This section is long enough that the comparison stopped early. What follows is partial, and the remainder is not necessarily unchanged.
16 unchanged sentences
Other Information
−Removed: Not applicable.
+Added: None of the Sponsor’s officers have adopted, modified or terminated trading plans under either a Rule 10b5 - 1 or non-Rule 10b5 - 1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933 ) for the Trust or the Funds for the three months ended December 31, 2024.
Directors and Executive Officers of the Registrant
The Trust has no directors, officers or employees and is managed by the Sponsor, Teucrium Trading, LLC.
−Removed: The Sponsor is managed by the officers of the Sponsor under its Limited Liability Company Agreement.
−Removed: A discussion concerning the officers of the Sponsor is incorporated herein under Item 1 of this report.
+Added: The Sponsor is managed by the officers of the Sponsor under its Limited Liability Company Agreement, as amended from time to time.
+Added: The Chief Executive Officer of the Sponsor is responsible for the overall strategic direction of the Sponsor and has general control of its business.
+Added: The Chief Investment Officer and President of the Sponsor is primarily responsible for new investment product development with respect to the Funds.
+Added: The Chief Operating Officer has primary responsibility for trade operations, trade execution, and portfolio activities with respect to the Fund.
+Added: The Chief Financial Officer, Chief Accounting Officer and Chief Compliance Officer acts as the Sponsor’s principal financial and accounting officers.
+Added: Furthermore, certain fundamental actions regarding the Sponsor, such as the removal of officers, the addition or substitution of members, or the incurrence of liabilities other than those incurred in the ordinary course of business and de minimis liabilities, may not be taken without the affirmative vote of a majority of the Class A members (which is generally defined as the affirmative vote of Mr.
+Added: Gilbertie and Van Eck Associates Corporation).
+Added: The Sponsor has no board of directors.
+Added: The three Class A members of the Sponsor are Sal Gilbertie, Van Eck Associates Corporation and Carl N.
+Added: The Officers of the Sponsor, one of whom is a Class A member of the Sponsor, are the following:
+Added: Sal Gilbertie has been the President of the Sponsor since its inception, its Chief Investment Officer since September 2011, and its Chief Executive Officer and Secretary since September 17, 2018, and was approved by the NFA as a principal of the Sponsor on September 23, 2009 and registered as an associated person of the Sponsor on November 10, 2009.
+Added: He maintains his main business office at 65 Adams Road, Easton, Connecticut 06612.
+Added: Effective July 16, 2012, Mr.
+Added: Gilbertie was registered with the NFA as the Branch Manager for this location.
+Added: Since October 18, 2010, Mr.
+Added: Gilbertie has been an associated person of the Marketing Agent under the terms of the Registered Representative Services Agreement (“RRSA”) between the Sponsor and the Marketing Agent.
+Added: Additional information regarding the RRSA can be found in the section of this disclosure document entitled “Plan of Distribution.” From October 2005 until December 2009, Mr.
+Added: Gilbertie was employed by Newedge USA, LLC, an FCM and broker-dealer registered with the CFTC and the SEC, where he headed the Renewable Fuels/Energy Derivatives OTC Execution Desk and was an active futures contract and over-the-counter derivatives trader and market maker in multiple classes of commodities.
+Added: (Between January 2008 and October 2008, he also held a comparable position with Newedge Financial, Inc., an FCM and an affiliate of Newedge USA, LLC.) From October 1998 until October 2005, Mr.
+Added: Gilbertie was principal and co-founder of Cambial Asset Management, LLC, an adviser to two private funds that focused on equity options, and Cambial Financing Dynamics, a private boutique investment bank.
+Added: While at Cambial Asset Management, LLC and Cambial Financing Dynamics, Mr.
+Added: Gilbertie served as principal and managed the day to day activities of the business and the portfolio of both companies.
+Added: Gilbertie is 64 years old.
+Added: Cory Mullen-Rusin has been the Chief Financial Officer, Chief Accounting Officer and Chief Compliance Officer of the Sponsor since September 17, 2018 and Ms.
+Added: Mullen-Rusin has primary responsibility for the financial management, compliance and reporting of the Sponsor and is in charge of its books of account and accounting records, and its accounting procedures.
+Added: She maintains her main business office at Three Main Street, Suite 215, Burlington, Vermont 05401.
+Added: Mullen-Rusin was approved by the NFA as a Principal of the Sponsor on October 8, 2018.
+Added: Mullen-Rusin began working for the Sponsor in September 2011 and worked directly with the former CFO at Teucrium for seven years.
+Added: Her responsibilities included aspects of financial planning, financial operations, and financial reporting for the Trust and the Sponsor.
+Added: Additionally, Ms.
+Added: Mullen-Rusin assisted in developing, instituting, and monitoring the effectiveness of processes and procedures to comply with all regulatory agency requirements.
+Added: In January 2025, Ms.
+Added: Mullen-Rusin became the Assistant Treasurer of Women in ETFs.
+Added: Mullen-Rusin graduated from Boston College with a Bachelor of Arts and Science in Communications in 2009, where she was a four-year scholarship player on the NCAA Division I Women’s Basketball team.
+Added: In 2017, she earned a Master of Business Administration from Nichols College.
+Added: Mullen-Rusin is 37 years old.
+Added: Springer Harris has been the Chief Operating Officer since June 14, 2024 and Mr.
+Added: Harris has primary responsibility for the Trade Operations for the Funds.
+Added: He maintains his main business office at Three Main Street, Suite 215, Burlington, Vermont 05401.
+Added: Harris began working for the Sponsor in April 2011 as director of Operations, working directly under the former COO for 13 years.
+Added: His responsibilities include trading and investment decisions for the Funds, and for directing the funds' trade execution.
+Added: He also heads ETF Launchpad, Teucrium's multi-asset white label ETF platform.
+Added: Harris graduated Cum Laude from Washington College with a Bachelor of Arts in Business Management, where he was a four-year member and two-year captain of the Men's Rowing Team.
+Added: Harris is 35 years old.
+Added: Gilbertie, Harris, Van Eck Associates Corporation and Ms.
+Added: Mullen-Rusin are individual “principals,” as that term is defined in CFTC Rule 3.1, of the Sponsor.
+Added: These individuals are principals due to their positions and/or due to their ownership interests in the Sponsor.
+Added: Beneficial ownership interests of the principals, if any, are shown under the section entitled “Security Ownership of Principal Shareholders and Management” below and any of the principals may acquire beneficial interests in the Fund in the future.
+Added: GFI Group LLC is a principal for the Sponsor under CFTC Rules due to its ownership of certain non-voting securities of the Sponsor.
+Added: NMSIC Classic LLC is a principal for the Sponsor under CFTC Rules due to its greater than 10% capital contribution to the Sponsor.
Code of Ethics
6 unchanged sentences
(802) 540-0019
−Removed: Section 16(a) Beneficial Ownership Reporting Compliance
−Removed: Section 16(a) of the Exchange Act requires directors and executive officers of the Sponsor and persons who are beneficial owners of at least 10% a Fund’s Shares to file with the SEC an Initial Statement of Beneficial Ownership of Securities on Form 3 within ten calendar days of first becoming a director, executive officer or beneficial owner of at least 10% of a Fund’s Shares and a Statement of Changes in Beneficial Ownership of Securities on Form 4 within two business days of a subsequent acquisition or disposition of Shares of a Fund and, unless all reportable transactions were previously reported on Form 3 or Form 4, an Annual Statement of Changes in Beneficial Ownership of Securities on Form 5 within 45 days after the Trust’s fiscal year-end.
−Removed: For the year ended December 31, 2023, based solely on a review of the Section 16(a) reports furnished to the Trust and written representation by the Trust’s Section 16(a) reporting persons, to the best knowledge of the Sponsor, all such filings have been made within these prescribed timeframes.
+Added: Insider Trading Policy
+Added: The Sponsor has adopted an insider trading policy applicable to the Sponsor’s directors, officers and employees, which is included as an exhibit to this annual report on Form 10-K.
Executive Compensation
2 unchanged sentences
The Trust does not set the amount or form of any portion of the compensation paid to the executive officers by the Sponsor.
−Removed: Each of the series of the Trust, except for TAGS and DEFI, is obligated to pay a management fee to the Sponsor at an annualized rate of 1.00% of average daily net assets.
−Removed: DEFI is obligated to pay a management fee to the Sponsor at an annualized rate of .94% of average daily net assets.
+Added: Each of the series of the Trust, except for TAGS, is obligated to pay a management fee to the Sponsor at an annualized rate of 1.00% of average daily net assets.
The Sponsor has the right to elect to waive the management fee for any Fund;
15 unchanged sentences
TEUCRIUM AGRICULTURAL FUND, BURLINGTON, VT
−Removed: HIGHLAND GLOBAL ALLOCATION FUND, DALLAS, TX
TEUCRIUM AGRICULTURAL FUND, BURLINGTON, VT
−Removed: TEUCRIUM AGRICULTURAL FUND, BURLINGTON, VT
ALEXANDER C KARP, BEDFORD, NH
−Removed: RUSSEL WEINER TRUSTEE, DELRAY BEACH, FL
−Removed: GTS SECURITIES LLC, NEW YORK, NY
−Removed: HASHDEX BITCOIN FUNDO DE, RIO DE JANEIRO, BRAZIL
−Removed: JANE STREET CAPITAL LLC, NEW YORK, NY
−Removed: MARBELL GLOBAL TRADING CORP, RIO DE JANEIRO, BRAZIL
+Added: G1 EXECUTION SERVICES, LLC, CHICAGO, IL
These individuals and entities have not filed any public reports with the SEC.
25 unchanged sentences
Instrument Establishing Teucrium Agricultural Fund (4)
+Added: Description of Capital Stock (15)
Form of Authorized Purchaser Agreement.
14 unchanged sentences
First Amendment to the Fund Administration Servicing Agreement (14)
+Added: Insider Trading Policies and Procedures (15)
+Added: Consent of Independent Registered Public Accounting Firm (15)
Certification by the Principal Executive Officer of the Registrant pursuant to Rules 13a-14 and 15d-14 of the Exchange Act.(15)
4 unchanged sentences
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
+Added: Incentive-Based Compensation Recovery Policy (15)
Inline XBRL Instance Document (15)
83 unchanged sentences
Notes to Financial Statements
−Removed: HASHDEX BITCOIN FUTURES ETF
−Removed: Report of Independent Registered Public Accounting Firm (GRANT THORNTON LLP, New York, NY, PCAOB #248)
−Removed: Statements of Assets and Liabilities at December 31, 2023 and 2022 F-116
−Removed: Schedule of Investments at December 31, 2023 and 2022 F-117
−Removed: Statements of Operations for the year ended December 31, 2023 and from the commencement of operations (September 15, 2022) through December 31, 202 2 F-119
−Removed: Statements of Changes in Net Assets for the year ended December 31, 2023 and from the commencement of operations (September 15, 2022) through December 31, 202 2 F-120
−Removed: Statements of Cash Flows for the year ended December 31, 2023 and from the commencement of operations (September 15, 2022) through December 31, 202 2 F-121
−Removed: Notes to Financial Statements F-122
GRANT THORNTON LLP
8 unchanged sentences
We have audited the accompanying combined statements of assets and liabilities, including the combined schedules of investments of Teucrium Commodity Trust (a Delaware statutory Trust) (the “Trust”) as of December 31, 2024 and 2023, the related combined statements of operations, changes in net assets, and cash flows for each of the three years in the period ended December 31, 2024 , and the related notes (collectively referred to as the “financial statements”).
−Removed: In our opinion, the financial statements present fairly, in all material respects, the financial position of the Trust as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.
+Added: In our opinion, the combined financial statements present fairly, in all material respects, the financial position of the Trust as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.
Basis for opinion
−Removed: These financial statements are the responsibility of the Trust’s management.
−Removed: Our responsibility is to express an opinion on the Trust’s financial statements based on our audits.
+Added: These combined financial statements are the responsibility of the Trust’s management.
+Added: Our responsibility is to express an opinion on the Trust’s combined financial statements based on our audits.
We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S.
16 unchanged sentences
New York, New York
−Removed: February 29, 2024
+Added: March 5, 2025
Grant Thornton LLP is the U.S.
9 unchanged sentences
208,251 410,596
−Removed: Capital shares receivable
Equity in trading accounts:
−Removed: Commodity and cryptocurrency futures contracts
+Added: Commodity futures contracts
1,936,572 2,367,012
8 unchanged sentences
47,382 242,982
−Removed: Payable for Shares redeemed
Equity in trading accounts:
−Removed: Commodity and cryptocurrency futures contracts
+Added: Commodity futures contracts
16,811,122 10,888,842
17 unchanged sentences
Commercial Paper
−Removed: Albemarle Corporation
−Removed: January 3, 2024
−Removed: 5.770 % $ 4,950,475 $ 4,998,428 1.59 %
−Removed: Albemarle Corporation
−Removed: January 4, 2024
−Removed: 5.753 % 4,960,764 4,997,646 1.59 5,000,000
−Removed: Albemarle Corporation
−Removed: January 8, 2024
−Removed: 5.738 % 4,952,302 4,994,526 1.59 5,000,000
−Removed: Albemarle Corporation
−Removed: January 11, 2024
+Added: Bell Canada, Inc.
+Added: February 4, 2025
4.588 % $ 6,950,784 $ 6,970,118 3.10 % 7,000,000
6 unchanged sentences
Brookfield Infrastructure Holdings (Canada) Inc.
−Removed: January 30, 2024
−Removed: 5.814 % 3,032,227 3,040,948 0.97 3,055,000
−Removed: Entergy Corporation
March 6, 2025
4.783 % 4,943,862 4,958,222 2.21 5,000,000
−Removed: FMC Corporation
−Removed: January 19, 2024
−Removed: 5.816 % 7,466,634 7,478,550 2.38 7,500,000
−Removed: General Motors Financial Company, Inc.
+Added: Energy Transfer Operating, L.P.
January 24, 2025
4 unchanged sentences
General Motors Financial Company, Inc.
−Removed: February 9, 2024
−Removed: 5.700 % 7,397,667 7,454,648 2.37 7,500,000
−Removed: Harley-Davidson Financial Services, Inc.
−Removed: January 9, 2024
+Added: March 14, 2025
4.524 % 7,421,205 7,433,256 3.31 7,500,000
5 unchanged sentences
4.860 % 7,411,484 7,452,261 3.32 7,500,000
−Removed: National Fuel Gas Company
−Removed: January 8, 2024
−Removed: 5.867 % 4,960,800 4,994,400 1.59 5,000,000
−Removed: National Fuel Gas Company
−Removed: January 26, 2024
−Removed: 5.941 % 2,478,948 2,489,879 0.79 2,500,000
−Removed: Oracle Corporation
−Removed: March 6, 2024
−Removed: 5.562 % 4,934,904 4,950,799 1.57 5,000,000
−Removed: Stanley Black & Decker, Inc.
−Removed: January 22, 2024
−Removed: 5.807 % 7,437,063 7,475,063 2.38 7,500,000
−Removed: January 17, 2024
−Removed: 5.674 % 4,936,679 4,987,645 1.59 5,000,000
−Removed: January 18, 2024
−Removed: 5.606 % 4,947,292 4,987,014 1.59 5,000,000
−Removed: January 25, 2024
+Added: Hyundai Capital America
+Added: February 12, 2025
4.568 % 4,963,750 4,973,750 2.21 5,000,000
−Removed: WGL Holdings, Inc.
+Added: L3Harris Technologies, Inc.
January 21, 2025
4.560 % 9,960,000 9,975,000 4.44 10,000,000
−Removed: WGL Holdings, Inc.
+Added: VW Credit, Inc.
January 22, 2025
4.671 % 4,962,945 4,986,584 2.22 5,000,000
−Removed: Walgreens Boots Alliance, Inc.
−Removed: January 12, 2024
+Added: VW Credit, Inc.
+Added: February 19, 2025
4.568 % 4,963,750 4,969,376 2.21 5,000,000
6 unchanged sentences
(Long Exposure)
−Removed: Commodity and Cryptocurrency futures contracts
−Removed: United States wheat futures contracts
−Removed: CBOT wheat futures MAY24
−Removed: 2,018 $ 363,500 0.12 %
−Removed: CBOT wheat futures JUL24
−Removed: 1,711 1,873,993 0.60 55,243,913
−Removed: United States CME Bitcoin futures contracts
−Removed: CME Bitcoin futures JAN24
+Added: Commodity futures contracts
+Added: United States corn futures contracts
+Added: CBOT corn futures MAY25
974 $ 1,356,124 0.60 % $ 22,682,025
−Removed: Total commodity and cryptocurrency futures contracts
+Added: CBOT corn futures JUL25
829 580,448 0.26 19,429,688
+Added: Total commodity futures contracts
$ 1,936,572 0.86 % $ 42,111,713
2 unchanged sentences
(Long Exposure)
−Removed: Commodity and Cryptocurrency futures contracts
+Added: Commodity futures contracts
United States corn futures contracts
−Removed: CBOT corn futures MAY24
−Removed: 1,171 $ 1,102,254 0.35 %
−Removed: CBOT corn futures JUL24
−Removed: 983 384,407 0.12 24,280,100
CBOT corn futures DEC25
15 unchanged sentences
United States wheat futures contracts
−Removed: CBOT wheat futures DEC24
+Added: CBOT wheat futures MAY25
1,518 2,977,940 1.33 42,693,750
−Removed: United States CME Bitcoin futures contracts
−Removed: CME Bitcoin futures FEB24
+Added: CBOT wheat futures JUL25
1,286 358,378 0.16 36,618,850
−Removed: Total commodity and cryptocurrency futures contracts
+Added: CBOT wheat futures DEC25
1,430 8,638,066 3.85 42,792,750
+Added: Total commodity futures contracts
$ 16,811,122 7.49 % $ 182,480,464
19 unchanged sentences
Money market funds
−Removed: First American Government Obligations Fund - Class X
+Added: Bank Deposit Account
5.270 % $ 39,325,186 $ 39,325,186 12.50 %
5 unchanged sentences
Commercial Paper
−Removed: American Electric Power Company, Inc.
