What changed in this filing

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

2022-11-09 compared with 2022-08-09 · 131 added, 24 removed, 154 unchanged (50% of the section changed)

5 unchanged sentences

Except as expressly required by the Federal securities laws, the Sponsor undertakes no obligation to publicly update or revise any forward-looking statements or the risks, uncertainties or other factors described in this Report, as a result of new information, future events or changed circumstances or for any other reason after the date of this Report.

Trading in Commodity Interests such as Futures Contracts will involve the Funds entering into contractual commitments to purchase or sell specific amounts of commodities at a specified date in the future.

Trading in Commodity and Cryptocurrency Interests such as Futures Contracts will involve the Funds entering into contractual commitments to purchase or sell specific amounts of commodities or cryptocurrencies at a specified date in the future.

The gross or face amount of the contracts is expected to significantly exceed the future cash requirements of each Fund as each Fund intends to close out any open positions prior to the contractual expiration date.

1 unchanged sentence

The Funds consider the “fair value” of derivative instruments to be the unrealized gain or loss on the contracts.

The market risk associated with the commitment by the Funds to purchase a specific commodity will be limited to the aggregate face amount of the contacts held.

The exposure of the Funds to market risk will depend primarily on the market price of the specific commodities held by the Fund.

The market price of the commodities depends in part on the volatility of interest rates and foreign exchange rates and the liquidity of the commodity specific markets.

The market risk associated with the commitment by the Funds to purchase a specific commodity or cryptocurrency will be limited to the aggregate face amount of the contacts held.

The exposure of the Funds to market risk will depend primarily on the market price of the specific commodities or cryptocurrency held by the Fund.

The market price of the commodities or cryptocurrency depends in part on the volatility of interest rates and foreign exchange rates and the liquidity of the commodity or cryptocurrency specific markets.

TAGS is subject to the risks of the commodity specific futures contracts of the Underlying Funds as the fair value of its holdings is based on the NAV of each of the Underlying Funds, each of which is directly impacted by the factors discussed above.

The tables below present a quantitative analysis of hypothetical impact of price decreases and increases in each of the commodity futures contracts held by each of the Funds, or the Underlying Funds in the case of TAGS, on the actual holdings and NAV per share as of June 30, 2022.

The tables below present a quantitative analysis of hypothetical impact of price decreases and increases in each of the commodity or cryptocurrency futures contracts held by each of the Funds, or the Underlying Funds in the case of TAGS, on the actual holdings and NAV per share as of September 30, 2022.

For purposes of this analysis, all futures contracts held by the Funds and the Underlying Funds are assumed to change by the same percentage.

1 unchanged sentence

There may be very slight and immaterial differences, due to rounding, in the tables presented below.

