries in the region and in the west.
For example, in late February 2022, Russia invaded Ukraine, significantly amplifying existing geopolitical tensions among Russia and other countries in the region and in the west.
This backwardation may benefit the Fund because it will sell more expensive contracts and buy less expensive contracts on an ongoing basis.
This backwardation may benefit the Fund because it will sell more expensive contracts and buy less expensive contracts on an ongoing basis.
If the futures market is in contango, the Fund will buy later to expire contracts for a higher price than the sooner to expire contracts that it sells.
If the futures market is in contango, the Fund will buy later to expire contracts for a higher price than the sooner to expire contracts that it sells.
This backwardation may benefit the Fund because it will sell more expensive contracts and buy less expensive contracts on an ongoing basis.
This backwardation may benefit the Fund because it will sell more expensive contracts and buy less expensive contracts on an ongoing basis.
If the futures market is in contango, the Fund will buy later to expire contracts for a higher price than the sooner to expire contracts that it sells.
If the futures market is in contango, the Fund will buy later to expire contracts for a higher price than the sooner to expire contracts that it sells.
This link will take you to the Welcome Page of the NFA’s Background Affiliation Status Information Center (“BASIC”). At this page, there is a box where you can enter the NFA ID of Marex Capital Markets, Inc. (0002613) and then click “Go”. You will be transferred to the NFA’s information specific to Marex.
This link will take you to the Welcome Page of the NFA’s Background Affiliation Status Information Center (“BASIC”). At this page, there is a box where you can enter the NFA ID of Marex Capital Markets Inc. (0002613) and then click “Go”. You will be transferred to the NFA’s information specific to Marex Capital Markets Inc.
(The Teucrium Corn Fund is designed to roll or replace its contracts five times per year but will always hold a December Corn Futures Contract as an “anchor” month.) The Sponsor will determine if the investments of a Fund will be “rolled” in one day or over a period of several days, in order that any trading does not signal unwanted market movements and to make it more difficult for third parties to profit by trading ahead based on such expected market movements.
(CORN is designed to roll or replace its contracts five times per year but will always hold a December Corn Futures Contract as an “anchor” month.) The Sponsor will determine if the investments of a Fund will be “rolled” in one day or over a period of several days, in order that any trading does not signal unwanted market movements and to make it more difficult for third parties to profit by trading ahead based on such expected market movements.
Rejection of Purchase Orders The Sponsor acting by itself or through the Distributor or transfer agent may reject a purchase order or a Creation Basket Deposit if: · it determines that, due to position limits or otherwise, investment alternatives that will enable the Fund to meet its investment objective are not available or practicable at that time; · it determines that the purchase order or the Creation Basket Deposit is not in proper form; · it believes that acceptance of the purchase order or the Creation Basket Deposit would have adverse tax consequences to the Fund or its Shareholders; · the acceptance or receipt of the Creation Basket Deposit would, in the opinion of counsel to the Sponsor, be unlawful; · circumstances outside the control of the Sponsor, Distributor or transfer agent make it, for all practical purposes, not feasible to process creations of baskets; · there is a possibility that any or all of the Benchmark Component Futures Contracts of the Fund on the CBOT, ICE or CME from which the NAV of the Fund is calculated will be priced at a daily price limit restriction; or · if, in the sole discretion of the Sponsor, the execution of such an order would not be in the best interest of the Fund or its Shareholders.
Rejection of Purchase Orders The Sponsor acting by itself or through the Marketing Agent or transfer agent may reject a purchase order or a Creation Basket Deposit if: · it determines that, due to position limits or otherwise, investment alternatives that will enable the Fund to meet its investment objective are not available or practicable at that time; · it determines that the purchase order or the Creation Basket Deposit is not in proper form; · it believes that acceptance of the purchase order or the Creation Basket Deposit would have adverse tax consequences to the Fund or its Shareholders; · the acceptance or receipt of the Creation Basket Deposit would, in the opinion of counsel to the Sponsor, be unlawful; · circumstances outside the control of the Sponsor, Marketing Agent or transfer agent make it, for all practical purposes, not feasible to process creations of baskets; · there is a possibility that any or all of the Benchmark Component Futures Contracts of the Fund on the CBOT, ICE or CME from which the NAV of the Fund is calculated will be priced at a daily price limit restriction; or · if, in the sole discretion of the Sponsor, the execution of such an order would not be in the best interest of the Fund or its Shareholders.
Once position limits or accountability levels on Futures Contracts on a Fund’s Specified Commodity are applicable, each Fund’s intention is to invest first in contracts and instruments such as cash-settled options on Futures Contracts and forward contracts, swaps and other over the counter transactions that are based on the price of its Specified Commodity or Futures Contracts on its Specified Commodity (collectively, “Other Commodity or Cryptocurrency Interests,” and together with Futures Contracts, “Commodity or Cryptocurrency Interests”).
Once position limits or accountability levels on Futures Contracts on a Fund’s Specified Commodity are applicable, each Fund’s intention is to invest first in contracts and instruments such as cash-settled options on Futures Contracts and forward contracts, swaps and other over the counter transactions that are based on the price of its Specified Commodity or Futures Contracts on its Specified Commodity (collectively, “Other Commodity Interests,” and together with Futures Contracts, “Commodity Interests”).
Determination of Required Deposits The total deposit required to create each basket (Creation Basket Deposit) is the amount of Treasury Securities, cash, or commodity or cryptocurrency futures that is in the same proportion to the total assets of the applicable Fund (net of estimated accrued but unpaid fees, expenses and other liabilities) on the purchase order date as the number of Shares to be created under the purchase order is in proportion to the total number of Shares outstanding on the purchase order date.
Determination of Required Deposits The total deposit required to create each basket (Creation Basket Deposit) is the amount of Treasury Securities, cash, or commodity futures that is in the same proportion to the total assets of the applicable Fund (net of estimated accrued but unpaid fees, expenses and other liabilities) on the purchase order date as the number of Shares to be created under the purchase order is in proportion to the total number of Shares outstanding on the purchase order date.
Additionally, the CORN, SOYB, CANE, WEAT and DEFI Funds may invest a portion of the amount of funds required to be deposited with the FCM as initial margin in U.S. Treasury obligations with time to maturity of 90 days or less. The obligations are purchased and held in the respective Fund accounts through the FCM.
Additionally, the CORN, SOYB, CANE and WEAT Funds may invest a portion of the amount of funds required to be deposited with the FCM as initial margin in U.S. Treasury obligations with time to maturity of 90 days or less. The obligations are purchased and held in the respective Fund accounts through the FCM.
Instead, the Sponsor will close out existing positions, for instance, in response to ordinary scheduled changes in the Benchmark or, if at the Sponsor’s sole discretion, it otherwise determines it would be appropriate to do so, will reinvest the proceeds in new Commodity or Cryptocurrency Interests.
Instead, the Sponsor will close out existing positions, for instance, in response to ordinary scheduled changes in the Benchmark or, if at the Sponsor’s sole discretion, it otherwise determines it would be appropriate to do so, will reinvest the proceeds in new Commodity Interests.
DTC Participants acting on behalf of investors holding Shares through such participant accounts in DTC will follow the delivery practice applicable to securities eligible for DTC’s Same-Day Funds Settlement System. Shares are credited to DTC Participants securities accounts following confirmation of receipt of payment.
DTC Participants acting on behalf of investors holding Shares through such participant accounts in DTC will follow the delivery practice applicable to securities eligible for DTC’s Same-Day Funds Settlement System. Shares are credited to DTC Participants' securities accounts following confirmation of receipt of payment.
Teucrium Investment Advisors, LLC, a wholly owned subsidiary of Teucrium Trading, LLC, which was formed on January 4, 2022. The Trust and the Funds do not have any employees or officers. Any persons acting as agents of the Trust, or the Funds do so as employees or officers of the Sponsor.
Teucrium Investment Advisors, LLC, a wholly owned subsidiary of the Sponsor, which was formed on January 4, 2022. The Trust and the Funds do not have any employees or officers. Any persons acting as agents of the Trust, or the Funds do so as employees or officers of the Sponsor.
The website disclosure of portfolio holdings is made daily and includes, as applicable, the name and value of each Futures Contract (or Underlying Fund in the case of TAGS), other commodity or cryptocurrency interests and the amount of cash and cash equivalents held in the Fund’s portfolio.
The website disclosure of portfolio holdings is made daily and includes, as applicable, the name and value of each Futures Contract (or Underlying Fund in the case of TAGS), other commodity interests and the amount of cash and cash equivalents held in the Fund’s portfolio.
Consistent with achieving a Fund’s investment objective of closely tracking the Benchmark, the Sponsor may for certain reasons cause a Fund to enter into or hold Futures Contracts other than the Benchmark Component Futures Contracts and/or Other Commodity or Cryptocurrency Interests.
Consistent with achieving a Fund’s investment objective of closely tracking the Benchmark, the Sponsor may for certain reasons cause a Fund to enter into or hold Futures Contracts other than the Benchmark Component Futures Contracts and/or Other Commodity Interests.
Therefore, each Fund might enter into multiple and/or over the counter Interests intended to replicate the performance of each of the Benchmark Component Futures Contracts for a Fund, or a single over the counter Interest designed to replicate the performance of the Benchmark as a whole.
Therefore, each Fund might enter into multiple and/or over the counter Interests intended to replicate the performance of each of the Benchmark Component Futures Contracts for a Fund, or a single over the counter Commodity Interest designed to replicate the performance of the Benchmark as a whole.
However, by way of example, the Funds may change the term structure or underlying components of the Benchmark in furtherance of a Fund’s investment objective of tracking the price of the specified commodity or cryptocurrency for future delivery (or, for TAGS, the investment objective of tracking the combined performance of the Underlying Funds) if, due to market conditions, a potential or actual imposition of position limits by the CFTC or futures exchange rules, or the imposition of risk mitigation measures by a futures commission merchant restricts the ability of the Fund (or, for TAGS, an Underlying Fund) to invest in the current Benchmark Futures Contracts.
However, by way of example, the Funds may change the term structure or underlying components of the Benchmark in furtherance of a Fund’s investment objective of tracking the price of the specified commodity for future delivery (or, for TAGS, the investment objective of tracking the combined performance of the Underlying Funds) if, due to market conditions, a potential or actual imposition of position limits by the CFTC or futures exchange rules, or the imposition of risk mitigation measures by a futures commission merchant restricts the ability of the Fund (or, for TAGS, an Underlying Fund) to invest in the current Benchmark Component Futures Contracts.
Authorized Purchasers pay a transaction fee to the Sponsor for each order they place to create one or more baskets and a fee per basket when they redeem baskets. 26 Table of Contents Authorized Purchasers who make deposits with a Fund in exchange for baskets receive no fees, commissions or other form of compensation or inducement of any kind from either the Trust or the Sponsor, and no such person will have any obligation or responsibility to the Trust or the Sponsor to effect any sale or resale of Shares.
Authorized Purchasers pay a transaction fee to the Sponsor for each order they place to create one or more baskets and a fee per basket when they redeem baskets. 25 Table of Contents Authorized Purchasers who make deposits with a Fund in exchange for baskets receive no fees, commissions or other form of compensation or inducement of any kind from either the Trust or the Sponsor, and no such person will have any obligation or responsibility to the Trust or the Sponsor to effect any sale or resale of Shares.
By placing a redemption order, an Authorized Purchaser agrees to deliver the baskets to be redeemed through DTC’s book-entry system to a Fund by the end of the next business day following the effective date of the redemption order for all funds other than TAGS or by the end of the second business day for TAGS, or by the end of such later business day, not to exceed two business days after the effective date of the redemption order, as agreed to between the Authorized Purchaser, transfer agent and the Distributor when the redemption order is placed (the “Redemption Settlement Date”).
By placing a redemption order, an Authorized Purchaser agrees to deliver the baskets to be redeemed through DTC’s book-entry system to a Fund by the end of the next business day following the effective date of the redemption order for all funds other than TAGS or by the end of the second business day for TAGS, or by the end of such later business day, not to exceed two business days after the effective date of the redemption order, as agreed to between the Authorized Purchaser, transfer agent and the Marketing Agent when the redemption order is placed (the “Redemption Settlement Date”).
Assuming that there is no default by a counterparty to an over the counter Interest, the performance of the Interest will necessarily correlate with the performance of the Benchmark or the applicable Benchmark Component Futures Contract.
Assuming that there is no default by a counterparty to an over the counter Commodity Interest, the performance of the Interest will necessarily correlate with the performance of the Benchmark or the applicable Benchmark Component Futures Contract.
These reports are also available from the SEC through that agency’s website at: www.sec.gov and will be provided free of charge in paper or electronically on request. 38 Table of Contents CFTC Reports The Sponsor makes available, free of charge, on the website for each Fund, the monthly statements of account required to be filed pursuant to Rule 4.22(h) under the Commodity Exchange Act.
These reports are also available from the SEC through that agency’s website at: www.sec.gov and will be provided free of charge in paper or electronically on request. 33 Table of Contents CFTC Reports The Sponsor makes available, free of charge, on the website for each Fund, the monthly statements of account required to be filed pursuant to Rule 4.22(h) under the Commodity Exchange Act.
Accordingly, the positions of each Fund in its Specified Commodity or Cryptocurrency Interests are changed or “rolled” on a regular basis in order to track the changing nature of the Benchmark.
Accordingly, the positions of each Fund in its Specified Commodity Interests are changed or “rolled” on a regular basis in order to track the changing nature of the Benchmark.
In addition, the Sponsor may reject a previously placed purchase order at any time prior to the order cut-off time, if in the sole discretion of the Sponsor the execution of such an order would not be in the best interest of a Fund or its Shareholders. 29 Table of Contents Redemption Procedures The procedures by which an Authorized Purchaser can redeem one or more baskets mirror the procedures for the creation of baskets.
In addition, the Sponsor may reject a previously placed purchase order at any time prior to the order cut-off time, if in the sole discretion of the Sponsor the execution of such an order would not be in the best interest of a Fund or its Shareholders. 28 Table of Contents Redemption Procedures The procedures by which an Authorized Purchaser can redeem one or more baskets mirror the procedures for the creation of baskets.
(This weighted average is referred to herein as the Fund’s “Benchmark,” the Futures Contracts that at any given time make up a Fund’s Benchmark are referred to herein as the Fund’s “Benchmark Component Futures Contracts,” and the commodity or cryptocurrency specified in the Fund’s name is referred to herein as its “Specified Commodity" or "Specified Cryptocurrency.”) The investment objective of TAGS is to provide daily investment results that reflect the combined daily performance of the Agricultural Funds (depending on the context, sometimes referred to as the "Underlying Funds").
(This weighted average is referred to herein as the Fund’s “Benchmark,” the Futures Contracts that at any given time make up a Fund’s Benchmark are referred to herein as the Fund’s “Benchmark Component Futures Contracts,” and the commodity specified in the Fund’s name is referred to herein as its “Specified Commodity.") The investment objective of TAGS is to provide daily investment results that reflect the combined daily performance of the Agricultural Funds (depending on the context, sometimes referred to as the "Underlying Funds").
Corn is a staple commodity used pervasively across the globe so that any contractions in consumption may only be temporary as has historically been the case. 12 Table of Contents While global consumption of corn has increased over the 1960/1961-2023/2024 period, so has production, driven by increases in acres planted and yield per acre.
Corn is a staple commodity used pervasively across the globe so that any contractions in consumption may only be temporary as has historically been the case. 12 Table of Contents While global consumption of corn has increased over the 1960/1961-2024/2025 period, so has production, driven by increases in acres planted and yield per acre.
The Sponsor does not intend to operate any Fund in a fashion such that its per share NAV equals, in dollar terms, the spot price of the commodity or the price of any particular commodity specific Futures Contract. 8 Table of Contents Calculation of the Benchmarks for the Agriculture Funds and DEFI (The following section discusses the Benchmark Component Futures Contracts of the Agricultural Funds and DEFI).
The Sponsor does not intend to operate any Fund in a fashion such that its per share NAV equals, in dollar terms, the spot price of the commodity or the price of any particular commodity- specific Futures Contract. 8 Table of Contents Calculation of the Benchmarks for the Agriculture Funds (The following section discusses the Benchmark Component Futures Contracts of the Agricultural Funds).
The Benchmark is a weighted average of the closing settlement prices for three futures contracts for wheat (“Wheat Futures Contracts”) that are traded on the CBOT: WEAT Benchmark CBOT Wheat Futures Contract Weighting Second to expire 35% Third to expire 30% December following the third to expire 35% The investment objective of TAGS is to provide daily investment results that reflect the combined daily performance of the “Underlying Funds.
The Benchmark is a weighted average of the closing settlement prices for three futures contracts for wheat (“Wheat Futures Contracts”) that are traded on the CBOT: WEAT Benchmark CBOT Wheat Futures Contract Weighting Second to expire 35% Third to expire 30% December following the third to expire 35% The investment objective of TAGS is to provide daily investment results that reflect the combined daily performance of the Underlying Funds.
Besides the United States, other principal world corn exporters include Argentina, Brazil, Russia, South Africa, and Ukraine. Major import nations include Mexico, Japan, the European Union (EU), South Korea, Egypt, and parts of Southeast Asia. China’s production at 289 MMT is approximately 6% less than its domestic usage.
Besides the United States, other principal world corn exporters include Argentina, Brazil, Russia, South Africa, and Ukraine. Major import nations include Mexico, Japan, the European Union (EU), South Korea, Egypt, and parts of Southeast Asia. China’s production at 295 MMT is approximately 6% less than its domestic usage.
Given all of the above factors, the Sponsor has no ability to discern when current high levels of volatility will subside. Recent geopolitical, economic and inflationary events may have impacted the level of “backwardation” that the funds holdings experienced and potentially placed upward pressure on the prices of a wide variety of commodities.
Given all of the above factors, the Sponsor has no ability to discern when current high levels of volatility will subside. Recent geopolitical, economic and inflationary events may have impacted the level of “backwardation” that the Fund's holdings experienced and potentially placed upward pressure on the prices of a wide variety of commodities.
By utilizing certain or all of these investments, the Sponsor will endeavor to cause each Fund’s performance to closely track that of its Benchmark. The Sponsor operates the Agricultural Funds and DEFI with the intent to never hold a Benchmark Component Futures Contract once it becomes the next to expire contract (commonly called the “spot” contract).
By utilizing certain or all of these investments, the Sponsor will endeavor to cause each Fund’s performance to closely track that of its Benchmark. The Sponsor operates the Agricultural Funds with the intent to never hold a Benchmark Component Futures Contract once it becomes the next to expire contract (commonly called the “spot” contract).
The NAV for a particular trading day will be released after 4:15 p.m., (ET). 27 Table of Contents In determining the value of the Futures Contracts for each Fund, the Administrator uses the closing price on the exchange on which the commodity is traded, commonly referred to as the settlement price.
