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 September 30, 2022 (Unaudited) and December 31, 2021
−Removed: Combined Schedule of Investments at September 30, 2022 (Unaudited) and December 31, 2021
−Removed: Combined Statements of Operations (Unaudited) for the three and nine months ended September 30, 2022 and 2021
−Removed: Combined Statements of Changes in Net Assets (Unaudited) for the nine months ended September 30, 2022 and 2021
−Removed: Combined Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2022 and 2021
+Added: Combined Statements of Assets and Liabilities at March 31, 2023 (Unaudited) and December 31, 2022
+Added: Combined Schedule of Investments at March 31, 2023 (Unaudited) and December 31, 2022
+Added: Combined Statements of Operations (Unaudited) for the three months ended March 31, 2023 and 2022
+Added: Combined Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2023 and 2022
+Added: Combined Statements of Cash Flows (Unaudited) for the three months ended March 31, 2023 and 2022
Notes to Combined Financial Statements
TEUCRIUM CORN FUND
−Removed: Statements of Assets and Liabilities at September 30, 2022 (Unaudited) and December 31, 2021
−Removed: Schedule of Investments at September 30, 2022 (Unaudited) and December 31, 2021
−Removed: Statements of Operations (Unaudited) for the three and nine months ended September 30, 2022 and 2021
−Removed: Statements of Changes in Net Assets (Unaudited) for the nine months ended September 30, 2022 and 2021
−Removed: Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2022 and 2021
+Added: Statements of Assets and Liabilities at March 31, 2023 (Unaudited) and December 31, 2022
+Added: Schedule of Investments at March 31, 2023 (Unaudited) and December 31, 2022
+Added: Statements of Operations (Unaudited) for the three months ended March 31, 2023 and 2022
+Added: Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2023 and 2022
+Added: Statements of Cash Flows (Unaudited) for the three months ended March 31, 2023 and 2022
Notes to Financial Statements
TEUCRIUM SOYBEAN FUND
−Removed: Statements of Assets and Liabilities at September 30, 2022 (Unaudited) and December 31, 2021
−Removed: Schedule of Investments at September 30, 2022 (Unaudited) and December 31, 2021
−Removed: Statements of Operations (Unaudited) for the three and nine months ended September 30, 2022 and 2021
−Removed: Statements of Changes in Net Assets (Unaudited) for the nine months ended September 30, 2022 and 2021
−Removed: Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2022 and 2021
+Added: Statements of Assets and Liabilities at March 31, 2023 (Unaudited) and December 31, 2022
+Added: Schedule of Investments at March 31, 2023 (Unaudited) and December 31, 2022
+Added: Statements of Operations (Unaudited) for the three months ended March 31, 2023 and 2022
+Added: Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2023 and 2022
+Added: Statements of Cash Flows (Unaudited) for the three months ended March 31, 2023 and 2022
Notes to Financial Statements
TEUCRIUM SUGAR FUND
−Removed: Statements of Assets and Liabilities at September 30, 2022 (Unaudited) and December 31, 2021
−Removed: Schedule of Investments at September 30, 2022 (Unaudited) and December 31, 2021
−Removed: Statements of Operations (Unaudited) for the three and nine months ended September 30, 2022 and 2021
−Removed: Statements of Changes in Net Assets (Unaudited) for the nine months ended September 30, 2022 and 2021
−Removed: Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2022 and 2021
+Added: Statements of Assets and Liabilities at March 31, 2023 (Unaudited) and December 31, 2022
+Added: Schedule of Investments at March 31, 2023 (Unaudited) and December 31, 2022
+Added: Statements of Operations (Unaudited) for the three months ended March 31, 2023 and 2022
+Added: Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2023 and 2022
+Added: Statements of Cash Flows (Unaudited) for the three months ended March 31, 2023 and 2022
Notes to Financial Statements
TEUCRIUM WHEAT FUND
−Removed: Statements of Assets and Liabilities at September 30, 2022 (Unaudited) and December 31, 2021
−Removed: Schedule of Investments at September 30, 2022 (Unaudited) and December 31, 2021
−Removed: Statements of Operations (Unaudited) for the three and nine months ended September 30, 2022 and 2021
−Removed: Statements of Changes in Net Assets (Unaudited) for the nine months ended September 30, 2022 and 2021
−Removed: Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2022 and 2021
+Added: Statements of Assets and Liabilities at March 31, 2023 (Unaudited) and December 31, 2022
+Added: Schedule of Investments at March 31, 2023 (Unaudited) and December 31, 2022
+Added: Statements of Operations (Unaudited) for the three months ended March 31, 2023 and 2022
+Added: Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2023 and 2022
+Added: Statements of Cash Flows (Unaudited) for the three months ended March 31, 2023 and 2022
Notes to Financial Statements
TEUCRIUM AGRICULTURAL FUND
−Removed: Statements of Assets and Liabilities at September 30, 2022 (Unaudited) and December 31, 2021
−Removed: Schedule of Investments at September 30, 2022 (Unaudited) and December 31, 2021
−Removed: Statements of Operations (Unaudited) for the three and nine months ended September 30, 2022 and 2021
−Removed: Statements of Changes in Net Assets (Unaudited) for the nine months ended September 30, 2022 and 2021
−Removed: Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2022 and 2021
+Added: Statements of Assets and Liabilities at March 31, 2023 (Unaudited) and December 31, 2022
+Added: Schedule of Investments at March 31, 2023 (Unaudited) and December 31, 2022
+Added: Statements of Operations (Unaudited) for the three months ended March 31, 2023 and 2022
+Added: Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2023 and 2022
+Added: Statements of Cash Flows (Unaudited) for the three months ended March 31, 2023 and 2022
Notes to Financial Statements
HASHDEX BITCOIN FUTURES ETF
−Removed: Statements of Assets and Liabilities at September 30, 2022 (Unaudited)
−Removed: Schedule of Investments at September 30, 2022 (Unaudited)
−Removed: Statements of Operations (Unaudited) from the commencement of operations (September 15, 2022) through September 30, 2022
−Removed: Statements of Changes in Net Assets (Unaudited) from the commencement of operations (September 15, 2022) through September 30, 2022
−Removed: Statements of Cash Flows (Unaudited) from the commencement of operations (September 15, 2022) through September 30, 2022
+Added: Statements of Assets and Liabilities at March 31, 2023 (Unaudited) and December 31, 2022
+Added: Schedule of Investments at March 31, 2023 (Unaudited)
+Added: Statements of Operations (Unaudited) for the three months ended March 31, 2023
+Added: Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2023
+Added: Statements of Cash Flows (Unaudited) for the three months ended March 31, 2023
Notes to Financial Statements
1 unchanged sentence
COMBINED STATEMENTS OF ASSETS AND LIABILITIES
−Removed: September 30,
+Added: March 31, 2023
+Added: December 31, 2022
Cash and cash equivalents
−Removed: $ 629,514,898
−Removed: $ 252,211,943
+Added: $ 330,148,893  
+Added: $ 434,062,296  
Interest receivable
+Added: 305,648  
+Added: 317,351  
+Added: 59,531  
+Added: Capital shares receivable
+Added: 367,689  
+Added: 1,344,830  
Equity in trading accounts:
−Removed: Commodity and cryptocurrency futures contracts
+Added: Commodity futures contracts
+Added: 5,651,564  
+Added: 8,207,381  
Due from broker
+Added: 55,895,010  
+Added: 61,563,417  
Total equity in trading accounts
−Removed: $ 715,318,084
−Removed: $ 266,258,352
+Added: 61,546,574  
+Added: 69,770,798  
+Added: $ 392,428,335  
+Added: $ 505,504,344  
Management fee payable to Sponsor
+Added: $ 310,640  
+Added: 432,882  
Other liabilities
+Added: 140,742  
+Added: 78,880  
+Added: Payable for shares redeemed
+Added: 10,183,915  
Equity in trading accounts:
Commodity and cryptocurrency futures contracts
+Added: 32,700,531  
+Added: 29,433,069  
Due to broker
+Added: 2,101,900  
Total equity in trading accounts
+Added: 34,802,431  
+Added: 29,433,069  
Total liabilities
−Removed: $ 686,974,282
−Removed: $ 264,276,768
+Added: 35,253,813  
+Added: 40,128,746  
+Added: $ 357,174,522  
+Added: $ 465,375,598  
The accompanying notes are an integral part of these financial statements.
1 unchanged sentence
COMBINED SCHEDULE OF INVESTMENTS
−Removed: September 30, 2022
+Added: March 31, 2023
Percentage of
1 unchanged sentence
Money market funds
−Removed: First American Government Obligations Fund - Class X (cost $148,187,971)
−Removed: $ 148,187,971
−Removed: Goldman Sachs Financial Square Government Fund - Institutional Class (cost:
−Removed: $153,812,157)
−Removed: Total money market funds (cost $302,000,128)
−Removed: $ 302,000,128
−Removed: Principal Amount
+Added: First American Government Obligations Fund - Class X
+Added: 4.653 %  
+Added: $ 30,522,203  
+Added: $ 30,522,203  
+Added: 30,522,203  
+Added: Goldman Sachs Financial Square Government Fund - Institutional Class
+Added: 4.724 %  
+Added: 108,777,347  
+Added: 108,777,347  
+Added: 108,777,347  
+Added: Total money market funds
+Added: $ 139,299,550  
+Added: $ 139,299,550  
+Added: Percentage of
Commercial Paper
−Removed: American Electric Power Company, Inc.
−Removed: 3.465% (cost:
−Removed: $12,458,317 due:
−Removed: 3.277% (cost:
−Removed: $14,906,850 due:
Brookfield Infrastructure Holdings (Canada) Inc.
−Removed: 3.540% (cost:
−Removed: $19,895,000 due:
−Removed: Crown Castle Inc.
−Removed: 3.234% (cost:
−Removed: $7,462,667 due:
+Added: April 18, 2023
+Added: 5.147 %  
+Added: $ 7,405,313  
+Added: $ 7,482,114  
+Added: 7,500,000  
+Added: Brookfield Infrastructure Holdings (Canada) Inc.
+Added: 5.194 %  
+Added: 7,418,190  
+Added: 7,435,188  
+Added: 7,500,000  
+Added: Conagra Brands, Inc.
+Added: April 14, 2023
+Added: 5.074 %  
+Added: 9,956,944  
+Added: 9,981,944  
+Added: 10,000,000  
Crown Castle Inc.
−Removed: 3.806% (cost:
−Removed: $4,504,451 due:
−Removed: du Pont de Nemours and Company 3.336% (cost:
−Removed: $14,923,002 due:
−Removed: Entergy Corporation 3.030% (cost:
−Removed: $7,462,500 due:
−Removed: Entergy Corporation 3.163% (cost:
−Removed: $12,403,391 due:
−Removed: Fortune Brands Home & Security, Inc.
−Removed: 3.040% (cost:
−Removed: $4,977,844 due:
−Removed: Fortune Brands Home & Security, Inc.
−Removed: 3.754% (cost:
−Removed: $2,984,851 due:
−Removed: General Motors Financial Company, Inc.
−Removed: 2.929% (cost:
−Removed: $7,457,709 due:
−Removed: General Motors Financial Company, Inc.
