What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-03-02 compared with 2025-03-05 · 48 added, 21 removed, 911 unchanged (7% of the section changed)

2 unchanged sentences

Teucrium Corn Fund (“CORN”), Teucrium Sugar Fund (“CANE”), Teucrium Soybean Fund (“SOYB”), Teucrium Wheat Fund (“WEAT” and, together with CORN, CANE and SOYB, the “Agriculture Funds”) and Teucrium Agricultural Fund (“TAGS”).

On September 17, 2025, the 7RCC Spot Bitcoin and Carbon Credit Futures ETF ("BTCK"), was established as a new series of the Trust.

The Fund is still in registration with the SEC.

Hashdex Bitcoin Futures ETF (“DEFI") was a series of the Trust prior to the merger closing on January 3, 2024.

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The Funds issue common units, called “Shares,” representing fractional undivided beneficial interests in a Fund.

Effective as of April 29, 2019, the Trust and the Funds operate pursuant to the Trust's Fifth Amended and Restated Declaration of Trust and Trust Agreement (the "Trust Agreement").

Effective as of April 29, 2019, the Trust and the Funds operate pursuant to the Trust's Sixth Amended and Restated Declaration of Trust and Trust Agreement (the "Trust Agreement").

The Trust Agreement may be found on the SEC’s EDGAR filing database at:

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Teucrium Investment Advisors, LLC became a member of the NFA on May 9, 2022.

Teucrium Asset Management, LLC, a wholly owned subsidiary of the Sponsor, is a Delaware limited liability company, which was formed on September 15, 2025.

The Trust and the Funds operate pursuant to the Trust Agreement.

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As reported by the registrant on a Form 8-K filed with the Securities and Exchange Commission on November 7, 2023 (File No.

001-34765), Teucrium Commodity Trust (the “Teucrium Trust”), on behalf of its series, Hashdex Bitcoin Futures ETF (“Acquired Fund”), and Tidal Commodities Trust I (“Acquiring Trust”), on behalf of its series, Hashdex Bitcoin Futures ETF (“Acquiring Fund”), entered into an Agreement and Plan of Partnership Merger and Liquidation dated as of October 30, 2023 (the “Plan of Merger”).

001-34765), the Trust, on behalf of its series, Hashdex Bitcoin Futures ETF (“Acquired Fund”), and Tidal Commodities Trust I (“Acquiring Trust”), on behalf of its series, Hashdex Bitcoin Futures ETF (“Acquiring Fund”), entered into an Agreement and Plan of Partnership Merger and Liquidation dated as of October 30, 2023 (the “Plan of Merger”).

The Merger closed on January 3, 2024 (the “Closing Date”).

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

The Sponsor of the Teucrium Trust, Teucrium Trading, LLC (“Teucrium”), has not received any compensation dependent on the consummation of the Merger.

On September 17, 2025, the Form S-1 for the 7RCC Spot Bitcoin and Carbon Credit Futures ETF ("BTCK") was filed with the SEC.

The fund has not commenced investment operations.

As of December 10, 2025, the Fund issued four shares at $25.00 per share as seed capital.

Other than the initial capitalization, the Fund had no operations, no investment activity, and no realized or unrealized gains or losses during 2025.

Net asset value remained unchanged at $25.00 per share from inception through the end of the period.

The total net assets of $100 and the creation of shares of $100 for BTCK are included in the Trust's financial statements.

As the Fund had not commenced operations as of the date of this filing, much of the information presented in these Notes to the Financial Statements is not applicable with respect to BTCK and therefore, BTCK is omitted from many of the presentations.

The Sponsor of the Trust, Teucrium Trading, LLC (“Teucrium”), has not received any compensation dependent on the consummation of the Merger.

Investing Strategy

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Other Commodity Interests that do not have standardized terms and are not exchange traded, referred to as “over the counter” Commodity Interests, can generally be structured as the parties to the Commodity Interest contract desire.

Therefore, each Fund might enter into multiple and/or over the counter Interests intended to replicate the performance of each of the Benchmark Component Futures Contracts for a Fund, or a single over the counter Commodity Interest designed to replicate the performance of the Benchmark as a whole.

Assuming that there is no default by a counterparty to an over the counter Commodity Interest, the performance of the Interest will necessarily correlate with the performance of the Benchmark or the applicable Benchmark Component Futures Contract.

Each Fund might also enter into or hold Interests other than Benchmark Component Futures Contracts to facilitate effective trading, consistent with the discussion of the Fund’s “roll” strategy.

