What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-08-14 compared with 2026-05-11 · 1140 added, 1096 removed, 2860 unchanged (44% of the section changed)

This section is long enough that the comparison stopped early. What follows is partial, and the remainder is not necessarily unchanged.

2 unchanged sentences

TEUCRIUM COMMODITY TRUST

Combined Statements of Assets and Liabilities at March 31, 2026 (Unaudited) and December 31, 2025

Combined Schedule of Investments at March 31, 2026 (Unaudited) and December 31, 2025

Combined Statements of Operations (Unaudited) for the three months ended March 31, 2026 and 2025

Combined Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2026 and 2025

Combined Statements of Cash Flows (Unaudited) for the three months ended March 31, 2026 and 2025

Teucrium Corn Fund Statements of Assets and Liabilities at March 31, 2026 (Unaudited) and December 31, 2025

Teucrium Corn Fund S chedule of Investments at March 31, 2026 (Unaudited) and December 31, 2025

Teucrium Corn Fund S tatements of Operations (Unaudited) for the three months ended March 31, 2026 and 2025

Teucrium Corn Fund S tatements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2026 and 2025

Teucrium Corn Fund S tatements of Cash Flows (Unaudited) for the three months ended March 31, 2026 and 2025

Teucrium Soybean Fund Statements of Assets and Liabilities at March 31, 2026 (Unaudited) and December 31, 2025

Teucrium Soybean Fund S chedule of Investments at March 31, 2026 (Unaudited) and December 31, 2025

Teucrium Soybean Fund S tatements of Operations (Unaudited) for the three months ended March 31, 2026 and 2025

Teucrium Soybean Fund S tatements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2026 and 2025

Teucrium Soybean Fund S tatements of Cash Flows (Unaudited) for the three months ended March 31, 2026 and 2025

Teucrium Sugar Fund Statements of Assets and Liabilities at March 31, 2026 (Unaudited) and December 31, 2025

Teucrium Sugar Fund S chedule of Investments at March 31, 2026 (Unaudited) and December 31, 2025

Teucrium Sugar Fund S tatements of Operations (Unaudited) for the three months ended March 31, 2026 and 2025

Teucrium Sugar Fund S tatements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2026 and 2025

Teucrium Sugar Fund S tatements of Cash Flows (Unaudited) for the three months ended March 31, 2026 and 2025

Teucrium Wheat Fund Statements of Assets and Liabilities at March 31, 2026 (Unaudited) and December 31, 2025

Teucrium Wheat Fund S chedule of Investments at March 31, 2026 (Unaudited) and December 31, 2025

Teucrium Wheat Fund S tatements of Operations (Unaudited) for the three months ended March 31, 2026 and 2025

Teucrium Wheat Fund S tatements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2026 and 2025

Teucrium Wheat Fund S tatements of Cash Flows (Unaudited) for the three months ended March 31, 2026 and 2025

Teucrium Agricultural Fund Statements of Assets and Liabilities at March 31, 2026 (Unaudited) and December 31, 2025

Teucrium Agricultural Fund S chedule of Investments at March 31, 2026 (Unaudited) and December 31, 2025

Teucrium Agricultural Fund S tatements of Operations (Unaudited) for the three months ended March 31, 2026 and 2025

Teucrium Agricultural Fund S tatements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2026 and 2025

Teucrium Agricultural Fund S tatements of Cash Flows (Unaudited) for the three months ended March 31, 2026 and 2025

7RCC Spot Bitcoin and Carbon Credit Futures ETF Statements of Assets and Liabilities at March 31, 2026 (Unaudited) and December 31, 2025

7RCC Spot Bitcoin and Carbon Credit Futures ETF Statements of Operations for the three months ended March 31, 2026 (Unaudited)

7RCC Spot Bitcoin and Carbon Credit Futures ETF Statements of Changes in Net Assets for the three months ended March 31, 2026 (Unaudited)

7RCC Spot Bitcoin and Carbon Credit Futures ETF Statements of Cash Flows for the three months ended March 31, 2026 (Unaudited)

Combined Statements of Assets and Liabilities at June 30, 2026 (Unaudited) and December 31, 2025

Combined Schedules of Investments at June 30, 2026 (Unaudited) and December 31, 2025

Combined Statements of Operations (Unaudited) for the three and six months ended June 30, 2026 and 2025

Combined Statements of Changes in Net Assets (Unaudited) for the three and six months ended June 30, 2026 and 2025

Combined Statements of Cash Flows (Unaudited) for the six months ended June 30, 2026 and 2025

Teucrium Corn Fund Statements of Assets and Liabilities at June 30, 2026 (Unaudited) and December 31, 2025

Teucrium Corn Fund S chedules of Investments at June 30, 2026 (Unaudited) and December 31, 2025

Teucrium Corn Fund S tatements of Operations (Unaudited) for the three and six months ended June 30, 2026 and 2025

Teucrium Corn Fund S tatements of Changes in Net Assets (Unaudited) for the three and six months ended June 30, 2026 and 2025

Teucrium Corn Fund S tatements of Cash Flows (Unaudited) for the six months ended June 30, 2026 and 2025

Teucrium Soybean Fund Statements of Assets and Liabilities at June 30, 2026 (Unaudited) and December 31, 2025

Teucrium Soybean Fund S chedules of Investments at June 30, 2026 (Unaudited) and December 31, 2025

Teucrium Soybean Fund S tatements of Operations (Unaudited) for the three and six months ended June 30, 2026 and 2025

Teucrium Soybean Fund S tatements of Changes in Net Assets (Unaudited) for the three and six months ended June 30, 2026 and 2025

Teucrium Soybean Fund S tatements of Cash Flows (Unaudited) for the six months ended June 30, 2026 and 2025

Teucrium Sugar Fund Statements of Assets and Liabilities at June 30, 2026 (Unaudited) and December 31, 2025

Teucrium Sugar Fund S chedules of Investments at June 30, 2026 (Unaudited) and December 31, 2025

Teucrium Sugar Fund S tatements of Operations (Unaudited) for the three and six months ended June 30, 2026 and 2025

Teucrium Sugar Fund S tatements of Changes in Net Assets (Unaudited) for the three and six months ended June 30, 2026 and 2025

Teucrium Sugar Fund S tatements of Cash Flows (Unaudited) for the six months ended June 30, 2026 and 2025

Teucrium Wheat Fund Statements of Assets and Liabilities at June 30, 2026 (Unaudited) and December 31, 2025

Teucrium Wheat Fund S chedules of Investments at June 30, 2026 (Unaudited) and December 31, 2025

Teucrium Wheat Fund S tatements of Operations (Unaudited) for the three and six months ended June 30, 2026 and 2025

Teucrium Wheat Fund S tatements of Changes in Net Assets (Unaudited) for the three and six months ended June 30, 2026 and 2025

Teucrium Wheat Fund S tatements of Cash Flows (Unaudited) for the six months ended June 30, 2026 and 2025

Teucrium Agricultural Fund Statements of Assets and Liabilities at June 30, 2026 (Unaudited) and December 31, 2025

Teucrium Agricultural Fund S chedules of Investments at June 30, 2026 (Unaudited) and December 31, 2025

Teucrium Agricultural Fund S tatements of Operations (Unaudited) for the three and six months ended June 30, 2026 and 2025

Teucrium Agricultural Fund S tatements of Changes in Net Assets (Unaudited) for the three and six months ended June 30, 2026 and 2025

Teucrium Agricultural Fund S tatements of Cash Flows (Unaudited) for the six months ended June 30, 2026 and 2025

7RCC Spot Bitcoin and Carbon Credit Futures ETF Statements of Assets and Liabilities at June 30, 2026 (Unaudited) and December 31, 2025

7RCC Spot Bitcoin and Carbon Credit Futures ETF Schedule of Investments at June 30, 2026 (Unaudited)

7RCC Spot Bitcoin and Carbon Credit Futures ETF Statement of Operations for the period ended June 30, 2026 (Unaudited)

7RCC Spot Bitcoin and Carbon Credit Futures ETF Statement of Changes in Net Assets for the period ended June 30, 2026 (Unaudited)

7RCC Spot Bitcoin and Carbon Credit Futures ETF Statement of Cash Flows for the period ended June 30, 2026 (Unaudited)

Notes to Combined Financial Statements

1 unchanged sentence

COMBINED STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2026*

June 30, 2026

December 31, 2025*

1 unchanged sentence

$ 533,029,161 $ 205,272,839

Receivable for investments sold

Interest receivable

508,685 186,896

Capital shares receivable

Equity in trading accounts:

3 unchanged sentences

81,685,551 20,425,626

Investments in bitcoin, at fair value (cost:

$ 1,110,722 and $ 0 at June 30, 2026 and December 31, 2025)

Total equity in trading accounts

3 unchanged sentences

$ 514,954 $ 196,887

Payable for investment securities purchased

Other liabilities

839,133 234,056

Current taxes payable

Payable for shares redeemed

6,111,903 1,094,240

Equity in trading accounts:

5 unchanged sentences

*Includes the 7RCC Spot Bitcoin and Carbon Credit Futures ETF ("BTCK"), which was organized as a series of the Teucrium Commodity Trust on September 17, 2025, and which issued four shares at a price of $25.00 per share on December 10, 2025.

BTCK has not commenced operations as of March 31, 2026.

BTCK had not commenced operations as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

1 unchanged sentence

COMBINED SCHEDULE OF INVESTMENTS

March 31, 2026

June 30, 2026

Percentage of

9 unchanged sentences

Commercial Paper

3.632 % $ 9,911,000 $ 9,939,000 1.35 %

Bell Canada, Inc.

April 7, 2026

July 10, 2026

3.714 % $ 9,963,000 $ 9,990,751 1.78 %

Bell Canada, Inc.

June 10, 2026

Boston Scientific Corporation

3.779 % 2,487,467 2,498,694 0.44 2,500,000

Brookfield Infrastructure Holdings (Canada) Inc.

April 21, 2026

July 23, 2026

3.867 % 4,977,542 4,988,236 0.89 5,000,000

Brookfield Infrastructure Holdings (Canada) Inc.

April 21, 2026

August 13, 2026

3.924 % 12,422,813 12,441,771 2.21 12,500,000

Brookfield Infrastructure Holdings (Canada) Inc.

April 23, 2026

August 13, 2026

3.848 % 2,488,297 2,488,563 0.44 2,500,000

Crown Castle Inc.

April 16, 2026

3.830 % 4,960,944 4,997,362 0.89 5,000,000

Crown Castle Inc.

April 21, 2026

July 17, 2026

3.826 % 4,965,694 4,991,556 0.89 5,000,000

July 24, 2026

3.841 % 4,959,254 4,987,830 0.89 5,000,000

July 30, 2026

3.833 % 4,970,367 4,984,654 0.89 5,000,000

Enbridge (U.S.) Inc.

3.766 % 9,957,292 9,998,958 1.78 10,000,000

Entergy Corporation

April 23, 2026

3.849 % 4,962,862 4,996,286 0.89 5,000,000

Entergy Corporation

April 29, 2026

August 12, 2026

3.831 % 2,479,681 2,488,917 0.44 2,500,000

Entergy Corporation

August 27, 2026

3.835 % 4,954,084 4,969,916 0.88 5,000,000

July 30, 2026

3.734 % 4,980,884 4,985,016 0.89 5,000,000

August 20, 2026

3.934 % 4,956,666 4,972,916 0.88 5,000,000

General Motors Financial Company, Inc.

April 13, 2026

3.934 % 4,957,208 5,000,000 0.89 5,000,000

1 unchanged sentence

3.825 % 4,966,750 4,996,306 0.89 5,000,000

General Motors Financial Company, Inc.

August 7, 2026

3.828 % 9,926,112 9,960,944 1.77 10,000,000

Glencore Funding LLC

3.720 % 2,486,382 2,498,715 0.44 2,500,000

Glencore Funding LLC

July 31, 2026

3.733 % 4,955,806 4,984,584 0.89 5,000,000

Glencore Funding LLC

August 4, 2026

3.836 % 4,953,028 4,982,056 0.89 5,000,000

Harley-Davidson Financial Services, Inc.

April 16, 2026

4.240 % 9,906,666 9,994,166 1.78 10,000,000

Harley-Davidson Financial Services, Inc.

April 17, 2026

4.084 % 3,966,250 3,997,300 0.71 4,000,000

Hyundai Capital America

Harley-Davidson Financial Services, Inc.

September 11, 2026

4.268 % 4,953,022 4,957,720 0.88 5,000,000

Hyundai Capital America

August 27, 2026

4.096 % 12,401,236 12,419,578 2.21 12,500,000

Hyundai Capital America

Keurig Dr Pepper Inc.

July 22, 2026

4.028 % 4,977,722 4,988,304 0.89 5,000,000

April 30, 2026

Marriott International, Inc.

July 30, 2026

3.729 % 9,949,503 9,970,114 1.77 10,000,000

Marriott International, Inc.

July 31, 2026

3.737 % 4,977,266 4,984,500 0.89 5,000,000

Keurig Dr Pepper Inc.

April 24, 2026

Marriott International, Inc.

July 31, 2026

3.764 % 4,981,771 4,984,375 0.89 5,000,000

Keurig Dr Pepper Inc.

April 30, 2026

The Campbell's Company

July 15, 2026

4.040 % 4,950,000 4,992,222 0.89 5,000,000

Keurig Dr Pepper Inc.

The Campbell's Company

July 16, 2026

3.921 % 4,972,916 4,991,874 0.89 5,000,000

April 24, 2026

The Campbell's Company

August 13, 2026

3.937 % 2,631,255 2,643,628 0.47 2,656,000

Oracle Corporation

The Campbell's Company

August 6, 2026

3.885 % 991,017 996,150 0.18 1,000,000

Stanley Black & Decker, Inc.

April 2, 2026

The Campbell's Company

September 21, 2026

3.966 % 3,666,071 3,666,879 0.65 3,700,000

Stanley Black & Decker, Inc.

April 30, 2026

The Sherwin-Williams Company

July 27, 2026

3.669 % 7,460,458 7,480,229 1.33 7,500,000

TELUS Corporation

The Sherwin-Williams Company

July 29, 2026

3.680 % 9,945,100 9,971,534 1.77 10,000,000

VW Credit, Inc.

The Sherwin-Williams Company

August 25, 2026

3.675 % 2,482,764 2,486,059 0.44 2,500,000

3 unchanged sentences

$ 501,499,085 89.22 %

Digital Assets

$ 1,110,722 $ 1,071,328 0.19 % 18.28

Percentage of

Notional Amount

Fair Value/Unrealized Appreciation

(Long Exposure)

Commodity futures contracts

United States corn futures contracts

CBOT Corn Futures DEC26

4,433 $ 130,097 0.02 % 107,334,013

United States soybean futures contracts

CBOT soybean futures JUL26

326 1,145,408 0.16 19,331,800

CBOT soybean futures NOV27

1 unchanged sentence

United States sugar futures contracts

ICE sugar futures JUL26

1,357 520,985 0.07 23,831,091

ICE sugar futures OCT26

ICE sugar futures MAY27

1,252 50,810 0.01 21,860,922

1 unchanged sentence

1,366 98,202 0.02 25,457,869

United States wheat futures contracts

CBOT wheat futures JUL26

3,393 6,951,687 0.95 106,285,725

CBOT wheat futures SEP26

2,854 2,031,364 0.28 91,078,275

CBOT wheat futures DEC26

ICE European Carbon Allowances futures contracts

ICE European Carbon Allowances futures DEC26

3 11,033 0.00 274,941

3 unchanged sentences

Notional Amount

Fair Value/Unrealized Depreciation

(Long Exposure)

1 unchanged sentence

United States corn futures contracts

CBOT Corn Futures JUL26

CBOT corn futures SEP26

2,910 $ 8,851,741 1.57 %

CBOT corn futures DEC26

2,384 6,407,353 1.14 51,971,200

CBOT Corn Futures SEP26

CBOT corn futures DEC27

2,583 5,417,377 0.96 60,635,925

2 unchanged sentences

294 189,555 0.03 16,813,125

CBOT soybean futures JAN27

249 754,258 0.13 14,426,438

United States sugar futures contracts

ICE sugar futures MAR27

1,443 827,027 0.15 25,470,682

United States wheat futures contracts

CBOT wheat futures SEP26

3,167 8,343,492 1.48 93,307,738

CBOT wheat futures DEC26

2,647 5,541,264 0.99 80,005,575

CBOT wheat futures DEC27

2,824 10,783,616 1.92 93,262,600

Total commodity futures contracts

14 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.

**Includes the 7RCC Spot Bitcoin and Carbon Credit Futures ETF ("BTCK"), which was organized as a series of the Teucrium Commodity Trust on September 17, 2025, and which issued four shares at a price of $ 25.00 per share on December 10, 2025.

BTCK has not commenced operations as of March 31, 2026.

The accompanying notes are an integral part of these financial statements.

70 unchanged sentences

Notional Amount

Fair Value/Unrealized Appreciation

(Long Exposure)

5 unchanged sentences

Notional Amount

Fair Value/Unrealized Depreciation

(Long Exposure)

43 unchanged sentences

BTCK has not commenced operations as of March 31, 2026.

BTCK had not commenced operations as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

3 unchanged sentences

Three months ended

March 31, 2026*

March 31, 2025

Realized and unrealized gain (loss) on trading of commodity and cryptocurrency futures contracts:

Realized gain (loss) on commodity and cryptocurrency futures contracts

Six months ended

June 30, 2026*

June 30, 2025

June 30, 2026*

June 30, 2025

Realized and unrealized gain (loss) on trading of commodity futures contracts:

Realized gain (loss) on commodity futures contracts

$ 5,395,531 $ ( 8,033,749 ) $ 9,844,299 $ ( 11,383,322 )

Net change in unrealized appreciation (depreciation) on commodity and cryptocurrency futures contracts

Net change in unrealized appreciation (depreciation) on commodity futures contracts

( 61,541,179 ) ( 1,124,376 ) ( 35,942,395 ) ( 1,265,461 )

Realized gain (loss) on foreign currency

( 185 ) - ( 185 ) -

Net change in unrealized appreciation (depreciation) on bitcoin

( 39,394 ) - ( 39,394 ) -

Interest income

15 unchanged sentences

Other expenses

1 5,118 8 8,125

Total expenses

4 unchanged sentences

3,780,212 1,905,451 5,999,750 3,891,521

Net income (loss)

Net income (loss) before taxes

( 53,960,505 ) ( 8,856,067 ) ( 23,573,585 ) ( 11,963,550 )

Income tax expense/(benefit)

2,578 - 2,578 -

Net income (loss) after taxes

$ ( 53,963,083 ) $ ( 8,856,067 ) $ ( 23,576,163 ) $ ( 11,963,550 )

BTCK has not commenced operations as of March 31, 2026.

BTCK commenced operations on June 3, 2026.

The accompanying notes are an integral part of these financial statements.

3 unchanged sentences

Three months ended

March 31, 2026*

March 31, 2025

Six months ended

June 30, 2026*

June 30, 2025

June 30, 2026*

June 30, 2025

Net income (loss)

16 unchanged sentences

BTCK has not commenced operations as of March 31, 2026.

BTCK commenced operations on June 3, 2026.

The accompanying notes are an integral part of these financial statements.

1 unchanged sentence

COMBINED STATEMENTS OF CASH FLOWS

Three months ended

March 31, 2026*

March 31, 2025

Six months ended

June 30, 2026*

June 30, 2025

Cash flows from operating activities:

2 unchanged sentences

Adjustments to reconcile net income (loss) to net cash provided by (used) in operating activities:

Net change in unrealized appreciation (depreciation) on commodity and cryptocurrency futures contracts

Net change in unrealized appreciation (depreciation) on commodity futures contracts

35,942,395 1,265,461

Net change in unrealized depreciation (appreciation) on bitcoin

Net purchase of investments in bitcoin

( 1,110,722 ) -

Changes in operating assets and liabilities:

3 unchanged sentences

( 321,789 ) 39,331

( 8,904 ) ( 29,100 )

Management fee payable to Sponsor

318,067 ( 21,754 )

Net Payable for investment securities purchased

Current Taxes Payable

Other liabilities

18 unchanged sentences

BTCK has not commenced operations as of March 31, 2026.

BTCK commenced operations on June 3, 2026.

The accompanying notes are an integral part of these financial statements.