+Added: Albemarle Corporation
January 3, 2024
5.770 % $ 4,950,475 $ 4,998,428 1.59 %
−Removed: Brookfield Infrastructure Holdings (Canada) Inc.
+Added: Albemarle Corporation
January 4, 2024
5.753 % 4,960,764 4,997,646 1.59 5,000,000
−Removed: Brookfield Infrastructure Holdings (Canada) Inc.
+Added: Albemarle Corporation
January 8, 2024
5.738 % 4,952,302 4,994,526 1.59 5,000,000
−Removed: CNH Industrial Capital LLC
+Added: Albemarle Corporation
January 11, 2024
5.808 % 4,956,460 4,992,083 1.59 5,000,000
−Removed: CNH Industrial Capital LLC
−Removed: February 13, 2023
+Added: Brookfield Infrastructure Holdings (Canada) Inc.
+Added: January 9, 2024
5.794 % 4,979,416 4,993,666 1.59 5,000,000
−Removed: Crown Castle Inc.
+Added: Brookfield Infrastructure Holdings (Canada) Inc.
January 16, 2024
5.853 % 4,933,150 4,988,062 1.59 5,000,000
−Removed: Crown Castle Inc.
+Added: Brookfield Infrastructure Holdings (Canada) Inc.
January 30, 2024
1 unchanged sentence
Entergy Corporation
−Removed: January 4, 2023
+Added: March 1, 2024
5.665 % 7,402,875 7,430,625 2.36 7,500,000
−Removed: General Motors Financial Company, Inc.
+Added: FMC Corporation
January 19, 2024
3 unchanged sentences
5.617 % 7,420,795 7,480,486 2.38 7,500,000
−Removed: Glencore Funding LLC
+Added: General Motors Financial Company, Inc.
January 24, 2024
5.661 % 4,941,417 4,982,271 1.58 5,000,000
−Removed: Glencore Funding LLC
−Removed: January 13, 2023
+Added: General Motors Financial Company, Inc.
+Added: February 9, 2024
5.700 % 7,397,667 7,454,648 2.37 7,500,000
3 unchanged sentences
Harley-Davidson Financial Services, Inc.
−Removed: January 25, 2023
+Added: February 1, 2024
5.867 % 7,441,200 7,462,800 2.37 7,500,000
2 unchanged sentences
5.927 % 7,421,323 7,446,741 2.37 7,500,000
+Added: National Fuel Gas Company
January 8, 2024
5.867 % 4,960,800 4,994,400 1.59 5,000,000
−Removed: Hyundai Capital America
+Added: National Fuel Gas Company
January 26, 2024
5.941 % 2,478,948 2,489,879 0.79 2,500,000
−Removed: January 19, 2023
+Added: Oracle Corporation
+Added: March 6, 2024
5.562 % 4,934,904 4,950,799 1.57 5,000,000
+Added: Stanley Black & Decker, Inc.
January 22, 2024
5.807 % 7,437,063 7,475,063 2.38 7,500,000
−Removed: Oracle Corporation
January 17, 2024
5.674 % 4,936,679 4,987,645 1.59 5,000,000
−Removed: Oracle Corporation
January 18, 2024
2 unchanged sentences
5.910 % 4,928,362 4,950,783 1.57 4,970,000
−Removed: February 2, 2023
−Removed: 4.669 % 6,456,811 6,473,422 1.39 6,500,000
−Removed: VW Credit, Inc.
+Added: WGL Holdings, Inc.
January 3, 2024
5.793 % 4,981,792 4,998,416 1.59 5,000,000
−Removed: Walgreens Boots Alliance, Inc.
−Removed: February 13, 2023
+Added: WGL Holdings, Inc.
+Added: January 12, 2024
5.849 % 7,461,666 7,486,824 2.38 7,500,000
Walgreens Boots Alliance, Inc.
−Removed: February 28, 2023
+Added: January 12, 2024
6.028 % 7,950,009 7,985,529 2.54 8,000,000
7 unchanged sentences
Commodity and Cryptocurrency futures contracts
−Removed: United States corn futures contracts
−Removed: CBOT corn futures JUL23
−Removed: 1,363 $ 1,585,798 0.34 %
−Removed: United States soybean futures contracts
−Removed: CBOT soybean futures MAR23
−Removed: 268 642,912 0.14 20,421,600
−Removed: CBOT soybean futures MAY23
−Removed: 229 807,218 0.17 17,518,500
−Removed: CBOT soybean futures NOV23
−Removed: 289 1,070,240 0.23 20,472,038
−Removed: United States sugar futures contracts
−Removed: ICE sugar futures MAY23
−Removed: 401 356,963 0.08 8,407,526
−Removed: ICE sugar futures JUL23
−Removed: 362 554,366 0.12 7,289,811
United States wheat futures contracts
+Added: CBOT wheat futures MAY24
+Added: 2,018 $ 363,500 0.12 %
CBOT wheat futures JUL24
3 unchanged sentences
6 129,519 0.04 1,274,550
−Removed: CME Bitcoin futures FEB23
−Removed: 7 4,173 0.00 575,575
Total commodity and cryptocurrency futures contracts
7 unchanged sentences
1,171 $ 1,102,254 0.35 %
+Added: CBOT corn futures JUL24
+Added: 983 384,407 0.12 24,280,100
CBOT corn futures DEC24
1,128 695,480 0.22 28,397,400
+Added: United States soybean futures contracts
+Added: CBOT soybean futures MAR24
+Added: 156 617,118 0.20 10,124,400
+Added: CBOT soybean futures MAY24
+Added: 133 633,749 0.20 8,693,213
+Added: CBOT soybean futures NOV24
+Added: 164 140,794 0.04 10,215,150
United States sugar futures contracts
+Added: ICE sugar futures MAY24
+Added: 270 1,051,261 0.33 6,175,008
+Added: ICE sugar futures JUL24
+Added: 233 1,128,473 0.36 5,326,193
ICE sugar futures MAR25
1 unchanged sentence
United States wheat futures contracts
−Removed: CBOT wheat futures MAY23
−Removed: 2,005 7,079,231 1.52 80,074,688
CBOT wheat futures DEC24
1,924 4,575,666 1.45 64,357,800
+Added: United States CME Bitcoin futures contracts
+Added: CME Bitcoin futures FEB24
+Added: 6 51,376 0.02 1,288,500
Total commodity and cryptocurrency futures contracts
21 unchanged sentences
Realized and unrealized gain (loss) on trading of commodity and cryptocurrency futures contracts:
−Removed: Realized (loss) gain on commodity and cryptocurrency futures contracts
+Added: Realized loss on commodity and cryptocurrency futures contracts
$ ( 46,228,171 ) $ ( 94,248,842 ) $ ( 43,176,670 )
3 unchanged sentences
12,977,276 17,736,627 10,664,323
−Removed: Total (loss) income
( 39,411,089 ) ( 63,808,357 ) ( 66,417,861 )
18 unchanged sentences
8,448,393 9,654,410 11,754,750
−Removed: Net (loss) income
$ ( 47,859,482 ) $ ( 73,462,767 ) $ ( 78,172,611 )
+Added: *The Hashdex Bitcoin Futures ETF was transferred to the Tidal Commodities Trust I as described in Note 1 to these financials.
+Added: The operations include the activity of the Hashdex Bitcoin Futures ETF from September 15, 2022, the date of inception, through January 3, 2024, the date of liquidation.
The accompanying notes are an integral part of these financial statements.
4 unchanged sentences
December 31, 2022
−Removed: Net (loss) income
$ ( 47,859,482 ) $ ( 73,462,767 ) $ ( 78,172,611 )
Capital transactions
+Added: Distribution of Net Assets to Acquiring Fund
+Added: ( 2,574,071 ) - -
Issuance of Shares
12 unchanged sentences
$ 224,647,418 $ 314,547,414 $ 465,375,598
+Added: * The Hashdex Bitcoin Futures ETF was transferred to the Tidal Commodities Trust I as described in Note 1 to these financials.
+Added: The operations include the activity of the Hashdex Bitcoin Futures ETF from September 15, 2022, the date of inception, through January 3, 2024, the date of liquidation.
The accompanying notes are an integral part of these financial statements.
5 unchanged sentences
Cash flows from operating activities:
−Removed: Net (loss) income
$ ( 47,859,482 ) $ ( 73,462,767 ) $ ( 78,172,611 )
−Removed: Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
+Added: Adjustments to reconcile net loss to net cash used in operating activities:
Net change in unrealized (appreciation) depreciation on commodity and cryptocurrency futures contracts
14 unchanged sentences
( 195,600 ) 164,102 ( 37,523 )
−Removed: Net cash (used in) provided by operating activities
+Added: Net cash used in operating activities
( 39,449,021 ) ( 55,620,432 ) ( 106,260,173 )
Cash flows from financing activities:
+Added: Distribution of Net Assets to Acquiring Fund
+Added: ( 2,381,545 ) - -
Proceeds from sale of Shares
12 unchanged sentences
$ 210,940,353 $ 292,237,362 $ 434,062,296
+Added: * The Hashdex Bitcoin Futures ETF was transferred to the Tidal Commodities Trust I as described in Note 1 to these financials.
+Added: The operations include the activity of the Hashdex Bitcoin Futures ETF from September 15, 2022, the date of inception, through January 3, 2024, the date of liquidation.
The accompanying notes are an integral part of these financial statements.
2 unchanged sentences
Note 1 - Organization and Operation
−Removed: Teucrium Commodity Trust (“Trust”), a Delaware statutory trust organized on September 11, 2009, is a series trust consisting of six series:
−Removed: Teucrium Corn Fund (“CORN”), Teucrium Sugar Fund (“CANE”), Teucrium Soybean Fund (“SOYB”), Teucrium Wheat Fund (“WEAT”), Teucrium Agricultural Fund (“TAGS”) and Hashdex Bitcoin Futures ETF (‘DEFI”).
−Removed: All these series of the Trust are collectively referred to as the “Funds” and singularly as the “Fund.” Collectively, CORN, CANE, SOYB, and WEAT are referred to as the “Agricultural Funds." Each Fund is a commodity pool that is a series of the Trust.
+Added: Teucrium Commodity Trust (“Trust”), a Delaware statutory trust organized on September 11, 2009, is a series trust consisting of five series:
+Added: Teucrium Corn Fund (“CORN”), Teucrium Sugar Fund (“CANE”), Teucrium Soybean Fund (“SOYB”), Teucrium Wheat Fund (“WEAT”), and Teucrium Agricultural Fund (“TAGS”).
+Added: Hashdex Bitcoin Futures ETF (“DEFI”) was a series of the Trust prior to the merger closing on January 3, 2024.
+Added: As discussed elsewhere in this Form 10 -K, the Trust, on behalf of its series, Hashdex Bitcoin Futures Fund ("Acquired Fund"), and Tidal Commodities Trust I, on behalf of its series, Hashdex Bitcoin Futures Fund, entered into an Agreement and Plan of Merger and Liquidation dated as of October 30, 2023 ( "Plan of Merger").
+Added: The Merger closed on January 3, 2024.
+Added: Upon such closing, the Plan of Merger caused all of the Acquired Fund's Shares to be canceled and the Acquired Fund to be liquidated.
+Added: A Form 15 was filed with the SEC to de-register the Acquired Fund under the Securities Exchange Act of 1934 (the "Exchange Act"), which terminates the Exchange Act reporting obligations of the Acquired Fund.
+Added: While the Acquired Fund's financials are included in the combined Trust financials for historical periods and for the stub period from January 1, 2024, to January 3, 2024, separate financial statements for the Acquired Fund are not provided.
+Added: All these series of the Trust are collectively referred to as the “Funds” and singularly as the “Fund.” Collectively, CORN, CANE, SOYB, WEAT and TAGS are referred to as the “Agricultural Funds." Each Fund is a commodity pool that is a series of the Trust.
The Funds issue common units, called the “Shares,” representing fractional undivided beneficial interests in a Fund.
22 unchanged sentences
DEFI began trading on the NYSE Arca on September 16, 2022.
+Added: As reported by the registrant on a Form 8 -K filed with the Securities and Exchange Commission on November 7, 2023 ( File No.
+Added: 001 - 34765 ), Teucrium Commodity Trust (the “Teucrium Trust”), on behalf of its series, Hashdex Bitcoin Futures ETF (“Acquired Fund”), and Tidal Commodities Trust I (“Acquiring Trust”), on behalf of its series, Hashdex Bitcoin Futures ETF (“Acquiring Fund”), entered into an Agreement and Plan of Partnership Merger and Liquidation dated as of October 30, 2023 ( the “Plan of Merger”).
+Added: The Merger closed on January 3, 2024 ( the “Closing Date”).
+Added: Pursuant to the Plan of Merger, each Acquired Fund shareholder received one share of the Acquiring Fund for every one share of the Acquired Fund held on the Closing Date based on the net asset value per share of the Acquiring Fund being equal to the net asset value per share of the Acquired Fund determined immediately prior to the Merger closing.
+Added: Upon the Merger closing, the Acquiring Fund acquired all the assets of the Acquired Fund and assumed all the liabilities of the Acquired Fund via distribution.
+Added: Upon the Merger closing, the Plan of Merger caused all of the Acquired Fund’s shares to be cancelled and the Acquired Fund to be liquidated.
+Added: The sponsor of the Teucrium Trust, Teucrium Trading, LLC (“Teucrium”), has not received any compensation dependent on the consummation of the Merger.
Teucrium Trading, LLC is the sponsor (“Sponsor”) of the Trust.
12 unchanged sentences
The principal business address for U.S.
−Removed: Bank N.A is 1555 North Rivercenter Drive, Suite 302, Milwaukee, Wisconsin 53212.
−Removed: is a Wisconsin state-chartered bank subject to regulation by the Board of Governors of the Federal Reserve System and the Wisconsin State Banking Department.
+Added: Bank, N.A is 5065 Wooster Rd, Cincinnati, Ohio 45226.
+Added: is a national banking association organized and existing under the laws of the United States of America with its principal place of business at Minneapolis, Minnesota.
The principal address for U.S.
3 unchanged sentences
In addition, effective on the Conversion Date, Global Fund Services, a wholly owned subsidiary of U.S.
−Removed: Bank, commenced serving as administrator for each Fund, performing certain administrative, accounting services, and preparing certain SEC reports on behalf of the Funds, and also became the registrar and transfer agent for each Fund’s Shares.
+Added: commenced serving as administrator for each Fund, performing certain administrative, accounting services, and preparing certain SEC reports on behalf of the Funds, and also became the registrar and transfer agent for each Fund’s Shares.
For such services, U.S.
−Removed: Bank and Global Fund Services will receive an asset-based fee, subject to a minimum annual fee.
+Added: and Global Fund Services will receive an asset-based fee, subject to a minimum annual fee.
For custody services, the Funds will pay to U.S.
4 unchanged sentences
A summary of these expenses is included below.
−Removed: The Sponsor employs Foreside Fund Services, LLC, ("Foreside" or the "Distributor") a wholly owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group), as the Distributor for the Fund.
−Removed: The Distribution Services Agreement among the Distributor, the Sponsor, and the Trust calls for the Distributor to work with the Transfer Agent in connection with the receipt and processing of orders for Creation Baskets and Redemption Baskets and the review and approval of all Fund sales literature and advertising materials.
−Removed: The Distributor and the Sponsor have also entered into an agreement under which certain employees and officers of the Sponsor are licensed as registered representatives of the Distributor.
−Removed: These persons engage in certain marketing activities for the Fund.
−Removed: For its services as the Distributor, Foreside receives a fee of 0.01 % of the Fund’s average daily net assets and an aggregate annual fee of $ 100,000 for all Teucrium Funds, along with certain expense reimbursements.
−Removed: For its services under the SASA, Foreside receives a fee of $ 5,000 per registered representative and $ 1,000 per registered location.
+Added: The Sponsor employs PINE Distributors LLC, ("PINE" or the "Marketing Agent") as the Marketing Agent for the Funds.
+Added: The Distribution Services Agreement among the Marketing Agent, the Sponsor, and the Trust calls for the Marketing Agent to work with the Transfer Agent in connection with the receipt and processing of orders for Creation Baskets and Redemption Baskets and the review and approval of all Fund sales literature and advertising materials.
+Added: The Marketing Agent and the Sponsor have also entered into an agreement under which certain employees and officers of the Sponsor are licensed as registered representatives of the Marketing Agent.
+Added: These persons engage in certain marketing activities for the Funds.
+Added: For its services as the Marketing Agent, PINE receives a fee of 0.0075 % of the Fund’s average daily net assets and an aggregate annual fee of $ 75,000 for all Teucrium Funds.
+Added: For its services under the RRSA, PINE receives a fee of $ 3,500 per registered representative and $ 7,500 per registered location.
These services are recorded in distribution and marketing fees on the combined statements of operations.
1 unchanged sentence
Marex Capital Markets, Inc.
−Removed: (“Marex”), StoneX Financial Inc.
−Removed: (“StoneX”) and Phillip Capital Inc.
−Removed: (“Phillip Capital”) serve as the Funds’ clearing brokers to execute and clear futures contracts and provide other brokerage-related services.
−Removed: Marex, StoneX and Phillip Capital are each registered as futures commission merchants (“FCM”) with the U.S.
+Added: (“Marex”) and StoneX Financial Inc.
+Added: (“StoneX”) serve as the Funds’ clearing brokers to execute and clear futures contracts and provide other brokerage-related services.
+Added: Marex and StoneX are each registered as futures commission merchants (“FCM”) with the U.S.
CFTC and are members of the NFA.
The clearing brokers are registered as broker-dealers with the SEC and are each a member of FINRA.
−Removed: Marex, StoneX and Phillip Capital are each clearing members of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges.
+Added: Marex, and StoneX are each clearing members of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges.
For Corn, Soybean, Sugar and Wheat Futures Contracts, Marex is paid $ 11.00 per round turn.
3 unchanged sentences
The half-turn is recognized as an unrealized loss on the combined statements of operations, and a full turn is recognized as a realized loss on the combined statements of operations when a contract is sold.
−Removed: For Bitcoin futures contracts, StoneX is paid $ 10.00 - $ 25.00 per half-turn exclusive of pass through fees for the exchange and NFA.
