2 unchanged sentences
TEUCRIUM COMMODITY TRUST
−Removed: Combined Statements of Assets and Liabilities at June 30, 2025 (Unaudited) and December 31, 2024
−Removed: Combined Schedule of Investments at June 30, 2025 (Unaudited) and December 31, 2024
−Removed: Combined Statements of Operations (Unaudited) for the three and six months ended June 30, 2025 and 2024
−Removed: Combined Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2025 and 2024
−Removed: Combined Statements of Cash Flows (Unaudited) for the six months ended June 30, 2025 and 2024
−Removed: Teucrium Corn Fund Statements of Assets and Liabilities at June 30, 2025 (Unaudited) and December 31, 2024
−Removed: Teucrium Corn Fund S chedule of Investments at June 30, 2025 (Unaudited) and December 31, 2024
−Removed: Teucrium Corn Fund S tatements of Operations (Unaudited) for the three and six months ended June 30, 2025 and 2024
−Removed: Teucrium Corn Fund S tatements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2025 and 2024
−Removed: Teucrium Corn Fund S tatements of Cash Flows (Unaudited) for the six months ended June 30, 2025 and 2024
−Removed: Teucrium Soybean Fund Statements of Assets and Liabilities at June 30, 2025 (Unaudited) and December 31, 2024
−Removed: Teucrium Soybean Fund S chedule of Investments at June 30, 2025 (Unaudited) and December 31, 2024
−Removed: Teucrium Soybean Fund S tatements of Operations (Unaudited) for the three and six months ended June 30, 2025 and 2024
−Removed: Teucrium Soybean Fund S tatements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2025 and 2024
−Removed: Teucrium Soybean Fund S tatements of Cash Flows (Unaudited) for the six months ended June 30, 2025 and 2024
−Removed: Teucrium Sugar Fund Statements of Assets and Liabilities at June 30, 2025 (Unaudited) and December 31, 2024
−Removed: Teucrium Sugar Fund S chedule of Investments at June 30, 2025 (Unaudited) and December 31, 2024
−Removed: Teucrium Sugar Fund S tatements of Operations (Unaudited) for the three and six months ended June 30, 2025 and 2024
−Removed: Teucrium Sugar Fund S tatements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2025 and 2024
−Removed: Teucrium Sugar Fund S tatements of Cash Flows (Unaudited) for the six months ended June 30, 2025 and 2024
−Removed: Teucrium Wheat Fund Statements of Assets and Liabilities at June 30, 2025 (Unaudited) and December 31, 2024
−Removed: Teucrium Wheat Fund S chedule of Investments at June 30, 2025 (Unaudited) and December 31, 2024
−Removed: Teucrium Wheat Fund S tatements of Operations (Unaudited) for the three and six months ended June 30, 2025 and 2024
−Removed: Teucrium Wheat Fund S tatements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2025 and 2024
−Removed: Teucrium Wheat Fund S tatements of Cash Flows (Unaudited) for the six months ended June 30, 2025 and 2024
−Removed: Teucrium Agricultural Fund Statements of Assets and Liabilities at June 30, 2025 (Unaudited) and December 31, 2024
−Removed: Teucrium Agricultural Fund S chedule of Investments at June 30, 2025 (Unaudited) and December 31, 2024
−Removed: Teucrium Agricultural Fund S tatements of Operations (Unaudited) for the three and six months ended June 30, 2025 and 2024
−Removed: Teucrium Agricultural Fund S tatements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2025 and 2024
−Removed: Teucrium Agricultural Fund S tatements of Cash Flows (Unaudited) for the six months ended June 30, 2025 and 2024
+Added: Combined Statements of Assets and Liabilities at September 30, 2025 (Unaudited) and December 31, 2024
+Added: Combined Schedule of Investments at September 30, 2025 (Unaudited) and December 31, 2024
+Added: Combined Statements of Operations (Unaudited) for the three and nine months ended September 30, 2025 and 2024
+Added: Combined Statements of Changes in Net Assets (Unaudited) for the three and nine months ended September 30, 2025 and 2024
+Added: Combined Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2025 and 2024
+Added: Teucrium Corn Fund Statements of Assets and Liabilities at September 30, 2025 (Unaudited) and December 31, 2024
+Added: Teucrium Corn Fund S chedule of Investments at September 30, 2025 (Unaudited) and December 31, 2024
+Added: Teucrium Corn Fund S tatements of Operations (Unaudited) for the three and nine months ended September 30, 2025 and 2024
+Added: Teucrium Corn Fund S tatements of Changes in Net Assets (Unaudited) for the three and nine months ended September 30, 2025 and 2024
+Added: Teucrium Corn Fund S tatements of Cash Flows (Unaudited) for the nine months ended September 30, 2025 and 2024
+Added: Teucrium Soybean Fund Statements of Assets and Liabilities at September 30, 2025 (Unaudited) and December 31, 2024
+Added: Teucrium Soybean Fund S chedule of Investments at September 30, 2025 (Unaudited) and December 31, 2024
+Added: Teucrium Soybean Fund S tatements of Operations (Unaudited) for the three and nine months ended September 30, 2025 and 2024
+Added: Teucrium Soybean Fund S tatements of Changes in Net Assets (Unaudited) for the three and nine months ended September 30, 2025 and 2024
+Added: Teucrium Soybean Fund S tatements of Cash Flows (Unaudited) for the nine months ended September 30, 2025 and 2024
+Added: Teucrium Sugar Fund Statements of Assets and Liabilities at September 30, 2025 (Unaudited) and December 31, 2024
+Added: Teucrium Sugar Fund S chedule of Investments at September 30, 2025 (Unaudited) and December 31, 2024
+Added: Teucrium Sugar Fund S tatements of Operations (Unaudited) for the three and nine months ended September 30, 2025 and 2024
+Added: Teucrium Sugar Fund S tatements of Changes in Net Assets (Unaudited) for the three and nine months ended September 30, 2025 and 2024
+Added: Teucrium Sugar Fund S tatements of Cash Flows (Unaudited) for the nine months ended September 30, 2025 and 2024
+Added: Teucrium Wheat Fund Statements of Assets and Liabilities at September 30, 2025 (Unaudited) and December 31, 2024
+Added: Teucrium Wheat Fund S chedule of Investments at September 30, 2025 (Unaudited) and December 31, 2024
+Added: Teucrium Wheat Fund S tatements of Operations (Unaudited) for the three and nine months ended September 30, 2025 and 2024
+Added: Teucrium Wheat Fund S tatements of Changes in Net Assets (Unaudited) for the three and nine months ended September 30, 2025 and 2024
+Added: Teucrium Wheat Fund S tatements of Cash Flows (Unaudited) for the nine months ended September 30, 2025 and 2024
+Added: Teucrium Agricultural Fund Statements of Assets and Liabilities at September 30, 2025 (Unaudited) and December 31, 2024
+Added: Teucrium Agricultural Fund S chedule of Investments at September 30, 2025 (Unaudited) and December 31, 2024
+Added: Teucrium Agricultural Fund S tatements of Operations (Unaudited) for the three and nine months ended September 30, 2025 and 2024
+Added: Teucrium Agricultural Fund S tatements of Changes in Net Assets (Unaudited) for the three and nine months ended September 30, 2025 and 2024
+Added: Teucrium Agricultural Fund S tatements of Cash Flows (Unaudited) for the nine months ended September 30, 2025 and 2024
Notes to Combined Financial Statements
1 unchanged sentence
COMBINED STATEMENTS OF ASSETS AND LIABILITIES
−Removed: June 30, 2025
+Added: September 30, 2025
December 31, 2024
3 unchanged sentences
190,073 208,251
−Removed: 101,116 16,778
Equity in trading accounts:
19 unchanged sentences
COMBINED SCHEDULE OF INVESTMENTS
−Removed: June 30, 2025
+Added: September 30, 2025
Percentage of
9 unchanged sentences
Commercial Paper
−Removed: Broadcom Inc.
−Removed: July 17, 2025
−Removed: 4.574 % $ 4,950,625 $ 4,990,000 2.51 %
−Removed: Broadcom Inc.