1 unchanged sentence

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2026

June 30, 2026

December 31, 2025

3 unchanged sentences

99,749 59,310

Capital shares receivable

Equity in trading accounts:

Commodity futures contracts

130,097 50,255

Due from broker

7 unchanged sentences

215,840 64,005

Payable for shares redeemed

Equity in trading accounts:

6 unchanged sentences

10,350,000 2,650,000

Shares Authorized

Net asset value per share

2 unchanged sentences

$ 16.75 $ 17.73

* On April 7, 2022, the Teucrium Corn Fund registered an indeterminate number of shares of the Fund pursuant to Rule 456(d) under the Securities Act of 1933.

The accompanying notes are an integral part of these financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS

March 31, 2026

June 30, 2026

Percentage of

9 unchanged sentences

Commercial Paper

July 10, 2026

3.714 % $ 2,490,750 $ 2,497,688 1.44 % 2,500,000

Bell Canada, Inc.

April 7, 2026

Brookfield Infrastructure Holdings (Canada) Inc.

July 23, 2026

3.867 % 4,977,542 4,988,236 2.88 5,000,000

Bell Canada, Inc.

June 10, 2026

Brookfield Infrastructure Holdings (Canada) Inc.

August 13, 2026

3.924 % 7,453,688 7,465,063 4.31 7,500,000

Crown Castle Inc.

April 21, 2026

July 17, 2026

3.826 % 2,482,847 2,495,778 1.44 2,500,000

General Motors Financial Company, Inc.

July 24, 2026

3.841 % 2,479,627 2,493,915 1.44 2,500,000

Harley-Davidson Financial Services, Inc.

April 16, 2026

July 30, 2026

3.833 % 4,970,367 4,984,654 2.88 5,000,000

Harley-Davidson Financial Services, Inc.

April 17, 2026

Entergy Corporation

August 12, 2026

3.831 % 2,479,681 2,488,917 1.44 2,500,000

Hyundai Capital America

Entergy Corporation

August 27, 2026

3.835 % 2,477,042 2,484,958 1.43 2,500,000

Hyundai Capital America

July 30, 2026

3.734 % 2,490,442 2,492,508 1.44 2,500,000

April 30, 2026

August 20, 2026

3.934 % 2,478,333 2,486,458 1.44 2,500,000

General Motors Financial Company, Inc.

August 7, 2026

3.828 % 4,963,056 4,980,472 2.87 5,000,000

Glencore Funding LLC

July 31, 2026

3.733 % 2,477,903 2,492,292 1.44 2,500,000

Glencore Funding LLC

August 4, 2026

3.836 % 2,476,514 2,491,028 1.44 2,500,000

Harley-Davidson Financial Services, Inc.

4.240 % 4,953,333 4,997,083 2.88 5,000,000

Harley-Davidson Financial Services, Inc.

September 11, 2026

4.268 % 2,476,511 2,478,860 1.43 2,500,000

August 27, 2026

4.096 % 7,440,742 7,451,747 4.30 7,500,000

Keurig Dr Pepper Inc.

July 22, 2026

4.028 % 2,488,861 2,494,152 1.44 2,500,000

April 24, 2026

Marriott International, Inc.

July 31, 2026

3.737 % 2,488,633 2,492,250 1.44 2,500,000

Oracle Corporation

The Campbell's Company

July 15, 2026

4.040 % 4,950,000 4,992,222 2.88 5,000,000

Stanley Black & Decker, Inc.

April 2, 2026

The Campbell's Company

August 6, 2026

3.885 % 991,017 996,150 0.57 1,000,000

Stanley Black & Decker, Inc.

April 30, 2026

The Campbell's Company

September 21, 2026

3.966 % 1,188,996 1,189,258 0.69 1,200,000

VW Credit, Inc.

The Sherwin-Williams Company

July 29, 2026

3.680 % 4,972,550 4,985,767 2.88 5,000,000

The Sherwin-Williams Company

August 25, 2026

3.675 % 2,482,764 2,486,059 1.43 2,500,000

Total Commercial Paper

4 unchanged sentences

Notional Amount

Fair Value/Unrealized Depreciation

(Long Exposure)

1 unchanged sentence

United States corn futures contracts

CBOT Corn Futures DEC26

CBOT corn futures SEP26

2,910 $ 8,851,741 5.11 % $ 60,637,125

Percentage of

Notional Amount

(Long Exposure)

Commodity futures contracts

United States corn futures contracts

CBOT Corn Futures JUL26

CBOT corn futures DEC26

2,384 6,407,353 3.70 51,971,200

CBOT Corn Futures SEP26

CBOT corn futures DEC27

2,583 5,417,377 3.13 60,635,925

40 unchanged sentences

Notional Amount

Fair Value/Unrealized Appreciation

(Long Exposure)

5 unchanged sentences

Notional Amount

Fair Value/Unrealized Depreciation

(Long Exposure)

12 unchanged sentences

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Realized and unrealized gain (loss) on trading of commodity futures contracts:

16 unchanged sentences

Business permits and licenses fees

14,011 11,444 22,967 23,783

General and administrative expenses

23,174 19,804 41,085 44,920

Other expenses

- 1,238 - 1,238

Total expenses

15 unchanged sentences

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Net income (loss)

18 unchanged sentences

Creation of Shares

3,700,000 200,000 17,825,000 200,000

Redemption of Shares

3 unchanged sentences

STATEMENTS OF CASH FLOWS

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 2025

Cash flows from operating activities:

31 unchanged sentences

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2026

June 30, 2026

December 31, 2025

11 unchanged sentences

Payable for shares redeemed

$ - 1,094,240

Management fee payable to Sponsor

10 unchanged sentences

1,975,000 1,775,000

Shares authorized

Net asset value per share

2 unchanged sentences

$ 24.40 $ 21.86

* On April 7, 2022, the Teucrium Soybean Fund registered an indeterminate number of shares of the Fund pursuant to Rule 456(d) under the Securities Act of 1933.

The accompanying notes are an integral part of these financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS

March 31, 2026

June 30, 2026

Percentage of

9 unchanged sentences

Commercial Paper

Brookfield Infrastructure Holdings (Canada) Inc.

April 21, 2026

3.830 % $ 2,480,472 $ 2,498,681 5.18 % 2,500,000

Brookfield Infrastructure Holdings (Canada) Inc.

April 21, 2026

3.716 % 2,489,465 2,494,861 4.50 2,500,000

Crown Castle Inc.

April 16, 2026

3.812 % 2,492,347 2,496,042 4.50 2,500,000

Entergy Corporation

April 23, 2026

Enbridge (U.S.) Inc.

3.766 % 4,978,646 4,999,479 10.37 5,000,000

Entergy Corporation

April 29, 2026

3.849 % 2,481,431 2,498,143 5.18 2,500,000

General Motors Financial Company, Inc.

April 13, 2026

3.934 % 2,478,604 2,500,000 5.19 2,500,000

General Motors Financial Company, Inc.

August 7, 2026

3.828 % 2,481,528 2,490,236 5.17 2,500,000

Keurig Dr Pepper Inc.

April 24, 2026

The Campbell's Company

July 16, 2026

3.921 % 2,486,458 2,495,937 5.18 2,500,000

5 unchanged sentences

Notional Amount

Fair Value/Unrealized Appreciation

(Long Exposure)

1 unchanged sentence

United States soybean futures contracts

CBOT soybean futures JUL26

326 $ 1,145,408 2.06 % $ 19,331,800

CBOT soybean futures NOV27

298 $ 242,041 0.50 % $ 16,937,575

Total commodity futures contracts

$ 1,825,673 3.29 % $ 35,999,800

Percentage of

Notional Amount

Fair Value/Unrealized Depreciation

(Long Exposure)

3 unchanged sentences

294 $ 189,555 0.39 % $ 16,813,125

CBOT soybean futures JAN27

249 754,258 1.57 14,426,438

Total commodity futures contracts

$ 943,813 1.96 % $ 31,239,563

The accompanying notes are an integral part of these financial statements.

37 unchanged sentences

Notional Amount

Fair Value/Unrealized Depreciation

(Long Exposure)

14 unchanged sentences

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Realized and unrealized gain (loss) on trading of commodity futures contracts:

16 unchanged sentences

Business permits and licenses fees

9,108 9,299 17,435 14,533

General and administrative expenses

8,116 11,406 18,525 24,492

Other expenses

Total expenses

15 unchanged sentences

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Net income (loss)

24 unchanged sentences

STATEMENTS OF CASH FLOWS

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 2025

Cash flows from operating activities:

30 unchanged sentences

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2026

June 30, 2026

December 31, 2025

3 unchanged sentences

118,497 24,116

Capital shares receivable

Equity in trading accounts:

11 unchanged sentences

Commodity futures contracts

827,027 1,150,617

Total liabilities

3 unchanged sentences

7,425,000 1,500,000

Shares authorized

Net asset value per share

2 unchanged sentences

$ 9.79 $ 9.76

* On April 7, 2022, the Teucrium Sugar Fund registered an indeterminate number of shares of the Fund pursuant to Rule 456(d) under the Securities Act of 1933.

The accompanying notes are an integral part of these financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS

March 31, 2026

June 30, 2026

Percentage of

9 unchanged sentences

Commercial Paper

Bell Canada, Inc.

April 7, 2026

July 10, 2026

3.714 % $ 4,981,500 $ 4,995,375 6.87 % 5,000,000

Brookfield Infrastructure Holdings (Canada) Inc.

April 21, 2026

Boston Scientific Corporation

3.779 % 2,487,467 2,498,694 3.44 2,500,000

Brookfield Infrastructure Holdings (Canada) Inc.

April 23, 2026

Enbridge (U.S.) Inc.

3.766 % 4,978,646 4,999,479 6.87 5,000,000

Crown Castle Inc.

April 16, 2026

Harley-Davidson Financial Services, Inc.

4.084 % 1,983,125 1,998,650 2.75 2,000,000

Crown Castle Inc.

April 21, 2026

Marriott International, Inc.

July 31, 2026

3.764 % 4,981,771 4,984,375 6.85 5,000,000

Harley-Davidson Financial Services, Inc.

April 16, 2026

The Campbell's Company

August 13, 2026

3.937 % 2,631,255 2,643,628 3.64 2,656,000

5 unchanged sentences

Notional Amount

Fair Value/Unrealized Appreciation

(Long Exposure)

1 unchanged sentence

United States sugar futures contracts

ICE sugar futures JUL26

1,357 $ 520,985 0.77 % $ 23,831,091

ICE sugar futures OCT26

ICE sugar futures MAY27

1,252 $ 50,810 0.07 % $ 21,860,922

3 unchanged sentences

$ 149,012 0.21 % $ 47,318,791

Percentage of

Notional Amount

Fair Value/Unrealized Depreciation

(Long Exposure)

Commodity futures contracts

United States sugar futures contracts

ICE sugar futures MAR27

1,443 $ 827,027 1.14 % $ 25,470,682

The accompanying notes are an integral part of these financial statements.

20 unchanged sentences

Notional Amount

Fair Value/Unrealized Depreciation

(Long Exposure)

14 unchanged sentences

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Realized and unrealized gain (loss) on trading of commodity futures contracts:

14 unchanged sentences

Custodian fees and expenses

10,656 6,701 20,152 14,530

Business permits and licenses fees

12,720 7,004 16,518 9,509

General and administrative expenses

5,191 5,901 12,313 12,164

Other expenses

Total expenses

15 unchanged sentences

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Net income (loss)

24 unchanged sentences

STATEMENTS OF CASH FLOWS

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 2025

Cash flows from operating activities:

9 unchanged sentences

( 94,381 ) 16,922

( 8,904 ) ( 15,520 )

Management fee payable to Sponsor

19 unchanged sentences

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2026

June 30, 2026

December 31, 2025

3 unchanged sentences

248,687 58,047

Capital shares receivable

Equity in trading accounts:

Commodity futures contracts

Due from broker

3 unchanged sentences

294,664,584 120,546,620

Payable for shares redeemed

Management fee payable to Sponsor

4 unchanged sentences

Commodity futures contracts

24,668,372 7,314,828

Total liabilities

3 unchanged sentences

12,054,970 5,654,970

Shares authorized

Net asset value per share

2 unchanged sentences

$ 22.03 $ 19.97

* On March 9, 2022, the Teucrium Wheat Fund registered an indeterminate number of shares of the Fund pursuant to Rule 456(d) under the Securities Act of 1933.

*During the year ended December 31, 2025, the Fund effected the following reverse share split:

November 25, 2025, a 1 for 5 reverse share split.

Per-share information for all prior periods has been

retroactively adjusted to reflect this reverse share split.

The accompanying notes are an integral part of these financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS

March 31, 2026

June 30, 2026

Percentage of

9 unchanged sentences

Commercial Paper

3.632 % $ 4,955,500 $ 4,969,500 1.64 % 5,000,000

Bell Canada, Inc.

June 10, 2026

July 10, 2026

3.714 % $ 2,490,750 $ 2,497,688 0.94 % 2,500,000

Brookfield Infrastructure Holdings (Canada) Inc.

April 21, 2026

August 13, 2026

3.924 % 4,969,125 4,976,708 1.87 5,000,000

Brookfield Infrastructure Holdings (Canada) Inc.

April 23, 2026

August 13, 2026

3.848 % 2,488,297 2,488,563 0.93 2,500,000

Entergy Corporation

April 23, 2026

3.830 % 2,480,472 2,498,681 0.94 2,500,000

July 17, 2026

3.826 % 2,482,847 2,495,778 0.94 2,500,000

July 24, 2026

3.841 % 2,479,627 2,493,915 0.94 2,500,000

Entergy Corporation

April 29, 2026

3.849 % 2,481,431 2,498,143 0.94 2,500,000

Entergy Corporation

August 27, 2026

3.835 % 2,477,042 2,484,958 0.93 2,500,000

July 30, 2026

3.734 % 2,490,442 2,492,508 0.94 2,500,000

August 20, 2026

3.934 % 2,478,333 2,486,458 0.93 2,500,000

General Motors Financial Company, Inc.

April 13, 2026

3.934 % 2,478,604 2,500,000 0.94 2,500,000

General Motors Financial Company, Inc.

3.825 % 4,966,750 4,996,306 1.87 5,000,000

General Motors Financial Company, Inc.

August 7, 2026

3.828 % 2,481,528 2,490,236 0.93 2,500,000

Glencore Funding LLC

3.720 % 2,486,382 2,498,715 0.94 2,500,000

Harley-Davidson Financial Services, Inc.

April 17, 2026

Glencore Funding LLC

July 31, 2026

3.733 % 2,477,903 2,492,292 0.93 2,500,000

Hyundai Capital America

Glencore Funding LLC

August 4, 2026

3.836 % 2,476,514 2,491,028 0.93 2,500,000

Hyundai Capital America

Harley-Davidson Financial Services, Inc.

4.240 % 4,953,333 4,997,083 1.87 5,000,000

Hyundai Capital America

Harley-Davidson Financial Services, Inc.

4.084 % 1,983,125 1,998,650 0.75 2,000,000

April 30, 2026

Harley-Davidson Financial Services, Inc.

September 11, 2026

4.268 % 2,476,511 2,478,860 0.93 2,500,000

August 27, 2026

4.096 % 4,960,494 4,967,831 1.86 5,000,000

Keurig Dr Pepper Inc.

April 24, 2026

July 22, 2026

4.028 % 2,488,861 2,494,152 0.94 2,500,000

Keurig Dr Pepper Inc.

April 30, 2026

Marriott International, Inc.

July 30, 2026

3.729 % 9,949,503 9,970,114 3.74 10,000,000

April 24, 2026

Marriott International, Inc.

July 31, 2026

3.737 % 2,488,633 2,492,250 0.93 2,500,000

Stanley Black & Decker, Inc.

April 2, 2026

The Campbell's Company

July 16, 2026

3.921 % 2,486,458 2,495,937 0.94 2,500,000

Stanley Black & Decker, Inc.

April 30, 2026

The Campbell's Company

September 21, 2026

3.966 % 2,477,075 2,477,621 0.93 2,500,000

TELUS Corporation

The Sherwin-Williams Company

July 27, 2026

3.669 % 7,460,458 7,480,229 2.81 7,500,000

VW Credit, Inc.

The Sherwin-Williams Company

July 29, 2026

3.680 % 4,972,550 4,985,767 1.87 5,000,000

5 unchanged sentences

Notional Amount

Fair Value/Unrealized Depreciation

(Long Exposure)

1 unchanged sentence

United States wheat futures contracts

CBOT wheat futures JUL26

3,393 $ 6,951,687 2.29 % $ 106,285,725

CBOT wheat futures SEP26

2 unchanged sentences

2,647 5,541,264 2.08 80,005,575

CBOT wheat futures DEC27

2,824 10,783,616 4.05 93,262,600

Total commodity futures contracts

60 unchanged sentences

Notional Amount

Fair Value/Unrealized Depreciation

(Long Exposure)

14 unchanged sentences

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Realized and unrealized gain (loss) on trading of commodity futures contracts:

1 unchanged sentence

$ (6,080,137)

Net change in unrealized appreciation (depreciation) on commodity futures contracts

$ (9,540,387)

Net change in unrealized appreciation (depreciation) on commodity futures contracts

Interest income

1,333,991 1,294,423

Total income (loss)

26,002,751 ( 2,421,641 )

Management fees

371,199 300,624

Professional fees

244,568 136,099

Distribution and marketing fees

461,792 436,779

Custodian fees and expenses

59,392 52,311

Business permits and licenses fees

18,560 41,826

General and administrative expenses

37,120 48,100

Other expenses

Total expenses

1,192,631 1,018,745

Total expenses, net

1,192,631 1,018,745

Net income (loss)

$ (22,269,340)

Net increase (decrease) in net asset value per share

$ (5,875,521)

Net income (loss) per weighted average share

$ (9,315,907)

Net increase (decrease) in net asset value per share

Net income (loss) per weighted average share

Weighted average shares outstanding

6,942,748 4,970,112

The accompanying notes are an integral part of these financial statements.

3 unchanged sentences

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Net income (loss)

24 unchanged sentences

STATEMENTS OF CASH FLOWS

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 2025

Cash flows from operating activities:

31 unchanged sentences

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2026

June 30, 2026

December 31, 2025

1 unchanged sentence

$ 28,573 $ 13,162

Capital Shares Receivable

Interest receivable

Equity in trading accounts:

Investments in securities, at fair value (cost $ 31,300,866 and $ 8,156,688 as of March 31, 2026 and December 31, 2025, respectively)

Investments in securities, at fair value (cost $ 18,935,459 and $ 8,156,688 as of June 30, 2026 and December 31, 2025, respectively)

18,201,506 6,298,329

18,230,159 6,311,547

Payable for investment securities purchased

Other liabilities

1 unchanged sentence

$ 18,219,048 $ 6,307,971

$ 30,505,187 $ 6,307,971

Shares outstanding

762,500 275,000

Shares authorized

Net asset value per share

2 unchanged sentences

$ 23.84 $ 22.92

* On April 7, 2022, the Teucrium Agricultural Fund registered an indeterminate number of shares of the Fund pursuant to Rule 456(d) under the Securities Act of 1933.

The accompanying notes are an integral part of these financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS

March 31, 2026

June 30, 2026

Percentage of

39 unchanged sentences

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Realized and unrealized gain (loss) on trading of securities:

4 unchanged sentences

Interest income

930 134 2,382 241

Total income (loss)

5 unchanged sentences

Custodian fees and expenses

4,120 2,123 10,475 4,583

Business permits and licenses fees

1,781 3,744 11,394 13,569

General and administrative expenses

3,060 3,785 4,618 5,777

Other expenses

4 unchanged sentences

Total expenses, net

5,363 2,902 7,534 5,464

Net income (loss)

11 unchanged sentences

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Net income (loss)

2 unchanged sentences

Issuance of Shares

4,661,279 - 28,218,869 -

Redemption of Shares

13 unchanged sentences

Creation of Shares

187,500 - 1,137,500 -

Redemption of Shares

3 unchanged sentences

STATEMENTS OF CASH FLOWS

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 2025

Cash flows from operating activities:

5 unchanged sentences

Changes in operating assets and liabilities:

Net sale of investments in securities

Net (purchase) sale of investments in securities

( 10,778,771 ) 1,622,646

1 unchanged sentence

( 24 ) ( 10 )

Net Payable for investment securities purchased

Other liabilities

14 unchanged sentences

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2026

June 30, 2026*

December 31, 2025**

Cash and cash equivalents

$ 267,927 $ 100

Interest receivable

Equity in trading accounts:

Investments in Bitcoin, at fair value (cost:

$ 1,110,722 )

1,071,328 $ -

Commodity futures contracts

Due from broker

Total equity in trading accounts

1,371,801 100

Management fee payable to Sponsor

Current taxes payable

Total liabilities

$ 1,368,609 $ 100

Shares outstanding

2 unchanged sentences

Market value per share

* The 7RCC Spot Bitcoin and Carbon Credit Futures ETF commenced operations on June 3, 2026.