−Removed: 2.878% (cost:
−Removed: $4,975,062 due:
−Removed: General Motors Financial Company, Inc.
−Removed: 3.042% (cost:
−Removed: $7,456,731 due:
−Removed: Glencore Funding LLC 2.856% (cost:
−Removed: $4,978,775 due:
−Removed: Glencore Funding LLC 2.898% (cost:
−Removed: $14,924,663 due:
−Removed: Harley-Davidson Financial Services, Inc.
−Removed: 3.029% (cost:
−Removed: $6,671,525 due:
+Added: April 25, 2023
+Added: 5.335 %  
+Added: 4,970,834  
+Added: 4,982,500  
+Added: 5,000,000  
+Added: Dollar General Corporation
+Added: 5.599 %  
+Added: 12,398,786  
+Added: 12,415,974  
+Added: 12,500,000  
+Added: 5.186 %  
+Added: 4,961,042  
+Added: 4,968,834  
+Added: 5,000,000  
+Added: 5.018 %  
+Added: 4,947,962  
+Added: 4,968,502  
+Added: 5,000,000  
+Added: FMC Corporation
+Added: April 21, 2023
+Added: 5.527 %  
+Added: 4,977,334  
+Added: 4,984,890  
+Added: 5,000,000  
+Added: FMC Corporation
+Added: April 27, 2023
+Added: 5.693 %  
+Added: 9,951,778  
+Added: 9,959,556  
+Added: 10,000,000  
+Added: Glencore Funding LLC
+Added: April 3, 2023
+Added: 4.874 %  
+Added: 4,967,334  
+Added: 4,998,666  
+Added: 5,000,000  
Harley-Davidson Financial Services, Inc.
−Removed: 2.824% (cost:
−Removed: $3,488,566 due:
+Added: April 3, 2023
+Added: 5.098 %  
+Added: 2,475,646  
+Added: 2,499,304  
+Added: 2,500,000  
Harley-Davidson Financial Services, Inc.
−Removed: 3.487% (cost:
−Removed: $9,759,616 due:
−Removed: 2.518% (cost:
−Removed: $7,483,854 due:
−Removed: 2.795% (cost:
−Removed: $14,935,367 due:
−Removed: 2.683% (cost:
−Removed: $4,982,266 due:
−Removed: 3.079% (cost:
−Removed: $7,475,219 due:
−Removed: 3.129% (cost:
−Removed: $12,461,250 due:
−Removed: 3.159% (cost:
−Removed: $9,975,439 due:
−Removed: 3.158% (cost:
−Removed: $9,975,221 due:
−Removed: 3.535% (cost:
−Removed: $7,481,043 due:
−Removed: 3.434% (cost:
−Removed: $12,465,764 due:
−Removed: Corporation 2.539% (cost:
−Removed: $7,479,525 due:
−Removed: Corporation 3.282% (cost:
−Removed: $9,964,793 due:
−Removed: Corporation 3.759% (cost:
−Removed: $2,480,935 due:
−Removed: 3.473% (cost:
−Removed: $12,478,500 due:
−Removed: Total Commercial Paper (cost:
−Removed: $281,330,696)
−Removed: $ 281,813,731
+Added: April 6, 2023
+Added: 5.187 %  
+Added: 4,958,210  
+Added: 4,996,458  
+Added: 5,000,000  
+Added: April 24, 2023
+Added: 4.979 %  
+Added: 9,925,140  
+Added: 9,968,696  
+Added: 10,000,000  
+Added: April 28, 2023
+Added: 4.980 %  
+Added: 4,960,528  
+Added: 4,981,626  
+Added: 5,000,000  
+Added: April 6, 2023
+Added: 5.377 %  
+Added: 4,988,222  
+Added: 4,996,320  
+Added: 5,000,000  
+Added: Marriott International, Inc.
+Added: April 24, 2023
+Added: 4.934 %  
+Added: 4,971,650  
+Added: 4,984,475  
+Added: 5,000,000  
+Added: Oracle Corporation
+Added: April 14, 2023
+Added: 4.803 %  
+Added: 4,965,840  
+Added: 4,991,460  
+Added: 5,000,000  
+Added: Oracle Corporation
+Added: 5.346 %  
+Added: 9,938,632  
+Added: 9,950,324  
+Added: 10,000,000  
+Added: Stanley Black & Decker, Inc.
+Added: April 28, 2023
+Added: 5.074 %  
+Added: 7,467,708  
+Added: 7,471,875  
+Added: 7,500,000  
+Added: Walgreens Boots Alliance, Inc.
+Added: April 3, 2023
+Added: 4.988 %  
+Added: 2,284,629  
+Added: 2,299,373  
+Added: 2,300,000  
+Added: Walgreens Boots Alliance, Inc.
+Added: April 10, 2023
+Added: 5.031 %  
+Added: 9,924,376  
+Added: 9,987,625  
+Added: 10,000,000  
+Added: Walgreens Boots Alliance, Inc.
+Added: April 12, 2023
+Added: 5.037 %  
+Added: 4,971,066  
+Added: 4,992,422  
+Added: 5,000,000  
+Added: Total Commercial Paper
+Added: $ 143,787,164  
+Added: $ 144,298,126  
Total Cash Equivalents
−Removed: $ 583,813,859
+Added: $ 283,597,676  
+Added: Percentage of
Notional Amount
(Long Exposure)
−Removed: Commodity futures contracts
+Added: Commodity and Cryptocurrency futures contracts
United States corn futures contracts
−Removed: CBOT corn futures MAR23 (2,207 contracts)
+Added: CBOT Corn Futures SEP23
+Added: $ 798,350  
+Added: $ 34,635,000  
+Added: United States sugar futures contracts
+Added: ICE sugar futures JUL23
+Added: 1,892,609  
+Added: 9,877,638  
+Added: ICE sugar futures OCT23
+Added: 749,653  
+Added: 8,416,240  
+Added: ICE sugar futures MAR24
+Added: 1,323,756  
+Added: 9,761,685  
United States wheat futures contracts
−Removed: CBOT wheat futures MAR23 (2,854 contracts)
−Removed: CBOT wheat futures MAY23 (2,430 contracts)
−Removed: Total commodity futures contracts
−Removed: $ 322,290,925
+Added: CBOT wheat futures SEP23
+Added: 729,576  
+Added: 51,964,375  
+Added: United States CME Bitcoin futures contracts
+Added: CME Bitcoin futures APR23
+Added: 157,462  
+Added: 1,149,600  
+Added: CME Bitcoin futures MAY23
+Added: 1,011,850  
+Added: Total commodity and cryptocurrency futures contracts
+Added: $ 5,651,564  
+Added: $ 116,816,388  
Percentage of
3 unchanged sentences
United States corn futures contracts
−Removed: CBOT corn futures MAY23 (1,889 contracts)
−Removed: CBOT corn futures DEC23 (2,426 contracts)
+Added: CBOT Corn Futures JUL23
+Added: $ 354,012  
+Added: $ 40,640,400  
+Added: CBOT Corn Futures DEC23
+Added: 5,125,003  
+Added: $ 40,306,475  
United States soybean futures contracts
−Removed: CBOT soybean futures JAN23 (339 contracts)
−Removed: CBOT soybean futures MAR23 (290 contracts)
−Removed: CBOT soybean futures NOV23 (356 contracts)
−Removed: United States sugar futures contracts
−Removed: ICE sugar futures MAY23 (471 contracts)
−Removed: ICE sugar futures JUL23 (414 contracts)
−Removed: ICE sugar futures MAR24 (475 contracts)
+Added: CBOT soybean futures JUL23
+Added: 337,375  
+Added: $ 13,279,500  
+Added: CBOT soybean futures NOV23
+Added: 387,322  
+Added: $ 11,415,838  
+Added: CBOT soybean futures NOV24
+Added: 454,575  
+Added: $ 13,334,875  
United States wheat futures contracts
−Removed: CBOT wheat futures DEC23 (2,899 contracts)
−Removed: United States CME Bitcoin futures contracts
−Removed: CME Bitcoin futures Oct22 (6 contracts)
−Removed: CME Bitcoin futures Nov22 (6 contracts)
−Removed: Total commodity futures contracts
−Removed: $ 364,598,376
+Added: CBOT wheat futures JUL23
+Added: 4,253,891  
+Added: $ 60,516,550  
+Added: CBOT wheat futures DEC23
+Added: 21,788,353  
+Added: $ 60,706,425  
+Added: Total commodity and cryptocurrency futures contracts
+Added: $ 32,700,531  
+Added: $ 240,200,063  
+Added: Percentage of
Exchange-traded funds*
Teucrium Corn Fund
+Added: $ 8,234,742  
+Added: 325,829  
Teucrium Soybean Fund
+Added: 8,232,255  
+Added: 302,780  
Teucrium Sugar Fund
+Added: 8,529,328  
+Added: 745,284  
Teucrium Wheat Fund
−Removed: Total exchange-traded funds (cost $46,624,323)
−Removed: *The Trust eliminates the shares owned by the Teucrium Agricultural Fund from its combined statements of assets and liabilities due to the fact that these represent holdings of the other four Funds (“Underlying Funds”) owned by the Teucrium Agricultural Fund, which are included as shares outstanding of the Underlying Funds.
+Added: 8,361,771  
+Added: 1,183,867  
+Added: Total exchange-traded funds
+Added: $ 33,649,811  
+Added: $ 33,358,096  
+Added: *The Trust eliminates the shares owned by the Teucrium Agricultural Fund from its combined statements of assets and liabilities due to the fact that these represent holdings of the other four Funds (“Underlying Funds”) owned by the Teucrium Agricultural Fund, which are included as shares outstanding of the Underlying Funds.
The accompanying notes are an integral part of these financial statements.
5 unchanged sentences
Money market funds
−Removed: First American Government Obligations Fund - Class X 0.026% (cost $30,443,449)
−Removed: Goldman Sachs Financial Square Government Fund - Institutional Class 0.030% (cost $2,525,384)
−Removed: Total money market funds (cost $32,968,833)
−Removed: Principal Amount
+Added: First American Government Obligations Fund - Class X
+Added: 4.105 %  
+Added: $ 28,382,122  
+Added: $ 28,382,122  
+Added: 28,382,122  
+Added: Goldman Sachs Financial Square Government Fund - Institutional Class
+Added: 4.140 %  
+Added: 160,258,295  
+Added: 160,258,295  
+Added: 160,258,295  
+Added: Total money market funds
+Added: $ 188,640,417  
+Added: $ 188,640,417  
+Added: Percentage of
Commercial Paper
−Removed: Albemarle Corporation 0.181% (cost:
−Removed: $9,996,324 due 01/31/2022)
−Removed: Albemarle Corporation 0.200% (cost:
−Removed: $4,998,834 due 01/11/2022)
+Added: American Electric Power Company, Inc.
+Added: January 17, 2023
+Added: 4.565 %  
+Added: $ 4,968,750  
+Added: $ 4,990,000  
+Added: 5,000,000  
Brookfield Infrastructure Holdings (Canada) Inc.
−Removed: 0.170% (cost:
−Removed: $2,499,021 due 01/25/2022)
−Removed: Conagra Brands, Inc.