In addition, each Fund might enter into or hold Interests that would be expected to alleviate overall deviation between the Fund’s performance and that of the Benchmark that may result from certain market and trading inefficiencies or other reasons.

Therefore, each Fund might enter into multiple and/or over the counter Commodity Interests intended to replicate the performance of each of the Benchmark Component Futures Contracts for a Fund, or a single over the counter Commodity Interest designed to replicate the performance of the Benchmark as a whole.

Assuming that there is no default by a counterparty to an over the counter Commodity Interest, the performance of the Commodity Interest will necessarily correlate with the performance of the Benchmark or the applicable Benchmark Component Futures Contract.

Each Fund might also enter into or hold Commodity Interests other than Benchmark Component Futures Contracts to facilitate effective trading, consistent with the discussion of the Fund’s “roll” strategy.

In addition, each Fund might enter into or hold Commodity Interests that would be expected to alleviate overall deviation between the Fund’s performance and that of the Benchmark that may result from certain market and trading inefficiencies or other reasons.

By utilizing certain or all of the investments described above, the Sponsor will endeavor to cause the Fund’s performance to closely track that of the Benchmark of each Fund.

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The United States is the world’s leading producer and exporter of corn.

For the Crop Year 2024-25, the United States Department of Agriculture (“USDA”) estimates that the U.S.

For the Crop Year 2025-26, the USDA estimates that the U.S.

will produce approximately 33 % of all the corn globally, of which about 19% will be exported.

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Global soybean production is concentrated in the U.S., Brazil, Argentina and China.

The United States Department of Agriculture (“USDA”) has estimated that, for the Crop Year 2024-25, the United States will produce approximately 119 MMT of soybeans or approximately 28 % of estimated world production, with Brazil production at 169 MMT.

The USDA has estimated that, for the Crop Year 2025-26, the United States will produce approximately 116 MMT of soybeans or approximately 27 % of estimated world production, with Brazil production at 178 MMT.

Argentina is projected to produce about 49 MMT.

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11 Futures Contracts trade on ICE Futures US and the NYMEX in units of 112,000 pounds.

The United States Department of Agriculture (“USDA”) publishes two major reports annually on U.S.

The USDA publishes two major reports annually on U.S.

domestic and worldwide sugar production and consumption.

2 unchanged sentences

These reports are available on the USDA’s website, www.usda.gov, at no charge.

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.

The USDA’s November 2026 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 lower European Union production.

Consumption is expected to rise due to growth in markets such as India.

Stocks are forecast lower as reduced stocks in Thailand are projected to offset a rise in stocks in India.

Stocks are forecast higher as increased stocks in India and Thailand are projected to offset a decrease in lower stocks in the United States and the European Union.

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.

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Wheat is the principal food grain produced in the United States, and the United States’ output of wheat is typically exceeded only by that of China, the European Union, Russia, and India.

The United States Department of Agriculture (“USDA”) estimates that for 2024-25, the principal global producers of wheat will be the EU, Russia, Ukraine, China, India, the United States, Australia, and Canada.

The USDA estimates that for 2025-26, the principal global producers of wheat will be the EU, Russia, Ukraine, China, India, the United States, Australia, and Canada.

generates approximately 6% of global production, with approximately 24 % of that being exported.

For 2024-25, based on the January 10, 2025 USDA report, global consumption of 802 MMT is estimated to be slightly higher than production of 793 MMT.

For 2025-26, based on the January 12, 2026 USDA report, global consumption of 824 MMT is estimated to be slightly lower than production of 842 MMT.

If the global demand for wheat is not equal to global supply, this may have an impact on the price of wheat.

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The Hashdex Bitcoin Futures ETF commenced operations on September 16, 2022.

The 7RCC Spot Bitcoin and Carbon Credit Futures ETF was created as a new series of the Trust on September 17, 2025, but has not yet commenced operations.

In addition to establishing these series, operating those series that have commenced offering their Shares, and obtaining capital from a small number of outside investors in order to engage in these activities, the Sponsor also offers Commodity Trading Advisory services to U.S.

Teucrium Investment Advisors, LLC, a wholly owned subsidiary of the Sponsor, which was formed on January 4, 2022.

Teucrium Asset Management, LLC, a wholly owned subsidiary of the Sponsor, is a Delaware limited liability company, which was formed on September 15, 2025.

The Trust and the Funds do not have any employees or officers.

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The Custodian and Administrator

In its capacity as the Fund’s custodian, the Custodian, currently U.S.

In its capacity as each Fund’s custodian, the Custodian, currently U.S.

Bank, N.A., holds the Funds’ securities, cash and/or cash equivalents pursuant to a custodial agreement.