−Removed: July 24, 2025
+Added: Brookfield Infrastructure Holdings (Canada) Inc.
+Added: October 15, 2025
4.449 % $ 4,945,000 $ 4,991,445 2.36 %
Brookfield Infrastructure Holdings (Canada) Inc.
+Added: October 16, 2025
4.333 % 9,825,503 9,882,263 4.67 9,900,000
−Removed: The Campbell's Company
−Removed: July 23, 2025
+Added: Brookfield Infrastructure Holdings (Canada) Inc.
+Added: October 21, 2025
4.448 % 2,472,806 2,493,889 1.18 2,500,000
−Removed: Crown Castle Inc.
−Removed: July 22, 2025
+Added: Brookfield Infrastructure Holdings (Canada) Inc.
+Added: November 6, 2025
4.377 % 2,472,938 2,489,175 1.18 2,500,000
−Removed: Crown Castle Inc.
−Removed: July 24, 2025
+Added: The Campbell's Company
+Added: November 6, 2025
4.017 % 9,958,888 9,960,000 4.71 10,000,000
Entergy Corporation
−Removed: July 24, 2025
+Added: December 10, 2025
4.140 % 4,951,598 4,960,138 2.34 5,000,000
General Motors Financial Company, Inc.
+Added: October 17, 2025
4.385 % 9,897,528 9,980,712 4.72 10,000,000
−Removed: Harley-Davidson Financial Services, Inc.
−Removed: July 14, 2025
+Added: Glencore Funding LLC
+Added: October 22, 2025
4.138 % 2,489,414 2,493,992 1.18 2,500,000
−Removed: Marriott International, Inc.
−Removed: August 14, 2025
+Added: Glencore Funding LLC
+Added: October 30, 2025
4.286 % 4,958,090 4,982,882 2.36 5,000,000
−Removed: Marriott International, Inc.
−Removed: August 19, 2025
+Added: Harley-Davidson Financial Services, Inc.
+Added: November 14, 2025
4.182 % 7,569,433 7,570,312 3.58 7,609,000
−Removed: Marriott International, Inc.
−Removed: August 21, 2025
+Added: Harley-Davidson Financial Services, Inc.
+Added: December 2, 2025
4.495 % 4,945,053 4,961,722 2.35 5,000,000
−Removed: Mondelez International, Inc.
−Removed: August 20, 2025
+Added: Stanley Black & Decker, Inc.
+Added: November 20, 2025
4.238 % 2,477,542 2,485,417 1.17 2,500,000
−Removed: The Sherwin-Williams Company
−Removed: July 15, 2025
+Added: Stanley Black & Decker, Inc.
+Added: November 20, 2025
4.239 % 7,431,750 7,456,250 3.52 7,500,000
VW Credit, Inc.
−Removed: July 23, 2025
+Added: October 6, 2025
4.433 % 7,445,000 7,495,416 3.54 7,500,000
VW Credit, Inc.
−Removed: July 28, 2025
+Added: October 15, 2025
4.363 % 2,481,357 2,495,790 1.18 2,500,000
VW Credit, Inc.
−Removed: August 7, 2025
+Added: November 17, 2025
4.125 % 9,939,639 9,946,472 4.70 10,000,000
7 unchanged sentences
Commodity futures contracts
+Added: United States corn futures contracts
+Added: CBOT corn futures MAR26
+Added: 782 $ 102,131 0.05 % $ 16,891,200
United States soybean futures contracts
1 unchanged sentence
215 254,889 0.12 11,330,500
−Removed: United States wheat futures contracts
−Removed: CBOT wheat futures DEC26
+Added: United States sugar futures contracts
+Added: ICE sugar futures JUL26
227 33,241 0.02 4,062,755
6 unchanged sentences
United States corn futures contracts
−Removed: CBOT corn futures SEP25
−Removed: 763 $ 1,342,170 0.67 %
−Removed: CBOT corn futures DEC25
+Added: CBOT corn futures MAY26
655 $ 191,001 0.09 %
2 unchanged sentences
United States soybean futures contracts
−Removed: CBOT soybean futures NOV25
−Removed: 182 743,159 0.37 9,345,700
CBOT soybean futures JAN26
221 447,432 0.21 11,273,763
−Removed: United States sugar futures contracts
−Removed: ICE sugar futures MAR26
+Added: CBOT soybean futures MAR26
186 283,950 0.13 9,632,475
+Added: United States sugar futures contracts
ICE sugar futures MAY26
3 unchanged sentences
United States wheat futures contracts
−Removed: CBOT wheat futures SEP25
+Added: CBOT wheat futures MAR26
1,555 3,733,746 1.77 40,974,250
+Added: CBOT wheat futures MAY26
+Added: 1,303 641,889 0.30 35,148,425
CBOT wheat futures DEC26
134 unchanged sentences
Three months ended
−Removed: Six months ended
−Removed: Six months ended
−Removed: June 30, 2025
−Removed: June 30, 2024*
−Removed: June 30, 2025
−Removed: June 30, 2024*
+Added: Nine months ended
+Added: Nine months ended
+Added: September 30, 2025
+Added: September 30, 2024
+Added: September 30, 2025
+Added: September 30, 2024*
Realized and unrealized gain (loss) on trading of commodity and cryptocurrency futures contracts:
34 unchanged sentences
COMBINED STATEMENTS OF CHANGES IN NET ASSETS
−Removed: Six months ended
−Removed: Six months ended
−Removed: June 30, 2025
−Removed: June 30, 2024*
+Added: Three months ended
+Added: Three months ended
+Added: Nine months ended
+Added: Nine months ended
+Added: September 30, 2025
+Added: September 30, 2024
+Added: September 30, 2025
+Added: September 30, 2024*
Net income (loss)
22 unchanged sentences
COMBINED STATEMENTS OF CASH FLOWS
−Removed: Six months ended
−Removed: Six months ended
−Removed: June 30, 2025
−Removed: June 30, 2024*
+Added: Nine months ended
+Added: Nine months ended
+Added: September 30, 2025
+Added: September 30, 2024*
Cash flows from operating activities:
38 unchanged sentences
STATEMENTS OF ASSETS AND LIABILITIES
−Removed: June 30, 2025
+Added: September 30, 2025
December 31, 2024
5 unchanged sentences
Commodity futures contracts
+Added: 102,131 1,936,572
Due from broker
24 unchanged sentences
SCHEDULE OF INVESTMENTS
−Removed: June 30, 2025
+Added: September 30, 2025
Percentage of
9 unchanged sentences
Commercial Paper
−Removed: Broadcom Inc.
−Removed: July 24, 2025
−Removed: 4.575 % $ 4,948,125 $ 4,985,625 11.16 % 5,000,000
Brookfield Infrastructure Holdings (Canada) Inc.
+Added: October 16, 2025
4.333 % $ 2,481,188 $ 2,495,521 5.15 % 2,500,000
−Removed: Crown Castle Inc.
−Removed: July 24, 2025
+Added: The Campbell's Company
+Added: November 6, 2025
4.017 % 2,489,722 2,490,000 5.14 2,500,000
−Removed: Entergy Corporation
−Removed: July 24, 2025
+Added: General Motors Financial Company, Inc.
+Added: October 17, 2025
4.385 % 4,948,764 4,990,356 10.30 5,000,000
Harley-Davidson Financial Services, Inc.
−Removed: July 14, 2025
−Removed: 4.773 % 2,482,375 2,495,757 5.59 2,500,000
−Removed: Marriott International, Inc.
−Removed: August 14, 2025
−Removed: 4.413 % 2,482,781 2,486,708 5.57 2,500,000
−Removed: The Sherwin-Williams Company
−Removed: July 15, 2025
+Added: November 14, 2025
4.182 % 7,569,433 7,570,312 15.63 7,609,000
VW Credit, Inc.