−Removed: 0.160% (cost:
−Removed: $7,497,300 due 01/05/2022)
−Removed: Conagra Brands, Inc.
−Removed: 0.150% (cost:
−Removed: $4,998,710 due 01/18/2022)
−Removed: General Motors Financial Company, Inc.
−Removed: 0.160% (cost:
−Removed: $4,998,000 due 01/06/2022)
+Added: January 17, 2023
+Added: 4.742 %  
+Added: 14,877,488  
+Added: 14,968,886  
+Added: 15,000,000  
+Added: Brookfield Infrastructure Holdings (Canada) Inc.
+Added: January 17, 2023
+Added: 4.734 %  
+Added: 4,959,225  
+Added: 4,989,644  
+Added: 5,000,000  
+Added: CNH Industrial Capital LLC
+Added: January 23, 2023
+Added: 4.566 %  
+Added: 9,935,000  
+Added: 9,972,500  
+Added: 10,000,000  
+Added: CNH Industrial Capital LLC
+Added: February 13, 2023
+Added: 4.780 %  
+Added: 9,899,472  
+Added: 9,943,862  
+Added: 10,000,000  
+Added: Crown Castle Inc.
+Added: January 10, 2023
+Added: 4.877 %  
+Added: 7,443,000  
+Added: 7,491,000  
+Added: 7,500,000  
+Added: Crown Castle Inc.
+Added: January 12, 2023
+Added: 4.765 %  
+Added: 12,449,410  
+Added: 12,482,050  
+Added: 12,500,000  
+Added: Entergy Corporation
+Added: January 4, 2023
+Added: 4.311 %  
+Added: 9,926,808  
+Added: 9,996,460  
+Added: 10,000,000  
General Motors Financial Company, Inc.
−Removed: 0.200% (cost:
−Removed: $9,995,111 due 01/31/2022)
+Added: January 10, 2023
+Added: 4.276 %  
+Added: 12,400,060  
+Added: 12,486,207  
+Added: 12,500,000  
General Motors Financial Company, Inc.
−Removed: 0.160% (cost:
−Removed: $4,998,800 due 01/03/2022)
+Added: January 18, 2023
+Added: 4.473 %  
+Added: 7,418,417  
+Added: 7,484,417  
+Added: 7,500,000  
+Added: Glencore Funding LLC
+Added: January 10, 2023
+Added: 4.506 %  
+Added: 9,934,607  
+Added: 9,988,895  
+Added: 10,000,000  
+Added: Glencore Funding LLC
+Added: January 13, 2023
+Added: 4.526 %  
+Added: 5,461,843  
+Added: 5,491,823  
+Added: 5,500,000  
Harley-Davidson Financial Services, Inc.
−Removed: 0.167% (cost:
−Removed: $9,996,061 due 01/13/2022)
+Added: January 3, 2023
+Added: 4.721 %  
+Added: 5,263,032  
+Added: 5,298,631  
+Added: 5,300,000  
Harley-Davidson Financial Services, Inc.
−Removed: 0.170% (cost:
−Removed: $4,997,876 due 02/01/2022)
+Added: January 25, 2023
+Added: 4.944 %  
+Added: 7,458,402  
+Added: 7,475,650  
+Added: 7,500,000  
Harley-Davidson Financial Services, Inc.
−Removed: 0.250% (cost:
−Removed: $4,997,328 due 03/02/2022)
−Removed: 0.140% (cost:
−Removed: $4,998,425 due 01/07/2022)
−Removed: 0.250% (cost:
−Removed: $2,499,219 due 01/20/2022)
−Removed: 0.300% (cost:
−Removed: $7,496,063 due 02/08/2022)
−Removed: 0.310% (cost:
−Removed: $4,996,900 due 02/25/2022)
−Removed: 0.250% (cost:
−Removed: $4,997,466 due 02/11/2022)
−Removed: 0.300% (cost:
−Removed: $4,996,625 due 02/11/2022)
−Removed: 0.310% (cost:
−Removed: $4,996,986 due 03/01/2022)
−Removed: 0.200% (cost:
−Removed: $4,998,584 due 01/21/2022)
−Removed: WGL Holdings, Inc.
−Removed: 0.220% (cost:
−Removed: $4,998,686 due 01/12/2022)
−Removed: WGL Holdings, Inc.
−Removed: 0.187% (cost:
−Removed: $4,998,700 due 01/06/2022)
−Removed: Total Commercial Paper (total cost:
−Removed: $119,951,019)
−Removed: $ 119,980,366
+Added: February 2, 2023
+Added: 5.104 %  
+Added: 4,959,561  
+Added: 4,977,688  
+Added: 5,000,000  
+Added: January 9, 2023
+Added: 4.670 %  
+Added: 7,448,250  
+Added: 7,492,333  
+Added: 7,500,000  
+Added: Hyundai Capital America
+Added: January 10, 2023
+Added: 4.000 %  
+Added: 9,903,645  
+Added: 9,990,145  
+Added: 10,000,000  
+Added: January 19, 2023
+Added: 4.475 %  
+Added: 4,965,088  
+Added: 4,988,975  
+Added: 5,000,000  
+Added: January 13, 2023
+Added: 5.073 %  
+Added: 4,980,555  
+Added: 4,991,667  
+Added: 5,000,000  
+Added: Oracle Corporation
+Added: January 5, 2023
+Added: 4.358 %  
+Added: 4,973,125  
+Added: 4,997,611  
+Added: 5,000,000  
+Added: Oracle Corporation
+Added: January 17, 2023
+Added: 4.361 %  
+Added: 9,931,919  
+Added: 9,980,889  
+Added: 10,000,000  
+Added: January 17, 2023
+Added: 4.364 %  
+Added: 4,959,390  
+Added: 4,990,444  
+Added: 5,000,000  
+Added: February 2, 2023
+Added: 4.669 %  
+Added: 6,456,811  
+Added: 6,473,422  
+Added: 6,500,000  
+Added: VW Credit, Inc.
+Added: January 19, 2023
+Added: 4.434 %  
+Added: 7,448,106  
+Added: 7,483,613  
+Added: 7,500,000  
+Added: Walgreens Boots Alliance, Inc.
+Added: February 13, 2023
+Added: 4.842 %  
+Added: 4,970,188  
+Added: 4,971,512  
+Added: 5,000,000  
+Added: Walgreens Boots Alliance, Inc.
+Added: February 28, 2023
+Added: 4.827 %  
+Added: 4,959,098  
+Added: 4,961,736  
+Added: 5,000,000  
+Added: Total Commercial Paper
+Added: $ 198,351,250  
+Added: $ 199,360,060  
Total Cash Equivalents
−Removed: $ 152,949,199
+Added: $ 388,000,477  
+Added: Percentage of
Notional Amount
(Long Exposure)
−Removed: Commodity futures contracts
+Added: Commodity and Cryptocurrency futures contracts
United States corn futures contracts
−Removed: CBOT corn futures MAY22 (1,418 contracts)
−Removed: CBOT corn futures JUL22 (1,218 contracts)
−Removed: CBOT corn futures DEC22 (1,558 contracts)
+Added: CBOT corn futures JUL23
+Added: $ 1,585,798  
+Added: $ 45,779,763  
United States soybean futures contracts
−Removed: CBOT soybean futures MAR22 (234 contracts)
−Removed: CBOT soybean futures MAY22 (199 contracts)
−Removed: CBOT soybean futures NOV22 (250 contracts)
+Added: CBOT soybean futures MAR23
+Added: 642,912  
+Added: 20,421,600  
+Added: CBOT soybean futures MAY23
+Added: 807,218  
+Added: 17,518,500  
+Added: CBOT soybean futures NOV23
+Added: 1,070,240  
+Added: 20,472,038  
United States sugar futures contracts
−Removed: ICE sugar futures MAY22 (381 contracts)
−Removed: ICE sugar futures MAR23 (392 contracts)
+Added: ICE sugar futures MAY23
+Added: 356,963  
+Added: 8,407,526  
+Added: ICE sugar futures JUL23
+Added: 554,366  
+Added: 7,289,811  
United States wheat futures contracts
−Removed: CBOT wheat futures MAY22 (687 contracts)
−Removed: CBOT wheat futures DEC22 (686 contracts)
−Removed: Total commodity futures contracts
−Removed: $ 234,855,437
+Added: CBOT wheat futures JUL23
+Added: 3,160,732  
+Added: 68,696,650  
+Added: United States CME Bitcoin futures contracts
+Added: CME Bitcoin futures JAN23
+Added: 24,979  
+Added: 496,050  
+Added: CME Bitcoin futures FEB23
+Added: 575,575  
+Added: Total commodity and cryptocurrency futures contracts
+Added: $ 8,207,381  
+Added: $ 189,657,513  
Percentage of
1 unchanged sentence
(Long Exposure)
−Removed: Commodity futures contracts
+Added: Commodity and Cryptocurrency futures contracts
+Added: United States corn futures contracts
+Added: CBOT corn futures MAY23
+Added: $ 751,309  
+Added: $ 53,392,500  
+Added: CBOT corn futures DEC23
+Added: 2,215,794  
+Added: 53,440,625  
United States sugar futures contracts
−Removed: ICE sugar futures JUL22 (331 contracts)
+Added: ICE sugar futures MAR24
+Added: 85,128  
+Added: 8,565,278  
United States wheat futures contracts
−Removed: CBOT wheat futures JUL22 (593 contracts)
−Removed: Total commodity futures contracts
+Added: CBOT wheat futures MAY23
+Added: 7,079,231  
+Added: 80,074,688  
+Added: CBOT wheat futures DEC23
+Added: 19,301,607  
+Added: 80,220,450  
+Added: Total commodity and cryptocurrency futures contracts
+Added: $ 29,433,069  
+Added: $ 275,693,541  
+Added: Percentage of
Exchange-traded funds*
Teucrium Corn Fund
+Added: $ 9,885,980  
+Added: 367,555  
Teucrium Soybean Fund
+Added: 9,921,042  
+Added: 348,075  
Teucrium Sugar Fund
+Added: 9,745,653  
+Added: 1,024,284  
Teucrium Wheat Fund
−Removed: Total exchange-traded funds (cost $12,799,498)
+Added: 10,020,023  
+Added: 1,254,840  
+Added: Total exchange-traded funds
+Added: $ 39,425,287  
+Added: $ 39,572,698  
*The Trust eliminates the shares owned by the Teucrium Agricultural Fund from its combined statements of assets and liabilities due to the fact that these represent holdings of the Underlying Funds owned by the Teucrium Agricultural Fund, which are included as shares outstanding of the Underlying Funds.
