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What changed in Teucrium Commodity Trust's 10-K — 2022 vs 2023

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Paragraph-level year-over-year comparison of Teucrium Commodity Trust's 2022 and 2023 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 2023 report.

+282 added−272 removedSource: 10-K (2024-02-29) vs 10-K (2023-03-01)

Top changes in Teucrium Commodity Trust's 2023 10-K

282 paragraphs added · 272 removed · 250 edited across 6 sections

Item 1. Business

Business — how the company describes what it does

75 edited+7 added−9 removed448 unchanged
Biggest changeThe Sponsor Teucrium Trading, LLC is the sponsor of the Trust and each of the series of the Trust. The Sponsor is a Delaware limited liability company, formed on July 28, 2009. The principal office is located at Three Main Street, Suite 215, Burlington, Vermont 05401.
Biggest changeThe Sponsor is a Delaware limited liability company, formed on July 28, 2009. The principal office is located at Three Main Street, Suite 215, Burlington, Vermont 05401. The Sponsor is registered as a commodity pool operator (“CPO”) and a commodity trading adviser (“CTA”) with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures Association (“NFA”).
However, by way of example, the Funds may change the term structure or underlying components of the Benchmark in furtherance of the 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 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.
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.
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 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.
No person other than the Sponsor and its principals was involved in the organization of the Trust or the Fund. Teucrium Trading, LLC designed the Funds to offer liquidity, transparency, and capacity in single‐commodity investing for a variety of investors, including institutions and individuals, in an exchange‐traded product format.
No person other than the Sponsor and its principals was involved in the organization of the Trust or the Funds. Teucrium Trading, LLC designed the Funds to offer liquidity, transparency, and capacity in single‐commodity investing for a variety of investors, including institutions and individuals, in an exchange‐traded product format.
Since the first draft of what became the Dodd-Frank Act, supporters and opponents have debated the scope of the legislation. As the Administrations of the U.S. change, the interpretation and implementation will change along with them. Nevertheless, regulatory reform of any kind may have a significant impact on U.S. regulated entities.
Since the first draft of what became the Dodd-Frank Act, supporters and opponents have debated the scope of the legislation. As the Administrations of the U.S. change, the interpretation and implementation will change along with them. Regulatory reform of any kind may have a significant impact on U.S. regulated entities.
The Sponsor anticipates that the interest income will increase the NAV of each Fund. The Funds apply the interest income to the acquisition of additional investments or use it to pay its expenses. If the Fund reinvests the earned interest income, it makes investments that are consistent with its investment objectives as disclosed.
The Sponsor anticipates that the interest income will increase the NAV of each Fund. The Funds apply the interest income to the acquisition of additional investments or use it to pay their expenses. If the Fund reinvests the earned interest income, it makes investments that are consistent with its investment objectives as disclosed.
The outlook provided herein is from the January 12, 2023 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 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.
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 1960/1961-2022/2023 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 1960/1961-2023/2024 period, so has production, driven by increases in acres planted and yield per acre.
Given all of the above factors, the Sponsor has no ability to discern when current high levels of volatility will subside. 14 Table of Contents 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. 14 Table of Contents 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.
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.
Foreside Fund Services, LLC, Distributor Subject to a maximum of $625,812 for the Trust for the two-year period of May 1, 2021 to May 1, 2023 (the “two year offering period”), the Distributor receives: 0.01% of the Fund’s average daily net assets, and an aggregate annual fee of $100,000 for all Teucrium Funds.
Foreside Fund Services, LLC, Distributor Subject to a maximum of $625,812 for the Trust for the two-year period of May 1, 2021 to May 1, 2023 and the two-year period of May 1, 2023 to May 1, 2025 (each, a “two year offering period”), the Distributor receives: 0.01% of the Fund’s average daily net assets, and an aggregate annual fee of $100,000 for all Teucrium Funds.
Kahler was approved as an Associated Person of Cargill Commodity Services Inc., a commodity trading affiliate of Cargill Inc. from September 13, 2006 to November 9, 2011. Mr. Kahler graduated from the University of Minnesota with a Bachelors of Agricultural Business Administration and is 55 years old. Messrs. Gilbertie, Riker, Kahler and Ms.
Kahler was approved as an Associated Person of Cargill Commodity Services Inc., a commodity trading affiliate of Cargill Inc. from September 13, 2006 to November 9, 2011. Mr. Kahler graduated from the University of Minnesota with a Bachelors of Agricultural Business Administration and is 56 years old. Messrs. Gilbertie, Riker, Kahler and Ms.
As of December 31, 2022, available cash balances in each of the Funds were invested in the First American Government Obligations Fund - Class X, in the Goldman Sachs Financial Square Government Fund – Institutional Class, in demand deposits at Capital One, and in commercial paper with maturities of ninety days or less.
As of December 31, 2023, available cash balances in each of the Funds were invested in the First American Government Obligations Fund - Class X, in the Goldman Sachs Financial Square Government Fund – Institutional Class, in demand deposits at Capital One, and in commercial paper with maturities of ninety days or less.
Gilbertie served as principal and managed the day to day activities of the business and the portfolio of both companies. Mr. Gilbertie is 62 years old. 22 Table of Contents Cory Mullen-Rusin has been the Chief Financial Officer, Chief Accounting Officer and Chief Compliance Officer of the Sponsor since September 17, 2018 and Ms.
Gilbertie served as principal and managed the day to day activities of the business and the portfolio of both companies. Mr. Gilbertie is 63 years old. 22 Table of Contents Cory Mullen-Rusin has been the Chief Financial Officer, Chief Accounting Officer and Chief Compliance Officer of the Sponsor since September 17, 2018 and Ms.
For each of the contractual agreements discussed above, the expense recognized in 2022 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 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.
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, 2023 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 12, 2024 USDA report.
In 2017, she earned a Master of Business Administration from Nichols College. Ms. Mullen-Rusin is 35 years old. Steve Kahler , Chief Operating Officer, began working for the Sponsor in November 2011 as Managing Director in the trading division.
In 2017, she earned a Master of Business Administration from Nichols College. Ms. Mullen-Rusin is 36 years old. Steve Kahler , Chief Operating Officer, began working for the Sponsor in November 2011 as Managing Director in the trading division.
The Sponsor also makes available, free of charge, on the website for each Fund, the Disclosure Document and the annual reports on From 10-K for the Trust, filed pursuant to Rule 4.12(c )(2) under the Commodity Exchange Act.
The Sponsor also makes available, free of charge, on the website for each Fund, the Disclosure Document and the annual reports on Form 10-K for the Trust, filed pursuant to Rule 4.12(c)(2) under the Commodity Exchange Act.
For the two year offering period, 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 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.
The Benchmark is a weighted average of the closing settlement prices for three futures contracts for soybeans (“Soybean Futures Contracts”) that are traded on the Chicago Board of Trade (“CBOT”): SOYB Benchmark CBOT Soybeans Futures Contract Weighting Second to expire (excluding August & September) 35% Third to expire (excluding August & September) 30% Expiring in the November following the expiration of the third to expire contract 35% 6 Table of Contents The investment objective of CANE is to have the daily changes in the NAV of the Fund’s Shares reflect the daily changes in the sugar market for future delivery as measured by the Benchmark.
The Benchmark is a weighted average of the closing settlement prices for three futures contracts for soybeans (“Soybean Futures Contracts”) that are traded on the CBOT: SOYB Benchmark CBOT Soybeans Futures Contract Weighting Second to expire (excluding August & September) 35% Third to expire (excluding August & September) 30% Expiring in the November following the expiration of the third to expire contract 35% 6 Table of Contents The investment objective of CANE is to have the daily changes in the NAV of the Fund’s Shares reflect the daily changes in the sugar market for future delivery as measured by the Benchmark.
Each Fund reports all activity related to EFRP transactions under the procedures and guidelines of the CFTC and the exchanges on which the futures are traded. 10 Table of Contents The Funds seek to earn interest and other income (“interest income”) from cash equivalents that it purchases and, on the cash it holds through the Custodian or other financial institutions.
Each Fund reports all activity related to EFRP transactions under the procedures and guidelines of the CFTC and the exchanges on which the futures are traded. 10 Table of Contents The Funds seek to earn interest and other income (“interest income”) from cash equivalents that it purchases and, on the cash they hold through the Custodian or other financial institutions.
The Sponsor is required to oversee the purchase and sale of Shares by Authorized Purchasers and to manage the Fund’s investments, including to evaluate the credit risk of FCMs and swap counterparties and to review daily positions and margin/collateral requirements.
The Sponsor is required to oversee the purchase and sale of Shares by Authorized Purchasers and to manage the Funds' investments, including to evaluate the credit risk of FCMs and swap counterparties and to review daily positions and margin/collateral requirements.
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, 2022, 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, 2023, Benchmark Component Futures Contracts weights for each of the Funds.