The NAV for a particular trading day will be released after 4:15 p.m., (ET). 26 Table of Contents In determining the value of the Futures Contracts for each Fund, the Administrator uses the closing price on the exchange on which the commodity is traded, commonly referred to as the settlement price.
Marex, StoneX and Phillip Capital are each clearing members of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges. For Corn, Soybean, Sugar and Wheat Futures Contracts, Marex is paid $11.00 per round turn.
Marex and StoneX are each clearing members of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges. For Corn, Soybean, Sugar and Wheat Futures Contracts, Marex is paid $11.00 per round turn.
The effect of any future regulatory change on the Teucrium Funds is impossible to predict but could be substantial and adverse. 36 Table of Contents The Dodd-Frank Act was intended to reduce systemic risks that may have contributed to the 2008/2009 financial crisis.
The effect of any future regulatory change on the Teucrium Funds is impossible to predict but could be substantial and adverse. 31 Table of Contents The Dodd-Frank Act was intended to reduce systemic risks that may have contributed to the 2008/2009 financial crisis.
The effect of any future regulatory change on the Funds is impossible to predict but could be substantial and adverse. 35 Table of Contents Pursuant to authority in the CEA, the NFA has been formed and registered with the CFTC as a registered futures association.
The effect of any future regulatory change on the Funds is impossible to predict but could be substantial and adverse. 30 Table of Contents Pursuant to authority in the CEA, the NFA has been formed and registered with the CFTC as a registered futures association.
The indicative fund value is calculated by using the prior day’s closing NAV per share of the Fund as a base and updating that value throughout the trading day to reflect changes in the value of the Fund’s Commodity or Cryptocurrency Interests during the trading day.
The indicative fund value is calculated by using the prior day’s closing NAV per share of the Fund as a base and updating that value throughout the trading day to reflect changes in the value of the Fund’s Commodity Interests during the trading day.
Litigation Disclosure for Marex United States District Court for the Southern District of New York, Civil Action No. 19-CV-8217 In a private litigation, plaintiffs allege, among other things, that Marex made certain fraudulent misrepresentations to them that they relied upon in connection with a futures account carried by Marex in its capacity as a futures commission merchant.
Litigation Disclosure for Marex United States District Court for the Southern District of New York, Civil Action No. 19-CV-8217 In a private litigation, plaintiffs alleged, among other things, that the Firm made certain fraudulent misrepresentations to them that they relied upon in connection with a futures account carried by the Firm in its capacity as a futures commission merchant.
Using CORN as an example, five times a year (on the dates on which certain Corn Futures Contracts expire), a particular Corn Futures Contract will no longer be a Benchmark Component Futures Contract, and the Corn Fund’s investments will have to be changed accordingly.
Using CORN as an example, five times a year (on the dates on which certain Corn Futures Contracts expire), a particular Corn Futures Contract will no longer be a Benchmark Component Futures Contract, and CORN's investments will have to be changed accordingly.
Under the Trust Agreement, the Sponsor is solely responsible for management and conducts or directs the conduct of the business of the Trust, the Funds, and any series of the Trust that may from time to time be established and designated by the Sponsor.
The Trust and the Funds operate pursuant to the Trust Agreement. Under the Trust Agreement, the Sponsor is solely responsible for management and conducts or directs the conduct of the business of the Trust, the Funds, and any series of the Trust that may from time to time be established and designated by the Sponsor.
Each Benchmark is rebalanced periodically to ensure that each of the Benchmark Component Futures Contracts is weighted in the same proportion as in the investment objective for each Fund. The following tables reflect the December 31, 2023, Benchmark Component Futures Contracts weights for each of the Funds.
Each Benchmark is rebalanced periodically to ensure that each of the Benchmark Component Futures Contracts is weighted in the same proportion as in the investment objective for each Fund. The following tables reflect the December 31, 2024 Benchmark Component Futures Contracts weights for each of the Funds.
The outlook provided herein is from the January 12, 2024 USDA report. 17 Table of Contents As a general matter, the occurrence of a severe weather event, natural disaster, terrorist attack, geopolitical events, outbreak, or public health emergency as declared by the World Health Organization, the continuation or expansion of war or other hostilities, or a prolonged government shutdown may have significant adverse effects on the Fund and its investments and alter current assumptions and expectations.
The outlook provided herein is from the January 10, 2025 USDA report. 17 Table of Contents As a general matter, the occurrence of a severe weather event, natural disaster, terrorist attack, geopolitical events, outbreak, or public health emergency as declared by the World Health Organization, the continuation or expansion of war or other hostilities, or a prolonged government shutdown may have significant adverse effects on the Fund and its investments and alter current assumptions and expectations.
Other Commodity or Cryptocurrency Interests that do not have standardized terms and are not exchange traded, referred to as “over the counter” Commodity or Cryptocurrency Interests, can generally be structured as the parties to the Commodity or Cryptocurrency Interest contract desire.
Other Commodity Interests that do not have standardized terms and are not exchange traded, referred to as “over the counter” Commodity Interests, can generally be structured as the parties to the Commodity Interest contract desire.
Contractual Fees and Compensation Arrangements with the Sponsor and Third-Party Service Providers Service Provider Compensation Paid by the Funds Teucrium Trading, LLC, Sponsor 1.00% of average net assets annually for CORN, CANE, SOYB, and WEAT. 0.94% of average net assets annually for DEFI. U.S. Bank N.A., Custodian U.S.
Contractual Fees and Compensation Arrangements with the Sponsor and Third-Party Service Providers Service Provider Compensation Paid by the Funds Teucrium Trading, LLC, Sponsor 1.00% of average net assets annually for CORN, CANE, SOYB, and WEAT. U.S. Bank, N.A., Custodian U.S.
The day on which the transfer agent and Distributor receive a valid purchase order is referred to as the purchase order date. 28 Table of Contents By placing a purchase order, an Authorized Purchaser agrees to deposit Treasury Securities, cash, commodity futures or shares of the Underlying Funds or a combination thereof with the Trust, as described below.
The day on which the transfer agent and Marketing Agent receive a valid purchase order is referred to as the purchase order date. 27 Table of Contents By placing a purchase order, an Authorized Purchaser agrees to deposit Treasury Securities, cash, commodity futures or Shares of the Underlying Funds or a combination thereof with the Trust, as described below.
For the two year offering periods, the Distributor's compensation will not exceed $78,000 for all Teucrium Funds and will receive reimbursements relating to the registration, continuing education and other administrative expenses of the Registered Representatives for each offering, not to exceed $54,000 for all Teucrium Funds.
For the two year offering periods, the Marketing Agent's compensation will not exceed $78,000 for all Teucrium Funds and will receive reimbursements relating to the registration, continuing education and other administrative expenses of the Registered Representatives for each offering, not to exceed $54,000 for all Teucrium Funds.
According to the USDA, global corn consumption has increased 618% from crop year 1960/1961 to 2023/2024 as demonstrated by the graph below and is projected to continue to grow in coming years. Consumption growth is the result of a combination of many factors including: 1) global population growth, which, according to the U.S.
According to the USDA, global corn consumption has increased 633% from crop year 1960/1961 to 2024/2025 as demonstrated by the graph below and is projected to continue to grow in coming years. Consumption growth is the result of a combination of many factors including: 1) global population growth, which, according to the U.S.
In October 2020, the CFTC adopted new speculative position limits with respect to futures and options on futures on many physical commodities, including energy, metals and agricultural commodities (the “core referenced futures contracts“), and on economically equivalent swaps. The CFTC’s new position limits rules include an exemption from limits for bona fide hedging transactions or positions.
In October 2020, the CFTC adopted new speculative position limits with respect to futures and options on futures on many physical commodities, including energy, metals and agricultural commodities (the "core referenced futures contracts"), and on economically equivalent swaps. The CFTC’s new position limits rules include an exemption from limits for bona fide hedging transactions or positions.
A redemption order so received will be effective on the date it is received in satisfactory form by the transfer agent and Distributor.
A redemption order so received will be effective on the date it is received in satisfactory form by the transfer agent and Marketing Agent.
Because orders to purchase baskets must be placed by noon or 1:15 p.m., (ET), depending on the Fund, but the total payment required to create a basket during the continuous offering period will not be determined until 4:00 p.m., (ET), on the date the purchase order is received, Authorized Purchasers will not know the total amount of the payment required to create a basket at the time they submit an irrevocable purchase order for the basket.
Because orders to purchase baskets must be placed by noon (ET), but the total payment required to create a basket during the continuous offering period will not be determined until 4:00 p.m., (ET), on the date the purchase order is received, Authorized Purchasers will not know the total amount of the payment required to create a basket at the time they submit an irrevocable purchase order for the basket.
Market Outlook General Commodities in general are primarily priced and traded in US dollars. As such global trade can be influenced by relative currency valuations, which are largely dependent on a nation’s fiscal strength, monetary policy, and general economic health. Furthermore, US fiscal and monetary policy is of particular importance given that commodities are largely priced in US dollars.
As such global trade can be influenced by relative currency valuations, which are largely dependent on a nation’s fiscal strength, monetary policy, and general economic health. Furthermore, US fiscal and monetary policy is of particular importance given that commodities are largely priced in US dollars.
Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Global Fund Services"), an entity affiliated with U.S. Bank, N.A., is the registrar and transfer agent for the Funds. In addition, Global Fund Services also serves as Administrator for the Fund, performing certain administrative, accounting services, and preparing certain SEC and CFTC reports on behalf of the Fund.
Bank Global Fund Services ("Global Fund Services"), an entity affiliated with U.S. Bank, N.A., is the registrar and transfer agent for the Funds. In addition, Global Fund Services also serves as Administrator for the Fund, performing certain administrative, accounting services, and preparing certain SEC and CFTC reports on behalf of the Fund.
For each of the contractual agreements discussed above, the expense recognized in 2023 by the Trust and each Fund is detailed in the notes to the financial statements included in Part II of this filing. 25 Table of Contents Contractual Obligations The primary contractual obligations of each Fund are with the Sponsor and certain other service providers.
For each of the contractual agreements discussed above, the expense recognized in 2024 by the Trust and each Fund is detailed in the notes to the financial statements included in Part II of this filing. 24 Table of Contents Contractual Obligations The primary contractual obligations of each Fund are with the Sponsor and certain other service providers.
The USDA publishes weekly, monthly, quarterly and annual updates for U.S. domestic and worldwide soybean production and consumption. These reports are available on the USDA’s website, www.usda.gov, at no charge. The outlook provided below is from the January 12, 2024 USDA report.
The USDA publishes weekly, monthly, quarterly and annual updates for U.S. domestic and worldwide soybean production and consumption. These reports are available on the USDA’s website, www.usda.gov, at no charge. The outlook provided below is from the January 10, 2025 USDA report.
None of the Sponsor, Distributor or transfer agent will be liable for the rejection of any purchase order or Creation Basket Deposit.
None of the Sponsor, Marketing Agent or transfer agent will be liable for the rejection of any purchase order or Creation Basket Deposit.
Accordingly, the Sponsor is responsible for selecting service providers for the Trust, such as the Trustee, Administrator, Distributor, the independent registered public accounting firm of the Trust, and any legal counsel employed by the Trust.
Accordingly, the Sponsor is responsible for selecting service providers such as the Trustee, Administrator, Marketing Agent, the independent registered public accounting firm of the Trust, and any legal counsel employed by the Trust.
None of the Sponsor, the Distributor, or the transfer agent will be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement. 30 Table of Contents Redemption orders must be made in whole baskets.
None of the Sponsor, the Marketing Agent, or the transfer agent will be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement. 29 Table of Contents Redemption orders must be made in whole baskets.
The U.S Commodity Futures Trading Commission weekly releases the “Commitment of Traders” (COT) report, which depicts the open interest as well as long and short positions in the market. Market participants may use this report to gauge market sentiment. The Soybean Market Global soybean production is concentrated in the U.S., Brazil, Argentina and China.
The CFTC weekly releases the “Commitment of Traders” (COT) report, which depicts the open interest as well as long and short positions in the market. Market participants may use this report to gauge market sentiment. The Soybean Market Global soybean production is concentrated in the U.S., Brazil, Argentina and China.
Purchase orders must be placed by noon (ET) or the close of regular trading on the New York Stock Exchange, whichever is earlier for CANE and TAGS. Purchase orders must be placed by 1:15 p.m. (ET) or the close of regular trading on the New York Stock Exchange, whichever is earlier for CORN, SOYB and WEAT.
Purchase orders must be placed by noon (ET) or the close of regular trading on the New York Stock Exchange, whichever is earlier for CANE, TAGS, CORN, SOYB and WEAT.
The aggregate position limits currently in place under the current position limits and the Aggregation Requirements are as follows for each of the commodities traded by the Funds: Commodity Futures Contracts Spot Month Position Limit All Month Aggregate Position Limit corn 1,200 contracts 57,800 contracts soybean 1,200 contracts 27,300 contracts sugar 5,000 contracts Only Accountability Limits wheat 1,200 contracts 19,300 contracts Cryptocurrency Futures Contracts Spot Month Position Limit All Month and Single Month (excluding spot month) Aggregate Accountability Level bitcoin 4,000 contracts 5,000 contracts micro bitcoin 200,000 contracts 250,000 contracts 37 Table of Contents Margin for OTC Uncleared Swaps During 2015 and 2016, the CFTC and the US bank prudential regulators completed their rulemakings under the Dodd-Frank Act on margin for uncleared over the counter swaps (and option agreements that qualify as swaps).
The aggregate position limits currently in place under the current position limits and the Aggregation Requirements are as follows for each of the commodities traded by the Funds: Commodity Futures Contracts Spot Month Position Limit All Month Aggregate Position Limit corn 1,200 contracts 57,800 contracts soybean 1,200 contracts 27,300 contracts sugar 5,000 contracts Only Accountability Limits wheat 1,200 contracts 19,300 contracts 32 Table of Contents Margin for OTC Uncleared Swaps During 2015 and 2016, the CFTC and the US bank prudential regulators completed their rulemakings under the Dodd-Frank Act on margin for uncleared over the counter swaps (and option agreements that qualify as swaps).
The Sponsor has a patent on certain business methods and procedures used with respect to the Funds. The Funds On June 7, 2010, the initial Form S-1 for CORN was declared effective by the U.S. Securities and Exchange Commission (“SEC”). On June 8, 2010, four Creation Baskets for CORN were issued representing 200,000 shares and $5,000,000.
The Sponsor has a patent on certain business methods and procedures used with respect to the Funds. The Funds On June 7, 2010, the initial Form S-1 for CORN was declared effective by the SEC. On June 8, 2010, four Creation Baskets for CORN were issued representing 200,000 shares and $5,000,000.
The Distribution Services Agreement among the Distributor, the Sponsor, and the Trust calls for the Distributor to work with the Transfer Agent in connection with the receipt and processing of orders for Creation Baskets and Redemption Baskets and the review and approval of all Fund sales literature and advertising materials.
The Distribution Services Agreement among the Marketing Agent and the Sponsor calls for the Marketing Agent to work with the Custodian in connection with the receipt and processing of orders for Creation Baskets and Redemption Baskets and the review and approval of all Fund sales literature and advertising materials.
The graph below shows the USDA published price per bushel by month for the period January 2007 to November 2023. 13 Table of Contents On January 12, 2024, the USDA released its monthly World Agricultural Supply and Demand Estimates (WASDE) for the Crop Year 2023-24.
The graph below shows the USDA published price per bushel by month for the period January 2007 to November 2024. 13 Table of Contents On January 10, 2025, the USDA released its monthly World Agricultural Supply and Demand Estimates (WASDE) for the Crop Year 2024-25.
The graph below shows the USDA published price per bushel by month for the period January 2007 to November 2023. 15 Table of Contents On January 12, 2024, the USDA released its monthly World Agricultural Supply and Demand Estimates (WASDE) for the Crop Year 2023-24.
The graph below shows the USDA published price per bushel by month for the period January 2007 to November 2024. 15 Table of Contents On January 10, 2025, the USDA released its monthly World Agricultural Supply and Demand Estimates (WASDE) for the Crop Year 2024-25.
The graph below shows the USDA published price per bushel by month for the period January 2007 to November 2023. 18 Table of Contents On January 12, 2024, the USDA released its monthly World Agricultural Supply and Demand Estimates (WASDE) for the Crop Year 2023-24.
The graph below shows the USDA published price per bushel by month for the period January 2007 to November 2024. 18 Table of Contents On January 10, 2025, the USDA released its monthly World Agricultural Supply and Demand Estimates (WASDE) for the Crop Year 2024-25.
Futures contracts may be either bought or sold long or short. The U.S Commodity Futures Trading Commission weekly releases the “Commitment of Traders” (COT) report, which depicts the open interest as well as long and short positions in the market. Market participants may use this report to gauge market sentiment.
Futures contracts may be either bought or sold long or short. The CFTC weekly releases the “Commitment of Traders” (COT) report, which depicts the open interest as well as long and short positions in the market. Market participants may use this report to gauge market sentiment.
Futures contracts may be either bought or sold long or short. The U.S Commodity Futures Trading Commission weekly releases the “Commitment of Traders” (COT) report, which depicts the open interest as well as long and short positions in the market. Market participants may use this report to gauge market sentiment.
Futures contracts may be either bought or sold long or short. The CFTC weekly releases the “Commitment of Traders” (COT) report, which depicts the open interest as well as long and short positions in the market. Market participants may use this report to gauge market sentiment.
In addition, the USDA publishes periodic, but not as comprehensive, reports on sugar monthly. These reports are available on the USDA’s website, www.usda.gov, at no charge. The USDA’s November 2023 report for the 2023-24 Marketing year estimated global production of 183.5 MMT with higher production in Brazil and India expected to more than offset declines in Thailand and Pakistan.
In addition, the USDA publishes periodic, but not as comprehensive, reports on sugar monthly. These reports are available on the USDA’s website, www.usda.gov, at no charge. The USDA’s November 2024 report for the 2024-25 Marketing year estimated global production of 186.6 MMT with higher production in China, India and Thailand expected to more than offset declines in Brazil.
The investment objective of the Agriculture Funds and DEFI is to have the daily changes in the NAV of each Fund’s Shares reflect the daily changes in a weighted average of the closing settlement prices for certain futures contracts (“Futures Contracts”) for the commodity or cryptocurrency specified in the Fund’s name.
Investing Strategy Overview The investment objective of the Agriculture Funds is to have the daily changes in the NAV of each Fund’s Shares reflect the daily changes in a weighted average of the closing settlement prices for certain futures contracts (“Futures Contracts”) for the commodity specified in the Fund’s name.
