2 unchanged sentences
TEUCRIUM COMMODITY TRUST
−Removed: Combined Statements of Assets and Liabilities at March 31, 2025 (Unaudited) and December 31, 2024
−Removed: Combined Schedule of Investments at March 31, 2025 (Unaudited) and December 31, 2024
−Removed: Combined Statements of Operations (Unaudited) for the three months ended March 31, 2025 and 2024
−Removed: Combined Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2025 and 2024
−Removed: Combined Statements of Cash Flows (Unaudited) for the three months ended March 31, 2025 and 2024
−Removed: Teucrium Corn Fund Statements of Assets and Liabilities at March 31, 2025 (Unaudited) and December 31, 2024
−Removed: Teucrium Corn Fund S chedule of Investments at March 31, 2025 (Unaudited) and December 31, 2024
−Removed: Teucrium Corn Fund S tatements of Operations (Unaudited) for the three months ended March 31, 2025 and 2024
−Removed: Teucrium Corn Fund S tatements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2025 and 2024
−Removed: Teucrium Corn Fund S tatements of Cash Flows (Unaudited) for the three months ended March 31, 2025 and 2024
−Removed: Teucrium Soybean Fund Statements of Assets and Liabilities at March 31, 2025 (Unaudited) and December 31, 2024
−Removed: Teucrium Soybean Fund S chedule of Investments at March 31, 2025 (Unaudited) and December 31, 2024
−Removed: Teucrium Soybean Fund S tatements of Operations (Unaudited) for the three months ended March 31, 2025 and 2024
−Removed: Teucrium Soybean Fund S tatements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2025 and 2024
−Removed: Teucrium Soybean Fund S tatements of Cash Flows (Unaudited) for the three months ended March 31, 2025 and 2024
−Removed: Teucrium Sugar Fund Statements of Assets and Liabilities at March 31, 2025 (Unaudited) and December 31, 2024
−Removed: Teucrium Sugar Fund S chedule of Investments at March 31, 2025 (Unaudited) and December 31, 2024
−Removed: Teucrium Sugar Fund S tatements of Operations (Unaudited) for the three months ended March 31, 2025 and 2024
−Removed: Teucrium Sugar Fund S tatements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2025 and 2024
−Removed: Teucrium Sugar Fund S tatements of Cash Flows (Unaudited) for the three months ended March 31, 2025 and 2024
−Removed: Teucrium Wheat Fund Statements of Assets and Liabilities at March 31, 2025 (Unaudited) and December 31, 2024
−Removed: Teucrium Wheat Fund S chedule of Investments at March 31, 2025 (Unaudited) and December 31, 2024
−Removed: Teucrium Wheat Fund S tatements of Operations (Unaudited) for the three months ended March 31, 2025 and 2024
−Removed: Teucrium Wheat Fund S tatements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2025 and 2024
−Removed: Teucrium Wheat Fund S tatements of Cash Flows (Unaudited) for the three months ended March 31, 2025 and 2024
−Removed: Teucrium Agricultural Fund Statements of Assets and Liabilities at March 31, 2025 (Unaudited) and December 31, 2024
−Removed: Teucrium Agricultural Fund S chedule of Investments at March 31, 2025 (Unaudited) and December 31, 2024
−Removed: Teucrium Agricultural Fund S tatements of Operations (Unaudited) for the three months ended March 31, 2025 and 2024
−Removed: Teucrium Agricultural Fund S tatements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2025 and 2024
−Removed: Teucrium Agricultural Fund S tatements of Cash Flows (Unaudited) for the three months ended March 31, 2025 and 2024
+Added: Combined Statements of Assets and Liabilities at June 30, 2025 (Unaudited) and December 31, 2024
+Added: Combined Schedule of Investments at June 30, 2025 (Unaudited) and December 31, 2024
+Added: Combined Statements of Operations (Unaudited) for the three and six months ended June 30, 2025 and 2024
+Added: Combined Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2025 and 2024
+Added: Combined Statements of Cash Flows (Unaudited) for the six months ended June 30, 2025 and 2024
+Added: Teucrium Corn Fund Statements of Assets and Liabilities at June 30, 2025 (Unaudited) and December 31, 2024
+Added: Teucrium Corn Fund S chedule of Investments at June 30, 2025 (Unaudited) and December 31, 2024
+Added: Teucrium Corn Fund S tatements of Operations (Unaudited) for the three and six months ended June 30, 2025 and 2024
+Added: Teucrium Corn Fund S tatements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2025 and 2024
+Added: Teucrium Corn Fund S tatements of Cash Flows (Unaudited) for the six months ended June 30, 2025 and 2024
+Added: Teucrium Soybean Fund Statements of Assets and Liabilities at June 30, 2025 (Unaudited) and December 31, 2024
+Added: Teucrium Soybean Fund S chedule of Investments at June 30, 2025 (Unaudited) and December 31, 2024
+Added: Teucrium Soybean Fund S tatements of Operations (Unaudited) for the three and six months ended June 30, 2025 and 2024
+Added: Teucrium Soybean Fund S tatements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2025 and 2024
+Added: Teucrium Soybean Fund S tatements of Cash Flows (Unaudited) for the six months ended June 30, 2025 and 2024
+Added: Teucrium Sugar Fund Statements of Assets and Liabilities at June 30, 2025 (Unaudited) and December 31, 2024
+Added: Teucrium Sugar Fund S chedule of Investments at June 30, 2025 (Unaudited) and December 31, 2024
+Added: Teucrium Sugar Fund S tatements of Operations (Unaudited) for the three and six months ended June 30, 2025 and 2024
+Added: Teucrium Sugar Fund S tatements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2025 and 2024
+Added: Teucrium Sugar Fund S tatements of Cash Flows (Unaudited) for the six months ended June 30, 2025 and 2024
+Added: Teucrium Wheat Fund Statements of Assets and Liabilities at June 30, 2025 (Unaudited) and December 31, 2024
+Added: Teucrium Wheat Fund S chedule of Investments at June 30, 2025 (Unaudited) and December 31, 2024
+Added: Teucrium Wheat Fund S tatements of Operations (Unaudited) for the three and six months ended June 30, 2025 and 2024
+Added: Teucrium Wheat Fund S tatements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2025 and 2024
+Added: Teucrium Wheat Fund S tatements of Cash Flows (Unaudited) for the six months ended June 30, 2025 and 2024
+Added: Teucrium Agricultural Fund Statements of Assets and Liabilities at June 30, 2025 (Unaudited) and December 31, 2024
+Added: Teucrium Agricultural Fund S chedule of Investments at June 30, 2025 (Unaudited) and December 31, 2024
+Added: Teucrium Agricultural Fund S tatements of Operations (Unaudited) for the three and six months ended June 30, 2025 and 2024
+Added: Teucrium Agricultural Fund S tatements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2025 and 2024
+Added: Teucrium Agricultural Fund S tatements of Cash Flows (Unaudited) for the six months ended June 30, 2025 and 2024
Notes to Combined Financial Statements
1 unchanged sentence
COMBINED STATEMENTS OF ASSETS AND LIABILITIES
−Removed: March 31, 2025
+Added: June 30, 2025
December 31, 2024
25 unchanged sentences
COMBINED SCHEDULE OF INVESTMENTS
−Removed: March 31, 2025
+Added: June 30, 2025
Percentage of
9 unchanged sentences
Commercial Paper
−Removed: Bell Canada, Inc.
−Removed: April 8, 2025
+Added: Broadcom Inc.
+Added: July 17, 2025
4.574 % $ 4,950,625 $ 4,990,000 2.51 %
−Removed: Brookfield Infrastructure Holdings (Canada) Inc.
−Removed: April 1, 2025
+Added: Broadcom Inc.
+Added: July 24, 2025
4.575 % 9,896,250 9,971,250 5.01 10,000,000
Brookfield Infrastructure Holdings (Canada) Inc.
−Removed: April 10, 2025
4.576 % 2,473,438 2,497,813 1.26 2,500,000
−Removed: Brookfield Infrastructure Holdings (Canada) Inc.
−Removed: June 18, 2025
+Added: The Campbell's Company
+Added: July 23, 2025
4.464 % 2,483,500 2,493,278 1.25 2,500,000
Crown Castle Inc.
+Added: July 22, 2025
4.779 % 4,973,180 4,986,262 2.51 5,000,000
−Removed: FMC Corporation
−Removed: April 14, 2025
+Added: Crown Castle Inc.
+Added: July 24, 2025
4.771 % 9,934,723 9,969,972 5.01 10,000,000
+Added: Entergy Corporation
+Added: July 24, 2025
+Added: 4.415 % 4,961,938 4,986,104 2.51 5,000,000
General Motors Financial Company, Inc.
4.370 % 2,473,125 2,499,701 1.26 2,500,000
−Removed: Glencore Funding LLC
−Removed: April 1, 2025
+Added: Harley-Davidson Financial Services, Inc.
+Added: July 14, 2025
4.773 % 2,482,375 2,495,757 1.25 2,500,000
−Removed: Glencore Funding LLC
−Removed: April 3, 2025
+Added: Marriott International, Inc.
+Added: August 14, 2025
4.413 % 9,931,125 9,946,833 5.00 10,000,000
−Removed: Harley-Davidson Financial Services, Inc.
−Removed: April 25, 2025
+Added: Marriott International, Inc.
+Added: August 19, 2025
4.381 % 4,967,600 4,970,600 2.50 5,000,000
−Removed: Harley-Davidson Financial Services, Inc.
−Removed: April 29, 2025
+Added: Marriott International, Inc.
+Added: August 21, 2025
4.413 % 4,965,563 4,969,188 2.50 5,000,000
−Removed: Harley-Davidson Financial Services, Inc.
−Removed: April 29, 2025
+Added: Mondelez International, Inc.
+Added: August 20, 2025
4.414 % 4,963,146 4,969,792 2.50 5,000,000
−Removed: Harley-Davidson Financial Services, Inc.
+Added: The Sherwin-Williams Company
+Added: July 15, 2025
4.357 % 7,464,168 7,487,457 3.76 7,500,000
−Removed: TELUS Corporation
+Added: VW Credit, Inc.
+Added: July 23, 2025
4.567 % 7,448,437 7,479,375 3.76 7,500,000
−Removed: TELUS Corporation
+Added: VW Credit, Inc.
+Added: July 28, 2025
4.537 % 7,445,055 7,474,857 3.76 7,500,000
+Added: VW Credit, Inc.
+Added: August 7, 2025
+Added: 4.568 % 4,963,125 4,976,875 2.50 5,000,000
Total Commercial Paper
6 unchanged sentences
Commodity futures contracts
−Removed: United States corn futures contracts
−Removed: CBOT Corn Futures JUL25
−Removed: 785 $ 224,227 0.11 % $ 18,182,563
United States soybean futures contracts
1 unchanged sentence
177 $ 327,452 0.16 % $ 9,321,263
−Removed: United States sugar futures contracts
−Removed: ICE sugar futures OCT25
−Removed: 157 20,670 0.01 3,311,067
−Removed: ICE sugar futures MAR26
+Added: United States wheat futures contracts
+Added: CBOT wheat futures DEC26
1,312 180,770 0.09 40,967,200
10 unchanged sentences
631 1,317,982 0.66 13,424,525
−Removed: United States soybean futures contracts
−Removed: CBOT soybean futures JUL25
+Added: CBOT corn futures DEC26
684 114,288 0.06 15,629,400
+Added: United States soybean futures contracts
CBOT soybean futures NOV25
182 743,159 0.37 9,345,700
+Added: CBOT soybean futures JAN26
+Added: 153 203,547 0.10 7,973,213
United States sugar futures contracts
−Removed: ICE sugar futures JUL25
+Added: ICE sugar futures MAR26
190 347,548 0.17 3,604,832
−Removed: United States wheat futures contracts
−Removed: CBOT wheat futures JUL25
+Added: ICE sugar futures MAY26
167 68,772 0.03 3,112,346
+Added: ICE sugar futures MAR27
+Added: 188 54,256 0.03 3,655,321
+Added: United States wheat futures contracts
CBOT wheat futures SEP25
136 unchanged sentences
Three months ended
−Removed: March 31, 2025
−Removed: March 31, 2024*
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2025
+Added: June 30, 2024*
+Added: June 30, 2025
+Added: June 30, 2024*
Realized and unrealized gain (loss) on trading of commodity and cryptocurrency futures contracts:
20 unchanged sentences
Other expenses
+Added: 5,118 - 8,125 -
Total expenses
11 unchanged sentences
COMBINED STATEMENTS OF CHANGES IN NET ASSETS
−Removed: Three months ended
−Removed: Three months ended
−Removed: March 31, 2025
−Removed: March 31, 2024*
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2025
+Added: June 30, 2024*
Net income (loss)
22 unchanged sentences
COMBINED STATEMENTS OF CASH FLOWS
−Removed: Three months ended
−Removed: Three months ended
−Removed: March 31, 2025
−Removed: March 31, 2024*
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2025
+Added: June 30, 2024*
Cash flows from operating activities:
38 unchanged sentences
STATEMENTS OF ASSETS AND LIABILITIES
−Removed: March 31, 2025
+Added: June 30, 2025
December 31, 2024
5 unchanged sentences
Commodity futures contracts
−Removed: 224,227 1,936,572
Due from broker
24 unchanged sentences
SCHEDULE OF INVESTMENTS
−Removed: March 31, 2025
+Added: June 30, 2025
Percentage of
9 unchanged sentences
Commercial Paper
−Removed: Bell Canada, Inc.
−Removed: April 8, 2025
−Removed: 4.361 % 2,484,174 $ 2,497,910 4.86 % 2,500,000
−Removed: Brookfield Infrastructure Holdings (Canada) Inc.
−Removed: April 10, 2025
+Added: Broadcom Inc.
+Added: July 24, 2025
4.575 % $ 4,948,125 $ 4,985,625 11.16 % 5,000,000
Brookfield Infrastructure Holdings (Canada) Inc.
−Removed: June 18, 2025
4.576 % 2,473,438 2,497,813 5.59 2,500,000
Crown Castle Inc.
−Removed: 4.664 % 2,488,820 2,490,417 4.84 2,500,000
−Removed: FMC Corporation
−Removed: April 14, 2025
−Removed: 4.816 % 2,490,764 2,495,712 4.85 2,500,000
−Removed: General Motors Financial Company, Inc.
−Removed: 4.421 % 2,473,719 2,490,635 4.84 2,500,000
−Removed: Glencore Funding LLC
−Removed: April 1, 2025
+Added: July 24, 2025
4.771 % 2,483,681 2,492,493 5.58 2,500,000
−Removed: Glencore Funding LLC
−Removed: April 3, 2025
+Added: Entergy Corporation
+Added: July 24, 2025
4.415 % 2,480,969 2,493,052 5.58 2,500,000
Harley-Davidson Financial Services, Inc.
+Added: July 14, 2025
4.773 % 2,482,375 2,495,757 5.59 2,500,000
−Removed: TELUS Corporation
+Added: Marriott International, Inc.
+Added: August 14, 2025
4.413 % 2,482,781 2,486,708 5.57 2,500,000
−Removed: TELUS Corporation
+Added: The Sherwin-Williams Company
+Added: July 15, 2025
4.357 % 2,488,056 2,495,819 5.59 2,500,000
+Added: VW Credit, Inc.
+Added: July 28, 2025
+Added: 4.537 % 2,481,685 2,491,619 5.58 2,500,000
Total Commercial Paper
7 unchanged sentences
United States corn futures contracts
−Removed: CBOT Corn Futures JUL25
−Removed: 785 $ 224,227 0.44 % $ 18,182,563
−Removed: Percentage of
−Removed: Notional Amount
−Removed: (Long Exposure)
−Removed: Commodity futures contracts
−Removed: United States corn futures contracts
CBOT corn futures SEP25
2 unchanged sentences
631 1,317,982 2.95 13,424,525
+Added: CBOT corn futures DEC26
+Added: 684 114,288 0.26 15,629,400
Total commodity futures contracts
69 unchanged sentences
Three months ended
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2025
+Added: June 30, 2024
+Added: June 30, 2025
+Added: June 30, 2024
Realized and unrealized gain (loss) on trading of commodity futures contracts:
16 unchanged sentences
Business permits and licenses fees
+Added: 11,444 5,264 23,783 12,394
General and administrative expenses
19,804 17,548 44,920 32,974
+Added: Other expenses
+Added: 1,238 - 1,238 -
Total expenses
13 unchanged sentences
STATEMENTS OF CHANGES IN NET ASSETS
−Removed: Three months ended
−Removed: Three months ended
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2025
+Added: June 30, 2024
Net income (loss)
2 unchanged sentences
Issuance of Shares
+Added: 3,906,120 14,061,223
Redemption of Shares
13 unchanged sentences
Creation of Shares
+Added: 200,000 700,000
Redemption of Shares
3 unchanged sentences
STATEMENTS OF CASH FLOWS
−Removed: Three months ended
−Removed: Three months ended
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2025
+Added: June 30, 2024
Cash flows from operating activities:
9 unchanged sentences
31,150 33,702
+Added: ( 15,056 ) ( 50,741 )
Management fee payable to Sponsor
1 unchanged sentence
Other liabilities
+Added: 64,555 ( 77,664 )
Net cash provided by (used in) operating activities
2 unchanged sentences
Proceeds from sale of Shares
+Added: 3,906,120 14,061,223
Redemption of Shares
11 unchanged sentences
STATEMENTS OF ASSETS AND LIABILITIES
−Removed: March 31, 2025
+Added: June 30, 2025
December 31, 2024
30 unchanged sentences
SCHEDULE OF INVESTMENTS
−Removed: March 31, 2025
+Added: June 30, 2025
Percentage of
9 unchanged sentences
Commercial Paper
−Removed: Bell Canada, Inc.
−Removed: April 8, 2025
+Added: Crown Castle Inc.
+Added: July 22, 2025
4.779 % $ 2,486,590 $ 2,493,131 9.35 % 2,500,000
Crown Castle Inc.
+Added: July 24, 2025
4.771 % 2,483,681 2,492,493 9.35 2,500,000
−Removed: Glencore Funding LLC
−Removed: April 3, 2025
+Added: Marriott International, Inc.
+Added: August 19, 2025
4.381 % 2,483,800 2,485,300 9.32 2,500,000
−Removed: TELUS Corporation
+Added: VW Credit, Inc.
+Added: July 23, 2025
4.567 % 2,482,812 2,493,125 9.35 2,500,000
+Added: VW Credit, Inc.
+Added: July 28, 2025
+Added: 4.537 % 2,481,685 2,491,619 9.34 2,500,000
Total Commercial Paper
14 unchanged sentences
United States soybean futures contracts
−Removed: CBOT soybean futures JUL25
−Removed: 174 $ 351,429 1.37 % $ 8,945,775
CBOT soybean futures NOV25
182 $ 743,159 2.79 % $ 9,345,700
+Added: CBOT soybean futures JAN26
+Added: 153 203,547 0.76 7,973,213
Total commodity futures contracts
46 unchanged sentences
Three months ended
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2025
+Added: June 30, 2024
+Added: June 30, 2025
+Added: June 30, 2024
Realized and unrealized gain (loss) on trading of commodity futures contracts:
14 unchanged sentences
Custodian fees and expenses
+Added: 10,335 8,019 26,693 16,505
Business permits and licenses fees
+Added: 9,299 5,223 14,533 11,492
General and administrative expenses
+Added: 11,406 6,415 24,492 13,487
+Added: Other expenses
Total expenses
13 unchanged sentences
STATEMENTS OF CHANGES IN NET ASSETS
−Removed: Three months ended
−Removed: Three months ended
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2025
+Added: June 30, 2024
Net income (loss)
24 unchanged sentences
STATEMENTS OF CASH FLOWS
−Removed: Three months ended
−Removed: Three months ended
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2025
+Added: June 30, 2024
Cash flows from operating activities:
9 unchanged sentences
( 7,158 ) ( 19,050 )
−Removed: ( 3,769 ) ( 883 )
Management fee payable to Sponsor
1 unchanged sentence
Other liabilities
+Added: 48,421 ( 44,974 )
Net cash provided by (used in) operating activities
16 unchanged sentences
STATEMENTS OF ASSETS AND LIABILITIES
−Removed: March 31, 2025
+Added: June 30, 2025
December 31, 2024
4 unchanged sentences
Equity in trading accounts:
−Removed: Commodity futures contracts
Due from broker
688,204 2,255,054
−Removed: Total equity in trading accounts
10,860,363 14,122,533
−Removed: 11,109,595 14,122,533
Management fee payable to Sponsor
−Removed: 10,254 12,357
Other liabilities
16 unchanged sentences
SCHEDULE OF INVESTMENTS
−Removed: March 31, 2025
+Added: June 30, 2025
Percentage of
9 unchanged sentences
Commercial Paper
−Removed: Bell Canada, Inc.
−Removed: April 8, 2025
+Added: The Campbell's Company
+Added: July 23, 2025
4.464 % $ 2,483,500 $ 2,493,278 24.03 % 2,500,000
−Removed: Crown Castle Inc.
+Added: The Sherwin-Williams Company
+Added: July 15, 2025
4.357 % 2,488,056 2,495,819 24.05 2,500,000
8 unchanged sentences
United States sugar futures contracts
−Removed: ICE sugar futures OCT25
+Added: ICE sugar futures MAR26
190 $ 347,548 3.35 % $ 3,604,832
+Added: ICE sugar futures MAY26
+Added: 167 68,772 0.66 3,112,346
ICE sugar futures MAR27
2 unchanged sentences
$ 470,576 4.53 % $ 10,372,499
−Removed: Percentage of
−Removed: Notional Amount
−Removed: (Long Exposure)
−Removed: Commodity futures contracts
−Removed: United States sugar futures contracts
−Removed: ICE sugar futures JUL25
−Removed: 184 $ 98,165 0.89 % $ 3,843,392
The accompanying notes are an integral part of these financial statements.
41 unchanged sentences
Three months ended
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2025
+Added: June 30, 2024
+Added: June 30, 2025
+Added: June 30, 2024
Realized and unrealized gain (loss) on trading of commodity futures contracts:
14 unchanged sentences
Custodian fees and expenses
+Added: 6,701 6,507 14,530 15,019
Business permits and licenses fees
+Added: 7,004 12,341 9,509 17,972
General and administrative expenses
+Added: 5,901 4,757 12,164 9,864
+Added: Other expenses
Total expenses
13 unchanged sentences
STATEMENTS OF CHANGES IN NET ASSETS
−Removed: Three months ended
−Removed: Three months ended
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2025
+Added: June 30, 2024
Net income (loss)
2 unchanged sentences
Issuance of Shares
+Added: 5,454,265 583,255
Redemption of Shares
13 unchanged sentences
Creation of Shares
+Added: 475,000 50,000
Redemption of Shares
3 unchanged sentences
STATEMENTS OF CASH FLOWS
−Removed: Three months ended
−Removed: Three months ended
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2025
+Added: June 30, 2024
Cash flows from operating activities:
17 unchanged sentences
Proceeds from sale of Shares
+Added: 5,454,265 583,255
Redemption of Shares
11 unchanged sentences
STATEMENTS OF ASSETS AND LIABILITIES
−Removed: March 31, 2025
+Added: June 30, 2025
December 31, 2024
4 unchanged sentences
Equity in trading accounts:
+Added: Commodity futures contracts
Due from broker
22 unchanged sentences
SCHEDULE OF INVESTMENTS
−Removed: March 31, 2025
+Added: June 30, 2025
Percentage of
9 unchanged sentences
Commercial Paper
−Removed: Brookfield Infrastructure Holdings (Canada) Inc.
−Removed: April 1, 2025
+Added: Broadcom Inc.
+Added: July 17, 2025
4.574 % $ 4,950,625 $ 4,990,000 4.26 % 5,000,000
−Removed: Brookfield Infrastructure Holdings (Canada) Inc.
−Removed: April 10, 2025
+Added: Broadcom Inc.
+Added: July 24, 2025
4.575 % 4,948,125 4,985,625 4.25 5,000,000
−Removed: Brookfield Infrastructure Holdings (Canada) Inc.
−Removed: June 18, 2025
+Added: Crown Castle Inc.
+Added: July 22, 2025
4.779 % 2,486,590 2,493,131 2.13 2,500,000
Crown Castle Inc.
+Added: July 24, 2025
4.771 % 4,967,361 4,984,986 4.25 5,000,000
+Added: Entergy Corporation
+Added: July 24, 2025
+Added: 4.415 % 2,480,969 2,493,052 2.13 2,500,000
General Motors Financial Company, Inc.
4.370 % 2,473,125 2,499,701 2.13 2,500,000
−Removed: Glencore Funding LLC
−Removed: April 1, 2025
+Added: Marriott International, Inc.
+Added: August 14, 2025
4.413 % 7,448,344 7,460,125 6.36 7,500,000
−Removed: Glencore Funding LLC
−Removed: April 3, 2025
+Added: Marriott International, Inc.
+Added: August 19, 2025
4.381 % 2,483,800 2,485,300 2.12 2,500,000
−Removed: Harley-Davidson Financial Services, Inc.
−Removed: April 25, 2025
+Added: Marriott International, Inc.
+Added: August 21, 2025
4.413 % 4,965,563 4,969,188 4.24 5,000,000
−Removed: Harley-Davidson Financial Services, Inc.
−Removed: April 29, 2025
+Added: Mondelez International, Inc.
+Added: August 20, 2025
4.414 % 4,963,146 4,969,792 4.24 5,000,000
−Removed: Harley-Davidson Financial Services, Inc.
−Removed: April 29, 2025
+Added: The Sherwin-Williams Company
+Added: July 15, 2025
4.357 % 2,488,056 2,495,819 2.13 2,500,000
−Removed: Harley-Davidson Financial Services, Inc.
+Added: VW Credit, Inc.
+Added: July 23, 2025
4.567 % 4,965,625 4,986,250 4.25 5,000,000
−Removed: TELUS Corporation
+Added: VW Credit, Inc.
+Added: July 28, 2025
4.537 % 2,481,685 2,491,619 2.13 2,500,000
−Removed: TELUS Corporation
+Added: VW Credit, Inc.
+Added: August 7, 2025
4.568 % 4,963,125 4,976,875 4.25 5,000,000
8 unchanged sentences
United States wheat futures contracts
−Removed: CBOT wheat futures JUL25
+Added: CBOT wheat futures DEC26
1,312 $ 180,770 0.15 % $ 40,967,200
+Added: Percentage of
+Added: Notional Amount
+Added: (Long Exposure)
+Added: Commodity futures contracts
+Added: United States wheat futures contracts
CBOT wheat futures SEP25
77 unchanged sentences
Three months ended
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2025
+Added: June 30, 2024
+Added: June 30, 2025
+Added: June 30, 2024
Realized and unrealized gain (loss) on trading of commodity futures contracts:
20 unchanged sentences
Other expenses
+Added: 2,980 - 5,986 -
Total expenses
13 unchanged sentences
STATEMENTS OF CHANGES IN NET ASSETS
−Removed: Three months ended
−Removed: Three months ended
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2025
+Added: June 30, 2024
Net income (loss)
24 unchanged sentences
STATEMENTS OF CASH FLOWS
−Removed: Three months ended
−Removed: Three months ended
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2025
+Added: June 30, 2024
Cash flows from operating activities:
32 unchanged sentences
STATEMENTS OF ASSETS AND LIABILITIES
−Removed: March 31, 2025
+Added: June 30, 2025
December 31, 2024
3 unchanged sentences
Equity in trading accounts:
−Removed: Investments in securities, at fair value (cost $ 12,194,262 and $ 12,632,301 as of March 31, 2025 and December 31, 2024, respectively)
+Added: Investments in securities, at fair value (cost $ 11,009,654 and $ 12,632,301 as of June 30, 2025 and December 31, 2024, respectively)
8,740,293 10,344,458
13 unchanged sentences
SCHEDULE OF INVESTMENTS
−Removed: March 31, 2025
+Added: June 30, 2025
Percentage of
39 unchanged sentences
Three months ended
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2025
+Added: June 30, 2024
+Added: June 30, 2025
+Added: June 30, 2024
Realized and unrealized gain (loss) on trading of securities:
4 unchanged sentences
Interest income
+Added: 134 117 241 253
Total income (loss)
5 unchanged sentences
Custodian fees and expenses
+Added: 2,123 3,451 4,583 7,066
Business permits and licenses fees
+Added: 3,744 1,847 13,569 11,672
General and administrative expenses
+Added: 3,785 5,107 5,777 7,345
Other expenses
4 unchanged sentences
Total expenses, net
+Added: 2,902 3,193 5,464 6,940
Net income (loss)
9 unchanged sentences
STATEMENTS OF CHANGES IN NET ASSETS
−Removed: Three months ended
−Removed: Three months ended
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2025
+Added: June 30, 2024
Net income (loss)
21 unchanged sentences
STATEMENTS OF CASH FLOWS
−Removed: Three months ended
−Removed: Three months ended
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2025
+Added: June 30, 2024
Cash flows from operating activities:
25 unchanged sentences
NOTES TO COMBINED FINANCIAL STATEMENTS
−Removed: March 31, 2025
+Added: June 30, 2025
Note 1 – Organization and Operation
54 unchanged sentences
The principal business address for U.S.
−Removed: Bank, N.A is 5065 Wooster Rd, Cincinnati, Ohio 45226.
+Added: is 5065 Wooster Rd, Cincinnati, Ohio 45226.
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.
39 unchanged sentences
A summary of these expenses is included below.
−Removed: Three months ended March 31, 2025
+Added: Three months ended June 30, 2025
Amount Recognized for Custody Services
10 unchanged sentences
$ - $ - $ - $ - $ - $ -
−Removed: Three months ended March 31, 2024
+Added: Three months ended June 30, 2024
Amount Recognized for Custody Services
10 unchanged sentences
$ - $ - $ - $ - $ - $ - $ -
+Added: Six months ended June 30, 2025
+Added: Amount Recognized for Custody Services
+Added: $ 54,973 $ 26,693 $ 14,530 $ 102,011 $ 4,583 $ 202,790
+Added: Amount of Custody Services Waived
+Added: $ - $ - $ - $ - $ 4,583 $ 4,583
+Added: Amount Recognized for Distribution Services
+Added: $ 17,820 $ 8,560 $ 5,284 $ 33,061 $ 2,408 $ 67,133
+Added: Amount of Distribution Services Waived
+Added: $ - $ - $ - $ - $ 2,408 $ 2,408
+Added: Amount Recognized for Wilmington Trust
+Added: $ - $ - $ - $ - $ - $ -
+Added: Amount of Wilmington Trust Waived
+Added: $ - $ - $ - $ - $ - $ -
+Added: Six months ended June 30, 2024
+Added: Amount Recognized for Custody Services
+Added: $ 41,276 $ 16,505 $ 15,019 $ 88,591 $ 7,066 $ 1,919 $ 170,376
+Added: Amount of Custody Services Waived
+Added: $ - $ - $ - $ - $ 7,066 $ 1,919 $ 8,985
+Added: Amount Recognized for Distribution Services
+Added: $ 16,872 $ 7,356 $ 6,062 $ 40,688 $ 2,923 $ - $ 73,901
+Added: Amount of Distribution Services Waived
+Added: $ - $ - $ - $ - $ 2,923 $ - $ 2,923
+Added: Amount Recognized for Wilmington Trust
+Added: $ - $ - $ - $ - $ - $ - $ -
+Added: Amount of Wilmington Trust Waived
+Added: $ - $ - $ - $ - $ - $ - $ -
Note 3 – Summary of Significant Accounting Policies
24 unchanged sentences
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 three months ended March 31, 2025 and 2024 .
−Removed: Three months ended March 31, 2025
+Added: The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and six months ended June 30, 2025 and 2024 .
+Added: Three months ended June 30, 2025
$ 11,477 $ 1,829 $ 3,781 $ 18,055 $ - $ - $ 35,142
−Removed: Three months ended March 31, 2024
+Added: Three months ended June 30, 2024
$ 12,206 $ 2,186 $ 3,609 $ 20,784 $ - $ - $ 38,785
+Added: Six months ended June 30, 2025
+Added: $ 21,549 $ 5,168 $ 6,929 $ 31,989 $ - $ - $ 65,635
+Added: Six months ended June 30, 2024
+Added: $ 21,912 $ 6,344 $ 5,617 $ 36,364 $ - $ 192 $ 70,429
The Trust is organized and will be operated as a Delaware statutory trust.
13 unchanged sentences
De-recognition of a tax benefit previously recognized results in the Funds recording a tax liability that reduces net assets.
−Removed: Based on their analysis, the Funds have determined that they have not incurred any liability for unrecognized tax benefits as of March 31, 2025 , and for the years ended December 31, 2024 , 2023 and 2022 .
+Added: Based on their analysis, the Funds have determined that they have not incurred any liability for unrecognized tax benefits as of June 30, 2025 , and for the years ended December 31, 2024 , 2023 and 2022 .
However, the Funds’ conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof.
5 unchanged sentences
The Funds recognize interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed.
−Removed: No interest expense or penalties have been recognized as of and for the three months ended March 31, 2025 and 2024 .
+Added: No interest expense or penalties have been recognized as of and for the three and six months ended June 30, 2025 and 2024 .
The Funds may be subject to potential examination by U.S.
30 unchanged sentences
The Sponsor may invest a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured.
−Removed: March 31, 2025
+Added: June 30, 2025
Money Market Funds
63 unchanged sentences
Routine operational, administrative, and other ordinary expenses are not deemed extraordinary expenses.
−Removed: Three months ended March 31, 2025
+Added: Three months ended June 30, 2025
Recognized Related Party Transactions
2 unchanged sentences
$ - $ - $ - $ - $ 17,119 $ 17,119
−Removed: Three months ended March 31, 2024
+Added: Three months ended June 30, 2024
Recognized Related Party Transactions
2 unchanged sentences
$ - $ - $ - $ - $ 3,320 $ 3,320
+Added: Six months ended June 30, 2025
+Added: Recognized Related Party Transactions
+Added: $ 270,496 $ 128,513 $ 83,569 $ 485,490 $ 34,948 $ 1,003,016
+Added: Waived Related Party Transactions
+Added: $ - $ - $ - $ - $ 34,948 $ 34,948
+Added: Six months ended June 30, 2024
+Added: Recognized Related Party Transactions
+Added: $ 329,206 $ 148,291 $ 112,143 $ 790,921 $ 55,906 $ 1,436,467
+Added: Waived Related Party Transactions
+Added: $ - $ - $ - $ - $ 28,905 $ 28,905
The Sponsor has the ability to elect to pay certain expenses on behalf of the Funds or waive the management fee.
2 unchanged sentences
The Sponsor has determined that there will be no recovery sought for the amounts below in any future period.
−Removed: Three months ended March 31, 2025
+Added: Three months ended June 30, 2025
$ - $ - $ - $ - $ 59,263 $ - $ 59,263
−Removed: Three months ended March 31, 2024
+Added: Three months ended June 30, 2024
$ - $ - $ - $ - $ 72,381 $ - $ 72,381
+Added: Six months ended June 30, 2025
+Added: $ - $ - $ - $ - $ 110,117 $ - $ 110,117
+Added: Six months ended June 30, 2024
+Added: $ - $ - $ - $ - $ 141,919 $ 62,309 $ 204,228
Use of Estimates
29 unchanged sentences
When such a situation exists on a quarter close, the Sponsor will calculate the NAV on a particular day using the Level 1 valuation but will later recalculate the NAV for the impacted Fund based upon the valuation inputs from these alternative verifiable sources (Level 2 or Level 3 ) and will report such NAV in its applicable financial statements and reports.
−Removed: On March 31, 2025 and December 31, 2024 , in the opinion of the Trust, the reported value at the close of the market for each commodity and cryptocurrency contract fairly reflected the value of the futures and no alternative valuations were required.
−Removed: For the three months ended March 31, 2025 and year ended December 31, 2024 , the Funds did not have any significant transfers between any of the levels of the fair value hierarchy.
+Added: On June 30, 2025 and December 31, 2024 , in the opinion of the Trust, the reported value at the close of the market for each commodity and cryptocurrency contract fairly reflected the value of the futures and no alternative valuations were required other than as described below.
+Added: For the three and six months ended June 30, 2025 and year ended December 31, 2024 , the Funds did not have any significant transfers between any of the levels of the fair value hierarchy, except for the Wheat Fund DEC 26 commodity futures contracts, which for the quarter ended June 30, 2025 traded with an average daily volume less than 175 contracts.
+Added: For the quarter ended June 30, 2025, the Wheat Fund DEC 26 futures contracts were reflected as a Level 2 asset.
The Funds and the Trust record their derivative activities at fair value.
17 unchanged sentences
The Trust’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Trust’s significant accounting policies in Note 3.
−Removed: The following table presents information about the Trust’s assets and liabilities measured at fair value as of March 31, 2025 and December 31, 2024 :
−Removed: Balance as of March 31, 2025
+Added: The following table presents information about the Trust’s assets and liabilities measured at fair value as of June 30, 2025 and December 31, 2024 :
+Added: Balance as of June 30, 2025
Cash Equivalents
1 unchanged sentence
Commodity Futures Contracts
−Removed: Corn futures contracts
−Removed: 224,227 - - 224,227
Soybean futures contracts
327,452 - - 327,452
−Removed: Sugar futures contracts
+Added: Wheat futures contracts
- 180,770 - 180,770
$ 160,061,456 $ 180,770 $ - $ 160,242,226
−Removed: Balance as of March 31, 2025
+Added: Balance as of June 30, 2025
Commodity Futures Contracts
28 unchanged sentences
Balance as of
−Removed: March 31, 2025
+Added: June 30, 2025
Cash Equivalents
$ 31,723,041 $ - $ - $ 31,723,041
−Removed: Commodity Futures Contracts
−Removed: Corn futures contracts
−Removed: 224,227 - - 224,227
−Removed: $ 38,161,883 $ - $ - $ 38,161,883
Balance as of
−Removed: March 31, 2025
+Added: June 30, 2025
Commodity Futures Contracts
16 unchanged sentences
Balance as of
−Removed: March 31, 2025
+Added: June 30, 2025
Cash Equivalents
5 unchanged sentences
Balance as of
−Removed: March 31, 2025
+Added: June 30, 2025
Commodity Futures Contracts
12 unchanged sentences
Balance as of
−Removed: March 31, 2025
+Added: June 30, 2025
Cash Equivalents
$ 7,698,871 $ - $ - $ 7,698,871
−Removed: Commodity Futures Contracts
−Removed: Sugar futures contracts
−Removed: 49,397 - - 49,397
−Removed: $ 8,145,674 $ - $ - $ 8,145,674
Balance as of
−Removed: March 31, 2025
+Added: June 30, 2025
Commodity Futures Contracts
12 unchanged sentences
Balance as of
−Removed: March 31, 2025
+Added: June 30, 2025
Cash Equivalents
$ 100,425,927 $ - $ - $ 100,425,927
+Added: Commodity Futures Contracts
+Added: Wheat futures contracts
+Added: - 180,770 - 180,770
+Added: $ 100,425,927 $ 180,770 $ - $ 100,606,697
Balance as of
−Removed: March 31, 2025
+Added: June 30, 2025
Commodity Futures Contracts
12 unchanged sentences
Balance as of
−Removed: March 31, 2025
+Added: June 30, 2025
Exchange Traded Funds
10 unchanged sentences
$ 10,353,028 $ - $ - $ 10,353,028
−Removed: For the three months ended March 31, 2025 and year ended December 31, 2024 , the Funds did not have any significant transfers between any of the levels of the fair value hierarchy.
+Added: For the three and six months ended June 30, 2025 and year ended December 31, 2024 , the Funds did not have any significant transfers between any of the levels of the fair value hierarchy, except for the Wheat Fund's DEC 26 commodity futures contracts, which for the quarter ended June 30, 2025 traded with an average daily volume less than 175 contracts.
+Added: For the quarter ended June 30, 2025, the Wheat Fund's DEC 26 futures contracts were reflected as a Level 2 asset.
The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period.
7 unchanged sentences
In addition to its primary underlying risks, the Funds are also subject to additional counterparty risk due to the inability of its counterparties to meet the terms of their contracts.
−Removed: For the three months ended March 31, 2025 and year ended December 31, 2024 , the Funds invested only in commodity and cryptocurrency futures contracts specifically related to each Fund.
+Added: For the three and six months ended June 30, 2025 and year ended December 31, 2024 , the Funds invested only in commodity and cryptocurrency futures contracts specifically related to each Fund.
Futures Contracts
14 unchanged sentences
Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.”
−Removed: 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 March 31, 2025 , and December 31, 2024 .
+Added: The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, Marex, and StoneX as of June 30, 2025 , and December 31, 2024 .
*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 Assets and Derivative Assets as of March 31, 2025
+Added: Offsetting of Financial Assets and Derivative Assets as of June 30, 2025
(iii) = (i-ii)
7 unchanged sentences
Commodity Price
−Removed: Teucrium Corn Fund:
−Removed: Corn futures contracts
−Removed: $ 224,227 $ - $ 224,227 $ 224,227 $ - $ -
Teucrium Soybean Fund:
1 unchanged sentence
$ 327,452 $ - $ 327,452 $ 327,452 $ - $ -
−Removed: Teucrium Sugar Fund:
−Removed: Sugar futures contracts
+Added: Teucrium Wheat Fund:
+Added: Wheat futures contracts
180,770 - 180,770 180,770 - -
1 unchanged sentence
$ 508,222 $ - $ 508,222 $ 508,222 $ - $ -
−Removed: Offsetting of Financial Liabilities and Derivative Liabilities as of March 31, 2025
+Added: Offsetting of Financial Liabilities and Derivative Liabilities as of June 30, 2025
(iii) = (i-ii)
59 unchanged sentences
The following is a summary of realized and unrealized gains (losses) of the derivative instruments utilized by the Trust:
−Removed: Three months ended March 31, 2025
+Added: Three months ended June 30, 2025
Realized Gain (Loss) on Commodity Futures Contracts
11 unchanged sentences
$ ( 8,033,749 ) $ ( 1,124,376 )
−Removed: Three months ended March 31, 2024
+Added: Three months ended June 30, 2024
Realized Gain (Loss) on Commodity Futures Contracts
9 unchanged sentences
1,928,371 ( 3,691,531 )
+Added: Total commodity futures contracts
+Added: $ ( 2,303,131 ) $ ( 10,039,370 )
+Added: Six months ended June 30, 2025
+Added: Realized Gain (Loss) on Commodity Futures Contracts
+Added: Net Change in Unrealized Appreciation (Depreciation) on Commodity Futures Contracts
+Added: Commodity Price and Cryptocurrency Price
+Added: Corn futures contracts
+Added: $ ( 181,948 ) $ ( 2,755,595 )
+Added: Soybeans futures contracts
+Added: ( 409,265 ) 701,772
+Added: Sugar futures contracts
+Added: ( 1,251,722 ) 1,089,719
+Added: Wheat futures contracts
+Added: ( 9,540,387 ) ( 301,357 )
+Added: Total commodity and cryptocurrency futures contracts
+Added: $ ( 11,383,322 ) $ ( 1,265,461 )
+Added: Six months ended June 30, 2024
+Added: Realized Gain (Loss) on Commodity Futures Contracts
+Added: Net Change in Unrealized Appreciation (Depreciation) on Commodity Futures Contracts
+Added: Commodity Price and Cryptocurrency Price
+Added: Corn futures contracts
+Added: $ ( 6,164,524 ) $ ( 6,563,202 )
+Added: Soybeans futures contracts
+Added: ( 2,994,181 ) ( 1,032,188 )
+Added: Sugar futures contracts
+Added: ( 2,152,300 ) 2,121,663
+Added: Wheat futures contracts
+Added: ( 8,108,934 ) ( 12,649,994 )
Bitcoin futures Contracts
3 unchanged sentences
Volume of Derivative Activities
−Removed: The average notional market value categorized by primary underlying risk for the futures contracts held for the three months ended March 31, 2025 and for the three months ended March 31, 2024 .
−Removed: Three Months Ended March 31, 2025
+Added: The average notional market value categorized by primary underlying risk for the futures contracts held for the three and six months ended June 30, 2025 and for the three and six months ended June 30, 2024 .
+Added: Three Months Ended June 30, 2025
$ 48,577,146 $ 25,602,058 $ 10,449,522 $ 117,609,738 $ 202,238,463
−Removed: Three Months Ended March 31, 2024
+Added: Three Months Ended June 30, 2024
$ 69,348,267 $ 30,642,254 $ 12,885,813 $ 150,223,942 $ 263,100,275
+Added: Six Months Ended June 30, 2025
+Added: $ 51,148,815 $ 26,178,865 $ 11,381,595 $ 111,549,775 $ 200,259,049
+Added: Six Months Ended June 30, 2024
+Added: $ 69,349,283 $ 29,884,333 $ 14,917,799 $ 156,319,890 $ 270,471,305
Note 6 - Organizational and Offering Costs
2 unchanged sentences
Note 7 - Financial Highlights
−Removed: The following tables present per unit performance data and other supplemental financial data for the Three Months Ended March 31, 2025 and 2024 .This information has been derived from information presented in the financial statements and is presented with total expenses gross of expenses waived by the Sponsor and with total expenses net of expenses waived by the Sponsor, as appropriate.
+Added: The following tables present per unit performance data and other supplemental financial data for the three and six months ended June 30, 2025 and 2024 .This information has been derived from information presented in the financial statements and is presented with total expenses gross of expenses waived by the Sponsor and with total expenses net of expenses waived by the Sponsor, as appropriate.
Teucrium Corn Fund:
1 unchanged sentence
Three months ended
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2025
+Added: June 30, 2024
+Added: June 30, 2025
+Added: June 30, 2024
Per Share Operation Performance
3 unchanged sentences
Interest income
+Added: 0.20 0.26 0.41 0.54
Net realized and unrealized gain (loss) on commodity futures contracts
17 unchanged sentences
Three months ended
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2025
+Added: June 30, 2024
+Added: June 30, 2025
+Added: June 30, 2024
Per Share Operation Performance
3 unchanged sentences
Interest income
+Added: 0.23 0.33 0.46 0.67
Net realized and unrealized gain (loss) on commodity futures contracts
17 unchanged sentences
Three months ended
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2025
+Added: June 30, 2024
+Added: June 30, 2025
+Added: June 30, 2024
Per Share Operation Performance
3 unchanged sentences
Interest income
+Added: 0.12 0.15 0.24 0.33
Net realized and unrealized gain (loss) on commodity futures contracts
+Added: ( 1.29 ) ( 1.33 ) ( 0.46 ) ( 0.32 )
Total expenses, net
1 unchanged sentence
Net increase (decrease) in net asset value
+Added: ( 1.30 ) ( 1.31 ) ( 0.49 ) ( 0.26 )
Net asset value at end of period
6 unchanged sentences
4.55 % 4.50 % 4.63 % 4.24 %
−Removed: Net investment income
+Added: Net investment income (loss)
- 0.24 % 0.76 % - 0.35 % 1.03 %
2 unchanged sentences
Three months ended
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2025
+Added: June 30, 2024
+Added: June 30, 2025
+Added: June 30, 2024
Per Share Operation Performance
3 unchanged sentences
Interest income
+Added: 0.05 0.07 0.10 0.15
Net realized and unrealized gain (loss) on commodity futures contracts
17 unchanged sentences
Three months ended
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2025
+Added: June 30, 2024
+Added: June 30, 2025
+Added: June 30, 2024
Per Share Operation Performance
21 unchanged sentences
The following are the net assets and shares outstanding of each Fund that is a series of the Trust and, thus, in total, comprise the combined net assets of the Trust:
−Removed: March 31, 2025
+Added: June 30, 2025
Teucrium Corn Fund
40 unchanged sentences
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.
−Removed: For the three months ended March 31, 2025 and March 31, 2024 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: For the three months ended June 30, 2025 and June 30, 2024 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.
The CODM assesses relative asset levels as presented in the Fund's statements of assets and liabilities as well as interest income, and the expense categories as presented in the Fund’s statement of operations in determining resources allocation and overall management decisions of that Fund.
1 unchanged sentence
Note 10 – Subsequent Events
−Removed: Management has evaluated the financial statements for the quarter-ended March 31, 2025 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:
−Removed: Nothing to report
+Added: Management has evaluated the financial statements for the quarter-ended June 30, 2025 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Trust and Funds other than those noted below:
Nothing to report
1 unchanged sentence
Nothing to report.
+Added: The total net assets of the Teucrium Sugar Fund increased by 26.1 % from June 30, 2025 to August 8, 2025.
+Added: This was caused by an increase in the shares outstanding by 26.3 % and partially offset by a decrease in the NAV per share of ( 0.2 )%.
Nothing to report.
84 unchanged sentences
Each Benchmark is rebalanced periodically to ensure that each of the Benchmark Component Futures Contracts is weighted in the same proportion as in the investment objective for each Fund.
−Removed: The following tables reflect the March 31, 2025, Benchmark Component Futures Contracts weights for each of the Funds, the contract held is identified by the generally accepted nomenclature of contract month and year, which may differ from the month in which the contract expires:
+Added: The following tables reflect the June 30, 2025, Benchmark Component Futures Contracts weights for each of the Funds, the contract held is identified by the generally accepted nomenclature of contract month and year, which may differ from the month in which the contract expires:
CORN Benchmark Component Futures Contracts
NOTIONAL AMT.
−Removed: CBOT corn futures JUL25 (785 contracts)
CBOT corn futures SEP25 (763 contracts)
CBOT corn futures DEC25 (631 contracts)
+Added: CBOT corn futures DEC26 (684 contracts)
SOYB Benchmark Component Futures Contracts
NOTIONAL AMT.
−Removed: CBOT soybean futures JUL25 (174 contracts)
CBOT soybean futures NOV25 (182 contracts)
+Added: CBOT soybean futures JAN26 (153 contracts)
CBOT soybean futures NOV26 (177 contracts)
1 unchanged sentence
NOTIONAL AMT.
−Removed: ICE sugar futures JUL25 (184 contracts)
−Removed: ICE sugar futures OCT25 (157 contracts)
ICE sugar futures MAR26 (190 contracts)
+Added: ICE sugar futures MAY26 (167 contracts)
+Added: ICE sugar futures MAR27 (188 contracts)
WEAT Benchmark Component Futures Contracts
NOTIONAL AMT.
−Removed: CBOT wheat futures JUL25 (1,463 contracts)
CBOT wheat futures SEP25 (1,527 contracts)
CBOT wheat futures DEC25 (1,255 contracts)
+Added: CBOT wheat futures DEC26 (1,312 contracts)
TAGS Benchmark Component Shares
30 unchanged sentences
Any cash equivalent invested by a Fund will be deemed by the Sponsor to be of investment grade quality.
−Removed: As of March 31, 2025, available cash balances in each of the Funds were invested in the U.S.
+Added: As of June 30, 2025, available cash balances in each of the Funds were invested in the U.S.
Bank Demand Deposit Account, Goldman Sachs Financial Square Government Fund, and in commercial paper with maturities of ninety days or less.
55 unchanged sentences
Performance Summary
−Removed: This report covers the periods from January 1 to March 31, 2025 for CORN, SOYB, CANE, WEAT, and TAGS.
+Added: This report covers the periods from January 1 to June 30, 2025 for CORN, SOYB, CANE, WEAT, and TAGS.
Total expenses are presented both gross and net of any expenses waived or paid by the Sponsor that would have been incurred by the Funds (“expenses waived by the Sponsor”).
61 unchanged sentences
The following includes a section for each Fund of the Trust.
−Removed: The discussion below addresses the material changes in the results of operations for the three months ended March 31, 2025 compared to the same period in 2024.
+Added: The discussion below addresses the material changes in the results of operations for the three and six months ended June 30, 2025 compared to the same period in 2024.
The following includes a section for each Fund of the Trust for the periods in which each Fund was in operation.
22 unchanged sentences
The Fund does not track the spot price of corn.
−Removed: On March 31, 2025, CORN held a total of 2,300 CBOT Corn Futures contracts with a notional value of $51,408,138.
−Removed: The contracts had an asset fair value of $224,227 and had a liability fair value of $1,827,330.
+Added: On June 30, 2025, CORN held a total of 2,078 CBOT Corn Futures contracts with a notional value of $44,666,813.
+Added: The contracts had an asset fair value of $0 and a liability fair value of $2,774,440.
The weighting of the notional value of the contracts is as follows:
−Removed: (1) 35% to the JUL25 contracts, the second to expire CBOT Corn Futures Contract, (2) 30% to SEP25 CBOT contracts, the third to expire CBOT Corn Futures Contract, and (3) 35% to DEC25 CBOT contracts, the CBOT Corn Futures Contract expiring in the December following the expiration month of the third to expire contract.
+Added: (1) 35% to the SEP25 contracts, the second to expire CBOT Corn Futures Contract, (2) 30% to DEC25 CBOT contracts, the third to expire CBOT Corn Futures Contract, and (3) 35% to DEC26 CBOT contracts, the CBOT Corn Futures Contract expiring in the December following the expiration month of the third to expire contract.
Quarter Ending
Quarter Ending
−Removed: March 31, 2025
+Added: Quarter Ending
+Added: June 30, 2025
+Added: June 30, 2024
March 31, 2025
−Removed: December 31, 2024
Total Net Assets
3 unchanged sentences
Total net assets for the Fund decreased year over year by (29%), driven by a combination of a decrease in total shares outstanding of (925,000) shares or (27%) and a decrease in the NAV per share of ($0.60) or (3%).
−Removed: The net assets for the Fund decreased by (21%) when comparing March 31, 2025, to December 31, 2024.
+Added: The net assets for the Fund decreased by (13%) when comparing June 30, 2025, to March 31, 2025.
The change in total net assets year over year, in the opinion of management, was generally due to a combination of a depreciation of commodity prices and investor out-flows which was driven by excess supply estimates, and mandates for plant-based renewable fuels contributing to weakness.
−Removed: For the Three Months Ended March 31, 2025, compared to the Three Months Ended March 31, 2024
+Added: For the Three Months Ended June 30, 2025, compared to the Three Months Ended June 30, 2024
Three Months Ended
Three Months Ended
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: June 30, 2025
+Added: June 30, 2024
Average daily total net assets
12 unchanged sentences
Redemption of Shares
+Added: For the Six Months Ended June 30, 2025, compared to the Six Months Ended June 30, 2024
+Added: Six Months Ended
+Added: Six Months Ended
+Added: June 30, 2025
+Added: June 30, 2024
+Added: Average daily total net assets
+Added: Net realized and unrealized loss on futures contracts
+Added: Interest income earned on cash equivalents
+Added: Annualized interest yield based on average daily total net assets
+Added: Weighted average share outstanding
+Added: Management Fees
+Added: Total gross fees and other expenses excluding management fees
+Added: Brokerage Commissions
+Added: Expenses waived by the Sponsor
+Added: Total gross expense ratio
+Added: Total expense ratio net of expenses waived by the Sponsor
+Added: Net investment gain
+Added: Creation of Shares
+Added: Redemption of Shares
Realized gain or loss on trading of commodity futures contracts is a function of:
4 unchanged sentences
The decrease in interest and other income year over year was due to lower average net assets and declining interest rates.
−Removed: As a result, the amount of interest income earned was lower in the three months ended March 31, 2025, compared to the three months ended March 31, 2024.
+Added: As a result, the amount of interest income earned was lower in the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024.
The Fund seeks to earn interest and other income in investment grade, short-duration instruments or deposits associated with the pool’s cash management strategy that may be used to offset expenses.
2 unchanged sentences
The decrease in management fee paid to the Sponsor is a result of lower average net assets.
−Removed: As a result of the decline in the amount of assets of the Fund, the amount of management fees was lower in the three months ended March 31, 2025, compared to the three months ended March 31, 2024.
+Added: As a result of the decline in the amount of assets of the Fund, the amount of management fees was lower in the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024.
The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets.
4 unchanged sentences
The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
−Removed: The increase in total gross fees and other expenses excluding management fees for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was generally due to the allocation of expenses and total net assets relative to the other Funds.
+Added: The increase in total gross fees and other expenses excluding management fees for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024 was generally due to the allocation of expenses and total net assets relative to the other Funds.
The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee.
1 unchanged sentence
The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.
−Removed: The graph below shows the actual shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to March 31, 2025 and serves to illustrate the relative changes of these components.
+Added: The graph below shows the actual shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to June 30, 2025 and serves to illustrate the relative changes of these components.
The seasonality patterns for corn futures prices are impacted by a variety of factors.
9 unchanged sentences
(1) second to expire CBOT Soybean Futures Contract, weighted 35%, (2) the third to expire CBOT Soybean Futures Contract, weighted 30%, and (3) the CBOT Soybean Futures Contract expiring in the November following the expiration month of the third to expire contract, weighted 35%.
−Removed: On March 31, 2025, the Fund held a total of 501 CBOT soybean futures contracts with a notional value of $25,590,713.
+Added: On June 30, 2025, the Fund held a total of 512 CBOT soybean futures contracts with a notional value of $26,640,176.
The contracts had an asset fair value of $327,452 and had a liability fair value of $946,706.
The weighting of the notional value of the contracts is as follows:
−Removed: (1) 35% to JUL25 CBOT contracts, (2) 30% to NOV25 CBOT contracts, and (3) 35% to NOV26 CBOT contracts.
+Added: (1) 35% to NOV25 CBOT contracts, (2) 30% to JAN26 CBOT contracts, and (3) 35% to NOV26 CBOT contracts.
Quarter Ending
1 unchanged sentence
Quarter Ending
−Removed: March 31, 2025
+Added: June 30, 2025
+Added: June 30, 2024
March 31, 2025
−Removed: December 31, 2024
Total Net Assets
2 unchanged sentences
Closing Price
−Removed: Total net assets for the Fund decreased year over year by (25%), driven by a combination of a decrease in total shares outstanding of (150,000) shares or (11%) and by a decrease in the NAV per share of ($3.83) or (15%).
−Removed: The net assets for the Fund increased by 1% when comparing March 31, 2025, to December 31, 2024.
−Removed: The change in total net assets year over year, in the opinion of management, was generally due to a combination of a depreciation of commodity prices and investor out-flows which was driven by excess supply estimates, and mandates for plant-based renewable fuels contributing to weakness.
−Removed: For the Three Months Ended March 31, 2025, compared to the Three Months Ended March 31, 2024
+Added: Total net assets for the Fund decreased year over year by (4%), driven by a combination of an increase in total shares outstanding of 50,000 shares or 4% and by a decrease in the NAV per share of ($1.89) or (8%).
+Added: The net assets for the Fund increased by 4% when comparing June 30, 2025, to March 31, 2025.
+Added: The change in total net assets year over year, in the opinion of management, was generally due to a combination of a depreciation of commodity prices and investor out-flows which was driven by decreased supply estimates, and mandates for plant-based renewable fuels contributing to weakness.
+Added: For the Three Months Ended June 30, 2025, compared to the Three Months Ended June 30, 2024
Three Months Ended
Three Months Ended
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: June 30, 2025
+Added: June 30, 2024
Average daily total net assets
11 unchanged sentences
Redemption of Shares
+Added: For the Six Months Ended June 30, 2025, compared to the Six Months Ended June 30, 2024
+Added: Six Months Ended
+Added: Six Months Ended
+Added: June 30, 2025
+Added: June 30, 2024
+Added: Average daily total net assets
+Added: Net realized and unrealized loss on futures contracts
+Added: Interest income earned on cash and cash equivalents
+Added: Annualized interest yield based on average daily total net assets
+Added: Weighted average share outstanding
+Added: Management Fees
+Added: Total gross fees and other expenses excluding management fees
+Added: Brokerage Commissions
+Added: Expenses waived by the Sponsor
+Added: Total gross expense ratio
+Added: Total expense ratio net of expenses waived by the Sponsor
+Added: Net investment gain
+Added: Creation of Shares
+Added: Redemption of Shares
Realized gain or loss on trading of commodity futures contracts is a function of:
4 unchanged sentences
The decrease in interest and other income year over year was due to lower average net assets and declining interest rates.
−Removed: As a result, the amount of interest income earned as a percentage of average daily total net assets was lower in the three months ended March 31, 2025, compared to the three months ended March 31, 2024.
+Added: As a result, the amount of interest income earned as a percentage of average daily total net assets was lower in the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024.
The Fund seeks to earn interest and other income in investment grade, short-duration instruments or deposits associated with the pool’s cash management strategy that may be used to offset expenses.
2 unchanged sentences
The decrease in management fee paid to the Sponsor is a result of lower average net assets.
−Removed: As a result of the decline in the amount of assets of the Fund, the amount of management fees was lower in the three months ended March 31, 2025, compared to the three months ended March 31, 2024.
+Added: As a result of the decline in the amount of assets of the Fund, the amount of management fees was lower in the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024.
The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets.
4 unchanged sentences
The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
−Removed: The increase in total gross fees and other expenses excluding management fees for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was generally due to the average net assets relative to the other Funds.
+Added: The increase in total gross fees and other expenses excluding management fees for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024 was generally due to the average net assets relative to the other Funds.
The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee.
1 unchanged sentence
The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.
−Removed: The graph below shows the actual shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to March 31, 2025 and serves to illustrate the relative changes of these components.
+Added: The graph below shows the actual shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to June 30, 2025 and serves to illustrate the relative changes of these components.
The seasonality patterns for soybean futures prices are impacted by a variety of factors.
12 unchanged sentences
11 Futures Contract expiring in the March following the expiration month of the third to expire contract, weighted 35%.
−Removed: On March 31, 2025, the Fund held a total of 520 ICE sugar futures contracts with a notional value of $11,003,675.
+Added: On June 30, 2025, the Fund held a total of 545 ICE sugar futures contracts with a notional value of $10,372,499.
The contracts had an asset fair value of $0 and a liability fair value of $470,576.
The weighting of the notional value of the contracts is as follows:
−Removed: (1) 35% to the JUL25 ICE No 11 contracts, (2) 30% to the OCT25 ICE No 11 contracts, and (3) 35% to the MAR26 ICE No 11 contracts.
+Added: (1) 35% to the MAR26 ICE No 11 contracts, (2) 30% to the MAY26 ICE No 11 contracts, and (3) 35% to the MAR27 ICE No 11 contracts.
Quarter Ending
Quarter Ending
−Removed: March 31, 2025
+Added: Quarter Ending
+Added: June 30, 2025
+Added: June 30, 2024
March 31, 2025
−Removed: December 31, 2024
Total Net Assets
3 unchanged sentences
Total net assets for the Fund decreased year over year by (24%), driven by a combination of a decrease in total shares outstanding of (175,000) or (16%) and a decrease in the NAV per share of ($1.26) or (10%).
−Removed: The net assets for the Fund decreased by (12%) when comparing March 31, 2025, to December 31, 2024.
+Added: The net assets for the Fund decreased by (6%) when comparing June 30, 2025, to March 31, 2025.
This change was, in the opinion of management, due to the stabilization of prices worldwide, strong demand and with modestly higher production which accelerated investor interest.
−Removed: For the Three Months Ended March 31, 2025, compared to the Three Months Ended March 31, 2024
+Added: For the Three Months Ended June 30, 2025, compared to the Three Months Ended June 30, 2024
Three Months Ended
Three Months Ended
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: June 30, 2025
+Added: June 30, 2024
Average daily total net assets
11 unchanged sentences
Redemption of Shares
+Added: For the Six Months Ended June 30, 2025, compared to the Six Months Ended June 30, 2024
+Added: Six Months Ended
+Added: Six Months Ended
+Added: June 30, 2025
+Added: June 30, 2024
+Added: Average daily total net assets
+Added: Net realized and unrealized gain on futures contracts
+Added: Interest income earned on cash and cash equivalents
+Added: Annualized interest yield based on average daily total net assets
+Added: Weighted average share outstanding
+Added: Management Fees
+Added: Total gross fees and other expenses excluding management fees
+Added: Brokerage Commissions
+Added: Expenses waived by the Sponsor
+Added: Total gross expense ratio
+Added: Total expense ratio net of expenses waived by the Sponsor
+Added: Net investment gain
+Added: Creation of Shares
+Added: Redemption of Shares
Realized gain or loss on trading of commodity futures contracts is a function of:
4 unchanged sentences
The decrease in interest and other income year over year was due to declining interest rates, and lower average net assets.
−Removed: As a result, the amount of interest income earned as a percentage of average daily total net assets was lower in the three months ended March 31, 2025, compared to the three months ended March 31, 2024.
+Added: As a result, the amount of interest income earned as a percentage of average daily total net assets was lower in the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024.
The Fund seeks to earn interest and other income in investment grade, short-duration instruments or deposits associated with the pool’s cash management strategy that may be used to offset expenses.
2 unchanged sentences
The decrease in management fee paid to the Sponsor is a result of lower average net assets.
−Removed: As a result of the decline in the amount of assets of the Fund, the amount of management fees was lower in the three months ended March 31, 2025, compared to the three months ended March 31, 2024.
+Added: As a result of the decline in the amount of assets of the Fund, the amount of management fees was lower in the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024.
The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets.
4 unchanged sentences
The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
−Removed: The decrease in total gross fees and other expenses excluding management fees for the three months ended March 31, 2025, respectively, compared to the three months ended March 31, 2024 was generally due to lower average net assets relative to the other Funds.
+Added: The decrease in total gross fees and other expenses excluding management fees for the three and six months ended June 30, 2025, respectively, compared to the three and six months ended June 30, 2024 was generally due to lower average net assets relative to the other Funds.
The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee.
1 unchanged sentence
The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.
−Removed: The graph below shows the actual shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to March 31, 2025 and serves to illustrate the relative changes of these components.
+Added: The graph below shows the actual shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to June 30, 2025 and serves to illustrate the relative changes of these components.
The seasonality patterns for sugar cane futures prices are impacted by a variety of factors.
9 unchanged sentences
(1) the second to expire CBOT Wheat Futures Contract, weighted 35%, (2) the third to expire CBOT Wheat Futures Contract, weighted 30%, and (3) the CBOT Wheat Futures Contract expiring in the December following the expiration month of the third to expire contract, weighted 35%.
−Removed: On March 31, 2025, the Fund held a total of 4,048 CBOT wheat futures contracts with a notional value of $115,028,938.
+Added: On June 30, 2025, the Fund held a total of 4,094 CBOT wheat futures contracts with a notional value of $117,202,588.
The contracts had an asset fair value of $180,770 and a liability fair value of $12,456,511.
The weighting of the notional value contracts is as follows:
−Removed: (1) 35% to JUL 25 CBOT contracts, (2) 30% to SEP25 CBOT contracts, and (3) 35% to DEC25 CBOT contracts.
+Added: (1) 35% to SEP25 CBOT contracts, (2) 30% to DEC25 CBOT contracts, and (3) 35% to DEC26 CBOT contracts.
Quarter Ending
Quarter Ending
−Removed: March 31, 2025
+Added: Quarter Ending
+Added: June 30, 2025
+Added: June 30, 2024
March 31, 2025
−Removed: December 31, 2024
Total Net Assets
2 unchanged sentences
Closing Price
−Removed: Total net assets for the Fund decreased year over year by (27%), driven by a decrease in the shares outstanding of (4,675,000) or (27%), and a decrease in the NAV per share of ($0.70) or (13%).
−Removed: The net assets for the Fund decreased by (6%) when comparing March 31, 2025 to December 31, 2024.
−Removed: The change in total net assets year over year, in the opinion of management, was generally due to a combination of the depreciation of commodity prices and investor out-flows which may be attributed to ample wheat stocks from Russia and record exports flowing from the Black Sea continue to weigh on global wheat prices.
−Removed: For the Three Months Ended March 31, 2025, compared to the Three Months Ended March 31, 2024
+Added: Total net assets for the Fund decreased year over year by (14%), driven by an increase in the shares outstanding of 550,000 or 2%, and a decrease in the NAV per share of ($0.84) or (16%).
+Added: The net assets for the Fund increased by 2% when comparing June 30, 2025 to March 31, 2025.
+Added: The change in total net assets year over year, in the opinion of management, was generally due to a combination of the depreciation of commodity prices and investor in-flows which may be attributed to ample wheat stocks from Russia and record exports flowing from the Black Sea continue to weigh on global wheat prices.
+Added: For the Three Months Ended June 30, 2025, compared to the Three Months Ended June 30, 2024
Three Months Ended
Three Months Ended
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: June 30, 2025
+Added: June 30, 2024
Average daily total net assets
11 unchanged sentences
Redemption of Shares
+Added: For the Six Months Ended June 30, 2025, compared to the Six Months Ended June 30, 2024
+Added: Six Months Ended
+Added: Six Months Ended
+Added: June 30, 2025
+Added: June 30, 2024
+Added: Average daily total net assets
+Added: Net realized and unrealized loss on futures contracts
+Added: Interest income earned on cash and cash equivalents
+Added: Annualized interest yield based on average daily total net assets
+Added: Weighted average share outstanding
+Added: Management Fees
+Added: Total gross fees and other expenses excluding management fees
+Added: Brokerage Commissions
+Added: Total gross expense ratio
+Added: Total expense ratio net of expenses waived by the Sponsor
+Added: Net investment gain
+Added: Creation of Shares
+Added: Redemption of Shares
Realized gain or loss on trading of commodity futures contracts is a function of:
4 unchanged sentences
The decrease in interest and other income year over year was due to a decrease in average net assets and declining interest rates.
−Removed: As a result, the amount of interest income earned as a percentage of average daily total net assets was lower and slightly higher in the three months ended March 31, 2025, compared to the three months ended March 31, 2024.
+Added: As a result, the amount of interest income earned as a percentage of average daily total net assets was lower and slightly higher in the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024.
The Fund seeks to earn interest and other income in investment grade, short-duration instruments or deposits associated with the pool’s cash management strategy that may be used to offset expenses.
2 unchanged sentences
The decrease in management fee paid to the Sponsor is a result of lower average net assets.
−Removed: As a result of the decline in the amount of assets of the Fund, the amount of management fees was lower in the three months ended March 31, 2025, compared to the three months ended March 31, 2024.
+Added: As a result of the decline in the amount of assets of the Fund, the amount of management fees was lower in the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024.
The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets.
4 unchanged sentences
The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
−Removed: The decrease in total gross fees and other expenses excluding management fees for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was generally due to a decrease in average net assets relative to the other Funds.
+Added: The decrease in total gross fees and other expenses excluding management fees for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024 was generally due to a decrease in average net assets relative to the other Funds.
The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee.
1 unchanged sentence
The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.
−Removed: The graph below shows the actual shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to March 31, 2025 and serves to illustrate the relative changes of these components.
+Added: The graph below shows the actual shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to June 30, 2025 and serves to illustrate the relative changes of these components.
The seasonality patterns for wheat futures prices are impacted by a variety of factors.
11 unchanged sentences
The investment objective of each Underlying Fund is to have the daily changes in percentage terms of its shares’ NAV reflect the daily changes in percentage terms of a weighted average of the closing settlement prices for certain Futures Contracts for the commodity specified in the Underlying Fund’s name.
−Removed: (This weighted average is referred to herein as the Underlying Fund’s “Benchmark,” the Futures Contracts that at any given time make up an Underlying Fund’s Benchmark are referred to herein as the Underlying Fund’s “Benchmark Component Futures Contracts,” and the commodity specified in the Underlying Fund’s name is referred to herein as its “Specified Commodity.”) Specifically, the CORN's Benchmark is:
+Added: (This weighted average is referred to herein as the Underlying Fund’s “Benchmark,” the Futures Contracts that at any given time make up an Underlying Fund’s Benchmark are referred to herein as the Underlying Fund’s “Benchmark Component Futures Contracts,” and the commodity specified in the Underlying Fund’s name is referred to herein as its “Specified Commodity.”) Specifically, CORN's Benchmark is:
(1) the second to expire Futures Contract for corn traded on the Chicago Board of Trade (“CBOT”), weighted 35%, (2) the third to expire CBOT corn Futures Contract, weighted 30%, and (3) the CBOT corn Futures Contract expiring in the December following the expiration month of the third to expire contract, weighted 35%.
