−Removed: Market for Registrant ’
−Removed: s Common Equity, Related Stockholder Matters and Issuer Purchase of Equity Securities
+Added: Market for Registrant ’ s Common Equity, Related Stockholder Matters and Issuer Purchase of Equity Securities
The principal trading market for the shares of CORN, SOYB, CANE, WEAT, TAGS, and DEFI is the NYSE Arca.
1 unchanged sentence
The following tables set forth the range of reported high and low closing prices of the shares for each Fund as reported on the NYSE Arca for the fiscal year ended December 31, 2023 and 2022.
−Removed: The following table sets forth the range of reported high and low closing prices of the shares of the Teucrium Corn Fund (symbol “CORN”) as reported on the NYSE Arca:
+Added: The following table sets forth the range of reported high and low closing prices of the shares of the Teucrium Corn Fund (symbol “CORN”) as reported on the NYSE Arca:
Fiscal Year Ended December 31, 2023
10 unchanged sentences
December 31, 2022
−Removed: 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:
+Added: 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
10 unchanged sentences
December 31, 2022
−Removed: 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:
+Added: 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
10 unchanged sentences
December 31, 2022
−Removed: 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:
+Added: 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
10 unchanged sentences
December 31, 2022
−Removed: 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:
+Added: 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
10 unchanged sentences
December 31, 2022
−Removed: 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:
+Added: 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
Quarter Ended
+Added: March 31, 2023
+Added: June 30, 2023
+Added: September 30, 2023
+Added: December 31, 2023
+Added: Fiscal Year Ended December 31, 2022
+Added: Quarter Ended
From commencement of operations (September 15, 2022) through September 30, 2022
1 unchanged sentence
Change in Net Asset Value per Share
−Removed: The graphs below reflect the change in net asset value (“NAV”) per share for each year during which a Fund has been in operation.
+Added: The graphs below reflect the change in net asset value (“NAV”) per share for each year during which a Fund has been in operation.
For the first year of operation, the graph reflects the change from the NAV per share from the initial price at the commencement of operations to the price on December 31 for that year ended.
13 unchanged sentences
April 7, 2022
−Removed: From June 9, 2010 (the commencement of operations) through December 31, 2022, 
−Removed: Shares of the Fund were sold at an aggregate offering price of $1,020,927,577.
+Added: 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, 2023 in an amount equal to $1,231,762, resulting in net offering proceeds of $1,043,020,333.
−Removed: The offering proceeds were invested in corn futures contracts and cash and cash equivalents in accordance with the Fund’s investment objective stated in the prospectus.
+Added: The offering proceeds were invested in corn futures contracts and cash and cash equivalents in accordance with the Fund’s investment objective stated in the prospectus.
Teucrium Soybean Fund
9 unchanged sentences
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.
−Removed: 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.
+Added: 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.
Teucrium Sugar Fund
9 unchanged sentences
The Fund paid fees to Foreside Fund Services, LLC for its services to the Fund through December 31, 2023 in an amount equal to $111,366, resulting in net offering proceeds of $126,527,834.
−Removed: The offering proceeds were invested in sugar futures contracts and cash and cash equivalents in accordance with the Fund’s investment objective stated in the prospectus.
+Added: 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.
Teucrium Wheat Fund
8 unchanged sentences
From September 19, 2011 (the commencement of the offering) through December 31, 2023, Shares of the Fund were sold at an aggregate offering price of $1,229,365,336.
−Removed: The Fund paid fees to Foreside Fund Services, LLC for its services to the Fund through December 31, 2022 in an amount equal to $501,888, resulting in net offering proceeds of $1,132,273,834.
−Removed: 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.
+Added: 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.
+Added: 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.
Teucrium Agricultural Fund
9 unchanged sentences
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.
−Removed: 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.
+Added: 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.
Hashdex Bitcoin Futures ETF
5 unchanged sentences
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.
−Removed: 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.
+Added: 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.
Issuer Purchases of Equity Securities
56 unchanged sentences
Neither the Trust nor any Fund has made, and there are no plans to make any cash distributions to shareholders.
−Removed: Management ’
−Removed: s Discussion and Analysis of Financial Condition and Results of Operations
+Added: Management ’ s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion should be read in conjunction with the financial statements and the notes thereto of the Teucrium Commodity Trust and all of the Funds which are series of the Trust included elsewhere in the annual report on Form 10-K.
−Removed: This annual report on Form 10-K, including this “Management’s Discussion and Analysis of Financial Condition and Results of Operations,”
−Removed: contains forward looking statements by terminology such as “may,”
−Removed: “will,”
−Removed: “should,”
−Removed: “expect,”
−Removed: “plan,”
−Removed: “anticipate,”
−Removed: “believe,”
−Removed: “estimate,”
−Removed: “predict,”
−Removed: “potential”
−Removed: or the negative of these terms or other comparable terminology.
−Removed: All statements (other than statements of historical fact) included in this filing that address activities, events or developments that will or may occur in the future, including such matters as movements in the commodities markets and indexes that track such movements, operations of the Funds, the Sponsor’s plans and references to the future success of a Fund or the Funds and other similar matters, are forward-looking statements.
+Added: This annual report on Form 10-K, including this “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” contains forward looking statements by terminology such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or the negative of these terms or other comparable terminology.
+Added: All statements (other than statements of historical fact) included in this filing that address activities, events or developments that will or may occur in the future, including such matters as movements in the commodities markets and indexes that track such movements, operations of the Funds, the Sponsor’s plans and references to the future success of a Fund or the Funds and other similar matters, are forward-looking statements.
These statements are only predictions.
1 unchanged sentence
These statements are based upon certain assumptions and analyses the Sponsor has made based on its perception of historical trends, current conditions and expected future developments, as well as other factors appropriate in the circumstances.
−Removed: Whether or not actual results and developments will conform to the Sponsor’s expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed in this prospectus, general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments.
+Added: Whether or not actual results and developments will conform to the Sponsor’s expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed in this prospectus, general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments.
Consequently, all the forward looking statements made in this filing are qualified by these cautionary statements, and there can be no assurance that actual results or developments the Sponsor anticipates will be realized or, even if substantially realized, that they will result in the expected consequences to, or have the expected effects on, the operations of the Funds or the value of the Shares of the Funds.
Trust Overview
−Removed: The business and operations of the Trust and each Fund are described above under Part I, Item I entitled “Business.”
−Removed: The Trust’s critical accounting policies for all the Funds are as follows:
+Added: The business and operations of the Trust and each Fund are described above under Part I, Item I entitled “Business.”
+Added: The Trust’s critical accounting policies for all the Funds are as follows:
Preparation of the financial statements and related disclosures in conformity with U.S.