The total portfolio composition for each Fund is disclosed each business day that the NYSE Arca is open for trading on the Sponsor’s website. The website for the Agricultural Funds and the Sponsor is www.teucrium.com . The website for the Hashdex Bitcoin Futures ETF is www.hashdex-etfs.com. The website(s) are accessible at no charge.
The total portfolio composition for each Fund is disclosed each business day that the NYSE Arca is open for trading on the Sponsor’s website. The website for the Agricultural Funds and the Sponsor is www.teucrium.com . The website is accessible at no charge.
On any business day, an Authorized Purchaser may place an order with the Distributor to redeem one or more baskets. Redemption orders must be placed by noon or 1:15 p.m., (ET), depending on the Fund, or the close of regular trading on the New York Stock Exchange, whichever is earlier.
On any business day, an Authorized Purchaser may place an order with the Marketing Agent to redeem one or more baskets. Redemption orders must be placed by noon, (ET), or the close of regular trading on the New York Stock Exchange, whichever is earlier.
The United States Department of Agriculture (“USDA”) estimates that for 2023-24, the principal global producers of wheat will be the EU, Russia, Ukraine, China, India, the United States, Australia, and Canada. The U.S. generates approximately 6% of global production, with approximately 40% of that being exported.
The United States Department of Agriculture (“USDA”) estimates that for 2024-25, the principal global producers of wheat will be the EU, Russia, Ukraine, China, India, the United States, Australia, and Canada. The U.S. generates approximately 7 % of global production, with approximately 43 % of that being exported.
If the futures market is in a state of backwardation (i.e., when the price of sugar in the future is expected to be less than the current price), the Fund will buy later to expire contracts for a lower price than the sooner to expire contracts that it sells.
Source: https://apps.fas.usda.gov/psdonline/circulars/sugar.pdf If the futures market is in a state of backwardation (i.e., when the price of sugar in the future is expected to be less than the current price), the Fund will buy later to expire contracts for a lower price than the sooner to expire contracts that it sells.
For the period ended December 31, such expenses, which are primarily included as distribution and marketing fees, totaled $2,656,282 in 2023, $2,721,842 in 2022, and $2,321,539 in 2021; of these amounts, $70,069 in 2023, $518,599 in 2022, and $1,052,715 in 2021 were waived by the Sponsor. 21 Table of Contents All asset-based fees and expenses for the Funds are calculated on the prior day’s net assets.
For the period ended December 31, such expenses, which are primarily included as distribution and marketing fees, totaled $ 2,629,898 in 2024, $2,656,282 in 2023, and $2,721,842 in 2022; of these amounts, $68 ,233 in 2024, $70,069 in 2023, and $518,599 in 2022 were waived by the Sponsor. 20 Table of Contents All asset-based fees and expenses for the Funds are calculated on the prior day’s net assets.
For 2023-24, based on the January 12, 2024 USDA report, global consumption of 796 MMT is estimated to be slightly higher than production of 785 MMT. If the global demand of wheat is not equal to global supply, this may have an impact on the price of wheat.
For 2024-25, based on the January 10, 2025 USDA report, global consumption of 802 MMT is estimated to be slightly higher than production of 793 MMT. If the global demand for wheat is not equal to global supply, this may have an impact on the price of wheat.
For 2023-24, based on the January 12, 2024 USDA report, global consumption of 384 MMT is estimated slightly lower than global production of 399 MMT. If the global demand for soybeans is not equal to global supply, this may have an impact on the price of soybeans.
For 2024-25, based on the January 10, 2025 USDA report, global consumption of 406 MMT is estimated slightly lower than global production of 424 MMT. If the global demand for soybeans is not equal to global supply, this may have an impact on the price of soybeans.
For the Crop Year 2023-24, the United States Department of Agriculture (“USDA”) estimates that the U.S. will produce approximately 32% of all the corn globally, of which about 14% will be exported.
For the Crop Year 2024-25, the United States Department of Agriculture (“USDA”) estimates that the U.S. will produce approximately 31 % of all the corn globally, of which about 16% will be exported.

… 213 more changes not shown on this page.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

46 edited+6 added−311 removed327 unchanged
Biggest changeFurthermore, the Funds cannot control the cyber security plans and systems of the Custodian or mutual funds or other financial institutions in which the Funds invest, or the Funds’ other service providers, market makers, Authorized Purchasers, NYSE Arca, exchanges on which Futures Contracts or Other Commodity Interests are traded or cleared, or counterparties The Trust may, in its discretion, suspend the right to redeem Shares of the Funds or postpone the redemption settlement date: (1) for any period during which an applicable exchange is closed other than customary weekend or holiday closing, or trading is suspended or restricted; (2) for any period during which an emergency exists as a result of which delivery, disposal or evaluation of a Fund’s assets is not reasonably practicable; (3) for such other period as the Sponsor determines to be necessary for the protection of Shareholders; (4) if there is a possibility that any or all of the Benchmark Component Futures Contracts of a Fund on the specific exchange where the Fund is traded and from which the NAV of the Fund is calculated will be priced at a daily price limit restriction; or (5) if, in the sole discretion of the Sponsor, the execution of such an order would not be in the best interest of the Funds or their Shareholders.
Biggest changeThe Trust may, in its discretion, suspend the right to redeem Shares of the Funds or postpone the redemption settlement date: (1) for any period during which an applicable exchange is closed other than customary weekend or holiday closing, or trading is suspended or restricted; (2) for any period during which an emergency exists as a result of which delivery, disposal or evaluation of a Fund’s assets is not reasonably practicable; (3) for such other period as the Sponsor determines to be necessary for the protection of Shareholders; (4) if there is a possibility that any or all of the Benchmark Component Futures Contracts of a Fund on the specific exchange where the Fund is traded and from which the NAV of the Fund is calculated will be priced at a daily price limit restriction; or (5) if, in the sole discretion of the Sponsor, the execution of such an order would not be in the best interest of the Funds or their Shareholders.
Instead, the fund would file an 8‐K and prospectus supplement to include the ability to purchase Kansas City Hard Red Winter Wheat futures or MGEX Hard Red Spring Wheat futures in the same contract size and in the same contract months as its existing Benchmark Component Futures Contract holdings.
Instead, the fund would file an 8‐K and prospectus supplement to include the ability to purchase Kansas City Hard Red Winter Wheat futures or MGEX Hard Red Spring Wheat futures in the same contract size and in the same contract months as its existing Benchmark Component Futures Contract holdings.
Position limits are 12,000 contracts on each of the exchanges in the aforementioned futures contracts. The Soybean Fund has not approached existing position limit levels of its Benchmark Component Futures Contracts which are traded on the CME with a 27,300 contract limit.
Position limits are 12,000 contracts on each of the exchanges in the aforementioned futures contracts. The Soybean Fund has not approached existing position limit levels of its Benchmark Component Futures Contracts which are traded on the CME with a 27,300 contract limit.
The Sugar Fund has not approached existing position accountability levels of its Benchmark Component Futures Contracts which are traded on the Intercontinental Exchange (ICE) with a 15,000 contract limit.
The Sugar Fund has not approached existing position accountability levels of its Benchmark Component Futures Contracts which are traded on the Intercontinental Exchange (ICE) with a 15,000 contract limit.
One of the FCMs has imposed a financial ceiling on initial margin that could change and become more or less restrictive on the Funds’ activities depending upon a variety of conditions beyond the Sponsor’s control.
One of the FCMs has imposed a financial ceiling on initial margin that could change and become more or less restrictive on the Funds’ activities depending upon a variety of conditions beyond the Sponsor’s control.
If the Funds’ other current FCM were to impose position limits, or if any other FCM with which the Funds establish a relationship in the future were to impose position limits, the Funds’ ability to meet its investment objective could be negatively impacted.
If the Funds’ other current FCM were to impose position limits, or if any other FCM with which the Funds establish a relationship in the future were to impose position limits, the Funds’ ability to meet its investment objective could be negatively impacted.
The Funds continue to monitor and manage its existing relationships with each FCM and will continue to seek additional relationships with FCMs as needed.
The Funds continue to monitor and manage its existing relationships with each FCM and will continue to seek additional relationships with FCMs as needed.
A suspension in the ability of Authorized Participants would have no impact on the Fund’s investment objective – the Fund would continue to seek to track its benchmark.
A suspension in the ability of Authorized Participants would have no impact on the Fund’s investment objective – the Fund would continue to seek to track its benchmark.
However, with respect to the impact of a suspension on the price of Fund shares in the secondary market, investors may have to pay a higher price to buy shares and receive a lower price when they sell their shares.
However, with respect to the impact of a suspension on the price of Fund Shares in the secondary market, investors may have to pay a higher price to buy Shares and receive a lower price when they sell their Shares.
Demand for corn in the United States to produce ethanol has also been a significant factor affecting the price of corn. In turn, demand for ethanol has tended to increase when the price of gasoline has increased and has been significantly affected by United States governmental policies designed to encourage the production of ethanol.
Demand for corn in the United States to produce ethanol has also been a significant factor affecting the price of corn. In turn, demand for ethanol has tended to increase when the price of gasoline has increased and has been significantly affected by United States governmental policies designed to encourage the production of ethanol.
Additionally, demand for corn is affected by changes in consumer tastes, national, regional, and local economic conditions, and demographic trends. Finally, because corn is often used as an ingredient in livestock feed, demand for corn is subject to risks associated with the outbreak of livestock disease.
Additionally, demand for corn is affected by changes in consumer tastes, national, regional, and local economic conditions, and demographic trends. Finally, because corn is often used as an ingredient in livestock feed, demand for corn is subject to risks associated with the outbreak of livestock disease.
More generally, commodity prices may be influenced by economic and monetary events such as changes in interest rates, changes in balances of payments and trade, U.S. and international inflation rates, currency valuations and devaluations, U.S. and international economic events, and changes in the philosophies and emotions of market participants.
More generally, commodity prices may be influenced by economic and monetary events such as changes in interest rates, changes in balances of payments and trade, U.S. and international inflation rates, currency valuations and devaluations, U.S. and international economic events, and changes in the philosophies and emotions of market participants.
Food and Drug Administration currently requires food manufacturers to disclose levels of trans‐ fats contained in their products, and various local governments have enacted or are considering restrictions on the use of trans‐fats in restaurants. Several food processors have either switched or indicated an intention to switch to oil products with lower levels of trans‐fats or trans‐fatty acids.
Food and Drug Administration currently requires food manufacturers to disclose levels of trans‐ fats contained in their products, and various local governments have enacted or are considering restrictions on the use of trans‐fats in restaurants. Several food processors have either switched or indicated an intention to switch to oil products with lower levels of trans‐fats or trans‐fatty acids.
The CFTC and U.S. designated contract markets, such as the CBOT, may establish position limits on the maximum net long or net short futures contracts in commodity interests that any person or group of persons under common trading control (other than as a hedge, which an investment by the Fund is not) may hold, own or control.
The CFTC and U.S. designated contract markets, such as the CBOT, may establish position limits on the maximum net long or net short futures contracts in commodity interests that any person or group of persons under common trading control (other than as a hedge, which an investment by the Fund is not) may hold, own or control.
More generally, commodity prices may be influenced by economic and monetary events such as changes in interest rates, changes in balances of payments and trade, U.S. and international inflation rates, currency valuations and devaluations, U.S. and international economic events, and changes in the philosophies and emotions of market participants.
More generally, commodity prices may be influenced by economic and monetary events such as changes in interest rates, changes in balances of payments and trade, U.S. and international inflation rates, currency valuations and devaluations, U.S. and international economic events, and changes in the philosophies and emotions of market participants.
Governmental policies affecting the agricultural industry, such as taxes, tariffs, duties, subsidies, incentives, acreage control, and import and export restrictions on agricultural commodities and commodity products, can influence the planting of certain crops, the location and size of crop production, the volume and types of imports and exports, and industry profitability.
Governmental policies affecting the agricultural industry, such as taxes, tariffs, duties, subsidies, incentives, acreage control, and import and export restrictions on agricultural commodities and commodity products, can influence the planting of certain crops, the location and size of crop production, the volume and types of imports and exports, and industry profitability.
On the other hand, public health concerns regarding obesity, heart disease and diabetes, particularly in developed countries, may reduce demand for sugar.
On the other hand, public health concerns regarding obesity, heart disease and diabetes, particularly in developed countries, may reduce demand for sugar.
More generally, commodity prices may be influenced by economic and monetary events such as changes in interest rates, changes in balances of payments and trade, U.S. and international inflation rates, currency valuations and devaluations, U.S. and international economic events, and changes in the philosophies and emotions of market participants.
More generally, commodity prices may be influenced by economic and monetary events such as changes in interest rates, changes in balances of payments and trade, U.S. and international inflation rates, currency valuations and devaluations, U.S. and international economic events, and changes in the philosophies and emotions of market participants.
Governmental policies affecting the agricultural industry, such as taxes, tariffs, duties, subsidies, incentives, acreage control, and import and export restrictions on agricultural commodities and commodity products, can influence the planting of certain crops, the location and size of crop production, the volume and types of imports and exports, the availability and competitiveness of feedstocks as raw materials, and industry profitability.
Governmental policies affecting the agricultural industry, such as taxes, tariffs, duties, subsidies, incentives, acreage control, and import and export restrictions on agricultural commodities and commodity products, can influence the planting of certain crops, the location and size of crop production, the volume and types of imports and exports, the availability and competitiveness of feedstocks as raw materials, and industry profitability.
The CFTC and U.S. designated contract markets, such as the CBOT, may establish position limits on the maximum net long or net short futures contracts in commodity interests that any person or group of persons under common trading control (other than as a hedge, which an investment by the Fund is not) may hold, own or control.
The CFTC and U.S. designated contract markets, such as the CBOT, may establish position limits on the maximum net long or net short futures contracts in commodity interests that any person or group of persons under common trading control (other than as a hedge, which an investment by the Fund is not) may hold, own or control.
If the changes in percentage terms of the Fund’s Shares accurately track the percentage changes in the Benchmark or the spot price of soybeans, then the price of its Shares will fluctuate accordingly. 53 Table of Contents The price and availability of soybeans is influenced by economic and industry conditions, including but not limited to supply and demand factors such as: crop disease; weed control; water availability; various planting, growing, or harvesting problems; severe weather conditions such as drought, floods, heavy rains, frost, or natural disasters that are difficult to anticipate and which cannot be controlled; uncontrolled fires, including arson; challenges in doing business with foreign companies; legal and regulatory restrictions; transportation costs; interruptions in energy supply; currency exchange rate fluctuations; global trade disruption due to outbreaks; and political and economic instability.
If the changes in percentage terms of the Fund’s Shares accurately track the percentage changes in the Benchmark or the spot price of soybeans, then the price of its Shares will fluctuate accordingly. 48 Table of Contents The price and availability of soybeans is influenced by economic and industry conditions, including but not limited to supply and demand factors such as: crop disease; weed control; water availability; various planting, growing, or harvesting problems; severe weather conditions such as drought, floods, heavy rains, frost, or natural disasters that are difficult to anticipate and which cannot be controlled; uncontrolled fires, including arson; challenges in doing business with foreign companies; legal and regulatory restrictions; transportation costs; interruptions in energy supply; currency exchange rate fluctuations; global trade disruption due to outbreaks; and political and economic instability.
This could have a material impact on the value of your Shares. 51 Table of Contents The Trust has received an opinion of counsel that, under current U.S. federal income tax laws, each Fund, except TAGS, will be treated, and it is more likely than not that TAGS will be treated as a partnership that is not taxable as a corporation for U.S. federal income tax purposes, provided that (i) at least 90 percent of the Fund’s annual gross income satisfies certain requirements regarding “qualifying income” as defined in the Code, (ii) the Fund is organized and operated in accordance with its governing agreements and applicable law, and (iii) the Fund does not elect to be taxed as a corporation for U.S. federal income tax purposes.
This could have a material impact on the value of your Shares. 46 Table of Contents The Trust has received an opinion of counsel that, under current U.S. federal income tax laws, each Fund, except TAGS, will be treated, and it is more likely than not that TAGS will be treated as a partnership that is not taxable as a corporation for U.S. federal income tax purposes, provided that (i) at least 90 percent of the Fund’s annual gross income satisfies certain requirements regarding “qualifying income” as defined in the Code, (ii) the Fund is organized and operated in accordance with its governing agreements and applicable law, and (iii) the Fund does not elect to be taxed as a corporation for U.S. federal income tax purposes.
In cases in which the near month contract’s price is higher than later expiring contracts’ prices (a situation known as “backwardation” in the futures markets), then absent the impact of the overall movement in commodity specific prices, the value of the Benchmark Component Futures Contracts would tend to rise as they approach expiration. 45 Table of Contents While it is expected that the trading prices of the Shares will fluctuate in accordance with the changes in a Fund’s NAV, the prices of Shares may also be influenced by various market factors, including but not limited to, the number of shares of the Funds outstanding and the liquidity of the underlying Commodity Interests.
In cases in which the near month contract’s price is higher than later expiring contracts’ prices (a situation known as “backwardation” in the futures markets), then absent the impact of the overall movement in commodity specific prices, the value of the Benchmark Component Futures Contracts would tend to rise as they approach expiration. 40 Table of Contents While it is expected that the trading prices of the Shares will fluctuate in accordance with the changes in a Fund’s NAV, the prices of Shares may also be influenced by various market factors, including but not limited to, the number of Shares of the Funds outstanding and the liquidity of the underlying Commodity Interests.
The recent volatility in the commodity futures markets may lead one or all of the Funds' FCMs to impose risk mitigation procedures that could limit the Funds' investments in futures contracts beyond the accountability and position limits imposed by futures contract exchanges as discussed herein.
Volatility in the commodity futures markets may lead one or all of the Funds' FCMs to impose risk mitigation procedures that could limit the Funds' investments in futures contracts beyond the accountability and position limits imposed by futures contract exchanges as discussed herein.
These aggregation requirements became effective on February 14, 2017 and could limit the Fund’s ability to establish positions in commodity over the counter instruments if the assets of the Funds were to grow substantially. 47 Table of Contents Effective March 15, 2021, the CFTC adopted amendments in the Final Rule to confirm regulations concerning speculative position limits to the relevant Wall Street Transparency and Accountability Act of 2010 (‘‘Dodd‐Frank Act’’) amendments to the Commodity Exchange Act (‘‘CEA’’).
These aggregation requirements became effective on February 14, 2017 and could limit the Fund’s ability to establish positions in commodity over the counter instruments if the assets of the Funds were to grow substantially. 42 Table of Contents Effective March 15, 2021, the CFTC adopted amendments in the Final Rule to confirm regulations concerning speculative position limits to the relevant Wall Street Transparency and Accountability Act of 2010 (‘‘Dodd‐Frank Act’’) amendments to the Commodity Exchange Act (‘‘CEA’’).