8 unchanged sentences
11 Futures Contract expiring in the March following the expiration month of the third to expire contract, weighted 35%.
−Removed: On March 31, 2025, the Fund held:
+Added: On June 30, 2025, the Fund held:
1) 123,962 shares of CORN with a fair value of $2,193,309;
2 unchanged sentences
and 4) 201,989 shares of CANE with a fair value of $1,922,205.
−Removed: The weighting on March 31, 2025 was 25% to CORN, 25% to WEAT, 25% to SOYB and 25% to CANE.
+Added: The weighting on June 30, 2025 was 25% to CORN, 25% to WEAT, 25% to SOYB and 25% to CANE.
Quarter Ending
Quarter Ending
−Removed: March 31, 2025
+Added: Quarter Ending
+Added: June 30, 2025
+Added: June 30, 2024
March 31, 2025
−Removed: December 31, 2024
Total Net Assets
3 unchanged sentences
Total net assets for the Fund decreased year over year by (36%), driven by a decrease in shares outstanding of (150,000) shares or (29%) and a decrease in the NAV/share of ($2.35) or (9%).
−Removed: The net assets for the Fund decreased by (2%) when comparing March 31, 2025 to December 31, 2024.
+Added: The net assets for the Fund decreased by (13%) when comparing June 30, 2025 to March 31, 2025.
The change in total net assets year over year, in the opinion of management, was generally due to a combination of depreciation of commodity prices and investor out-flows which was driven by the ample supply estimates and stabilization of prices worldwide.
−Removed: For the Three Months Ended March 31, 2025, compared to the Three Months Ended March 31, 2024
+Added: For the Three Months Ended June 30, 2025, compared to the Three Months Ended June 30, 2024
Three Months Ended
Three Months Ended
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: June 30, 2025
+Added: June 30, 2024
Average daily total net assets
11 unchanged sentences
Redemption of Shares
+Added: For the Six Months Ended June 30, 2025, compared to the Six Months Ended June 30, 2024
+Added: Six Months Ended
+Added: Six Months Ended
+Added: June 30, 2025
+Added: June 30, 2024
+Added: Average daily total net assets
+Added: Net realized and unrealized loss on securities
+Added: Interest income earned on cash equivalents
+Added: Annualized interest yield based on average daily total net assets
+Added: Weighted average share outstanding
+Added: Total gross fees and other expenses
+Added: Expenses waived by the Sponsor
+Added: Total gross expense ratio
+Added: Total expense ratio net of expenses waived by the Sponsor
+Added: Net investment loss
+Added: Creation of Shares
+Added: Redemption of Shares
Realized gain or loss on the securities of the Underlying Funds is a function of 1) the change in the price of particular contracts sold in relation to redemption of shares, 2) the gain or loss associated with rebalancing trades which are made to ensure conformance to the benchmark and 3) the full-turn brokerage commission fee recognized on a per trade basis.
6 unchanged sentences
The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
−Removed: The decrease in total gross fees and other expenses for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was generally due to the decrease in average net assets and the net assets relative to the other Funds.
+Added: The decrease in total gross fees and other expenses for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024 was generally due to the decrease in average net assets and the net assets relative to the other Funds.
The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee.
1 unchanged sentence
The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.
−Removed: The graph below shows the actual shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to March 31, 2025 and serves to illustrate the relative changes of these components.
+Added: The graph below shows the actual shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to June 30, 2025 and serves to illustrate the relative changes of these components.
Market Outlook
6 unchanged sentences
These reports are available on the USDA’s website, www.usda.gov, at no charge.
−Removed: The outlook provided below is from the April 2025 USDA report.
+Added: The outlook provided below is from the July 2025 USDA report.
As a general matter, the occurrence of a severe weather event, natural disaster, terrorist attack, geopolitical events, outbreak, or public health emergency as declared by the World Health Organization, the continuation or expansion of war or other hostilities, or a prolonged government shutdown may have significant adverse effects on the Fund and its investments and alter current assumptions and expectations.
14 unchanged sentences
will produce approximately 32% of all the corn globally, of which about 17% will be exported.
−Removed: For 2024-2025, based on the April 2025, USDA reports, global consumption of 1,242 Million Metric Tons (MMT) is expected to be slightly higher than global production of 1,215 MMT.
+Added: For 2025-2026, based on the July 2025, USDA reports, global consumption of 1,276 Million Metric Tons (MMT) is expected to be slightly higher than global production of 1,264 MMT.
If the global demand for corn is not equal to global supply, this may have an impact on the price of corn.
17 unchanged sentences
and global demand.
−Removed: The graph below shows the USDA published price per bushel by month for the period January 2007 to February 2025.
−Removed: On April 10, 2025, the USDA released its monthly World Agricultural Supply and Demand Estimates (WASDE) for the Crop Year 2024-25.
+Added: The graph below shows the USDA published price per bushel by month for the period January 2007 to May 2025.
+Added: On July 11, 2025, the USDA released its monthly World Agricultural Supply and Demand Estimates (WASDE) for the Crop Year 2025-26.
The exhibit below provides a summary of historical and current information for United States corn production.
38 unchanged sentences
Argentina is projected to produce about 49 MMT.
−Removed: For 2024-25, based on the April 2025 USDA report, global consumption of 403 MMT is estimated slightly lower than global production of 429 MMT.
+Added: For 2025-26, based on the July 2025 USDA report, global consumption of 425 MMT is estimated slightly lower than global production of 428 MMT.
If the global demand for soybeans is not equal to global supply, this may have an impact on the price of soybeans.
4 unchanged sentences
These reports are available on the USDA’s website, www.usda.gov, at no charge.
−Removed: The outlook provided below is from the April 2025 USDA report.
+Added: The outlook provided below is from the July 2025 USDA report.
As a general matter, the occurrence of a severe weather event, natural disaster, terrorist attack, geopolitical events, outbreak, or public health emergency as declared by the World Health Organization, the continuation or expansion of war or other hostilities, or a prolonged government shutdown may have significant adverse effects on the Fund and its investments and alter current assumptions and expectations.
38 unchanged sentences
and global demand.
−Removed: The graph below shows the USDA published price per bushel by month for the period January 2007 to February 2025.
−Removed: On April 10, 2025, the USDA released its monthly World Agricultural Supply and Demand Estimates (WASDE) for the Crop Year 2024-25.
+Added: The graph below shows the USDA published price per bushel by month for the period January 2007 to May 2025.
+Added: On July 11, 2025, the USDA released its monthly World Agricultural Supply and Demand Estimates (WASDE) for the Crop Year 2025-26.
The exhibit below provides a summary of historical and current information for United States soybean production.
2 unchanged sentences
Million Bushels
−Removed: April 10 Est.
−Removed: April 10 Est.
Planted Acres
42 unchanged sentences
These reports are available on the USDA’s website, www.usda.gov, at no charge.
−Removed: The USDA’s November 2024 report for the 2024-25 Marketing year estimated global production of 186.6 MMT with higher production in China, India and Thailand expected to more than offset declines in Brazil.
−Removed: Consumption is expected to rise due to growth in markets such as India.
−Removed: Stocks are forecast lower as reduced stocks in Thailand are projected to offset a rise in stocks in India.
+Added: The USDA’s May 2025 report for the 2025-26 Marketing year estimated global production of 189.3 MMT with higher production in Brazil and India expected to more than offset declines in the European Union.
+Added: Consumption is expected to remain mostly unchanged.
+Added: Stocks are forecasted to rise primarily due to India and China.
Sugar is a staple commodity used pervasively across the globe so that any contractions in consumption may only be temporary as has historically been the case.
17 unchanged sentences
generates approximately 6% of global production, with approximately 44% of that being exported.
−Removed: For 2024-25, based on the April 2025 USDA report, global consumption of 805 MMT is estimated to be slightly higher than production of 797 MMT.
+Added: For 2025-26, based on the July 2025 USDA report, global consumption of 811 MMT is estimated to be slightly higher than production of 809 MMT.
If the global demand for wheat is not equal to global supply, this may have an impact on the price of wheat.
4 unchanged sentences
These reports are available on the USDA’s website, www.usda.gov, at no charge.
−Removed: The outlook provided herein is from the April 2025 USDA report.
+Added: The outlook provided herein is from the July 2025 USDA report.
As a general matter, the occurrence of a severe weather event, natural disaster, terrorist attack, geopolitical events, outbreak, or public health emergency as declared by the World Health Organization, the continuation or expansion of war or other hostilities, or a prolonged government shutdown may have significant adverse effects on the Fund and its investments and alter current assumptions and expectations.
34 unchanged sentences
and global demand.
−Removed: The graph below shows the USDA published price per bushel by month for the period January 2007 to February 2025.
−Removed: On April 10, 2025, the USDA released its monthly World Agricultural Supply and Demand Estimates (WASDE) for the Crop Year 2024-25.
+Added: The graph below shows the USDA published price per bushel by month for the period January 2007 to May 2025.
+Added: On July 11, 2025, the USDA released its monthly World Agricultural Supply and Demand Estimates (WASDE) for the Crop Year 2025-26.
The exhibit below provides a summary of historical and current information for United States wheat production.
2 unchanged sentences
Million Bushels
−Removed: April 10 Est.
−Removed: April 10 Est.
Planted Acres
285 unchanged sentences
Off Balance Sheet Financing
−Removed: As of March 31, 2025, neither the Trust nor any of the Funds has any loan guarantees, credit support or other off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions relating to certain risks service providers undertake in performing services which are in the best interests of the Funds.
+Added: As of June 30, 2025, neither the Trust nor any of the Funds has any loan guarantees, credit support or other off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions relating to certain risks service providers undertake in performing services which are in the best interests of the Funds.
While the exposure of each Fund under these indemnification provisions cannot be estimated, they are not expected to have a material impact on the financial positions of each Fund.
29 unchanged sentences
Investors may choose to use the Funds as vehicles to hedge against the risk of loss, and there are risks involved in hedging activities.
−Removed: During the period from January 1, 2025 through March 31, 2025 the average daily change in the NAV of each Fund was within plus/minus 10 percent of the average daily change in the Benchmark of each Fund, as stated in the applicable prospectus for each Fund.
+Added: During the period from January 1, 2025 through June 30, 2025 the average daily change in the NAV of each Fund was within plus/minus 10 percent of the average daily change in the Benchmark of each Fund, as stated in the applicable prospectus for each Fund.
Frequency Distribution of Premiums and Discounts:
−Removed: NAV versus the 4pm Bid/Ask Midpoint on the NYSE Arca.
+Added: NAV versus the 4 p.m.
+Added: Bid/Ask Midpoint on the NYSE Arca.
Days at premium
41 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.