Teucrium Commodity Trust 10-K

Item 9A. Controls and Procedures Disclosure Controls and Procedures The Trust and each Fund maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the Trust’s periodic reports filed or submitted under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) is recorded, processed, summarized and reported within the time period specified in the SEC’s rules and forms for the Trust and each Fund thereof. Management of the Sponsor of the Funds (“Management”), including Sal Gilbertie the Sponsor’s Principal Executive Officer and Cory Mullen-Rusin, the Sponsor’s Principal Financial Officer, who perform functions equivalent to those of a principal executive officer and principal financial officer of the Trust if the Trust had any officers, have evaluated the effectiveness of the design and operation of the Trust’s and each Fund’s disclosure controls and procedures (as defined in Rule 13a-15(e) or 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) as of the end of the period covered by this report, and, based upon that evaluation, concluded that the Trust’s and each Fund’s disclosure controls and procedures were effective as of the end of such period, to ensure that information the Trust is required to disclose in the reports that it files or submits with the SEC under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms, and to ensure that information required to be disclosed by the Trust in the reports that it files or submits under the Exchange Act is accumulated and communicated to management of the Sponsor, as appropriate, to allow timely decisions regarding required disclosure. The scope of the evaluation of the effectiveness of the design and operation of its disclosure controls and procedures covers the Trust, as well as separately for each Fund that is a series of the Trust. The certifications of the Chief Executive Officer and Chief Financial Officer are applicable to each Fund individually as well as the Trust as a whole. Management ’ s Annual Report on Internal Control over Financial Reporting Management of the Sponsor, on behalf of the Trust and each Fund are responsible for establishing and maintaining adequate internal control over financial reporting. The Trust and each Fund’s internal control system is designed to provide reasonable assurance to the Sponsor regarding the preparation and fair presentation of published financial statements. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Management of the Sponsor, including Sal Gilbertie, Principal Executive Officer of the Sponsor, and Cory Mullen-Rusin, Principal Financial Officer of the Sponsor, who perform functions equivalent to those of a principal executive officer and principal financial officer of the Trust if the Trust had any officers, assessed the effectiveness of the Trust’s and each Fund’s internal control over financial reporting as of December 31, 2025. In making this assessment, it used the criteria in the Internal Control - Integrated framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013 . Based on the assessment, Management believes that, as of December 31, 2025, the internal control over financial reporting is effective for the Trust and each Fund thereof. Changes in Internal Control over Financial Reporting There has been no change in the Trust’s or the Funds’ internal controls over the financial reporting (as defined in the Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the Trust’s last fiscal year that has materially affected, or is reasonably likely to materially affect, the Trust’s or the Funds’ internal control over financial reporting. Item 9B. Other Information None of the Sponsor’s officers have adopted, modified or terminated trading plans under either a Rule 10b5 - 1 or non-Rule 10b5 - 1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933 ) for the Trust or the Funds for the three months ended December 31, 2025. 79 Table of Contents PART III Item 10. Directors and Executive Officers of the Registrant The Trust has no directors, officers or employees and is managed by the Sponsor, Teucrium Trading, LLC. The Sponsor is managed by the officers of the Sponsor under its Limited Liability Company Agreement, as amended from time to time. The Chief Executive Officer of the Sponsor is responsible for the overall strategic direction of the Sponsor and has general control of its business. The Chief Investment Officer and President of the Sponsor is primarily responsible for new investment product development with respect to the Funds. The Chief Operating Officer has primary responsibility for trade operations, trade execution, and portfolio activities with respect to the Fund. The Chief Financial Officer and Chief Accounting Officer acts as the Sponsor’s principal financial and accounting officers. The Chief Compliance Officer has primary responsibility for developing, instituting, and monitoring the effectiveness of processes and procedures to comply with all regulatory requirements. Furthermore, certain fundamental actions regarding the Sponsor, such as the removal of officers, the addition or substitution of members, or the incurrence of liabilities other than those incurred in the ordinary course of business and de minimis liabilities, may not be taken without the affirmative vote of a majority of the Class A members (which is generally defined as the affirmative vote of Mr. Gilbertie and Van Eck Associates Corporation). The Sponsor has no board of directors. The three Class A members of the Sponsor are Sal Gilbertie, Van Eck Associates Corporation and Carl N. Miller III. The Officers of the Sponsor, one of whom is a Class A member of the Sponsor, are the following: Sal Gilbertie has been the President of the Sponsor since its inception, its Chief Investment Officer since September 2011, and its Chief Executive Officer and Secretary since September 17, 2018, and was approved by the NFA as a principal of the Sponsor on September 23, 2009 and registered as an associated person of the Sponsor on November 10, 2009. He maintains his main business office at 65 Adams Road, Easton, Connecticut 06612. Effective July 16, 2012, Mr. Gilbertie was registered with the NFA as the Branch Manager for this location. Since October 18, 2010, Mr. Gilbertie has been an associated person of the Marketing Agent under the terms of the Registered Representative Services Agreement (“RRSA”) between the Sponsor and the Marketing Agent. Additional information regarding the RRSA can be found in the section of this disclosure document entitled “Plan of Distribution.” From October 2005 until December 2009, Mr. Gilbertie was employed by Newedge USA, LLC, an FCM and broker-dealer registered with the CFTC and the SEC, where he headed the Renewable Fuels/Energy Derivatives OTC Execution Desk and was an active futures contract and over-the-counter derivatives trader and market maker in multiple classes of commodities. (Between January 2008 and October 2008, he also held a comparable position with Newedge Financial, Inc., an FCM and an affiliate of Newedge USA, LLC.) From October 1998 until October 2005, Mr. Gilbertie was principal and co-founder of Cambial Asset Management, LLC, an adviser to two private funds that focused on equity options, and Cambial Financing Dynamics, a private boutique investment bank. While at Cambial Asset Management, LLC and Cambial Financing Dynamics, Mr. Gilbertie served as principal and managed the day to day activities of the business and the portfolio of both companies. Mr. Gilbertie is 65 years old. Cory Mullen-Rusin has been the Chief Financial Officer and Chief Accounting Officer of the Sponsor since September 17, 2018 and Ms. Mullen-Rusin has primary responsibility for the financial management, compliance and reporting of the Sponsor and is in charge of its books of account and accounting records, and its accounting procedures. She maintains her main business office at Three Main Street, Suite 215, Burlington, Vermont 05401. Ms. Mullen-Rusin was approved by the NFA as a Principal of the Sponsor on October 8, 2018. Ms. Mullen-Rusin began working for the Sponsor in September 2011 and worked directly with the former CFO at the Sponsor for seven years. Her responsibilities included aspects of financial planning, financial operations, and financial reporting for the Trust and the Sponsor. Additionally, Ms. Mullen-Rusin was the Chief Compliance Officer of the Sponsor from September 17, 2018 through December 31, 2025. In that role, she had primary responsibility for developing, instituting, and monitoring the effectiveness of processes and procedures to comply with all regulatory agency requirements. Ms. Mullen-Rusin is an officer of Teucrium Investment Advisors, LLC, a wholly owned subsidiary of Teucrium Trading, LLC effective January 21, 2022. Ms. Mullen-Rusin was approved by the NFA as a Principal of Teucrium Investment Advisors, LLC on April 28, 2022. Ms. Mullen-Rusin generally assumes the same roles and duties held in the parent company within the subsidiary. Ms. Mullen-Rusin graduated from Boston College with a Bachelor of Arts and Science in Communications in 2009, where she was a four-year scholarship player on the NCAA Division I Women’s Basketball team. In 2017, she earned a Master of Business Administration from Nichols College. Ms. Mullen-Rusin is 38 years old. Christi Powitzky has been the Chief Compliance Officer of the Sponsor since January 1, 2026 and was approved by the NFA as a Principal of the Sponsor on January 2, 2026. Ms. Powitzky is responsible for developing, instituting, and monitoring the effectiveness of processes and procedures to comply with all regulatory requirements. Ms. Powitzky has over fifteen years of experience as a compliance officer. Ms. Powitzky has been the Chief Compliance Officer of Teucrium Investment Advisors, LLC, a wholly owned subsidiary of Teucrium Trading, LLC since August 2025. Ms. Powitzky was approved by the NFA as a Principal of Teucrium Investment Advisors, LLC on August 22, 2025. Ms. Powitzky serves as Chief Compliance Officer for both the Advisor and Teucrium Trading, overseeing firmwide compliance programs across ’40 Act and ’33 Act ETF products. She leads compliance oversight for ETF launches, service provider diligence, regulatory risk assessment, advertising review, books and records, and firmwide compliance training. Prior to joining the Sponsor, Ms. Powitzky served as Chief Compliance Officer of the Listed Funds Trust, an open-end management investment company consisting of multiple investment series, from June 2022 to August 2025. From June 2021 to July 2022, Ms. Powitzky was an Advisory Compliance Principal Consultant at ACA Group where she served as the Firm’s SEC Marketing Rule subject matter expert and provided mock examinations, regulatory gap analyses, and implementation support to her Registered Investment Advisor clients. From November 2018 to June 2021, Ms. Powitzky served as the Lead Manager of Global Communications Compliance for T. Rowe Price, a global investment management firm. Ms. Powitzky received her Bachelor of Science in Education from the University of Texas at Austin and her Master of Business Administration in Finance from the University of Houston. She maintains her principal business office at Three Main Street, Suite 215, Burlington, Vermont 05401. She is 52 years old. Springer Harris has been the Chief Operating Officer since June 14, 2024 and Mr. Harris has primary responsibility for the Trade Operations for the Funds. He maintains his main business office at Three Main Street, Suite 215, Burlington, Vermont 05401. Mr. Harris began working for the Sponsor in April 2011 as director of Operations, working directly under the former COO for 13 years. His responsibilities include trading and investment decisions for the Funds, and for directing the funds' trade execution. He also heads ETF Launchpad, Teucrium's multi-asset white label ETF platform. Mr. Harris graduated Cum Laude from Washington College with a Bachelor of Arts in Business Management, where he was a four-year member and two-year captain of the Men's Rowing Team. Mr. Harris is 36 years old. Messrs. Gilbertie, Harris, Van Eck Associates Corporation, Ms. Mullen-Rusin, and Ms. Powitzky are individual “principals,” as that term is defined in CFTC Rule 3.1, of the Sponsor. These individuals are principals due to their positions and/or due to their ownership interests in the Sponsor. Beneficial ownership interests of the principals, if any, are shown under the section entitled “Security Ownership of Principal Shareholders and Management” below and any of the principals may acquire beneficial interests in the Fund in the future. GFI Group LLC is a principal for the Sponsor under CFTC Rules due to its ownership of certain non-voting securities of the Sponsor. NMSIC Classic LLC is a principal for the Sponsor under CFTC Rules due to its greater than 10% capital contribution to the Sponsor. Code of Ethics The Sponsor has adopted a Code of Business Conduct and Ethics (the “Code of Ethics”) which applies to all of its officers (including senior financial officers) and employees; the Sponsor’s Code of Ethics covers all officers and employees that manage the Trust and the Funds. A printed copy of the Code of Ethics is available to any person free of charge, upon request, by contacting the Sponsor at: Teucrium Trading, LLC Three Main Street Suite 215 Burlington, Vermont 05401 Phone: (802) 540-0019 Insider Trading Policy The Sponsor has adopted an insider trading policy applicable to the Sponsor’s directors, officers and employees, which is included as an exhibit to this annual report on Form 10 -K. Item 11. Executive Compensation The Trust does not directly compensate any of the executive officers of the Sponsor. The executive officers of the Sponsor are compensated by the Sponsor for the work they perform on behalf of the Trust. The Trust does not set the amount or form of any portion of the compensation paid to the executive officers by the Sponsor. Each of the series of the Trust, except for TAGS, is obligated to pay a management fee to the Sponsor at an annualized rate of 1.00% of average daily net assets. The Sponsor has the right to elect to waive the management fee for any Fund; that election may be changed by the Sponsor. For 2025 , the Funds recognized $2,150,250 in management fees to the Sponsor. In addition to the management fee, each Fund reimburses the Sponsor for expenses related to the operation of the Fund. These related party expenses are discussed in the Notes to the Financial Statements for the Trust and each Fund in Part II of this filing. While as noted above the executive officers of the Sponsor are not compensated directly by the Trust, the Sponsor has adopted compliance policies and procedures effective as of November 14, 2023 as required to comply with NYSE Arca Rule 5.3 -E(p) on the recovery of erroneously awarded compensation. The Trust will recover reasonably promptly the amount of any erroneously awarded incentive-based compensation in the event that the Trust is required to prepare an accounting restatement due to the material noncompliance of the Trust with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period. 80 Table of Contents Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters a. Security Ownership of Certain Beneficial Owners. The following table sets forth information with respect to each person known to own beneficially more than 5% of the outstanding Shares of any series in the Trust as of December 31, 2025, based on information known to the Sponsor. (1) Title of Class (2) Name and Address of Beneficial Ownership (3) Amount and Nature of Beneficial Ownership (4) Percent Class CANE Teucrium Agricultural Fund, Burlington, VT, United States 163,083(1) 10.87% WEAT Pender Corporate Bond Fund, Vancouver, Canada 696,000(1) 12.31% (F) These individuals and entities have not filed any public reports with the SEC. 81 Table of Contents b. Security Ownership of Management The following table sets forth information regarding the beneficial ownership of Shares by the executive officers of the Sponsor as of December 31, 2025. Except as listed, no other executive officer of the Sponsor is a beneficial owner of Shares of any series of the Trust. (1) Title of Class (2) Name of Beneficial Owner (3) Amount and nature of Beneficial Ownership (4) Percent of Class CORN Sal Gilbertie 1 common units * * Less than 1%. c. Change in Control. Neither the Sponsor nor the Trustee knows of any arrangements which may subsequently result in a change in the control of the Trust. Item 13. Certain Relationships and Related Transactions and Director Independence Neither the Trust nor the Funds entered into any transaction in excess of $120,000 in which any related person had a direct or indirect material interest and the Trust and the Funds do not propose to enter into any such transaction. Item 14. Principal Accountant and Audit Fees and Services Fees paid for services performed by Grant Thornton for the years ended December 31, 2025 and December 31, 2024 were: Year Ended Year Ended December 31, 2025 December 31, 2024 Audit Fees $ 407,900 $ 391,557 Audit-Related Fees $ - $ - Tax Fees $ - $ - All Other Fees $ - $ - The Sponsor approved all services provided by Grant Thornton above. The Sponsor preapproves all audit, and non-audit services, if any, of the Trust’s independent registered public accounting firm including all engagement fees and terms. 82 Table of Contents PART IV Item 15. Exhibits and Financial Statements Schedules The following exhibits are filed as part of this report as required under Item 601 of Regulation S-K: 3.1 Sixth Amended and Restated Declaration of Trust and Trust Agreement of the Registrant. (1) 3.2 Certificate of Trust of the Registrant. (2) 3.3 Instrument Establishing Teucrium Sugar Fund, Teucrium Wheat Fund, Teucrium Soybean Fund, Teucrium Natural Gas Fund and Teucrium WTI Crude Oil Fund. (3) 3.4 Instrument Establishing Teucrium Agricultural Fund (4) 3.5 Instrument Establishing the 7RCC Spot Bitcoin and Carbon Credit Futures ETF (5) 4.1 Description of Capital Stock (13) 10.1 Form of Authorized Purchaser Agreement. (included as Exhibit B to the Sixth Amended and Restated Declaration of Trust and Trust Agreement) (1) 10.2 Marketing Agent Services Agreement. (6) 10.3 First Amendment to Marketing Agent Services Agreement. (7) 10.4 Form of Bitcoin Custody Agreement. (7) 10.5 Custody Agreement (8) 10.6 Third Amendment to the Custody Agreement (7) 10.7 Fund Accounting Servicing Agreement (9) 10.8 Third Amendment to the Accounting Services Agreement (7) 10.9 Transfer Agent Servicing Agreement. (10) 10.10 Third Amendment to the Transfer Agent Servicing Agreement (7) 10.11 Fund Administration Servicing Agreement (11) 10.12 Third Amendment to the Fund Administration Servicing Agreement (7) 10.13 Form of Digital Asset Purchase and Sale Agreement (7) 10.14 Sublicense Agreement (12) 19.1 Insider Trading Policies and Procedures (13) 23.2 Consent of Independent Registered Public Accounting Firm (14) 31.1 Certification by the Principal Executive Officer of the Registrant pursuant to Rules 13a-14 and 15d-14 of the Exchange Act.