Additionally, if the monthly commissions paid by each Fund does not equal or exceed 20% return on the StoneX Capital Requirement at 9.6% of the Exchange Maintenance Margin, each Fund will pay a true up to meet that return at the end of each month. These expenses are recognized on a per-trade basis.
Additionally, if the monthly commissions paid by each Fund does not equal or exceed 16.5% return on the StoneX Capital Requirement at 9.6% of the Exchange Maintenance Margin, each Fund will pay a true up to meet that return at the end of each month. These expenses are recognized on a per-trade basis.
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.
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.
The exhibit below provides a summary of historical and current information for United States soybean production. The Sugar Market Sugarcane accounts for nearly 80% of the world’s sugar production, while sugar beets account for the remainder of the world’s sugar production.
The exhibit below provides a summary of historical and current information for United States soybean production. The Sugar Market Sugarcane accounts for nearly 79% of the world’s sugar production, while sugar beets account for the remainder of the world’s sugar production.
For the two year offering period, the Distributor also receives expense reimbursements for sales and advertising review fees subject to a maximum of $6,000 per fund. Under the Securities Activities and Service Agreement (the “SASA”), the Distributor receives compensation from the fund for its activities on behalf of all the Teucrium Funds.
For the two year offering periods, the Distributor also receives expense reimbursements for sales and advertising review fees subject to a maximum of $6,000 per fund. Under the Securities Activities and Service Agreement (the “SASA”), the Distributor receives compensation from each fund for its activities on behalf of all the Teucrium 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 or cryptocurrency specified in the Underlying 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.
(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").
Additionally, if the monthly commissions paid do not equal or exceed 20% return on the StoneX Capital Requirement at 9.6% of Exchange Maintenance Margin, the Fund will pay a true up to meet that return at the end of each month.
Additionally, if the monthly commissions paid do not equal or exceed 16.5% return on the StoneX Capital Requirement at 9.6% of Exchange Maintenance Margin, the Fund will pay a true up to meet that return at the end of each month.
The Sponsor has the power to enter into agreements as may be necessary or appropriate for the offer and sale of the Fund’s Shares and the oversight of the Trust’s activities.
The Sponsor has the power to enter into agreements as may be necessary or appropriate for the offer and sale of the Funds' Shares and the oversight of the Trust’s activities.
The Funds would file a current report on Form 8-K and a prospectus supplement to describe any such change and the effective date of the change.
The Fund would file a current report on Form 8-K and a prospectus supplement to describe any such change and the effective date of the change.
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 277 MMT is approximately 7% 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 289 MMT is approximately 6% less than its domestic usage.
According to the USDA, global corn consumption has increased 598% from crop year 1960/1961 to 2022/2023 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 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.
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 Fund, and any series of the Trust that may from time to time be established and designated by the Sponsor.
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.
In particular, the principals could have a conflict between his responsibilities to the Fund on the one hand and to those other entities on the other.
In particular, the principals could have a conflict between their responsibilities to the Fund on the one hand and to those other entities on the other.
The graph below shows the USDA published price per bushel by month for the period January 2007 to November 2022. 13 Table of Contents On January 12, 2023, the USDA released its monthly World Agricultural Supply and Demand Estimates (WASDE) for the Crop Year 2022-23.
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 2022. 15 Table of Contents On January 12, 2023, the USDA released its monthly World Agricultural Supply and Demand Estimates (WASDE) for the Crop Year 2022-23.
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 2022. 18 Table of Contents On January 12, 2023, the USDA released its monthly World Agricultural Supply and Demand Estimates (WASDE) for the Crop Year 2022-23.
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.
Investing Strategy Overview The investment objective of the Agriculture Funds and DEFI is to have the daily changes in the NAV of the 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.
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.
Bank N.A. is a Wisconsin state-chartered bank subject to regulation by the Board of Governors of the Federal Reserve System and the Wisconsin State Banking Department. The principal address for Global Fund Services is 615 E. Michigan Street, Milwaukee, WI 53202. The Distributor The Fund employs Foreside Fund Services, LLC as the Distributor for the Fund.
Bank N.A. is a Wisconsin state-chartered bank subject to regulation by the Board of Governors of the Federal Reserve System and the Wisconsin State Banking Department. The principal address for Global Fund Services is 615 E. Michigan Street, Milwaukee, WI 53202.
Securities and Exchange Commission (“SEC”) and a member of FINRA. The Trustee The sole Trustee of the Trust is Wilmington Trust Company, a Delaware banking corporation. The Trustee’s principal offices are located at 1100 North Market Street, Wilmington, Delaware 19890-0001. The Trustee is unaffiliated with the Sponsor.
The Distributor is a broker-dealer registered with the U.S. Securities and Exchange Commission (“SEC”) and a member of FINRA. The Trustee The sole Trustee of the Trust is Wilmington Trust Company, a Delaware banking corporation. The Trustee’s principal offices are located at 1100 North Market Street, Wilmington, Delaware 19890-0001. The Trustee is unaffiliated with the Sponsor.
The Trust and the Fund operate pursuant to the Trust’s Fifth Amended and Restated Declaration of Trust and Trust Agreement (the “Trust Agreement”), dated April 26, 2019. The Trust Agreement may be found on the SEC’s EDGAR filing database at: https://www.sec.gov/Archives/edgar/data/1471824/000165495419004852/ex31.htm .
The Trust and the Fund operate pursuant to the Trust’s Fifth Amended and Restated Declaration of Trust and Trust Agreement (the “Trust Agreement”), dated April 26, 2019. The Trust Agreement may be found on the SEC’s EDGAR filing database at: https://www.sec.gov/Archives/edgar/data/1471824/000165495419004852/ex31.htm. The Sponsor Teucrium Trading, LLC is the sponsor of the Trust and each of the series of the Trust.
The United States Department of Agriculture (“USDA”) estimates that for 2022-23, 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 47% of that being exported.
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.
For the period ended December 31, such expenses, which are primarily included as distribution and marketing fees, totaled $2,721,842 in 2022, $2,321,539 in 2021, and $2,279,672 in 2020; of these amounts, $518,599 in 2022, $1,052,715 in 2021, and $775,432 in 2020 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 $2,656,282 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.
The outlook provided below is from the January 12, 2023 USDA report.
The outlook provided below is from the January 12, 2024 USDA report.
For the Crop Year 2022-23, the United States Department of Agriculture (“USDA”) estimates that the U.S. will produce approximately 30% of all the corn globally, of which about 14% will be exported.
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 2022-23, based on the January 12, 2023 USDA report, global consumption of 790 MMT is estimated to be slightly higher than production of 781 MMT. If the global demand of 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 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 2022-23, based on the January 12, 2023 USDA reports, global consumption of 1,165 Million Metric Tons (MMT) is expected to be slightly higher than global production of 1,156 MMT. If the global demand for corn is not equal to global supply, this may have an impact on the price of corn.
For 2023-24, based on the January 12, 2023 USDA reports, global consumption of 1,211 Million Metric Tons (MMT) is expected to be slightly lower than global production of 1,236 MMT. If the global demand for corn is not equal to global supply, this may have an impact on the price of corn.
For 2022-23, based on the January 12, 2023 USDA report, global consumption of 379 MMT is estimated slightly lower than global production of 388 MMT. If the global demand for soybeans is not equal to global supply, this may have an impact on the price of soybeans.
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.
Marex Capital Markets, Inc., Futures Commission Merchant and Clearing Broker $4.50 per half-turn Futures Contract purchase or sale for corn, soybeans, wheat and sugar. Phillip Capital Inc., Futures Commission Merchant and Clearing Broker DEFI pays $35.00-$45.00 per Futures Contract half-turn exclusive of pass through fees for the exchange, NFA, execution fees, and platform and exchange data fees.
Marex Capital Markets, Inc., Futures Commission Merchant and Clearing Broker The Agricultural Funds pay $4.50 per Futures Contract half-turn for the purchase or sale for corn, soybeans, wheat and sugar exclusive of pass through fees for the exchange, NFA, execution fees, and platform and exchange data fees..
As of December 31, 2022, and February 28, 2023, these minimum levels are as follows: Minimum Level Minimum Level Shares Outstanding Shares Outstanding of Shares of Baskets December 31, 2022 February 28, 2023 Teucrium Corn Fund 50,000 2 5,675,004 5,050,004 Teucrium Soybean Fund 50,000 2 2,050,004 1,575,004 Teucrium Sugar Fund 50,000 2 2,550,004 2,425,004 Teucrium Wheat Fund 50,000 2 28,675,004 25,525,004 Teucrium Agricultural Fund 50,000 4 1,262,502 1,175,002 Hashdex Bitcoin Futures ETF 50,000 5 50,004 50,004 If a Fund has not more than the minimum number of shares outstanding, this means that there can be no redemptions of shares until there is a creation of shares or unless the Sponsor has reason to believe that the placer of the redemption order does in fact possess all the outstanding Shares in the Fund and can deliver them.