−Removed: Phillip Capital is paid $ 35.00 - $ 45.00 per half-turn exclusive of pass through fees for the exchange, NFA, execution fees and platform and exchange data fees.
A summary of these expenses can be found below under the heading, Brokerage Commissions .
11 unchanged sentences
$ 14,793 $ 22,857 $ 42,625
−Removed: Amount Recognized for Distribution Services
+Added: Amount Recognized for Marketing Agent Services
$ 128,044 $ 155,431 $ 200,313
−Removed: Amount of Distribution Services Waived
+Added: Amount of Marketing Agent Services Waived
$ 4,809 $ 8,853 $ 48,593
79 unchanged sentences
50,000 Shares representing 4 baskets
−Removed: 50,000 shares representing 5 baskets
Cash and Cash Equivalents
41 unchanged sentences
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.
−Removed: DEFI is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to .94% per annum.
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, 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.
1 unchanged sentence
Certain aggregate expenses common to all Funds within the Trust are allocated by the Sponsor to the respective Fund 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 combined 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 Marketing Agent, which are included in the related line item in the combined statements of operations.
A portion of these aggregate common expenses are related to the Sponsor or related parties of principals of the Sponsor;
63 unchanged sentences
In making the determination of a Level 1 or Level 2 transfer, the Funds consider the average volume of the specific underlying futures contracts traded on the relevant exchange for the years being reported.
−Removed: For the quarter ended June 30, 2021, Corn Futures Contracts for the Sep21 CBOT corn futures and the Dec21 CBOT corn futures, settled in a “limit up” condition.
−Removed: Accordingly, the Trust, CORN and TAGS classified these as level 2 assets.
−Removed: The financial statements of CORN including TAGS, due to the NAV adjustment for the Underlying CORN holdings, were adjusted accordingly.
−Removed: The adjustment resulted in an increase in the unrealized change in commodity futures contracts in excess of reported CBOT values of $ 711,275 for CORN.
−Removed: The Corn futures contracts transferred back to a Level 1 asset for the period ended September 30, 2021.
−Removed: For the quarter ended March 31, 2021, Corn Futures Contracts for the Jul21 CBOT corn futures, Sep21 CBOT corn futures, Dec21 CBOT corn futures, Jul21 CBOT soybean futures, and the Nov21 CBOT soybean futures, settled in a “limit up” condition.
−Removed: Accordingly, the Trust, CORN, and SOYB classified these as Level 2 assets.
−Removed: The financial statements of these funds including TAGS, due to the NAV adjustment for each of these Underlying Funds, were adjusted accordingly.
−Removed: The adjustment resulted in an increase in the unrealized change in commodity futures contracts in excess of reported CBOT values of $ 3,371,513 for CORN and $ 279,750 for SOYB.
−Removed: The Soybean futures contracts transferred back to a Level 1 asset for the period ended June 30, 2021, and the Sep21 and Dec21 corn futures contracts remained a Level 2 asset as described above.
The Funds and the Trust record their derivative activities at fair value.
7 unchanged sentences
New Accounting Pronouncements
−Removed: The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) issued ASU 2023 - 06 – Disclosure Improvements:
+Added: The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024 - 03 – Income Statement—Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220 - 40 ).
+Added: The amendments require an entity to disaggregate certain income statement line-items within the Notes to the Financial Statements.
+Added: The Sponsor is evaluating the impacts to the financial statements and disclosures to the Trust and the Funds, and will plan to adopt at or before the effective date for the 10K for the period ending December 31, 2026.
+Added: The FASB issued ASU 2023 - 07, Segment Reporting (Topic 280 Improvements to Reportable Segment Disclosures (“ASU 2023 - 07” ), which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the “CODM”).
+Added: ASU 2023 - 07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by ASC 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure.
+Added: ASU 2023 - 07 is effective for the fiscal years beginning after December 15, 2023, and interim periods beginning with the first quarter ended March 31, 2025.
+Added: Early adoption is permitted and retrospective adoption is required for all prior periods presented.
+Added: The Trust and the Funds have adopted ASU 2023 - 07 effective December 31, 2024 and concluded that the application of this guidance did not have any material impact on the financial statements of the Funds.
+Added: The impact to the disclosures of the Trust are detailed in Note 8.
+Added: The FASB issued ASU 2023 - 06 – Disclosure Improvements:
Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative.
The amendments require an entity to disclose its accounting policy for where cash flows associated with derivative instruments and their related gains and losses are presented.
−Removed: The Trust and Funds already disclose the accounting policy related to the derivative gains and losses presented on the cash flow statement.
+Added: The Trust and Fund already discloses the accounting policy related to the derivative gains and losses presented on the cash flow statement.
The amendment was adopted early for the period ended December 31, 2023.
8 unchanged sentences
the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds.
−Removed: The FASB issued ASU 2021 - 05:
−Removed: “Leases (Topic 842 ).” Under the amended guidance, a lessor should classify and account for a lease with variable lease payments that don’t depend on an index or a rate as an operating lease if the lease would’ve been classified as a sales-type lease or a direct financing lease in accordance with the lease classification guidance in Topic 842 and the lessor would’ve otherwise recognized a day- one loss.
−Removed: The amendment was adopted early for the quarter ended September 30, 2021;
−Removed: the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds.
−Removed: The FASB issued ASU 2020 - 10:
−Removed: “Codification Improvements.” The amendment improves the disclosure guidance in appropriate Disclosure Sections, without resulting in changes to current GAAP.
−Removed: The amendment was adopted for the quarter ended March 31, 2021;
−Removed: the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds.
Note 4 - Fair Value Measurements
5 unchanged sentences
$ 181,255,945 $ - $ - $ 181,255,945
−Removed: Commodity and Cryptocurrency Futures Contracts
−Removed: Wheat futures contracts
−Removed: 2,237,493 - - 2,237,493
−Removed: Bitcoin futures contracts
+Added: Commodity Futures Contracts
+Added: Corn futures contracts
1,936,572 - - 1,936,572
1 unchanged sentence
Balance as of December 31, 2024
−Removed: Commodity and Cryptocurrency Futures Contracts
+Added: Commodity Futures Contracts
Corn futures contracts
6 unchanged sentences
11,974,384 - - 11,974,384
−Removed: Bitcoin futures contracts
$ 16,811,122 $ - $ - $ 16,811,122
−Removed: $ 10,888,842 $ - $ - $ 10,888,842
December 31, 2023
2 unchanged sentences
$ 263,089,306 $ - $ - $ 263,089,306
−Removed: Commodity Futures Contracts
−Removed: Corn futures contracts
−Removed: 1,585,798 - - 1,585,798
−Removed: Soybean futures contracts
−Removed: 2,520,370 - - 2,520,370
−Removed: Sugar futures contracts
−Removed: 911,329 - - 911,329
+Added: Commodity and Cryptocurrency Futures Contracts
Wheat futures contracts
4 unchanged sentences
Balance as of December 31, 2023
−Removed: Commodity Futures Contracts
+Added: Commodity and Cryptocurrency Futures Contracts
Corn futures contracts
$ 2,182,141 $ - $ - $ 2,182,141
+Added: Soybeans futures contracts
+Added: 1,391,661 - - 1,391,661
Sugar futures contracts
2 unchanged sentences
4,575,666 - - 4,575,666
+Added: Bitcoin futures contracts
51,376 - - 51,376
+Added: $ 10,888,842 $ - $ - $ 10,888,842
For the years ended December 31, 2024 and 2023 , the Funds did not have any significant transfers between any of the levels of the fair value hierarchy.
12 unchanged sentences
A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.
+Added: In 2024, the Funds were only subject to commodity price risk;
+Added: in 2023 the Funds were subject to commodity and cryptocurrency price risk.
The purchase and sale of futures contracts requires margin deposits with an FCM.
7 unchanged sentences
The following table discloses information about offsetting assets and liabilities presented in the statements of assets and liabilities to enable users of these financial statements to evaluate the effect or potential effect of netting arrangements for recognized assets and liabilities.
−Removed: These recognized assets and liabilities are presented as defined in FASB ASU No.
−Removed: 2011 - 11 “Balance Sheet (Topic 210 ):
−Removed: Disclosures about Offsetting Assets and Liabilities” and subsequently clarified in FASB ASU 2013 - 01 “Balance Sheet (Topic 210 ):
−Removed: Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.”
+Added: These recognized assets and liabilities are presented as defined in FASB Topic 210:
+Added: Balance Sheet.
The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk and held by the FCMs, Marex and StoneX as of December 31, 2024 and 2023 .
9 unchanged sentences
Collateral, Due to Broker
−Removed: Commodity and Cryptocurrency Price
−Removed: Wheat futures contracts
−Removed: $ 2,237,493 $ - $ 2,237,493 $ 2,237,493 $ - $ -
−Removed: Bitcoin futures contracts
+Added: Commodity Price
+Added: Corn futures contracts
$ 1,936,572 $ - $ 1,936,572 $ 1,936,572 $ - $ -
8 unchanged sentences
Collateral, Due from Broker*
−Removed: Commodity and Cryptocurrency Price
+Added: Commodity Price
Corn futures contracts
6 unchanged sentences
$ 11,974,384 $ - $ 11,974,384 $ - $ 11,974,384 $ -
−Removed: Bitcoin futures contracts
−Removed: $ 51,376 $ - $ 51,376 $ 51,376 $ - $ -
Offsetting of Financial Assets and Derivative Assets as of December 31, 2023
8 unchanged sentences
Commodity and Cryptocurrency Price
−Removed: Corn futures contracts
−Removed: $ 1,585,798 $ - $ 1,585,798 $ 1,585,798 $ - $ -
−Removed: Soybean futures contracts
−Removed: $ 2,520,370 $ - $ 2,520,370 $ - $ - $ 2,520,370
−Removed: Sugar futures contracts
−Removed: $ 911,329 $ - $ 911,329 $ 85,128 $ - $ 826,201
Wheat futures contracts
11 unchanged sentences
Collateral, Due from Broker*
−Removed: Commodity Price
+Added: Commodity and Cryptocurrency Price
Corn futures contracts
$ 2,182,141 $ - $ 2,182,141 $ - $ 2,182,141 $ -
+Added: Soybean futures contracts
+Added: $ 1,391,661 $ - $ 1,391,661 $ - $ 1,391,661 $ -
Sugar futures contracts
2 unchanged sentences
$ 4,575,666 $ - $ 4,575,666 $ 2,237,493 $ 2,338,173 $ -
+Added: Bitcoin futures contracts
+Added: $ 51,376 $ - $ 51,376 $ 51,376 $ - $ -
The following is a summary of realized and net change in unrealized gains (losses) of the derivative instruments utilized by the Trust:
Year ended December 31, 2024
−Removed: Realized (Loss) Gain on Commodity and Cryptocurrency Futures Contracts
−Removed: Net Change in Unrealized (Depreciation) Appreciation on Commodity and Cryptocurrency Futures Contracts
+Added: Realized Loss on Commodity and Cryptocurrency Futures Contracts
+Added: Net Change in Unrealized Appreciation (Depreciation) on Commodity and Cryptocurrency Futures Contracts
Commodity and Cryptocurrency Price
9 unchanged sentences
( 78,143 ) 114,383
−Removed: Total commodity futures contracts
+Added: Total commodity and cryptocurrency futures contracts
$ ( 46,228,171 ) $ ( 6,160,194 )
Year ended December 31, 2023
−Removed: Realized Gain (Loss) on Commodity and Cryptocurrency Futures Contracts
+Added: Realized (Loss) Gain on Commodity and Cryptocurrency Futures Contracts
Net Change in Unrealized (Depreciation) Appreciation on Commodity and Cryptocurrency Futures Contracts
−Removed: Commodity Price
+Added: Commodity and Cryptocurrency Price
Corn futures contracts
8 unchanged sentences
1,308,803 48,991
−Removed: Total commodity futures contracts
+Added: Total commodity and cryptocurrency futures contracts
$ ( 94,248,842 ) $ 12,703,858
Year ended December 31, 2022
−Removed: Realized Gain on Commodity Futures Contracts
−Removed: Net Change in Unrealized Depreciation on Commodity Futures Contracts
−Removed: Commodity Price
+Added: Realized Gain (Loss) on Commodity and Cryptocurrency Futures Contracts
+Added: Net Change in Unrealized (Depreciation) Appreciation on Commodity and Cryptocurrency Futures Contracts
+Added: Commodity and Cryptocurrency Price
Corn futures contracts
6 unchanged sentences
( 81,457,408 ) ( 26,279,809 )
−Removed: Total commodity futures contracts
+Added: Bitcoin futures contracts
( 423,794 ) 29,152
+Added: Total commodity and cryptocurrency futures contracts
+Added: $ ( 43,176,670 ) $ ( 33,905,514 )
Volume of Derivative Activities
16 unchanged sentences
25,300,004 122,144,207
−Removed: Hashdex Bitcoin Futures ETF
−Removed: 50,000 2,536,958
Teucrium Agricultural Fund:
21 unchanged sentences
The detailed information for the subscriptions and redemptions, and other financial information for each Fund that is a series of the Trust are included in the accompanying financial statements of each Fund.
+Added: Note 8 - Segment Reporting (ASC Topic 280 )
+Added: The Trust adopted ASU 2023 - 07 during the reporting period ending December 31, 2024.
+Added: The adoption of ASU 2023 - 07 impacts financial statement disclosures only and does not affect the Trust’s combined financial position, results of operations, or cash flows.
+Added: Each Fund that is a series of the Trust is considered a separate reportable segment and the Sponsor’s chief executive officer, chief financial officer, and chief operating officer act as the Trust’s and each of the Fund's CODM.
+Added: Each of the Funds' CODM monitors the operating results of each Fund on a standalone basis, with each Fund's strategic asset allocation guided by its investment objective and principal investment strategies as described in its prospectus and executed by the Sponsor.
+Added: The combined financial information reviewed by the Trust’s CODM is consistent with the information presented in each Funds' financial statements.
+Added: The Trust is a series trust consisting of five series, CORN, CANE, SOYB, WEAT and TAGS, each is a Fund separately managed by the Sponsor and as a series of the Trust, each Fund is a reportable segment of the Trust.
+Added: The sixth series of the Trust, the DEFI Fund, was managed by the sponsor and is a reportable segment of the Trust through its merger with Hashdex Bitcoin Futures Fund based on a Plan of Merger through January 3, 2024, on which day the DEFI Fund was sold and liquidated out of the Trust.
+Added: Each Fund operates with the goal of meeting its respective investment objective, refer to Note 1 for description of investment objectives of each of the Funds.
+Added: Refer to Note 2 and Note 3 for descriptions of the accounting policies of each of the Funds which are described and are managed by the Sponsor of the Funds.
+Added: As of December 31, 2024 and 2023 and for the years ended December 31, 2024, 2023, and 2022, the CODM of each Fund, and therefore the CODM of the Trust, evaluates the performance of the Trust by evaluating each Funds' performance.
+Added: The CODM assesses relative asset levels as presented in the combining statements of assets and liabilities as well as interest income, and the expense categories as presented in the Fund’s combining statement of operations in determining resources allocation and overall management decisions of that Fund.
+Added: The Trust eliminates intercompany balances to report the combined results on a Trust level, which primarily relates to TAGS investment in the Underlying Funds as per the following combining tables.
+Added: The Trust combining statements of assets and liabilities and combining statements of operations by reporting segment are presented below.