This “spread” may continue to widen the longer the suspension lasts. 48 Table of Contents There is Credit Risk Associated with the Operation of the Funds, Service Providers and Counterparties Which May Cause an Investment Loss For all of the Funds except for TAGS, the majority of each Fund’s assets are held in cash and short‐term cash equivalents with the Custodian or with one or more alternate financial institutions unrelated to the Custodian (each, a “Financial Institution”).
This “spread” may continue to widen the longer the suspension lasts. 43 Table of Contents There is Credit Risk Associated with the Operation of the Funds, Service Providers and Counterparties Which May Cause an Investment Loss For all of the Funds except for TAGS, the majority of each Fund’s assets are held in cash and short‐term cash equivalents with the Custodian or with one or more alternate financial institutions unrelated to the Custodian (each, a “Financial Institution”).
Thus, seasonal fluctuations could result in an investor incurring losses upon the sale of Fund Shares, particularly if the investor needs to sell Shares when the Benchmark Component Futures Contracts are in whole or part, Wheat Futures Contracts expiring in the spring. 56 Table of Contents Demand for food products made from wheat flour is affected by changes in consumer tastes, national, regional, and local economic conditions, and demographic trends.
Thus, seasonal fluctuations could result in an investor incurring losses upon the sale of Fund Shares, particularly if the investor needs to sell Shares when the Benchmark Component Futures Contracts are in whole or part, Wheat Futures Contracts expiring in the spring. 51 Table of Contents Demand for food products made from wheat flour is affected by changes in consumer tastes, national, regional, and local economic conditions, and demographic trends.
Risk Factors The risk factors should be read in conjunction with the other information included in this annual report on Form 10-K, including Management ’ s Discussion and Analysis of Financial Condition and the Results of Operations, as well as the financial statements and the related footnotes for the Trust and the Funds. 39 Table of Contents Additional information regarding many of the risk areas outlined below can be found in the section of this Form on 10-K entitled: Part I, Item 1.
Risk Factors The risk factors should be read in conjunction with the other information included in this annual report on Form 10-K, including Management ’ s Discussion and Analysis of Financial Condition and the Results of Operations, as well as the financial statements and the related footnotes for the Trust and the Funds. 34 Table of Contents Additional information regarding many of the risk areas outlined below can be found in the section of this Form on 10-K entitled: Part I, Item 1.
In any case, notwithstanding the potential availability of these instruments in certain circumstances, position limits could force the Fund to limit the number of Creation Baskets that it sells. 54 Table of Contents Risks Specific to the Teucrium Sugar Fund Investors may choose to use the Fund as a means of investing indirectly in sugar, and there are risks involved in such investments.
In any case, notwithstanding the potential availability of these instruments in certain circumstances, position limits could force the Fund to limit the number of Creation Baskets that it sells. 49 Table of Contents Risks Specific to the Teucrium Sugar Fund Investors may choose to use the Fund as a means of investing indirectly in sugar, and there are risks involved in such investments.
In any case, notwithstanding the potential availability of these instruments in certain circumstances, position limits could force the Fund to limit the number of Creation Baskets that it sells. 55 Table of Contents Risks Specific to the Teucrium Wheat Fund Investors may choose to use the Fund as a means of investing indirectly in wheat, and there are risks involved in such investments.
In any case, notwithstanding the potential availability of these instruments in certain circumstances, position limits could force the Fund to limit the number of Creation Baskets that it sells. 50 Table of Contents Risks Specific to the Teucrium Wheat Fund Investors may choose to use the Fund as a means of investing indirectly in wheat, and there are risks involved in such investments.
This “spread” may continue to widen the longer the suspension lasts. 43 Table of Contents The Intraday Indicative Value (“IIV”) and the Benchmark for each Fund are calculated and disseminated by ICE Data Indices, LLC under an agreement with the Sponsor. Additionally, information may be calculated and disseminated under similar agreements between the Sponsor and other third‐party entities.
This “spread” may continue to widen the longer the suspension lasts. 38 Table of Contents The Intraday Indicative Value (“IIV”) and the Benchmark for each Fund are calculated and disseminated by ICE Data Indices, LLC under an agreement with the Sponsor. Additionally, information may be calculated and disseminated under similar agreements between the Sponsor and other third‐party entities.
The Sponsor can make no guarantees that participation by Authorized Purchasers or market makers will continue. 41 Table of Contents An investment in the Funds faces numerous risks from its shares being traded in the secondary market, any of which may lead to the Fund’s shares trading at a premium or discount to NAV.
The Sponsor can make no guarantees that participation by Authorized Purchasers or market makers will continue. 36 Table of Contents An investment in the Funds faces numerous risks from its Shares being traded in the secondary market, any of which may lead to the Fund’s Shares trading at a premium or discount to NAV.
While the short‐term nature of a Fund’s investments in short‐term Treasury Securities and cash equivalents should minimize the interest rate risk to which the Fund is subject, it is possible that the short‐term Treasury Securities and cash equivalents held by the Funds will decline in value. 44 Table of Contents The Sponsor’s trading system is quantitative in nature, and it is possible that the Sponsor may make errors.
While the short‐term nature of a Fund’s investments in short‐term Treasury Securities and cash equivalents should minimize the interest rate risk to which the Fund is subject, it is possible that the short‐term Treasury Securities and cash equivalents held by the Funds will decline in value. 39 Table of Contents The Sponsor’s trading system is quantitative in nature, and it is possible that the Sponsor may make errors.
The Funds’ future success may depend on the Funds’ ability to respond to changing technologies on a timely and cost‐effective basis. 42 Table of Contents The Funds depend on the proper and timely function of complex computer and communications systems maintained and operated by the futures exchanges, brokers, and other data providers that the Sponsor uses to conduct trading activities.
The Funds’ future success may depend on the Funds’ ability to respond to changing technologies on a timely and cost‐effective basis. 37 Table of Contents The Funds depend on the proper and timely function of complex computer and communications systems maintained and operated by the futures exchanges, brokers, and other data providers that the Sponsor uses to conduct trading activities.
While increased regulation of over the counter Commodity Interests is likely to result from changes that are required to be effectuated by the Dodd‐Frank Act, there is no guarantee that such increased regulation will be effective to reduce these risks. 49 Table of Contents Each Fund faces the risk of non‐performance by the counterparties to the over the counter contracts.
While increased regulation of over the counter Commodity Interests is likely to result from changes that are required to be effectuated by the Dodd‐Frank Act, there is no guarantee that such increased regulation will be effective to reduce these risks. 44 Table of Contents Each Fund faces the risk of non‐performance by the counterparties to the over the counter contracts.
The Funds are also not subject to certain investor protection provisions of the Sarbanes Oxley Act of 2002 and the NYSE Arca governance rules (for example, audit committee requirements). 46 Table of Contents Each Fund is a series of a Delaware statutory trust and not itself a legal entity separate from the other Funds.
The Funds are also not subject to certain investor protection provisions of the Sarbanes Oxley Act of 2002 and the NYSE Arca governance rules (for example, audit committee requirements). 41 Table of Contents Each Fund is a series of a Delaware statutory trust and not itself a legal entity separate from the other Funds.
In addition, international trade disputes can adversely affect agricultural commodity trade flows by limiting or disrupting trade between countries or regions. 52 Table of Contents Seasonal fluctuations in the price of corn may cause risk to an investor because of the possibility that Share prices will be depressed because of the corn harvest cycle.
In addition, international trade disputes can adversely affect agricultural commodity trade flows by limiting or disrupting trade between countries or regions. 47 Table of Contents Seasonal fluctuations in the price of corn may cause risk to an investor because of the possibility that Share prices will be depressed because of the corn harvest cycle.
S. dollar may cause losses to the Funds even if a contract is profitable. 50 Table of Contents The CFTC’s implementation of its regulations under the Dodd‐Frank Act may further affect the Fund’s ability to enter into foreign exchange contracts and to hedge its exposure to foreign exchange losses.
S. dollar may cause losses to the Funds even if a contract is profitable. 45 Table of Contents The CFTC’s implementation of its regulations under the Dodd‐Frank Act may further affect the Fund’s ability to enter into foreign exchange contracts and to hedge its exposure to foreign exchange losses.
The arrangements between clearing brokers and counterparties on the one hand, and the Funds on the other, generally are terminable by the clearing brokers or counterparty upon notice to the Funds. In addition, the agreements between the Funds and their third‐party service providers, such as the Distributor and the Custodian, are generally terminable at specified intervals.
The arrangements between clearing brokers and counterparties on the one hand, and the Funds on the other, generally are terminable by the clearing brokers or counterparty upon notice to the Funds. In addition, the agreements between the Funds and their third‐party service providers, such as the Marketing Agent and the Custodian, are generally terminable at specified intervals.
In managing and directing the day to day activities and affairs of the Funds, the Sponsor relies almost entirely on a small number of individuals, including Mr. Sal Gilbertie, Mr. Steve Kahler and Ms. Cory Mullen‐Rusin. If Mr. Gilbertie, Mr. Kahler or Ms.
In managing and directing the day to day activities and affairs of the Funds, the Sponsor relies almost entirely on a small number of individuals, including Mr. Sal Gilbertie, Mr. Springer Harris and Ms. Cory Mullen‐Rusin. If Mr. Gilbertie, Mr. Harris or Ms.
A discussion of the global information for each specific underlying commodity can be found in Part I, in the section titled “Market Outlook.” Presented below are the risk factors for the Agricultural Funds, followed by a separate section including risk disclosure for the Hashdex Bitcoin Futures ETF. 40 Table of Contents RISK FACTORS SPECIFIC TO THE AGRICULTURAL FUNDS The Performance of Each Fund May Not Correlate with the Applicable Benchmark There is no way to predict if or when investor demand might cause the Funds to approach position and/or accountability limits.
A discussion of the global information for each specific underlying commodity can be found in Part I, in the section titled “Market Outlook.” Presented below are the risk factors for the Agricultural Funds. 35 Table of Contents RISK FACTORS SPECIFIC TO THE AGRICULTURAL FUNDS The Performance of Each Fund May Not Correlate with the Applicable Benchmark There is no way to predict if or when investor demand might cause the Funds to approach position and/or accountability limits.
The CFTC and the exchanges are authorized to take extraordinary actions in the event of a market emergency including, for example, the retroactive implementation of speculative position limits, increased margin requirements, the establishment of daily price limits and the suspension of trading on an exchange or trading facility.
In addition, the CFTC, SEC, futures exchanges, and other entities are authorized to take extraordinary actions in the event of a market emergency including, for example, the retroactive implementation of speculative position limits or higher margin requirements, the establishment of daily price limits and the suspension of trading.
The responses of countries and political bodies to Russia’s actions, the larger overarching tensions, and Ukraine’s military response and the potential for wider conflict may increase financial market volatility generally, have severe adverse effects on regional and global economic markets, and cause volatility in the price of agricultural products, including agricultural futures, and the share price of the Funds.
The responses of countries and political bodies to Russia’s actions, the larger overarching tensions, and Ukraine’s military response and the potential for wider conflict may increase financial market volatility generally, have severe adverse effects on regional and global economic markets, and cause volatility in commodity prices including energy and grain prices, due to the region’s importance to these markets, potential impacts to global transportation and shipping, and other supply chain disruptions.
Furthermore, the Fund cannot control the cyber security plans and systems of the Custodian or other financial institutions in which the Fund invests, or the Fund’s other service providers, market makers, Authorized Purchasers, NYSE Arca, exchanges on which bitcoin Futures Contracts or other bitcoin interests are traded or cleared, or counterparties. 74 Table of Contents Risk of Volatility The price of bitcoin can be volatile which could cause large fluctuations in the price of Shares.
Furthermore, the Funds cannot control the cyber security plans and systems of the Custodian or mutual funds or other financial institutions in which the Funds invest, or the Funds’ other service providers, market makers, Authorized Purchasers, NYSE Arca, exchanges on which Futures Contracts or Other Commodity Interests are traded or cleared, or counterparties.
In any case, notwithstanding the potential availability of these instruments in certain circumstances, position limits could force the Fund to limit the number of Creation Baskets that it sells. Risks Specific to the Hashdex Bitcoin ETF Risks Associated with Investing in Bitcoin Further Development and Acceptance of Bitcoin and the Bitcoin Network Is Uncertain.
In any case, notwithstanding the potential availability of these instruments in certain circumstances, position limits could force the Fund to limit the number of Creation Baskets that it sells. 52 Table of Contents
In addition, various national governments outside of the United States have expressed concern regarding the disruptive effects of speculative trading in the commodities and crypto derivatives markets and the need to regulate the derivatives markets in general. The effect of any future regulatory change on the Fund is impossible to predict but could be substantial and adverse.
The effect of any future regulatory change on a Fund is impossible to predict, but it could be substantial and adverse.
Removed
The operations of the Funds, the exchanges, brokers, and counterparties with which the Funds do business, and the markets in which the Funds do business could be severely disrupted in the event of a major terrorist attack, natural disaster, cyber‐attack, outbreak, or public health emergency as declared by the World Health Organization, continuation or expansion of war or other hostilities.
Added
Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including public health disruptions, pandemics and epidemics (for example, the COVID-19 pandemic), can be highly disruptive to economies and markets.
Removed
Global terrorist attacks, anti‐terrorism initiatives, and political unrest continue to fuel this concern. In addition, a prolonged U.S. government shutdown could weaken the U.S. economy, interfere with the commodities markets that rely upon data published by U.S. federal government agencies, and prevent the Funds from receiving necessary regulatory review or approvals.
Added
Such events can, directly or indirectly, negatively impact, and/or cause volatility in, the price of commodities and the value, pricing, and liquidity of the investments or other assets held by a Fund. Recent macroeconomic conditions have been adversely impacted by geopolitical instability and military hostilities in multiple geographies.
Removed
A climate of uncertainty and panic, including the contagion of the COVID‐19 virus and other infectious viruses or diseases, may adversely affect global, regional, and local economies and reduce the availability of potential investment opportunities, and increases the difficulty of performing due diligence and modeling market conditions, potentially reducing the accuracy of financial projections.
Added
Geopolitical conflict, including war and armed conflicts (such as Russia’s continued military actions against Ukraine that started in February 2022, conflicts in the Middle East, and the expansion of such conflicts in surrounding areas), sanctions, the introduction of or changes in tariffs or trade barriers, global or local recessions, and acts of terrorism, can also, directly or indirectly, negatively impact, and/or cause volatility in, the price of commodities and the value, pricing, and liquidity of the investments or other assets held by a Fund.
Removed
Under these circumstances, the Funds may have difficulty achieving their investment objectives which may adversely impact performance.
Added
These events are unpredictable and may lead to extended periods of price volatility.
Removed
Further, such events can be highly disruptive to economies and markets, significantly disrupt the operations of individual companies (including, but not limited to, the Funds’ Sponsor and third party service providers), sectors, industries, markets, securities and commodity exchanges, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds’ investments.
Added
Regulatory changes or actions, including the implementation of new legislation, is impossible to predict but may significantly and adversely affect the Funds. The futures markets are subject to comprehensive statutes, regulations, and margin requirements. Such statutes, regulations and requirements are subject to ongoing modification by governmental and judicial action.
Removed
These factors could cause substantial market volatility, exchange trading suspensions and closures that could impact the ability of the Funds to complete redemptions and otherwise affect Fund performance and Fund trading in the secondary market. A widespread crisis may also affect the global economy in ways that cannot necessarily be foreseen at the current time.
Added
For a more detailed discussion of the regulations to be imposed by the CFTC and the SEC and the potential impacts thereof on a Fund, please see “ Item 1. Business – Regulatory Considerations ” in this annual report on Form 10‑K.
Removed
How long such events will last and whether they will continue or recur cannot be predicted. Impacts from these events could have significant impact on a Fund’s performance, resulting in losses to your investment. The future global economic impact may cause the underlying assumptions and expectations of the Funds to become outdated quickly or inaccurate, resulting in significant losses.
Removed
Rapidly Changing Regulation May Adversely Affect the Ability of the Funds to Meet Their Investment Objectives The regulation of futures markets, futures contracts and futures exchanges has historically been comprehensive.
Removed
The regulation of commodity interest transactions in the United States is a rapidly changing area of law and is subject to ongoing modification by governmental and judicial action. Congress enacted the Dodd‐Frank Wall Street Reform and Consumer Protection Act (the “Dodd‐Frank Act”) in 2010.
Removed
As the Dodd‐Frank Act continues to be implemented by the CFTC and the SEC, there is a possibility of future regulatory changes within the United States altering, perhaps to a material extent, the nature of an investment in the Funds, or the ability for the Funds to continue to implement its investment strategy.
Removed
In addition, various national governments outside of the United States have expressed concern regarding the disruptive effects of speculative trading in the commodities markets and the need to regulate the derivatives markets in general. The effect of any future regulatory change on the Funds is impossible to predict but could be substantial and adverse.
Removed
The further development and acceptance of the Bitcoin Network, which is part of a new and rapidly changing industry, is subject to a variety of factors that are difficult to evaluate. The slowing, stopping or reversing of the development or acceptance of the Bitcoin Network may adversely affect the price of bitcoin and therefore cause the Fund to suffer losses.
Removed
Regulatory changes or actions may alter the nature of an investment in bitcoin or restrict the use of bitcoin or the operations of the Bitcoin Network or venues on which bitcoin trades in a manner that adversely affects the price of bitcoin and, therefore, the Fund’s Bitcoin Futures Contracts.
Removed
Bitcoin generally operates without central authority (such as a bank) and is not backed by any government. Bitcoin is not legal tender and federal, state and/or foreign governments may restrict the use and exchange of bitcoin, and regulation in the United States is still developing.
Removed
For example, it may become difficult or illegal to acquire, hold, sell or use bitcoin in one or more countries, which could adversely impact the price of bitcoin, and therefore the value of the Fund’s Bitcoin Futures Contracts. “Forks ” in Bitcoin Network Could Have Adverse Effects.
Removed
From time to time, developers of the bitcoin network suggest changes to the bitcoin software. If a sufficient number of users and miners elect not to adopt the changes, a new digital asset, operating on the earlier version of the bitcoin software, may be created.
Removed
This is often referred to as a “fork.” In August 2017, bitcoin “forked” into bitcoin and a new digital asset, bitcoin cash, as a result of a several-year dispute over how to increase the rate of transactions that the Bitcoin network can process.
Removed
Since then, bitcoin has been forked numerous times to launch new digital assets, such as bitcoin gold, bitcoin silver and bitcoin diamond. Additional hard forks of the Bitcoin blockchain could adversely affect the market for Bitcoin Futures in which the Fund invests and, therefore, an investment in the Fund.
Removed
A substantial giveaway of bitcoin (sometimes referred to as an “air drop”) may also result in significant and unexpected declines in the value of bitcoin, Bitcoin Futures Contracts, and the Fund. 57 Table of Contents Rewards for mining bitcoin are designed to decline over time, which may lessen the incentive for miners to process and confirm transactions on the Bitcoin Network.