As of December 31, 2023, and February 28, 2024, these minimum levels are as follows: Minimum Level Minimum Level Shares Outstanding Shares Outstanding of Shares of Baskets December 31, 2023 February 28, 2024 Teucrium Corn Fund 50,000 2 3,750,004 3,400,004 Teucrium Soybean Fund 50,000 2 1,075,004 1,075,004 Teucrium Sugar Fund 50,000 2 1,425,004 1,225,004 Teucrium Wheat Fund 50,000 2 30,800,004 29,250,004 Teucrium Agricultural Fund 50,000 4 625,002 600,002 Hashdex Bitcoin Futures ETF 50,000 5 50,000 360,000 If a Fund has not more than the minimum number of shares outstanding, this means that there can be no redemptions of shares until there is a creation of shares or unless the Sponsor has reason to believe that the placer of the redemption order does in fact possess all the outstanding Shares in the Fund and can deliver them.
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 Chicago Board of Trade (“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 four other commodity pools, specifically CORN, SOYB, CANE and WEAT (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.
The United States Department of Agriculture (“USDA”) has estimated that, for the Crop Year 2022-23, the United States will produce approximately 116 MMT of soybeans or approximately 30% of estimated world production, with Brazil production at 153 MMT. Argentina is projected to produce about 46 MMT.
The United States Department of Agriculture (“USDA”) has estimated that, for the Crop Year 2023-24, the United States will produce approximately 113 MMT of soybeans or approximately 28% of estimated world production, with Brazil production at 157 MMT. Argentina is projected to produce about 50 MMT.
Litigation Disclosure for StoneX Below is a list of material, administrative, civil, enforcement, or criminal complaints or actions filed against StoneX that are outstanding, and any enforcement actions or complaints filed against StoneX in the past five years which meet the materiality thresholds in CTFC regulations 4.24.(l) and 4.34(k). ● On November 14, 2017, StoneX, without admission, denial, or liability, entered into a settlement with the Commodity Futures Trading Commission (“CFTC”).
Litigation Disclosure for StoneX Below is a list of material, administrative, civil, enforcement, or criminal complaints or actions filed against StoneX that are outstanding, and any enforcement actions or complaints filed against StoneX in the past five years which meet the materiality thresholds in CTFC regulations 4.24.(l) and 4.34(k).
Teucrium Investment Advisors, LLC is a U.S. SEC registered investment advisor. Teucrium Investment Advisors, LLC was registered with the CFTC as a CPO on May 2, 2022, a CTA on May 2, 2022, and a Swap Firm on May 9, 2022. Teucrium Investment Advisors, LLC became a member of the NFA on May 9, 2022.
Teucrium Investment Advisors, LLC was registered with the CFTC as a CPO on May 2, 2022, a CTA on May 2, 2022, and a Swap Firm on May 9, 2022. Teucrium Investment Advisors, LLC became a member of the NFA on May 9, 2022. The Trust and the Funds operate pursuant to the Trust Agreement.
WEIGHT (%) CME Bitcoin futures JAN23 6 $ 496,050 46 % CME Bitcoin futures FEB23 7 $ 575,575 54 % TOTAL $ 1,071,625 100.00 % 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.
WEIGHT (%) 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.
StoneX is subject to litigation and regulatory enforcement in the normal course of business. Except as discussed above, the current or pending civil litigation, administrative proceedings, or enforcement actions in which the firm is involved are not expected to have a material effect upon its condition, financial or otherwise.
Except as discussed above, the current or pending civil litigation, administrative proceedings, or enforcement actions in which the firm is involved are not expected to have a material effect upon its condition, financial or otherwise. The firm vigorously defends, as a matter of policy, civil litigation, reparation, arbitration proceedings, and enforcement actions brought against it. U.S.
Instead, it simply executed and cleared trades placed by Optionsellers on behalf of Optionsellers’ customers. Optionsellers is a CFTC registered CTA operating under a CFTC Rule 4.7 exemption from registration. Optionsellers engaged in a strategy that primarily involved selling options on futures products. The arbitrations between StoneX, Optionsellers, and the Optionsellers customers are currently ongoing.
Optionsellers is a CFTC registered CTA operating under a CFTC Rule 4.7 exemption from registration. Optionsellers engaged in a strategy that primarily involved selling options on futures products. The arbitrations between StoneX, Optionsellers, and the Optionsellers customers are currently ongoing. StoneX is subject to litigation and regulatory enforcement in the normal course of business.
After this significant and historic natural gas market movement, the accounts declined below required maintenance margin levels. StoneX’s role in managing the accounts was limited. As a clearing firm, StoneX did not provide any investment advice, trading advice, or recommendations to customers of Optionsellers who chose to clear with StoneX.
StoneX’s role in managing the accounts was limited. As a clearing firm, StoneX did not provide any investment advice, trading advice, or recommendations to customers of Optionsellers who chose to clear with StoneX. Instead, it simply executed and cleared trades placed by Optionsellers on behalf of Optionsellers’ customers.
The firm vigorously defends, as a matter of policy, civil litigation, reparation, arbitration proceedings, and enforcement actions brought against it. U.S. Bank N.A. is the broker for some, but not all, of the equity transactions related to the purchase and sale of the Underlying Funds for TAGS.
Bank N.A. is the broker for some, but not all, of the equity transactions related to the purchase and sale of the Underlying Funds for TAGS.
Sugar 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.
Consumption is expected to rise due to growth in markets including India and Pakistan. Stocks are forecast lower to help meet domestic demand and higher exports from markets including Brazil and Thailand. Sugar 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.
StoneX soon thereafter initiated NFA arbitrations, seeking to collect these debits, and has also been countersued and sued in a number of these arbitrations. These accounts were managed by Optionsellers.com, (“Optionsellers”) who is a Commodity Trading Advisor (“CTA”) authorized by investors to act as attorney-in fact with exclusive trading authority over these investors’ trading accounts. These accounts cleared through StoneX.
These accounts were managed by Optionsellers.com, (“Optionsellers”) who is a Commodity Trading Advisor (“CTA”) authorized by investors to act as attorney-in fact with exclusive trading authority over these investors’ trading accounts. These accounts cleared through StoneX. After this significant and historic natural gas market movement, the accounts declined below required maintenance margin levels.
The Sponsor is registered as a commodity pool operator (“CPO”) and a commodity trading adviser (“CTA”) with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures Association (“NFA”). Teucrium Investment Advisors, LLC, a wholly owned subsidiary of Teucrium Trading, LLC, is a Delaware limited liability company, which was formed on January 4, 2022.
Teucrium Investment Advisors, LLC, a wholly owned subsidiary of Teucrium Trading, LLC, is a Delaware limited liability company, which was formed on January 4, 2022. Teucrium Investment Advisors, LLC is a U.S. SEC registered investment advisor.
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.
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.
Under the SASA, the Sponsor is obligated to ensure that such marketing activities comply with applicable law and are permitted by the SASA and the Distributor’s internal procedures. 23 Table of Contents The Distributor’s principal business address is Three Canal Plaza, Suite 100, Portland, Maine 04101. The Distributor is a broker-dealer registered with the U.S.
The Distributor and the Sponsor have also entered into an agreement under which certain employees and officers of the Sponsor are licensed as registered representatives of the Distributor permitting these persons to engage in certain marketing activities for the Fund. 23 Table of Contents The Distributor’s principal business address is Three Canal Plaza, Suite 100, Portland, Maine 04101.
StoneX, and its affiliate FCStone Merchant Services, jointly paid a $280,000 civil monetary penalty to the CFTC. ● After a historic move in the natural gas market in November of 2018, StoneX experienced a number of customer deficits.
After a historic move in the natural gas market in November of 2018, StoneX experienced a number of customer deficits. StoneX soon thereafter initiated NFA arbitrations, seeking to collect these debits, and has also been countersued and sued in a number of these arbitrations.
WEIGHT (%) CBOT wheat futures JUL23 1,711 $ 68,696,650 30 % CBOT wheat futures MAY23 2,005 $ 80,074,688 35 % CBOT wheat futures DEC23 1,956 $ 80,220,450 35 % TOTAL $ 228,991,788 100.00 % TAGS Benchmark Component Futures Contracts FAIR VALUE WEIGHT (%) Teucrium Corn Fund $ 9,885,980 25 % Teucrium Soybean Fund $ 9,921,042 25 % Teucrium Wheat Fund $ 10,020,023 25 % Teucrium Sugar Fund $ 9,745,653 25 % TOTAL $ 39,572,698 100 % 9 Table of Contents DEFI Benchmark Component Futures Contracts NUMBER OF CONTRACTS NOTIONAL AMT.