+Added: Combining Statements of Assets and Liabilities for December 31, 2024
+Added: Teucrium Corn Fund
+Added: Teucrium Soybean Fund
+Added: Teucrium Sugar Fund
+Added: Teucrium Wheat Fund
+Added: Teucrium Agricultural Fund
+Added: Teucrium Commodity Trust
+Added: Cash and cash equivalents
+Added: $ 60,998,326 $ 23,806,400 $ 11,831,089 $ 114,295,968 $ 8,570 $ - $ 210,940,353
+Added: Interest receivable
+Added: 78,840 33,654 28,954 66,768 35 - 208,251
+Added: 3,171 4,286 7,436 705 1,180 - 16,778
+Added: Equity in trading accounts:
+Added: Commodity futures contracts
+Added: 1,936,572 - - - - - 1,936,572
+Added: Due from broker
+Added: 3,738,171 2,725,790 2,255,054 19,874,285 - - 28,593,300
+Added: Investments in exchange traded funds, at fair value (cost:
+Added: $ 12,632,301 as of December 31, 2024)
+Added: - - - - 10,344,458 ( 10,344,458 ) -
+Added: Total equity in trading accounts
+Added: 5,674,743 2,725,790 2,255,054 19,874,285 10,344,458 ( 10,344,458 ) 30,529,872
+Added: $ 66,755,080 $ 26,570,130 $ 14,122,533 $ 134,237,726 $ 10,354,243 $ ( 10,344,458 ) $ 241,695,254
+Added: Management fee payable to Sponsor
+Added: $ 52,375 $ 22,453 $ 12,357 $ 102,147 $ - $ - $ 189,332
+Added: Other liabilities
+Added: 23,050 3,608 2,904 16,988 832 - 47,382
+Added: Equity in trading accounts:
+Added: Commodity futures contracts
+Added: 1,955,417 1,321,026 1,560,295 11,974,384 - - 16,811,122
+Added: Total equity in trading accounts
+Added: 1,955,417 1,321,026 1,560,295 11,974,384 - - 16,811,122
+Added: Total liabilities
+Added: 2,030,842 1,347,087 1,575,556 12,093,519 832 - 17,047,836
+Added: $ 64,724,238 $ 25,223,043 $ 12,546,977 $ 122,144,207 $ 10,353,411 $ ( 10,344,458 ) $ 224,647,418
+Added: Combining Statements of Assets and Liabilities for December 31, 2023
+Added: Teucrium Corn Fund
+Added: Teucrium Soybean Fund
+Added: Teucrium Sugar Fund
+Added: Teucrium Wheat Fund
+Added: Teucrium Agricultural Fund
+Added: Hashdex Bitcoin Futures ETF
+Added: Teucrium Commodity Trust
+Added: Cash and cash equivalents
+Added: $ 76,745,471 $ 28,107,189 $ 16,773,745 $ 168,732,086 $ 11,208 $ 1,867,663 $ - $ 292,237,362
+Added: Interest receivable
+Added: 105,283 36,662 31,551 226,748 55 10,297 - 410,596
+Added: - - 835 4,527 - - - 5,362
+Added: Equity in trading accounts:
+Added: Commodity futures contracts
+Added: - - - 2,237,493 - 129,519 - 2,367,012
+Added: Due from broker
+Added: 6,533,938 2,385,040 3,650,191 17,783,729 - 582,908 - 30,935,806
+Added: Investments in exchange traded funds, at fair value (cost:
+Added: $ 19,469,359 as of December 31, 2023)
+Added: - - - - 18,401,900 - ( 18,401,900 ) -
+Added: Total equity in trading accounts
+Added: 6,533,938 2,385,040 3,650,191 20,021,222 - 712,427 33,302,818
+Added: $ 83,384,692 $ 30,528,891 $ 20,456,322 $ 188,984,583 $ 18,413,163 $ 2,590,387 $ ( 18,401,900 ) $ 325,956,138
+Added: Management fee payable to Sponsor
+Added: $ 71,506 $ 25,659 $ 17,451 $ 160,231 $ - $ 2,053 $ - $ 276,900
+Added: Other liabilities
+Added: 80,603 55,551 30,774 72,017 4,037 - - 242,982
+Added: Equity in trading accounts:
+Added: Commodity futures contracts
+Added: 2,182,141 1,391,661 2,687,998 4,575,666 - 51,376 - 10,888,842
+Added: Total equity in trading accounts
+Added: 2,182,141 1,391,661 2,687,998 4,575,666 - 51,376 - 10,888,842
+Added: Total liabilities
+Added: 2,334,250 1,472,871 2,736,223 4,807,914 4,037 53,429 - 11,408,724
+Added: $ 81,050,442 $ 29,056,020 $ 17,720,099 $ 184,176,669 $ 18,409,126 $ 2,536,958 $ ( 18,401,900 ) $ 314,547,414
+Added: Combining Statements of Operations for the Year Ended December 31, 2024
+Added: Teucrium Corn Fund
+Added: Teucrium Soybean Fund
+Added: Teucrium Sugar Fund
+Added: Teucrium Wheat Fund
+Added: Teucrium Agricultural Fund
+Added: Hashdex Bitcoin Futures ETF
+Added: Teucrium Commodity Trust
+Added: Realized and unrealized gain (loss) on trading of securities, commodity and cryptocurrency futures contracts:
+Added: Realized loss on commodity and cryptocurrency futures contracts
+Added: $ ( 13,556,155 ) $ ( 6,891,609 ) $ ( 2,500,209 ) $ ( 23,202,055 ) $ - $ ( 78,143 ) $ - $ ( 46,228,171 )
+Added: Net change in unrealized appreciation (depreciation) on commodity and cryptocurrency futures contracts
+Added: 2,163,296 70,635 1,127,703 ( 9,636,211 ) - 114,383 - ( 6,160,194 )
+Added: Realized (loss) gain on securities
+Added: - - - - ( 1,102,822 ) - 1,102,822 -
+Added: Net change in unrealized depreciation on securities
+Added: - - - - ( 1,220,384 ) - 1,220,384 -
+Added: Interest income
+Added: 3,384,093 1,475,582 734,413 7,381,620 495 1,073 - 12,977,276
+Added: Total (loss) income
+Added: $ ( 8,008,766 ) $ ( 5,345,392 ) $ ( 638,093 ) $ ( 25,456,646 ) $ ( 2,322,711 ) $ 37,313 $ 2,323,206 $ ( 39,411,089 )
+Added: Management fees
+Added: 658,017 287,128 145,054 1,445,767 - 200 - 2,536,166
+Added: Professional fees
+Added: 329,545 164,632 98,717 691,361 69,463 48,489 - 1,402,207
+Added: Distribution and marketing fees
+Added: 960,325 469,351 316,477 2,063,907 139,704 826 - 3,950,590
+Added: Custodian fees and expenses
+Added: 97,813 47,205 33,883 197,647 12,874 1,919 - 391,341
+Added: Business permits and licenses fees
+Added: 24,990 19,456 22,638 47,729 13,617 11,075 - 139,505
+Added: General and administrative expenses
+Added: 77,852 35,011 24,785 176,870 11,991 - - 326,509
+Added: Other expenses
+Added: - - - - 131 - - 131
+Added: Total expenses
+Added: 2,148,542 1,022,783 641,554 4,623,281 247,780 62,509 - 8,746,449
+Added: Expenses waived by the Sponsor
+Added: - - - - ( 235,747 ) ( 62,309 ) - ( 298,056 )
+Added: Total expenses, net
+Added: 2,148,542 1,022,783 641,554 4,623,281 12,033 200 - 8,448,393
+Added: Net (loss) Income
+Added: $ ( 10,157,308 ) $ ( 6,368,175 ) $ ( 1,279,647 ) $ ( 30,079,927 ) $ ( 2,334,744 ) $ 37,113 $ 2,323,206 $ ( 47,859,482 )
+Added: Combining Statements of Operations for the Year Ended December 31, 2023
+Added: Teucrium Corn Fund
+Added: Teucrium Soybean Fund
+Added: Teucrium Sugar Fund
+Added: Teucrium Wheat Fund
+Added: Teucrium Agricultural Fund
+Added: Hashdex Bitcoin Futures ETF
+Added: Teucrium Commodity Trust
+Added: Realized and unrealized gain (loss) on trading of securities, commodity and cryptocurrency futures contracts:
+Added: Realized (loss) gain on commodity and cryptocurrency futures contracts
+Added: $ ( 26,707,038 ) $ 940,552 $ 11,398,276 $ ( 81,189,435 ) $ - $ 1,308,803 $ - $ ( 94,248,842 )
+Added: Net change in unrealized (depreciation) appreciation on commodity and cryptocurrency futures contracts
+Added: ( 800,836 ) ( 3,912,031 ) ( 3,514,199 ) 20,881,933 - 48,991 - 12,703,858
+Added: Realized (loss) gain on securities
+Added: - - - - ( 96,992 ) - 96,992 -
+Added: Net change in unrealized depreciation on securities
+Added: - - - - ( 1,214,870 ) - 1,214,870 -
+Added: Interest income
+Added: 5,217,831 1,843,080 1,340,056 9,252,100 590 82,970 17,736,627
+Added: Total (loss) income
+Added: $ ( 22,290,043 ) $ ( 1,128,399 ) $ 9,224,133 $ ( 51,055,402 ) $ ( 1,311,272 ) $ 1,440,764 $ 1,311,862 $ ( 63,808,357 )
+Added: Management fees
+Added: 1,054,156 369,531 267,574 1,878,763 - 17,718 - 3,587,742
+Added: Professional fees
+Added: 394,719 282,599 251,061 532,146 217,608 241,278 - 1,919,411
+Added: Distribution and marketing fees
+Added: 1,048,908 384,860 268,576 2,106,344 190,696 8,198 - 4,007,582
+Added: Custodian fees and expenses
+Added: 109,559 39,143 27,216 226,411 23,747 2,167 - 428,243
+Added: Business permits and licenses fees
+Added: 29,208 22,477 22,148 34,453 14,109 19,187 - 141,582
+Added: General and administrative expenses
+Added: 69,692 30,129 22,598 139,454 18,990 550 - 281,413
+Added: Other expenses
+Added: - - - - 8 - - 8
+Added: Total expenses
+Added: 2,706,242 1,128,739 859,173 4,917,571 465,158 289,098 10,365,981
+Added: Expenses waived by the Sponsor
+Added: - - - - ( 440,191 ) ( 271,380 ) - ( 711,571 )
+Added: Total expenses, net
+Added: 2,706,242 1,128,739 859,173 4,917,571 24,967 17,718 - 9,654,410
+Added: Net (loss) Income
+Added: $ ( 24,996,285 ) $ ( 2,257,138 ) $ 8,364,960 $ ( 55,972,973 ) $ ( 1,336,239 ) $ 1,423,046 $ 1,311,862 $ ( 73,462,767 )
+Added: Combining Statements of Operations for the Year Ended December 31, 2022
+Added: Teucrium Corn Fund
+Added: Teucrium Soybean Fund
+Added: Teucrium Sugar Fund
+Added: Teucrium Wheat Fund
+Added: Teucrium Agricultural Fund
+Added: Hashdex Bitcoin Futures ETF
+Added: Teucrium Commodity Trust
+Added: Realized and unrealized gain (loss) on trading of securities, commodity and cryptocurrency futures contracts:
+Added: Realized gain (loss) on commodity and cryptocurrency futures contracts
+Added: $ 28,784,977 $ 10,362,032 $ ( 442,477 ) $ ( 81,457,408 ) $ - $ ( 423,794 ) $ - $ ( 43,176,670 )
+Added: Net change in unrealized (depreciation) appreciation on commodity and cryptocurrency futures contracts
+Added: ( 7,317,857 ) ( 164,481 ) ( 172,519 ) ( 26,279,809 ) - 29,152 - ( 33,905,514 )
+Added: Realized (loss) gain on securities
+Added: - - - - 182,252 - ( 182,252 ) -
+Added: Net change in unrealized depreciation on securities
+Added: - - - - ( 1,231,110 ) - 1,231,110 -
+Added: Interest income
+Added: 3,437,856 1,141,422 452,734 5,619,025 432 12,854 - 10,664,323
+Added: Total income (loss)
+Added: $ 24,904,976 $ 11,338,973 $ ( 162,262 ) $ ( 102,118,192 ) $ ( 1,048,426 ) $ ( 381,788 ) $ 1,048,858 $ ( 66,417,861 )
+Added: Management fees
+Added: 2,121,041 677,727 278,028 3,549,506 4,249 - 6,630,551
+Added: Professional fees
+Added: 416,723 140,044 77,992 663,700 79,712 54,416 - 1,432,587
+Added: Distribution and marketing fees
+Added: 1,197,419 379,076 168,266 2,141,826 187,385 1,076 - 4,075,048
+Added: Custodian fees and expenses
+Added: 110,365 37,114 15,692 228,096 19,180 213 - 410,660
+Added: Business permits and licenses fees
+Added: 34,477 21,062 28,238 49,106 13,601 10,842 - 157,326
+Added: General and administrative expenses
+Added: 113,955 43,514 20,254 123,180 13,821 8,744 - 323,468
+Added: Other expenses
+Added: - - - 2,108 39 - - 2,147
+Added: Total expenses
+Added: 3,993,980 1,298,537 588,470 6,757,522 313,738 79,540 - 13,031,787
+Added: Expenses waived by the Sponsor
+Added: ( 345,855 ) ( 89,562 ) ( 78,237 ) ( 425,164 ) ( 262,928 ) ( 75,291 ) - ( 1,277,037 )
+Added: Total expenses, net
+Added: 3,648,125 1,208,975 510,233 6,332,358 50,810 4,249 - 11,754,750
+Added: Net Income (loss)
+Added: $ 21,256,851 $ 10,129,998 $ ( 672,495 ) $ ( 108,450,550 ) $ ( 1,099,236 ) $ ( 386,037 ) $ 1,048,858 $ ( 78,172,611 )
Note 9 - Subsequent Events
Management has evaluated the financial statements for the year-ended December 31, 2024 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Trust and Funds other than those noted below:
+Added: Beginning on January 8, 2025, the Funds' clearing brokers Marex and StoneX were paid $ 4.00 and $ 4.50 , respectively, per half turn for Corn, Soybean, Sugar and Wheat Futures Contracts inclusive of pass-through fees for the exchange and the NFA.
Nothing to report.
3 unchanged sentences
Nothing to report.
−Removed: As reported by the registrant on a Form 8 -K filed with the Securities and Exchange Commission on November 7, 2023 ( File No.
−Removed: 001 - 34765 ), Teucrium Commodity Trust (the “Teucrium Trust”), on behalf of its series, Hashdex Bitcoin Futures ETF (“Acquired Fund”), and Tidal Commodities Trust I (“Acquiring Trust”), on behalf of its series, Hashdex Bitcoin Futures ETF (“Acquiring Fund”), entered into an Agreement and Plan of Partnership Merger and Liquidation dated as of October 30, 2023 ( the “Plan of Merger”).
−Removed: The Merger closed on January 3, 2024 ( the “Closing Date”).
−Removed: Pursuant to the Plan of Merger, each Acquired Fund shareholder received one share of the Acquiring Fund for every one share of the Acquired Fund held on the Closing Date based on the net asset value per share of the Acquiring Fund being equal to the net asset value per share of the Acquired Fund determined immediately prior to the Merger closing.
−Removed: Upon the Merger closing, the Acquiring Fund acquired all the assets of the Acquired Fund and assumed all the liabilities of the Acquired Fund.
−Removed: Upon the Merger closing, the Plan of Merger caused all of the Acquired Fund’s shares to be cancelled and the Acquired Fund to be liquidated.
−Removed: The sponsor of the Teucrium Trust, Teucrium Trading, LLC (“Teucrium”), is not receiving any compensation dependent on the consummation of the Merger.
−Removed: Pursuant to a certain Amended and Restated ‘33 Act Fund Platform Support Agreement, as amended (the “Support Agreement”) among Tidal Investments LLC (f/k/a Toroso Investments, LLC) (“Tidal”), Tidal ETF Services, LLC, Hashdex Asset Management Ltd., and Teucrium, Tidal has agreed to provide Teucrium after the Merger with a monthly amount equal to the greater of seven percent ( 7 %) of the management fee paid to Tidal from the Acquiring Fund and 0.04 % of monthly average net assets of the Acquiring Fund (“Teucrium Compensation”).
−Removed: Any payment of the Teucrium Compensation will be made from the resources of Tidal and not from the assets of the Acquiring Fund.
−Removed: The divestiture of DEFI from the Teucrium Commodity Trust represented a reduction of less than 1 % of the Trusts' net assets.
−Removed: The Sponsor has determined that the impact, if any, to the Trust is immaterial.
GRANT THORNTON LLP
30 unchanged sentences
New York, New York
−Removed: February 29, 2024
+Added: March 5, 2025
Grant Thornton LLP is the U.S.
9 unchanged sentences
78,840 105,283
−Removed: Capital shares receivable
Equity in trading accounts:
9 unchanged sentences
23,050 80,603
−Removed: Payable for shares redeemed
Equity in trading accounts:
28 unchanged sentences
Commercial Paper
−Removed: Albemarle Corporation
−Removed: January 3, 2024
−Removed: 5.770 % 4,950,475 $ 4,998,428 6.17 %
−Removed: Albemarle Corporation
−Removed: January 11, 2024
−Removed: 5.808 % 2,478,230 2,496,042 3.08 2,500,000
−Removed: Brookfield Infrastructure Holdings (Canada) Inc.
−Removed: January 9, 2024
+Added: Bell Canada, Inc.
+Added: February 4, 2025
4.588 % 2,482,423 $ 2,489,328 3.85 % 2,500,000
Brookfield Infrastructure Holdings (Canada) Inc.
−Removed: January 16, 2024
−Removed: 5.853 % 2,466,575 2,494,031 3.08 2,500,000
−Removed: Entergy Corporation
March 6, 2025
4.783 % 2,471,931 2,479,111 3.83 2,500,000
−Removed: FMC Corporation
+Added: Energy Transfer Operating, L.P.
January 24, 2025
4.454 % 4,984,728 4,985,950 7.70 5,000,000
−Removed: Harley-Davidson Financial Services, Inc.
+Added: General Motors Financial Company, Inc.
January 28, 2025
4.595 % 2,474,575 2,491,525 3.85 2,500,000
−Removed: Harley-Davidson Financial Services, Inc.
−Removed: February 1, 2024
+Added: General Motors Financial Company, Inc.
+Added: March 14, 2025
4.524 % 2,473,735 2,477,752 3.83 2,500,000
2 unchanged sentences
4.791 % 4,947,667 4,978,412 7.69 5,000,000
−Removed: National Fuel Gas Company
−Removed: January 8, 2024
−Removed: 5.867 % 2,480,400 2,497,200 3.08 2,500,000
−Removed: Oracle Corporation
−Removed: March 6, 2024
−Removed: 5.562 % 2,467,452 2,475,400 3.05 2,500,000
−Removed: January 18, 2024
−Removed: 5.606 % 2,473,646 2,493,507 3.08 2,500,000
−Removed: WGL Holdings, Inc.
−Removed: January 3, 2024
+Added: Hyundai Capital America
+Added: February 12, 2025
4.568 % 2,481,875 2,486,875 3.84 2,500,000
−Removed: WGL Holdings, Inc.
+Added: L3Harris Technologies, Inc.
January 21, 2025
4.560 % 2,490,000 2,493,750 3.85 2,500,000
−Removed: Walgreens Boots Alliance, Inc.
−Removed: January 12, 2024
+Added: VW Credit, Inc.
+Added: February 19, 2025
4.568 % 2,481,875 2,484,688 3.84 2,500,000
12 unchanged sentences
829 580,448 0.90 % 19,429,688
−Removed: CBOT corn futures DEC24
−Removed: 1,128 695,480 0.86 28,397,400
Total commodity futures contracts
$ 1,936,572 2.99 % $ 42,111,713
+Added: Percentage of
+Added: Notional Amount
+Added: (Long Exposure)
+Added: Commodity futures contracts
+Added: United States corn futures contracts
+Added: CBOT corn futures DEC25
+Added: 1,019 1,955,417 3.02 22,609,063
The accompanying notes are an integral part of these financial statements.
5 unchanged sentences
Money market funds
−Removed: First American Government Obligations Fund - Class X
+Added: Bank Deposit Account
5.270 % $ 7,523,423 $ 7,523,423 9.28 %
6 unchanged sentences
Commercial Paper
−Removed: Brookfield Infrastructure Holdings (Canada) Inc.
+Added: Albemarle Corporation
January 3, 2024
5.770 % $ 4,950,475 $ 4,998,428 $ 6.17 % 5,000,000
−Removed: CNH Industrial Capital LLC
+Added: Albemarle Corporation
January 11, 2024
5.808 % 2,478,230 2,496,042 3.08 2,500,000
−Removed: CNH Industrial Capital LLC
−Removed: February 13, 2023
−Removed: 4.780 % 4,949,736 4,971,931 3.26 5,000,000
−Removed: Crown Castle Inc.
