This section is long enough that the comparison stopped early. What follows is partial, and the remainder is not necessarily unchanged.
2 unchanged sentences
TEUCRIUM COMMODITY TRUST
−Removed: Combined Statements of Assets and Liabilities at March 31, 2022 (Unaudited) and December 31, 2021
−Removed: Combined Schedule of Investments at March 31, 2022 (Unaudited) and December 31, 2021
−Removed: Combined Statements of Operations (Unaudited) for the three months ended March 31, 2022 and 2021
−Removed: Combined Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2022 and 2021
−Removed: Combined Statements of Cash Flows (Unaudited) for the three months ended March 31, 2022 and 2021
+Added: Combined Statements of Assets and Liabilities at June 30, 2022 (Unaudited) and December 31, 2021
+Added: Combined Schedule of Investments at June 30, 2022 (Unaudited) and December 31, 2021
+Added: Combined Statements of Operations (Unaudited) for the three and six months ended June 30, 2022 and 2021
+Added: Combined Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2022 and 2021
+Added: Combined Statements of Cash Flows (Unaudited) for the six months ended June 30, 2022 and 2021
Notes to Combined Financial Statements
TEUCRIUM CORN FUND
−Removed: Statements of Assets and Liabilities at March 31, 2022 (Unaudited) and December 31, 2021
−Removed: Schedule of Investments at March 31, 2022 (Unaudited) and December 31, 2021
−Removed: Statements of Operations (Unaudited) for the three months ended March 31, 2022 and 2021
−Removed: Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2022 and 2021
−Removed: Statements of Cash Flows (Unaudited) for the three months ended March 31, 2022 and 2021
+Added: Statements of Assets and Liabilities at June 30, 2022 (Unaudited) and December 31, 2021
+Added: Schedule of Investments at June 30, 2022 (Unaudited) and December 31, 2021
+Added: Statements of Operations (Unaudited) for the three and six months ended June 30, 2022 and 2021
+Added: Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2022 and 2021
+Added: Statements of Cash Flows (Unaudited) for the six months ended June 30, 2022 and 2021
Notes to Financial Statements
TEUCRIUM SOYBEAN FUND
−Removed: Statements of Assets and Liabilities at March 31, 2022 (Unaudited) and December 31, 2021
−Removed: Schedule of Investments at March 31, 2022 (Unaudited) and December 31, 2021
−Removed: Statements of Operations (Unaudited) for the three months ended March 31, 2022 and 2021
−Removed: Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2022 and 2021
−Removed: Statements of Cash Flows (Unaudited) for the three months ended March 31, 2022 and 2021
+Added: Statements of Assets and Liabilities at June 30, 2022 (Unaudited) and December 31, 2021
+Added: Schedule of Investments at June 30, 2022 (Unaudited) and December 31, 2021
+Added: Statements of Operations (Unaudited) for the three and six months ended June 30, 2022 and 2021
+Added: Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2022 and 2021
+Added: Statements of Cash Flows (Unaudited) for the six months ended June 30, 2022 and 2021
Notes to Financial Statements
TEUCRIUM SUGAR FUND
−Removed: Statements of Assets and Liabilities at March 31, 2022 (Unaudited) and December 31, 2021
−Removed: Schedule of Investments at March 31, 2022 (Unaudited) and December 31, 2021
−Removed: Statements of Operations (Unaudited) for the three months ended March 31, 2022 and 2021
−Removed: Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2022 and 2021
−Removed: Statements of Cash Flows (Unaudited) for the three months ended March 31, 2022 and 2021
+Added: Statements of Assets and Liabilities at June 30, 2022 (Unaudited) and December 31, 2021
+Added: Schedule of Investments at June 30, 2022 (Unaudited) and December 31, 2021
+Added: Statements of Operations (Unaudited) for the three and six months ended June 30, 2022 and 2021
+Added: Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2022 and 2021
+Added: Statements of Cash Flows (Unaudited) for the six months ended June 30, 2022 and 2021
Notes to Financial Statements
TEUCRIUM WHEAT FUND
−Removed: Statements of Assets and Liabilities at March 31, 2022 (Unaudited) and December 31, 2021
−Removed: Schedule of Investments at March 31, 2022 (Unaudited) and December 31, 2021
−Removed: Statements of Operations (Unaudited) for the three months ended March 31, 2022 and 2021
−Removed: Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2022 and 2021
−Removed: Statements of Cash Flows (Unaudited) for the three months ended March 31, 2022 and 2021
+Added: Statements of Assets and Liabilities at June 30, 2022 (Unaudited) and December 31, 2021
+Added: Schedule of Investments at June 30, 2022 (Unaudited) and December 31, 2021
+Added: Statements of Operations (Unaudited) for the three and six months ended June 30, 2022 and 2021
+Added: Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2022 and 2021
+Added: Statements of Cash Flows (Unaudited) for the six months ended June 30, 2022 and 2021
Notes to Financial Statements
TEUCRIUM AGRICULTURAL FUND
−Removed: Statements of Assets and Liabilities at March 31, 2022 (Unaudited) and December 31, 2021
−Removed: Schedule of Investments at March 31, 2022 (Unaudited) and December 31, 2021
−Removed: Statements of Operations (Unaudited) for the three months ended March 31, 2022 and 2021
−Removed: Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2022 and 2021
−Removed: Statements of Cash Flows (Unaudited) for the three months ended March 31, 2022 and 2021
+Added: Statements of Assets and Liabilities at June 30, 2022 (Unaudited) and December 31, 2021
+Added: Schedule of Investments at June 30, 2022 (Unaudited) and December 31, 2021
+Added: Statements of Operations (Unaudited) for the three and six months ended June 30, 2022 and 2021
+Added: Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2022 and 2021
+Added: Statements of Cash Flows (Unaudited) for the six months ended June 30, 2022 and 2021
Notes to Financial Statements
1 unchanged sentence
COMBINED STATEMENTS OF ASSETS AND LIABILITIES
−Removed: March 31, 2022
+Added: June 30, 2022
December 31, 2021
3 unchanged sentences
Interest receivable
−Removed: Receivable for securities sold
+Added: Capital shares receivable
Equity in trading accounts:
3 unchanged sentences
$ 266,258,352
−Removed: $ 266,258,352
Management fee payable to Sponsor
−Removed: Payable for purchases of commercial paper
Other liabilities
10 unchanged sentences
COMBINED SCHEDULE OF INVESTMENTS
−Removed: March 31, 2022
+Added: June 30, 2022
Percentage of
5 unchanged sentences
Goldman Sachs Financial Square Government Fund - Institutional Class (cost:
+Added: $134,192,358)
Total money market funds (cost:
3 unchanged sentences
Commercial Paper
−Removed: Albemarle Corporation (cost:
−Removed: $14,992,416 due:
−Removed: Albemarle Corporation (cost:
−Removed: $4,997,584 due:
−Removed: $2,498,979 due:
−Removed: $4,998,136 due:
−Removed: $7,496,800 due:
−Removed: $4,996,446 due:
Brookfield Infrastructure Holdings (Canada) Inc.
−Removed: $4,992,416 due:
−Removed: Brookfield Infrastructure Holdings (Canada) Inc.
+Added: 1.154% (cost:
$12,481,063 due:
Brookfield Infrastructure Holdings (Canada) Inc.
+Added: 1.336% (cost:
$7,484,854 due:
−Removed: Canadian Natural Resources Limited (cost:
+Added: Campbell Soup Company 2.125% (cost:
$19,933,625 due:
3 unchanged sentences
$4,992,916 due:
−Removed: Cigna Corporation (cost:
+Added: CNH Industrial Capital LLC 1.708% (cost:
$4,995,042 due:
Crown Castle International Corp.
+Added: 1.417% (cost:
$9,975,325 due:
Crown Castle International Corp.
+Added: 1.427% (cost:
$9,976,730 due:
−Removed: Enbridge (U.S.) Inc.
+Added: Dollar General Corporation 1.922% (cost:
$19,936,336 due:
+Added: du Pont de Nemours and Company 1.024% (cost:
+Added: $7,480,875 due:
Enbridge (U.S.) Inc.
+Added: 2.013% (cost:
$4,986,946 due:
+Added: Entergy Corporation 1.256% (cost:
+Added: $9,971,530 due:
+Added: Entergy Corporation 1.422% (cost:
+Added: $9,967,374 due:
+Added: 1.054% (cost:
+Added: $9,974,044 due:
+Added: 1.265% (cost:
+Added: $4,989,326 due:
+Added: 1.357% (cost:
+Added: $4,983,688 due:
FMC Corporation 1.709% (cost:
2 unchanged sentences
$6,490,612 due:
+Added: Fortune Brands Home & Security, Inc.
+Added: 2.275% (cost:
+Added: $9,977,400 due:
General Motors Financial Company, Inc.
+Added: 1.306% (cost:
$4,983,750 due:
General Motors Financial Company, Inc.
+Added: 1.558% (cost:
$2,493,865 due:
General Motors Financial Company, Inc.
+Added: 2.042% (cost:
$7,484,775 due:
+Added: General Motors Financial Company, Inc.
+Added: 1.669% (cost:
+Added: $2,493,430 due:
Glencore Funding LLC 1.252% (cost:
1 unchanged sentence
Harley-Davidson Financial Services, Inc.
+Added: 1.467% (cost:
$4,987,834 due:
Harley-Davidson Financial Services, Inc.
+Added: 1.558% (cost:
$2,491,820 due:
+Added: Hyundai Capital America, Inc.
+Added: 2.014% (cost:
$7,471,667 due:
+Added: 1.820% (cost:
$12,477,375 due:
+Added: 1.577% (cost:
$9,984,736 due:
+Added: 1.668% (cost:
$4,992,392 due:
+Added: 1.658% (cost:
$4,890,568 due:
+Added: Stanley Black & Decker, Inc.
+Added: 1.244% (cost:
$19,938,100 due:
−Removed: Verizon Communications Inc.
+Added: The Walt Disney Company 0.852% (cost:
$9,986,543 due:
−Removed: Verizon Communications Inc.
+Added: The Williams Companies, Inc.
+Added: 1.810% (cost:
$9,984,000 due:
+Added: Corporation 2.145% (cost:
$12,439,411 due:
−Removed: Walgreens Boots Alliance, Inc.
+Added: Verizon Communications Inc.
+Added: 1.044% (cost:
$9,974,876 due:
−Removed: WGL Holdings, Inc.
+Added: 2.163% (cost:
$19,967,751 due:
−Removed: Total Commercial Paper (total cost:
+Added: Total commercial paper (cost:
$348,570,367)
5 unchanged sentences
Commodity futures contracts
−Removed: United States corn futures contracts
−Removed: CBOT corn futures JUL22 (2,098 contracts)
−Removed: CBOT corn futures SEP22 (1,920 contracts)
−Removed: CBOT corn futures DEC22 (2,293 contracts)
United States soybean futures contracts
−Removed: CBOT soybean futures JUL22 (281 contracts)
CBOT soybean futures NOV22 (360 contracts)
−Removed: CBOT soybean futures NOV23 (345 contracts)
United States sugar futures contracts
−Removed: ICE sugar futures JUL22 (413 contracts)
−Removed: ICE sugar futures OCT22 (353 contracts)
−Removed: ICE sugar futures MAR23 (409 contracts)
+Added: ICE sugar futures MAY23 (477 contracts)
Total commodity futures contracts
−Removed: $ 311,868,509
Percentage of
2 unchanged sentences
Commodity futures contracts
+Added: United States corn futures contracts
+Added: CBOT corn futures SEP22 (2,636 contracts)
+Added: CBOT corn futures DEC22 (2,297 contracts)
+Added: CBOT corn futures DEC23 (2,900 contracts)
+Added: United States soybean futures contracts
+Added: CBOT soybean futures JAN23 (308 contacts)
+Added: CBOT soybean futures NOV23 (394 contacts)
+Added: United States sugar futures contracts
+Added: ICE sugar futures MAR23 (538 contracts)
+Added: ICE sugar futures MAR24 (562 contracts)
United States wheat futures contracts
−Removed: CBOT wheat futures JUL22 (3,442 contracts)
−Removed: $ 172,444,200
CBOT wheat futures SEP22 (3,563 contracts)
CBOT wheat futures DEC22 (3,002 contracts)
+Added: CBOT wheat futures DEC23 (3,557 contracts)
Total commodity futures contracts
$ 116,276,337
+Added: $ 760,770,080
Exchange-traded funds*
115 unchanged sentences
Three months ended
−Removed: March 31, 2022
−Removed: March 31, 2021
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2022
+Added: June 30, 2021
+Added: June 30, 2022
+Added: June 30, 2021
Realized and unrealized gain (loss) on trading of commodity futures contracts:
Realized gain on commodity futures contracts
−Removed: Net change in unrealized depreciation on commodity futures contracts
+Added: Net change in unrealized (depreciation) appreciation on commodity futures contracts
( 112,660,860 )
( 127,795,433 )
+Added: ( 10,908,805 )
Interest income
+Added: Total (loss) income
+Added: ( 83,967,875 )
+Added: ( 37,184,052 )
Management fees
4 unchanged sentences
General and administrative expenses
+Added: Other expenses
Total expenses
Expenses waived by the Sponsor
+Added: ( 1,052,981 )
Total expenses, net
+Added: Net (loss) income
+Added: $ ( 87,530,120 )
+Added: $ ( 42,719,986 )
The accompanying notes are an integral part of these financial statements.
1 unchanged sentence
COMBINED STATEMENTS OF CHANGES IN NET ASSETS
−Removed: Three months ended
−Removed: Three months ended
−Removed: March 31, 2022
−Removed: March 31, 2021
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2022
+Added: June 30, 2021
+Added: Net (loss) income
+Added: $ ( 42,719,986 )
Capital transactions
Issuance of Shares
+Added: 1,131,712,866
Redemption of Shares
5 unchanged sentences
Total capital transactions
−Removed: Net change in net assets
( 34,040,828 )
+Added: Net change in net assets
Net assets, beginning of period
−Removed: $ 264,276,768
−Removed: $ 310,113,194
Net assets, end of period
4 unchanged sentences
COMBINED STATEMENTS OF CASH FLOWS
−Removed: Three months ended
−Removed: Three months ended
−Removed: March 31, 2022
−Removed: March 31, 2021
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2022
+Added: June 30, 2021
Cash flows from operating activities:
−Removed: Adjustments to reconcile net income to net cash provided by (used in) operating activities:
+Added: Net (loss) income
+Added: $ ( 42,719,986 )
+Added: Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Net change in unrealized depreciation on commodity futures contracts
4 unchanged sentences
Interest receivable
−Removed: Net receivable for investments sold
−Removed: ( 3,260,269 )
Due to broker
4 unchanged sentences
Other liabilities
−Removed: Net cash provided by (used in) operating activities
+Added: Net cash (used in) provided by operating activities
( 56,128,630 )
1 unchanged sentence
Proceeds from sale of Shares
+Added: 1,126,718,346
Redemption of Shares
4 unchanged sentences
( 7,434,213 )
−Removed: Net cash provided by financing activities
+Added: Net cash provided by (used in) financing activities
+Added: ( 38,137,913 )
Net change in cash and cash equivalents
5 unchanged sentences
NOTES TO COMBINED FINANCIAL STATEMENTS
−Removed: March 31, 2022
+Added: June 30, 2022
Note 1 – Organization and Operation
22 unchanged sentences
This registration statement for TAGS registered an indeterminate number of shares.
+Added: Hashdex Bitcoin Futures ETF is a new series of the Teucrium Commodity Trust, and has not yet been declared effective by the SEC.
+Added: On May 20, 2021, an initial registration statement for DEFI was filed with the Securities and Exchange Commission (“SEC”).
+Added: As of June 30, 2022, the registration statement for DEFI had not yet been declared effective by the SEC.
+Added: As of May 31, 2022, the Sponsor has contributed $ 100 to the Fund which is not included in the combined financial statements of the Trust.
Teucrium Trading, LLC is the sponsor (“Sponsor”) of the Trust.
5 unchanged sentences
It is suggested that these interim financial statements be read in conjunction with the audited financial statements and related notes included in the Trust’s Annual Report on Form 10-K, as well as the most recent Form S-1 filing, as applicable.
−Removed: The operating results for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022.
+Added: The operating results for the three and six months ended June 30, 2022, are not necessarily indicative of the results to be expected for the full year ending December 31, 2022.
Subject to the terms of the Trust Agreement, Teucrium Trading, LLC in its capacity as the Sponsor of the Trust may terminate a Fund at any time, regardless of whether the Fund has incurred losses, including, for instance, if it determines that the Fund’s aggregate net assets in relation to its operating expenses make the continued operation of the Fund unreasonable or imprudent.
23 unchanged sentences
(“E D & F Man”) and StoneX Financial Inc.