WEIGHT (%) CBOT wheat futures MAY24 2,018 $ 64,525,550 35 % CBOT wheat futures JUL24 1,711 55,243,913 30 CBOT wheat futures DEC24 1,924 64,357,800 35 TOTAL $ 184,127,263 100.00 % TAGS Benchmark Component Futures Contracts FAIR VALUE WEIGHT (%) Teucrium Corn Fund $ 4,567,949 25 % Teucrium Soybean Fund 4,546,758 25 Teucrium Wheat Fund 4,662,940 25 Teucrium Sugar Fund 4,624,253 25 TOTAL $ 18,401,900 100 % 9 Table of Contents DEFI Benchmark Component Futures Contracts NUMBER OF CONTRACTS NOTIONAL AMT.
Removed
WEIGHT (%) CBOT corn futures JUL23 1,363 $ 45,779,763 30 % CBOT corn futures MAY23 1,575 $ 53,392,500 35 % CBOT corn futures DEC23 1,750 $ 53,440,625 35 % TOTAL $ 152,612,888 100.00 % SOYB Benchmark Component Futures Contracts NUMBER OF CONTRACTS NOTIONAL AMT.
Added
Investing Strategy Overview Please note that as described in the “ Subsequent Events ” note to the financial statements included in Part II of this filing, and as reported by the Trust on a Form 8-K filed with the Securities and Exchange Commission on January 3, 2024 (File No. 001-34765), DEFI merged into an unaffiliated trust on January 3, 2024, and is no longer a series of the Trust.
Removed
WEIGHT (%) CBOT soybean futures MAR23 268 $ 20,421,600 35 % CBOT soybean futures MAY23 229 $ 17,518,500 30 % CBOT soybean futures NOV23 289 $ 20,472,038 35 % TOTAL $ 58,412,138 100 % CANE Benchmark Component Futures Contracts NUMBER OF CONTRACTS NOTIONAL AMT.
Added
Information regarding DEFI provided in this report is as of December 31, 2024.
Removed
WEIGHT (%) ICE sugar futures MAY23 401 $ 8,407,526 35 % ICE sugar futures JUL23 362 $ 7,289,811 30 % ICE sugar futures MAR24 427 $ 8,565,278 35 % TOTAL $ 24,262,615 100.00 % WEAT Benchmark Component Futures Contracts NUMBER OF CONTRACTS NOTIONAL AMT.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

36 edited+6 added−3 removed642 unchanged
Biggest changePresented 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.
Biggest changeA 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.
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.
The reasons for and circumstances that may trigger any such changes may vary widely and cannot be predicted.
The reasons for and circumstances that may trigger any such changes may vary widely and cannot be predicted.
For example, the dissolution or resignation of the Sponsor would cause the Trust to terminate unless Shareholders holding a majority of the outstanding Shares of the Trust, voting together as a single class, elect within 90 days of the event to continue the Trust and appoint a successor Sponsor.
For example, the dissolution or resignation of the Sponsor would cause the Trust to terminate unless Shareholders holding a majority of the outstanding Shares of the Trust, voting together as a single class, elect within 90 days of the event to continue the Trust and appoint a successor Sponsor.
Under the Trust Agreement, the Trustee and the Sponsor are not liable, and have the right to be indemnified, for any liability or expense incurred absent gross negligence or willful misconduct on the part of the Trustee or Sponsor, as the case may be.
Under the Trust Agreement, the Trustee and the Sponsor are not liable, and have the right to be indemnified, for any liability or expense incurred absent gross negligence or willful misconduct on the part of the Trustee or Sponsor, as the case may be.
If a clearing broker fails to do so or is unable to satisfy a substantial deficit in a customer account, its other customers may be subject to risk of a substantial loss of their funds in the event of that clearing broker’s bankruptcy.
If a clearing broker fails to do so or is unable to satisfy a substantial deficit in a customer account, its other customers may be subject to risk of a substantial loss of their funds in the event of that clearing broker’s bankruptcy.
Third parties may independently develop business methods, trademarks or proprietary software and other technology similar to that of the Sponsor and claim that the Sponsor has violated their intellectual property rights, including their copyrights, trademark rights, trade names, trade secrets and patent rights.
Third parties may independently develop business methods, trademarks or proprietary software and other technology similar to that of the Sponsor and claim that the Sponsor has violated their intellectual property rights, including their copyrights, trademark rights, trade names, trade secrets and patent rights.
As a result, the Sponsor may have to litigate in the future to determine the validity and scope of other parties’ proprietary rights or defend itself against claims that it has infringed or otherwise violated other parties’ rights.
As a result, the Sponsor may have to litigate in the future to determine the validity and scope of other parties’ proprietary rights or defend itself against claims that it has infringed or otherwise violated other parties’ rights.
Unavailability of records from brokerage firms may make it difficult or impossible for the Sponsor to accurately determine which transactions have been executed or the details, including price and time, of any transaction executed.
Unavailability of records from brokerage firms may make it difficult or impossible for the Sponsor to accurately determine which transactions have been executed or the details, including price and time, of any transaction executed.
This unavailability of information also may make it difficult or impossible for the Sponsor to reconcile its records of transactions with those of another party or to accomplish settlement of executed transactions.
This unavailability of information also may make it difficult or impossible for the Sponsor to reconcile its records of transactions with those of another party or to accomplish settlement of executed transactions.
The NAV of the Fund’s Shares will generally fluctuate with changes in the market value of the Fund’s portfolio holdings. The market prices of Shares will generally fluctuate in accordance with changes in the Fund’s NAV and supply and demand of Shares on the NYSE Arca.
The NAV of the Fund’s Shares will generally fluctuate with changes in the market value of the Fund’s portfolio holdings. The market prices of Shares will generally fluctuate in accordance with changes in the Fund’s NAV and supply and demand of Shares on the NYSE Arca.
However, Shareholders could be required, as a matter of bankruptcy law, to return to the estate of the Fund any distribution they received at a time when the Fund was in fact insolvent or that was made in violation of its Trust Agreement.
However, Shareholders could be required, as a matter of bankruptcy law, to return to the estate of the Fund any distribution they received at a time when the Fund was in fact insolvent or that was made in violation of its Trust Agreement.
The Delaware Statutory Trust Act provides that if certain provisions are included in the formation and governing documents of a statutory trust organized in series and if separate and distinct records are maintained for any series and the assets associated with that series are held in separate and distinct records and are accounted for in such separate and distinct records separately from the other assets of the statutory trust, or any series thereof, then the debts, liabilities, obligations and expenses incurred by a particular series are enforceable against the assets of such series only, and not against the assets of the statutory trust generally or any other series thereof.
The Delaware Statutory Trust Act provides that if certain provisions are included in the formation and governing documents of a statutory trust organized in series and if separate and distinct records are maintained for any series and the assets associated with that series are held in separate and distinct records and are accounted for in such separate and distinct records separately from the other assets of the statutory trust, or any series thereof, then the debts, liabilities, obligations and expenses incurred by a particular series are enforceable against the assets of such series only, and not against the assets of the statutory trust generally or any other series thereof.
Conversely, none of the debts, liabilities, obligations and expenses incurred with respect to any other series thereof is enforceable against the assets of such series. The Sponsor is not aware of any court case that has interpreted this inter-series limitation on liability or provided any guidance as to what is required for compliance.
Conversely, none of the debts, liabilities, obligations and expenses incurred with respect to any other series thereof is enforceable against the assets of such series. The Sponsor is not aware of any court case that has interpreted this inter-series limitation on liability or provided any guidance as to what is required for compliance.
Cash distributions may be made in these and similar instances.
Cash distributions may be made in these and similar instances.
Lower correlation should not be confused with negative correlation, where the performance of two asset classes would be opposite of each other. There is no historic evidence that the spot price of a specific commodity, corn, for example, and prices of other financial assets, such as stocks and bonds, are negatively correlated.
Lower correlation should not be confused with negative correlation, where the performance of two asset classes would be opposite of each other. There is no historical evidence that the spot price of a specific commodity, corn, for example, and prices of other financial assets, such as stocks and bonds, are negatively correlated.
There is no historic evidence that the spot price of bitcoin and prices of other financial assets, such as stocks and bonds, are negatively correlated. In the absence of negative correlation, the Fund cannot be expected to be automatically profitable during unfavorable periods for the stock market, or vice versa.
There is no historical evidence that the spot price of bitcoin and prices of other financial assets, such as stocks and bonds, are negatively correlated. In the absence of negative correlation, the Fund cannot be expected to be automatically profitable during unfavorable periods for the stock market, or vice versa.
Suggests that this selling was technical in nature. 9/7/2021 -7.75% -3.35% The selling may have been the result of profit taking as Bitcoin futures closed over $50,000 for the first time in the prior session. 75 Table of Contents Item 1B. Unresolved Staff Comments There are no unresolved staff comments. Item 2. Properties Not applicable.
Suggests that this selling was technical in nature. 9/7/2021 -7.75% -3.35% The selling may have been the result of profit taking as Bitcoin futures closed over $50,000 for the first time in the prior session.