4 unchanged sentences
Three months ended
−Removed: Nine months ended
−Removed: Nine months ended
−Removed: September 30,
−Removed: September 30,
−Removed: September 30,
−Removed: September 30,
+Added: March 31, 2023
+Added: March 31, 2022 (1)
Realized and unrealized gain (loss) on trading of commodity futures contracts:
Realized (loss) gain on commodity and cryptocurrency futures contracts
−Removed: $ ( 103,278,313 )
−Removed: $ ( 14,666,473 )
−Removed: $ 109,828,706
−Removed: Net change in unrealized (depreciation)/appreciation on commodity and cryptocurrency futures contracts
−Removed: ( 23,501,922 )
−Removed: $ ( 15,553,587 )
+Added: $ ( 26,591,126 )  
+Added: $ 61,698,411  
+Added: Net change in unrealized depreciation on commodity and cryptocurrency futures contracts
+Added: ( 5,823,279 )  
( 15,134,574 )
Interest income
−Removed: Total income (loss)
−Removed: ( 7,969,705 )
−Removed: ( 24,808,854 )
+Added: 4,331,014  
+Added: 219,986  
+Added: Total (loss) income
+Added: ( 28,083,391 )  
+Added: 46,783,823  
Management fees
+Added: 989,515  
+Added: 1,005,770  
Professional fees
+Added: 446,052  
+Added: 409,853  
Distribution and marketing fees
+Added: 927,712  
+Added: 760,077  
Custodian fees and expenses
+Added: 120,560  
+Added: 31,520  
Business permits and licenses fees
+Added: 34,617  
+Added: 53,826  
General and administrative expenses
−Removed: Other expenses
+Added: 49,142  
+Added: 58,161  
Total expenses
+Added: 2,567,598  
+Added: 2,319,207  
Expenses waived by the Sponsor
−Removed: ( 1,115,590 )
−Removed: ( 1,650,854 )
+Added: ( 196,064 )  
Total expenses, net
−Removed: Net income (loss)
−Removed: $ ( 9,343,629 )
−Removed: $ ( 33,537,909 )
+Added: 2,371,534  
+Added: 1,973,689  
+Added: Net (loss) income
+Added: $ ( 30,454,925 )  
+Added: $ 44,810,134  
(1) The Hashdex Bitcoin Futures ETF commenced operations on September 15, 2022.
2 unchanged sentences
COMBINED STATEMENTS OF CHANGES IN NET ASSETS
−Removed: Nine months ended
−Removed: Nine months ended
−Removed: September 30,
−Removed: September 30,
+Added: Three months ended
+Added: Three months ended
+Added: March 31, 2023
+Added: March 31, 2022 (1)
Net (loss) income
−Removed: $ ( 33,537,909 )
+Added: $ ( 30,454,925 )  
+Added: $ 44,810,134  
Capital transactions
Issuance of Shares
−Removed: 1,216,204,797
+Added: 17,208,235  
+Added: 642,775,455  
Redemption of Shares
−Removed: ( 726,634,292 )
+Added: ( 100,669,768 )  
( 134,827,947 )
Net change in the cost of the Underlying Funds
−Removed: ( 33,335,082 )
+Added: 5,715,382  
( 12,550,558 )
Total capital transactions
−Removed: ( 113,928,888 )
+Added: ( 77,746,151 )  
+Added: 495,396,950  
Net change in net assets
−Removed: ( 43,068,445 )
+Added: ( 108,201,076 )  
+Added: 540,207,084  
Net assets, beginning of period
+Added: 465,375,598  
+Added: 264,276,768  
Net assets, end of period
−Removed: $ 686,974,282
−Removed: $ 267,044,749
+Added: $ 357,174,522  
+Added: $ 804,483,852  
(1) The Hashdex Bitcoin Futures ETF commenced operations on September 15, 2022.
2 unchanged sentences
COMBINED STATEMENTS OF CASH FLOWS
−Removed: Nine months ended
−Removed: Nine months ended
−Removed: September 30,
−Removed: September 30,
+Added: Three months ended
+Added: Three months ended
+Added: March 31, 2023
+Added: March 31, 2022 (1)
Cash flows from operating activities:
Net (loss) income
−Removed: $ ( 33,537,909 )
+Added: $ ( 30,454,925 )  
+Added: $ 44,810,134  
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
−Removed: Net change in unrealized appreciation on commodity and cryptocurrency futures contracts
+Added: Net change in unrealized depreciation on commodity futures contracts
+Added: 5,823,279  
+Added: 15,134,574  
Changes in operating assets and liabilities:
Due from broker
−Removed: $ ( 59,977,726 )
+Added: 5,668,407  
( 81,362,415 )
Interest receivable
−Removed: Due to broker
+Added: 11,703  
+Added: Net receivable for investments sold
( 3,260,269 )
+Added: ( 50,462 )  
+Added: Due to broker
+Added: 2,101,900  
+Added: 4,563,815  
Management fee payable to Sponsor
+Added: ( 122,242 )  
+Added: 324,785  
Payable for purchases of commercial paper
−Removed: ( 4,997,788 )
+Added: 19,985,993  
Other liabilities
+Added: 61,862  
+Added: 82,197  
Net cash (used in) provided by operating activities
−Removed: ( 78,932,468 )
+Added: ( 16,960,478 )  
+Added: 238,834  
Cash flows from financing activities:
Proceeds from sale of Shares
−Removed: 1,216,204,797
+Added: 18,185,376  
+Added: 642,775,455  
Redemption of Shares
−Removed: ( 726,634,292 )
+Added: ( 110,853,683 )  
( 131,567,107 )
Net change in cost of the Underlying Funds
−Removed: ( 33,335,082 )
−Removed: ( 5,732,374 )
−Removed: Net cash provided by (used in) financing activities
+Added: 5,715,382  
( 12,550,558 )
+Added: Net cash (used in) provided by financing activities
+Added: ( 86,952,925 )  
+Added: 498,657,790  
Net change in cash and cash equivalents
−Removed: ( 55,078,121 )
+Added: ( 103,913,403 )  
+Added: 498,896,624  
Cash and cash equivalents beginning of period
+Added: 434,062,296  
+Added: 252,211,943  
Cash and cash equivalents end of period
−Removed: $ 629,514,898
−Removed: $ 254,300,174
+Added: $ 330,148,893  
+Added: $ 751,108,567  
(1) The Hashdex Bitcoin Futures ETF commenced operations on September 15, 2022.
1 unchanged sentence
NOTES TO COMBINED FINANCIAL STATEMENTS
−Removed: September 30, 2022
−Removed: Note 1 – Organization and Operation
−Removed: Teucrium Commodity Trust (“Trust”), a Delaware statutory trust organized on September 11, 2009, is a series trust consisting of six series:
−Removed: Teucrium Corn Fund (“CORN”), Teucrium Sugar Fund (“CANE”), Teucrium Soybean Fund (“SOYB”), Teucrium Wheat Fund (“WEAT”), Teucrium Agricultural Fund (“TAGS”) and Hashdex Bitcoin Futures ETF (“DEFI”).
−Removed: All of these series of the Trust are collectively referred to as the “Funds” and singularly as the “Fund.” Collectively, CORN, CANE, SOYB, and WEAT are referred to as the “Agricultural Funds”.
+Added: March 31, 2023
+Added: Note 1 –
+Added: Organization and Operation
+Added: Teucrium Commodity Trust (“Trust”), a Delaware statutory trust organized on September 11, 2009, is a series trust consisting of six series:
+Added: Teucrium Corn Fund (“CORN”), Teucrium Sugar Fund (“CANE”), Teucrium Soybean Fund (“SOYB”), Teucrium Wheat Fund (“WEAT”), Teucrium Agricultural Fund (“TAGS”) and Hashdex Bitcoin Futures ETF (“DEFI”).
+Added: All of these series of the Trust are collectively referred to as the “Funds”
+Added: and singularly as the “Fund.”
+Added: Collectively, CORN, CANE, SOYB, and WEAT are referred to as the “Agricultural Funds”.
Each Fund is a commodity pool that is a series of the Trust.
−Removed: The Funds issue common units, called the “Shares,” representing fractional undivided beneficial interests in a Fund.
−Removed: Effective as of April 29, 2019, the Trust and the Funds operate pursuant to the Trust’s Fifth Amended and Restated Declaration of Trust and Trust Agreement (the “Trust Agreement”).
+Added: The Funds issue common units, called the “Shares,”
+Added: representing fractional undivided beneficial interests in a Fund.
+Added: Effective as of April 29, 2019, the Trust and the Funds operate pursuant to the Trust’s Fifth Amended and Restated Declaration of Trust and Trust Agreement (the “Trust Agreement”).
On June 7, 2010, the initial Form S- 1 for CORN was declared effective by the U.S.
−Removed: Securities and Exchange Commission (“SEC”).
+Added: Securities and Exchange Commission (“SEC”).
On June 8, 2010, four Creation Baskets for CORN were issued representing 200,000 shares and $ 5,000,000 .
−Removed: CORN began trading on the New York Stock Exchange (“NYSE”) Arca on June 9, 2010.
+Added: CORN began trading on the New York Stock Exchange (“NYSE”) Arca on June 9, 2010.
The current registration statement for CORN was declared effective by the SEC on April 7, 2022.
14 unchanged sentences
This registration statement for DEFI registered an indeterminate number of shares.
−Removed: On September 15, 2022, five Creation Baskets for DEFI were issued representing 50,000 shares and $ 1,250,000 .
+Added: On September 15, 2022, five Creation Baskets for DEFI were issued representing 50,000 shares and $ 1,250,000 . 
DEFI began trading on the NYSE Arca on September 16, 2022.
−Removed: Teucrium Trading, LLC is the sponsor (“Sponsor”) of the Trust.
−Removed: The Sponsor is a member of the National Futures Association (the “NFA”) and became a commodity pool operator (“CPO”) registered with the Commodity Futures Trading Commission (the “CFTC”) effective November 10, 2009.
−Removed: The Sponsor registered as a Commodity Trading Advisor (“CTA”) with the CFTC effective September 8, 2017.
−Removed: 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”).
+Added: Teucrium Trading, LLC is the sponsor (“Sponsor”) of the Trust.
+Added: The Sponsor is a member of the National Futures Association (the “NFA”) and became a commodity pool operator (“CPO”) registered with the Commodity Futures Trading Commission (the “CFTC”) effective November 10, 2009.
+Added: The Sponsor registered as a Commodity Trading Advisor (“CTA”) with the CFTC effective September 8, 2017.
+Added: 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”).
The financial information included herein is unaudited;
−Removed: however, such financial information reflects all adjustments which are, in the opinion of management, necessary for the fair presentation of the Trust’s financial statements for the interim period.
−Removed: 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 and nine months ended September 30, 2022, are not necessarily indicative of the results to be expected for the full year ending December 31, 2022.
−Removed: 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.
+Added: however, such financial information reflects all adjustments which are, in the opinion of management, necessary for the fair presentation of the Trust’s financial statements for the interim period.
+Added: 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.
+Added: The operating results for the three months ended March 31, 2023 , are not necessarily indicative of the results to be expected for the full year ending December 31, 2023.
+Added: 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.
However, no level of losses will require the Sponsor to terminate a Fund.
−Removed: Note 2 – Principal Contracts and Agreements
+Added: Note 2 –
+Added: Principal Contracts and Agreements
The Sponsor employs U.S.
Bancorp Fund Services, LLC, doing business as U.S.
−Removed: Bank Global Fund Services (“Global Fund Services”), for Transfer Agency, Fund Accounting and Fund Administration services.
+Added: Bank Global Fund Services (“Global Fund Services”), for Transfer Agency, Fund Accounting and Fund Administration services.
The principal address for Global Fund Services is 615 E.