BTCK had not commenced operations as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

7RCC SPOT BITCOIN AND CARBON CREDIT FUTURES ETF

STATEMENTS OF OPERATIONS

Three months ended

March 31, 2026

SCHEDULE OF INVESTMENTS

June 30, 2026

Percentage of

Cash equivalents

Money market funds

Bank Deposit Account

3.450 % $ 267,927 $ 267,927 19.58 % 267,927

Digital Assets

$ 1,110,722 $ 1,071,328 78.28 % 18.28

Number of Contracts

Fair Value/Unrealized Appreciation

Percentage of Net Assets

Notional Amount (Long Exposure)

Commodity futures contracts

ICE European Carbon Allowances futures contracts

ICE European Carbon Allowances futures DEC26

3 $ 11,033 0.81 % $ 274,941

The accompanying notes are an integral part of these financial statements.

7RCC SPOT BITCOIN AND CARBON CREDIT FUTURES ETF

STATEMENT OF OPERATIONS

Period Ended*

June 30, 2026

Realized and unrealized gain (loss) on trading:

Realized gain (loss) on foreign currency

Realized gain (loss) on commodity futures contracts

Net change in unrealized appreciation (depreciation) on Bitcoin

Net change in unrealized appreciation (depreciation) on commodity futures contracts

Interest income

Management fees

Custodian fees and expenses

Total expenses

Expenses waived by the Sponsor

Total expenses, net

Net increase in net asset value per share

Net income per weighted average share

Net income (loss) before taxes

Income tax expense/(benefit)

Net income (loss) after taxes

Net increase (decrease) in net asset value per share

Net income (loss) per weighted average share

Weighted average shares outstanding

*The 7RCC Spot Bitcoin and Carbon Credit Futures ETF commenced operations on June 3, 2026.

The accompanying notes are an integral part of these financial statements.

7RCC SPOT BITCOIN AND CARBON CREDIT FUTURES ETF

STATEMENTS OF CHANGE IN NET ASSET

Three months ended

March 31, 2026

STATEMENT OF CHANGES IN NET ASSETS

Period Ended*

June 30, 2026

Net income (loss)

Capital transactions

9 unchanged sentences

Redemption of Shares

*The 7RCC Spot Bitcoin and Carbon Credit Futures ETF commenced operations on June 3, 2026.

The accompanying notes are an integral part of these financial statements.

7RCC SPOT BITCOIN AND CARBON CREDIT FUTURES ETF

STATEMENTS OF CASH FLOWS

Three months ended

March 31, 2026

STATEMENT OF CASH FLOWS

Period Ended*

June 30, 2026

Cash flows from operating activities:

Net income (loss)

Adjustments to reconcile net income to net cash provided by operating activities:

Net change in unrealized appreciation on cryptocurrency futures contracts

Net change in unrealized depreciation (appreciation) on Bitcoin

Net change in unrealized depreciation (appreciation) on commodity futures contracts

Net purchase of investments in Bitcoin

( 1,110,722 )

Changes in operating assets and liabilities:

2 unchanged sentences

Management fee payable to Sponsor

Net cash provided by operating activities

Current taxes payable

Net cash provided by (used in) operating activities

( 1,133,353 )

Cash flows from financing activities:

1 unchanged sentence

Redemption of Shares

Net cash (used in) provided by financing activities

Net cash provided by (used in) financing activities

Net change in cash and cash equivalents

1 unchanged sentence

Cash and cash equivalents end of period

*The 7RCC Spot Bitcoin and Carbon Credit Futures ETF commenced operations on June 3, 2026.

The accompanying notes are an integral part of these financial statements.

NOTES TO COMBINED FINANCIAL STATEMENTS

March 31, 2026

June 30, 2026

Note 1 – Organization and Operation

2 unchanged sentences

On September 17, 2025, BTCK was established as a new series of the Trust.

BTCK has not commenced operations as of March 31, 2026.

BTCK commenced operations on June 3, 2026.

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

30 unchanged sentences

DEFI began trading on the NYSE Arca on September 16, 2022.

On September 17, 2025, the Form S- 1 for BTCK was filed with the SEC.

BTCK commenced operations on June 3, 2026.

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

4 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.

On September 17, 2025, the Form S- 1 for BTCK was filed with the SEC.

The fund has not commenced investment operations.

As of March 31, 2026, the Fund issued four shares at $ 25.00 per share as seed capital.

Other than the initial capitalization, the Fund had no operations, no investment activity, and no realized or unrealized gains or losses during the quarter ended March 31, 2026.

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

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

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

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

3 unchanged sentences

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.

The investment objective of TAGS is to have the daily changes in percentage terms of NAV of its Shares reflect the daily changes in percentage terms of a weighted average (the “Underlying Fund Average”) of the NAVs per share of the four agricultural commodity pools that are series of the Trust and are sponsored by the Sponsor:

23 unchanged sentences

A summary of these expenses is included below.

The Sponsor employs Gemini Trust Company, LLC ("Gemini") as the Custodian for bitcoin assets ("Bitcoin Custodian").

Gemini, established in 2014 with principal offices at 315 Park Ave South, Floor 16, New York, NY 10010, is a cryptocurrency trading platform.

It offers a platform for buying, selling, and storing digital assets.

Gemini is regulated by the New York State Department of Financial Services and was the first U.S.-based licensed Ethereum trading platform.

For Bitcoin Custodian services, the Funds will pay to Gemini 0.05 % of the Fund's total assets maintained by the Bitcoin Custodian, accrued daily and paid monthly in kind, plus $ 125 per withdrawal.

The Sponsor employs Gemini Trust Company, LLC (“Gemini”) and BitGo Bank & Trust, National Association ("BitGo") as the Custodians for bitcoin assets (collectively, the "Bitcoin Custodians").

Gemini, with principal offices at 315 Park Ave South, Floor 16, New York, NY 10010, is a fiduciary under Section 100 of the New York Banking Law.

BitGo, with principal offices at 6216 Pinnacle Place, Suite 101, Sioux Falls, SD 57108, is a national banking association chartered under the laws of the United States of America.

The Bitcoin Custodians are cryptocurrency trading platforms, and each offers a platform for buying, selling, and storing digital assets.

For custody services, the Funds will pay to Gemini 0.05 % of the Fund's total assets maintained by Gemini, accrued daily and paid monthly in kind, plus $ 125 per withdrawal.

For custody services, the Funds will pay to BitGo 0.004166 % of average gross assets up to $750 million, 0.00375 % of average gross assets between $750 million and $1.5 billion, and 0.00333 % of average gross assets over $1.5 billion, billed monthly.

These services are recorded in custodian fees and expenses on the combined statements of operations.

1 unchanged sentence

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

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

The Marketing Agent and the Sponsor have also entered into an agreement under which certain employees and officers of the Sponsor are licensed as registered representatives of the Marketing Agent.

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

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

These persons engage in certain marketing activities for the Funds.

For its services as the Marketing Agent, PINE receives a fee of 0.0075 % of the Fund’s average daily net assets and an aggregate annual fee of $ 75,000 for all Teucrium Funds.

For its services under the Registered Representative Service Agreement ("RRSA"), PINE receives a fee of $ 3,500 per registered representative and $ 7,500 per registered location.

For its services under the RRSA, PINE receives a fee of $ 3,500 per registered representative and $ 7,500 per registered location.

These services are recorded in distribution and marketing fees on the statements of operations.

A summary of these expenses is included below.

The Sponsor employs PINE Adviser Solutions ("PINE Adviser") for the services of Chief Compliance Officer and AML Compliance Officer of the Funds.

The Chief Compliance Officer and AML Compliance Officer is responsible for developing, instituting and monitoring the effectiveness of processes and procedures to comply with all regulatory requirements.

For its services of the Chief Compliance Officer and AML Compliance Officer, PINE Adviser receives an annual fee of $ 150,000 .

Marex Capital Markets, Inc.

6 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.

ADMIS is a clearing member of CME Group, Inc.

and ICE Futures U.S., among other major United States commodity exchanges.

For Corn, Soybean, Sugar and Wheat Futures Contracts, Marex is paid $ 4.00 per half-turn.

5 unchanged sentences

A summary of these expenses can be found below under the heading Brokerage Commissions .

Gemini and BitGo Prime, LLC (“BitGo Prime”) serve as bitcoin trading counterparties (each, a “Bitcoin Trading Counterparty”) with which the Sponsor will engage in bitcoin transactions and all transactions will be done on an arm’s-length basis.

BitGo Prime is an affiliate of BitGo Bank, under common ownership.

Although BitGo Prime and BitGo Bank are affiliated, the Sponsor will engage in transactions with BitGo Prime on an arm’s-length basis.

The Sponsor employs 7RCC Global Inc.

( “7RCC” ) an alternative investment manager providing the Sponsor and Marketing Agent with research and analysis for use in the operation and marketing of BTCK.

From the Sponsor’s Fee paid to the Sponsor by BTCK, the Sponsor retains a management fee, in addition to paying the operational costs for the respective Fund.

Following the deduction of such costs from the management fee paid to the Sponsor, 7RCC receives the resulting profits.

If the management fee is not sufficient to cover a Fund’s operating expenses, including amounts to be retained by the Sponsor, 7RCC will pay the shortfall.

The Sponsor has also entered into a licensing agreement with 7RCC, pursuant to which 7RCC has sub-licensed to the Sponsor the use of certain names and marks, including the 7RCC Kaiko Bitcoin Carbon Credit Index.

For this license, the Sponsor pays no fee to 7RCC.

A summary of these expenses is included below.

The sole Trustee of the Trust is Wilmington Trust Company, a Delaware banking corporation.

3 unchanged sentences

A summary of these expenses is included below.

Three months ended March 31, 2026

Three months ended June 30, 2026

Amount Recognized for Custody Services

10 unchanged sentences

$ - $ - $ - $ - $ - $ - $ -

Three months ended March 31, 2025

Three months ended June 30, 2025

Amount Recognized for Custody Services

10 unchanged sentences

$ - $ - $ - $ - $ - $ - $ -

Six months ended June 30, 2026

Amount Recognized for Custody Services

$ 62,343 $ 29,860 $ 20,152 $ 116,486 $ 10,475 $ 50 $ 239,366

Amount of Custody Services Waived

$ - $ - $ - $ - $ 10,475 $ - $ 10,475

Amount Recognized for Distribution Services

$ 17,970 $ 8,425 $ 5,143 $ 30,386 $ 2,150 $ - $ 64,074

Amount of Distribution Services Waived

$ - $ - $ - $ - $ 2,150 $ - $ 2,150

Amount Recognized for Wilmington Trust

$ - $ - $ - $ - $ - $ - $ -

Amount of Wilmington Trust Waived

$ - $ - $ - $ - $ - $ - $ -

Six months ended June 30, 2025

Amount Recognized for Custody Services

$ 54,973 $ 26,693 $ 14,530 $ 102,011 $ 4,583 $ - $ 202,790

Amount of Custody Services Waived

$ - $ - $ - $ - $ 4,583 $ - $ 4,583

Amount Recognized for Distribution Services

$ 17,820 $ 8,560 $ 5,284 $ 33,061 $ 2,408 $ - $ 67,133

Amount of Distribution Services Waived

$ - $ - $ - $ - $ 2,408 $ - $ 2,408

Amount Recognized for Wilmington Trust

$ - $ - $ - $ - $ - $ - $ -

Amount of Wilmington Trust Waived

$ - $ - $ - $ - $ - $ - $ -

Note 3 – Summary of Significant Accounting Policies

1 unchanged sentence

The accompanying financial statements have been prepared on a combined basis in conformity with accounting principles generally accepted in the United States of America (“U.S.

GAAP”) as detailed in the Financial Accounting Standards Board’s Accounting Standards Codification and include the accounts of the Trust, CORN, CANE, SOYB, WEAT, TAGS, DEFI, and BTCK.

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 BTCK.

Refer to the accompanying separate financial statements for each Fund for more detailed information.

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.

The periods represented by the financial statements herein contain the results of CORN, SOYB, CANE, WEAT, TAGS, BTCK, for the months during which each Fund was in operation, except for eliminations for TAGS as explained below.

BTCK commenced operations on June 3, 2026.

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.

4 unchanged sentences

Revenue Recognition

Commodity and cryptocurrency futures contracts are recorded on the trade date.

Commodity futures contracts are recorded on the trade date.

All such transactions are recorded on the identified cost basis and marked to market daily.

11 unchanged sentences

The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis.

The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three months ended March 31, 2026 and 2025 .

Three months ended March 31, 2026

The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and six months ended June 30, 2026 and 2025 .

Three months ended June 30, 2026

$ 84,859 $ 27,247 $ 29,024 $ 50,606 $ - $ - $ 191,736

Three months ended March 31, 2025

Three months ended June 30, 2025

$ 11,477 $ 1,829 $ 3,781 $ 18,055 $ - $ - $ 35,142

Six months ended June 30, 2026

$ 144,218 $ 33,455 $ 44,167 $ 94,433 $ - $ - $ 316,273

Six months ended June 30, 2025

$ 21,549 $ 5,168 $ 6,929 $ 31,989 $ - $ - $ 65,635

The Trust is organized and will be operated as a Delaware statutory trust.

15 unchanged sentences

De-recognition of a tax benefit previously recognized results in the Funds recording a tax liability that reduces net assets.

Based on their analysis, the Funds have determined that they have not incurred any liability for unrecognized tax benefits as of March 31, 2026 , and for the years ended December 31, 2025 , 2024 and 2023 .

Based on their analysis, the Funds have determined that they have not incurred any liability for unrecognized tax benefits as of June 30, 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.

No interest expense or penalties have been recognized as of and for the three months ended March 31, 2026 and 2025 .

No interest expense or penalties have been recognized as of and for the three and six months ended June 30, 2026 and 2025 .

The Funds may be subject to potential examination by U.S.

4 unchanged sentences

state and foreign tax laws.

The Trust adopted Accounting Standards Update 2023 - 09 for the period ended June 30, 2026 associated with the commencement of operations of BTCK which is treated as a corporation for tax purposes.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.

Such temporary differences are principally:

(i) taxes on unrealized gains/(losses), which are attributable to the temporary difference between fair market value and tax basis, (ii) the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting and income tax purposes and (iii) the net tax benefit of accumulated net operating losses and capital loss carryforwards.

Deferred tax assets and liabilities are measured using effective tax rates expected to apply to taxable income in the years such temporary differences are realized or otherwise settled.

To the extent BTCK has a deferred tax asset, consideration is given to whether or not a valuation allowance is required.

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized.

The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible.

Management considers the scheduled reversal of deferred tax assets, projected future taxable income, and tax planning strategies in making this assessment.

Management recognizes deferred tax assets to the extent it believes these assets are more likely than not to be realized.

If management determines that it would not be able to realize deferred tax assets in the future, it would make an adjustment to the deferred tax asset valuation allowance.

The Trust follows the authoritative guidance on accounting for uncertainty in income taxes and concluded it has no material uncertain tax positions to be recognized at this time.

At June 30, 2026, the Trust and BTCK determined a valuation allowance was required.

Changes to the factors considered in assessing BTCK’s valuation allowance may result in BTCK revising its position as to the recoverability of its deferred tax assets which may result in a change to the valuation allowance at a later date.

Components of the BTCK's deferred tax assets and liabilities as of June 30, 2026, are as follows:

Deferred Tax Assets:

Unrealized loss on investments

Less valuation allowance

Deferred tax assets / (liabilities), net

Period ended June 30, 2026:

$ ( 1,787 ) $ 8,273 $ 6,486

State and local

( 791 ) 2,645 1,854

Valuation allowance

- ( 10,918 ) ( 10,918 )

Tax Benefit/(Expense)

$ ( 2,578 ) $ - $ ( 2,578 )

Total income tax expense (current and deferred) differs from the amount computed by applying the federal statutory income tax rate of 21 % to net investment income and realized and unrealized gains (losses) on investments before taxes for the period ended June 30, 2026, as follows:

Total Tax Expense (Benefit)

Tax Expense (Benefit) at Statutory Rates

$ ( 6,320 ) 21.00 %

State Income Tax Expense (Net of Federal Benefit) - Vermont

( 2,020 ) 6.71

Change in Valuation Allowance

10,918 ( 36.28 )

Total Tax Expense (Benefit)

$ 2,578 ( 8.57 )%

Creations and Redemptions

25 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.

March 31, 2026

June 30, 2026

Money Market Funds

49 unchanged sentences

In addition, the Agricultural Funds, except for TAGS, which has no such fee, are contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00 % per annum.

The Agricultural Funds generally pay for all brokerage fees, taxes, and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the SEC, the Financial Industry Regulatory Authority (“FINRA”), or any other regulatory agency in connection with the offer and sale of subsequent Shares after its initial registration and all legal, accounting, printing and other expenses associated therewith.

BTCK is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 0.68 % per annum.

The Agricultural Funds generally pay for all brokerage fees, taxes, and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the SEC, FINRA, or any other regulatory agency in connection with the offer and sale of subsequent Shares after its initial registration and all legal, accounting, printing and other expenses associated therewith.

Each Fund also pays its portion of the fees and expenses associated with the Trust’s tax accounting and reporting requirements.

12 unchanged sentences

Routine operational, administrative, and other ordinary expenses are not deemed extraordinary expenses.

Three months ended March 31, 2026

Three months ended June 30, 2026

Recognized Related Party Transactions

2 unchanged sentences

$ - $ - $ - $ - $ 30,345 $ - $ 30,345

Three months ended March 31, 2025

Three months ended June 30, 2025

Recognized Related Party Transactions

2 unchanged sentences

$ - $ - $ - $ - $ 17,119 $ 17,119

Six months ended June 30, 2026

Recognized Related Party Transactions

$ 420,262 $ 178,569 $ 123,532 $ 725,189 $ 47,773 $ - $ 1,495,325

Waived Related Party Transactions

$ - $ - $ - $ - $ 47,773 $ - $ 47,773

Six months ended June 30, 2025

Recognized Related Party Transactions

$ 270,496 $ 128,513 $ 83,569 $ 485,490 $ 34,948 $ 1,003,016

Waived Related Party Transactions

$ - $ - $ - $ - $ 34,948 $ 34,948

The Sponsor has the ability to elect to pay certain expenses on behalf of the Funds or waive the management fee.

2 unchanged sentences

The Sponsor has determined that there will be no recovery sought for the amounts below in any future period.

Three months ended March 31, 2026

Three months ended June 30, 2026

$ - $ - $ - $ - $ 58,560 $ - $ 58,560

Three months ended March 31, 2025

Three months ended June 30, 2025

$ - $ - $ - $ - $ 59,263 $ - $ 59,263

Six months ended June 30, 2026

$ - $ - $ - $ - $ 112,830 $ - $ 112,830

Six months ended June 30, 2025

$ - $ - $ - $ - $ 110,117 $ - $ 110,117

Use of Estimates

10 unchanged sentences

Unobservable inputs reflect the Trust’s assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

For BTCK, Bitcoin is measured at fair value in accordance with ASC 820.

The Fund utilizes the KAIKO spot bitcoin price, which is derived from observable market transactions across multiple exchanges.

The pricing window utilized ( 3:00–4:00 PM ET) aligns with the Fund’s daily NAV determination time, ensuring consistency in valuation across all portfolio holdings.

The fair value hierarchy is categorized into three levels based on the inputs as follows:

Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

Valuation adjustments and block discounts are not applied to Level 1 futures contracts held by CORN, SOYB, CANE, 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.

Valuation adjustments and block discounts are not applied to Level 1 futures contracts held by CORN, SOYB, CANE, WEAT, and BTCK, the securities of the Underlying Funds held by TAGS, Bitcoin held by BTCK, 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.

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.

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.

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.

On June 30, 2026 and December 31, 2025 , in the opinion of the Trust, the reported value at the close of the market for each commodity contract fairly reflected the value of the futures and no alternative valuations were required other than as described below.

For the three and six months ended June 30, 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 and were reflected as Level 2.

For the quarter ended June 30, 2026 , the Wheat Fund DEC 26 futures contracts traded with an average daily volume greater than 175 contracts and were reflected as Level 1.

The Funds and the Trust record their derivative activities at fair value.

9 unchanged sentences

The amendments require an entity to disaggregate certain income statement line-items within the Notes to the Financial Statements.

The Sponsor is evaluating the impacts to the financial statements and disclosures to the Trust and the Funds, and will plan to adopt at or before the effective date for the 10K for the period ending December 31, 2026.