−Removed: – FCM Division of INTL FCStone Financial Inc.
(“StoneX”) serve as the Funds’ clearing brokers to execute and clear futures contracts and provide other brokerage-related services.
4 unchanged sentences
For Corn, Soybean, Sugar and Wheat Futures Contracts, E D & F Man is paid $11.00 per round turn .
−Removed: Effective April 1, 2022, E D & F Man will be paid $11.00 per round turn.
StoneX is paid $2.50 per round turn exclusive of pass-through fees for the exchange and the NFA.
15 unchanged sentences
A summary of these expenses is included below:
−Removed: Three months ended March 31, 2022
−Removed: Three months ended March 31, 2021
+Added: Three months ended June 30, 2022
+Added: Three months ended June 30, 2021
+Added: Six months ended June 30, 2022
+Added: Six months ended June 30, 2021
Amount Recognized for Custody Services
32 unchanged sentences
Prior to the change, brokerage commissions on all open commodity futures contracts were accrued on the trade date and on a full-turn basis.
−Removed: The below table shows the amounts included on the combined statements of operations as total brokerage commissions paid inclusive of unrealized loss as of March 31, 2022 and 2021.
−Removed: Three Months Ended March 31, 2022
−Removed: Three Months Ended March 31, 2021
+Added: The below table shows the amounts included on the combined statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and six months ended June 30, 2022.
+Added: Three Months Ended June 30, 2022
+Added: Three Months Ended June 30, 2021
+Added: Six Months Ended June 30, 2022
+Added: Six Months Ended June 30, 2021
The Trust is organized and will be operated as a Delaware statutory trust.
13 unchanged sentences
De-recognition of a tax benefit previously recognized results in the Funds recording a tax liability that reduces net assets.
−Removed: Based on their analysis, the Funds have determined that they have not incurred any liability for unrecognized tax benefits as of March 31, 2022 and for the years ended December 31, 2021, 2020 and 2019.
+Added: Based on their analysis, the Funds have determined that they have not incurred any liability for unrecognized tax benefits as of June 30, 2022, and for the years ended December 31, 2021, 2020 and 2019.
However, the Funds’ conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof.
The Funds recognize interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed.
−Removed: No interest expense or penalties have been recognized as of and for the three months ended March 31, 2022 and 2021.
+Added: No interest expense or penalties have been recognized as of and for the three and six months ended June 30, 2022 and 2021.
The Funds may be subject to potential examination by U.S.
7 unchanged sentences
The amount of the proceeds required to purchase a Creation Basket will be equal to the NAV of the shares in the Creation Basket determined as of 4:00 p.m.
−Removed: (EST) time on the day the order to create the basket is received in good order.
+Added: (ET) time on the day the order to create the basket is received in good order.
Authorized Purchasers may redeem shares from each Fund only in blocks of shares called “Redemption Baskets.” The amount of the redemption proceeds for a Redemption Basket will be equal to the NAV of the shares in the Redemption Basket determined as of 4:00 p.m.
−Removed: (EST) on the day the order to redeem the basket is received in good order.
+Added: (ET) on the day the order to redeem the basket is received in good order.
Each Fund receives or pays the proceeds from shares sold or redeemed within three business days after the trade date of the purchase or redemption.
18 unchanged sentences
The Sponsor may invest a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured.
−Removed: March 31, 2022
+Added: June 30, 2022
December 31, 2021
48 unchanged sentences
Such expenses are primarily included as distribution and marketing fees in the financial statements of each Fund.
−Removed: Three Months Ended March 31, 2022
−Removed: Three months ended March 31, 2021
+Added: Three months ended June 30, 2022
+Added: Three months ended June 30, 2021
+Added: Six months ended June 30, 2022
+Added: Six months ended June 30, 2021
Recognized Related Party Transactions
4 unchanged sentences
The Sponsor has determined that there will be no recovery sought for the amounts below in any future period.
−Removed: Three months ended March 31, 2022
−Removed: Three months ended March 31, 2021
+Added: Three months ended June 30, 2022
+Added: Three months ended June 30, 2021
+Added: Six months ended June 30, 2022
+Added: Six months ended June 30, 2021
Use of Estimates
29 unchanged sentences
When such a situation exists on a quarter close, the Sponsor will calculate the NAV on a particular day using the Level 1 valuation but will later recalculate the NAV for the impacted Fund based upon the valuation inputs from these alternative verifiable sources (Level 2 or Level 3) and will report such NAV in its applicable financial statements and reports.
−Removed: On March 31, 2022 and December 31, 2021, in the opinion of the Trust, the reported value at the close of the market for each commodity contract fairly reflected the value of the futures and no alternative valuations were required.
+Added: On June 30, 2022 and December 31, 2021, in the opinion of the Trust, the reported value at the close of the market for each commodity contract fairly reflected the value of the futures and no alternative valuations were required.
For the quarter ended March 31, 2021, Corn Futures Contracts for the JUL21 CBOT corn futures, SEP21 CBOT corn futures, DEC21 CBOT corn futures, JUL21 CBOT soybean futures, and the NOV21 CBOT soybean futures, settled in a “limit up” condition.
17 unchanged sentences
New Accounting Pronouncements
−Removed: The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-05:
+Added: The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-03, related to fair value measurement (Topic 820) of equity securities subject to contractual sale restrictions.
+Added: Under the clarified guidance, contractual restrictions on the sale of an equity security are not considered part of the unit of account of the equity security and, therefore, are not considered in measuring fair value, however they do require disclosures.
+Added: The amendment was early adopted for the quarter ended June 30, 2022;
+Added: the early adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds.
+Added: The FASB issued ASU 2021-05:
“Leases (Topic 842).” Under the amended guidance, a lessor should classify and account for a lease with variable lease payments that don’t depend on an index or a rate as an operating lease if the lease would’ve been classified as a sales-type lease or a direct financing lease in accordance with the lease classification guidance in Topic 842 and the lessor would’ve otherwise recognized a day-one loss.
39 unchanged sentences
The Trust’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Trust’s significant accounting policies in Note 3.
−Removed: The following table presents information about the Trust’s assets and liabilities measured at fair value as of March 31, 2022 and December 31, 2021:
−Removed: March 31, 2022
−Removed: Balance as of March 31, 2022
+Added: The following table presents information about the Trust’s assets and liabilities measured at fair value as of June 30, 2022 and December 31, 2021:
+Added: Balance as of June 30, 2022
Cash Equivalents
2 unchanged sentences
Commodity Futures Contracts
−Removed: Corn futures contracts
Soybean futures contracts
2 unchanged sentences
$ 680,519,503
−Removed: Balance as of March 31, 2022
+Added: Balance as of June 30, 2022
Commodity Futures Contracts
+Added: Corn futures contracts
+Added: Soybean futures contracts
+Added: Sugar futures contracts
Wheat futures contracts
−Removed: December 31, 2021
+Added: $ 116,276,337
+Added: $ 116,276,337
Balance as of December 31, 2021
13 unchanged sentences
Wheat futures contracts
−Removed: For the period ended March 31, 2022 and year ended December 31, 2021, the Funds did not have any significant transfers between any of the levels of the fair value hierarchy.
+Added: For the three and six months ended June 30, 2022 and year ended December 31, 2021, the Funds did not have any significant transfers between any of the levels of the fair value hierarchy.
The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period.
7 unchanged sentences
In addition to its primary underlying risks, the Funds are also subject to additional counterparty risk due to inability of its counterparties to meet the terms of their contracts.
−Removed: For the three months ended March 31, 2022 and year ended December 31, 2021, the Funds invested only in commodity futures contracts specifically related to each Fund.
+Added: For the three and six months ended June 30, 2022 and year ended December 31, 2021, the Funds invested only in commodity futures contracts specifically related to each Fund.
Futures Contracts
1 unchanged sentence
A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.
−Removed: The purchase and sale of futures contracts requires margin deposits with a FCM.
+Added: The purchase and sale of futures contracts requires margin deposits with an FCM.
Subsequent payments (variation margin) are made or received by each Fund each day, depending on the daily fluctuations in the value of the contract, and are recorded as unrealized gains or losses by each Fund.
10 unchanged sentences
Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.”
−Removed: The following table also identifies the fair value amounts of derivative instruments included in the combined statements of assets and liabilities as derivative contracts, categorized by primary underlying risk and held by the FCMs, E D & F Man and StoneX as of March 31, 2022 and December 31, 2021.
+Added: The following table also identifies the fair value amounts of derivative instruments included in the combined statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, E D & F Man and StoneX as of June 30, 2022, and December 31, 2021.
*The amount of collateral presented in Collateral, Due from Broker, is limited to the liability for the futures contracts and accordingly does not include the excess collateral pledged.
−Removed: Offsetting of Financial Assets and Derivative Assets as of March 31, 2022
+Added: Offsetting of Financial Assets and Derivative Assets as of June 30, 2022
(iii) = (i)-(ii)
7 unchanged sentences
Commodity Price
−Removed: Corn futures contracts
Soybean futures contracts
Sugar futures contracts
−Removed: Offsetting of Financial Liabilities and Derivative Liabilities as of March 31, 2022
+Added: Offsetting of Financial Liabilities and Derivative Liabilities as of June 30, 2022
(iii) = (i)-(ii)
7 unchanged sentences
Commodity Price
+Added: Corn futures contracts
+Added: Soybean futures contracts
+Added: Sugar futures contracts
Wheat futures contracts
2 unchanged sentences
(v)=(iii)-(iv)
−Removed: Gross Amount Not Offset in the Statement of Assets and Liabilities
+Added: Gross Amount Not Offset in the combined Statement of Assets and Liabilities
Gross Amount of Recognized Assets
−Removed: Gross Amount Offset in the Statement of Assets and Liabilities
−Removed: Net Amount Presented in the Statement of Assets and Liabilities
+Added: Gross Amount Offset in the combined Statement of Assets and Liabilities
+Added: Net Amount Presented in the combined Statement of Assets and Liabilities
Futures Contracts Available for Offset
8 unchanged sentences
(v)=(iii)-(iv)
−Removed: Gross Amount Not Offset in the Statement of Assets and Liabilities
+Added: Gross Amount Not Offset in the combined Statement of Assets and Liabilities
Gross Amount of Recognized Liabilities
−Removed: Gross Amount Offset in the Statement of Assets and Liabilities
−Removed: Net Amount Presented in the Statement of Assets and Liabilities
+Added: Gross Amount Offset in the combined Statement of Assets and Liabilities
+Added: Net Amount Presented in the combined Statement of Assets and Liabilities
Futures Contracts Available for Offset
4 unchanged sentences
The following is a summary of realized and unrealized gains (losses) of the derivative instruments utilized by the Trust:
−Removed: Three months ended March 31, 2022
−Removed: Primary Underlying Risk
+Added: Three months ended June 30, 2022
Realized Gain on Commodity Futures Contracts
−Removed: Net Change in Unrealized Appreciation (Depreciation) on Commodity Futures Contracts
+Added: Net Change in Unrealized Depreciation on Commodity Futures Contracts
Commodity Price
Corn futures contracts
+Added: $ ( 47,449,038 )
Soybean futures contracts
+Added: ( 2,827,976 )
Sugar futures contracts
+Added: ( 2,174,684 )
Wheat futures contracts
2 unchanged sentences
$ ( 112,660,860 )
−Removed: Three months ended March 31, 2021
−Removed: Primary Underlying Risk
+Added: Three months ended June 30, 2021
Realized Gain on Commodity Futures Contracts
−Removed: Net Change in Unrealized Appreciation (Depreciation) on Commodity Futures Contracts
+Added: Net Change in Unrealized (Depreciation) Appreciation on Commodity Futures Contracts
Commodity Price
Corn futures contracts
+Added: $ ( 2,942,665 )
Soybean futures contracts
+Added: Sugar futures contracts
+Added: Wheat futures contracts
+Added: Total commodity futures contracts
+Added: Six months ended June 30, 2022
+Added: Realized Gain on Commodity Futures Contracts
+Added: Net Change in Unrealized Depreciation on Commodity Futures Contracts
+Added: Commodity Price
+Added: Corn futures contracts
$ ( 27,554,708 )
+Added: Soybean futures contracts
+Added: ( 1,913,259 )
Sugar futures contracts
+Added: ( 1,266,942 )
Wheat futures contracts
2 unchanged sentences
$ ( 127,795,433 )
+Added: Six months ended June 30, 2021
+Added: Realized Gain on Commodity Futures Contracts
+Added: Net Change in Unrealized (Depreciation) Appreciation on Commodity Futures Contracts
+Added: Commodity Price
+Added: Corn futures contracts
+Added: $ ( 1,620,934 )
+Added: Soybean futures contracts
+Added: ( 8,039,938 )
+Added: Sugar futures contracts
+Added: Wheat futures contracts
+Added: ( 1,805,050 )
+Added: Total commodity futures contracts
+Added: $ ( 10,908,805 )
Volume of Derivative Activities
−Removed: The average notional market value categorized by primary underlying risk for the futures contracts held was $ 479.0 million and $ 354.5 million for the three months ended March 31, 2022 and 2021, respectively.
+Added: The average notional market value categorized by primary underlying risk for the futures contracts held was $ 902.8 million and $ 690.9 million respectively for the three and six months ended June 30, 2022 and $ 376.9 million and $ 365.7 million for the three and six months ended June 30, 2021, respectively.
Note 6 - Organizational and Offering Costs
3 unchanged sentences
The following are the net assets and shares outstanding of each Fund that is a series of the Trust and, thus, in total, comprise the combined net assets of the Trust:
−Removed: March 31, 2022
+Added: June 30, 2022
Teucrium Corn Fund
23 unchanged sentences
Note 8 – Subsequent Events
−Removed: Management has evaluated the financial statements for the quarter-ended March 31, 2022 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Trust and Funds other than those noted below:
−Removed: 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.
−Removed: These events are unpredictable and may lead to extended periods of price volatility.
−Removed: The impact of these geopolitical events to the Trust and the Funds is described in more detail in Part II of this 10Q.
−Removed: The total net assets of the Fund increased by $ 75,797,035 , or 34 %, for the period March 31, 2022 to May 9, 2022.
−Removed: This was driven by a 4 % increase in the NAV per share and a 28 % increase in the shares outstanding.
−Removed: A registration statement for CORN was declared effective by the SEC on April 7, 2022.
−Removed: This registration statement for CORN registered an indeterminate amount of shares.
−Removed: The total net assets of the Fund increased by $ 14,758,922 , or 23 %, for the period March 31, 2022 to May 9, 2022.
−Removed: This was driven by a 2 % increase in the NAV per share and a 21 % increase in the shares outstanding.
−Removed: A registration statement for SOYB was declared effective by the SEC on April 7, 2022.
−Removed: This registration statement for SOYB registered an indeterminate amount of shares.
−Removed: The Sponsor opened an account with StoneX, as a new FCM and clearing broker for the Fund.
−Removed: The Fund transferred soybean futures contract positions from E D & F Man to StoneX on April 13, 2022.
−Removed: The total net assets of the Fund increased by $ 8,669,045 , or 34 %, for the period March 31, 2022 to May 9, 2022.
−Removed: This was driven by a 37 % increase in the shares outstanding and partially offset by a 2 % decrease in the NAV per share.
−Removed: A registration statement for CANE was declared effective by the SEC on April 7, 2022.
−Removed: This registration statement for CANE registered an indeterminate amount of shares.
−Removed: The Sponsor opened an account with StoneX, as a new FCM and clearing broker for the Fund.
−Removed: The Fund transferred sugar futures contract positions from E D & F Man to StoneX on April 13, 2022.
−Removed: Nothing additional to report.
−Removed: The total net assets of the Fund increased by $ 7,799,110 , or 27 %, for the period March 31, 2022 to May 9, 2022.
−Removed: This was driven by a 4 % increase in the NAV per share and a 22 % increase in the shares outstanding.
−Removed: A registration statement for TAGS was declared effective by the SEC on April 7, 2022.
−Removed: This registration statement for TAGS registered an indeterminate amount of shares.
+Added: Management has evaluated the financial statements for the quarter-ended June 30, 2022 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Trust and Funds other than those noted below:
+Added: Nothing to report.
+Added: Nothing to report.
+Added: Nothing to report.
+Added: Nothing to report.
+Added: The total net assets of the Fund decreased by $ 136,559,069 , or 30 %, for the period June 30, 2022 to August 8, 2022.
+Added: This was driven by a 9 % decrease in the NAV per share and a 23 % decrease in the shares outstanding.
+Added: Nothing to report.