Removed
A discussion of the global information for each specific underlying commodity can be found in Part I, in the section titled “Market Outlook.” As previously disclosed in the prospectus for each Fund, the Sponsor has enhanced specific risk disclosure describing specific risks of current geopolitical events for the commodities markets, each Fund and their investments, position limit constraints, and the FCM placing position constraints due to market volatility.
Added
Cybersecurity The Funds and its service providers are susceptible to cyber security risks that include, among other things, theft, unauthorized monitoring, release, misuse, loss, destruction or corruption of confidential and highly restricted data; denial of service attacks; unauthorized access to relevant systems; compromises to networks or devices that the Funds and its service providers use to service the Fund’s operations; and operational disruption or failures in the physical infrastructure or operating systems that support the Funds and its service providers.
Removed
Other than these updates, there are no other material changes to those previously disclosed in the Trust’s Annual Report on Form 10‐K for the fiscal year ended December 31, 2021, filed on March 16, 2022. In late February 2022, Russia invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia and other countries in the region and in the west.
Added
Cyber-attacks against or security breakdowns of the Funds or its service providers may adversely impact the Funds and its shareholders, potentially resulting in, among other things, financial losses; the inability of Funds shareholders to transact business and the Funds to process transactions; the inability to calculate the Fund’s net asset value; violations of applicable privacy and other laws; regulatory fines, penalties, reputational damage, reimbursement or other compensation costs; and/or additional compliance costs.
Removed
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.
Added
The Funds may incur additional costs for cyber security risk management and remediation purposes. There can be no assurance that the Funds or their service providers will not suffer losses relating to cyber-attacks or other information security breaches in the future.
Added
Cybersecurity The Funds and its service providers are susceptible to cyber security risks that include, among other things, theft, unauthorized monitoring, release, misuse, loss, destruction or corruption of confidential and highly restricted data; denial of service attacks; unauthorized access to relevant systems; compromises to networks or devices that the Funds and its service providers use to service the Fund’s operations; and operational disruption or failures in the physical infrastructure or operating systems that support the Funds and its service providers.
Added
Cyber-attacks against or security breakdowns of the Funds or its service providers may adversely impact the Funds and its shareholders, potentially resulting in, among other things, financial losses; the inability of Funds shareholders to transact business and the Funds to process transactions; the inability to calculate the Fund’s net asset value; violations of applicable privacy and other laws; regulatory fines, penalties, reputational damage, reimbursement or other compensation costs; and/or additional compliance costs.
Added
The Funds may incur additional costs for cyber security risk management and remediation purposes. There can be no assurance that the Funds or their service providers will not suffer losses relating to cyber-attacks or other information security breaches in the future. 75 Table of Contents Item 1B. Unresolved Staff Comments There are no unresolved staff comments.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

5 edited+17 added−10 removed2 unchanged
Biggest changeRiker had made in a draft complaint that he threatened to file (and subsequently did file) in New York Supreme Court. See Dale Riker v. Sal Gilbertie, et al., No. 656794-2020 (N.Y. Sup. Ct.). On April 22, 2021, the Supreme Court of the State of New York, New York County dismissed Mr.
Biggest changeRiker 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.).
Riker’s case without prejudice to the case being refiled after the conclusion of the Gilbertie c ase in Delaware Chancery Court. 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).
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.
On June 28, 2021, Dale Riker, individually and derivatively on behalf of the Sponsor, filed a new suit in the Court of Chancery of the State of Delaware against the Sponsor’s officers and certain of the Sponsor’s Class A Members. See Dale Riker v. Salvatore Gilbertie et al. , C.A. No. 2021-0561-LWW. (the “ Riker c ase”).
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.
Item 3. Legal Proceedings On November 30, 2020, certain officers and members of Teucrium Trading, LLC (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-AGB.
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.
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. No. 2022-1030-KSJM, to obtain advancement of legal fees in connection with the Gilbertie-Riker litigation.
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
The Gilbertie complaint asserts various claims against Dale Riker, the Sponsor’s former Chief Executive Officer and Barbara Riker, the Sponsor’s former Chief Financial Officer and Chief Compliance Officer. Sal Gilbertie v. Dale Riker , et al., C.A. No. 2020-1018-AGB (Del. Ch.) (the “ Gilbertie case”) Among other things, the Gilbertie complaint responded to and addressed certain allegations that Mr.
Added
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.
Removed
The Gilbertie complaint asserts claims for a declaration concerning the effects of the final order and judgment in an earlier books and records action; for a declaration concerning Mr. Riker’s allegation that Mr. Gilbertie had entered into an agreement to purchase Mr. Riker’s equity in the Sponsor; for an order compelling the return of property from Mr.
Added
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.
Removed
Riker; for a declaration concerning Mr. Riker’s allegations that the Sponsor and certain of the plaintiffs had improperly removed him as an officer and caused purportedly false financial information to be published; for breach of Ms. Riker’s separation agreement with the Sponsor; for tortious interference by Mr. Riker with Ms.
Added
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’s separation agreement; for a declaration concerning the releases that had been provided to Ms. Riker through her separation agreement; for breach of the Sponsor’s Operating Agreement by Mr. Riker; and for breach of fiduciary duty by Mr. Riker.
Added
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
On September 7, 2021, Dale Riker and Barbara Riker filed their answers to the Gilbertie complaint. As a result of the Court having ordered the consolidation of the Gilbertie c ase and Riker c ase, the claims in the Riker c ase were re-filed as counterclaims in the Gilbertie c ase, which accompanied the Rikers’ answers.
Added
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
The now-consolidated Gilbertie c ase and the Riker c ase is captioned Sal Gilbertie, Cory Mullen-Rusin, Steve Kahler, Carl Miller III, and Teucrium Trading LLC v. Dale Riker and Barbara Riker , C.A. No. 2020-1018-LWW.
Added
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
On April 6, 2022, the Court announced its decision on the motion to dismiss in an oral ruling, which was subsequently implemented in a written order dated April 18, 2022. The Court dismissed all of the Rikers’ counterclaims, except for a portion of one count alleging breach of contract against Messrs. Gilbertie and Miller.
Added
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
All of the dismissals were with prejudice, with the exception of the dismissal of Mr. Riker’s claim against Mr. Gilbertie that sought specific performance of an alleged agreement for Mr. Gilbertie to purchase Mr. Riker’s equity in the Company. The Court dismissed that claim without prejudice. On April 25, 2022, Mr.
Added
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
Riker filed a motion for reconsideration of the Court’s dismissal of his derivative claims for breach of contract against Mr. Gilbertie and for unjust enrichment against Mr. Gilbertie, Mr. Miller, Mr. Kahler, and Ms. Mullen-Rusin, both of which concern the Company’s advancement of legal fees on behalf of those individuals.
Added
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
Through their counterclaims, the Rikers assert direct and derivative claims for breach of fiduciary duty, breach of contract, declaratory relief, specific performance, unjust enrichment, fraud, and conspiracy to commit fraud. The Sponsor intends to pursue its claims and defend vigorously against the Rikers’ counterclaims in Delaware.
Added
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.
Added
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.
Added
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.
Added
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.
Added
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.
Added
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.
Added
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.
Added
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.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

16 edited+0 added−0 removed3 unchanged
Biggest changeThe 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, 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 Fiscal Year Ended December 31, 2021 High Low Quarter Ended March 31, 2021 $ 17.53 $ 15.99 June 30, 2021 $ 22.91 $ 17.29 September 30, 2021 $ 21.35 $ 19.13 December 31, 2021 $ 22.27 $ 19.53 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, 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 Fiscal Year Ended December 31, 2021 High Low Quarter Ended March 31, 2021 $ 21.62 $ 19.48 June 30, 2021 $ 24.75 $ 21.16 September 30, 2021 $ 23.82 $ 22.02 December 31, 2021 $ 23.18 $ 20.86 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, 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 Fiscal Year Ended December 31, 2021 High Low Quarter Ended March 31, 2021 $ 7.79 $ 6.76 June 30, 2021 $ 8.50 $ 6.98 September 30, 2021 $ 9.79 $ 8.21 December 31, 2021 $ 9.83 $ 8.93 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, 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 Fiscal Year Ended December 31, 2021 High Low Quarter Ended March 31, 2021 $ 6.50 $ 5.82 June 30, 2021 $ 7.36 $ 5.92 September 30, 2021 $ 7.48 $ 6.17 December 31, 2021 $ 8.31 $ 7.05 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, 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 Fiscal Year Ended December 31, 2021 High Low Quarter Ended March 31, 2021 $ 23.50 $ 21.38 June 30, 2021 $ 27.12 $ 22.27 September 30, 2021 $ 27.21 $ 24.42 December 31, 2021 $ 27.96 $ 25.83 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, 2022 High Low Quarter Ended From commencement of operations (September 15, 2022) through September 30, 2022 $ 24.78 $ 23.77 December 31, 2022 $ 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.
Biggest changeThe 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.
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, 2022, Shares of the Fund were sold at an aggregate offering price of $77,555,646.
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.
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, 2022.
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.
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, 2022 and 2021.
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.