The Sponsor is evaluating the impacts to the financial statements and disclosures to the Trust and the Funds, and will plan to adopt before the effective date for the 10K for the period ending December 31, 2026.

Note 4 – Fair Value Measurements

The Trust’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Trust’s significant accounting policies in Note 3.

The following table presents information about the Trust’s assets and liabilities measured at fair value as of March 31, 2026 and December 31, 2025 :

Balance as of March 31, 2026

The Trust eliminates the shares of the other series of the Trust owned by TAGS from its combined statements of assets and liabilities, therefore they are not included here.

The following table presents information about the Trust’s assets and liabilities measured at fair value as of June 30, 2026 and December 31, 2025 :

Balance as of June 30, 2026

Cash Equivalents

$ 501,499,085 $ - $ - $ 501,499,085

Commodity Futures Contracts

Corn futures contracts

1,071,328 - - 1,071,328

Commodity Futures Contracts

Soybean futures contracts

2 unchanged sentences

149,012 - - 149,012

Wheat futures contracts

EU Carbon Credit futures contracts

11,033 - - 11,033

$ 502,972,499 $ - $ - $ 502,972,499

Balance as of March 31, 2026

Balance as of June 30, 2026

Commodity Futures Contracts

3 unchanged sentences

943,813 - - 943,813

Sugar futures contracts

827,027 - - 827,027

Wheat futures contracts

24,668,372 - - 24,668,372

$ 47,115,683 $ - $ - $ 47,115,683

Balance as of December 31, 2025

19 unchanged sentences

Balance as of

March 31, 2026

June 30, 2026

Cash Equivalents

$ 154,800,940 $ - $ - $ 154,800,940

Commodity Futures Contracts

Corn futures contracts

130,097 - - 130,097

$ 261,646,016 $ - $ - $ 261,646,016

Balance as of

March 31, 2026

June 30, 2026

Commodity Futures Contracts

16 unchanged sentences

Balance as of

March 31, 2026

June 30, 2026

Cash Equivalents

5 unchanged sentences

Balance as of

March 31, 2026

June 30, 2026

Commodity Futures Contracts

12 unchanged sentences

Balance as of

March 31, 2026

June 30, 2026

Cash Equivalents

5 unchanged sentences

Balance as of

June 30, 2026

Commodity Futures Contracts

Sugar futures contracts

$ 827,027 $ - $ - $ 827,027

Balance as of

December 31, 2025

10 unchanged sentences

Balance as of

March 31, 2026

June 30, 2026

Cash Equivalents

$ 238,890,006 $ - $ - $ 238,890,006

Balance as of

June 30, 2026

Commodity Futures Contracts

1 unchanged sentence

$ 24,668,372 $ - $ - $ 24,668,372

$ 256,022,878 $ - $ - $ 256,022,878

Balance as of

9 unchanged sentences

Balance as of

March 31, 2026

June 30, 2026

Exchange Traded Funds

10 unchanged sentences

$ 6,311,491 $ - $ - $ 6,311,491

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.

7RCC Spot Bitcoin and Carbon Credit Futures ETF*

Balance as of

June 30, 2026

Cash Equivalents

$ 267,927 $ - $ - $ 267,927

1,071,328 - - 1,071,328

Commodity Futures Contracts

ICE European Carbon Allowances futures contracts

11,033 - - 11,033

$ 1,350,288 $ - $ - $ 1,350,288

* The 7RCC Spot Bitcoin and Carbon Credit Futures ETF commenced operations on June 3, 2026;

therefore no prior period data is presented.

For the three and six months ended June 30, 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 June 30, 2026, the Wheat Fund's DEC 26 futures contracts traded with an average daily volume greater than 175 contracts and were reflected as a Level 1 asset.

The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period.

7 unchanged sentences

In addition to its primary underlying risks, the Funds are also subject to additional counterparty risk due to the inability of its counterparties to meet the terms of their contracts.

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.

For the three and six months ended June 30, 2026 and year ended December 31, 2025 , the Agricultural Funds invested only in commodity futures contracts specifically related to each Fund.

BTCK invested in EU carbon futures and bitcoin.

Futures Contracts

10 unchanged sentences

The following table discloses information about offsetting assets and liabilities presented in the statements of assets and liabilities to enable users of these financial statements to evaluate the effect or potential effect of netting arrangements for recognized assets and liabilities.

These recognized assets and liabilities are presented as defined in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (“ASU”) No.

These recognized assets and liabilities are presented as defined in the FASB Accounting Standards Update (“ASU”) No.

2011 - 11 “Balance Sheet (Topic 210 ):

1 unchanged sentence

Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.”

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 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, StoneX and ADMIS as of June 30, 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.

Offsetting of Financial Assets and Derivative Assets as of March 31, 2026

Offsetting of Financial Assets and Derivative Assets as of June 30, 2026

(iii) = (i-ii)

7 unchanged sentences

Commodity Price

Teucrium Corn Fund:

Corn futures contracts

$ 130,097 $ - $ 130,097 $ 130,097 $ - $ -

Teucrium Soybean Fund:

4 unchanged sentences

149,012 - 149,012 149,012 - -

Teucrium Wheat Fund:

Wheat futures contracts

7RCC Bitcoin and Carbon Credit Futures ETF:

EU Carbon Credit futures contracts

11,033 - 11,033 - - 11,033

1 unchanged sentence

$ 402,086 $ - $ 402,086 $ 391,053 $ - $ 11,033

Offsetting of Financial Liabilities and Derivative Liabilities as of March 31, 2026

Offsetting of Financial Liabilities and Derivative Liabilities as of June 30, 2026

(iii) = (i-ii)

13 unchanged sentences

943,813 - 943,813 242,041 701,772 -

Teucrium Sugar Fund:

Sugar futures contracts

827,027 - 827,027 149,012 678,015 -

Teucrium Wheat Fund:

Wheat futures contracts

24,668,372 - 24,668,372 - 24,668,372 -

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:

Three months ended March 31, 2026

Three months ended June 30, 2026

Realized Gain (Loss) on Commodity Futures Contracts

9 unchanged sentences

14,624,504 ( 37,762,836 )

ICE European Carbon Allowances futures contracts

( 1,498 ) 11,033

Total commodity futures contracts

$ 5,395,531 $ ( 61,541,179 )

Three months ended March 31, 2025

Six months ended June 30, 2026

Realized Gain (Loss) on Commodity Futures Contracts

Net Change in Unrealized Appreciation (Depreciation) on Commodity Futures Contracts

Commodity Price

Corn futures contracts

$ ( 5,402,481 ) $ ( 20,555,941 )

Soybean futures contracts

2,460,065 1,483,455

Sugar futures contracts

( 6,095,759 ) 472,602

Wheat futures contracts

18,883,972 ( 17,353,544 )

ICE European Carbon Allowances futures contracts

( 1,498 ) 11,033

Total commodity futures contracts

$ 9,844,299 $ ( 35,942,395 )

Three months ended June 30, 2025

Realized Gain (Loss) on Commodity Futures Contracts

Net Change in Unrealized Appreciation (Depreciation) on Commodity Futures Contracts

Commodity Price

Corn futures contracts

$ ( 1,168,091 ) $ ( 1,171,337 )

Soybean futures contracts

( 35,053 ) 514,312

Sugar futures contracts

( 750,468 ) ( 421,808 )

Wheat futures contracts

( 6,080,137 ) ( 45,543 )

Total commodity futures contracts

$ ( 8,033,749 ) $ ( 1,124,376 )

Six months ended June 30, 2025

Realized Gain (Loss) on Commodity Futures Contracts

Net Change in Unrealized Appreciation (Depreciation) on Commodity Futures Contracts

Commodity Price and Cryptocurrency Price

10 unchanged sentences

Volume of Derivative Activities

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 .

Three Months Ended March 31, 2026

The average notional market value categorized by primary underlying risk for the futures contracts held for the three and six months ended June 30, 2026 and for the three and six months ended June 30, 2025 .

Three Months Ended June 30, 2026

$ 229,309,996 $ 58,892,600 $ 71,839,410 $ 290,022,638 $ 274,941 $ 650,339,584

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

$ 48,577,146 $ 25,602,058 $ 10,449,522 $ 117,609,738 $ - $ 202,238,463

Six Months Ended June 30, 2026

$ 181,344,804 $ 51,926,925 $ 52,318,297 $ 238,430,246 $ 274,941 $ 524,295,213

Six Months Ended June 30, 2025

$ 51,148,815 $ 26,178,865 $ 11,381,595 $ 111,549,775 $ - $ 200,259,049

* BTCK commenced operations on June 3, 2026.

Note 6 - Organizational and Offering Costs

2 unchanged sentences

Note 7 - Financial Highlights

The following tables present per unit performance data and other supplemental financial data for the three months ended March 31, 2026 and 2025 .

The following tables present per unit performance data and other supplemental financial data for the three and six months ended June 30, 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

March 31, 2026 March 31, 2025

Six months ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Per Share Operation Performance

3 unchanged sentences

Interest income

0.16 0.20 0.32 0.41

Net realized and unrealized gain (loss) on commodity futures contracts

17 unchanged sentences

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Per Share Operation Performance

3 unchanged sentences

Interest income

0.22 0.23 0.43 0.46

Net realized and unrealized gain (loss) on commodity futures contracts

17 unchanged sentences

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Per Share Operation Performance

3 unchanged sentences

Interest income

0.09 0.12 0.17 0.24

Net realized and unrealized gain (loss) on commodity futures contracts

( 0.68 ) ( 1.29 ) ( 0.06 ) ( 0.46 )

Total expenses, net

1 unchanged sentence

Net increase (decrease) in net asset value

( 0.64 ) ( 1.30 ) - ( 0.49 )

Net asset value at end of period

11 unchanged sentences

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Per Share Operation Performance

3 unchanged sentences

Interest income

0.21 0.25 0.40 0.51

Net realized and unrealized gain (loss) on commodity futures contracts

20 unchanged sentences

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Per Share Operation Performance

3 unchanged sentences

Net realized and unrealized gain (loss) on investment transactions

( 1.26 ) ( 1.10 ) 0.96 ( 0.95 )

Total expenses, net

1 unchanged sentence

Net increase (decrease) in net asset value

( 1.27 ) ( 1.11 ) 0.95 ( 0.96 )

Net asset value at end of period

9 unchanged sentences

The financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses.

7RCC Spot Bitcoin and Carbon Credit Futures ETF:

Period Ended*

June 30, 2026

Per Share Operation Performance

Net asset value at beginning of period

Income (loss) from investment operations:

Interest income

Net realized and unrealized gain (loss) on investments

Total expenses, net

Net increase/(decrease) in net asset value

Net asset value at end of period

Ratios to Average Net Assets (Annualized)

Total expenses before taxes

Total expenses, net before taxes

Net current tax expense (benefit)

Net investment income (loss) before taxes

Net investment income (loss) after taxes

*The 7RCC Spot Bitcoin and Carbon Credit Futures ETF commenced operations on June 3, 2026.

Note 8 – Detail of the net assets and shares outstanding of the Funds that are a series of the Trust

The following are the net assets and shares outstanding of each Fund that is a series of the Trust and, thus, in total, comprise the combined net assets of the Trust:

March 31, 2026

June 30, 2026

Teucrium Corn Fund

7 unchanged sentences

7RCC Spot Bitcoin and Carbon Credit Futures ETF

60,000 1,368,609

Teucrium Agricultural Fund:

22 unchanged sentences

Note 9 – Segment Reporting (ASC Topic 280 )

The Trust adopted ASU 2023 - 07 during the reporting period ending December 31, 2024.

The adoption of ASU 2023 - 07 impacts financial statement disclosures only and does not affect the Trust’s combined financial position, results of operations, or cash flows.

Each Fund that is a series of the Trust is considered a separate reportable segment and the Sponsor’s chief executive officer, chief financial officer, and chief operating officer act as the Trust’s and each of the Fund's CODM.

3 unchanged sentences

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.

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.

BTCK will be managed by the Sponsor and be a reportable segment.

The sixth series of the Trust, BTCK, commenced operations on June 3, 2026.

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.

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.

For the three and six months ended June 30, 2026 and June 30, 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.

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The Trust combining statements of assets and liabilities and combining statements of operations by reporting segment are presented below.

Combining Statements of Assets and Liabilities for March 31, 2026

Combining Statements of Assets and Liabilities for June 30, 2026

Teucrium Corn Fund

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99,749 41,047 118,497 248,687 80 625 - 508,685

- - 8,904 - - - - 8,904

Capital shares receivable

22,006,320 - 5,216,900 32,873,540 1,257,945 - - 61,354,705

Equity in trading accounts:

3 unchanged sentences

31,240,675 2,622,610 3,723,100 44,078,278 - 20,888 - 81,685,551

Investments in exchange traded funds, at fair value (cost:

$ 31,300,866 as of December 31, 2025)

Investments in bitcoin, at fair value (cost:

$ 1,110,722 at June 30, 2026)

- - - - - 1,071,328 - 1,071,328

Investments in securities, at fair value (cost $ 18,935,459 as of June 30, 2026)

18,201,506 ( 18,201,506 ) -

Total equity in trading accounts

3 unchanged sentences

$ 167,539 $ 44,195 $ 60,382 $ 242,224 $ - $ 614 $ - $ 514,954

Payable for investment securities purchased

Current taxes Payable

- - - - - 2,578 - 2,578

1 unchanged sentence

215,840 111,133 76,553 424,496 11,111 - - 839,133

Payable for Shares redeemed

3,347,840 - - 2,764,063 - - - 6,111,903

Equity in trading accounts:

43 unchanged sentences

$ 46,989,404 $ 38,845,405 $ 14,686,991 $ 113,057,434 $ 6,307,971 $ 100 $ ( 6,298,329 ) $ 213,588,976

Combining Statements of Operations for March 31, 2026

Combining Statements of Operations for the Three Months Ended June 30, 2026

Teucrium Corn Fund

14 unchanged sentences

71,354 ( 71,354 ) -

Realized gain (loss) on foreign currency

- - - - - ( 185 ) - ( 185 )

Net change in unrealized appreciation (depreciation) on bitcoin

- - - - - ( 39,394 ) - ( 39,394 )

Interest income

22 unchanged sentences

$ 1,230,544 $ 410,507 $ 374,433 $ 1,758,701 $ 5,363 $ 664 $ - $ 3,780,212

Net income (loss) before taxes

( 24,106,594 ) ( 273,230 ) ( 7,276,815 ) ( 22,269,340 ) ( 1,607,673 ) ( 30,093 ) 1,603,240 ( 53,960,505 )

Current Tax Expense

- - - - - 2,578 - 2,578

Net income (loss) after taxes

$ ( 24,106,594 ) $ ( 273,230 ) $ ( 7,276,815 ) $ ( 22,269,340 ) $ ( 1,607,673 ) $ ( 32,671 ) $ 1,603,240 $ ( 53,963,083 )

Combining Statements of Operations for the Six Months Ended June 30, 2026

Teucrium Corn Fund

Teucrium Soybean Fund

Teucrium Sugar Fund

Teucrium Wheat Fund

Teucrium Agricultural Fund

7RCC Spot Bitcoin and Carbon Credit Futures ETF

Teucrium Commodity Trust

Realized and unrealized gain (loss) on trading of commodity futures contracts:

Realized gain (loss) on commodity futures contracts

$ ( 5,402,481 ) $ 2,460,065 $ ( 6,095,759 ) $ 18,883,972 $ - $ ( 1,498 ) $ - $ 9,844,299

Net change in unrealized appreciation (depreciation) on commodity futures contracts

( 20,555,941 ) 1,483,455 472,602 ( 17,353,544 ) - 11,033 - ( 35,942,395 )

Realized gain (loss) on securities

- - - - ( 1,801,668 ) - 1,801,668 -

Net change in unrealized appreciation (depreciation) on securities

- - - - 1,124,406 - ( 1,124,406 ) -

Realized gain (loss) on foreign currency

- - - - - ( 185 ) - ( 185 )

Net change in unrealized appreciation (depreciation) on bitcoin

- - - - - ( 39,394 ) - ( 39,394 )

Interest income

2,856,904 922,950 819,305 3,961,684 2,382 615 - 8,563,840

Total income (loss)

( 23,101,518 ) 4,866,470 ( 4,803,852 ) 5,492,112 ( 674,880 ) ( 29,429 ) 677,262 ( 17,573,835 )

Management fees

794,202 256,480 229,656 1,115,154 - 614 - 2,396,106

Professional fees

275,342 134,099 83,703 479,405 25,312 - - 997,861

Distribution and marketing fees

599,968 260,129 165,443 1,129,168 68,557 - - 2,223,265

Custodian fees and expenses

62,343 29,860 20,152 116,486 10,475 50 - 239,366

Business permits and licenses fees

22,967 17,435 16,518 40,051 11,394 - - 108,365

General and administrative expenses

41,085 18,525 12,313 71,068 4,618 - - 147,609

Other expenses

- - - - 8 - - 8

Total expenses

1,795,907 716,528 527,785 2,951,332 120,364 664 - 6,112,580

Expenses waived by the Sponsor

- - - - ( 112,830 ) - - ( 112,830 )

Total expenses, net

1,795,907 716,528 527,785 2,951,332 7,534 664 - 5,999,750

Net income (loss) before taxes

( 24,897,425 ) 4,149,942 ( 5,331,637 ) 2,540,780 ( 682,414 ) ( 30,093 ) 677,262 ( 23,573,585 )

Current Tax Expense

- - - - - 2,578 - 2,578

Net income (loss) after taxes

$ ( 24,897,425 ) $ 4,149,942 $ ( 5,331,637 ) $ 2,540,780 $ ( 682,414 ) $ ( 32,671 ) $ 677,262 $ ( 23,576,163 )

Combining Statements of Operations for the Three Months Ended June 30, 2025

Teucrium Corn Fund

Teucrium Soybean Fund

Teucrium Sugar Fund

Teucrium Wheat Fund

Teucrium Agricultural Fund

7RCC Spot Bitcoin and Carbon Credit Futures ETF

Teucrium Commodity Trust

Realized and unrealized gain (loss) on trading of commodity futures contracts:

Realized gain (loss) on commodity futures contracts

$ ( 1,168,091 ) $ ( 35,053 ) $ ( 750,468 ) $ ( 6,080,137 ) $ - $ - $ - $ ( 8,033,749 )

Net change in unrealized appreciation (depreciation) on commodity futures contracts

( 1,171,337 ) 514,312 ( 421,808 ) ( 45,543 ) - - - ( 1,124,376 )

Realized gain (loss) on securities

( 261,858 ) 261,858 -

Net change in unrealized appreciation (depreciation) on securities

( 164,615 ) 164,615 -

Interest income

536,511 276,434 112,041 1,282,389 134 - - 2,207,509

Total income (loss)

( 1,802,917 ) 755,693 ( 1,060,235 ) ( 4,843,291 ) ( 426,339 ) - 426,473 ( 6,950,616 )

Management fees

123,779 63,365 25,999 298,015 - - - 511,158

Professional fees

65,562 33,999 20,392 156,085 15,747 - - 291,785

Distribution and marketing fees

245,629 131,839 51,926 481,728 36,760 - - 947,882

Custodian fees and expenses

23,803 10,335 6,701 49,700 2,123 - - 92,662

Business permits and licenses fees

11,444 9,299 7,004 8,941 3,744 - - 40,432

General and administrative expenses

19,804 11,406 5,901 34,781 3,785 - - 75,677

Other expenses

1,238 634 260 2,980 6 - - 5,118

Total expenses

$ 491,259 $ 260,877 $ 118,183 $ 1,032,230 $ 62,165 $ - $ - $ 1,964,714

Expenses waived by the Sponsor

$ - $ - $ - $ - $ ( 59,263 ) $ - $ - $ ( 59,263 )

Total expenses, net

$ 491,259 $ 260,877 $ 118,183 $ 1,032,230 $ 2,902 $ - $ - $ 1,905,451

Net income (loss)

$ ( 2,294,176 ) $ 494,816 $ ( 1,178,418 ) $ ( 5,875,521 ) $ ( 429,241 ) $ - $ 426,473 $ ( 8,856,067 )

Combining Statements of Operations for March 31, 2025

Combining Statements of Operations for the Six Months Ended June 30, 2025

Teucrium Corn Fund

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Note 10 – Subsequent Events

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:

Management has evaluated the financial statements for the quarter-ended June 30, 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.

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 %.

The total net assets of the Teucrium Sugar Fund increased by 22.6 % from March 31, 2026 to May 8, 2026.