TEUCRIUM CORN FUND
STATEMENTS OF ASSETS AND LIABILITIES
−Removed: March 31, 2022
+Added: June 30, 2022
December 31, 2021
3 unchanged sentences
Interest receivable
+Added: Capital shares receivable
Equity in trading accounts:
3 unchanged sentences
Management fee payable to Sponsor
−Removed: Payable for purchases of commercial paper
Other liabilities
Equity in trading accounts:
−Removed: Due to broker
+Added: Commodity futures contracts
Total liabilities
5 unchanged sentences
Market value per share
+Added: * On April 7, 2022, the Teucrium Corn Fund registered an indeterminate number of shares of the Fund pursuant to Rule 456(d) under the Securities Act of 1933.
The accompanying notes are an integral part of these financial statements.
1 unchanged sentence
SCHEDULE OF INVESTMENTS
−Removed: March 31, 2022
+Added: June 30, 2022
Percentage of
6 unchanged sentences
Commercial Paper
−Removed: Albemarle Corporation 0.601% (cost:
−Removed: $2,498,792 due 04/07/2022)
−Removed: Albemarle Corporation 0.701% (cost:
−Removed: $12,493,680 due 04/04/2022)
−Removed: 0.240% (cost:
−Removed: $4,997,867 due 04/13/2022)
−Removed: 0.320% (cost:
−Removed: $4,996,446 due 05/02/2022)
Brookfield Infrastructure Holdings (Canada) Inc.
4 unchanged sentences
$2,494,921 due 07/26/2022)
−Removed: Brookfield Infrastructure Holdings (Canada) Inc.
−Removed: 1.003% (cost:
−Removed: $2,496,736 due 05/10/2022)
−Removed: Canadian Natural Resources Limited 0.902% (cost:
−Removed: $2,498,500 due 04/25/2022)
−Removed: Cigna Corporation 0.250% (cost:
+Added: Campbell Soup Company 2.125% (cost:
$7,475,091 due 08/17/2022)
9 unchanged sentences
$4,988,365 due 07/15/2022)
+Added: Dollar General Corporation 1.922% (cost:
+Added: $7,476,126 due 08/29/2022)
+Added: du Pont de Nemours and Company 1.024% (cost:
+Added: $2,493,625 due 08/01/2022)
Enbridge (U.S.) Inc.
1 unchanged sentence
$2,493,473 due 08/15/2022)
−Removed: Enbridge (U.S.) Inc.
+Added: Entergy Corporation 1.256% (cost:
+Added: $4,985,765 due 08/03/2022)
1.054% (cost:
$4,987,022 due 07/19/2022)
+Added: 1.265% (cost:
+Added: $2,494,663 due 08/01/2022)
FMC Corporation 1.709% (cost:
11 unchanged sentences
$2,493,917 due 07/18/2022)
+Added: Hyundai Capital America, Inc.
2.014% (cost:
6 unchanged sentences
$2,496,196 due 07/18/2022)
−Removed: Verizon Communications Inc.
+Added: Stanley Black & Decker, Inc.
1.244% (cost:
$9,969,050 due 08/15/2022)
−Removed: Walgreens Boots Alliance, Inc.
+Added: The Walt Disney Company 0.852% (cost:
+Added: $2,496,636 due 07/15/2022)
+Added: The Williams Companies, Inc.
1.810% (cost:
$2,496,000 due 07/29/2022)
−Removed: WGL Holdings, Inc.
+Added: Corporation 2.145% (cost:
+Added: $4,975,764 due 09/20/2022)
+Added: Verizon Communications Inc.
1.044% (cost:
$7,481,157 due 07/18/2022)
+Added: 2.163% (cost:
+Added: $2,495,969 due 07/14/2022)
Total commercial paper (cost:
+Added: $114,718,220)
+Added: $ 114,843,622
Total cash equivalents
$ 175,547,587
+Added: Percentage of
Notional Amount
2 unchanged sentences
United States corn futures contracts
−Removed: CBOT corn futures JUL22 (2,098 contracts)
CBOT corn futures SEP22 (2,636 contracts)
CBOT corn futures DEC22 (2,297 contracts)
+Added: CBOT corn futures DEC23 (2,900 contracts)
Total commodity futures contracts
64 unchanged sentences
Three months ended
−Removed: March 31, 2022
−Removed: March 31, 2021
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2022
+Added: June 30, 2021
+Added: June 30, 2022
+Added: June 30, 2021
Realized and unrealized gain (loss) on trading of commodity futures contracts:
Realized gain on commodity futures contracts
−Removed: Net change in unrealized appreciation on commodity futures contracts
+Added: Net change in unrealized depreciation on commodity futures contracts
+Added: ( 47,449,038 )
+Added: ( 2,942,665 )
+Added: ( 27,554,708 )
+Added: ( 1,620,934 )
Interest income
+Added: Total (loss) income
+Added: ( 24,463,275 )
Management fees
7 unchanged sentences
Total expenses, net
−Removed: Net income per share
−Removed: Net income per weighted average share
+Added: Net (loss) income
+Added: $ ( 25,497,060 )
+Added: Net (loss) income per share
+Added: Net (loss) income per weighted average share
Weighted average shares outstanding
2 unchanged sentences
STATEMENTS OF CHANGES IN NET ASSETS
−Removed: Three months ended
−Removed: Three months ended
−Removed: March 31, 2022
−Removed: March 31, 2021
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2022
+Added: June 30, 2021
Capital transactions
4 unchanged sentences
Total capital transactions
+Added: ( 12,955,198 )
Net change in net assets
12 unchanged sentences
STATEMENTS OF CASH FLOWS
−Removed: Three months ended
−Removed: Three months ended
−Removed: March 31, 2022
−Removed: March 31, 2021
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2022
+Added: June 30, 2021
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities:
−Removed: Net change in unrealized appreciation on commodity futures contracts
−Removed: ( 19,894,329 )
−Removed: ( 1,321,729 )
+Added: Net change in unrealized depreciation on commodity futures contracts
Changes in operating assets and liabilities:
Due from broker
+Added: ( 27,101,825 )
+Added: ( 6,429,007 )
Interest receivable
11 unchanged sentences
( 77,358,288 )
−Removed: Net cash provided by financing activities
+Added: Net cash provided by (used in) financing activities
+Added: ( 14,897,473 )
Net change in cash and cash equivalents
5 unchanged sentences
NOTES TO FINANCIAL STATEMENTS
−Removed: March 31, 2022
+Added: June 30, 2022
Note 1 – Organization and Operation
20 unchanged sentences
The current registration statement for CORN was declared effective by the SEC on April 7, 2022.
−Removed: This registration statement for CORN registered an indeterminate amount of shares.
+Added: This registration statement for CORN registered an indeterminate number of shares.
The accompanying unaudited financial statements have been prepared in accordance with Rule 10-01 of Regulation S-X promulgated by the SEC and, therefore, do not include all information and footnote disclosures required under accounting principles generally accepted in the United States of America (“GAAP”).
2 unchanged sentences
It is suggested that these interim financial statements be read in conjunction with the financial statements and related notes included in the Trust’s Annual Report on Form 10-K, as well as the most recent Form S-1 filing, as applicable.
−Removed: The operating results for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022.
+Added: The operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022.
Subject to the terms of the Trust Agreement, Teucrium Trading, LLC, in its capacity as the Sponsor (“Sponsor”), may terminate a Fund at any time, regardless of whether the Fund has incurred losses, including, for instance, if it determines that the Fund’s aggregate net assets in relation to its operating expenses make the continued operation of the Fund unreasonable or imprudent.
22 unchanged sentences
E D & F Man Capital Markets, Inc.
−Removed: (“E D & F Man”) and StoneX Financial Inc.
−Removed: – FCM Division of INTL FCStone Financial Inc.
−Removed: (“StoneX”) serve as the Funds’ clearing brokers to execute and clear futures contracts and provide other brokerage-related services.
+Added: (“E D & F Man”) and StoneX Financial Inc (“StoneX”) serve as the Funds’ clearing brokers to execute and clear futures contracts and provide other brokerage-related services.
E D & F Man and StoneX are each registered as futures commission merchants (“FCM”) with the U.S.
3 unchanged sentences
For Corn, Soybean, Sugar and Wheat Futures Contracts, E D & F Man is paid $11.00 per round turn .
−Removed: Effective April 1, 2022, E D & F Man will be paid $11.00 per round turn.
StoneX is paid $2.50 per round turn exclusive of pass-through fees for the exchange and the NFA.
14 unchanged sentences
A summary of these expenses is included below:
−Removed: Three months ended March 31, 2022
−Removed: Three months ended March 31, 2021
+Added: Three months ended June 30, 2022
+Added: Three months ended June 30, 2021
+Added: Six months ended June 30, 2022
+Added: Six months ended June 30, 2021
Amount Recognized for Custody Services
27 unchanged sentences
Prior to the change, brokerage commissions on all open commodity futures contracts were accrued on the trade date and on a full-turn basis.
−Removed: The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three months ended March 31, 2022 and 2021.
−Removed: Three Months Ended March 31, 2022
−Removed: Three Months Ended March 31, 2021
+Added: The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and six months ended June 30, 2022.
+Added: Three Months Ended June 30, 2022
+Added: Three Months Ended June 30, 2021
+Added: Six Months Ended June 30, 2022
+Added: Six Months Ended June 30, 2021
For federal income tax purposes, the Fund will be treated as a publicly traded partnership.
12 unchanged sentences
De-recognition of a tax benefit previously recognized results in the Fund recording a tax liability that reduces net assets.
−Removed: Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of March 31, 2022 and for the years ended December 31, 2021, 2020, and 2019.
+Added: Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of June 30, 2022 and for the years ended December 31, 2021, 2020, and 2019.
However, the Fund’s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof.
The Fund recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed.
−Removed: No interest expense or penalties have been recognized as of and for the three months ended March 31, 2022 and 2021.
+Added: No interest expense or penalties have been recognized as of and for the three and six months ended June 30, 2022 and 2021.
The Fund may be subject to potential examination by U.S.
7 unchanged sentences
The amount of the proceeds required to purchase a Creation Basket will be equal to the NAV of the shares in the Creation Basket determined as of 4:00 p.m.
−Removed: (EST) on the day the order to create the basket is received in good order.
+Added: (ET) on the day the order to create the basket is received in good order.
Authorized Purchasers may redeem shares from the Fund only in blocks of 25,000 shares called “Redemption Baskets.” The amount of the redemption proceeds for a Redemption Basket will be equal to the NAV of the shares in the Redemption Basket determined as of 4:00 p.m.
−Removed: (EST) on the day the order to redeem the basket is received in good order.
+Added: (ET) on the day the order to redeem the basket is received in good order.
The Fund receives or pays the proceeds from shares sold or redeemed within three business days after the trade date of the purchase or redemption.
14 unchanged sentences
The Sponsor may invest a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured.
−Removed: March 31, 2022
+Added: June 30, 2022
December 31, 2021
54 unchanged sentences
Such expenses are primarily recorded as distribution and marketing fees in the financial statements of each Fund.
−Removed: Three months ended March 31, 2022
−Removed: Three months ended March 31, 2021
+Added: Three months ended June 30, 2022
+Added: Three months ended June 30, 2021
+Added: Six months ended June 30, 2022
+Added: Six months ended June 30, 2021
Recognized Related Party Transactions
4 unchanged sentences
The Sponsor has determined that there will be no recovery sought for the amounts below in any future period:
−Removed: Three months ended March 31, 2022
−Removed: Three months ended March 31, 2021
+Added: Three months ended June 30, 2022
+Added: Three months ended June 30, 2021
+Added: Six months ended June 30, 2022
+Added: Six months ended June 30, 2021
Use of Estimates
29 unchanged sentences
When such a situation exists on a quarter close, the Sponsor will calculate the Net Asset Value (“NAV”) on a particular day using the Level 1 valuation but will later recalculate the NAV for the impacted Fund based upon the valuation inputs from these alternative verifiable sources (Level 2 or Level 3) and will report such NAV in its applicable financial statements and reports.
−Removed: On March 31, 2022 and December 31, 2021, in the opinion of the Trust and the Fund, the reported value at the close of the market for each commodity contract fairly reflected the value of the futures and no alternative valuations were required.
+Added: On June 30, 2022 and December 31, 2021, in the opinion of the Trust and the Fund, the reported value at the close of the market for each commodity contract fairly reflected the value of the futures and no alternative valuations were required.
The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period.
21 unchanged sentences
New Accounting Pronouncements
−Removed: The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-05:
+Added: The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-03, related to fair value measurement (Topic 820) of equity securities subject to contractual sale restrictions.
+Added: Under the clarified guidance, contractual restrictions on the sale of an equity security are not considered part of the unit of account of the equity security and, therefore, are not considered in measuring fair value, however they do require disclosures.
+Added: The amendment was early adopted for the quarter ended June 30, 2022;
+Added: the early adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund.
+Added: The FASB issued ASU 2021-05:
“Leases (Topic 842).” Under the amended guidance, a lessor should classify and account for a lease with variable lease payments that don’t depend on an index or a rate as an operating lease if the lease would’ve been classified as a sales-type lease or a direct financing lease in accordance with the lease classification guidance in Topic 842 and the lessor would’ve otherwise recognized a day-one loss.
43 unchanged sentences
The Fund’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Fund’s significant accounting policies in Note 3.
−Removed: The following table presents information about the Fund’s assets and liabilities measured at fair value as of March 31, 2022 and December 31, 2021:
−Removed: March 31, 2022
−Removed: Balance as of March 31, 2022
+Added: The following table presents information about the Fund’s assets and liabilities measured at fair value as of June 30, 2022 and December 31, 2021:
+Added: June 30, 2022
+Added: Balance as of June 30, 2022
Cash Equivalents
1 unchanged sentence
$ 175,547,587
+Added: Balance as of June 30, 2022
+Added: Commodity Futures Contracts
Corn futures contracts
−Removed: $ 157,707,006
−Removed: $ 157,707,006
December 31, 2021
1 unchanged sentence
Cash Equivalents
+Added: Commodity Futures Contracts
Corn futures contracts
−Removed: For the period ended March 31, 2022 and year ended December 31, 2021, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.
+Added: For the three and six months ended June 30, 2022 and year ended December 31, 2021, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.
See the Fair Value - Definition and Hierarchy section in Note 3 above for an explanation of the transfers into and out of each level of the fair value hierarchy.
5 unchanged sentences
In addition to its primary underlying risks, the Fund is also subject to additional counterparty risk due to inability of its counterparties to meet the terms of their contracts.
−Removed: For three months ended March 31, 2022 and year ended December 31, 2021, the Fund invested only in commodity futures contracts.
+Added: For the three and six months ended June 30, 2022 and year ended December 31, 2021, the Fund invested only in commodity futures contracts.
Futures Contracts
1 unchanged sentence
A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.
−Removed: The purchase and sale of futures contracts requires margin deposits with a FCM.
+Added: The purchase and sale of futures contracts requires margin deposits with an FCM.
Subsequent payments (variation margin) are made or received by the Fund each day, depending on the daily fluctuations in the value of the contract, and are recorded as unrealized gains or losses by the Fund.
10 unchanged sentences
Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.”
−Removed: The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk and held by the FCMs, E D & F Man and StoneX as of March 31, 2022 and December 31, 2021.
+Added: The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, E D & F Man and StoneX as of June 30, 2022, and December 31, 2021.
*The amount of collateral presented in Collateral, Due from Broker, is limited to the liability for the futures contracts and accordingly does not include the excess collateral pledged.
−Removed: Offsetting of Financial Assets and Derivative Assets as of March 31, 2022
+Added: Offsetting of Financial Liabilities and Derivative Liabilities as of June 30, 2022
(iii) = (i)-(ii)
1 unchanged sentence
Gross Amount Not Offset in the Statement of Assets and Liabilities
−Removed: Gross Amount of Recognized Assets
+Added: Gross Amount of Recognized Liabilities
Gross Amount Offset in the Statement of Assets and Liabilities
1 unchanged sentence
Futures Contracts Available for Offset
−Removed: Collateral, Due to Broker
+Added: Collateral, Due from Broker*
Commodity Price
12 unchanged sentences
The following tables identify the net gain and loss amounts included in the statements of operations as realized and unrealized gains and losses on trading of commodity futures contracts categorized by primary underlying risk:
−Removed: Three months ended March 31, 2022
−Removed: Primary Underlying Risk
+Added: Three months ended June 30, 2022
Realized Gain on Commodity Futures Contracts
−Removed: Net Change in Unrealized Appreciation on Commodity Futures Contracts
+Added: Net Change in Unrealized Depreciation on Commodity Futures Contracts
Commodity Price
Corn futures contracts
−Removed: Three months ended March 31, 2021
−Removed: Primary Underlying Risk
+Added: $ ( 47,449,038 )
+Added: Three months ended June 30, 2021
Realized Gain on Commodity Futures Contracts
−Removed: Net Change in Unrealized Appreciation on Commodity Futures Contracts
+Added: Net Change in Unrealized Depreciation on Commodity Futures Contracts
Commodity Price
Corn futures contracts
+Added: $ ( 2,942,665 )
+Added: Six months ended June 30, 2022
+Added: Realized Gain on Commodity Futures Contracts
+Added: Net Change in Unrealized Depreciation on Commodity Futures Contracts
+Added: Commodity Price
+Added: Corn futures contracts
+Added: $ ( 27,554,708 )
+Added: Six months ended June 30, 2021
+Added: Realized Gain on Commodity Futures Contracts
+Added: Net Change in Unrealized Depreciation on Commodity Futures Contracts
+Added: Commodity Price
+Added: Corn futures contracts
+Added: $ ( 1,620,934 )
Volume of Derivative Activities
−Removed: The average notional market value categorized by primary underlying risk for the futures contracts held was $ 167.5 million and $ 161.9 million for the three months ended March 31, 2022, and 2021, respectively.
