2 unchanged sentences
TEUCRIUM COMMODITY TRUST
−Removed: Combined Statements of Assets and Liabilities at September 30, 2025 (Unaudited) and December 31, 2024
−Removed: Combined Schedule of Investments at September 30, 2025 (Unaudited) and December 31, 2024
−Removed: Combined Statements of Operations (Unaudited) for the three and nine months ended September 30, 2025 and 2024
−Removed: Combined Statements of Changes in Net Assets (Unaudited) for the three and nine months ended September 30, 2025 and 2024
−Removed: Combined Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2025 and 2024
−Removed: Teucrium Corn Fund Statements of Assets and Liabilities at September 30, 2025 (Unaudited) and December 31, 2024
−Removed: Teucrium Corn Fund S chedule of Investments at September 30, 2025 (Unaudited) and December 31, 2024
−Removed: Teucrium Corn Fund S tatements of Operations (Unaudited) for the three and nine months ended September 30, 2025 and 2024
−Removed: Teucrium Corn Fund S tatements of Changes in Net Assets (Unaudited) for the three and nine months ended September 30, 2025 and 2024
−Removed: Teucrium Corn Fund S tatements of Cash Flows (Unaudited) for the nine months ended September 30, 2025 and 2024
−Removed: Teucrium Soybean Fund Statements of Assets and Liabilities at September 30, 2025 (Unaudited) and December 31, 2024
−Removed: Teucrium Soybean Fund S chedule of Investments at September 30, 2025 (Unaudited) and December 31, 2024
−Removed: Teucrium Soybean Fund S tatements of Operations (Unaudited) for the three and nine months ended September 30, 2025 and 2024
−Removed: Teucrium Soybean Fund S tatements of Changes in Net Assets (Unaudited) for the three and nine months ended September 30, 2025 and 2024
−Removed: Teucrium Soybean Fund S tatements of Cash Flows (Unaudited) for the nine months ended September 30, 2025 and 2024
−Removed: Teucrium Sugar Fund Statements of Assets and Liabilities at September 30, 2025 (Unaudited) and December 31, 2024
−Removed: Teucrium Sugar Fund S chedule of Investments at September 30, 2025 (Unaudited) and December 31, 2024
−Removed: Teucrium Sugar Fund S tatements of Operations (Unaudited) for the three and nine months ended September 30, 2025 and 2024
−Removed: Teucrium Sugar Fund S tatements of Changes in Net Assets (Unaudited) for the three and nine months ended September 30, 2025 and 2024
−Removed: Teucrium Sugar Fund S tatements of Cash Flows (Unaudited) for the nine months ended September 30, 2025 and 2024
−Removed: Teucrium Wheat Fund Statements of Assets and Liabilities at September 30, 2025 (Unaudited) and December 31, 2024
−Removed: Teucrium Wheat Fund S chedule of Investments at September 30, 2025 (Unaudited) and December 31, 2024
−Removed: Teucrium Wheat Fund S tatements of Operations (Unaudited) for the three and nine months ended September 30, 2025 and 2024
−Removed: Teucrium Wheat Fund S tatements of Changes in Net Assets (Unaudited) for the three and nine months ended September 30, 2025 and 2024
−Removed: Teucrium Wheat Fund S tatements of Cash Flows (Unaudited) for the nine months ended September 30, 2025 and 2024
−Removed: Teucrium Agricultural Fund Statements of Assets and Liabilities at September 30, 2025 (Unaudited) and December 31, 2024
−Removed: Teucrium Agricultural Fund S chedule of Investments at September 30, 2025 (Unaudited) and December 31, 2024
−Removed: Teucrium Agricultural Fund S tatements of Operations (Unaudited) for the three and nine months ended September 30, 2025 and 2024
−Removed: Teucrium Agricultural Fund S tatements of Changes in Net Assets (Unaudited) for the three and nine months ended September 30, 2025 and 2024
−Removed: Teucrium Agricultural Fund S tatements of Cash Flows (Unaudited) for the nine months ended September 30, 2025 and 2024
+Added: Combined Statements of Assets and Liabilities at March 31, 2026 (Unaudited) and December 31, 2025
+Added: Combined Schedule of Investments at March 31, 2026 (Unaudited) and December 31, 2025
+Added: Combined Statements of Operations (Unaudited) for the three months ended March 31, 2026 and 2025
+Added: Combined Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2026 and 2025
+Added: Combined Statements of Cash Flows (Unaudited) for the three months ended March 31, 2026 and 2025
+Added: Teucrium Corn Fund Statements of Assets and Liabilities at March 31, 2026 (Unaudited) and December 31, 2025
+Added: Teucrium Corn Fund S chedule of Investments at March 31, 2026 (Unaudited) and December 31, 2025
+Added: Teucrium Corn Fund S tatements of Operations (Unaudited) for the three months ended March 31, 2026 and 2025
+Added: Teucrium Corn Fund S tatements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2026 and 2025
+Added: Teucrium Corn Fund S tatements of Cash Flows (Unaudited) for the three months ended March 31, 2026 and 2025
+Added: Teucrium Soybean Fund Statements of Assets and Liabilities at March 31, 2026 (Unaudited) and December 31, 2025
+Added: Teucrium Soybean Fund S chedule of Investments at March 31, 2026 (Unaudited) and December 31, 2025
+Added: Teucrium Soybean Fund S tatements of Operations (Unaudited) for the three months ended March 31, 2026 and 2025
+Added: Teucrium Soybean Fund S tatements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2026 and 2025
+Added: Teucrium Soybean Fund S tatements of Cash Flows (Unaudited) for the three months ended March 31, 2026 and 2025
+Added: Teucrium Sugar Fund Statements of Assets and Liabilities at March 31, 2026 (Unaudited) and December 31, 2025
+Added: Teucrium Sugar Fund S chedule of Investments at March 31, 2026 (Unaudited) and December 31, 2025
+Added: Teucrium Sugar Fund S tatements of Operations (Unaudited) for the three months ended March 31, 2026 and 2025
+Added: Teucrium Sugar Fund S tatements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2026 and 2025
+Added: Teucrium Sugar Fund S tatements of Cash Flows (Unaudited) for the three months ended March 31, 2026 and 2025
+Added: Teucrium Wheat Fund Statements of Assets and Liabilities at March 31, 2026 (Unaudited) and December 31, 2025
+Added: Teucrium Wheat Fund S chedule of Investments at March 31, 2026 (Unaudited) and December 31, 2025
+Added: Teucrium Wheat Fund S tatements of Operations (Unaudited) for the three months ended March 31, 2026 and 2025
+Added: Teucrium Wheat Fund S tatements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2026 and 2025
+Added: Teucrium Wheat Fund S tatements of Cash Flows (Unaudited) for the three months ended March 31, 2026 and 2025
+Added: Teucrium Agricultural Fund Statements of Assets and Liabilities at March 31, 2026 (Unaudited) and December 31, 2025
+Added: Teucrium Agricultural Fund S chedule of Investments at March 31, 2026 (Unaudited) and December 31, 2025
+Added: Teucrium Agricultural Fund S tatements of Operations (Unaudited) for the three months ended March 31, 2026 and 2025
+Added: Teucrium Agricultural Fund S tatements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2026 and 2025
+Added: Teucrium Agricultural Fund S tatements of Cash Flows (Unaudited) for the three months ended March 31, 2026 and 2025
+Added: 7RCC Spot Bitcoin and Carbon Credit Futures ETF Statements of Assets and Liabilities at March 31, 2026 (Unaudited) and December 31, 2025
+Added: 7RCC Spot Bitcoin and Carbon Credit Futures ETF Statements of Operations for the three months ended March 31, 2026 (Unaudited)
+Added: 7RCC Spot Bitcoin and Carbon Credit Futures ETF Statements of Changes in Net Assets for the three months ended March 31, 2026 (Unaudited)
+Added: 7RCC Spot Bitcoin and Carbon Credit Futures ETF Statements of Cash Flows for the three months ended March 31, 2026 (Unaudited)
Notes to Combined Financial Statements
1 unchanged sentence
COMBINED STATEMENTS OF ASSETS AND LIABILITIES
−Removed: September 30, 2025
+Added: March 31, 2026*
December 31, 2025*
1 unchanged sentence
$ 641,444,804 $ 205,272,839
+Added: Receivable for investments sold
Interest receivable
435,681 186,896
+Added: Capital shares receivable
Equity in trading accounts:
8 unchanged sentences
$ 345,118 $ 196,887
+Added: Payable for investment securities purchased
Other liabilities
465,254 234,056
+Added: Payable for shares redeemed
Equity in trading accounts:
4 unchanged sentences
$ 733,901,572 $ 213,588,976
+Added: *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.
+Added: BTCK has not commenced operations as of March 31, 2026.
The accompanying notes are an integral part of these financial statements.
1 unchanged sentence
COMBINED SCHEDULE OF INVESTMENTS**
−Removed: September 30, 2025
+Added: March 31, 2026
Percentage of
9 unchanged sentences
Commercial Paper
−Removed: Brookfield Infrastructure Holdings (Canada) Inc.
−Removed: October 15, 2025
3.632 % $ 9,911,000 $ 9,939,000 1.35 %
+Added: Bell Canada, Inc.
+Added: April 7, 2026
+Added: 3.623 % 4,968,000 4,997,000 0.68 5,000,000
+Added: Bell Canada, Inc.
+Added: June 10, 2026
+Added: 3.885 % 9,910,166 9,925,138 1.35 10,000,000
Brookfield Infrastructure Holdings (Canada) Inc.
−Removed: October 16, 2025
+Added: April 21, 2026
3.721 % 4,972,250 4,989,722 0.68 5,000,000
Brookfield Infrastructure Holdings (Canada) Inc.
−Removed: October 21, 2025
+Added: April 21, 2026
3.716 % 7,468,395 7,484,583 1.02 7,500,000
Brookfield Infrastructure Holdings (Canada) Inc.
−Removed: November 6, 2025
+Added: April 23, 2026
3.670 % 4,972,118 4,988,848 0.68 5,000,000
−Removed: The Campbell's Company
−Removed: November 6, 2025
+Added: Crown Castle Inc.
+Added: April 16, 2026
3.812 % 4,984,694 4,992,084 0.68 5,000,000
+Added: Crown Castle Inc.
+Added: April 21, 2026
+Added: 3.911 % 4,885,668 4,889,384 0.67 4,900,000
Entergy Corporation
−Removed: December 10, 2025
+Added: April 23, 2026
3.630 % 7,437,750 7,483,500 1.02 7,500,000
+Added: Entergy Corporation
+Added: April 29, 2026
+Added: 3.633 % 4,955,000 4,986,000 0.68 5,000,000
+Added: Entergy Corporation
+Added: 3.630 % 4,958,500 4,975,000 0.68 5,000,000
General Motors Financial Company, Inc.
−Removed: October 17, 2025
+Added: April 13, 2026
3.629 % 4,973,426 4,993,984 0.68 5,000,000
−Removed: Glencore Funding LLC
−Removed: October 22, 2025
+Added: General Motors Financial Company, Inc.
3.639 % 4,960,390 4,974,930 0.68 5,000,000
Glencore Funding LLC
−Removed: October 30, 2025
3.640 % 4,958,385 4,981,950 0.68 5,000,000
Harley-Davidson Financial Services, Inc.
−Removed: November 14, 2025
+Added: April 16, 2026
3.910 % 9,975,083 9,983,749 1.36 10,000,000
Harley-Davidson Financial Services, Inc.
−Removed: December 2, 2025
+Added: April 17, 2026
4.014 % 9,965,556 9,982,222 1.36 10,000,000
−Removed: Stanley Black & Decker, Inc.
−Removed: November 20, 2025
+Added: Hyundai Capital America
3.838 % 4,777,080 4,783,192 0.65 4,800,000
+Added: Hyundai Capital America
+Added: 3.850 % 9,947,869 9,962,764 1.36 10,000,000
+Added: Hyundai Capital America
+Added: 3.817 % 4,977,306 4,981,000 0.68 5,000,000
+Added: April 30, 2026
+Added: 3.823 % 4,970,444 4,984,694 0.68 5,000,000
+Added: 3.961 % 4,973,186 4,977,016 0.68 5,000,000
+Added: Keurig Dr Pepper Inc.
+Added: April 24, 2026
+Added: 3.667 % 7,465,782 7,482,510 1.02 7,500,000
+Added: Keurig Dr Pepper Inc.
+Added: April 30, 2026
+Added: 4.017 % 4,978,889 4,983,889 0.68 5,000,000
+Added: Keurig Dr Pepper Inc.
+Added: 4.018 % 5,972,667 5,976,000 0.81 6,000,000
+Added: April 24, 2026
+Added: 3.862 % 4,983,958 4,987,702 0.68 5,000,000
+Added: Oracle Corporation
+Added: 3.995 % 7,429,096 7,475,266 1.02 7,500,000
Stanley Black & Decker, Inc.
−Removed: November 20, 2025
+Added: April 2, 2026
3.670 % 7,478,650 7,499,238 1.02 7,500,000
−Removed: VW Credit, Inc.
−Removed: October 6, 2025
+Added: Stanley Black & Decker, Inc.
+Added: April 30, 2026
3.918 % 9,953,416 9,968,584 1.36 10,000,000
−Removed: VW Credit, Inc.
−Removed: October 15, 2025
+Added: TELUS Corporation
3.842 % 7,431,783 7,448,441 1.01 7,500,000
VW Credit, Inc.
−Removed: November 17, 2025
3.981 % 4,961,048 4,964,888 0.68 5,000,000
8 unchanged sentences
United States corn futures contracts
−Removed: CBOT corn futures MAR26
+Added: CBOT Corn Futures DEC26
4,433 $ 130,097 0.02 % 107,334,013
United States soybean futures contracts
+Added: CBOT soybean futures JUL26
+Added: 326 1,145,408 0.16 19,331,800
CBOT soybean futures NOV26
3 unchanged sentences
1,357 520,985 0.07 23,831,091
+Added: ICE sugar futures OCT26
+Added: 1,136 805,348 0.11 20,420,736
+Added: ICE sugar futures MAR27
+Added: 1,275 281,523 0.04 23,833,320
+Added: United States wheat futures contracts
+Added: CBOT wheat futures JUL26
+Added: 3,393 6,951,687 0.95 106,285,725
+Added: CBOT wheat futures SEP26
+Added: 2,854 2,031,364 0.28 91,078,275
+Added: CBOT wheat futures DEC26
+Added: 3,247 4,111,413 0.56 106,258,075
Total commodity futures contracts
5 unchanged sentences
United States corn futures contracts
−Removed: CBOT corn futures MAY26
−Removed: 655 $ 191,001 0.09 %
−Removed: CBOT corn futures DEC26
−Removed: 743 2,185 0.00 17,051,850
−Removed: United States soybean futures contracts
−Removed: CBOT soybean futures JAN26
−Removed: 221 447,432 0.21 11,273,763
−Removed: CBOT soybean futures MAR26
−Removed: 186 283,950 0.13 9,632,475
−Removed: United States sugar futures contracts
−Removed: ICE sugar futures MAY26
−Removed: 262 175,967 0.08 4,736,122
−Removed: ICE sugar futures MAR27
+Added: CBOT Corn Futures JUL26
4,586 $ 637,241 0.09 %
−Removed: United States wheat futures contracts
−Removed: CBOT wheat futures MAR26
$ 107,369,725
−Removed: CBOT wheat futures MAY26
+Added: CBOT Corn Futures SEP26
3,913 1,172,706 0.16 92,004,413
−Removed: CBOT wheat futures DEC26
+Added: United States soybean futures contracts
+Added: CBOT soybean futures NOV27
350 20,562 0.00 19,490,625
15 unchanged sentences
*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 other four Funds (“Underlying Funds”) owned by the Teucrium Agricultural Fund, which are included as shares outstanding of the Underlying Funds.
+Added: **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.
+Added: BTCK has not commenced operations as of March 31, 2026.
The accompanying notes are an integral part of these financial statements.
14 unchanged sentences
Bell Canada, Inc.
−Removed: February 4, 2025
+Added: March 4, 2026
3.844 % $ 2,477,775 $ 2,483,596 1.16 %
+Added: Bell Canada, Inc.
+Added: January 22, 2026
+Added: 3.876 % 4,966,313 4,988,771 2.34 5,000,000
Brookfield Infrastructure Holdings (Canada) Inc.
5 unchanged sentences
Brookfield Infrastructure Holdings (Canada) Inc.
−Removed: March 6, 2025
+Added: February 19, 2026
3.883 % 4,957,756 4,973,798 2.33 5,000,000
−Removed: Energy Transfer Operating, L.P.
+Added: Crown Castle Inc.
January 20, 2026
3.854 % 4,982,400 4,989,867 2.34 5,000,000
−Removed: General Motors Financial Company, Inc.
+Added: Crown Castle Inc.
January 22, 2026
3.855 % 2,490,400 2,494,400 1.17 2,500,000
−Removed: General Motors Financial Company, Inc.
+Added: Glencore Funding LLC
+Added: January 14, 2026
+Added: 3.822 % 4,970,972 4,993,139 2.34 5,000,000
+Added: Glencore Funding LLC
+Added: January 30, 2026
+Added: 3.870 % 7,442,400 7,476,800 3.50 7,500,000
+Added: Harley-Davidson Financial Services, Inc.
March 3, 2026
1 unchanged sentence
Harley-Davidson Financial Services, Inc.
−Removed: February 3, 2025
+Added: March 5, 2026
3.782 % 4,958,334 4,967,188 2.33 5,000,000
Harley-Davidson Financial Services, Inc.
−Removed: February 18, 2025
+Added: March 10, 2026
3.987 % 7,425,975 7,444,070 3.49 7,500,000
Hyundai Capital America
−Removed: February 12, 2025
−Removed: 4.568 % 4,963,750 4,973,750 2.21 5,000,000
−Removed: L3Harris Technologies, Inc.
January 8, 2026
3.927 % 7,448,813 7,494,312 3.51 7,500,000
−Removed: VW Credit, Inc.
−Removed: January 22, 2025
+Added: Mondelez International, Inc.
+Added: February 2, 2026
3.824 % 4,968,862 4,983,111 2.33 5,000,000
−Removed: VW Credit, Inc.