−Removed: July 28, 2025
+Added: October 6, 2025
4.433 % 2,481,667 2,498,472 5.16 2,500,000
8 unchanged sentences
United States corn futures contracts
−Removed: CBOT corn futures SEP25
+Added: CBOT corn futures MAR26
782 $ 102,131 0.21 % $ 16,891,200
−Removed: CBOT corn futures DEC25
+Added: Percentage of
+Added: Notional Amount
+Added: (Long Exposure)
+Added: Commodity futures contracts
+Added: United States corn futures contracts
+Added: CBOT corn futures MAY26
655 $ 191,001 0.39 % $ 14,467,313
72 unchanged sentences
Three months ended
−Removed: Six months ended
−Removed: Six months ended
−Removed: June 30, 2025
−Removed: June 30, 2024
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: Nine months ended
+Added: Nine months ended
+Added: September 30, 2025
+Added: September 30, 2024
+Added: September 30, 2025
+Added: September 30, 2024
Realized and unrealized gain (loss) on trading of commodity futures contracts:
36 unchanged sentences
STATEMENTS OF CHANGES IN NET ASSETS
−Removed: Six months ended
−Removed: Six months ended
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: Three months ended
+Added: Three months ended
+Added: Nine months ended
+Added: Nine months ended
+Added: September 30, 2025
+Added: September 30, 2024
+Added: September 30, 2025
+Added: September 30, 2024
Net income (loss)
24 unchanged sentences
STATEMENTS OF CASH FLOWS
−Removed: Six months ended
−Removed: Six months ended
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: Nine months ended
+Added: Nine months ended
+Added: September 30, 2025
+Added: September 30, 2024
Cash flows from operating activities:
32 unchanged sentences
STATEMENTS OF ASSETS AND LIABILITIES
−Removed: June 30, 2025
+Added: September 30, 2025
December 31, 2024
30 unchanged sentences
SCHEDULE OF INVESTMENTS
−Removed: June 30, 2025
+Added: September 30, 2025
Percentage of
9 unchanged sentences
Commercial Paper
−Removed: Crown Castle Inc.
−Removed: July 22, 2025
+Added: Brookfield Infrastructure Holdings (Canada) Inc.
+Added: October 21, 2025
4.448 % $ 2,472,806 $ 2,493,889 7.73 % 2,500,000
−Removed: Crown Castle Inc.
−Removed: July 24, 2025
+Added: Entergy Corporation
+Added: December 10, 2025
4.140 % 2,475,799 2,480,069 7.69 2,500,000
−Removed: Marriott International, Inc.
−Removed: August 19, 2025
+Added: Stanley Black & Decker, Inc.
+Added: November 20, 2025
4.238 % 2,477,542 2,485,417 7.71 2,500,000
−Removed: VW Credit, Inc.
−Removed: July 23, 2025
+Added: Stanley Black & Decker, Inc.
+Added: November 20, 2025
4.239 % 2,477,250 2,485,417 7.71 2,500,000
VW Credit, Inc.
−Removed: July 28, 2025
+Added: November 17, 2025
4.125 % 2,484,910 2,486,618 7.71 2,500,000
15 unchanged sentences
United States soybean futures contracts
−Removed: CBOT soybean futures NOV25
−Removed: 182 $ 743,159 2.79 % $ 9,345,700
CBOT soybean futures JAN26
221 $ 447,432 1.39 % $ 11,273,763
+Added: CBOT soybean futures MAR26
+Added: 186 283,950 0.88 9,632,475
Total commodity futures contracts
46 unchanged sentences
Three months ended
−Removed: Six months ended
−Removed: Six months ended
−Removed: June 30, 2025
−Removed: June 30, 2024
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: Nine months ended
+Added: Nine months ended
+Added: September 30, 2025
+Added: September 30, 2024
+Added: September 30, 2025
+Added: September 30, 2024
Realized and unrealized gain (loss) on trading of commodity futures contracts:
20 unchanged sentences
Other expenses
+Added: 435 - 1,069 -
Total expenses
13 unchanged sentences
STATEMENTS OF CHANGES IN NET ASSETS
−Removed: Six months ended
−Removed: Six months ended
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: Three months ended
+Added: Three months ended
+Added: Nine months ended
+Added: Nine months ended
+Added: September 30, 2025
+Added: September 30, 2024
+Added: September 30, 2025
+Added: September 30, 2024
Net income (loss)
24 unchanged sentences
STATEMENTS OF CASH FLOWS
−Removed: Six months ended
−Removed: Six months ended
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: Nine months ended
+Added: Nine months ended
+Added: September 30, 2025
+Added: September 30, 2024
Cash flows from operating activities:
9 unchanged sentences
( 922 ) ( 7,428 )
+Added: 4,286 ( 16,653 )
Management fee payable to Sponsor
20 unchanged sentences
STATEMENTS OF ASSETS AND LIABILITIES
−Removed: June 30, 2025
+Added: September 30, 2025
December 31, 2024
4 unchanged sentences
Equity in trading accounts:
+Added: Commodity futures contracts
Due from broker
2 unchanged sentences
Management fee payable to Sponsor
+Added: 10,499 12,357
Other liabilities
16 unchanged sentences
SCHEDULE OF INVESTMENTS
−Removed: June 30, 2025
+Added: September 30, 2025
Percentage of
10 unchanged sentences
The Campbell's Company
−Removed: July 23, 2025
+Added: November 6, 2025
4.017 % $ 2,489,722 $ 2,490,000 18.44 % 2,500,000
−Removed: The Sherwin-Williams Company
−Removed: July 15, 2025
+Added: Glencore Funding LLC
+Added: October 22, 2025
4.138 % 2,489,414 2,493,992 18.47 2,500,000
8 unchanged sentences
United States sugar futures contracts
−Removed: ICE sugar futures MAR26
+Added: ICE sugar futures JUL26
227 $ 33,241 0.25 % $ 4,062,755
+Added: Percentage of
+Added: Notional Amount
+Added: (Long Exposure)
+Added: Commodity futures contracts
+Added: United States sugar futures contracts
ICE sugar futures MAY26
47 unchanged sentences
Three months ended
−Removed: Six months ended
−Removed: Six months ended
−Removed: June 30, 2025
−Removed: June 30, 2024
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: Nine months ended
+Added: Nine months ended
+Added: September 30, 2025
+Added: September 30, 2024
+Added: September 30, 2025
+Added: September 30, 2024
Realized and unrealized gain (loss) on trading of commodity futures contracts:
35 unchanged sentences
STATEMENTS OF CHANGES IN NET ASSETS
−Removed: Six months ended
−Removed: Six months ended
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: Three months ended
+Added: Three months ended
+Added: Nine months ended
+Added: Nine months ended
+Added: September 30, 2025
+Added: September 30, 2024
+Added: September 30, 2025
+Added: September 30, 2024
Net income (loss)
24 unchanged sentences
STATEMENTS OF CASH FLOWS
−Removed: Six months ended
−Removed: Six months ended
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: Nine months ended
+Added: Nine months ended
+Added: September 30, 2025
+Added: September 30, 2024
Cash flows from operating activities:
31 unchanged sentences
STATEMENTS OF ASSETS AND LIABILITIES
−Removed: June 30, 2025
+Added: September 30, 2025
December 31, 2024
4 unchanged sentences
Equity in trading accounts:
−Removed: Commodity futures contracts
Due from broker
22 unchanged sentences
SCHEDULE OF INVESTMENTS
−Removed: June 30, 2025
+Added: September 30, 2025
Percentage of
9 unchanged sentences
Commercial Paper
−Removed: Broadcom Inc.
−Removed: July 17, 2025
+Added: Brookfield Infrastructure Holdings (Canada) Inc.
+Added: October 15, 2025
4.449 % $ 4,945,000 $ 4,991,445 4.25 % 5,000,000
−Removed: Broadcom Inc.
−Removed: July 24, 2025
+Added: Brookfield Infrastructure Holdings (Canada) Inc.
+Added: October 16, 2025
4.333 % 7,344,315 7,386,742 6.29 7,400,000
−Removed: Crown Castle Inc.
−Removed: July 22, 2025
+Added: Brookfield Infrastructure Holdings (Canada) Inc.