+Added: The average notional market value categorized by primary underlying risk for the futures contracts held was $ 286.2 million and $ 226.8 million respectively for the three and six months ended June 30, 2022 and $ 185.5 million and $ 173.7 million for the three and six months ended June 30, 2021, respectively.
Note 6 – Financial Highlights
−Removed: The following tables present per unit performance data and other supplemental financial data for the three months ended March 31, 2022 and 2021.
+Added: The following tables present per unit performance data and other supplemental financial data for the three and six months ended June 30, 2022 and 2021.
This information has been derived from information presented in the financial statements and is presented with total expenses gross of expenses waived by the Sponsor and with total expenses net of expenses waived by the Sponsor, as appropriate.
1 unchanged sentence
Three months ended
−Removed: March 31, 2022
−Removed: March 31, 2021
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2022
+Added: June 30, 2021
+Added: June 30, 2022
+Added: June 30, 2021
Per Share Operation Performance
Net asset value at beginning of period
−Removed: Income (loss) from investment operations:
+Added: Income from investment operations:
Investment income
−Removed: Net realized and unrealized gain on commodity futures contracts
+Added: Net realized and unrealized (loss) gain on commodity futures contracts
Total expenses, net
−Removed: Net increase in net asset value
+Added: Net (decrease) increase in net asset value
Net asset value at end of period
8 unchanged sentences
Note 8 – Subsequent Events
−Removed: Management has evaluated the financial statements for the quarter-ended March 31, 2022 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund other than those noted below:
−Removed: The total net assets of the Fund increased by $ 75,797,035 , or 34 %, for the period March 31, 2022 to May 9, 2022.
−Removed: This was driven by a 4 % increase in the NAV per share and a 28 % increase in the shares outstanding.
−Removed: A registration statement for CORN was declared effective by the SEC on April 7, 2022.
−Removed: This registration statement for CORN registered an indeterminate amount of shares.
+Added: Management has evaluated the financial statements for the quarter-ended June 30, 2022 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund.
TEUCRIUM SOYBEAN FUND
STATEMENTS OF ASSETS AND LIABILITIES
−Removed: March 31, 2022
+Added: June 30, 2022
December 31, 2021
3 unchanged sentences
Commodity futures contracts
+Added: Due from broker
+Added: Total equity in trading accounts
+Added: Payable for shares redeemed
Management fee payable to Sponsor
1 unchanged sentence
Equity in trading accounts:
+Added: Commodity futures contracts
Due to broker
+Added: Total equity in trading accounts
Total liabilities
3 unchanged sentences
Market value per share
+Added: * On April 7, 2022, the Teucrium Soybean Fund registered an indeterminate number of shares of the Fund pursuant to Rule 456(d) under the Securities Act of 1933.
The accompanying notes are an integral part of these financial statements.
1 unchanged sentence
SCHEDULE OF INVESTMENTS
−Removed: March 31, 2022
−Removed: Percentage of
+Added: June 30, 2022
Cash equivalents
5 unchanged sentences
Commercial Paper
−Removed: Albemarle Corporation 0.701% (cost:
−Removed: $2,498,736 due 04/04/2022)
−Removed: 0.220% (cost:
−Removed: $2,499,068 due 04/13/2022)
Brookfield Infrastructure Holdings (Canada) Inc.
1 unchanged sentence
$2,495,848 due 07/07/2022)
+Added: Campbell Soup Company 2.125% (cost:
+Added: $4,983,443 due 08/17/2022)
+Added: Cigna Corporation 1.104% (cost:
+Added: $2,496,868 due 07/05/2022)
+Added: CNH Industrial Capital LLC 1.708% (cost:
+Added: $2,497,521 due 07/18/2022)
Crown Castle International Corp.
1 unchanged sentence
$2,493,831 due 07/14/2022)
−Removed: Enbridge (U.S.) Inc.
−Removed: 0.200% (cost:
+Added: Dollar General Corporation 1.922% (cost:
$2,492,042 due 08/29/2022)
+Added: du Pont de Nemours and Company 1.024% (cost:
+Added: $2,493,625 due 08/01/2022)
Enbridge (U.S.) Inc.
1 unchanged sentence
$2,493,473 due 08/15/2022)
−Removed: General Motors Financial Company, Inc.
1.357% (cost:
$2,491,844 due 08/22/2022)
−Removed: Glencore Funding LLC 0.234% (cost:
+Added: Fortune Brands Home & Security, Inc.
+Added: 2.275% (cost:
$2,494,350 due 08/05/2022)
3 unchanged sentences
$1,996,150 due 07/22/2022)
+Added: Stanley Black & Decker, Inc.
1.244% (cost:
$4,984,525 due 08/15/2022)
−Removed: WGL Holdings, Inc.
+Added: Verizon Communications Inc.
1.044% (cost:
6 unchanged sentences
United States soybean futures contracts
−Removed: CBOT soybean futures JUL22 (281 contracts)
CBOT soybean futures NOV22 (360 contracts)
−Removed: CBOT soybean futures NOV23 (345 contracts)
+Added: Percentage of
+Added: Notional Amount
+Added: (Long Exposure)
+Added: Commodity futures contracts
+Added: United States soybean futures contracts
+Added: CBOT soybean futures JAN23 (308 contacts)
+Added: CBOT soybean futures NOV23 (394 contacts)
Total commodity futures contracts
47 unchanged sentences
Three months ended
−Removed: March 31, 2022
−Removed: March 31, 2021
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2022
+Added: June 30, 2021
+Added: June 30, 2022
+Added: June 30, 2021
Realized and unrealized gain (loss) on trading of commodity futures contracts:
Realized gain on commodity futures contracts
−Removed: Net change in unrealized appreciation (depreciation) on commodity futures contracts
+Added: Net change in unrealized (depreciation) appreciation on commodity futures contracts
( 2,827,976 )
+Added: ( 1,913,259 )
+Added: ( 8,039,938 )
Interest income
+Added: Total (loss) income
Management fees
7 unchanged sentences
Total expenses, net
+Added: Net (loss) income
+Added: $ ( 322,648 )
Net income per share
−Removed: Net income per weighted average share
+Added: Net (loss) income per weighted average share
Weighted average shares outstanding
2 unchanged sentences
STATEMENTS OF CHANGES IN NET ASSETS
−Removed: Three months ended
−Removed: Three months ended
−Removed: March 31, 2022
−Removed: March 31, 2021
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2022
+Added: June 30, 2021
Capital transactions
6 unchanged sentences
Net change in net assets
+Added: ( 18,401,056 )
Net assets, beginning of period
7 unchanged sentences
STATEMENTS OF CASH FLOWS
−Removed: Three months ended
−Removed: Three months ended
−Removed: March 31, 2022
−Removed: March 31, 2021
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2022
+Added: June 30, 2021
Cash flows from operating activities:
−Removed: Adjustments to reconcile net income to net cash provided by (used in) operating activities:
−Removed: Net change in unrealized (appreciation) depreciation on commodity futures contracts
+Added: Adjustments to reconcile net income to net cash provided by operating activities:
+Added: Net change in unrealized depreciation on commodity futures contracts
Changes in operating assets and liabilities:
8 unchanged sentences
Other liabilities
−Removed: Net cash provided by (used in) operating activities
+Added: Net cash provided by operating activities
Cash flows from financing activities:
11 unchanged sentences
NOTES TO FINANCIAL STATEMENTS
−Removed: March 31, 2022
+Added: June 30, 2022
Note 1 – Organization and Operation
24 unchanged sentences
It is suggested that these interim financial statements be read in conjunction with the financial statements and related notes included in the Trust’s Annual Report on Form 10-K, as well as the most recent Form S-1 filing, as applicable.
−Removed: The operating results for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022.
+Added: The operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022.
Subject to the terms of the Trust Agreement, Teucrium Trading, LLC, in its capacity as the Sponsor (“Sponsor”), may terminate a Fund at any time, regardless of whether the Fund has incurred losses, including, for instance, if it determines that the Fund’s aggregate net assets in relation to its operating expenses make the continued operation of the Fund unreasonable or imprudent.
23 unchanged sentences
(“E D & F Man”) and StoneX Financial Inc.
−Removed: – FCM Division of INTL FCStone Financial Inc.
(“StoneX”) serve as the Funds’ clearing brokers to execute and clear futures contracts and provide other brokerage-related services.
4 unchanged sentences
For Corn, Soybean, Sugar, and Wheat Futures Contracts E D & F Man is paid $11.00 per round turn .
−Removed: Effective April 1, 2022, E D & F Man will be paid $11.00 per round turn.
StoneX is paid $2.50 per round turn exclusive of pass-through fees for the exchange and the NFA.
14 unchanged sentences
A summary of these expenses is included below:
−Removed: Three months ended March 31, 2022
−Removed: Three months ended March 31, 2021
+Added: Three months ended June 30, 2022
+Added: Three months ended June 30, 2021
+Added: Six months ended June 30, 2022
+Added: Six months ended June 30, 2021
Amount Recognized for Custody Services
27 unchanged sentences
Prior to the change, brokerage commissions on all open commodity futures contracts were accrued on the trade date and on a full-turn basis.
−Removed: The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three months ended March 31, 2022 and 2021.
−Removed: Three Months Ended March 31, 2022
−Removed: Three Months Ended March 31, 2021
+Added: The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and six months ended June 30, 2022.
+Added: Three Months Ended June 30, 2022
+Added: Three Months Ended June 30, 2021
+Added: Six Months Ended June 30, 2022
+Added: Six Months Ended June 30, 2021
For federal income tax purposes, each Fund will be treated as a publicly traded partnership.
12 unchanged sentences
De-recognition of a tax benefit previously recognized results in the Fund recording a tax liability that reduces net assets.
−Removed: Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of March 31, 2022 and for the years ended December 31, 2021, 2020, and 2019.
+Added: Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of June 30, 2022 and for the years ended December 31, 2021, 2020, and 2019.
However, the Fund’s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof.
The Fund recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed.
−Removed: No interest expense or penalties have been recognized as of and for the three months ended March 31, 2022 and 2021.
+Added: No interest expense or penalties have been recognized as of and for the three and six months ended June 30, 2022 and 2021.
The Fund may be subject to potential examination by U.S.
7 unchanged sentences
The amount of the proceeds required to purchase a Creation Basket will be equal to the NAV of the shares in the Creation Basket determined as of 4:00 p.m.
−Removed: (EST) on the day the order to create the basket is received in good order.
+Added: (ET) on the day the order to create the basket is received in good order.
Authorized Purchasers may redeem shares from the Fund only in blocks of 25,000 shares called “Redemption Baskets.” The amount of the redemption proceeds for a Redemption Basket will be equal to the NAV of the shares in the Redemption Basket determined as of 4:00 p.m.
−Removed: (EST) on the day the order to redeem the basket is received in good order.
+Added: (ET) on the day the order to redeem the basket is received in good order.
The Fund receives or pays the proceeds from shares sold or redeemed within three business days after the trade date of the purchase or redemption.
14 unchanged sentences
The Sponsor may invest a portion of the cash held by the FCM in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured.
−Removed: March 31, 2022
+Added: June 30, 2022
December 31, 2021
52 unchanged sentences
Such expenses are primarily recorded as distribution and marketing fees in the financial statements of each Fund.
−Removed: Three months ended March 31, 2022
−Removed: Three months ended March 31, 2021
+Added: Three months ended June 30, 2022
+Added: Three months ended June 30, 2021
+Added: Six months ended June 30, 2022
+Added: Six months ended June 30, 2021
Recognized Related Party Transactions
4 unchanged sentences
The Sponsor has determined that there will be no recovery sought for the amounts below in any future period:
−Removed: Three months ended March 31, 2022
−Removed: Three months ended March 31, 2021
+Added: Three months ended June 30, 2022
+Added: Three months ended June 30, 2021
+Added: Six months ended June 30, 2022
+Added: Six months ended June 30, 2021
Use of Estimates
29 unchanged sentences
When such a situation exists on a quarter close, the Sponsor will calculate the NAV on a particular day using the Level 1 valuation but will later recalculate the NAV for the impacted Fund based upon the valuation inputs from these alternative verifiable sources (Level 2 or Level 3) and will report such NAV in its applicable financial statements and reports.
−Removed: On March 31, 2022 and December 31, 2021, in the opinion of the Trust and the Fund, the reported value at the close of the market for each commodity contract fairly reflected the value of the futures and no alternative valuations were required.
+Added: On June 30, 2022 and December 31, 2021, in the opinion of the Trust and the Fund, the reported value at the close of the market for each commodity contract fairly reflected the value of the futures and no alternative valuations were required.
The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period.
15 unchanged sentences
New Accounting Pronouncements
−Removed: The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-05:
+Added: The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-03, related to fair value measurement (Topic 820) of equity securities subject to contractual sale restrictions.
+Added: Under the clarified guidance, contractual restrictions on the sale of an equity security are not considered part of the unit of account of the equity security and, therefore, are not considered in measuring fair value, however they do require disclosures.
+Added: The amendment was early adopted for the quarter ended June 30, 2022;
+Added: the early adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund.
+Added: The FASB issued ASU 2021-05:
“Leases (Topic 842).” Under the amended guidance, a lessor should classify and account for a lease with variable lease payments that don’t depend on an index or a rate as an operating lease if the lease would’ve been classified as a sales-type lease or a direct financing lease in accordance with the lease classification guidance in Topic 842 and the lessor would’ve otherwise recognized a day-one loss.
43 unchanged sentences
The Fund’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Fund’s significant accounting policies in Note 3.
−Removed: The following table presents information about the Fund’s assets and liabilities measured at fair value as of March 31, 2022 and December 31, 2021:
−Removed: March 31, 2022
−Removed: Balance as of March 31, 2022
+Added: The following table presents information about the Fund’s assets and liabilities measured at fair value as of June 30, 2022 and December 31, 2021:
+Added: June 30, 2022
+Added: Balance as of June 30, 2022
Cash Equivalents
+Added: Commodity Futures Contracts
Soybean futures contracts
+Added: Balance as of June 30, 2022
+Added: Commodity Futures Contracts
+Added: Soybean futures contracts
December 31, 2021
1 unchanged sentence
Cash Equivalents
+Added: Commodity Futures Contracts
Soybean futures contracts
−Removed: For the three months ended March 31, 2022 and year ended December 31, 2021, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy, except for the JUL21 CBOT soybean futures, and the Nov21 CBOT soybean futures, were reflected as a Level 2 asset for the period ended March 31, 2021 due to a “limit up” condition.
+Added: For the three and six months ended June 30, 2022 and year ended December 31, 2021, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy, except for the JUL21 CBOT soybean futures, and the Nov21 CBOT soybean futures, were reflected as a Level 2 asset for the period ended March 31, 2021 due to a “limit up” condition.
These Soybean contracts transferred back to a Level 1 asset for the period ended June 30, 2021.
6 unchanged sentences
In addition to its primary underlying risks, the Fund is also subject to additional counterparty risk due to inability of its counterparties to meet the terms of their contracts.
−Removed: For the three months ended March 31, 2022 and year ended December 31, 2021, the Fund invested only in commodity futures contracts.
+Added: For the three and six months ended June 30, 2022 and year ended December 31, 2021, the Fund invested only in commodity futures contracts.
Futures Contracts
1 unchanged sentence
A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.
−Removed: The purchase and sale of futures contracts requires margin deposits with a FCM.
+Added: The purchase and sale of futures contracts requires margin deposits with an FCM.
Subsequent payments (variation margin) are made or received by the Fund each day, depending on the daily fluctuations in the value of the contract, and are recorded as unrealized gains or losses by the Fund.
10 unchanged sentences
Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.”
−Removed: The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk and held by the FCM, E D & F Man as of March 31, 2022 and December 31, 2021.