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 %).

The total net assets of the Teucrium Soybean Fund increased by 20.3 % from June 30, 2026 to August 13, 2026.

This was caused by an increase in the shares outstanding of 16.5 % and an increase in the NAV/share of 3.3 %.

The total net assets of the Teucrium Sugar Fund decreased by ( 25.7 %) from June 30, 2026 to August 13, 2026.

This was caused by a decrease in the shares outstanding by ( 33.0 %) and partially offset by an increase in the NAV/share of 11.0 %.

Nothing to report.

The total net assets of the Teucrium Agricultural Fund decreased by ( 26.1 %) from March 31, 2026 to May 8, 2026.

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.

Nothing to report

Management ’ s Discussion and Analysis of Financial Condition and Results of Operations.

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On September 17, 2025, BTCK was established as a new series of the Trust.

The fund has not commenced investment operations.

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

Other than the initial capitalization, the Fund had no operations, no investment activity, and no realized or unrealized gains or losses during the three months ended March 31, 2026.

The Fund commenced operations on June 3, 2026.

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

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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.

The responses of countries and political bodies to Russia’s actions, the larger overarching tensions, and Ukraine’s military response and the potential for wider conflict may increase financial market volatility generally, have severe adverse effects on regional and global economic markets, and cause volatility in commodity prices including energy and grain prices, due to the region’s importance to these markets, potential impacts to global transportation and shipping, and other supply chain disruptions.

For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, Hamas and other militant groups in the Middle East, and related sanctions and trading restrictions, have caused and could continue to cause significant market disruptions and volatility globally.

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.

Such events may occur in the future, due to the region’s importance to these markets, potential impacts to global transportation and shipping, and other supply chain disruptions, and adversely impact a Fund’s ability to achieve its investment objective.

These events are unpredictable and may lead to extended periods of price volatility.

More generally, a climate of uncertainty and panic, may adversely affect global, regional, and local economies and reduce the availability of potential investment opportunities, and increases the difficulty of performing due diligence and modeling market conditions, potentially reducing the accuracy of financial projections.

Under these circumstances, a Fund may have difficulty achieving its investment objective which may adversely impact performance.

Further, such events can be highly disruptive to economies and markets, significantly disrupt the operations of individual companies (including, but not limited to, a Fund’s Sponsor and third party service providers), sectors, industries, markets, securities and commodity exchanges, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of a Fund’s investments.

These factors could cause substantial market volatility, exchange trading suspensions and closures that could impact the ability of a Fund to complete redemptions and otherwise affect Fund performance and Fund trading in the secondary market.

A widespread crisis may also affect the global economy in ways that cannot necessarily be foreseen at the current time.

How long such events will last and whether they will continue or recur cannot be predicted.

Impacts from these events could have significant impact on the Trust’s performance, resulting in losses to your investment.

The past, current and future global economic impact may cause the underlying assumptions and expectations of the Fund to become outdated quickly or inaccurate, resulting in significant losses.

The Investment Objectives of the Funds

33 unchanged sentences

Underlying Fund

The investment objective of BTCK is to have the daily changes in the NAV of the Fund’s Shares reflect the daily changes of the price of bitcoin and the value of Carbon Credit Futures as represented by the 7RCC Kaiko Bitcoin Carbon Credit Index, less expenses from the Fund’s operations.

BTCK Benchmark

Regulated Carbon Credit Futures

The notional amount of each Benchmark Component Futures Contract included in each Benchmark is intended to reflect the changes in market value of each such Benchmark Component Futures Contract within the Benchmark.

2 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.

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:

The following tables reflect the June 30, 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.

CBOT corn futures JUL26 (4,586 contracts)

CBOT corn futures SEP26 (2,910 contracts)

CBOT corn futures DEC26 (2,384 contracts)

CBOT corn futures DEC27 (2,583 contracts)

SOYB Benchmark Component Futures Contracts

NOTIONAL AMT.

CBOT soybean futures JUL26 (326 contracts)

CBOT soybean futures NOV26 (294 contracts)

CBOT soybean futures JAN27 (249 contracts)

CBOT soybean futures NOV27 (298 contracts)

1 unchanged sentence

NOTIONAL AMT.

ICE sugar futures JUL26 (1,357 contracts)

ICE sugar futures OCT26 (1,136 contracts)

ICE sugar futures MAR27 (1,443 contracts)

ICE sugar futures MAY27 (1,252 contracts)

ICE sugar futures MAR28 (1,366 contracts)

WEAT Benchmark Component Futures Contracts

NOTIONAL AMT.

CBOT wheat futures JUL26 (3,393 contracts)

CBOT wheat futures SEP26 (3,167 contracts)

CBOT wheat futures DEC26 (2,647 contracts)

CBOT wheat futures DEC27 (2,824 contracts)

TAGS Benchmark Component Shares

3 unchanged sentences

Teucrium Sugar Fund

BTCK Benchmark Components

NOTIONAL AMT.

ICE European Carbon Allowances futures Dec 26 (3 contracts)

The price relationship between the near month Futures Contract to expire and the Benchmark Component Futures Contracts will vary and may impact both the total return of each Fund over time and the degree to which such total return tracks the total return of the price indices related to the commodity of each Fund.

23 unchanged sentences

If the Fund reinvests the earned interest income, it makes investments that are consistent with its investment objectives as disclosed.

Any cash equivalent invested by a Fund will have original maturity dates of three and nine months or less at inception.

Any cash equivalent invested by a Fund will have original maturity dates of three months or less at inception.

Any cash equivalent invested by a Fund will be deemed by the Sponsor to be of investment grade quality.

As of March 31, 2026, available cash balances in each of the Funds were invested in the U.S.

As of June 30, 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.

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.

Treasury obligations with time to maturity of three months or less.

The obligations are purchased and held in the respective Fund accounts through the FCM.

53 unchanged sentences

Performance Summary

This report covers the periods from January 1 to March 31, 2026 for CORN, SOYB, CANE, WEAT, and TAGS.

This report covers the periods from January 1 to June 30, 2026 for CORN, SOYB, CANE, WEAT, and TAGS, BTCK commenced operations on June 3, 2026.

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”).

50 unchanged sentences

Income (loss) from investment operations:

Investment income

Net realized and unrealized gain (loss) on investment transactions

5 unchanged sentences

Total expenses, net

Net investment loss

BTCK Per Share Operation Performance

Net asset value at beginning of period

Income (loss) from investment operations:

Investment income

Net realized and unrealized gain (loss) on investments

Total expenses, net

Net decrease in net asset value

Net asset value at end of period

Ratios to Average Net Assets (Annualized)

Total expenses before taxes

Total expenses, net before taxes

Past performance of a Fund is not necessarily indicative of future performance.

1 unchanged sentence

The following includes a section for each Fund of the Trust.

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 discussion below addresses the material changes in the results of operations for the three and six months ended June 30, 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.

CORN, SOYB, WEAT, CANE and TAGS each operated for the entirety of all periods.

CORN, SOYB, WEAT, CANE, TAGS each operated for the entirety of all periods.

BTCK commenced operations June 3, 2026.

Total expenses for the current and comparative periods 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”).

6 unchanged sentences

BTCK is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 0.68% per annum.

The Agricultural Funds and BTCK generally pay for all brokerage fees, taxes, and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the SEC, the Financial Industry Regulatory Authority (“FINRA”), or any other regulatory agency in connection with the offer and sale of subsequent Shares after its initial registration and all legal, accounting, printing and other expenses associated therewith.

Each Fund also pays its portion of the fees and expenses associated with the Trust’s tax accounting and reporting requirements.

11 unchanged sentences

The Fund does not track the spot price of corn.

On March 31, 2026, CORN held a total of 12,932 CBOT Corn Futures contracts with a notional value of $306,708,151.

On June 30, 2026, CORN held a total of 7,877 CBOT Corn Futures contracts with a notional value of $173,244,250.

The contracts had an asset fair value of $0 and a liability fair value of $20,676,471.

The weighting of the notional value of the contracts is as follows:

(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

March 31, 2026

(1) 35% to the SEP26 contracts, the second to expire CBOT Corn Futures Contract, (2) 30% to DEC26 CBOT contracts, the third to expire CBOT Corn Futures Contract, and (3) 35% to DEC27 CBOT contracts, the CBOT Corn Futures Contract expiring in the December following the expiration month of the third to expire contract.

Quarter Ended

June 30, 2026

June 30, 2025

March 31, 2026

December 31, 2025

Total Net Assets

3 unchanged sentences

Total net assets for the Fund increased year over year by 288%, driven by a combination of an increase in total shares outstanding of 7,824,996 shares or 310% and a decrease in the NAV per share of ($0.95) or (5%).

The net assets for the Fund increased by 553% when comparing March 31, 2026, to December 31, 2025.

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.

For the Three Months Ended March 31, 2026, compared to the Three Months Ended March 31, 2025

The net assets for the Fund decreased by (44%) when comparing June 30, 2026, to March 31, 2026.

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.

For the Three Months Ended June 30, 2026, compared to the Three Months Ended June 30, 2025

Three Months Ended

March 31, 2026

March 31, 2025

June 30, 2026

June 30, 2025

Average daily total net assets

12 unchanged sentences

Redemption of Shares

For the Six Months Ended June 30, 2026, compared to the Six Months Ended June 30, 2025

Six Months Ended

June 30, 2026

June 30, 2025

Average daily total net assets

Net realized and unrealized loss on futures contracts

Interest income earned on cash and cash equivalents

Annualized interest yield based on average daily total net assets

Net Income (Loss)

Weighted average share outstanding

Management Fees

Total gross fees and other expenses excluding management fees

Brokerage Commissions

Total gross expense ratio

Total expense ratio net of expenses waived by the Sponsor

Net investment gain

Creation of Shares

Redemption of Shares

Realized gain or loss on trading of commodity futures contracts is a function of:

4 unchanged sentences

The increase in interest and other income year over year was due to higher average net assets and interest rates.

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.

As a result, the amount of interest income earned was higher in the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 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.

2 unchanged sentences

The increase in management fee paid to the Sponsor is a result of higher average net assets.

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.

As a result of the increase the amount of assets of the Fund, the amount of management fees was higher in the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 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.

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 increase in total gross fees and other expenses excluding management fees for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 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.

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 graph below shows the actual shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to June 30, 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%.

On March 31, 2026, the Fund held a total of 964 CBOT soybean futures contracts with a notional value of $55,490,425.

On June 30, 2026, the Fund held a total of 841 CBOT soybean futures contracts with a notional value of $48,177,138.

The contracts had an asset fair value of $242,041 and had a liability fair value of $943,813.

The weighting of the notional value of the contracts is as follows:

(1) 35% to JUL26 CBOT contracts, (2) 30% to NOV26 CBOT contracts, and (3) 35% to NOV27 CBOT contracts.

Quarter Ending

March 31, 2026

(1) 35% to NOV26 CBOT contracts, (2) 30% to JAN27 CBOT contracts, and (3) 35% to NOV27 CBOT contracts.

Quarter Ended

June 30, 2026

June 30, 2025

March 31, 2026

December 31, 2025

Total Net Assets

3 unchanged sentences

Total net assets for the Fund increased year over year by 81%, driven by a combination of an increase in total shares outstanding of 749,996 shares or 61% and by an increase in the NAV per share of $2.63 or 12%.

The net assets for the Fund increased by 43% when comparing March 31, 2026, to December 31, 2025.

The net assets for the Fund decreased by (13)% when comparing June 30, 2026, to March 31, 2026.

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.

For the Three Months Ended March 31, 2026, compared to the Three Months Ended March 31, 2025

For the Three Months Ended June 30, 2026, compared to the Three Months Ended June 30, 2025

Three Months Ended

March 31, 2026

March 31, 2025

June 30, 2026

June 30, 2025

Average daily total net assets

12 unchanged sentences

Redemption of Shares

For the Six Months Ended June 30, 2026, compared to the Six Months Ended June 30, 2025

Six Months Ended

June 30, 2026

June 30, 2025

Average daily total net assets

Net realized and unrealized loss on futures contracts

Interest income earned on cash and cash equivalents

Annualized interest yield based on average daily total net assets

Net income (loss)

Weighted average share outstanding

Management Fees

Total gross fees and other expenses excluding management fees

Brokerage Commissions

Expenses waived by the Sponsor

Total gross expense ratio

Total expense ratio net of expenses waived by the Sponsor

Net investment gain

Creation of Shares

Redemption of Shares

Realized gain or loss on trading of commodity futures contracts is a function of:

4 unchanged sentences

The increase in interest and other income year over year was due to higher average net assets and interest rates.

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.

As a result, the amount of interest income earned as a percentage of average daily total net assets was higher in the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 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.

2 unchanged sentences

The increase in management fees paid to the Sponsor is a result of higher average net assets.

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.

As a result of the increase in the amount of assets of the Fund, the amount of management fees was higher in the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 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.

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.

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%.

On March 31, 2026, the Fund held a total of 3,768 ICE sugar futures contracts with a notional value of $68,085,147.

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:

(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

March 31, 2026

On June 30, 2026, the Fund held a total of 4,061 ICE sugar futures contracts with a notional value of $72,789,473.

The contracts had an asset fair value of $149,012 and a liability fair value of $827,027.

The weighting of the notional value of the contracts is as follows:

(1) 35% to the MAR27 ICE No 11 contracts, (2) 30% to the MAY27 ICE No 11 contracts, and (3) 35% to the MAR28 ICE No 11 contracts.

Quarter Ended

June 30, 2026

June 30, 2025

March 31, 2026

December 31, 2025

Total Net Assets

3 unchanged sentences

Total net assets for the Fund increased year over year by 601%, driven by a combination of an increase in total shares outstanding of 6,474,996 or 682% and a decrease in the NAV per share of ($1.13) or (10%).

The net assets for the Fund increased by 31% when comparing March 31, 2026, to December 31, 2025.

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.

For the Three Months Ended March 31, 2026, compared to the Three Months Ended March 31, 2025

The net assets for the Fund increased by 7% when comparing June 30, 2026, to March 31, 2026.

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 , the appreciation of commodity prices which were 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.

For the Three Months Ended June 30, 2026, compared to the Three Months Ended June 30, 2025

Three Months Ended

March 31, 2026

March 31, 2025

June 30, 2026

June 30, 2025

Average daily total net assets

12 unchanged sentences

Redemption of Shares

For the Six Months Ended June 30, 2026, compared to the Six Months Ended June 30, 2025

Six Months Ended

June 30, 2026

June 30, 2025

Average daily total net assets

Net realized and unrealized gain on futures contracts

Interest income earned on cash and cash equivalents

Annualized interest yield based on average daily total net assets

Net income (loss)

Weighted average share outstanding

Management Fees

Total gross fees and other expenses excluding management fees

Brokerage Commissions

Expenses waived by the Sponsor

Total gross expense ratio

Total expense ratio net of expenses waived by the Sponsor

Net investment gain

Creation of Shares

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.

The increase in interest and other income year over year was due to interest rates, and higher average net assets.

The increase in interest and other income year over year was due to increased interest rates, and higher average net assets.

The Fund seeks to earn interest and other income in investment grade, short-duration instruments or deposits associated with the pool’s cash management strategy that may be used to offset expenses.

2 unchanged sentences

The increase in management fee paid to the Sponsor is a result of higher average net assets.

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.

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 increase in total gross fees and other expenses excluding management fees for the three and six months ended June 30, 2026, respectively, compared to the three and six months ended June 30, 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.

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%.

On March 31, 2026, the Fund held a total of 9,494 CBOT wheat futures contracts with a notional value of $303,622,075.

On June 30, 2026, the Fund held a total of 8,638 CBOT wheat futures contracts with a notional value of $266,575,913.

The contracts had an asset fair value of $0 and a liability fair value of $24,668,372.

The weighting of the notional value contracts is as follows:

(1) 35% to JUL26 CBOT contracts, (2) 30% to SEP26 CBOT contracts, and (3) 35% to DEC26 CBOT contracts.

Quarter Ending

March 31, 2026

(1) 35% to SEP26 CBOT contracts, (2) 30% to DEC26 CBOT contracts, and (3) 35% to DEC27 CBOT contracts.

Quarter Ended

June 30, 2026

June 30, 2025

March 31, 2026

December 31, 2025

Total Net Assets

5 unchanged sentences

The per share information for prior periods have been retroactively adjusted to reflect this reverse stock split.

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%.

The net assets for the Fund increased by $190,547,933 or approximately 169% when comparing March 31, 2026 to December 31, 2025.

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.

For the Three Months Ended March 31, 2026, compared to the Three Months Ended March 31, 2025

Total net assets for the Fund increased year over year by 127%, driven by an increase in the shares outstanding of 6,789,969 or 129%, and a decrease in the NAV per share of ($0.16) or (0.01)%.

The net assets for the Fund decreased by ($37,039,938) or approximately (12%) when comparing June 30, 2026 to March 31, 2026.

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 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.

For the Three Months Ended June 30, 2026, compared to the Three Months Ended June 30, 2025

Three Months Ended

March 31, 2026

March 31, 2025

June 30, 2026

June 30, 2025

Average daily total net assets

12 unchanged sentences

Redemption of Shares

For the Six Months Ended June 30, 2026, compared to the Six Months Ended June 30, 2025

Six Months Ended

June 30, 2026

June 30, 2025

Average daily total net assets

Net realized and unrealized loss on futures contracts

Interest income earned on cash and cash equivalents

Annualized interest yield based on average daily total net assets

Net income (loss)

Weighted average share outstanding

Management Fees

Total gross fees and other expenses excluding management fees

Brokerage Commissions

Total gross expense ratio

Total expense ratio net of expenses waived by the Sponsor

Net investment gain

Creation of Shares

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.

The increase in interest and other income year over year was due to an increase in average net assets and declining interest rates.

The increase in interest and other income year over year was due to an increase in average net assets and increased interest rates.

The Fund seeks to earn interest and other income in investment grade, short-duration instruments or deposits associated with the pool’s cash management strategy that may be used to offset expenses.

2 unchanged sentences

The increase in management fee paid to the Sponsor is a result of higher average net assets.

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.

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 increase in total gross fees and other expenses excluding management fees for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 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.

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%.

On March 31, 2026, the Fund held:

On June 30, 2026, the Fund held:

1) 273,944 shares of CORN with a fair value of $4,588,562;

2 unchanged sentences

and 4) 460,591 shares of CANE with a fair value of $4,509,186.

The weighting on March 31, 2026 was 25% to CORN, 25% to WEAT, 25% to SOYB and 25% to CANE.

Quarter Ending

March 31, 2026

The weighting on June 30, 2026 was 25% to CORN, 25% to WEAT, 25% to SOYB and 25% to CANE.

Quarter Ended

June 30, 2026

June 30, 2025

March 31, 2026

December 31, 2025

Total Net Assets

2 unchanged sentences

Closing Price

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%).

The net assets for the Fund increased by 384% when comparing March 31, 2026 to December 31, 2025.

For the Three Months Ended March 31, 2026, compared to the Three Months Ended March 31, 2025

Total net assets for the Fund increased year over year by 108%, driven by an increase in shares outstanding of 399,998 shares or 110% and a decrease in the NAV per share of ($0.24) or (1%).

The net assets for the Fund decreased by (40%) when comparing June 30, 2026 to March 31, 2026.

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 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.

For the Three Months Ended June 30, 2026, compared to the Three Months Ended June 30, 2025

Three Months Ended

March 31, 2026

March 31, 2025

June 30, 2026

June 30, 2025

Average daily total net assets

11 unchanged sentences

Redemption of Shares

For the Six Months Ended June 30, 2026, compared to the Six Months Ended June 30, 2025

Six Months Ended

June 30, 2026

June 30, 2025

Average daily total net assets

Net realized and unrealized loss on securities

Interest income earned on cash and cash equivalents

Annualized interest yield based on average daily total net assets

Net income (loss)

Weighted average share outstanding

Total gross fees and other expenses

Expenses waived by the Sponsor

Total gross expense ratio

Total expense ratio net of expenses waived by the Sponsor

Net investment loss

Creation of Shares

Redemption of Shares

Realized gain or loss on the securities of the Underlying Funds is a function of 1) the change in the price of particular contracts sold in relation to redemption of shares, 2) the gain or loss associated with rebalancing trades which are made to ensure conformance to the benchmark and 3) the full-turn brokerage commission fee recognized on a per trade basis.

6 unchanged sentences

The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.

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 decrease in total gross fees and other expenses for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 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.

Market Outlook

Commodities in general are primarily priced and traded in US dollars.

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.