+Added: November 6, 2025
4.377 % 2,472,938 2,489,175 2.12 2,500,000
−Removed: Crown Castle Inc.
−Removed: July 24, 2025
+Added: The Campbell's Company
+Added: November 6, 2025
4.017 % 4,979,444 4,980,000 4.24 5,000,000
Entergy Corporation
−Removed: July 24, 2025
+Added: December 10, 2025
4.140 % 2,475,799 2,480,069 2.11 2,500,000
General Motors Financial Company, Inc.
−Removed: 4.370 % 2,473,125 2,499,701 2.13 2,500,000
−Removed: Marriott International, Inc.
−Removed: August 14, 2025
−Removed: 4.413 % 7,448,344 7,460,125 6.36 7,500,000
−Removed: Marriott International, Inc.
−Removed: August 19, 2025
+Added: October 17, 2025
4.385 % 4,948,764 4,990,356 4.25 5,000,000
−Removed: Marriott International, Inc.
−Removed: August 21, 2025
+Added: Glencore Funding LLC
+Added: October 30, 2025
4.286 % 4,958,090 4,982,882 4.25 5,000,000
−Removed: Mondelez International, Inc.
−Removed: August 20, 2025
+Added: Harley-Davidson Financial Services, Inc.
+Added: December 2, 2025
4.495 % 4,945,053 4,961,722 4.23 5,000,000
−Removed: The Sherwin-Williams Company
−Removed: July 15, 2025
+Added: Stanley Black & Decker, Inc.
+Added: November 20, 2025
4.239 % 4,954,500 4,970,833 4.24 5,000,000
VW Credit, Inc.
−Removed: July 23, 2025
+Added: October 6, 2025
4.433 % 4,963,333 4,996,944 4.26 5,000,000
VW Credit, Inc.
−Removed: July 28, 2025
+Added: October 15, 2025
4.363 % 2,481,357 2,495,790 2.13 2,500,000
VW Credit, Inc.
−Removed: August 7, 2025
+Added: November 17, 2025
4.125 % 7,454,729 7,459,854 6.36 7,500,000
8 unchanged sentences
United States wheat futures contracts
−Removed: CBOT wheat futures DEC26
+Added: CBOT wheat futures MAR26
1,555 $ 3,733,746 3.18 % $ 40,974,250
−Removed: Percentage of
−Removed: Notional Amount
−Removed: (Long Exposure)
−Removed: Commodity futures contracts
−Removed: United States wheat futures contracts
−Removed: CBOT wheat futures SEP25
+Added: CBOT wheat futures MAY26
1,303 641,889 0.55 35,148,425
76 unchanged sentences
Three months ended
−Removed: Six months ended
−Removed: Six months ended
−Removed: June 30, 2025
−Removed: June 30, 2024
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: Nine months ended
+Added: Nine months ended
+Added: September 30, 2025
+Added: September 30, 2024
+Added: September 30, 2025
+Added: September 30, 2024
Realized and unrealized gain (loss) on trading of commodity futures contracts:
36 unchanged sentences
STATEMENTS OF CHANGES IN NET ASSETS
−Removed: Six months ended
−Removed: Six months ended
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: Three months ended
+Added: Three months ended
+Added: Nine months ended
+Added: Nine months ended
+Added: September 30, 2025
+Added: September 30, 2024
+Added: September 30, 2025
+Added: September 30, 2024
Net income (loss)
24 unchanged sentences
STATEMENTS OF CASH FLOWS
−Removed: Six months ended
−Removed: Six months ended
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: Nine months ended
+Added: Nine months ended
+Added: September 30, 2025
+Added: September 30, 2024
Cash flows from operating activities:
32 unchanged sentences
STATEMENTS OF ASSETS AND LIABILITIES
−Removed: June 30, 2025
+Added: September 30, 2025
December 31, 2024
3 unchanged sentences
Equity in trading accounts:
−Removed: Investments in securities, at fair value (cost $ 11,009,654 and $ 12,632,301 as of June 30, 2025 and December 31, 2024, respectively)
+Added: Investments in securities, at fair value (cost $ 10,324,446 and $ 12,632,301 as of September 30, 2025 and December 31, 2024, respectively)
7,867,870 10,344,458
13 unchanged sentences
SCHEDULE OF INVESTMENTS
−Removed: June 30, 2025
+Added: September 30, 2025
Percentage of
39 unchanged sentences
Three months ended
−Removed: Six months ended
−Removed: Six months ended
−Removed: June 30, 2025
−Removed: June 30, 2024
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: Nine months ended
+Added: Nine months ended
+Added: September 30, 2025
+Added: September 30, 2024
+Added: September 30, 2025
+Added: September 30, 2024
Realized and unrealized gain (loss) on trading of securities:
35 unchanged sentences
STATEMENTS OF CHANGES IN NET ASSETS
−Removed: Six months ended
−Removed: Six months ended
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: Three months ended
+Added: Three months ended
+Added: Nine months ended
+Added: Nine months ended
+Added: September 30, 2025
+Added: September 30, 2024
+Added: September 30, 2025
+Added: September 30, 2024
Net income (loss)
21 unchanged sentences
STATEMENTS OF CASH FLOWS
−Removed: Six months ended
−Removed: Six months ended
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: Nine months ended
+Added: Nine months ended
+Added: September 30, 2025
+Added: September 30, 2024
Cash flows from operating activities:
25 unchanged sentences
NOTES TO COMBINED FINANCIAL STATEMENTS
−Removed: June 30, 2025
+Added: September 30, 2025
Note 1 – Organization and Operation
96 unchanged sentences
A summary of these expenses is included below.
−Removed: Three months ended June 30, 2025
+Added: Three months ended September 30, 2025
Amount Recognized for Custody Services
10 unchanged sentences
$ - $ - $ - $ - $ - $ -
−Removed: Three months ended June 30, 2024
+Added: Three months ended September 30, 2024
Amount Recognized for Custody Services
10 unchanged sentences
$ - $ - $ - $ - $ - $ - $ -
−Removed: Six months ended June 30, 2025
+Added: Nine months ended September 30, 2025
Amount Recognized for Custody Services
10 unchanged sentences
$ - $ - $ - $ - $ - $ -
−Removed: Six months ended June 30, 2024
+Added: Nine months ended September 30, 2024
Amount Recognized for Custody Services
36 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 and six months ended June 30, 2025 and 2024 .
−Removed: Three months ended June 30, 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 nine months ended September 30, 2025 and 2024 .
+Added: Three months ended September 30, 2025
$ 14,620 $ 2,229 $ 3,557 $ 30,396 $ - $ 50,802
−Removed: Three months ended June 30, 2024
+Added: Three months ended September 30, 2024
$ 17,785 $ 1,806 $ 2,913 $ 26,622 $ - $ 49,126
−Removed: Six months ended June 30, 2025
+Added: Nine months ended September 30, 2025
$ 36,169 $ 7,397 $ 10,486 $ 62,385 $ - $ 116,437
−Removed: Six months ended June 30, 2024
+Added: Nine months ended September 30, 2024
$ 39,697 $ 8,151 $ 8,529 $ 62,986 $ - $ 119,363
14 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 June 30, 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 September 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 and six months ended June 30, 2025 and 2024 .
+Added: No interest expense or penalties have been recognized as of and for the three and nine months ended September 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: June 30, 2025
+Added: September 30, 2025
Money Market Funds
63 unchanged sentences
Routine operational, administrative, and other ordinary expenses are not deemed extraordinary expenses.
−Removed: Three months ended June 30, 2025
+Added: Three months ended September 30, 2025
Recognized Related Party Transactions
2 unchanged sentences
$ - $ - $ - $ - $ 14,107 $ 14,107
−Removed: Three months ended June 30, 2024
+Added: Three months ended September 30, 2024
Recognized Related Party Transactions
2 unchanged sentences
$ - $ - $ - $ - $ 18,684 $ 18,684
−Removed: Six months ended June 30, 2025
+Added: Nine months ended September 30, 2025
Recognized Related Party Transactions
2 unchanged sentences
$ - $ - $ - $ - $ 49,055 $ 49,055
−Removed: Six months ended June 30, 2024
+Added: Nine months ended September 30, 2024
Recognized Related Party Transactions
6 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 June 30, 2025
+Added: Three months ended September 30, 2025
$ - $ - $ - $ - $ 41,226 $ - $ 41,226
−Removed: Three months ended June 30, 2024
+Added: Three months ended September 30, 2024
$ - $ - $ - $ - $ 40,557 $ - $ 40,557
−Removed: Six months ended June 30, 2025
+Added: Nine months ended September 30, 2025
$ - $ - $ - $ - $ 151,343 $ - $ 151,343
−Removed: Six months ended June 30, 2024
+Added: Nine months ended September 30, 2024
$ - $ - $ - $ - $ 182,476 $ 62,309 $ 244,785
30 unchanged sentences
When such a situation exists on a quarter close, the Sponsor will calculate the NAV on a particular day using the Level 1 valuation but will later recalculate the NAV for the impacted Fund based upon the valuation inputs from these alternative verifiable sources (Level 2 or Level 3 ) and will report such NAV in its applicable financial statements and reports.
−Removed: 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.
−Removed: 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.
−Removed: For the quarter ended June 30, 2025, the Wheat Fund DEC 26 futures contracts were reflected as a Level 2 asset.
+Added: On September 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 nine months ended September 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 September 30, 2025 , the Wheat Fund DEC 26 futures contracts traded with an average daily volume greater than 175 contracts and were reflected as a Level 1 asset.
The Funds and the Trust record their derivative activities at fair value.
7 unchanged sentences
New Accounting Pronouncements
−Removed: The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024 - 03 – Income Statement—Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220 - 40 ).
+Added: The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updates ("ASU") 2024 - 03 – Income Statement—Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220 - 40 ).
The amendments require an entity to disaggregate certain income statement line-items within the Notes to the Financial Statements.
7 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 June 30, 2025 and December 31, 2024 :
−Removed: Balance as of June 30, 2025
+Added: The following table presents information about the Trust’s assets and liabilities measured at fair value as of September 30, 2025 and December 31, 2024 :
+Added: Balance as of September 30, 2025
Cash Equivalents
1 unchanged sentence
Commodity Futures Contracts
+Added: Corn futures contracts
+Added: 102,131 - - 102,131
Soybean futures contracts
254,889 - - 254,889
−Removed: Wheat futures contracts
+Added: Sugar futures contracts
33,241 - - 33,241
$ 173,980,021 $ - $ - $ 173,980,021
−Removed: Balance as of June 30, 2025
+Added: Balance as of September 30, 2025
Commodity Futures Contracts
28 unchanged sentences
Balance as of
−Removed: June 30, 2025
+Added: September 30, 2025
Cash Equivalents
$ 35,841,910 $ - $ - $ 35,841,910
+Added: Commodity Futures Contracts
+Added: Corn futures contracts
+Added: 102,131 - - 102,131
+Added: $ 35,944,041 $ - $ - $ 35,944,041
Balance as of
−Removed: June 30, 2025
+Added: September 30, 2025
Commodity Futures Contracts
16 unchanged sentences
Balance as of
−Removed: June 30, 2025
+Added: September 30, 2025
Cash Equivalents
5 unchanged sentences
Balance as of
−Removed: June 30, 2025
+Added: September 30, 2025
Commodity Futures Contracts
12 unchanged sentences
Balance as of
−Removed: June 30, 2025
+Added: September 30, 2025
Cash Equivalents
$ 10,354,917 $ - $ - $ 10,354,917
+Added: Commodity Futures Contracts
+Added: Sugar futures contracts
+Added: 33,241 - - 33,241
+Added: $ 10,388,158 $ - $ - $ 10,388,158
Balance as of
−Removed: June 30, 2025
+Added: September 30, 2025
Commodity Futures Contracts
12 unchanged sentences
Balance as of
−Removed: June 30, 2025
+Added: September 30, 2025
Cash Equivalents
$ 101,819,989 $ - $ - $ 101,819,989
−Removed: Commodity Futures Contracts
−Removed: Wheat futures contracts
−Removed: - 180,770 - 180,770
−Removed: $ 100,425,927 $ 180,770 $ - $ 100,606,697
Balance as of
−Removed: June 30, 2025
+Added: September 30, 2025
Commodity Futures Contracts
12 unchanged sentences
Balance as of
−Removed: June 30, 2025
+Added: September 30, 2025
Exchange Traded Funds
10 unchanged sentences
$ 10,353,028 $ - $ - $ 10,353,028
−Removed: 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.
−Removed: For the quarter ended June 30, 2025, the Wheat Fund's DEC 26 futures contracts were reflected as a Level 2 asset.
+Added: For the three and nine months ended September 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 and were reflected as a Level 2 asset.
+Added: For the quarter ended September 30, 2025, the Wheat Fund's DEC 26 futures contracts traded with an average daily volume greater than 175 contracts and were reflected as a Level 1 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 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.
+Added: For the three and nine months ended September 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 June 30, 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 September 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 June 30, 2025
+Added: Offsetting of Financial Assets and Derivative Assets as of September 30, 2025
(iii) = (i-ii)
7 unchanged sentences
Commodity Price
+Added: Teucrium Corn Fund:
+Added: Corn futures contracts
+Added: $ 102,131 $ - $ 102,131 $ 102,131 $ - $ -
Teucrium Soybean Fund:
1 unchanged sentence
254,889 - 254,889 254,889 - -
−Removed: Teucrium Wheat Fund:
−Removed: Wheat futures contracts
+Added: Teucrium Sugar Fund:
+Added: Sugar futures contracts
33,241 - 33,241 33,241 - -
1 unchanged sentence
$ 390,261 $ - $ 390,261 $ 390,261 $ - $ -
−Removed: Offsetting of Financial Liabilities and Derivative Liabilities as of June 30, 2025
+Added: Offsetting of Financial Liabilities and Derivative Liabilities as of September 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 June 30, 2025
+Added: Three months ended September 30, 2025
Realized Gain (Loss) on Commodity Futures Contracts
3 unchanged sentences
$ ( 3,257,343 ) $ 2,683,385
−Removed: Soybeans futures contracts
+Added: Soybean futures contracts
( 677,452 ) 142,761
5 unchanged sentences
$ ( 19,525,575 ) $ 8,181,706
−Removed: Three months ended June 30, 2024
+Added: Three months ended September 30, 2024
Realized Gain (Loss) on Commodity Futures Contracts
Net Change in Unrealized Appreciation (Depreciation) on Commodity Futures Contracts
−Removed: Commodity Price and Cryptocurrency Price
+Added: Commodity Price
Corn futures contracts
$ ( 8,288,179 ) $ 8,615,295
−Removed: Soybeans futures contracts
+Added: Soybean futures contracts
( 1,997,318 ) 1,382,076
5 unchanged sentences
$ ( 21,399,745 ) $ 20,349,853
−Removed: Six months ended June 30, 2025
+Added: Nine months ended September 30, 2025
Realized Gain (Loss) on Commodity Futures Contracts
Net Change in Unrealized Appreciation (Depreciation) on Commodity Futures Contracts
−Removed: Commodity Price and Cryptocurrency Price
+Added: Commodity Price
Corn futures contracts
$ ( 3,439,291 ) $ ( 72,210 )
−Removed: Soybeans futures contracts
+Added: Soybean futures contracts
( 1,086,717 ) 844,533
3 unchanged sentences
( 24,614,734 ) 4,940,418
−Removed: Total commodity and cryptocurrency futures contracts
+Added: Total commodity futures contracts
$ ( 30,908,897 ) $ 6,916,245
−Removed: Six months ended June 30, 2024
+Added: Nine months ended September 30, 2024
Realized Gain (Loss) on Commodity Futures Contracts
3 unchanged sentences
$ ( 14,452,703 ) $ 2,052,093
−Removed: Soybeans futures contracts
+Added: Soybean futures contracts
( 4,991,499 ) 349,888
8 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 and six months ended June 30, 2025 and for the three and six months ended June 30, 2024 .
−Removed: Three Months Ended June 30, 2025
+Added: The average notional market value categorized by primary underlying risk for the futures contracts held for the three and nine months ended September 30, 2025 and for the three and nine months ended September 30, 2024 .
+Added: Three Months Ended September 30, 2025
46,949,867 27,463,417 13,406,180 118,112,817 205,932,280
−Removed: Three Months Ended June 30, 2024
+Added: Three Months Ended September 30, 2024
59,513,833 27,144,996 12,417,321 136,089,921 235,166,071
−Removed: Six Months Ended June 30, 2025
+Added: Nine Months Ended September 30, 2025
49,749,165 26,607,049 12,056,457 113,737,456 202,150,126
−Removed: Six Months Ended June 30, 2024
+Added: Nine Months Ended September 30, 2024
66,070,800 28,971,221 14,084,306 149,576,567 258,702,894
3 unchanged sentences
Note 7 - Financial Highlights
−Removed: 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.
+Added: The following tables present per unit performance data and other supplemental financial data for the three and nine months ended September 30, 2025 and 2024 .
+Added: 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: Six months ended
−Removed: Six months ended
−Removed: June 30, 2025
−Removed: June 30, 2024
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: Nine months ended
+Added: Nine months ended
+Added: September 30, 2025
+Added: September 30, 2024
+Added: September 30, 2025
+Added: September 30, 2024
Per Share Operation Performance
23 unchanged sentences
Three months ended
−Removed: Six months ended
−Removed: Six months ended
−Removed: June 30, 2025
−Removed: June 30, 2024
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: Nine months ended
+Added: Nine months ended
+Added: September 30, 2025
+Added: September 30, 2024
+Added: September 30, 2025
+Added: September 30, 2024
Per Share Operation Performance
23 unchanged sentences
Three months ended
−Removed: Six months ended
−Removed: Six months ended
−Removed: June 30, 2025
−Removed: June 30, 2024
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: Nine months ended
+Added: Nine months ended
+Added: September 30, 2025
+Added: September 30, 2024
+Added: September 30, 2025
+Added: September 30, 2024
Per Share Operation Performance
23 unchanged sentences
Three months ended
−Removed: Six months ended
−Removed: Six months ended
−Removed: June 30, 2025
−Removed: June 30, 2024
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: Nine months ended
+Added: Nine months ended
+Added: September 30, 2025
+Added: September 30, 2024
+Added: September 30, 2025
+Added: September 30, 2024
Per Share Operation Performance
23 unchanged sentences
Three months ended
−Removed: Six months ended
−Removed: Six months ended
−Removed: June 30, 2025
−Removed: June 30, 2024
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: Nine months ended
+Added: Nine months ended
+Added: September 30, 2025
+Added: September 30, 2024
+Added: September 30, 2025
+Added: September 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: June 30, 2025
+Added: September 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 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.
+Added: For the three and nine months ended September 30, 2025 and September 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 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:
−Removed: Nothing to report
+Added: Management has evaluated the financial statements for the quarter-ended September 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
Nothing to report.
−Removed: The total net assets of the Teucrium Sugar Fund increased by 26.1 % from June 30, 2025 to August 8, 2025.
−Removed: 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 )%.
+Added: The total net assets of the Teucrium Soybean Fund increased by 61.4 % from September 30, 2025 to November 7, 2025.
+Added: This was caused by an increase in the shares outstanding by 50.0 % and an increase in the NAV/share of 7.6 %.
+Added: The shares outstanding of the Teucrium Sugar Fund increased by 21.6 % from September 30, 2025 to November 7, 2025.
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 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:
+Added: The following tables reflect the September 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 SEP25 (763 contracts)
−Removed: CBOT corn futures DEC25 (631 contracts)
+Added: CBOT corn futures MAR26 (782 contracts)
+Added: CBOT corn futures MAY26 (655 contracts)
CBOT corn futures DEC26 (743 contracts)
1 unchanged sentence
NOTIONAL AMT.
−Removed: CBOT soybean futures NOV25 (182 contracts)
CBOT soybean futures JAN26 (221 contracts)
+Added: CBOT soybean futures MAR26 (186 contracts)
CBOT soybean futures NOV26 (215 contracts)
1 unchanged sentence
NOTIONAL AMT.
−Removed: ICE sugar futures MAR26 (190 contracts)
ICE sugar futures MAY26 (262 contracts)
+Added: ICE sugar futures JUL26 (227 contracts)
ICE sugar futures MAR27 (252 contracts)
1 unchanged sentence
NOTIONAL AMT.
−Removed: CBOT wheat futures SEP25 (1,527 contracts)
−Removed: CBOT wheat futures DEC25 (1,255 contracts)
+Added: CBOT wheat futures MAR26 (1,555 contracts)
+Added: CBOT wheat futures MAY26 (1,303 contracts)
CBOT wheat futures DEC26 (1,412 contracts)
31 unchanged sentences
Any cash equivalent invested by a Fund will be deemed by the Sponsor to be of investment grade quality.
−Removed: As of June 30, 2025, available cash balances in each of the Funds were invested in the U.S.
+Added: As of September 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.
23 unchanged sentences
Teucrium Investment Advisors, LLC became a member of the NFA on May 9, 2022.
+Added: Teucrium Asset Management, LLC, a wholly owned subsidiary of the Sponsor, is a Delaware limited liability company, which was formed on September 15, 2025.
Effective July 2, 2023, ConvexityShares LLC ("ConvexityShares") resigned from its position as sponsor of the ConvexityShares Trust (the “ConvexityShares Trust”) and Teucrium Trading, LLC was appointed concurrently as the new sponsor of the ConvexityShares Trust.
30 unchanged sentences
Performance Summary
−Removed: This report covers the periods from January 1 to June 30, 2025 for CORN, SOYB, CANE, WEAT, and TAGS.
+Added: This report covers the periods from January 1 to September 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”).
2 unchanged sentences
Income from investment operations:
−Removed: Investment income
−Removed: Net realized and unrealized loss on commodity futures contracts
−Removed: Total expenses
−Removed: Net decrease in net asset value
−Removed: Net asset value end of period
+Added: Interest income
+Added: Net realized and unrealized gain (loss) on commodity futures contracts
+Added: Total expenses, net
+Added: Net increase (decrease) in net asset value
+Added: Net asset value at end of period
Ratios to Average Net Assets (Annualized)
5 unchanged sentences
Income from investment operations:
−Removed: Investment income
−Removed: Net realized and unrealized loss on commodity futures contracts
+Added: Interest income
+Added: Net realized and unrealized gain (loss) on commodity futures contracts
Total expenses, net
−Removed: Net decrease in net asset value
+Added: Net increase (decrease) in net asset value
Net asset value at end of period
6 unchanged sentences
Income (loss) from investment operations:
−Removed: Investment income
−Removed: Net realized and unrealized gain on commodity futures contracts
+Added: Interest income
+Added: Net realized and unrealized gain (loss) on commodity futures contracts
Total expenses, net
−Removed: Net increase in net asset value
+Added: Net increase (decrease) in net asset value
Net asset value at end of period
2 unchanged sentences
Total expenses, net
−Removed: Net investment income
+Added: Net investment income (loss)
WEAT Per Share Operation Performance
1 unchanged sentence
Income (loss) from investment operations:
−Removed: Investment income
−Removed: Net realized and unrealized loss on commodity futures contracts
+Added: Interest income
+Added: Net realized and unrealized gain (loss) on commodity futures contracts
Total expenses, net
−Removed: Net decrease in net asset value
+Added: Net increase (decrease) in net asset value
Net asset value at end of period
5 unchanged sentences
Net asset value at beginning of period
−Removed: Income from investment operations:
−Removed: Net realized and unrealized loss on investment transactions
−Removed: Total expenses
−Removed: Net decrease in net asset value
+Added: Income (loss) from investment operations:
+Added: Investment income
+Added: Net realized and unrealized gain (loss) on investment transactions
+Added: Total expenses, net
+Added: Net increase (decrease) in net asset value
Net asset value at end of period
2 unchanged sentences
Total expenses, net
−Removed: Net investment loss
Past performance of a Fund is not necessarily indicative of future performance.
1 unchanged sentence
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 and six months ended June 30, 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 nine months ended September 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 June 30, 2025, CORN held a total of 2,078 CBOT Corn Futures contracts with a notional value of $44,666,813.
+Added: On September 30, 2025, CORN held a total of 2,180 CBOT Corn Futures contracts with a notional value of $48,410,363.
The contracts had an asset fair value of $102,131 and a liability fair value of $193,186.
The weighting of the notional value of the contracts is as follows:
−Removed: (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.
+Added: (1) 35% to the MAR26 contracts, the second to expire CBOT Corn Futures Contract, (2) 30% to MAY26 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
1 unchanged sentence
Quarter Ending
−Removed: June 30, 2025
+Added: September 30, 2025
+Added: September 30, 2024
June 30, 2025
−Removed: March 31, 2025
Total Net Assets
3 unchanged sentences
Total net assets for the Fund decreased year over year by (23%), driven by a combination of a decrease in total shares outstanding of (650,000) shares or (19%) and a decrease in the NAV per share of ($1.02) or (6%).
−Removed: The net assets for the Fund decreased by (13%) when comparing June 30, 2025, to March 31, 2025.
+Added: The net assets for the Fund increased by 8% when comparing September 30, 2025, to June 30, 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 June 30, 2025, compared to the Three Months Ended June 30, 2024
+Added: For the Three Months Ended September 30, 2025, compared to the Three Months Ended September 30, 2024
Three Months Ended
Three Months Ended
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: September 30, 2025
+Added: September 30, 2024
Average daily total net assets
Net realized and unrealized (loss) gain on futures contracts
−Removed: Interest income earned on cash equivalents
+Added: Interest income earned on cash and cash equivalents
Annualized interest yield based on average daily total net assets
9 unchanged sentences
Redemption of Shares
−Removed: For the Six Months Ended June 30, 2025, compared to the Six Months Ended June 30, 2024
−Removed: Six Months Ended
−Removed: Six Months Ended
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: For the Nine Months Ended September 30, 2025, compared to the Nine Months Ended September 30, 2024
+Added: Nine Months Ended
+Added: Nine Months Ended
+Added: September 30, 2025
+Added: September 30, 2024
Average daily total net assets
Net realized and unrealized loss on futures contracts
−Removed: Interest income earned on cash equivalents
+Added: Interest income earned on cash and cash equivalents
Annualized interest yield based on average daily total net assets
3 unchanged sentences
Brokerage Commissions
−Removed: Expenses waived by the Sponsor
Total gross expense ratio
9 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 and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024.
+Added: As a result, the amount of interest income earned was lower in the three and nine months ended September 30, 2025, compared to the three and nine months ended September 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 and six months ended June 30, 2025, compared to the three and six months ended June 30, 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 nine months ended September 30, 2025, compared to the three and nine months ended September 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 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.
+Added: The decrease in total gross fees and other expenses excluding management fees for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 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 June 30, 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 September 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 June 30, 2025, the Fund held a total of 512 CBOT soybean futures contracts with a notional value of $26,640,176.
+Added: On September 30, 2025, the Fund held a total of 622 CBOT soybean futures contracts with a notional value of $32,236,738.
The contracts had an asset fair value of $254,889 and had a liability fair value of $731,382.
The weighting of the notional value of the contracts is as follows:
−Removed: (1) 35% to NOV25 CBOT contracts, (2) 30% to JAN26 CBOT contracts, and (3) 35% to NOV26 CBOT contracts.
+Added: (1) 35% to JAN26 CBOT contracts, (2) 30% to MAR26 CBOT contracts, and (3) 35% to NOV26 CBOT contracts.
Quarter Ending
1 unchanged sentence
Quarter Ending
−Removed: June 30, 2025
+Added: September 30, 2025
+Added: September 30, 2024
June 30, 2025
−Removed: March 31, 2025
Total Net Assets
2 unchanged sentences
Closing Price
−Removed: 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%).
−Removed: The net assets for the Fund increased by 4% when comparing June 30, 2025, to March 31, 2025.
−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 decreased supply estimates, and mandates for plant-based renewable fuels contributing to weakness.
−Removed: For the Three Months Ended June 30, 2025, compared to the Three Months Ended June 30, 2024
+Added: Total net assets for the Fund increased year over year by 2%, driven by a combination of an increase in total shares outstanding of 125,000 shares or 9% and by a decrease in the NAV per share of ($1.56) or (7%).
+Added: The net assets for the Fund increased by 21% when comparing September 30, 2025, to June 30, 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 inflows which was driven by decreased supply estimates, and mandates for plant-based renewable fuels contributing to weakness.
+Added: For the Three Months Ended September 30, 2025, compared to the Three Months Ended September 30, 2024
Three Months Ended
Three Months Ended
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: September 30, 2025
+Added: September 30, 2024
Average daily total net assets
11 unchanged sentences
Redemption of Shares
−Removed: For the Six Months Ended June 30, 2025, compared to the Six Months Ended June 30, 2024
−Removed: Six Months Ended
−Removed: Six Months Ended
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: For the Nine Months Ended September 30, 2025, compared to the Nine Months Ended September 30, 2024
+Added: Nine Months Ended
+Added: Nine Months Ended
+Added: September 30, 2025
+Added: September 30, 2024
Average daily total net assets
18 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 and six months ended June 30, 2025, compared to the three and six months ended June 30, 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 nine months ended September 30, 2025, compared to the three and nine months ended September 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.
1 unchanged sentence
These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven point.
−Removed: 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 and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024.
+Added: The increase/decrease in management fee paid to the Sponsor is a result of higher average net assets.
+Added: As a result of the incline in the amount of assets of the Fund, the amount of management fees was higher/lower in the three and nine months ended September 30, 2025, compared to the three and nine months ended September 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 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.
+Added: The decrease/increase in total gross fees and other expenses excluding management fees for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 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 June 30, 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 September 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 June 30, 2025, the Fund held a total of 545 ICE sugar futures contracts with a notional value of $10,372,499.
+Added: On September 30, 2025, the Fund held a total of 741 ICE sugar futures contracts with a notional value of $13,506,640.
The contracts had an asset fair value of $33,241 and a liability fair value of $390,032.
The weighting of the notional value of the contracts is as follows:
−Removed: (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.
+Added: (1) 35% to the MAY26 ICE No 11 contracts, (2) 30% to the JUL26 ICE No 11 contracts, and (3) 35% to the MAR27 ICE No 11 contracts.
Quarter Ending
1 unchanged sentence
Quarter Ending
−Removed: June 30, 2025
+Added: September 30, 2025
+Added: September 30, 2024
June 30, 2025
−Removed: March 31, 2025
Total Net Assets
2 unchanged sentences
Closing Price
−Removed: 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 (6%) when comparing June 30, 2025, to March 31, 2025.
+Added: Total net assets for the Fund decreased year over year by (7%), driven by a combination of an increase in total shares outstanding of 175,000 or 16% and a decrease in the NAV per share of ($2.56) or (19%).
+Added: The net assets for the Fund increased by (30%) when comparing September 30, 2025, to June 30, 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 June 30, 2025, compared to the Three Months Ended June 30, 2024
+Added: For the Three Months Ended September 30, 2025, compared to the Three Months Ended September 30, 2024
Three Months Ended
Three Months Ended
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: September 30, 2025
+Added: September 30, 2024
Average daily total net assets
11 unchanged sentences
Redemption of Shares
−Removed: For the Six Months Ended June 30, 2025, compared to the Six Months Ended June 30, 2024
−Removed: Six Months Ended
−Removed: Six Months Ended
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: For the Nine Months Ended September 30, 2025, compared to the Nine Months Ended September 30, 2024
+Added: Nine Months Ended
+Added: Nine Months Ended
+Added: September 30, 2025
+Added: September 30, 2024
Average daily total net assets
18 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 and six months ended June 30, 2025, compared to the three and six months ended June 30, 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 nine months ended September 30, 2025, compared to the three and nine months ended September 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.