5 unchanged sentences
These services are recorded as custodian fees and expenses on the combined statements of operations.
−Removed: A summary of these expenses is included below.
−Removed: The Sponsor employs Foreside Fund Services, LLC (“Foreside” or the “Distributor”) as the Distributor for the Funds.
+Added: A summary of these expenses is included below. 
+Added: The Sponsor employs Foreside Fund Services, LLC (“Foreside”
+Added: or the “Distributor”) as the Distributor for the Funds.
The Distribution Services Agreement among the Distributor and the Sponsor calls for the Distributor to work with the Custodian in connection with the receipt and processing of orders for Creation Baskets and Redemption Baskets and the review and approval of all Fund sales literature and advertising materials.
−Removed: The Distributor and the Sponsor have also entered into a Securities Activities and Service Agreement (the “SASA”) under which certain employees and officers of the Sponsor are licensed as registered representatives or registered principals of the Distributor, under Financial Industry Regulatory Authority (“FINRA”) rules.
−Removed: For its services as the Distributor, Foreside receives a fee of 0.01% of each Fund’s average daily net assets and an aggregate annual fee of $100,000 for all Funds, along with certain expense reimbursements.
+Added: The Distributor and the Sponsor have also entered into a Securities Activities and Service Agreement (the “SASA”) under which certain employees and officers of the Sponsor are licensed as registered representatives or registered principals of the Distributor, under Financial Industry Regulatory Authority (“FINRA”) rules.
+Added: For its services as the Distributor, Foreside receives a fee of 0.01 % of each Fund’s average daily net assets and an aggregate annual fee of $ 100,000 for all Funds, along with certain expense reimbursements.
For its services under the SASA, Foreside receives a fee of $ 5,000 per registered representative and $ 1,000 per registered location.
1 unchanged sentence
A summary of these expenses is included below.
−Removed: Pursuant to a Consulting Services Agreement, Foreside Consulting Services, LLC, performs certain consulting support services for the Trust’s Sponsor.
−Removed: Additionally, Foreside Distributors, LLC performs certain distribution consulting services pursuant to a Distribution Consulting Agreement with the Sponsor.
−Removed: E D & F Man Capital Markets, Inc.
−Removed: (“E D & F Man”), StoneX Financial Inc.
−Removed: (“StoneX”) and Phillip Capital Inc.
−Removed: (“Phillip Capital”) serve as the Funds’ clearing brokers to execute and clear futures contracts and provide other brokerage-related services.
−Removed: E D & F Man, StoneX and Phillip Capital are each registered as futures commission merchants (“FCM”) with the U.S.
+Added: Pursuant to a Consulting Services Agreement, Foreside Consulting Services, LLC, performs certain consulting support services for the Trust’s Sponsor.
+Added: Additionally, Foreside Distributors, LLC performs certain distribution consulting services pursuant to a Distribution Consulting Agreement with the Sponsor.
+Added: Marex Capital Markets, Inc.
+Added: (“Marex”), StoneX Financial Inc.
+Added: (“StoneX”) and Phillip Capital Inc.
+Added: (“Phillip Capital”) serve as the Funds’
+Added: clearing brokers to execute and clear futures contracts and provide other brokerage-related services.
+Added: Marex, StoneX  and Phillip Capital are each registered as futures commission merchants (“FCM”) with the U.S.
CFTC and are members of the NFA.
The clearing brokers are registered as broker-dealers with the SEC and are each a member of FINRA.
−Removed: E D & F Man, StoneX and Phillip Capital are each clearing members of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges.
−Removed: For Corn, Soybean, Sugar and Wheat Futures Contracts, E D & F Man is paid $11.00 per round turn .
+Added: Marex, StoneX and Phillip Capital are each clearing members of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges.
+Added: For Corn, Soybean, Sugar and Wheat Futures Contracts, Marex is 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.
2 unchanged sentences
The half-turn is recognized as an unrealized loss on the combined statements of operations, and a full turn is recognized as a realized loss on the combined statements of operations when a contract is sold.
−Removed: For Bitcoin futures contracts, StoneX is paid $10.00 - $25.00 per half-turn exclusive of pass through fees for the exchange and NFA.
−Removed: Phillip Capital is paid $35.00 - $45.00 per half-turn exclusive of pass through fees for the exchange, NFA, execution fees and platform and exchange data fees.
−Removed: A summary of these expenses is included below.
+Added:  For Bitcoin futures contracts, StoneX is paid $ 10.00 - $ 25.00 per half-turn exclusive of pass through fees for the exchange and NFA. 
+Added: Phillip Capital is paid $ 35.00 - $ 45.00 per half-turn exclusive of pass through fees for the exchange, NFA, execution fees and platform and exchange data fees. 
+Added: A summary of these expenses can be found under the heading, Brokerage Commissions . 
The sole Trustee of the Trust is Wilmington Trust Company, a Delaware banking corporation.
3 unchanged sentences
A summary of these expenses is included below.
−Removed: The Sponsor employs Thales Capital Partners LLC (“Thales”) for distribution and solicitation-related services.
−Removed: Thales is registered as a Broker-Dealer with the SEC and a member of FINRA and the Securities Investor Protection Corporation (“SIPC”).
+Added: The Sponsor employs Thales Capital Partners LLC (“Thales”) for distribution and solicitation-related services.
+Added: Thales is registered as a Broker-Dealer with the SEC and a member of FINRA and the Securities Investor Protection Corporation (“SIPC”).
Thales receives a quarterly fee of the higher of $ 18,750 or 0.10 % of new assets raised in referred accounts for distribution and solicitation-related services.
2 unchanged sentences
A summary of these expenses is included below:
−Removed: Three months ended September 30,
−Removed: Three months ended September 30,
−Removed: Nine months ended September 30,
−Removed: Nine months ended September 30,
+Added: Three months ended March 31, 2023
+Added: Three months ended March 31, 2022(1)
Amount Recognized for Custody Services
+Added: $ 120,560  
+Added: $ 31,520  
Amount of Custody Services Waived
+Added: $ 7,329  
Amount Recognized for Distribution Services
+Added: $ 38,765  
+Added: $ 38,926  
Amount of Distribution Services Waived
+Added: $ 2,322  
+Added: $ 20,013  
Amount Recognized for Wilmington Trust
1 unchanged sentence
Amount Recognized for Thales
+Added: $ 21,982  
+Added: $ 55,062  
Amount of Thales Waived
+Added: $ 1,293  
+Added: $ 42,061  
( 1 ) The Hashdex Bitcoin Futures ETF commenced operations on September 15, 2022.
−Removed: Note 3 – Summary of Significant Accounting Policies
+Added: Note 3 –
+Added: Summary of Significant Accounting Policies
Basis of Presentation
−Removed: The accompanying financial statements have been prepared on a combined basis in conformity with accounting principles generally accepted in the United States of America (“U.S.
−Removed: GAAP”) as detailed in the Financial Accounting Standards Board’s Accounting Standards Codification and include the accounts of the Trust, CORN, CANE, SOYB, WEAT, TAGS and DEFI.
+Added: The accompanying financial statements have been prepared on a combined basis in conformity with accounting principles generally accepted in the United States of America (“U.S.
+Added: GAAP”) as detailed in the Financial Accounting Standards Board’s Accounting Standards Codification and include the accounts of the Trust, CORN, CANE, SOYB, WEAT, TAGS and DEFI.
Refer to the accompanying separate financial statements for each Fund for more detailed information.
19 unchanged sentences
The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis.
−Removed: The below table shows the amounts included on the combined statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and nine months ended September 30, 2022.
−Removed: Three Months Ended September 30, 2022 (1)
−Removed: Three Months Ended September 30, 2021
−Removed: Nine Months Ended September 30, 2022 (1)
−Removed: Nine Months Ended September 30, 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 months ended March 31, 2023 and 2022 .
+Added: Three months ended March 31, 2023
+Added: $ 17,270  
+Added: $ 6,340  
+Added: $ 6,055  
+Added: $ 21,746  
+Added: $ 52,020  
+Added: Three months ended March 31, 2022 (1)
+Added: $ 31,239  
+Added: $ 6,521  
+Added: $ 6,196  
+Added: $ 81,009  
+Added: $ 124,965  
( 1 ) The Hashdex Bitcoin Futures ETF commenced operations on September 15, 2022.
1 unchanged sentence
For federal income tax purposes, each 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.
+Added: 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.
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.
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: Each 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: Therefore, the Funds do not record a provision for income taxes because the shareholders report their share of a Fund’s income or loss on their income tax returns.
−Removed: The financial statements reflect the Funds’ transactions without adjustment, if any, required for income tax purposes.
+Added: Each 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.
+Added: Therefore, the Funds do not record a provision for income taxes because the shareholders report their share of a Fund’s income or loss on their income tax returns.
+Added: The financial statements reflect the Funds’
+Added: transactions without adjustment, if any, required for income tax purposes.
The Funds are required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position.
2 unchanged sentences
states and foreign jurisdictions.
−Removed: For all tax years 2019 to 2021, the Funds remain subject to income tax examinations by major taxing authorities.
+Added: For all tax years 2020  to 2022, the Funds remain subject to income tax examinations by major taxing authorities.
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.
De-recognition of a tax benefit previously recognized results in the Funds recording a tax liability that reduces net assets.
−Removed: Based on their analysis, the Funds have determined that they have not incurred any liability for unrecognized tax benefits as of September 30, 2022, and for the years ended December 31, 2021, 2020 and 2019.
−Removed: 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.
+Added: Based on their analysis, the Funds have determined that they have not incurred any liability for unrecognized tax benefits as of March 31, 2023 , and for the years ended December 31, 2022 , 
+Added: 2021 and 2020 .
+Added: However, the Funds’
+Added: 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.
There is very limited authority on the U.S.
2 unchanged sentences
Based on a CFTC determination that treats bitcoin as a commodity under the CEA, the Fund intends to take the position that Bitcoin Futures Contracts consist of futures on commodities for purposes of the qualifying income exception under section 7704 of the Code.
−Removed: Shareholders should be aware that the Fund’s position is not binding on the IRS, and no assurance can be given that the IRS will not challenge the Fund’s position, or that the IRS or a court will not ultimately reach a contrary conclusion, which would result in the material adverse consequences to Shareholders and the Fund.
+Added: Shareholders should be aware that the Fund’s position is not binding on the IRS, and no assurance can be given that the IRS will not challenge the Fund’s position, or that the IRS or a court will not ultimately reach a contrary conclusion, which would result in the material adverse consequences to Shareholders and the Fund.
The Funds recognize interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed.
−Removed: No interest expense or penalties have been recognized as of and for the three and nine months ended September 30, 2022 and 2021.
+Added: No interest expense or penalties have been recognized as of and for the three months ended March 31, 2023 and 2022 .
The Funds may be subject to potential examination by U.S.
8 unchanged sentences
(ET) time on the day the order to create the basket is received in good order.
−Removed: 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.
+Added: Authorized Purchasers may redeem shares from each Fund only in blocks of shares called “Redemption Baskets.”
+Added: 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.
(ET) on the day the order to redeem the basket is received in good order.
2 unchanged sentences
Amounts payable to Authorized Purchasers upon redemption are reflected in the statements of assets and liabilities as payable for shares redeemed.