+Added: Oracle Corporation
February 4, 2026
3.719 % 7,462,229 7,473,791 3.50 7,500,000
+Added: Oracle Corporation
+Added: March 11, 2026
+Added: 3.862 % 7,434,604 7,444,972 3.49 7,500,000
+Added: Oracle Corporation
+Added: March 25, 2026
+Added: 3.793 % 4,956,134 4,956,656 2.32 5,000,000
Total Commercial Paper
7 unchanged sentences
United States corn futures contracts
−Removed: CBOT corn futures MAY25
−Removed: 974 $ 1,356,124 0.60 %
−Removed: CBOT corn futures JUL25
−Removed: 829 580,448 0.26 19,429,688
−Removed: Total commodity futures contracts
+Added: CBOT corn futures DEC26
716 $ 50,255 0.02 %
4 unchanged sentences
United States corn futures contracts
−Removed: CBOT corn futures DEC25
+Added: CBOT corn futures MAY26
732 $ 13,235 0.01 %
+Added: CBOT corn futures JUL26
+Added: 620 157,550 0.07 14,089,500
United States soybean futures contracts
35 unchanged sentences
*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.
+Added: **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.
+Added: BTCK has not commenced operations as of March 31, 2026.
The accompanying notes are an integral part of these financial statements.
3 unchanged sentences
Three months ended
−Removed: Nine months ended
−Removed: Nine months ended
−Removed: September 30, 2025
−Removed: September 30, 2024
−Removed: September 30, 2025
−Removed: September 30, 2024*
+Added: March 31, 2026*
+Added: March 31, 2025
Realized and unrealized gain (loss) on trading of commodity and cryptocurrency futures contracts:
20 unchanged sentences
Other expenses
−Removed: 3,436 7 11,561 95
Total expenses
6 unchanged sentences
$ 30,386,920 $ ( 3,107,483 )
−Removed: *The Hashdex Bitcoin Futures ETF was transferred to the Tidal Commodities Trust I as described in Note 1 to these financials.
−Removed: The operations include the activity of the Hashdex Bitcoin Futures ETF through January 3, 2024, the date of liquidation.
+Added: *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.
+Added: BTCK has not commenced operations as of March 31, 2026.
The accompanying notes are an integral part of these financial statements.
3 unchanged sentences
Three months ended
−Removed: Nine months ended
−Removed: Nine months ended
−Removed: September 30, 2025
−Removed: September 30, 2024
−Removed: September 30, 2025
−Removed: September 30, 2024*
+Added: March 31, 2026*
+Added: March 31, 2025
Net income (loss)
1 unchanged sentence
Capital transactions
−Removed: Distribution of Net Assets to Acquiring Fund
−Removed: - - - ( 2,574,071 )
Issuance of Shares
12 unchanged sentences
$ 733,901,572 $ 203,084,395
−Removed: * The Hashdex Bitcoin Futures ETF was transferred to the Tidal Commodities Trust I as described in Note 1 to these financials.
−Removed: The operations include the activity of the Hashdex Bitcoin Futures ETF through January 3, 2024, the date of liquidation.
+Added: *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.
+Added: BTCK has not commenced operations as of March 31, 2026.
The accompanying notes are an integral part of these financial statements.
1 unchanged sentence
COMBINED STATEMENTS OF CASH FLOWS
−Removed: Nine months ended
−Removed: Nine months ended
−Removed: September 30, 2025
−Removed: September 30, 2024*
+Added: Three months ended
+Added: Three months ended
+Added: March 31, 2026*
+Added: March 31, 2025
Cash flows from operating activities:
12 unchanged sentences
148,231 ( 7,909 )
+Added: Net Payable for investment securities purchased
Other liabilities
3 unchanged sentences
Cash flows from financing activities:
−Removed: Distribution to Acquiring Fund upon consummation of merger and liquidation agreement - see Note 1 to the financial statements
−Removed: - ( 2,381,545 )
Proceeds from sale of Shares
12 unchanged sentences
$ 641,444,804 $ 191,152,522
−Removed: * The Hashdex Bitcoin Futures ETF was transferred to the Tidal Commodities Trust I as described in Note 1 to these financials.
−Removed: The operations include the activity of the Hashdex Bitcoin Futures ETF through January 3, 2024, the date of liquidation.
+Added: *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.
+Added: BTCK has not commenced operations as of March 31, 2026.
The accompanying notes are an integral part of these financial statements.
1 unchanged sentence
STATEMENTS OF ASSETS AND LIABILITIES
−Removed: September 30, 2025
+Added: March 31, 2026
December 31, 2025
3 unchanged sentences
152,518 59,310
+Added: Capital shares receivable
Equity in trading accounts:
27 unchanged sentences
SCHEDULE OF INVESTMENTS
−Removed: September 30, 2025
+Added: March 31, 2026
Percentage of
9 unchanged sentences
Commercial Paper
−Removed: Brookfield Infrastructure Holdings (Canada) Inc.
−Removed: October 16, 2025
3.632 % $ 4,955,500 $ 4,969,500 1.62 % 5,000,000
−Removed: The Campbell's Company
−Removed: November 6, 2025
+Added: Bell Canada, Inc.
+Added: April 7, 2026
3.623 % 2,484,000 2,498,500 0.81 2,500,000
+Added: Bell Canada, Inc.
+Added: June 10, 2026
+Added: 3.885 % 4,955,083 4,962,569 1.62 5,000,000
+Added: Crown Castle Inc.
+Added: April 21, 2026
+Added: 3.911 % 2,492,688 2,494,584 0.81 2,500,000
General Motors Financial Company, Inc.
−Removed: October 17, 2025
3.639 % 2,480,195 2,487,465 0.81 2,500,000
Harley-Davidson Financial Services, Inc.
−Removed: November 14, 2025
+Added: April 16, 2026
3.910 % 7,481,312 7,487,812 2.44 7,500,000
+Added: Harley-Davidson Financial Services, Inc.
+Added: April 17, 2026
+Added: 4.014 % 4,982,778 4,991,111 1.63 5,000,000
+Added: Hyundai Capital America
+Added: 3.850 % 2,486,967 2,490,691 0.81 2,500,000
+Added: Hyundai Capital America
+Added: 3.817 % 2,488,653 2,490,500 0.81 2,500,000
+Added: April 30, 2026
+Added: 3.823 % 2,485,222 2,492,347 0.81 2,500,000
+Added: 3.961 % 2,486,593 2,488,508 0.81 2,500,000
+Added: Keurig Dr Pepper Inc.
+Added: 4.018 % 5,972,667 5,976,000 1.95 6,000,000
+Added: April 24, 2026
+Added: 3.862 % 2,491,979 2,493,851 0.81 2,500,000
+Added: Oracle Corporation
+Added: 3.995 % 7,429,096 7,475,266 2.44 7,500,000
+Added: Stanley Black & Decker, Inc.
+Added: April 2, 2026
+Added: 3.670 % 2,492,883 2,499,746 0.82 2,500,000
+Added: Stanley Black & Decker, Inc.
+Added: April 30, 2026
+Added: 3.918 % 4,976,708 4,984,292 1.63 5,000,000
VW Credit, Inc.
−Removed: October 6, 2025
3.981 % 2,480,524 $ 2,482,444 0.81 2,500,000
8 unchanged sentences
United States corn futures contracts
−Removed: CBOT corn futures MAR26
+Added: CBOT Corn Futures DEC26
4,433 $ 130,097 0.04 % $ 107,334,013
4 unchanged sentences
United States corn futures contracts
−Removed: CBOT corn futures MAY26
+Added: CBOT Corn Futures JUL26
4,586 $ 637,241 0.21 % $ 107,369,725
−Removed: CBOT corn futures DEC26
+Added: CBOT Corn Futures SEP26
3,913 1,172,706 0.38 92,004,413
17 unchanged sentences
Bell Canada, Inc.
−Removed: February 4, 2025
−Removed: 4.588 % $ 2,482,423 $ 2,489,328 3.85 %
−Removed: Brookfield Infrastructure Holdings (Canada) Inc.
−Removed: March 6, 2025
−Removed: 4.783 % 2,471,931 2,479,111 3.83 2,500,000
−Removed: Energy Transfer Operating, L.P.
January 22, 2026
3.876 % $ 4,966,313 $ 4,988,771 10.62 %
−Removed: General Motors Financial Company, Inc.
−Removed: January 28, 2025
−Removed: 4.595 % 2,474,575 2,491,525 3.85 2,500,000
−Removed: General Motors Financial Company, Inc.
+Added: Harley-Davidson Financial Services, Inc.
March 3, 2026
1 unchanged sentence
Harley-Davidson Financial Services, Inc.
−Removed: February 3, 2025
+Added: March 5, 2026
3.782 % 2,479,167 2,483,594 5.29 2,500,000
−Removed: Hyundai Capital America
+Added: Mondelez International, Inc.
February 2, 2026
3.824 % 2,484,431 2,491,555 5.30 2,500,000
−Removed: L3Harris Technologies, Inc.
−Removed: January 21, 2025
−Removed: 4.560 % 2,490,000 2,493,750 3.85 2,500,000
−Removed: VW Credit, Inc.
+Added: Oracle Corporation
February 4, 2026
3.719 % 7,462,229 7,473,791 15.91 7,500,000
+Added: Oracle Corporation
+Added: March 25, 2026
+Added: 3.793 % 2,478,067 2,478,328 5.27 2,500,000
Total Commercial Paper
7 unchanged sentences
United States corn futures contracts
−Removed: CBOT corn futures MAY25
−Removed: 974 $ 1,356,124 2.09 % $ 22,682,025
−Removed: CBOT corn futures JUL25
−Removed: 829 580,448 0.90 19,429,688
−Removed: Total commodity futures contracts
+Added: CBOT corn futures DEC26
716 50,255 0.11 % 16,485,900
4 unchanged sentences
United States corn futures contracts
−Removed: CBOT corn futures DEC25
+Added: CBOT corn futures MAY26
732 $ 13,235 0.03 % $ 16,405,950
+Added: CBOT corn futures JUL26
+Added: 620 157,550 0.34 14,089,500
+Added: Total commodity futures contracts
+Added: $ 170,785 0.37 % $ 30,495,450
The accompanying notes are an integral part of these financial statements.
3 unchanged sentences
Three months ended
−Removed: Nine months ended
−Removed: Nine months ended
−Removed: September 30, 2025
−Removed: September 30, 2024
−Removed: September 30, 2025
−Removed: September 30, 2024
+Added: March 31, 2026
+Added: March 31, 2025
Realized and unrealized gain (loss) on trading of commodity futures contracts:
16 unchanged sentences
Business permits and licenses fees
−Removed: 8,443 7,446 32,226 19,841
General and administrative expenses
17,911 25,116
−Removed: Other expenses
−Removed: 757 - 1,995 -
Total expenses
15 unchanged sentences
Three months ended
−Removed: Nine months ended
−Removed: Nine months ended
−Removed: September 30, 2025
−Removed: September 30, 2024
−Removed: September 30, 2025
−Removed: September 30, 2024
+Added: March 31, 2026
+Added: March 31, 2025
Net income (loss)
18 unchanged sentences
Creation of Shares
−Removed: 300,000 500,000 500,000 1,200,000
Redemption of Shares
3 unchanged sentences
STATEMENTS OF CASH FLOWS
−Removed: Nine months ended
−Removed: Nine months ended
−Removed: September 30, 2025
−Removed: September 30, 2024
+Added: Three months ended
+Added: Three months ended
+Added: March 31, 2026
+Added: March 31, 2025
Cash flows from operating activities:
9 unchanged sentences
( 93,208 ) 21,530
−Removed: 3,171 ( 17,368 )
Management fee payable to Sponsor
20 unchanged sentences
STATEMENTS OF ASSETS AND LIABILITIES
−Removed: September 30, 2025
+Added: March 31, 2026
December 31, 2025
10 unchanged sentences
55,603,782 42,218,749
+Added: Payable for shares redeemed
Management fee payable to Sponsor
1 unchanged sentence
Other liabilities
+Added: 42,532 50,703
Equity in trading accounts:
15 unchanged sentences
SCHEDULE OF INVESTMENTS
−Removed: September 30, 2025
+Added: March 31, 2026
Percentage of
10 unchanged sentences
Brookfield Infrastructure Holdings (Canada) Inc.
−Removed: October 21, 2025
+Added: April 21, 2026
3.721 % $ 4,972,250 $ 4,989,722 8.99 % 5,000,000
+Added: Brookfield Infrastructure Holdings (Canada) Inc.
+Added: April 21, 2026
+Added: 3.716 % 2,489,465 2,494,861 4.50 2,500,000
+Added: Crown Castle Inc.
+Added: April 16, 2026
+Added: 3.812 % 2,492,347 2,496,042 4.50 2,500,000
Entergy Corporation
−Removed: December 10, 2025
+Added: April 23, 2026
3.630 % 2,479,250 2,494,500 4.49 2,500,000
−Removed: Stanley Black & Decker, Inc.
−Removed: November 20, 2025
+Added: Entergy Corporation
+Added: April 29, 2026
3.633 % 2,477,500 2,493,000 4.49 2,500,000
−Removed: Stanley Black & Decker, Inc.
−Removed: November 20, 2025
+Added: General Motors Financial Company, Inc.
+Added: April 13, 2026
3.629 % 2,486,713 2,496,992 4.50 2,500,000
−Removed: VW Credit, Inc.
−Removed: November 17, 2025
+Added: General Motors Financial Company, Inc.
3.639 % 2,480,195 2,487,465 4.48 2,500,000
+Added: Keurig Dr Pepper Inc.
+Added: April 24, 2026
+Added: 3.667 % 2,488,594 2,494,170 4.49 2,500,000
Total Commercial Paper
7 unchanged sentences
United States soybean futures contracts
+Added: CBOT soybean futures JUL26
+Added: 326 $ 1,145,408 2.06 % $ 19,331,800
CBOT soybean futures NOV26
288 680,265 1.23 16,668,000
+Added: Total commodity futures contracts
+Added: $ 1,825,673 3.29 % $ 35,999,800
Percentage of
3 unchanged sentences
United States soybean futures contracts
−Removed: CBOT soybean futures JAN26
−Removed: 221 $ 447,432 1.39 % $ 11,273,763
−Removed: CBOT soybean futures MAR26
−Removed: 186 283,950 0.88 9,632,475
−Removed: Total commodity futures contracts
+Added: CBOT soybean futures NOV27
350 $ 20,562 0.04 % $ 19,490,625
17 unchanged sentences
3.931 % $ 2,480,500 $ 2,492,417 6.42 %
−Removed: Energy Transfer Operating, L.P.
+Added: Brookfield Infrastructure Holdings (Canada) Inc.
+Added: February 19, 2026
+Added: 3.883 % 2,478,878 2,486,899 6.40 2,500,000
+Added: Glencore Funding LLC
January 30, 2026
1 unchanged sentence
Harley-Davidson Financial Services, Inc.
−Removed: February 3, 2025
+Added: March 3, 2026
3.989 % 2,475,313 2,483,267 6.39 2,500,000
+Added: Harley-Davidson Financial Services, Inc.
+Added: March 10, 2026
+Added: 3.987 % 2,475,325 2,481,357 6.39 2,500,000
+Added: Hyundai Capital America
+Added: January 8, 2026
+Added: 3.927 % 4,965,875 4,996,208 12.86 5,000,000
Total Commercial Paper
20 unchanged sentences
Three months ended
−Removed: Nine months ended
−Removed: Nine months ended
−Removed: September 30, 2025
−Removed: September 30, 2024
−Removed: September 30, 2025
−Removed: September 30, 2024
+Added: March 31, 2026
+Added: March 31, 2025
Realized and unrealized gain (loss) on trading of commodity futures contracts:
16 unchanged sentences
Business permits and licenses fees
−Removed: 9,760 4,638 24,293 16,130
General and administrative expenses
10,409 13,086
−Removed: Other expenses
−Removed: 435 - 1,069 -
Total expenses
15 unchanged sentences
Three months ended
−Removed: Nine months ended
−Removed: Nine months ended
−Removed: September 30, 2025
−Removed: September 30, 2024
−Removed: September 30, 2025
−Removed: September 30, 2024
+Added: March 31, 2026
+Added: March 31, 2025
Net income (loss)
24 unchanged sentences
STATEMENTS OF CASH FLOWS
−Removed: Nine months ended
−Removed: Nine months ended
−Removed: September 30, 2025
−Removed: September 30, 2024
+Added: Three months ended
+Added: Three months ended
+Added: March 31, 2026
+Added: March 31, 2025
Cash flows from operating activities:
8 unchanged sentences
Interest receivable
−Removed: ( 922 ) ( 7,428 )
−Removed: 4,286 ( 16,653 )
Management fee payable to Sponsor
20 unchanged sentences
STATEMENTS OF ASSETS AND LIABILITIES
−Removed: September 30, 2025
+Added: March 31, 2026
December 31, 2025
3 unchanged sentences
45,347 24,116
+Added: Capital shares receivable
Equity in trading accounts:
2 unchanged sentences
424,099 1,809,178
+Added: Total equity in trading accounts
2,031,955 1,809,178
+Added: 68,160,982 15,890,761
Management fee payable to Sponsor
1 unchanged sentence
Other liabilities
+Added: 56,354 40,508
Equity in trading accounts:
Commodity futures contracts
−Removed: 390,032 1,560,295
Total liabilities
12 unchanged sentences
SCHEDULE OF INVESTMENTS
−Removed: September 30, 2025
+Added: March 31, 2026
Percentage of
9 unchanged sentences
Commercial Paper
−Removed: The Campbell's Company
−Removed: November 6, 2025
+Added: Bell Canada, Inc.
+Added: April 7, 2026
3.623 % $ 2,484,000 $ 2,498,500 3.67 % 2,500,000
−Removed: Glencore Funding LLC
−Removed: October 22, 2025
+Added: Brookfield Infrastructure Holdings (Canada) Inc.
+Added: April 21, 2026
3.716 % 2,489,465 2,494,861 3.66 2,500,000
+Added: Brookfield Infrastructure Holdings (Canada) Inc.
+Added: April 23, 2026
+Added: 3.670 % 2,486,059 2,494,424 3.66 2,500,000
+Added: Crown Castle Inc.
+Added: April 16, 2026
+Added: 3.812 % 2,492,347 2,496,042 3.67 2,500,000
+Added: Crown Castle Inc.
+Added: April 21, 2026
+Added: 3.911 % 2,392,980 2,394,800 3.52 2,400,000
+Added: Harley-Davidson Financial Services, Inc.