+Added: Brookfield Infrastructure Holdings (Canada) Inc.
January 9, 2024
5.794 % 2,489,708 2,496,833 3.08 2,500,000
−Removed: Crown Castle Inc.
+Added: Brookfield Infrastructure Holdings (Canada) Inc.
January 16, 2024
1 unchanged sentence
Entergy Corporation
−Removed: January 4, 2023
−Removed: 4.311 % 2,481,702 2,499,115 1.64 2,500,000
−Removed: General Motors Financial Company, Inc.
−Removed: January 10, 2023
+Added: March 1, 2024
5.665 % 2,467,625 2,476,875 3.06 2,500,000
−Removed: General Motors Financial Company, Inc.
+Added: FMC Corporation
January 19, 2024
4 unchanged sentences
Harley-Davidson Financial Services, Inc.
−Removed: January 25, 2023
+Added: February 1, 2024
5.867 % 2,480,400 2,487,600 3.07 2,500,000
2 unchanged sentences
5.927 % 2,473,774 2,482,247 3.06 2,500,000
−Removed: Hyundai Capital America
+Added: National Fuel Gas Company
January 8, 2024
5.867 % 2,480,400 2,497,200 3.08 2,500,000
−Removed: January 19, 2023
+Added: Oracle Corporation
+Added: March 6, 2024
5.562 % 2,467,452 2,475,400 3.05 2,500,000
1 unchanged sentence
5.606 % 2,473,646 2,493,507 3.08 2,500,000
−Removed: Oracle Corporation
+Added: WGL Holdings, Inc.
January 3, 2024
5.793 % 2,490,896 2,499,208 3.08 2,500,000
−Removed: February 2, 2023
+Added: WGL Holdings, Inc.
+Added: January 12, 2024
5.849 % 2,487,222 2,495,608 3.08 2,500,000
Walgreens Boots Alliance, Inc.
−Removed: February 28, 2023
+Added: January 12, 2024
6.028 % 2,484,378 2,495,478 3.08 2,500,000
8 unchanged sentences
United States corn futures contracts
−Removed: CBOT corn futures JUL23
−Removed: 1,363 $ 1,585,798 1.04 %
−Removed: Percentage of
−Removed: Notional Amount
−Removed: (Long Exposure)
−Removed: Commodity futures contracts
−Removed: United States corn futures contracts
CBOT corn futures MAY24
1,171 $ 1,102,254 1.36 % $ 28,338,200
+Added: CBOT corn futures JUL24
+Added: 983 384,407 0.47 24,280,100
CBOT corn futures DEC24
11 unchanged sentences
$ ( 13,556,155 ) $ ( 26,707,038 ) $ 28,784,977
−Removed: Net change in unrealized depreciation on commodity futures contracts
+Added: Net change in unrealized appreciation (depreciation) on commodity futures contracts
2,163,296 ( 800,836 ) ( 7,317,857 )
23 unchanged sentences
$ ( 10,157,308 ) $ ( 24,996,285 ) $ 21,256,851
−Removed: Net (loss) gain per share
+Added: Net (decrease) increase in net asset value per share
$ ( 2.85 ) $ ( 5.29 ) $ 5.32
42 unchanged sentences
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
−Removed: Net change in unrealized depreciation on commodity futures contracts
+Added: Net change in unrealized (appreciation) depreciation on commodity futures contracts
( 2,163,296 ) 800,836 7,317,857
5 unchanged sentences
( 3,171 ) 854 ( 854 )
−Removed: Due to broker
−Removed: - - ( 12,973,828 )
Management fee payable to Sponsor
( 19,131 ) ( 73,371 ) 40,790
−Removed: Payable for purchases of commercial paper
−Removed: - - ( 4,997,847 )
Other liabilities
21 unchanged sentences
The Fund issues common units, called the “Shares,” representing fractional undivided beneficial interests in the Fund.
−Removed: The Fund continuously offers Creation Baskets consisting of 25,000 Shares at their Net Asset Value (“NAV”) to “Authorized Purchasers” through Foreside Fund Services, LLC, which is the distributor for the Fund (the “Distributor”).
+Added: The Fund continuously offers Creation Baskets consisting of 25,000 Shares at their Net Asset Value (“NAV”) to “Authorized Purchasers” through PINE Distributors LLC, which is the marketing agent for the Fund (the “Marketing Agent”).
Authorized Purchasers sell such Shares, which are listed on the New York Stock Exchange (“NYSE”) Arca under the symbol “CORN,” to the public at per-Share offering prices that reflect, among other factors, the trading price of the Shares on the NYSE Arca, the NAV of the Fund at the time the Authorized Purchaser purchased the Creation Baskets and the NAV at the time of the offer of the Shares to the public, the supply of and demand for Shares at the time of sale, and the liquidity of the markets for corn interests.
23 unchanged sentences
The principal business address for U.S.
−Removed: Bank N.A is 1555 North Rivercenter Drive, Suite 302, Milwaukee, Wisconsin 53212.
−Removed: is a Wisconsin state-chartered bank subject to regulation by the Board of Governors of the Federal Reserve System and the Wisconsin State Banking Department.
+Added: Bank, N.A is 5065 Wooster Rd, Cincinnati, Ohio 45226.
+Added: is a national banking association organized and existing under the laws of the United States of America with its principal place of business at Minneapolis, Minnesota.
The principal address for U.S.
3 unchanged sentences
In addition, effective on the Conversion Date, Global Fund Services, a wholly owned subsidiary of U.S.
−Removed: Bank, commenced serving as administrator for each Fund, performing certain administrative, accounting services, and preparing certain SEC reports on behalf of the Funds, and also became the registrar and transfer agent for each Fund’s Shares.
+Added: commenced serving as administrator for each Fund, performing certain administrative, accounting services, and preparing certain SEC reports on behalf of the Funds, and also became the registrar and transfer agent for each Fund’s Shares.
For such services, U.S.
−Removed: Bank and Global Fund Services will receive an asset-based fee, subject to a minimum annual fee.
+Added: and Global Fund Services will receive an asset-based fee, subject to a minimum annual fee.
For custody services, the Funds will pay to U.S.
4 unchanged sentences
A summary of these expenses is included below.
−Removed: The Sponsor employs Foreside Fund Services, LLC, ("Foreside" or the "Distributor") a wholly owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group), as the Distributor for the Fund.
−Removed: The Distribution Services Agreement among the Distributor, the Sponsor, and the Trust calls for the Distributor to work with the Transfer Agent in connection with the receipt and processing of orders for Creation Baskets and Redemption Baskets and the review and approval of all Fund sales literature and advertising materials.
−Removed: The Distributor and the Sponsor have also entered into an agreement under which certain employees and officers of the Sponsor are licensed as registered representatives of the Distributor.
−Removed: These persons engage in certain marketing activities for the Fund.
−Removed: For its services as the Distributor, Foreside receives a fee of 0.01 % of the Fund’s average daily net assets and an aggregate annual fee of $ 100,000 for all Teucrium Funds, along with certain expense reimbursements.
−Removed: For its services under the SASA, Foreside receives a fee of $ 5,000 per registered representative and $ 1,000 per registered location.
+Added: The Sponsor employs PINE Distributors LLC, ("PINE" or the "Marketing Agent") as the Marketing Agent for the Funds.
+Added: The Distribution Services Agreement among the Marketing Agent, the Sponsor, and the Trust calls for the Marketing Agent to work with the Transfer Agent in connection with the receipt and processing of orders for Creation Baskets and Redemption Baskets and the review and approval of all Fund sales literature and advertising materials.
+Added: The Marketing Agent and the Sponsor have also entered into an agreement under which certain employees and officers of the Sponsor are licensed as registered representatives of the Marketing Agent.
+Added: These persons engage in certain marketing activities for the Funds.
+Added: For its services as the Marketing Agent, PINE receives a fee of 0.0075 % of the Fund’s average daily net assets and an aggregate annual fee of $ 75,000 for all Teucrium Funds., For its services under the RRSA, PINE receives a fee of $ 3,500 per registered representative and $ 7,500 per registered location.
These services are recorded in distribution and marketing fees on the combined statements of operations.
2 unchanged sentences
(“Marex”) and StoneX Financial Inc.
−Removed: (“StoneX”) serve as the Funds’ clearing brokers to execute and provide other brokerage-related services.
+Added: (“StoneX”) serve as the Funds’ clearing brokers to execute and clear futures contracts and provide other brokerage-related services.
Marex and StoneX are each registered as futures commission merchants (“FCM”) with the U.S.
6 unchanged sentences
These expenses are recognized on a per-trade basis.
−Removed: The half-turn is recognized as an unrealized loss on the statements of operations for contracts that have been purchased since the change in recognition, and a full turn is recognized as a realized loss on the statements of operations when a contract is sold.
+Added: The half-turn is recognized as an unrealized loss on the combined statements of operations, and a full turn is recognized as a realized loss on the combined statements of operations when a contract is sold.
A summary of these expenses can be found below.
11 unchanged sentences
$ - $ - $ 4,000
−Removed: Amount Recognized for Distribution Services
+Added: Amount Recognized for Marketing Agent Services
$ 30,938 $ 39,529 $ 60,803
−Removed: Amount of Distribution Services Waived
+Added: Amount of Marketing Agent Services Waived
$ - $ - $ 17,010
128 unchanged sentences
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.
+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 Marketing Agent, which are included in the related line item in the statements of operations.
A portion of these aggregate common expenses are related to the Sponsor or related parties of principals of the Sponsor;
49 unchanged sentences
In making the determination of a Level 1 or Level 2 transfer, the Fund considers the average volume of the specific underlying futures contracts traded on the relevant exchange for the years being reported.
−Removed: For the quarter ended June 30, 2021, Corn Futures Contracts for the Sep21 CBOT corn futures and the Dec21 CBOT corn futures, settled in a “limit up” condition.
−Removed: Accordingly, the Trust and CORN classified these as level 2 assets.
−Removed: The financial statements of CORN were adjusted accordingly.
−Removed: The adjustment resulted in an increase in the unrealized change in commodity futures contracts in excess of reported CBOT values of $ 711,275 for CORN.
−Removed: The Corn futures contracts transferred back to a Level 1 asset for the period ended September 30, 2021.
−Removed: For the quarter ended March 31, 2021, Corn Futures Contracts for the Jul21 CBOT corn futures, Sep21 CBOT corn futures, and Dec21 CBOT corn futures settled in a “limit up” condition.
−Removed: Accordingly, the Trust and CORN classified these as Level 2 assets.
−Removed: The financial statements of CORN were adjusted accordingly.
−Removed: The adjustment resulted in an increase in the unrealized change in commodity futures contracts in excess of reported CBOT values of $ 3,371,513 .
−Removed: The Jul21 corn futures transferred back to a Level 1 asset for the period ended June 30, 2021, and the Sep21 and Dec21 corn futures contracts transferred back to a Level 1 asset for the period ended September 30, 2021.
The Fund records its derivative activities at fair value.
9 unchanged sentences
New Accounting Pronouncements
−Removed: The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) issued ASU 2023 - 06 – Disclosure Improvements:
+Added: The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024 - 03 – Income Statement—Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220 - 40 ).
+Added: The amendments require an entity to disaggregate certain income statement line-items within the Notes to the Financial Statements.
+Added: The Sponsor is evaluating the impacts to the financial statements and disclosures to the Trust and the Fund, and will plan to adopt at or before the effective date for the 10K for the period ending December 31, 2026.
+Added: The FASB issued ASU 2023 - 07, Segment Reporting (Topic 280 Improvements to Reportable Segment Disclosures (“ASU 2023 - 07” ), which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the “CODM”).
+Added: ASU 2023 - 07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by ASC 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure.
+Added: ASU 2023 - 07 is effective for the fiscal years beginning after December 15, 2023, and interim periods beginning with the first quarter ended March 31, 2025.
+Added: Early adoption is permitted and retrospective adoption is required for all prior periods presented.
+Added: The Trust and the Fund adopted ASU 2023 - 07 effective December 31, 2024 and concluded that the application of this guidance did not have any material impact on its consolidated financial statements.
+Added: The FASB issued ASU 2023 - 06 – Disclosure Improvements:
Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative.
9 unchanged sentences
Under the clarified guidance, contractual restrictions on the sale of an equity security are not considered part of the unit of account of the equity security and, therefore, are not considered in measuring fair value, however they do require disclosures.
−Removed: The amendment was adopted for the quarter ended June 30, 2022;
−Removed: the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund.
−Removed: The FASB issued ASU 2021 - 05:
−Removed: “Leases (Topic 842 ).” Under the amended guidance, a lessor should classify and account for a lease with variable lease payments that don’t depend on an index or a rate as an operating lease if the lease would’ve been classified as a sales-type lease or a direct financing lease in accordance with the lease classification guidance in Topic 842 and the lessor would’ve otherwise recognized a day- one loss.
−Removed: The amendment was adopted early for the quarter ended September 30, 2021;
−Removed: the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund.
−Removed: The FASB issued ASU 2020 - 10:
−Removed: “Codification Improvements.” The amendment improves the disclosure guidance in appropriate Disclosure Sections, without resulting in changes to current GAAP.
−Removed: The amendment is effective for annual periods beginning after December 15, 2020.
−Removed: The amendment was adopted for the quarter ended March 31, 2021;
+Added: The amendment was adopted early for the quarter ended June 30, 2022;
the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund.
6 unchanged sentences
$ 50,156,449 $ - $ - $ 50,156,449
+Added: Corn futures contracts
+Added: 1,936,572 - - 1,936,572
+Added: $ 52,093,021 $ - $ - $ 52,093,021
Balance as of December 31, 2024
5 unchanged sentences
$ 66,451,666 $ - $ - $ 66,451,666
−Removed: Corn futures contracts
−Removed: 1,585,798 - - 1,585,798
−Removed: $ 118,481,872 $ - $ - $ 118,481,872
Balance as of December 31, 2023
22 unchanged sentences
The following table discloses information about offsetting assets and liabilities presented in the statements of assets and liabilities to enable users of these financial statements to evaluate the effect or potential effect of netting arrangements for recognized assets and liabilities.
−Removed: These recognized assets and liabilities are presented as defined in FASB ASU No.
−Removed: 2011 - 11 “Balance Sheet (Topic 210 ):
−Removed: Disclosures about Offsetting Assets and Liabilities” and subsequently clarified in FASB ASU 2013 - 01 “Balance Sheet (Topic 210 ):
−Removed: Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.”
+Added: These recognized assets and liabilities are presented as defined in FASB Topic 210:
+Added: Balance Sheet.
The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk and held by the FCMs, Marex and StoneX as of December 31, 2024 and 2023 .
*The amount of collateral presented in Collateral, Due from Broker, is limited to the liability for the futures contracts and accordingly does not include the excess collateral pledged.
−Removed: Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2023
+Added: Offsetting of Financial Assets and Derivative Assets as of December 31, 2024
(iii) = (i-ii)
1 unchanged sentence
Gross Amount Not Offset in the Statement of Assets and Liabilities
−Removed: Gross Amount of Recognized Liabilities
+Added: Gross Amount of Recognized Assets
Gross Amount Offset in the Statement of Assets and Liabilities
1 unchanged sentence
Futures Contracts Available for Offset
−Removed: Collateral, Due from Broker*
+Added: Collateral, Due to Broker
Commodity Price
1 unchanged sentence
$ 1,936,572 $ - $ 1,936,572 $ 1,936,572 $ - $ -
−Removed: Offsetting of Financial Assets and Derivative Assets as of December 31, 2022
+Added: Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2024
(iii) = (i-ii)
1 unchanged sentence
Gross Amount Not Offset in the Statement of Assets and Liabilities
−Removed: Gross Amount of Recognized Assets
+Added: Gross Amount of Recognized Liabilities
Gross Amount Offset in the Statement of Assets and Liabilities
1 unchanged sentence
Futures Contracts Available for Offset
−Removed: Collateral, Due to Broker
+Added: Collateral, Due from Broker*
Commodity Price
16 unchanged sentences
Realized Loss on Commodity Futures Contracts
−Removed: Net Change in Unrealized Depreciation on Commodity Futures Contracts
+Added: Net Change in Unrealized Appreciation on Commodity Futures Contracts
Commodity Price
2 unchanged sentences
Year ended December 31, 2023
−Removed: Realized Gain on Commodity Futures Contracts
+Added: Realized Loss on Commodity Futures Contracts
Net Change in Unrealized Depreciation on Commodity Futures Contracts
30 unchanged sentences
$ 18.76 $ 21.61 $ 26.90
+Added: ( 13.20 )% ( 19.64 )% 24.64 %
Ratios to Average Net Assets (Annualized)
Total expenses
+Added: 3.27 % 2.57 % 1.88 %
Total expenses, net
−Removed: Net investment gain (loss)
3.27 % 2.57 % 1.72 %
+Added: Net investment income (loss)
+Added: 1.88 % 2.38 % ( 0.10 )%
The financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses.
3 unchanged sentences
The Fund bears its own costs incurred in connection with the registration and offering of additional Shares, which include registration fees, legal fees, underwriting fees and other similar costs.
+Added: Note 8 - Segment Reporting (Topic 280 )
+Added: The Teucrium Corn Fund is a fund focused on the business of achieving the investment objective of having the daily changes in the NAV of the Fund’s shares reflect the daily changes in a weighted average of the closing settlement prices for corn futures contracts.
+Added: As such, the Fund invests and manages primarily corn futures contracts, and expenses reported are a result of the management thereof.
+Added: The Fund currently operates in only one reportable segment.
+Added: The CODM is comprised of the Sponsor’s chief executive officer, chief financial officer, and chief operating officer.
+Added: The CODM reviews the operations, income, and expenses, of the Fund to confirm that it operates in one reportable segment.
+Added: This review includes confirming the performance of the Fund was in accordance with the Investment Objective of the Fund as described in the Fund’s prospectus.
+Added: The performance of the Fund should be a result of the performance of each Fund’s respective benchmark futures contracts.
+Added: Additionally, the CODM confirms that the expenses for the Fund, which are listed on the statement of operations, are related solely to the operations of the Fund.
+Added: As the Fund’s operations comprise a single reporting segment, the segment assets are reflected on the accompanying statement of assets and liabilities.