June 30, 2022 as Reported

Holdings as of June 30, 2022

September 30, 2022 as Reported

Holdings as of September 30, 2022

Number of Contracts Held

7 unchanged sentences

Notional Amount

CBOT Corn Futures SEP22

CBOT Corn Futures DEC22

CBOT Corn Futures MAR23

$ 7,54,79,400

$ 6,79,31,460

$ 6,41,57,490

$ 6,03,83,520

$ 8,30,27,340

$ 8,68,01,310

$ 9,05,75,280

CBOT Corn Futures MAY23

$ 6,46,51,025

$ 5,81,85,923

$ 5,49,53,371

$ 5,17,20,820

$ 7,11,16,128

$ 7,43,48,679

$ 7,75,81,230

CBOT Corn Futures DEC23

$ 7,48,11,775

$ 6,73,30,598

$ 6,35,90,009

$ 5,98,49,420

$ 8,22,92,953

$ 8,60,33,541

$ 8,97,74,130

Total CBOT Corn Futures

11 unchanged sentences

Percent Change in the Net Asset Value per Share

June 30, 2022 as Reported

Holdings as of June 30, 2022

September 30, 2022 as Reported

Holdings as of September 30, 2022

Number of Contracts Held

7 unchanged sentences

Notional Amount

CBOT Soybean Futures NOV22

CBOT Soybean Futures JAN23

$ 2,33,14,725

$ 2,09,83,253

$ 1,98,17,516

$ 1,86,51,780

$ 2,56,46,198

$ 2,68,11,934

$ 2,79,77,670

CBOT Soybean Futures MAR23

$ 2,00,57,125

$ 1,80,51,413

$ 1,70,48,556

$ 1,60,45,700

$ 2,20,62,838

$ 2,30,65,694

$ 2,40,68,550

CBOT Soybean Futures NOV23

$ 2,38,69,800

$ 2,14,82,820

$ 2,02,89,330

$ 1,90,95,840

$ 2,62,56,780

$ 2,74,50,270

$ 2,86,43,760

Total CBOT Soybean Futures

$ 6,72,41,650

$ 6,05,17,486

$ 5,71,55,402

$ 5,37,93,320

$ 7,39,65,816

$ 7,73,27,898

$ 8,06,89,980

Shares outstanding

3 unchanged sentences

Percent Change in the Net Asset Value per Share

June 30, 2022 as Reported

Holdings as of June 30, 2022

September 30, 2022 as Reported

Holdings as of September 30, 2022

Number of Contracts Held

7 unchanged sentences

Notional Amount

ICE #11 Sugar Futures MAR23

ICE #11 Sugar Futures MAY23

$ 1,02,76,617

$ 1,07,23,427

ICE #11 Sugar Futures JUL23

ICE #11 Sugar Futures MAR24

$ 1,02,84,358

$ 1,07,31,504

Total ICE #11 Sugar Futures

$ 2,55,48,376

$ 2,29,93,538

$ 2,17,16,119

$ 2,04,38,701

$ 2,81,03,214

$ 2,93,80,632

$ 3,06,58,052

Shares outstanding

3 unchanged sentences

Percent Change in the Net Asset Value per Share

June 30, 2022 as Reported

Holdings as of June 30, 2022

September 30, 2022 as Reported

Holdings as of September 30, 2022

Number of Contracts Held

7 unchanged sentences

Notional Amount

CBOT Wheat Futures SEP22

CBOT Wheat Futures MAR23

$ 13,29,96,400

5 unchanged sentences

$ 15,95,95,680

CBOT Wheat Futures DEC22

CBOT Wheat Futures MAY23

$ 11,38,15,125

26 unchanged sentences

Percent Change in the Net Asset Value per Share

June 30, 2022 as Reported

Holdings as of June 30, 2022

September 30, 2022 as Reported

Holdings as of September 30, 2022

Number of Shares Held

Teucrium Corn Fund

$ 1,16,05,566

$ 1,04,45,009

$ 1,27,66,123

$ 1,33,46,401

$ 1,39,26,679

Teucrium Soybean Fund

$ 1,11,58,920

$ 1,00,43,028

$ 1,22,74,812

$ 1,28,32,758

$ 1,33,90,704

Teucrium Sugar Fund

$ 1,15,89,798

$ 1,04,30,818

$ 1,27,48,778

$ 1,33,28,268

$ 1,39,07,758

Teucrium Wheat Fund

$ 1,18,61,985

$ 1,06,75,787

$ 1,00,82,687

$ 1,30,48,184

$ 1,36,41,283

$ 1,42,34,382

Total value of shares of the Underlying Funds

$ 4,62,16,269

$ 4,15,94,642

$ 3,92,83,828

$ 3,69,73,015

$ 5,08,37,897

$ 5,31,48,710

$ 5,54,59,523

Shares outstanding

3 unchanged sentences

Percent Change in the Net Asset Value per Share

Margin is the minimum amount of funds that must be deposited by a commodity interest trader with the trader’s broker to initiate and maintain an open position in futures contracts.

September 30, 2022 as Reported

Holdings as of September 30, 2022

Number of Contracts Held

Closing Price

Notional Amount

CME Bitcoin Futures Oct22

CME Bitcoin Futures Nov22

Total CME Bitcoin Futures

Shares outstanding

Net Asset Value per Share attributable directly to CME Bitcoin Futures

Total Net Asset Value per Share as reported

Change in the Net Asset Value per Share

Percent Change in the Net Asset Value per Share

Margin is the minimum amount of funds that must be deposited by a commodity or cryptocurrency interest trader with the trader’s broker to initiate and maintain an open position in futures contracts.

A margin deposit acts to assure the trader’s performance of the futures contracts purchased or sold.

3 unchanged sentences

In addition, the amount of margin required in connection with a particular futures contract is set from time to time by the exchange on which the contract is traded and may be modified from time to time by the exchange during the term of the contract.

Brokerage firms, such as the Funds’ clearing brokers, carrying accounts for traders in commodity interest contracts generally require higher amounts of margin as a matter of policy to further protect themselves.

Brokerage firms, such as the Funds’ clearing brokers, carrying accounts for traders in commodity or cryptocurrency interest contracts generally require higher amounts of margin as a matter of policy to further protect themselves.

An FCM may impose a financial ceiling on initial margin that could change and become more or less restrictive on a Fund’s activities depending upon a variety of conditions beyond the Sponsor’s control.

18 unchanged sentences

The Fund reports all activity related to EFRP transactions under the procedures and guidelines of the CFTC and the exchanges on which the futures are traded.

The Funds, other than TAGS, will generally retain cash positions of approximately 95% of total net assets;

The Funds, other than TAGS and DEFI, will generally retain cash positions of approximately 95% of total net assets;

this balance represents the total net assets less the initial margin requirements held by the FCM.

DEFI will generally retain cash positions of approximately 70% of total net assets.

These cash assets are either:

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 3. Quantitative and Qualitative Disclosures About Market Risk