Removed
Transactions in bitcoin are processed by miners who are primarily compensated by receiving newly issued bitcoin as a reward for successfully solving cryptological puzzles according to a payment schedule that declines over time (in some instances, miners are also compensated through voluntary fees paid by Bitcoin Network participants).
Removed
If this compensation is not sufficient to incentivize miners to process transactions, the confirmation process for transactions, which acts as security for the Bitcoin Network, may become slower and the Bitcoin Network may become more vulnerable.
Removed
These and similar events may have a significant adverse effect on the price and liquidity of bitcoin and the value of an investment in the Fund. The Bitcoin Network may face scalability challenges as it expands to a greater number of users.
Removed
As with other digital asset networks, the Bitcoin Network faces significant scaling challenges because public blockchains generally face a tradeoff between security and scalability. A decentralized network is less susceptible to manipulation or capture if more participants, or “nodes,” are involved in the processing and maintenance of such network.
Removed
However, a greater number of nodes decreases the network’s efficiency in processing transactions and may result in increased settlement times. Increased settlement times could discourage certain uses for bitcoin (for example, micropayments), and could reduce demand for and price of bitcoin, which could adversely impact the value of an investment in the Fund.
Removed
Bitcoin Markets Are Susceptible To Extreme Price Fluctuations, Theft, Loss and Destruction. The market price of bitcoin has been subject to extreme fluctuations. If bitcoin markets continue to be subject to sharp fluctuations, the Fund’s Shareholders may experience losses.
Removed
Similar to fiat currencies (i.e., a currency that is backed by a central bank or a national, supra-national or quasi-national organization), bitcoin is susceptible to theft, loss and destruction. Accordingly, the Fund’s Bitcoin Futures are also susceptible to these risks.
Removed
Cybersecurity risks of the Bitcoin Protocol and of entities that custody or facilitate the transfers or trading of bitcoin could result in a loss of public confidence in bitcoin, a decline in the value of bitcoin and, as a result, adversely impact the Fund’s Bitcoin Futures Contracts.
Removed
Bitcoin Ownership is Concentrated in a Small Number of Holders Referred to as ‘ Whales. ’ A significant portion of bitcoin is held by a small number of holders who have the ability to affect the price of bitcoin and who are sometimes referred to as “whales.” Because bitcoin is lightly regulated, bitcoin whales have the ability, alone or in coordination, to manipulate the price of bitcoin by restricting or expanding the supply of bitcoin.

… 283 more changes not shown on this page.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

0 edited+2 added−23 removed1 unchanged
Removed
Item 3. Legal Proceedings On September 13, 2018, Barbara Riker, the then-current Chief Financial Officer, Chief Accounting Officer and Chief Compliance Officer of Teucrium Trading, LLC (“Teucrium,” the “Sponsor” or the “Company”), resigned from each of her positions. Ms. Riker was replaced by Cory Mullen-Rusin.
Added
Item 3. Legal Proceedings A settlement agreement (“Agreement”), by and among the Teucrium Trading, LLC, Salvatore Gilbertie, Carl Miller III, Cory Mullen-Rusin, Steve Kahler, and Dale and Barbara Riker, was entered into as of April 26, 2024 and became effective on May 10, 2024 . The Agreement resolves all of the claims raised in the actions captioned Dale Riker v.
Removed
On September 17, 2018, Dale Riker, the then-current Chief Executive Officer (“CEO”) of the Sponsor, was removed from his position. He was replaced by Sal Gilbertie. After Mr.
Added
Sal Gilbertie et al. , C.A. 656794/2020 (N.Y. Supreme Court), Sal Gilbertie, et. al. v. Dale Riker, et al. , C.A. 2020 - 1018 -LWW (Del. Ch.) and Dale Riker, et al. v. Teucrium Trading, LLC , C.A. 2022 - 1030 -LWW (Del. Ch.).
Removed
Riker was removed as CEO, he pursued a books and records action against Teucrium in the Delaware Court of Chancery, which resulted in a final judgment on May 19, 2020, following a one-day trial. Mr.
Removed
Riker later decided to pursue litigation, and on November 24, 2020, he provided Teucrium with a draft complaint that he threatened to file (purportedly because of an order in the books and records action governing the disclosure), and subsequently did file, in New York Supreme Court. See Dale Riker v. Sal Gilbertie, et al. , No. 656794-2020 (N.Y. Sup. Ct.).
Removed
On November 30, 2020, certain officers and members of the Sponsor, along with the Sponsor, filed a Verified Complaint (as amended through the Amended Verified Complaint filed on February 18, 2021) (the “Gilbertie complaint”) in the Delaware Court of Chancery, C.A. No. 2020-1018-LWW (the “Gilbertie case”). The Gilbertie complaint responded to and addressed certain allegations that Mr.
Removed
Riker had made in his draft complaint. The Gilbertie complaint asserted various claims against Mr. and Ms. Riker. On December 7, 2020, Mr. Riker filed his New York complaint. On April 22, 2021, the Supreme Court of the State of New York, New York County dismissed Mr.
Removed
Riker’s case without prejudice to the case being refiled after the conclusion of the Gilbertie case in Delaware Court of Chancery. See Dale Riker, et al. v. Teucrium Trading, LLC et al, Decision + Order on Motions, No. 6567943-2020 (N.Y. Sup. Ct.) (Apr. 22, 2021). On June 29, 2021, Mr.
Removed
Riker, individually and derivatively on behalf of the Sponsor and Ms. Riker, filed a new suit in the Delaware Court of Chancery against the Sponsor’s officers and certain of the Sponsor’s members. See Dale Riker v. Salvatore Gilbertie et al., C.A. No. 2021-0561-LWW (the “Riker case”). The Rikers’ complaint was similar, but not identical, to the complaint Mr.
Removed
Riker had earlier filed in New York, and which had earlier been dismissed by the New York Court. The Court ordered Mr. Riker’s newly filed Delaware action consolidated with the Gilbertie case, and thus the Rikers eventually refiled their remaining claims as counterclaims in the Gilbertie case. Following various motions, five counts from the Gilbertie complaint and two of Mr.
Removed
Riker’s counterclaims remained in the Gilbertie case. The first remaining count from the Gilbertie case was a claim brought by Teucrium against Ms. Riker for an alleged breach of her separation agreement that she entered into after resigning from Teucrium. The second count was a claim brought against Mr. Riker for tortious interference with Ms. Riker’s separation agreement.
Removed
The third count was a claim brought against Ms. Riker seeking a declaration that the releases in her separation agreement are null and void. The fourth count was a claim brought against Mr. Riker for breach of Teucrium’s amended and restated limited liability agreement (the “Operating Agreement”). The fifth count was a claim brought against Mr.
Removed
Riker for breach of fiduciary duty. The first of Mr. Riker’s remaining counterclaims was a claim against Messrs. Gilbertie and Miller alleging that Mr. Riker’s removal breached the Operating Agreement. The second remaining counterclaim, which Mr. Riker brought against Mr. Gilbertie, sought specific performance of an alleged oral agreement for Mr. Gilbertie to purchase Mr. Riker’s equity in Teucrium.
Removed
In August of 2022, both Dale and Barbara Riker demanded advancement of their legal fees and costs related to the litigation, by virtue of their status as former officers of the Company and Dale Riker’s status as a member. The Company denied the demand as to Barbara Riker.
Removed
As to Dale Riker, the Company informed his counsel that it was willing to advance some of the fees and costs, but not the full amount he had demanded to date. On November 15, 2022, Dale Riker and Barbara Riker filed a verified complaint captioned “ Dale Riker and Barbara Riker v. Teucrium Trading, LLC ,” C.A.
Removed
No. 2022-1030-LWW, to obtain advancement of legal fees and costs in connection with the Gilbertie case. Following briefing and a hearing, on June 13, 2023, the Court of Chancery ruled that the Rikers are entitled to advancement.
Removed
As a result of that ruling, the Company has paid to the Rikers, as payment of their fees and costs for the advancement action and as advancement pursuant to the Court ruling, a total of $2,180,464, including interest. On June 23, 2023, Teucrium asked the Court to permit an appeal of the advancement ruling to the Delaware Supreme Court.
Removed
See Application for Certification of an Interlocutory Appeal , C.A. 2022-1030-LWW. On July 7, 2023, the Court denied Teucrium’s request for interlocutory appeal, finding that the costs of an interlocutory appeal, including the drain on judicial resources from adjudicating piecemeal appeals, would outweigh any benefits.
Removed
See June 13, 2023 Transcript Ruling and June 13, 2023 Order of the Court of Chancery of the State of Delaware, C.A. No. 2022-1030-LWW. Teucrium subsequently petitioned the Delaware Supreme Court directly to accept an appeal from the ruling of the Court of Chancery, which that Court denied. On June 22, 2023, Messrs. Gilbertie, Kahler and Miller, Ms.
Removed
Mullen-Rusin and Teucrium, the plaintiffs in the Gilbertie case, filed a motion asking the Court of Chancery to allow them to voluntarily dismiss all of the plaintiffs’ remaining claims in the litigation. See Plaintiffs ’ Motion To Grant Voluntary Dismissal of Claims with Prejudice, C.A. 2022-1030-LWW.
Removed
On July 7, 2023, the Rikers filed a response, arguing that any dismissal should be subject to various conditions. On September 5, 2023, the Court ruled that it would grant the motion to voluntarily dismiss the plaintiffs’ claims, without any of the conditions that the Rikers had requested.
Removed
Following the Court’s ruling, Teucrium filed a motion in the advancement action to terminate its advancement obligation in light of the dismissal of the claims against the Rikers. The Rikers opposed the motion. On October 20, 2023, at a hearing on the motion, the Court granted the motion terminating advancement obligations.
Removed
On October 26, 2023, the Court issued a written implementing order, making clear that advancement obligations terminated on September 5, 2023, the day the Court granted the motion to dismiss claims voluntarily. The two counterclaims by Mr. Riker discussed above remain.
Removed
Mine Safety Disclosures Not applicable. 76 Table of Contents PART II

Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

1 edited+0 added−0 removed0 unchanged
Biggest changeItem 4. Mine Safety Disclosures 76 PART II Item 5. Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 77 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 86 Item 7A. Quantitative and Qualitative Disclosures about Market Risk 107 Item 8. Financial Statements and Supplementary Data 109
Biggest changeItem 4. Mine Safety Disclosures 53 PART II Item 5. Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 53 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 57 Item 7A. Quantitative and Qualitative Disclosures about Market Risk 76 Item 8. Financial Statements and Supplementary Data 78

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

2 edited+0 added−17 removed0 unchanged
Biggest changeIssuer Purchases of Equity Securities The Sponsor, the Trust or any Fund do not purchase shares directly from shareholders; however, the information below details for the current period, October 1, 2023 to December 31, 2023, by month and for the year ended December 31, 2023, the share purchases in connection with the redemption of baskets by Authorized Purchasers. 83 Table of Contents Issuer Purchases of CORN Shares: Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs October 1 to October 31, 2023 125,000 $ 22.33 N/A N/A November 1 to November 30, 2023 225,000 $ 22.15 N/A N/A December 1 to December 31, 2023 175,000 $ 21.86 N/A N/A Total 525,000 $ 22.10 January 1 to December 31, 2023 2,900,000 $ 24.11 N/A N/A Issuer Purchases of SOYB Shares: Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs October 1 to October 31, 2023 100,000 $ 27.12 N/A N/A November 1 to November 30, 2023 - $ - N/A N/A December 1 to December 31, 2023 75,000 $ 27.54 N/A N/A Total 175,000 $ 27.30 January 1 to December 31, 2023 1,425,000 $ 27.60 N/A N/A 84 Table of Contents Issuer Purchases of WEAT Shares: Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs October 1 to October 31, 2023 250,000 $ 5.73 N/A N/A November 1 to November 30, 2023 1,500,000 $ 5.76 N/A N/A December 1 to December 31, 2023 3,025,000 $ 5.87 N/A N/A Total 4,775,000 $ 5.83 January 1 to December 31, 2023 12,825,000 $ 6.66 N/A N/A Issuer Purchases of CANE Shares: Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs October 1 to October 31, 2023 50,000 $ 14.84 N/A N/A November 1 to November 30, 2023 100,000 $ 15.21 N/A N/A December 1 to December 31, 2023 500,000 $ 13.67 N/A N/A Total 650,000 $ 14.00 January 1 to December 31, 2023 3,075,000 $ 12.99 N/A N/A Issuer Purchases of TAGS Shares: Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs October 1 to October 31, 2023 37,500 $ 31.11 N/A N/A November 1 to November 30, 2023 50,000 $ 30.95 N/A N/A December 1 to December 31, 2023 12,500 $ 30.07 N/A N/A Total 100,000 $ 30.90 January 1 to December 31, 2023 637,500 $ 31.11 N/A N/A 85 Table of Contents Issuer Purchases of DEFI Shares: Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs October 1 to October 31, 2023 - $ - N/A N/A November 1 to November 30, 2023 4 $ 25.00 N/A N/A December 1 to December 31, 2023 - $ - N/A N/A Total 4 $ 25.00 January 1 to December 31, 2023 10,004 $ 32.39 N/A N/A Dividends Neither the Trust nor any Fund has made, and there are no plans to make any cash distributions to shareholders.
Biggest changeFund Approximate Number of Shareholders CORN 12,849 SOYB 6,094 CANE 3,788 WEAT 27,809 TAGS 2,229 Issuer Purchases of Equity Securities The Sponsor, the Trust or any Fund do not purchase Shares directly from shareholders; however, the information below details for the current period, October 1, 2024 to December 31, 2024, by month and for the year ended December 31, 2024, the share purchases in connection with the redemption of baskets by Authorized Purchasers. 54 Table of Contents Issuer Purchases of CORN Shares: Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs October 1 to October 31, 2024 50,000 $ 18.38 N/A N/A November 1 to November 30, 2024 100,000 $ 18.13 N/A N/A December 1 to December 31, 2024 75,000 $ 18.32 N/A N/A Total 225,000 $ 18.25 January 1 to December 31, 2024 1,750,000 $ 19.22 N/A N/A Issuer Purchases of SOYB Shares: Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs October 1 to October 31, 2024 50,000 $ 22.35 N/A N/A November 1 to November 30, 2024 50,000 $ 21.50 N/A N/A December 1 to December 31, 2024 100,000 $ 20.99 N/A N/A Total 200,000 $ 21.46 January 1 to December 31, 2024 625,000 $ 23.83 N/A N/A 55 Table of Contents Issuer Purchases of WEAT Shares: Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs October 1 to October 31, 2024 1,600,000 $ 5.31 N/A N/A November 1 to November 30, 2024 75,000 $ 5.12 N/A N/A December 1 to December 31, 2024 - $ - N/A N/A Total 1,675,000 $ 5.30 January 1 to December 31, 2024 10,025,000 $ 5.53 N/A N/A Issuer Purchases of CANE Shares: Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs October 1 to October 31, 2024 75,000 $ 12.76 N/A N/A November 1 to November 30, 2024 325,000 $ 12.60 N/A N/A December 1 to December 31, 2024 200,000 $ 11.88 N/A N/A Total 600,000 $ 12.38 January 1 to December 31, 2024 1,300,000 $ 12.50 N/A N/A Issuer Purchases of TAGS Shares: Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs October 1 to October 31, 2024 25,000 $ 25.99 N/A N/A November 1 to November 30, 2024 - $ - N/A N/A December 1 to December 31, 2024 - $ - N/A N/A Total 25,000 $ 25.99 January 1 to December 31, 2024 212,500 $ 26.92 N/A N/A 56 Table of Contents Dividends Neither the Trust nor any Fund has made, and there are no plans to make any cash distributions to shareholders.
Item 5. Market for Registrant ’ s Common Equity, Related Stockholder Matters and Issuer Purchase of Equity Securities The principal trading market for the shares of CORN, SOYB, CANE, WEAT, TAGS, and DEFI is the NYSE Arca.
Market for Registrant ’ s Common Equity, Related Stockholder Matters and Issuer Purchase of Equity Securities The principal trading market for the shares of CORN, SOYB, CANE, WEAT, and TAGS is the NYSE Arca. 53 Table of Contents Holders of the Funds The table below sets forth the approximate number of shareholders for each Fund of the Trust as of December 31, 2024.
Removed
Price Range of Shares The following tables set forth the range of reported high and low closing prices of the shares for each Fund as reported on the NYSE Arca for the fiscal year ended December 31, 2023 and 2022.
Removed
The following table sets forth the range of reported high and low closing prices of the shares of the Teucrium Corn Fund (symbol “CORN”) as reported on the NYSE Arca: Fiscal Year Ended December 31, 2023 High Low Quarter Ended March 31, 2023 $ 26.97 $ 24.36 June 30, 2023 $ 27.20 $ 22.19 September 30, 2023 $ 25.17 $ 21.80 December 31, 2023 $ 23.10 $ 21.52 Fiscal Year Ended December 31, 2022 High Low Quarter Ended March 31, 2022 $ 27.16 $ 21.50 June 30, 2022 $ 30.05 $ 25.16 September 30, 2022 $ 27.60 $ 22.89 December 31, 2022 $ 27.84 $ 25.55 The following table sets forth the range of reported high and low closing prices of the shares of the Teucrium Soybean Fund (symbol “SOYB”) as reported on the NYSE Arca: Fiscal Year Ended December 31, 2023 High Low Quarter Ended March 31, 2023 $ 28.69 $ 25.96 June 30, 2023 $ 28.19 $ 24.06 September 30, 2023 $ 29.31 $ 27.07 December 31, 2023 $ 28.91 $ 26.64 Fiscal Year Ended December 31, 2022 High Low Quarter Ended March 31, 2022 $ 28.17 $ 23.06 June 30, 2022 $ 29.24 $ 26.35 September 30, 2022 $ 27.80 $ 24.41 December 31, 2022 $ 28.50 $ 26.17 The following table sets forth the range of reported high and low closing prices of the shares of the Teucrium Sugar Fund (symbol “CANE”) as reported on the NYSE Arca: Fiscal Year Ended December 31, 2023 High Low Quarter Ended March 31, 2023 $ 11.38 $ 9.17 June 30, 2023 $ 14.22 $ 11.59 September 30, 2023 $ 15.26 $ 12.82 December 31, 2023 $ 15.48 $ 12.14 Fiscal Year Ended December 31, 2022 High Low Quarter Ended March 31, 2022 $ 9.74 $ 8.76 June 30, 2022 $ 10.12 $ 9.19 September 30, 2022 $ 9.50 $ 8.65 December 31, 2022 $ 9.79 $ 8.59 77 Table of Contents The following table sets forth the range of reported high and low closing prices of the shares of the Teucrium Wheat Fund (symbol “WEAT”) as reported on the NYSE Arca: Fiscal Year Ended December 31, 2023 High Low Quarter Ended March 31, 2023 $ 8.00 $ 6.72 June 30, 2023 $ 7.33 $ 6.04 September 30, 2023 $ 7.40 $ 5.57 December 31, 2023 $ 6.07 $ 5.42 Fiscal Year Ended December 31, 2022 High Low Quarter Ended March 31, 2022 $ 12.36 $ 7.14 June 30, 2022 $ 12.35 $ 9.04 September 30, 2022 $ 9.15 $ 7.69 December 31, 2022 $ 9.36 $ 7.41 The following table sets forth the range of reported high and low closing prices of the shares of the Teucrium Agricultural Fund (symbol “TAGS”) as reported on the NYSE Arca: Fiscal Year Ended December 31, 2023 High Low Quarter Ended March 31, 2023 $ 31.87 $ 29.58 June 30, 2023 $ 33.97 $ 29.54 September 30, 2023 $ 33.54 $ 30.18 December 31, 2023 $ 31.51 $ 29.15 Fiscal Year Ended December 31, 2022 High Low Quarter Ended March 31, 2022 $ 34.52 $ 26.65 June 30, 2022 $ 36.15 $ 31.07 September 30, 2022 $ 31.77 $ 28.44 December 31, 2022 $ 31.85 $ 29.96 The following table sets forth the range of reported high and low closing prices of the shares of the Hashdex Bitcoin Futures ETF Fund (symbol “DEFI”) as reported on the NYSE Arca: Fiscal Year Ended December 31, 2023 High Low Quarter Ended March 31, 2023 $ 36.80 $ 21.48 June 30, 2023 $ 39.83 $ 32.37 September 30, 2023 $ 40.49 $ 31.15 December 31, 2023 $ 54.06 $ 33.09 Fiscal Year Ended December 31, 2022 High Low Quarter Ended From commencement of operations (September 15, 2022) through September 30, 2022 $ 24.78 $ 23.77 December 31, 2023 $ 26.66 $ 19.77 78 Table of Contents Change in Net Asset Value per Share The graphs below reflect the change in net asset value (“NAV”) per share for each year during which a Fund has been in operation.