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, 2022, Shares of the Fund were sold at an aggregate offering price of $1,132,775,722.
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.
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, 2022, Shares of the Fund were sold at an aggregate offering price of $297,837,299.
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.
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, 2022, Shares of the Fund were sold at an aggregate offering price of $101,597,419.
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.
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, 2022, Shares of the Fund were sold at an aggregate offering price of $2,461,340.
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.
The Fund paid fees to Foreside Fund Services, LLC for its services to the Fund through December 31, 2022 in an amount equal to $95, resulting in net offering proceeds of $2,461,245. 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.
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.
The Fund paid fees to Foreside Fund Services, LLC for its services to the Fund through December 31, 2022 in an amount equal to $25,070, resulting in net offering proceeds of $77,530,576. 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.
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.
The Fund paid fees to Foreside Fund Services, LLC for its services to the Fund through December 31, 2022 in an amount equal to $501,888, resulting in net offering proceeds of $1,132,273,834. 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.
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.
The Fund paid fees to Foreside Fund Services, LLC for its services to the Fund through December 31, 2022 in an amount equal to $251,587, resulting in net offering proceeds of $297,585,712. 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.
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.
Fund Approximate Number of Shareholders CORN 40,693 SOYB 16,761 CANE 6,591 WEAT 70,347 TAGS 6,972 DEFI 0 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, 2022, Shares of the Fund were sold at an aggregate offering price of $1,020,927,577.
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.
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, 2022 in an amount equal to $1,192,233, resulting in net offering proceeds of $1,019,735,344.
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.
The Fund paid fees to Foreside Fund Services, LLC for its services to the Fund through December 31, 2022 in an amount equal to $101,167, resulting in net offering proceeds of $101,496,251.
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.
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, 2022 to December 31, 2022, by month and for the year ended December 31, 2022, 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, 2022 350,000 $ 27.36 N/A N/A November 1 to November 30, 2022 650,000 $ 26.40 N/A N/A December 1 to December 31, 2022 1,825,000 $ 26.03 N/A N/A Total 2,825,000 $ 26.28 January 1 to December 31, 2022 7,975,000 $ 26.13 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, 2022 275,000 $ 26.29 N/A N/A November 1 to November 30, 2022 75,000 $ 27.37 N/A N/A December 1 to December 31, 2022 425,000 $ 28.00 N/A N/A Total 775,000 $ 27.33 January 1 to December 31, 2022 2,125,000 $ 26.87 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, 2022 2,025,000 $ 8.71 N/A N/A November 1 to November 30, 2022 3,950,000 $ 8.35 N/A N/A December 1 to December 31, 2022 7,900,000 $ 7.62 N/A N/A Total 13,875,000 $ 7.99 January 1 to December 31, 2022 66,925,000 $ 9.49 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, 2022 150,000 $ 8.88 N/A N/A November 1 to November 30, 2022 225,000 $ 9.45 N/A N/A December 1 to December 31, 2022 125,000 $ 9.45 N/A N/A Total 500,000 $ 9.28 January 1 to December 31, 2022 2,725,000 $ 9.19 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, 2022 62,500 $ 31.06 N/A N/A November 1 to November 30, 2022 - $ - N/A N/A December 1 to December 31, 2022 162,500 $ 30.38 N/A N/A Total 225,000 $ 30.57 January 1 to December 31, 2022 625,000 $ 30.51 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, 2022 - $ - N/A N/A November 1 to November 30, 2022 50,000 $ 20.10 N/A N/A December 1 to December 31, 2022 - $ - N/A N/A Total 50,000 $ 20.10 January 1 to December 31, 2022 50,000 $ 20.10 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.
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, 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.

Item 7. Management's Discussion & Analysis

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

117 edited+2 added−0 removed152 unchanged
Biggest changeThe weighting of the notional value of the contracts was weighted as follows: (1) 46% to JAN23 CME contracts, (2) 54% to FEB23 CME contracts. 100 Table of Contents As of December 31, 2022 December 31, 2022 Total Net Assets $ 1,070,263 Shares Outstanding 50,004 Net Asset Value per share $ 21.40 Closing Price $ 21.39 From the commencement of operations (September 15, 2022) through December 31, 2022 From the commencement of operations (September 15, 2022) through December 31, 2022 Average daily total net assets $ 1,541,903 Net realized and unrealized loss on futures contracts $ (394,642 ) Interest income earned on cash equivalents $ 12,854 Annualized interest yield based on average daily total net assets 0.83 % Net Loss $ (386,037 ) Weighted average share outstanding 66,359 Management Fees $ 4,249 Total gross fees and other expenses excluding management fees $ 75,291 Brokerage Commissions $ 2,218 Expenses waived by the Sponsor $ (75,291 ) Total gross expense ratio (annualized) 17.60 % Total expense ratio net of expenses waived by the Sponsor (annualized) 0.94 % Net investment income (annualized) -1.90 % Creation of Shares 100,004 Redemption of Shares 50,000 Realized gain or loss on trading of cryptocurrency futures contracts is a function of: 1) the change in the price of the particular contracts sold as part of a “roll” in contracts as the nearest to expire contracts are exchanged for the appropriate contract given the investment objective of the fund, 2) the change in the price of particular contracts sold in relation to redemption of shares, 3) the gain or loss associated with rebalancing trades which are made to ensure conformance to the benchmark, 4) the number of contracts held and then sold for either circumstance aforementioned.
Biggest changeFrom the commencement Year ended of operations (September 15, 2022) December 31, 2023 through December 31, 2022 Average daily total net assets $ 1,885,016 $ 1,541,903 Net realized and unrealized loss on futures contracts $ 1,357,794 $ (394,642 ) Interest income earned on cash equivalents $ 82,970 $ 12,854 Annualized interest yield based on average daily total net assets 4.40 % 0.83 % Net income (loss) $ 1,423,046 $ (386,037 ) Weighted average share outstanding 52,113 66,359 Management Fees $ 17,718 $ 4,249 Total gross fees and other expenses excluding management fees $ 271,380 $ 75,291 Brokerage Commissions $ 2,547 $ 2,218 Expenses waived by the Sponsor $ (271,380 ) $ (75,291 ) Total gross expense ratio 15.34 % 17.60 % Total expense ratio net of expenses waived by the Sponsor 0.94 % 0.94 % Net investment income 3.46 % -1.90 % Creation of Shares 10,000 100,004 Redemption of Shares 10,004 50,000 Realized gain or loss on trading of cryptocurrency futures contracts is a function of: 1) the change in the price of the particular contracts sold as part of a “roll” in contracts as the nearest to expire contracts are exchanged for the appropriate contract given the investment objective of the fund, 2) the change in the price of particular contracts sold in relation to redemption of shares, 3) the gain or loss associated with rebalancing trades which are made to ensure conformance to the benchmark, 4) the number of contracts held and then sold for either circumstance aforementioned.
These fees and expenses are not included in the breakeven table because they are paid for by the Sponsor through the proceeds from the Management Fee. The Fund pays all of its non‐recurring and unusual fees and expenses, if any, as determined by the Sponsor.
These fees and expenses are not included in the breakeven table because they are paid for by the Sponsor through the proceeds from the Management Fee. The Fund pays all of its non‐recurring and unusual fees and expenses, if any, as determined by the Sponsor.
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.
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.
DEFI is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 0.94% per annum.
DEFI is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 0.94% per annum.
From the Management Fee, the Sponsor pays all of the routine operational, administrative and other ordinary expenses of the Fund, generally as determined by the Sponsor, including but not limited to, fees and expenses of the Administrator, Custodian, Distributor, Transfer Agent, licensors, accounting and audit fees expenses, tax preparation expenses, legal fees, ongoing SEC registration fees, individual Schedule K‐1 preparation and mailing fees, and report preparation and mailing expenses.
From the Management Fee, the Sponsor pays all of the routine operational, administrative and other ordinary expenses of the Fund, generally as determined by the Sponsor, including but not limited to, fees and expenses of the Administrator, Custodian, Distributor, Transfer Agent, licensors, accounting and audit fees expenses, tax preparation expenses, legal fees, ongoing SEC registration fees, individual Schedule K‐1 preparation and mailing fees, and report preparation and mailing expenses.
These fees and expenses are not included in the breakeven table because they are paid for by the Sponsor through the proceeds from the Management Fee. The Fund pays all of its non‐recurring and unusual fees and expenses, if any, as determined by the Sponsor.
These fees and expenses are not included in the breakeven table because they are paid for by the Sponsor through the proceeds from the Management Fee. The Fund pays all of its non‐recurring and unusual fees and expenses, if any, as determined by the Sponsor.
Non‐recurring and unusual fees and expenses are unexpected or unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses. Extraordinary fees and expenses also include material expenses which are not currently anticipated obligations of the Fund.
Non‐recurring and unusual fees and expenses are unexpected or unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses. Extraordinary fees and expenses also include material expenses which are not currently anticipated obligations of the Fund.