+Added: The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, E D & F Man and StoneX as of June 30, 2022, and December 31, 2021.
*The amount of collateral presented in Collateral, Due from Broker, is limited to the liability for the futures contracts and accordingly does not include the excess collateral pledged.
−Removed: Offsetting of Financial Assets and Derivative Assets as of March 31, 2022
+Added: Offsetting of Financial Assets and Derivative Assets as of June 30, 2022
(iii) = (i)-(ii)
8 unchanged sentences
Soybean futures contracts
+Added: Offsetting of Financial Liabilities and Derivative Liabilities as of June 30, 2022
+Added: (iii) = (i)-(ii)
+Added: (v)=(iii)-(iv)
+Added: Gross Amount Not Offset in the Statement of Assets and Liabilities
+Added: Gross Amount of Recognized Liabilities
+Added: Gross Amount Offset in the Statement of Assets and Liabilities
+Added: Net Amount Presented in the Statement of Assets and Liabilities
+Added: Futures Contracts Available for Offset
+Added: Collateral, Due from Broker*
+Added: Commodity Price
+Added: Soybean futures contracts
Offsetting of Financial Assets and Derivative Assets as of December 31, 2021
10 unchanged sentences
The following is a summary of realized and unrealized gains and losses of the derivative instruments utilized by the Fund:
−Removed: Three months ended March 31, 2022
−Removed: Primary Underlying Risk
+Added: Three months ended June 30, 2022
Realized Gain on Commodity Futures Contracts
+Added: Net Change in Unrealized Depreciation on Commodity Futures Contracts
+Added: Commodity Price
+Added: Soybean futures contracts
+Added: ( 2,827,976 )
+Added: Three months ended June 30, 2021
+Added: Realized Gain on Commodity Futures Contracts
Net Change in Unrealized Appreciation on Commodity Futures Contracts
1 unchanged sentence
Soybean futures contracts
−Removed: Three months ended March 31, 2021
−Removed: Primary Underlying Risk
+Added: Six months ended June 30, 2022
Realized Gain on Commodity Futures Contracts
3 unchanged sentences
( 1,913,259 )
+Added: Six months ended June 30, 2021
+Added: Realized Gain on Commodity Futures Contracts
+Added: Net Change in Unrealized Depreciation on Commodity Futures Contracts
+Added: Commodity Price
+Added: Soybean futures contracts
+Added: ( 8,039,938 )
Volume of Derivative Activities
−Removed: The average notional market value categorized by primary underlying risk for all futures contracts held was $ 56.8 million and $ 97.1 million for the three months ended March 31, 2022 and 2021, respectively.
+Added: The average notional market value categorized by primary underlying risk for all futures contracts held was $ 80.3 million and $ 68.5 million respectively for the three and six months ended June 30, 2022 and $ 83.6 million and $ 90.3 million for the three and six months ended June 30, 2021, respectively.
Note 6 – Financial Highlights
−Removed: The following tables present per unit performance data and other supplemental financial data for the three months ended March 31, 2022 and 2021.
+Added: The following tables present per unit performance data and other supplemental financial data for the three and six months ended June 30, 2022 and 2021.
This information has been derived from information presented in the financial statements and is presented with total expenses gross of expenses waived by the Sponsor and with total expenses net of expenses waived by the Sponsor, as appropriate.
1 unchanged sentence
Three months ended
−Removed: March 31, 2022
−Removed: March 31, 2021
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2022
+Added: June 30, 2021
+Added: June 30, 2022
+Added: June 30, 2021
Per Share Operation Performance
Net asset value at beginning of period
−Removed: Income (loss) from investment operations:
+Added: Income from investment operations:
Investment income
12 unchanged sentences
Note 8 – Subsequent Events
−Removed: Management has evaluated the financial statements for the quarter-ended March 31, 2022 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund other than those noted below:
−Removed: The total net assets of the Fund increased by $ 14,758,922 , or 23 %, for the period March 31, 2022 to May 9, 2022.
−Removed: This was driven by a 2 % increase in the NAV per share and a 21 % increase in the shares outstanding.
−Removed: A registration statement for SOYB was declared effective by the SEC on April 7, 2022.
−Removed: This registration statement for SOYB registered an indeterminate amount of shares.
−Removed: The Sponsor opened an account with StoneX, as a new FCM and clearing broker for the Fund.
−Removed: The Fund transferred soybean futures contract positions from E D & F Man to StoneX on April 13, 2022.
+Added: Management has evaluated the financial statements for the quarter-ended June 30, 2022 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund.
TEUCRIUM SUGAR FUND
STATEMENTS OF ASSETS AND LIABILITIES
−Removed: March 31, 2022
+Added: June 30, 2022
December 31, 2021
9 unchanged sentences
Commodity futures contracts
−Removed: Due to broker
−Removed: Total equity in trading accounts
Total liabilities
3 unchanged sentences
Market value per share
+Added: * On April 7, 2022, the Teucrium Sugar Fund registered an indeterminate number of shares of the Fund pursuant to Rule 456(d) under the Securities Act of 1933.
The accompanying notes are an integral part of these financial statements.
1 unchanged sentence
SCHEDULE OF INVESTMENTS
−Removed: March 31, 2022
+Added: June 30, 2022
Percentage of
2 unchanged sentences
First American Government Obligations Fund - Class X (cost $7,524,226)
−Removed: Goldman Sachs Financial Square Government Fund (cost:
+Added: Goldman Sachs Financial Square Government Fund - Institutional Class (cost $1,061,211)
Total money market funds (cost:
1 unchanged sentence
Commercial Paper
−Removed: Albemarle Corporation 0.601% (cost:
+Added: Cigna Corporation 1.104% (cost:
$499,374 due 07/05/2022)
+Added: FMC Corporation 2.011% (cost:
+Added: $2,496,389 due 07/18/2022)
+Added: Fortune Brands Home & Security, Inc.
2.275% (cost:
$2,494,350 due 08/05/2022)
−Removed: WGL Holdings, Inc.
1.820% (cost:
$2,495,475 due 08/05/2022)
+Added: The Williams Companies, Inc.
+Added: 1.810% (cost:
+Added: $2,496,000 due 07/29/2022)
+Added: 2.163% (cost:
+Added: $2,495,969 due 07/14/2022)
Total commercial paper (cost:
4 unchanged sentences
United States sugar futures contracts
−Removed: ICE sugar futures JUL22 (413 contracts)
−Removed: ICE sugar futures OCT22 (353 contracts)
+Added: ICE sugar futures MAY23 (477 contracts)
+Added: Percentage of
+Added: Notional Amount
+Added: (Long Exposure)
+Added: Commodity futures contracts
+Added: United States sugar futures contracts
ICE sugar futures MAR23 (538 contracts)
+Added: ICE sugar futures MAR24 (562 contracts)
Total commodity futures contracts
36 unchanged sentences
Three months ended
−Removed: March 31, 2022
−Removed: March 31, 2021
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2022
+Added: June 30, 2021
+Added: June 30, 2022
+Added: June 30, 2021
Realized and unrealized gain (loss) on trading of commodity futures contracts:
Realized gain on commodity futures contracts
−Removed: Net change in unrealized appreciation (depreciation) on commodity futures contracts
+Added: Net change in unrealized (depreciation) appreciation on commodity futures contracts
+Added: ( 2,174,684 )
+Added: ( 1,266,942 )
Interest income
+Added: Total (loss) income
+Added: ( 1,711,630 )
Management fees
7 unchanged sentences
Total expenses, net
−Removed: Net income per share
−Removed: Net income per weighted average share
+Added: Net (loss) income
+Added: $ ( 1,835,263 )
+Added: $ ( 967,836 )
+Added: Net (loss) income per share
+Added: Net (loss) income per weighted average share
Weighted average shares outstanding
2 unchanged sentences
STATEMENTS OF CHANGES IN NET ASSETS
−Removed: Three months ended
−Removed: Three months ended
−Removed: March 31, 2022
−Removed: March 31, 2021
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2022
+Added: June 30, 2021
+Added: Net (loss) income
+Added: $ ( 967,836 )
Capital transactions
2 unchanged sentences
( 14,811,445 )
+Added: ( 1,243,708 )
Total capital transactions
9 unchanged sentences
STATEMENTS OF CASH FLOWS
−Removed: Three months ended
−Removed: Three months ended
−Removed: March 31, 2022
−Removed: March 31, 2021
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2022
+Added: June 30, 2021
Cash flows from operating activities:
−Removed: Adjustments to reconcile net income to net cash provided by operating activities:
−Removed: Net change in unrealized (appreciation) depreciation on commodity futures contracts
+Added: Net (loss) income
+Added: $ ( 967,836 )
+Added: Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
+Added: Net change in unrealized depreciation (appreciation) on commodity futures contracts
Changes in operating assets and liabilities:
Due from broker
+Added: ( 1,547,470 )
Interest receivable
2 unchanged sentences
Other liabilities
−Removed: Net cash provided by operating activities
+Added: Net cash (used in) provided by operating activities
+Added: ( 1,253,738 )
Cash flows from financing activities:
2 unchanged sentences
( 14,811,445 )
+Added: ( 1,243,708 )
Net cash provided by financing activities
4 unchanged sentences
NOTES TO FINANCIAL STATEMENTS
−Removed: March 31, 2022
+Added: June 30, 2022
Note 1 – Organization and Operation
25 unchanged sentences
It is suggested that these interim financial statements be read in conjunction with the financial statements and related notes included in the Trust’s Annual Report on Form 10-K, as well as the most recent Form S-1 filing, as applicable.
−Removed: The operating results for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022.
+Added: The operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022.
Subject to the terms of the Trust Agreement, Teucrium Trading, LLC, in its capacity as the Sponsor (“Sponsor”), may terminate a Fund at any time, regardless of whether the Fund has incurred losses, including, for instance, if it determines that the Fund’s aggregate net assets in relation to its operating expenses make the continued operation of the Fund unreasonable or imprudent.
23 unchanged sentences
(“E D & F Man”) and StoneX Financial Inc.
−Removed: – FCM Division of INTL FCStone Financial Inc.
(“StoneX”) serve as the Funds’ clearing brokers to execute and clear the futures contracts and provide other brokerage-related services.
4 unchanged sentences
For Corn, Soybean, Sugar, and Wheat Futures Contracts E D & F Man is paid $11.00 per round turn .
−Removed: Effective April 1, 2022, E D & F Man will be paid $11.00 per round turn.
StoneX is paid $2.50 per round turn exclusive of pass-through fees for the exchange and the NFA.
14 unchanged sentences
A summary of these expenses is included below:
−Removed: Three months ended March 31, 2022
−Removed: Three months ended March 31, 2021
+Added: Three months ended June 30, 2022
+Added: Three months ended June 30, 2021
+Added: Six months ended June 30, 2022
+Added: Six months ended June 30, 2021
Amount Recognized for Custody Services
26 unchanged sentences
Prior to the change, brokerage commissions on all open commodity futures contracts were accrued on the trade date and on a full-turn basis.
−Removed: The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three months ended March 31, 2022 and 2021.
−Removed: Three Months Ended March 31, 2022
−Removed: Three Months Ended March 31, 2021
+Added: The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and six months ended June 30, 2022.
+Added: Three Months Ended June 30, 2022
+Added: Three Months Ended June 30, 2021
+Added: Six Months Ended June 30, 2022
+Added: Six Months Ended June 30, 2021
For federal income tax purposes, the Fund will be treated as a publicly traded partnership.
12 unchanged sentences
De-recognition of a tax benefit previously recognized results in the Fund recording a tax liability that reduces net assets.
−Removed: Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of March 31, 2022 and for the years ended December 31, 2021, 2020, and 2019.
+Added: Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of June 30, 2022 and for the years ended December 31, 2021, 2020, and 2019.
However, the Fund’s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof.
The Fund recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed.
−Removed: No interest expense or penalties have been recognized as of and for the three months ended March 31, 2022 and 2021.
+Added: No interest expense or penalties have been recognized as of and for the three and six months ended June 30, 2022 and 2021.
The Fund may be subject to potential examination by U.S.
7 unchanged sentences
The amount of the proceeds required to purchase a Creation Basket will be equal to the NAV of the shares in the Creation Basket determined as of 4:00 p.m.
−Removed: (EST) on the day the order to create the basket is received in good order.
+Added: (ET) on the day the order to create the basket is received in good order.
Authorized Purchasers may redeem shares from the Fund only in blocks of 25,000 shares called “Redemption Baskets.” The amount of the redemption proceeds for a Redemption Basket will be equal to the NAV of the shares in the Redemption Basket determined as of 4:00 p.m.
−Removed: (EST) on the day the order to redeem the basket is received in good order.
+Added: (ET) on the day the order to redeem the basket is received in good order.
The Fund receives or pays the proceeds from shares sold or redeemed within three business days after the trade date of the purchase or redemption.
14 unchanged sentences
The Sponsor may invest a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured.
−Removed: March 31, 2022
+Added: June 30, 2022
December 31, 2021
49 unchanged sentences
Such expenses are primarily recorded as distribution and marketing fees in the financial statements of each Fund.
−Removed: Three months ended March 31, 2022
−Removed: Three months ended March 31, 2021
+Added: Three months ended June 30, 2022
+Added: Three months ended June 30, 2021
+Added: Six months ended June 30, 2022
+Added: Six months ended June 30, 2021
Recognized Related Party Transactions
4 unchanged sentences
The Sponsor has determined that there will be no recovery sought for the amounts below in any future period:
−Removed: Three months ended March 31, 2022
−Removed: Three months ended March 31, 2021
+Added: Three months ended June 30, 2022
+Added: Three months ended June 30, 2021
+Added: Six months ended June 30, 2022
+Added: Six months ended June 30, 2021
Use of Estimates
29 unchanged sentences
When such a situation exists on a quarter close, the Sponsor will calculate the NAV on a particular day using the Level 1 valuation but will later recalculate the NAV for the impacted Fund based upon the valuation inputs from these alternative verifiable sources (Level 2 or Level 3) and will report such NAV in its applicable financial statements and reports.
−Removed: On March 31, 2022 and December 31, 2021, in the opinion of the Trust and the Fund, the reported value of the Sugar Futures Contracts traded on the ICE fairly reflected the value of the Sugar Futures Contracts held by the Fund, and no adjustments were necessary.
+Added: On June 30, 2022 and December 31, 2021, in the opinion of the Trust and the Fund, the reported value of the Sugar Futures Contracts traded on the ICE fairly reflected the value of the Sugar Futures Contracts held by the Fund, and no adjustments were necessary.
The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period.
In making the determination of a Level 1 or Level 2 transfer, the Fund considers the average volume of the specific underlying futures contracts traded on the relevant exchange for the periods being reported.
−Removed: For the three months ended March 31, 2022 and year ended December 31, 2021, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.
+Added: For the three and six months ended June 30, 2022 and year ended December 31, 2021, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.
The Fund records its derivative activities at fair value.
9 unchanged sentences
New Accounting Pronouncements
−Removed: The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-05:
+Added: The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-03, related to fair value measurement (Topic 820) of equity securities subject to contractual sale restrictions.
+Added: Under the clarified guidance, contractual restrictions on the sale of an equity security are not considered part of the unit of account of the equity security and, therefore, are not considered in measuring fair value, however they do require disclosures.
+Added: The amendment was early adopted for the quarter ended June 30, 2022;
+Added: the early adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund.
+Added: The FASB issued ASU 2021-05:
“Leases (Topic 842).” Under the amended guidance, a lessor should classify and account for a lease with variable lease payments that don’t depend on an index or a rate as an operating lease if the lease would’ve been classified as a sales-type lease or a direct financing lease in accordance with the lease classification guidance in Topic 842 and the lessor would’ve otherwise recognized a day-one loss.
43 unchanged sentences
The Fund’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Fund’s significant accounting policies in Note 3.
−Removed: The following table presents information about the Fund’s assets and liabilities measured at fair value as of March 31, 2022 and December 31, 2021:
−Removed: March 31, 2022
−Removed: Balance as of March 31, 2022
+Added: The following table presents information about the Fund’s assets and liabilities measured at fair value as of June 30, 2022 and December 31, 2021:
+Added: June 30, 2022
+Added: Balance as of June 30, 2022
Cash Equivalents
+Added: Commodity Futures Contracts
Sugar futures contracts
+Added: Balance as of June 30, 2022
+Added: Commodity Futures Contracts
+Added: Sugar futures contracts
December 31, 2021
1 unchanged sentence
Cash Equivalents
+Added: Commodity Futures Contracts
Sugar futures contracts
Balance as of December 31, 2021
+Added: Commodity Futures Contracts
Sugar futures contracts
−Removed: For the period March 31, 2022 and year ended December 31, 2021, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.