−Removed: There are a minimum number of baskets and associated Shares specified for each Fund in the Fund’s respective prospectus, as amended from time to time.
+Added: There are a minimum number of baskets and associated Shares specified for each Fund in the Fund’s respective prospectus, as amended from time to time.
If a 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.
4 unchanged sentences
50,000 shares representing 2 baskets
−Removed: 50,000 shares representing 4 baskets
+Added: 50,000 shares representing 4 baskets 
50,000 shares representing 5 baskets
8 unchanged sentences
The Sponsor may invest a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured.
−Removed: September 30,
+Added: March 31, 2023
+Added: December 31, 2022
Money Market Funds
−Removed: $ 302,000,128
+Added: $ 139,299,550  
+Added: $ 188,640,417  
Demand Deposit Savings Accounts
+Added: 46,551,217  
+Added: 46,061,819  
Commercial Paper
+Added: 144,298,126  
+Added: 199,360,060  
Total cash and cash equivalents as presented on the combined Statement of Assets and Liabilities
−Removed: $ 629,514,898
−Removed: $ 252,211,943
+Added: $ 330,148,893  
+Added: $ 434,062,296  
Payable for Purchases of Commercial Paper
2 unchanged sentences
Due from/to Broker
−Removed: The amount recorded by the Trust for the amount due from and to the clearing broker includes, but is not limited to, cash held by the broker, amounts payable to the clearing broker related to open transactions, payables for commodities futures accounts liquidating to an equity balance on the clearing broker’s records, and amounts of brokerage commissions paid and recognized as unrealized losses.
−Removed: 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.
−Removed: A margin deposit acts to assure the trader’s performance of the futures contracts purchased or sold.
+Added: The amount recorded by the Trust for the amount due from and to the clearing broker includes, but is not limited to, cash held by the broker, amounts payable to the clearing broker related to open transactions, payables for commodities futures accounts liquidating to an equity balance on the clearing broker’s records, and amounts of brokerage commissions paid and recognized as unrealized losses.
+Added: 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.
+Added: A margin deposit acts to assure the trader’s performance of the futures contracts purchased or sold.
Futures contracts are customarily bought and sold on initial margin that represents a very small percentage of the aggregate purchase or sales price of the contract.
−Removed: Because of such low margin requirements, price fluctuations occurring in the futures markets may create profits and losses that, in relation to the amount invested, are greater than customary in other forms of investment or speculation.
+Added: Because of such low margin requirements, price fluctuations occurring in the futures markets may create profits and losses that, in relation to the amount invested, are greater than customary in other forms of investment or speculation.
As discussed below, adverse price changes in the futures contract may result in margin requirements that greatly exceed the initial margin.
In addition, the amount of margin required in connection with a particular futures contract 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.
−Removed: 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.
−Removed: Over the counter trading generally involves the extension of credit between counterparties, so the counterparties may agree to require the posting of collateral by one or both parties to address credit exposure.
+Added: Brokerage firms, such as the Funds’
+Added: 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.
+Added: Over the counter trading generally involves the extension of credit between counterparties, so the counterparties may agree to require the posting of collateral by one or both parties to address credit exposure. 
When a trader purchases an option, there is no margin requirement;
3 unchanged sentences
Complicated margin requirements apply to spreads and conversions, which are complex trading strategies in which a trader acquires a mixture of options positions and positions in the underlying interest.
−Removed: Ongoing or “maintenance” margin requirements are computed each day by a trader’s clearing broker.
+Added: Ongoing or “maintenance”
+Added: margin requirements are computed each day by a trader’s clearing broker.
When the market value of a particular open futures contract changes to a point where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the broker.
−Removed: If the margin call is not met within a reasonable time, the broker may close out the trader’s position.
−Removed: With respect to the Funds’ trading, the Funds (and not their shareholders personally) are subject to margin calls.
+Added: If the margin call is not met within a reasonable time, the broker may close out the trader’s position.
+Added: With respect to the Funds’
+Added: trading, the Funds (and not their shareholders personally) are subject to margin calls.
Finally, many major U.S.
10 unchanged sentences
In addition, the Agricultural Funds, except for TAGS, which has no such fee are contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00 % per annum.
−Removed: The Agricultural Funds generally pay for all brokerage fees, taxes, and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the SEC, the Financial Industry Regulatory Authority (“FINRA”), or any other regulatory agency in connection with the offer and sale of subsequent Shares after its initial registration and all legal, accounting, printing and other expenses associated therewith.
−Removed: Each Fund also pays its portion of the fees and expenses associated with the Trust’s tax accounting and reporting requirements.
+Added: The Agricultural Funds generally pay for all brokerage fees, taxes, and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the SEC, the Financial Industry Regulatory Authority (“FINRA”), or any other regulatory agency in connection with the offer and sale of subsequent Shares after its initial registration and all legal, accounting, printing and other expenses associated therewith.
+Added: Each Fund also pays its portion of the fees and expenses associated with the Trust’s tax accounting and reporting requirements.
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.
10 unchanged sentences
Routine operational, administrative, and other ordinary expenses are not deemed extraordinary expenses.
−Removed: Three months ended September 30,
−Removed: Three months ended September 30,
−Removed: Nine months ended September 30,
−Removed: Nine months ended September 30,
+Added: Three months ended March 31, 2023
+Added: Three months ended March 31, 2022 (1)
Recognized Related Party Transactions
+Added: $ 591,603  
+Added: $ 545,709  
Waived Related Party Transactions
+Added: $ 23,865  
+Added: $ 121,079  
( 1 ) The Hashdex Bitcoin Futures ETF commenced operations on September 15, 2022.
3 unchanged sentences
The Sponsor has determined that there will be no recovery sought for the amounts below in any future period.
−Removed: Three months ended September 30, 2022 (1)
−Removed: Three months ended September 30, 2021
−Removed: Nine months ended September 30, 2022 (1)
−Removed: Nine months ended September 30, 2021
+Added: Three months ended March 31, 2023
+Added: $ 125,494  
+Added: $ 70,570  
+Added: $ 196,064  
+Added: Three months ended March 31, 2022 (1)
+Added: $ 124,377  
+Added: $ 51,416  
+Added: $ 28,866  
+Added: $ 85,856  
+Added: $ 55,003  
+Added: $ 345,518  
( 1 ) The Hashdex Bitcoin Futures ETF commenced operations on September 15, 2022.
2 unchanged sentences
GAAP requires management to make estimates and assumptions that affect the reported amounts 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.
+Added: Actual results could differ from those estimates. 
Fair Value - Definition and Hierarchy
In accordance with U.S.
−Removed: 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.
+Added: GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date.
In determining fair value, the Trust uses various valuation approaches.
2 unchanged sentences
Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Trust.
−Removed: Unobservable inputs reflect the Trust’s assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
+Added: Unobservable inputs reflect the Trust’s assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
The fair value hierarchy is categorized into three levels based on the inputs as follows:
Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.
−Removed: Valuation adjustments and block discounts are not applied to Level 1 futures contracts held by CORN, SOYB, CANE, WEAT and DEFI, the securities of the Underlying Funds held by TAGS, and any other securities held by any Fund, together referenced throughout this filing as “financial instruments.” Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment.
+Added: Valuation adjustments and block discounts are not applied to Level 1 futures contracts held by CORN, SOYB, CANE, WEAT and DEFI, the securities of the Underlying Funds held by TAGS, and any other securities held by any Fund, together referenced throughout this filing as “financial instruments.”
+Added: Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment.
Level 2 - Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
8 unchanged sentences
Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure.
−Removed: Therefore, even when market assumptions are not readily available, the Trust’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date.
+Added: Therefore, even when market assumptions are not readily available, the Trust’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date.
The Trust uses prices and inputs that are current as of the measurement date, including periods of market dislocation.
1 unchanged sentence
This condition could cause a financial instrument to be reclassified to a lower level within the fair value hierarchy.
−Removed: For instance, when Corn Futures Contracts on the Chicago Board of Trade (“CBOT”) are not actively trading due to a “limit-up” or ‘limit-down” condition, meaning that the daily change in the Corn Futures Contracts has exceeded the limits established, the Trust and the Fund will revert to alternative verifiable sources of valuation of its assets.
+Added: For instance, when Corn Futures Contracts on the Chicago Board of Trade (“CBOT”) are not actively trading due to a “limit-up”
+Added: or ‘limit-down”
+Added: condition, meaning that the daily change in the Corn Futures Contracts has exceeded the limits established, the Trust and the Fund will revert to alternative verifiable sources of valuation of its assets.
When such a situation exists on a quarter close, the Sponsor will calculate the NAV on a particular day using the Level 1 valuation but will later recalculate the NAV for the impacted Fund based upon the valuation inputs from these alternative verifiable sources (Level 2 or Level 3 ) and will report such NAV in its applicable financial statements and reports.
−Removed: On September 30, 2022 and December 31, 2021, in the opinion of the Trust, the reported value at the close of the market for each commodity and cryptocurrency contract fairly reflected the value of the futures and no alternative valuations were required.
−Removed: 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.
−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 resulted in an increase in the unrealized change in commodity futures contracts in excess of reported CBOT values of $ 3,371,513 for CORN and $ 279,750 for SOYB.
−Removed: The Soybean futures contracts transferred back to a Level 1 asset for the period ended June 30, 2021, and the SEP21 and DEC21 corn futures contracts remained a Level 2 asset as described below and transferred back to a Level 1 asset for the period ended September 30, 2021.
−Removed: For the quarter ended June 30, 2021, Corn Futures Contracts for the SEP21 CBOT corn futures and the DEC21 CBOT corn futures, settled in a “limit up” condition.
−Removed: Accordingly, the Trust, CORN and TAGS classified these as level 2 assets.
−Removed: The financial statements of CORN including TAGS, due to the NAV adjustment for the Underlying CORN holdings, were adjusted accordingly.
−Removed: The adjustment resulted in an increase in the unrealized change in commodity futures contracts in excess of reported CBOT values of $ 711,275 for CORN.
−Removed: The Corn futures contracts transferred back to a Level 1 asset for the period ended September 30, 2021.
+Added: On March 31, 2023 and December 31, 2022 , in the opinion of the Trust, the reported value at the close of the market for each commodity and cryptocurrency contract fairly reflected the value of the futures and no alternative valuations were required.
+Added: For the three months ended March 31, 2023 and year ended December 31, 2022 , the Funds did not have any significant transfers between any of the levels of the fair value hierarchy.
The Funds and the Trust record their derivative activities at fair value.
7 unchanged sentences
New Accounting Pronouncements
−Removed: 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.
−Removed: 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.
−Removed: The amendment was early adopted for the quarter ended June 30, 2022;
−Removed: the early adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds.
−Removed: The FASB issued 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 Funds.
−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 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 Funds.
−Removed: The FASB issued ASU 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 Funds.
−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 Funds.
−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 Funds.
−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;
+Added: The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) issued ASU 2023 - 01, related to Leases –
+Added: (Topic 842 ).
+Added: The response to concerns about applying Topic 842 to related party arrangements between entities under common control.
+Added: The update was adopted early for the quarter ended March 31, 2023;
the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds.
