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What changed 10-Q

Item 1. Financial Statements

2023-11-08 compared with 2023-08-09 · 466 added, 466 removed, 3534 unchanged (21% of the section changed)

This section is long enough that the comparison stopped early. What follows is partial, and the remainder is not necessarily unchanged.

2 unchanged sentences

TEUCRIUM COMMODITY TRUST

Combined Statements of Assets and Liabilities at June 30, 2023 (Unaudited) and December 31, 2022

Combined Schedule of Investments at June 30, 2023 (Unaudited) and December 31, 2022

Combined Statements of Operations (Unaudited) for the three and six months ended June 30, 2023 and 2022

Combined Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2023 and 2022

Combined Statements of Cash Flows (Unaudited) for the six months ended June 30, 2023 and 2022

Combined Statements of Assets and Liabilities at September 30, 2023 (Unaudited) and December 31, 2022

Combined Schedule of Investments at September 30, 2023 (Unaudited) and December 31, 2022

Combined Statements of Operations (Unaudited) for the three and nine months ended September 30, 2023 and 2022

Combined Statements of Changes in Net Assets (Unaudited) for the nine months ended September 30, 2023 and 2022

Combined Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2023 and 2022

Notes to Combined Financial Statements

TEUCRIUM CORN FUND

Statements of Assets and Liabilities at June 30, 2023 (Unaudited) and December 31, 2022

Schedule of Investments at June 30, 2023 (Unaudited) and December 31, 2022

Statements of Operations (Unaudited) for the three and six months ended June 30, 2023 and 2022

Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2023 and 2022

Statements of Cash Flows (Unaudited) for the six months ended June 30, 2023 and 2022

Statements of Assets and Liabilities at September 30, 2023 (Unaudited) and December 31, 2022

Schedule of Investments at September 30, 2023 (Unaudited) and December 31, 2022

Statements of Operations (Unaudited) for the three and nine months ended September 30, 2023 and 2022

Statements of Changes in Net Assets (Unaudited) for the nine months ended September 30, 2023 and 2022

Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2023 and 2022

Notes to Financial Statements

TEUCRIUM SOYBEAN FUND

Statements of Assets and Liabilities at June 30, 2023 (Unaudited) and December 31, 2022

Schedule of Investments at June 30, 2023 (Unaudited) and December 31, 2022

Statements of Operations (Unaudited) for the three and six months ended June 30, 2023 and 2022

Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2023 and 2022

Statements of Cash Flows (Unaudited) for the six months ended June 30, 2023 and 2022

Statements of Assets and Liabilities at September 30, 2023 (Unaudited) and December 31, 2022

Schedule of Investments at September 30, 2023 (Unaudited) and December 31, 2022

Statements of Operations (Unaudited) for the three and nine months ended September 30, 2023 and 2022

Statements of Changes in Net Assets (Unaudited) for the nine months ended September 30, 2023 and 2022

Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2023 and 2022

Notes to Financial Statements

TEUCRIUM SUGAR FUND

Statements of Assets and Liabilities at June 30, 2023 (Unaudited) and December 31, 2022

Schedule of Investments at June 30, 2023 (Unaudited) and December 31, 2022

Statements of Operations (Unaudited) for the three and six months ended June 30, 2023 and 2022

Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2023 and 2022

Statements of Cash Flows (Unaudited) for the six months ended June 30, 2023 and 2022

Statements of Assets and Liabilities at September 30, 2023 (Unaudited) and December 31, 2022

Schedule of Investments at September 30, 2023 (Unaudited) and December 31, 2022

Statements of Operations (Unaudited) for the three and nine months ended September 30, 2023 and 2022

Statements of Changes in Net Assets (Unaudited) for the nine months ended September 30, 2023 and 2022

Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2023 and 2022

Notes to Financial Statements

TEUCRIUM WHEAT FUND

Statements of Assets and Liabilities at June 30, 2023 (Unaudited) and December 31, 2022

Schedule of Investments at June 30, 2023 (Unaudited) and December 31, 2022

Statements of Operations (Unaudited) for the three and six months ended June 30, 2023 and 2022

Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2023 and 2022

Statements of Cash Flows (Unaudited) for the six months ended June 30, 2023 and 2022

Statements of Assets and Liabilities at September 30, 2023 (Unaudited) and December 31, 2022

Schedule of Investments at September 30, 2023 (Unaudited) and December 31, 2022

Statements of Operations (Unaudited) for the three and nine months ended September 30, 2023 and 2022

Statements of Changes in Net Assets (Unaudited) for the nine months ended September 30, 2023 and 2022

Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2023 and 2022

Notes to Financial Statements

TEUCRIUM AGRICULTURAL FUND

Statements of Assets and Liabilities at June 30, 2023 (Unaudited) and December 31, 2022

Schedule of Investments at June 30, 2023 (Unaudited) and December 31, 2022

Statements of Operations (Unaudited) for the three and six months ended June 30, 2023 and 2022

Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2023 and 2022

Statements of Cash Flows (Unaudited) for the six months ended June 30, 2023 and 2022

Statements of Assets and Liabilities at September 30, 2023 (Unaudited) and December 31, 2022

Schedule of Investments at September 30, 2023 (Unaudited) and December 31, 2022

Statements of Operations (Unaudited) for the three and nine months ended September 30, 2023 and 2022

Statements of Changes in Net Assets (Unaudited) for the nine months ended September 30, 2023 and 2022

Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2023 and 2022

Notes to Financial Statements

HASHDEX BITCOIN FUTURES ETF

Statements of Assets and Liabilities at June 30, 2023 (Unaudited) and December 31, 2022

Schedule of Investments at June 30, 2023 (Unaudited)  and December 31, 2022

Statements of Operations (Unaudited) for the three and six months ended June 30, 2023

Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2023

Statements of Cash Flows (Unaudited) for the six months ended June 30, 2023

Statements of Assets and Liabilities at September 30, 2023 (Unaudited) and December 31, 2022

Schedule of Investments at September 30, 2023 (Unaudited) and December 31, 2022

Statements of Operations (Unaudited) for the three and nine months ended September 30, 2023 and 2022

Statements of Changes in Net Assets (Unaudited) for the nine months ended September 30, 2023 and 2022

Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2023 and 2022

Notes to Financial Statements

1 unchanged sentence

COMBINED STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2023

September 30, 2023

December 31, 2022

23 unchanged sentences

$ 432,882  

Payable for purchases of commercial paper

5,962,734  

Other liabilities

3 unchanged sentences

10,183,915  

10,183,915  

Equity in trading accounts:

2 unchanged sentences

29,433,069  

Due to broker

997,931  

Total equity in trading accounts

26,921,669  

29,433,069  

Total liabilities

6 unchanged sentences

COMBINED SCHEDULE OF INVESTMENTS

June 30, 2023

September 30, 2023

Percentage of

1 unchanged sentence

Money market funds

First American Government Obligations Fund - Class X

Bank Deposit Account

5.270 %  

12 unchanged sentences

Commercial Paper

American Electric Power Company, Inc.

August 17, 2023

Brookfield Infrastructure Holdings (Canada) Inc.

October 11, 2023

5.735 %  

2 unchanged sentences

5,000,000  

September 20, 2023

Brookfield Infrastructure Holdings (Canada) Inc.

October 11, 2023

5.806 %  

2 unchanged sentences

4,000,000  

Bayer Corporation

July 10, 2023

Brookfield Infrastructure Holdings (Canada) Inc.

October 24, 2023

5.810 %  

3 unchanged sentences

Brookfield Infrastructure Holdings (Canada) Inc.

August 2, 2023

December 5, 2023

5.819 %  

2 unchanged sentences

5,000,000  

Brookfield Infrastructure Holdings (Canada) Inc.

August 9, 2023

General Motors Financial Company, Inc.

October 3, 2023

5.468 %  

2 unchanged sentences

10,000,000  

CNH Industrial Capital LLC

August 17, 2023

General Motors Financial Company, Inc.

October 25, 2023

5.511 %  

2 unchanged sentences

5,000,000  

Enbridge (U.S.) Inc.

July 10, 2023

General Motors Financial Company, Inc.

October 27, 2023

5.546 %  

2 unchanged sentences

5,000,000  

Enbridge (U.S.) Inc.

July 10, 2023

Glencore Funding LLC

November 10, 2023

5.613 %  

2 unchanged sentences

2,500,000  

General Motors Financial Company, Inc.

Harley-Davidson Financial Services, Inc.

October 3, 2023

5.817 %  

2 unchanged sentences

5,000,000  

General Motors Financial Company, Inc.

July 20, 2023

Harley-Davidson Financial Services, Inc.

October 4, 2023

5.697 %  

2 unchanged sentences

2,400,000  

General Motors Financial Company, Inc.

August 9, 2023

Harley-Davidson Financial Services, Inc.

October 4, 2023

5.746 %  

2 unchanged sentences

7,500,000  

Glencore Funding LLC

July 13, 2023

Harley-Davidson Financial Services, Inc.

November 6, 2023

5.704 %  

2 unchanged sentences

5,000,000  

Harley-Davidson Financial Services, Inc.

July 14, 2023

Hyundai Capital America

November 13, 2023

5.509 %  

2 unchanged sentences

7,500,000  

Harley-Davidson Financial Services, Inc.

August 1, 2023

October 13, 2023

5.793 %  

2 unchanged sentences

15,000,000  

Harley-Davidson Financial Services, Inc.

August 18, 2023

October 13, 2023

5.793 %  

2 unchanged sentences

5,000,000  

July 14, 2023

Marriott International, Inc.

October 10, 2023

5.408 %  

2 unchanged sentences

10,000,000  

July 28, 2023

National Fuel Gas Company

October 17, 2023

5.754 %  

2 unchanged sentences

10,000,000  

Walgreens Boots Alliance, Inc.

National Fuel Gas Company

October 19, 2023

5.755 %  

2 unchanged sentences

7,500,000  

Walgreens Boots Alliance, Inc.

July 13, 2023

November 13, 2023

5.497 %  

2 unchanged sentences

5,000,000  

December 4, 2023

5.558 %  

4,941,717  

4,951,556  

5,000,000  

Walgreens Boots Alliance, Inc.

July 14, 2023

November 1, 2023

5.901 %  

2 unchanged sentences

10,000,000  

WGL Holdings, Inc.

July 11, 2023

Walgreens Boots Alliance, Inc.

November 30, 2023

5.944 %  

12 unchanged sentences

United States soybean futures contracts

CBOT soybean futures NOV23

$ 51,011  

$ 13,231,013  

CBOT soybean futures JAN24

2 unchanged sentences

United States sugar futures contracts

ICE sugar futures MAR24

ICE sugar futures MAY24

993,509  

8,515,651  

ICE sugar futures MAY24

ICE sugar futures MAR25

872,940  

1 unchanged sentence

United States CME Bitcoin futures contracts

CME Bitcoin futures JUL23

CME Bitcoin futures OCT23

813,000  

CME Bitcoin futures NOV23

17,019  

CME Bitcoin futures AUG23

818,250  

7 unchanged sentences

United States corn futures contracts

CBOT corn futures SEP23

CBOT corn futures MAR 24

$ 1,365,651  

$ 31,619,525  

CBOT corn futures DEC23

CBOT corn futures MAY24

220,723  

4 unchanged sentences

United States soybean futures contracts

CBOT soybean futures MAR24

465,562  

9,302,775  

CBOT soybean futures NOV24

2 unchanged sentences

United States sugar futures contracts

ICE sugar futures MAR25

ICE sugar futures JUL24

107,186  

1 unchanged sentence

United States wheat futures contracts

CBOT wheat futures SEP23

CBOT wheat futures MAR24

11,184,967  

66,784,075  

CBOT wheat futures DEC23

CBOT wheat futures MAY24

4,422,002  

288 unchanged sentences

Three months ended

Six months ended

Six months ended

June 30, 2023

June 30, 2022 (1)

June 30, 2023

June 30, 2022 (1)

Nine months ended

Nine months ended

September 30, 2023

September 30, 2022 (1)

September 30, 2023

September 30, 2022 (1)

Realized and unrealized gain (loss) on trading of commodity futures contracts:

Realized (loss) gain on commodity and cryptocurrency futures contracts

$ ( 15,950,119 )  

Realized loss on commodity and cryptocurrency futures contracts

$ ( 42,896,164 )  

1 unchanged sentence

$ ( 85,437,409 )  

Net change in unrealized depreciation on commodity and cryptocurrency futures contracts

$ ( 14,666,473 )

Net change in unrealized appreciation (depreciation) on commodity and cryptocurrency futures contracts

11,792,810  

7 unchanged sentences

5,411,206  

Total (loss) income

( 26,466,457 )  

48 unchanged sentences

8,729,055  

Net (loss) income

$ ( 29,012,607 )  

6 unchanged sentences

COMBINED STATEMENTS OF CHANGES IN NET ASSETS

Six months ended

Six months ended

June 30, 2023

June 30, 2022 (1)

Nine months ended

Nine months ended

September 30, 2023

September 30, 2022 (1)

$ ( 82,295,631 )  

26 unchanged sentences

COMBINED STATEMENTS OF CASH FLOWS

Six months ended

Six months ended

June 30, 2023

June 30, 2022 (1)

Nine months ended

Nine months ended

September 30, 2023

September 30, 2022 (1)

Cash flows from operating activities:

2 unchanged sentences

Adjustments to reconcile net loss to net cash used in operating activities:

Net change in unrealized appreciation on commodity futures contracts

Net change in unrealized appreciation on commodity and cryptocurrency futures contracts

2,677,343  

8 unchanged sentences

Due to broker

Management fee payable to Sponsor

997,931  

Management fee payable to Sponsor

( 138,121 )  

Payable for purchases of commercial paper

334,400  

1 unchanged sentence

107,088  

46,587  

Net cash used in operating activities

26 unchanged sentences

NOTES TO COMBINED FINANCIAL STATEMENTS

June 30, 2023

September 30, 2023

Note 1 –

38 unchanged sentences

It is suggested that these interim financial statements be read in conjunction with the audited financial statements and related notes included in the Trust’s Annual Report on Form 10 -K, as well as the most recent Form S- 1 filing, as applicable.

The operating results for the three and six months ended June 30, 2023 , are not necessarily indicative of the results to be expected for the full year ending December 31, 2023.

The operating results for the three and nine months ended September 30, 2023 , are not necessarily indicative of the results to be expected for the full year ending December 31, 2023.

Subject to the terms of the Trust Agreement, Teucrium Trading, LLC in its capacity as the Sponsor of the Trust may terminate a Fund at any time, regardless of whether the Fund has incurred losses, including, for instance, if it determines that the Fund’s aggregate net assets in relation to its operating expenses make the continued operation of the Fund unreasonable or imprudent.

30 unchanged sentences

Marex, StoneX and Phillip Capital are each clearing members of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges.

For Corn, Soybean, Sugar and Wheat Futures Contracts, Marex is paid $ 11.00 per round turn.

For Corn, Soybean, Sugar and Wheat Futures Contracts, Marex is paid $ 3.00 per round turn exclusive of pass-through fees for the exchange and the NFA.

StoneX is paid $ 2.50 per round turn exclusive of pass-through fees for the exchange and the NFA.

16 unchanged sentences

A summary of these expenses is included below:

Three months ended June 30, 2023

Three months ended June 30, 2022 (1)

Six months ended June 30, 2023

Six months ended June 30, 2022 (1)

Three months ended September 30, 2023

Three months ended September 30, 2022 (1)

Nine months ended September 30, 2023

Nine months ended September 30, 2022 (1)

Amount Recognized for Custody Services

18 unchanged sentences

$ 45,733  

Amount Recognized for Wilmington Trust

$ 3,300  

$ 3,300  

$ 3,300  

$ 3,300  

Amount of Wilmington Trust Waived

Amount Recognized for Thales

7 unchanged sentences

$ 5,367  

$ 103,396  

( 1 ) The Hashdex Bitcoin Futures ETF commenced operations on September 15, 2022.

15 unchanged sentences

Changes in the appreciation or depreciation between periods are reflected in the combined statements of operations.

Interest on cash equivalents with financial institutions are recognized on the accrual basis.

Interest on cash equivalents with financial institutions are recognized on an accrual basis.

The Funds earn interest on funds held at the custodian and other financial institutions at prevailing market rates for such investments.

7 unchanged sentences

The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis.

The below table shows the amounts included on the combined statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and six months ended June 30, 2023 and 2022 .

Three months ended June 30, 2023

The below table shows the amounts included on the combined statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and nine months ended September 30, 2023 and 2022 .

Three months ended September 30, 2023

$ 23,697  

3 unchanged sentences

$ 71,113  

Three months ended June 30, 2022 (1)

Three months ended September 30, 2022 (1)

$ 54,746  

3 unchanged sentences

$ 142,699  

Six months ended June 30, 2023

Nine months ended September 30, 2023

$ 54,865  

4 unchanged sentences

$ 172,849  

Six months ended June 30, 2022 (1)

Nine months ended September 30, 2022 (1)

$ 188,321  

20 unchanged sentences

De-recognition of a tax benefit previously recognized results in the Funds recording a tax liability that reduces net assets.

Based on their analysis, the Funds have determined that they have not incurred any liability for unrecognized tax benefits as of June 30, 2023 , and for the years ended December 31, 2022 , 

Based on their analysis, the Funds have determined that they have not incurred any liability for unrecognized tax benefits as of September 30, 2023 , and for the years ended December 31, 2022 , 

2021 and 2020 .

7 unchanged sentences

The Funds recognize interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed.

No interest expense or penalties have been recognized as of and for the three and six months ended June 30, 2023 and 2022 .

No interest expense or penalties have been recognized as of and for the three and nine months ended September 30, 2023 and 2022 .

The Funds may be subject to potential examination by U.S.

32 unchanged sentences

The Sponsor may invest a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured.

June 30, 2023

September 30, 2023

December 31, 2022

18 unchanged sentences

A margin deposit acts to assure the trader’s performance of the futures contracts purchased or sold.

Futures contracts are customarily bought and sold on initial margin that represents a very small percentage of the aggregate purchase or sales price of the contract.

Futures contracts are customarily bought and sold on initial margin that represents a small percentage of the aggregate purchase or sales price of the contract.

Because of such low margin requirements, price fluctuations occurring in the futures markets may create profits and losses that, in relation to the amount invested, are greater than customary in other forms of investment or speculation.

41 unchanged sentences

Routine operational, administrative, and other ordinary expenses are not deemed extraordinary expenses.

Three months ended June 30, 2023

Three months ended June 30, 2022 (1)

Six months ended June 30, 2023

Six months ended June 30, 2022 (1)

Three months ended September 30, 2023

Three months ended September 30, 2022 (1)

Nine months ended September 30, 2023

Nine months ended September 30, 2022 (1)

Recognized Related Party Transactions

13 unchanged sentences

The Sponsor has determined that there will be no recovery sought for the amounts below in any future period.

Three months ended June 30, 2023

$ 152,755  

$ 61,049  

$ 213,804  

Three months ended June 30, 2022 (1)

$ 221,478  

Three months ended September 30, 2023

$ 77,482  

1 unchanged sentence

$ 168,505  

Three months ended September 30, 2022 (1)

$ 62,059  

$ 62,609  

Six months ended June 30, 2023

Nine months ended September 30, 2023

$ 355,731  

1 unchanged sentence

$ 578,373  

Six months ended June 30, 2022(1)

Nine months ended September 30, 2022 (1)

$ 345,855  

39 unchanged sentences

When such a situation exists on a quarter close, the Sponsor will calculate the NAV on a particular day using the Level 1 valuation but will later recalculate the NAV for the impacted Fund based upon the valuation inputs from these alternative verifiable sources (Level 2 or Level 3 ) and will report such NAV in its applicable financial statements and reports.

On June 30, 2023 and December 31, 2022 , in the opinion of the Trust, the reported value at the close of the market for each commodity and cryptocurrency contract fairly reflected the value of the futures and no alternative valuations were required.

For the three and six months ended June 30, 2023  and year ended December 31, 2022 , the Funds did not have any significant transfers between any of the levels of the fair value hierarchy.

On September 30, 2023 and December 31, 2022 , in the opinion of the Trust, the reported value at the close of the market for each commodity and cryptocurrency contract fairly reflected the value of the futures and no alternative valuations were required.

For the three and nine months ended September 30, 2023  and year ended December 31, 2022 , the Funds did not have any significant transfers between any of the levels of the fair value hierarchy.

The Funds and the Trust record their derivative activities at fair value.

19 unchanged sentences

The Trust’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Trust’s significant accounting policies in Note 3.

The following table presents information about the Trust’s assets and liabilities measured at fair value as of June 30, 2023 and December 31, 2022 :

Balance as of June 30, 2023

The following table presents information about the Trust’s assets and liabilities measured at fair value as of September 30, 2023 and December 31, 2022 :

Balance as of September 30, 2023

Cash Equivalents

13 unchanged sentences

$ 295,794,506  

Balance as of June 30, 2023

Balance as of September 30, 2023

Commodity and Cryptocurrency Futures Contracts

49 unchanged sentences

$ 29,433,069  

For the three and six months ended June 30, 2023 and year ended December 31, 2022 , the Funds did not have any significant transfers between any of the levels of the fair value hierarchy.

For the three and nine months ended September 30, 2023 and year ended December 31, 2022 , the Funds did not have any significant transfers between any of the levels of the fair value hierarchy.

The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period.

9 unchanged sentences

In addition to its primary underlying risks, the Funds are also subject to additional counterparty risk due to the inability of its counterparties to meet the terms of their contracts.

For the three and six months ended June 30, 2023 and year ended December 31, 2022 , the Funds invested only in commodity and cryptocurrency futures contracts specifically related to each Fund.

For the three and nine months ended September 30, 2023 and year ended December 31, 2022 , the Funds invested only in commodity and cryptocurrency futures contracts specifically related to each Fund.

Futures Contracts

16 unchanged sentences

Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.”

The following table also identifies the fair value amounts of derivative instruments included in the combined statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, Marex, and StoneX as of June 30, 2023 , and December 31, 2022 .

The DEFI Fund has an account open at Phillip Capital with no contracts held as of June 30, 2023 .

The following table also identifies the fair value amounts of derivative instruments included in the combined statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, Marex, and StoneX as of September 30, 2023 , and December 31, 2022 .

The DEFI Fund has an account open at Phillip Capital with no contracts held as of September 30, 2023 .

*The amount of collateral presented in Collateral, Due from Broker, is limited to the liability for the futures contracts and accordingly does not include the excess collateral pledged.

Offsetting of Financial Assets and Derivative Assets as of June 30, 2023

Offsetting of Financial Assets and Derivative Assets as of September 30, 2023

(iii) = (i-ii)

11 unchanged sentences

$ 134,775  

$ 132,396  

Sugar futures contracts

3 unchanged sentences

$ 997,931  

$ 761,332  

Bitcoin futures contracts

2 unchanged sentences

$ 19,483  

Offsetting of Financial Liabilities and Derivative Liabilities as of June 30, 2023

Offsetting of Financial Liabilities and Derivative Liabilities as of September 30, 2023

(iii) = (i-ii)

15 unchanged sentences

$ 134,775  

$ 375,393  

Sugar futures contracts

62 unchanged sentences

The following is a summary of realized and unrealized gains (losses) of the derivative instruments utilized by the Trust:

Three months ended June 30, 2023  

Three months ended September 30, 2023  

Realized (Loss) Gain on Commodity Futures Contracts

Net Change in Unrealized (Depreciation) Appreciation on Commodity Futures Contracts

Net Change in Unrealized Appreciation (Depreciation) on Commodity Futures Contracts

Commodity Price

1 unchanged sentence

$ ( 13,018,346 )  

$ ( 8,746,928 )

Soybeans futures contracts

$ 11,306,711  

Soybeans futures contracts

311,294  

1 unchanged sentence

2,271,032  

( 3,141,505 )

934,750  

Wheat futures contracts

5 unchanged sentences

$ ( 42,896,164 )  

$ ( 8,646,874 )

Three months ended June 30, 2022

Realized Gain on Commodity Futures Contracts

Net Change in Unrealized Depreciation on Commodity Futures Contracts

$ 11,792,810  

Three months ended September 30, 2022  ( 1 )

Realized (Loss) Gain on Commodity Futures Contracts

Net Change in Unrealized Appreciation (Depreciation) on Commodity Futures Contracts

Commodity Price

1 unchanged sentence

$ ( 10,344,285 )  

$ ( 47,449,038 )

$ 23,856,276  

Soybeans futures contracts

6 unchanged sentences

( 92,957,415 )  

( 60,209,162 )

Total commodity futures contracts

93,269,812  

$ ( 112,660,860 )

Six months ended June 30, 2023

Bitcoin futures Contracts

( 5,942 )  

Total commodity and cryptocurrency futures contracts

$ ( 103,278,313 )  

$ 112,241,847  

( 1 ) The Fund commenced operations on September 15, 2022.

Nine months ended September 30, 2023

Realized (Loss) Gain on Commodity Futures Contracts

9 unchanged sentences

11,018,654  

933,062  

Wheat futures contracts

( 72,771,330 )  

Bitcoin futures Contracts

34,604  

Bitcoin futures Contracts

524,179  

2 unchanged sentences

$ ( 2,677,343 )

Six months ended June 30, 2022

Realized Gain on Commodity Futures Contracts

Nine months ended September 30, 2022  ( 1 )

Realized Gain (Loss) on Commodity Futures Contracts

Net Change in Unrealized Depreciation on Commodity Futures Contracts

12 unchanged sentences

( 3,790,712 )

Bitcoin futures Contracts

( 5,942 )  

Total commodity and cryptocurrency futures contracts

1 unchanged sentence

$ ( 15,553,587 )

( 1 ) The Fund commenced operations on September 15, 2022.

Volume of Derivative Activities

The average notional market value categorized by primary underlying risk for the futures contracts held was $ 324.9  million and $ 353.6  million respectively for the three and six months ended June 30, 2023 and $ 902.8 million and $ 690.9 million respectively for the three and six months ended June 30, 2022 .

The average notional market value categorized by primary underlying risk for the futures contracts held was $ 352.7  million and $ 353.3  million respectively for the three and nine months ended September 30, 2023 and $ 662.8 million and $ 611.7  million respectively for the three and nine months ended September 30, 2022 .

Note 6 - Organizational and Offering Costs

4 unchanged sentences

The following are the net assets and shares outstanding of each Fund that is a series of the Trust and, thus, in total, comprise the combined net assets of the Trust:

June 30, 2023

September 30, 2023

Teucrium Corn Fund

14 unchanged sentences

Teucrium Agricultural Fund:

725,002  

Net assets including the investment in the Underlying Funds

26 unchanged sentences

Investment in the Underlying Funds

39,572,698  

( 39,572,698 )

Net for the Fund in the combined net assets of the Trust

3 unchanged sentences

Subsequent Events

Management has evaluated the financial statements for the quarter-ended June 30, 2023 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Trust and Funds other than those noted below:

Management has evaluated the financial statements for the quarter-ended September 30, 2023 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Trust and Funds other than those noted below:

Nothing to report.

4 unchanged sentences

Nothing to report.

The Hashdex Bitcoin Futures ETF (“Tidal Fund”), sponsored by Toroso Investments, LLC (“Toroso”), a series of the Tidal Commodities Trust I has not commenced operations and was recently formed.

The Tidal Fund will be the successor and surviving entity from the merger (the “Merger”) into the Tidal Fund of Hashdex Bitcoin Futures ETF (the “Teucrium Fund”) that is a series of the Teucrium Commodity Trust (the “Teucrium Trust”) sponsored by Teucrium Trading, LLC (“Teucrium”).

The Merger is expected to close in 2023.

Teucrium, Toroso, and Tidal ETF Services, LLC (“Tidal”) and Victory Capital Management Inc.

(“Victory Capital”) (the “Marketing Agents”) have entered into a support agreement (“Support Agreement”) that, among other things, will cause the Merger in furtherance of their long-term business goals, the Tidal Fund will be the successor and surviving entity from the Merger.

The Tidal Fund and the Teucrium Fund will file current reports on Form 8 -K including a press release notifying shareholders that the Merger has been consummated.

The total net assets of the Fund increased by $ 539,481 , or 32 %, for the period September 30, 2023 to November 7, 2023.

This was driven by a 32 % increase in the NAV/share.

Teucrium Commodity Trust (“Target Trust’), on behalf of its series, Hashdex Bitcoin Futures ETF (“Target Fund”), and Tidal Commodities Trust I (“Acquiring Trust”), on behalf of its series, Hashdex Bitcoin Futures ETF (“Acquiring Fund”), entered into an Agreement and Plan of Partnership Merger and Liquidation dated as of October 30, 2023 ( the “Plan of Merger”).

The Merger is scheduled to close on or about January 3, 2024 ( the “Closing Date”).

Pursuant to the Plan of Merger, each Acquired Fund shareholder will receive one share of the Acquiring Fund for every one share of the Acquired Fund held on the Closing Date based on the net asset value per share of the Acquiring Fund being equal to the net asset value per share of the Acquired Fund determined immediately prior to the Merger closing.

Further, the Acquiring Fund will acquire all the assets of the Acquired Fund and assume all the liabilities of the Acquired Fund.

Upon the Merger closing, the Plan of Merger will cause all of the Acquired Fund’s shares to be cancelled and the Acquired Fund to be liquidated.

The Merger will not materially modify the rights of Acquired Fund shareholders with respect to their investment.

The Acquiring Fund has the same investment objective, investment strategies and investment restrictions, and substantially identical investment risks, as the Acquired Fund.

Following the Merger, the Acquiring Fund will be sponsored by Toroso Investments LLC (“Toroso”) and the Acquiring Fund will be managed by portfolio managers employed by Toroso.

Toroso is not affiliated with the current sponsor of the Target Trust, Teucrium Trading LLC (“Teucrium”).

The Acquiring Fund will pay the same management fee rate to Toroso, under the same terms, as currently paid by the Acquired Fund to Teucrium.

The management fee for the Acquiring Fund is 0.94 % per annum of the fund’s average daily net assets.

The Acquired Fund and Acquiring Fund have many of the same service providers. 

In connection with the Merger, the Acquiring Trust filed a Registration Statement on Form S- 4 and Pre-Effective Amendment No.

1 to a Registration Statement on Form S- 1 with the U.S.

Securities and Exchange Commission, on October 31, 2023 and November 2, 2023, respectively.

TEUCRIUM CORN FUND

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2023

September 30, 2023

December 31, 2022

22 unchanged sentences

144,877  

Payable for purchases of commercial paper

3,478,261  

Other liabilities

50,367  

21,349  

Payable for shares redeemed

24 unchanged sentences

SCHEDULE OF INVESTMENTS

June 30, 2023

September 30, 2023

Percentage of

1 unchanged sentence

Money market funds

First American Government Obligations Fund - Class X

Bank Deposit Account

5.270 %  

12 unchanged sentences

Commercial Paper

American Electric Power Company, Inc.

August 17, 2023

5.285 %  

$ 3,478,261  

$ 3,478,261  

3,500,000  

Bayer Corporation

July 10, 2023

Brookfield Infrastructure Holdings (Canada) Inc.

October 11, 2023

5.735 %  

3 unchanged sentences

Brookfield Infrastructure Holdings (Canada) Inc.

August 2, 2023

October 24, 2023

5.810 %  

3 unchanged sentences

Brookfield Infrastructure Holdings (Canada) Inc.

August 9, 2023

December 5, 2023

5.819 %  

2 unchanged sentences

2,500,000  

CNH Industrial Capital LLC

August 17, 2023

General Motors Financial Company, Inc.

October 3, 2023

5.468 %  

2 unchanged sentences

2,500,000  

Enbridge (U.S.) Inc.

July 10, 2023

General Motors Financial Company, Inc.

October 25, 2023

5.511 %  

2 unchanged sentences

2,500,000  

Enbridge (U.S.) Inc.

July 10, 2023

Harley-Davidson Financial Services, Inc.

October 3, 2023

5.817 %  

2 unchanged sentences

2,500,000  

General Motors Financial Company, Inc.

Harley-Davidson Financial Services, Inc.

October 4, 2023

5.697 %  

2 unchanged sentences

2,400,000  

General Motors Financial Company, Inc.

July 20, 2023

Harley-Davidson Financial Services, Inc.

November 6, 2023

5.704 %  

2 unchanged sentences

2,500,000  

Glencore Funding LLC

July 13, 2023

Hyundai Capital America

November 13, 2023

5.509 %  

2 unchanged sentences

2,500,000  

Harley-Davidson Financial Services, Inc.

July 14, 2023

October 13, 2023

5.793 %  

2 unchanged sentences

2,500,000  

Harley-Davidson Financial Services, Inc.

August 1, 2023

Marriott International, Inc.

October 10, 2023

5.408 %  

2 unchanged sentences

2,500,000  

July 28, 2023

National Fuel Gas Company

October 17, 2023

5.754 %  

2 unchanged sentences

5,000,000  

Walgreens Boots Alliance, Inc.

National Fuel Gas Company

October 19, 2023

5.755 %  

3 unchanged sentences

Walgreens Boots Alliance, Inc.

July 13, 2023

November 1, 2023

5.901 %  

3 unchanged sentences

Walgreens Boots Alliance, Inc.

July 14, 2023

5.737 %  

2,476,542  

2,494,917  

2,500,000  

WGL Holdings, Inc.

July 11, 2023

November 30, 2023

5.944 %  

12 unchanged sentences

United States corn futures contracts

CBOT corn futures SEP23

CBOT corn futures MAR 24

$ 1,365,651  

$ 31,619,525  

CBOT corn futures DEC23

CBOT corn futures MAY24

220,723  

160 unchanged sentences

Three months ended

Six months ended

Six months ended

June 30, 2023

June 30, 2022

June 30, 2023

June 30, 2022

Nine months ended

Nine months ended

September 30, 2023

September 30, 2022

September 30, 2023

September 30, 2022

Realized and unrealized gain (loss) on trading of commodity futures contracts:

4 unchanged sentences

$ 28,678,780  

Net change in unrealized depreciation on commodity futures contracts

Net change in unrealized appreciation (depreciation) on commodity futures contracts

11,306,711  

34 unchanged sentences

12,333  

21,631  

27,907  

General and administrative expenses

9 unchanged sentences

Expenses waived by the Sponsor

( 221,478 )  

Total expenses, net

26 unchanged sentences

STATEMENTS OF CHANGES IN NET ASSETS

Six months ended

Six months ended

June 30, 2023

June 30, 2022

Nine months ended

Nine months ended

September 30, 2023

September 30, 2022

Net (loss) income

35 unchanged sentences

STATEMENTS OF CASH FLOWS

Six months ended

Six months ended

June 30, 2023

June 30, 2022

Nine months ended

Nine months ended

September 30, 2023

September 30, 2022

Cash flows from operating activities:

3 unchanged sentences

Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:

Net change in unrealized depreciation/(appreciation) on commodity futures contracts

Net change in unrealized depreciation on commodity futures contracts

739,577  

10 unchanged sentences

74,918  

Payable for purchases of commercial paper

3,478,261  

Other liabilities

24 unchanged sentences

NOTES TO FINANCIAL STATEMENTS

June 30, 2023

September 30, 2023

Note 1 –

30 unchanged sentences

It is suggested that these interim financial statements be read in conjunction with the financial statements and related notes included in the Trust’s Annual Report on Form 10 -K, as well as the most recent Form S- 1 filing, as applicable.

The operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full year ending December 31, 2023.

The operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the full year ending December 31, 2023.

Subject to the terms of the Trust Agreement, Teucrium Trading, LLC, in its capacity as the Sponsor (“Sponsor”), may terminate a Fund at any time, regardless of whether the Fund has incurred losses, including, for instance, if it determines that the Fund’s aggregate net assets in relation to its operating expenses make the continued operation of the Fund unreasonable or imprudent.

28 unchanged sentences

Marex and StoneX are each clearing members of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges.

For Corn, Soybean, Sugar and Wheat Futures Contracts, Marex is paid $ 11.00 per round turn.

For Corn, Soybean, Sugar and Wheat Futures Contracts, Marex is paid $ 3.00 per round turn exclusive of pass-through fees for the exchange and the NFA.

StoneX is paid $ 2.50 per round turn exclusive of pass-through fees for the exchange and the NFA.

14 unchanged sentences

A summary of these expenses is included below:

Three months ended June 30, 2023

Three months ended June 30, 2022

Six months ended June 30, 2023

Six months ended June 30, 2022

Three months ended September 30, 2023

Three months ended September 30, 2022

Nine months ended September 30, 2023

Nine months ended September 30, 2022

Amount Recognized for Custody Services

5 unchanged sentences

$ 4,000  

$ 4,000  

Amount Recognized for Distribution Services

5 unchanged sentences

$ 17,010  

$ 17,010  

Amount Recognized for Wilmington Trust

Amount of Wilmington Trust Waived

Amount Recognized for Thales

26 unchanged sentences

The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis.

The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and six months ended June 30, 2023 and 2022 .

Three months ended June 30, 2023

The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and nine months ended September 30, 2023 and 2022 .

Three months ended September 30, 2023

$ 23,697  

Three months ended June 30, 2022

Three months ended September 30, 2022

$ 54,746  

Six months ended June 30, 2023

Nine months ended September 30, 2023

$ 54,865  

Six months ended June 30, 2022

Nine months ended September 30, 2022

$ 188,321  

13 unchanged sentences

De-recognition of a tax benefit previously recognized results in the Fund recording a tax liability that reduces net assets.

Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of June 30, 2023 and for the years ended December 31, 2022 , 2021 , and 2020 .

Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of September 30, 2023 and for the years ended December 31, 2022 , 2021 , and 2020 .

However, the Fund’s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof.

The Fund recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed.

No interest expense or penalties have been recognized as of and for the three and six months ended June 30, 2023 and 2022 .

No interest expense or penalties have been recognized as of and for the three and nine months ended September 30, 2023 and 2022 .

The Fund may be subject to potential examination by U.S.

27 unchanged sentences

The Sponsor may invest a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured.

June 30, 2023

September 30, 2023

December 31, 2022

18 unchanged sentences

A margin deposit acts to assure the trader’s performance of the futures contracts purchased or sold.

Futures contracts are customarily bought and sold on initial margin that represents a very small percentage of the aggregate purchase or sales price of the contract.

Futures contracts are customarily bought and sold on initial margin that represents a small percentage of the aggregate purchase or sales price of the contract.

Because of such low margin requirements, price fluctuations occurring in the futures markets may create profits and losses that, in relation to the amount invested, are greater than customary in other forms of investment or speculation.

41 unchanged sentences

Such expenses are primarily recorded as distribution and marketing fees in the financial statements of each Fund.

Three months ended June 30, 2023

Three months ended June 30, 2022

Six months ended June 30, 2023

Six months ended June 30, 2022

Three months ended September 30, 2023

Three months ended September 30, 2022

Nine months ended September 30, 2023

Nine months ended September 30, 2022

Recognized Related Party Transactions

5 unchanged sentences

$ 149,721  

$ 149,721  

The Sponsor has the ability to elect to pay certain expenses on behalf of the Funds or waive the management fee.

2 unchanged sentences

The Sponsor has determined that there will be no recovery sought for the amounts below in any future period:

Three months ended June 30, 2023

Three months ended June 30, 2022

$ 221,478  

Six months ended June 30, 2023

Six months ended June 30, 2022

Three months ended September 30, 2023

Three months ended September 30, 2022

Nine months ended September 30, 2023

Nine months ended September 30, 2022

$ 345,855  

32 unchanged sentences

When such a situation exists on a quarter close, the Sponsor will calculate the Net Asset Value (“NAV”) on a particular day using the Level 1 valuation but will later recalculate the NAV for the impacted Fund based upon the valuation inputs from these alternative verifiable sources (Level 2 or Level 3 ) and will report such NAV in its applicable financial statements and reports.

On June 30, 2023 and December 31, 2022 , in the opinion of the Trust and the Fund, the reported value at the close of the market for each commodity contract fairly reflected the value of the futures and no alternative valuations were required.

On September 30, 2023 and December 31, 2022 , in the opinion of the Trust and the Fund, the reported value at the close of the market for each commodity contract fairly reflected the value of the futures and no alternative valuations were required.

The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period.

In making the determination of a Level 1 or Level 2 transfer, the Fund considers the average volume of the specific underlying futures contracts traded on the relevant exchange for the periods being reported.

For the three months ended June 30, 2023  and year ended December 31, 2022 , the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.

For the three and nine months ended September 30, 2023  and year ended December 31, 2022 , the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.

The Fund records its derivative activities at fair value.

21 unchanged sentences

The Fund’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Fund’s significant accounting policies in Note 3.

The following table presents information about the Fund’s assets and liabilities measured at fair value as of June 30, 2023 and December 31, 2022 :

June 30, 2023

The following table presents information about the Fund’s assets and liabilities measured at fair value as of September 30, 2023 and December 31, 2022 :

September 30, 2023

Balance as of

June 30, 2023

September 30, 2023

Cash Equivalents

2 unchanged sentences

Balance as of

June 30, 2023

September 30, 2023

Commodity Futures Contracts

20 unchanged sentences

For the 

three and six months ended June 30, 2023 and year ended December 31, 2022 , the Fund did not have any significant transfers between any of the levels of the fair value hierarchy. 

three and nine months ended September 30, 2023 and year ended December 31, 2022 , the Fund did not have any significant transfers between any of the levels of the fair value hierarchy. 

See the Fair Value - Definition and Hierarchy section in Note 3 above for an explanation of the transfers into and out of each level of the fair value hierarchy.

6 unchanged sentences

In addition to its primary underlying risks, the Fund is also subject to additional counterparty risk due to inability of its counterparties to meet the terms of their contracts.

For the three and six months ended June 30, 2023 and year ended December 31, 2022 , the Fund invested only in commodity futures contracts.

For the three and nine months ended September 30, 2023 and year ended December 31, 2022 , the Fund invested only in commodity futures contracts.

Futures Contracts

15 unchanged sentences

Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.”

The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, Marex and StoneX as of June 30, 2023 , and December 31, 2022 .

The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, Marex and StoneX as of September 30, 2023 , and December 31, 2022 .

*The amount of collateral presented in Collateral, Due from Broker, is limited to the liability for the futures contracts and accordingly does not include the excess collateral pledged.

Offsetting of Financial Liabilities and Derivative Liabilities as of June 30, 2023

Offsetting of Financial Liabilities and Derivative Liabilities as of September 30, 2023

(iii) = (i)-(ii)

41 unchanged sentences

The following tables identify the net gain and loss amounts included in the statements of operations as realized and unrealized gains and losses on trading of commodity futures contracts categorized by primary underlying risk:

Three months ended June 30, 2023

Three months ended September 30, 2023

Realized Loss on Commodity Futures Contracts

Net Change in Unrealized Depreciation on Commodity Futures Contracts

Net Change in Unrealized Appreciation on Commodity Futures Contracts

Commodity Price

1 unchanged sentence

$ ( 13,018,346 )  

$ ( 8,746,928 )

Three months ended June 30, 2022

Realized Gain on Commodity Futures Contracts

Net Change in Unrealized Depreciation on Commodity Futures Contracts

$ 11,306,711  

Three months ended September 30, 2022

Realized Loss on Commodity Futures Contracts

Net Change in Unrealized Appreciation on Commodity Futures Contracts

Commodity Price

1 unchanged sentence

$ ( 10,344,285 )  

$ ( 47,449,038 )

Six months ended June 30, 2023

$ 23,856,276  

Nine months ended September 30, 2023

Realized Loss on Commodity Futures Contracts

4 unchanged sentences

$ ( 739,577 )

Six months ended June 30, 2022

Nine months ended September 30, 2022

Realized Gain on Commodity Futures Contracts

5 unchanged sentences

Volume of Derivative Activities

The average notional market value categorized by primary underlying risk for the futures contracts held was $ 96.6  million and $ 111.5  million respectively for the three and six months ended June 30, 2023 and $ 286.2 million and $ 226.8 million respectively for the three and six months ended June 30, 2022 .

The average notional market value categorized by primary underlying risk for the futures contracts held was $ 96.6 million and $ 106.5 million respectively for the three and nine months ended September 30, 2023 and $ 209.7 million and $ 201.4 million respectively for the three and nine months ended September 30, 2022 .

Note 6 –

Financial Highlights

The following tables present per unit performance data and other supplemental financial data for the three and six months ended June 30, 2023 and 2022 .

The following tables present per unit performance data and other supplemental financial data for the three and nine months ended September 30, 2023 and 2022 .

This information has been derived from information presented in the financial statements and is presented with total expenses gross of expenses waived by the Sponsor and with total expenses net of expenses waived by the Sponsor, as appropriate.

1 unchanged sentence

Three months ended

Six months ended

Six months ended

June 30, 2023

June 30, 2022

June 30, 2023

June 30, 2022

Nine months ended

Nine months ended

September 30, 2023

September 30, 2022

September 30, 2023

September 30, 2022

Per Share Operation Performance

9 unchanged sentences

( 5.26 )  

( 4.96 )  

Total expenses, net

5 unchanged sentences

( 4.84 )  

( 4.68 )  

Net asset value at end of period

26 unchanged sentences

Subsequent Events

Management has evaluated the financial statements for the quarter-ended June 30, 2023 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund.

Management has evaluated the financial statements for the quarter-ended September 30, 2023 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund.

TEUCRIUM SOYBEAN FUND

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2023

September 30, 2023

December 31, 2022

5 unchanged sentences

66,135  

27,802  

Equity in trading accounts:

16 unchanged sentences

Other liabilities

38,399  

Equity in trading accounts:

21 unchanged sentences

SCHEDULE OF INVESTMENTS

June 30, 2023

September 30, 2023

Percentage of

1 unchanged sentence

Money market funds

First American Government Obligations Fund - Class X

Bank Deposit Account

5.270 %  

12 unchanged sentences

Commercial Paper

September 20, 2023

Brookfield Infrastructure Holdings (Canada) Inc.

October 11, 2023

5.806 %  

2 unchanged sentences

2,000,000  

Bayer Corporation

July 10, 2023

General Motors Financial Company, Inc.

October 3, 2023

5.468 %  

2 unchanged sentences

2,500,000  

CNH Industrial Capital LLC

August 17, 2023

Harley-Davidson Financial Services, Inc.

October 4, 2023

5.746 %  

2 unchanged sentences

2,500,000  

Enbridge (U.S.) Inc.

July 10, 2023

October 13, 2023

5.793 %  

2 unchanged sentences

2,500,000  

General Motors Financial Company, Inc.

August 9, 2023

Marriott International, Inc.

October 10, 2023

5.408 %  

2 unchanged sentences

2,500,000  

National Fuel Gas Company

October 19, 2023

5.755 %  

2,487,815  

2,492,925  

2,500,000  

Walgreens Boots Alliance, Inc.

July 14, 2023

November 30, 2023

5.944 %  

12 unchanged sentences

United States soybean futures contracts

CBOT soybean futures NOV23

$ 51,011  

$ 13,231,013  

CBOT soybean futures JAN24

1 unchanged sentence

$ 10,809,075  

Total commodity futures contracts

$ 818,350  

$ 24,476,376  

Percentage of

3 unchanged sentences

United States soybean futures contracts

CBOT soybean futures MAR24

$ 465,562  

$ 9,302,775  

CBOT soybean futures NOV24

1 unchanged sentence

11,088,000  

Total commodity futures contracts

$ 510,168  

$ 20,390,775  

The accompanying notes are an integral part of these financial statements.

104 unchanged sentences

Three months ended

Six months ended

Six months ended

June 30, 2023

June 30, 2022

June 30, 2023

June 30, 2022

Nine months ended

Nine months ended

September 30, 2023

September 30, 2022

September 30, 2023

September 30, 2022

Realized and unrealized gain (loss) on trading of commodity futures contracts:

Realized (loss) gain on commodity futures contracts

Realized gain on commodity futures contracts

$ 311,294  

2 unchanged sentences

$ 10,675,505  

Net change in unrealized appreciation/depreciation on commodity futures contracts

Net change in unrealized depreciation on commodity futures contracts

( 507,789 )  

31 unchanged sentences

31,501  

24,008  

Business permits and licenses fees

11 unchanged sentences

Expenses waived by the Sponsor

( 38,146 )  

Total expenses, net

3 unchanged sentences

898,815  

Net income (loss)

Net (loss) income

$ ( 42,697 )  

2 unchanged sentences

$ 4,557,808  

Net gain (loss) per share

Net (loss) gain per share

$ ( 0.22 )  

2 unchanged sentences

$ 3.34  

Net gain (loss) per weighted average share

Net (loss) gain per weighted average share

$ ( 0.03 )  

10 unchanged sentences

STATEMENTS OF CHANGES IN NET ASSETS

Six months ended

Six months ended

June 30, 2023

June 30, 2022

Nine months ended

Nine months ended

September 30, 2023

September 30, 2022

Net (loss) income

35 unchanged sentences

STATEMENTS OF CASH FLOWS

Six months ended

Six months ended

June 30, 2023

June 30, 2022

Nine months ended

Nine months ended

September 30, 2023

September 30, 2022

Cash flows from operating activities:

3 unchanged sentences

Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:

Net change in unrealized depreciation on commodity futures contracts

Net change in unrealized appreciation on commodity futures contracts

2,895,763  

6 unchanged sentences

15,952  

( 26,642 )  

Due to broker

28 unchanged sentences

NOTES TO FINANCIAL STATEMENTS

June 30, 2023

September 30, 2023

Note 1 –

29 unchanged sentences

It is suggested that these interim financial statements be read in conjunction with the financial statements and related notes included in the Trust’s Annual Report on Form 10 -K, as well as the most recent Form S- 1 filing, as applicable.

The operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full year ending December 31, 2023. 

The operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the full year ending December 31, 2023. 

Subject to the terms of the Trust Agreement, Teucrium Trading, LLC, in its capacity as the Sponsor (“Sponsor”), may terminate a Fund at any time, regardless of whether the Fund has incurred losses, including, for instance, if it determines that the Fund’s aggregate net assets in relation to its operating expenses make the continued operation of the Fund unreasonable or imprudent.

29 unchanged sentences

Marex and StoneX are each clearing members of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges.

For Corn, Soybean, Sugar, and Wheat Futures Contracts E D & F Man is paid $ 11.00 per round turn.

For Corn, Soybean, Sugar, and Wheat Futures Contracts E D & F Man is paid $ 3.00 per round turn exclusive of pass-through fees for the exchange and the NFA.

StoneX is paid $ 2.50 per round turn exclusive of pass-through fees for the exchange and the NFA.

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.

13 unchanged sentences

    

Three months ended June 30, 2023

Three months ended June 30, 2022

Six months ended June 30, 2023

Six months ended June 30, 2022

Three months ended September 30, 2023

Three months ended September 30, 2022

Nine months ended September 30, 2023

Nine months ended September 30, 2022

Amount Recognized for Custody Services

5 unchanged sentences

$ 4,000  

$ 4,000  

Amount Recognized for Distribution Services

5 unchanged sentences

$ 3,962  

Amount Recognized for Wilmington Trust

Amount of Wilmington Trust Waived

Amount Recognized for Thales

25 unchanged sentences

the Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis.

The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and six months ended June 30, 2023 and 2022 .

Three months ended June 30, 2023

The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and nine months ended September 30, 2023 and 2022 .

Three months ended September 30, 2023

$ 2,220  

Three months ended June 30, 2022

Three months ended September 30, 2022

$ 6,432  

Six months ended June 30, 2023

Nine months ended September 30, 2023

$ 10,999  

Six months ended June 30, 2022

Nine months ended September 30, 2022

$ 21,638  

13 unchanged sentences

De-recognition of a tax benefit previously recognized results in the Fund recording a tax liability that reduces net assets.

Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of June 30, 2023 and for the years ended December 31, 2022 , 2021 , and 2020 .

Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of September 30, 2023 and for the years ended December 31, 2022 , 2021 , and 2020 .

However, the Fund’s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof.

The Fund recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed.

No interest expense or penalties have been recognized as of and for the three and six months ended June 30, 2023 and 2022 . 

No interest expense or penalties have been recognized as of and for the three and nine months ended September 30, 2023 and 2022 . 

The Fund may be subject to potential examination by U.S.

27 unchanged sentences

The Sponsor may invest a portion of the cash held by the FCM in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured.

June 30, 2023

September 30, 2023

December 31, 2022

18 unchanged sentences

A margin deposit acts to assure the trader’s performance of the futures contracts purchased or sold.

Futures contracts are customarily bought and sold on initial margin that represents a very small percentage of the aggregate purchase or sales price of the contract.

Futures contracts are customarily bought and sold on initial margin that represents a small percentage of the aggregate purchase or sales price of the contract.

Because of such low margin requirements, price fluctuations occurring in the futures markets may create profits and losses that, in relation to the amount invested, are greater than customary in other forms of investment or speculation.

41 unchanged sentences

Such expenses are primarily recorded as distribution and marketing fees in the financial statements of each Fund.

Three months ended June 30, 2023

Three months ended June 30, 2022

Six months ended June 30, 2023

Six months ended June 30, 2022

Three months ended September 30, 2023

Three months ended September 30, 2022

Nine months ended September 30, 2023

Nine months ended September 30, 2022

Recognized Related Party Transactions

5 unchanged sentences

$ 32,056  

$ 32,056  

The Sponsor has the ability to elect to pay certain expenses on behalf of the Funds or waive the management fee.

2 unchanged sentences

The Sponsor has determined that there will be no recovery sought for the amounts below in any future period:

Three months ended June 30, 2023

Three months ended June 30, 2022

$ 38,146  

Six months ended June 30, 2023

Six months ended June 30, 2022

Three months ended September 30, 2023

Three months ended September 30, 2022

Nine months ended September 30, 2023

Nine months ended September 30, 2022

$ 89,562  

30 unchanged sentences

When such a situation exists on a quarter close, the Sponsor will calculate the NAV on a particular day using the Level 1 valuation but will later recalculate the NAV for the impacted Fund based upon the valuation inputs from these alternative verifiable sources (Level 2 or Level 3 ) and will report such NAV in its applicable financial statements and reports.

On June 30, 2023 and December 31, 2022 , in the opinion of the Trust and the Fund, the reported value at the close of the market for each commodity contract fairly reflected the value of the futures and no alternative valuations were required.

On September 30, 2023 and December 31, 2022 , in the opinion of the Trust and the Fund, the reported value at the close of the market for each commodity contract fairly reflected the value of the futures and no alternative valuations were required.

The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period.

In making the determination of a Level 1 or Level 2 transfer, the Fund considers the average volume of the specific underlying futures contracts traded on the relevant exchange for the periods being reported.

For the three months ended June 30, 2023 and year ended December 31, 2022 , the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.

For the three and nine months ended September 30, 2023 and year ended December 31, 2022 , the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.

The Fund records its derivative activities at fair value.

21 unchanged sentences

The Fund’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Fund’s significant accounting policies in Note 3.

The following table presents information about the Fund’s assets and liabilities measured at fair value as of June 30, 2023 and December 31, 2022 :

June 30, 2023

The following table presents information about the Fund’s assets and liabilities measured at fair value as of September 30, 2023 and December 31, 2022 :

September 30, 2023

Balance as of

June 30, 2023

September 30, 2023

Cash Equivalents

8 unchanged sentences

Balance as of

June 30, 2023

September 30, 2023

Commodity Futures Contracts

14 unchanged sentences

$ 55,589,444  

For the three and six months ended June 30, 2023 and year ended December 31, 2022 , the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.

For the three and nine months ended September 30, 2023 and year ended December 31, 2022 , the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.

See the Fair Value - Definition and Hierarchy section in Note 3 above for an explanation of the transfers into and out of each level of the fair value hierarchy.

6 unchanged sentences

In addition to its primary underlying risks, the Fund is also subject to additional counterparty risk due to inability of its counterparties to meet the terms of their contracts.

For the three and six months ended June 30, 2023 and year ended December 31, 2022 , the Fund invested only in commodity futures contracts.

For the three and nine months ended September 30, 2023 and year ended December 31, 2022 , the Fund invested only in commodity futures contracts.

Futures Contracts

15 unchanged sentences

Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.”

The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, Marex and StoneX as of June 30, 2023 , and December 31, 2022 .

The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, Marex and StoneX as of September 30, 2023 , and December 31, 2022 .

*The amount of collateral presented in Collateral, Due from Broker, is limited to the liability for the futures contracts and accordingly does not include the excess collateral pledged.

Offsetting of Financial Assets and Derivative Assets as of 

June 30, 2023

September 30, 2023

(iii) = (i)-(ii)

11 unchanged sentences

$ 134,775  

$ 132,396  

Offsetting of Financial Liabilities and Derivative Liabilities as of June 30, 2023

Offsetting of Financial Liabilities and Derivative Liabilities as of September 30, 2023

(iii) = (i)-(ii)

11 unchanged sentences

$ 134,775  

$ 375,393  

Offsetting of Financial Assets and Derivative Assets as of December 31, 2022

13 unchanged sentences

The following is a summary of realized and unrealized gains and losses of the derivative instruments utilized by the Fund:

Three months ended June 30, 2023

Realized Loss on Commodity Futures Contracts

Net Change in Unrealized Appreciation on Commodity Futures Contracts

Three months ended September 30, 2023

Realized Gain on Commodity Futures Contracts

Net Change in Unrealized Depreciation on Commodity Futures Contracts

Commodity Price

1 unchanged sentence

$ 311,294  

$ 1,311,668  

Three months ended June 30, 2022

$ ( 507,789 )

Three months ended September 30, 2022

    

5 unchanged sentences

$ ( 3,855,440 )

Six months ended June 30, 2023

Realized Loss on Commodity Futures Contracts

Nine months ended September 30, 2023

Realized Gain on Commodity Futures Contracts

Net Change in Unrealized Depreciation on Commodity Futures Contracts

3 unchanged sentences

$ ( 2,895,763 )

Six months ended June 30, 2022

Nine months ended September 30, 2022

Realized Gain on Commodity Futures Contracts

5 unchanged sentences

Volume of Derivative Activities

The average notional market value categorized by primary underlying risk for all futures contracts held was $ 34.2  million and $ 38.4  million respectively for the three and six months ended June 30, 2023  and $ 80.3 million and $ 68.5 million respectively for the three and six months ended June 30, 2022 .

The average notional market value categorized by primary underlying risk for all futures contracts held was $ 34.7  million and $ 37.2  million respectively for the three and nine months ended September 30, 2023  and $ 68.6 million and $ 64.6 million respectively for the three and nine months ended September 30, 2022 .

Note 6 –

Financial Highlights

The following tables present per unit performance data and other supplemental financial data for the three and six months ended June 30, 2023 and 2022 .

The following tables present per unit performance data and other supplemental financial data for the three and nine months ended September 30, 2023 and 2022 .

This information has been derived from information presented in the financial statements and is presented with total expenses gross of expenses waived by the Sponsor and with total expenses net of expenses waived by the Sponsor, as appropriate.

2 unchanged sentences

Three months ended

Six months ended

Six months ended

June 30, 2023

June 30, 2022

June 30, 2023

June 30, 2022

Nine months ended

Nine months ended

September 30, 2023

September 30, 2022

September 30, 2023

September 30, 2022

Per Share Operation Performance

6 unchanged sentences

Investment income

Net realized and unrealized gain (loss) on commodity futures contracts

Net realized and unrealized (loss) gain on commodity futures contracts

( 0.34 )  

( 0.98 )  

( 1.76 )  

Total expenses, net

2 unchanged sentences

( 0.63 )  

Net increase (decrease) in net asset value

Net (decrease) increase in net asset value

( 0.22 )  

( 0.96 )  

( 1.39 )  

Net asset value at end of period

26 unchanged sentences

Subsequent Events

Management has evaluated the financial statements for the quarter-ended June 30, 2023 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund.

Management has evaluated the financial statements for the quarter-ended September 30, 2023 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund.

TEUCRIUM SUGAR FUND

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2023

September 30, 2023

December 31, 2022

5 unchanged sentences

30,669  

22,558  

Equity in trading accounts:

4 unchanged sentences

447,801  

447,801  

Total equity in trading accounts

3 unchanged sentences

24,370,244  

Payable for shares redeemed

1,587,650  

Management fee payable to Sponsor

2 unchanged sentences

Other liabilities

14,007  

Equity in trading accounts:

2 unchanged sentences

85,128  

Due to broker

997,931  

Total equity in trading accounts

1,105,117  

85,128  

Total liabilities

17 unchanged sentences

SCHEDULE OF INVESTMENTS

June 30, 2023

September 30, 2023

Percentage of

1 unchanged sentence

Money market funds

First American Government Obligations Fund - Class X

Bank Deposit Account

5.270 %  

12 unchanged sentences

Commercial Paper

CNH Industrial Capital LLC

August 17, 2023

5.396 %  

$ 2,476,813  

$ 2,482,701  

2,500,000  

Enbridge (U.S.) Inc.

July 10, 2023

Brookfield Infrastructure Holdings (Canada) Inc.

October 11, 2023

5.806 %  

2 unchanged sentences

2,000,000  

Glencore Funding LLC

July 13, 2023

Marriott International, Inc.

October 10, 2023

5.408 %  

2 unchanged sentences

2,500,000  

Harley-Davidson Financial Services, Inc.

August 1, 2023

November 13, 2023

5.497 %  

3 unchanged sentences

Walgreens Boots Alliance, Inc.

July 14, 2023

November 1, 2023

5.901 %  

12 unchanged sentences

United States sugar futures contracts

ICE sugar futures MAR24

ICE sugar futures MAY24

$ 993,509  

$ 8,515,651  

ICE sugar futures MAY24

ICE sugar futures MAR25

872,940  

8 unchanged sentences

United States sugar futures contracts

ICE sugar futures MAR25

ICE sugar futures JUL24

$ 107,186  

78 unchanged sentences

Three months ended

Six months ended

Six months ended

June 30, 2023

June 30, 2022

June 30, 2023

June 30, 2022

Nine months ended

Nine months ended

September 30, 2023

September 30, 2022

September 30, 2023

September 30, 2022

Realized and unrealized gain (loss) on trading of commodity futures contracts:

Realized gain on commodity futures contracts

$ 7,408,174  

Realized gain (loss) on commodity futures contracts

$ 2,271,032  

1 unchanged sentence

$ 11,018,654  

Net change in unrealized depreciation on commodity futures contracts

$ ( 476,906 )

Net change in unrealized appreciation (depreciation) on commodity futures contracts

934,750  

11 unchanged sentences

12,959,146  

( 2,535,843 )

Management fees

18 unchanged sentences

26,099  

25,011  

General and administrative expenses

1 unchanged sentence

19,391  

16,528  

Total expenses

4 unchanged sentences

Expenses waived by the Sponsor

( 49,371 )  

Total expenses, net

12 unchanged sentences

$ 5.24  

$ 0.09  

Net gain (loss) per weighted average share

10 unchanged sentences

STATEMENTS OF CHANGES IN NET ASSETS

Six months ended

Six months ended

June 30, 2023

June 30, 2022

Nine months ended

Nine months ended

September 30, 2023

September 30, 2022

Net income (loss)

36 unchanged sentences

(Unaudited)  

Six months ended

Six months ended

June 30, 2023

June 30, 2022

Nine months ended

Nine months ended

September 30, 2023

September 30, 2022

Cash flows from operating activities:

3 unchanged sentences

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Net change in unrealized depreciation on commodity futures contracts

Net change in unrealized (appreciation) depreciation on commodity futures contracts

( 933,062 )  

2,281,371  

Changes in operating assets and liabilities:

5 unchanged sentences

( 4,531 )  

Due to broker

997,931  

Management fee payable to Sponsor

26 unchanged sentences

NOTES TO FINANCIAL STATEMENTS

June 30, 2023

September 30, 2023

Note 1 –

30 unchanged sentences

It is suggested that these interim financial statements be read in conjunction with the financial statements and related notes included in the Trust’s Annual Report on Form 10 -K, as well as the most recent Form S- 1 filing, as applicable.

The operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full year ending December 31, 2023.

The operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the full year ending December 31, 2023.

Subject to the terms of the Trust Agreement, Teucrium Trading, LLC, in its capacity as the Sponsor (“Sponsor”), may terminate a Fund at any time, regardless of whether the Fund has incurred losses, including, for instance, if it determines that the Fund’s aggregate net assets in relation to its operating expenses make the continued operation of the Fund unreasonable or imprudent.

29 unchanged sentences

Marex and StoneX are each clearing members of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges.

For Corn, Soybean, Sugar, and Wheat Futures Contracts Marex is paid $ 11.00 per round turn.

For Corn, Soybean, Sugar, and Wheat Futures Contracts Marex is paid $ 3.00 per round turn exclusive of pass-through fees for the exchange and the NFA.

StoneX is paid $ 2.50 per round turn exclusive of pass-through fees for the exchange and the NFA.

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.

12 unchanged sentences

A summary of these expenses is included below:

Three months ended June 30, 2023

Three months ended June 30, 2022

Six months ended June 30, 2023

Six months ended June 30, 2022

Amount Recognized for Custody Services

$ 11,202  

$ 2,959  

$ 12,238  

$ 5,234  

Amount of Custody Services Waived

$ 1,068  

$ 1,068  

Amount Recognized for Distribution Services

$ 2,159  

$ 2,229  

$ 3,707  

$ 4,736  

Amount of Distribution Services Waived

$ 1,479  

$ 3,331  

Amount Recognized for Thales

$ 1,110  

Three months ended September 30, 2023

Three months ended September 30, 2022

Nine months ended September 30, 2023

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.