+Added: For the three and six months ended June 30, 2022 and year ended December 31, 2021, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.
See the Fair Value – Definition and Hierarchy section in Note 3 above for an explanation of the transfers into and out of each level of the fair value hierarchy.
5 unchanged sentences
In addition to its primary underlying risks, the Fund is also subject to additional counterparty risk due to inability of its counterparties to meet the terms of their contracts.
−Removed: For the three months ended March 31, 2022 and year ended December 31, 2021, the Fund invested only in commodity futures contracts.
+Added: For the three and six months ended June 30, 2022 and year ended December 31, 2021, the Fund invested only in commodity futures contracts.
Futures Contracts
1 unchanged sentence
A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.
−Removed: The purchase and sale of futures contracts requires margin deposits with a FCM.
+Added: The purchase and sale of futures contracts requires margin deposits with an FCM.
Subsequent payments (variation margin) are made or received by the Fund each day, depending on the daily fluctuations in the value of the contract, and are recorded as unrealized gains or losses by the Fund.
10 unchanged sentences
Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.”
−Removed: The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk and held by the FCM, E D & F Man as of March 31, 2022 and December 31, 2021.
+Added: The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, E D & F Man and StoneX as of June 30, 2022, and December 31, 2021.
*The amount of collateral presented in Collateral, Due from Broker, is limited to the liability for the futures contracts and accordingly does not include the excess collateral pledged.
−Removed: Offsetting of Financial Assets and Derivative Assets as of March 31, 2022
+Added: Offsetting of Financial Assets and Derivative Assets as of June 30, 2022
(iii) = (i)-(ii)
8 unchanged sentences
Sugar futures contracts
+Added: Offsetting of Financial Liabilities and Derivative Liabilities as of June 30, 2022
+Added: (iii) = (i)-(ii)
+Added: (v)=(iii)-(iv)
+Added: Gross Amount Not Offset in the Statement of Assets and Liabilities
+Added: Gross Amount of Recognized Liabilities
+Added: Gross Amount Offset in the Statement of Assets and Liabilities
+Added: Net Amount Presented in the Statement of Assets and Liabilities
+Added: Futures Contracts Available for Offset
+Added: Collateral, Due from Broker*
+Added: Commodity Price
+Added: Sugar futures contracts
Offsetting of Financial Assets and Derivative Assets as of December 31, 2021
21 unchanged sentences
The following tables identify the net gain and loss amounts included in the statements of operations as realized and unrealized gains and losses on trading of commodity futures contracts categorized by primary underlying risk:
−Removed: Three months ended March 31, 2022
−Removed: Primary Underlying Risk
+Added: Three months ended June 30, 2022
Realized Gain on Commodity Futures Contracts
+Added: Net Change in Unrealized Depreciation on Commodity Futures Contracts
+Added: Commodity Price
+Added: Sugar futures contracts
+Added: ( 2,174,684 )
+Added: Three months ended June 30, 2021
+Added: Realized Gain on Commodity Futures Contracts
Net Change in Unrealized Appreciation on Commodity Futures Contracts
1 unchanged sentence
Sugar futures contracts
−Removed: Three months ended March 31, 2021
−Removed: Primary Underlying Risk
+Added: Six months ended June 30, 2022
Realized Gain on Commodity Futures Contracts
3 unchanged sentences
( 1,266,942 )
+Added: Six months ended June 30, 2021
+Added: Realized Gain on Commodity Futures Contracts
+Added: Net Change in Unrealized Appreciation on Commodity Futures Contracts
+Added: Commodity Price
+Added: Sugar futures contracts
Volume of Derivative Activities
−Removed: The average notional market value categorized by primary underlying risk for all futures contracts held were $ 21.4 million and $ 14.9 million for the three months ended March 31, 2022 and 2021.
+Added: The average notional market value categorized by primary underlying risk for all futures contracts held were $ 35.2 million and $ 28.3 million respectively for the three and six months ended June 30, 2022 and $ 19.9 million and $ 17.4 million for the three and six months ended June 30, 2021, respectively.
Note 6 – Financial Highlights
−Removed: The following table presents per unit performance data and other supplemental financial data for the three months ended March 31, 2022 and 2021.
+Added: The following table presents per unit performance data and other supplemental financial data for the three and six months ended June 30, 2022 and 2021.
This information has been derived from information presented in the financial statements and is presented with total expenses gross of expenses waived by the Sponsor and with total expenses net of expenses waived by the Sponsor, as appropriate.
1 unchanged sentence
Three months ended
−Removed: March 31, 2022
−Removed: March 31, 2021
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2022
+Added: June 30, 2021
+Added: June 30, 2022
+Added: June 30, 2021
Per Share Operation Performance
1 unchanged sentence
Income (loss) from investment operations:
−Removed: Net realized and unrealized gain on commodity futures contracts
+Added: Investment income
+Added: Net realized and unrealized (loss) gain on commodity futures contracts
Total expenses, net
−Removed: Net increase in net asset value
+Added: Net (decrease) increase in net asset value
Net asset value at end of period
8 unchanged sentences
Note 8 – Subsequent Events
−Removed: Management has evaluated the financial statements for the quarter-ended March 31, 2022 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund other than those noted below:
−Removed: The total net assets of the Fund increased by $ 8,669,045 , or 34 %, for the period March 31, 2022 to May 9, 2022.
−Removed: This was driven by a 37 % increase in the shares outstanding and partially offset by a 2 % decrease in the NAV per share.
−Removed: A registration statement for CANE was declared effective by the SEC on April 7, 2022.
−Removed: This registration statement for CANE registered an indeterminate amount of shares.
−Removed: The Sponsor opened an account with StoneX, as a new FCM and clearing broker for the Fund.
−Removed: The Fund transferred sugar futures contract positions from E D & F Man to StoneX on April 13, 2022.
+Added: Management has evaluated the financial statements for the quarter-ended June 30, 2022 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund.
TEUCRIUM WHEAT FUND
STATEMENTS OF ASSETS AND LIABILITIES
−Removed: March 31, 2022
+Added: June 30, 2022
December 31, 2021
2 unchanged sentences
Interest receivable
+Added: Capital shares receivable
Equity in trading accounts:
2 unchanged sentences
Total equity in trading accounts
−Removed: $ 544,261,887
+Added: Payable for shares redeemed
Management fee payable to Sponsor
−Removed: Payable for purchases of commercial paper
Other liabilities
13 unchanged sentences
SCHEDULE OF INVESTMENTS
−Removed: March 31, 2022
+Added: June 30, 2022
Percentage of
4 unchanged sentences
$ 129,137,919
−Removed: Goldman Sachs Financial Square Government Fund (cost:
+Added: Goldman Sachs Financial Square Government Fund - Institutional Class (cost:
+Added: $106,475,084)
Total money market funds (cost:
3 unchanged sentences
Commercial Paper
−Removed: 0.240% (cost:
−Removed: $2,498,933 due 04/13/2022)
−Removed: 0.220% (cost:
−Removed: $2,499,068 due 04/13/2022)
Brookfield Infrastructure Holdings (Canada) Inc.
4 unchanged sentences
$4,989,933 due 07/26/2022)
−Removed: Brookfield Infrastructure Holdings (Canada) Inc.
−Removed: 1.003% (cost:
−Removed: $2,496,736 due 05/10/2022)
−Removed: Canadian Natural Resources Limited 0.902% (cost:
+Added: Campbell Soup Company 2.125% (cost:
$7,475,091 due 08/17/2022)
3 unchanged sentences
$2,496,458 due 07/06/2022)
−Removed: Cigna Corporation 0.641% (cost:
+Added: CNH Industrial Capital LLC 1.708% (cost:
$2,497,521 due 07/18/2022)
5 unchanged sentences
$4,988,365 due 07/15/2022)
−Removed: Enbridge (U.S.) Inc.
+Added: Dollar General Corporation 1.922% (cost:
+Added: $9,968,168 due 08/29/2022)
+Added: du Pont de Nemours and Company 1.024% (cost:
+Added: $2,493,625 due 08/01/2022)
+Added: Entergy Corporation 1.256% (cost:
+Added: $4,985,765 due 08/03/2022)
+Added: Entergy Corporation 1.422% (cost:
+Added: $9,967,374 due 08/10/2022)
1.054% (cost:
$4,987,022 due 07/19/2022)
+Added: 1.265% (cost:
+Added: $2,494,663 due 08/01/2022)
+Added: 1.357% (cost:
+Added: $2,491,844 due 08/22/2022)
FMC Corporation 1.709% (cost:
2 unchanged sentences
$3,994,223 due 07/18/2022)
+Added: Fortune Brands Home & Security, Inc.
+Added: 2.275% (cost:
+Added: $4,988,700 due 08/05/2022)
General Motors Financial Company, Inc.
12 unchanged sentences
$2,493,917 due 07/18/2022)
+Added: Harley-Davidson Financial Services, Inc.
1.558% (cost:
$2,491,820 due 08/02/2022)
+Added: Hyundai Capital America, Inc.
2.014% (cost:
4 unchanged sentences
$7,488,552 due 07/15/2022)
−Removed: Verizon Communications Inc.
1.668% (cost:
$2,496,196 due 07/18/2022)
−Removed: Verizon Communications Inc.
1.658% (cost:
$2,894,418 due 07/22/2022)
+Added: Stanley Black & Decker, Inc.
1.244% (cost:
$4,984,525 due 08/15/2022)
−Removed: Walgreens Boots Alliance, Inc.
+Added: The Walt Disney Company 0.852% (cost:
+Added: $7,489,907 due 07/15/2022)
+Added: The Williams Companies, Inc.
1.810% (cost:
$4,992,000 due 07/29/2022)
−Removed: WGL Holdings, Inc.
+Added: Corporation 2.145% (cost:
+Added: $7,463,647 due 09/20/2022)
2.163% (cost:
$14,975,813 due 07/14/2022)
−Removed: Total Commercial Paper (Total cost:
+Added: Total commercial paper (cost:
$181,471,876)
7 unchanged sentences
United States wheat futures contracts
−Removed: CBOT wheat futures JUL22 (3,442 contracts)
−Removed: $ 172,444,200
CBOT wheat futures SEP22 (3,563 contracts)
+Added: $ 157,484,600
CBOT wheat futures DEC22 (3,002 contracts)
+Added: CBOT wheat futures DEC23 (3,557 contracts)
Total commodity futures contracts
70 unchanged sentences
Three months ended
−Removed: March 31, 2022
−Removed: March 31, 2021
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2022
+Added: June 30, 2021
+Added: June 30, 2022
+Added: June 30, 2021
Realized and unrealized gain (loss) on trading of commodity futures contracts:
Realized gain on commodity futures contracts
−Removed: Net change in unrealized depreciation on commodity futures contracts
+Added: Net change in unrealized (depreciation) appreciation on commodity futures contracts
( 60,209,162 )
( 97,060,524 )
+Added: ( 1,805,050 )
Interest income
+Added: Total (loss) income
( 57,766,700 )
+Added: ( 56,516,686 )
Management fees
7 unchanged sentences
Total expenses, net
−Removed: Net income (loss)
+Added: Net (loss) income
$ ( 59,861,562 )
−Removed: Net income (loss) per share
−Removed: Net income (loss) per weighted average share
+Added: $ ( 59,383,897 )
+Added: Net (loss) income per share
+Added: Net (loss) income per weighted average share
Weighted average shares outstanding
2 unchanged sentences
STATEMENTS OF CHANGES IN NET ASSETS
−Removed: Three months ended
−Removed: Three months ended
−Removed: March 31, 2022
−Removed: March 31, 2021
−Removed: Net income (loss)
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2022
+Added: June 30, 2021
+Added: Net (loss) income
$ ( 59,383,897 )
16 unchanged sentences
STATEMENTS OF CASH FLOWS
−Removed: Three months ended
−Removed: Three months ended
−Removed: March 31, 2022
−Removed: March 31, 2021
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2022
+Added: June 30, 2021
Cash flows from operating activities:
−Removed: Net income (loss)
+Added: Net (loss) income
$ ( 59,383,897 )
−Removed: Adjustments to reconcile net income (loss) to net cash used in operating activities:
+Added: Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Net change in unrealized depreciation on commodity futures contracts
6 unchanged sentences
( 2,571,103 )
−Removed: Payable for purchases of commercial paper
Management fee payable to Sponsor
Other liabilities
−Removed: Net cash used in operating activities
−Removed: ( 27,122,535 )
+Added: Net cash (used in) provided by operating activities
( 72,468,499 )
11 unchanged sentences
NOTES TO FINANCIAL STATEMENTS
−Removed: March 31, 2022
+Added: June 30, 2022
Note 1 – Organization and Operation
25 unchanged sentences
It is suggested that these interim financial statements be read in conjunction with the financial statements and related notes included in the Trust’s Annual Report on Form 10-K, as well as the most recent Form S-1 filing, as applicable.
−Removed: The operating results for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022.
+Added: The operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022.
Subject to the terms of the Trust Agreement, Teucrium Trading, LLC, in its capacity as the Sponsor (“Sponsor”), may terminate a Fund at any time, regardless of whether the Fund has incurred losses, including, for instance, if it determines that the Fund’s aggregate net assets in relation to its operating expenses make the continued operation of the Fund unreasonable or imprudent.
23 unchanged sentences
(“E D & F Man”) and StoneX Financial Inc.
−Removed: – FCM Division of INTL FCStone Financial Inc.
(“StoneX”) serve as the Funds’ clearing brokers to execute and clear futures contracts and provide other brokerage-related services.
4 unchanged sentences
For Corn, Soybean, Sugar, and Wheat Futures Contracts E D & F Man is paid $11.00 per round turn .
−Removed: Effective April 1, 2022, E D & F Man will be paid $11.00 per round turn.
StoneX is paid $2.50 per round turn exclusive of pass-through fees for the exchange and the NFA.
14 unchanged sentences
A summary of these expenses is included below:
−Removed: Three months ended March 31, 2022
−Removed: Three months ended March 31, 2021
+Added: Three months ended June 30, 2022
+Added: Three months ended June 30, 2021
+Added: Six months ended June 30, 2022
+Added: Six months ended June 30, 2021
Amount Recognized for Custody Services
26 unchanged sentences
Prior to the change, brokerage commissions on all open commodity futures contracts were accrued on the trade date and on a full-turn basis.
−Removed: The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three months ended March 31, 2022 and 2021.
−Removed: Three Months Ended March 31, 2022
−Removed: Three Months Ended March 31, 2021
+Added: The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and six months ended June 30, 2022.
+Added: Three Months Ended June 30, 2022
+Added: Three Months Ended June 30, 2021
+Added: Six Months Ended June 30, 2022
+Added: Six Months Ended June 30, 2021
For federal income tax purposes, the Fund will be treated as a publicly traded partnership.
12 unchanged sentences
De-recognition of a tax benefit previously recognized results in the Fund recording a tax liability that reduces net assets.
−Removed: Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of March 31, 2022 and for the years ended December 31, 2021, 2020 and 2019.
+Added: Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of June 30, 2022 and for the years ended December 31, 2021, 2020 and 2019.
However, the Fund’s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof.
The Fund recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed.
−Removed: No interest expense or penalties have been recognized as of and for the three months ended March 31, 2022 and 2021.
+Added: No interest expense or penalties have been recognized as of and for the three and six months ended June 30, 2022 and 2021.
The Fund may be subject to potential examination by U.S.
6 unchanged sentences
Authorized Purchasers may purchase Creation Baskets consisting of 25,000 shares from the Fund.
−Removed: The amount of the proceeds required to purchase a Creation Basket will be equal to the NAV of the shares in the Creation Basket determined as of 4:00 p.m.(EST) on the day the order to create the basket is properly received.
+Added: The amount of the proceeds required to purchase a Creation Basket will be equal to the NAV of the shares in the Creation Basket determined as of 4:00 p.m.(ET) on the day the order to create the basket is properly received.
Authorized Purchasers may redeem shares from the Fund only in blocks of 25,000 shares called “Redemption Baskets.” The amount of the redemption proceeds for a Redemption Basket will be equal to the NAV of the shares in the Redemption Basket determined as of 4:00 p.m.
−Removed: (EST) on the day the order to redeem the basket is properly received.
+Added: (ET) on the day the order to redeem the basket is properly received.
The Fund receives or pays the proceeds from shares sold or redeemed within three business days after the trade date of the purchase or redemption.
14 unchanged sentences
The Sponsor may invest a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured.
−Removed: March 31, 2022
+Added: June 30, 2022
December 31, 2021
54 unchanged sentences
Such expenses are primarily recorded as distribution and marketing fees in the financial statements of each Fund.