+Added: April 16, 2026
+Added: 3.910 % 2,493,771 2,495,937 3.67 2,500,000
Total Commercial Paper
9 unchanged sentences
1,357 $ 520,985 0.77 % $ 23,831,091
−Removed: Percentage of
−Removed: Notional Amount
−Removed: (Long Exposure)
−Removed: Commodity futures contracts
−Removed: United States sugar futures contracts
−Removed: ICE sugar futures MAY26
+Added: ICE sugar futures OCT26
1,136 805,348 1.18 20,420,736
18 unchanged sentences
Commercial Paper
−Removed: Brookfield Infrastructure Holdings (Canada) Inc.
−Removed: January 8, 2025
−Removed: 4.788 % $ 2,477,431 $ 2,497,711 19.91 %
−Removed: Energy Transfer Operating, L.P.
−Removed: January 24, 2025
−Removed: 4.454 % 2,492,364 2,492,975 19.87 2,500,000
−Removed: Total Commercial Paper
+Added: Mondelez International, Inc.
+Added: February 2, 2026
3.824 % $ 2,484,431 $ 2,491,556 16.96 %
19 unchanged sentences
Three months ended
−Removed: Nine months ended
−Removed: Nine months ended
−Removed: September 30, 2025
−Removed: September 30, 2024
−Removed: September 30, 2025
−Removed: September 30, 2024
+Added: March 31, 2026
+Added: March 31, 2025
Realized and unrealized gain (loss) on trading of commodity futures contracts:
14 unchanged sentences
Custodian fees and expenses
−Removed: 5,771 6,556 20,301 21,575
Business permits and licenses fees
−Removed: 9,940 3,025 19,449 20,997
General and administrative expenses
−Removed: 5,318 4,995 17,482 14,859
−Removed: Other expenses
Total expenses
15 unchanged sentences
Three months ended
−Removed: Nine months ended
−Removed: Nine months ended
−Removed: September 30, 2025
−Removed: September 30, 2024
−Removed: September 30, 2025
−Removed: September 30, 2024
+Added: March 31, 2026
+Added: March 31, 2025
Net income (loss)
24 unchanged sentences
STATEMENTS OF CASH FLOWS
−Removed: Nine months ended
−Removed: Nine months ended
−Removed: September 30, 2025
−Removed: September 30, 2024
+Added: Three months ended
+Added: Three months ended
+Added: March 31, 2026
+Added: March 31, 2025
Cash flows from operating activities:
9 unchanged sentences
( 21,231 ) 10,147
+Added: ( 8,904 ) ( 15,520 )
Management fee payable to Sponsor
1 unchanged sentence
Other liabilities
−Removed: 26,097 ( 23,347 )
Net cash provided by (used in) operating activities
16 unchanged sentences
STATEMENTS OF ASSETS AND LIABILITIES
−Removed: September 30, 2025
+Added: March 31, 2026
December 31, 2025
3 unchanged sentences
191,986 58,047
+Added: Capital shares receivable
Equity in trading accounts:
+Added: Commodity futures contracts
Due from broker
3,551,341 13,396,313
+Added: Total equity in trading accounts
16,645,805 13,396,313
+Added: 303,984,944 120,546,620
Management fee payable to Sponsor
4 unchanged sentences
Commodity futures contracts
−Removed: 7,033,966 11,974,384
Total liabilities
12 unchanged sentences
SCHEDULE OF INVESTMENTS
−Removed: September 30, 2025
+Added: March 31, 2026
Percentage of
9 unchanged sentences
Commercial Paper
−Removed: Brookfield Infrastructure Holdings (Canada) Inc.
−Removed: October 15, 2025
3.632 % $ 4,955,500 $ 4,969,500 1.64 % 5,000,000
+Added: Bell Canada, Inc.
+Added: June 10, 2026
+Added: 3.885 % 4,955,083 4,962,569 1.63 5,000,000
Brookfield Infrastructure Holdings (Canada) Inc.
−Removed: October 16, 2025
+Added: April 21, 2026
3.716 % 2,489,465 2,494,861 0.82 2,500,000
Brookfield Infrastructure Holdings (Canada) Inc.
−Removed: November 6, 2025
+Added: April 23, 2026
3.670 % 2,486,059 2,494,424 0.82 2,500,000
−Removed: The Campbell's Company
−Removed: November 6, 2025
+Added: Entergy Corporation
+Added: April 23, 2026
3.630 % 4,958,500 4,989,000 1.64 5,000,000
Entergy Corporation
−Removed: December 10, 2025
+Added: April 29, 2026
3.633 % 2,477,500 2,493,000 0.82 2,500,000
+Added: Entergy Corporation
+Added: 3.630 % 4,958,500 4,975,000 1.64 5,000,000
General Motors Financial Company, Inc.
−Removed: October 17, 2025
+Added: April 13, 2026
3.629 % 2,486,713 2,496,992 0.82 2,500,000
Glencore Funding LLC
−Removed: October 30, 2025
3.640 % 4,958,385 4,981,950 1.64 5,000,000
Harley-Davidson Financial Services, Inc.
−Removed: December 2, 2025
+Added: April 17, 2026
4.014 % 4,982,778 4,991,111 1.64 5,000,000
+Added: Hyundai Capital America
+Added: 3.838 % 4,777,080 4,783,192 1.58 4,800,000
+Added: Hyundai Capital America
+Added: 3.850 % 7,460,902 7,472,073 2.46 7,500,000
+Added: Hyundai Capital America
+Added: 3.817 % 2,488,653 2,490,500 0.82 2,500,000
+Added: April 30, 2026
+Added: 3.823 % 2,485,222 2,492,347 0.82 2,500,000
+Added: 3.961 % 2,486,593 2,488,508 0.82 2,500,000
+Added: Keurig Dr Pepper Inc.
+Added: April 24, 2026
+Added: 3.667 % 4,977,188 4,988,340 1.64 5,000,000
+Added: Keurig Dr Pepper Inc.
+Added: April 30, 2026
+Added: 4.017 % 4,978,889 4,983,889 1.64 5,000,000
+Added: April 24, 2026
+Added: 3.862 % 2,491,979 2,493,851 0.82 2,500,000
Stanley Black & Decker, Inc.
−Removed: November 20, 2025
+Added: April 2, 2026
3.670 % 4,985,767 4,999,492 1.65 5,000,000
−Removed: VW Credit, Inc.
−Removed: October 6, 2025
+Added: Stanley Black & Decker, Inc.
+Added: April 30, 2026
3.918 % 4,976,708 4,984,292 1.64 5,000,000
−Removed: VW Credit, Inc.
−Removed: October 15, 2025
+Added: TELUS Corporation
3.842 % 7,431,783 7,448,441 2.45 7,500,000
VW Credit, Inc.
−Removed: November 17, 2025
3.981 % 2,480,524 2,482,444 0.82 2,500,000
8 unchanged sentences
United States wheat futures contracts
−Removed: CBOT wheat futures MAR26
+Added: CBOT wheat futures JUL26
3,393 $ 6,951,687 2.29 % $ 106,285,725
−Removed: CBOT wheat futures MAY26
+Added: CBOT wheat futures SEP26
2,854 2,031,364 0.67 91,078,275
19 unchanged sentences
Bell Canada, Inc.
−Removed: February 4, 2025
+Added: March 4, 2026
3.844 % $ 2,477,775 $ 2,483,596 2.20 % 2,500,000
3 unchanged sentences
Brookfield Infrastructure Holdings (Canada) Inc.
−Removed: March 6, 2025
+Added: January 29, 2026
3.931 % 2,480,500 2,492,417 2.20 2,500,000
−Removed: Energy Transfer Operating, L.P.
+Added: Brookfield Infrastructure Holdings (Canada) Inc.
+Added: February 19, 2026
+Added: 3.883 % 2,478,878 2,486,899 2.20 2,500,000
+Added: Crown Castle Inc.
January 20, 2026
3.854 % 4,982,400 4,989,867 4.41 5,000,000
−Removed: General Motors Financial Company, Inc.
+Added: Crown Castle Inc.
January 22, 2026
3.855 % 2,490,400 2,494,400 2.21 2,500,000
−Removed: General Motors Financial Company, Inc.
−Removed: March 14, 2025
+Added: Glencore Funding LLC
+Added: January 14, 2026
3.822 % 4,970,972 4,993,139 4.42 5,000,000
+Added: Glencore Funding LLC
+Added: January 30, 2026
+Added: 3.870 % 4,961,600 4,984,533 4.41 5,000,000
Harley-Davidson Financial Services, Inc.
−Removed: February 3, 2025
+Added: March 5, 2026
3.782 % 2,479,167 2,483,594 2.20 2,500,000
Harley-Davidson Financial Services, Inc.
−Removed: February 18, 2025
+Added: March 10, 2026
3.987 % 4,950,650 4,962,713 4.39 5,000,000
Hyundai Capital America
−Removed: February 12, 2025
−Removed: 4.568 % 2,481,875 2,486,875 2.04 2,500,000
−Removed: L3Harris Technologies, Inc.
January 8, 2026
3.927 % 2,482,938 2,498,104 2.21 2,500,000
−Removed: VW Credit, Inc.
−Removed: January 22, 2025
+Added: Oracle Corporation
+Added: March 11, 2026
3.862 % 7,434,604 7,444,972 6.59 7,500,000
−Removed: VW Credit, Inc.
−Removed: February 19, 2025
+Added: Oracle Corporation
+Added: March 25, 2026
3.793 % 2,478,067 2,478,328 2.19 2,500,000
21 unchanged sentences
Three months ended
−Removed: Nine months ended
−Removed: Nine months ended
−Removed: September 30, 2025
−Removed: September 30, 2024
−Removed: September 30, 2025
−Removed: September 30, 2024
+Added: March 31, 2026
+Added: March 31, 2025
Realized and unrealized gain (loss) on trading of commodity futures contracts:
20 unchanged sentences
Other expenses
−Removed: 2,023 - 8,009 -
Total expenses
15 unchanged sentences
Three months ended
−Removed: Nine months ended
−Removed: Nine months ended
−Removed: September 30, 2025
−Removed: September 30, 2024
−Removed: September 30, 2025
−Removed: September 30, 2024
+Added: March 31, 2026
+Added: March 31, 2025
Net income (loss)
24 unchanged sentences
STATEMENTS OF CASH FLOWS
−Removed: Nine months ended
−Removed: Nine months ended
−Removed: September 30, 2025
−Removed: September 30, 2024
+Added: Three months ended
+Added: Three months ended
+Added: March 31, 2026
+Added: March 31, 2025
Cash flows from operating activities:
9 unchanged sentences
( 133,939 ) ( 4,467 )
−Removed: 705 ( 4,328 )
Management fee payable to Sponsor
18 unchanged sentences
The accompanying notes are an integral part of these financial statements.
−Removed: T TEUCRIUM AGRICULTURAL FUND
+Added: TEUCRIUM AGRICULTURAL FUND
STATEMENTS OF ASSETS AND LIABILITIES
−Removed: September 30, 2025
+Added: March 31, 2026
December 31, 2025
1 unchanged sentence
$ 13,421 $ 13,162
+Added: Capital Shares Receivable
Interest receivable
Equity in trading accounts:
−Removed: Investments in securities, at fair value (cost $ 10,324,446 and $ 12,632,301 as of September 30, 2025 and December 31, 2024, respectively)
+Added: Investments in securities, at fair value (cost $ 31,300,866 and $ 8,156,688 as of March 31, 2026 and December 31, 2025, respectively)
30,495,559 6,298,329
31,768,301 6,311,547
+Added: Payable for investment securities purchased
Other liabilities
+Added: Total liabilities
1,263,114 3,576
+Added: $ 30,505,187 $ 6,307,971
Shares outstanding
9 unchanged sentences
SCHEDULE OF INVESTMENTS
−Removed: September 30, 2025
+Added: March 31, 2026
Percentage of
39 unchanged sentences
Three months ended
−Removed: Nine months ended
−Removed: Nine months ended
−Removed: September 30, 2025
−Removed: September 30, 2024
−Removed: September 30, 2025
−Removed: September 30, 2024
+Added: March 31, 2026
+Added: March 31, 2025
Realized and unrealized gain (loss) on trading of securities:
4 unchanged sentences
Interest income
−Removed: 157 133 398 386
Total income (loss)
5 unchanged sentences
Custodian fees and expenses
−Removed: 3,323 3,772 7,906 10,838
Business permits and licenses fees
−Removed: 1,754 - 15,323 11,672
General and administrative expenses
−Removed: 1,339 1,808 7,116 9,153
Other expenses
4 unchanged sentences
Total expenses, net
−Removed: 2,541 2,660 8,005 9,600
Net income (loss)
11 unchanged sentences
Three months ended
−Removed: Nine months ended
−Removed: Nine months ended
−Removed: September 30, 2025
−Removed: September 30, 2024
−Removed: September 30, 2025
−Removed: September 30, 2024
+Added: March 31, 2026
+Added: March 31, 2025
Net income (loss)
1 unchanged sentence
Capital transactions
+Added: Issuance of Shares
Redemption of Shares
18 unchanged sentences
STATEMENTS OF CASH FLOWS
−Removed: Nine months ended
−Removed: Nine months ended
−Removed: September 30, 2025
−Removed: September 30, 2024
+Added: Three months ended
+Added: Three months ended
+Added: March 31, 2026
+Added: March 31, 2025
Cash flows from operating activities:
9 unchanged sentences
( 1,320 ) ( 5 )
+Added: Net Payable for investment securities purchased
Other liabilities
−Removed: 6,825 ( 1,568 )
Net cash provided by (used in) operating activities
1 unchanged sentence
Cash flows from financing activities:
+Added: Proceeds from sale of Shares
Redemption of Shares
3 unchanged sentences
Net change in cash equivalents
−Removed: 7,759 ( 700 )
Cash equivalents, beginning of period
2 unchanged sentences
The accompanying notes are an integral part of these financial statements.
+Added: 7RCC SPOT BITCOIN AND CARBON CREDIT FUTURES ETF
+Added: STATEMENTS OF ASSETS AND LIABILITIES
+Added: March 31, 2026
+Added: December 31, 2025
+Added: Cash and cash equivalents
+Added: Shares outstanding
+Added: Net asset value per share
+Added: $ 25.00 $ 25.00
+Added: Market value per share
+Added: The accompanying notes are an integral part of these financial statements.
+Added: 7RCC SPOT BITCOIN AND CARBON CREDIT FUTURES ETF
+Added: STATEMENTS OF OPERATIONS
+Added: Three months ended
+Added: March 31, 2026
+Added: Total expenses
+Added: Expenses waived by the Sponsor
+Added: Total expenses, net
+Added: Net increase in net asset value per share
+Added: Net income per weighted average share
+Added: Weighted average shares outstanding
+Added: The accompanying notes are an integral part of these financial statements.
+Added: 7RCC SPOT BITCOIN AND CARBON CREDIT FUTURES ETF
+Added: STATEMENTS OF CHANGE IN NET ASSET
+Added: Three months ended
+Added: March 31, 2026
+Added: Capital transactions
+Added: Issuance of Shares
+Added: Redemption of Shares
+Added: Total capital transactions
+Added: Net change in net assets
+Added: Net assets, beginning of period
+Added: Net assets, end of period
+Added: Net asset value per share at beginning of period
+Added: Net asset value per share at end of period
+Added: Creation of Shares
+Added: Redemption of Shares
+Added: The accompanying notes are an integral part of these financial statements.
+Added: 7RCC SPOT BITCOIN AND CARBON CREDIT FUTURES ETF
+Added: STATEMENTS OF CASH FLOWS
+Added: Three months ended
+Added: March 31, 2026
+Added: Cash flows from operating activities:
+Added: Adjustments to reconcile net income to net cash provided by operating activities:
+Added: Net change in unrealized appreciation on cryptocurrency futures contracts
+Added: Changes in operating assets and liabilities:
+Added: Due from broker
+Added: Interest receivable
+Added: Management fee payable to Sponsor
+Added: Net cash provided by operating activities
+Added: Cash flows from financing activities:
+Added: Proceeds from sale of Shares
+Added: Redemption of Shares
+Added: Net cash (used in) provided by financing activities
+Added: Net change in cash and cash equivalents
+Added: Cash and cash equivalents beginning of period
+Added: Cash and cash equivalents end of period
+Added: The accompanying notes are an integral part of these financial statements.
NOTES TO COMBINED FINANCIAL STATEMENTS
−Removed: September 30, 2025
+Added: March 31, 2026
Note 1 – Organization and Operation
−Removed: Teucrium Commodity Trust (“Trust”), a Delaware statutory trust organized on September 11, 2009, is a series trust consisting of five series:
−Removed: Teucrium Corn Fund (“CORN”), Teucrium Sugar Fund (“CANE”), Teucrium Soybean Fund (“SOYB”), Teucrium Wheat Fund (“WEAT”), and Teucrium Agricultural Fund (“TAGS”).
−Removed: Hashdex Bitcoin Futures ETF (“DEFI”) was a series of the Trust prior to the merger closing on January 3, 2024.
+Added: Teucrium Commodity Trust (“Trust”), a Delaware statutory trust organized on September 11, 2009, is a series trust consisting of six series:
+Added: Teucrium Corn Fund (“CORN”), Teucrium Sugar Fund (“CANE”), Teucrium Soybean Fund (“SOYB”), Teucrium Wheat Fund (“WEAT”), Teucrium Agricultural Fund (“TAGS”), and the 7RCC Spot Bitcoin and Carbon Credit Futures ETF ("BTCK").
+Added: On September 17, 2025, BTCK was established as a new series of the Trust.
+Added: BTCK has not commenced operations as of March 31, 2026.
+Added: The 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 -Q, 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").
1 unchanged sentence
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.
−Removed: A Form 15 was filed with the SEC to de-register the Acquired Fund under the Securities Exchange Act of 1934 (the "Exchange Act"), which terminates the Exchange Act reporting obligations of the Acquired Fund.
+Added: A Form 15 was filed with the U.S.
+Added: 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.
2 unchanged sentences
The Funds issue common units, called the “Shares,” representing fractional undivided beneficial interests in a Fund.
−Removed: Effective as of April 29, 2019, the Trust and the Funds operate pursuant to the Trust’s Fifth Amended and Restated Declaration of Trust and Trust Agreement (the “Trust Agreement”).
−Removed: On June 7, 2010, the initial Form S- 1 for CORN was declared effective by the U.S.
−Removed: Securities and Exchange Commission (“SEC”).
+Added: Effective as of December 18, 2025, the Trust and the Funds operate pursuant to the Trust’s Sixth Amended and Restated Declaration of Trust and Trust Agreement (the “Trust Agreement”).