Furthermore, US fiscal and monetary policy is of particular importance given that commodities are largely priced in US dollars.

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.

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.

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.

Higher CPI and PCE levels signal inflation, whereas lower CPI and PCE levels suggest deflation.

Higher inflation expectations may result in increased investor demand for commodities.

The Corn Market

Corn is currently the most widely produced livestock feed grain in the United States.

The two largest demands of the United States’ corn crop are used in livestock feed and ethanol production.

Corn is also processed into food and industrial products, including starch, sweeteners, corn oil, beverages, and industrial alcohol.

The United States Department of Agriculture (“USDA”) publishes weekly, monthly, quarterly, and annual updates for U.S.

domestic and worldwide corn production and consumption, and for other grains such as soybeans and wheat which can be used in some cases as a substitute for corn.

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

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.

For example, in late February 2022, Russia invaded Ukraine, significantly amplifying existing geopolitical tensions among Russia and other countries in the region and in the west.

The responses of countries and political bodies to Russia’s actions, Ukraine’s military response and the potential for wider conflict may increase financial market volatility.

Generally, these adverse effects may cause continued volatility in the price of corn, corn futures, and the share price of the Fund.

The price per bushel of corn in the United States is primarily a function of both U.S.

and global production and demand.

Long term impacts from sanctions, shipping disruptions, collateral war damage, and a potential expansion of the conflict between Russia and Ukraine could further disrupt the availability of corn supplies.

These impacts remain important to track as both countries have played important roles in supplying grain to other parts of the world.

Recent geopolitical, economic and inflationary events may have impacted the level of “backwardation” that the Fund's holdings experienced and potentially placed upward pressure on the prices of a wide variety of commodities.

As a result, near to expire contracts can trade at a higher price than longer to expire contracts, a situation referred to as “backwardation.” Putting aside the impact of the overall movement in prices of corn and corn futures, the Benchmark Component Futures Contracts (the corn futures contracts that the Fund invests in to achieve its investment objective) would tend to rise as they approach expiration.

This backwardation may benefit the Fund because it will sell more expensive contracts and buy less expensive contracts on an ongoing basis.

Conversely, in the event of a corn futures market where near to expire contracts trade at a lower price than longer to expire contracts, a situation referred to as “contango,” then absent the impact of the overall movement in corn prices the value of the Benchmark Component Futures Contracts would tend to decline as they approach expiration.

If the price of corn and corn futures were to decline, the Fund would experience the negative impact of contango.

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

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

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

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.

Besides the United States, other principal world corn exporters include Argentina, Brazil, Russia, South Africa, and Ukraine.

Major import nations include Mexico, Japan, the European Union (EU), South Korea, Egypt, and parts of Southeast Asia.

China’s production at 295 MMT is approximately 9% less than its domestic usage.

According to the USDA, global corn consumption has increased just over 663% from crop years 1960/1961 to 2025/2026 as demonstrated by the graph below and is projected to continue to grow in coming years.

Consumption growth is the result of a combination of many factors including:

1) global population growth, which, according to the U.S.

Census Department, is estimated to reach 9.7 billion by 2050;

2) a growing global middle class which is increasing the demand for protein and meat-based products globally and most significantly in developing countries;

and 3) increased use of biofuels, including ethanol in the United States.

Global corn consumption may fluctuate year over year due to any number of reasons which may include, but is not limited to, economic conditions, global health concerns, international trade policy.

Corn is a staple commodity used pervasively across the globe so that any contractions in consumption may only be temporary as has historically been the case.

While global consumption of corn has increased over the 1960/1961-2025/2026 period, so has production, driven by increases in acres planted and yield per acre.

However, according to the USDA and United Nations, future growth in planted acres and yield may be inhibited by lower productive land, and lack of infrastructure and transportation.

In addition, agricultural crops such as corn are highly weather dependent for yield and therefore susceptible to changing weather patterns.

In addition, given the current production/consumption patterns, nearly 100% of all corn produced globally is consumed which leaves minimal excess inventory if production issues arise.

The price per bushel of corn in the United States is primarily a function of both U.S.

and global production, as well as U.S.

and global demand.

The graph below shows the USDA published price per bushel by month for the period January 2007 to February 2026.

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.

Standard Corn Futures Contracts trade on the CBOT in units of 5,000 bushels.

Three grades of corn are deliverable under CBOT Corn Futures Contracts:

Number 1 yellow, which may be delivered at 1.5 cents over the contract price;

Number 2 yellow, which may be delivered at the contract price;

and Number 3 yellow, between a 2 and 4 cents per bushel under contract price depending on broken corn and foreign material and damage grade factors.

There are five months each year in which CBOT Corn Futures Contracts expire:

March, May, July, September, and December.

If the futures market is in a state of backwardation (i.e., when the price of corn in the future is expected to be less than the current price), the Fund will buy later to expire contracts for a lower price than the sooner to expire contracts that it sells.

Hypothetically, and assuming no changes to either prevailing corn prices or the price relationship between immediate delivery, soon to expire contracts and later to expire contracts, the value of a contract will rise as it approaches expiration.

Over time, if backwardation remained constant, the differences would continue to increase.

If the futures market is in contango, the Fund will buy later to expire contracts for a higher price than the sooner to expire contracts that it sells.

Hypothetically, and assuming no other changes to either prevailing corn prices or the price relationship between the spot price, soon to expire contracts and later to expire contracts, the value of a contract will fall as it approaches expiration.

Over time, if contango remained constant, the difference would continue to increase.

Historically, the corn futures markets have experienced periods of both contango and backwardation.

Frequently, whether contango or backwardation exists is a function, among other factors, of the seasonality of the corn market and the corn harvest cycle.

All other things being equal, a situation involving prolonged periods of contango may adversely impact the returns of the Fund;

conversely a situation involving prolonged periods of backwardation may positively impact the returns of the Fund.

Futures contracts may be either bought or sold, long or short.

The CFTC weekly releases the “Commitment of Traders” (COT) report, which depicts the open interest as well as long and short positions in the market.

Market participants may use this report to gauge market sentiment.

The Soybean Market

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

The USDA has estimated that, for the Crop Year 2025-26, the United States will produce approximately 117 MMT of soybeans or approximately 27% of estimated world production, with Brazil production at 175 MMT.

Argentina is projected to produce about 49 MMT.

For 2025-26, based on the September 2025 USDA report, global consumption of 424 MMT is estimated slightly lower than global production of 426 MMT.

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

Global soybean consumption may fluctuate year over year due to any number of reasons which may include, but is not limited to, economic conditions, global health concerns, and international trade policy.

Soybeans are a staple commodity used pervasively across the globe so that any contractions in consumption may only be temporary as has historically been the case.

The USDA publishes weekly, monthly, quarterly, and annual updates for U.S.

domestic and worldwide soybean production and consumption.

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

The outlook provided below is from the April 2026 USDA report.

For example, in late February 2022, Russia invaded Ukraine, significantly amplifying existing geopolitical tensions among Russia and other countries in the region and in the west.

Global response to Russia’s actions, the larger overarching tensions, and Ukraine’s military response may increase financial market volatility generally, have severe adverse effects on global economic markets, and cause volatility in the price of agricultural products, including agricultural futures, and the share price of the Fund.

The price per bushel of soybeans in the United States is primarily a function of both U.S.

and global production and demand.

The price per bushel of soybeans can be affected by the price of corn; because corn and soybeans are planted on the same acres, farmers must choose which crop to plant each year.

If corn prices rise enough to incentivize the planting of corn over soybeans, the supply and price of soybeans could be affected.

China remains the largest importer of soybeans in the world.

Volatility, trading volumes, and prices in global corn and soybean markets have risen dramatically and are expected to continue indefinitely at elevated levels.

Given all of the above factors, the Sponsor has no ability to discern when current high levels of volatility will subside.

As a result, near to expire contracts trade at a higher price than longer to expire contracts, a situation referred to as “backwardation.” Putting aside the impact of the overall movement in prices of soybeans and soybean futures, the Benchmark Component Futures Contracts (the soybean futures contracts that the Fund invests in to achieve its investment objective) would tend to rise as they approach expiration.

This backwardation may benefit the Fund because it will sell more expensive contracts and buy less expensive contracts on an ongoing basis.

Conversely, in the event of a soybean futures market where near to expire contracts trade at a lower price than longer to expire contracts, a situation referred to as “contango,” then absent the impact of the overall movement in soybean prices the value of the Benchmark Component Futures Contracts would tend to decline as they approach expiration.

If the prices of soybeans and soybean futures were to decline, for example the Fund would experience the negative impact of contango.

The soybean processing industry converts soybeans into soybean meal, soybean hulls, and soybean oil.

Soybean meal and soybean hulls are processed into soy flour or soy protein, which are used, along with other commodities, by livestock producers and the fish farming industry as feed.

Soybean oil is sold in multiple grades and is used by the food, petroleum, and chemical industries.

The food industry uses soybean oil in cooking and salad dressings, baking and frying fats, and butter substitutes, among other uses.

In addition, the soybean industry continues to introduce soy-based products as substitutes to various petroleum-based products including lubricants, plastics, inks, crayons, and candles.

Soybean oil is also converted to biodiesel and renewable diesel for use as fuel.

Standard Soybean Futures Contracts trade on the CBOT in units of 5,000 bushels, although 1,000 bushel “mini-sized” Soybean Futures Contracts also trade.

Three grades of soybeans are deliverable under CBOT Soybean Futures Contracts:

Number 1 yellow, which may be delivered at 6 cents per bushel over the contract price;

Number 2 yellow, which may be delivered at the contract price;

and Number 3 yellow, which may be delivered at 6 cents per bushel under the contract price.

There are seven months each year in which CBOT Soybean Futures Contracts expire:

January, March, May, July, August, September, and November.

If the futures market is in a state of backwardation (i.e., when the price of soybeans in the future is expected to be less than the current price), the Fund will buy later to expire contracts for a lower price than the sooner to expire contracts that it sells.

Hypothetically, and assuming no changes to either prevailing soybean prices or the price relationship between immediate delivery, soon to expire contracts and later to expire contracts, the value of a contract will rise as it approaches expiration.

If the futures market is in contango, the Fund will buy later to expire contracts for a higher price than the sooner to expire contracts that it sells.

Hypothetically, and assuming no other changes to either prevailing soybean prices or the price relationship between the spot price, soon to expire contracts and later to expire contracts, the value of a contract will fall as it approaches expiration.

Historically, the soybeans futures markets have experienced periods of both contango and backwardation.

Frequently, whether contango or backwardation exists is a function, among other factors, of the seasonality of the soybean market and the soybean harvest cycle.

All other things being equal, a situation involving prolonged periods of contango may adversely impact the returns of the Fund;

conversely a situation involving prolonged periods of backwardation may positively impact the returns of the Fund.

The price per bushel of soybeans in the United States is primarily a function of both U.S.

and global production, as well as U.S.

and global demand.

The graph below shows the USDA published price per bushel by month for the period January 2007 to February2026.

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.

The Sugar Market

Sugarcane accounts for nearly 80% of the world’s sugar production, while sugar beets account for the remainder of the world’s sugar production.

Sugar manufacturers use sugar beets and sugarcane as the raw material from which refined sugar (sucrose) for industrial and consumer use is produced.

Sugar is produced in various forms, including granulated, powdered, liquid, brown, and molasses.

The food industry (in particular, producers of baked goods, beverages, cereal, confections, and dairy products) uses sugar and sugarcane molasses to make sugar-containing food products.

Sugar beet pulp and molasses products are used as animal feed ingredients.

Ethanol is an important by-product of sugarcane processing.

Additionally, the material that is left over after sugarcane is processed is used to manufacture paper, cardboard, and “environmentally friendly” eating utensils.

For example, in late February 2022, Russia invaded Ukraine, significantly amplifying existing geopolitical tensions among Russia and other countries in the region and in the west.

The responses of countries and political bodies to Russia’s actions, the larger overarching tensions, and Ukraine’s military response and the potential for wider conflict may increase financial market volatility generally, have severe adverse effects on global economic markets, and cause volatility in the price of agricultural products, including agricultural futures, and the share price of the Fund.

The price per pound of sugar in the United States is primarily a function of both U.S.

and global production and demand as well as expansive protectionist policies implemented by the US Government.

Russian production of sugar comes primarily from sugar beets.

Ukraine’s sugar production is small and relatively inconsequential to global sugar markets.

Now at question is the ability of farmers in both countries to plant this season’s sugar beet crop.

Volatility, trading volumes, and prices in global sugar markets have risen dramatically and are expected to continue indefinitely at extreme elevated levels.

Given all of the above factors, the Sponsor has no ability to discern when current high levels of volatility will subside.

As a result, near to expire contracts trade at a higher price than longer to expire contracts, a situation referred to as “backwardation.” Putting aside the impact of the overall movement in prices of sugar and sugar futures, the Benchmark Component Futures Contracts (the sugar futures contracts that the Fund invests in to achieve its investment objective) would tend to rise as they approach expiration.

This backwardation may benefit the Fund because it will sell more expensive contracts and buy less expensive contracts on an ongoing basis .

Conversely, in the event of a sugar futures market where near to expire contracts trade at a lower price than longer to expire contracts, a situation referred to as “contango,” then absent the impact of the overall movement in sugar prices the value of the Benchmark Component Futures Contracts would tend to decline as they approach expiration.

If the prices of sugar and sugar futures were to decline the Fund would experience the negative impact of contango.

The Sugar No.

11 Futures Contract is the world benchmark contract for raw sugar trading.

This contract prices the physical delivery of raw cane sugar, delivered to the receiver’s vessel at a specified port within the country of origin of the sugar.

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

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

domestic and worldwide sugar production and consumption.

These are usually released in November and May.

In addition, the USDA publishes periodic, but not as comprehensive, reports on sugar monthly.

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

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.

Stocks are forecasted to rise primarily due to India and China.

Sugar is a staple commodity used pervasively across the globe so that any contractions in consumption may only be temporary as has historically been the case.

https://apps.fas.usda.gov/psdonline/circulars/sugar.pdf

If the futures market is in a state of backwardation (i.e., when the price of sugar in the future is expected to be less than the current price), the Fund will buy later to expire contracts for a lower price than the sooner to expire contracts that it sells.

Hypothetically, and assuming no changes to either prevailing sugar prices or the price relationship between immediate delivery, soon to expire contracts and later to expire contracts, the value of a contract will rise as it approaches expiration.

If the futures market is in contango, the Fund will buy later to expire contracts for a higher price than the sooner to expire contracts that it sells.

Hypothetically, and assuming no other changes to either prevailing sugar prices or the price relationship between the spot price, soon to expire contracts and later to expire contracts, the value of a contract will fall as it approaches expiration.

Historically, the sugar futures markets have experienced periods of both contango and backwardation.

Frequently, whether contango or backwardation exists is a function, among other factors, of the seasonality of the sugar market and the sugar harvest cycle.

All other things being equal, a situation involving prolonged periods of contango may adversely impact the returns of the Funds;

conversely a situation involving prolonged periods of backwardation may positively impact the returns of the Funds.

Futures contracts may be either bought or sold long or short.

The CFTC weekly releases the “Commitment of Traders” (COT) report, which depicts the open interest as well as long and short positions in the market.

Market participants may use this report to gauge market sentiment.

The Wheat Market

Wheat is used to produce flour, the key ingredient for breads, pasta, crackers, and many other food products, as well as several industrial products such as starches and adhesives.

Wheat by-products are used in livestock feeds.

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

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

generates approximately 6% of global production, with approximately 45% of that being exported.

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.

Global wheat consumption may fluctuate year over year due to any number of reasons which may include, but is not limited to, economic conditions, global health concerns, international trade policy.

Wheat is a staple commodity used pervasively across the globe so that any contractions in consumption may only be temporary as has historically been the case.

The USDA publishes weekly, monthly, quarterly, and annual updates for U.S.

domestic and worldwide wheat production and consumption.

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

The outlook provided herein is from the April 2026 USDA report.

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.

The responses of countries and political bodies to Russia’s actions, the larger overarching tensions, Ukraine’s military response may increase financial market volatility.

The results can have severe adverse effects on global economic markets, and cause volatility in the price of wheat, wheat futures and the share price of the Fund.

The price per bushel of wheat in the United States is primarily a function of both U.S.

and global wheat production and demand.

Russia and Ukraine, historically, have constituted the top export supply of wheat by volume (approximately 30 percent of total global wheat exports) to the world.

The escalating conflict between the two countries, including but not limited to, sanctions, shipping disruptions, and collateral war damage could further disrupt the availability of wheat supplies.

The conflict has greatly impacted exports of the wheat crop that was harvested last season and is currently in storage.

In addition, the ability of farmers in both countries to plant fall crops could be greatly impacted.

As such, volatility, trading volumes, and prices in global wheat markets have risen dramatically and are expected to continue indefinitely at extreme elevated levels.

Given all of the above factors, the Sponsor has no ability to discern when current high levels of volatility will subside.

Recent geopolitical, economic and inflationary events may have impacted the level of “backwardation” that the Fund’s holdings experienced and potentially placed upward pressure on the prices of a wide variety of commodities.

As a result, near to expire contracts trade at a higher price than longer to expire contracts, a situation referred to as “backwardation.” Putting aside the impact of the overall movement in prices of wheat and wheat futures, the Benchmark Component Futures Contracts (the wheat futures contracts that the Fund invests in to achieve its investment objective) would tend to rise as they approach expiration.

This backwardation may benefit the Fund because it will sell more expensive contracts and buy less expensive contracts on an ongoing basis.

Conversely, in the event of a wheat futures market where near to expire contracts trade at a lower price than longer to expire contracts, a situation referred to as “contango,” then absent the impact of the overall movement in wheat prices the value of the Benchmark Component Futures Contracts would tend to decline as they approach expiration.

If the prices of wheat and wheat futures were to decline, for example, the Fund would experience the negative impact of contango.

There are several types of wheat grown in the U.S., which are classified in terms of color, hardness, and growing season.

CBOT Wheat Futures Contracts call for delivery of #2 soft red winter wheat, which is generally grown in the eastern third of the United States, but other types and grades of wheat may also be delivered (Grade #1 soft red winter wheat, Hard Red Winter, Dark Northern Spring and Northern Spring wheat may be delivered at 3 cents premium per bushel over the contract price and #2 soft red winter wheat, Hard Red Winter, Dark Northern Spring and Northern Spring wheat may be delivered at the contract price.) Winter wheat is planted in the fall and is harvested in the late spring or early summer of the following year, while spring wheat is planted in the spring and harvested in late summer or fall of the same year.

Standard Wheat Futures Contracts trade on the CBOT in units of 5,000 bushels.

There are five months each year in which CBOT Wheat Futures Contracts expire:

March, May, July, September, and December.

If the futures market is in a state of backwardation (i.e., when the price of wheat in the future is expected to be less than the current price), the Fund will buy later to expire contracts for a lower price than the sooner to expire contracts that it sells.

Hypothetically, and assuming no changes to either prevailing wheat prices or the price relationship between immediate delivery, soon to expire contracts and later to expire contracts, the value of a contract will rise as it approaches expiration.

If the futures market is in contango, the Fund will buy later to expire contracts for a higher price than the sooner to expire contracts that it sells.

Hypothetically, and assuming no other changes to either prevailing wheat prices or the price relationship between the spot price, soon to expire contracts and later to expire contracts, the value of a contract will fall as it approaches expiration.

Historically, the wheat futures markets have experienced periods of both contango and backwardation.

Frequently, whether contango or backwardation exists is a function, among other factors, of the seasonality of the wheat market and the wheat harvest cycle.

All other things being equal, a situation involving prolonged periods of contango may adversely impact the returns of the Fund;

conversely a situation involving prolonged periods of backwardation may positively impact the returns of the Fund.

Futures contracts may be either bought or sold, long or short.

The CFTC weekly releases the “Commitment of Traders” (COT) report, which depicts the open interest as well as long and short positions in the market.

Market participants may use this report to gauge market sentiment.

The price per bushel of wheat in the United States is primarily a function of both U.S.

and global production, as well as U.S.

and global demand.

The graph below shows the USDA published price per bushel by month for the period January 2007 to February 2026.

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.

Calculating the Net Asset Value

The NAV of each Fund is calculated by:

taking the current market value of its total assets, and

subtracting any liabilities.

The Administrator calculates the NAV of the Fund once each trading day.

It calculates NAV as of the earlier of the close of the New York Stock Exchange or 4:00 p.m.

The NAV for a particular trading day is released after 4:15 p.m.

In determining the value of the Futures Contracts for each Fund, the Administrator uses the closing price on the exchange on which the commodity or cryptocurrency is traded, commonly referred to as the settlement price.