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.
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.
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, 2022 and serves to illustrate the relative changes of these components. Hashdex Bitcoin Futures ETF The Hashdex Bitcoin Futures ETF Fund commenced investment operations on September 15, 2022.
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. Hashdex Bitcoin Futures ETF The Hashdex Bitcoin Futures ETF Fund commenced investment operations on September 15, 2022.
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 increase in management fee paid to the Sponsor is a result of 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. 97 Table of Contents The decrease/increase in management fee paid to the Sponsor is a result of higher/lower average net assets.
Changes in the appreciation or depreciation between periods are reflected in the statement of operations. Interest on cash equivalents and deposits are recognized on the accrual basis. The Funds seek to earn interest on funds held at the custodian or other financial institutions at prevailing market rates for such investments. 4.
Changes in the appreciation or depreciation between periods are reflected in the statement of operations. Interest on cash equivalents and deposits are recognized on an accrual basis. The Funds seek to earn interest on funds held at the custodian or other financial institutions at prevailing market rates for such investments. 4.
NEITHER THE PAST PERFORMANCE OF A FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND ’ S FUTURE PERFORMANCE CORN Q1 Q2 Q3 Q4 Total 2022 Days at premium 31 23 19 15 88 Days at NAV 7 6 6 4 23 Days at discount 24 33 39 44 140 The performance data above for the Teucrium Corn Fund represents past performance.
NEITHER THE PAST PERFORMANCE OF A FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND ’ S FUTURE PERFORMANCE CORN Q1 Q2 Q3 Q4 Total 2023 Days at premium 31 23 19 15 88 Days at NAV 7 6 6 4 23 Days at discount 24 33 39 44 140 The performance data above for the Teucrium Corn Fund represents past performance.
Investors may choose to use the Funds as vehicles to hedge against the risk of loss, and there are risks involved in hedging activities. 102 Table of Contents During the period from January 1, 2022 through December 31, 2022, 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, as stated in the prospectus for each Fund.
Investors may choose to use the Funds as vehicles to hedge against the risk of loss, and there are risks involved in hedging activities. 102 Table of Contents During the period from January 1, 2023 through December 31, 2023, 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, as stated in the prospectus for each Fund.
The decrease in total brokerage commissions for the year ended December 31, 2022, compared to the year ended December 31, 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, 2023, compared to the year ended December 31, 2022 and 2021, was primarily due to a decrease in contracts purchased, liquidated, and rolled.
Off Balance Sheet Financing As of December 31, 2022, neither the Trust nor any of the Funds has any loan guarantees, credit support or other off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions relating to certain risks service providers undertake in performing services which are in the best interests of the Funds.
Off Balance Sheet Financing As of December 31, 2023, neither the Trust nor any of the Funds has any loan guarantees, credit support or other off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions relating to certain risks service providers undertake in performing services which are in the best interests of the Funds.
Routine 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, 2022 and serves to illustrate the relative changes of these components.
Routine 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.
Performance may be lower or higher than performance data quoted. 103 Table of Contents CANE Q1 Q2 Q3 Q4 Total 2022 Days at premium 36 26 25 14 101 Days at NAV 4 8 3 8 23 Days at discount 22 28 36 41 127 The performance data above for the Teucrium Sugar Fund represents past performance.
Performance may be lower or higher than performance data quoted. 103 Table of Contents CANE Q1 Q2 Q3 Q4 Total 2023 Days at premium 36 26 25 14 101 Days at NAV 4 8 3 8 23 Days at discount 22 28 36 41 127 The performance data above for the Teucrium Sugar Fund represents past performance.
TAGS Q1 Q2 Q3 Q4 Total 2022 Days at premium 42 38 25 14 119 Days at NAV 9 4 0 5 18 Days at discount 11 20 39 44 114 The performance data above for the Teucrium Agricultural Fund represents past performance. Past performance is not a guarantee of future results.
TAGS Q1 Q2 Q3 Q4 Total 2023 Days at premium 42 38 25 14 119 Days at NAV 9 4 0 5 18 Days at discount 11 20 39 44 114 The performance data above for the Teucrium Agricultural Fund represents past performance. Past performance is not a guarantee of future results.
WEAT Q1 Q2 Q3 Q4 Total 2022 Days at premium 30 31 27 12 100 Days at NAV 10 6 16 12 44 Days at discount 22 25 21 39 107 The performance data above for the Teucrium Wheat Fund represents past performance. Past performance is not a guarantee of future results.
WEAT Q1 Q2 Q3 Q4 Total 2023 Days at premium 30 31 27 12 100 Days at NAV 10 6 16 12 44 Days at discount 22 25 21 39 107 The performance data above for the Teucrium Wheat Fund represents past performance. Past performance is not a guarantee of future results.
The situation does not affect the actual NAV of the Fund. 104 Table of Contents DEFI Q1 Q2 Q3 Q4 Total 2022 Days at premium 3 27 30 Days at NAV 4 5 9 Days at discount 7 31 38 The performance data above for the Hashdex Bitcoin futures ETF Fund represents past performance.
The situation does not affect the actual NAV of the Fund. 104 Table of Contents DEFI Q1 Q2 Q3 Q4 Total 2023 Days at premium 3 27 30 Days at NAV 4 5 9 Days at discount 7 31 38 The performance data above for the Hashdex Bitcoin futures ETF Fund represents past performance.
For all expenses waived in 2020, 2021 and 2022, 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 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.
The decrease in total gross fees and other expenses excluding management fees for the year ended December 31, 2022, compared to 2021 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, 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 increase in total gross fees and other expenses excluding management fees for the year ended December 31, 2022, compared to 2021 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 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.
SOYB Q1 Q2 Q3 Q4 Total 2022 Days at premium 34 30 30 29 123 Days at NAV 4 2 10 9 25 Days at discount 24 30 24 25 103 The performance data above for the Teucrium Soybean Fund represents past performance. Past performance is not a guarantee of future results.
SOYB Q1 Q2 Q3 Q4 Total 2023 Days at premium 34 30 30 29 123 Days at NAV 4 2 10 9 25 Days at discount 24 30 24 25 103 The performance data above for the Teucrium Soybean Fund represents past performance. Past performance is not a guarantee of future results.
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 net assets and 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 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 increase in interest and other income year over year was due to an increase in net assets and 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 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 increase in interest and other income year over year was due to an increase in net assets and 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 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 increase in interest and other income year over year was due to an increase in net assets and 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 increase in interest and other income year over year was due to an increase in Federal Fund Rates.
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, 2022 compared to the years ended December 31, 2021 and 2020.
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.
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, 2022 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, 2022 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.
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/increase in management fee paid to the Sponsor compared to the years ending 2021 and 2020 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. 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.
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, 2022, compared to the years ending 2021 and 2020.
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, 2022, compared to the years ending 2021 and 2020.
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, 2022, compared to the years ending 2021 and 2020.
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, 2022, compared to the years ending 2021 and 2020.