+Added: 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 .
19 unchanged sentences
As reported by the registrant on a Form 8 -K filed with the Securities and Exchange Commission on November 7, 2023 ( File No.
−Removed: 001 - 34765 ), Teucrium Commodity Trust (the “Teucrium Trust”), on behalf of its series, Hashdex Bitcoin Futures ETF (“Acquired Fund”), and Tidal Commodities Trust I (“Acquiring Trust”), on behalf of its series, Hashdex Bitcoin Futures ETF (“Acquiring Fund”), entered into an Agreement and Plan of Partnership Merger and Liquidation dated as of October 30, 2023 ( the “Plan of Merger”).
+Added: 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”).
2 unchanged sentences
Upon the Merger closing, the Plan of Merger caused all of the Acquired Fund’s shares to be cancelled and the Acquired Fund to be liquidated.
−Removed: The sponsor of the Teucrium Trust, Teucrium Trading, LLC ("Teucrium" or "Sponsor"), has not received any compensation dependent on the consummation of the Merger.
+Added: On September 17, 2025, the Form S- 1 for BTCK was filed with the SEC.
+Added: The fund has not commenced investment operations.
+Added: As of March 31, 2026, the Fund issued four shares at $ 25.00 per share as seed capital.
+Added: Other than the initial capitalization, the Fund had no operations, no investment activity, and no realized or unrealized gains or losses during the quarter ended March 31, 2026.
+Added: Net asset value remained unchanged at $ 25.00 per share from inception through the end of the period.
+Added: The total net assets of $ 100 and the creation of shares of $ 100 for BTCK are included in the Trust's financial statements.
+Added: 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.
+Added: The sponsor of the Trust, Teucrium Trading, LLC ("Teucrium" or "Sponsor"), has not received any compensation dependent on the consummation of the Merger.
Teucrium Trading, LLC is the Sponsor of the Trust.
1 unchanged sentence
The Sponsor registered as a Commodity Trading Advisor (“CTA”) with the CFTC effective September 8, 2017.
−Removed: The specific investment objective of each Fund and information regarding the organization and operation of each Fund are included in each Fund’s financial statements and accompanying notes, as well as in other sections of this Form 10 -K filing.
+Added: The specific investment objective of each Fund and information regarding the organization and operation of each Fund are included in each Fund’s financial statements and accompanying notes, as well as in other sections of this Form 10 -Q filing.
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.
6 unchanged sentences
The Sponsor employs U.S.
−Removed: as the Custodian for the Funds.
+Added: as the Custodian of the non-bitcoin assets for the Funds.
The principal business address for U.S.
9 unchanged sentences
and Global Fund Services will receive an asset-based fee, subject to a minimum annual fee.
−Removed: For custody services, the Funds will pay to U.S.
+Added: For non-bitcoin asset custody services, the Funds will pay to U.S.
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.
3 unchanged sentences
A summary of these expenses is included below.
+Added: The Sponsor employs Gemini Trust Company, LLC ("Gemini") as the Custodian for bitcoin assets ("Bitcoin Custodian").
+Added: Gemini, established in 2014 with principal offices at 315 Park Ave South, Floor 16, New York, NY 10010, is a cryptocurrency trading platform.
+Added: It offers a platform for buying, selling, and storing digital assets.
+Added: Gemini is regulated by the New York State Department of Financial Services and was the first U.S.-based licensed Ethereum trading platform.
+Added: 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.
+Added: These services are recorded in custodian fees and expenses on the combined statements of operations.
+Added: 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.
−Removed: The Distribution Services Agreement among the Marketing Agent, the Sponsor, and the Trust calls for the Marketing Agent to work with the Transfer Agent in connection with the receipt and processing of orders for Creation Baskets and Redemption Baskets and the review and approval of all Fund sales literature and advertising materials.
+Added: The Marketing Agent 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.
5 unchanged sentences
Marex Capital Markets, Inc.
−Removed: (“Marex”) and StoneX Financial Inc.
−Removed: (“StoneX”) serve as the Funds’ clearing brokers to execute and clear futures contracts and provide other brokerage-related services.
+Added: (“Marex”), StoneX Financial Inc.
+Added: (“StoneX”), and ADM Investor Services, Inc.
+Added: ("ADMIS") 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.
2 unchanged sentences
Marex, and StoneX are each clearing members of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges.
−Removed: For Corn, Soybean, Sugar and Wheat Futures Contracts, Marex is paid $ 8.00 per round turn.
−Removed: StoneX is paid $ 9.00 per round turn.
+Added: For Corn, Soybean, Sugar and Wheat Futures Contracts, Marex is paid $ 4.00 per half-turn.
+Added: StoneX is paid $ 4.50 per half-turn exclusive of pass through fees for the exchange and the NFA.
+Added: ADMIS is paid $ 4.00 per futures contract half-turn, plus exchange fees..
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.
7 unchanged sentences
A summary of these expenses is included below.
−Removed: Three months ended September 30, 2025
−Removed: Amount Recognized for Custody Services
−Removed: $ 13,932 $ 6,649 $ 5,771 $ 33,041 $ 3,323 $ 62,716
−Removed: Amount of Custody Services Waived
−Removed: $ - $ - $ - $ - $ 3,323 $ 3,323
−Removed: Amount Recognized for Distribution Services
−Removed: $ 6,811 $ 3,477 $ 1,969 $ 16,298 $ 1,247 $ 29,802
−Removed: Amount of Distribution Services Waived
−Removed: $ - $ - $ - $ - $ 1,247 $ 1,247
−Removed: Amount Recognized for Wilmington Trust
−Removed: $ - $ - $ - $ - $ - $ -
−Removed: Amount of Wilmington Trust Waived
−Removed: $ - $ - $ - $ - $ - $ -
−Removed: Three months ended September 30, 2024
−Removed: Amount Recognized for Custody Services
−Removed: $ 20,327 $ 9,708 $ 6,556 $ 59,093 $ 3,772 $ - $ 99,456
−Removed: Amount of Custody Services Waived
−Removed: $ - $ - $ - $ - $ 3,772 $ - $ 3,772
−Removed: Amount Recognized for Distribution Services
−Removed: $ 6,057 $ 3,316 $ 1,752 $ 12,470 $ 837 $ - $ 24,432
−Removed: Amount of Distribution Services Waived
−Removed: $ - $ - $ - $ - $ 837 $ - $ 837
−Removed: Amount Recognized for Wilmington Trust
−Removed: $ - $ - $ - $ - $ - $ - $ -
−Removed: Amount of Wilmington Trust Waived
−Removed: $ - $ - $ - $ - $ - $ - $ -
−Removed: Nine months ended September 30, 2025
+Added: Three months ended March 31, 2026
Amount Recognized for Custody Services
10 unchanged sentences
$ - $ - $ - $ - $ - $ - $ -
−Removed: Nine months ended September 30, 2024
+Added: Three months ended March 31, 2025
Amount Recognized for Custody Services
13 unchanged sentences
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.
−Removed: 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 and DEFI.
+Added: 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.
Refer to the accompanying separate financial statements for each Fund for more detailed information.
−Removed: The periods represented by the financial statements herein contain the results of CORN, SOYB, CANE, WEAT, TAGS and DEFI for the months during which each Fund was in operation, except for eliminations for TAGS as explained below.
−Removed: 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 Agricultural Funds.
+Added: The periods represented by the financial statements herein contain the results of CORN, SOYB, CANE, WEAT, TAGS, DEFI, and BTCK for the months during which each Fund was in operation, except for eliminations for TAGS as explained below.
+Added: 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 TAGS from its combined statements of assets and liabilities.
17 unchanged sentences
The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis.
−Removed: The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and nine months ended September 30, 2025 and 2024 .
−Removed: Three months ended September 30, 2025
−Removed: $ 14,620 $ 2,229 $ 3,557 $ 30,396 $ - $ 50,802
−Removed: Three months ended September 30, 2024
−Removed: $ 17,785 $ 1,806 $ 2,913 $ 26,622 $ - $ 49,126
−Removed: Nine months ended September 30, 2025
+Added: The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three months ended March 31, 2026 and 2025 .
+Added: Three months ended March 31, 2026
$ 59,360 $ 6,208 $ 15,144 $ 43,827 $ - $ - $ 124,538
−Removed: Nine months ended September 30, 2024
+Added: Three months ended March 31, 2025
$ 10,071 $ 3,340 $ 3,148 $ 13,934 $ - $ - $ 30,493
The Trust is organized and will be operated as a Delaware statutory trust.
−Removed: For federal income tax purposes, each Fund will be treated as a publicly traded partnership.
+Added: 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.
4 unchanged sentences
The financial statements reflect the Funds’ transactions without adjustment, if any, required for income tax purposes.
+Added: BTCK has elected to be classified as a corporation for U.S.
+Added: 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.
5 unchanged sentences
De-recognition of a tax benefit previously recognized results in the Funds recording a tax liability that reduces net assets.
−Removed: Based on their analysis, the Funds have determined that they have not incurred any liability for unrecognized tax benefits as of September 30, 2025 , and for the years ended December 31, 2024 , 2023 and 2022 .
+Added: Based on their analysis, the Funds have determined that they have not incurred any liability for unrecognized tax benefits as of March 31, 2026 , and 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.
5 unchanged sentences
The Funds recognize interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed.
−Removed: No interest expense or penalties have been recognized as of and for the three and nine months ended September 30, 2025 and 2024 .
+Added: No interest expense or penalties have been recognized as of and for the three months ended March 31, 2026 and 2025 .
The Funds may be subject to potential examination by U.S.
21 unchanged sentences
50,000 shares representing 4 baskets
+Added: 50,000 shares representing 5 baskets
Cash and Cash Equivalents
7 unchanged sentences
The Sponsor may invest a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured.
−Removed: September 30, 2025
+Added: March 31, 2026
Money Market Funds
46 unchanged sentences
The Sponsor is responsible for investing the assets of the Fund in accordance with the objectives and policies of the Fund.
−Removed: In addition, the Sponsor arranges for one or more third parties to provide administrative, custodial, accounting, transfer agency, compliance, and other necessary services to the Fund, including services directly attributable to the Fund such as accounting, financial reporting, regulatory compliance, and trading activities.
+Added: In addition, the Sponsor arranges for one or more third parties to provide administrative, custodial, accounting, transfer agency, compliance, and other necessary services to the Fund, including services directly attributable to the Trust and the Funds such as accounting, financial reporting, regulatory compliance, and trading activities.
In some cases, at its discretion, the Sponsor may elect not to outsource certain of these expenses.
5 unchanged sentences
A portion of these aggregate common expenses are related to services provided by the Sponsor or related parties of principals of the Sponsor;
−Removed: these are necessary services to the Funds, which are primarily the cost of performing accounting and financial reporting, regulatory compliance, and trading activities that are directly attributable to the Funds and are, primarily, included as distribution and marketing fees on the statements of operations.
+Added: these are necessary services to 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.
+Added: Such expenses are, primarily, included as distribution and marketing fees on the statements of operations.
These amounts, for the Trust and for each Fund, are detailed in the notes to the financial statements included in Part I of this filing.
6 unchanged sentences
Routine operational, administrative, and other ordinary expenses are not deemed extraordinary expenses.
−Removed: Three months ended September 30, 2025
−Removed: Recognized Related Party Transactions
−Removed: $ 77,416 $ 39,405 $ 18,906 $ 182,328 $ 14,107 $ 332,162
−Removed: Waived Related Party Transactions
−Removed: $ - $ - $ - $ - $ 14,107 $ 14,107
−Removed: Three months ended September 30, 2024
−Removed: Recognized Related Party Transactions
−Removed: $ 134,321 $ 69,975 $ 40,915 $ 281,324 $ 18,684 $ 545,219
−Removed: Waived Related Party Transactions
−Removed: $ - $ - $ - $ - $ 18,684 $ 18,684
−Removed: Nine months ended September 30, 2025
+Added: Three months ended March 31, 2026
Recognized Related Party Transactions
2 unchanged sentences
$ - $ - $ - $ - $ 17,428 $ - $ 17,428
−Removed: Nine months ended September 30, 2024
+Added: Three months ended March 31, 2025
Recognized Related Party Transactions
6 unchanged sentences
The Sponsor has determined that there will be no recovery sought for the amounts below in any future period.
−Removed: Three months ended September 30, 2025
−Removed: $ - $ - $ - $ - $ 41,226 $ - $ 41,226
−Removed: Three months ended September 30, 2024
−Removed: $ - $ - $ - $ - $ 40,557 $ - $ 40,557
−Removed: Nine months ended September 30, 2025
+Added: Three months ended March 31, 2026
$ - $ - $ - $ - $ 54,270 $ - $ 54,270
−Removed: Nine months ended September 30, 2024
+Added: Three months ended March 31, 2025
$ - $ - $ - $ - $ 50,854 $ - $ 50,854
13 unchanged sentences
Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.
−Removed: 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.
+Added: Valuation adjustments and block discounts are not applied to Level 1 futures contracts held by CORN, SOYB, CANE, and WEAT, 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.
14 unchanged sentences
When such a situation exists on a quarter close, the Sponsor will calculate the NAV on a particular day using the Level 1 valuation but will later recalculate the NAV for the impacted Fund based upon the valuation inputs from these alternative verifiable sources (Level 2 or Level 3 ) and will report such NAV in its applicable financial statements and reports.
−Removed: On September 30, 2025 and December 31, 2024 , in the opinion of the Trust, the reported value at the close of the market for each commodity and cryptocurrency contract fairly reflected the value of the futures and no alternative valuations were required other than as described below.
−Removed: For the three and nine months ended September 30, 2025 and year ended December 31, 2024 , the Funds did not have any significant transfers between any of the levels of the fair value hierarchy, except for the Wheat Fund DEC 26 commodity futures contracts, which for the quarter ended June 30, 2025 traded with an average daily volume less than 175 contracts.
−Removed: For the quarter ended September 30, 2025 , the Wheat Fund DEC 26 futures contracts traded with an average daily volume greater than 175 contracts and were reflected as a Level 1 asset.
+Added: On March 31, 2026 and December 31, 2025 , in the opinion of the Trust, the reported value at the close of the market for each commodity and cryptocurrency contract fairly reflected the value of the futures and no alternative valuations were required other than as described below.
+Added: For the three months ended March 31, 2026 and year ended December 31, 2025 , the Funds did not have any significant transfers between any of the levels of the fair value hierarchy, except for the Wheat Fund DEC 26 commodity futures contracts, which for the quarter ended June 30, 2025 traded with an average daily volume less than 175 contracts.
+Added: For the quarter ended March 31, 2026 , the Wheat Fund DEC 26 futures contracts traded with an average daily volume greater than 175 contracts and were reflected as a Level 1 asset.
The Funds and the Trust record their derivative activities at fair value.
10 unchanged sentences
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.
−Removed: The FASB issued ASU 2023 - 07, Segment Reporting (Topic 280 Improvements to Reportable Segment Disclosures (“ASU 2023 - 07” ), which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the “CODM”).
−Removed: ASU 2023 - 07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by ASC 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure.
−Removed: ASU 2023 - 07 is effective for the fiscal years beginning after December 15, 2023, and interim periods beginning with the first quarter ended March 31, 2025.
−Removed: Early adoption is permitted and retrospective adoption is required for all prior periods presented.
−Removed: The Trust and the Funds have adopted ASU 2023 - 07 effective December 31, 2024 and concluded that the application of this guidance did not have any material impact on its financial statements.
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.
−Removed: The following table presents information about the Trust’s assets and liabilities measured at fair value as of September 30, 2025 and December 31, 2024 :
−Removed: Balance as of September 30, 2025
+Added: The following table presents information about the Trust’s assets and liabilities measured at fair value as of March 31, 2026 and December 31, 2025 :
+Added: Balance as of March 31, 2026
Cash Equivalents
7 unchanged sentences
1,607,856 - - 1,607,856
+Added: Wheat futures contracts
13,094,464 - - 13,094,464
−Removed: Balance as of September 30, 2025
+Added: $ 626,854,795 $ - $ - $ 626,854,795
+Added: Balance as of March 31, 2026
Commodity Futures Contracts
3 unchanged sentences
20,562 - - 20,562
−Removed: Sugar futures contracts
$ 1,830,509 $ - $ - $ 1,830,509
−Removed: Wheat futures contracts
−Removed: 7,033,966 - - 7,033,966
−Removed: $ 8,348,566 $ - $ - $ 8,348,566
Balance as of December 31, 2025
6 unchanged sentences
Balance as of December 31, 2025
+Added: Cash Equivalents
Commodity Futures Contracts
10 unchanged sentences
Balance as of
−Removed: September 30, 2025
+Added: March 31, 2026
Cash Equivalents
5 unchanged sentences
Balance as of
−Removed: September 30, 2025
+Added: March 31, 2026
Commodity Futures Contracts
16 unchanged sentences
Balance as of
−Removed: September 30, 2025
+Added: March 31, 2026
Cash Equivalents
5 unchanged sentences
Balance as of
−Removed: September 30, 2025
+Added: March 31, 2026
Commodity Futures Contracts
12 unchanged sentences
Balance as of
−Removed: September 30, 2025
+Added: March 31, 2026
Cash Equivalents
5 unchanged sentences
Balance as of
−Removed: September 30, 2025
−Removed: Commodity Futures Contracts
−Removed: Sugar futures contracts
−Removed: $ 390,032 $ - $ - $ 390,032
−Removed: Balance as of
December 31, 2025
1 unchanged sentence
$ 11,575,953 $ - $ - $ 11,575,953
+Added: Sugar futures contracts
+Added: $ 11,575,953 $ - $ - $ 11,575,953
Balance as of
5 unchanged sentences
Balance as of
−Removed: September 30, 2025
+Added: March 31, 2026
Cash Equivalents
$ 242,928,414 $ - $ - $ 242,928,414
−Removed: Balance as of
−Removed: September 30, 2025
Commodity Futures Contracts
1 unchanged sentence
13,094,464 - - 13,094,464
+Added: $ 256,022,878 $ - $ - $ 256,022,878
Balance as of
9 unchanged sentences
Balance as of
−Removed: September 30, 2025
+Added: March 31, 2026
Exchange Traded Funds
10 unchanged sentences
$ 6,311,491 $ - $ - $ 6,311,491
−Removed: For the three and nine months ended September 30, 2025 and year ended December 31, 2024 , the Funds did not have any significant transfers between any of the levels of the fair value hierarchy, except for the Wheat Fund's DEC 26 commodity futures contracts, which for the quarter ended June 30, 2025 traded with an average daily volume less than 175 contracts and were reflected as a Level 2 asset.