The time of settlement for each exchange is determined by that exchange and may change from time to time.

The current settlement time for each exchange can be found at the respective website for the CBOT, CME, or ICE, as the case may be, as follows:

1) for the CBOT (CORN, SOYB and WEAT) http://www.cmegroup.com/trading_hours/commodities-hours.html;

2) for ICE (CANE) http://www.theice.com/productguide/Search.shtml?tradingHours=.

The Administrator determines the value of all other investments for each Fund as of the earlier of the close of the New York Stock Exchange or 4:00 p.m., (ET), in accordance with the current Services Agreement between the Administrator and the Trust.

The value of over-the-counter Commodity Interests will be determined based on the value of the commodity or Futures Contract underlying such Commodity Interest, except that a fair value may be determined if the Sponsor believes that a Fund is subject to significant credit risk relating to the counterparty to such Commodity Interest.

For purposes of financial statements and reports, the Sponsor will recalculate the NAV of a specific Fund where necessary to reflect the “fair value” of a Futures Contract when the Futures Contract of such Fund closes at its price fluctuation limit for the day.

Treasury Securities held by the Fund are valued by the Administrator using values received from recognized third-party vendors (such as Reuters) and dealer quotes.

The NAV includes any unrealized profit or loss on open Commodity Interests and any other credit or debit accruing to each Fund but unpaid or not received by the Fund.

In addition, in order to provide updated information relating to the Funds for use by investors and market professionals, ICE Data Indices, LLC calculates and disseminates throughout the trading day an updated indicative fund value for each Fund.

The indicative fund value is calculated by using the prior day’s closing NAV per share of the Fund as a base and updating that value throughout the trading day to reflect changes in the value of the Fund’s Commodity or Cryptocurrency Interests during the trading day.

Changes in the value of short-term Treasury Securities and cash equivalents will not be included in the calculation of indicative value throughout the day.

For this and other reasons, the indicative fund value disseminated during NYSE Arca trading hours should not be viewed as an actual real time update of the NAV for each Fund.

The NAV is calculated only once at the end of each trading day.

The indicative fund value is disseminated on a per Share basis every 15 seconds during regular NYSE Arca trading hours of 9:30 a.m., (ET), to 4:00 p.m., (ET).

The CBOT, CME, and ICE are generally open for trading only during specified hours which vary by exchange and may be adjusted by the exchange.

However, the futures markets on these exchanges do not currently operate twenty-four hours per day.

In addition, there may be some trading hours which may be limited to electronic trading only.

This means that there is a gap in time at the beginning and the end of each day during which the Fund’s Shares are traded on the NYSE Arca, when, for example, real-time CBOT trading prices for Corn Futures Contracts traded on such Exchange are not available.

As a result, during those gaps there will be no update to the indicative fund values.

The most current trading hours for each exchange may be found on the website of that exchange as listed above.

ICE Data Indices, LLC disseminates the intraday indicative value (also referred to in this report as "approximate net asset value") of the Fund's Shares through the facilities of Consolidated Tape Association's Consolidated Quotation High Speed Lines (also known as the "CTA/QC High Speed Lines").

ICE Data Indices, LLC will make the Benchmark information available through online information services, such as Yahoo Finance, Bloomberg, and Reuters.

Dissemination of the indicative fund value provides additional information that is not otherwise available to the public and is useful to investors and market professionals in connection with the trading of Fund Shares on the NYSE Arca.

Investors and market professionals are able throughout the trading day to compare the market price of the Fund and the indicative fund value.

If the market price of Fund Shares diverges significantly from the indicative fund value, market professionals may have an incentive to execute arbitrage trades.

For example, if the Fund appears to be trading at a discount compared to the indicative fund value, a market professional could buy Fund Shares on the NYSE Arca, aggregate them into Redemption Baskets, and receive the NAV of such Shares by redeeming them to the Trust, provided that there is not a minimum number of shares outstanding for the Fund.

Such arbitrage trades can tighten the tracking between the market price of the Fund and the indicative fund value.

Critical Accounting Policies

The Trust’s critical accounting policies for all the Funds are as follows:

Preparation of the financial statements and related disclosures in conformity with U.S.

generally accepted accounting principles (“GAAP”) requires the application of appropriate accounting rules and guidance, as well as the use of estimates, and requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expense and related disclosure of contingent assets and liabilities during the reporting period of the combined financial statements and accompanying notes.

The Trust’s application of these policies involves judgments and actual results may differ from the estimates used.

The Sponsor has determined that the valuation of commodity or cryptocurrency interests that are not traded on a U.S.

or internationally recognized futures exchange (such as swaps and other over the counter contracts) involves a critical accounting policy.

The values which are used by the Funds for futures contracts will be provided by the broker who will use market prices when available, while over the counter contracts will be valued based on the present value of estimated future cash flows that would be received from or paid to a third party in settlement of these derivative contracts prior to their delivery date.

Values will be determined on a daily basis.

Commodity or cryptocurrency futures contracts held by the Funds are recorded on the trade date.

All such transactions are recorded on the identified cost basis and marked to market daily.

Unrealized appreciation or depreciation on commodity or cryptocurrency futures contracts are reflected in the statement of operations as the difference between the original contract amount and the fair market value as of the last business day of the year or as of the last date of the financial statements.

Changes in the appreciation or depreciation between periods are reflected in the statement of operations.

Interest on cash equivalents and deposits are recognized on an accrual basis.

The Funds earn interest on funds held at the custodian or other financial institutions at prevailing market rates for such investments.

Cash and cash equivalents are cash held at financial institutions in demand-deposit accounts or highly liquid investments with original maturity dates of three months or less at inception.

The Funds report cash equivalents in the statements of assets and liabilities at market value, or at carrying amounts that approximate fair value, because of their highly liquid nature and short-term maturities.

The Funds have a substantial portion of assets on deposit with banks.

Assets deposited with financial institutions may, at times, exceed federally insured limits.

The use of fair value to measure financial instruments, with related unrealized gains or losses recognized in earnings in each period is fundamental to the Trust’s financial statements.

In accordance with GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date.

In determining fair value, the Trust uses various valuation approaches.

In accordance with GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available.

Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Trust.

The fair value hierarchy is categorized into three levels:

a) Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

Valuation adjustments and block discounts are not applied to Level 1 securities and financial instruments.

Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities and financial instruments does not entail a significant degree of judgment, b) 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, and c) Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

See the notes within the financial statements for further information.

The Funds and the Trust record their derivative activities at fair value.

Gains and losses from derivative contracts are included in the statement of operations.

Derivative contracts include futures contracts related to commodity or cryptocurrency prices.

Futures, which are listed on a national securities exchange, such as the CBOT, ICE, or CME, or reported on another national market, are generally categorized in Level 1 of the fair value hierarchy.

OTC derivatives contracts (such as forward and swap contracts) which may be valued using models, depending on whether significant inputs are observable or unobservable, are categorized in Levels 2 or 3 of the fair value hierarchy.

The Funds recognize brokerage commissions on a full trade basis.

Margin is the minimum amount of funds that must be deposited by a commodity or cryptocurrency interest trader with the trader’s broker to initiate and maintain an open position in futures contracts.

A margin deposit acts to assure the trader’s performance of the futures contracts purchased or sold.

Futures contracts are customarily bought and sold on initial margin that represents a small percentage of the aggregate purchase or sales price of the contract.

Because of such low margin requirements, price fluctuations occurring in the futures markets may create profits and losses that, in relation to the amount invested, are greater than customary in other forms of investment or speculation.

As discussed below, adverse price changes in the futures contract may result in margin requirements that greatly exceed the initial margin.

In addition, the amount of margin required in connection with a particular futures contract may be modified from time to time by the exchange during the term of the contract.

Brokerage firms, such as the Funds’ clearing brokers, carrying accounts for traders in commodity or cryptocurrency interest contracts generally require higher amounts of margin as a matter of policy to further protect themselves.

Over the counter trading generally involves the extension of credit between counterparties, so the counterparties may agree to require the posting of collateral by one or both parties to address credit exposure.

When a trader purchases an option, there is no margin requirement;

however, the option premium must be paid in full.

When a trader sells an option, on the other hand, he or she is required to deposit margin in an amount determined by the margin requirements established for the underlying interest and, in addition, an amount substantially equal to the current premium for the option.

The margin requirements imposed on the selling of options, although adjusted to reflect the probability that out of the money options will not be exercised, can in fact be higher than those imposed in dealing in the futures markets directly.

Complicated margin requirements apply to spreads and conversions, which are complex trading strategies in which a trader acquires a mixture of options positions and positions in the underlying interest.

Ongoing or “maintenance” margin requirements are computed each day by a trader’s clearing broker.

When the market value of a particular open futures contract changes to a point where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the broker.

If the margin call is not met within a reasonable time, the broker may close out the trader’s position.

With respect to the Funds’ trading, the Funds (and not its shareholders personally) are subject to margin calls.

Finally, many major U.S.

exchanges have passed certain cross margining arrangements involving procedures pursuant to which the futures and options positions held in an account would, in the case of some accounts, be aggregated, and margin requirements would be assessed on a portfolio basis, measuring the total risk of the combined positions.

Due from/to broker for investments in financial instruments are securities transactions pending settlement.

The Trust and TAGS are subject to credit risk to the extent any broker with whom it conducts business is unable to fulfill contractual obligations on its behalf.

The management of the Trust and the Funds monitors the financial condition of such brokers and does not anticipate any losses from these counterparties.

The principal broker through which the Trust and TAGS has the ability to clear securities transactions for TAGS is U.S.

The Sponsor is responsible for investing the assets of the Funds in accordance with the objectives and policies of each Fund.

CORN, SOYB, CANE, WEAT, and TAGS pays for all brokerage fees, taxes, and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the SEC, FINRA, formally the National Association of Securities Dealers, or any other regulatory agency in connection with the offer and sale of subsequent Shares after its initial registration and all legal, accounting, printing and other expenses associated therewith.

The Fund also pays its portion of the fees and expenses for services directly attributable to the Fund such as accounting, financial reporting, regulatory compliance, and trading activities, which the Sponsor elected not to outsource.

Certain aggregate expenses common to all Teucrium Funds within the Trust are allocated by the Sponsor to the respective Funds based on activity drivers deemed most appropriate by the Sponsor for such expenses, including but not limited to relative assets under management and creation order activity.

These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax-preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Marketing Agent.

A portion of these aggregate common expenses are related to the Sponsor or related parties of principals of the Sponsor;

these are necessary services to the Teucrium Funds, which are primarily the cost of performing certain accounting and financial reporting, regulatory compliance, and trading activities that are directly attributable to the Fund and are included, primarily, in distribution and marketing fees.

In addition, the Agricultural Funds, except for TAGS which has no such fee, are contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00% per annum.

DEFI was contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 0.94% per annum.

From the Management Fee, the Sponsor pays all of the routine operational, administrative and other ordinary expenses of each Fund, generally as determined by the Sponsor, including but not limited to, fees and expenses of the Administrator, Custodian, Marketing Agent, Transfer Agent, licensors, accounting and audit fees and expenses, tax preparation expenses, legal fees, ongoing SEC registration fees, individual Schedule K-1 preparation and mailing fees, and report preparation and mailing expenses.

These fees and expenses are not included in the breakeven table because they are paid for by the Sponsor through the proceeds from the Management Fee.

The Fund pays all of its non-recurring and unusual fees and expenses, if any, as determined by the Sponsor.

Non-recurring and unusual fees and expenses are unexpected or unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses.

Extraordinary fees and expenses also include material expenses which are not currently anticipated obligations of the Fund.

Routine operational, administrative, and other ordinary expenses are not deemed extraordinary expenses.

The investment objective of TAGS is to have the daily changes in percentage terms of the Net Asset Value (“NAV”) of its common units (“Shares”) reflect the daily changes in percentage terms of a weighted average (the “Underlying Fund Average”) of the NAVs per share of four other commodity pools that are series of the Trust and are sponsored by the Sponsor:

the Teucrium Corn Fund, the Teucrium Wheat Fund, the Teucrium Soybean Fund and the Teucrium Sugar Fund (collectively, the “Underlying Funds”).

The Underlying Fund Average will have a weighting of 25% to each Underlying Fund, and the Fund’s assets will be rebalanced, generally on a daily basis, to maintain the approximate 25% allocation to each Underlying Fund.

As such, TAGS will buy, sell, and hold as part of its normal operations shares of the four Underlying Funds.

The Trust excludes the shares of the other series of the Trust owned by the Teucrium Agricultural Fund from its statements of assets and liabilities.

The Trust excludes the net change in unrealized appreciation or depreciation on securities owned by the Teucrium Agricultural Fund from its statements of operations.

Upon the sale of the Underlying Funds by the Teucrium Agricultural Fund, the Trust includes any realized gain or loss in its statements of operations.

federal income tax purposes, the Funds will be treated as partnerships.

Therefore, the Funds do not record a provision for income taxes because the partners report their share of a Fund’s income or loss on their income tax returns.

The financial statements reflect the Funds’ transactions without adjustment, if any, required for income tax purposes.

For commercial paper, the Agricultural Commodity Funds use the effective interest method for calculating the actual interest rate in a period based on the amount of a financial instrument’s book value at the beginning of the accounting period.

Accretion on these investments is recognized using the effective interest method in U.S.

dollars and recognized in cash equivalents.

All discounts on purchase prices of debt securities are accreted over the life of the respective security.

When any of the Funds enter into Commodity or Cryptocurrency Interests, it will be exposed to the credit risk that the counterparty will not be able to meet its obligations.

For purposes of credit risk, the counterparty for the Futures Contracts traded on the CBOT, ICE, and CME is the clearinghouse associated with those exchanges.

In general, clearinghouses are backed by their members who may be required to share in the financial burden resulting from the nonperformance of one of their members, which should significantly reduce credit risk.

Some foreign exchanges are not backed by their clearinghouse members but may be backed by a consortium of banks or other financial institutions.

Unlike in the case of exchange traded futures contracts, the counterparty to an over-the-counter Commodity Interest contract is generally a single bank or other financial institution.

As a result, there will be greater counterparty credit risk in over-the-counter transactions.

There can be no assurance that any counterparty, clearinghouse, or their financial backers will satisfy their obligations to any of the Funds.

The Commodity Funds may engage in off exchange transactions broadly called an “exchange for risk” transaction, also referred to as an “exchange for swap.” For purposes of the Dodd-Frank Act and related CFTC rules, an “exchange for risk” transaction is treated as a “swap.” An “exchange for risk” transaction, sometimes referred to as an “exchange for swap” or “exchange of futures for risk,” is a privately negotiated and simultaneous exchange of a futures contract position for a swap or other over the counter instrument on the corresponding commodity.

An exchange for risk transaction can be used by the Commodity Funds as a technique to avoid taking physical delivery of a commodity futures contract, corn for example, in that a counterparty will take the Fund’s position in a Corn Futures Contract into its own account in exchange for a swap that does not by its terms call for physical delivery.

The Funds will become subject to the credit risk of a counterparty when it acquires an over-the-counter position in an exchange for risk transaction.

The Fund may use an “exchange for risk” transaction in connection with the creation and redemption of shares.

These transactions must be carried out only in accordance with the rules of the applicable exchange where the futures contracts trade.

The Sponsor will attempt to manage the credit risk of each Fund by following certain trading limitations and policies.

In particular, each Fund intends to post margin and collateral and/or hold liquid assets that will be equal to approximately the face amount of the Interests it holds.

The Sponsor will implement procedures that will include, but will not be limited to, executing, and clearing trades and entering into over-the-counter transactions only with parties it deems creditworthy and/or requiring the posting of collateral by such parties for the benefit of each Fund to limit its credit exposure.

The CEA requires all FCMs, such as the Teucrium Funds’ clearing brokers, to meet and maintain specified fitness and financial requirements, to segregate customer funds from proprietary funds and account separately for all customers’ funds and positions, and to maintain specified books and records open to inspection by the staff of the CFTC.

The CFTC has similar authority over introducing brokers, or persons who solicit or accept orders for commodity interest trades but who do not accept margin deposits for the execution of trades.

The CEA authorizes the CFTC to regulate trading by FCMs and by their officers and directors, permits the CFTC to require action by exchanges in the event of market emergencies, and establishes an administrative procedure under which customers may institute complaints for damages arising from alleged violations of the CEA.

The CEA also gives the states powers to enforce its provisions and the regulations of the CFTC.

On November 14, 2013, the CFTC published final regulations that require enhanced customer protections, risk management programs, internal monitoring and controls, capital and liquidity standards, customer disclosures and auditing and examination programs for FCMs.

The rules are intended to afford greater assurances to market participants that customer segregated funds and secured amounts are protected, customers are provided with appropriate notice of the risks of futures trading and of the FCMs with which they may choose to do business, FCMs are monitoring and managing risks in a robust manner, the capital and liquidity of FCMs are strengthened to safeguard the continued operations and the auditing and examination programs of the CFTC and the SROs are monitoring the activities of FCMs in a thorough manner.

Marex and StoneX serve as the Fund’s clearing brokers to execute futures contracts and provide other brokerage-related services.

The Commodity Funds, other than TAGS, will generally retain cash positions of approximately 95% of total net assets;

this balance represents the total net assets less the initial margin requirements held by the FCM.

These cash assets are either:

1) deposited by the Sponsor in demand deposit accounts of financial institutions which are deemed by the Sponsor to be of investment level quality, 2) held in a money-market fund which is deemed to be a cash equivalent under the most recent SEC definition, or 3) held in a cash equivalent with a maturity of 90 days or less that is deemed by the Sponsor to be of investment level quality.

Liquidity and Capital Resources

The Funds do not anticipate making use of borrowings or other lines of credit to meet their obligations.

The Funds meet their liquidity needs in the normal course of business from the proceeds of the sale of their investments from the cash and cash equivalents that they intend to hold, and/or from the fee waivers provided by the Sponsor.

The Funds’ liquidity needs include redeeming their shares, providing margin deposits for existing Futures Contracts or the purchase of additional Futures Contracts, posting collateral for over-the-counter Commodity Interests, and paying expenses.

The Funds generate cash primarily from (i) the sale of Creation Baskets and (ii) interest earned on cash and cash equivalents.

Generally, all of the net assets of the Funds are allocated to trading in Commodity or Cryptocurrency Interests.

Most of the assets of the Funds are held in cash and/or cash equivalents.

The percentage that such assets bear to the total net assets will vary from period to period as the market values of the Commodity or Cryptocurrency Interests change.

Interest earned on interest-bearing assets of a Fund are paid to that Fund.

During times of extreme market volatility and economic uncertainty, the Funds may experience a significant change in interest rates, and as such the Funds may experience a change in the breakeven point.

The investments of a Fund in Commodity or Cryptocurrency Interests are subject to periods of illiquidity because of market conditions, regulatory considerations, and other reasons.

For example, U.S.

futures exchanges limit the fluctuations in the prices of certain Futures Contracts during a single day by regulations referred to as “daily limits.” During a single day, no trades may be executed at prices beyond the daily limit.

Once the price of such a Futures Contract has increased or decreased by an amount equal to the daily limit, positions in the contracts can neither be taken nor liquidated unless the traders are willing to effect trades at or within the limit.

Such market conditions could prevent the Fund from promptly liquidating a position in Futures Contracts.

War and other geopolitical events in eastern Europe, including but not limited to Russia and Ukraine, may cause volatility in commodity prices including energy and grain prices, due to the region’s importance to these markets, potential impacts to global transportation and shipping, and other supply chain disruptions.

These events are unpredictable and may lead to extended periods of price volatility.

More generally, a climate of uncertainty and panic, including the contagion of the COVID-19 virus and other infectious viruses or diseases, may adversely affect global, regional, and local economies and reduce the availability of potential investment opportunities, and increases the difficulty of performing due diligence and modeling market conditions, potentially reducing the accuracy of financial projections.

Under these circumstances, the Funds may have difficulty achieving their investment objectives which may adversely impact performance.

Further, such events can be highly disruptive to economies and markets, significantly disrupt the operations of individual companies (including, but not limited to, the Funds’ Sponsor and third-party service providers), sectors, industries, markets, securities and commodity exchanges, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds’ investments.

These factors could cause substantial market volatility, exchange trading suspensions and closures that could impact the ability of the Funds to complete redemptions and otherwise affect Fund performance and Fund trading in the secondary market.

A widespread crisis may also affect the global economy in ways that cannot necessarily be foreseen at the current time.

How long such events will last and whether they will continue or recur cannot be predicted.