1 unchanged sentence
These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven point.
−Removed: 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 and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024.
+Added: The increase/decrease in management fee paid to the Sponsor is a result of higher/lower average net assets.
+Added: As a result of the increase/decrease in the amount of assets of the Fund, the amount of management fees was higher/lower in the three and nine months ended September 30, 2025, compared to the three and nine months ended September 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 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.
+Added: The increase/decrease in total gross fees and other expenses excluding management fees for the three and nine months ended September 30, 2025, respectively, compared to the three and nine months ended September 30, 2024 was generally due to higher/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 June 30, 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 September 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 June 30, 2025, the Fund held a total of 4,094 CBOT wheat futures contracts with a notional value of $117,202,588.
+Added: On September 30, 2025, the Fund held a total of 4,270 CBOT wheat futures contracts with a notional value of $117,317,775.
The contracts had an asset fair value of $0 and a liability fair value of $7,033,966.
The weighting of the notional value contracts is as follows:
−Removed: (1) 35% to SEP25 CBOT contracts, (2) 30% to DEC25 CBOT contracts, and (3) 35% to DEC26 CBOT contracts.
+Added: (1) 35% to MAR26 CBOT contracts, (2) 30% to MAY26 CBOT contracts, and (3) 35% to DEC26 CBOT contracts.
Quarter Ending
1 unchanged sentence
Quarter Ending
−Removed: June 30, 2025
+Added: September 30, 2025
+Added: September 30, 2024
June 30, 2025
−Removed: March 31, 2025
Total Net Assets
3 unchanged sentences
Total net assets for the Fund decreased year over year by (15%), driven by an increase in the shares outstanding of 2,225,000 or 8%, and a decrease in the NAV per share of ($1.12) or (21%).
−Removed: The net assets for the Fund increased by 2% when comparing June 30, 2025 to March 31, 2025.
+Added: The net assets for the Fund increased by $121,132 or approximately 0.1% when comparing September 30, 2025 to June 30, 2025.
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.
−Removed: For the Three Months Ended June 30, 2025, compared to the Three Months Ended June 30, 2024
+Added: For the Three Months Ended September 30, 2025, compared to the Three Months Ended September 30, 2024
Three Months Ended
Three Months Ended
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: September 30, 2025
+Added: September 30, 2024
Average daily total net assets
11 unchanged sentences
Redemption of Shares
−Removed: For the Six Months Ended June 30, 2025, compared to the Six Months Ended June 30, 2024
−Removed: Six Months Ended
−Removed: Six Months Ended
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: For the Nine Months Ended September 30, 2025, compared to the Nine Months Ended September 30, 2024
+Added: Nine Months Ended
+Added: Nine Months Ended
+Added: September 30, 2025
+Added: September 30, 2024
Average daily total net assets
17 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 and six months ended June 30, 2025, compared to the three and six months ended June 30, 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 nine months ended September 30, 2025, compared to the three and nine months ended September 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 and six months ended June 30, 2025, compared to the three and six months ended June 30, 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 nine months ended September 30, 2025, compared to the three and nine months ended September 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 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.
+Added: The decrease in total gross fees and other expenses excluding management fees for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 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 June 30, 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 September 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.
22 unchanged sentences
11 Futures Contract expiring in the March following the expiration month of the third to expire contract, weighted 35%.
−Removed: On June 30, 2025, the Fund held:
+Added: On September 30, 2025, the Fund held:
1) 112,791 shares of CORN with a fair value of $1,968,699;
2 unchanged sentences
and 4) 189,099 shares of CANE with a fair value of $2,003,013.
−Removed: The weighting on June 30, 2025 was 25% to CORN, 25% to WEAT, 25% to SOYB and 25% to CANE.
+Added: The weighting on September 30, 2025 was 25% to CORN, 25% to WEAT, 25% to SOYB and 25% to CANE.
Quarter Ending
1 unchanged sentence
Quarter Ending
−Removed: June 30, 2025
+Added: September 30, 2025
+Added: September 30, 2024
June 30, 2025
−Removed: March 31, 2025
Total Net Assets
3 unchanged sentences
Total net assets for the Fund decreased year over year by (33%), driven by a decrease in shares outstanding of (100,000) shares or (23%) and a decrease in the NAV/share of ($3.55) or (13%).
−Removed: The net assets for the Fund decreased by (13%) when comparing June 30, 2025 to March 31, 2025.
+Added: The net assets for the Fund decreased by (10%) when comparing September 30, 2025 to June 30, 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 June 30, 2025, compared to the Three Months Ended June 30, 2024
+Added: For the Three Months Ended September 30, 2025, compared to the Three Months Ended September 30, 2024
Three Months Ended
Three Months Ended
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: September 30, 2025
+Added: September 30, 2024
Average daily total net assets
Net realized and unrealized gain (loss) on securities
−Removed: Interest income earned on cash equivalents
+Added: Interest income earned on cash and cash equivalents
Annualized interest yield based on average daily total net assets
8 unchanged sentences
Redemption of Shares
−Removed: For the Six Months Ended June 30, 2025, compared to the Six Months Ended June 30, 2024
−Removed: Six Months Ended
−Removed: Six Months Ended
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: For the Nine Months Ended September 30, 2025, compared to the Nine Months Ended September 30, 2024
+Added: Nine Months Ended
+Added: Nine Months Ended
+Added: September 30, 2025
+Added: September 30, 2024
Average daily total net assets
Net realized and unrealized loss on securities
−Removed: Interest income earned on cash equivalents
+Added: Interest income earned on cash and cash equivalents
Annualized interest yield based on average daily total net assets
15 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 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.
+Added: The decrease in total gross fees and other expenses for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 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 June 30, 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 September 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 July 2025 USDA report.
+Added: The outlook provided below is from the September 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 33% of all the corn globally, of which about 18% will be exported.
−Removed: 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.
+Added: For 2025-2026, based on the September 2025, USDA reports, global consumption of 1,289 Million Metric Tons (MMT) is expected to be slightly higher than global production of 1,287 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 May 2025.
−Removed: On July 11, 2025, the USDA released its monthly World Agricultural Supply and Demand Estimates (WASDE) for the Crop Year 2025-26.
+Added: The graph below shows the USDA published price per bushel by month for the period January 2007 to August 2025.
+Added: On September 12, 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 2025-26, based on the July 2025 USDA report, global consumption of 425 MMT is estimated slightly lower than global production of 428 MMT.
+Added: For 2025-26, based on the September 2025 USDA report, global consumption of 424 MMT is estimated slightly lower than global production of 426 MMT.
If the global demand for soybeans is not equal to global supply, this may have an impact on the price of soybeans.
45 unchanged sentences
and global demand.
−Removed: The graph below shows the USDA published price per bushel by month for the period January 2007 to May 2025.
−Removed: On July 11, 2025, the USDA released its monthly World Agricultural Supply and Demand Estimates (WASDE) for the Crop Year 2025-26.
+Added: The graph below shows the USDA published price per bushel by month for the period January 2007 to August 2025.
+Added: On September 12, 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.
68 unchanged sentences
generates approximately 6% of global production, with approximately 47% of that being exported.
−Removed: 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.
+Added: For 2025-26, based on the September 2025 USDA report, global consumption of 815 MMT is estimated to be slightly lower than production of 816 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 July 2025 USDA report.
+Added: The outlook provided herein is from the September 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 May 2025.
−Removed: On July 11, 2025, the USDA released its monthly World Agricultural Supply and Demand Estimates (WASDE) for the Crop Year 2025-26.
+Added: The graph below shows the USDA published price per bushel by month for the period January 2007 to August 2025.
+Added: On September 12, 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.
289 unchanged sentences
Off Balance Sheet Financing
−Removed: 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.
+Added: As of September 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 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.
+Added: During the period from January 1, 2025 through September 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:
44 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.