+Added: For the three months ended March 31, 2026 and year ended December 31, 2025 , the Funds did not have any significant transfers between any of the levels of the fair value hierarchy, except for the Wheat Fund's DEC 26 commodity futures contracts, which for the quarter ended June 30, 2025 traded with an average daily volume less than 175 contracts and were reflected as a Level 2 asset.
For the quarter ended September 30, 2025, the Wheat Fund's DEC 26 futures contracts traded with an average daily volume greater than 175 contracts and were reflected as a Level 1 asset.
8 unchanged sentences
In addition to its primary underlying risks, the Funds are also subject to additional counterparty risk due to the inability of its counterparties to meet the terms of their contracts.
−Removed: For the three and nine months ended September 30, 2025 and year ended December 31, 2024 , the Funds invested only in commodity and cryptocurrency futures contracts specifically related to each Fund.
+Added: For the three months ended March 31, 2026 and year ended December 31, 2025 , the Funds invested only in commodity and cryptocurrency futures contracts specifically related to each Fund.
Futures Contracts
14 unchanged sentences
Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.”
−Removed: The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, Marex, and StoneX as of September 30, 2025 , and December 31, 2024 .
+Added: The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, Marex, and StoneX as of March 31, 2026 , and December 31, 2025 .
*The amount of collateral presented in Collateral, Due from Broker, is limited to the liability for the futures contracts and accordingly does not include the excess collateral pledged.
−Removed: Offsetting of Financial Assets and Derivative Assets as of September 30, 2025
+Added: Offsetting of Financial Assets and Derivative Assets as of March 31, 2026
(iii) = (i-ii)
16 unchanged sentences
1,607,856 - 1,607,856 1,607,856 - -
+Added: Teucrium Wheat Fund:
+Added: Wheat futures contracts
+Added: 13,094,464 - 13,094,464 13,094,464 - -
Teucrium Commodity Trust Total
$ 16,658,090 $ - $ 16,658,090 $ 14,852,979 $ - $ 1,805,111
−Removed: Offsetting of Financial Liabilities and Derivative Liabilities as of September 30, 2025
+Added: Offsetting of Financial Liabilities and Derivative Liabilities as of March 31, 2026
(iii) = (i-ii)
13 unchanged sentences
20,562 - 20,562 20,562 - -
−Removed: Teucrium Sugar Fund:
−Removed: Sugar futures contracts
−Removed: 390,032 - 390,032 33,241 356,791 -
−Removed: Teucrium Wheat Fund:
−Removed: Wheat futures contracts
−Removed: 7,033,966 - 7,033,966 - 7,033,966 -
Teucrium Commodity Trust Total
38 unchanged sentences
The following is a summary of realized and unrealized gains (losses) of the derivative instruments utilized by the Trust:
−Removed: Three months ended September 30, 2025
−Removed: Realized Gain (Loss) on Commodity Futures Contracts
−Removed: Net Change in Unrealized Appreciation (Depreciation) on Commodity Futures Contracts
−Removed: Commodity Price
−Removed: Corn futures contracts
−Removed: $ ( 3,257,343 ) $ 2,683,385
−Removed: Soybean futures contracts
−Removed: ( 677,452 ) 142,761
−Removed: Sugar futures contracts
−Removed: ( 516,433 ) 113,785
−Removed: Wheat futures contracts
−Removed: ( 15,074,347 ) 5,241,775
−Removed: Total commodity futures contracts
−Removed: $ ( 19,525,575 ) $ 8,181,706
−Removed: Three months ended September 30, 2024
−Removed: Realized Gain (Loss) on Commodity Futures Contracts
−Removed: Net Change in Unrealized Appreciation (Depreciation) on Commodity Futures Contracts
−Removed: Commodity Price
−Removed: Corn futures contracts
−Removed: $ ( 8,288,179 ) $ 8,615,295
−Removed: Soybean futures contracts
−Removed: ( 1,997,318 ) 1,382,076
−Removed: Sugar futures contracts
−Removed: ( 189,249 ) 1,013,355
−Removed: Wheat futures contracts
−Removed: ( 10,924,999 ) 9,339,127
−Removed: Total commodity futures contracts
−Removed: $ ( 21,399,745 ) $ 20,349,853
−Removed: Nine months ended September 30, 2025
+Added: Three months ended March 31, 2026
Realized Gain (Loss) on Commodity Futures Contracts
11 unchanged sentences
$ 4,448,769 $ 25,598,783
−Removed: Nine months ended September 30, 2024
+Added: Three months ended March 31, 2025
Realized Gain (Loss) on Commodity Futures Contracts
9 unchanged sentences
( 10,037,305 ) ( 8,958,463 )
−Removed: Bitcoin futures Contracts
−Removed: ( 78,143 ) 114,383
Total commodity and cryptocurrency futures contracts
1 unchanged sentence
Volume of Derivative Activities
−Removed: The average notional market value categorized by primary underlying risk for the futures contracts held for the three and nine months ended September 30, 2025 and for the three and nine months ended September 30, 2024 .
−Removed: Three Months Ended September 30, 2025
−Removed: 46,949,867 27,463,417 13,406,180 118,112,817 205,932,280
−Removed: Three Months Ended September 30, 2024
−Removed: 59,513,833 27,144,996 12,417,321 136,089,921 235,166,071
−Removed: Nine Months Ended September 30, 2025
+Added: The average notional market value categorized by primary underlying risk for the futures contracts held for the three months ended March 31, 2026 and for the three months ended March 31, 2025 .
+Added: Three Months Ended March 31, 2026
133,379,613 44,961,250 32,797,184 186,837,854 397,975,901
−Removed: Nine Months Ended September 30, 2024
+Added: Three Months Ended March 31, 2025
53,720,483 26,755,671 12,313,668 105,489,813 198,279,635
3 unchanged sentences
Note 7 - Financial Highlights
−Removed: The following tables present per unit performance data and other supplemental financial data for the three and nine months ended September 30, 2025 and 2024 .
+Added: The following tables present per unit performance data and other supplemental financial data for the three months ended March 31, 2026 and 2025 .
This information has been derived from information presented in the financial statements and is presented with total expenses gross of expenses waived by the Sponsor and with total expenses net of expenses waived by the Sponsor, as appropriate.
2 unchanged sentences
Three months ended
−Removed: Nine months ended
−Removed: Nine months ended
−Removed: September 30, 2025
−Removed: September 30, 2024
−Removed: September 30, 2025
−Removed: September 30, 2024
+Added: March 31, 2026 March 31, 2025
Per Share Operation Performance
3 unchanged sentences
Interest income
−Removed: 0.19 0.23 0.60 0.77
Net realized and unrealized gain (loss) on commodity futures contracts
17 unchanged sentences
Three months ended
−Removed: Nine months ended
−Removed: Nine months ended
−Removed: September 30, 2025
−Removed: September 30, 2024
−Removed: September 30, 2025
−Removed: September 30, 2024
+Added: March 31, 2026
+Added: March 31, 2025
Per Share Operation Performance
3 unchanged sentences
Interest income
−Removed: 0.24 0.29 0.70 0.96
Net realized and unrealized gain (loss) on commodity futures contracts
17 unchanged sentences
Three months ended
−Removed: Nine months ended
−Removed: Nine months ended
−Removed: September 30, 2025
−Removed: September 30, 2024
−Removed: September 30, 2025
−Removed: September 30, 2024
+Added: March 31, 2026
+Added: March 31, 2025
Per Share Operation Performance
3 unchanged sentences
Interest income
−Removed: 0.12 0.16 0.35 0.49
Net realized and unrealized gain (loss) on commodity futures contracts
−Removed: ( 0.33 ) 0.94 ( 0.79 ) 0.62
Total expenses, net
1 unchanged sentence
Net increase (decrease) in net asset value
−Removed: ( 0.33 ) 0.97 ( 0.82 ) 0.71
Net asset value at end of period
11 unchanged sentences
Three months ended
−Removed: Nine months ended
−Removed: Nine months ended
−Removed: September 30, 2025
−Removed: September 30, 2024
−Removed: September 30, 2025
−Removed: September 30, 2024
+Added: March 31, 2026
+Added: March 31, 2025
Per Share Operation Performance
3 unchanged sentences
Interest income
−Removed: 0.04 0.07 0.14 0.22
Net realized and unrealized gain (loss) on commodity futures contracts
14 unchanged sentences
0.38 % 0.92 %
+Added: *During the year ended December 31, 2025, the Fund effected the following reverse share split:
+Added: November 25, 2025, a 1 for 5 reverse share split.
+Added: Per-share information for all prior periods has been retroactively adjusted to reflect this reverse share split.
Teucrium Agricultural Fund:
1 unchanged sentence
Three months ended
−Removed: Nine months ended
−Removed: Nine months ended
−Removed: September 30, 2025
−Removed: September 30, 2024
−Removed: September 30, 2025
−Removed: September 30, 2024
+Added: March 31, 2026
+Added: March 31, 2025
Per Share Operation Performance
3 unchanged sentences
Net realized and unrealized gain (loss) on investment transactions
−Removed: ( 0.79 ) 0.40 ( 1.74 ) ( 2.55 )
Total expenses, net
1 unchanged sentence
Net increase (decrease) in net asset value
−Removed: ( 0.80 ) 0.39 ( 1.76 ) ( 2.57 )
Net asset value at end of period
11 unchanged sentences
The following are the net assets and shares outstanding of each Fund that is a series of the Trust and, thus, in total, comprise the combined net assets of the Trust:
−Removed: September 30, 2025
+Added: March 31, 2026
Teucrium Corn Fund
6 unchanged sentences
12,929,970 303,605,367
+Added: 7RCC Spot Bitcoin and Carbon Credit Futures ETF
Teucrium Agricultural Fund:
14 unchanged sentences
5,654,970 113,057,434
+Added: 7RCC Spot Bitcoin and Carbon Credit Futures ETF
Teucrium Agricultural Fund:
1 unchanged sentence
Investment in the Underlying Funds
−Removed: ( 10,344,458 )
Net for the Fund in the combined net assets of the Trust
−Removed: Teucrium Commodity Trust Total
$ 213,588,976
6 unchanged sentences
The combined financial information reviewed by the Trust’s CODM is consistent with the information presented in each Funds' financial statements.
−Removed: 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.
−Removed: The sixth series of the Trust, the DEFI Fund, was managed by the sponsor and is a reportable segment of the Trust through its merger with Hashdex Bitcoin Futures Fund based on a Plan of Merger through January 3, 2024, on which day the DEFI Fund was sold and liquidated out of the Trust.
+Added: The Trust is a series trust consisting of six series, CORN, CANE, SOYB, WEAT, TAGS and BTCK, each is a Fund separately managed by the Sponsor and as a series of the Trust, each Fund is a reportable segment of the Trust.
+Added: 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.
+Added: The sixth series of the Trust, BTCK, is in registration and as of March 31, 2026 had four shares seeded at a net asset value per share of $ 25.00 per share, but had not yet been declared effective.
+Added: 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.
−Removed: For the three and nine months ended September 30, 2025 and September 30, 2024 and for the years ended December 31, 2024, 2023, and 2022, the CODM of each Fund, and therefore the CODM of the Trust, evaluates the performance of the Trust by evaluating each Funds' performance.
+Added: For the three and nine months ended March 31, 2026 and March 31, 2025 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 Fund's statements of assets and liabilities as well as interest income, and the expense categories as presented in the Fund’s statement of operations in determining resources allocation and overall management decisions of that Fund.
The Trust eliminates intercompany balances to report the combined results on a Trust level, which primarily relates to TAGS investment in the Underlying Funds.
+Added: The Trust combining statements of assets and liabilities and combining statements of operations by reporting segment are presented below.
+Added: Combining Statements of Assets and Liabilities for March 31, 2026
+Added: Teucrium Corn Fund
+Added: Teucrium Soybean Fund
+Added: Teucrium Sugar Fund
+Added: Teucrium Wheat Fund
+Added: Teucrium Agricultural Fund
+Added: 7RCC Spot Bitcoin and Carbon Credit Futures ETF
+Added: Teucrium Commodity Trust
+Added: Cash and cash equivalents
+Added: $ 272,928,879 $ 53,370,915 $ 60,857,876 $ 254,273,613 $ 13,421 $ 100 $ - $ 641,444,804
+Added: Interest receivable
+Added: 152,518 44,454 45,347 191,986 1,376 - - 435,681
+Added: - - 8,904 - - - - 8,904
+Added: Capital shares receivable
+Added: 22,006,320 - 5,216,900 32,873,540 1,257,945 - - 61,354,705
+Added: Equity in trading accounts:
+Added: Commodity futures contracts
+Added: 130,097 1,825,673 1,607,856 13,094,464 - - - 16,658,090
+Added: Due from broker
+Added: 13,559,455 362,740 424,099 3,551,341 - - - 17,897,635
+Added: Investments in exchange traded funds, at fair value (cost:
+Added: $ 31,300,866 as of December 31, 2025)
+Added: 30,495,559 ( 30,495,559 ) -
+Added: Total equity in trading accounts
+Added: 13,689,552 2,188,413 2,031,955 16,645,805 30,495,559 - ( 30,495,559 ) 34,555,725
+Added: $ 308,777,269 $ 55,603,782 $ 68,160,982 $ 303,984,944 $ 31,768,301 $ 100 $ ( 30,495,559 ) $ 737,799,819
+Added: Management fee payable to Sponsor
+Added: $ 104,962 $ 40,386 $ 25,209 $ 174,561 $ - $ - $ - $ 345,118
+Added: Payable for investment securities purchased
+Added: - - - - 1,257,366 - - 1,257,366
+Added: Other liabilities
+Added: 155,604 42,532 56,354 205,016 5,748 - - 465,254
+Added: Equity in trading accounts:
+Added: Commodity futures contracts
+Added: 1,809,947 20,562 - - - - - 1,830,509
+Added: Total equity in trading accounts
+Added: 1,809,947 20,562 - - - - - 1,830,509
+Added: Total liabilities
+Added: 2,070,513 103,480 81,563 379,577 1,263,114 - - 3,898,247
+Added: $ 306,706,756 $ 55,500,302 $ 68,079,419 $ 303,605,367 $ 30,505,187 $ 100 $ ( 30,495,559 ) $ 733,901,572
+Added: Combining Statements of Assets and Liabilities for December 31, 2025
+Added: Teucrium Corn Fund
+Added: Teucrium Soybean Fund
+Added: Teucrium Sugar Fund
+Added: Teucrium Wheat Fund
+Added: Teucrium Agricultural Fund
+Added: 7RCC Spot Bitcoin and Carbon Credit Futures ETF
+Added: Teucrium Commodity Trust
+Added: Cash and cash equivalents
+Added: $ 45,091,481 $ 39,018,369 $ 14,057,467 $ 107,092,260 $ 13,162 $ 100 $ - $ 205,272,839
+Added: Interest receivable
+Added: 59,310 45,367 24,116 58,047 56 - - 186,896
+Added: Equity in trading accounts:
+Added: Commodity futures contracts
+Added: 50,255 - - - - - - 50,255
+Added: Due from broker
+Added: 2,065,122 3,155,013 1,809,178 13,396,313 - - - 20,425,626
+Added: Investments in exchange traded funds, at fair value (cost:
+Added: $ 8,156,688 as of December 31, 2025)
+Added: - - - - 6,298,329 - ( 6,298,329 ) -
+Added: Total equity in trading accounts
+Added: 2,115,377 3,155,013 1,809,178 13,396,313 6,298,329 - ( 6,298,329 ) 20,475,881
+Added: $ 47,266,168 $ 42,218,749 $ 15,890,761 $ 120,546,620 $ 6,311,547 $ 100 $ ( 6,298,329 ) 225,935,616
+Added: Management fee payable to Sponsor
+Added: $ 41,974 $ 43,174 $ 12,645 $ 99,094 $ - $ - $ - $ 196,887
+Added: Other liabilities
+Added: 64,005 50,703 40,508 75,264 3,576 - - 234,056
+Added: Payable for Shares redeemed
+Added: - 1,094,240 - - - - 1,094,240
+Added: Equity in trading accounts:
+Added: Commodity futures contracts
+Added: 170,785 2,185,227 1,150,617 7,314,828 - - - 10,821,457
+Added: Total equity in trading accounts
+Added: 170,785 2,185,227 1,150,617 7,314,828 - - - 10,821,457
+Added: Total liabilities
+Added: 276,764 3,373,344 1,203,770 7,489,186 3,576 - - 12,346,640
+Added: $ 46,989,404 $ 38,845,405 $ 14,686,991 $ 113,057,434 $ 6,307,971 $ 100 $ ( 6,298,329 ) $ 213,588,976
+Added: Combining Statements of Operations for March 31, 2026
+Added: Teucrium Corn Fund
+Added: Teucrium Soybean Fund
+Added: Teucrium Sugar Fund
+Added: Teucrium Wheat Fund
+Added: Teucrium Agricultural Fund
+Added: 7RCC Spot Bitcoin and Carbon Credit Futures ETF
+Added: Teucrium Commodity Trust
+Added: Realized and unrealized gain (loss) on trading of commodity futures contracts:
+Added: Realized gain (loss) on commodity futures contracts
+Added: $ 659,685 $ 362,172 $ ( 832,556 ) $ 4,259,468 $ - $ - $ - $ 4,448,769
+Added: Net change in unrealized appreciation (depreciation) on commodity futures contracts
+Added: ( 1,559,320 ) 3,990,338 2,758,473 20,409,292 - - - 25,598,783
+Added: Realized gain (loss) on securities
+Added: ( 127,074 ) 127,074 -
+Added: Net change in unrealized appreciation (depreciation) on securities
+Added: 1,053,052 ( 1,053,052 ) -
+Added: Interest income
+Added: 674,167 376,683 172,613 1,333,991 1,452 - - 2,558,906
+Added: Total income (loss)
+Added: ( 225,468 ) 4,729,193 2,098,530 26,002,751 927,430 - ( 925,978 ) 32,606,458
+Added: Management fees
+Added: 179,112 104,089 47,477 371,199 - - - 701,877
+Added: Professional fees
+Added: 108,626 63,494 30,860 244,568 12,316 - - 459,864
+Added: Distribution and marketing fees
+Added: 223,891 104,089 54,599 461,792 26,592 - - 870,963
+Added: Custodian fees and expenses
+Added: 26,867 15,613 9,496 59,392 6,355 - - 117,723
+Added: Business permits and licenses fees
+Added: 8,956 8,327 3,798 18,560 9,613 - - 49,254
+Added: General and administrative expenses
+Added: 17,911 10,409 7,122 37,120 1,558 - - 74,120
+Added: Other expenses
+Added: - - - - 7 - - 7
+Added: Total expenses
+Added: $ 565,363 $ 306,021 $ 153,352 $ 1,192,631 $ 56,441 $ - $ - $ 2,273,808
+Added: Expenses waived by the Sponsor
+Added: $ - $ - $ - $ - $ ( 54,270 ) $ - $ - $ ( 54,270 )
+Added: Total expenses, net
+Added: $ 565,363 $ 306,021 $ 153,352 $ 1,192,631 $ 2,171 $ - $ - $ 2,219,538
+Added: Net income (loss)
+Added: $ ( 790,831 ) $ 4,423,172 $ 1,945,178 $ 24,810,120 $ 925,259 $ - $ ( 925,978 ) $ 30,386,920
+Added: Combining Statements of Operations for March 31, 2025
+Added: Teucrium Corn Fund
+Added: Teucrium Soybean Fund
+Added: Teucrium Sugar Fund
+Added: Teucrium Wheat Fund
+Added: Teucrium Agricultural Fund
+Added: 7RCC Spot Bitcoin and Carbon Credit Futures ETF
+Added: Teucrium Commodity Trust
+Added: Realized and unrealized gain (loss) on trading of commodity futures contracts:
+Added: Realized gain (loss) on commodity futures contracts
+Added: $ 986,143 $ ( 374,212 ) $ ( 501,254 ) $ ( 3,460,250 ) $ - $ - $ - $ ( 3,349,573 )
+Added: Net change in unrealized appreciation (depreciation) on commodity futures contracts
+Added: ( 1,584,258 ) 187,460 1,511,527 ( 255,814 ) - - - ( 141,085 )
+Added: Realized gain (loss) on securities
+Added: - - - - ( 113,063 ) 113,063 -
+Added: Net change in unrealized appreciation (depreciation) on securities
+Added: - - - - 183,096 ( 183,096 ) -
+Added: Interest income
+Added: 661,287 280,709 132,719 1,294,423 107 - - 2,369,245
+Added: Total income (loss)
+Added: 63,172 93,957 1,142,992 ( 2,421,641 ) 70,140 - ( 70,033 ) ( 1,121,413 )
+Added: Management fees
+Added: 154,242 65,432 31,316 300,624 - - - 551,614
+Added: Professional fees
+Added: 84,255 43,803 27,581 136,099 11,469 - - 303,207
+Added: Distribution and marketing fees
+Added: 246,416 120,395 71,423 436,779 27,669 - - 902,682
+Added: Custodian fees and expenses
+Added: 31,170 16,358 7,829 52,311 2,460 - - 110,128
+Added: Business permits and licenses fees
+Added: 12,339 5,234 2,505 41,826 9,825 - - 71,729
+Added: General and administrative expenses
+Added: 25,116 13,086 6,263 48,100 1,992 - - 94,557
+Added: Other expenses
+Added: - - - 3,006 1 - - 3,007
+Added: Total expenses
+Added: $ 553,538 $ 264,308 $ 146,917 $ 1,018,745 $ 53,416 $ - $ - $ 2,036,924
+Added: Expenses waived by the Sponsor
+Added: $ - $ - $ - $ - $ ( 50,854 ) $ - $ - $ ( 50,854 )
+Added: Total expenses, net
+Added: $ 553,538 $ 264,308 $ 146,917 $ 1,018,745 $ 2,562 $ - $ - $ 1,986,070
+Added: Net income (loss)
+Added: $ ( 490,366 ) $ ( 170,351 ) $ 996,075 $ ( 3,440,386 ) $ 67,578 $ - $ ( 70,033 ) $ ( 3,107,483 )
Note 10 – Subsequent Events
−Removed: Management has evaluated the financial statements for the quarter-ended September 30, 2025 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Trust and Funds other than those noted below:
+Added: Management has evaluated the financial statements for the quarter-ended March 31, 2026 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Trust and Funds other than those noted below:
Nothing to report
Nothing to report.