(14) 31.2 Certification by the Principal Financial Officer of the Registrant pursuant to Rules 13a-14 and 15d-14 of the Exchange Act. (14) 32.1 Certification by the Principal Executive Officer of the Registrant pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (14) 32.2 Certification by the Principal Financial Officer of the Registrant pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (14) 97.1 Incentive-Based Compensation Recovery Policy (13) 83 Table of Contents 101.INS Inline XBRL Instance Document (14) 101.SCH Inline XBRL Taxonomy Extension Schema (14) 101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase (14) 101.DEF Inline XBRL Taxonomy Definition Linkbase (14) 101.LAB Inline XBRL Taxonomy Extension Label Linkbase (14) 101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase (14) 104 Cover Page Interactive Data File (formatted in inline XBRL and contained in Exhibit 101) (1) Previously filed as Exhibit 3.1 to Registrant's Current Report on Form 8-K, filed on December 18, 2025, and incorporated by reference herein. (2) Previously filed as like-numbered exhibit to Registration Statement No. 333-162033, filed on September 21, 2009 and incorporated by reference herein. (3) Previously filed as like-numbered exhibit to Pre-Effective Amendment No. 1 to Registration Statement No. 333-167590, filed on March 9, 2011 and incorporated by reference herein. (4) Previously filed as Exhibit 3.3 to Registration Statement No. 333-173691, filed on April 25, 2011 and incorporated by reference herein. (5) Previously filed as Exhibit 3.3 to Registrant's Registration Statement on Form S-1 (333-290330), filed on September 17, 2025 and incorporated by reference herein. (6) Previously filed as Exhibit 99.1 to Registrant's Current Report on Form 8-K, filed on June 14, 2024 and incorporated herein by reference. (7) Previously filed as like-numbered exhibits to Pre-Effective Amendment No. 1 to Registrant's Registration Statement of Form S-1 (333-290330), filed on January 27, 2026, and incorporated by reference herein. (8) Previously filed as Exhibit 10.8 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2015, filed on March 15, 2016, and incorporated by reference herein. (9) Previously filed as Exhibit 10.9 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2015, filed on March 15, 2016, and incorporated by reference herein. (10) Previously filed as Exhibit 10.10 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2015, filed on March 15, 2016, and incorporated by reference herein. (11) Previously filed as Exhibit 10.11 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2015, filed on March 15, 2016, and incorporated by reference herein. (12) Previously filed as like-numbered exhibit to Pre-Effective Amendment No. 2 to Registrant's Registration Statement on Form S-1 (333-290330), filed on February 18, 2016, and incorporated by reference herein. (13) Previously filed as like-numbered exhibits to Registrant's Report on Form 10-K for the fiscal year ended December 31, 2024, filed on March 5, 2025. (14) Filed herein. 84 Table of Contents TEUCRIUM COMMODITY TRUST FINANCIAL STATEMENTS AS OF December 31, 2025 Index to Financial Statements Documents Page TEUCRIUM COMMODITY TRUST Reports of Independent Registered Public Accounting Firm (GRANT THORNTON LLP, New York, NY, PCAOB # 248 ) F-2 Combined Statements of Assets and Liabilities at December 31, 2025 and 2024 F-3 Combined Schedules of Investments at December 31, 2025 and 2024 F-4 Combined Statements of Operations for the years ended December 31, 2025, 2024 and 2023 F-6 Combined Statements of Changes in Net Assets for the years ended December 31, 2025, 2024 and 2023 F-7 Combined Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023 F-8 Teucrium Corn Fund Statements of Assets and Liabilities at December 31, 2025 and 2024 F-9 Teucrium Corn Fund Schedules of Investments at December 31, 2025 and 2024 F-10 Teucrium Corn Fund Statements of Operations for the years ended December 31, 2025, 2024 and 2023 F-12 Teucrium Corn Fund Statements of Changes in Net Assets for the years ended December 31, 2025, 2024 and 2023 F-13 Teucrium Corn Fund Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023 F-14 Teucrium Soybean Fund Statements of Assets and Liabilities at December 31, 2025 and 2024 F-15 Teucrium Soybean Fund Schedules of Investments at December 31, 2025 and 2024 F-16 Teucrium Soybean Fund Statements of Operations for the years ended December 31, 2025, 2024 and 2023 F-18 Teucrium Soybean Fund Statements of Changes in Net Assets for the years ended December 31, 2025, 2024 and 2023 F-19 Teucrium Soybean Fund Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023 F-20 Teucrium Sugar Fund Statements of Assets and Liabilities at December 31, 2025 and 2024 F-21 Teucrium Sugar Fund Schedules of Investments at December 31, 2025 and 2024 F-22 Teucrium Sugar Fund Statements of Operations for the years ended December 31, 2025, 2024 and 2023 F-24 Teucrium Sugar Fund Statements of Changes in Net Assets for the years ended December 31, 2025, 2024 and 2023 F-25 Teucrium Sugar Fund Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023 F-26 Teucrium Wheat Fund Statements of Assets and Liabilities at December 31, 2025 and 2024 F-27 Teucrium Wheat Fund Schedules of Investments at December 31, 2025 and 2024 F-28 Teucrium Wheat Fund Statements of Operations for the years ended December 31, 2025, 2024 and 2023 F-30 Teucrium Wheat Fund Statements of Changes in Net Assets for the years ended December 31, 2025, 2024 and 2023 F-31 Teucrium Wheat Fund Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023 F-32 Teucrium Agricultural Fund Statements of Assets and Liabilities at December 31, 2025 and 2024 F-33 Teucrium Agricultural Fund Schedules of Investments at December 31, 2025 and 2024 F-34 Teucrium Agricultural Fund Statements of Operations for the years ended December 31, 2025, 2024 and 2023 F-36 Teucrium Agricultural Fund Statements of Changes in Net Assets for the years ended December 31, 2025, 2024 and 2023 F-37 Teucrium Agricultural Fund Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023 F-38 7RCC Spot Bitcoin and Carbon Credit Futures ETF Statements of Assets and Liabilities at December 31, 2025 F-39 7RCC Spot Bitcoin and Carbon Credit Futures ETF Statements of Operations for the period from December 10, 2025 (Date of Seeding) to December 31, 2025 F-40 7RCC Spot Bitcoin and Carbon Credit Futures ETF Statements of Changes in Net Assets for the period from December 10, 2025 (Date of Seeding) to December 31, 2025 F-41 7RCC Spot Bitcoin and Carbon Credit Futures ETF Statements of Cash Flows for the period from December 10, 2025 (Date of Seeding) to December 31, 2025 F-42 Notes to the Financial Statements F-43 F-1 Table of Contents REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Sponsor and Shareholders Teucrium Commodity Trust and each Fund listed in the table below Opinions on the financial statements We have audited the accompanying combined statements of assets and liabilities, including the combined schedule of investments, of Teucrium Commodity Trust (the “Trust”) as of December 31, 2025 and 2024; the statements of assets and liabilities, including the schedules of investments, of each Fund listed in the table below as of the respective date(s) listed below; the Trust’s related combined statements of operations, changes in net assets, and cash flows for each of the three years in the period ended December 31, 2025; the related statements of operations, changes in net assets, and cash flows of each Fund listed below for the respective period(s) ended listed below; and the related notes (collectively referred to as the “financial statements”). Teucrium Commodity Trust is a series trust consisting of the following series (individually referred to as “Fund” or collectively referred to as “Funds”): Fund As of date(s) Period(s) ended Teucrium Corn Fund December 31, 2025 and 2024 Each of the three years ended December 31, 2025 Teucrium Soybean Fund December 31, 2025 and 2024 Each of the three years ended December 31, 2025 Teucrium Sugar Fund December 31, 2025 and 2024 Each of the three years ended December 31, 2025 Teucrium Wheat Fund December 31, 2025 and 2024 Each of the three years ended December 31, 2025 Teucrium Agricultural Fund December 31, 2025 and 2024 Each of the three years ended December 31, 2025 7RCC Spot Bitcoin and Carbon Credit Futures ETF December 31, 2025 December 10, 2025 (date of seeding) through December 31, 2025 In our opinion, the financial statements present fairly, in all material respects, the combined financial position of the Trust as of December 31, 2025 and 2024; the financial position of each Fund listed in the table above as of the respective date(s) listed above; the combined results of operations and cash flows of the Trust for each of the three years in the period ended December 31, 2025; and the results of operations and cash flows for each Fund listed above for the respective period(s) ended listed above, in conformity with accounting principles generally accepted in the United States of America. Basis for opinions These financial statements are the responsibility of the Trust’s and Funds’ management. Our responsibility is to express an opinion on the Trust’s combined financial statements and each Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust and each Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust and each Fund are not required to have, nor were we engaged to perform, an audit of internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing opinions on the effectiveness of the Trust’s and each Fund’s internal control over financial reporting. Accordingly, we express no such opinions. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinions. Critical audit matters Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters in the audits of the Trust’s combined financial statements and each Fund’s financial statements. /s/ GRANT THORNTON LLP We have served as auditor of one or more of the series of Teucrium Commodity Trust since 2014. New York, New York March 2, 2026 F-2 Table of Contents TEUCRIUM COMMODITY TRUST COMBINED STATEMENTS OF ASSETS AND LIABILITIES December 31, 2025* December 31, 2024 Assets Cash and cash equivalents $ 205,272,839 $ 210,940,353 Interest receivable 186,896 208,251 Other assets - 16,778 Equity in trading accounts: Commodity futures contracts 50,255 1,936,572 Due from broker 20,425,626 28,593,300 Total equity in trading accounts 20,475,881 30,529,872 Total assets $ 225,935,616 $ 241,695,254 Liabilities Management fee payable to Sponsor $ 196,887 $ 189,332 Other liabilities 234,056 47,382 Payable for Shares redeemed 1,094,240 - Equity in trading accounts: Commodity futures contracts 10,821,457 16,811,122 Total liabilities 12,346,640 17,047,836 Net Assets $ 213,588,976 $ 224,647,418 *Includes the 7RCC Spot Bitcoin and Carbon Credit Futures ETF ("BTCK"), which was organized as a series of the Teucrium Commodity Trust on September 17, 2025, and which issued four shares at a price of $25.00 per share on December 10, 2025. BTCK has not commenced operations as of December 31, 2025. The accompanying notes are an integral part of these financial statements. F-3 Table of Contents TEUCRIUM COMMODITY TRUST COMBINED SCHEDULE OF INVESTMENTS** December 31, 2025 Percentage of Description: Assets Yield Cost Fair Value Net Assets Shares Cash equivalents Money market funds U.S. Bank Deposit Account 4.200 % $ 14,099,436 $ 14,099,436 6.60 % 14,099,436 Goldman Sachs Financial Square Government Fund - Institutional Class 4.410 % 68,096,540 68,096,540 31.88 68,096,540 Total money market funds $ 82,195,976 $ 82,195,976 38.48 % Maturity Percentage of Principal Date Yield Cost Fair Value Net Assets Amount Commercial Paper Bell Canada, Inc. March 4, 2026 3.844 % $ 2,477,775 $ 2,483,596 1.16 % 2,500,000 Bell Canada, Inc. January 22, 2026 3.876 % 4,966,313 4,988,771 2.34 5,000,000 Brookfield Infrastructure Holdings (Canada) Inc. January 22, 2026 4.035 % 4,957,222 4,988,333 2.34 5,000,000 Brookfield Infrastructure Holdings (Canada) Inc. January 29, 2026 3.931 % 4,961,000 4,984,834 2.33 5,000,000 Brookfield Infrastructure Holdings (Canada) Inc. February 19, 2026 3.883 % 4,957,756 4,973,798 2.33 5,000,000 Crown Castle Inc. January 20, 2026 3.854 % 4,982,400 4,989,867 2.34 5,000,000 Crown Castle Inc. January 22, 2026 3.855 % 2,490,400 2,494,400 1.17 2,500,000 Glencore Funding LLC January 14, 2026 3.822 % 4,970,972 4,993,139 2.34 5,000,000 Glencore Funding LLC January 30, 2026 3.870 % 7,442,400 7,476,800 3.50 7,500,000 Harley-Davidson Financial Services, Inc. March 3, 2026 3.989 % 4,950,626 4,966,534 2.33 5,000,000 Harley-Davidson Financial Services, Inc. March 5, 2026 3.782 % 4,958,334 4,967,188 2.33 5,000,000 Harley-Davidson Financial Services, Inc. March 10, 2026 3.987 % 7,425,975 7,444,070 3.49 7,500,000 Hyundai Capital America January 8, 2026 3.927 % 7,448,813 7,494,312 3.51 7,500,000 Mondelez International, Inc. February 2, 2026 3.824 % 4,968,862 4,983,111 2.33 5,000,000 Oracle Corporation February 4, 2026 3.719 % 7,462,229 7,473,791 3.50 7,500,000 Oracle Corporation March 11, 2026 3.862 % 7,434,604 7,444,972 3.49 7,500,000 Oracle Corporation March 25, 2026 3.793 % 4,956,134 4,956,656 2.32 5,000,000 Total Commercial Paper $ 91,811,815 $ 92,104,172 43.15 % Total Cash Equivalents $ 174,300,148 81.63 % Number of Percentage of Notional Amount Contracts Fair Value Net Assets (Long Exposure) Commodity futures contracts United States corn futures contracts CBOT corn futures DEC26 716 $ 50,255 0.02 % $ 16,485,900 Total commodity futures contracts $ 50,255 0.02 % $ 16,485,900 Number of Percentage of Notional Amount Description: Liabilities Contracts Fair Value Net Assets (Long Exposure) Commodity futures contracts United States corn futures contracts CBOT corn futures MAY26 732 $ 13,235 0.01 % $ 16,405,950 CBOT corn futures JUL26 620 157,550 0.07 14,089,500 United States soybean futures contracts CBOT soybean futures MAR26 259 859,062 0.40 13,565,125 CBOT soybean futures MAY26 220 1,074,702 0.50 11,671,000 CBOT soybean futures NOV26 256 251,463 0.12 13,625,600 United States sugar futures contracts ICE sugar futures MAY26 311 525,043 0.25 5,106,371 ICE sugar futures JUL26 267 226,844 0.11 4,398,878 ICE sugar futures MAR27 294 398,730 0.19 5,182,867 United States wheat futures contracts CBOT wheat futures MAY26 1,521 2,253,008 1.05 39,431,925 CBOT wheat futures JUL26 1,276 1,137,701 0.53 33,893,750 CBOT wheat futures DEC26 1,406 3,924,119 1.84 39,701,925 Total commodity futures contracts $ 10,821,457 5.07 % $ 197,072,891 Percentage of Exchange-traded funds* Cost Fair Value Net Assets Shares Teucrium Corn Fund $ 2,188,329 $ 1,581,916 0.74 % 89,213 Teucrium Soybean Fund 1,899,004 1,542,463 0.72 70,481 Teucrium Sugar Fund 1,515,628 1,596,794 0.75 163,083 Teucrium Wheat Fund 2,553,727 1,577,156 0.74 78,887 Total exchange-traded funds $ 8,156,688 $ 6,298,329 2.95 % *The Trust eliminates the Shares owned by the Teucrium Agricultural Fund from its combined statements of assets and liabilities due to the fact that these represent holdings of the Underlying Funds owned by the Teucrium Agricultural Fund, which are included as Shares outstanding of the Underlying Funds. **Includes the 7RCC Spot Bitcoin and Carbon Credit Futures ETF ("BTCK"), which was organized as a series of the Teucrium Commodity Trust on September 17, 2025, and which issued four shares at a price of $ 25.00 per share on December 10, 2025. BTCK has not commenced operations as of December 31, 2025. The accompanying notes are an integral part of these financial statements. F- 4 Table of Contents TEUCRIUM COMMODITY TRUST COMBINED SCHEDULE OF INVESTMENTS December 31, 2024 Percentage of Description: Assets Yield Cost Fair Value Net Assets Shares Cash equivalents Money market funds U.S. Bank Deposit Account 4.200 % $ 17,680,667 $ 17,680,667 7.87 % 17,680,667 Goldman Sachs Financial Square Government Fund - Institutional Class 4.410 % 64,495,946 64,495,946 28.71 64,495,946 Total money market funds $ 82,176,613 $ 82,176,613 36.58 % Maturity Percentage of Principal Date Yield Cost Fair Value Net Assets Amount Commercial Paper Bell Canada, Inc. February 4, 2025 4.588 % $ 6,950,784 $ 6,970,118 3.10 % 7,000,000 Brookfield Infrastructure Holdings (Canada) Inc. January 8, 2025 4.788 % 4,954,862 4,995,422 2.22 5,000,000 Brookfield Infrastructure Holdings (Canada) Inc. January 16, 2025 4.732 % 7,445,633 7,485,438 3.33 7,500,000 Brookfield Infrastructure Holdings (Canada) Inc. March 6, 2025 4.783 % 4,943,862 4,958,222 2.21 5,000,000 Energy Transfer Operating, L.P. January 24, 2025 4.454 % 17,446,548 17,450,825 7.77 17,500,000 General Motors Financial Company, Inc. January 28, 2025 4.595 % 4,949,150 4,983,050 2.22 5,000,000 General Motors Financial Company, Inc. March 14, 2025 4.524 % 7,421,205 7,433,256 3.31 7,500,000 Harley-Davidson Financial Services, Inc. February 3, 2025 4.791 % 12,369,167 12,446,030 5.54 12,500,000 Harley-Davidson Financial Services, Inc. February 18, 2025 4.860 % 7,411,484 7,452,261 3.32 7,500,000 Hyundai Capital America February 12, 2025 4.568 % 4,963,750 4,973,750 2.21 5,000,000 L3Harris Technologies, Inc. January 21, 2025 4.560 % 9,960,000 9,975,000 4.44 10,000,000 VW Credit, Inc. January 22, 2025 4.671 % 4,962,945 4,986,584 2.22 5,000,000 VW Credit, Inc. February 19, 2025 4.568 % 4,963,750 4,969,376 2.21 5,000,000 Total Commercial Paper $ 98,743,140 $ 99,079,332 44.10 % Total Cash Equivalents $ 181,255,945 80.68 % Number of Percentage of Notional Amount Contracts Fair Value Net Assets (Long Exposure) Commodity futures contracts United States corn futures contracts CBOT corn futures MAY25 974 $ 1,356,124 0.60 % $ 22,682,025 CBOT corn futures JUL25 829 580,448 0.26 19,429,688 Total commodity futures contracts $ 1,936,572 0.86 % $ 42,111,713 Number of Percentage of Notional Amount Description: Liabilities Contracts Fair Value Net Assets (Long Exposure) Commodity futures contracts United States corn futures contracts CBOT corn futures DEC25 1,019 $ 1,955,417 0.87 % $ 22,609,063 United States soybean futures contracts CBOT soybean futures MAR25 175 272,036 0.12 8,841,875 CBOT soybean futures MAY25 148 68,992 0.03 7,564,650 CBOT soybean futures NOV25 172 979,998 0.44 8,817,150 United States sugar futures contracts ICE sugar futures MAY25 219 617,425 0.27 4,378,248 ICE sugar futures JUL25 192 525,725 0.23 3,763,200 ICE sugar futures MAR26 222 417,145 0.19 4,400,928 United States wheat futures contracts CBOT wheat futures MAY25 1,518 2,977,940 1.33 42,693,750 CBOT wheat futures JUL25 1,286 358,378 0.16 36,618,850 CBOT wheat futures DEC25 1,430 8,638,066 3.85 42,792,750 Total commodity futures contracts $ 16,811,122 7.49 % $ 182,480,464 Percentage of Exchange-traded funds* Cost Fair Value Net Assets Shares Teucrium Corn Fund $ 3,436,783 $ 2,594,798 1.16 % 138,311 Teucrium Soybean Fund 3,276,853 2,619,232 1.17 122,016 Teucrium Sugar Fund 2,085,431 2,513,606 1.12 220,370 Teucrium Wheat Fund 3,833,234 