−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;
+Added: The FASB issued 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 adopted for the quarter ended June 30, 2022;
the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds.
−Removed: Note 4 – Fair Value Measurements
−Removed: The Trust’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Trust’s significant accounting policies in Note 3.
−Removed: The following table presents information about the Trust’s assets and liabilities measured at fair value as of September 30, 2022 and December 31, 2021:
−Removed: Balance as of September 30, 2022
+Added: Note 4 –
+Added: Fair Value Measurements
+Added: 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.
+Added: The following table presents information about the Trust’s assets and liabilities measured at fair value as of March 31, 2023 and December 31, 2022 :
+Added: Balance as of March 31, 2023
Cash Equivalents
−Removed: $ 583,813,859
−Removed: $ 583,813,859
+Added: $ 283,597,676  
+Added: $ 283,597,676  
Commodity and Cryptocurrency Futures Contracts
Corn futures contracts
+Added: 798,350  
+Added: 798,350  
+Added: Sugar futures contracts
+Added: 3,966,018  
+Added: 3,966,018  
Wheat futures contracts
−Removed: $ 608,605,352
−Removed: $ 608,605,352
−Removed: Balance as of September 30, 2022
+Added: 729,576  
+Added: 729,576  
+Added: Bitcoin futures contracts
+Added: 157,620  
+Added: 157,620  
+Added: $ 289,249,240  
+Added: $ 289,249,240  
+Added: Balance as of March 31, 2023
Commodity and Cryptocurrency Futures Contracts
Corn futures contracts
+Added: $ 5,479,015  
+Added: $ 5,479,015  
Soybean futures contracts
−Removed: Sugar futures contracts
+Added: 1,179,272  
+Added: 1,179,272  
Wheat futures contracts
−Removed: Bitcoin futures contracts
+Added: 26,042,244  
+Added: 26,042,244  
+Added: $ 32,700,531  
+Added: $ 32,700,531  
Balance as of December 31, 2022
Cash Equivalents
−Removed: $ 152,949,199
−Removed: $ 152,949,199
+Added: $ 388,000,477  
+Added: $ 388,000,477  
Commodity and Cryptocurrency Futures Contracts
Corn futures contracts
+Added: 1,585,798  
+Added: 1,585,798  
Soybean futures contracts
+Added: 2,520,370  
+Added: 2,520,370  
Sugar futures contracts
+Added: 911,329  
+Added: 911,329  
Wheat futures contracts
−Removed: $ 166,364,500
−Removed: $ 166,364,500
+Added: 3,160,732  
+Added: 3,160,732  
+Added: Bitcoin futures contracts
+Added: 29,152  
+Added: 29,152  
+Added: $ 396,207,858  
+Added: $ 396,207,858  
Balance as of December 31, 2022
+Added: Cash Equivalents
Commodity and Cryptocurrency Futures Contracts
+Added: Corn futures contracts
+Added: $ 2,967,103  
+Added: $ 2,967,103  
Sugar futures contracts
+Added: 85,128  
+Added: 85,128  
Wheat futures contracts
−Removed: For the three and nine months ended September 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.
+Added: 26,380,838  
+Added: 26,380,838  
+Added: $ 29,433,069  
+Added: $ 29,433,069  
+Added: For the three months ended March 31, 2023 and year ended December 31, 2022 , 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.
1 unchanged sentence
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 – Derivative Instruments and Hedging Activities
+Added: Note 5 –
+Added: Derivative Instruments and Hedging Activities
In the normal course of business, the Funds utilize derivative contracts in connection with its proprietary trading activities.
Investments in derivative contracts are subject to additional risks that can result in a loss of all or part of an investment.
−Removed: The Funds’ derivative activities and exposure to derivative contracts are classified by the following primary underlying risks:
+Added: The Funds’
+Added: derivative activities and exposure to derivative contracts are classified by the following primary underlying risks:
interest rate, credit, commodity price, and equity price risks.
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 and nine months ended September 30, 2022 and year ended December 31, 2021, the Funds invested only in commodity and cryptocurrency futures contracts specifically related to each Fund.
+Added: For the three months ended March 31, 2023 and year ended December 31, 2022 , the Funds invested only in commodity and cryptocurrency futures contracts specifically related to each Fund.
Futures Contracts
3 unchanged sentences
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.
−Removed: Futures contracts may reduce the Funds’ exposure to counterparty risk since futures contracts are exchange-traded;
−Removed: and the exchange’s clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures against default.
−Removed: The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM’s proprietary activities.
−Removed: A customer’s cash and other equity deposited with an FCM are considered commingled with all other customer funds subject to the FCM’s segregation requirements.
−Removed: In the event of an FCM’s insolvency, recovery may be limited to each Fund’s pro rata share of segregated customer funds available.
+Added: Futures contracts may reduce the Funds’
+Added: exposure to counterparty risk since futures contracts are exchange-traded;
+Added: and the exchange’s clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures against default.
+Added: The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM’s proprietary activities.
+Added: A customer’s cash and other equity deposited with an FCM are considered commingled with all other customer funds subject to the FCM’s segregation requirements.
+Added: In the event of an FCM’s insolvency, recovery may be limited to each Fund’s pro rata share of segregated customer funds available.
It is possible that the recovery amount could be less than the total of cash and other equity deposited.
The following table discloses information about offsetting assets and liabilities presented in the combined statements of assets and liabilities to enable users of these financial statements to evaluate the effect or potential effect of netting arrangements for recognized assets and liabilities.
−Removed: These recognized assets and liabilities are presented as defined in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (“ASU”) No.
−Removed: 2011-11 “Balance Sheet (Topic 210):
−Removed: Disclosures about Offsetting Assets and Liabilities” and subsequently clarified in FASB ASU 2013-01 “Balance Sheet (Topic 210):
−Removed: 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 September 30, 2022, and December 31, 2021.
−Removed: The DEFI Fund has an account open at Phillip Capital with no contracts held as of September 30, 2022.
+Added: These recognized assets and liabilities are presented as defined in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (“ASU”) No.
+Added: 2011 - 11 “Balance Sheet (Topic 210 ):
+Added: Disclosures about Offsetting Assets and Liabilities”
+Added: and subsequently clarified in FASB ASU 2013 - 01 “Balance Sheet (Topic 210 ):
+Added: Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.”
+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, Marex, and StoneX as of March 31, 2023 , and December 31, 2022 .
+Added: The DEFI Fund has an account open at Phillip Capital with no contracts held as of March 31, 2023 .
*The amount of collateral presented in Collateral, Due from Broker, is limited to the liability for the futures contracts and accordingly does not include the excess collateral pledged.
−Removed: Offsetting of Financial Assets and Derivative Assets as of September 30, 2022
+Added: Offsetting of Financial Assets and Derivative Assets as of March 31, 2023
(iii) = (i-ii)
(v) = (iii)-(iv)
−Removed: Gross Amount Not Offset in the Combined Statement of Assets and Liabilities
+Added: Gross Amount Not Offset in the Statement of Assets and Liabilities
Gross Amount of Recognized Assets
−Removed: Gross Amount Offset in the Combined Statement of Assets and Liabilities
−Removed: Net Amount Presented in the Combined Statement of Assets and Liabilities
+Added: Gross Amount Offset in the Statement of Assets and Liabilities
+Added: Net Amount Presented in the Statement of Assets and Liabilities
Futures Contracts Available for Offset
2 unchanged sentences
Corn futures contracts
+Added: $ 798,350  
+Added: $ 798,350  
+Added: $ 798,350  
+Added: Sugar futures contracts
+Added: $ 3,966,018  
+Added: $ 3,966,018  
+Added: $ 2,101,900  
+Added: $ 1,864,118  
Wheat futures contracts
−Removed: Offsetting of Financial Liabilities and Derivative Liabilities as of September 30, 2022
+Added: $ 729,576  
+Added: $ 729,576  
+Added: $ 729,576  
+Added: Bitcoin futures contracts
+Added: $ 157,620  
+Added: $ 157,620  
+Added: $ 157,620  
+Added: Offsetting of Financial Liabilities and Derivative Liabilities as of March 31, 2023
(iii) = (i-ii)
(v) = (iii)-(iv)
−Removed: Gross Amount Not Offset in the Combined Statement of Assets and Liabilities
+Added: Gross Amount Not Offset in the Statement of Assets and Liabilities
Gross Amount of Recognized Liabilities
−Removed: Gross Amount Offset in the Combined Statement of Assets and Liabilities
−Removed: Net Amount Presented in the Combined Statement of Assets and Liabilities
+Added: Gross Amount Offset in the Statement of Assets and Liabilities
+Added: Net Amount Presented in the Statement of Assets and Liabilities
Futures Contracts Available for Offset
2 unchanged sentences
Corn futures contracts
+Added: $ 5,479,015  
+Added: $ 5,479,015  
+Added: $ 798,350  
+Added: $ 4,680,665  
Soybean futures contracts
−Removed: Sugar futures contracts
+Added: $ 1,179,272  
+Added: $ 1,179,272  
+Added: $ 1,179,272  
Wheat futures contracts
−Removed: Bitcoin futures contracts
+Added: $ 26,042,244  
+Added: $ 26,042,244  
+Added: $ 729,576  
+Added: $ 25,312,668  
Offsetting of Financial Assets and Derivative Assets as of December 31, 2022
1 unchanged sentence
(v) = (iii)-(iv)
−Removed: Gross Amount Not Offset in the Combined Statement of Assets and Liabilities
+Added: Gross Amount Not Offset in the Statement of Assets and Liabilities
Gross Amount of Recognized Assets
−Removed: Gross Amount Offset in the Combined Statement of Assets and Liabilities
−Removed: Net Amount Presented in the Combined Statement of Assets and Liabilities
+Added: Gross Amount Offset in the Statement of Assets and Liabilities
+Added: Net Amount Presented in the Statement of Assets and Liabilities
Futures Contracts Available for Offset
Collateral, Due to Broker
−Removed: Commodity Price
+Added: Commodity and Cryptocurrency Price
Corn futures contracts
+Added: $ 1,585,798  
+Added: $ 1,585,798  
+Added: $ 1,585,798  
Soybean futures contracts
+Added: $ 2,520,370  
+Added: $ 2,520,370  
+Added: $ 2,520,370  
Sugar futures contracts
+Added: $ 911,329  