−Removed: The total net assets of the Teucrium Soybean Fund increased by 61.4 % from September 30, 2025 to November 7, 2025.
+Added: The total net assets of the Teucrium Soybean Fund increased by 28.6 % from March 31, 2026 to May 8, 2026.
This was caused by an increase in the shares outstanding by 25.3 % and an increase in the NAV/share of 2.6 %.
−Removed: The shares outstanding of the Teucrium Sugar Fund increased by 21.6 % from September 30, 2025 to November 7, 2025.
+Added: The total net assets of the Teucrium Sugar Fund increased by 22.6 % from March 31, 2026 to May 8, 2026.
+Added: This was caused by an increase in the shares outstanding by 29.5 % and partially offset by a decrease in the NAV/share of ( 5.3 %).
Nothing to report.
+Added: The total net assets of the Teucrium Agricultural Fund decreased by ( 26.1 %) from March 31, 2026 to May 8, 2026.
+Added: This was caused by a decrease in the shares outstanding by ( 25.8 %) and a decrease in the NAV/share of ( 0.4 %).
Nothing to report
7 unchanged sentences
Overview/Introduction
−Removed: Teucrium Commodity Trust (“Trust”), a Delaware statutory trust organized on September 11, 2009, is a series trust consisting of five series:
−Removed: Teucrium Corn Fund (“CORN”), Teucrium Sugar Fund (“CANE”), Teucrium Soybean Fund (“SOYB”), Teucrium Wheat Fund (“WEAT”), and Teucrium Agricultural Fund ("TAGS") (collectively, “the Agricultural Funds”).
+Added: Teucrium Commodity Trust (“Trust”), a Delaware statutory trust organized on September 11, 2009, is a series trust consisting of six series:
+Added: Teucrium Corn Fund (“CORN”), Teucrium Sugar Fund (“CANE”), Teucrium Soybean Fund (“SOYB”), Teucrium Wheat Fund (“WEAT”), Teucrium Agricultural Fund ("TAGS") (collectively, “the Agricultural Funds”) and 7RCC Spot Bitcoin and Carbon Credit Futures ETF ("BTCK").
+Added: On September 17, 2025, BTCK was established as a new series of the Trust.
All of the series of the Trust are collectively referred to as the “Funds” and singularly as the “Fund.” 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.
−Removed: Effective as of April 26, 2019, the Trust and the Funds operate pursuant to the Trust’s Fifth Amended and Restated Declaration of Trust and Trust Agreement (the “Trust Agreement”).
+Added: Effective as of December 18, 2025, 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 U.S.
16 unchanged sentences
This registration statement for TAGS registered an indeterminate number of shares.
−Removed: As reported by the registrant on a Form 8-K filed with the Securities and Exchange Commission on November 7, 2023 (File No.
−Removed: 001-34765), Teucrium Commodity Trust (the “Teucrium Trust”), on behalf of its series, Hashdex Bitcoin Futures ETF (“Acquired Fund”), and Tidal Commodities Trust I (“Acquiring Trust”), on behalf of its series, Hashdex Bitcoin Futures ETF (“Acquiring Fund”), entered into an Agreement and Plan of Partnership Merger and Liquidation dated as of October 30, 2023 (the “Plan of Merger”).
+Added: On September 17, 2025, BTCK, was established as a new series of the Trust.
+Added: The fund has not commenced investment operations.
+Added: As of December 10, 2025, the Fund issued four shares at $25.00 per share as seed capital.
+Added: Other than the initial capitalization, the Fund had no operations, no investment activity, and no realized or unrealized gains or losses during the three months ended March 31, 2026.
+Added: As reported by the registrant on a Form 8-K filed with the SEC on November 7, 2023 (File No.
+Added: 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”).
2 unchanged sentences
Upon the Merger closing, the Plan of Merger caused all of the Acquired Fund’s shares to be cancelled and the Acquired Fund to be liquidated.
−Removed: The Sponsor of the Teucrium Trust, Teucrium Trading, LLC (“Teucrium”), has not received any compensation dependent on the consummation of the Merger.
+Added: The Sponsor of the Trust, Teucrium Trading, LLC (“Teucrium” or "Sponsor"), has not received any compensation dependent on the consummation of the Merger.
Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including public health disruptions, pandemics and epidemics (for example, the COVID-19 pandemic), can be highly disruptive to economies and markets.
1 unchanged sentence
Recent macroeconomic conditions have been adversely impacted by geopolitical instability and military hostilities in multiple geographies.
−Removed: Geopolitical conflict, including war and armed conflicts (such as Russia’s continued military actions against Ukraine that started in February 2022, conflicts in the Middle East, and the expansion of such conflicts in surrounding areas), sanctions, the introduction of or changes in tariffs or trade barriers, global or local recessions, and acts of terrorism, can also, directly or indirectly, negatively impact, and/or cause volatility in, the price of commodities and the value, pricing, and liquidity of the investments or other assets held by a Fund.
+Added: Geopolitical conflict, including war and armed conflicts (such as Russia’s continued military actions against Ukraine that started in February 2022, conflicts in the Middle East including the February 28, 2026 U.S./Israel strikes on Iran and Iran's retaliation, including the reported Strait of Hormuz closure, and the expansion of such conflicts in surrounding areas), sanctions, the introduction of or changes in tariffs or trade barriers (including U.S.
+Added: tariff actions and retaliatory tariffs from key agriculture trading partners), global or local recessions, and acts of terrorism, can also, directly or indirectly, negatively impact, and/or cause volatility in, the price of commodities and the value, pricing, and liquidity of the investments or other assets held by a Fund.
For example, in late February 2022, Russia invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia and other countries in the region and in the west.
1 unchanged sentence
These events are unpredictable and may lead to extended periods of price volatility.
−Removed: The Investment Objective of the Funds
+Added: The Investment Objectives of the Funds
The investment objective of CORN is to have the daily changes in the NAV of the Fund’s Shares reflect the daily changes in the corn market for future delivery as measured by the Benchmark.
36 unchanged sentences
Each Benchmark is rebalanced periodically to ensure that each of the Benchmark Component Futures Contracts is weighted in the same proportion as in the investment objective for each Fund.
−Removed: The following tables reflect the September 30, 2025, Benchmark Component Futures Contracts weights for each of the Funds, the contract held is identified by the generally accepted nomenclature of contract month and year, which may differ from the month in which the contract expires:
+Added: The following tables reflect the March 31, 2026, Benchmark Component Futures Contracts weights for each of the Funds, the contract held is identified by the generally accepted nomenclature of contract month and year, which may differ from the month in which the contract expires:
CORN Benchmark Component Futures Contracts
NOTIONAL AMT.
−Removed: CBOT corn futures MAR26 (782 contracts)
−Removed: CBOT corn futures MAY26 (655 contracts)
+Added: CBOT corn futures JUL26 (4,586 contracts)
+Added: CBOT corn futures SEP26 (3,913 contracts)
CBOT corn futures DEC26 (4,433 contracts)
1 unchanged sentence
NOTIONAL AMT.
−Removed: CBOT soybean futures JAN26 (221 contracts)
−Removed: CBOT soybean futures MAR26 (186 contracts)
+Added: CBOT soybean futures JUL26 (326 contracts)
CBOT soybean futures NOV26 (288 contracts)
+Added: CBOT soybean futures NOV27 (350 contracts)
CANE Benchmark Component Futures Contracts
NOTIONAL AMT.
−Removed: ICE sugar futures MAY26 (262 contracts)
ICE sugar futures JUL26 (1,357 contracts)
+Added: ICE sugar futures OCT26 (1,136 contracts)
ICE sugar futures MAR27 (1,275 contracts)
1 unchanged sentence
NOTIONAL AMT.
−Removed: CBOT wheat futures MAR26 (1,555 contracts)
−Removed: CBOT wheat futures MAY26 (1,303 contracts)
+Added: CBOT wheat futures JUL26 (3,393 contracts)
+Added: CBOT wheat futures SEP26 (2,854 contracts)
CBOT wheat futures DEC26 (3,247 contracts)
12 unchanged sentences
The specific types of other commodity interests held (if any, which may include options on futures contracts and derivative contracts such as swaps) collectively, “Other Commodity Interests,” and together with Futures Contracts, “Commodity Interests” or “Interests” in addition to futures contracts, options on futures contracts and derivative contracts that are tied to various commodities are entered into outside of public exchanges.
−Removed: These “over the counter” contracts are entered into between two parties in private contracts, or on a recently formed swap execution facility (“SEF”) for standardized swaps.
+Added: These “over the counter” contracts are entered into between two parties in private contracts, or on a swap execution facility (“SEF”) for standardized swaps.
For example, unlike Futures Contracts, which are guaranteed by a clearing organization, each party to an over the counter derivative contract bears the credit risk of the other party (unless such over the counter swap is cleared through a derivatives clearing organization (“DCO”), i.e., the risk that the other party will not be able to perform its obligations under its contract, and characteristics of such Other Commodity Interests.
1 unchanged sentence
Other Commodity Interests that do not have standardized terms and are not exchange traded, referred to as “over the counter” Commodity Interests, can generally be structured as the parties to the Commodity Interest contract desire.
−Removed: Therefore, each Fund might enter into multiple and/or over the counter Interests intended to replicate the performance of each of the Benchmark Component Futures Contracts for a Fund, or a single over the counter Interest designed to replicate the performance of the Benchmark as a whole.
+Added: Therefore, each Fund might enter into multiple and/or over the counter Commodity Interests intended to replicate the performance of each of the Benchmark Component Futures Contracts for a Fund, or a single over the counter Commodity Interest designed to replicate the performance of the Benchmark as a whole.
Assuming that there is no default by a counterparty to an over the counter Commodity Interest, the performance of the Commodity Interest will necessarily correlate with the performance of the Benchmark or the applicable Benchmark Component Futures Contract.
−Removed: Each Fund might also enter into or hold Interests other than Benchmark Component Futures Contracts to facilitate effective trading, consistent with the discussion of the Fund’s “roll” strategy.
−Removed: In addition, each Fund might enter into or hold Interests that would be expected to alleviate overall deviation between the Fund’s performance and that of the Benchmark that may result from certain market and trading inefficiencies or other reasons.
+Added: Each Fund might also enter into or hold Commodity Interests other than Benchmark Component Futures Contracts to facilitate effective trading, consistent with the discussion of the Fund’s “roll” strategy.
+Added: In addition, each Fund might enter into or hold Commodity Interests that would be expected to alleviate overall deviation between the Fund’s performance and that of the Benchmark that may result from certain market and trading inefficiencies or other reasons.
By utilizing certain or all of the investments described above, the Sponsor will endeavor to cause the Fund’s performance to closely track that of the Benchmark of each Fund.
9 unchanged sentences
Any cash equivalent invested by a Fund will be deemed by the Sponsor to be of investment grade quality.
−Removed: As of September 30, 2025, available cash balances in each of the Funds were invested in the U.S.
+Added: As of March 31, 2026, available cash balances in each of the Funds were invested in the U.S.
Bank Demand Deposit Account, Goldman Sachs Financial Square Government Fund, and in commercial paper with maturities of ninety days or less.
−Removed: Additionally, the CORN, SOYB, CANE, and WEAT may invest a portion of the amount of funds required to be deposited with the FCM as initial margin in U.S.
+Added: Additionally, the CORN, SOYB, CANE, and WEAT Funds may invest a portion of the amount of funds required to be deposited with the FCM as initial margin in U.S.
Treasury obligations with time to maturity of 90 days or less.
31 unchanged sentences
https://www.sec.gov/ix?doc=/Archives/edgar/data/1817218/000121390023081930/ea187567-8k_convexity.htm.
−Removed: A settlement agreement (“Agreement”), by and among Teucrium Trading, Salvatore Gilbertie, Carl Miller III, Cory Mullen-Rusin, Steve Kahler, and Dale and Barbara Riker, was entered into as of April 26, 2024 and became effective on May 10, 2024.
+Added: A settlement agreement (“Agreement”), by and among Teucrium Trading, LLC, Salvatore Gilbertie, Carl Miller III, Cory Mullen-Rusin, Steve Kahler, and Dale and Barbara Riker, was entered into as of April 26, 2024 and became effective on May 10, 2024.
The Agreement resolves all of the claims raised in the actions captioned Dale Riker v.
9 unchanged sentences
The Trust and the Funds operate pursuant to the Trust Agreement.
−Removed: Under the Trust Agreement, the Sponsor is solely responsible for management and conducts or directs the conduct of the business of the Trust, the Fund, and any series of the Trust that may from time to time be established and designated by the Sponsor.
−Removed: The Sponsor is required to oversee the purchase and sale of Shares by Authorized Purchasers and to manage the Fund’s investments, including to evaluate the credit risk of FCMs and swap counterparties and to review daily positions and margin/collateral requirements.
−Removed: The Sponsor has the power to enter into agreements as may be necessary or appropriate for the offer and sale of the Fund’s Shares and the oversight of the Trust’s activities.
+Added: Under the Trust Agreement, the Sponsor is solely responsible for management and conducts or directs the conduct of the business of the Trust, the Funds, and any series of the Trust that may from time to time be established and designated by the Sponsor.
+Added: The Sponsor is required to oversee the purchase and sale of Shares by Authorized Purchasers and to manage the Funds' investments, including to evaluate the credit risk of FCMs and swap counterparties and to review daily positions and margin/collateral requirements.
+Added: The Sponsor has the power to enter into agreements as may be necessary or appropriate for the offer and sale of the Funds' Shares and the oversight of the Trust’s activities.
Accordingly, the Sponsor is responsible for selecting the Trustee, Administrator, Marketing Agent, the independent registered public accounting firm of the Trust, and any legal counsel employed by the Trust.
The Sponsor is also responsible for preparing and filing periodic reports on behalf of the Trust with the SEC and will provide any required certification for such reports.
−Removed: No person other than the Sponsor and its principals was involved in the organization of the Trust or the Fund.
+Added: No person other than the Sponsor and its principals was involved in the organization of the Trust or the Funds.
The Sponsor designs the Funds to offer liquidity, transparency, and capacity in single-commodity investing for a variety of investors, including institutions and individuals, in an exchange-traded product format.