Note 9 - Subsequent Events
33 unchanged sentences
New York, New York
−Removed: February 29, 2024
+Added: March 5, 2025
Grant Thornton LLP is the U.S.
10 unchanged sentences
Equity in trading accounts:
−Removed: Commodity futures contracts
Due from broker
2,725,790 2,385,040
−Removed: Total equity in trading accounts
$ 26,570,130 $ 30,528,891
−Removed: $ 30,528,891 $ 61,343,439
−Removed: Payable for shares redeemed
−Removed: $ - $ 2,850,260
Management fee payable to Sponsor
3 unchanged sentences
Commodity futures contracts
+Added: 1,321,026 1,391,661
Total liabilities
25 unchanged sentences
Commercial Paper
−Removed: Albemarle Corporation
−Removed: January 8, 2024
−Removed: 5.738 % $ 2,476,151 $ 2,497,263 8.59 %
Brookfield Infrastructure Holdings (Canada) Inc.
1 unchanged sentence
4.788 % $ 2,477,431 $ 2,497,711 9.90 % 2,500,000
−Removed: FMC Corporation
+Added: Energy Transfer Operating, L.P.
January 24, 2025
3 unchanged sentences
4.791 % 2,473,833 2,489,206 9.87 2,500,000
−Removed: Stanley Black & Decker, Inc.
−Removed: January 22, 2024
−Removed: 5.807 % 2,479,021 2,491,688 8.58 2,500,000
−Removed: WGL Holdings, Inc.
−Removed: January 12, 2024
−Removed: 5.849 % 2,487,222 2,495,608 8.59 2,500,000
Total Commercial Paper
22 unchanged sentences
Money market funds
−Removed: First American Government Obligations Fund - Class X
+Added: Bank Deposit Account
5.270 % $ 1,075,007 $ 1,075,007 3.70 %
6 unchanged sentences
Commercial Paper
−Removed: Brookfield Infrastructure Holdings (Canada) Inc.
−Removed: January 17, 2023
−Removed: 4.734 % $ 4,959,225 $ 4,989,644 8.54 %
−Removed: CNH Industrial Capital LLC
−Removed: January 23, 2023
−Removed: 4.566 % 2,483,750 2,493,125 4.27 2,500,000
−Removed: Crown Castle Inc.
−Removed: January 10, 2023
−Removed: 4.877 % 2,481,000 2,497,000 4.27 2,500,000
−Removed: Crown Castle Inc.
−Removed: January 12, 2023
−Removed: 4.765 % 2,489,882 2,496,410 4.27 2,500,000
−Removed: Entergy Corporation
+Added: Albemarle Corporation
January 8, 2024
5.738 % $ 2,476,151 $ 2,497,263 8.59 %
+Added: Brookfield Infrastructure Holdings (Canada) Inc.
January 9, 2024
5.794 % 2,489,708 2,496,833 8.59 2,500,000
+Added: FMC Corporation
January 19, 2024
5.816 % 2,488,878 2,492,850 8.58 2,500,000
+Added: Harley-Davidson Financial Services, Inc.
February 1, 2024
5.867 % 2,480,400 2,487,600 8.56 2,500,000
−Removed: VW Credit, Inc.
+Added: Stanley Black & Decker, Inc.
January 22, 2024
5.807 % 2,479,021 2,491,688 8.58 2,500,000
−Removed: Walgreens Boots Alliance, Inc.
−Removed: February 13, 2023
+Added: WGL Holdings, Inc.
+Added: January 12, 2024
5.849 % 2,487,222 2,495,608 8.59 2,500,000
3 unchanged sentences
$ 22,707,941 78.15 %
+Added: The accompanying notes are an integral part of these financial statements.
Percentage of
11 unchanged sentences
$ 1,391,661 4.78 % $ 29,032,763
−Removed: The accompanying notes are an integral part of these financial statements.
TEUCRIUM SOYBEAN FUND
4 unchanged sentences
Realized and unrealized gain (loss) on trading of commodity futures contracts:
−Removed: Realized gain on commodity futures contracts
+Added: Realized (loss) gain on commodity futures contracts
$ ( 6,891,609 ) $ 940,552 $ 10,362,032
−Removed: Net change in unrealized depreciation on commodity futures contracts
+Added: Net change in unrealized appreciation / depreciation on commodity futures contracts
70,635 ( 3,912,031 ) ( 164,481 )
23 unchanged sentences
$ ( 6,368,175 ) $ ( 2,257,138 ) $ 10,129,998
−Removed: Net (loss) gain per share
+Added: Net (decrease) increase in net asset value per share
$ ( 5.56 ) $ ( 1.47 ) $ 5.73
42 unchanged sentences
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
−Removed: Net change in unrealized depreciation on commodity futures contracts
+Added: Net change in unrealized depreciation (appreciation) on commodity futures contracts
( 70,635 ) 3,912,031 164,481
9 unchanged sentences
( 3,206 ) ( 29,771 ) 18,973
−Removed: Payable for purchases of commercial paper
−Removed: - - ( 4,997,451 )
Other liabilities
7 unchanged sentences
( 14,894,312 ) ( 42,183,615 ) ( 54,242,738 )
−Removed: Net cash (used in) provided by financing activities
+Added: Net cash provided by (used in) financing activities
2,535,198 ( 29,967,087 ) 6,177,622
11 unchanged sentences
The Fund issues common units, called the “Shares,” representing fractional undivided beneficial interests in the Fund.
−Removed: The Fund continuously offers Creation Baskets consisting of 25,000 Shares at their Net Asset Value (“NAV”) to “Authorized Purchasers” through Foreside Fund Services, LLC, which is the distributor for the Fund (the “Distributor”).
+Added: The Fund continuously offers Creation Baskets consisting of 25,000 Shares at their Net Asset Value (“NAV”) to “Authorized Purchasers” through PINE Distributors LLC, which is the marketing agent for the Fund (the “Marketing Agent”).
Authorized Purchasers sell such Shares, which are listed on the New York Stock Exchange (“NYSE”) Arca under the symbol “SOYB,” to the public at per-Share offering prices that reflect, among other factors, the trading price of the Shares on the NYSE Arca, the NAV of the Fund at the time the Authorized Purchaser purchased the Creation Baskets and the NAV at the time of the offer of the Shares to the public, the supply of and demand for Shares at the time of sale, and the liquidity of the markets for soybean interests.
22 unchanged sentences
The principal business address for U.S.
−Removed: Bank N.A is 1555 North Rivercenter Drive, Suite 302, Milwaukee, Wisconsin 53212.
−Removed: is a Wisconsin state-chartered bank subject to regulation by the Board of Governors of the Federal Reserve System and the Wisconsin State Banking Department.
+Added: Bank, N.A is 5065 Wooster Rd, Cincinnati, Ohio 45226.
+Added: is a national banking association organized and existing under the laws of the United States of America with its principal place of business at Minneapolis, Minnesota.
The principal address for U.S.
3 unchanged sentences
In addition, effective on the Conversion Date, Global Fund Services, a wholly owned subsidiary of U.S.
−Removed: Bank, commenced serving as administrator for each Fund, performing certain administrative, accounting services, and preparing certain SEC reports on behalf of the Funds, and also became the registrar and transfer agent for each Fund’s Shares.
+Added: commenced serving as administrator for each Fund, performing certain administrative, accounting services, and preparing certain SEC reports on behalf of the Funds, and also became the registrar and transfer agent for each Fund’s Shares.
For such services, U.S.
−Removed: Bank and Global Fund Services will receive an asset-based fee, subject to a minimum annual fee.
+Added: and Global Fund Services will receive an asset-based fee, subject to a minimum annual fee.
For custody services, the Funds will pay to U.S.
4 unchanged sentences
A summary of these expenses is included below.
−Removed: The Sponsor employs Foreside Fund Services, LLC, ("Foreside" or the "Distributor") a wholly owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group), as the Distributor for the Fund.
−Removed: The Distribution Services Agreement among the Distributor, the Sponsor, and the Trust calls for the Distributor to work with the Transfer Agent in connection with the receipt and processing of orders for Creation Baskets and Redemption Baskets and the review and approval of all Fund sales literature and advertising materials.
−Removed: The Distributor and the Sponsor have also entered into an agreement under which certain employees and officers of the Sponsor are licensed as registered representatives of the Distributor.
−Removed: These persons engage in certain marketing activities for the Fund.
−Removed: For its services as the Distributor, Foreside receives a fee of 0.01 % of the Fund’s average daily net assets and an aggregate annual fee of $ 100,000 for all Teucrium Funds, along with certain expense reimbursements.
−Removed: For its services under the SASA, Foreside receives a fee of $ 5,000 per registered representative and $ 1,000 per registered location.
+Added: The Sponsor employs PINE Distributors LLC, ("PINE" or the "Marketing Agent") as the Marketing Agent for the Funds.
+Added: The Distribution Services Agreement among the Marketing Agent, the Sponsor, and the Trust calls for the Marketing Agent to work with the Transfer Agent in connection with the receipt and processing of orders for Creation Baskets and Redemption Baskets and the review and approval of all Fund sales literature and advertising materials.
+Added: The Marketing Agent and the Sponsor have also entered into an agreement under which certain employees and officers of the Sponsor are licensed as registered representatives of the Marketing Agent.
+Added: These persons engage in certain marketing activities for the Funds.
+Added: For its services as the Marketing Agent, PINE receives a fee of 0.0075 % of the Fund’s average daily net assets and an aggregate annual fee of $ 75,000 for all Teucrium Funds.
+Added: For its services under the RRSA, PINE receives a fee of $ 3,500 per registered representative and $ 7,500 per registered location.
These services are recorded in distribution and marketing fees on the combined statements of operations.
25 unchanged sentences
$ - $ - $ 4,000
−Removed: Amount Recognized for Distribution Services
+Added: Amount Recognized for Marketing Agent Services
$ 15,184 $ 14,627 $ 19,183
−Removed: Amount of Distribution Services Waived
+Added: Amount of Marketing Agent Services Waived
$ - $ - $ 3,962
2 unchanged sentences
Amount of Wilmington Trust Waived
−Removed: $ - $ - $ 631
Note 3 - Summary of Significant Accounting Policies
123 unchanged sentences
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.
+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 Marketing Agent, which are included in the related line item in the statements of operations.
A portion of these aggregate common expenses are related to the Sponsor or related parties of principals of the Sponsor;
50 unchanged sentences
In making the determination of a Level 1 or Level 2 transfer, the Fund considers the average volume of the specific underlying futures contracts traded on the relevant exchange for the years being reported.
−Removed: For the quarter ended March 31, 2021, Soybean Futures Contracts for Jul21 CBOT soybean futures, and the Nov21 CBOT soybean futures settled in a “limit up” condition.
−Removed: Accordingly, the Trust and SOYB classified these as Level 2 assets.
−Removed: The adjustment in SOYB resulted in a $ 279,750 increase in the unrealized change in commodity futures contracts in excess of reported CBOT values.
−Removed: These contracts transferred back to a Level 1 asset for the quarter ended June 30, 2021.
The Fund records its derivative activities at fair value.
9 unchanged sentences
New Accounting Pronouncements
−Removed: The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) issued ASU 2023 - 06 – Disclosure Improvements:
+Added: The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024 - 03 – Income Statement—Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220 - 40 ).
+Added: The amendments require an entity to disaggregate certain income statement line-items within the Notes to the Financial Statements.
+Added: The Sponsor is evaluating the impacts to the financial statements and disclosures to the Trust and the Fund, and will plan to adopt at or before the effective date for the 10K for the period ending December 31, 2026.
+Added: The FASB issued ASU 2023 - 07, Segment Reporting (Topic 280 Improvements to Reportable Segment Disclosures (“ASU 2023 - 07” ), which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the “CODM”).
+Added: ASU 2023 - 07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by ASC 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure.
+Added: ASU 2023 - 07 is effective for the fiscal years beginning after December 15, 2023, and interim periods beginning with the first quarter ended March 31, 2025.
+Added: Early adoption is permitted and retrospective adoption is required for all prior periods presented.
+Added: The Trust and the Fund adopted ASU 2023 - 07 effective December 31, 2024 and concluded that the application of this guidance did not have any material impact on its consolidated financial statements.
+Added: The FASB issued ASU 2023 - 06 – Disclosure Improvements:
Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative.
9 unchanged sentences
Under the clarified guidance, contractual restrictions on the sale of an equity security are not considered part of the unit of account of the equity security and, therefore, are not considered in measuring fair value, however they do require disclosures.
−Removed: The amendment was adopted for the quarter ended June 30, 2022;
−Removed: the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund.
−Removed: The FASB issued ASU 2021 - 05:
−Removed: “Leases (Topic 842 ).” Under the amended guidance, a lessor should classify and account for a lease with variable lease payments that don’t depend on an index or a rate as an operating lease if the lease would’ve been classified as a sales-type lease or a direct financing lease in accordance with the lease classification guidance in Topic 842 and the lessor would’ve otherwise recognized a day- one loss.
−Removed: The amendment was adopted early for the quarter ended September 30, 2021;
−Removed: the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund.
−Removed: The FASB issued ASU 2020 - 10:
−Removed: “Codification Improvements.” The amendment improves the disclosure guidance in appropriate Disclosure Sections, without resulting in changes to current GAAP.
−Removed: The amendment is effective for annual periods beginning after December 15, 2020.
−Removed: The amendment was adopted for the quarter ended March 31, 2021;
+Added: The amendment was adopted early for the quarter ended June 30, 2022;
the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund.
13 unchanged sentences
$ 22,707,941 $ - $ - $ 22,707,941
+Added: Balance as of December 31, 2023
Soybean futures contracts
$ 1,391,661 $ - $ - $ 1,391,661
−Removed: $ 55,589,444 $ - $ - $ 55,589,444
For the years ended December 31, 2024 and 2023 , the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.
19 unchanged sentences
The following table discloses information about offsetting assets and liabilities presented in the statements of assets and liabilities to enable users of these financial statements to evaluate the effect or potential effect of netting arrangements for recognized assets and liabilities.
−Removed: These recognized assets and liabilities are presented as defined in FASB ASU No.
−Removed: 2011 - 11 “Balance Sheet (Topic 210 ):
−Removed: Disclosures about Offsetting Assets and Liabilities” and subsequently clarified in FASB ASU 2013 - 01 “Balance Sheet (Topic 210 ):
−Removed: Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.”
+Added: These recognized assets and liabilities are presented as defined in FASB Topic 210:
+Added: Balance Sheet.
The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk and held by the FCMs, Marex and StoneX as of December 31, 2024 and 2023 .
12 unchanged sentences
$ 1,321,026 $ - $ 1,321,026 $ - $ 1,321,026 $ -
−Removed: Offsetting of Financial Assets and Derivative Assets as of December 31, 2022
+Added: Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2023
(iii) = (i-ii)
1 unchanged sentence
Gross Amount Not Offset in the Statement of Assets and Liabilities
−Removed: Gross Amount of Recognized Assets
+Added: Gross Amount of Recognized Liabilities
Gross Amount Offset in the Statement of Assets and Liabilities
1 unchanged sentence
Futures Contracts Available for Offset
−Removed: Collateral, Due to Broker
+Added: Collateral, Due from Broker
Commodity Price
3 unchanged sentences
Year ended December 31, 2024
−Removed: Realized Gain on Commodity Futures Contracts
−Removed: Net Change in Unrealized Depreciation on Commodity Futures Contracts
+Added: Realized Loss on Commodity Futures Contracts
+Added: Net Change in Unrealized Appreciation on Commodity Futures Contracts
Commodity Price
38 unchanged sentences
Total expenses
+Added: 3.56 % 3.05 % 1.92 %
Total expenses, net
−Removed: Net investment loss
3.56 % 3.05 % 1.78 %
+Added: Net investment income (loss)
+Added: 1.58 % 1.93 % ( 0.10 )%
The financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses.
3 unchanged sentences
The Fund bears its own costs incurred in connection with the registration and offering of additional Shares, which include registration fees, legal fees, underwriting fees and other similar costs.
+Added: Note 8 - Segment Reporting (Topic 280 )
+Added: The Teucrium Soybean Fund is a fund focused on the business of achieving the investment objective of having the daily changes in the NAV of the Fund’s shares reflect the daily changes in a weighted average of the closing settlement prices for soybean futures contracts.
+Added: As such, the Fund invests and manages primarily soybean futures contracts, and expenses reported are a result of the management thereof.
+Added: The Fund currently operates in only one reportable segment.
+Added: The CODM is comprised of the Sponsor’s chief executive officer, chief financial officer, and chief operating officer.
+Added: The CODM reviews the operations, income, and expenses, of the Fund to confirm that it operates in one reportable segment.
+Added: This review includes confirming the performance of the Fund was in accordance with the Investment Objective of the Fund as described in the Fund’s prospectus.
+Added: The performance of the Fund should be a result of the performance of each Fund’s respective benchmark futures contracts.
+Added: Additionally, the CODM confirms that the expenses for the Fund, which are listed on the statement of operations, are related solely to the operations of the Fund.
+Added: As the Fund’s operations comprise a single reporting segment, the segment assets are reflected on the accompanying statement of assets and liabilities.
Note 9 - Subsequent Events
33 unchanged sentences
New York, New York
−Removed: February 29, 2024
+Added: March 5, 2025
Grant Thornton LLP is the U.S.
10 unchanged sentences
Equity in trading accounts:
−Removed: Commodity futures contracts
Due from broker
2,255,054 3,650,191
−Removed: Total equity in trading accounts
14,122,533 20,456,322
−Removed: 20,456,322 24,370,244
Management fee payable to Sponsor
4 unchanged sentences
1,560,295 2,687,998
−Removed: Total equity in trading accounts
−Removed: 2,687,998 85,128
Total liabilities
24 unchanged sentences
Commercial Paper
−Removed: Albemarle Corporation
−Removed: January 4, 2024
−Removed: 5.753 % $ 2,480,382 $ 2,498,823 14.10 %
Brookfield Infrastructure Holdings (Canada) Inc.