2,616,822 1.16 542,032 Total exchange-traded funds $ 12,632,301 $ 10,344,458 99.91 % *The Trust eliminates the Shares owned by the Teucrium Agricultural Fund from its combined statements of assets and liabilities due to the fact that these represent holdings of the Underlying Funds owned by the Teucrium Agricultural Fund, which are included as Shares outstanding of the Underlying Funds. The accompanying notes are an integral part of these financial statements. F- 5 Table of Contents TEUCRIUM COMMODITY TRUST COMBINED STATEMENTS OF OPERATIONS Year ended Year ended Year ended December 31, 2025** December 31, 2024* December 31, 2023* Income Realized and unrealized gain (loss) on trading of commodity futures contracts: Realized gain (loss) on commodity futures contracts $ ( 32,393,724 ) $ ( 46,228,171 ) $ ( 94,248,842 ) Net change in unrealized appreciation (depreciation) on commodity futures contracts 4,103,348 ( 6,160,194 ) 12,703,858 Interest income 8,973,945 12,977,276 17,736,627 Total income (loss) ( 19,316,431 ) ( 39,411,089 ) ( 63,808,357 ) Expenses Management fees 2,150,250 2,536,166 3,587,742 Professional fees 1,290,291 1,402,207 1,919,411 Distribution and marketing fees 3,175,468 3,950,590 4,007,582 Custodian fees and expenses 301,331 391,341 428,243 Business permits and licenses fees 174,144 139,505 141,582 General and administrative expenses 269,287 326,509 281,413 Other expenses 11,561 131 8 Total expenses 7,372,332 8,746,449 10,365,981 Expenses waived by the Sponsor ( 195,175 ) ( 298,056 ) ( 711,571 ) Total expenses, net 7,177,157 8,448,393 9,654,410 Net income (loss) $ ( 26,493,588 ) $ ( 47,859,482 ) $ ( 73,462,767 ) *The Hashdex Bitcoin Futures ETF was transferred to the Tidal Commodities Trust I as described in Note 1 to these financials. The operations include the activity of the Hashdex Bitcoin Futures ETF from September 15, 2022, the date of inception, through January 3, 2024, the date of liquidation. **Includes the 7RCC Spot Bitcoin and Carbon Credit Futures ETF ("BTCK"), which was organized as a series of the Teucrium Commodity Trust on September 17, 2025, and which issued four shares at a price of $25.00 per share on December 10, 2025. BTCK has not commenced operations as of December 31, 2025. The accompanying notes are an integral part of these financial statements. F-6 Table of Contents TEUCRIUM COMMODITY TRUST COMBINED STATEMENTS OF CHANGES IN NET ASSETS Year ended Year ended Year ended December 31, 2025** December 31, 2024* December 31, 2023* Operations Net income (loss) $ ( 26,493,588 ) $ ( 47,859,482 ) $ ( 73,462,767 ) Capital transactions Distribution of Net Assets to Acquiring Fund - ( 2,574,071 ) - Issuance of Shares 96,820,642 80,683,035 157,540,127 Redemption of Shares ( 84,687,047 ) ( 125,883,714 ) ( 254,764,480 ) Net change in the cost of the Underlying Funds 3,301,551 5,734,236 19,858,936 Total capital transactions 15,435,146 ( 42,040,514 ) ( 77,365,417 ) Net change in net assets ( 11,058,442 ) ( 89,899,996 ) ( 150,828,184 ) Net assets, beginning of period 224,647,418 314,547,414 465,375,598 Net assets, end of period $ 213,588,976 $ 224,647,418 $ 314,547,414 * The Hashdex Bitcoin Futures ETF was transferred to the Tidal Commodities Trust I as described in Note 1 to these financials. The net assets include those of the Hashdex Bitcoin Futures ETF from September 15, 2022, the date of inception, through January 3, 2024, the date of liquidation. **Includes the 7RCC Spot Bitcoin and Carbon Credit Futures ETF ("BTCK"), which was organized as a series of the Teucrium Commodity Trust on September 17, 2025, and which issued four shares at a price of $25.00 per share on December 10, 2025. BTCK has not commenced operations as of December 31, 2025. The accompanying notes are an integral part of these financial statements. F-7 Table of Contents TEUCRIUM COMMODITY TRUST COMBINED STATEMENTS OF CASH FLOWS Year ended Year ended Year ended December 31, 2025** December 31, 2024* December 31, 2023* Cash flows from operating activities: Net income (loss) $ ( 26,493,588 ) $ ( 47,859,482 ) $ ( 73,462,767 ) Adjustments to reconcile net loss to net cash used in operating activities: Net change in unrealized (appreciation) depreciation on commodity futures contracts ( 4,103,348 ) 6,160,194 ( 12,703,858 ) Changes in operating assets and liabilities: Due from broker 8,167,674 2,342,506 30,627,611 Interest receivable 21,355 192,048 ( 93,245 ) Other assets 16,778 ( 1,119 ) 3,707 Management fee payable to Sponsor 7,555 ( 87,568 ) ( 155,982 ) Other liabilities 186,674 ( 195,600 ) 164,102 Net cash provided by (used in) operating activities ( 22,196,900 ) ( 39,449,021 ) ( 55,620,432 ) Cash flows from financing activities: Distribution of Net Assets to Acquiring Fund - ( 2,381,545 ) - Proceeds from sale of Shares 96,820,642 80,683,035 158,884,957 Redemption of Shares ( 83,592,807 ) ( 125,883,714 ) ( 264,948,395 ) Net change in cost of the Underlying Funds 3,301,551 5,734,236 19,858,936 Net cash provided by (used in) financing activities 16,529,386 ( 41,847,988 ) ( 86,204,502 ) Net change in cash and cash equivalents ( 5,667,514 ) ( 81,297,009 ) ( 141,824,934 ) Cash and cash equivalents, beginning of period 210,940,353 292,237,362 434,062,296 Cash and cash equivalents, end of period $ 205,272,839 $ 210,940,353 $ 292,237,362 * The Hashdex Bitcoin Futures ETF was transferred to the Tidal Commodities Trust I as described in Note 1 to these financials. The operations include the cash flows of the Hashdex Bitcoin Futures ETF from September 15, 2022, the date of inception, through January 3, 2024, the date of liquidation. **Includes the 7RCC Spot Bitcoin and Carbon Credit Futures ETF ("BTCK"), which was organized as a series of the Teucrium Commodity Trust on September 17, 2025, and which issued four shares at a price of $25.00 per share on December 10, 2025. BTCK has not commenced operations as of December 31, 2025. The accompanying notes are an integral part of these financial statements. F-8 Table of Contents TEUCRIUM CORN FUND STATEMENTS OF ASSETS AND LIABILITIES December 31, 2025 December 31, 2024 Assets Cash and cash equivalents $ 45,091,481 $ 60,998,326 Interest receivable 59,310 78,840 Other assets - 3,171 Equity in trading accounts: Commodity futures contracts 50,255 1,936,572 Due from broker 2,065,122 3,738,171 Total equity in trading accounts 2,115,377 5,674,743 Total assets 47,266,168 66,755,080 Liabilities Management fee payable to Sponsor 41,974 52,375 Other liabilities 64,005 23,050 Equity in trading accounts: Commodity futures contracts 170,785 1,955,417 Total liabilities 276,764 2,030,842 Net assets $ 46,989,404 $ 64,724,238 Shares outstanding 2,650,000 3,450,004 Net asset value per share $ 17.73 $ 18.76 Market value per share $ 17.73 $ 18.77 The accompanying notes are an integral part of these financial statements. F-9 Table of Contents TEUCRIUM CORN FUND SCHEDULE OF INVESTMENTS December 31, 2025 Percentage of Description: Assets Yield Cost Fair Value Net Assets Shares Cash equivalents Money market funds U.S. Bank Deposit Account 3.450 % $ 4,457,356 $ 4,457,356 9.49 % 4,457,356 Goldman Sachs Financial Square Government Fund - Institutional Class 3.692 % 6,922,448 6,922,448 14.73 6,922,448 Total money market funds $ 11,379,804 $ 11,379,804 24.22 % Maturity Percentage of Date Yield Cost Fair Value Net Assets Principal Amount Commercial Paper Bell Canada, Inc. January 22, 2026 3.876 % 4,966,313 $ 4,988,771 10.62 % 5,000,000 Harley-Davidson Financial Services, Inc. March 3, 2026 3.989 % 2,475,313 2,483,267 5.28 2,500,000 Harley-Davidson Financial Services, Inc. March 5, 2026 3.782 % 2,479,167 2,483,594 5.29 2,500,000 Mondelez International, Inc. February 2, 2026 3.824 % 2,484,431 2,491,555 5.30 2,500,000 Oracle Corporation February 4, 2026 3.719 % 7,462,229 7,473,791 15.91 7,500,000 Oracle Corporation March 25, 2026 3.793 % 2,478,067 2,478,328 5.27 2,500,000 Total Commercial Paper $ 22,345,520 $ 22,399,306 47.67 % Total Cash Equivalents $ 33,779,110 71.89 % Number of Percentage of Notional Amount Contracts Fair Value Net Assets (Long Exposure) Commodity futures contracts United States corn futures contracts CBOT corn futures DEC26 716 $ 50,255 0.11 % $ 16,485,900 Number of Percentage of Notional Amount Description: Liabilities Contracts Fair Value Net Assets (Long Exposure) Commodity futures contracts United States corn futures contracts CBOT corn futures MAY26 732 $ 13,235 0.03 % $ 16,405,950 CBOT corn futures JUL26 620 157,550 0.34 14,089,500 Total commodity futures contracts $ 170,785 0.37 % $ 30,495,450 The accompanying notes are an integral part of these financial statements. F- 10 Table of Contents TEUCRIUM CORN FUND SCHEDULE OF INVESTMENTS December 31, 2024 Percentage of Description: Assets Yield Cost Fair Value Net Assets Shares Cash equivalents Money market funds U.S. Bank Deposit Account 4.200 % $ 10,269,737 $ 10,269,737 15.87 % 10,269,737 Goldman Sachs Financial Square Government Fund - Institutional Class 4.410 % 12,519,321 12,519,321 19.34 12,519,321 Total money market funds $ 22,789,058 $ 22,789,058 35.21 % Maturity Percentage of Date Yield Cost Fair Value Net Assets Principal Amount Commercial Paper Bell Canada, Inc. February 4, 2025 4.588 % $ 2,482,423 $ 2,489,328 $ 3.85 % 2,500,000 Brookfield Infrastructure Holdings (Canada) Inc. March 6, 2025 4.783 % 2,471,931 2,479,111 3.83 2,500,000 Energy Transfer Operating, L.P. January 24, 2025 4.454 % 4,984,728 4,985,950 7.70 5,000,000 General Motors Financial Company, Inc. January 28, 2025 4.595 % 2,474,575 2,491,525 3.85 2,500,000 General Motors Financial Company, Inc. March 14, 2025 4.524 % 2,473,735 2,477,752 3.83 2,500,000 Harley-Davidson Financial Services, Inc. February 3, 2025 4.791 % 4,947,667 4,978,412 7.69 5,000,000 Hyundai Capital America February 12, 2025 4.568 % 2,481,875 2,486,875 3.84 2,500,000 L3Harris Technologies, Inc. January 21, 2025 4.560 % 2,490,000 2,493,750 3.85 2,500,000 VW Credit, Inc. February 19, 2025 4.568 % 2,481,875 2,484,688 3.84 2,500,000 Total Commercial Paper $ 27,288,809 $ 27,367,391 42.28 % Total Cash Equivalents $ 50,156,449 77.49 % Number of Percentage of Notional Amount Contracts Fair Value Net Assets (Long Exposure) Commodity futures contracts United States corn futures contracts CBOT corn futures MAY25 974 $ 1,356,124 2.09 % $ 22,682,025 CBOT corn futures JUL25 829 580,448 0.90 % 19,429,688 Total commodity futures contracts $ 1,936,572 2.99 % $ 42,111,713 Number of Percentage of Notional Amount Description: Liabilities Contracts Fair Value Net Assets (Long Exposure) Commodity futures contracts United States corn futures contracts CBOT corn futures DEC25 1,019 1,955,417 3.02 22,609,063 The accompanying notes are an integral part of these financial statements. F- 11 Table of Contents Table of Contents TEUCRIUM CORN FUND STATEMENTS OF OPERATIONS Year ended Year ended Year ended December 31, 2025 December 31, 2024 December 31, 2023 Income Realized and unrealized gain (loss) on trading of commodity futures contracts: Realized gain (loss) on commodity futures contracts $ ( 2,775,716 ) $ ( 13,556,155 ) $ ( 26,707,038 ) Net change in unrealized appreciation (depreciation) on commodity futures contracts ( 101,685 ) 2,163,296 ( 800,836 ) Interest income 2,175,020 3,384,093 5,217,831 Total income (loss) ( 702,381 ) ( 8,008,766 ) ( 22,290,043 ) Expenses Management fees 518,720 658,017 1,054,156 Professional fees 301,622 329,545 394,719 Distribution and marketing fees 784,105 960,325 1,048,908 Custodian fees and expenses 76,369 97,813 109,559 Business permits and licenses fees 38,456 24,990 29,208 General and administrative expenses 68,759 77,852 69,692 Other expenses 1,995 - - Total expenses 1,790,026 2,148,542 2,706,242 Total expenses, net 1,790,026 2,148,542 2,706,242 Net income (loss) $ ( 2,492,407 ) $ ( 10,157,308 ) $ ( 24,996,285 ) Net increase (decrease) in net asset value per share $ ( 1.03 ) $ ( 2.85 ) $ ( 5.29 ) Net income (loss) per weighted average share $ ( 0.88 ) $ ( 2.95 ) $ ( 5.65 ) Weighted average Shares outstanding 2,826,373 3,448,433 4,424,182 The accompanying notes are an integral part of these financial statements. F-12 Table of Contents TEUCRIUM CORN FUND STATEMENTS OF CHANGE IN NET ASSETS Year ended Year ended Year ended December 31, 2025 December 31, 2024 December 31, 2023 Operations Net income (loss) $ ( 2,492,407 ) $ ( 10,157,308 ) $ ( 24,996,285 ) Capital transactions Issuance of Shares 10,792,150 27,459,157 23,324,517 Redemption of Shares ( 26,034,577 ) ( 33,628,053 ) ( 69,916,195 ) Total capital transactions ( 15,242,427 ) ( 6,168,896 ) ( 46,591,678 ) Net change in net assets ( 17,734,834 ) ( 16,326,204 ) ( 71,587,963 ) Net assets, beginning of period $ 64,724,238 $ 81,050,442 $ 152,638,405 Net assets, end of period $ 46,989,404 $ 64,724,238 $ 81,050,442 Net asset value per share at beginning of period $ 18.76 $ 21.61 $ 26.90 Net asset value per share at end of period $ 17.73 $ 18.76 $ 21.61 Creation of Shares 600,000 1,450,000 975,000 Redemption of Shares 1,400,004 1,750,000 2,900,000 The accompanying notes are an integral part of these financial statements. F-13 Table of Contents TEUCRIUM CORN FUND STATEMENTS OF CASH FLOWS Year ended Year ended Year ended December 31, 2025 December 31, 2024 December 31, 2023 Cash flows from operating activities: Net income (loss) $ ( 2,492,407 ) $ ( 10,157,308 ) $ ( 24,996,285 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Net change in unrealized (appreciation) depreciation on commodity futures contracts 101,685 ( 2,163,296 ) 800,836 Changes in operating assets and liabilities: Due from broker 1,673,049 2,795,767 5,091,393 Interest receivable 19,530 26,443 19,731 Other assets 3,171 ( 3,171 ) 854 Management fee payable to Sponsor ( 10,401 ) ( 19,131 ) ( 73,371 ) Other liabilities 40,955 ( 57,553 ) 59,254 Net cash provided by (used in) operating activities ( 664,418 ) ( 9,578,249 ) ( 19,097,588 ) Cash flows from financing activities: Proceeds from sale of Shares 10,792,150 27,459,157 24,669,347 Redemption of Shares ( 26,034,577 ) ( 33,628,053 ) ( 71,261,025 ) Net cash provided by (used in) financing activities ( 15,242,427 ) ( 6,168,896 ) ( 46,591,678 ) Net change in cash and cash equivalents ( 15,906,845 ) ( 15,747,145 ) ( 65,689,266 ) Cash and cash equivalents, beginning of period 60,998,326 76,745,471 142,434,737 Cash and cash equivalents, end of period $ 45,091,481 $ 60,998,326 $ 76,745,471 The accompanying notes are an integral part of these financial statements. F-14 Table of Contents TEUCRIUM SOYBEAN FUND STATEMENTS OF ASSETS AND LIABILITIES December 31, 2025 December 31, 2024 Assets Cash and cash equivalents $ 39,018,369 $ 23,806,400 Interest receivable 45,367 33,654 Other assets - 4,286 Equity in trading accounts: Due from broker 3,155,013 2,725,790 Total assets $ 42,218,749 $ 26,570,130 Liabilities Payable for shares redeemed $ 1,094,240 $ - Management fee payable to Sponsor 43,174 22,453 Other liabilities 50,703 3,608 Equity in trading accounts: Commodity futures contracts 2,185,227 1,321,026 Total liabilities $ 3,373,344 $ 1,347,087 Net assets $ 38,845,405 $ 25,223,043 Shares outstanding 1,775,000 1,175,004 Net asset value per share $ 21.88 $ 21.47 Market value per share $ 21.86 $ 21.48 The accompanying notes are an integral part of these financial statements. F-15 Table of Contents TEUCRIUM SOYBEAN FUND SCHEDULE OF INVESTMENTS December 31, 2025 Percentage of Description: Assets Yield Cost Fair Value Net Assets Shares Cash equivalents Money market funds U.S. Bank Deposit Account 3.450 % $ 1,178,843 $ 1,178,843 3.03 % 1,178,843 Goldman Sachs Financial Square Government Fund - Institutional Class 3.692 % 14,473,612 14,473,612 37.26 14,473,612 Total money market funds $ 15,652,455 $ 15,652,455 40.29 % Maturity Percentage of Date Yield Cost Fair Value Net Assets Principal Amount Commercial Paper Brookfield Infrastructure Holdings (Canada) Inc. January 29, 2026 3.931 % $ 2,480,500 $ 2,492,417 6.42 % 2,500,000 Brookfield Infrastructure Holdings (Canada) Inc. February 19, 2026 3.883 % 2,478,878 2,486,899 6.40 2,500,000 Glencore Funding LLC January 30, 2026 3.870 % 2,480,800 2,492,267 6.42 2,500,000 Harley-Davidson Financial Services, Inc. March 3, 2026 3.989 % 2,475,313 2,483,267 6.39 2,500,000 Harley-Davidson Financial Services, Inc. March 10, 2026 3.987 % 2,475,325 2,481,357 6.39 2,500,000 Hyundai Capital America January 8, 2026 3.927 % 4,965,875 4,996,208 12.86 5,000,000 Total Commercial Paper $ 17,356,691 $ 17,432,415 44.88 % Total Cash Equivalents $ 33,084,870 85.17 % Number of Percentage of Notional Amount Description: Liabilities Contracts Fair Value Net Assets (Long Exposure) Commodity futures contracts United States soybean futures contracts CBOT soybean futures MAR26 259 $ 859,062 2.21 % $ 13,565,125 CBOT soybean futures MAY26 220 1,074,702 2.77 11,671,000 CBOT soybean futures NOV26 256 251,463 0.65 13,625,600 Total commodity futures contracts $ 2,185,227 5.63 % $ 38,861,725 The accompanying notes are an integral part of these financial statements. F- 16 Table of Contents TEUCRIUM SOYBEAN FUND SCHEDULE OF INVESTMENTS December 31, 2024 Percentage of Description: Assets Yield Cost Fair Value Net Assets Shares Cash equivalents Money market funds U.S. Bank Deposit Account 4.200 % $ 1,007,365 $ 1,007,365 3.99 % 1,007,365 Goldman Sachs Financial Square Government Fund - Institutional Class 4.410 % 7,139,449 7,139,449 28.31 7,139,449 Total money market funds $ 8,146,814 $ 8,146,814 32.30 % Maturity Percentage of Date Yield Cost Fair Value Net Assets Principal Amount Commercial Paper Brookfield Infrastructure Holdings (Canada) Inc. January 8, 2025 4.788 % $ 2,477,431 $ 2,497,711 9.90 % 2,500,000 Energy Transfer Operating, L.P. January 24, 2025 4.454 % 4,984,728 4,985,950 19.77 5,000,000 Harley-Davidson Financial Services, Inc. February 3, 2025 4.791 % 2,473,833 2,489,206 9.87 2,500,000 Total Commercial Paper $ 9,935,992 $ 9,972,867 39.54 % Total Cash Equivalents $ 18,119,681 71.84 % Number of Percentage of Notional Amount Description: Liabilities Contracts Fair Value Net Assets (Long Exposure) Commodity futures contracts United States soybean futures contracts CBOT soybean futures MAR25 175 $ 272,036 1.08 % $ 10,124,400 CBOT soybean futures MAY25 148 68,992 0.27 8,693,213 CBOT soybean futures NOV25 172 979,998 3.89 10,215,150 Total commodity futures contracts $ 1,321,026 5.24 % $ 29,032,763 The accompanying notes are an integral part of these financial statements. F- 17 Table of Contents Table of Contents TEUCRIUM SOYBEAN FUND STATEMENTS OF OPERATIONS Year ended Year ended Year ended December 31, 2025 December 31, 2024 December 31, 2023 Income Realized and unrealized gain (loss) on trading of commodity futures contracts: Realized gain (loss) on commodity futures contracts $ 202,296 $ ( 6,891,609 ) $ 940,552 Net change in unrealized appreciation (depreciation) on commodity futures contracts ( 864,201 ) 70,635 ( 3,912,031 ) Interest income 1,286,737 1,475,582 1,843,080 Total income (loss) 624,832 ( 5,345,392 ) ( 1,128,399 ) Expenses Management fees 310,098 287,128 369,531 Professional fees 175,754 164,632 282,599 Distribution and marketing fees 441,301 