3 unchanged sentences
Performance Summary
−Removed: This report covers the periods from January 1 to September 30, 2025 for CORN, SOYB, CANE, WEAT, and TAGS.
+Added: This report covers the periods from January 1 to March 31, 2026 for CORN, SOYB, CANE, WEAT, and TAGS.
Total expenses are presented both gross and net of any expenses waived or paid by the Sponsor that would have been incurred by the Funds (“expenses waived by the Sponsor”).
61 unchanged sentences
The following includes a section for each Fund of the Trust.
−Removed: The discussion below addresses the material changes in the results of operations for the three and nine months ended September 30, 2025 compared to the same period in 2024.
+Added: The discussion below addresses the material changes in the results of operations for the three months ended March 31, 2026 compared to the same period in 2025.
The following includes a section for each Fund of the Trust for the periods in which each Fund was in operation.
22 unchanged sentences
The Fund does not track the spot price of corn.
−Removed: On September 30, 2025, CORN held a total of 2,180 CBOT Corn Futures contracts with a notional value of $48,410,363.
+Added: On March 31, 2026, CORN held a total of 12,932 CBOT Corn Futures contracts with a notional value of $306,708,151.
The contracts had an asset fair value of $130,097 and a liability fair value of $1,809,947.
The weighting of the notional value of the contracts is as follows:
−Removed: (1) 35% to the MAR26 contracts, the second to expire CBOT Corn Futures Contract, (2) 30% to MAY26 CBOT contracts, the third to expire CBOT Corn Futures Contract, and (3) 35% to DEC26 CBOT contracts, the CBOT Corn Futures Contract expiring in the December following the expiration month of the third to expire contract.
+Added: (1) 35% to the JUL26 contracts, the second to expire CBOT Corn Futures Contract, (2) 30% to SEP26 CBOT contracts, the third to expire CBOT Corn Futures Contract, and (3) 35% to DEC26 CBOT contracts, the CBOT Corn Futures Contract expiring in the December following the expiration month of the third to expire contract.
Quarter Ending
1 unchanged sentence
Quarter Ending
−Removed: September 30, 2025
−Removed: September 30, 2024
−Removed: June 30, 2025
+Added: March 31, 2026
+Added: March 31, 2025
+Added: December 31, 2025
Total Net Assets
2 unchanged sentences
Closing Price
−Removed: Total net assets for the Fund decreased year over year by (23%), driven by a combination of a decrease in total shares outstanding of (650,000) shares or (19%) and a decrease in the NAV per share of ($1.02) or (6%).
−Removed: The net assets for the Fund increased by 8% when comparing September 30, 2025, to June 30, 2025.
−Removed: The change in total net assets year over year, in the opinion of management, was generally due to a combination of a depreciation of commodity prices and investor out-flows which was driven by excess supply estimates, and mandates for plant-based renewable fuels contributing to weakness.
−Removed: For the Three Months Ended September 30, 2025, compared to the Three Months Ended September 30, 2024
+Added: Total net assets for the Fund increased year over year by 497%, driven by a combination of an increase in total shares outstanding of 13,949,996 shares or 503% and a decrease in the NAV per share of ($0.19) or (0%).
+Added: The net assets for the Fund increased by 553% when comparing March 31, 2026, to December 31, 2025.
+Added: The change in total net assets year over year, in the opinion of management, was generally due to a combination of the appreciation of commodity prices and investor inflows which was driven by which was driven by war and other geopolitical events, including but not limited to Russia and Ukraine and conflicts in the Middle East have caused and may continue to cause volatility in commodity prices.
+Added: For the Three Months Ended March 31, 2026, compared to the Three Months Ended March 31, 2025
Three Months Ended
Three Months Ended
−Removed: September 30, 2025
−Removed: September 30, 2024
+Added: March 31, 2026
+Added: March 31, 2025
Average daily total net assets
−Removed: Net realized and unrealized (loss) gain on futures contracts
+Added: Net realized and unrealized gain (loss) on futures contracts
Interest income earned on cash and cash equivalents
10 unchanged sentences
Redemption of Shares
−Removed: For the Nine Months Ended September 30, 2025, compared to the Nine Months Ended September 30, 2024
−Removed: Nine Months Ended
−Removed: Nine Months Ended
−Removed: September 30, 2025
−Removed: September 30, 2024
−Removed: Average daily total net assets
−Removed: Net realized and unrealized loss on futures contracts
−Removed: Interest income earned on cash and cash equivalents
−Removed: Annualized interest yield based on average daily total net assets
−Removed: Weighted average share outstanding
−Removed: Management Fees
−Removed: Total gross fees and other expenses excluding management fees
−Removed: Brokerage Commissions
−Removed: Total gross expense ratio
−Removed: Total expense ratio net of expenses waived by the Sponsor
−Removed: Net investment gain
−Removed: Creation of Shares
−Removed: Redemption of Shares
Realized gain or loss on trading of commodity futures contracts is a function of:
3 unchanged sentences
The Sponsor has a static benchmark as described above and trades futures contracts to adhere to that benchmark and to adjust for the creation or redemption of shares.
−Removed: The decrease in interest and other income year over year was due to lower average net assets and declining interest rates.
−Removed: As a result, the amount of interest income earned was lower in the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024.
+Added: The increase in interest and other income year over year was due to higher average net assets and interest rates.
+Added: As a result, the amount of interest income earned was higher in the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
The Fund seeks to earn interest and other income in investment grade, short-duration instruments or deposits associated with the pool’s cash management strategy that may be used to offset expenses.
1 unchanged sentence
These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven point.
−Removed: The decrease in management fee paid to the Sponsor is a result of lower average net assets.
−Removed: As a result of the decline in the amount of assets of the Fund, the amount of management fees was lower in the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024.
+Added: The increase in management fee paid to the Sponsor is a result of higher average net assets.
+Added: As a result of the incline the amount of assets of the Fund, the amount of management fees was higher in the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets.
4 unchanged sentences
The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
−Removed: The decrease in total gross fees and other expenses excluding management fees for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024 was generally due to the allocation of expenses and total net assets relative to the other Funds.
+Added: The increase in total gross fees and other expenses excluding management fees for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was generally due to the allocation of expenses and total net assets relative to the other Funds.
The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee.
1 unchanged sentence
The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.
−Removed: The graph below shows the actual shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to September 30, 2025 and serves to illustrate the relative changes of these components.
+Added: The graph below shows the actual shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to March 31, 2026 and serves to illustrate the relative changes of these components.
The seasonality patterns for corn futures prices are impacted by a variety of factors.
9 unchanged sentences
(1) second to expire CBOT Soybean Futures Contract, weighted 35%, (2) the third to expire CBOT Soybean Futures Contract, weighted 30%, and (3) the CBOT Soybean Futures Contract expiring in the November following the expiration month of the third to expire contract, weighted 35%.
−Removed: On September 30, 2025, the Fund held a total of 622 CBOT soybean futures contracts with a notional value of $32,236,738.
+Added: On March 31, 2026, the Fund held a total of 964 CBOT soybean futures contracts with a notional value of $55,490,425.
The contracts had an asset fair value of $1,825,673 and had a liability fair value of $20,562.
The weighting of the notional value of the contracts is as follows:
−Removed: (1) 35% to JAN26 CBOT contracts, (2) 30% to MAR26 CBOT contracts, and (3) 35% to NOV26 CBOT contracts.
+Added: (1) 35% to JUL26 CBOT contracts, (2) 30% to NOV26 CBOT contracts, and (3) 35% to NOV27 CBOT contracts.
Quarter Ending
1 unchanged sentence
Quarter Ending
−Removed: September 30, 2025
−Removed: September 30, 2024
−Removed: June 30, 2025
+Added: March 31, 2026
+Added: March 31, 2025
+Added: December 31, 2025
Total Net Assets
2 unchanged sentences
Closing Price
−Removed: Total net assets for the Fund increased year over year by 2%, driven by a combination of an increase in total shares outstanding of 125,000 shares or 9% and by a decrease in the NAV per share of ($1.56) or (7%).
−Removed: The net assets for the Fund increased by 21% when comparing September 30, 2025, to June 30, 2025.
−Removed: The change in total net assets year over year, in the opinion of management, was generally due to a combination of a depreciation of commodity prices and investor inflows which was driven by decreased supply estimates, and mandates for plant-based renewable fuels contributing to weakness.
−Removed: For the Three Months Ended September 30, 2025, compared to the Three Months Ended September 30, 2024
+Added: Total net assets for the Fund increased year over year by 117%, driven by a combination of an increase in total shares outstanding of 1,074,996 shares or 90% and by an increase in the NAV per share of $3.07 or 14%.
+Added: The net assets for the Fund increased by 43% when comparing March 31, 2026, to December 31, 2025.
+Added: The change in total net assets year over year, in the opinion of management, was generally due to a combination of appreciation of commodity prices and investor inflows which was driven by war and other geopolitical events, including but not limited to Russia and Ukraine and conflicts in the Middle East have caused and may continue to cause volatility in commodity prices.
+Added: For the Three Months Ended March 31, 2026, compared to the Three Months Ended March 31, 2025
Three Months Ended
Three Months Ended
−Removed: September 30, 2025
−Removed: September 30, 2024
−Removed: Average daily total net assets
−Removed: Net realized and unrealized loss on futures contracts
−Removed: Interest income earned on cash and cash equivalents
−Removed: Annualized interest yield based on average daily total net assets
−Removed: Weighted average share outstanding
−Removed: Management Fees
−Removed: Total gross fees and other expenses excluding management fees
−Removed: Brokerage Commissions
−Removed: Total gross expense ratio
−Removed: Total expense ratio net of expenses waived by the Sponsor
−Removed: Net investment gain
−Removed: Creation of Shares
−Removed: Redemption of Shares
−Removed: For the Nine Months Ended September 30, 2025, compared to the Nine Months Ended September 30, 2024
−Removed: Nine Months Ended
−Removed: Nine Months Ended
−Removed: September 30, 2025
−Removed: September 30, 2024
+Added: March 31, 2026
+Added: March 31, 2025
Average daily total net assets
−Removed: Net realized and unrealized loss on futures contracts
+Added: Net realized and unrealized gain (loss) on futures contracts
Interest income earned on cash and cash equivalents
Annualized interest yield based on average daily total net assets
+Added: Net income (loss)
Weighted average share outstanding
2 unchanged sentences
Brokerage Commissions
−Removed: Expenses waived by the Sponsor
Total gross expense ratio
Total expense ratio net of expenses waived by the Sponsor
−Removed: Net investment gain
+Added: Net investment gain (loss)
Creation of Shares
5 unchanged sentences
The Sponsor has a static benchmark as described above and trades futures contracts to adhere to that benchmark and to adjust for the creation or redemption of shares.
−Removed: The decrease in interest and other income year over year was due to lower average net assets and declining interest rates.
−Removed: As a result, the amount of interest income earned as a percentage of average daily total net assets was lower in the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024.
+Added: The increase in interest and other income year over year was due to higher average net assets and interest rates.
+Added: As a result, the amount of interest income earned as a percentage of average daily total net assets was higher in the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
The Fund seeks to earn interest and other income in investment grade, short-duration instruments or deposits associated with the pool’s cash management strategy that may be used to offset expenses.
1 unchanged sentence
These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven point.
−Removed: The increase/decrease in management fee paid to the Sponsor is a result of higher average net assets.
−Removed: As a result of the incline in the amount of assets of the Fund, the amount of management fees was higher/lower in the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024.
+Added: The increase in management fees paid to the Sponsor is a result of higher average net assets.
+Added: As a result of the incline in the amount of assets of the Fund, the amount of management fees was higher in the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets.
4 unchanged sentences
The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
−Removed: The decrease/increase in total gross fees and other expenses excluding management fees for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024 was generally due to the average net assets relative to the other Funds.
+Added: The increase in total gross fees and other expenses excluding management fees for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was generally due to the average net assets relative to the other Funds.
The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee.
1 unchanged sentence
The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.
−Removed: The graph below shows the actual shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to September 30, 2025 and serves to illustrate the relative changes of these components.
+Added: The graph below shows the actual shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to March 31, 2026 and serves to illustrate the relative changes of these components.
The seasonality patterns for soybean futures prices are impacted by a variety of factors.
12 unchanged sentences
11 Futures Contract expiring in the March following the expiration month of the third to expire contract, weighted 35%.
−Removed: On September 30, 2025, the Fund held a total of 741 ICE sugar futures contracts with a notional value of $13,506,640.
−Removed: The contracts had an asset fair value of $33,241 and a liability fair value of $390,032.
−Removed: The weighting of the notional value of the contracts is as follows:
−Removed: (1) 35% to the MAY26 ICE No 11 contracts, (2) 30% to the JUL26 ICE No 11 contracts, and (3) 35% to the MAR27 ICE No 11 contracts.
+Added: On March 31, 2026, the Fund held a total of 3,768 ICE sugar futures contracts with a notional value of $68,085,147.
+Added: The contracts had an asset fair value of $1,607,856 and a liability fair value of $0 The weighting of the notional value of the contracts is as follows:
+Added: (1) 35% to the JUL26 ICE No 11 contracts, (2) 30% to the OCT26 ICE No 11 contracts, and (3) 35% to the MAR27 ICE No 11 contracts.
Quarter Ending
1 unchanged sentence
Quarter Ending
−Removed: September 30, 2025
−Removed: September 30, 2024
−Removed: June 30, 2025
+Added: March 31, 2026
+Added: March 31, 2025
+Added: December 31, 2025
Total Net Assets
2 unchanged sentences
Closing Price
−Removed: Total net assets for the Fund decreased year over year by (7%), driven by a combination of an increase in total shares outstanding of 175,000 or 16% and a decrease in the NAV per share of ($2.56) or (19%).
−Removed: The net assets for the Fund increased by (30%) when comparing September 30, 2025, to June 30, 2025.
−Removed: This change was, in the opinion of management, due to the stabilization of prices worldwide, strong demand and with modestly higher production which accelerated investor interest.
−Removed: For the Three Months Ended September 30, 2025, compared to the Three Months Ended September 30, 2024
+Added: Total net assets for the Fund increased year over year by 75%, driven by a combination of an increase in total shares outstanding of 5,624,996 or 625% and a decrease in the NAV per share of ($1.78) or (15%).
+Added: The net assets for the Fund increased by 31% when comparing March 31, 2026, to December 31, 2025.
+Added: This change was, in the opinion of management, due to the stabilization of prices, an increase in net investor inflows and total net assets year over year, in the opinion of management, was generally due to a combination of the appreciation of commodity prices and investor inflows which was driven by war and other geopolitical events, including but not limited to Russia and Ukraine and conflicts in the Middle East have caused and may continue to cause volatility in commodity prices.
+Added: For the Three Months Ended March 31, 2026, compared to the Three Months Ended March 31, 2025
Three Months Ended
Three Months Ended
−Removed: September 30, 2025
−Removed: September 30, 2024
−Removed: Average daily total net assets
−Removed: Net realized and unrealized gain on futures contracts
−Removed: Interest income earned on cash and cash equivalents
−Removed: Annualized interest yield based on average daily total net assets
−Removed: Weighted average share outstanding
−Removed: Management Fees
−Removed: Total gross fees and other expenses excluding management fees
−Removed: Brokerage Commissions
−Removed: Total gross expense ratio
−Removed: Total expense ratio net of expenses waived by the Sponsor
−Removed: Net investment gain
−Removed: Creation of Shares
−Removed: Redemption of Shares
−Removed: For the Nine Months Ended September 30, 2025, compared to the Nine Months Ended September 30, 2024
−Removed: Nine Months Ended
−Removed: Nine Months Ended
−Removed: September 30, 2025
−Removed: September 30, 2024
+Added: March 31, 2026
+Added: March 31, 2025
Average daily total net assets
−Removed: Net realized and unrealized gain on futures contracts
+Added: Net realized and unrealized gain (loss) on futures contracts
Interest income earned on cash and cash equivalents
Annualized interest yield based on average daily total net assets
+Added: Net income (loss)
Weighted average share outstanding
2 unchanged sentences
Brokerage Commissions
−Removed: Expenses waived by the Sponsor
Total gross expense ratio
Total expense ratio net of expenses waived by the Sponsor
−Removed: Net investment gain
+Added: Net investment gain (loss)
Creation of Shares
5 unchanged sentences
The Sponsor has a static benchmark as described above and trades futures contracts to adhere to that benchmark and to adjust for the creation or redemption of shares.
−Removed: The decrease in interest and other income year over year was due to declining interest rates, and lower average net assets.
−Removed: As a result, the amount of interest income earned as a percentage of average daily total net assets was lower in the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024.
+Added: The increase in interest and other income year over year was due to interest rates, and higher average net assets.
+Added: As a result, the amount of interest income earned as a percentage of average daily total net assets was higher in the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
The Fund seeks to earn interest and other income in investment grade, short-duration instruments or deposits associated with the pool’s cash management strategy that may be used to offset expenses.
1 unchanged sentence
These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven point.
−Removed: The increase/decrease in management fee paid to the Sponsor is a result of higher/lower average net assets.
−Removed: As a result of the increase/decrease in the amount of assets of the Fund, the amount of management fees was higher/lower in the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024.
+Added: The increase in management fee paid to the Sponsor is a result of higher average net assets.
+Added: As a result of the increase in the amount of assets of the Fund, the amount of management fees was higher in the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets.
4 unchanged sentences
The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
−Removed: The increase/decrease in total gross fees and other expenses excluding management fees for the three and nine months ended September 30, 2025, respectively, compared to the three and nine months ended September 30, 2024 was generally due to higher/lower average net assets relative to the other Funds.
+Added: The increase in total gross fees and other expenses excluding management fees for the three months ended March 31, 2026, respectively, compared to the three months ended March 31, 2025 was generally due to higher average net assets relative to the other Funds.
The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee.
1 unchanged sentence
The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.
−Removed: The graph below shows the actual shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to September 30, 2025 and serves to illustrate the relative changes of these components.
+Added: The graph below shows the actual shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to March 31, 2026 and serves to illustrate the relative changes of these components.
The seasonality patterns for sugar cane futures prices are impacted by a variety of factors.
9 unchanged sentences
(1) the second to expire CBOT Wheat Futures Contract, weighted 35%, (2) the third to expire CBOT Wheat Futures Contract, weighted 30%, and (3) the CBOT Wheat Futures Contract expiring in the December following the expiration month of the third to expire contract, weighted 35%.
−Removed: On September 30, 2025, the Fund held a total of 4,270 CBOT wheat futures contracts with a notional value of $117,317,775.