−Removed: Three months ended March 31, 2022
−Removed: Three months ended March 31, 2021
+Added: Three months ended June 30, 2022
+Added: Three months ended June 30, 2021
+Added: Six months ended June 30, 2022
+Added: Six months ended June 30, 2021
Recognized Related Party Transactions
4 unchanged sentences
The Sponsor has determined that there will be no recovery sought for the amounts below in any future period:
−Removed: Three months ended March 31, 2022
−Removed: Three months ended March 31, 2021
+Added: Three months ended June 30, 2022
+Added: Three months ended June 30, 2021
+Added: Six months ended June 30, 2022
+Added: Six months ended June 30, 2021
Use of Estimates
29 unchanged sentences
When such a situation exists on a quarter close, the Sponsor will calculate the NAV on a particular day using the Level 1 valuation but will later recalculate the NAV for the impacted Fund based upon the valuation inputs from these alternative verifiable sources (Level 2 or Level 3) and will report such NAV in its applicable financial statements and reports.
−Removed: On March 31, 2022 and December 31, 2021, in the opinion of the Trust and the Fund, the reported value of the Wheat Futures Contracts traded on the CBOT fairly reflected the value of the Wheat Futures Contracts held by the Fund, and no adjustments were necessary.
+Added: On June 30, 2022 and December 31, 2021, in the opinion of the Trust and the Fund, the reported value of the Wheat Futures Contracts traded on the CBOT fairly reflected the value of the Wheat Futures Contracts held by the Fund, and no adjustments were necessary.
The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period.
11 unchanged sentences
New Accounting Pronouncements
−Removed: The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-05:
+Added: The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-03, related to fair value measurement (Topic 820) of equity securities subject to contractual sale restrictions.
+Added: Under the clarified guidance, contractual restrictions on the sale of an equity security are not considered part of the unit of account of the equity security and, therefore, are not considered in measuring fair value, however they do require disclosures.
+Added: The amendment was early adopted for the quarter ended June 30, 2022;
+Added: the early adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund.
+Added: The FASB issued ASU 2021-05:
“Leases (Topic 842).” Under the amended guidance, a lessor should classify and account for a lease with variable lease payments that don’t depend on an index or a rate as an operating lease if the lease would’ve been classified as a sales-type lease or a direct financing lease in accordance with the lease classification guidance in Topic 842 and the lessor would’ve otherwise recognized a day-one loss.
43 unchanged sentences
The Fund’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Fund’s significant accounting policies in Note 3.
−Removed: The following table presents information about the Fund’s assets and liabilities measured at fair value as of March 31, 2022 and December 31, 2021:
−Removed: March 31, 2022
−Removed: Balance as of March 31, 2022
+Added: The following table presents information about the Fund’s assets and liabilities measured at fair value as of June 30, 2022 and December 31, 2021:
+Added: June 30, 2022
+Added: Balance as of June 30, 2022
Cash Equivalents
1 unchanged sentence
$ 417,265,808
−Removed: Balance as of March 31, 2022
+Added: Balance as of June 30, 2022
+Added: Commodity Futures Contracts
Wheat futures contracts
2 unchanged sentences
Cash Equivalents
+Added: Commodity Futures Contracts
Wheat futures contracts
Balance as of December 31, 2021
+Added: Commodity Futures Contracts
Wheat futures contracts
−Removed: For the period ended March 31, 2022 and year ended December 31, 2021, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.
+Added: For the three and six months ended June 30, 2022 and year ended December 31, 2021, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.
See the Fair Value - Definition and Hierarchy section in Note 3 above for an explanation of the transfers into and out of each level of the fair value hierarchy.
5 unchanged sentences
In addition to its primary underlying risks, the Fund is also subject to additional counterparty risk due to inability of its counterparties to meet the terms of their contracts.
−Removed: For the three months ended March 31, 2022 and for the year ended December 31, 2021, the Fund invested only in commodity futures contracts.
+Added: For the three and six months ended June 30, 2022 and for the year ended December 31, 2021, the Fund invested only in commodity futures contracts.
Futures Contracts
14 unchanged sentences
Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.”
−Removed: The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk and held by the FCMs, E D & F Man and StoneX as of March 31, 2022 and December 31, 2021.
+Added: The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, E D & F Man and StoneX as of June 30, 2022 and December 31, 2021.
*The amount of collateral presented in Collateral, Due from Broker, is limited to the liability for the futures contracts and accordingly does not include the excess collateral pledged.
−Removed: Offsetting of Financial Liabilities and Derivative Liabilities as of March 31, 2022
+Added: Offsetting of Financial Liabilities and Derivative Liabilities as of June 30, 2022
(iii) = (i)-(ii)
31 unchanged sentences
The following tables identify the net gain and loss amounts included in the statements of operations as realized and unrealized gains and losses on trading of commodity futures contracts categorized by primary underlying risk:
−Removed: Three months ended March 31, 2022
−Removed: Primary Underlying Risk
+Added: Three months ended June 30, 2022
Realized Gain on Commodity Futures Contracts
3 unchanged sentences
( 60,209,162 )
−Removed: Three months ended March 31, 2021
−Removed: Primary Underlying Risk
+Added: Three months ended June 30, 2021
Realized Gain on Commodity Futures Contracts
+Added: Net Change in Unrealized Appreciation on Commodity Futures Contracts
+Added: Commodity Price
+Added: Wheat futures contracts
+Added: Six months ended June 30, 2022
+Added: Realized Gain on Commodity Futures Contracts
Net Change in Unrealized Depreciation on Commodity Futures Contracts
2 unchanged sentences
( 97,060,524 )
+Added: Six months ended June 30, 2021
+Added: Realized Gain on Commodity Futures Contracts
+Added: Net Change in Unrealized Depreciation on Commodity Futures Contracts
+Added: Commodity Price
+Added: Wheat futures contracts
+Added: ( 1,805,050 )
Volume of Derivative Activities
−Removed: The average notional market value categorized by primary underlying risk for all futures contracts held was $ 233.4 million and $ 80.6 million, respectively, for the three months ended March 31, 2022 and March 31, 2021.
+Added: The average notional market value categorized by primary underlying risk for all futures contracts held was $ 501.1 million and $ 367.2 million respectively, for the three and six months ended June 30, 2022 and $ 87.9 million and $ 84.2 million for the three and six months ended June 30, 2021.
Note 6 – Financial Highlights
−Removed: The following tables present per unit performance data and other supplemental financial data for the three months ended March 31, 2022 and 2021.
+Added: The following tables present per unit performance data and other supplemental financial data for the three and six months ended June 30, 2022 and 2021.
This information has been derived from information presented in the financial statements and is presented with total expenses gross of expenses waived by the Sponsor and with total expenses net of expenses waived by the Sponsor, as appropriate.
1 unchanged sentence
Three months ended
−Removed: March 31, 2022
−Removed: March 31, 2021
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2022
+Added: June 30, 2021
+Added: June 30, 2022
+Added: June 30, 2021
Per Share Operation Performance
1 unchanged sentence
Income (loss) from investment operations:
−Removed: Net realized and unrealized gain (loss) on commodity futures contracts
+Added: Investment income
+Added: Net realized and unrealized (loss) gain on commodity futures contracts
Total expenses, net
−Removed: Net increase (decrease) in net asset value
+Added: Net (decrease) increase in net asset value
Net asset value at end of period
8 unchanged sentences
Note 8 – Subsequent Events
−Removed: Management has evaluated the financial statements for the quarter-ended March 31, 2022 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund other than those noted below:
−Removed: Nothing additional to report.
+Added: Management has evaluated the financial statements for the quarter-ended June 30, 2022 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund other than those noted below:
+Added: The total net assets of the Fund decreased by $136,559,069, or 30%, for the period June 30, 2022 to August 8, 2022.
+Added: This was driven by a 9% decrease in the NAV per share and a 23% decrease in the shares outstanding.
TEUCRIUM AGRICULTURAL FUND
STATEMENTS OF ASSETS AND LIABILITIES
−Removed: March 31, 2022
+Added: June 30, 2022
December 31, 2021
Cash equivalents
−Removed: Receivable for securities sold
Interest receivable
Equity in trading accounts:
−Removed: Investments in securities, at fair value (cost $26,068,679 and $12,799,498 as of March 31, 2022 and December 31, 2021, respectively)
−Removed: Payable for shares redeemed
+Added: Investments in securities, at fair value (cost $ 47,998,682 and $ 12,799,498 as of June 30, 2022 and December 31, 2021, respectively)
Other liabilities
−Removed: Total liabilities
Shares outstanding
2 unchanged sentences
Market value per share
+Added: * On April 7, 2022, the Teucrium Agricultural Fund registered an indeterminate number of shares of the Fund pursuant to Rule 456(d) under the Securities Act of 1933.
The accompanying notes are an integral part of these financial statements.
1 unchanged sentence
SCHEDULE OF INVESTMENTS
−Removed: March 31, 2022
+Added: June 30, 2022
Percentage of
27 unchanged sentences
Three months ended
−Removed: March 31, 2022
−Removed: March 31, 2021
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2022
+Added: June 30, 2021
+Added: June 30, 2022
+Added: June 30, 2021
Realized and unrealized gain (loss) on trading of securities:
−Removed: Realized gain (loss) on securities
−Removed: Net change in unrealized appreciation on securities
+Added: Realized (loss) gain on securities
+Added: Net change in unrealized (depreciation) appreciation on securities
+Added: ( 3,725,560 )
+Added: ( 1,966,175 )
Interest income
+Added: Total (loss) income
+Added: ( 3,782,039 )
+Added: ( 1,304,013 )
Professional fees
3 unchanged sentences
General and administrative expenses
+Added: Other expenses
Total expenses
1 unchanged sentence
Total expenses, net
−Removed: Net income per share
−Removed: Net income per weighted average share
+Added: Net (loss) income
+Added: $ ( 3,795,658 )
+Added: $ ( 1,325,448 )
+Added: Net (loss) income per share
+Added: Net (loss) income per weighted average share
Weighted average shares outstanding
2 unchanged sentences
STATEMENTS OF CHANGES IN NET ASSETS
−Removed: Three months ended
−Removed: Three months ended
−Removed: March 31, 2022
−Removed: March 31, 2021
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2022
+Added: June 30, 2021
+Added: Net (loss) income
+Added: $ ( 1,325,448 )
Capital transactions
13 unchanged sentences
STATEMENTS OF CASH FLOWS
−Removed: Three months ended
−Removed: Three months ended
−Removed: March 31, 2022
−Removed: March 31, 2021
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2022
+Added: June 30, 2021
Cash flows from operating activities:
−Removed: Adjustments to reconcile net income to net cash used in operating activities:
−Removed: Net change in unrealized appreciation on securities
+Added: Net (loss) income
$ ( 1,325,448 )
+Added: Adjustments to reconcile net (loss) income to net cash used in operating activities:
+Added: Net change in unrealized depreciation (appreciation) on securities
+Added: ( 1,140,774 )
Changes in operating assets and liabilities:
2 unchanged sentences
( 7,373,783 )
−Removed: Net receivable for securities sold
−Removed: ( 3,260,269 )
Interest receivable
8 unchanged sentences
Net cash provided by financing activities
−Removed: Net change in cash equivalents
−Removed: Cash equivalents, beginning of period
−Removed: Cash equivalents, end of period
+Added: Net change in cash and cash equivalents
+Added: Cash and cash equivalents, beginning of period
+Added: Cash and cash equivalents, end of period
The accompanying notes are an integral part of these financial statements.
NOTES TO FINANCIAL STATEMENTS
−Removed: March 31, 2022
+Added: June 30, 2022
Note 1 – Organization and Operation
39 unchanged sentences
It is suggested that these interim financial statements be read in conjunction with the financial statements and related notes included in the Trust’s Annual Report on Form 10-K, as well as the most recent Form S-1 filing, as applicable.
−Removed: The operating results for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022.
+Added: The operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022.
Subject to the terms of the Trust Agreement, Teucrium Trading, LLC, in its capacity as the Sponsor (“Sponsor”), may terminate a Fund at any time, regardless of whether the Fund has incurred losses, including, for instance, if it determines that the Fund’s aggregate net assets in relation to its operating expenses make the continued operation of the Fund unreasonable or imprudent.
23 unchanged sentences
(“E D & F Man”) and StoneX Financial Inc.
−Removed: – FCM Division of INTL FCStone Financial Inc.
(“StoneX”) serve as the Underlying Funds’ clearing brokers to execute and clear the Underlying Funds’ futures and provide other brokerage-related services.
4 unchanged sentences
For Corn, Soybean, Sugar, and Wheat Futures Contracts E D & F Man is paid $11.00 per round turn .
−Removed: Effective April 1, 2022, E D & F Man will be paid $11.00 per round turn.
StoneX is paid $2.50 per round turn exclusive of pass-through fees for the exchange and the NFA.
14 unchanged sentences
A summary of these expenses is included below:
−Removed: Three months ended March 31, 2022
−Removed: Three months ended March 31, 2021
+Added: Three months ended June 30, 2022
+Added: Three months ended June 30, 2021
+Added: Six months ended June 30, 2022
+Added: Six months ended June 30, 2021
Amount Recognized for Custody Services
Amount of Custody Services Waived
−Removed: Amount Recognized for Distribution Services
−Removed: Amount of Distribution Services Waived
−Removed: Amount Recognized for Wilmington Trust
−Removed: Amount of Wilmington Trust Waived
−Removed: Amount Recognized for Thales
−Removed: Amount of Thales Waived
−Removed: Note 3 – Summary of Significant Accounting Policies
−Removed: Basis of Presentation
−Removed: The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.
−Removed: GAAP”) as detailed in the Financial Accounting Standards Board’s Accounting Standards Codification.
−Removed: Revenue Recognition
−Removed: Investment transactions are accounted for on a trade-date basis.
−Removed: All such transactions are recorded on the identified cost basis and marked to market daily.
−Removed: Unrealized appreciation or depreciation on investments are reflected in the statements of operations as the difference between the original amount and the fair market value as of the last business day of the year or as of the last date of the financial statements.
−Removed: Changes in the appreciation or depreciation between periods are reflected in the statements of operations.
−Removed: Brokerage Commissions
−Removed: Brokerage commissions are accrued on the trade date and on a full-turn basis.
−Removed: For federal income tax purposes, the Fund will be treated as a publicly traded partnership.
−Removed: A publicly traded partnership is generally treated as a corporation for federal income tax purposes unless 90% or more of the publicly traded partnership’s gross income for each taxable year of its existence consists of qualifying income as defined in section 7704(d) of the Internal Revenue Code of 1986, as amended.
−Removed: Qualifying income is defined as generally including, in pertinent part, interest (other than from a financial business), dividends, and gains from the sale or disposition of capital assets held for the production of interest or dividends.
−Removed: In the case of a partnership of which a principal activity is the buying and selling of commodities, other than as inventory, or of futures, forwards and options with respect to commodities, qualifying income also includes income and gains from commodities and from futures, forwards, options with respect to commodities and, provided the partnership is a trader or investor with respect to such assets, swaps and other notional principal contracts with respect to commodities.
−Removed: The Fund expects that at least 90% of the Fund’s gross income for each taxable year will consist of qualifying income and that the Fund will be taxed as a partnership for federal income tax purposes.
−Removed: The Fund does not record a provision for income taxes because the shareholders report their share of the Fund’s income or loss on their income tax returns.
−Removed: The financial statements reflect the Fund’s transactions without adjustment, if any, required for income tax purposes.
−Removed: The Fund is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position.
−Removed: The Fund files an income tax return in the U.S.
−Removed: federal jurisdiction and may file income tax returns in various U.S.
−Removed: states and foreign jurisdictions.
−Removed: For all tax years 2019 to 2021, the Fund remains subject to income tax examinations by major taxing authorities.
−Removed: The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement.
−Removed: De-recognition of a tax benefit previously recognized results in the Fund recording a tax liability that reduces net assets.
−Removed: This policy has been applied to all existing tax positions upon the Fund’s initial adoption.
−Removed: Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of March 31, 2022 and for the years ended December 31, 2021, 2020 and 2019.
−Removed: However, the Fund’s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof.
−Removed: The Fund recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed.
−Removed: No interest expense or penalties have been recognized as of and for the three months ended March 31, 2022 and 2021.
−Removed: The Fund may be subject to potential examination by U.S.
−Removed: federal, U.S.
−Removed: state, or foreign jurisdictional authorities in the area of income taxes.
−Removed: These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions, and compliance with U.S.
−Removed: federal, U.S.
−Removed: state and foreign tax laws.
−Removed: Creations and Redemptions
−Removed: Effective August 28, 2018, the Sponsor filed a prospectus supplement updating the Creation and Redemption Basket size to 12,500 shares.
−Removed: Prior to this prospectus supplement, the basket size for Creations and Redemptions was 25,000 shares.