469,351 384,860 Custodian fees and expenses 39,083 47,205 39,143 Business permits and licenses fees 31,201 19,456 22,477 General and administrative expenses 38,715 35,011 30,129 Other expenses 1,069 - - Total expenses 1,037,221 1,022,783 1,128,739 Total expenses, net 1,037,221 1,022,783 1,128,739 Net income (loss) $ ( 412,389 ) $ ( 6,368,175 ) $ ( 2,257,138 ) Net increase (decrease) in net asset value per share $ 0.41 $ ( 5.56 ) $ ( 1.47 ) Net income (loss) per weighted average share $ ( 0.29 ) $ ( 5.21 ) $ ( 1.68 ) Weighted average Shares outstanding 1,400,414 1,223,228 1,345,346 The accompanying notes are an integral part of these financial statements. F-18 Table of Contents TEUCRIUM SOYBEAN FUND STATEMENTS OF CHANGE IN NET ASSETS Year ended Year ended Year ended December 31, 2025 December 31, 2024 December 31, 2023 Operations Net income (loss) $ ( 412,389 ) $ ( 6,368,175 ) $ ( 2,257,138 ) Capital transactions Issuance of Shares 41,349,237 17,429,510 12,216,528 Redemption of Shares ( 27,314,486 ) ( 14,894,312 ) ( 39,333,355 ) Total capital transactions 14,034,751 2,535,198 ( 27,116,827 ) Net change in net assets 13,622,362 ( 3,832,977 ) ( 29,373,965 ) Net assets, beginning of period $ 25,223,043 $ 29,056,020 $ 58,429,985 Net assets, end of period $ 38,845,405 $ 25,223,043 $ 29,056,020 Net asset value per share at beginning of period $ 21.47 $ 27.03 $ 28.50 Net asset value per share at end of period $ 21.88 $ 21.47 $ 27.03 Creation of Shares 1,825,000 725,000 450,000 Redemption of Shares 1,225,004 625,000 1,425,000 The accompanying notes are an integral part of these financial statements. F-19 Table of Contents TEUCRIUM SOYBEAN FUND STATEMENTS OF CASH FLOWS Year ended Year ended Year ended December 31, 2025 December 31, 2024 December 31, 2023 Cash flows from operating activities: Net income (loss) $ ( 412,389 ) $ ( 6,368,175 ) $ ( 2,257,138 ) Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: Net change in unrealized depreciation (appreciation) on commodity futures contracts 864,201 ( 70,635 ) 3,912,031 Changes in operating assets and liabilities: Due from broker ( 429,223 ) ( 340,750 ) ( 1,841,835 ) Interest receivable ( 11,713 ) 3,008 29,473 Other assets 4,286 ( 4,286 ) 1,160 Management fee payable to Sponsor 20,721 ( 3,206 ) ( 29,771 ) Other liabilities 47,095 ( 51,943 ) 47,787 Net cash (used in) provided by operating activities 82,978 ( 6,835,987 ) ( 138,293 ) Cash flows from financing activities: Proceeds from sale of Shares 41,349,237 17,429,510 12,216,528 Redemption of Shares ( 26,220,246 ) ( 14,894,312 ) ( 42,183,615 ) Net cash provided by (used in) financing activities 15,128,991 2,535,198 ( 29,967,087 ) Net change in cash and cash equivalents 15,211,969 ( 4,300,789 ) ( 30,105,380 ) Cash and cash equivalents, beginning of period 23,806,400 28,107,189 58,212,569 Cash and cash equivalents, end of period $ 39,018,369 $ 23,806,400 $ 28,107,189 The accompanying notes are an integral part of these financial statements. F-20 Table of Contents TEUCRIUM SUGAR FUND STATEMENTS OF ASSETS AND LIABILITIES December 31, 2025 December 31, 2024 Assets Cash and cash equivalents $ 14,057,467 $ 11,831,089 Interest receivable 24,116 28,954 Other assets - 7,436 Equity in trading accounts: Due from broker 1,809,178 2,255,054 Total assets 15,890,761 14,122,533 Liabilities Management fee payable to Sponsor 12,645 12,357 Other liabilities 40,508 2,904 Equity in trading accounts: Commodity futures contracts 1,150,617 1,560,295 Total liabilities 1,203,770 1,575,556 Net assets $ 14,686,991 $ 12,546,977 Shares outstanding 1,500,000 1,100,004 Net asset value per share $ 9.79 $ 11.41 Market value per share $ 9.76 $ 11.43 The accompanying notes are an integral part of these financial statements. F-21 Table of Contents TEUCRIUM SUGAR FUND SCHEDULE OF INVESTMENTS December 31, 2025 Percentage of Description: Assets Yield Cost Fair Value Net Assets Shares Cash equivalents Money market funds U.S. Bank Deposit Account 3.450 % $ 4,841,539 $ 4,841,539 32.96 % 4,841,539 Goldman Sachs Financial Square Government Fund - Institutional Class 3.692 % 4,242,858 4,242,858 28.89 4,242,858 Total Money Market Funds $ 9,084,397 $ 9,084,397 61.85 % Maturity Percentage of Principal Date Yield Cost Fair Value Net Assets Amount Commercial Paper Mondelez International, Inc. February 2, 2026 3.824 % $ 2,484,431 $ 2,491,556 16.96 % 2,500,000 Total Cash Equivalents $ 11,575,953 78.81 % Number of Percentage of Notional Amount Description: Liabilities Contracts Fair Value Net Assets (Long Exposure) Commodity futures contracts United States sugar futures contracts ICE sugar futures MAY26 311 $ 525,043 3.57 % $ 5,106,371 ICE sugar futures JUL26 267 226,844 1.54 4,398,878 ICE sugar futures MAR27 294 398,730 2.72 5,182,867 Total commodity futures contracts $ 1,150,617 7.83 % $ 14,688,116 The accompanying notes are an integral part of these financial statements. F- 22 Table of Contents TEUCRIUM SUGAR FUND SCHEDULE OF INVESTMENTS December 31, 2024 Percentage of Description: Assets Yield Cost Fair Value Net Assets Shares Cash equivalents Money market funds U.S. Bank Deposit Account 4.200 % $ 3,002,313 $ 3,002,313 23.93 % 3,002,313 Goldman Sachs Financial Square Government Fund - Institutional Class 4.410 % 1,459,785 1,459,785 11.63 1,459,785 Total Money Market Funds $ 4,462,098 $ 4,462,098 35.56 % Maturity Percentage of Principal Date Yield Cost Fair Value Net Assets Amount Commercial Paper Brookfield Infrastructure Holdings (Canada) Inc. January 8, 2025 4.788 % $ 2,477,431 $ 2,497,711 19.91 % 2,500,000 Energy Transfer Operating, L.P. January 24, 2025 4.454 % 2,492,364 2,492,975 19.87 2,500,000 Total Commercial Paper $ 4,969,795 $ 4,990,686 39.78 % Total Cash Equivalents $ 9,452,784 75.34 % Number of Percentage of Notional Amount Description: Liabilities Contracts Fair Value Net Assets (Long Exposure) Commodity futures contracts United States sugar futures contracts ICE sugar futures MAY25 219 $ 617,425 4.92 % $ 4,378,248 ICE sugar futures JUL25 192 525,725 4.19 3,763,200 ICE sugar futures MAR26 222 417,145 3.33 4,400,928 Total commodity futures contracts $ 1,560,295 12.44 % $ 12,542,376 The accompanying notes are an integral part of these financial statements. F- 23 Table of Contents Table of Contents TEUCRIUM SUGAR FUND STATEMENTS OF OPERATIONS Year ended Year ended Year ended December 31, 2025 December 31, 2024 December 31, 2023 Income Realized and unrealized gain (loss) on trading of commodity futures contracts: Realized gain (loss) on commodity futures contracts $ ( 1,826,369 ) $ ( 2,500,209 ) $ 11,398,276 Net change in unrealized appreciation (depreciation) on commodity futures contracts 409,678 1,127,703 ( 3,514,199 ) Interest income 513,998 734,413 1,340,056 Total income (loss) ( 902,693 ) ( 638,093 ) 9,224,133 Expenses Management fees 124,553 145,054 267,574 Professional fees 102,935 98,717 251,061 Distribution and marketing fees 229,259 316,477 268,576 Custodian fees and expenses 23,818 33,883 27,216 Business permits and licenses fees 30,352 22,638 22,148 General and administrative expenses 21,000 24,785 22,598 Other expenses 476 - - Total expenses 532,393 641,554 859,173 Total expenses, net 532,393 641,554 859,173 Net income (loss) $ ( 1,435,086 ) $ ( 1,279,647 ) $ 8,364,960 Net increase (decrease) in net asset value per share $ ( 1.62 ) $ ( 1.03 ) $ 2.92 Net income (loss) per weighted average share $ ( 1.25 ) $ ( 1.10 ) $ 3.98 Weighted average Shares outstanding 1,151,510 1,164,553 2,104,388 The accompanying notes are an integral part of these financial statements. F-24 Table of Contents TEUCRIUM SUGAR FUND STATEMENTS OF CHANGE IN NET ASSETS Year ended Year ended Year ended December 31, 2025 December 31, 2024 December 31, 2023 Operations Net income (loss) $ ( 1,435,086 ) $ ( 1,279,647 ) $ 8,364,960 Capital transactions Issuance of Shares 12,592,322 12,351,000 25,041,780 Redemption of Shares ( 9,017,222 ) ( 16,244,475 ) ( 39,949,000 ) Total capital transactions 3,575,100 ( 3,893,475 ) ( 14,907,220 ) Net change in net assets 2,140,014 ( 5,173,122 ) ( 6,542,260 ) Net assets, beginning of period $ 12,546,977 $ 17,720,099 $ 24,262,359 Net assets, end of period $ 14,686,991 $ 12,546,977 $ 17,720,099 Net asset value per share at beginning of period $ 11.41 $ 12.44 $ 9.51 Net asset value per share at end of period $ 9.79 $ 11.41 $ 12.44 Creation of Shares 1,175,000 975,000 1,950,000 Redemption of Shares 775,004 1,300,000 3,075,000 The accompanying notes are an integral part of these financial statements. F-25 Table of Contents TEUCRIUM SUGAR FUND STATEMENTS OF CASH FLOWS Year ended Year ended Year ended December 31, 2025 December 31, 2024 December 31, 2023 Cash flows from operating activities: Net income (loss) $ ( 1,435,086 ) $ ( 1,279,647 ) $ 8,364,960 Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: Net change in unrealized (appreciation) depreciation on commodity futures contracts ( 409,678 ) ( 1,127,703 ) 3,514,199 Changes in operating assets and liabilities: Due from broker 445,876 1,395,137 ( 3,202,390 ) Interest receivable 4,838 2,597 ( 882 ) Other assets 7,436 ( 6,601 ) 2,130 Management fee payable to Sponsor 288 ( 5,094 ) ( 3,461 ) Other liabilities 37,604 ( 27,870 ) 28,929 Net cash (used in) provided by operating activities ( 1,348,722 ) ( 1,049,181 ) 8,703,485 Cash flows from financing activities: Proceeds from sale of Shares 12,592,322 12,351,000 25,041,780 Redemption of Shares ( 9,017,222 ) ( 16,244,475 ) ( 39,949,000 ) Net cash (used in) provided by financing activities 3,575,100 ( 3,893,475 ) ( 14,907,220 ) Net change in cash and cash equivalents 2,226,378 ( 4,942,656 ) ( 6,203,735 ) Cash and cash equivalents, beginning of period 11,831,089 16,773,745 22,977,480 Cash and cash equivalents, end of period $ 14,057,467 $ 11,831,089 $ 16,773,745 The accompanying notes are an integral part of these financial statements. F-26 Table of Contents TEUCRIUM WHEAT FUND STATEMENTS OF ASSETS AND LIABILITIES December 31, 2025 December 31, 2024 Assets Cash and cash equivalents $ 107,092,260 $ 114,295,968 Interest receivable 58,047 66,768 Other assets - 705 Equity in trading accounts: Due from broker 13,396,313 19,874,285 Total assets 120,546,620 134,237,726 Liabilities Management fee payable to Sponsor 99,094 102,147 Other liabilities 75,264 16,988 Equity in trading accounts: Commodity futures contracts 7,314,828 11,974,384 Total liabilities 7,489,186 12,093,519 Net assets $ 113,057,434 $ 122,144,207 Shares outstanding* 5,654,970 5,060,001 Net asset value per share $ 19.99 $ 24.14 Market value per share $ 19.97 $ 24.14 *During the year ended December 31, 2025, the Fund effected the following reverse share split: November 25, 2025, a 1 for 5 reverse share split. Per-share information for all prior periods has been retroactively adjusted to reflect this reverse share split. The accompanying notes are an integral part of these financial statements. F-27 Table of Contents TEUCRIUM WHEAT FUND SCHEDULE OF INVESTMENTS December 31, 2025 Percentage of Description: Assets Yield Cost Fair Value Net Assets Shares Cash equivalents Money market funds U.S. Bank Deposit Account 3.450 % $ 3,608,536 $ 3,608,536 3.19 % 3,608,536 Goldman Sachs Financial Square Government Fund - Institutional Class 3.692 % 42,457,622 42,457,622 37.55 42,457,622 Total money market funds $ 46,066,158 $ 46,066,158 40.74 % Maturity Percentage of Principal Date Yield Cost Fair Value Net Assets Amount Commercial Paper Bell Canada, Inc. March 4, 2026 3.844 % $ 2,477,775 $ 2,483,596 2.20 % 2,500,000 Brookfield Infrastructure Holdings (Canada) Inc. January 22, 2026 4.035 % 4,957,222 4,988,333 4.41 5,000,000 Brookfield Infrastructure Holdings (Canada) Inc. January 29, 2026 3.931 % 2,480,500 2,492,417 2.20 2,500,000 Brookfield Infrastructure Holdings (Canada) Inc. February 19, 2026 3.883 % 2,478,878 2,486,899 2.20 2,500,000 Crown Castle Inc. January 20, 2026 3.854 % 4,982,400 4,989,867 4.41 5,000,000 Crown Castle Inc. January 22, 2026 3.855 % 2,490,400 2,494,400 2.21 2,500,000 Glencore Funding LLC January 14, 2026 3.822 % 4,970,972 4,993,139 4.42 5,000,000 Glencore Funding LLC January 30, 2026 3.870 % 4,961,600 4,984,533 4.41 5,000,000 Harley-Davidson Financial Services, Inc. March 5, 2026 3.782 % 2,479,167 2,483,594 2.20 2,500,000 Harley-Davidson Financial Services, Inc. March 10, 2026 3.987 % 4,950,650 4,962,713 4.39 5,000,000 Hyundai Capital America January 8, 2026 3.927 % 2,482,938 2,498,104 2.21 2,500,000 Oracle Corporation March 11, 2026 3.862 % 7,434,604 7,444,972 6.59 7,500,000 Oracle Corporation March 25, 2026 3.793 % 2,478,067 2,478,328 2.19 2,500,000 Total Commercial Paper $ 49,625,173 $ 49,780,895 44.04 % Total Cash Equivalents $ 95,847,053 84.78 % Number of Percentage of Notional Amount Description: Liabilities Contracts Fair Value Net Assets (Long Exposure) Commodity futures contracts United States wheat futures contracts CBOT wheat futures MAY26 1,521 $ 2,253,008 1.99 % $ 39,431,925 CBOT wheat futures JUL26 1,276 1,137,701 1.01 33,893,750 CBOT wheat futures DEC26 1,406 3,924,119 3.47 $ 39,701,925 Total commodity futures contracts $ 7,314,828 6.47 % $ 113,027,600 The accompanying notes are an integral part of these financial statements. F- 28 Table of Contents TEUCRIUM WHEAT FUND SCHEDULE OF INVESTMENTS December 31, 2024 Percentage of Description: Assets Yield Cost Fair Value Net Assets Shares Cash equivalents Money market funds U.S. Bank Deposit Account 4.200 % $ 3,392,682 $ 3,392,682 2.78 % 3,392,682 Goldman Sachs Financial Square Government Fund - Institutional Class 4.410 % 43,377,391 43,377,391 35.51 43,377,391 Total money market funds $ 46,770,073 $ 46,770,073 38.29 % Maturity Percentage of Principal Date Yield Cost Fair Value Net Assets Amount Commercial Paper Bell Canada, Inc. February 4, 2025 4.588 % $ 4,468,361 $ 4,480,790 3.67 % 4,500,000 Brookfield Infrastructure Holdings (Canada) Inc. January 16, 2025 4.732 % 7,445,633 7,485,438 6.13 7,500,000 Brookfield Infrastructure Holdings (Canada) Inc. March 6, 2025 4.783 % 2,471,931 2,479,111 2.03 2,500,000 Energy Transfer Operating, L.P. January 24, 2025 4.454 % 4,984,728 4,985,950 4.08 5,000,000 General Motors Financial Company, Inc. January 28, 2025 4.595 % 2,474,575 2,491,525 2.04 2,500,000 General Motors Financial Company, Inc. March 14, 2025 4.524 % 4,947,470 4,955,504 4.06 5,000,000 Harley-Davidson Financial Services, Inc. February 3, 2025 4.791 % 4,947,667 4,978,412 4.08 5,000,000 Harley-Davidson Financial Services, Inc. February 18, 2025 4.860 % 7,411,484 7,452,261 6.10 7,500,000 Hyundai Capital America February 12, 2025 4.568 % 2,481,875 2,486,875 2.04 2,500,000 L3Harris Technologies, Inc. January 21, 2025 4.560 % 7,470,000 7,481,250 6.12 7,500,000 VW Credit, Inc. January 22, 2025 4.671 % 4,962,945 4,986,584 4.08 5,000,000 VW Credit, Inc. February 19, 2025 4.568 % 2,481,875 2,484,688 2.03 2,500,000 Total Commercial Paper $ 56,548,544 $ 56,748,388 46.46 % Total Cash Equivalents $ 103,518,461 84.75 % Number of Percentage of Notional Amount Description: Liabilities Contracts Fair Value Net Assets (Long Exposure) Commodity futures contracts United States wheat futures contracts CBOT wheat futures MAY25 1,518 $ 2,977,940 2.44 % $ 42,693,750 CBOT wheat futures JUL25 1,286 358,378 0.29 36,618,850 CBOT wheat futures DEC25 1,430 8,638,066 7.07 $ 42,792,750 Total commodity futures contracts $ 11,974,384 9.80 % $ 122,105,350 The accompanying notes are an integral part of these financial statements. F- 29 Table of Contents Table of Contents TEUCRIUM WHEAT FUND STATEMENTS OF OPERATIONS* Year ended Year ended Year ended December 31, 2025 December 31, 2024 December 31, 2023 Income Realized and unrealized gain (loss) on trading of commodity futures contracts: Realized loss on commodity futures contracts $ ( 27,993,935 ) $ ( 23,202,055 ) $ ( 81,189,435 ) Net change in unrealized appreciation (depreciation) on commodity futures contracts 4,659,556 ( 9,636,211 ) 20,881,933 Interest income 4,997,623 7,381,620 9,252,100 Total income (loss) ( 18,336,756 ) ( 25,456,646 ) ( 51,055,402 ) Expenses Management fees 1,196,879 1,445,767 1,878,763 Professional fees 658,951 691,361 532,146 Distribution and marketing fees 1,602,801 2,063,907 2,106,344 Custodian fees and expenses 151,961 197,647 226,411 Business permits and licenses fees 56,833 47,729 34,453 General and administrative expenses 131,810 176,870 139,454 Other expenses 8,009 - - Total expenses 3,807,244 4,623,281 4,917,571 Total expenses, net 3,807,244 4,623,281 4,917,571 Net income (loss) $ ( 22,144,000 ) $ ( 30,079,927 ) $ ( 55,972,973 ) Net increase (decrease) in net asset value per share $ ( 4.15 ) $ ( 5.76 ) $ ( 10.03 ) Net income (loss) per weighted average share $ ( 4.14 ) $ ( 5.56 ) $ ( 9.62 ) Weighted average Shares outstanding 5,348,163 5,408,867 5,816,987 *During the year ended December 31, 2025, the Fund effected the following reverse stock split: November 25, 2025, 1 for 5. The per share information for prior periods have been retroactively adjusted to reflect this reverse stock split. The accompanying notes are an integral part of these financial statements. F-30 Table of Contents TEUCRIUM WHEAT FUND STATEMENTS OF CHANGE IN NET ASSETS* Year ended Year ended Year ended December 31, 2025 December 31, 2024 December 31, 2023 Operations Net income (loss) $ ( 22,144,000 ) $ ( 30,079,927 ) $ ( 55,972,973 ) Capital transactions Issuance of Shares 32,086,833 23,443,368 96,589,613 Redemption of Shares ( 19,029,606 ) ( 55,395,903 ) ( 85,412,010 ) Total capital transactions 13,057,227 ( 31,952,535 ) 11,177,603 Net change in net assets ( 9,086,773 ) ( 62,032,462 ) ( 44,795,370 ) Net assets, beginning of period $ 122,144,207 $ 184,176,669 $ 228,972,039 Net assets, end of period $ 113,057,434 $ 122,144,207 $ 184,176,669 Net asset value per share at beginning of period $ 24.14 $ 29.90 $ 39.93 Net asset value per share at end of period $ 19.99 $ 24.14 $ 29.90 Creation of Shares 7,050,000 4,525,000 14,950,000 Redemption of Shares 3,875,034 10,025,000 12,825,000 *During the year ended December 31, 2025, the Fund effected the following reverse stock split: November 25, 2025, 1 for 5. The per share information for prior periods have been retroactively adjusted to reflect this reverse stock split. The accompanying notes are an integral part of these financial statements. F-31 Table of Contents TEUCRIUM WHEAT FUND STATEMENTS OF CASH FLOWS Year ended Year ended Year ended December 31, 2025 December 31, 2024 December 31, 2023 Cash flows from operating activities: Net income (loss) $ ( 22,144,000 ) $ ( 30,079,927 ) $ ( 55,972,973 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Net change in unrealized depreciation (appreciation) on commodity futures contracts ( 4,659,556 ) 9,636,211 ( 20,881,933 ) Changes in operating assets and liabilities: Due from broker 6,477,972 ( 2,090,556 ) 30,826,302 Interest receivable 8,721 159,980 ( 134,208 ) Other assets 705 3,822 ( 1,059 ) Management fee payable to Sponsor ( 3,053 ) ( 58,084 ) ( 50,564 ) Other liabilities 58,276 ( 55,029 ) 26,918 Net cash provided by (used in) operating activities ( 20,260,935 ) ( 22,483,583 ) ( 46,187,517 ) Cash flows from financing activities: Proceeds