+Added: On March 31, 2026, the Fund held a total of 9,494 CBOT wheat futures contracts with a notional value of $303,622,075.
The contracts had an asset fair value of $13,094,464 and a liability fair value of $0.
The weighting of the notional value contracts is as follows:
−Removed: (1) 35% to MAR26 CBOT contracts, (2) 30% to MAY26 CBOT contracts, and (3) 35% to DEC26 CBOT contracts.
+Added: (1) 35% to JUL26 CBOT contracts, (2) 30% to SEP26 CBOT contracts, and (3) 35% to DEC26 CBOT contracts.
Quarter Ending
1 unchanged sentence
Quarter Ending
−Removed: September 30, 2025
−Removed: September 30, 2024
−Removed: June 30, 2025
+Added: March 31, 2026
+Added: March 31, 2025
+Added: December 31, 2025
Total Net Assets
2 unchanged sentences
Closing Price
−Removed: Total net assets for the Fund decreased year over year by (15%), driven by an increase in the shares outstanding of 2,225,000 or 8%, and a decrease in the NAV per share of ($1.12) or (21%).
−Removed: The net assets for the Fund increased by $121,132 or approximately 0.1% when comparing September 30, 2025 to June 30, 2025.
−Removed: The change in total net assets year over year, in the opinion of management, was generally due to a combination of the depreciation of commodity prices and investor in-flows which may be attributed to ample wheat stocks from Russia and record exports flowing from the Black Sea continue to weigh on global wheat prices.
−Removed: For the Three Months Ended September 30, 2025, compared to the Three Months Ended September 30, 2024
+Added: *During the year ended December 31, 2025, the Teucrium Wheat Fund effected the following reverse stock split:
+Added: November 25, 2025, 1 for 5.
+Added: The per share information for prior periods have been retroactively adjusted to reflect this reverse stock split.
+Added: Total net assets for the Fund increased year over year by 163%, driven by an increase in the shares outstanding of 8,014,969 or 163%, and an increase in the NAV per share of $0.07 or 0%.
+Added: The net assets for the Fund increased by $190,547,933 or approximately 169% when comparing March 31, 2026 to December 31, 2025.
+Added: The change in total net assets year over year, in the opinion of management, was generally due to a combination of the appreciation of commodity prices and investor inflows which was driven by war and other geopolitical events, including but not limited to Russia and Ukraine and conflicts in the Middle East have caused and may continue to cause volatility in commodity prices.
+Added: For the Three Months Ended March 31, 2026, compared to the Three Months Ended March 31, 2025
Three Months Ended
Three Months Ended
−Removed: September 30, 2025
−Removed: September 30, 2024
−Removed: Average daily total net assets
−Removed: Net realized and unrealized loss on futures contracts
−Removed: Interest income earned on cash and cash equivalents
−Removed: Annualized interest yield based on average daily total net assets
−Removed: Weighted average share outstanding
−Removed: Management Fees
−Removed: Total gross fees and other expenses excluding management fees
−Removed: Brokerage Commissions
−Removed: Total gross expense ratio
−Removed: Total expense ratio net of expenses waived by the Sponsor
−Removed: Net investment gain
−Removed: Creation of Shares
−Removed: Redemption of Shares
−Removed: For the Nine Months Ended September 30, 2025, compared to the Nine Months Ended September 30, 2024
−Removed: Nine Months Ended
−Removed: Nine Months Ended
−Removed: September 30, 2025
−Removed: September 30, 2024
+Added: March 31, 2026
+Added: March 31, 2025
Average daily total net assets
−Removed: Net realized and unrealized loss on futures contracts
+Added: Net realized and unrealized gain (loss) on futures contracts
Interest income earned on cash and cash equivalents
Annualized interest yield based on average daily total net assets
+Added: Net income (loss)
Weighted average share outstanding
4 unchanged sentences
Total expense ratio net of expenses waived by the Sponsor
−Removed: Net investment gain
+Added: Net investment gain (loss)
Creation of Shares
5 unchanged sentences
The Sponsor has a static benchmark as described above and trades futures contracts to adhere to that benchmark and to adjust for the creation or redemption of shares.
−Removed: The decrease in interest and other income year over year was due to a decrease in average net assets and declining interest rates.
−Removed: As a result, the amount of interest income earned as a percentage of average daily total net assets was lower and slightly higher in the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024.
+Added: The increase in interest and other income year over year was due to an increase in average net assets and declining interest rates.
+Added: As a result, the amount of interest income earned as a percentage of average daily total net assets was higher in the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
The Fund seeks to earn interest and other income in investment grade, short-duration instruments or deposits associated with the pool’s cash management strategy that may be used to offset expenses.
1 unchanged sentence
These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven point.
−Removed: The decrease in management fee paid to the Sponsor is a result of lower average net assets.
−Removed: As a result of the decline in the amount of assets of the Fund, the amount of management fees was lower in the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024.
+Added: The increase in management fee paid to the Sponsor is a result of higher average net assets.
+Added: As a result of the incline in the amount of assets of the Fund, the amount of management fees was higher in the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets.
4 unchanged sentences
The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
−Removed: The decrease in total gross fees and other expenses excluding management fees for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024 was generally due to a decrease in average net assets relative to the other Funds.
+Added: The increase in total gross fees and other expenses excluding management fees for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was generally due to an increase in average net assets relative to the other Funds.
The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee.
1 unchanged sentence
The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.
−Removed: The graph below shows the actual shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to September 30, 2025 and serves to illustrate the relative changes of these components.
+Added: The graph below shows the actual shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to March 31, 2026 and serves to illustrate the relative changes of these components.
The seasonality patterns for wheat futures prices are impacted by a variety of factors.
22 unchanged sentences
11 Futures Contract expiring in the March following the expiration month of the third to expire contract, weighted 35%.
−Removed: On September 30, 2025, the Fund held:
+Added: On March 31, 2026, the Fund held:
1) 414,618 shares of CORN with a fair value of $7,603,514;
2 unchanged sentences
and 4) 723,427 shares of CANE with a fair value of $7,548,092.
−Removed: The weighting on September 30, 2025 was 25% to CORN, 25% to WEAT, 25% to SOYB and 25% to CANE.
+Added: The weighting on March 31, 2026 was 25% to CORN, 25% to WEAT, 25% to SOYB and 25% to CANE.
Quarter Ending
1 unchanged sentence
Quarter Ending
−Removed: September 30, 2025
−Removed: September 30, 2024
−Removed: June 30, 2025
+Added: March 31, 2026
+Added: March 31, 2025
+Added: December 31, 2025
Total Net Assets
2 unchanged sentences
Closing Price
−Removed: Total net assets for the Fund decreased year over year by (33%), driven by a decrease in shares outstanding of (100,000) shares or (23%) and a decrease in the NAV/share of ($3.55) or (13%).
−Removed: The net assets for the Fund decreased by (10%) when comparing September 30, 2025 to June 30, 2025.
−Removed: The change in total net assets year over year, in the opinion of management, was generally due to a combination of depreciation of commodity prices and investor out-flows which was driven by the ample supply estimates and stabilization of prices worldwide.
−Removed: For the Three Months Ended September 30, 2025, compared to the Three Months Ended September 30, 2024
+Added: Total net assets for the Fund increased year over year by 202%, driven by an increase in shares outstanding of 812,498 shares or 202% and a decrease in the NAV/share of ($0.09) or (0%).
+Added: The net assets for the Fund increased by 384% when comparing March 31, 2026 to December 31, 2025.
+Added: The change in total net assets year over year, in the opinion of management, was generally due to a combination of appreciation of commodity prices and investor inflows which was driven by war and other geopolitical events, including but not limited to Russia and Ukraine and conflicts in the Middle East have caused and may continue to cause volatility in commodity prices.
+Added: For the Three Months Ended March 31, 2026, compared to the Three Months Ended March 31, 2025
Three Months Ended
Three Months Ended
−Removed: September 30, 2025
−Removed: September 30, 2024
+Added: March 31, 2026
+Added: March 31, 2025
Average daily total net assets
8 unchanged sentences
Total expense ratio net of expenses waived by the Sponsor
−Removed: Net investment loss
−Removed: Creation of Shares
−Removed: Redemption of Shares
−Removed: For the Nine Months Ended September 30, 2025, compared to the Nine Months Ended September 30, 2024
−Removed: Nine Months Ended
−Removed: Nine Months Ended
−Removed: September 30, 2025
−Removed: September 30, 2024
−Removed: Average daily total net assets
−Removed: Net realized and unrealized loss on securities
−Removed: Interest income earned on cash and cash equivalents
−Removed: Annualized interest yield based on average daily total net assets
−Removed: Weighted average share outstanding
−Removed: Total gross fees and other expenses
−Removed: Expenses waived by the Sponsor
−Removed: Total gross expense ratio
−Removed: Total expense ratio net of expenses waived by the Sponsor
−Removed: Net investment loss
+Added: Net investment gain (loss)
Creation of Shares
8 unchanged sentences
The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
−Removed: The decrease in total gross fees and other expenses for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024 was generally due to the decrease in average net assets and the net assets relative to the other Funds.
+Added: The decrease in total gross fees and other expenses for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was generally due to the net assets relative to the other Funds.
The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee.
1 unchanged sentence
The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.
−Removed: The graph below shows the actual shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to September 30, 2025 and serves to illustrate the relative changes of these components.
+Added: The graph below shows the actual shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to March 31, 2026 and serves to illustrate the relative changes of these components.
Market Outlook
+Added: Commodities in general are primarily priced and traded in US dollars.
+Added: As such global trade can be influenced by relative currency valuations, which are largely dependent on a nation’s fiscal strength, monetary policy, and general economic health.
+Added: Furthermore, US fiscal and monetary policy is of particular importance given that commodities are largely priced in US dollars.
+Added: Interest rates, money supply, fiscal spending (including deficit spending), and tax policy can all have an impact on the relative value of the US dollar.
+Added: In addition to measuring US dollar strength relative to international currencies, market participants also pay close attention to US dollar strength relative to consumer goods.
+Added: The Consumer Price Index (CPI) , and the Personal Consumption Expenditures Index (PCE), are two popular indexes measuring the changes in costs of consumer goods priced in US dollars.
+Added: Higher CPI and PCE levels signal inflation, whereas lower CPI and PCE levels suggest deflation.
+Added: Higher inflation expectations may result in increased investor demand for commodities.
The Corn Market
5 unchanged sentences
These reports are available on the USDA’s website, www.usda.gov, at no charge.
−Removed: The outlook provided below is from the September 2025 USDA report.
+Added: The outlook provided below is from the April 2026 USDA report.
As a general matter, the occurrence of a severe weather event, natural disaster, terrorist attack, geopolitical events, outbreak, or public health emergency as declared by the World Health Organization, the continuation or expansion of war or other hostilities, or a prolonged government shutdown may have significant adverse effects on the Fund and its investments and alter current assumptions and expectations.
14 unchanged sentences
will produce approximately 33% of all the corn globally, of which about 19% will be exported.
−Removed: For 2025-2026, based on the September 2025, USDA reports, global consumption of 1,289 Million Metric Tons (MMT) is expected to be slightly higher than global production of 1,287 MMT.
+Added: For 2025-2026, based on the April 2026, USDA reports, global consumption of 1,301 Million Metric Tons (MMT) is expected to be slightly higher than global production of 1,303 MMT.
If the global demand for corn is not equal to global supply, this may have an impact on the price of corn.
17 unchanged sentences
and global demand.
−Removed: The graph below shows the USDA published price per bushel by month for the period January 2007 to August 2025.
−Removed: On September 12, 2025, the USDA released its monthly World Agricultural Supply and Demand Estimates (WASDE) for the Crop Year 2025-26.
+Added: The graph below shows the USDA published price per bushel by month for the period January 2007 to February 2026.
+Added: On April 9, 2026, the USDA released its monthly World Agricultural Supply and Demand Estimates (WASDE) for the Crop Year 2025-26.
The exhibit below provides a summary of historical and current information for United States corn production.
−Removed: Corn Supply/Demand Balance
−Removed: Marketing Year September - August
−Removed: Million Bushels
−Removed: Planted Acres
−Removed: Harvested Acres
−Removed: Beginning Stocks
−Removed: Food/Seed/Industrial
−Removed: Ethanol for Fuel(incld above)
−Removed: Ending Stocks (Inventory)
−Removed: Stocks/Use Ratio
−Removed: farm Price ($/bushel)
−Removed: Calculations:
−Removed: Demand per day (incld expt) ¹
−Removed: Carry-out days supply
−Removed: ¹ in millions of bushels per day
Standard Corn Futures Contracts trade on the CBOT in units of 5,000 bushels.
29 unchanged sentences
These reports are available on the USDA’s website, www.usda.gov, at no charge.
−Removed: The outlook provided below is from the July 2025 USDA report.
+Added: The outlook provided below is from the April 2026 USDA report.
As a general matter, the occurrence of a severe weather event, natural disaster, terrorist attack, geopolitical events, outbreak, or public health emergency as declared by the World Health Organization, the continuation or expansion of war or other hostilities, or a prolonged government shutdown may have significant adverse effects on the Fund and its investments and alter current assumptions and expectations.
38 unchanged sentences
and global demand.
−Removed: The graph below shows the USDA published price per bushel by month for the period January 2007 to August 2025.
−Removed: On September 12, 2025, the USDA released its monthly World Agricultural Supply and Demand Estimates (WASDE) for the Crop Year 2025-26.
+Added: The graph below shows the USDA published price per bushel by month for the period January 2007 to February2026.
+Added: On April 9, 2026, the USDA released its monthly World Agricultural Supply and Demand Estimates (WASDE) for the Crop Year 2025-26.
The exhibit below provides a summary of historical and current information for United States soybean production.
−Removed: Soybean Supply/Demand Balance
−Removed: Marketing Year September - August
−Removed: Million Bushels
−Removed: Planted Acres
−Removed: Harvested Acres
−Removed: Beginning Stocks
−Removed: Seed, Feed and Residual
−Removed: Ending Stocks (Inventory)
−Removed: Stocks/Use Ratio
−Removed: farm Price ($/bushel)
−Removed: Calculations:
−Removed: Demand per day (incld expt) ¹
−Removed: Carry-out days supply
−Removed: ¹ in millions of bushels per day
The Sugar Market
31 unchanged sentences
These reports are available on the USDA’s website, www.usda.gov, at no charge.
−Removed: The USDA’s May 2025 report for the 2025-26 Marketing year estimated global production of 189.3 MMT with higher production in Brazil and India expected to more than offset declines in the European Union.
+Added: The USDA’s November 2025 report for the 2025-26 Marketing year estimated global production of 189.3 MMT with higher production in Brazil and India expected to more than offset declines in the European Union.
Consumption is expected to remain mostly unchanged.
19 unchanged sentences
generates approximately 6% of global production, with approximately 45% of that being exported.
−Removed: For 2025-26, based on the September 2025 USDA report, global consumption of 815 MMT is estimated to be slightly lower than production of 816 MMT.
+Added: For 2025-26, based on the April 2026 USDA report, global consumption of 820 MMT is estimated to be slightly lower than production of 844 MMT.
If the global demand for wheat is not equal to global supply, this may have an impact on the price of wheat.
4 unchanged sentences
These reports are available on the USDA’s website, www.usda.gov, at no charge.
−Removed: The outlook provided herein is from the September 2025 USDA report.
+Added: The outlook provided herein is from the April 2026 USDA report.
As a general matter, the occurrence of a severe weather event, natural disaster, terrorist attack, geopolitical events, outbreak, or public health emergency as declared by the World Health Organization, the continuation or expansion of war or other hostilities, or a prolonged government shutdown may have significant adverse effects on the Fund and its investments and alter current assumptions and expectations.
34 unchanged sentences
and global demand.
−Removed: The graph below shows the USDA published price per bushel by month for the period January 2007 to August 2025.
−Removed: On September 12, 2025, the USDA released its monthly World Agricultural Supply and Demand Estimates (WASDE) for the Crop Year 2025-26.
+Added: The graph below shows the USDA published price per bushel by month for the period January 2007 to February 2026.
+Added: On April 9 2026, the USDA released its monthly World Agricultural Supply and Demand Estimates (WASDE) for the Crop Year 2025-26.
The exhibit below provides a summary of historical and current information for United States wheat production.
−Removed: Wheat Supply/Demand Balance
−Removed: Marketing Year June - May
−Removed: Million Bushels
−Removed: Planted Acres
−Removed: Harvested Acres
−Removed: Beginning Stocks
−Removed: Feed and residual
−Removed: Ending Stocks (Inventory)
−Removed: Stocks/Use Ratio
−Removed: farm Price ($/bushel)
−Removed: Calculations:
−Removed: Demand per day (incld expt) ¹
−Removed: Carry-out days supply
−Removed: ¹ in millions of bushels per day
Calculating the Net Asset Value
257 unchanged sentences
The CFTC staff subsequently issued time-limited no-action relief from compliance with certain requirements under the amended aggregation rules, including the general requirement to aggregate positions in the same commodity futures contracts traded pursuant to substantially identical trading strategies.
−Removed: This no-action relief expires on August 12, 2025.
+Added: This no-action relief expired on August 12, 2025.
Accountability Levels.
14 unchanged sentences
Off Balance Sheet Financing
−Removed: As of September 30, 2025, neither the Trust nor any of the Funds has any loan guarantees, credit support or other off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions relating to certain risks service providers undertake in performing services which are in the best interests of the Funds.
+Added: As of March 31, 2026, neither the Trust nor any of the Funds has any loan guarantees, credit support or other off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions relating to certain risks service providers undertake in performing services which are in the best interests of the Funds.
While the exposure of each Fund under these indemnification provisions cannot be estimated, they are not expected to have a material impact on the financial positions of each Fund.
29 unchanged sentences
Investors may choose to use the Funds as vehicles to hedge against the risk of loss, and there are risks involved in hedging activities.
−Removed: During the period from January 1, 2025 through September 30, 2025 the average daily change in the NAV of each Fund was within plus/minus 10 percent of the average daily change in the Benchmark of each Fund, as stated in the applicable prospectus for each Fund.
+Added: During the period from January 1, 2026 through March 31, 2026 the average daily change in the NAV of each Fund was within plus/minus 10 percent of the average daily change in the Benchmark of each Fund, as stated in the applicable prospectus for each Fund.
Frequency Distribution of Premiums and Discounts:
44 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.