8 unchanged sentences

The Sponsor employs PINE Distributors, LLC (“PINE” or the “Marketing Agent”) as the Marketing Agent for the Funds.

The Distribution Services Agreement among the Marketing Agent and the Sponsor calls for the Marketing Agent to work with the Custodian in connection with the receipt and processing of orders for Creation Baskets and Redemption Baskets and the review and approval of all Fund sales literature and advertising materials.

The Marketing Agent Agreement among the Marketing Agent and the Sponsor calls for the Marketing Agent to work with the Custodian in connection with the receipt and processing of orders for Creation Baskets and Redemption Baskets and the review and approval of all Fund sales literature and advertising materials.

The Marketing Agent and the Sponsor have also entered into a Registered Representative Service Agreement (the “RRSA”) under which certain employees and officers of the Sponsor are licensed as registered representatives or registered principals of the Marketing Agent, under Financial Industry Regulatory Authority (“FINRA”) rules.

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On February 2, 2024, Defendants filed its Reply Brief in Support of its Motion to Dismiss.

The Court has yet to rule on Defendants’ Motion to Dismiss.

On May 2, 2024, the Court granted the motion and dismissed six of the eight counts, but permitted Plaintiff to amend its complaint.

Plaintiff indicated that it does not intend to amend the complaint.

The matter remains pending and the parties are currently exchanging in discovery.

For a list of concluded actions, please go to http://www.nfa.futures.org/basicnet/welcome.aspx.

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Under the heading “Regulatory Actions”, click “details” and you will be directed to the full list of regulatory actions brought by the CFTC and exchanges.

Litigation Disclosure for StoneX

Litigation Disclosure for StoneX Financial Inc.

Below is a list of material, administrative, civil, enforcement, or criminal complaints or actions filed against StoneX Financial Inc.

2 unchanged sentences

– FCM Division in the past five years which meets the materiality thresholds in CTFC regulations 4.24 (I) and 4.34(k).

On November 13, 2023, BTIG, LLC filed a civil complaint against StoneX Group Inc.

and SFI in San Francisco Superior Court (CGC-23-610525) seeking monetary damages and injunctive relief for, among other things, alleged theft of purported trade secrets by former BTIG employees later employed by StoneX.

The proceedings were moved to FINRA Arbitration, and the California court action is stayed.

StoneX continues to vigorously defend itself against these claims.

StoneX subsequently received from the U.S.

Department of Justice (“DOJ”) and the SEC subpoenas related to conduct alleged in the BTIG complaint, and StoneX is cooperating with these inquiries.

In early 2025, the SEC informed StoneX that it concluded its investigation by recommending that the Commission not pursue an enforcement action.

The ultimate outcomes of the BTIG complaint and the DOJ subpoena cannot be presently determined

On October 18, 2023, a subcommittee of the Exchange’s Business Conduct Committee (“BCC”) determined that StoneX Financial Inc.

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which was effective on March 23, 2021.

During the week ended November 16, 2018, balances of multiple customers’ accounts declined below required maintenance margin levels, primarily as a result of significant and unexpected price fluctuations in the natural gas markets.

All positions in these accounts, which were managed by OptionSellers.com Inc.

(“OptionSellers”), an independent commodity trading advisor clearing through SFI, were liquidated in accordance with the SFI’s customer agreements and obligations under market regulation standards.

SFI has pursued arbitrations against certain of these account holders and OptionSellers, and some former clients of OptionSellers are asserting claims to recover trading losses which were caused by and resulted from the historic market movement in November 2018, despite their contractual agreement to assume the risk of loss associated with the trading strategy implemented by their agent, OptionSellers and their obligation to indemnify SFI for any of their trading losses.

The Company continues to defend the matters.

The FCM Division of StoneX Financial, Inc.

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Once the minimum number of baskets is reached, there can be no more redemptions until there has been a creation basket.

As of December 31, 2024, and March 4, 2025, these minimum levels are as follows:

As of December 31, 2025, and February 27, 2026, these minimum levels are as follows:

Minimum Level

3 unchanged sentences

December 31, 2025

March 4, 2025

February 27, 2026

Teucrium Corn Fund

181 unchanged sentences

The CFTC staff subsequently issued time-limited no-action relief from compliance with certain requirements under the amended aggregation rules, including the general requirement to aggregate positions in the same commodity futures contracts traded pursuant to substantially identical trading strategies.

This no-action relief expires on August 12, 2025.

This no-action relief expired on August 12, 2025.

Accountability Levels.

50 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.

What changed 10-K

Item 1. Business