from sale of Shares 32,086,833 23,443,368 96,589,613 Redemption of Shares ( 19,029,606 ) ( 55,395,903 ) ( 91,400,835 ) Net cash provided by (used in) financing activities 13,057,227 ( 31,952,535 ) 5,188,778 Net change in cash and cash equivalents ( 7,203,708 ) ( 54,436,118 ) ( 40,998,739 ) Cash and cash equivalents, beginning of period 114,295,968 168,732,086 209,730,825 Cash and cash equivalents, end of period $ 107,092,260 $ 114,295,968 $ 168,732,086 The accompanying notes are an integral part of these financial statements. F-32 Table of Contents TEUCRIUM AGRICULTURAL FUND STATEMENTS OF ASSETS AND LIABILITIES December 31, 2025 December 31, 2024 Assets Cash equivalents $ 13,162 $ 8,570 Interest receivable 56 35 Other assets - 1,180 Equity in trading accounts: Investments in exchange traded funds, at fair value (cost: $ 8,156,688 and $ 12,632,301 as of December 31, 2025 and December 31, 2024 respectively) 6,298,329 10,344,458 Total assets 6,311,547 10,354,243 Liabilities Other liabilities 3,576 832 Net assets $ 6,307,971 $ 10,353,411 Shares outstanding 275,000 412,502 Net asset value per share $ 22.94 $ 25.10 Market value per share $ 22.92 $ 25.12 The accompanying notes are an integral part of these financial statements. F-33 Table of Contents TEUCRIUM AGRICULTURAL FUND SCHEDULE OF INVESTMENTS December 31, 2025 Percentage of Description: Assets Yield Cost Fair Value Net Assets Shares Exchange-traded funds Teucrium Corn Fund $ 2,188,329 $ 1,581,916 25.08 % 89,213 Teucrium Soybean Fund 1,899,004 1,542,463 24.45 70,481 Teucrium Sugar Fund 1,515,628 1,596,794 25.31 163,083 Teucrium Wheat Fund 2,553,727 1,577,156 25.00 78,887 Total exchange-traded funds $ 8,156,688 $ 6,298,329 99.84 % Cash equivalents Money market funds U.S. Bank Deposit Account 3.450 % $ 13,162 $ 13,162 0.21 % 13,162 The accompanying notes are an integral part of these financial statements. F- 34 Table of Contents TEUCRIUM AGRICULTURAL FUND SCHEDULE OF INVESTMENTS December 31, 2024 Percentage of Description: Assets Yield Cost Fair Value Net Assets Shares Exchange-traded funds Teucrium Corn Fund $ 3,436,783 $ 2,594,798 25.06 % 138,311 Teucrium Soybean Fund 3,276,853 2,619,232 25.30 122,016 Teucrium Sugar Fund 2,085,431 2,513,606 24.28 220,370 Teucrium Wheat Fund 3,833,234 2,616,822 25.27 542,032 Total exchange-traded funds $ 12,632,301 $ 10,344,458 99.91 % Cash equivalents Money market funds U.S. Bank Deposit Account 4.200 % $ 8,570 $ 8,570 0.08 % 8,570 The accompanying notes are an integral part of these financial statements. F- 35 Table of Contents Table of Contents TEUCRIUM AGRICULTURAL FUND STATEMENTS OF OPERATIONS Year ended Year ended Year ended December 31, 2025 December 31, 2024 December 31, 2023 Income Realized and unrealized gain (loss) on trading of securities: Realized gain (loss) on securities $ ( 1,174,062 ) $ ( 1,102,822 ) $ ( 96,992 ) Net change in unrealized appreciation (depreciation) on securities 429,484 ( 1,220,384 ) ( 1,214,870 ) Interest income 567 495 590 Total loss ( 744,011 ) ( 2,322,711 ) ( 1,311,272 ) Expenses Professional fees 51,029 69,463 217,608 Distribution and marketing fees 118,002 139,704 190,696 Custodian fees and expenses 10,100 12,874 23,747 Business permits and licenses fees 17,302 13,617 14,109 General and administrative expenses 9,003 11,991 18,990 Other expenses 12 131 8 Total expenses 205,448 247,780 465,158 Expenses waived by the Sponsor ( 195,175 ) ( 235,747 ) ( 440,191 ) Total expenses, net 10,273 12,033 24,967 Net income (loss) $ ( 754,284 ) $ ( 2,334,744 ) $ ( 1,336,239 ) Net increase (decrease) in net asset value per share $ ( 2.16 ) $ ( 4.35 ) $ ( 1.90 ) Net income (loss) per weighted average share $ ( 2.06 ) $ ( 4.72 ) $ ( 1.49 ) Weighted average Shares outstanding 366,543 494,947 897,742 The accompanying notes are an integral part of these financial statements. F-36 Table of Contents TEUCRIUM AGRICULTURAL FUND STATEMENTS OF CHANGE IN NET ASSETS Year ended Year ended Year ended December 31, 2025 December 31, 2024 December 31, 2023 Operations Net income (loss) $ ( 754,284 ) $ ( 2,334,744 ) $ ( 1,336,239 ) Capital transactions Issuance of Shares - - - Redemption of Shares ( 3,291,156 ) ( 5,720,971 ) ( 19,829,880 ) Total capital transactions ( 3,291,156 ) ( 5,720,971 ) ( 19,829,880 ) Net change in net assets ( 4,045,440 ) ( 8,055,715 ) ( 21,166,119 ) Net assets, beginning of period $ 10,353,411 $ 18,409,126 $ 39,575,245 Net assets, end of period $ 6,307,971 $ 10,353,411 $ 18,409,126 Net asset value per share at beginning of period $ 25.10 $ 29.45 $ 31.35 Net asset value per share at end of period $ 22.94 $ 25.10 $ 29.45 Creation of Shares - - - Redemption of Shares 137,502 212,500 637,500 The accompanying notes are an integral part of these financial statements. F-37 Table of Contents TEUCRIUM AGRICULTURAL FUND STATEMENTS OF CASH FLOWS Year ended Year ended Year ended December 31, 2025 December 31, 2024 December 31, 2023 Cash flows from operating activities: Net income (loss) $ ( 754,284 ) $ ( 2,334,744 ) $ ( 1,336,239 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Net change in unrealized (appreciation) depreciation appreciation on securities ( 429,484 ) 1,220,384 1,214,870 Changes in operating assets and liabilities: Net sale (purchase) of investments in securities 4,475,613 6,837,058 19,955,928 Interest receivable ( 21 ) 20 ( 23 ) Other assets 1,180 ( 1,180 ) 622 Other liabilities 2,744 ( 3,205 ) 1,214 Net cash provided by (used in) operating activities 3,295,748 5,718,333 19,836,372 Cash flows from financing activities: Redemption of Shares ( 3,291,156 ) ( 5,720,971 ) ( 19,829,880 ) Net cash (used in) provided by financing activities ( 3,291,156 ) ( 5,720,971 ) ( 19,829,880 ) Net change in cash equivalents 4,592 ( 2,638 ) 6,492 Cash equivalents, beginning of period 8,570 11,208 4,716 Cash equivalents, end of period $ 13,162 $ 8,570 $ 11,208 The accompanying notes are an integral part of these financial statements. F-38 Table of Contents 7RCC SPOT BITCOIN AND CARBON CREDIT FUTURES ETF STATEMENTS OF ASSETS AND LIABILITIES December 31, 2025 Assets Cash and cash equivalents $ 100 Total assets $ 100 Net assets $ 100 Shares outstanding 4 Net asset value per share $ 25.00 Market value per share $ - The accompanying notes are an integral part of these financial statements. F-39 Table of Contents 7RCC SPOT BITCOIN AND CARBON CREDIT FUTURES ETF STATEMENTS OF OPERATIONS For the period from December 10, 2025 (Date of Seeding) to December 31, 2025 Income Total Income (loss) $ - Expenses Total expenses $ - Total expenses, net $ - Net Income (loss) $ - Net gain (loss) per share $ - Net income (loss) per weighted average share $ - Weighted average shares outstanding 0 The accompanying notes are an integral part of these financial statements. F-40 Table of Contents 7RCC SPOT BITCOIN AND CARBON CREDIT FUTURES ETF STATEMENTS OF CHANGE IN NET ASSET For the period from December 10, 2025 (Date of Seeding) to Operations December 31, 2025 Capital transactions Issuance of Shares $ 100 Net change in net assets 100 Net assets, beginning of period $ - Net assets, end of period $ 100 Net asset value per share at beginning of period $ - Net asset value per share at end of period $ 25.00 Creation of Shares 4 Redemption of Shares - The accompanying notes are an integral part of these financial statements. F-41 Table of Contents 7RCC SPOT BITCOIN AND CARBON CREDIT FUTURES ETF STATEMENTS OF CASH FLOWS For the period from December 10, 2025 (Date of Seeding) to December 31, 2025 Cash flows from financing activities: Proceeds from sale of Shares $ 100 Net cash provided by financing activities 100 Net change in cash and cash equivalents 100 Cash and cash equivalents, beginning of period - Cash and cash equivalents, end of period $ 100 The accompanying notes are an integral part of these financial statements. F-42 Table of Contents NOTES TO FINANCIAL STATEMENTS December 31, 2025 Note 1 - Organization and Operation Teucrium Commodity Trust (“Trust”), a Delaware statutory trust organized on September 11, 2009, is a series trust consisting of five series: Teucrium Corn Fund (“CORN”), Teucrium Sugar Fund (“CANE”), Teucrium Soybean Fund (“SOYB”), Teucrium Wheat Fund (“WEAT”), and Teucrium Agricultural Fund (“TAGS”). 7RCC Spot Bitcoin and Carbon Credit Futures ETF ("BTCK") was formed as a separate series of the Trust on September 17, 2025. Hashdex Bitcoin Futures ETF (“DEFI”) was a series of the Trust prior to the merger closing on January 3, 2024. As discussed elsewhere in this Form 10 -K, the Trust, on behalf of its series, Hashdex Bitcoin Futures Fund ("Acquired Fund"), and Tidal Commodities Trust I, on behalf of its series, Hashdex Bitcoin Futures Fund, entered into an Agreement and Plan of Merger and Liquidation dated as of October 30, 2023 ( "Plan of Merger"). The Merger closed on January 3, 2024. Upon such closing, the Plan of Merger caused all of the Acquired Fund's Shares to be canceled and the Acquired Fund to be liquidated. A Form 15 was filed with the U.S. Securities and Exchange Commission ("SEC") to de-register the Acquired Fund under the Securities Exchange Act of 1934 (the "Exchange Act"), which terminates the Exchange Act reporting obligations of the Acquired Fund. While the Acquired Fund's financials are included in the combined Trust financials for historical periods and for the stub period from January 1, 2024, to January 3, 2024, separate financial statements for the Acquired Fund are not provided. All these series of the Trust are collectively referred to as the “Funds” and singularly as the “Fund.” Collectively, CORN, CANE, SOYB, WEAT and TAGS are referred to as the “Agricultural Funds." Each Fund is a commodity pool that is a series of the Trust. The Funds issue common units, called the “Shares,” representing fractional undivided beneficial interests in a Fund. The Trust and the Funds operate pursuant to the Trust’s Sixth Amended and Restated Declaration of Trust and Trust Agreement (the “Trust Agreement”). On June 7, 2010, the initial Form S- 1 for CORN was declared effective by the SEC. On June 8, 2010, four Creation Baskets for CORN were issued representing 200,000 Shares and $ 5,000,000 . CORN began trading on the New York Stock Exchange (“NYSE”) Arca on June 9, 2010. The current registration statement for CORN was declared effective by the SEC on April 7, 2022. This registration statement for CORN registered an indeterminate number of Shares. On June 13, 2011, the initial Forms S- 1 for CANE, SOYB, and WEAT were declared effective by the SEC. On September 16, 2011, two Creation Baskets were issued for each Fund, representing 100,000 Shares and $ 2,500,000 , for CANE, SOYB, and WEAT. On September 19, 2011, CANE, SOYB, and WEAT started trading on the NYSE Arca. The current registration statements for CANE and SOYB were declared effective by the SEC on April 7, 2022. The registration statements for SOYB and CANE registered an indeterminate number of Shares each. The current registration statement for WEAT was declared effective on March 9, 2022. This registration statement for WEAT registered an indeterminate number of Shares. On February 10, 2012, the Form S- 1 for TAGS was declared effective by the SEC. On March 27, 2012, six Creation Baskets for TAGS were issued representing 300,000 Shares and $ 15,000,000 . TAGS began trading on the NYSE Arca on March 28, 2012. The current registration statement for TAGS was declared effective by the SEC on April 7, 2022. This registration statement for TAGS registered an indeterminate number of Shares. On September 14, 2022, the Form S- 1 for DEFI was declared effective by the SEC. This registration statement for DEFI registered an indeterminate number of Shares. On September 15, 2022, five Creation Baskets for DEFI were issued representing 50,000 Shares and $ 1,250,000 . DEFI began trading on the NYSE Arca on September 16, 2022. As reported by the registrant on a Form 8 -K filed with the SEC on November 7, 2023 ( File No. 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”). Pursuant to the Plan of Merger, each Acquired Fund shareholder received one share of the Acquiring Fund for every one share of the Acquired Fund held on the Closing Date based on the net asset value per share of the Acquiring Fund being equal to the net asset value per share of the Acquired Fund determined immediately prior to the Merger closing. Upon the Merger closing, the Acquiring Fund acquired all the assets of the Acquired Fund and assumed all the liabilities of the Acquired Fund via distribution. 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 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 or been registered with the SEC. 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 BTCK 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. Teucrium Trading, LLC is the sponsor (“Sponsor”) of the Trust. The Sponsor is a member of the National Futures Association (the “NFA”) and became a commodity pool operator (“CPO”) registered with the Commodity Futures Trading Commission (the “CFTC”) effective November 10, 2009. The Sponsor registered as a Commodity Trading Advisor (“CTA”) with the CFTC effective September 8, 2017. The specific investment objective of each Fund and information regarding the organization and operation of each Fund are included in other sections of this Form 10 -K filing. Each Fund issues common units, called the "Shares," representing fractional undivided beneficial interest in the Fund. Each Fund continuously offers Creation Baskets consisting of 25,000 Shares for CORN, 25,000 Shares for SOYB, 25,000 Shares for CANE, 25,000 Shares for WEAT, and 12,500 shares for TAGS, respectively, at their NAV to Authorized Purchasers through the Marketing Agent. Authorized Purchasers sell such Shares, which are listed on the NYSE Arca, to the public at per-Share offering prices that reflect, among other factors, the trading price of the Shares on the NYSE Arca, the NAV of the Fund at the time the Authorized Purchaser purchased the Creation Baskets, and the NAV at the time of the offer of the Shares to the public, the supply of and demand for Shares at the time of sale, and the liquidity of the markets for respective Fund interests. The Funds' Shares trade in the secondary market on the NYSE Arca at prices that are lower or higher than the NAV per Share. In general, the investment objective of each Fund is to have the daily changes in the Net Asset Value (“NAV”) of each Fund’s Shares reflect the daily changes in the specified commodity market for future delivery as measured by the Benchmark, as described in this Form 10 -K under the heading The Investment Objectives of the Funds . The investment objective of TAGS is to have the daily changes in percentage terms of NAV of its Shares reflect the daily changes in percentage terms of a weighted average (the “Underlying Fund Average”) of the NAVs per share of the four agricultural commodity pools that are series of the Trust and are sponsored by the Sponsor: CORN, WEAT, SOYB, and CANE (collectively, the “Underlying Funds”). The Underlying Fund Average will have a weighting of 25 % to each Underlying Fund, and the Fund’s assets will be rebalanced to maintain the approximate 25% allocation to each Underlying Fund. Subject to the terms of the Trust Agreement, Teucrium Trading, LLC in its capacity as the Sponsor (“Sponsor”) may terminate a Fund at any time, regardless of whether the Fund has incurred losses, including, for instance, if it determines that the Fund’s aggregate net assets in relation to its operating expenses make the continued operation of the Fund unreasonable or imprudent. However, no level of losses will require the Sponsor to terminate a Fund. F- 43 Table of Contents Note 2 - Principal Contracts and Agreements The Sponsor employs U.S. Bank N.A. as the Custodian of non-bitcoin assets for the Funds. The principal business address for U.S. Bank, N.A is 5065 Wooster Rd, Cincinnati, Ohio 45226. U.S. Bank, N.A. is a national banking association organized and existing under the laws of the United States of America with its principal place of business at Minneapolis, Minnesota. The principal address for U.S. Bancorp Fund Services, LLC doing business as U.S. Bank Global Fund Services (“Global Fund Services”) is 615 E. Michigan Street, Milwaukee, WI 53202. In addition, effective on the Conversion Date, Global Fund Services, a wholly owned subsidiary of U.S. Bank, N.A. commenced serving as administrator for each Fund, performing certain administrative, accounting services, and preparing certain SEC reports on behalf of the Funds, and also became the registrar and transfer agent for each Fund’s Shares. For such services, U.S. Bank N.A. and Global Fund Services will receive an asset-based fee, subject to a minimum annual fee. For non-bitcoin asset custody services, the Funds will pay to U.S. Bank, N.A. 0.0075 % of average gross assets up to $1 billion, and 0.0050 % of average gross assets over $1 billion, annually, plus certain per-transaction charges. For Transfer Agency, Fund Accounting and Fund Administration services, which are based on the total assets for all the Funds in the Trust, the Funds will pay to Global Fund Services 0.05 % of average gross assets on the first $500 million, 0.04 % on the next $500 million, 0.03 % on the next $2 billion, and 0.02 % on the balance over $3 billion annually. A combined minimum annual fee of up to $ 47,000 for custody, transfer agency, accounting and administrative services is assessed per Fund. These services are recorded in custodian fees and expenses on the combined statements of operations. A summary of these expenses is included below. The Sponsor employs Gemini Trust Company, LLC ("Gemini") as the Custodian for bitcoin assets ("Bitcoin Custodian"). Gemini, established in 2014 with principal offices at 315 Park Ave South, Floor 16, New York, NY 10010, is a cryptocurrency trading platform. It offers a platform for buying, selling, and storing digital assets. Gemini is regulated by the New York State Department of Financial Services and was the first U.S.