Removed
For the first year of operation, the graph reflects the change from the NAV per share from the initial price at the commencement of operations to the price on December 31 for that year ended.
Removed
For all other years, the change is from December 31 of the preceding year to December 31 of that year. 79 Table of Contents 80 Table of Contents 81 Table of Contents Holders of the Funds The table below sets forth the approximate number of shareholders for each Fund of the Trust as of December 31, 2023.
Removed
Fund Approximate Number of Shareholders CORN 14,585 SOYB 6,076 CANE 4,472 WEAT 35,610 TAGS 3,553 DEFI 421 Use of Proceeds Teucrium Corn Fund Registration Statement on Form S-1 File Number Registered Common Units Effective Date 1 333-162033 30,000,000 June 7, 2010 2 333-187463 - April 30, 2013 3 333-210010 - April 29, 2016 4 333-230626 - April 29, 2019 5 333-237234 10,000,000 May 1, 2020 6 333-248546 20,000,000 October 2, 2020 7 333-263434 Indeterminate Number of Shares April 7, 2022 From June 9, 2010 (the commencement of operations) through December 31, 2023, Shares of the Fund were sold at an aggregate offering price of $1,044,252,095.
Removed
The Fund paid fees to Foreside Fund Services, LLC for its services to the Fund from June 9, 2010 (the commencement of operations) through December 31, 2023 in an amount equal to $1,231,762, resulting in net offering proceeds of $1,043,020,333.
Removed
The offering proceeds were invested in corn futures contracts and cash and cash equivalents in accordance with the Fund’s investment objective stated in the prospectus.
Removed
Teucrium Soybean Fund Registration Statement on Form S-1 File Number Registered Common Units Effective Date 1 333-167590 10,000,000 June 13, 2011 2 333-196210 - June 30, 2014 3 333-217247 - May 1, 2017 4 333-223940 5,000,000 April 30, 2018 5 333-241569 15,000,000 August 24, 2020 6 333-263448 Indeterminate Number of Shares April 7, 2022 From September 19, 2011 (the commencement of the offering) through December 31, 2023, Shares of the Fund were sold at an aggregate offering price of $310,053,827.
Removed
The Fund paid fees to Foreside Fund Services, LLC for its services to the Fund through December 31, 2023 in an amount equal to $266,216, resulting in net offering proceeds of $309,787,611. The offering proceeds were invested in soybean futures contracts and cash and cash equivalents in accordance with the Fund’s investment objective stated in the prospectus.
Removed
Teucrium Sugar Fund Registration Statement on Form S-1 File Number Registered Common Units Effective Date 1 333-167585 10,000,000 June 13, 2011 2 333-196211 - June 30, 2014 3 333-217248 - May 1, 2017 4 333-223941 5,000,000 April 30, 2018 5 333-248545 15,000,000 October 2, 2020 6 333-263438 Indeterminate Number of Shares April 7, 2022 From September 19, 2011 (the commencement of the offering) through December 31, 2023, Shares of the Fund were sold at an aggregate offering price of $126,639,200.
Removed
The Fund paid fees to Foreside Fund Services, LLC for its services to the Fund through December 31, 2023 in an amount equal to $111,366, resulting in net offering proceeds of $126,527,834.
Removed
The offering proceeds were invested in sugar futures contracts and cash and cash equivalents in accordance with the Fund’s investment objective stated in the prospectus. 82 Table of Contents Teucrium Wheat Fund Registration Statement on Form S-1 File Number Registered Common Units Effective Date 1 333-167591 10,000,000 June 13, 2011 2 333-196209 - June 30, 2014 3 333-212481 25,050,000 July 15, 2016 4 333-230623 30,000,000 April 29, 2019 5 333-263293 Indeterminate Number of Shares March 9, 2022 From September 19, 2011 (the commencement of the offering) through December 31, 2023, Shares of the Fund were sold at an aggregate offering price of $1,229,365,336.
Removed
The Fund paid fees to Foreside Fund Services, LLC for its services to the Fund through December 31, 2023 in an amount equal to $584,112, resulting in net offering proceeds of $1,228,781,224. The offering proceeds were invested in wheat futures contracts and cash and cash equivalents in accordance with the Fund’s investment objective stated in the prospectus.
Removed
Teucrium Agricultural Fund Registration Statement on Form S-1 File Number Registered Common Units Effective Date 1 333-173691 5,000,000 February 10, 2012 2 333-201953 - April 30, 2015 3 333-223943 - April 30, 2018 4 333-254650 - April 30, 2021 5 333-263450 Indeterminate Number of Shares April 7, 2022 From March 28, 2012 (the commencement of the offering) through December 31, 2023, Shares of the Fund were sold at an aggregate offering price of $77,555,646.
Removed
The Fund paid fees to Foreside Fund Services, LLC for its services to the Fund through December 31, 2023 in an amount equal to $33,246, resulting in net offering proceeds of $77,522,400. The offering proceeds were invested in Shares of the Underlying Funds and cash and cash equivalents in accordance with the Fund’s investment objective stated in the prospectus.
Removed
Hashdex Bitcoin Futures ETF Registration Statement on Form S-1 File Number Registered Common Units Effective Date 1 333-256339 Indeterminate Number of Shares September 14, 2022 From September 16, 2022 (the commencement of the offering) through December 31, 2023, Shares of the Fund were sold at an aggregate offering price of $2,829,029.
Removed
The Fund paid fees to Foreside Fund Services, LLC for its services to the Fund through December 31, 2023 in an amount equal to $770, resulting in net offering proceeds of $2,828,259. The offering proceeds were invested in bitcoin futures contracts and cash and cash equivalents in accordance with the Fund’s investment objective stated in the prospectus.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

118 edited+0 added−35 removed118 unchanged
Biggest changeRoutine operational, administrative, and other ordinary expenses are not deemed extraordinary expenses. 101 Table of Contents The graph below shows the actual shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to December 31, 2023 and serves to illustrate the relative changes of these components.
Biggest changeThe graph below shows the actual Shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to December 31, 2024 and serves to illustrate the relative changes of these components. 71 Table of Contents Benchmark Performance During the period from January 1, 2024 through December 31, 2024, the average daily change in the NAV of each Fund was within plus/minus 10 percent of the average daily change in the Benchmark of the Fund.
These are generally based on contracts, which extend for some period of time and up to one year, or commitments regardless of the level of assets under management.
These are generally based on contracts, which extend for some period of time and up to one year, or commitments regardless of the level of assets under management.
The structure of the Fund and the nature of the expenses are such that as total net assets grow, there is a scalability of expenses that may allow the total expense ratio to be reduced.
The structure of the Fund and the nature of the expenses are such that as total net assets grow, there is a scalability of expenses that may allow the total expense ratio to be reduced.
However, if total net assets for the Fund fall, the total expense ratio of the Fund will increase unless additional reductions are made by the Sponsor to the daily expense accruals. The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
However, if total net assets for the Fund fall, the total expense ratio of the Fund will increase unless additional reductions are made by the Sponsor to the daily expense accruals. The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
The Fund recognizes the expense for brokerage commissions for futures contract trades on a per trade basis.
The Fund recognizes the expense for brokerage commissions for futures contract trades on a per trade basis.
Unrealized gain or loss on trading of commodity futures contracts is a function of the change in the price of contracts held on the final date of the period versus the purchase price for each contract and the number of contracts held in each contract month.
Unrealized gain or loss on trading of commodity futures contracts is a function of the change in the price of contracts held on the final date of the period versus the purchase price for each contract and the number of contracts held in each contract month.
The Fund seeks to earn interest and other income in investment grade, short-duration instruments or deposits associated with the pool’s cash management strategy that may be used to offset expenses. These investments may include, but are not limited to, short-term Treasury Securities, demand deposits, money market funds and investments in commercial paper.
The Fund seeks to earn interest and other income in investment grade, short-duration instruments or deposits associated with the pool’s cash management strategy that may be used to offset expenses. These investments may include, but are not limited to, short-term Treasury Securities, demand deposits, money market funds and investments in commercial paper.
The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets. Other than the management fee to the Sponsor and the brokerage commissions, most of the expenses incurred by the Fund are associated with the day to day operation of the Fund and the necessary functions related to regulatory compliance.
The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets. Other than the management fee to the Sponsor and the brokerage commissions, most of the expenses incurred by the Fund are associated with the day to day operation of the Fund and the necessary functions related to regulatory compliance.
These are generally based on contracts, which extend for some period of time and up to one year, or commitments regardless of the level of assets under management.
These are generally based on contracts, which extend for some period of time and up to one year, or commitments regardless of the level of assets under management.
The structure of the Fund and the nature of the expenses are such that as total net assets grow, there is a scalability of expenses that may allow the total expense ratio to be reduced.
The structure of the Fund and the nature of the expenses are such that as total net assets grow, there is a scalability of expenses that may allow the total expense ratio to be reduced.
However, if total net assets for the Fund fall, the total expense ratio of the Fund will increase unless additional reductions are made by the Sponsor to the daily expense accruals. The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
However, if total net assets for the Fund fall, the total expense ratio of the Fund will increase unless additional reductions are made by the Sponsor to the daily expense accruals. The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
This election is subject to change by the Sponsor, at its discretion. The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.
This election is subject to change by the Sponsor, at its discretion. The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.
Other than the management fee to the Sponsor and the brokerage commissions, most of the expenses incurred by the Fund are associated with the day to day operation of the Fund and the necessary functions related to regulatory compliance.
Other than the management fee to the Sponsor and the brokerage commissions, most of the expenses incurred by the Fund are associated with the day to day operation of the Fund and the necessary functions related to regulatory compliance.
These are generally based on contracts, which extend for some period of time and up to one year, or commitments regardless of the level of assets under management.
These are generally based on contracts, which extend for some period of time and up to one year, or commitments regardless of the level of assets under management.
The structure of the Fund and the nature of the expenses are such that as total net assets grow, there is a scalability of expenses that may allow the total expense ratio to be reduced.
The structure of the Fund and the nature of the expenses are such that as total net assets grow, there is a scalability of expenses that may allow the total expense ratio to be reduced.
However, if total net assets for the Fund fall, the total expense ratio of the Fund will increase unless additional reductions are made by the Sponsor to the daily expense accruals. The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
However, if total net assets for the Fund fall, the total expense ratio of the Fund will increase unless additional reductions are made by the Sponsor to the daily expense accruals. The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
The Fund recognizes the expense for brokerage commissions for futures contract trades on a per trade basis.
The Fund recognizes the expense for brokerage commissions for futures contract trades on a per trade basis.
Unrealized gain or loss on trading of commodity futures contracts is a function of the change in the price of contracts held on the final date of the period versus the purchase price for each contract and the number of contracts held in each contract month.
Unrealized gain or loss on trading of commodity futures contracts is a function of the change in the price of contracts held on the final date of the period versus the purchase price for each contract and the number of contracts held in each contract month.
The Fund seeks to earn interest and other income in investment grade, short-duration instruments or deposits associated with the pool’s cash management strategy that may be used to offset expenses. These investments may include, but are not limited to, short-term Treasury Securities, demand deposits, money market funds and investments in commercial paper.
The Fund seeks to earn interest and other income in investment grade, short-duration instruments or deposits associated with the pool’s cash management strategy that may be used to offset expenses. These investments may include, but are not limited to, short-term Treasury Securities, demand deposits, money market funds and investments in commercial paper.
The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets. Other than the management fee to the Sponsor and the brokerage commissions, most of the expenses incurred by the Fund are associated with the day to day operation of the Fund and the necessary functions related to regulatory compliance.
The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets. Other than the management fee to the Sponsor and the brokerage commissions, most of the expenses incurred by the Fund are associated with the day to day operation of the Fund and the necessary functions related to regulatory compliance.
These are generally based on contracts, which extend for some period of time and up to one year, or commitments regardless of the level of assets under management.
These are generally based on contracts, which extend for some period of time and up to one year, or commitments regardless of the level of assets under management.
The structure of the Fund and the nature of the expenses are such that as total net assets grow, there is a scalability of expenses that may allow the total expense ratio to be reduced.
The structure of the Fund and the nature of the expenses are such that as total net assets grow, there is a scalability of expenses that may allow the total expense ratio to be reduced.
However, if total net assets for the Fund fall, the total expense ratio of the Fund will increase unless additional reductions are made by the Sponsor to the daily expense accruals. The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
However, if total net assets for the Fund fall, the total expense ratio of the Fund will increase unless additional reductions are made by the Sponsor to the daily expense accruals. The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
This election is subject to change by the Sponsor, at its discretion. The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.
This election is subject to change by the Sponsor, at its discretion. The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.
Other than the management fee to the Sponsor and the brokerage commissions, most of the expenses incurred by the Fund are associated with the day to day operation of the Fund and the necessary functions related to regulatory compliance.
Other than the management fee to the Sponsor and the brokerage commissions, most of the expenses incurred by the Fund are associated with the day to day operation of the Fund and the necessary functions related to regulatory compliance.
These are generally based on contracts, which extend for some period of time and up to one year, or commitments regardless of the level of assets under management.
These are generally based on contracts, which extend for some period of time and up to one year, or commitments regardless of the level of assets under management.
The structure of the Fund and the nature of the expenses are such that as total net assets grow, there is a scalability of expenses that may allow the total expense ratio to be reduced.
The structure of the Fund and the nature of the expenses are such that as total net assets grow, there is a scalability of expenses that may allow the total expense ratio to be reduced.
However, if total net assets for the Fund fall, the total expense ratio of the Fund will increase unless additional reductions are made by the Sponsor to the daily expense accruals. The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
However, if total net assets for the Fund fall, the total expense ratio of the Fund will increase unless additional reductions are made by the Sponsor to the daily expense accruals. The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
The Fund recognizes the expense for brokerage commissions for futures contract trades on a per trade basis.
The Fund recognizes the expense for brokerage commissions for futures contract trades on a per trade basis.
Unrealized gain or loss on trading of commodity futures contracts is a function of the change in the price of contracts held on the final date of the period versus the purchase price for each contract and the number of contracts held in each contract month.
Unrealized gain or loss on trading of commodity futures contracts is a function of the change in the price of contracts held on the final date of the period versus the purchase price for each contract and the number of contracts held in each contract month.
The Fund seeks to earn interest and other income in investment grade, short-duration instruments or deposits associated with the pool’s cash management strategy that may be used to offset expenses. These investments may include, but are not limited to, short-term Treasury Securities, demand deposits, money market funds and investments in commercial paper.
The Fund seeks to earn interest and other income in investment grade, short-duration instruments or deposits associated with the pool’s cash management strategy that may be used to offset expenses. These investments may include, but are not limited to, short-term Treasury Securities, demand deposits, money market funds and investments in commercial paper.
The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets. Other than the management fee to the Sponsor and the brokerage commissions, most of the expenses incurred by the Fund are associated with the day to day operation of the Fund and the necessary functions related to regulatory compliance.
The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets. Other than the management fee to the Sponsor and the brokerage commissions, most of the expenses incurred by the Fund are associated with the day to day operation of the Fund and the necessary functions related to regulatory compliance.
These are generally based on contracts, which extend for some period of time and up to one year, or commitments regardless of the level of assets under management.
These are generally based on contracts, which extend for some period of time and up to one year, or commitments regardless of the level of assets under management.
The structure of the Fund and the nature of the expenses are such that as total net assets grow, there is a scalability of expenses that may allow the total expense ratio to be reduced.
The structure of the Fund and the nature of the expenses are such that as total net assets grow, there is a scalability of expenses that may allow the total expense ratio to be reduced.
However, if total net assets for the Fund fall, the total expense ratio of the Fund will increase unless additional reductions are made by the Sponsor to the daily expense accruals. The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
However, if total net assets for the Fund fall, the total expense ratio of the Fund will increase unless additional reductions are made by the Sponsor to the daily expense accruals. The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
Other than the management fee to the Sponsor and the brokerage commissions, most of the expenses incurred by the Fund are associated with the day to day operation of the Fund and the necessary functions related to regulatory compliance.
Other than the management fee to the Sponsor and the brokerage commissions, most of the expenses incurred by the Fund are associated with the day to day operation of the Fund and the necessary functions related to regulatory compliance.
These are generally based on contracts, which extend for some period of time and up to one year, or commitments regardless of the level of assets under management.
These are generally based on contracts, which extend for some period of time and up to one year, or commitments regardless of the level of assets under management.
The structure of the Fund and the nature of the expenses are such that as total net assets grow, there is a scalability of expenses that may allow the total expense ratio to be reduced.
The structure of the Fund and the nature of the expenses are such that as total net assets grow, there is a scalability of expenses that may allow the total expense ratio to be reduced.