Impacts from these events could have significant impact on a Fund’s performance, resulting in losses to your investment.

The global economic shocks being experienced as of the date hereof may cause the underlying assumptions and expectations of the Funds to become outdated quickly or inaccurate, resulting in significant losses.

Trading in Commodity or Cryptocurrency Interests such as Futures Contracts will involve the Funds entering into contractual commitments to purchase or sell specific amounts of commodities or cryptocurrencies at a specified date in the future.

The gross or face amount of the contracts is expected to significantly exceed the future cash requirements of each Fund as each Fund intends to close out any open positions prior to the contractual expiration date.

As a result, each Fund’s market risk is the risk of loss arising from the decline in value of the contracts, not from the need to make delivery under the contracts.

The Funds consider the “fair value” of derivative instruments to be the unrealized gain or loss on the contracts.

The market risk associated with the commitment by the Funds to purchase a specific commodity or cryptocurrency will be limited to the aggregate face amount of the contracts held.

The exposure of the Funds to market risk will depend on a number of factors including the markets for the specific commodity or cryptocurrency, the volatility of interest rates and foreign exchange rates, the liquidity of the Commodity or Cryptocurrency Specific Interests markets and the relationships among the contracts held by each Fund.

Regulatory Considerations

The regulation of futures markets, futures contracts, and futures exchanges has historically been comprehensive.

The CFTC and the exchanges are authorized to take extraordinary actions in the event of a market emergency including, for example, the retroactive implementation of speculative position limits, increased margin requirements, the establishment of daily price limits and the suspension of trading on an exchange or trading facility.

Pursuant to authority in the CEA, the NFA has been formed and registered with the CFTC as a registered futures association.

At the present time, the NFA is the only SRO for commodity interest professionals, other than futures exchanges.

The CFTC has delegated to the NFA responsibility for the registration of CPOs and FCMs and their respective associated persons.

The Sponsor and the Fund’s clearing broker are members of the NFA.

As such, they will be subject to NFA standards relating to fair trade practices, financial condition, and consumer protection.

The NFA also arbitrates disputes between members and their customers and conducts registration and fitness screening of applicants for membership and audits of its existing members.

Neither the Trust nor the Teucrium Funds are required to become a member of the NFA.

The regulation of commodity interest transactions in the United States is a rapidly changing area of law and is subject to ongoing modification by governmental and judicial action.

Considerable regulatory attention has been focused on non-traditional investment pools that are publicly distributed in the United States.

There is a possibility of future regulatory changes within the United States altering, perhaps to a material extent, the nature of an investment in the Fund, or the ability of a Fund to continue to implement its investment strategy.

In addition, various national governments outside of the United States have expressed concern regarding the disruptive effects of speculative trading in the commodities markets and the need to regulate the derivatives markets in general.

The effect of any future regulatory change on the Teucrium Funds is impossible to predict but could be substantial and adverse.

The CFTC possesses exclusive jurisdiction to regulate the activities of commodity pool operators and commodity trading advisors with respect to “commodity interests,” such as futures, swaps, and options, and has adopted regulations with respect to the activities of those persons and/or entities.

Under the Commodity Exchange Act (“CEA”), a registered commodity pool operator, such as the Sponsor, is required to make annual filings with the CFTC and the NFA describing its organization, capital structure, management and controlling persons.

In addition, the CEA authorizes the CFTC to require and review books and records of, and documents prepared by, registered commodity pool operators.

Pursuant to this authority, the CFTC requires commodity pool operators to keep accurate, current, and orderly records for each pool that they operate.

The CFTC may suspend the registration of a commodity pool operator (1) if the CFTC finds that the operator’s trading practices tend to disrupt orderly market conditions, (2) if any controlling person of the operator is subject to an order of the CFTC denying such person trading privileges on any exchange, and (3) in certain other circumstances.

Suspension, restriction, or termination of the Sponsor’s registration as a commodity pool operator would prevent it, until that registration was to be reinstated, from managing the Fund, and might result in the termination of the Fund if a successor sponsor is not elected pursuant to the Trust Agreement.

Neither the Trust nor the Fund is required to be registered with the CFTC in any capacity.

The Fund’s investors are afforded prescribed rights for reparations under the CEA.

Investors may also be able to maintain a private right of action for violations of the CEA.

The CFTC has adopted rules implementing the reparation provisions of the CEA, which provide that any person may file a complaint for a reparations award with the CFTC for violation of the CEA against a floor broker or an FCM, introducing broker, commodity trading advisor, CPO, and their respective associated persons.

The regulations of the CFTC and the NFA prohibit any representation by a person registered with the CFTC or by any member of the NFA, that registration with the CFTC, or membership in the NFA, in any respect indicates that the CFTC or the NFA has approved or endorsed that person or that person’s trading program or objectives.

The registrations and memberships of the parties described in this summary must not be considered as constituting any such approval or endorsement.

Likewise, no futures exchange has given or will give any similar approval or endorsement.

Trading venues in the United States are subject to varying degrees of regulation under the CEA depending on whether such exchange is a designated contract market (i.e., a futures exchange) or a swap execution facility.

Clearing organizations are also subject to the CEA and the rules and regulations adopted thereunder as administered by the CFTC.

The CFTC’s function is to implement the CEA’s objectives of preventing price manipulation and excessive speculation and promoting orderly and efficient commodity interest markets.

In addition, the various exchanges and clearing organizations themselves as SROs exercise regulatory and supervisory authority over their member firms.

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) was enacted in response to the economic crisis of 2008 and 2009 and it significantly altered the regulatory regime to which the securities and commodities markets are subject.

To date, the CFTC has issued proposed or final versions of almost all of the rules it is required to promulgate under the Dodd-Frank Act, and it continues to issue proposed versions of additional rules that it has authority to promulgate.

Provisions of the new law include the requirement that position limits be established on a wide range of commodity interests, including agricultural, energy, and metal-based commodity futures contracts, options on such futures contracts and uncleared swaps that are economically equivalent to such futures contracts and options (“Reference Contracts”);

new registration and recordkeeping requirements for swap market participants;

capital and margin requirements for “swap dealers” and “major swap participants,” as determined by the new law and applicable regulations;

reporting of all swap transactions to swap data repositories;

and the mandatory use of clearinghouse mechanisms for sufficiently standardized swap transactions that were historically entered into in the over the counter market, but are now designated as subject to the clearing requirement;

and margin requirements for over the counter swaps that are not subject to the clearing requirements.

In addition, considerable regulatory attention has recently been focused on non-traditional publicly distributed investment pools such as the Fund.

Furthermore, various national governments have expressed concern regarding the disruptive effects of speculative trading in certain commodity markets and the need to regulate the derivatives markets in general.

The effect of any future regulatory change on the Teucrium Funds is impossible to predict but could be substantial and adverse.

The Dodd-Frank Act was intended to reduce systemic risks that may have contributed to the 2008/2009 financial crisis.

Since the first draft of what became the Dodd-Frank Act, supporters and opponents have debated the scope of the legislation.

As the Administrations of the U.S.

change, the interpretation and implementation will change along with them.

Nevertheless, regulatory reform of any kind may have a significant impact on U.S.

regulated entities.

Position Limits, Aggregation Limits, Accountability Levels, Price Fluctuation Limits

The CFTC and US futures exchanges impose limits on the maximum net long or net short speculative positions that any person may hold or control in any particular futures or options contracts traded on US futures exchanges.

For example, the CFTC currently imposes speculative position limits on a number of commodities (e.g., corn, oats, wheat, soybeans, and cotton) and US futures exchanges currently impose speculative position limits on many other commodities.

A Fund could be required to liquidate positions it holds in order to comply with position limits or may not be able to fully implement trading instructions generated by its trading models, in order to comply with position limits.

Any such liquidation or limited implementation could result in substantial costs to a Fund.

Limits are generally applied on an aggregate basis to positions held in accounts that are subject to 10% or greater common ownership or control.

In December 2016, the CFTC adopted rule amendments that provide exemptions from the general requirement to aggregate all positions that are held pursuant to 10% or greater common ownership or control.

The Dodd-Frank Act significantly expanded the CFTC’s authority to impose position limits with respect to futures contracts and options on futures contracts, swaps that are economically equivalent to futures or options on futures, and swaps that are traded on a regulated exchange and certain swaps that perform a significant price discovery function.

In October 2020, the CFTC adopted new speculative position limits with respect to futures and options on futures on many physical commodities, including energy, metals, and agricultural commodities (the “core referenced futures contracts“), and on economically equivalent swaps.

The CFTC’s new position limits rules include an exemption from limits for bona fide hedging transactions or positions.

A bona fide hedging transaction or position may exceed the applicable federal position limits if the transaction or position:

(1) represents a substitute for transactions or positions made or to be made at a later time in a physical marketing channel;

(2) is economically appropriate to the reduction of price risks in the conduct and management of a commercial enterprise;

and (3) arises from the potential change in value of (A) assets which a person owns, produces, manufactures, processes or merchandises, or anticipates owning, producing, manufacturing, processing or merchandising;

(B) liabilities which a person owes or anticipates incurring;

or (C) services that a person provides or purchases, or anticipates providing or purchasing.

The CFTC’s new position rules set forth a list of enumerated bona fide hedges for which a market participant is not required to request prior approval from the CFTC in order to hold a bona fide hedge position above the federal position limit.

However, a market participant holding an enumerated bona fide hedge position still would need to request an exemption from the relevant exchange for exchange-set limits.

For non-enumerated bona fide hedge positions, a market participant may request CFTC approval which must be granted prior to exceeding the applicable federal position limit, except where there is a demonstrated sudden or unforeseen increase in bona fide hedging needs (in which case the application must be submitted within five business days after the market participant exceeds the applicable limit).

The compliance dates for the CFTC’s new federal speculative position limits are January 1, 2022 for the core referenced futures contracts and January 1, 2023 for economically equivalent swaps.

Position Aggregation.

In general, a market participant is required by CFTC or exchange rules, as applicable, to aggregate all positions in accounts as to which the market participant has 10% or greater ownership or control.

CFTC and exchange rules, as applicable, provide exemptions from this requirement.

For example, a market participant is not required to aggregate positions in multiple accounts that it owns or controls if that market participant is able to satisfy the requirements of an exemption from aggregation of those accounts, including, where available, the independent account controller exemption.

Failure to comply with the independent account controller exemption or another exemption from the aggregation requirement could obligate the Sponsor to aggregate positions in multiple accounts under its control, which could include the Fund and other commodity pools or accounts under the Sponsor’s control.

In such a scenario, a Fund may not be able to obtain exposure to one or more contracts necessary to pursue its investment objective, or it may be required to liquidate existing contract positions in order to comply with a limit.

Such an outcome could adversely affect a Fund’s ability to pursue its investment objective or achieve favorable performance.

The CFTC amended its position aggregation rules in December 2016.

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

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

Accountability Levels.

Exchanges may establish accountability levels applicable to a futures contract instead of position limits, provided that the futures contract is not subject to federal position limits.

An exchange may order a person who holds or controls a position in excess of a position accountability level not to further increase its position, to comply with any prospective limit that exceeds the size of the position owned or controlled, or to reduce any open position that exceeds the position accountability level if the exchange determines that such action is necessary to maintain an orderly market.

Position accountability levels could adversely affect a Fund’s ability to establish and maintain positions in commodity futures contracts to which such levels apply if a Fund were to trade in such contracts.

Such an outcome could adversely affect a Fund’s ability to pursue its investment objective.

Daily Limits.

futures exchanges and some foreign exchanges have regulations that limit the amount of fluctuation in futures contract prices that may occur during a single business day.

These limits are generally referred to as “daily price fluctuation limits” or “daily limits,” and the maximum or minimum price of a contract on any given day as a result of these limits is referred to as a “limit price.” Once a limit price has been reached in a particular contract, it is usually the case that no trades may be made at a different price than specified in the limit.

The duration of limit prices generally varies.

Limit prices may have the effect of precluding a Fund from trading in a particular contract or requiring the Fund to liquidate contracts at disadvantageous times or prices.

Either of those outcomes could adversely affect a Fund’s ability to pursue its investment objective.

Potential Effects of Positions Limits, Aggregation Limits, Accountability Levels, and Price Fluctuation Limits.

The Funds are currently subject to position limits and may be subject to new and more restrictive position limits in the future.

If a Fund reached a position limit or accountability level or became subject to a daily limit, its ability to issue new creation units or reinvest income in additional commodity futures contracts may be limited to the extent these restrictions limit its ability to establish new futures positions, add to existing positions, or otherwise transact in futures.

Limiting the size of a Fund, or restricting a Fund’s futures trading, under these requirements could adversely affect a Fund’s ability to pursue its investment objective.

Off Balance Sheet Financing

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.

Redemption Basket Obligation

Other than as necessary to meet the investment objective of the Funds and pay the contractual obligations described below, the Funds will require liquidity to redeem Redemption Baskets.

Each Fund intends to satisfy this obligation through the transfer of cash of the Fund (generated, if necessary, through the sale of short-term Treasury Securities or other cash equivalents) in an amount proportionate to the number of units being redeemed.

Contractual Obligations

The primary contractual obligations of each Fund will be with the Sponsor and certain o ther service providers.

Except for TAGS, which has no management fee, the Sponsor, in return for its services, will be entitled to a management fee calculated as a fixed percentage of each Agricultural Fund’s NAV, currently 1.00% of its average net assets.

CORN, CANE, SOYB, WEAT and TAGS will also be responsible for all ongoing fees, costs and expenses of its operation, including (i) brokerage and other fees and commissions incurred in connection with the trading activities of the Fund;

(ii) expenses incurred in connection with registering additional Shares of the Fund or offering Shares of the Fund;

(iii) the routine expenses associated with the preparation and, if required, the printing and mailing of monthly, quarterly, annual and other reports required by applicable U.S.

federal and state regulatory authorities, Trust meetings and preparing, printing and mailing proxy statements to Shareholders;

(iv) the payment of any distributions related to redemption of Shares;

(v) payment for routine services of the Trustee, legal counsel and independent accountants;

(vi) payment for routine accounting, bookkeeping, compliance, distribution and solicitation-related services, custodial and transfer agency services, whether performed by an outside service provider or by affiliates of the Sponsor;

(vii) postage and insurance;

(viii) costs and expenses associated with client relations and services;

(ix) costs of preparation of all federal, state, local and foreign tax returns and any taxes payable on the income, assets or operations of the Fund;

and (xi) extraordinary expenses (including, but not limited to, legal claims and liabilities and litigation costs and any indemnification related thereto).

While the Sponsor paid the initial registration fees to the SEC, FINRA and any other regulatory agency in connection with the offer and sale of the Shares offered through each Agricultural Fund prospectus, the legal, printing, accounting and other expenses associated with such registrations, and the initial fee of approximately $5,000 for listing the Shares on the NYSE Arca, each Fund will be responsible for any registration fees and related expenses incurred in connection with any future offer and sale of Shares of the Fund.

Any general expenses of the Trust will be allocated among the Funds and any other series of the Trust as determined by the Sponsor in its sole and absolute discretion.

The Trust is also responsible for extraordinary expenses, including, but not limited to, legal claims and liabilities and litigation costs and any indemnification related thereto.

The Trust and/or the Sponsor may be required to indemnify the Trustee, Marketing Agent, or Administrator under certain circumstances.

The parties cannot anticipate the amount of payments that will be required under these arrangements for future periods as the NAV and trading levels to meet investment objectives for each Fund will not be known until a future date.

These agreements are effective for a specific term agreed upon by the parties with an option to renew, or, in some cases, are in effect for the duration of each Fund’s existence.

The parties may terminate these agreements earlier for certain reasons listed in the agreements.

Benchmark Performance

Investing in Commodity or Cryptocurrency Interests subjects the Funds to the risks of the underlying commodity or cryptocurrency market, and this could result in substantial fluctuations in the price of each Fund’s Shares.

Unlike mutual funds, the Funds currently are not expected to distribute dividends to Shareholders.

Although this could change if interest rates rise, and the assets of the Funds increase.

Investors may choose to use the Funds as a means of investing indirectly in the underlying commodity or cryptocurrency, and there are risks involved in such investments.

Investors may choose to use the Funds as vehicles to hedge against the risk of loss, and there are risks involved in hedging activities.

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:

NAV versus the 4 p.m.

Bid/Ask Midpoint on the NYSE Arca.

Days at premium

Days at discount

The performance data above for the Teucrium Corn Fund represents past performance.

Past performance is not a guarantee of future results.

Investment return and value of the Fund’s Shares will fluctuate so that an investor’s Shares, when sold, may be worth more or less than their original cost.

Performance may be lower or higher than performance data quoted.

Days at premium

Days at discount

The performance data above for the Teucrium Soybean Fund represents past performance.

Past performance is not a guarantee of future results.

Investment return and value of the Fund’s Shares will fluctuate so that an investor’s Shares, when sold, may be worth more or less than their original cost.

Performance may be lower or higher than performance data quoted.

Days at premium

Days at discount

The performance data above for the Teucrium Sugar Fund represents past performance.

Past performance is not a guarantee of future results.

Investment return and value of the Fund’s Shares will fluctuate so that an investor’s Shares, when sold, may be worth more or less than their original cost.

Performance may be lower or higher than performance data quoted.

Days at premium

Days at discount

The performance data above for the Teucrium Wheat Fund represents past performance.

Past performance is not a guarantee of future results.

Investment return and value of the Fund’s Shares will fluctuate so that an investor’s Shares, when sold, may be worth more or less than their original cost.

Performance may be lower or higher than performance data quoted.

Days at premium

Days at discount

The performance data above for the Teucrium Agricultural Fund represents past performance.

Past performance is not a guarantee of future results.

Investment return and value of the Fund’s Shares will fluctuate so that an investor’s Shares, when sold, may be worth more or less than their original cost.

Performance may be lower or higher than performance data quoted.

For the period from August 2, 2012 through April 10, 2018, TAGS had 50,002 shares outstanding;

this represents the minimum number of shares and, thus, no shares could be redeemed until additional shares hav e been created.

This has generated a situation, at times, in which the spread between the bid/ask midpoint at 4pm and the NAV falls outside of the “1 to 49” or “-1 to -49” range.

The situation does not affect the actual NAV of the Fund.

The above frequency distribution charts present information about the difference between the daily market price for Shares of each Fund and the Fund’s reported Net Asset Value per share.

The amount that a Fund’s market price is above the reported NAV is called the premium.

The amount that a Fund’s market price is below the reported NAV is called the discount.

The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that a Fund’s NAV is calculated (usually 4:00 p.m., (ET)).

Each value in the tables represents the number of trading days in which a Fund traded within the premium/discount range indicated.

The premium or discount is expressed in basis points.

*A unit that is equal to 1/100th of 1% and is used to denote the change in a financial instrument.

NEITHER THE PAST PERFORMANCE OF A FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND ’ S FUTURE PERFORMANCE.

7RCC Spot Bitcoin and Carbon Credit Futures ETF

The 7RCC Spot Bitcoin and Carbon Credit Futures ETF ("BTCK") commenced operation on June 3, 2026.

The investment objective of the Fund is to reflect the daily changes of the price of bitcoin and the value of Carbon Credit Futures, as represented by the 7RCC Kaiko Bitcoin Carbon Credit Index (the “Index”), less expenses from the Fund’s operations.

On June 30, 2026, the Fund held:

1) 3 contracts of the DEC26 ICE European Carbon Allowances with a notional value of $274,941 and 2) 18.28 bitcoins with a notional value of $1,071,328.

The weighting on June 30, 2026 was 20% to Carbon Credit Futures and 80% to bitcoin.

Quarter Ended

June 30, 2026

December 31, 2025

Total Net Assets

Shares Outstanding

Net Asset Value per share

Closing Price

Period Ending*

June 30, 2026

Average daily total net assets

Net realized and unrealized gain (loss) on trading

Interest income earned on cash equivalents

Annualized interest yield based on average daily total net assets

Net income (loss)

Weighted average share outstanding

Management Fees

Total gross fees and other expenses excluding management fees

Brokerage Commissions

Expenses waived by the Sponsor

Total gross expense ratio

Total expense ratio net of expenses waived by the Sponsor

Net investment gain (loss)

Creation of Shares

Redemption of Shares

* BTCK commenced operations on June 3, 2026, therefore comparison to prior periods is not provided.

Realized gain or loss on trading is a function of 1) the change in the price of particular contracts, bitcoin, or foreign currency sold in relation to redemption of shares, 2) the gain or loss associated with rebalancing trades which are made to ensure conformance to the benchmark and 3) the full-turn brokerage commission fee recognized on a per trade basis.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements