16 unchanged sentences
CORN began trading on the New York Stock Exchange (“NYSE”) Arca on June 9, 2010.
−Removed: The current registration statement for CORN was declared effective by the SEC on October 2, 2020.
−Removed: This registration statement for CORN registered an additional 20,000,000 shares.
+Added: The current registration statement for CORN was declared effective by the SEC on April 7, 2022.
+Added: This registration statement for CORN registered an indeterminate number of shares.
On June 13, 2011, the initial Forms S-1 for CANE, SOYB, and WEAT were declared effective by the SEC.
1 unchanged sentence
On September 19, 2011, CANE, SOYB, and WEAT started trading on the NYSE Arca.
−Removed: The current registration statement for CANE was declared effective by the SEC on October 2, 2020 and the current registration statement for SOYB was declared effective on August 24, 2020.
−Removed: The registration statements for SOYB and CANE registered an additional 15,000,000 shares each.
−Removed: The current registration statement for WEAT was declared effective on April 29, 2019.
−Removed: This registration statement for WEAT registered an additional 30,000,000 shares.
+Added: The current registration statements for SOYB and CANE were declared effective by the SEC on April 7, 2022.
+Added: The registration statements for SOYB and CANE registered an indeterminate number of shares each.
+Added: The current registration statement for WEAT was declared effective on March 9, 2022.
+Added: This registration statement for WEAT registered an indeterminate number of shares.
On February 10, 2012, the Form S-1 for TAGS was declared effective by the SEC.
2 unchanged sentences
The current registration statement for TAGS was declared effective by the SEC on April 7, 2022.
+Added: This registration statement for TAGS registered an indeterminate number of shares.
The investment objective of each Underlying Fund is to have the daily changes in the NAV of the Fund’s Shares reflect the daily changes in a weighted average of the closing settlement prices for certain futures contracts for the commodity specified in the Underlying Fund’s name.
2 unchanged sentences
Under normal market conditions, the Underlying Funds invest in futures contracts and cash and cash equivalents, and TAGS seeks to achieve its investment objective generally by investing equally in shares of each Underlying Fund.
+Added: 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.
+Added: These events are unpredictable and may lead to extended periods of price volatility.
+Added: 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.
+Added: 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.
+Added: 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 the price of agricultural commodities, agricultural futures and the share price of the Fund and the Underlying Funds.
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.
45 unchanged sentences
Each Benchmark is rebalanced periodically to ensure that each of the Benchmark Component Futures Contracts is weighted in the same proportion as in the investment objective for each Fund.
−Removed: The following tables reflect the September 30, 2021, Benchmark Component Futures Contracts weights for each of the Funds, the contract held is identified by the generally accepted nomenclature of contract month and year, which may differ from the month in which the contract expires:
+Added: The following tables reflect the March 31, 2022, 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 Value
−Removed: CBOT Corn Futures (1,544 contracts, MAR22)
−Removed: CBOT Corn Futures (1,312 contracts, MAY22)
+Added: CBOT Corn Futures (2,098 contracts, JUL22)
+Added: CBOT Corn Futures (1,920 contracts, SEP22)
CBOT Corn Futures (2,293 contracts, DEC22)
−Removed: Total at September 30, 2021
+Added: Total at March 31, 2022
$ 222,123,638
1 unchanged sentence
Notional Value
−Removed: CBOT Soybean Futures (261 contracts, JAN22)
−Removed: CBOT Soybean Futures (222 contracts, MAR22)
+Added: CBOT Soybean Futures (281 contracts, JUL22)
CBOT Soybean Futures (270 contracts, NOV22)
−Removed: Total at September 30, 2021
+Added: CBOT Soybean Futures (345 contracts, NOV23)
+Added: Total at March 31, 2022
CANE Benchmark Component Futures Contracts
Notional Value
−Removed: ICE Sugar Futures (414 contracts, MAY22)
−Removed: ICE Sugar Futures (368 contracts, JULY22)
+Added: ICE Sugar Futures (413 contracts, JUL22)
+Added: ICE Sugar Futures (353 contracts, OCT22)
ICE Sugar Futures (409 contracts, MAR23)
−Removed: Total at September 30, 2021
+Added: Total at March 31, 2022
WEAT Benchmark Component Futures Contracts
Notional Value
−Removed: CBOT Wheat Futures (695 contracts, MAR22)
−Removed: CBOT Wheat Futures (593 contracts, MAY22)
+Added: CBOT Wheat Futures (3,442 contracts, JUL22)
+Added: $ 172,444,200
+Added: CBOT Wheat Futures (2,991 contracts, SEP22)
CBOT Wheat Futures (3,543 contracts, DEC22)
−Removed: Total at September 30, 2021
+Added: Total at March 31, 2022
+Added: $ 492,671,813
TAGS Benchmark Component Futures Contracts
3 unchanged sentences
Shares of Teucrium Sugar Fund (760,450 shares)
−Removed: Total at September 30, 2021
+Added: Total at March 31, 2022
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.
25 unchanged sentences
Any cash equivalent invested by a Fund will be deemed by the Sponsor to be of investment grade quality.
−Removed: As of September 30, 2021, available cash balances in each of the Funds were invested in the First American Government Obligations Fund – Class X, Goldman Sachs Financial Square Government Fund, in demand deposits at Capital One, PNC, and in commercial paper with maturities of ninety days or less.
+Added: As of March 31, 2022, available cash balances in each of the Funds were invested in the First American Government Obligations Fund – Class X, Goldman Sachs Financial Square Government Fund, in demand deposits at Capital One, 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.
29 unchanged sentences
Performance Summary
−Removed: This report covers the periods from January 1 to September 30, 2021 for each Fund.
+Added: This report covers the periods from January 1 to March 31, 2022 for each Fund.
Total expenses are presented both gross and net of any expenses waived or paid by the Sponsor that would have been incurred by the Funds (“expenses waived by the Sponsor”).
61 unchanged sentences
The following includes a section for each Fund of the Trust.
−Removed: The discussion below addresses the material changes in the results of operations for the three and nine months ended September 30, 2021 compared to the same period in 2020.
+Added: The discussion below addresses the material changes in the results of operations for the three months ended March 31, 2022 compared to the same period in 2021.
The following includes a section for each Fund of the Trust for the periods in which each Fund was in operation.
22 unchanged sentences
The Fund does not track the spot price of corn.
−Removed: On September 30, 2021, the Corn Fund held a total of CBOT Corn Futures contracts with a notional value of $120,497,100.
−Removed: The contracts had an asset fair value of $1,980,301 and a liability fair value of $89,136.
+Added: On March 31, 2022, the Corn Fund held a total of CBOT Corn Futures contracts with a notional value of $222,123,638.
+Added: The contracts had an asset fair value of $25,830,881.
The weighting of the notional value of the contracts is as follows:
−Removed: (1) 35% to the MAR22 contracts, the second to expire CBOT Corn Futures Contract, (2) 30% to MAY22 CBOT contracts, the third to expire CBOT Corn Futures Contract, and (3) 35% to DEC22 CBOT contracts, the CBOT Corn Futures Contract expiring in the December following the expiration month of the third to expire contract.
+Added: (1) 35% to the JUL22 contracts, the second to expire CBOT Corn Futures Contract, (2) 30% to SEP22 CBOT contracts, the third to expire CBOT Corn Futures Contract, and (3) 35% to DEC22 CBOT contracts, the CBOT Corn Futures Contract expiring in the December following the expiration month of the third to expire contract.
Quarter Ending
1 unchanged sentence
Quarter Ending
−Removed: September 30, 2021
−Removed: September 30, 2020
−Removed: June 30, 2021
+Added: March 31, 2022
+Added: March 31, 2021
+Added: December 31, 2021
Total Net Assets
5 unchanged sentences
Closing Price
−Removed: Total net assets for the Fund decreased year over year by 21%, driven by a combination of a decrease in total shares outstanding of 5,675,000 shares or 49% and an increase in the NAV per share of $7.08 or 54%.
−Removed: The net assets for the Fund decreased by 32% when comparing September 30, 2021 to June 30, 2021.
−Removed: This decrease in total net assets year over year, in the opinion of management, was generally due to investors liquidating shares purchased at depressed values in mid-2020 which appreciated in value due to record large corn purchases by China and investors investing in commodities as an inflation hedge.
−Removed: For the Three Months Ended September 30, 2021 Compared to the Three Months Ended September 30, 2020
+Added: Total net assets for the Fund increased year over year by 32%, driven by a combination of a decrease in total shares outstanding of 1,375,000 shares or 14% and an increase in the NAV per share of $9.56 or 54%.
+Added: The net assets for the Fund increased by 84% when comparing March 31, 2022 to December 31, 2021.
+Added: The change in total net assets year over year, in the opinion of management, was generally due to investors liquidating shares purchased at depressed values in mid-2020 which appreciated in value due to record large corn purchases by China as well as increased investments in commodities as an inflation hedge.
+Added: For the Three Months Ended March 31, 2022 Compared to the Three Months Ended March 31, 2021
Three months ended
Three months ended
−Removed: September 30, 2021
−Removed: September 30, 2020
+Added: March 31, 2022
+Added: March 31, 2021
Average daily total net assets
1 unchanged sentence
$ 158,420,057
−Removed: Net realized and unrealized (loss) gain on futures contracts
−Removed: $ (10,603,502 )
−Removed: Interest income earned on cash and cash equivalents
−Removed: Annualized interest yield based on average daily total net assets
−Removed: Net (Loss) Income
−Removed: $ (11,185,315 )
−Removed: Weighted average share outstanding
−Removed: Management Fees
−Removed: Total gross fees and other expenses excluding management fees
−Removed: Brokerage Commissions
−Removed: Expenses waived by the Sponsor
−Removed: Total expense ratio net of expenses waived by the Sponsor
−Removed: Net investment loss
−Removed: Creation of Shares
−Removed: Redemption of Shares
−Removed: Realized gain or loss on trading of commodity futures contracts is a function of:
−Removed: 1) the change in the price of the particular contracts sold as part of a “roll” in contracts as the nearest to expire contracts are exchanged for the appropriate contract given the investment objective of the fund, 2) the change in the price of particular contracts sold in relation to redemption of shares, 3) the gain or loss associated with rebalancing trades which are made to ensure conformance to the benchmark, 4) the number of contracts held and then sold for either circumstance aforementioned.
−Removed: Beginning on August 21, 2019, the Sponsor began recognizing the expense for brokerage commissions for futures contract trades on a per trade basis.
−Removed: Prior to the change, brokerage commissions on all open commodity futures contracts were accrued on the trade date on a full-turn basis.
−Removed: Unrealized gain or loss on trading of commodity futures contracts is a function of the change in the price of contracts held on the final date of the period versus the purchase price for each contract and the number of contracts held in each contract month.
−Removed: The Sponsor has a static benchmark as described above and trades futures contracts to adhere to that benchmark and to adjust for the creation or redemption of shares.
−Removed: The decrease in interest and other income year over year was due to continued uncertainty of the virus, and elevated unemployment with current federal funds rates at near zero.
−Removed: As a result, the amount of interest income earned as a percentage of average daily total net assets was lower in the three months ended September 30, 2021, compared to the three months ended September 30, 2020.
−Removed: 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.
−Removed: These investments may include, but are not limited to, short-term Treasury Securities, demand deposits, money market funds and investments in commercial paper.
−Removed: These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven even point.
−Removed: The increase in management fee paid to the Sponsor for the three months ended September 30, 2021 compared to the three months ended September 30, 2020 was a result of higher average net assets.
−Removed: The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets.
−Removed: Other than the management fee to the Sponsor and the brokerage commissions, most of the expenses incurred by the Fund are associated with the day to day operation of the Fund and the necessary functions related to regulatory compliance.
−Removed: These are generally based on contracts, which extend for some period of time and up to one year, or commitments regardless of the level of assets under management.
−Removed: The structure of the Fund and the nature of the expenses are such that as total net assets grow, there is a scalability of expenses that may allow the total expense ratio to be reduced.
−Removed: However, if total net assets for the Fund fall, the total expense ratio of the Fund will increase unless additional reductions are made by the Sponsor to the daily expense accruals.
−Removed: The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
−Removed: The increase in total gross fees and other expenses excluding management fees for the three months ended September 30, 2021 compared to the three months ended September 30, 2020 was generally due to the increase in average net assets in the period.
−Removed: The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee.
−Removed: This election is subject to change by the Sponsor, at its discretion.
−Removed: The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.
−Removed: The decrease in total brokerage commissions for the three months ended September 30, 2021 compared to the three months ended September 30, 2020, was primarily due to a decrease in contracts purchased, liquidated, and rolled.
−Removed: For the three months ended September 30, 2021, the Fund issued 375,000 shares as part of creation baskets and purchased 2,700,000 shares as part of redemption baskets.
−Removed: Shares outstanding decreased by 5,675,000 shares or 49% for three months ended September 30, 2021 when compared to the same period in 2020.
−Removed: In total, the Fund issued 8,425,000 shares and purchased 3,925,000 shares for the three months ended September 30, 2020.
−Removed: For the Nine months Ended September 30, 2021 Compared to the Nine months Ended September 30, 2020
−Removed: Nine Months Ended
−Removed: Nine Months Ended
−Removed: September 30, 2021
−Removed: September 30, 2020
−Removed: Average daily total net assets
−Removed: $ 158,799,521
Net realized and unrealized gain on futures contracts
6 unchanged sentences
Expenses waived by the Sponsor
+Added: Total gross expense ratio
Total expense ratio net of expenses waived by the Sponsor
8 unchanged sentences
The Sponsor has a static benchmark as described above and trades futures contracts to adhere to that benchmark and to adjust for the creation or redemption of shares.
−Removed: The decrease in interest and other income year over year was due to continued uncertainty of the virus, and elevated unemployment with current federal funds rates at near zero.
−Removed: As a result, the amount of interest income earned as a percentage of average daily total net assets was lower in the three months ended September 30, 2021, compared to the three months ended September 30, 2020.
+Added: The increase in interest and other income year over year was due to an increase in inflation from the second half of 2021 and strong economic activity and employment levels.
+Added: As a result, the amount of interest income earned as a percentage of average daily total net assets was higher in the three months ended March 31, 2022, compared to the three months ended March 31, 2021.
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.
These investments may include, but are not limited to, short-term Treasury Securities, demand deposits, money market funds and investments in commercial paper.
−Removed: These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven even point.
−Removed: The increase in management fee paid to the Sponsor for the nine months ended September 30, 2021 compared to the nine months ended September 30, 2020 was a result of higher average net assets.
+Added: These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven point.
+Added: The decrease in management fee paid to the Sponsor for the three months ended March 31, 2022 compared to the three months ended March 31, 2021 was a result of lower average net assets.
The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets.
4 unchanged sentences
The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
−Removed: The increase in total gross fees and other expenses excluding management fees for the nine months ended September 30, 2021 compared to the nine months ended September 30, 2020 was generally due to the increase in average net assets in the period.
+Added: The decrease in total gross fees and other expenses excluding management fees for the three months ended March 31, 2022 compared to the three months ended March 31, 2021 was generally due to the decrease in average net assets in the period.
The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee.
1 unchanged sentence
The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.
−Removed: The increase in total brokerage commissions for the nine months ended September 30, 2021 compared to the nine months ended September 30, 2020, was primarily due to an increase in contracts purchased, liquidated, and rolled.
−Removed: For the nine months ended September 30, 2021, the Fund issued 3,775,000 shares as part of creation baskets and purchased 6,725,000 shares as part of redemption baskets.
−Removed: In total, the Fund issued 11,900,000 shares and purchased 5,350,000 shares for the nine months ended September 30, 2020.
−Removed: The graph below shows the actual shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to September 30, 2021 and serves to illustrate the relative changes of these components.
+Added: The decrease in total brokerage commissions for the three months ended March 31, 2022 compared to the three months ended March 31, 2021, was primarily due to a decrease in contracts purchased, liquidated, and rolled.
+Added: For the three months ended March 31, 2022, the Fund issued 2,950,000 shares as part of creation baskets and purchased 375,000 shares as part of redemption baskets.
+Added: Shares outstanding decreased by 1,375,000 shares or 14% for three months ended March 31, 2022 when compared to the same period in 2021.
+Added: In total, the Fund issued 2,150,000 shares and purchased 1,500,000 shares for the three months ended March 31, 2021.
+Added: The graph below shows the actual shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to March 31, 2022 and serves to illustrate the relative changes of these components.
Other than the management fee to the Sponsor and the brokerage commissions, most of the expenses incurred by the Fund are associated with the day to day operation of the Fund and the necessary functions related to regulatory compliance.
14 unchanged sentences
(1) second to expire CBOT Soybean Futures Contract, weighted 35%, (2) the third to expire CBOT Soybean Futures Contract, weighted 30%, and (3) the CBOT Soybean Futures Contract expiring in the November following the expiration month of the third to expire contract, weighted 35%.
−Removed: On September 30, 2021, the Fund held a total of CBOT soybean futures contracts with a notional value of $47,300,225.
−Removed: The contracts had an asset fair value of $1,045,744 and a liability fair value of $1,715,999.
+Added: On March 31, 2022, the Fund held a total of CBOT soybean futures contracts with a notional value of $64,247,713.
+Added: The contracts had an asset fair value of $3,599,568.
The weighting of the notional value of the contracts is as follows:
−Removed: (1) 35% to Jan22 CBOT contracts, (2) 30% to Mar22 CBOT contracts, and (3) 35% to Nov22 CBOT contracts.
−Removed: Quarter Ending
−Removed: Quarter Ending
−Removed: Quarter Ending
−Removed: September 30, 2021
−Removed: September 30, 2020
−Removed: June 30, 2021
+Added: (1) 35% to JUL22 CBOT contracts, (2) 30% to NOV22 CBOT contracts, and (3) 35% to NOV23 CBOT contracts.
+Added: March 31, 2022
+Added: March 31, 2021
+Added: December 31, 2021
Total Net Assets
−Removed: $ 128,509,361
Shares Outstanding
2 unchanged sentences
Total net assets for the Fund decreased year over year by 30%, driven by a combination of a decrease in total shares outstanding of 1,825,000 shares or 43% and partially offset by an increase in the NAV per share of $5.18 or 24%.
−Removed: The net assets for the Fund decreased by 33% when comparing September 30, 2021 to June 30, 2021.
−Removed: Very similar with the decline in the Teucrium CORN Fund, this decrease in total net assets year over year, in the opinion of management, was generally due to investors liquidating shares purchased at depressed values in mid-2020 which appreciated in value due to record large soybean purchases by China and investors investing in commodities as an inflation hedge.
−Removed: For the Three Months Ended September 30, 2021 Compared to the Three Months Ended September 30, 2020
+Added: The net assets for the Fund increased by 43% when comparing March 31, 2022 to December 31, 2021.
+Added: This change year over year, in the opinion of management, was due to investors liquidating shares purchased at depressed values in mid-2020, which appreciated in value due to record large soybean purchased by China as well as increased investments in commodities as an inflation hedge.
+Added: For the Three Months Ended March 31, 2022 Compared to the Three Months Ended March 31, 2021
Three months Ended
Three months Ended
−Removed: September 30, 2021
−Removed: September 30, 2020
−Removed: Average daily total net assets
−Removed: Net realized and unrealized (loss) gain on futures contracts
−Removed: $ (4,333,370 )
−Removed: Interest income earned on cash and cash equivalents
−Removed: Annualized interest yield based on average daily total net assets
−Removed: Net (Loss) Income
−Removed: $ (4,573,209 )
−Removed: Weighted average share outstanding
−Removed: Management Fees
−Removed: Total gross fees and other expenses excluding management fees
−Removed: Brokerage Commissions
−Removed: Expenses waived by the Sponsor
−Removed: Total expense ratio net of expenses waived by the Sponsor
−Removed: Net investment loss
−Removed: Creation of Shares
−Removed: Redemption of Shares
−Removed: Realized gain or loss on trading of commodity futures contracts is a function of:
−Removed: 1) the change in the price of the particular contracts sold as part of a “roll” in contracts as the nearest to expire contracts are exchanged for the appropriate contract given the investment objective of the fund, 2) the change in the price of particular contracts sold in relation to redemption of shares, 3) the gain or loss associated with rebalancing trades which are made to ensure conformance to the benchmark, 4) the number of contracts held and then sold for either circumstance aforementioned.
−Removed: Beginning on August 21, 2019, the Sponsor began recognizing the expense for brokerage commissions for futures contract trades on a per trade basis.
−Removed: Prior to the change, brokerage commissions on all open commodity futures contracts were accrued on the trade date on a full-turn basis.
−Removed: Unrealized gain or loss on trading of commodity futures contracts is a function of the change in the price of contracts held on the final date of the period versus the purchase price for each contract and the number of contracts held in each contract month.
−Removed: The Sponsor has a static benchmark as described above and trades futures contracts to adhere to that benchmark and to adjust for the creation or redemption of shares.
−Removed: The decrease in interest and other income year over year was due to continued uncertainty of the virus, and elevated unemployment with current federal funds rates at near zero.
−Removed: As a result, the amount of interest income earned as a percentage of average daily total net assets was lower in the three months ended September 30, 2021, compared to the three months ended September 30, 2020.
−Removed: 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.
−Removed: These investments may include, but are not limited to, short-term Treasury Securities, demand deposits, money market funds and investments in commercial paper.
−Removed: These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven even point.
−Removed: The decrease in management fee paid to the Sponsor for the three months ended September 30, 2021 compared to the three months ended September 30, 2020 was a result of lower average net assets.
−Removed: The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets.
−Removed: Other than the management fee to the Sponsor and the brokerage commissions, most of the expenses incurred by the Fund are associated with the day to day operation of the Fund and the necessary functions related to regulatory compliance.
−Removed: These are generally based on contracts, which extend for some period of time and up to one year, or commitments regardless of the level of assets under management.
−Removed: The structure of the Fund and the nature of the expenses are such that as total net assets grow, there is a scalability of expenses that may allow the total expense ratio to be reduced.
−Removed: However, if total net assets for the Fund fall, the total expense ratio of the Fund will increase unless additional reductions are made by the Sponsor to the daily expense accruals.
−Removed: The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
−Removed: The decrease in total gross fees and other expenses excluding management fees for the three months ended September 30, 2021 compared to the three months ended September 30, 2020 was generally due to the decrease in average net assets in the period.
−Removed: The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee.
−Removed: This election is subject to change by the Sponsor, at its discretion.
−Removed: The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.
−Removed: The decrease in total brokerage commissions for the three months ended September 30, 2021 compared to the three months ended September 30, 2020, was primarily due to a decrease in contracts purchased, liquidated, and rolled.
−Removed: For the three months ended September 30, 2021, the Fund issued 150,000 shares as part of creation baskets and purchased 975,000 shares as part of redemption baskets.
−Removed: Shares outstanding decreased by 5,950,000 shares or 73% for three months ended September 30, 2021 when compared to the same period in 2020.
−Removed: In total, the Fund issued 5,075,000 shares and purchased 1,000,000 shares for the three months ended September 30, 2020.
−Removed: For the Nine months Ended September 30, 2021 Compared to the Nine months Ended September 30, 2020
−Removed: Nine Months Ended
−Removed: Nine Months Ended
−Removed: September 30, 2021
−Removed: September 30, 2020
+Added: March 31, 2022
+Added: March 31, 2021
Average daily total net assets
7 unchanged sentences
Expenses waived by the Sponsor
+Added: Total gross expense ratio
Total expense ratio net of expenses waived by the Sponsor
8 unchanged sentences
The Sponsor has a static benchmark as described above and trades futures contracts to adhere to that benchmark and to adjust for the creation or redemption of shares.
−Removed: The decrease in interest and other income year over year was due to continued uncertainty of the virus, and elevated unemployment with current federal funds rates at near zero.
−Removed: As a result, the amount of interest income earned as a percentage of average daily total net assets was lower in the three months ended September 30, 2021, compared to the three months ended September 30, 2020.
+Added: The decrease in interest and other income year over year was due to lower net assets for the year, and was partially offset due to an increase in inflation from the second half of 2021 and strong economic activity and employment levels.
+Added: As a result, the amount of interest income earned as a percentage of average daily total net assets was higher in the three months ended March 31, 2022, compared to the three months ended March 31, 2021.
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.
These investments may include, but are not limited to, short-term Treasury Securities, demand deposits, money market funds and investments in commercial paper.
−Removed: These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven even point.
−Removed: The increase in management fee paid to the Sponsor for the nine months ended September 30, 2021 compared to the nine months ended September 30, 2020 was a result of higher average net assets.
+Added: These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven point.
+Added: The decrease in management fee paid to the Sponsor for the three months ended March 31, 2022 compared to the three months ended March 31, 2021 was a result of lower average net assets.
The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets.
4 unchanged sentences
The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
−Removed: The increase in total gross fees and other expenses excluding management fees for the nine months ended September 30, 2021 compared to the nine months ended September 30, 2020 was generally due to the increase in average net assets in the period.
+Added: The decrease in total gross fees and other expenses excluding management fees for the three months ended March 31, 2022 compared to the three months ended March 31, 2021 was generally due to the decrease in average net assets in the period.
The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee.
1 unchanged sentence
The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.
−Removed: The increase in total brokerage commissions for the nine months ended September 30, 2021 compared to the nine months ended September 30, 2020, was primarily due to an increase in contracts purchased, liquidated, and rolled.
−Removed: For the nine months ended September 30, 2021, the Fund issued 1,050,000 shares as part of creation baskets and purchased 3,475,000 shares as part of redemption baskets.
−Removed: In total, the Fund issued 7,600,000 shares and purchased 1,275,000 shares for the nine months ended September 30, 2020.
−Removed: The graph below shows the actual shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to September 30, 2021 and serves to illustrate the relative changes of these components.
+Added: The increase in total brokerage commissions for the three months ended March 31, 2022 compared to the three months ended March 31, 2021, was primarily due to an increase in contracts purchased, liquidated, and rolled.
+Added: For the three months ended March 31, 2022, the Fund issued 525,000 shares as part of creation baskets and purchased 100,000 shares as part of redemption baskets.
+Added: Shares outstanding decreased by 1,825,000 shares or 43% for three months ended March 31, 2022 when compared to the same period in 2021.
+Added: In total, the Fund issued 900,000 shares and purchased 125,000 shares for the three months ended March 31, 2021.
+Added: The graph below shows the actual shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to March 31, 2022 and serves to illustrate the relative changes of these components.
Other than the management fee to the Sponsor and the brokerage commissions, most of the expenses incurred by the Fund are associated with the day to day operation of the Fund and the necessary functions related to regulatory compliance.
17 unchanged sentences
11 Futures Contract expiring in the March following the expiration month of the third to expire contract, weighted 35%.
−Removed: On September 30, 2021, the Fund held a total of ICE sugar futures contracts with a notional value of $26,088,787.
+Added: On March 31, 2022, the Fund held a total of ICE sugar futures contracts with a notional value of $25,497,158.
The contracts had an asset fair value of $1,906,462.
The weighting of the notional value of the contracts is as follows:
−Removed: (1) 35% to the May22 ICE No 11 contracts, (2) 30% to the Jul22 ICE No 11 contracts, and (3) 35% to the Mar23 ICE No 11 contracts.
−Removed: Quarter Ending
+Added: (1) 35% to the JUL22 ICE No 11 contracts, (2) 30% to the OCT22 ICE No 11 contracts, and (3) 35% to the MAR23 ICE No 11 contracts.
Quarter Ending
Quarter Ending
−Removed: September 30, 2021
−Removed: September 30, 2020
−Removed: June 30, 2021
+Added: March 31, 2022
+Added: March 31, 2021
+Added: December 31, 2021
Total Net Assets
3 unchanged sentences
Total net assets for the Fund increased year over year by 67%, driven by a combination of an increase in total shares outstanding of 475,000 or 22% and an increase in the NAV per share of $2.59 or 37%.
−Removed: The net assets for the Fund increased by 18% when comparing September 30, 2021 to June 30, 2021.
−Removed: This increase was, in the opinion of management, due to the low price of sugar and record world demand relative to recent years, which accelerated investor interest.
−Removed: For the Three Months Ended September 30, 2021 Compared to the Three Months Ended September 30, 2020
+Added: The net assets for the Fund increased by 12% when comparing March 31, 2022 to December 31, 2021.
+Added: This change was, in the opinion of management, due to the low price of sugar and record world demand relative to recent years, which accelerated investor interest.
+Added: For the Three Months Ended March 31, 2022 Compared to the Three Months Ended March 31, 2021
Three months Ended
Three months Ended
−Removed: September 30, 2021
−Removed: September 30, 2020
−Removed: Average daily total net assets
−Removed: Net realized and unrealized gain on futures contracts
−Removed: Interest income earned on cash and cash equivalents
−Removed: Annualized interest yield based on average daily total net assets
−Removed: Weighted average share outstanding
−Removed: Management Fees
−Removed: Total gross fees and other expenses excluding management fees
−Removed: Brokerage Commissions
−Removed: Expenses waived by the Sponsor
−Removed: Total expense ratio net of expenses waived by the Sponsor
−Removed: Net investment loss
−Removed: Creation of Shares
−Removed: Redemption of Shares
−Removed: Realized gain or loss on trading of commodity futures contracts is a function of:
−Removed: 1) the change in the price of the particular contracts sold as part of a “roll” in contracts as the nearest to expire contracts are exchanged for the appropriate contract given the investment objective of the fund, 2) the change in the price of particular contracts sold in relation to redemption of shares, 3) the gain or loss associated with rebalancing trades which are made to ensure conformance to the benchmark, 4) the number of contracts held and then sold for either circumstance aforementioned.
−Removed: Beginning on August 21, 2019, the Sponsor began recognizing the expense for brokerage commissions for futures contract trades on a per trade basis.
−Removed: Prior to the change, brokerage commissions on all open commodity futures contracts were accrued on the trade date on a full-turn basis.
−Removed: Unrealized gain or loss on trading of commodity futures contracts is a function of the change in the price of contracts held on the final date of the period versus the purchase price for each contract and the number of contracts held in each contract month.
−Removed: The Sponsor has a static benchmark as described above and trades futures contracts to adhere to that benchmark and to adjust for the creation or redemption of shares.
−Removed: The increase in interest and other income year over year was due to higher net assets and partially offset by continued uncertainty of the virus, and elevated unemployment with current federal funds rates at near zero.
−Removed: As a result, the amount of interest income earned as a percentage of average daily total net assets was lower in the three months ended September 30, 2021, compared to the three months ended September 30, 2020.
−Removed: 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.
−Removed: These investments may include, but are not limited to, short-term Treasury Securities, demand deposits, money market funds and investments in commercial paper.
−Removed: These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven even point.
−Removed: The increase in management fee paid to the Sponsor for the three months ended September 30, 2021 compared to the three months ended September 30, 2020 was a result of higher average net assets.
−Removed: The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets.
−Removed: Other than the management fee to the Sponsor and the brokerage commissions, most of the expenses incurred by the Fund are associated with the day to day operation of the Fund and the necessary functions related to regulatory compliance.
−Removed: These are generally based on contracts, which extend for some period of time and up to one year, or commitments regardless of the level of assets under management.
−Removed: The structure of the Fund and the nature of the expenses are such that as total net assets grow, there is a scalability of expenses that may allow the total expense ratio to be reduced.
−Removed: However, if total net assets for the Fund fall, the total expense ratio of the Fund will increase unless additional reductions are made by the Sponsor to the daily expense accruals.
−Removed: The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
−Removed: The increase in total gross fees and other expenses excluding management fees for the three months ended September 30, 2021 compared to the three months ended September 30, 2020 was generally due to the increase in average net assets in the period.
−Removed: The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee.
−Removed: This election is subject to change by the Sponsor, at its discretion.
−Removed: The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.
−Removed: The increase in total brokerage commissions for the three months ended September 30, 2021 compared to the three months ended September 30, 2020, was primarily due to an increase in contracts purchased, liquidated, and rolled.
−Removed: For the three months ended September 30, 2021, the Fund issued 525,000 shares as part of creation baskets and purchased 450,000 shares as part of redemption baskets.
−Removed: Shares outstanding increased by 850,000 shares or 45% for three months ended September 30, 2021 when compared to the same period in 2020.
−Removed: In total, the Fund issued 850,000 shares and purchased 525,000 shares for the three months ended September 30, 2020.
−Removed: For the Nine months Ended September 30, 2021 Compared to the Nine months Ended September 30, 2020
−Removed: Nine Months Ended
−Removed: Nine Months Ended
−Removed: September 30, 2021
−Removed: September 30, 2020
+Added: March 31, 2022
+Added: March 31, 2021
Average daily total net assets
2 unchanged sentences
Annualized interest yield based on average daily total net assets
−Removed: Net Income (Loss)
Weighted average share outstanding
3 unchanged sentences
Expenses waived by the Sponsor
+Added: Total gross expense ratio
Total expense ratio net of expenses waived by the Sponsor
8 unchanged sentences
The Sponsor has a static benchmark as described above and trades futures contracts to adhere to that benchmark and to adjust for the creation or redemption of shares.
−Removed: The decrease in interest and other income year over year was due to continued uncertainty of the virus, and elevated unemployment with current federal funds rates at near zero.
−Removed: As a result, the amount of interest income earned as a percentage of average daily total net assets was lower in the three months ended September 30, 2021, compared to the three months ended September 30, 2020.
+Added: The increase in interest and other income year over year was due to an increase in inflation from the second half of 2021 and strong economic activity and employment levels.
+Added: As a result, the amount of interest income earned as a percentage of average daily total net assets was higher in the three months ended March 31, 2022, compared to the three months ended March 31, 2021.
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.
These investments may include, but are not limited to, short-term Treasury Securities, demand deposits, money market funds and investments in commercial paper.
−Removed: These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven even point.
−Removed: The increase in management fee paid to the Sponsor for the nine months ended September 30, 2021 compared to the nine months ended September 30, 2020 was a result of higher average net assets.
+Added: These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven point.
+Added: The increase in management fee paid to the Sponsor for the three months ended March 31, 2022 compared to the three months ended March 31, 2021 was a result of higher average net assets.
The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets.
4 unchanged sentences
The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
−Removed: The decrease in total gross fees and other expenses excluding management fees for the nine months ended September 30, 2021 compared to the nine months ended September 30, 2020 was generally due to the average net assets relative to the other Funds.
+Added: The increase in total gross fees and other expenses excluding management fees for the three months ended March 31, 2022 compared to the three months ended March 31, 2021 was generally due to the increase in average net assets in the period.
The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee.
1 unchanged sentence
The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.
−Removed: The increase in total brokerage commissions for the nine months ended September 30, 2021 compared to the nine months ended September 30, 2020, was primarily due to an increase in contracts purchased, liquidated, and rolled.
−Removed: For the nine months ended September 30, 2021, the Fund issued 1,450,000 shares as part of creation baskets and purchased 625,000 shares as part of redemption baskets.
−Removed: In total, the Fund issued 1,350,000 shares and purchased 1,225,000 shares for the nine months ended September 30, 2020.
−Removed: The graph below shows the actual shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to September 30, 2021 and serves to illustrate the relative changes of these components.
+Added: The increase in total brokerage commissions for the three months ended March 31, 2022 compared to the three months ended March 31, 2021, was primarily due to an increase in contracts purchased, liquidated, and rolled.
+Added: For the three months ended March 31, 2022, the Fund issued 700,000 shares as part of creation baskets and purchased 525,000 shares as part of redemption baskets.
+Added: Shares outstanding increased by 475,000 shares or 22% for three months ended March 31, 2022 when compared to the same period in 2021.
+Added: In total, the Fund issued 275,000 shares for the three months ended March 31, 2021.
+Added: The graph below shows the actual shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to March 31, 2022 and serves to illustrate the relative changes of these components.
The seasonality patterns for sugar cane futures prices are impacted by a variety of factors.
14 unchanged sentences
(1) the second to expire CBOT Wheat Futures Contract, weighted 35%, (2) the third to expire CBOT Wheat Futures Contract, weighted 30%, and (3) the CBOT Wheat Futures Contract expiring in the December following the expiration month of the third to expire contract, weighted 35%.
−Removed: On September 30, 2021, the Fund held a total of CBOT wheat futures contracts with a notional value of $73,308,450.
−Removed: The contracts had an asset fair value of $4,538,406.
−Removed: The weighting of the notional value of the contracts is as follows:
−Removed: (1) 35% to Mar22 CBOT contracts, (2) 30% to May22 CBOT contracts, and (3) 35% to Dec22 CBOT contracts.
+Added: On March 31, 2022, the Fund held a total of CBOT wheat futures contracts with a notional value of $492,671,813.
+Added: The contracts had a liability fair value of $33,791,659.
+Added: The weighting of the notional value contracts is as follows:
+Added: (1) 35% to JUL22 CBOT contracts, (2) 30% to SEP22 CBOT contracts, and (3) 35% to DEC22 CBOT contracts.
Quarter Ending
1 unchanged sentence
Quarter Ending
−Removed: September 30, 2021
−Removed: September 30, 2020
−Removed: June 30, 2021
+Added: March 31, 2022
+Added: March 31, 2021
+Added: December 31, 2021
Total Net Assets
+Added: $ 492,639,237
Shares Outstanding
1 unchanged sentence
Closing Price
−Removed: Total net assets for the Fund increased year over year by 15%, driven by a combination of a decrease in total shares outstanding of 750,000 or 7% and an increase in the NAV per share of $1.34 or 24%.
−Removed: The net assets for the Fund decreased by 15% when comparing September 30, 2021 to June 30, 2021.
−Removed: This increase year over year, in the opinion of management, was due to concerns over reduced supplies due to the lowest planted acres in over 100 years and strong world demand;
−Removed: both aiding in the drawdown of US ending stocks.
−Removed: For the Three Months Ended September 30, 2021 Compared to the Three Months Ended September 30, 2020
+Added: Total net assets for the Fund increased year over year by 510%, driven by a combination of an increase in total shares outstanding of 36,650,000 or 272% and an increase in the NAV per share of $3.84 or 64%.
+Added: The net assets for the Fund increased by 551% when comparing March 31, 2022 to December 31, 2021.
+Added: This change year over year, in the opinion of management, was due to elevated prices, influenced by relatively tight supplies in key exporting countries and the concerns over the conflict between Russia and Ukraine.
+Added: Prices have been rising as the conflict is raising significant questions about the ability of Russia and Ukraine to continue exporting.
+Added: For the Three Months Ended March 31, 2022 Compared to the Three Months Ended March 31, 2021
Three months ended
Three months ended
−Removed: September 30, 2021
−Removed: September 30, 2020
−Removed: Average daily total net assets
−Removed: Net realized and unrealized gain on futures contracts
−Removed: Interest income earned on cash and cash equivalents
−Removed: Annualized interest yield based on average daily total net assets
−Removed: Weighted average share outstanding
−Removed: Management Fees
−Removed: Total gross fees and other expenses excluding management fees
−Removed: Brokerage Commissions
−Removed: Expenses waived by the Sponsor
−Removed: Total expense ratio net of expenses waived by the Sponsor
−Removed: Net investment loss
−Removed: Creation of Shares
−Removed: Redemption of Shares
−Removed: Realized gain or loss on trading of commodity futures contracts is a function of:
−Removed: 1) the change in the price of the particular contracts sold as part of a “roll” in contracts as the nearest to expire contracts are exchanged for the appropriate contract given the investment objective of the fund, 2) the change in the price of particular contracts sold in relation to redemption of shares, 3) the gain or loss associated with rebalancing trades which are made to ensure conformance to the benchmark, 4) the number of contracts held and then sold for either circumstance aforementioned.
−Removed: Beginning on August 21, 2019, the Sponsor began recognizing the expense for brokerage commissions for futures contract trades on a per trade basis.
−Removed: Prior to the change, brokerage commissions on all open commodity futures contracts were accrued on the trade date on a full-turn basis.
−Removed: Unrealized gain or loss on trading of commodity futures contracts is a function of the change in the price of contracts held on the final date of the period versus the purchase price for each contract and the number of contracts held in each contract month.
−Removed: The Sponsor has a static benchmark as described above and trades futures contracts to adhere to that benchmark and to adjust for the creation or redemption of shares.
−Removed: The decrease in interest and other income year over year was due to continued uncertainty of the virus, and elevated unemployment with current federal funds rates at near zero.
−Removed: As a result, the amount of interest income earned as a percentage of average daily total net assets was lower in the three months ended September 30, 2021, compared to the three months ended September 30, 2020.
−Removed: 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.
−Removed: These investments may include, but are not limited to, short-term Treasury Securities, demand deposits, money market funds and investments in commercial paper.
−Removed: These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven even point.
−Removed: The increase in management fee paid to the Sponsor for the three months ended September 30, 2021 compared to the three months ended September 30, 2020 was a result of higher average net assets.
−Removed: The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets.
−Removed: Other than the management fee to the Sponsor and the brokerage commissions, most of the expenses incurred by the Fund are associated with the day to day operation of the Fund and the necessary functions related to regulatory compliance.
−Removed: These are generally based on contracts, which extend for some period of time and up to one year, or commitments regardless of the level of assets under management.
−Removed: The structure of the Fund and the nature of the expenses are such that as total net assets grow, there is a scalability of expenses that may allow the total expense ratio to be reduced.
−Removed: However, if total net assets for the Fund fall, the total expense ratio of the Fund will increase unless additional reductions are made by the Sponsor to the daily expense accruals.
−Removed: The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
−Removed: The increase in total gross fees and other expenses excluding management fees for the three months ended September 30, 2021 compared to the three months ended September 30, 2020 was generally due to an increase in expenses paid on behalf of the Sponsor.
−Removed: The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee.
−Removed: This election is subject to change by the Sponsor, at its discretion.
−Removed: The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.
−Removed: The increase in total brokerage commissions for the three months ended September 30, 2021 compared to the three months ended September 30, 2020, was primarily due to an increase in contracts purchased, liquidated, and rolled.
−Removed: For the three months ended September 30, 2021, the Fund issued 200,000 shares as part of creation baskets and purchased 2,575,000 shares as part of redemption baskets.
−Removed: Shares outstanding decreased by 750,000 shares or 7% for three months ended September 30, 2021 when compared to the same period in 2020.
−Removed: In total, the Fund issued 2,100,000 shares and purchased 100,000 shares for the three months ended September 30, 2020.
−Removed: For the Nine months Ended September 30, 2021 Compared to the Nine months Ended September 30, 2020
−Removed: Nine Months Ended
−Removed: Nine Months Ended
−Removed: September 30, 2021
−Removed: September 30, 2020
+Added: March 31, 2022
+Added: March 31, 2021
Average daily total net assets
−Removed: Net realized and unrealized gain on futures contracts
+Added: $ 177,295,819
+Added: Net realized and unrealized gain (loss) on futures contracts
+Added: $ (2,136,225 )
Interest income earned on cash and cash equivalents
Annualized interest yield based on average daily total net assets
+Added: Net Income (Loss)
+Added: $ (2,532,616 )
Weighted average share outstanding
3 unchanged sentences
Expenses waived by the Sponsor
+Added: Total gross expense ratio
Total expense ratio net of expenses waived by the Sponsor
8 unchanged sentences
The Sponsor has a static benchmark as described above and trades futures contracts to adhere to that benchmark and to adjust for the creation or redemption of shares.
−Removed: The decrease in interest and other income year over year was due to continued uncertainty of the virus, elevated unemployment and weak inflation with current federal funds rates at near zero.
−Removed: As a result, the amount of interest income earned as a percentage of average daily total net assets was lower in the nine months ended September 30, 2021, compared to the nine months ended September 30, 2020.
+Added: The increase in interest and other income year over year was due to an increase in inflation from the second half of 2021 and strong economic activity and employment levels.
+Added: As a result, the amount of interest income earned as a percentage of average daily total net assets was higher in the three months ended March 31, 2022, compared to the three months ended March 31, 2021.
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.
These investments may include, but are not limited to, short-term Treasury Securities, demand deposits, money market funds and investments in commercial paper.
−Removed: These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven even point.
−Removed: The increase in management fee paid to the Sponsor for the nine months ended September 30, 2021 compared to the nine months ended September 30, 2020 was a result of higher average net assets.
+Added: These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven point.
+Added: The increase in management fee paid to the Sponsor for the three months ended March 31, 2022 compared to the three months ended March 31, 2021 was a result of higher average net assets.
The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets.
4 unchanged sentences
The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
−Removed: The decrease in total gross fees and other expenses excluding management fees for the nine months ended September 30, 2021 compared to the nine months ended September 30, 2020 was generally due to an increase in expenses paid on behalf of the Sponsor.
+Added: The increase in total gross fees and other expenses excluding management fees for the three months ended March 31, 2022 compared to the three months ended March 31, 2021 was generally due to an increase in expenses paid by the Sponsor.
The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee.
1 unchanged sentence
The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.
−Removed: The increase in total brokerage commissions for the nine months ended September 30, 2021 compared to the nine months ended September 30, 2020, was primarily due to an increase in contracts purchased, liquidated, and rolled.
−Removed: For the nine months ended September 30, 2021, the Fund issued 3,500,000 shares as part of creation baskets and purchased 4,475,000 shares as part of redemption baskets.
−Removed: In total, the Fund issued 3,100,000 shares and purchased 925,000 shares for the nine months ended September 30, 2020.
−Removed: The graph below shows the actual shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to September 30, 2021 and serves to illustrate the relative changes of these components.
+Added: The increase in total brokerage commissions for the three months ended March 31, 2022 compared to the three months ended March 31, 2021, was primarily due to an increase in contracts purchased, liquidated, rolled and the increased fees from the FCM which has imposed capital by the new FCM and clearing broker.
+Added: For the three months ended March 31, 2022, the Fund issued 51,025,000 shares as part of creation baskets and purchased 11,150,000 shares as part of redemption baskets.
+Added: Shares outstanding increased by 36,650,000 shares or 272% for three months ended March 31, 2022 when compared to the same period in 2021.
+Added: In total, the Fund issued 2,800,000 shares and purchased 675,000 shares for the three months ended March 31, 2021.
+Added: The graph below shows the actual shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to March 31, 2022 and serves to illustrate the relative changes of these components.
The seasonality patterns for wheat futures prices are impacted by a variety of factors.
27 unchanged sentences
11 Futures Contract expiring in the March following the expiration month of the third to expire contract, weighted 35%.
−Removed: On September 30, 2021, the Fund held:
+Added: On March 31, 2022, the Fund held:
1) 278,273 shares of CORN with a fair value of $7,561,011;
2 unchanged sentences
and 4) 760,450 shares of CANE with a fair value of $7,315,073.
−Removed: The weighting on September 30, 2021 was 26% to CORN, 26% to WEAT, 24% to SOYB and 24% to CANE.
+Added: The weighting on March 31, 2022 was 26% to CORN, 25% to WEAT, 24% to SOYB and 25% to CANE.
Quarter Ending
1 unchanged sentence
Quarter Ending
−Removed: September 30, 2021
−Removed: September 30, 2020
−Removed: June 30, 2021
+Added: March 31, 2022
+Added: March 31, 2021
+Added: December 31, 2021
Total Net Assets
3 unchanged sentences
Total net assets for the Fund increased year over year by 479%, driven by a combination of an increase in shares outstanding of 675,000 shares or 300% and an increase in the NAV per share of $10.03 or 45%.
−Removed: The net assets for the Fund decreased by 15% when comparing September 30, 2021 to June 30, 2021.
+Added: The net assets for the Fund increased by 106% when comparing March 31, 2022 to December 31, 2021.
Effective August 2, 2012 through April 9, 2018, the Fund was at 50,002 shares outstanding which represents a minimum number of shares and there could be no further redemptions until additional shares were created.
−Removed: For the Three Months Ended September 30, 2021 Compared to the Three Months Ended September 30, 2020
+Added: For the Three Months Ended March 31, 2022 Compared to the Three Months Ended March 31, 2021
Three months ended
Three months ended
−Removed: September 30, 2021
−Removed: September 30, 2020
+Added: March 31, 2022
+Added: March 31, 2021
Average daily total net assets
6 unchanged sentences
Expenses waived by the Sponsor
+Added: Total gross expense ratio
Total expense ratio net of expenses waived by the Sponsor
10 unchanged sentences
The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
−Removed: The increase in total gross fees and other expenses for the three months ended September 30, 2021 compared to the three months ended September 30, 2020 was generally due to the increase in average net assets in the period.
−Removed: The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee.
−Removed: This election is subject to change by the Sponsor, at its discretion.
−Removed: The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.
−Removed: For the Nine months Ended September 30, 2021 Compared to the Nine months Ended September 30, 2020
−Removed: Nine Months Ended
−Removed: Nine Months Ended
−Removed: September 30, 2021
−Removed: September 30, 2020
−Removed: Average daily total net assets
−Removed: Net realized and unrealized gain (loss) on securities
−Removed: Interest income earned on cash equivalents
−Removed: Annualized interest yield based on average daily total net assets
−Removed: Net Income (Loss)
−Removed: Weighted average share outstanding
−Removed: Total gross fees and other expenses
−Removed: Brokerage Commissions
−Removed: Expenses waived by the Sponsor
−Removed: Total expense ratio net of expenses waived by the Sponsor
−Removed: Net investment loss
−Removed: Creation of Shares
−Removed: Redemption of Shares
−Removed: 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.
−Removed: Unrealized gain or loss on the securities of the Underlying Funds is a function of the change in the price of shares held on the final date of the period versus the purchase price for each and the number held.
−Removed: The Sponsor has a static benchmark as described above and trades futures contracts to adhere to that benchmark and to adjust for the creation or redemption of shares.
−Removed: The expenses incurred by the Fund are associated with the day to day operation of the Fund and the necessary functions related to regulatory compliance.
−Removed: These are generally based on contracts, which extend for some period of time and up to one year, or commitments regardless of the level of assets under management.
−Removed: The structure of the Fund and the nature of the expenses are such that as total net assets grow, there is a scalability of expenses that may allow the total expense ratio to be reduced.
−Removed: However, if total net assets for the Fund fall, the total expense ratio of the Fund will increase unless additional reductions are made by the Sponsor to the daily expense accruals.
−Removed: The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
−Removed: The increase in total gross fees and other expenses for the nine months ended September 30, 2021 compared to the nine months ended September 30, 2020 was generally due to the increase in average net assets in the period.
+Added: The increase in total gross fees and other expenses for the three months ended March 31, 2022 compared to the three months ended March 31, 2021 was generally due to the increase in average net assets in the period.
The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee.
1 unchanged sentence
The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.
−Removed: The graph below shows the actual shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to September 30, 2021 and serves to illustrate the relative changes of these components.
+Added: The graph below shows the actual shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to March 31, 2022 and serves to illustrate the relative changes of these components.
Market Outlook
1 unchanged sentence
Corn is currently the most widely produced livestock feed grain in the United States.
−Removed: The two largest demands for the United States’ corn crop are livestock feed and ethanol production.
+Added: 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.
2 unchanged sentences
These reports are available on the USDA’s website, www.usda.gov, at no charge.
−Removed: The outlook provided below is from the October 12, 2021 USDA report.
+Added: The outlook provided below is from the April 8, 2022 USDA report.
+Added: However, as discussed immediately below, there have been significant geopolitical developments since the issuance of the February 8th USDA Report that may significantly alter assumptions and expectations and the potential for resulting volatility and losses.
+Added: 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.
+Added: 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.
+Added: 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 the price of corn, corn futures, and the share price of the Fund.
+Added: The price per bushel of corn in the United States is primarily a function of both U.S.
+Added: and global production and demand.
+Added: 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.
+Added: Ukraine was the fifth largest global exporter of corn last season (accounting for approximately thirteen percent of total global corn exports) and prior to commencement of the Black Sea conflict was expected by the USDA to have become the third largest global exporter of corn this season.
+Added: Ukraine was the largest global supplier of corn to China last year.
+Added: Currently, the conflict has halted exports of Ukraine’s corn crop that was harvested last season.
+Added: Now at question is the ability of farmers in both countries to plant this season’s corn crop in spring of 2022.
+Added: As such, volatility, trading volumes, and prices in global corn markets have risen dramatically and are expected to continue indefinitely at extreme elevated levels.
+Added: Given all of the above factors, the Sponsor has no ability to discern when current high levels of volatility will subside.
+Added: To place the impacts of the geopolitical events described above in context, the following table compares the percentage change in corn prices, the price of corn futures contracts, the price of the Fund’s shares, and the increased trading volume of corn futures in the twenty trading days prior to the date of the Russian invasion of Ukraine (January 27, 2022 to February 23, 2022), compared to the twenty trading days following (February 24, 2022 to March 23, 2022).
+Added: Recent geopolitical events have also impacted the level of “backwardation” experienced by the Fund.
+Added: As illustrated by the table, the Russian invasion and related developments have placed upward pressure on the price of corn and corn futures contracts.
+Added: 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 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.
+Added: This backwardation may benefit the Fund because it will sell more expensive contracts and buy less expensive contracts on an ongoing basis.
+Added: The degree of backwardation is also shown in the following table.
+Added: 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.
+Added: If the prices of corn and corn futures were to decline, for example, because of a resolution of the Russia-Ukraine conflict, the Fund would experience the negative impact of contango.
+Added: JANUARY 27, 2022 TO FEBRUARY 23, 2022
+Added: (20 TRADING DAYS BEFORE THE RUSSIAN INVASION)
+Added: FEBRUARY 24, 2022 TO MARCH 23, 2022
+Added: (20 TRADING DAYS AFTER THE RUSSIAN INVASION)
+Added: Average SPOT Corn Price = $6.4170
+Added: Average SPOT Corn Price = $7.3895
+Added: Corn futures prices
+Added: Average Futures Price Across next 4 contracts (excluding SPOT month) = $6.1519
+Added: Average Futures Price Across next 4 contracts (excluding SPOT month) = $6.7683
+Added: Average volume of futures
+Added: Average Volume Across next 4 contracts (excluding SPOT month) = 59,695
+Added: Average Volume Across next 4 contracts (excluding SPOT month) = 75,493
+Added: Degree of backwardation / Roll Yield*
+Added: Average Daily Roll Yield to SPOT Across 7 Contracts Period Averaged = +6.55% (backwardation)
+Added: Average Daily Roll Yield to SPOT Across 7 Contracts Period Averaged = +15.44% (backwardation)
+Added: Fund share prices
+Added: Average Price = $23.1337
+Added: Average Price = $25.846
+Added: Average share volume
+Added: * Roll yield is a type of return in commodity futures investing that comes from “rolling” shorter-dated contracts for longer-dated contracts.
+Added: It is driven by the difference in the price of shorter-dated, closer to maturity commodity contracts (in the table above the actual spot price of corn is used) and their longer-dated counterparts.
+Added: Roll yields can either be positive or negative, depending on whether the market is in backwardation or contango, respectively.
The United States is the world’s leading producer and exporter of corn.
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will produce approximately 32% of all the corn globally, of which about 17% will be exported.
−Removed: For the Crop Year 2021-22, based on the October 12, 2021 USDA report, global consumption of 1,186 Million Metric Tons (MMT) is expected to be slightly lower than global production of 1,198 MMT.
−Removed: If the global demand of corn exceeds global supply, this may have a positive impact on the price of corn.
−Removed: Besides the United States, other principal world corn exporters include Argentina, Brazil and the former Soviet Union nations known as the FSU-12 which includes the Ukraine.
−Removed: Major importer nations include Mexico, Japan, the European Union (EU), South Korea, Egypt and parts of Southeast Asia.
+Added: For 2021-2022, based on the April 8, 2022 USDA reports, global consumption of 1,197 Million Metric Tons (MMT) is expected to be slightly lower than global production of 1,210 MMT.
+Added: If the global demand for corn is not equal to global supply, this may have an impact on the price of corn.
+Added: Besides the United States, other principal world corn exporters include Argentina, Brazil, Russia, South Africa and Ukraine.
+Added: Major import nations include Mexico, Japan, the European Union (EU), South Korea, Egypt and parts of Southeast Asia.
China’s production at 273 MMT is approximately 7% less than its domestic usage.
−Removed: According to the USDA, global corn consumption has increased by 601% from crop year 1960/1961 to 2021/2022 as demonstrated by the graph below and is projected to continue to grow in upcoming years.
+Added: According to the USDA, global corn consumption has increased just over 608% from crop year 1960/1961 to 2021/2022 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.
−Removed: Census Department, is estimated to increase by approximately 62 million people per year and reach 9.7 billion by 2050;
+Added: 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;
−Removed: and 3) global use of bio-fuels which is generally driven by government policy.
+Added: and 3) increased use of biofuels, including ethanol in the United States.
+Added: 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.
+Added: 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 1960/1961-2021/2022 period, so has production, driven by increases in acres planted and yield per acre.
5 unchanged sentences
and global demand.
−Removed: The graph below shows the USDA published price per bushel by month for the period January 2007 to August 2021.
−Removed: On October 12, 2021, the USDA released its monthly World Agricultural Supply and Demand Estimates (WASDE) for the Crop Year 2021-22.
+Added: The graph below shows the USDA published price per bushel by month for the period January 2007 to February 2022.
+Added: On April 8, 2022, the USDA released its monthly World Agricultural Supply and Demand Estimates (WASDE) for the Crop Year 2021-22.
The exhibit below provides a summary of historical and current information for United States corn production.
−Removed: Corn Supply/Demand Balance
−Removed: Marketing Year September - August
−Removed: Million Bushels
−Removed: Planted Acres
−Removed: Harvested Acres
−Removed: Beginning Stocks
−Removed: Food/Seed/Industrial
−Removed: Ethanol for Fuel(incld above)
−Removed: Ending Stocks (Inventory)
−Removed: Stocks/Use Ratio
−Removed: farm Price ($/bushel)
−Removed: Calculations:
−Removed: Demand per day (incld expt)¹
−Removed: Carry-out days supply
−Removed: ¹ in millions of bushels per day
Standard Corn Futures Contracts trade on the CBOT in units of 5,000 bushels.
22 unchanged sentences
Argentina is projected to produce about 44 MMT.
−Removed: For the Crop Year 2021-22, based on the October 12, 2021 USDA report, global consumption of 377 MMT is estimated slightly lower than global production of 385 MMT.
−Removed: If the global demand of soybeans exceeds global supply, this may have a positive impact on the price of soybeans.
+Added: For 2021-22, based on the April 8, 2022 USDA report, global consumption of 362 MMT is estimated slightly higher than global production of 351 MMT.
+Added: If the global demand for soybeans is not equal to global supply, this may have an impact on the price of soybeans.
+Added: 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, international trade policy.
+Added: 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.
1 unchanged sentence
These reports are available on the USDA’s website, www.usda.gov, at no charge.
−Removed: The outlook provided below is from the October 12, 2021 USDA report.
+Added: The outlook provided below is from the April 8, 2022 USDA report.
+Added: 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.
+Added: 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.
+Added: 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 the price of agricultural products, including agricultural futures, and the share price of the Fund.
+Added: The price per bushel of soybeans in the United States is primarily a function of both U.S.
+Added: and global production and demand.
+Added: The price per bushel of soybeans is also affected by the price of corn;
+Added: because corn and soybeans are planted on the same acres, farmers must choose which crop to plant each year.
+Added: If corn prices rise enough to incentivize the planting of corn over soybeans, the supply and price of soybeans could be affected.
+Added: 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 agricultural products and supplies.
+Added: Ukraine was the fifth largest global exporter of corn last season (accounting for approximately thirteen percent of total global corn exports) and prior to commencement of the Black Sea conflict was expected by the USDA to have become the third largest global exporter of corn this season.
+Added: Ukraine was the largest global supplier of corn to China last year.
+Added: China is also the largest importer of soybeans in the world.
+Added: Currently, the conflict has halted exports of Ukraine’s corn crop that was harvested last season.
+Added: Now at question is the ability of farmers in Russia and China to plant this season’s corn crop in spring of 2022.
+Added: As such, volatility, trading volumes, and prices in global corn and soybean markets have risen dramatically and are expected to continue indefinitely at extremely elevated levels.
+Added: Given all of the above factors, the Sponsor has no ability to discern when current high levels of volatility will subside.
+Added: To place the impacts of the geopolitical events described above in context, the following table compares the percentage change in soybean prices, the price of soybean futures contracts, the price of the Fund’s shares, and the increased trading volume of soybean futures in the twenty trading days prior to the date of the Russian invasion of Ukraine (January 27, 2022 to February 23, 2022), compared to the twenty trading days following (February 24, 2022 to March 23, 2022).
+Added: Recent geopolitical events also impacted the level of “backwardation” experienced by the Fund.
+Added: As illustrated by the table, the Russian invasion and related developments have placed upward pressure on the price of soybean and soybean futures contracts.
+Added: 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 soybean 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.
+Added: This backwardation may benefit the Fund because it will sell more expensive contracts and buy less expensive contracts on an ongoing basis.
+Added: The degree of backwardation is also shown in the following table.
+Added: 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.
+Added: If the prices of soybean and soybean futures were to decline, for example, because of a resolution of the Russia-Ukraine conflict, the Fund would experience the negative impact of contango.
+Added: JANUARY 27, 2022 TO FEBRUARY 23, 2022
+Added: (20 TRADING DAYS BEFORE THE RUSSIAN INVASION)
+Added: FEBRUARY 24, 2022 TO MARCH 23, 2022
+Added: (20 TRADING DAYS AFTER THE RUSSIAN INVASION)
+Added: Soybean prices
+Added: Average SPOT Soybean Price = $15.6290
+Added: Average SPOT Soybean Price = $16.7648
+Added: Soybean futures prices
+Added: Average Futures Price Across next 4 contracts (excluding SPOT month) = $15.2850
+Added: Average Futures Price Across next 4 contracts (excluding SPOT month) = $15.89
+Added: Average volume of futures
+Added: Average Volume Across next 4 contracts (excluding SPOT month) = 32,288
+Added: Average Volume Across next 4 contracts (excluding SPOT month) = 32,104
+Added: Degree of backwardation / Roll Yield*
+Added: Average Daily Roll Yield to SPOT Across 7 Contracts Period Averaged = +7.36% (backwardation)
+Added: Average Daily Roll Yield to SPOT Across 7 Contracts Period Averaged = +14.76% (backwardation)
+Added: Fund share prices
+Added: Average Price = $25.9898
+Added: Average Price = $27.33475
+Added: Average share volume
+Added: * Roll yield is a type of return in commodity futures investing that comes from “rolling” shorter-dated contracts for longer-dated contracts.
+Added: It is driven by the difference in the price of shorter-dated, closer to maturity commodity contracts (in the table above the actual spot price of soybean is used) and their longer-dated counterparts.
+Added: Roll yields can either be positive or negative, depending on whether the market is in backwardation or contango, respectively.
The soybean processing industry converts soybeans into soybean meal, soybean hulls, and soybean oil.
2 unchanged sentences
The food industry uses soybean oil in cooking and salad dressings, baking and frying fats, and butter substitutes, among other uses.
−Removed: In addition, the soybean industry continues to introduce soy-based products as substitutes to various petroleum-based products including lubricants, plastics, ink, crayons and candles.
−Removed: Soybean oil is also converted to biodiesel for use as fuel.
−Removed: Standard Soybean Futures Contracts trade on the CBOT in units of 5,000 bushels.
+Added: 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.
+Added: Soybean oil is also converted to biodiesel and renewable diesel for use as fuel.
+Added: 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:
8 unchanged sentences
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.
−Removed: Historically, the soybean futures markets have experienced periods of both contango and backwardation.
+Added: 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.
1 unchanged sentence
conversely a situation involving prolonged periods of backwardation may positively impact the returns of the Fund.
−Removed: Futures contracts may be either bought or sold long or short.
−Removed: The U.S Commodity Futures Trading Commission weekly releases the “Commitment of Traders” (COT) report, which depicts the open interest as well as long and short positions in the market.
−Removed: Market participants may use this report to gauge market sentiment.
The price per bushel of soybeans in the United States is primarily a function of both U.S.
1 unchanged sentence
and global demand.
−Removed: The graph below shows the USDA published price per bushel by month for the period January 2007 to August 2021.
−Removed: On October 12, 2021, the USDA released its monthly World Agricultural Supply and Demand Estimates (WASDE) for the Crop Year 2021-22.
+Added: The graph below shows the USDA published price per bushel by month for the period January 2007 to February 2022.
+Added: On April 8, 2022, the USDA released its monthly World Agricultural Supply and Demand Estimates (WASDE) for the Crop Year 2022-23.
The exhibit below provides a summary of historical and current information for United States soybean production.
−Removed: Soybean Supply/Demand Balance
−Removed: Marketing Year September - August
−Removed: Million Bushels
−Removed: Planted Acres
−Removed: Harvested Acres
−Removed: Beginning Stocks
−Removed: Seed, Feed and Residual
−Removed: Ending Stocks (Inventory)
−Removed: Stocks/Use Ratio
−Removed: farm Price ($/bushel)
−Removed: Calculations:
−Removed: Demand per day (incld expt)¹
−Removed: Carry-out days supply
−Removed: ¹ in millions of bushels per day
The Sugar Market
−Removed: Sugarcane, on average, accounts for nearly 80% of the world’s sugar production, while sugar beets account for the remainder of the world’s sugar production.
+Added: 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.
4 unchanged sentences
Additionally, the material that is left over after sugarcane is processed is used to manufacture paper, cardboard, and “environmentally friendly” eating utensils.
+Added: 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.
+Added: 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.
+Added: 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 the price of agricultural products, including agricultural futures, and the share price of the Fund.
+Added: The price per pound of sugar in the United States is primarily a function of both U.S.
+Added: and global production and demand as well as expansive protectionist policies implemented by the US Government.
+Added: 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 agricultural products and supplies.
+Added: Russian production of sugar comes primarily from sugar beets, accounting for approximately three percent or less of total global sugar production.
+Added: Ukraine’s sugar production is small and relatively inconsequential to global sugar markets.
+Added: Currently, the conflict has dramatically reduced exports of Russian sugar.
+Added: Now at question is the ability of farmers in both countries to plant this season’s sugar beet crop in 2022.
+Added: Volatility, trading volumes, and prices in global sugar markets have risen dramatically and are expected to continue indefinitely at extreme elevated levels.
+Added: Given all of the above factors, the Sponsor has no ability to discern when current high levels of volatility will subside.
+Added: To place the impacts of the geopolitical events described above in context, the following table compares the percentage change in sugar prices, the price of sugar futures contracts, the price of the Fund’s shares, and the increased trading volume of sugar futures in the twenty trading days prior to the date of the Russian invasion of Ukraine (January 27, 2022 to February 23, 2022), compared to the twenty trading days following (February 24, 2022 to March 23, 2022).
+Added: Recent geopolitical events have also impacted the level of “backwardation” experienced by the Fund.
+Added: As illustrated by the table, the Russian invasion and related developments have placed upward pressure on the price of sugar and sugar futures contracts.
+Added: 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.
+Added: This backwardation may benefit the Fund because it will sell more expensive contracts and buy less expensive contracts on an ongoing basis.
+Added: The degree of backwardation is also shown in the following table.
+Added: 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.
+Added: If the prices of sugar and sugar futures were to decline, for example, because of a resolution of the Russia-Ukraine conflict, the Fund would experience the negative impact of contango.
+Added: JANUARY 27, 2022 TO FEBRUARY 23, 2022 (20 TRADING DAYS BEFORE THE RUSSIAN INVASION)
+Added: FEBRUARY 24, 2022 TO MARCH 23, 2022 (20 TRADING DAYS AFTER THE RUSSIAN INVASION)
+Added: Average SPOT Sugar Price = $0.182305
+Added: Average SPOT Sugar Price = $0.18863
+Added: Sugar futures prices
+Added: Average Futures Price Across next 4 contracts (excluding SPOT month) = $0.178154
+Added: Average Futures Price Across next 4 contracts (excluding SPOT month) = $0.186628
+Added: Average volume of futures
+Added: Average Volume Across next 4 contracts (excluding SPOT month) = 22,770
+Added: Average Volume Across next 4 contracts (excluding SPOT month) = 17,887
+Added: Degree of backwardation / Roll Yield*
+Added: Average Daily Roll Yield to SPOT Across 7 Contracts Period Averaged = +5.31% (backwardation)
+Added: Average Daily Roll Yield to SPOT Across 7 Contracts Period Averaged = +3.83% (backwardation)
+Added: Fund share prices
+Added: Average Price = $8.8918
+Added: Average Price = $9.3741
+Added: Average share volume
+Added: * Roll yield is a type of return in commodity futures investing that comes from “rolling” shorter-dated contracts for longer-dated contracts.
+Added: It is driven by the difference in the price of shorter-dated, closer to maturity commodity contracts (in the table above the actual spot price of sugar is used) and their longer-dated counterparts.
+Added: Roll yields can either be positive or negative, depending on whether the market is in backwardation or contango, respectively.
The Sugar No.
7 unchanged sentences
These reports are available on the USDA’s website, www.usda.gov, at no charge.
−Removed: The USDA’s May 2021 report forecasts 2021/22 global production of 186 Million, up 6 million metric tons raw value as higher production in the EU, India, and Thailand more than offset the decline in Brazil.
−Removed: Consumption is expected to rise to a new record due to growth in markets such as China and India.
−Removed: Exports are forecast up as the increase from Thailand along with strong exports from India will more than offset lower exports from Brazil.
+Added: The USDA’s November 2021 report for the 2021/22 Marketing year estimated global production of 181 MMT, with the drop in Brazil expected to be offset by gains in European Union, India, Russia, and Thailand.
+Added: Consumption is expected to rise due to growth in markets including China, India, and Russia.
+Added: Stocks are lowered due to a drop in China, Indonesia, and Thailand.
+Added: Exports are expected to be flat as the steep rise in Thailand trade is offset by lower shipments from Brazil.
Global sugar 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.
14 unchanged sentences
Wheat by-products are used in livestock feeds.
−Removed: 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, the former Soviet nations, known as the FSU-12, including the Ukraine, and India.
+Added: Wheat is the principal food grain produced in the United States, and the United States’ output of wheat is typically exceeded only by that of China, the European Union, Russia, and India.
The United States Department of Agriculture (“USDA”) estimates that for 2021-22, the principal global producers of wheat will be the EU, Russia, Ukraine, China, India, the United States, Australia and Canada.
−Removed: generates approximately 6% of the global production, with approximately 53% of that being exported.
−Removed: For the Crop year 2021-22, based on the October 12, 2021 USDA report, global consumption of 787 MMT is estimated to be slightly higher than production of 776 MMT.
−Removed: If the global demand of wheat exceeds global supply, this may have a positive impact on the price of wheat.
+Added: generates approximately 6% of global production, with approximately 48% of that being exported.
+Added: For 2021-22, based on the April 8, 2022 USDA report, global consumption of 791 MMT is estimated to be slightly higher than production of 779 MMT.
+Added: If the global demand of wheat is not equal to global supply, this may have an impact on the price of wheat.
+Added: 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.
+Added: 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.
1 unchanged sentence
These reports are available on the USDA’s website, www.usda.gov, at no charge.
+Added: The outlook provided herein is from the April 8, 2022 USDA report.
+Added: However, as discussed immediately below, there have been significant geopolitical developments since the issuance of the April 8th USDA Report that may significantly alter assumptions and expectations and the potential for resulting volatility and losses.
+Added: 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.
+Added: 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.
+Added: 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 the price of wheat, wheat futures and the share price of the Fund.
+Added: The price per bushel of wheat in the United States is primarily a function of both U.S.
+Added: and global wheat production and demand.
+Added: Russia and Ukraine constitute the top export supply of wheat by volume (approximately 30 percent of total global wheat exports) to the world.
+Added: 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.
+Added: The conflict has halted exports of the wheat crop that was harvested last season and is currently in storage.
+Added: If tensions continue, there is risk in the ability for farmers to harvest the current wheat crop which will come to maturity in early summer of 2022.
+Added: As such, volatility, trading volumes, and prices in global wheat markets have risen dramatically and are expected to continue indefinitely at extreme elevated levels.
+Added: Given all of the above factors, the Sponsor has no ability to discern when current high levels of volatility will subside.
+Added: To place the impacts of the geopolitical events described above in context, the following table compares the percentage change in wheat prices, the price of wheat futures contracts, the price of the Fund’s shares, and the increased trading volume of wheat futures in the twenty trading days prior to the date of the Russian invasion of Ukraine (January 27, 2022 to February 23, 2022), compared to the twenty trading days following (February 24, 2022 to March 23, 2022).
+Added: Recent geopolitical events have also impacted the level of “backwardation” experienced by the Fund.
+Added: As illustrated by the table, the Russian invasion and related developments have placed upward pressure on the price of wheat and wheat futures contracts.
+Added: 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.
+Added: This backwardation may benefit the Fund because it will sell more expensive contracts and buy less expensive contracts on an ongoing basis.
+Added: The degree of backwardation is also shown in the following table.
+Added: 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.
+Added: If the prices of wheat and wheat futures were to decline, for example, because of a resolution of the Russia-Ukraine conflict, the Fund would experience the negative impact of contango.
+Added: JANUARY 27, 2022 TO FEBRUARY 23, 2022 (20 TRADING DAYS BEFORE THE RUSSIAN INVASION)
+Added: FEBRUARY 24, 2022 TO MARCH 23, 2022 (20 TRADING DAYS AFTER THE RUSSIAN INVASION)
+Added: Average SPOT Wheat Price = $7.8632
+Added: Average SPOT Wheat Price = $11.13713
+Added: Wheat futures prices
+Added: Average Futures Price Across next 4 contracts (excluding SPOT month) = $7.8971
+Added: Average Futures Price Across next 4 contracts (excluding SPOT month) = $10.25
+Added: Average volume of futures
+Added: Average Volume Across next 4 contracts (excluding SPOT month) = 19,409
+Added: Average Volume Across next 4 contracts (excluding SPOT month) = 34,279
+Added: Degree of backwardation / Roll Yield*
+Added: Average Daily Roll Yield to SPOT Across 7 Contracts Period Averaged = -0.23% (contango)
+Added: Average Daily Roll Yield to SPOT Across 7 Contracts Period Averaged = +26.56% (backwardation)
+Added: Fund share prices
+Added: Average Price = $7.5737
+Added: Average Price = $10.18
+Added: Average share volume
+Added: * Roll yield is a type of return in commodity futures investing that comes from “rolling” shorter-dated contracts for longer-dated contracts.
+Added: It is driven by the difference in the price of shorter-dated, closer to maturity commodity contracts (in the table above the actual spot price of wheat is used) and their longer-dated counterparts.
+Added: Roll yields can either be positive or negative, depending on whether the market is in backwardation or contango, respectively.
There are several types of wheat grown in the U.S., which are classified in terms of color, hardness, and growing season.
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and global demand.
−Removed: The graph below shows the USDA published price per bushel by month for the period January 2007 to August 2021.
−Removed: On October 12, 2021, the USDA released its monthly World Agricultural Supply and Demand Estimates (WASDE) for the Crop Year 2021-22.
+Added: The graph below shows the USDA published price per bushel by month for the period January 2007 to February 2022.
+Added: On April 8, 2022, the USDA released its monthly World Agricultural Supply and Demand Estimates (WASDE) for the Crop Year 2021-22.
The exhibit below provides a summary of historical and current information for United States wheat production.
−Removed: Wheat Supply/Demand Balance
−Removed: Marketing Year June - May
−Removed: Million Bushels
−Removed: Planted Acres
−Removed: Harvested Acres
−Removed: Beginning Stocks
−Removed: Feed and residual
−Removed: Ending Stocks (Inventory)
−Removed: Stocks/Use Ratio
−Removed: farm Price ($/bushel)
−Removed: Calculations:
−Removed: Demand per day (incld expt)¹
−Removed: Carry-out days supply
−Removed: ¹ in millions of bushels per day
Calculating the Net Asset Value
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E D & F Man Capital Markets Inc.
−Removed: (“E D & F Man”) is the Funds’ FCM and the clearing broker to execute and clear the Funds’ futures and provide other brokerage-related services.
+Added: (“E D & F Man”) and StoneX Financial Inc.
+Added: - FCM Division of INTL FCStone Financial Inc.
+Added: (‘StoneX”) are the Funds’ FCMs and the clearing brokers to execute and clear the Funds’ futures and provide other brokerage-related services.
The Funds, other than TAGS, will generally retain cash positions of approximately 95% of total net assets;
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Interest earned on interest-bearing assets of a Fund are paid to that Fund.
−Removed: Due to the continued economic uncertainty of the COVID-19 virus, the Sponsor has experienced a significant decrease in interest rates, and as such the Funds may experience a higher breakeven year over year.
+Added: 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 Interests are subject to periods of illiquidity because of market conditions, regulatory considerations, and other reasons.
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Such market conditions could prevent the Fund from promptly liquidating a position in Futures Contracts.
+Added: 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.
+Added: 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.
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The effect of any future regulatory change on the Teucrium Funds is impossible to predict but could be substantial and adverse.
−Removed: 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 and swaps and options, and has adopted regulations with respect to the activities of those persons and/or entities.
+Added: 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.
98 unchanged sentences
Off Balance Sheet Financing
−Removed: As of September 30, 2021, neither the Trust nor any of the Funds has any loan guarantees, credit support or other off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions relating to certain risks service providers undertake in performing services which are in the best interests of the Funds.
+Added: As of March 31, 2022, 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.
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Investors may choose to use the Funds as vehicles to hedge against the risk of loss, and there are risks involved in hedging activities.
−Removed: During the period from January 1, 2021 through September 30, 2021 the average daily change in the NAV of each Fund was within plus/minus 10 percent of the average daily change in the Benchmark of each Fund, as stated in the applicable prospectus for each Fund.
+Added: During the period from January 1, 2021 through March 31, 2022 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:
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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.