−Removed: generally-accepted accounting principles (“GAAP”) requires the application of appropriate accounting rules and guidance, as well as the use of estimates, and requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expense and related disclosure of contingent assets and liabilities during the reporting period of the combined financial statements and accompanying notes.
−Removed: The Trust’s application of these policies involves judgments and actual results may differ from the estimates used.
+Added: generally-accepted accounting principles (“GAAP”) requires the application of appropriate accounting rules and guidance, as well as the use of estimates, and requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expense and related disclosure of contingent assets and liabilities during the reporting period of the combined financial statements and accompanying notes.
+Added: The Trust’s application of these policies involves judgments and actual results may differ from the estimates used.
The Sponsor has determined that the valuation of commodity interests that are not traded on a U.S.
6 unchanged sentences
Changes in the appreciation or depreciation between periods are reflected in the statement of operations.
−Removed: Interest on cash equivalents and deposits are recognized on the accrual basis.
+Added: 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.
3 unchanged sentences
Assets deposited with financial institutions may, at times, exceed federally insured limits.
−Removed: The use of fair value to measure financial instruments, with related unrealized gains or losses recognized in earnings in each period is fundamental to the Trust’s financial statements.
−Removed: In accordance with GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date.
+Added: The use of fair value to measure financial instruments, with related unrealized gains or losses recognized in earnings in each period is fundamental to the Trust’s financial statements.
+Added: In accordance with GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date.
In determining fair value, the Trust uses various valuation approaches.
1 unchanged sentence
Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Trust.
−Removed: Unobservable inputs reflect the Trust’s assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
+Added: Unobservable inputs reflect the Trust’s assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
The fair value hierarchy is categorized into three levels:
8 unchanged sentences
OTC derivatives contracts (such as forward and swap contracts) which may be valued using models, depending on whether significant inputs are observable or unobservable, are categorized in Levels 2 or 3 of the fair value hierarchy.
−Removed: The Funds recognize brokerage commissions on a per-trade basis.
−Removed: Margin is the minimum amount of funds that must be deposited by a commodity interest trader with the trader’s broker to initiate and maintain an open position in futures contracts.
−Removed: A margin deposit acts to assure the trader’s performance of the futures contracts purchased or sold.
+Added: The Funds recognize brokerage commissions on a per-trade basis.
+Added: Margin is the minimum amount of funds that must be deposited by a commodity interest trader with the trader’s broker to initiate and maintain an open position in futures contracts.
+Added: 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.
2 unchanged sentences
In addition, the amount of margin required in connection with a particular futures contract may be modified from time to time by the exchange during the term of the contract.
−Removed: Brokerage firms, such as the Funds’ clearing brokers, carrying accounts for traders in commodity interest contracts generally require higher amounts of margin as a matter of policy to further protect themselves.
+Added: Brokerage firms, such as the Funds’ clearing brokers, carrying accounts for traders in commodity interest contracts generally require higher amounts of margin as a matter of policy to further protect themselves.
Over the counter trading generally involves the extension of credit between counterparties, so the counterparties may agree to require the posting of collateral by one or both parties to address credit exposure.
4 unchanged sentences
Complicated margin requirements apply to spreads and conversions, which are complex trading strategies in which a trader acquires a mixture of options positions and positions in the underlying interest.
−Removed: Ongoing or “maintenance” margin requirements are computed each day by a trader’s clearing broker.
+Added: Ongoing or “maintenance” margin requirements are computed each day by a trader’s clearing broker.
When the market value of a particular open futures contract changes to a point where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the broker.
−Removed: If the margin call is not met within a reasonable time, the broker may close out the trader’s position.
−Removed: With respect to the Funds’ trading, the Funds (and not its shareholders personally) are subject to margin calls.
+Added: If the margin call is not met within a reasonable time, the broker may close out the trader’s position.
+Added: With respect to the Funds’ trading, the Funds (and not its shareholders personally) are subject to margin calls.
Finally, many major U.S.
8 unchanged sentences
Certain aggregate expenses common to all Teucrium Funds within the Trust are allocated by the Sponsor to the respective Funds based on activity drivers deemed most appropriate by the Sponsor for such expenses, including but not limited to relative assets under management and creation order activity.
−Removed: These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax‐preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Distributor.
−Removed: A portion of these aggregate common expenses are related to the Sponsor or related parties of principals of the Sponsor;
−Removed: these are necessary services to the Teucrium Funds, which are primarily the cost of performing certain accounting and financial reporting, regulatory compliance, and trading activities that are directly attributable to the Fund and are included, primarily, in distribution and marketing fees.
+Added: These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax‐preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Distributor.
+Added: A portion of these aggregate common expenses are related to the Sponsor or related parties of principals of the Sponsor; these are necessary services to the Teucrium Funds, which are primarily the cost of performing certain accounting and financial reporting, regulatory compliance, and trading activities that are directly attributable to the Fund and are included, primarily, in distribution and marketing fees.
In addition, the Agricultural Funds, except for TAGS which has no such fee, are contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00% per annum.
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.
−Removed: From the Management Fee, the Sponsor pays all of the routine operational, administrative and other ordinary expenses of each 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 and expenses, tax preparation expenses, legal fees, ongoing SEC registration fees, individual Schedule K‐1 preparation and mailing fees, and report preparation and mailing expenses.
+Added: From the Management Fee, the Sponsor pays all of the routine operational, administrative and other ordinary expenses of each 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 and 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.
−Removed: The Fund pays all of its non‐recurring and unusual fees and expenses, if any, as determined by the Sponsor.
−Removed: 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.
+Added: The Fund pays all of its non‐recurring and unusual fees and expenses, if any, as determined by the Sponsor.
+Added: 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.
Routine operational, administrative and other ordinary expenses are not deemed extraordinary expenses.
−Removed: The investment objective of TAGS is to have the daily changes in percentage terms of the Net Asset Value (“NAV”) of its common units (“Shares”) reflect the daily changes in percentage terms of a weighted average (the “Underlying Fund Average”) of the NAVs per share of four other commodity pools that are series of the Trust and are sponsored by the Sponsor:
−Removed: the Teucrium Corn Fund, the Teucrium Wheat Fund, the Teucrium Soybean Fund and the Teucrium Sugar Fund (collectively, the “Underlying Funds”).
−Removed: The Underlying Fund Average will have a weighting of 25% to each Underlying Fund, and the Fund’s assets will be rebalanced, generally on a daily basis, to maintain the approximate 25% allocation to each Underlying Fund.
+Added: The investment objective of TAGS is to have the daily changes in percentage terms of the Net Asset Value (“NAV”) of its common units (“Shares”) reflect the daily changes in percentage terms of a weighted average (the “Underlying Fund Average”) of the NAVs per share of four other commodity pools that are series of the Trust and are sponsored by the Sponsor:
+Added: the Teucrium Corn Fund, the Teucrium Wheat Fund, the Teucrium Soybean Fund and the Teucrium Sugar Fund (collectively, the “Underlying Funds”).
+Added: The Underlying Fund Average will have a weighting of 25% to each Underlying Fund, and the Fund’s assets will be rebalanced, generally on a daily basis, to maintain the approximate 25% allocation to each Underlying Fund.
As such, TAGS will buy, sell and hold as part of its normal operations shares of the four Underlying Funds.
2 unchanged sentences
Upon the sale of the Underlying Funds by the Teucrium Agricultural Fund, the Trust includes any realized gain or loss in its statements of changes in net assets.
−Removed: federal income tax purposes, the Funds intend to be treated as partnerships.
−Removed: Therefore, the Funds do not record a provision for income taxes because the partners report their share of a Fund’s income or loss on their income tax returns.
−Removed: The financial statements reflect the Funds’ transactions without adjustment, if any, required for income tax purposes.
+Added: federal income tax purposes, the Funds intend to be treated as partnerships.
+Added: Therefore, the Funds do not record a provision for income taxes because the partners report their share of a Fund’s income or loss on their income tax returns.
+Added: The financial statements reflect the Funds’ transactions without adjustment, if any, required for income tax purposes.
For commercial paper, the Funds use the effective interest method for calculating the actual interest rate in a period based on the amount of a financial instrument's book value at the beginning of the accounting period.
4 unchanged sentences
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.
−Removed: CORN, SOYB, CANE, WEAT and TAGS operated for the entirety of all periods discussed below. 
+Added: CORN, SOYB, CANE, WEAT and TAGS operated for the entirety of all periods discussed below.
DEFI commenced operations on September 16, 2022.
−Removed: Total expenses for the current and comparative periods are presented both gross and net of any expenses waived or paid by the Sponsor that would have been incurred by the Funds (“expenses waived by the Sponsor”).
+Added: Total expenses for the current and comparative periods are presented both gross and net of any expenses waived or paid by the Sponsor that would have been incurred by the Funds (“expenses waived by the Sponsor”).
For all expenses waived in 2021, 2022 and 2023, the Sponsor has determined that no reimbursement will be sought in future periods.
−Removed: “Total expenses, net,”
−Removed: which is after the impact of any expenses waived by or reimbursed to the Sponsor, are presented in the same manner as previously reported.
+Added: “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.
There is, therefore, no impact to or change in the net gain or net loss in any period for the Trust and each Fund as a result of this change in presentation.
2 unchanged sentences
In addition, the Funds, except for TAGS which has no such fee, are contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00% per annum.
−Removed: The Agricultural Funds generally pay for all brokerage fees, taxes, and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the SEC, the Financial Industry Regulatory Authority (“FINRA”), or any other regulatory agency in connection with the offer and sale of subsequent Shares after its initial registration and all legal, accounting, printing and other expenses associated therewith.
−Removed: Each Fund also pays its portion of the fees and expenses associated with the Trust’s tax accounting and reporting requirements.
+Added: The Agricultural Funds generally pay for all brokerage fees, taxes, and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the SEC, the Financial Industry Regulatory Authority (“FINRA”), or any other regulatory agency in connection with the offer and sale of subsequent Shares after its initial registration and all legal, accounting, printing and other expenses associated therewith.
+Added: Each Fund also pays its portion of the fees and expenses associated with the Trust’s tax accounting and reporting requirements.
Certain aggregate expenses common to all Funds within the Trust are allocated by the Sponsor to the respective funds based on activity drivers deemed most appropriate by the Sponsor for such expenses, including but not limited to relative assets under management and creation order activity.
−Removed: These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax‐preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Distributor, which are included in the related line item in the statements of operations.
−Removed: A portion of these aggregate common expenses are related to services provided by the Sponsor or related parties of principals of the Sponsor;
−Removed: these are necessary services to the Funds, which are primarily the cost of performing accounting and financial reporting, regulatory compliance, and trading activities that are directly attributable to the Funds and are, primarily, included as distribution and marketing fees on the statements of operations.
+Added: These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax‐preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Distributor, which are included in the related line item in the statements of operations.
+Added: A portion of these aggregate common expenses are related to services provided by the Sponsor or related parties of principals of the Sponsor; these are necessary services to the Funds, which are primarily the cost of performing accounting and financial reporting, regulatory compliance, and trading activities that are directly attributable to the Funds and are, primarily, included as distribution and marketing fees on the statements of operations.
These amounts, for the Trust and for each Fund, are detailed in the notes to the financial statements included in Part I of this filing.
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.
−Removed: 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.
+Added: 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.
−Removed: The Fund pays all of its non‐recurring and unusual fees and expenses, if any, as determined by the Sponsor.
−Removed: 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.
+Added: The Fund pays all of its non‐recurring and unusual fees and expenses, if any, as determined by the Sponsor.
+Added: 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.
5 unchanged sentences
The Teucrium Corn Fund commenced investment operations on June 9, 2010.
−Removed: The investment objective of the Corn Fund is to have the daily changes in percentage terms of the Shares’
−Removed: NAV reflect the daily changes in percentage terms of a weighted average of the closing settlement prices for three futures contracts for corn (“Corn Futures Contracts”) that are traded on the Chicago Board of Trade (“CBOT”), specifically (1) the second to expire CBOT Corn Futures Contract, weighted 35%, (2) the third to expire CBOT Corn Futures Contract, weighted 30%, and (3) the CBOT Corn Futures Contract expiring in the December following the expiration month of the third to expire contract, weighted 35%.
+Added: The investment objective of the Corn Fund is to have the daily changes in percentage terms of the Shares’ NAV reflect the daily changes in percentage terms of a weighted average of the closing settlement prices for three futures contracts for corn (“Corn Futures Contracts”) that are traded on the Chicago Board of Trade (“CBOT”), specifically (1) the second to expire CBOT Corn Futures Contract, weighted 35%, (2) the third to expire CBOT Corn Futures Contract, weighted 30%, and (3) the CBOT Corn Futures Contract expiring in the December following the expiration month of the third to expire contract, weighted 35%.
The benchmark for the Fund is the Teucrium Corn Index (TCORN).
1 unchanged sentence
The Fund does not track the spot price of corn.
−Removed: On December 31, 2022, the Corn Fund held a total of 
−Removed: CBOT Corn Futures contracts with a notional value of $152,612,888.
−Removed: The contracts had an asset fair value of $1,585,798 and a liability fair value of $2,967,103.
+Added: On December 31, 2023, the Corn Fund held a total of CBOT Corn Futures contracts with a notional value of $81,015,700.
+Added: The contracts had a liability fair value of $2,182,141.
The weighting of the notional value of the contracts was weighted as follows:
1 unchanged sentence
As of December 31, 2023 Compared to December 31, 2022 and 2021
−Removed: December 31, 
December 31, 2023
December 31, 2022
+Added: December 31, 2021
Total Net Assets
2 unchanged sentences
Closing Price
−Removed: Total net assets for the Fund increased year over year by 26%, driven by an increase in the NAV per share of $5.32 or 25%.
−Removed: The net assets for the Fund increased by 10% when comparing 2022 to 2020.
−Removed: This change in total net assets year over year, in the opinion of management, was generally due to a combination of appreciation of commodity prices and investor in-flows which was driven by the war in Ukraine, supply disruptions and rising crop input costs.
+Added: Total net assets for the Fund decreased year over year by 47%, driven by a decrease in the NAV per share of $5.28 or 20%.
+Added: The net assets for the Fund decreased by 33% when comparing 2023 to 2021.
+Added: This change in total net assets year over year, in the opinion of management, was generally due to a combination of depreciation of commodity prices and investor out-flows.
December 31, 2023
2 unchanged sentences
Average daily total net assets
−Removed: Net realized and unrealized gain on futures contracts
+Added: Net realized and unrealized (loss) gain on futures contracts
Interest income earned on cash and cash equivalents
Annualized interest yield based on average daily total net assets
+Added: Net (loss) Income
Weighted average share outstanding
5 unchanged sentences
Total expense ratio net of expenses waived by the Sponsor
−Removed: Net investment loss
+Added: Net investment gain
Creation of Shares
1 unchanged sentence
Realized gain or loss on trading of commodity futures contracts is a function of:
−Removed: 1) the change in the price of the particular contracts sold as part of a “roll”
−Removed: 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.
−Removed: 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.
+Added: 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.
+Added: The Fund recognizes the expense for brokerage commissions for futures contract trades on a per trade basis.
+Added: 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 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.
−Removed: 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.
+Added: The increase in interest and other income year over year was due to an increase in Federal Fund Rates.
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.
−Removed: 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.
+Added: 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.
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.
−Removed: The increase/decrease in management fee paid to the Sponsor is a result of higher/lower average net assets.
−Removed: The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets.
+Added: The increase/decrease in management fee paid to the Sponsor is a result of higher/lower average net assets.
+Added: 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.
3 unchanged sentences
The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
−Removed: 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.
+Added: 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.
1 unchanged sentence
The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.
−Removed: The increase in total brokerage commissions for the year ended December 31, 2022, compared to the year ended December 31, 2021, was primarily due to an increase in contracts purchased, liquidated, and rolled.
+Added: The decrease in total brokerage commissions for the year ended December 31, 2023, compared to the year ended December 31, 2022, was primarily due to a decrease in contracts purchased, liquidated, and rolled.
The 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.
12 unchanged sentences
The Teucrium Soybean Fund commenced investment operations on September 19, 2011.
−Removed: The investment objective of the Fund is to have the daily changes in the NAV of the Fund’s shares reflect the daily changes in the soybean market for future delivery as measured by the Benchmark.
−Removed: 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”), specifically (1) the second to expire CBOT Soybean Futures Contract (excluding August & September), weighted 35%, (2) the third to expire CBOT Soybean Futures Contract (excluding August & September), weighted 30%, and (3) the CBOT Soybean Futures Contract expiring in the November following the expiration of the third to expire contract, weighted 35%.
+Added: The investment objective of the Fund is to have the daily changes in the NAV of the Fund’s shares reflect the daily changes in the soybean market for future delivery as measured by the Benchmark.
+Added: 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”), specifically (1) the second to expire CBOT Soybean Futures Contract (excluding August & September), weighted 35%, (2) the third to expire CBOT Soybean Futures Contract (excluding August & September), weighted 30%, and (3) the CBOT Soybean Futures Contract expiring in the November following the expiration of the third to expire contract, weighted 35%.
The benchmark for the Fund is the Teucrium Soybean Index (TSOYB).
2 unchanged sentences
On December 31, 2023, the Fund held a total of CBOT soybean futures contracts with a notional value of $29,032,763.
−Removed: The contracts had an asset fair value of $2,520,370.
+Added: The contracts had a liability fair value of $1,391,661.
The weighting of the notional value of the contracts was weighted as follows:
8 unchanged sentences
Closing Price
−Removed: Total net assets for the Fund increased year over year by 30%, driven by a combination of an increase in the NAV per share of $5.73 or 25% and an increase in the shares outstanding of 75,000 shares or 4%.
−Removed: This change year over year, in the opinion of management, was generally due to a combination of appreciation of commodity prices and investor in-flows which was driven by the war in Ukraine, supply disruptions and rising crop input costs.
+Added: Total net assets for the Fund decreased year over year by 50%, driven by a combination of a decrease in the NAV per share of $1.47 or 5% and a decrease in the shares outstanding of 975,000 shares or 48%.
+Added: This change year over year, in the opinion of management, was generally due to a combination of depreciation of commodity prices and investor out-flows.
The net assets for the Fund decreased by 35% when comparing 2023 to 2021.
3 unchanged sentences
Average daily total net assets
−Removed: Net realized and unrealized gain on futures contracts
+Added: Net realized and unrealized (loss) gain on futures contracts
Interest income earned on cash and cash equivalents
Annualized interest yield based on average daily total net assets
+Added: Net (loss) Income
Weighted average share outstanding
5 unchanged sentences
Total expense ratio net of expenses waived by the Sponsor
−Removed: Net investment loss
+Added: Net investment gain (loss)
Creation of Shares
1 unchanged sentence
Realized gain or loss on trading of commodity futures contracts is a function of:
−Removed: 1) the change in the price of the particular contracts sold as part of a “roll”
−Removed: 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.
−Removed: 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.
+Added: 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.
+Added: The Fund recognizes the expense for brokerage commissions for futures contract trades on a per trade basis.
+Added: 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 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.
−Removed: 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.
+Added: The increase in interest and other income year over year was due to an increase in Federal Fund Rates.
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.
−Removed: 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.
+Added: 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.
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.
−Removed: 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.
−Removed: The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets.
+Added: 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.
+Added: 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.
3 unchanged sentences
The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
−Removed: 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.
+Added: 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.
16 unchanged sentences
The Teucrium Sugar Fund commenced investment operations on September 19, 2011.
−Removed: The investment objective of the Fund 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.
+Added: The investment objective of the Fund 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 No.
−Removed: 11 Sugar (“Sugar Futures Contracts”) that are traded on the ICE Futures US (“ICE Futures”), specifically (1) the second to expire ICE No.11 Sugar Futures Contract, weighted 35%, (2) the third to expire ICE No.11 Sugar Futures Contract, weighted 30%, and (3) the ICE No.11 Sugar Futures Contract expiring in the March following the expiration of the third to expire contract, weighted 35%.
+Added: 11 Sugar (“Sugar Futures Contracts”) that are traded on the ICE Futures US (“ICE Futures”), specifically (1) the second to expire ICE No.11 Sugar Futures Contract, weighted 35%, (2) the third to expire ICE No.11 Sugar Futures Contract, weighted 30%, and (3) the ICE No.11 Sugar Futures Contract expiring in the March following the expiration of the third to expire contract, weighted 35%.
The benchmark for the Fund is the Teucrium Sugar Index (TCANE).
1 unchanged sentence
The Fund does not track the spot price of sugarcane.
−Removed: On December 31, 2022, the Fund held a total of 
−Removed: ICE sugar futures contracts with a notional value of $24,262,615.
−Removed: The contracts had an asset fair value of $911,329 and a liability fair value of $85,128.
+Added: On December 31, 2023, the Fund held a total of ICE sugar futures contracts with a notional value of $17,717,515.
+Added: The contracts had a liability fair value of $2,687,998.
The weighting of the notional value of the contracts was weighted as follows:
8 unchanged sentences
Closing Price
−Removed: Total net assets for the Fund increased year over year by 6%, driven by a combination of an increase in total shares outstanding of 75,000 or 3% and an increase in the NAV per share of $0.29 or 3%.
−Removed: The net assets for the Fund increased by 90% when comparing 2022 to 2020.
−Removed: This change was, in the opinion of management, due to the stabilization of prices worldwide, strong demand and with modestly higher production which accelerated investor interest.
+Added: Total net assets for the Fund decreased year over year by 27%, driven by a combination of a decrease in total shares outstanding of 1,125,000 or 44% and partially offset by an increase in the NAV per share of $2.92 or 31%.
+Added: The net assets for the Fund decreased by 22% when comparing 2023 to 2021.
+Added: This change was, in the opinion of management, due to the stabilization of prices worldwide, strong demand and with modestly higher production.
December 31, 2023
2 unchanged sentences
Average daily total net assets
−Removed: Net realized and unrealized (loss) gain on futures contracts
+Added: Net realized and unrealized gain (loss) on futures contracts
Interest income earned on cash and cash equivalents
Annualized interest yield based on average daily total net assets
−Removed: Net (loss) Income
+Added: Net Income (loss)
Weighted average share outstanding
5 unchanged sentences
Total expense ratio net of expenses waived by the Sponsor
−Removed: Net investment loss
+Added: Net investment gain (loss)
Creation of Shares
1 unchanged sentence
Realized gain or loss on trading of commodity futures contracts is a function of:
−Removed: 1) the change in the price of the particular contracts sold as part of a “roll”
−Removed: 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.
−Removed: 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.
+Added: 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.
+Added: The Fund recognizes the expense for brokerage commissions for futures contract trades on a per trade basis.
+Added: 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 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.
−Removed: 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.
+Added: The increase in interest and other income year over year was due to an increase in Federal Fund Rates.
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.
−Removed: 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.
+Added: 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.
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.
−Removed: The increase in management fee paid to the Sponsor compared to the years ending 2021 and 2020 was a result of higher average net assets.
−Removed: The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets.
+Added: The decrease/increase in management fee paid to the Sponsor compared to the years ending 2022 and 2021 was a result of lower/higher average net assets.
+Added: 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.
7 unchanged sentences
The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.
−Removed: The increase in total brokerage commissions for the year ended December 31, 2022, compared to the years ended December 31, 2021 and 2020, was primarily due to an increase in contracts purchased, liquidated, and rolled.
+Added: The decrease in total brokerage commissions for the year ended December 31, 2023, compared to the years ended December 31, 2022 and 2021, was primarily due to a decrease in contracts purchased, liquidated, and rolled.
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.
6 unchanged sentences
In the futures market, contracts expiring during the harvest season are typically priced lower than contracts expiring in the winter and spring.
−Removed: While the sugar harvest seasons varies from country to country, prices of Sugar Futures Contracts tend to be lowest in the late spring and early summer, reflecting the harvest season in Brazil, the world’s leading producer of sugarcane.
+Added: While the sugar harvest seasons varies from country to country, prices of Sugar Futures Contracts tend to be lowest in the late spring and early summer, reflecting the harvest season in Brazil, the world’s leading producer of sugarcane.
Thus, seasonal fluctuations could result in an investor incurring losses upon the sale of Fund Shares, particularly if the investor needs to sell Shares when the Benchmark Component Futures Contracts are, in whole or part, Sugar Futures Contracts expiring in the late spring or early summer.
4 unchanged sentences
The Teucrium Wheat Fund commenced investment operations on September 19, 2011.
−Removed: The investment objective of the Fund is to have the daily changes in the NAV of the Fund’s Shares reflect the daily changes in the wheat market for future delivery as measured by the Benchmark.
−Removed: 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”), specifically (1) the second to expire CBOT Wheat Futures Contract, weighted 35%, (2) the third to expire CBOT Wheat Futures Contract, weighted 30%, and (3) the CBOT Wheat Futures Contract expiring in the December following the expiration of the third to expire contract, weighted 35%.
+Added: The investment objective of the Fund is to have the daily changes in the NAV of the Fund’s Shares reflect the daily changes in the wheat market for future delivery as measured by the Benchmark.
+Added: 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”), specifically (1) the second to expire CBOT Wheat Futures Contract, weighted 35%, (2) the third to expire CBOT Wheat Futures Contract, weighted 30%, and (3) the CBOT Wheat Futures Contract expiring in the December following the expiration of the third to expire contract, weighted 35%.
The benchmark for the Fund is the Teucrium Wheat Index (TWEAT).
1 unchanged sentence
The Fund does not track the spot price of wheat.
−Removed: On December 31, 2022, the Fund held a total of 
−Removed: CBOT wheat futures contracts with a notional value of $228,991,788.
−Removed: The contracts had an asset fair value of $3,160,732 and a liability fair value of $26,380,838.
+Added: On December 31, 2023, the Fund held a total of CBOT wheat futures contracts with a notional value of $184,127,263.
+Added: The contracts had an asset fair value of $2,237,493 and a liability fair value of $4,575,666.
The weighting of the notional value of the contracts was weighted as follows:
−Removed: (1) 35% to MAY23 CBOT contracts, (2) 30% to JUL23 CBOT contracts, and (3) 35% to DEC23 CBOT contracts.
+Added: (1) 35% to MAY24 CBOT contracts, (2) 30% to JUL24 CBOT contracts, and (3) 35% to DEC24 CBOT contracts.
As of December 31, 2023 Compared December 31, 2022 and 2021
2 unchanged sentences
December 31, 2021
−Removed: Total Net Assets
+Added: Total Net Asset
Shares Outstanding
1 unchanged sentence
Closing Price
−Removed: Total net assets for the Fund increased year over year by 203%, driven by a combination of an increase in total shares outstanding of 18,425,000 or 180% and an increase in the NAV per share of $0.61 or 8%.
+Added: Total net assets for the Fund decreased year over year by 20%, driven by a combination of an increase in total shares outstanding of 2,125,000 or 7% and offset by a decrease in the NAV per share of $2.01 or 25%.
The net assets for the Fund increased by 144% when comparing 2023 to 2021.
15 unchanged sentences
Total expense ratio net of expenses waived by the Sponsor
−Removed: Net investment loss
+Added: Net investment gain (loss)
Creation of Shares
1 unchanged sentence
Realized gain or loss on trading of commodity futures contracts is a function of:
−Removed: 1) the change in the price of the particular contracts sold as part of a “roll”
−Removed: 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.
−Removed: 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.
+Added: 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.
+Added: The Fund recognizes the expense for brokerage commissions for futures contract trades on a per trade basis.
+Added: 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 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.
−Removed: 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.
+Added: The increase in interest and other income year over year was due to an increase in Federal Fund Rates.
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.
−Removed: 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.
+Added: 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.
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.
−Removed: The increase in management fee paid to the Sponsor is a result of higher average net assets.
−Removed: The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets.
+Added: The decrease/increase in management fee paid to the Sponsor is a result of higher/lower average net assets.
+Added: 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.
3 unchanged sentences
The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
−Removed: The increase/decrease in total gross fees and other expenses excluding management fees for the year ended December 31, 2022, compared to 2021 and 2020 was generally due to the increase/decrease in average assets under management relative to the other Funds.
+Added: The decrease/increase in total gross fees and other expenses excluding management fees for the year ended December 31, 2023, compared to 2022 and 2021 was generally due to the decrease/increase in average assets under management relative to the other Funds.
The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee.
1 unchanged sentence
The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.
−Removed: The increase in total brokerage commissions for the year ended December 31, 2022, compared to the year ended December 31, 2021 and 2020, was primarily due to an increase in contracts purchased, liquidated, and rolled.
+Added: The decrease in total brokerage commissions for the year ended December 31, 2023, compared to the year ended December 31, 2022 and 2021, was primarily due to a decrease in contracts purchased, liquidated, and rolled.
The 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.
13 unchanged sentences
The investment objective of the Fund is to provide daily investment results that reflect the combined daily performance of four other commodity pools that are a series of the Trust and are sponsored by the Sponsor:
−Removed: the Teucrium Corn Fund, the Teucrium Wheat Fund, the Teucrium Soybean Fund and the Teucrium Sugar Fund (the “Underlying Funds”).
+Added: the Teucrium Corn Fund, the Teucrium Wheat Fund, the Teucrium Soybean Fund and the Teucrium Sugar Fund (the “Underlying Funds”).
Under normal market conditions, the Fund seeks to achieve its investment objective generally by investing equally in shares of each of the four Underlying Funds.
−Removed: The Fund’s investments in shares of the Underlying Funds is rebalanced, generally on a daily basis, in order to maintain approximately a 25% allocation to each of the Fund’s assets to each Underlying Fund.
+Added: The Fund’s investments in shares of the Underlying Funds is rebalanced, generally on a daily basis, in order to maintain approximately a 25% allocation to each of the Fund’s assets to each Underlying Fund.
The fund does not track the spot price of corn, wheat, soybeans, or sugarcane.
−Removed: The Fund does not intend to invest directly in futures contracts (“Futures Contracts”), although it reserves the right to do so in the future, including if an Underlying Fund ceases operation.
+Added: The Fund does not intend to invest directly in futures contracts (“Futures Contracts”), although it reserves the right to do so in the future, including if an Underlying Fund ceases operation.
The benchmark for the Fund is the Teucrium Agricultural Index (TTAGS).
6 unchanged sentences
The weighting on December 31, 2023 was 25% to CORN, 25% to WEAT, 25% to SOYB and 25% to CANE.
−Removed: As of December 31, 2022 Compared December 31, 2021 and 2020
+Added: As of December 31, 2023 Compared to December 31, 2022 and 2021
December 31, 2023
1 unchanged sentence
December 31, 2021
−Removed: Total Net Assets
+Added: Total Net Asset
Shares Outstanding
1 unchanged sentence
Closing Price
−Removed: Total net assets for the Fund increased year over year by 179%, driven by a combination of an increase in shares outstanding 737,500 shares or 140% and the NAV per share of $4.34 or 16%.
+Added: Total net assets for the Fund decreased year over year by 53%, driven by a combination of a decrease in shares outstanding 637,500 shares or 50% and the NAV per share of $1.89 or 6%.
The net assets for the Fund increased by 30% when comparing 2023 to 2021.
24 unchanged sentences
The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
−Removed: The change in total gross fees and other expenses for the year ending December 31, 2022, compared to the years ending 2021 and 2020, was generally due to the increase in average assets under management.
+Added: The change in total gross fees and other expenses for the year ending December 31, 2023, compared to the years ending 2022 and 2021, was generally due to the decrease/increase in average assets under management.
The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee.
1 unchanged sentence
The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.
−Removed: 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.
+Added: 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.
−Removed: The investment objective of the Fund is to have the daily changes in the NAV of the Fund’s Shares reflect the daily changes in the price of the Benchmark, less expenses from the Fund’s operations.
−Removed: The Benchmark is the average of the closing settlement prices for the first to expire and second to expire bitcoin futures contracts listed on the CME. 
+Added: The investment objective of the Fund is to have the daily changes in the NAV of the Fund’s Shares reflect the daily changes in the price of the Benchmark, less expenses from the Fund’s operations.
+Added: The Benchmark is the average of the closing settlement prices for the first to expire and second to expire bitcoin futures contracts listed on the CME.
These contracts are the Benchmark Component Futures Contracts.
−Removed: On December 31, 2022, the Fund held a total of 
−Removed: CME bitcoin futures contracts with a notional value of $1,071,625.
−Removed: The contracts had an asset fair value of $29,152.
+Added: On December 31, 2023, the Fund held a total of CME bitcoin futures contracts with a notional value of $2,563,050.
+Added: The contracts had an asset fair value of $129,519 and a liability fair value of $51,376.
The weighting of the notional value of the contracts was weighted as follows:
(1) 50% to JAN24 CME contracts, (2) 50% to FEB24 CME contracts.
−Removed: As of December 31, 2022
+Added: As of December 31, 2023 Compared to December 31, 2022
December 31, 2023
−Removed: Total Net Assets
+Added: December 31, 2022
+Added: Total Net Asset
Shares Outstanding
1 unchanged sentence
Closing Price
−Removed: From the commencement of operations (September 15, 2022) through December 31, 2022
+Added: Total net assets for the Fund increased year over year by 137%, driven by an increase in the NAV per share of $29.34 or 137%.
From the commencement
of operations (September 15, 2022)
+Added: December 31, 2023
through December 31, 2022
3 unchanged sentences
Annualized interest yield based on average daily total net assets
+Added: Net income (loss)
Weighted average share outstanding
3 unchanged sentences
Expenses waived by the Sponsor
−Removed: Total gross expense ratio (annualized)
−Removed: Total expense ratio net of expenses waived by the Sponsor (annualized)
−Removed: Net investment income (annualized)
+Added: Total gross expense ratio
+Added: Total expense ratio net of expenses waived by the Sponsor
+Added: Net investment income
Creation of Shares
1 unchanged sentence
Realized gain or loss on trading of cryptocurrency futures contracts is a function of:
−Removed: 1) the change in the price of the particular contracts sold as part of a “roll”
−Removed: 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.
+Added: 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.
The Fund recognizes the expense for brokerage commissions for futures contract trades on a per trade basis.
1 unchanged sentence
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.
−Removed: 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.
−Removed: These investments may include, but are not limited to, short‐term Treasury Securities, demand deposits, money market funds and investments in commercial paper.
+Added: The increase in interest income is attributable to an increase in the net assets of the Fund and in Federal Funds Rates.
+Added: 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.
+Added: These investments may include, but are not limited to, short‐term Treasury Securities, demand deposits, money market funds and investments in commercial paper.
These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven point.
+Added: The increase in the management fee is attributable to an increase in the net assets of the Fund.
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.
−Removed: 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.
+Added: 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.
−Removed: The Fund pays all of its non‐recurring and unusual fees and expenses, if any, as determined by the Sponsor.
−Removed: 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.
+Added: The Fund pays all of its non‐recurring and unusual fees and expenses, if any, as determined by the Sponsor.
+Added: 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.
2 unchanged sentences
Benchmark Performance
−Removed: Investing in Commodity Interests subjects the Funds to the risks of the underlying commodity market, and this could result in substantial fluctuations in the price of each Fund’s Shares.
+Added: Investing in Commodity Interests subjects the Funds to the risks of the underlying commodity market, and this could result in substantial fluctuations in the price of each Fund’s Shares.
Unlike mutual funds, the Funds currently are not expected to distribute dividends to Shareholders.
4 unchanged sentences
Frequency Distribution of Premiums and Discounts
−Removed: The frequency distribution charts below present information about the difference between the daily market price for Shares of each Fund and the Fund’s reported Net Asset Value per share.
−Removed: The amount that a Fund’s market price is above the reported NAV is called the premium.
−Removed: The amount that a Fund’s market price is below the reported NAV is called the discount.
−Removed: The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that a Fund’s NAV is calculated (usually 4:00 p.m., (ET)).
−Removed: The chart shows the number of trading days in which a Fund traded within the premium/discount range indicated.
+Added: The frequency distribution charts below present information about the difference between the daily market price for Shares of each Fund and the Fund’s reported Net Asset Value per share.
+Added: The amount that a Fund’s market price is above the reported NAV is called the premium.
+Added: The amount that a Fund’s market price is below the reported NAV is called the discount.
+Added: The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that a Fund’s NAV is calculated (usually 4:00 p.m., (ET)).
+Added: The chart shows the number of trading days in which a Fund traded within the premium/discount range indicated.
The charts are also available on the website for each Fund on a quarterly basis.
−Removed: *A unit that is equal to 1/100th of 1% and is used to denote the change in a financial instrument. 
−Removed: 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 ’
−Removed: S FUTURE PERFORMANCE
+Added: *A unit that is equal to 1/100th of 1% and is used to denote the change in a financial instrument.
+Added: 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
Days at premium
2 unchanged sentences
Past performance is not a guarantee of future results.
−Removed: 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.
+Added: 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.
3 unchanged sentences
Past performance is not a guarantee of future results.
−Removed: 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.
+Added: 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.
3 unchanged sentences
Past performance is not a guarantee of future results.
−Removed: 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.
+Added: 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.
3 unchanged sentences
Past performance is not a guarantee of future results.
−Removed: 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.
+Added: 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.
3 unchanged sentences
Past performance is not a guarantee of future results.
−Removed: 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.
+Added: 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.
2 unchanged sentences
This has generated a situation, at times, in which the spread between the bid/ask midpoint at 4 p.m.
−Removed: and the NAV falls outside of the “1 to 49”
−Removed: or “-1 to -49”
+Added: and the NAV falls outside of the “1 to 49” or “-1 to -49” range.
The situation does not affect the actual NAV of the Fund.
3 unchanged sentences
Past performance is not a guarantee of future results.
−Removed: 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.
+Added: 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.
5 unchanged sentences
The Funds meet their liquidity needs in the normal course of business from the proceeds of the sale of their investments from the cash and cash equivalents that they intend to hold, and/or from the fee waivers provided by the Sponsor.
−Removed: The Funds’
−Removed: liquidity needs include redeeming their shares, providing margin deposits for existing Futures Contracts or the purchase of additional Futures Contracts, posting collateral for over‐the‐counter Commodity Interests, and paying expenses.
+Added: The Funds’ liquidity needs include redeeming their shares, providing margin deposits for existing Futures Contracts or the purchase of additional Futures Contracts, posting collateral for over‐the‐counter Commodity Interests, and paying expenses.
The Funds generate cash primarily from (i) the sale of Creation Baskets and (ii) interest earned on cash and cash equivalents.
2 unchanged sentences
The percentage that such assets bear to the total net assets will vary from period to period as the market values of the Commodity or Cryptocurrency Interests change.
−Removed: Interest earned on interest‐bearing assets of a Fund are paid to that Fund.
+Added: Interest earned on interest‐bearing assets of a Fund are paid to that Fund.
During times of extreme market volatility and economic uncertainty, the Funds may experience a significant change in interest rates, and as such the Funds may experience a change in the breakeven point.
1 unchanged sentence
For example, U.S.
−Removed: futures exchanges limit the fluctuations in the prices of certain Futures Contracts during a single day by regulations referred to as “daily limits.”
−Removed: During a single day, no trades may be executed at prices beyond the daily limit.
+Added: futures exchanges limit the fluctuations in the prices of certain Futures Contracts during a single day by regulations referred to as “daily limits.” During a single day, no trades may be executed at prices beyond the daily limit.
Once the price of such a Futures Contract has increased or decreased by an amount equal to the daily limit, positions in the contracts can neither be taken nor liquidated unless the traders are willing to effect trades at or within the limit.
Such market conditions could prevent the Fund from promptly liquidating a position in Futures Contracts.
−Removed: War and other geopolitical events in eastern Europe, including but not limited to Russia and Ukraine, may cause volatility in commodity prices including energy and grain prices, due to the region’s importance to these markets, potential impacts to global transportation and shipping, and other supply chain disruptions.
+Added: War and other geopolitical events in eastern Europe, including but not limited to Russia and Ukraine, may cause volatility in commodity prices including energy and grain prices, due to the region’s importance to these markets, potential impacts to global transportation and shipping, and other supply chain disruptions.