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.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeQuantitative Risk Analysis CORN: December 31, 2022 as Reported 10% Decrease 15% Decrease 20% Decrease 10% Increase 15% Increase 20% Increase Holdings as of December 31, 2022 Number of Contracts Held Closing Price Notional Amount Notional Amount Notional Amount Notional Amount Notional Amount Notional Amount Notional Amount CBOT Corn Futures MAY23 1,575 $ 6.7800 $ 53,392,500 $ 48,053,250 $ 45,383,625 $ 42,714,000 $ 58,731,750 $ 61,401,375 $ 64,071,000 CBOT Corn Futures JUL23 1,363 $ 6.7175 $ 45,779,763 $ 41,201,786 $ 38,912,798 $ 36,623,810 $ 50,357,739 $ 52,646,727 $ 54,935,715 CBOT Corn Futures DEC23 1,750 $ 6.1075 $ 53,440,625 $ 48,096,563 $ 45,424,531 $ 42,752,500 $ 58,784,688 $ 61,456,719 $ 64,128,750 Total CBOT Corn Futures $ 152,612,888 $ 137,351,599 $ 129,720,954 $ 122,090,310 $ 167,874,177 $ 175,504,821 $ 183,135,465 Shares outstanding 5,675,004 5,675,004 5,675,004 5,675,004 5,675,004 5,675,004 5,675,004 Net Asset Value per Share attributable directly to CBOT Corn Futures $ 26.89 $ 24.20 $ 22.86 $ 21.51 $ 29.58 $ 30.93 $ 32.27 Total Net Asset Value per Share as reported $ 26.90 Change in the Net Asset Value per Share $ (2.69 ) $ (4.03 ) $ (5.38 ) $ 2.69 $ 4.03 $ 5.38 Percent Change in the Net Asset Value per Share -10.00 % -15.00 % -20.00 % 10.00 % 15.00 % 20.00 % 107 Table of Contents SOYB: December 31, 2022 as Reported 10% Decrease 15% Decrease 20% Decrease 10% Increase 15% Increase 20% Increase Holdings as of December 31, 2022 Number of Contracts Held Closing Price Notional Amount Notional Amount Notional Amount Notional Amount Notional Amount Notional Amount Notional Amount CBOT Soybean Futures MAR23 268 $ 15.2400 $ 20,421,600 $ 18,379,440 $ 17,358,360 $ 16,337,280 $ 22,463,760 $ 23,484,840 $ 24,505,920 CBOT Soybean Futures MAY23 229 $ 15.3000 $ 17,518,500 $ 15,766,650 $ 14,890,725 $ 14,014,800 $ 19,270,350 $ 20,146,275 $ 21,022,200 CBOT Soybean Futures NOV23 289 $ 14.1675 $ 20,472,038 $ 18,424,834 $ 17,401,232 $ 16,377,630 $ 22,519,242 $ 23,542,844 $ 24,566,446 Total CBOT Soybean Futures $ 58,412,138 $ 52,570,924 $ 49,650,317 $ 46,729,710 $ 64,253,352 $ 67,173,959 $ 70,094,566 Shares outstanding 2,050,004 2,050,004 2,050,004 2,050,004 2,050,004 2,050,004 2,050,004 Net Asset Value per Share attributable directly to CBOT Soybean Futures $ 28.49 $ 25.64 $ 24.22 $ 22.79 $ 31.34 $ 32.77 $ 34.19 Total Net Asset Value per Share as reported $ 28.50 Change in the Net Asset Value per Share $ (2.85 ) $ (4.27 ) $ (5.70 ) $ 2.85 $ 4.27 $ 5.70 Percent Change in the Net Asset Value per Share -10.00 % -15.00 % -19.99 % 10.00 % 15.00 % 19.99 % CANE: December 31, 2022 as Reported 10% Decrease 15% Decrease 20% Decrease 10% Increase 15% Increase 20% Increase Holdings as of December 31, 2022 Number of Contracts Held Closing Price Notional Amount Notional Amount Notional Amount Notional Amount Notional Amount Notional Amount Notional Amount ICE #11 Sugar Futures MAY23 401 $ 0.1872 $ 8,407,526 $ 7,566,773 $ 7,146,397 $ 6,726,021 $ 9,248,279 $ 9,668,655 $ 10,089,031 ICE #11 Sugar Futures JUL23 362 $ 0.1798 $ 7,289,811 $ 6,560,830 $ 6,196,339 $ 5,831,849 $ 8,018,792 $ 8,383,283 $ 8,747,773 ICE #11 Sugar Futures MAR24 427 $ 0.1791 $ 8,565,278 $ 7,708,750 $ 7,280,486 $ 6,852,222 $ 9,421,806 $ 9,850,070 $ 10,278,334 Total ICE #11 Sugar Futures $ 24,262,615 $ 21,836,353 $ 20,623,222 $ 19,410,092 $ 26,688,877 $ 27,902,008 $ 29,115,138 Shares outstanding 2,550,004 2,550,004 2,550,004 2,550,004 2,550,004 2,550,004 2,550,004 Net Asset Value per Share attributable directly to ICE #11 Sugar Futures $ 9.51 $ 8.56 $ 8.09 $ 7.61 $ 10.47 $ 10.94 $ 11.42 Total Net Asset Value per Share as reported $ 9.51 Change in the Net Asset Value per Share $ (0.95 ) $ (1.43 ) $ (1.90 ) $ 0.95 $ 1.43 $ 1.90 Percent Change in the Net Asset Value per Share -10.00 % -15.00 % -20.00 % 10.00 % 15.00 % 20.00 % WEAT: December 31, 2022 as Reported 10% Decrease 15% Decrease 20% Decrease 10% Increase 15% Increase 20% Increase Holdings as of December 31, 2022 Number of Contracts Held Closing Price Notional Amount Notional Amount Notional Amount Notional Amount Notional Amount Notional Amount Notional Amount CBOT Wheat Futures MAY23 2,005 $ 7.9875 $ 80,074,688 $ 72,067,219 $ 68,063,485 $ 64,059,750 $ 88,082,157 $ 92,085,891 $ 96,089,626 CBOT Wheat Futures JUL23 1,711 $ 8.0300 $ 68,696,650 $ 61,826,985 $ 58,392,153 $ 54,957,320 $ 75,566,315 $ 79,001,148 $ 82,435,980 CBOT Wheat Futures DEC23 1,956 $ 8.2025 $ 80,220,450 $ 72,198,405 $ 68,187,383 $ 64,176,360 $ 88,242,495 $ 92,253,518 $ 96,264,540 Total CBOT Wheat Futures $ 228,991,788 $ 206,092,609 $ 194,643,021 $ 183,193,430 $ 251,890,967 $ 263,340,557 $ 274,790,146 Shares outstanding 28,675,004 28,675,004 28,675,004 28,675,004 28,675,004 28,675,004 28,675,004 Net Asset Value per Share attributable directly to CBOT Wheat Futures $ 7.99 $ 7.19 $ 6.79 $ 6.39 $ 8.78 $ 9.18 $ 9.58 Total Net Asset Value per Share as reported $ 7.99 Change in the Net Asset Value per Share $ (0.80 ) $ (1.20 ) $ (1.60 ) $ 0.80 $ 1.20 $ 1.60 Percent Change in the Net Asset Value per Share -10.00 % -15.00 % -20.00 % 10.00 % 15.00 % 20.00 % TAGS: December 31, 2022 as Reported 10% Decrease 15% Decrease 20% Decrease 10% Increase 15% Increase 20% Increase Holdings as of December 31, 2022 Number of Shares Held Closing NAV Fair Value Fair Value Fair Value Fair Value Fair Value Fair Value Fair Value Teucrium Corn Fund 367,555 $ 26.90 $ 9,885,980 $ 8,897,382 $ 8,403,083 $ 7,908,784 $ 10,874,578 $ 11,368,877 $ 11,863,176 Teucrium Soybean Fund 348,075 $ 28.50 $ 9,921,042 $ 8,928,938 $ 8,432,886 $ 7,936,834 $ 10,913,146 $ 11,409,198 $ 11,905,250 Teucrium Sugar Fund 1,024,284 $ 9.51 $ 9,745,653 $ 8,771,088 $ 8,283,805 $ 7,796,522 $ 10,720,218 $ 11,207,501 $ 11,694,784 Teucrium Wheat Fund 1,254,840 $ 7.99 $ 10,020,023 $ 9,018,021 $ 8,517,020 $ 8,016,018 $ 11,022,025 $ 11,523,026 $ 12,024,028 Total value of shares of the Underlying Funds $ 39,572,698 $ 35,615,429 $ 33,636,794 $ 31,658,158 $ 43,529,967 $ 45,508,602 $ 47,487,238 Shares outstanding 1,262,502 1,262,502 1,262,502 1,262,502 1,262,502 1,262,502 1,262,502 Net Asset Value per Share attributable directly to shares of the Underlying Funds $ 31.34 $ 28.21 $ 26.64 $ 25.08 $ 34.48 $ 36.05 $ 37.61 Total Net Asset Value per Share as reported $ 31.35 Change in the Net Asset Value per Share $ (3.13 ) $ (4.70 ) $ (6.27 ) $ 3.13 $ 4.70 $ 6.27 Percent Change in the Net Asset Value per Share -10.00 % -15.00 % -20.00 % 10.00 % 15.00 % 20.00 % DEFI: December 31, 2022 as Reported 10% Decrease 15% Decrease 20% Decrease 10% Increase 15% Increase 20% Increase Holdings as of December 31, 2022 Number of Contracts Held Closing Price Notional Amount Notional Amount Notional Amount Notional Amount Notional Amount Notional Amount Notional Amount CME Bitcoin Futures JAN23 6 $ 165.3500 $ 496,050 $ 446,445 $ 421,643 $ 396,840 $ 545,655 $ 570,458 $ 595,260 CME Bitcoin Futures FEB23 7 $ 164.4500 $ 575,575 $ 518,018 $ 489,239 $ 460,460 $ 633,133 $ 661,911 $ 690,690 Total CME Bitcoin Futures $ 1,071,625 $ 964,463 $ 910,882 $ 857,300 $ 1,178,788 $ 1,232,369 $ 1,285,950 Shares outstanding 50,004 50,004 50,004 50,004 50,004 50,004 50,004 Net Asset Value per Share attributable directly to CME Bitcoin Futures $ 21.43 $ 19.29 $ 18.22 $ 17.14 $ 23.57 $ 24.65 $ 25.72 Total Net Asset Value per Share as reported $ 21.40 Change in the Net Asset Value per Share $ (2.14 ) $ (3.21 ) $ (4.29 ) $ 2.14 $ 3.21 $ 4.29 Percent Change in the Net Asset Value per Share -10.01 % -15.02 % -20.03 % 10.01 % 15.02 % 20.03 % 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, 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.

Other CORN 10-K year-over-year comparisons