1 unchanged sentence
4.788 % $ 2,477,431 $ 2,497,711 19.91 % 2,500,000
−Removed: Entergy Corporation
−Removed: March 1, 2024
−Removed: 5.665 % 2,467,625 2,476,875 13.98 2,500,000
−Removed: FMC Corporation
−Removed: January 19, 2024
−Removed: 5.816 % 2,488,878 2,492,850 14.07 2,500,000
−Removed: National Fuel Gas Company
+Added: Energy Transfer Operating, L.P.
January 24, 2025
24 unchanged sentences
Money market funds
−Removed: First American Government Obligations Fund - Class X
+Added: Bank Deposit Account
5.270 % $ 1,532,232 $ 1,532,232 8.65 %
5 unchanged sentences
Commercial Paper
−Removed: Entergy Corporation
+Added: Albemarle Corporation
January 4, 2024
5.753 % $ 2,480,382 $ 2,498,823 14.10 %
−Removed: General Motors Financial Company, Inc.
+Added: Brookfield Infrastructure Holdings (Canada) Inc.
January 30, 2024
5.814 % 550,863 552,447 3.12 555,000
−Removed: Glencore Funding LLC
+Added: Entergy Corporation
+Added: March 1, 2024
+Added: 5.665 % 2,467,625 2,476,875 13.98 2,500,000
+Added: FMC Corporation
January 19, 2024
5.816 % 2,488,878 2,492,850 14.07 2,500,000
−Removed: VW Credit, Inc.
+Added: National Fuel Gas Company
January 8, 2024
13 unchanged sentences
233 1,128,473 6.37 5,326,193
−Removed: Total commodity futures contracts
−Removed: $ 911,329 3.76 %
−Removed: Number of Percentage of Notional Amount
−Removed: (Long Exposure)
−Removed: Commodity futures contracts
−Removed: United States sugar futures contracts
ICE sugar futures MAR25
268 508,264 2.87 6,216,314
+Added: Total commodity futures contracts
+Added: $ 2,687,998 15.17 % $ 17,717,515
The accompanying notes are an integral part of these financial statements.
7 unchanged sentences
$ ( 2,500,209 ) $ 11,398,276 $ ( 442,477 )
−Removed: Net change in unrealized depreciation on commodity futures contracts
+Added: Net change in unrealized appreciation / depreciation on commodity futures contracts
1,127,703 ( 3,514,199 ) ( 172,519 )
1 unchanged sentence
734,413 1,340,056 452,734
−Removed: Total income (loss)
+Added: Total (loss) income
( 638,093 ) 9,224,133 ( 162,262 )
11 unchanged sentences
24,785 22,598 20,254
−Removed: Other expenses
Total expenses
4 unchanged sentences
641,554 859,173 510,233
−Removed: Net income (loss)
+Added: Net (loss) income
$ ( 1,279,647 ) $ 8,364,960 $ ( 672,495 )
−Removed: Net gain per share
+Added: Net (decrease) increase in net asset value per share
$ ( 1.03 ) $ 2.92 $ 0.28
−Removed: Net gain (loss) per weighted average share
+Added: Net (loss) gain per weighted average share
$ ( 1.10 ) $ 3.98 $ ( 0.22 )
7 unchanged sentences
December 31, 2022
−Removed: Net income (loss)
+Added: Net (loss) income
$ ( 1,279,647 ) $ 8,364,960 $ ( 672,495 )
27 unchanged sentences
Cash flows from operating activities:
−Removed: Net income (loss)
+Added: Net (loss) income
$ ( 1,279,647 ) $ 8,364,960 $ ( 672,495 )
−Removed: Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
−Removed: Net change in unrealized depreciation on commodity futures contracts
+Added: Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
+Added: Net change in unrealized (appreciation) depreciation on commodity futures contracts
( 1,127,703 ) 3,514,199 172,519
5 unchanged sentences
( 6,601 ) 2,130 ( 2,965 )
−Removed: Due to broker
−Removed: - - ( 475,661 )
Management fee payable to Sponsor
2 unchanged sentences
( 27,870 ) 28,929 ( 13,050 )
−Removed: Net cash provided by (used in) operating activities
+Added: Net cash (used in) provided by operating activities
( 1,049,181 ) 8,703,485 ( 455,612 )
18 unchanged sentences
The Fund issues common units, called the “Shares,” representing fractional undivided beneficial interests in the Fund.
−Removed: The Fund continuously offers Creation Baskets consisting of 25,000 Shares at their Net Asset Value (“NAV”) to “Authorized Purchasers” through Foreside Fund Services, LLC, which is the distributor for the Fund (the “Distributor”).
+Added: The Fund continuously offers Creation Baskets consisting of 25,000 Shares at their Net Asset Value (“NAV”) to “Authorized Purchasers” through PINE Distributors LLC, which is the marketing agent for the Fund (the “Marketing Agent”).
Authorized Purchasers sell such Shares, which are listed on the New York Stock Exchange (“NYSE”) Arca under the symbol “CANE,” to the public at per-Share offering prices that reflect, among other factors, the trading price of the Shares on the NYSE Arca, the NAV of the Fund at the time the Authorized Purchaser purchased the Creation Baskets and the NAV at the time of the offer of the Shares to the public, the supply of and demand for Shares at the time of sale, and the liquidity of the markets for sugar interests.
23 unchanged sentences
The principal business address for U.S.
−Removed: Bank N.A is 1555 North Rivercenter Drive, Suite 302, Milwaukee, Wisconsin 53212.
−Removed: is a Wisconsin state-chartered bank subject to regulation by the Board of Governors of the Federal Reserve System and the Wisconsin State Banking Department.
+Added: Bank, N.A is 5065 Wooster Rd, Cincinnati, Ohio 45226.
+Added: is a national banking association organized and existing under the laws of the United States of America with its principal place of business at Minneapolis, Minnesota.
The principal address for U.S.
3 unchanged sentences
In addition, effective on the Conversion Date, Global Fund Services, a wholly owned subsidiary of U.S.
−Removed: Bank, commenced serving as administrator for each Fund, performing certain administrative, accounting services, and preparing certain SEC reports on behalf of the Funds, and also became the registrar and transfer agent for each Fund’s Shares.
+Added: commenced serving as administrator for each Fund, performing certain administrative, accounting services, and preparing certain SEC reports on behalf of the Funds, and also became the registrar and transfer agent for each Fund’s Shares.
For such services, U.S.
−Removed: Bank and Global Fund Services will receive an asset-based fee, subject to a minimum annual fee.
+Added: and Global Fund Services will receive an asset-based fee, subject to a minimum annual fee.
For custody services, the Funds will pay to U.S.
4 unchanged sentences
A summary of these expenses is included below.
−Removed: The Sponsor employs Foreside Fund Services, LLC, ("Foreside" or the "Distributor") a wholly owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group), as the Distributor for the Fund.
−Removed: The Distribution Services Agreement among the Distributor, the Sponsor, and the Trust calls for the Distributor to work with the Transfer Agent in connection with the receipt and processing of orders for Creation Baskets and Redemption Baskets and the review and approval of all Fund sales literature and advertising materials.
−Removed: The Distributor and the Sponsor have also entered into an agreement under which certain employees and officers of the Sponsor are licensed as registered representatives of the Distributor.
−Removed: These persons engage in certain marketing activities for the Fund.
−Removed: For its services as the Distributor, Foreside receives a fee of 0.01 % of the Fund’s average daily net assets and an aggregate annual fee of $ 100,000 for all Teucrium Funds, along with certain expense reimbursements.
−Removed: For its services under the SASA, Foreside receives a fee of $ 5,000 per registered representative and $ 1,000 per registered location.
+Added: The Sponsor employs PINE Distributors LLC, ("PINE" or the "Marketing Agent") as the Marketing Agent for the Funds.
+Added: The Distribution Services Agreement among the Marketing Agent, the Sponsor, and the Trust calls for the Marketing Agent to work with the Transfer Agent in connection with the receipt and processing of orders for Creation Baskets and Redemption Baskets and the review and approval of all Fund sales literature and advertising materials.
+Added: The Marketing Agent and the Sponsor have also entered into an agreement under which certain employees and officers of the Sponsor are licensed as registered representatives of the Marketing Agent.
+Added: These persons engage in certain marketing activities for the Funds.
+Added: For its services as the Marketing Agent, PINE receives a fee of 0.0075 % of the Fund’s average daily net assets and an aggregate annual fee of $ 75,000 for all Teucrium Funds.
+Added: For its services under the RRSA, PINE receives a fee of $ 3,500 per registered representative and $ 7,500 per registered location.
These services are recorded in distribution and marketing fees on the combined statements of operations.
25 unchanged sentences
$ - $ - $ 1,068
−Removed: Amount Recognized for Distribution Services
+Added: Amount Recognized for Marketing Agent Services
$ 10,537 $ 10,199 $ 8,636
−Removed: Amount of Distribution Services Waived
+Added: Amount of Marketing Agent Services Waived
$ - $ - $ 3,331
2 unchanged sentences
Amount of Wilmington Trust Waived
−Removed: $ - $ - $ 252
Note 3 – Summary of Significant Accounting Policies
120 unchanged sentences
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.
+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 Marketing Agent, which are included in the related line item in the statements of operations.
A portion of these aggregate common expenses are related to the Sponsor or related parties of principals of the Sponsor;
62 unchanged sentences
New Accounting Pronouncements
−Removed: The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) issued ASU 2023 - 06 – Disclosure Improvements:
+Added: The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024 - 03 – Income Statement—Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220 - 40 ).
+Added: The amendments require an entity to disaggregate certain income statement line-items within the Notes to the Financial Statements.
+Added: The Sponsor is evaluating the impacts to the financial statements and disclosures to the Trust and the Fund, and will plan to adopt at or before the effective date for the 10K for the period ending December 31, 2026.
+Added: The FASB issued ASU 2023 - 07, Segment Reporting (Topic 280 Improvements to Reportable Segment Disclosures (“ASU 2023 - 07” ), which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the “CODM”).
+Added: ASU 2023 - 07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by ASC 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure.
+Added: ASU 2023 - 07 is effective for the fiscal years beginning after December 15, 2023, and interim periods beginning with the first quarter ended March 31, 2025.
+Added: Early adoption is permitted and retrospective adoption is required for all prior periods presented.
+Added: The Trust and the Fund adopted ASU 2023 - 07 effective December 31, 2024 and concluded that the application of this guidance did not have any material impact on its consolidated financial statements.
+Added: The FASB issued ASU 2023 - 06 – Disclosure Improvements:
Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative.
9 unchanged sentences
Under the clarified guidance, contractual restrictions on the sale of an equity security are not considered part of the unit of account of the equity security and, therefore, are not considered in measuring fair value, however they do require disclosures.
−Removed: The amendment was adopted for the quarter ended June 30, 2022;
−Removed: the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund.
−Removed: The FASB issued ASU 2021 - 05:
−Removed: “Leases (Topic 842 ).” Under the amended guidance, a lessor should classify and account for a lease with variable lease payments that don’t depend on an index or a rate as an operating lease if the lease would’ve been classified as a sales-type lease or a direct financing lease in accordance with the lease classification guidance in Topic 842 and the lessor would’ve otherwise recognized a day- one loss.
−Removed: The amendment was adopted early for the quarter ended September 30, 2021;
−Removed: the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund.
−Removed: The FASB issued ASU 2020 - 10:
−Removed: “Codification Improvements.” The amendment improves the disclosure guidance in appropriate Disclosure Sections, without resulting in changes to current GAAP.
−Removed: The amendment is effective for annual periods beginning after December 15, 2020.
−Removed: The amendment was adopted for the quarter ended March 31, 2021;
+Added: The amendment was adopted early for the quarter ended June 30, 2022;
the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund.
13 unchanged sentences
$ 13,551,433 $ - $ - $ 13,551,433
−Removed: Sugar futures contracts
−Removed: 911,329 - - 911,329
−Removed: $ 20,819,132 $ - $ - $ 20,819,132
Balance as of December 31, 2023
22 unchanged sentences
The following table discloses information about offsetting assets and liabilities presented in the statements of assets and liabilities to enable users of these financial statements to evaluate the effect or potential effect of netting arrangements for recognized assets and liabilities.
−Removed: These recognized assets and liabilities are presented as defined in FASB ASU No.
−Removed: 2011 - 11 “Balance Sheet (Topic 210 ):
−Removed: Disclosures about Offsetting Assets and Liabilities” and subsequently clarified in FASB ASU 2013 - 01 “Balance Sheet (Topic 210 ):
−Removed: Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.”
+Added: These recognized assets and liabilities are presented as defined in FASB Topic 210:
+Added: Balance Sheet.
The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk and held by the FCM, Marex and StoneX as of December 31, 2024 and 2023 .
12 unchanged sentences
$ 1,560,295 $ - $ 1,560,295 $ - $ 1,560,295 $ -
−Removed: Offsetting of Financial Assets and Derivative Assets as of December 31, 2022
−Removed: (iii) = (i-ii)
−Removed: (v) = (iii)-(iv)
−Removed: Gross Amount Not Offset in the Statement of Assets and Liabilities
−Removed: Gross Amount of Recognized Assets
−Removed: Gross Amount Offset in the Statement of Assets and Liabilities
−Removed: Net Amount Presented in the Statement of Assets and Liabilities
−Removed: Futures Contracts Available for Offset
−Removed: Collateral, Due to Broker
−Removed: Commodity Price
−Removed: Sugar futures contracts
−Removed: $ 911,329 $ - $ 911,329 $ 85,128 $ - $ 826,201
Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2023
12 unchanged sentences
Year ended December 31, 2024
−Removed: Realized Gain on Commodity Futures Contracts
−Removed: Net Change in Unrealized Depreciation on Commodity Futures Contracts
+Added: Realized Loss on Commodity Futures Contracts
+Added: Net Change in Unrealized Appreciation on Commodity Futures Contracts
Commodity Price
2 unchanged sentences
Year ended December 31, 2023
−Removed: Realized Loss on Commodity Futures Contracts
+Added: Realized Gain on Commodity Futures Contracts
Net Change in Unrealized Depreciation on Commodity Futures Contracts
3 unchanged sentences
Year ended December 31, 2022
−Removed: Realized Gain on Commodity Futures Contracts
+Added: Realized Loss on Commodity Futures Contracts
Net Change in Unrealized Depreciation on Commodity Futures Contracts
16 unchanged sentences
0.63 0.65 0.15
−Removed: Net realized and unrealized gain on commodity futures contracts
+Added: Net realized and unrealized (loss) gain on commodity futures contracts
( 1.11 ) 2.69 0.31
1 unchanged sentence
( 0.55 ) ( 0.41 ) ( 0.18 )
−Removed: Net increase in net asset value
+Added: Net (decrease) increase in net asset value
( 1.03 ) 2.93 0.28
1 unchanged sentence
$ 11.41 $ 12.44 $ 9.51
+Added: ( 8.27 )% 30.70 % 3.13 %
Ratios to Average Net Assets (Annualized)
Total expenses
+Added: 4.42 % 3.21 % 2.12 %
Total expenses, net
−Removed: Net investment (gain) loss
+Added: 4.42 % 3.21 % 1.84 %
+Added: Net investment income (loss)
+Added: 0.64 % 1.80 % ( 0.21 )%
The financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses.
3 unchanged sentences
The Fund bears its own costs incurred in connection with the registration and offering of additional Shares, which include registration fees, legal fees, underwriting fees and other similar costs.
+Added: Note 8 - Segment Reporting (Topic 280 )
+Added: The Teucrium Sugar Fund is a fund focused on the business of achieving the investment objective of having the daily changes in the NAV of the Fund’s shares reflect the daily changes in a weighted average of the closing settlement prices for sugar futures contracts.
+Added: As such, the Fund invests and manages primarily sugar futures contracts, and expenses reported are a result of the management thereof.
+Added: The Fund currently operates in only one reportable segment.
+Added: The CODM is comprised of the Sponsor’s chief executive officer, chief financial officer, and chief operating officer.
+Added: The CODM reviews the operations, income, and expenses, of the Fund to confirm that it operates in one reportable segment.
+Added: This review includes confirming the performance of the Fund was in accordance with the Investment Objective of the Fund as described in the Fund’s prospectus.
+Added: The performance of the Fund should be a result of the performance of each Fund’s respective benchmark futures contracts.
+Added: Additionally, the CODM confirms that the expenses for the Fund, which are listed on the statement of operations, are related solely to the operations of the Fund.
+Added: As the Fund’s operations comprise a single reporting segment, the segment assets are reflected on the accompanying statement of assets and liabilities.
Note 9 - Subsequent Events
33 unchanged sentences
New York, New York
−Removed: February 29, 2024
+Added: March 5, 2025
Grant Thornton LLP is the U.S.
11 unchanged sentences
Commodity futures contracts
−Removed: 2,237,493 3,160,732
Due from broker
3 unchanged sentences
134,237,726 188,984,583
−Removed: Payable for shares redeemed
Management fee payable to Sponsor
31 unchanged sentences
Commercial Paper
−Removed: Albemarle Corporation
−Removed: January 4, 2024
−Removed: 5.753 % $ 2,480,382 $ 2,498,823 1.36 %
−Removed: Albemarle Corporation
−Removed: January 8, 2024
−Removed: 5.738 % 2,476,151 2,497,263 1.36 2,500,000
−Removed: Albemarle Corporation
−Removed: January 11, 2024
+Added: Bell Canada, Inc.
+Added: February 4, 2025
4.588 % $ 4,468,361 $ 4,480,790 3.67 % 4,500,000
3 unchanged sentences
Brookfield Infrastructure Holdings (Canada) Inc.
−Removed: January 30, 2024
−Removed: 5.814 % 2,481,364 2,488,501 1.35 2,500,000
−Removed: Entergy Corporation
March 6, 2025
4.783 % 2,471,931 2,479,111 2.03 2,500,000
−Removed: General Motors Financial Company, Inc.
+Added: Energy Transfer Operating, L.P.
January 24, 2025
4 unchanged sentences
General Motors Financial Company, Inc.
−Removed: February 9, 2024
−Removed: 5.700 % 7,397,667 7,454,648 4.05 7,500,000
−Removed: Harley-Davidson Financial Services, Inc.