-based licensed Ethereum trading platform. For Bitcoin Custodian services, the Funds will pay to Gemini 0.05 % of the Fund's total assets maintained by the Bitcoin Custodian, accrued daily and paid monthly in kind, plus $ 125 per withdrawal. These services are recorded in custodian fees and expenses on the combined statements of operations. A summary of these expenses is included below. The Sponsor employs PINE Distributors LLC, ("PINE" or the "Marketing Agent") as the Marketing Agent for the Funds. The Marketing Agent Agreement among the Marketing Agent, the Sponsor, and the Trust calls for the Marketing Agent to work with the Transfer Agent in connection with the receipt and processing of orders for Creation Baskets and Redemption Baskets and the review and approval of all Fund sales literature and advertising materials. The Marketing Agent and the Sponsor have also entered into an agreement under which certain employees and officers of the Sponsor are licensed as registered representatives of the Marketing Agent. These persons engage in certain marketing activities for the Funds. For its services as the Marketing Agent, PINE receives a fee of 0.0075 % of the Fund’s average daily net assets and an aggregate annual fee of $ 75,000 for all Teucrium Funds. For its services under the RRSA, PINE receives a fee of $ 3,500 per registered representative and $ 7,500 per registered location. These services are recorded in distribution and marketing fees on the combined statements of operations. A summary of these expenses is included below. Marex Capital Markets, Inc. (“Marex”), StoneX Financial Inc. (“StoneX”), and ADM Investor Services, Inc. ("ADM") serve as the Funds’ clearing brokers to execute and clear futures contracts and provide other brokerage-related services. Marex and StoneX are each registered as futures commission merchants (“FCM”) with the U.S. CFTC and are members of the NFA. The clearing brokers are registered as broker-dealers with the SEC and are each a member of FINRA. Marex, and StoneX are each clearing members of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges. For Corn, Soybean, Sugar and Wheat Futures Contracts, Marex is paid $ 11.00 per round turn. StoneX is paid $ 2.50 per round turn exclusive of pass-through fees for the exchange and the NFA. Additionally, if the monthly commissions paid by each Fund does not equal or exceed 16.5 % return on the StoneX Capital Requirement at 9.6 % of the Exchange Maintenance Margin, each Fund will pay a true up to meet that return at the end of each month. For carbon credit futures contracts, ADM is paid $ 8.00 per round turn, exclusive of pass-through fees for the exchange. These expenses are recognized on a per-trade basis. The half-turn is recognized as an unrealized loss on the combined statements of operations, and a full turn is recognized as a realized loss on the combined statements of operations when a contract is sold. A summary of these expenses can be found below under the heading, Brokerage Commissions . The sole Trustee of the Trust is Wilmington Trust Company, a Delaware banking corporation. The Trustee will accept service of legal process on the Trust in the State of Delaware and will make certain filings under the Delaware Statutory Trust Act. For its services, the Trustee receives an annual fee of $ 3,300 from the Trust. These services are recorded in business permits and licenses fees on the combined statements of operations. A summary of these expenses is included below. F- 44 Table of Contents Year Ended December 31, 2025 CORN SOYB CANE WEAT TAGS BTCK TRUST Amount Recognized for Custody Services $ 76,369 $ 39,083 $ 23,818 $ 151,961 $ 10,100 $ - $ 301,331 Amount of Custody Services Waived $ - $ - $ - $ - $ 10,100 $ - $ 10,100 Amount Recognized for Distribution Services $ 30,719 $ 16,477 $ 8,825 $ 63,750 $ 4,666 $ - $ 124,437 Amount of Distribution Services Waived $ - $ - $ - $ - $ 4,666 $ - $ 4,666 Amount Recognized for Wilmington Trust $ 758 $ 460 $ 185 $ 1,768 $ 129 $ - $ 3,300 Amount of Wilmington Trust Waived $ - $ - $ - $ - $ 129 $ - $ 129 Year Ended December 31, 2024 CORN SOYB CANE WEAT TAGS BTCK TRUST Amount Recognized for Custody Services $ 97,813 $ 47,205 $ 33,883 $ 197,647 $ 12,874 $ - $ 389,422 Amount of Custody Services Waived $ - $ - $ - $ - $ 12,874 $ - $ 12,874 Amount Recognized for Distribution Services $ 30,938 $ 15,184 $ 10,537 $ 66,576 $ 4,809 $ - $ 128,044 Amount of Distribution Services Waived $ - $ - $ - $ - $ 4,809 $ - $ 4,809 Amount Recognized for Wilmington Trust $ 893 $ 509 $ 279 $ 1,511 $ 108 $ - $ 3,300 Amount of Wilmington Trust Waived $ - $ - $ - $ - $ 108 $ - $ 108 Year Ended December 31, 2023 CORN SOYB CANE WEAT TAGS BTCK TRUST Amount Recognized for Custody Services $ 109,559 $ 39,143 $ 27,216 $ 226,411 $ 23,747 $ - $ 426,076 Amount of Custody Services Waived $ - $ - $ - $ - $ 20,690 $ - $ 20,690 Amount Recognized for Distribution Services $ 39,529 $ 14,627 $ 10,199 $ 82,223 $ 8,177 $ - $ 154,755 Amount of Distribution Services Waived $ - $ - $ - $ - $ 8,177 $ - $ 8,177 Amount Recognized for Wilmington Trust $ 860 $ 317 $ 232 $ 1,720 $ 145 $ - $ 3,274 Amount of Wilmington Trust Waived $ - $ - $ - $ - $ 145 $ - $ 145 Note 3 - Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared on a combined basis in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as detailed in the Financial Accounting Standards Board’s Accounting Standards Codification and include the accounts of the Trust, CORN, CANE, SOYB, WEAT, TAGS, DEFI and BTCK. For the periods represented by the financial statements herein the operations of the Trust contain the results of CORN, SOYB, CANE, WEAT, TAGS, DEFI and BTCK, except for eliminations for TAGS as explained below, for the months during which each Fund was a series of the Trust. Given the investment objective of TAGS as described in Note 1 above, TAGS will buy, sell and hold, as part of its normal operations, Shares of the four Underlying Funds. The Trust eliminates the shares of the other series of the Trust owned by the Teucrium Agricultural Fund from its combined statements of assets and liabilities. The Trust eliminates the net change in unrealized appreciation or depreciation on securities owned by the Teucrium Agricultural Fund from its combined statements of operations. The combined statements of changes in net assets and cash flows present a net presentation of the purchases and sales of the Underlying Funds of TAGS. The Trust and Funds qualify as an investment company solely for accounting purposes and not for any other purpose and follow the accounting and reporting guidance under the Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services - Investment Companies, but are not registered, and are not required to be registered, as an investment company under the Investment Company Act of 1940, as amended. Revenue Recognition Commodity futures contracts are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Changes in the appreciation or depreciation between periods are reflected in the statements of operations. The Funds seek to earn interest on their assets denominated in U.S. dollars on deposit with the Futures Commission Merchant. In addition, the Funds seek to earn interest on funds held at the custodian and at other financial institutions at prevailing market rates for such investments. The Sponsor may invest a portion of cash in commercial paper, which is deemed a cash equivalent based on the rating and duration of contracts as described in the notes to the financial statements and reflected in cash and cash equivalents on the combined statements of assets and liabilities and in cash and cash equivalents on the combined statements of cash flows. Accretion on these investments is recognized using the effective interest method in U.S. dollars and included in interest income on the combined statements of operations. The Sponsor may invest a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts. Accretion on these investments is recognized using the effective interest method in U.S. dollars and included in interest income on the combined statements of operations. F- 45 Table of Contents Brokerage Commissions The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis. The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the years ended December 31, 2025 , 2024 , and 2023 . CORN SOYB CANE WEAT TAGS BTCK TRUST Year Ended December 31, 2025 $ 44,069 $ 14,130 $ 11,260 $ 76,611 $ - $ - $ 146,070 Year Ended December 31, 2024 $ 48,170 $ 9,837 $ 10,809 $ 75,565 $ - $ - $ 144,381 Year Ended December 31, 2023 $ 65,449 $ 12,516 $ 21,902 $ 105,792 $ - $ - $ 208,205 Income Taxes The Trust is organized and will be operated as a Delaware statutory trust. For federal income tax purposes, each Fund, except for BTCK, will be treated as a publicly traded partnership. A publicly traded partnership is generally treated as a corporation for federal income tax purposes unless 90% or more of the publicly traded partnership’s gross income for each taxable year of its existence consists of qualifying income as defined in section 7704 (d) of the Internal Revenue Code of 1986, as amended. Qualifying income is defined as generally including, in pertinent part, interest (other than from a financial business), dividends, and gains from the sale or disposition of capital assets held for the production of interest or dividends. In the case of a partnership of which a principal activity is the buying and selling of commodities, other than as inventory, or of futures, forwards and options with respect to commodities, qualifying income also includes income and gains from commodities and from futures, forwards, options with respect to commodities and, provided the partnership is a trader or investor with respect to such assets, swaps and other notional principal contracts with respect to commodities. Each Fund expects that at least 90% of the Fund’s gross income for each taxable year will consist of qualifying income and that the Fund will be taxed as a partnership for federal income tax purposes. Therefore, the Funds do not record a provision for income taxes because the shareholders report their share of a Fund’s income or loss on their income tax returns. The financial statements reflect the Funds’ transactions without adjustment, if any, required for income tax purposes. BTCK has elected to be classified as a corporation for U.S. federal income tax purposes. The Funds are required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Funds file income tax returns in the U.S. federal jurisdiction and may file income tax returns in various U.S. states and foreign jurisdictions. For all tax years 2023 to 2025 , the Funds remain subject to income tax examinations by major taxing authorities. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized results in the Funds recording a tax liability that reduces net assets. Based on their analysis, the Funds have determined that they have not incurred any liability for unrecognized tax benefits for the years ended December 31, 2025 , 2024 , and 2023 . 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. The Funds recognize interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized for the years ending December 31, 2025 , 2024 , and 2023 . The Funds may be subject to potential examination by U.S. federal, U.S. state, or foreign jurisdictional authorities in the area of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions, and compliance with U.S. federal, U.S. state and foreign tax laws. Reverse Share Split During the year ended December 31, 2025, WEAT effected the following reverse share split: November 25, 2025, a 1 for 5 reverse share split. Per-share information for all prior periods has been retroactively adjusted to reflect this reverse share split. Creations and Redemptions Authorized Purchasers may purchase Creation Baskets from each Fund. The amount of the proceeds required to purchase a Creation Basket will be equal to the NAV of the Shares in the Creation Basket determined as of 4:00 p.m. (ET) on the day the order to create the basket is properly received. Authorized Purchasers may redeem Shares from each Fund only in blocks of shares called “Redemption Baskets.” The amount of the redemption proceeds for a Redemption Basket will be equal to the NAV of the shares in the Redemption Basket determined as of 4:00 p.m. (ET) on the day the order to redeem the basket is properly received. Each Fund receives or pays the proceeds from Shares sold or redeemed within three business days after the trade date of the purchase or redemption. The amounts due from Authorized Purchasers are reflected in the statements of assets and liabilities as capital Shares receivable. Amounts payable to Authorized Purchasers upon redemption are reflected in the statements of assets and liabilities as payable for Shares redeemed. There are a minimum number of baskets and associated Shares specified for each Fund in the Fund’s respective prospectus, as amended from time to time. Once the minimum number of baskets is reached, there can be no more redemptions until there has been a creation basket. These minimum levels are as follows: CORN: 50,000 Shares representing 2 baskets SOYB: 50,000 Shares representing 2 baskets CANE: 50,000 Shares representing 2 baskets WEAT: 50,000 Shares representing 2 baskets TAGS: 50,000 Shares representing 4 baskets BTCK: 50,000 Shares representing 5 baskets F- 46 Table of Contents Cash and Cash Equivalents Cash equivalents are highly liquid investments with original maturity dates of 90 days or less when acquired. The Trust reported its cash equivalents in the combined statements of assets and liabilities at market value, or at carrying amounts that approximate fair value, because of their highly liquid nature and short-term maturities. Each Fund that is a series of the Trust has the balance of its cash equivalents on deposit with financial institutions. The Trust holds a balance in money market funds that is included in cash and cash equivalents on the combined statements of assets and liabilities. The Sponsor invests a portion of the available cash for the Funds in alternative demand deposit savings accounts, which are classified as cash and not as cash equivalents. Assets deposited with the bank may, at times, exceed federally insured limits. The Sponsor invests a portion of the available cash for the Funds in investment grade commercial paper with durations of 90 days or less, which is classified as a cash equivalent and is not FDIC insured. The Sponsor may invest a portion of the cash held by the FCM in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured. December 31, 2025 CORN SOYB CANE WEAT TAGS BTCK TRUST Money Market Funds $ 11,379,804 $ 15,652,455 $ 9,084,397 $ 46,066,158 $ 13,162 $ - $ 82,195,976 Demand Deposit Savings Accounts 11,312,371 5,933,499 2,481,514 11,245,207 - 100 30,972,691 Commercial Paper 22,399,306 17,432,415 2,491,556 49,780,895 - - 92,104,172 Total cash and cash equivalents as presented on the Statement of Assets and Liabilities $ 45,091,481 $ 39,018,369 $ 14,057,467 $ 107,092,260 $ 13,162 $ 100 $ 205,272,839 December 31, 2024 CORN SOYB CANE WEAT TAGS TRUST Money Market Funds $ 22,789,058 $ 8,146,814 $ 4,462,098 $ 46,770,073 $ 8,570 $ 82,176,613 Demand Deposit Savings Accounts 10,841,877 5,686,719 2,378,305 10,777,507 - 29,684,408 Commercial Paper 27,367,391 9,972,867 4,990,686 56,748,388 - 99,079,332 Total cash and cash equivalents as presented on the Statement of Assets and Liabilities $ 60,998,326 $ 23,806,400 $ 11,831,089 $ 114,295,968 $ 8,570 $ 210,940,353 Payable for Purchases of Commercial Paper The amount recorded by the Trust for commercial paper transactions awaiting settlement, which represents the amount payable for contracts purchased but not yet settled as of the reporting date. The value of the contract is included in cash and cash equivalents, and the payable amount is included as a liability. Due from/to Broker The amount recorded by the Trust for the amount due from and to the clearing broker includes, but is not limited to, cash held by the broker, amounts payable to the clearing broker related to open transactions and payables for commodities futures accounts liquidating to an equity balance on the clearing broker’s records, and amounts of brokerage commissions paid and recognized as unrealized losses. Margin is the minimum amount of funds that must be deposited by a commodity interest trader with the trader’s broker to initiate and maintain an open position in futures contracts. A margin deposit acts to assure the trader’s performance of the futures contracts purchased or sold. Futures contracts are customarily bought and sold on initial margin that represents a relatively small percentage of the aggregate purchase or sales price of the contract. Because of such low margin requirements, price fluctuations occurring in the futures markets may create profits and losses that, in relation to the amount invested, are greater than those in other forms of investment or speculation. As discussed below, adverse price changes in a futures contract may result in margin requirements that greatly exceed the initial margin. In addition, the amount of margin required in connection with a particular futures contract is set from time to time by the exchange on which the contract is traded and may be modified from time to time by the exchange during the term of the contract. Brokerage firms, such as the Funds’ clearing brokers, carrying accounts for traders in commodity interest contracts generally require higher amounts of margin as a matter of policy to further protect themselves. Over-the-counter trading generally involves the extension of credit between counterparties, so the counterparties may agree to require the posting of collateral by one or both parties to address credit exposure. F- 47 Table of Contents Payable/Receivable for Securities Purchased/Sold Due from/to broker for investments in securities are securities transactions pending settlement. The Trust and the Funds are subject to credit risk to the extent any broker with whom it conducts business is unable to fulfill contractual obligations on its behalf. The management of the Trust and the Funds monitors the financial condition of such brokers and does not anticipate any losses from these counterparties. The principal broker through which the Trust and TAGS can execute securities transactions for TAGS is U.S. Bank, N.A. Sponsor Fee, Allocation of Expenses and Related Party Transactions The Fund’s sponsor, Teucrium Trading, LLC (the “Sponsor”), is responsible for investing the assets of the Funds in accordance with the objectives and policies of each Fund. In addition, the Sponsor arranges for one or more third parties to provide administrative, custodial, accounting, transfer agency and other necessary services to the Trust and the Funds. In addition, the Sponsor elected not to outsource services directly attributable to the Trust and the Funds such as, certain aspects of accounting, financial reporting, regulatory compliance and trading activities. In addition, the Agricultural Funds, except for TAGS which has no such fee, are contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00 % per annum. The Agricultural Funds generally pay for all brokerage fees, taxes and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the SEC, FINRA, or any other regulatory agency in connection with the offer and sale of subsequent Shares, after its initial registration, and all legal, accounting, printing and other expenses associated therewith. The Funds also pay the fees and expenses associated with the Trust’s tax accounting and reporting requirements. Certain aggregate expenses common to all Funds within the Trust are allocated by the Sponsor to the respective Fund based on activity drivers deemed most appropriate by the Sponsor for such expenses, including but not limited to relative assets under management and creation order activity. These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax-preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Marketing Agent, which are included in the