−Removed: Authorized Purchasers may purchase Creation Baskets consisting of 12,500 shares from the Fund.
−Removed: The amount of the proceeds required to purchase a Creation Basket will be equal to the NAV of the shares in the Creation Basket determined as of 4:00 p.m.
−Removed: (EST) on the day the order to create the basket is received in good order.
−Removed: Authorized Purchasers may redeem shares from the Fund only in blocks of 12,500 shares called “Redemption Baskets.” The amount of the redemption proceeds for a Redemption Basket will be equal to the NAV of the shares in the Redemption Basket determined as of 4:00 p.m.
−Removed: (EST) on the day the order to redeem the basket is received in good order.
−Removed: The Fund will receive the proceeds from shares sold or will pay for redeemed shares within three business days after the trade date of the purchase or redemption, respectively.
−Removed: The amounts due from Authorized Purchasers will be reflected in the Fund’s statements of assets and liabilities as capital shares receivable.
−Removed: Amounts payable to Authorized Purchasers upon redemption will be reflected in the Fund’s statements of assets and liabilities as payable for shares redeemed.
−Removed: As outlined in the most recent Form S-1 filing, 50,000 shares represent four Redemption Baskets for the Fund and a minimum level of shares.
−Removed: If the Fund experienced redemptions that caused the number of Shares outstanding to decrease to the minimum level of Shares required to be outstanding, until the minimum number of Shares is again exceeded through the purchase of a new Creation Basket, there can be no more redemptions by an Authorized Purchaser.
−Removed: Allocation of Shareholder Income and Losses
−Removed: Profit or loss is allocated among the shareholders of the Fund in proportion to the number of shares each shareholder holds as of the close of each month.
−Removed: Cash Equivalents
−Removed: Cash equivalents are highly liquid investments with maturity dates of 90 days or less when acquired.
−Removed: The Fund reported its cash equivalents in the statements of assets and liabilities at market value, or at carrying amounts that approximate fair value, because of their highly-liquid nature and short term maturities.
−Removed: The Fund has these balances of its assets on deposit with banks.
−Removed: Assets deposited with a financial institution may, at times, exceed federally insured limits.
−Removed: TAGS had a balance of $6,490 and $2,605 in money market funds at March 31, 2022 and December 31, 2021, respectively;
−Removed: these balances are included in cash equivalents on the statements of assets and liabilities.
−Removed: Payable/Receivable for Securities Purchased/Sold
−Removed: Due from/to broker for investments in securities are securities transactions pending settlement.
−Removed: The Fund is subject to credit risk to the extent any broker with whom it conducts business is unable to fulfill contractual obligations on its behalf.
−Removed: The management of the Fund monitors the financial condition of such brokers and does not anticipate any losses from these counterparties.
−Removed: Calculation of Net Asset Value
−Removed: The Fund’s NAV is calculated by:
−Removed: Taking the current market value of its total assets and
−Removed: Subtracting any liabilities.
−Removed: The administrator, Global Fund Services, will calculate the NAV of the Fund once each trading day.
−Removed: It will calculate the NAV as of the earlier of the close of the New York Stock Exchange or 4:00 p.m.
−Removed: The NAV for a particular trading day will be released after 4:15 p.m.
−Removed: For purposes of determining the Fund’s NAV, the Fund’s investments in the Underlying Funds will be valued based on the Underlying Funds’ NAVs.
−Removed: In turn, in determining the value of the Futures Contracts held by the Underlying Funds, the Administrator will use the closing price on the exchange on which they are traded.
−Removed: The Administrator will determine the value of all other Funds and Underlying Fund investments as of the earlier of the close of the New York Stock Exchange or 4:00 p.m.
−Removed: (EST), in accordance with the current Services Agreement between the Administrator and the Trust.
−Removed: The value of over the counter Commodity Interests will be determined based on the value of the commodity or Futures Contract underlying such Commodity Interest, except that a fair value may be determined if the Sponsor believes that the Underlying Fund is subject to significant credit risk relating to the counterparty to such Commodity Interest.
−Removed: For purposes of financial statements and reports, the Sponsor will recalculate the NAV of an Underlying Fund where necessary to reflect the “fair value” of a Futures Contract held by an Underlying Fund when a Futures Contract held by an Underlying Fund closes at its price fluctuation limit for the day.
−Removed: Short term Treasury Securities held by the Fund or Underlying Funds will be valued by the Administrator using values received from recognized third-party vendors (such as Reuters) and dealer quotes.
−Removed: NAV will include any unrealized profit or loss on open Commodity Interests and any other credit or debit accruing to the Fund but unpaid or not received by the Fund.
−Removed: Sponsor Fee Allocation of Expenses and Related Party Transactions
−Removed: The Sponsor is responsible for investing the assets of the Fund in accordance with the objectives and policies of the Fund.
−Removed: In addition, the Sponsor arranges for one or more third parties to provide administrative, custodial, accounting, transfer agency and other necessary services to the Trust and the Funds.
−Removed: In addition, the Sponsor elected not to outsource services directly attributable to the Trust and the Funds such as accounting, financial reporting, regulatory compliance and trading activities.
−Removed: The Sponsor does not receive a management fee from the Fund.
−Removed: The Sponsor receives a management fee from each Underlying Fund at the annual rate of 1.00% of such Underlying Fund’s average daily net assets, payable monthly.
−Removed: The Sponsor can elect to waive the payment of this fee for any Underlying Fund in any amount at its sole discretion, at any time and from time to time, in order to reduce the Fund’s expenses or for any other purpose.
−Removed: The Fund generally pays for all brokerage fees, taxes and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the SEC, FINRA, formerly the National Association of Securities Dealers, or any other regulatory agency in connection with the offer and sale of subsequent Shares after its initial registration and all legal, accounting, printing and other expenses associated therewith.
−Removed: The Fund also pays its portion of the fees and expenses associated with the Trust’s tax accounting and reporting requirements.
−Removed: Certain aggregate expenses common to all Funds within the Trust are allocated by the Sponsor to the respective funds based on activity drivers deemed most appropriate by the Sponsor for such expenses, including but not limited to relative assets under management and creation order activity.
−Removed: These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax-preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Distributor, which are included in the related line item in the statements of operations.
−Removed: A portion of these aggregate common expenses are related to the Sponsor or related parties of principals of the Sponsor;
−Removed: these are necessary services to the Funds, which are primarily the cost of performing accounting and financial reporting, regulatory compliance, and trading activities that are directly attributable to the Fund.
−Removed: Such expenses are primarily recorded as distribution and marketing fees on the statement of operations.
−Removed: All asset-based fees and expenses for the Funds are calculated on the prior day’s net assets.
−Removed: Three months ended March 31, 2022
−Removed: Three months ended March 31, 2021
−Removed: Recognized Related Party Transactions
−Removed: Waived Related Party Transactions
−Removed: The Sponsor has the ability to elect to pay certain expenses on behalf of the Funds or waive the management fee.
−Removed: This election is subject to change by the Sponsor, at its discretion.
−Removed: Expenses paid by the Sponsor and Management fees waived by the Sponsor are, if applicable, presented as waived expenses in the statements of operations for each Fund.
−Removed: The Sponsor has determined that there will be no recovery sought for the amounts below in any future period:
−Removed: Three months ended March 31, 2022
−Removed: Three months ended March 31, 2021
−Removed: Expenses are recorded using the accrual method of accounting.
−Removed: Use of Estimates
−Removed: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during the reporting period.
−Removed: Actual results could differ from those estimates.
−Removed: New Accounting Pronouncements
−Removed: The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-05:
−Removed: “Leases (Topic 842).” Under the amended guidance, a lessor should classify and account for a lease with variable lease payments that don’t depend on an index or a rate as an operating lease if the lease would’ve been classified as a sales-type lease or a direct financing lease in accordance with the lease classification guidance in Topic 842 and the lessor would’ve otherwise recognized a day-one loss.
−Removed: The amendment was adopted early for the quarter ended September 30, 2021;
−Removed: the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund.
−Removed: The FASB issued ASU 2020-10:
−Removed: “Codification Improvements.” The amendment improves the disclosure guidance in appropriate Disclosure Sections, without resulting in changes to current GAAP.
−Removed: The amendment is effective for annual periods beginning after December 15, 2020.
−Removed: The amendment was adopted for the quarter ended March 31, 2021;
−Removed: the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund.
−Removed: The FASB issued 2020-02:
−Removed: “Financial Instruments Credit Losses (Topic 326) and Leases (Topic 842):
−Removed: Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No.
−Removed: 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No.
−Removed: 2016-02, Leases (Topic 842).
−Removed: The amendment updates and adds language to ASU 2016-02.
−Removed: The amendments were adopted for the quarter ended March 31, 2020; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund.
−Removed: The FASB issued ASU 2020-01:
−Removed: Investments Equity Securities (Topic 321), Investments Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) Clarifying the Interactions between Topic 321, Topic 323, and Topic 815.
−Removed: The amendments clarify the treatment of transactions that require a company to apply or discontinue the equity method of accounting.
−Removed: The amendments were adopted early for the quarter ended March 31, 2020; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund.
−Removed: The FASB issued ASU 2019-04:
−Removed: “Codification Improvements to Topic 326, Financial Instruments Credit Losses, Topic 815, Derivatives and hedging, and Topic 825, Financial Instruments.” The amendments clarify and improve areas of guidance related to the recently issued standards on credit losses, hedging, and recognition and measurement, specifically relating to ASU 201712.
−Removed: The amendments were early adopted for the quarter ended June 30, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund.
−Removed: The FASB issued ASU 2019-01:
−Removed: “Leases (Topic 842):
−Removed: Codification Improvements.
−Removed: These amendments align the guidance for fair value of underlying assets by lessors that are not manufacturers or dealers in Topic 842 with that of existing guidance.
−Removed: The amendments were adopted for the quarter ended September 30, 2020;
−Removed: the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund.
−Removed: The FASB issued ASU 2018-13:
−Removed: “Fair Value Measurement (Topic 820):
−Removed: Disclosure Framework Changes to the Disclosure Requirements for Fair Value Measurement.
−Removed: These amendments modify public and private company fair value disclosure requirements.
−Removed: While some disclosures were removed or modified, others were added.
−Removed: The guidance is a result of the FASB’s test of the principals developed to improve the effectiveness of disclosures in the notes to the financial statements.
−Removed: The amendments were adopted for the quarter ended March 31, 2020;
−Removed: the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund.
−Removed: The FASB issued ASU 2017-13, “Revenue Recognition (Topic 605), Leases (Topic 840), and Leases (Topic 842):
−Removed: Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments”.
−Removed: The amendment amends the early adoption date option for certain companies related to adoption of ASU No.
−Removed: 2014-09 and ASU No.
−Removed: The SEC staff stated the SEC would not object to a public business entity that otherwise would not meet the definition of a public business entity except for a requirement to include or the inclusion of its financial statements or financial information in another entity’s filing with the SEC adopting ASC Topic 842 for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020.
−Removed: The amendments were adopted for the quarter ended September 30, 2020;
−Removed: the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund.
−Removed: Fair Value - Definition and Hierarchy
−Removed: In accordance with GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date.
−Removed: In determining fair value, the Fund uses various valuation approaches.
−Removed: In accordance with GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available.
−Removed: Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund.
−Removed: Unobservable inputs reflect the Fund’s assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
−Removed: The fair value hierarchy is categorized into three levels based on the inputs as follows:
−Removed: Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
−Removed: Valuation adjustments and block discounts are not applied to Level 1 financial instruments of the Underlying Funds and securities of the Fund, together the “financial instruments”.
−Removed: Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these financial instruments does not entail a significant degree of judgment.
−Removed: Level 2 - Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
−Removed: Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.
−Removed: The availability of valuation techniques and observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction.
−Removed: To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment.
−Removed: Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined.
−Removed: Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the financial instruments existed.
−Removed: Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for financial instruments categorized in Level 3.
−Removed: In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy.
−Removed: In such cases, for disclosure purposes, the level in the fair value hierarchy, within which the fair value measurement in its entirety falls, is determined based on the lowest level input that is significant to the fair value measurement.
−Removed: On March 31, 2022 and December 31, 2021, the reported value at the close of the market for each commodity contract fairly reflected the value of the futures and no alternative valuations were required.
−Removed: For the quarter ended March 31, 2021 Corn Futures Contracts for JUL21 CBOT corn futures, SEP21 CBOT corn futures, DEC21 CBOT corn futures, and Soybean Futures Contracts for JUL21 CBOT soybean futures, and the NOV21 CBOT soybean futures, settled in a “limit up” condition.
−Removed: Accordingly, the Trust, CORN, and SOYB classified these as Level 2 assets.
−Removed: The financial statements of these Funds including TAGS, due to the NAV adjustment for each of these Underlying Funds, were adjusted accordingly.
−Removed: The adjustment in CORN and SOYB resulted in a $30,191 increase in the investment in the Underlying Funds, which were classified as a Level 2 asset for the period ended March 31, 2021.
−Removed: For the period ended June 30, 2021, the SOYB shares were classified as a Level 1 asset.
−Removed: For the quarter ended June 30, 2021, Corn Futures Contracts for the SEP21 and DEC21 CBOT corn futures contracts, settled in a “limit up” condition on June 30, 2021.
−Removed: Therefore, the Trust and CORN have used alternative verifiable sources to value these contracts on June 30, 2021, and the financial statements of these Funds including TAGS, due to the NAV adjustments for the Underlying Fund, were adjusted accordingly.
−Removed: The adjustment in CORN resulted in a $10,393 increase in the investment in the Underlying Funds which were classified as a Level 2 asset for the period ended June 30, 2021.
−Removed: For the period ended September 30, 2021, the CORN shares were classified as a Level 1 asset.
−Removed: Net Income (Loss) per Share
−Removed: Net income (loss) per share is the difference between the NAV per unit at the beginning of each period and at the end of each period.
−Removed: The weighted average number of units outstanding was computed for purposes of disclosing net income (loss) per weighted average unit.
−Removed: The weighted average units are equal to the number of units outstanding at the end of the period, adjusted proportionately for units created or redeemed based on the amount of time the units were outstanding during such period.
−Removed: Note 4 – Fair Value Measurements
−Removed: The Fund’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Fund’s significant accounting policies in Note 3.
−Removed: The following table presents information about the Fund’s assets and liabilities measured at fair value as of March 31, 2022 and December 31, 2021:
−Removed: March 31, 2022
−Removed: Balance as of March 31, 2022
−Removed: Exchange Traded Funds
−Removed: Cash Equivalents
−Removed: December 31, 2021
−Removed: Balance as of December 31, 2021
−Removed: Exchange Traded Funds
−Removed: Cash Equivalents
−Removed: On March 31, 2022 and December 31, 2021, the reported value at the close of the market for each commodity contract fairly reflected the value of the futures and no alternative valuations were required., The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period.
−Removed: See the Fair Value - Definition and Hierarchy section in Note 3 above for an explanation of the transfers into and out of each level of the fair value hierarchy.
−Removed: Note 5 – Financial Highlights
−Removed: The following table presents per unit performance data and other supplemental financial data for the three months ended March 31, 2022 and 2021.
−Removed: This information has been derived from information presented in the financial statements and is presented with total expenses gross of expenses waived by the Sponsor and with total expenses net of expenses waived by the Sponsor, as appropriate.
−Removed: Three months ended
−Removed: Three months ended
−Removed: March 31, 2022
−Removed: March 31, 2021
−Removed: Per Share Operation Performance
−Removed: Net asset value at beginning of period
−Removed: Income (loss) from investment operations:
−Removed: Net realized and unrealized gain on investment transactions
−Removed: Total expenses, net
−Removed: Net increase in net asset value
−Removed: Net asset value at end of period
−Removed: Ratios to Average Net Assets (Annualized)
−Removed: Total expenses
−Removed: Total expenses, net
−Removed: Net investment loss
−Removed: The financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses.
−Removed: Note 6 – Organizational and Offering Costs
−Removed: Expenses incurred in organizing of the Trust and the initial offering of the Shares of the Fund, including applicable SEC registration fees, were borne directly by the Sponsor.
−Removed: The Fund will not be obligated to reimburse the Sponsor.
−Removed: Note 7 – Subsequent Events
−Removed: Management has evaluated the financial statements for the quarter-ended March 31, 2022 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund other than those noted below:
−Removed: The total net assets of the Fund increased by $ 7,799,110 , or 27 %, for the period March 31, 2022 to May 9, 2022.
−Removed: This was driven by a 4 % increase in the NAV per share and a 22 % increase in the shares outstanding.
−Removed: A registration statement for TAGS was declared effective by the SEC on April 7, 2022.
−Removed: This registration statement for TAGS registered an indeterminate amount of shares.
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.