These events are unpredictable and may lead to extended periods of price volatility.
−Removed: More generally, a climate of uncertainty and panic, including the contagion of the COVID‐19 virus and other infectious viruses or diseases, may adversely affect global, regional, and local economies and reduce the availability of potential investment opportunities, and increases the difficulty of performing due diligence and modeling market conditions, potentially reducing the accuracy of financial projections.
+Added: More generally, a climate of uncertainty and panic, including the contagion of the COVID‐19 virus and other infectious viruses or diseases, may adversely affect global, regional, and local economies and reduce the availability of potential investment opportunities, and increases the difficulty of performing due diligence and modeling market conditions, potentially reducing the accuracy of financial projections.
Under these circumstances, the Funds may have difficulty achieving their investment objectives which may adversely impact performance.
−Removed: Further, such events can be highly disruptive to economies and markets, significantly disrupt the operations of individual companies (including, but not limited to, the Funds’
−Removed: Sponsor and third‐party service providers), sectors, industries, markets, securities and commodity exchanges, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds’
+Added: Further, such events can be highly disruptive to economies and markets, significantly disrupt the operations of individual companies (including, but not limited to, the Funds’ Sponsor and third‐party service providers), sectors, industries, markets, securities and commodity exchanges, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds’ investments.
These factors could cause substantial market volatility, exchange trading suspensions and closures that could impact the ability of the Funds to complete redemptions and otherwise affect Fund performance and Fund trading in the secondary market.
1 unchanged sentence
How long such events will last and whether they will continue or recur cannot be predicted.
−Removed: Impacts from these events could have significant impact on a Fund’s performance, resulting in losses to your investment.
+Added: Impacts from these events could have significant impact on a Fund’s performance, resulting in losses to your investment.
The global economic shocks being experienced as of the date hereof may cause the underlying assumptions and expectations of the Funds to become outdated quickly or inaccurate, resulting in significant losses.
1 unchanged sentence
The gross or face amount of the contracts is expected to significantly exceed the future cash requirements of each Fund as each Fund intends to close out any open positions prior to the contractual expiration date.
−Removed: As a result, each Fund’s market risk is the risk of loss arising from the decline in value of the contracts, not from the need to make delivery under the contracts.
−Removed: The Funds consider the “fair value”
−Removed: of derivative instruments to be the unrealized gain or loss on the contracts.
+Added: As a result, each Fund’s market risk is the risk of loss arising from the decline in value of the contracts, not from the need to make delivery under the contracts.
+Added: The Funds consider the “fair value” of derivative instruments to be the unrealized gain or loss on the contracts.
The market risk associated with the commitment by the Funds to purchase a specific commodity will be limited to the aggregate face amount of the contacts held.
7 unchanged sentences
There can be no assurance that any counterparty, clearinghouse, or their financial backers will satisfy their obligations to any of the Funds.
−Removed: The Commodity Funds may engage in off exchange transactions broadly called an “exchange for risk”
−Removed: transaction, also referred to as an “exchange for swap.”
−Removed: For purposes of the Dodd-Frank Act and related CFTC rules, an “exchange for risk”
−Removed: transaction is treated as a “swap.”
−Removed: An “exchange for risk”
−Removed: transaction, sometimes referred to as an “exchange for swap”
−Removed: or “exchange of futures for risk,”
−Removed: is a privately negotiated and simultaneous exchange of a futures contract position for a swap or other over the counter instrument on the corresponding commodity.
−Removed: An exchange for risk transaction can be used by the Commodity Funds as a technique to avoid taking physical delivery of a commodity futures contract, corn for example, in that a counterparty will take the Fund’s position in a Corn Futures Contract into its own account in exchange for a swap that does not by its terms call for physical delivery.
+Added: The Commodity Funds may engage in off exchange transactions broadly called an “exchange for risk” transaction, also referred to as an “exchange for swap.” For purposes of the Dodd-Frank Act and related CFTC rules, an “exchange for risk” transaction is treated as a “swap.” An “exchange for risk” transaction, sometimes referred to as an “exchange for swap” or “exchange of futures for risk,” is a privately negotiated and simultaneous exchange of a futures contract position for a swap or other over the counter instrument on the corresponding commodity.
+Added: An exchange for risk transaction can be used by the Commodity Funds as a technique to avoid taking physical delivery of a commodity futures contract, corn for example, in that a counterparty will take the Fund’s position in a Corn Futures Contract into its own account in exchange for a swap that does not by its terms call for physical delivery.
The Funds will become subject to the credit risk of a counterparty when it acquires an over the counter position in an exchange for risk transaction.
−Removed: The Fund may use an “exchange for risk”
−Removed: transaction in connection with the creation and redemption of shares.
+Added: The Fund may use an “exchange for risk” transaction in connection with the creation and redemption of shares.
These transactions must be carried out only in accordance with the rules of the applicable exchange where the futures contracts trade.
2 unchanged sentences
The Sponsor will implement procedures that will include, but will not be limited to, executing and clearing trades and entering into over the counter transactions only with parties it deems creditworthy and/or requiring the posting of collateral by such parties for the benefit of each Fund to limit its credit exposure.
−Removed: The CEA requires all FCMs, such as the Teucrium Funds’
−Removed: clearing brokers, to meet and maintain specified fitness and financial requirements, to segregate customer funds from proprietary funds and account separately for all customers’
−Removed: funds and positions, and to maintain specified books and records open to inspection by the staff of the CFTC.
+Added: The CEA requires all FCMs, such as the Teucrium Funds’ clearing brokers, to meet and maintain specified fitness and financial requirements, to segregate customer funds from proprietary funds and account separately for all customers’ funds and positions, and to maintain specified books and records open to inspection by the staff of the CFTC.
The CFTC has similar authority over introducing brokers, or persons who solicit or accept orders for commodity interest trades but who do not accept margin deposits for the execution of trades.
3 unchanged sentences
The rules are intended to afford greater assurances to market participants that customer segregated funds and secured amounts are protected, customers are provided with appropriate notice of the risks of futures trading and of the FCMs with which they may choose to do business, FCMs are monitoring and managing risks in a robust manner, the capital and liquidity of FCMs are strengthened to safeguard the continued operations and the auditing and examination programs of the CFTC and the SROs are monitoring the activities of FCMs in a thorough manner.
−Removed: Marex , StoneX and Phillip Capital serve as  the Fund’s clearing brokers to execute futures contracts and provide other brokerage-related services.
+Added: Marex , StoneX and Phillip Capital serve as the Fund’s clearing brokers to execute futures contracts and provide other brokerage-related services.
The Commodity Funds, other than TAGS, will generally retain cash positions of approximately 95% of total net assets and DEFI will retain approximately 70%;
3 unchanged sentences
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.