related line item in the combined statements of operations. A portion of these aggregate common expenses are related to the Sponsor or related parties of principals of the Sponsor; these are necessary services to the Trust and the Funds, which are primarily the cost of performing accounting and financial reporting, regulatory compliance, and trading activities that are directly attributable to the Trust and the Funds. Such expenses are primarily included as distribution and marketing fees in the financial statements of each Fund. December 31, 2025 CORN SOYB CANE WEAT TAGS BTCK TRUST Recognized Related Party Transactions $ 529,848 $ 283,781 $ 148,170 $ 1,094,005 $ 80,056 $ - $ 2,135,860 Waived Related Party Transactions $ - $ - $ - $ - $ 73,707 $ - $ 73,707 December 31, 2024 CORN SOYB CANE WEAT TAGS TRUST Recognized Related Party Transactions $ 643,463 $ 314,878 $ 211,232 $ 1,365,091 $ 95,234 $ - $ 2,629,898 Waived Related Party Transactions $ - $ - $ - $ - $ 68,233 $ - $ 68,233 December 31, 2023 CORN SOYB CANE WEAT TAGS TRUST Recognized Related Party Transactions $ 684,181 $ 251,775 $ 180,135 $ 1,401,169 $ 139,022 $ - $ 2,656,282 Waived Related Party Transactions $ - $ - $ - $ - $ 70,069 $ - $ 70,069 The Sponsor has the ability to elect to pay certain expenses on behalf of the Funds or waive the management fee. This election is subject to change by the Sponsor, at its discretion. Expenses paid by the Sponsor and Management fees waived by the Sponsor are, if applicable, presented as waived expenses in the statements of operations for each Fund. The Sponsor has determined that there will be no recovery sought for the amounts below in any future period. CORN SOYB CANE WEAT TAGS BTCK Trust Year Ended December 31, 2025 $ - $ - $ - $ - $ 195,175 $ - $ 195,175 Year Ended December 31, 2024 $ - $ - $ - $ - $ 235,747 $ - $ 298,056 Year Ended December 31, 2023 $ - $ - $ - $ - $ 440,191 $ - $ 711,571 When a trader purchases an option, there is no margin requirement; however, the option premium must be paid in full. When a trader sells an option, on the other hand, he or she is required to deposit margin in an amount determined by the margin requirements established for the underlying interest and, in addition, an amount substantially equal to the current premium for the option. The margin requirements imposed on the selling of options, although adjusted to reflect the probability that out-of-the-money options will not be exercised, can in fact be higher than those imposed in dealing in the futures markets directly. Complicated margin requirements apply to spreads and conversions, which are complex trading strategies in which a trader acquires a mixture of options positions and positions in the underlying interest. Ongoing or “maintenance” margin requirements are computed each day by a trader’s clearing broker. When the market value of a particular open futures contract changes to a point where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the broker. If the margin call is not met within a reasonable time, the broker may close out the trader’s position. With respect to the Funds’ trading, the Funds (and not their shareholders personally) are subject to margin calls. Finally, many major U.S. exchanges have passed certain cross margining arrangements involving procedures pursuant to which the futures and options positions held in an account would, in the case of some accounts, be aggregated, and margin requirements would be assessed on a portfolio basis, measuring the total risk of the combined positions. F- 48 Table of Contents Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during the reporting period. Actual results could differ from those estimates. Fair Value - Definition and Hierarchy In accordance with U.S. GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, the Trust uses various valuation approaches. In accordance with U.S. GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Trust. Unobservable inputs reflect the Trust’s assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows: Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 futures contracts held by CORN, SOYB, CANE WEAT and DEFI, the securities of the Underlying Funds held by TAGS, and any other securities held by any Fund, together referenced throughout this filing as “financial instruments.” Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment. Level 2 - Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The availability of valuation techniques and observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the financial instruments existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for financial instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy, within which the fair value measurement in its entirety falls, is determined based on the lowest level input that is significant to the fair value measurement. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Trust’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. The Trust uses prices and inputs that are current as of the measurement date, including periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many financial instruments. This condition could cause a financial instrument to be reclassified to a lower level within the fair value hierarchy. For instance, when Corn Futures Contracts on the Chicago Board of Trade (“CBOT”) are not actively trading due to a “limit-up” or ‘limit-down” condition, meaning that the change in the Corn Futures Contracts has exceeded the limits established, the Trust and the Fund will revert to alternative verifiable sources of valuation of its assets. 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. F- 49 Table of Contents On December 31, 2025 and 2024 , in the opinion of the Trust, the reported value at the close of the market for each commodity contract fairly reflected the value of the futures and no alternative valuations were required. The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period. In making the determination of a Level 1 or Level 2 transfer, the Funds consider the average volume of the specific underlying futures contracts traded on the relevant exchange for the years being reported. The Funds and the Trust record their derivative activities at fair value. Gains and losses from derivative contracts are included in the statements of operations. Derivative contracts include futures contracts related to commodity prices. Futures, which are listed on a national securities exchange, such as the CBOT and the ICE, or reported on another national market, are generally categorized in Level 1 of the fair value hierarchy. OTC derivatives contracts (such as forward and swap contracts), which may be valued using models, depending on whether significant inputs are observable or unobservable, are categorized in Levels 2 or 3 of the fair value hierarchy. Investments in the securities of the Underlying Funds are freely traded and listed on the NYSE Arca. These investments are valued at the NAV of the Underlying Fund as of the valuation date as calculated by the administrator based on the exchange-quoted prices of the commodity futures contracts held by the Underlying Fund. Expenses Expenses are recorded using the accrual method of accounting. New Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. The Sponsor is evaluating the impacts to the financial statements and disclosures to the Trust and the Funds, and will plan to adopt at or before the effective date for the 10K for the period ending December 31, 2026. F- 50 Table of Contents Note 4 - Fair Value Measurements 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. The following table presents information about the Trust’s assets and liabilities measured at fair value as of December 31, 2025 and December 31, 2024 : December 31, 2025 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2025 Cash Equivalents $ 174,300,148 $ - $ - $ 174,300,148 Commodity Futures Contracts Corn futures contracts 50,255 - - 50,255 Total $ 174,350,403 $ - $ - $ 174,350,403 Liabilities: Level 1 Level 2 Level 3 Balance as of December 31, 2025 Commodity Futures Contracts Corn futures contracts $ 170,785 $ - $ - $ 170,785 Soybean futures contracts 2,185,227 - - 2,185,227 Sugar futures contracts 1,150,617 - - 1,150,617 Wheat futures contracts 7,314,828 - - 7,314,828 Total $ 10,821,457 $ - $ - $ 10,821,457 December 31, 2024 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2024 Cash Equivalents $ 181,255,945 $ - $ - $ 181,255,945 Commodity Futures Contracts Corn futures contracts 1,936,572 - - 1,936,572 Total $ 183,192,517 $ - $ - $ 183,192,517 Liabilities: Level 1 Level 2 Level 3 Balance as of December 31, 2024 Commodity Futures Contracts Corn futures contracts $ 1,955,417 $ - $ - $ 1,955,417 Soybeans futures contracts 1,321,026 - - 1,321,026 Sugar futures contracts 1,560,295 - - 1,560,295 Wheat futures contracts 11,974,384 - - 11,974,384 Total $ 16,811,122 $ - $ - $ 16,811,122 F- 51 Table of Contents Teucrium Corn Fund Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2025 Cash Equivalents $ 33,779,110 $ - $ - $ 33,779,110 Corn futures contracts 50,255 - - 50,255 Total $ 33,829,365 $ - $ - $ 33,829,365 Liabilities Level 1 Level 2 Level 3 Balance as of December 31, 2025 Corn futures contracts $ 170,785 $ - $ - $ 170,785 Assets Level 1 Level 2 Level 3 Balance as of December 31, 2024 Cash Equivalents $ 50,156,449 $ - $ - $ 50,156,449 Corn futures contracts 1,936,572 - - 1,936,572 Total $ 52,093,021 $ - $ - $ 52,093,021 Liabilities Level 1 Level 2 Level 3 Balance as of December 31, 2024 Corn futures contracts $ 1,955,417 $ - $ - $ 1,955,417 F- 52 Table of Contents Teucrium Soybean Fund Assets Level 1 Level 2 Level 3 Balance as of December 31, 2025 Cash Equivalents $ 33,084,870 $ - $ - $ 33,084,870 Liabilities Level 1 Level 2 Level 3 Balance as of December 31, 2025 Soybean futures contracts $ 2,185,227 $ - $ - $ 2,185,227 Assets Level 1 Level 2 Level 3 Balance as of December 31, 2024 Cash Equivalents $ 18,119,681 $ - $ - $ 18,119,681 Liabilities Level 1 Level 2 Level 3 Balance as of December 31, 2024 Soybean futures contracts $ 1,321,026 $ - $ - $ 1,321,026 F- 53 Table of Contents Teucrium Sugar Fund Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2025 Cash Equivalents $ 11,575,953 $ - $ - $ 11,575,953 Liabilities Level 1 Level 2 Level 3 Balance as of December 31, 2025 Sugar futures contracts $ 1,150,617 $ - $ - $ 1,150,617 Assets Level 1 Level 2 Level 3 Balance as of December 31, 2024 Cash Equivalents $ 9,452,784 $ - $ - $ 9,452,784 Liabilities Level 1 Level 2 Level 3 Balance as of December 31, 2024 Sugar futures contracts $ 1,560,295 $ - $ - $ 1,560,295 F- 54 Table of Contents Teucrium Wheat Fund Assets Level 1 Level 2 Level 3 Balance as of December 31, 2025 Cash Equivalents $ 95,847,053 $ - $ - $ 95,847,053 Liabilities Level 1 Level 2 Level 3 Balance as of December 31, 2025 Wheat futures contracts $ 7,314,828 $ - $ - $ 7,314,828 Assets Level 1 Level 2 Level 3 Balance as of December 31, 2024 Cash Equivalents $ 103,518,461 $ - $ - $ 103,518,461 Liabilities Level 1 Level 2 Level 3 Balance as of December 31, 2024 Wheat futures contracts $ 11,974,384 $ - $ - $ 11,974,384 F- 55 Table of Contents Teucrium Agricultural Fund Assets Level 1 Level 2 Level 3 Balance as of December 31, 2025 Exchange Traded Funds $ 6,298,329 $ - $ - $ 6,298,329 Cash Equivalents 13,162 - - 13,162 Total $ 6,311,491 $ - $ - $ 6,311,491 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2024 Exchange Traded Funds $ 10,344,458 $ - $ - $ 10,344,458 Cash Equivalents 8,570 - - 8,570 Total $ 10,353,028 $ - $ - $ 10,353,028 For the years ended December 31, 2025 and 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 and were reflected as a Level 2 Asset. For the year ended December 31, 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 determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period. In making the determination of a Level 1 or Level 2 transfer, the Fund considers the average volume of the specific underlying futures contracts traded on the relevant exchange for the periods being reported. F- 56 Table of Contents See the Fair Value - Definition and Hierarchy section in Note 4 above for an explanation of the transfers into and out of each level of the fair value hierarchy. Note 5 - Derivative Instruments and Hedging Activities In the normal course of business, the Funds utilize derivative contracts in connection with its proprietary trading activities. Investments in derivative contracts are subject to additional risks that can result in a loss of all or part of an investment. The Funds’ derivative activities and exposure to derivative contracts are classified by the following primary underlying risks: interest rate, credit, commodity price, and equity price risks. In addition to its primary underlying risks, the Funds are also subject to additional counterparty risk due to inability of its counterparties to meet the terms of their contracts. For the years ended December 31, 2025 and 2024 , the Funds invested only in commodity and cryptocurrency futures contracts specifically related to each Fund. Futures Contracts The Funds are subject to commodity and cryptocurrency price risk in the normal course of pursuing their investment objectives. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. In 2024, the Funds were only subject to commodity price risk; in 2023 the Funds were subject to commodity and cryptocurrency price risk. The purchase and sale of futures contracts requires margin deposits with an FCM. Subsequent payments (variation margin) are made or received by each Fund each day, depending on the daily fluctuations in the value of the contract, and are recorded as unrealized gains or losses by each Fund. Futures contracts may reduce the Funds’ exposure to counterparty risk since futures contracts are exchange-traded; and the exchange’s clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures against default. The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM’s proprietary activities. A customer’s cash and other equity deposited with an FCM are considered commingled with all other customer funds subject to the FCM’s segregation requirements. In the event of an FCM’s insolvency, recovery may be limited to each Fund’s pro rata share of segregated customer funds available. It is possible that the recovery amount could be less than the total of cash and other equity deposited. The following table discloses information about offsetting assets and liabilities presented in the statements of assets and liabilities to enable users of these financial statements to evaluate the effect or potential effect of netting arrangements for recognized assets and liabilities. These recognized assets and liabilities are presented as defined in FASB Topic 210: Balance Sheet. The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk and held by the FCMs, Marex and StoneX as of December 31, 2025 and 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. Offsetting of Financial Assets and Derivative Assets as of December 31, 2025 (i) (ii) (iii) = (i-ii) (iv) (v) = (iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Assets Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due to Broker Net Amount Commodity Price Corn futures contracts $ 50,255 $ - $ 50,255 $ 50,255 $ - $ - F- 57 Table of Contents Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2025 (i) (ii) (iii) = (i-ii) (iv) (v) = (iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker* Net Amount Commodity Price Corn futures contracts $ 170,785 $ - $ 170,785 $ 50,255 $ 120,530 $ - Soybean futures contracts $ 2,185,227 $ - $ 2,185,227 $ - $ 2,185,227 $ - Sugar futures contracts $ 1,150,617 $ - $ 1,150,617 $ - $ 1,150,617 $ - Wheat futures contracts $ 7,314,828 $ - $ 7,314,828 $ - $ 7,314,828 $ - Offsetting of Financial Assets and Derivative Assets as of December 31, 2024 (i) (ii) (iii) = (i-ii) (iv) (v) = (iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Assets Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due to Broker Net Amount Commodity Price Corn futures contracts $ 1,936,572 $ - $ 1,936,572 $ 1,936,572 $ - $ - Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2024 (i) (ii) (iii) = (i-ii) (iv) (v) = (iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker* Net Amount Commodity Price Corn futures contracts $ 1,955,417 $ - $ 1,955,417 $ 1,936,572 $ 18,845 $ - Soybean futures contracts $ 1,321,026 $ - $ 1,321,026 $ - $ 1,321,026 $ - Sugar futures contracts $ 1,560,295 $ - $ 1,560,295 $ - $ 1,560,295 $ - Wheat futures contracts $ 11,974,384 $ - $ 11,974,384 $ - $ 11,974,384 $ - The following is a summary of realized and net change in unrealized gains (losses) of the derivative instruments utilized by the Trust: Year ended December 31, 2025 Realized Gain (Loss) on Commodity Futures Contracts Net Change in Unrealized Appreciation (Depreciation) on Commodity Futures Contracts Commodity Price Corn futures contracts $ ( 2,775,716 ) $ ( 101,685 ) Soybean futures contracts 202,296 ( 864,201 ) Sugar futures contracts ( 1,826,369 ) 409,678 Wheat futures contracts ( 27,993,935 ) 4,659,556 Total commodity futures contracts $ ( 32,393,724 ) $ 4,103,348 F- 58 Table of Contents Year ended December 31, 2024 Realized Gain (Loss) on Commodity Futures Contracts Net Change in Unrealized Appreciation (Depreciation) on Commodity Futures Contracts Commodity Price Corn futures contracts $ ( 13,556,155 ) $ 2,163,296 Soybean futures contracts ( 6,891,609 ) 70,635 Sugar futures contracts ( 2,500,209 ) 1,127,703 Wheat futures contracts ( 23,202,055 ) ( 9,636,211 ) Bitcoin futures contracts ( 78,143 ) 114,383 Total commodity futures contracts $ ( 46,228,171 ) $ ( 6,160,194 ) Year ended December 31, 2023 Realized Gain (Loss) on Commodity Futures Contracts Net Change in Unrealized Appreciation (Depreciation) on Commodity Futures Contracts Commodity Price Corn futures contracts $ ( 26,707,038 ) $ ( 800,836 ) Soybean futures contracts 940,552 ( 3,912,031 ) Sugar futures contracts 11,398,276 ( 3,514,199 ) Wheat futures contracts ( 81,189,435 ) 20,881,933 Bitcoin futures contracts 1,308,803 48,991 Total commodity futures contracts $ ( 94,248,842 ) $ 12,703,858 Volume of Derivative Activities The average notional market value categorized by primary underlying risk for all futures contracts held in 2025 , 2024 , and 2023 : CORN SOYB CANE WEAT TRUST Year Ended December 31, 2025 $ 51,110,303 $ 32,358,307 $ 12,577,350 $ 117,911,547 $ 213,957,507 Year Ended December 31, 2024 $ 65,163,211 $ 28,453,431 $ 14,464,142 $ 142,951,910 $ 251,032,694 Year Ended December 31, 2023 $ 101,517,133 $ 35,334,542 $ 26,457,402 $ 183,418,599 $ 346,727,676 Note 6 - Organizational and Offering Costs Expenses incurred in organizing of the Trust and the initial offering of the Shares, including applicable SEC registration fees, were borne directly by the Sponsor for the Funds and will be borne directly by the Sponsor for any series of the Trust which is not yet operating or will be issued in the future. The Trust will not be obligated to reimburse the Sponsor. The Funds bear their own costs incurred in