−Removed: January 9, 2024
+Added: March 14, 2025
4.524 % 4,947,470 4,955,504 4.06 5,000,000
5 unchanged sentences
4.860 % 7,411,484 7,452,261 6.10 7,500,000
−Removed: National Fuel Gas Company
−Removed: January 26, 2024
−Removed: 5.941 % 2,478,948 2,489,879 1.35 2,500,000
−Removed: Oracle Corporation
−Removed: March 6, 2024
−Removed: 5.562 % 2,467,452 2,475,399 1.34 2,500,000
−Removed: Stanley Black & Decker, Inc.
−Removed: January 22, 2024
−Removed: 5.807 % 4,958,042 4,983,375 2.71 5,000,000
−Removed: January 17, 2024
−Removed: 5.674 % 4,936,679 4,987,645 2.71 5,000,000
−Removed: January 18, 2024
−Removed: 5.606 % 2,473,646 2,493,507 1.35 2,500,000
−Removed: January 25, 2024
+Added: Hyundai Capital America
+Added: February 12, 2025
4.568 % 2,481,875 2,486,875 2.04 2,500,000
−Removed: WGL Holdings, Inc.
+Added: L3Harris Technologies, Inc.
January 21, 2025
4.560 % 7,470,000 7,481,250 6.12 7,500,000
−Removed: WGL Holdings, Inc.
+Added: VW Credit, Inc.
January 22, 2025
4.671 % 4,962,945 4,986,584 4.08 5,000,000
−Removed: Walgreens Boots Alliance, Inc.
−Removed: January 12, 2024
+Added: VW Credit, Inc.
+Added: February 19, 2025
4.568 % 2,481,875 2,484,688 2.03 2,500,000
12 unchanged sentences
1,286 358,378 0.29 % 36,618,850
−Removed: Total commodity futures contracts
−Removed: $ 2,237,493 1.22 %
−Removed: $ 119,769,463
−Removed: Percentage of
−Removed: Notional Amount
−Removed: (Long Exposure)
−Removed: Commodity futures contracts
−Removed: United States wheat futures contracts
CBOT wheat futures DEC25
1,430 $ 8,638,066 7.07 % $ 42,792,750
+Added: Total commodity futures contracts
+Added: $ 11,974,384 9.80 % $ 122,105,350
The accompanying notes are an integral part of these financial statements.
5 unchanged sentences
Money market funds
−Removed: First American Government Obligations Fund - Class X
+Added: Bank Deposit Account
5.270 % $ 27,315,653 $ 27,315,653 14.83 %
5 unchanged sentences
Commercial Paper
−Removed: American Electric Power Company, Inc.
+Added: Albemarle Corporation
January 4, 2024
5.753 % $ 2,480,382 $ 2,498,823 1.36 %
−Removed: Brookfield Infrastructure Holdings (Canada) Inc.
+Added: Albemarle Corporation
January 8, 2024
5.738 % 2,476,151 2,497,263 1.36 2,500,000
−Removed: CNH Industrial Capital LLC
+Added: Albemarle Corporation
January 11, 2024
5.808 % 2,478,230 2,496,041 1.36 2,500,000
−Removed: CNH Industrial Capital LLC
−Removed: February 13, 2023
−Removed: 4.780 % 4,949,736 4,971,931 2.17 5,000,000
−Removed: Crown Castle Inc.
+Added: Brookfield Infrastructure Holdings (Canada) Inc.
January 16, 2024
5.853 % 2,466,575 2,494,031 1.35 2,500,000
−Removed: Crown Castle Inc.
+Added: Brookfield Infrastructure Holdings (Canada) Inc.
January 30, 2024
1 unchanged sentence
Entergy Corporation
−Removed: January 4, 2023
+Added: March 1, 2024
5.665 % 2,467,625 2,476,875 1.34 2,500,000
5 unchanged sentences
5.661 % 4,941,417 4,982,271 2.71 5,000,000
−Removed: Glencore Funding LLC
−Removed: January 10, 2023
+Added: General Motors Financial Company, Inc.
+Added: February 9, 2024
5.700 % 7,397,667 7,454,648 4.05 7,500,000
−Removed: Glencore Funding LLC
+Added: Harley-Davidson Financial Services, Inc.
January 9, 2024
1 unchanged sentence
Harley-Davidson Financial Services, Inc.
−Removed: January 3, 2023
+Added: February 1, 2024
5.867 % 2,480,400 2,487,600 1.35 2,500,000
2 unchanged sentences
5.927 % 4,947,549 4,964,494 2.70 5,000,000
+Added: National Fuel Gas Company
January 26, 2024
5.941 % 2,478,948 2,489,879 1.35 2,500,000
−Removed: Hyundai Capital America
−Removed: January 10, 2023
+Added: Oracle Corporation
+Added: March 6, 2024
5.562 % 2,467,452 2,475,399 1.34 2,500,000
+Added: Stanley Black & Decker, Inc.
January 22, 2024
5.807 % 4,958,042 4,983,375 2.71 5,000,000
−Removed: Oracle Corporation
January 17, 2024
5.674 % 4,936,679 4,987,645 2.71 5,000,000
−Removed: Oracle Corporation
January 18, 2024
2 unchanged sentences
5.910 % 4,928,362 4,950,783 2.69 4,970,000
−Removed: February 2, 2023
−Removed: 4.669 % 1,986,711 1,991,822 0.87 2,000,000
−Removed: VW Credit, Inc.
+Added: WGL Holdings, Inc.
January 3, 2024
5.793 % 2,490,896 2,499,208 1.36 2,500,000
−Removed: Walgreens Boots Alliance, Inc.
−Removed: February 13, 2023
+Added: WGL Holdings, Inc.
+Added: January 12, 2024
5.849 % 2,487,222 2,495,608 1.36 2,500,000
Walgreens Boots Alliance, Inc.
−Removed: February 28, 2023
+Added: January 12, 2024
6.028 % 5,465,631 5,490,051 2.98 5,500,000
8 unchanged sentences
United States wheat futures contracts
+Added: CBOT wheat futures MAY24
+Added: $ 363,500 0.20 % $ 64,525,550
CBOT wheat futures JUL24
1,711 $ 1,873,993 1.02 $ 55,243,913
+Added: Total commodity futures contracts
+Added: $ 2,237,493 1.22 % $ 119,769,463
Percentage of
3 unchanged sentences
United States wheat futures contracts
−Removed: CBOT wheat futures MAY23
−Removed: 2,005 $ 7,079,231 3.09 %
CBOT wheat futures DEC24
1,924 4,575,666 2.48 %
−Removed: Total commodity futures contracts
−Removed: $ 26,380,838 11.52 %
−Removed: $ 160,295,138
The accompanying notes are an integral part of these financial statements.
5 unchanged sentences
Realized and unrealized gain (loss) on trading of commodity futures contracts:
−Removed: Realized (loss) gain on commodity futures contracts
+Added: Realized loss on commodity futures contracts
$ ( 23,202,055 ) $ ( 81,189,435 ) $ ( 81,457,408 )
−Removed: Net change in unrealized appreciation (depreciation) on commodity futures contracts
+Added: Net change in unrealized (depreciation) appreciation on commodity futures contracts
( 9,636,211 ) 20,881,933 ( 26,279,809 )
1 unchanged sentence
7,381,620 9,252,100 5,619,025
−Removed: Total (loss) income
( 25,456,646 ) ( 51,055,402 ) ( 102,118,192 )
18 unchanged sentences
4,623,281 4,917,571 6,332,358
−Removed: Net (loss) income
$ ( 30,079,927 ) $ ( 55,972,973 ) $ ( 108,450,550 )
−Removed: Net (loss) gain per share
+Added: Net (decrease) increase in net asset value per share
$ ( 1.15 ) $ ( 2.01 ) $ 0.61
−Removed: Net (loss) gain per weighted average share
+Added: Net loss per weighted average share
$ ( 1.11 ) $ ( 1.92 ) $ ( 2.86 )
7 unchanged sentences
December 31, 2022
−Removed: Net (loss) income
$ ( 30,079,927 ) $ ( 55,972,973 ) $ ( 108,450,550 )
27 unchanged sentences
Cash flows from operating activities:
−Removed: Net (loss) income
$ ( 30,079,927 ) $ ( 55,972,973 ) $ ( 108,450,550 )
−Removed: Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
+Added: Adjustments to reconcile net loss to net cash used in operating activities:
Net change in unrealized depreciation (appreciation) on commodity futures contracts
12 unchanged sentences
( 55,029 ) 26,918 40,857
−Removed: Net cash (used in) provided by operating activities
+Added: Net cash used in operating activities
( 22,483,583 ) ( 46,187,517 ) ( 130,900,618 )
4 unchanged sentences
( 55,395,903 ) ( 91,400,835 ) ( 628,846,923 )
−Removed: Net cash provided by (used in) financing activities
+Added: Net cash (used in) provided by financing activities
( 31,952,535 ) 5,188,778 267,789,827
11 unchanged sentences
The Fund issues common units, called the “Shares,” representing fractional undivided beneficial interests in the Fund.
−Removed: The Fund continuously offers Creation Baskets consisting of 25,000 Shares at their Net Asset Value (“NAV”) to “Authorized Purchasers” through Foreside Fund Services, LLC, which is the distributor for the Fund (the “Distributor”).
+Added: The Fund continuously offers Creation Baskets consisting of 25,000 Shares at their Net Asset Value (“NAV”) to “Authorized Purchasers” through PINE Distributors LLC, which is the marketing agent for the Fund (the “Marketing Agent”).
Authorized Purchasers sell such Shares, which are listed on the New York Stock Exchange (“NYSE”) Arca under the symbol “WEAT,” to the public at per-Share offering prices that reflect, among other factors, the trading price of the Shares on the NYSE Arca, the NAV of the Fund at the time the Authorized Purchaser purchased the Creation Baskets and the NAV at the time of the offer of the Shares to the public, the supply of and demand for Shares at the time of sale, and the liquidity of the markets for wheat interests.
23 unchanged sentences
The principal business address for U.S.
−Removed: Bank N.A is 1555 North Rivercenter Drive, Suite 302, Milwaukee, Wisconsin 53212.
−Removed: is a Wisconsin state-chartered bank subject to regulation by the Board of Governors of the Federal Reserve System and the Wisconsin State Banking Department.
+Added: Bank, N.A is 5065 Wooster Rd, Cincinnati, Ohio 45226.
+Added: is a national banking association organized and existing under the laws of the United States of America with its principal place of business at Minneapolis, Minnesota.
The principal address for U.S.
3 unchanged sentences
In addition, effective on the Conversion Date, Global Fund Services, a wholly owned subsidiary of U.S.
−Removed: Bank, commenced serving as administrator for each Fund, performing certain administrative, accounting services, and preparing certain SEC reports on behalf of the Funds, and also became the registrar and transfer agent for each Fund’s Shares.
+Added: commenced serving as administrator for each Fund, performing certain administrative, accounting services, and preparing certain SEC reports on behalf of the Funds, and also became the registrar and transfer agent for each Fund’s Shares.
For such services, U.S.
−Removed: Bank and Global Fund Services will receive an asset-based fee, subject to a minimum annual fee.
+Added: and Global Fund Services will receive an asset-based fee, subject to a minimum annual fee.
For custody services, the Funds will pay to U.S.
4 unchanged sentences
A summary of these expenses is included below.
−Removed: The Sponsor employs Foreside Fund Services, LLC, ("Foreside" or the "Distributor") a wholly owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group), as the Distributor for the Fund.
−Removed: The Distribution Services Agreement among the Distributor, the Sponsor, and the Trust calls for the Distributor to work with the Transfer Agent in connection with the receipt and processing of orders for Creation Baskets and Redemption Baskets and the review and approval of all Fund sales literature and advertising materials.
−Removed: The Distributor and the Sponsor have also entered into an agreement under which certain employees and officers of the Sponsor are licensed as registered representatives of the Distributor.
−Removed: These persons engage in certain marketing activities for the Fund.
−Removed: For its services as the Distributor, Foreside receives a fee of 0.01 % of the Fund’s average daily net assets and an aggregate annual fee of $ 100,000 for all Teucrium Funds, along with certain expense reimbursements.
−Removed: For its services under the SASA, Foreside receives a fee of $ 5,000 per registered representative and $ 1,000 per registered location.
−Removed: These services are recorded in distribution and marketing fees on the combined statements of operations.
−Removed: A summary of these expenses is included below.
−Removed: Marex Capital Markets, Inc.
−Removed: (“Marex”) and StoneX Financial Inc.
−Removed: (“StoneX”) serve as the Funds’ clearing brokers to execute and provide other brokerage-related services.
−Removed: Marex and StoneX are each registered as futures commission merchants (“FCM”) with the U.S.
−Removed: CFTC and are members of the NFA.
−Removed: The clearing brokers are registered as broker-dealers with the SEC and are each a member of FINRA.
−Removed: Marex and StoneX are each clearing members of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges.
−Removed: For Corn, Soybean, Sugar, and Wheat Futures Contracts Marex is paid $ 11.00 per round turn.
−Removed: StoneX is paid $ 2.50 per round turn exclusive of pass-through fees for the exchange and the NFA.
−Removed: Additionally, if the monthly commissions paid by each Fund does not equal or exceed 16.5 % return on the StoneX Capital Requirement at 9.6 % of the Exchange Maintenance Margin, each Fund will pay a true up to meet that return at the end of each month.
−Removed: These expenses are recognized on a per-trade basis.
−Removed: The half-turn is recognized as an unrealized loss on the statements of operations for contracts that have been purchased since the change in recognition, and a full turn is recognized as a realized loss on the statements of operations when a contract is sold.
−Removed: A summary of these expenses can be found below.
−Removed: The sole Trustee of the Trust is Wilmington Trust Company, a Delaware banking corporation.
−Removed: The Trustee will accept service of legal process on the Trust in the State of Delaware and will make certain filings under the Delaware Statutory Trust Act.
−Removed: For its services, the Trustee receives an annual fee of $ 3,300 from the Trust.
−Removed: These services are recorded in business permits and licenses fees on the statements of operations.
−Removed: A summary of these expenses is included below.
−Removed: Year Ended December 31, 2023
−Removed: Year Ended December 31, 2022
−Removed: Year Ended December 31, 2021
−Removed: Amount Recognized for Custody Services
−Removed: $ 226,411 $ 228,096 $ 74,742
−Removed: Amount of Custody Services Waived
−Removed: $ - $ 14,164 $ 14,267
−Removed: Amount Recognized for Distribution Services
−Removed: $ 82,223 $ 102,332 $ 38,391
−Removed: Amount of Distribution Services Waived
−Removed: $ - $ 14,931 $ 20,120
−Removed: Amount Recognized for Wilmington Trust
−Removed: $ 1,720 $ 550 $ 789
−Removed: Amount of Wilmington Trust Waived
−Removed: Note 3 – Summary of Significant Accounting Policies
−Removed: Basis of Presentation
−Removed: The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.
−Removed: GAAP”) as detailed in the Financial Accounting Standards Board’s Accounting Standards Codification.
−Removed: The Fund qualifies as an investment company solely for accounting purposes and not for any other purpose and follows the accounting and reporting guidance under the Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services - Investment Companies, but is not registered, and is not required to be registered, as an investment company under the Investment Company Act of 1940, as amended.
−Removed: Revenue Recognition
−Removed: Commodity futures contracts are recorded on the trade date.
−Removed: All such transactions are recorded on the identified cost basis and marked to market daily.
−Removed: Changes in the appreciation or depreciation between periods are reflected in the statements of operations.
−Removed: The Fund seeks to earn interest on its assets denominated in U.S.
−Removed: dollars on deposit with the Futures Commission Merchant.
−Removed: In addition, the Fund earns interest on funds held at the custodian and at other financial institutions at prevailing market rates for such investments.
−Removed: The Sponsor invests a portion of cash in commercial paper, which is deemed a cash equivalent based on the rating and duration of contracts as described in the notes to the financial statements and reflected in cash and cash equivalents on the statements of assets and liabilities and on the statements of cash flows.
−Removed: Accretion on these investments is recognized using the effective interest method in U.S.
−Removed: dollars and included in interest income on the statements of operations.
−Removed: The Sponsor invests a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts.
−Removed: Accretion on these investments is recognized using the effective interest method in U.S.
−Removed: dollars and included in interest income on the statements of operations.
−Removed: Brokerage Commissions
−Removed: The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis.
−Removed: The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the years ended December 31, 2021 , 2022 , and 2023 .
−Removed: Year Ended December 31, 2023
−Removed: Year Ended December 31, 2022
−Removed: Year Ended December 31, 2021
−Removed: For federal income tax purposes, the Fund will be treated as a publicly traded partnership.
−Removed: A publicly traded partnership is generally treated as a corporation for federal income tax purposes unless 90% or more of the publicly traded partnership’s gross income for each taxable year of its existence consists of qualifying income as defined in section 7704 (d) of the Internal Revenue Code of 1986, as amended.
−Removed: Qualifying income is defined as generally including, in pertinent part, interest (other than from a financial business), dividends, and gains from the sale or disposition of capital assets held for the production of interest or dividends.
−Removed: In the case of a partnership of which a principal activity is the buying and selling of commodities, other than as inventory, or of futures, forwards and options with respect to commodities, qualifying income also includes income and gains from commodities and from futures, forwards, options with respect to commodities and, provided the partnership is a trader or investor with respect to such assets, swaps and other notional principal contracts with respect to commodities.
−Removed: The Fund expects that at least 90% of the Fund’s gross income for each taxable year will consist of qualifying income and that the Fund will be taxed as a partnership for federal income tax purposes.
−Removed: The Fund does not record a provision for income taxes because the shareholders report their share of the Fund’s income or loss on their income tax returns.
−Removed: The financial statements reflect the Fund’s transactions without adjustment, if any, required for income tax purposes.
−Removed: The Fund is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position.
−Removed: The Fund files an income tax return in the U.S.
−Removed: federal jurisdiction and may file income tax returns in various U.S.
−Removed: states and foreign jurisdictions.
−Removed: For all tax years 2021 to 2023 , the Fund remains subject to income tax examinations by major taxing authorities.
+Added: The Sponsor employs PINE Distributors LLC, ("PINE" or the "Marketing Agent") as the Marketing Agent for the Funds.
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.