However, if total net assets for the Fund fall, the total expense ratio of the Fund will increase unless additional reductions are made by the Sponsor to the daily expense accruals. The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
However, if total net assets for the Fund fall, the total expense ratio of the Fund will increase unless additional reductions are made by the Sponsor to the daily expense accruals. The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
These are generally based on contracts, which extend for some period of time and up to one year, or commitments regardless of the level of assets under management.
These are generally based on contracts, which extend for some period of time and up to one year, or commitments regardless of the level of assets under management.
The structure of the Fund and the nature of the expenses are such that as total net assets grow, there is a scalability of expenses that may allow the total expense ratio to be reduced.
The structure of the Fund and the nature of the expenses are such that as total net assets grow, there is a scalability of expenses that may allow the total expense ratio to be reduced.
However, if total net assets for the Fund fall, the total expense ratio of the Fund will increase unless additional reductions are made by the Sponsor to the daily expense accruals. The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
However, if total net assets for the Fund fall, the total expense ratio of the Fund will increase unless additional reductions are made by the Sponsor to the daily expense accruals. The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
This election is subject to change by the Sponsor, at its discretion. The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.
This election is subject to change by the Sponsor, at its discretion. The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.
Past performance is not a guarantee of future results. Investment return and value of the Fund’s Shares will fluctuate so that an investor’s Shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted.
Past performance is not a guarantee of future results. Investment return and value of the Fund’s Shares will fluctuate so that an investor’s Shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted.
Investment return and value of the Fund’s Shares will fluctuate so that an investor’s Shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted.
Investment return and value of the Fund’s Shares will fluctuate so that an investor’s Shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted.
In addition, the Agricultural Funds, except for TAGS which has no such fee, are contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00% per annum.
In addition, the Agricultural Funds, except for TAGS which has no such fee, are contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00% per annum. 10.
Generally, all of the net assets of the Funds are allocated to trading in Commodity or Cryptocurrency Interests. Most of the assets of the Funds are held in cash and/or cash equivalents. The percentage that such assets bear to the total net assets will vary from period to period as the market values of the Commodity or Cryptocurrency Interests change.
Generally, all of the net assets of the Funds are allocated to trading in Commodity Interests. Most of the assets of the Funds are held in cash and/or cash equivalents. The percentage that such assets bear to the total net assets will vary from period to period as the market values of the Commodity Interests change.
The decrease in total brokerage commissions for the year ended December 31, 2023, compared to the year ended December 31, 2022, was primarily due to a decrease in contracts purchased, liquidated, and rolled.
The decrease in total brokerage commissions for the year ended December 31, 2024, compared to the year ended December 31, 2023 and 2022, was primarily due to a decrease in contracts purchased, liquidated, and rolled.
OTC derivatives contracts (such as forward and swap contracts) which may be valued using models, depending on whether significant inputs are observable or unobservable, are categorized in Levels 2 or 3 of the fair value hierarchy. 86 Table of Contents 6. The Funds recognize brokerage commissions on a per-trade basis. 7.
OTC derivatives contracts (such as forward and swap contracts) which may be valued using models, depending on whether significant inputs are observable or unobservable, are categorized in Levels 2 or 3 of the fair value hierarchy. 57 Table of Contents 6. The Funds recognize brokerage commissions on a per-trade basis. 7.
The Sponsor has a static benchmark as described above and trades futures contracts to adhere to that benchmark and to adjust for the creation or redemption of shares. 99 Table of Contents Other than the brokerage commissions, most of the expenses incurred by the Fund are associated with the day to day operation of the Fund and the necessary functions related to regulatory compliance.
The Sponsor has a static benchmark as described above and trades futures contracts to adhere to that benchmark and to adjust for the creation or redemption of Shares. 70 Table of Contents Other than the brokerage commissions, most of the expenses incurred by the Fund are associated with the day to day operation of the Fund and the necessary functions related to regulatory compliance.
These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven even point. The decrease/increase in management fee paid to the Sponsor compared to the years ending 2022 and 2021 was a result of lower/higher average net assets.
These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven even point. The decrease/increase in management fee paid to the Sponsor compared to the years ending 2023 and 2022 was a result of lower/higher average net assets.
The change in total gross fees and other expenses for the year ending December 31, 2023, compared to the years ending 2022 and 2021, was generally due to the decrease/increase in average assets under management. The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee.
The change in total gross fees and other expenses for the year ending December 31, 2024, compared to the years ending 2023 and 2022, was generally due to the decrease/increase in average assets under management. The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee.
For all expenses waived in 2021, 2022 and 2023, the Sponsor has determined that no reimbursement will be sought in future periods. “Total expenses, net,” which is after the impact of any expenses waived by or reimbursed to the Sponsor, are presented in the same manner as previously reported.
For all expenses waived in 2022, 2023 and 2024, the Sponsor has determined that no reimbursement will be sought in future periods. “Total expenses, net,” which is after the impact of any expenses waived by or reimbursed to the Sponsor, are presented in the same manner as previously reported.
The decrease in total gross fees and other expenses excluding management fees for the year ended December 31, 2023, compared to 2022 was generally due to the decrease in average assets under management relative to the other Funds. The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee.
The decrease in total gross fees and other expenses excluding management fees for the year ended December 31, 2024, compared to 2023 was generally due to the decrease in average assets under management relative to the other Funds. The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee.
These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven even point. 97 Table of Contents The decrease/increase in management fee paid to the Sponsor is a result of higher/lower average net assets.
These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven even point. 68 Table of Contents The decrease/increase in management fee paid to the Sponsor is a result of higher/lower average net assets.
Upon the sale of the Underlying Funds by the Teucrium Agricultural Fund, the Trust includes any realized gain or loss in its statements of changes in net assets. 87 Table of Contents 11. For U.S. federal income tax purposes, the Funds intend to be treated as partnerships.
Upon the sale of the Underlying Funds by the Teucrium Agricultural Fund, the Trust includes any realized gain or loss in its statements of changes in net assets. 58 Table of Contents 11. For U.S. federal income tax purposes, the Funds intend to be treated as partnerships.
Credit Risk When any of the Funds enter into Commodity or Cryptocurrency Interests, it will be exposed to the credit risk that the counterparty will not be able to meet its obligations. For purposes of credit risk, the counterparty for the Futures Contracts traded on the CBOT, ICE and CME is the clearinghouse associated with those exchanges.
Credit Risk When any of the Funds enter into Commodity Interests, it will be exposed to the credit risk that the counterparty will not be able to meet its obligations. For purposes of credit risk, the counterparty for the Futures Contracts traded on the CBOT, ICE and CME is the clearinghouse associated with those exchanges.
All discounts on purchase prices of debt securities are accreted over the life of the respective security. Results of Operations The discussion below addresses the material changes in the results of operations for the year ended December 31, 2023 compared to the years ended December 31, 2022 and 2021.
All discounts on purchase prices of debt securities are accreted over the life of the respective security. Results of Operations The discussion below addresses the material changes in the results of operations for the year ended December 31, 2024 compared to the years ended December 31, 2023 and 2022.
The exposure of the Funds to market risk will depend on a number of factors including the markets for the specific commodity or cryptocurrency, the volatility of interest rates and foreign exchange rates, the liquidity of the Commodity or Cryptocurrency Specific Interests markets and the relationships among the contracts held by each Fund.
The exposure of the Funds to market risk will depend on a number of factors including the markets for the specific commodity, the volatility of interest rates and foreign exchange rates, the liquidity of the Commodity Specific Interests markets and the relationships among the contracts held by each Fund.
The graph below shows the actual shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to December 31, 2023 and serves to illustrate the relative changes of these components.
The graph below shows the actual Shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to December 31, 2024 and serves to illustrate the relative changes of these components.
The graph below shows the actual shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to December 31, 2023 and serves to illustrate the relative changes of these components.
The graph below shows the actual Shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to December 31, 2024 and serves to illustrate the relative changes of these components.
As a result, the amount of interest income earned as a percentage of average daily total net assets was higher during the year ended December 31, 2023, compared to the years ending 2022 and 2021.
As a result, the amount of interest income earned as a percentage of average daily total net assets was higher during the year ended December 31, 2024, compared to the years ending 2023 and 2022.
The decrease/increase in total gross fees and other expenses excluding management fees for the year ended December 31, 2023, compared to 2022 and 2021 was generally due to the decrease/increase in average assets under management relative to the other Funds.
The decrease/increase in total gross fees and other expenses excluding management fees for the year ended December 31, 2024, compared to 2023 and 2022 was generally due to the decrease/increase in average assets under management relative to the other Funds.
The decrease in total brokerage commissions for the year ended December 31, 2023, compared to the years ended December 31, 2022 and 2021, was primarily due to a decrease in contracts purchased, liquidated, and rolled. 95 Table of Contents The graph below shows the actual shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to December 31, 2023 and serves to illustrate the relative changes of these components.
The decrease in total brokerage commissions for the year ended December 31, 2024, compared to the years ended December 31, 2023 and 2022, was primarily due to a decrease in contracts purchased, liquidated, and rolled. 66 Table of Contents The graph below shows the actual Shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to December 31, 2024 and serves to illustrate the relative changes of these components.
These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax‐preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Distributor, which are included in the related line item in the statements of operations.
These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax‐preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Marketing Agent, which are included in the related line item in the statements of operations.
The decrease in total brokerage commissions for the year ended December 31, 2023, compared to the year ended December 31, 2022, was primarily due to a decrease in contracts purchased, liquidated, and rolled. 90 Table of Contents The graph below shows the actual shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to December 31, 2023 and serves to illustrate the relative changes of these components.
The decrease in total brokerage commissions for the year ended December 31, 2024, compared to the year ended December 31, 2023, was primarily due to a decrease in contracts purchased, liquidated, and rolled. 61 Table of Contents The graph below shows the actual Shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to December 31, 2024 and serves to illustrate the relative changes of these components.
The Sponsor has a static benchmark as described above and trades futures contracts to adhere to that benchmark and to adjust for the creation or redemption of shares. The increase in interest and other income year over year was due to an increase in Federal Fund Rates.
The Sponsor has a static benchmark as described above and trades futures contracts to adhere to that benchmark and to adjust for the creation or redemption of Shares. The decrease in interest and other income year over year was due to a decrease in Federal Fund Rates.
These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven even point. 92 Table of Contents The decrease in management fee paid to the Sponsor compared to the years ending 2022 and 2021 was a result of lower/higher average net assets.
These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven even point. 63 Table of Contents The decrease in management fee paid to the Sponsor compared to the years ending 2023 and 2022 was a result of lower average net assets.
The investments of a Fund in Commodity or Cryptocurrency Interests are subject to periods of illiquidity because of market conditions, regulatory considerations, and other reasons.
The investments of a Fund in Commodity Interests are subject to periods of illiquidity because of market conditions, regulatory considerations, and other reasons.
The Sponsor cannot predict the impact of such factors. 93 Table of Contents Teucrium Sugar Fund The Teucrium Sugar Fund commenced investment operations on September 19, 2011.
The Sponsor cannot predict the impact of such factors. 64 Table of Contents Teucrium Sugar Fund The Teucrium Sugar Fund commenced investment operations on September 19, 2011.
The increase in total gross fees and other expenses excluding management fees for the year ended December 31, 2023, compared to 2022 was generally due to the increase in average assets under management relative to the other Funds. The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee.
The decrease in total gross fees and other expenses excluding management fees for the year ended December 31, 2024, compared to 2023 was generally due to the decrease in average assets under management relative to the other Funds. The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee.
The increase in total gross fees and other expenses excluding management fees for the year ended December 31, 2023, compared to 2022 was generally due to the increase in average assets under management relative to the other Funds. The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee.
The decrease in total gross fees and other expenses excluding management fees for the year ended December 31, 2024, compared to 2023 was generally due to the decrease in average assets under management relative to the other Funds. The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee.
These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax‐preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Distributor.
These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax‐preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Marketing Agent.
The Sponsor cannot predict the impact of such factors. 98 Table of Contents Teucrium Agricultural Fund The Teucrium Agricultural Fund commenced operation on March 28, 2012.
The Sponsor cannot predict the impact of such factors. 69 Table of Contents Teucrium Agricultural Fund The Teucrium Agricultural Fund commenced operation on March 28, 2012.
The decrease in total brokerage commissions for the year ended December 31, 2023, compared to the year ended December 31, 2022 and 2021, was primarily due to a decrease in contracts purchased, liquidated, and rolled.
The decrease in total brokerage commissions for the year ended December 31, 2024, compared to the year ended December 31, 2023, was primarily due to a decrease in contracts purchased, liquidated, and rolled.
Marex , StoneX and Phillip Capital serve as the Fund’s clearing brokers to execute futures contracts and provide other brokerage-related services. 106 Table of Contents The Commodity Funds, other than TAGS, will generally retain cash positions of approximately 95% of total net assets and DEFI will retain approximately 70%; this balance represents the total net assets less the initial margin requirements held by the FCM.
Marex and StoneX serve as the Fund’s clearing brokers to execute futures contracts and provide other brokerage-related services. 75 Table of Contents The Commodity Funds, other than TAGS, will generally retain cash positions of approximately 95% of total net assets, this balance represents the total net assets less the initial margin requirements held by the FCM.
As a result, the amount of interest income earned as a percentage of average daily total net assets was higher during the year ended December 31, 2023, compared to the years ending 2022 and 2021.
As a result, the amount of interest income earned as a percentage of average daily total net assets was lower during the year ended December 31, 2024, compared to the years ending 2023 and 2022.
As a result, the amount of interest income earned as a percentage of average daily total net assets was higher during the year ended December 31, 2023, compared to the years ending 2022 and 2021.
As a result, the amount of interest income earned as a percentage of average daily total net assets was lower during the year ended December 31, 2024, compared to the years ending 2023 and 2022.
As a result, the amount of interest income earned as a percentage of average daily total net assets was higher during the year ended December 31, 2023, compared to the years ending 2022 and 2021.
As a result, the amount of interest income earned as a percentage of average daily total net assets was lower during the year ended December 31, 2024, compared to the years ending 2023 and 2022.
The weighting on December 31, 2023 was 25% to CORN, 25% to WEAT, 25% to SOYB and 25% to CANE.
The weighting on December 31, 2024 was 25% to CORN, 25% to WEAT, 25% to SOYB and 25% to CANE.

… 73 more changes not shown on this page.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

8 edited+0 added−0 removed25 unchanged
Biggest changeQuantitative Risk Analysis CORN: December 31, 2023 as Reported 10% Decrease 15% Decrease 20% Decrease 10% Increase 15% Increase 20% Increase Holdings as of December 31, 2023 Number of Contracts Held Closing Price Notional Amount Notional Amount Notional Amount Notional Amount Notional Amount Notional Amount Notional Amount CBOT Corn Futures MAY24 1,171 $ 4.8400 $ 28,338,200 $ 25,504,380 $ 24,087,470 $ 22,670,560 $ 31,172,020 $ 32,588,930 $ 34,005,840 CBOT Corn Futures JUL24 983 $ 4.9400 $ 24,280,100 $ 21,852,090 $ 20,638,085 $ 19,424,080 $ 26,708,110 $ 27,922,115 $ 29,136,120 CBOT Corn Futures DEC24 1,128 $ 5.0350 $ 28,397,400 $ 25,557,660 $ 24,137,790 $ 22,717,920 $ 31,237,140 $ 32,657,010 $ 34,076,880 Total CBOT Corn Futures $ 81,015,700 $ 72,914,130 $ 68,863,345 $ 64,812,560 $ 89,117,270 $ 93,168,055 $ 97,218,840 Shares outstanding 3,750,004 3,750,004 3,750,004 3,750,004 3,750,004 3,750,004 3,750,004 Net Asset Value per Share attributable directly to CBOT Corn Futures $ 21.60 $ 19.44 $ 18.36 $ 17.28 $ 23.76 $ 24.84 $ 25.92 Total Net Asset Value per Share as reported $ 21.61 Change in the Net Asset Value per Share $ (2.16 ) $ (3.24 ) $ (4.32 ) $ 2.16 $ 3.24 $ 4.32 Percent Change in the Net Asset Value per Share -10.00 % -14.99 % -19.99 % 10.00 % 14.99 % 19.99 % 107 Table of Contents SOYB: December 31, 2023 as Reported 10% Decrease 15% Decrease 20% Decrease 10% Increase 15% Increase 20% Increase Holdings as of December 31, 2023 Number of Contracts Held Closing Price Notional Amount Notional Amount Notional Amount Notional Amount Notional Amount Notional Amount Notional Amount CBOT soybean futures MAR24 156 $ 12.9800 $ 10,124,400 $ 9,111,960 $ 8,605,740 $ 8,099,520 $ 11,136,840 $ 11,643,060 $ 12,149,280 CBOT soybean futures MAY24 133 $ 13.0725 $ 8,693,213 $ 7,823,891 $ 7,389,231 $ 6,954,570 $ 9,562,534 $ 9,997,194 $ 10,431,855 CBOT soybean futures NOV24 164 $ 12.4575 $ 10,215,150 $ 9,193,635 $ 8,682,878 $ 8,172,120 $ 11,236,665 $ 11,747,423 $ 12,258,180 Total CBOT Soybean Futures $ 29,032,763 $ 26,129,486 $ 24,677,849 $ 23,226,210 $ 31,936,039 $ 33,387,677 $ 34,839,315 Shares outstanding 1,075,004 1,075,004 1,075,004 1,075,004 1,075,004 1,075,004 1,075,004 Net Asset Value per Share attributable directly to CBOT Soybean Futures $ 27.01 $ 24.31 $ 22.96 $ 21.61 $ 29.71 $ 31.06 $ 32.41 Total Net Asset Value per Share as reported $ 27.03 Change in the Net Asset Value per Share $ (2.70 ) $ (4.05 ) $ (5.40 ) $ 2.70 $ 4.05 $ 5.40 Percent Change in the Net Asset Value per Share -9.99 % -14.99 % -19.98 % 9.99 % 14.99 % 19.98 % CANE: December 31, 2023 as Reported 10% Decrease 15% Decrease 20% Decrease 10% Increase 15% Increase 20% Increase Holdings as of December 31, 2023 Number of Contracts Held Closing Price Notional Amount Notional Amount Notional Amount Notional Amount Notional Amount Notional Amount Notional Amount ICE #11 Sugar Futures MAY24 270 $ 0.2042 $ 6,175,008 $ 5,557,507 $ 5,248,757 $ 4,940,006 $ 6,792,509 $ 7,101,259 $ 7,410,010 ICE #11 Sugar Futures JUL24 233 $ 0.2041 $ 5,326,193 $ 4,793,574 $ 4,527,264 $ 4,260,954 $ 5,858,812 $ 6,125,122 $ 6,391,432 ICE #11 Sugar Futures MAR25 268 $ 0.2071 $ 6,216,314 $ 5,594,683 $ 5,283,867 $ 4,973,051 $ 6,837,945 $ 7,148,761 $ 7,459,577 Total ICE #11 Sugar Futures $ 17,717,515 $ 15,945,764 $ 15,059,888 $ 14,174,011 $ 19,489,266 $ 20,375,142 $ 21,261,019 Shares outstanding 1,425,004 1,425,004 1,425,004 1,425,004 1,425,004 1,425,004 1,425,004 Net Asset Value per Share attributable directly to ICE #11 Sugar Futures $ 12.43 $ 11.19 $ 10.57 $ 9.95 $ 13.68 $ 14.30 $ 14.92 Total Net Asset Value per Share as reported $ 12.44 Change in the Net Asset Value per Share $ (1.24 ) $ (1.86 ) $ (2.49 ) $ 1.24 $ 1.86 $ 2.49 Percent Change in the Net Asset Value per Share -10.00 % -15.00 % -20.00 % 10.00 % 15.00 % 20.00 % WEAT: December 31, 2023 as Reported 10% Decrease 15% Decrease 20% Decrease 10% Increase 15% Increase 20% Increase Holdings as of December 31, 2023 Number of Contracts Held Closing Price Notional Amount Notional Amount Notional Amount Notional Amount Notional Amount Notional Amount Notional Amount CBOT Wheat Futures MAY24 2,018 $ 6.3950 $ 64,525,550 $ 58,072,995 $ 54,846,718 $ 51,620,440 $ 70,978,105 $ 74,204,383 $ 77,430,660 CBOT Wheat Futures JUL24 1,711 $ 6.4575 $ 55,243,913 $ 49,719,521 $ 46,957,326 $ 44,195,130 $ 60,768,304 $ 63,530,499 $ 66,292,695 CBOT Wheat Futures DEC24 1,924 $ 6.6900 $ 64,357,800 $ 57,922,020 $ 54,704,130 $ 51,486,240 $ 70,793,580 $ 74,011,470 $ 77,229,360 Total CBOT Wheat Futures $ 184,127,263 $ 165,714,536 $ 156,508,174 $ 147,301,810 $ 202,539,989 $ 211,746,352 $ 220,952,715 Shares outstanding 30,800,004 30,800,004 30,800,004 30,800,004 30,800,004 30,800,004 30,800,004 Net Asset Value per Share attributable directly to CBOT Wheat Futures $ 5.98 $ 5.38 $ 5.08 $ 4.78 $ 6.58 $ 6.87 $ 7.17 Total Net Asset Value per Share as reported $ 5.98 Change in the Net Asset Value per Share $ (0.60 ) $ (0.90 ) $ (1.20 ) $ 0.60 $ 0.90 $ 1.20 Percent Change in the Net Asset Value per Share -10.00 % -15.00 % -19.99 % 10.00 % 15.00 % 19.99 % TAGS: December 31, 2023 as Reported 10% Decrease 15% Decrease 20% Decrease 10% Increase 15% Increase 20% Increase Holdings as of December 31, 2023 Number of Shares Held Closing NAV Fair Value Fair Value Fair Value Fair Value Fair Value Fair Value Fair Value Teucrium Corn Fund 211,348 $ 21.61 $ 4,567,949 $ 4,111,154 $ 3,882,757 $ 3,654,359 $ 5,024,744 $ 5,253,141 $ 5,481,539 Teucrium Soybean Fund 168,219 $ 27.03 $ 4,546,758 $ 4,092,082 $ 3,864,744 $ 3,637,406 $ 5,001,434 $ 5,228,772 $ 5,456,110 Teucrium Sugar Fund 371,871 $ 12.44 $ 4,624,253 $ 4,161,828 $ 3,930,615 $ 3,699,402 $ 5,086,678 $ 5,317,891 $ 5,549,104 Teucrium Wheat Fund 779,782 $ 5.98 $ 4,662,940 $ 4,196,646 $ 3,963,499 $ 3,730,352 $ 5,129,234 $ 5,362,381 $ 5,595,528 Total value of shares of the Underlying Funds $ 18,401,900 $ 16,561,710 $ 15,641,615 $ 14,721,519 $ 20,242,090 $ 21,162,185 $ 22,082,281 Shares outstanding 625,002 625,002 625,002 625,002 625,002 625,002 625,002 Net Asset Value per Share attributable directly to shares of the Underlying Funds $ 29.44 $ 26.50 $ 25.03 $ 23.55 $ 32.39 $ 33.86 $ 35.33 Total Net Asset Value per Share as reported $ 29.45 Change in the Net Asset Value per Share $ (2.94 ) $ (4.42 ) $ (5.89 ) $ 2.94 $ 4.42 $ 5.89 Percent Change in the Net Asset Value per Share -10.00 % -14.99 % -19.99 % 10.00 % 14.99 % 19.99 % DEFI: December 31, 2023 as Reported 10% Decrease 15% Decrease 20% Decrease 10% Increase 15% Increase 20% Increase Holdings as of December 31, 2023 Number of Contracts Held Closing Price Notional Amount Notional Amount Notional Amount Notional Amount Notional Amount Notional Amount Notional Amount CME Bitcoin Futures JAN24 6 $ 424.8500 $ 1,274,550 $ 1,147,095 $ 1,083,368 $ 1,019,640 $ 1,402,005 $ 1,465,733 $ 1,529,460 CME Bitcoin Futures FEB24 6 $ 429.5000 $ 1,288,500 $ 1,159,650 $ 1,095,225 $ 1,030,800 $ 1,417,350 $ 1,481,775 $ 1,546,200 Total CME Bitcoin Futures $ 2,563,050 $ 2,306,745 $ 2,178,593 $ 2,050,440 $ 2,819,355 $ 2,947,508 $ 3,075,660 Shares outstanding 50,000 50,000 50,000 50,000 50,000 50,000 50,000 Net Asset Value per Share attributable directly to CME Bitcoin Futures $ 51.26 $ 46.13 $ 43.57 $ 41.01 $ 56.39 $ 58.95 $ 61.51 Total Net Asset Value per Share as reported $ 50.74 Change in the Net Asset Value per Share $ (5.13 ) $ (7.69 ) $ (10.25 ) $ 5.13 $ 7.69 $ 10.25 Percent Change in the Net Asset Value per Share -10.10 % -15.15 % -20.21 % 10.10 % 15.15 % 20.21 % Qualitative Risk Analysis Margin is the minimum amount of funds that must be deposited by a commodity or cryptocurrency interest trader with the trader’s broker to initiate and maintain an open position in futures contracts.
Biggest changeQuantitative Risk Analysis CORN: December 31, 2024 as Reported 10% Decrease 15% Decrease 20% Decrease 10% Increase 15% Increase 20% Increase Holdings as of December 31, 2024 Number of Contracts Held Closing Price Notional Amount Notional Amount Notional Amount Notional Amount Notional Amount Notional Amount Notional Amount CBOT Corn Futures MAY25 974 $ 4.6575 $ 22,682,025 $ 20,413,823 $ 19,279,721 $ 18,145,620 $ 24,950,228 $ 26,084,329 $ 27,218,430 CBOT Corn Futures JUL25 829 $ 4.6875 $ 19,429,688 $ 17,486,719 $ 16,515,234 $ 15,543,750 $ 21,372,656 $ 22,344,141 $ 23,315,625 CBOT Corn Futures DEC25 1,019 $ 4.4375 $ 22,609,063 $ 20,348,156 $ 19,217,703 $ 18,087,250 $ 24,869,969 $ 26,000,422 $ 27,130,875 Total CBOT Corn Futures $ 64,720,776 $ 58,248,698 $ 55,012,658 $ 51,776,620 $ 71,192,853 $ 74,428,892 $ 77,664,930 Shares outstanding 3,450,004 3,450,004 3,450,004 3,450,004 3,450,004 3,450,004 3,450,004 Net Asset Value per Share attributable directly to CBOT Corn Futures $ 18.76 $ 16.88 $ 15.95 $ 15.01 $ 20.64 $ 21.57 $ 22.51 Total Net Asset Value per Share as reported $ 18.76 Change in the Net Asset Value per Share $ (1.88 ) $ (2.81 ) $ (3.75 ) $ 1.88 $ 2.81 $ 3.75 Percent Change in the Net Asset Value per Share -10.00 % -15.00 % -20.00 % 10.00 % 15.00 % 20.00 % 76 Table of Contents SOYB: December 31, 2024 as Reported 10% Decrease 15% Decrease 20% Decrease 10% Increase 15% Increase 20% Increase Holdings as of December 31, 2024 Number of Contracts Held Closing Price Notional Amount Notional Amount Notional Amount Notional Amount Notional Amount Notional Amount Notional Amount CBOT soybean futures MAR25 175 $ 10.1050 $ 8,841,875 $ 7,957,688 $ 7,515,594 $ 7,073,500 $ 9,726,063 $ 10,168,156 $ 10,610,250 CBOT soybean futures MAY25 148 $ 10.2225 $ 7,564,650 $ 6,808,185 $ 6,429,953 $ 6,051,720 $ 8,321,115 $ 8,699,348 $ 9,077,580 CBOT soybean futures NOV25 172 $ 10.2525 $ 8,817,150 $ 7,935,435 $ 7,494,578 $ 7,053,720 $ 9,698,865 $ 10,139,723 $ 10,580,580 Total CBOT Soybean Futures $ 25,223,675 $ 22,701,308 $ 21,440,125 $ 20,178,940 $ 27,746,043 $ 29,007,227 $ 30,268,410 Shares outstanding 1,175,004 1,175,004 1,175,004 1,175,004 1,175,004 1,175,004 1,175,004 Net Asset Value per Share attributable directly to CBOT Soybean Futures $ 21.47 $ 19.32 $ 18.25 $ 17.17 $ 23.61 $ 24.69 $ 25.76 Total Net Asset Value per Share as reported $ 21.47 Change in the Net Asset Value per Share $ (2.15 ) $ (3.22 ) $ (4.29 ) $ 2.15 $ 3.22 $ 4.29 Percent Change in the Net Asset Value per Share -10.00 % -15.00 % -20.00 % 10.00 % 15.00 % 20.00 % CANE: December 31, 2024 as Reported 10% Decrease 15% Decrease 20% Decrease 10% Increase 15% Increase 20% Increase Holdings as of December 31, 2024 Number of Contracts Held Closing Price Notional Amount Notional Amount Notional Amount Notional Amount Notional Amount Notional Amount Notional Amount ICE #11 Sugar Futures MAY25 219 $ 0.1785 $ 4,378,248 $ 3,940,423 $ 3,721,511 $ 3,502,598 $ 4,816,073 $ 5,034,985 $ 5,253,898 ICE #11 Sugar Futures JUL25 192 $ 0.1750 $ 3,763,200 $ 3,386,880 $ 3,198,720 $ 3,010,560 $ 4,139,520 $ 4,327,680 $ 4,515,840 ICE #11 Sugar Futures MAR26 222 $ 0.1770 $ 4,400,928 $ 3,960,835 $ 3,740,789 $ 3,520,742 $ 4,841,021 $ 5,061,067 $ 5,281,114 Total ICE #11 Sugar Futures $ 12,542,376 $ 11,288,138 $ 10,661,020 $ 10,033,900 $ 13,796,614 $ 14,423,732 $ 15,050,852 Shares outstanding 1,100,004 1,100,004 1,100,004 1,100,004 1,100,004 1,100,004 1,100,004 Net Asset Value per Share attributable directly to ICE #11 Sugar Futures $ 11.40 $ 10.26 $ 9.69 $ 9.12 $ 12.54 $ 13.11 $ 13.68 Total Net Asset Value per Share as reported $ 11.41 Change in the Net Asset Value per Share $ (1.14 ) $ (1.71 ) $ (2.28 ) $ 1.14 $ 1.71 $ 2.28 Percent Change in the Net Asset Value per Share -10.00 % -14.99 % -19.99 % 10.00 % 14.99 % 19.99 % WEAT: December 31, 2024 as Reported 10% Decrease 15% Decrease 20% Decrease 10% Increase 15% Increase 20% Increase Holdings as of December 31, 2024 Number of Contracts Held Closing Price Notional Amount Notional Amount Notional Amount Notional Amount Notional Amount Notional Amount Notional Amount CBOT Wheat Futures MAY25 1,518 $ 5.6250 $ 42,693,750 $ 38,424,375 $ 36,289,688 $ 34,155,000 $ 46,963,125 $ 49,097,813 $ 51,232,500 CBOT Wheat Futures JUL25 1,286 $ 5.6950 $ 36,618,850 $ 32,956,965 $ 31,126,023 $ 29,295,080 $ 40,280,735 $ 42,111,678 $ 43,942,620 CBOT Wheat Futures DEC25 1,430 $ 5.9850 $ 42,792,750 $ 38,513,475 $ 36,373,838 $ 34,234,200 $ 47,072,025 $ 49,211,663 $ 51,351,300 Total CBOT Wheat Futures $ 122,105,350 $ 109,894,815 $ 103,789,549 $ 97,684,280 $ 134,315,885 $ 140,421,154 $ 146,526,420 Shares outstanding 25,300,004 25,300,004 25,300,004 25,300,004 25,300,004 25,300,004 25,300,004 Net Asset Value per Share attributable directly to CBOT Wheat Futures $ 4.83 $ 4.34 $ 4.10 $ 3.86 $ 5.31 $ 5.55 $ 5.79 Total Net Asset Value per Share as reported $ 4.83 Change in the Net Asset Value per Share $ (0.48 ) $ (0.72 ) $ (0.97 ) $ 0.48 $ 0.72 $ 0.97 Percent Change in the Net Asset Value per Share -10.00 % -15.00 % -19.99 % 10.00 % 15.00 % 19.99 % TAGS: December 31, 2024 as Reported 10% Decrease 15% Decrease 20% Decrease 10% Increase 15% Increase 20% Increase Holdings as of December 31, 2024 Number of Shares Held Closing NAV Fair Value Fair Value Fair Value Fair Value Fair Value Fair Value Fair Value Teucrium Corn Fund 138,311 $ 18.76 $ 2,594,798 $ 2,335,318 $ 2,205,578 $ 2,075,838 $ 2,854,278 $ 2,984,018 $ 3,113,758 Teucrium Soybean Fund 122,016 $ 21.47 $ 2,619,232 $ 2,357,309 $ 2,226,347 $ 2,095,386 $ 2,881,155 $ 3,012,117 $ 3,143,078 Teucrium Sugar Fund 220,370 $ 11.41 $ 2,513,606 $ 2,262,245 $ 2,136,565 $ 2,010,885 $ 2,764,967 $ 2,890,647 $ 3,016,327 Teucrium Wheat Fund 542,032 $ 4.83 $ 2,616,822 $ 2,355,140 $ 2,224,299 $ 2,093,458 $ 2,878,504 $ 3,009,345 $ 3,140,186 Total value of Shares of the Underlying Funds $ 10,344,458 $ 9,310,012 $ 8,792,789 $ 8,275,567 $ 11,378,904 $ 11,896,127 $ 12,413,349 Shares outstanding 412,502 412,502 412,502 412,502 412,502 412,502 412,502 Net Asset Value per Share attributable directly to Shares of the Underlying Funds $ 25.08 $ 22.57 $ 21.32 $ 20.06 $ 27.59 $ 28.84 $ 30.09 Total Net Asset Value per Share as reported $ 25.10 Change in the Net Asset Value per Share $ (2.51 ) $ (3.76 ) $ (5.02 ) $ 2.51 $ 3.76 $ 5.02 Percent Change in the Net Asset Value per Share -9.99 % -14.99 % -19.98 % 9.99 % 14.99 % 19.98 % Qualitative Risk Analysis Margin is the minimum amount of funds that must be deposited by a commodity interest trader with the trader’s broker to initiate and maintain an open position in futures contracts.
Over the counter trading generally involves the extension of credit between counterparties, so the counterparties may agree to require the posting of collateral by one or both parties to address credit exposure. 108 Table of Contents When a trader purchases an option, there is no margin requirement; however, the option premium must be paid in full.
Over-the-counter trading generally involves the extension of credit between counterparties, so the counterparties may agree to require the posting of collateral by one or both parties to address credit exposure. 77 Table of Contents When a trader purchases an option, there is no margin requirement; however, the option premium must be paid in full.
Trading in Commodity or Cryptocurrency Interests such as Futures Contracts will involve the Funds entering into contractual commitments to purchase or sell specific amounts of commodities or cryptocurrencies at a specified date in the future.
Trading in Commodity Interests such as Futures Contracts will involve the Funds entering into contractual commitments to purchase or sell specific amounts of commodities at a specified date in the future.
The market risk associated with the commitment by the Funds to purchase a specific commodity will be limited to the aggregate face amount of the contacts held. The exposure of the Funds to market risk will depend primarily on the market price of the specific commodities or cryptocurrency held by the Fund.
The market risk associated with the commitment by the Funds to purchase a specific commodity will be limited to the aggregate face amount of the contacts held. The exposure of the Funds to market risk will depend primarily on the market price of the specific commodities held by the Fund.
Brokerage firms, such as the Funds’ clearing brokers, carrying accounts for traders in commodity or cryptocurrency interest contracts generally require higher amounts of margin as a matter of policy to further protect themselves.
Brokerage firms, such as the Funds’ clearing brokers, carrying accounts for traders in commodity interest contracts generally require higher amounts of margin as a matter of policy to further protect themselves.
The tables below present a quantitative analysis of hypothetical impact of price decreases and increases in each of the commodity or cryptocurrency futures contracts held by each of the Funds, or the Underlying Funds in the case of TAGS, on the actual holdings and NAV per share as of December 31, 2022.
The tables below present a quantitative analysis of hypothetical impact of price decreases and increases in each of the commodity futures contracts held by each of the Funds, or the Underlying Funds in the case of TAGS, on the actual holdings and NAV per share as of December 31, 2024.
The market price of the commodities or cryptocurrency depends in part on the volatility of interest rates and foreign exchange rates and the liquidity of the commodity or cryptocurrency specific markets.
The market price of the commodities depends in part on the volatility of interest rates and foreign exchange rates and the liquidity of the commodity specific markets.
The Funds, other than TAGS and DEFI, will generally retain cash positions of approximately 95% of total net assets; this balance represents the total net assets less the initial margin requirements held by the FCM. DEFI will generally retain cash positions of approximately 70% of total net assets.
The Funds, other than TAGS, will generally retain cash positions of approximately 95% of total net assets; this balance represents the total net assets less the initial margin requirements held by the FCM.

Other CORN 10-K year-over-year comparisons