connection with the registration and offering of additional Shares, which include registration fees, legal fees, underwriting fees, and other similar costs. F- 59 Table of Contents Note 7 - Financial Highlights Teucrium Corn Fund Year ended Year ended Year ended December 31, 2025 December 31, 2024 December 31, 2023 Per Share Operation Performance Net asset value at beginning of period $ 18.76 $ 21.61 $ 26.90 Income (loss) from investment operations: Investment income 0.77 0.98 1.18 Net realized and unrealized gain (loss) on commodity futures contracts ( 1.17 ) ( 3.21 ) ( 5.86 ) Total expenses, net ( 0.63 ) ( 0.62 ) ( 0.61 ) Net increase (decrease) in net asset value ( 1.03 ) ( 2.85 ) ( 5.29 ) Net asset value at end of period $ 17.73 $ 18.76 $ 21.61 Total Return ( 5.48 )% ( 13.20 )% ( 19.64 )% Ratios to Average Net Assets (Annualized) Total expenses 3.45 % 3.27 % 2.57 % Total expenses, net 3.45 % 3.27 % 2.57 % Net investment income (loss) 0.74 % 1.88 % 2.38 % Teucrium Soybean Fund Year ended Year ended Year ended December 31, 2025 December 31, 2024 December 31, 2023 Per Share Operation Performance Net asset value at beginning of period $ 21.47 $ 27.03 $ 28.50 Income (loss) from investment operations: Investment income 0.91 1.21 1.37 Net realized and unrealized gain (loss) on commodity futures contracts 0.24 ( 5.93 ) ( 2.00 ) Total expenses, net ( 0.74 ) ( 0.84 ) ( 0.84 ) Net increase (decrease) in net asset value 0.41 ( 5.56 ) ( 1.47 ) Net asset value at end of period $ 21.88 $ 21.47 $ 27.03 Total Return 1.95 % ( 20.58 )% ( 5.17 )% Ratios to Average Net Assets (Annualized) Total expenses 3.34 % 3.56 % 3.05 % Total expenses, net 3.34 % 3.56 % 3.05 % Net investment income (loss) 0.80 % 1.58 % 1.93 % Teucrium Sugar Fund Year ended Year ended Year ended December 31, 2025 December 31, 2024 December 31, 2023 Per Share Operation Performance Net asset value at beginning of period $ 11.41 $ 12.44 $ 9.51 Income (loss) from investment operations: Investment income 0.44 0.63 0.65 Net realized and unrealized gain (loss) on commodity futures contracts ( 1.60 ) ( 1.11 ) 2.69 Total expenses, net ( 0.46 ) ( 0.55 ) ( 0.41 ) Net increase (decrease) in net asset value ( 1.62 ) ( 1.03 ) 2.93 Net asset value at end of period $ 9.79 $ 11.41 $ 12.44 Total Return ( 14.16 )% ( 8.27 )% 30.70 % Ratios to Average Net Assets (Annualized) Total expenses 4.27 % 4.42 % 3.21 % Total expenses, net 4.27 % 4.42 % 3.21 % Net investment income (loss) ( 0.15 )% 0.64 % 1.80 % F- 60 Table of Contents Teucrium Wheat Fund Year ended Year ended Year ended December 31, 2025 December 31, 2024 December 31, 2023 Per Share Operation Performance Net asset value at beginning of period $ 24.14 $ 29.90 $ 39.93 Income (loss) from investment operations: Investment income 0.93 1.35 1.61 Net realized and unrealized gain (loss) on commodity futures contracts ( 4.37 ) ( 6.26 ) ( 10.79 ) Total expenses, net ( 0.71 ) ( 0.85 ) ( 0.85 ) Net increase (decrease) in net asset value ( 4.15 ) ( 5.76 ) ( 10.03 ) Net asset value at end of period $ 19.99 $ 24.14 $ 29.90 Total Return ( 17.18 )% ( 19.26 )% ( 25.11 )% Ratios to Average Net Assets (Annualized) Total expenses 3.18 % 3.20 % 2.62 % Total expenses, net 3.18 % 3.20 % 2.62 % Net investment income (loss) 0.99 % 1.91 % 2.31 % *During the year ended December 31, 2025, the Fund effected the following reverse share split: November 25, 2025, a 1 for 5 reverse share split. Per-share information for all prior periods has been retroactively adjusted to reflect this reverse share split. Teucrium Agricultural Fund Year ended Year ended Year ended December 31, 2025 December 31, 2024 December 31, 2023 Per Share Operation Performance Net asset value at beginning of period $ 25.10 $ 29.45 $ 31.35 Income (loss) from investment operations: Net realized and unrealized gain (loss) on investment transactions ( 2.13 ) ( 4.33 ) ( 1.87 ) Total expenses, net ( 0.03 ) ( 0.02 ) ( 0.03 ) Net increase (decrease) in net asset value ( 2.16 ) ( 4.35 ) ( 1.90 ) Net asset value at end of period $ 22.94 $ 25.10 $ 29.45 Total Return ( 8.61 )% ( 14.79 )% ( 6.04 )% Ratios to Average Net Assets (Annualized) Total expenses 2.29 % 1.85 % 1.68 % Total expenses, net 0.11 % 0.09 % 0.09 % Net investment loss ( 0.11 )% ( 0.09 )% ( 0.09 )% Note 8 - Detail of the net assets and Shares outstanding of the Funds that are a series of the Trust 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: December 31, 2025 Outstanding Shares Net Assets Teucrium Corn Fund 2,650,000 $ 46,989,404 Teucrium Soybean Fund 1,775,000 38,845,405 Teucrium Sugar Fund 1,500,000 14,686,991 Teucrium Wheat Fund 5,654,970 113,057,434 7RCC Spot Bitcoin and Carbon Credit Futures ETF 4 100 Teucrium Agricultural Fund: 275,000 Net assets including the investment in the Underlying Funds 6,307,971 Less: Investment in the Underlying Funds 6,298,329 Net for the Fund in the combined net assets of the Trust 9,642 Total $ 213,588,976 F- 61 Table of Contents December 31, 2024 Outstanding Shares Net Assets Teucrium Corn Fund 3,450,004 $ 64,724,238 Teucrium Soybean Fund 1,175,004 25,223,043 Teucrium Sugar Fund 1,100,004 12,546,977 Teucrium Wheat Fund 25,300,004 122,144,207 Teucrium Agricultural Fund: 412,502 Net assets including the investment in the Underlying Funds 10,353,411 Less: Investment in the Underlying Funds 10,344,458 Net for the Fund in the combined net assets of the Trust 8,953 Total $ 224,647,418 The detailed information for the subscriptions and redemptions, and other financial information for each Fund that is a series of the Trust are included in the accompanying financial statements of each Fund. Note 9 - Segment Reporting (ASC Topic 280 ) The Trust adopted ASU 2023 - 07 during the reporting period ending December 31, 2024. The adoption of ASU 2023 - 07 impacts financial statement disclosures only and does not affect the Trust’s combined financial position, results of operations, or cash flows. Each Fund that is a series of the Trust is considered a separate reportable segment and the Sponsor’s chief executive officer, chief financial officer, and chief operating officer act as the Trust’s and each of the Fund's CODM. Each of the Funds' CODM monitors the operating results of each Fund on a standalone basis, with each Fund's strategic asset allocation guided by its investment objective and principal investment strategies as described in its prospectus and executed by the Sponsor. The combined financial information reviewed by the Trust’s CODM is consistent with the information presented in each Funds' financial statements. The Trust is a series trust consisting of five series, CORN, CANE, SOYB, WEAT and TAGS, each is a Fund separately managed by the Sponsor and as a series of the Trust, each Fund is a reportable segment of the Trust. An additional series of the Trust, the DEFI Fund, was managed by the sponsor and is a reportable segment of the Trust through its merger with Hashdex Bitcoin Futures Fund based on a Plan of Merger through January 3, 2024, on which day the DEFI Fund was sold and liquidated out of the Trust. A sixth series of the Trust, BTCK, is in registration and as of December 31, 2025 had four shares seeded at a net asset value per share of $ 25.00 per share, but had not yet been declared effective. BTCK will be managed by the Sponsor and be a reportable segment. Each Fund operates with the goal of meeting its respective investment objective, refer to Note 1 for description of investment objectives of each of the Funds. 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. As of December 31, 2025 and 2024 and for the years ended December 31, 2025 , 2024 , and 2023 , 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 combining statements of assets and liabilities as well as interest income, and the expense categories as presented in the Fund’s combining statement of operations in determining resources allocation and overall management decisions of that Fund. The Trust eliminates intercompany balances to report the combined results on a Trust level, which primarily relates to TAGS investment in the Underlying Funds as per the following combining tables. The Trust combining statements of assets and liabilities and combining statements of operations by reporting segment are presented below. F- 62 Table of Contents Combining Statements of Assets and Liabilities for December 31, 2025 Teucrium Corn Fund Teucrium Soybean Fund Teucrium Sugar Fund Teucrium Wheat Fund Teucrium Agricultural Fund 7RCC Spot Bitcoin and Carbon Credit Futures ETF Eliminations Teucrium Commodity Trust Assets Cash and cash equivalents $ 45,091,481 $ 39,018,369 $ 14,057,467 $ 107,092,260 $ 13,162 $ 100 $ - $ 205,272,839 Interest receivable 59,310 45,367 24,116 58,047 56 - - 186,896 Other assets - - - - - - - - Equity in trading accounts: Commodity futures contracts 50,255 - - - - - - 50,255 Due from broker 2,065,122 3,155,013 1,809,178 13,396,313 - - - 20,425,626 Investments in exchange traded funds, at fair value (cost: $ 12,632,301 as of December 31, 2025) - - - - 10,344,458 - ( 10,344,458 ) - Total equity in trading accounts 2,115,377 3,155,013 1,809,178 13,396,313 10,344,458 - ( 10,344,458 ) 20,475,881 Total assets $ 47,266,168 $ 42,218,749 $ 15,890,761 $ 120,546,620 $ 10,357,676 $ 100 $ ( 10,344,458 ) $ 225,935,616 Liabilities Management fee payable to Sponsor $ 41,974 $ 43,174 $ 12,645 $ 99,094 $ - $ - $ - $ 196,887 Other liabilities 64,005 50,703 40,508 75,264 3,576 - - 234,056 Payable for Shares redeemed - 1,094,240 - - - - 1,094,240 Equity in trading accounts: - Commodity futures contracts 170,785 2,185,227 1,150,617 7,314,828 - - - 10,821,457 Total equity in trading accounts 170,785 2,185,227 1,150,617 7,314,828 - - - 10,821,457 Total liabilities 276,764 3,373,344 1,203,770 7,489,186 3,576 - - 12,346,640 Net Assets $ 46,989,404 $ 38,845,405 $ 14,686,991 $ 113,057,434 $ 10,354,100 $ 100 $ ( 10,344,458 ) $ 213,588,976 Combining Statements of Assets and Liabilities for December 31, 2024 Teucrium Corn Fund Teucrium Soybean Fund Teucrium Sugar Fund Teucrium Wheat Fund Teucrium Agricultural Fund Eliminations Teucrium Commodity Trust Assets Cash and cash equivalents $ 60,998,326 $ 23,806,400 $ 11,831,089 $ 114,295,968 $ 8,570 $ - $ 210,940,353 Restricted cash - - - - - - Total cash, cash equivalents, and restricted cash shown in the statement of cash flows - - - - - - Interest receivable 78,840 33,654 28,954 66,768 35 - 208,251 Other assets 3,171 4,286 7,436 705 1,180 - 16,778 Capital shares receivable - - - - - - - Equity in trading accounts: Commodity futures contracts 1,936,572 - - - - - 1,936,572 Due from broker 3,738,171 2,725,790 2,255,054 19,874,285 - - 28,593,300 Investments in exchange traded funds, at fair value (cost: $ 12,632,301 as of December 31, 2024) - - - - 10,344,458 ( 10,344,458 ) - Total equity in trading accounts 5,674,743 2,725,790 2,255,054 19,874,285 10,344,458 ( 10,344,458 ) 30,529,872 Total assets $ 66,755,080 $ 26,570,130 $ 14,122,533 $ 134,237,726 $ 10,354,243 $ ( 10,344,458 ) $ 241,695,254 Liabilities Management fee payable to Sponsor $ 52,375 $ 22,453 $ 12,357 $ 102,147 $ - $ - $ 189,332 Payable for purchases of commercial paper - - - - - - Other liabilities 23,050 3,608 2,904 16,988 832 - 47,382 Payable for Shares redeemed - - - - - - Equity in trading accounts: - Commodity futures contracts 1,955,417 1,321,026 1,560,295 11,974,384 - - 16,811,122 Due to broker - - - - - - Total equity in trading accounts 1,955,417 1,321,026 1,560,295 11,974,384 - - 16,811,122 Total liabilities 2,030,842 1,347,087 1,575,556 12,093,519 832 - 17,047,836 Net Assets $ 64,724,238 $ 25,223,043 $ 12,546,977 $ 122,144,207 $ 10,353,411 $ ( 10,344,458 ) $ 224,647,418 F- 63 Table of Contents Combining Statements of Operations for December 31, 2025 Teucrium Corn Fund Teucrium Soybean Fund Teucrium Sugar Fund Teucrium Wheat Fund Teucrium Agricultural Fund 7RCC Spot Bitcoin and Carbon Credit Futures ETF Eliminations Teucrium Commodity Trust Realized and unrealized gain (loss) on trading of securities, commodity and cryptocurrency futures contracts: Realized loss on commodity and cryptocurrency futures contracts $ ( 2,775,716 ) $ 202,296 $ ( 1,826,369 ) $ ( 27,993,935 ) $ - $ - $ - $ ( 32,393,724 ) Net change in unrealized appreciation (depreciation) on commodity and cryptocurrency futures contracts ( 101,685 ) ( 864,201 ) 409,678 4,659,556 - - - 4,103,348 Realized (loss) gain on securities - - - - ( 1,102,822 ) - 1,102,822 - Net change in unrealized depreciation on securities - - - - ( 1,220,384 ) - 1,220,384 - Interest income 2,175,020 1,286,737 513,998 4,997,623 567 - - 8,973,945 Total (loss) income $ ( 702,381 ) $ 624,832 $ ( 902,693 ) $ ( 18,336,756 ) $ ( 2,322,639 ) $ - $ 2,323,206 $ ( 19,316,431 ) Expenses Management fees 518,720 310,098 124,553 1,196,879 - - - 2,150,250 Professional fees 301,622 175,754 102,935 658,951 51,029 - - 1,290,291 Distribution and marketing fees 784,105 441,301 229,259 1,602,801 118,002 - - 3,175,468 Custodian fees and expenses 76,369 39,083 23,818 151,961 10,100 - - 301,331 Business permits and licenses fees 38,456 31,201 30,352 56,833 17,302 - - 174,144 General and administrative expenses 68,759 38,715 21,000 131,810 9,003 - - 269,287 Other expenses 1,995 1,069 476 8,009 12 - - 11,561 Total expenses 1,790,026 1,037,221 532,393 3,807,244 205,448 - - 7,372,332 Expenses waived by the Sponsor - - - - ( 195,175 ) - - ( 195,175 ) Total expenses, net 1,790,026 1,037,221 532,393 3,807,244 10,273 - - 7,177,157 Net (loss) Income $ ( 2,492,407 ) $ ( 412,389 ) $ ( 1,435,086 ) $ ( 22,144,000 ) $ ( 2,332,912 ) $ - $ 2,323,206 $ ( 26,493,588 ) Combining Statements of Operations for December 31, 2024 Teucrium Corn Fund Teucrium Soybean Fund Teucrium Sugar Fund Teucrium Wheat Fund Teucrium Agricultural Fund Hashdex Bitcoin Futures ETF Eliminations Teucrium Commodity Trust Realized and unrealized gain (loss) on trading of securities, commodity and cryptocurrency futures contracts: Realized loss on commodity and cryptocurrency futures contracts $ ( 13,556,155 ) $ ( 6,891,609 ) $ ( 2,500,209 ) $ ( 23,202,055 ) $ - $ ( 78,143 ) $ - $ ( 46,228,171 ) Net change in unrealized appreciation (depreciation) on commodity and cryptocurrency futures contracts 2,163,296 70,635 1,127,703 ( 9,636,211 ) - 114,383 - ( 6,160,194 ) Realized (loss) gain on securities - - - - ( 1,102,822 ) - 1,102,822 - Net change in unrealized depreciation on securities - - - - ( 1,220,384 ) - 1,220,384 - Interest income 3,384,093 1,475,582 734,413 7,381,620 495 1,073 - 12,977,276 Total (loss) income $ ( 8,008,766 ) $ ( 5,345,392 ) $ ( 638,093 ) $ ( 25,456,646 ) $ ( 2,322,711 ) $ 37,313 $ 2,323,206 $ ( 39,411,089 ) Expenses Management fees 658,017 287,128 145,054 1,445,767 - 200 - 2,536,166 Professional fees 329,545 164,632 98,717 691,361 69,463 48,489 - 1,402,207 Distribution and marketing fees 960,325 469,351 316,477 2,063,907 139,704 826 - 3,950,590 Custodian fees and expenses 97,813 47,205 33,883 197,647 12,874 1,919 - 391,341 Business permits and licenses fees 24,990 19,456 22,638 47,729 13,617 11,075 - 139,505 General and administrative expenses 77,852 35,011 24,785 176,870 11,991 - - 326,509 Brokerage commissions - - - - - - - - Other expenses - - - - 131 - - 131 Total expenses 2,148,542 1,022,783 641,554 4,623,281 247,780 62,509 - 8,746,449 Expenses waived by the Sponsor - - - - ( 235,747 ) ( 62,309 ) - ( 298,056 ) Reimbursement of expenses previously waived - - - - - - - - Total expenses, net 2,148,542 1,022,783 641,554 4,623,281 12,033 200 - 8,448,393 Net (loss) Income $ ( 10,157,308 ) $ ( 6,368,175 ) $ ( 1,279,647 ) $ ( 30,079,927 ) $ ( 2,334,744 ) $ 37,113 $ 2,323,206 $ ( 47,859,482 ) F- 64 Table of Contents Combining Statements of Operations for December 31, 2023 Teucrium Corn Fund Teucrium Soybean Fund Teucrium Sugar Fund Teucrium Wheat Fund Teucrium Agricultural Fund Hashdex Bitcoin Futures ETF Eliminations Teucrium Commodity Trust Realized and unrealized gain (loss) on trading of securities, commodity and cryptocurrency futures contracts: Realized (loss) gain on commodity and cryptocurrency futures contracts $ ( 26,707,038 ) $ 940,552 $ 11,398,276 $ ( 81,189,435 ) $ - $ 1,308,803 $ - $ ( 94,248,842 ) Net change in unrealized (depreciation) appreciation on commodity and cryptocurrency futures contracts ( 800,836 ) ( 3,912,031 ) ( 3,514,199 ) 20,881,933 - 48,991 - 12,703,858 Realized (loss) gain on securities - - - - ( 96,992 ) - 96,992 - Net change in unrealized depreciation on securities - - - - ( 1,214,870 ) - 1,214,870 - Interest income 5,217,831 1,843,080 1,340,056 9,252,100 590 82,970 17,736,627 Total (loss) income $ ( 22,290,043 ) $ ( 1,128,399 ) $ 9,224,133 $ ( 51,055,402 ) $ ( 1,311,272 ) $ 1,440,764 $ 1,311,862 $ ( 63,808,357 ) Expenses Management fees 1,054,156 369,531 267,574 1,878,763 - 17,718 - 3,587,742 Professional fees 394,719 282,599 251,061 532,146 217,608 241,278 - 1,919,411 Distribution and marketing fees 1,048,908 384,860 268,576 2,106,344 190,696 8,198 - 4,007,582 Custodian fees and expenses 109,559 39,143 27,216 226,411 23,747 2,167 - 428,243 Business permits and licenses fees 29,208 22,477 22,148 34,453 14,109 19,187 - 141,582 General and administrative expenses 69,692 30,129 22,598 139,454 18,990 550 - 281,413 Other expenses - - - - 8 - - 8 Total expenses 2,706,242 1,128,739 859,173 4,917,571 465,158 289,098 10,365,981 Expenses waived by the Sponsor - - - - ( 440,191 ) ( 271,380 ) - ( 711,571 ) Total expenses, net 2,706,242 1,128,739 859,173 4,917,571 24,967 17,718 - 9,654,410 Net (loss) Income $ ( 24,996,285 ) $ ( 2,257,138 ) $ 8,364,960 $ ( 55,972,973 ) $ ( 1,336,239 ) $ 1,423,046 $ 1,311,862 $ ( 73,462,767 ) Note 10 - Subsequent Events Management has evaluated the financial statements for the year-ended December 31, 2025 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Trust and Funds other than those noted below: TRUST: The Sponsor implemented certain changes to its management and governance structure. Effective January 1, 2026, Cory Mullen-Rusin resigned as Chief Compliance Officer of the Sponsor, and Christi Powitzky was appointed as Chief Compliance Officer. In connection with this change, the Sponsor filed a prospectus supplement dated January 2, 2026, updating disclosures regarding the Sponsor’s management and key personnel. These changes did not have a material impact on the Fund’s financial condition or results of operations. CORN: Nothing to report. SOYB: Nothing to report. CANE: The shares outstanding of the Teucrium Sugar Fund increased by 23.3 % from December 31, 2025 to February 27, 2026. WEAT: The total net assets of the Teucrium Wheat Fund increased by 23.6 % from December 31, 2025 to February 27, 2026. This was caused by an increase in the shares outstanding by 9.7 % and an increase in the NAV/share of 12.7 %. TAGS: Nothing to report. BTCK: Nothing to report. F- 65 Table of Contents SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Teucrium Commodity Trust (Registrant) By: Teucrium Trading, LLC its Sponsor By: /s/ Sal Gilbertie Name: Sal Gilbertie Title: Chief Executive Officer By: /s/ Cory Mullen-Rusin Name: Cory Mullen-Rusin Chief Financial Officer Date: March 2, 2026 F-66