+Added: $ 911,329  
+Added: $ 85,128  
+Added: $ 826,201  
Wheat futures contracts
+Added: $ 3,160,732  
+Added: $ 3,160,732  
+Added: $ 3,160,732  
+Added: Bitcoin futures contracts
+Added: $ 29,152  
+Added: $ 29,152  
+Added: $ 29,152  
Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2022
1 unchanged sentence
(v) = (iii)-(iv)
−Removed: Gross Amount Not Offset in the Combined Statement of Assets and Liabilities
+Added: Gross Amount Not Offset in the Statement of Assets and Liabilities
Gross Amount of Recognized Liabilities
−Removed: Gross Amount Offset in the Combined Statement of Assets and Liabilities
−Removed: Net Amount Presented in the Combined Statement of Assets and Liabilities
+Added: Gross Amount Offset in the Statement of Assets and Liabilities
+Added: Net Amount Presented in the Statement of Assets and Liabilities
Futures Contracts Available for Offset
Collateral, Due from Broker*
−Removed: Commodity Price
−Removed: Sugar futures contracts
−Removed: Wheat futures contracts
−Removed: The following is a summary of realized and unrealized gains (losses) of the derivative instruments utilized by the Trust:
−Removed: Three months ended September 30, 2022 (1)
−Removed: Realized (Loss) Gain on Commodity and Cryptocurrency Futures Contracts
−Removed: Net Change in Unrealized Appreciation (Depreciation) on Commodity and Cryptocurrency Futures Contracts
−Removed: Commodity Price
+Added: Commodity and Cryptocurrency Price
Corn futures contracts
−Removed: $ ( 10,344,285 )
−Removed: Soybean futures contracts
−Removed: ( 3,855,440 )
+Added: $ 2,967,103  
+Added: $ 2,967,103  
+Added: $ 1,585,798  
+Added: $ 1,381,305  
Sugar futures contracts
−Removed: ( 1,014,429 )
+Added: $ 85,128  
+Added: $ 85,128  
+Added: $ 85,128  
Wheat futures contracts
−Removed: ( 92,957,415 )
−Removed: Bitcoin futures Contracts
−Removed: Total commodity and cryptocurrency futures contracts
−Removed: $ ( 103,278,313 )
−Removed: $ 112,241,847
−Removed: Three months ended September 30, 2021
−Removed: Realized Gain on Commodity Futures Contracts
+Added: $ 26,380,838  
+Added: $ 26,380,838  
+Added: $ 3,160,732  
+Added: $ 23,220,106  
+Added: The following is a summary of realized and unrealized gains (losses) of the derivative instruments utilized by the Trust:
+Added: Three months ended March 31, 2023  
+Added: Realized (Loss) Gain on Commodity Futures Contracts
Net Change in Unrealized (Depreciation) Appreciation on Commodity Futures Contracts
1 unchanged sentence
Corn futures contracts
−Removed: $ ( 16,642,507 )
−Removed: Soybean futures contracts
−Removed: ( 7,754,543 )
−Removed: Sugar futures contracts
−Removed: Wheat futures contracts
−Removed: Total commodity and cryptocurrency futures contracts
−Removed: $ ( 23,501,922 )
−Removed: Nine months ended September 30, 2022 (1)
−Removed: Realized Gain (Loss) on Commodity and Cryptocurrency Futures Contracts
−Removed: Net Change in Unrealized Depreciation on Commodity and Cryptocurrency Futures Contracts
−Removed: Commodity Price
−Removed: Corn futures contracts
+Added: $ ( 6,268,935 )  
$ ( 3,299,360 )
−Removed: Soybean futures contracts
+Added: Soybeans futures contracts
+Added: 1,067,543  
( 3,699,642 )
Sugar futures contracts
−Removed: ( 2,281,371 )
+Added: 1,339,448  
+Added: 3,139,817  
Wheat futures contracts
−Removed: ( 53,537,910 )
+Added: ( 23,358,733 )  
( 2,092,562 )
Bitcoin futures Contracts
+Added: 629,551  
+Added: 128,468  
Total commodity and cryptocurrency futures contracts
−Removed: $ ( 14,666,473 )
+Added: $ ( 26,591,126 )  
$ ( 5,823,279 )
−Removed: Nine months ended September 30, 2021
+Added: Three months ended March 31, 2022
Realized Gain on Commodity Futures Contracts
−Removed: Net Change in Unrealized (Depreciation) Appreciation on Commodity Futures Contracts
+Added: Net Change in Unrealized Appreciation (Depreciation) on Commodity Futures Contracts
Commodity Price
Corn futures contracts
−Removed: $ ( 18,263,441 )
−Removed: Soybean futures contracts
−Removed: ( 15,794,481 )
+Added: $ 16,568,982  
+Added: $ 19,894,329  
+Added: Soybeans futures contracts
+Added: 7,052,701  
+Added: 914,717  
Sugar futures contracts
+Added: 70,161  
+Added: 907,742  
Wheat futures contracts
−Removed: ( 1,199,756 )
−Removed: Total commodity and cryptocurrency futures contracts
+Added: 38,006,567  
( 36,851,362 )
+Added: Total commodity futures contracts
+Added: $ 61,698,411  
$ ( 15,134,574 )
−Removed: (1) The Hashdex Bitcoin Futures ETF commenced operations on September 15, 2022.
Volume of Derivative Activities
−Removed: The average notional market value categorized by primary underlying risk for the futures contracts held was $ 662.8 million and $ 611.7 million respectively for the three and nine months ended September 30, 2022 and $ 281.7 million and $ 334.0 million for the three and nine months ended September 30, 2021, respectively.
+Added: The average notional market value categorized by primary underlying risk for the futures contracts held was $ 382.3  million and $ 479.0  million respectively for the three months ended March 31, 2023 and for the three months ended March 31, 2022 .
Note 6 - Organizational and Offering Costs
1 unchanged sentence
The Trust will not be obligated to reimburse the Sponsor.
−Removed: Note 7 – Detail of the net assets and shares outstanding of the Funds that are a series of the Trust
+Added: Note 7 –
+Added: Detail of the net assets and shares outstanding of the Funds that are a series of the Trust
The following are the net assets and shares outstanding of each Fund that is a series of the Trust and, thus, in total, comprise the combined net assets of the Trust:
−Removed: September 30, 2022
+Added: March 31, 2023
Teucrium Corn Fund
−Removed: $ 214,972,436
+Added: 4,575,004  
+Added: $ 115,625,057  
Teucrium Soybean Fund
+Added: 1,400,004  
+Added: 38,064,500  
Teucrium Sugar Fund
+Added: 2,450,004  
+Added: 28,038,792  
Teucrium Wheat Fund
+Added: 24,525,004  
+Added: 173,223,126  
Hashdex Bitcoin Futures ETF
+Added: 60,004  
+Added: 2,206,024  
Teucrium Agricultural Fund:
Net assets including the investment in the Underlying Funds
+Added: 33,375,119  
Investment in the Underlying Funds
1 unchanged sentence
Net for the Fund in the combined net assets of the Trust
−Removed: $ 686,974,282
+Added: 17,023  
+Added: $ 357,174,522  
December 31, 2022
Teucrium Corn Fund
−Removed: $ 120,846,256
+Added: 5,675,004  
+Added: $ 152,638,405  
Teucrium Soybean Fund
+Added: 2,050,004  
+Added: 58,429,985  
Teucrium Sugar Fund
+Added: 2,550,004  
+Added: 24,262,359  
Teucrium Wheat Fund
+Added: 28,675,004  
+Added: 228,972,039  
+Added: Hashdex Bitcoin Futures ETF
+Added: 50,004  
+Added: 1,070,263  
Teucrium Agricultural Fund:
+Added: 1,262,502  
Net assets including the investment in the Underlying Funds
+Added: 39,575,245  
Investment in the Underlying Funds
−Removed: ( 14,178,019 )
+Added: 39,572,698  
Net for the Fund in the combined net assets of the Trust
−Removed: $ 264,276,768
+Added: $ 465,375,598  
The detailed information for the subscriptions and redemptions, and other financial information for each Fund that is a series of the Trust are included in the accompanying financial statements of each Fund.
−Removed: Note 8 – Subsequent Events
−Removed: Management has evaluated the financial statements for the quarter-ended September 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: Note 8 –
+Added: Subsequent Events
+Added: Management has evaluated the financial statements for the quarter-ended March 31, 2023 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Trust and Funds other than those noted below:
Nothing to report.
1 unchanged sentence
Nothing to report.
+Added: The total net assets of the Fund increased by $ 12,317,902 , or 44 %, for the period March 31, 2023 to May 9, 2023.
+Added: This was driven by a 19 % increase in the shares outstanding and a 21 % increase in the NAV/share.
Nothing to report.
1 unchanged sentence
Nothing to report.
−Removed: The total net assets of the Fund increased by $ 1,058,752 , or 86 %, for the period September 30, 2022 to November 8, 2022.
−Removed: This was driven by a 100 % increase in the shares outstanding and partially offset by a 7 % decrease in the NAV/share.
TEUCRIUM CORN FUND
STATEMENTS OF ASSETS AND LIABILITIES
−Removed: September 30,
+Added: March 31, 2023
+Added: December 31, 2022
Cash and cash equivalents
−Removed: $ 197,381,777
−Removed: $ 115,012,740
+Added: $ 107,103,125  
+Added: $ 142,434,737  
Interest receivable
+Added: 128,758  
+Added: 125,014  
+Added: Capital shares receivable
+Added: 1,344,830  
Equity in trading accounts:
Commodity futures contracts
+Added: 798,350  
+Added: 1,585,798  
Due from broker
+Added: 13,197,776  
+Added: 11,625,331  
Total equity in trading accounts
+Added: 13,996,126  
+Added: 13,211,129  
+Added: 121,228,009  
+Added: 157,116,564  
Management fee payable to Sponsor
+Added: 101,572  
+Added: 144,877  
Other liabilities
+Added: 22,365  
+Added: 21,349  
+Added: Payable for shares redeemed
+Added: 1,344,830  
Equity in trading accounts:
Commodity futures contracts
+Added: 5,479,015  
+Added: 2,967,103  
Total liabilities
−Removed: $ 214,972,436
−Removed: $ 120,846,256
+Added: 5,602,952  
+Added: 4,478,159  
+Added: $ 115,625,057  
+Added: $ 152,638,405  
Shares outstanding
+Added: 4,575,004  
+Added: 5,675,004  
Shares Authorized
Net asset value per share
+Added: $ 25.27  
+Added: $ 26.90  
Market value per share
+Added: $ 25.23  
+Added: $ 26.93  
* 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.
+Added:    
The accompanying notes are an integral part of these financial statements.
1 unchanged sentence
SCHEDULE OF INVESTMENTS
−Removed: September 30, 2022
+Added: March 31, 2023
Percentage of
1 unchanged sentence
Money market funds
−Removed: First American Governemnt Obligations Fund - Class X (cost $32,434,029)
−Removed: Goldman Sachs Financial Square Government Fund - Institutional Class (cost:
−Removed: Total money market funds (cost:
+Added: First American Government Obligations Fund - Class X
+Added: 4.654 %  
+Added: $ 6,823,653  
+Added: $ 6,823,653  
+Added: 6,823,653  
+Added: Goldman Sachs Financial Square Government Fund - Institutional Class
+Added: 4.724 %  
+Added: 22,180,783  
+Added: 22,180,783  
+Added: 22,180,783  
+Added: Total money market funds
+Added: $ 29,004,436  
+Added: $ 29,004,436  
+Added: Percentage of  
+Added: Principal  
Commercial Paper
−Removed: American Electric Power Company, Inc.
−Removed: 3.465% (cost:
−Removed: $4,983,327 due 11/03/2022)
−Removed: 3.277% (cost:
−Removed: $7,453,425 due 11/28/2022)
Brookfield Infrastructure Holdings (Canada) Inc.
−Removed: 3.540% (cost:
−Removed: $7,460,625 due 11/15/2022)
−Removed: Crown Castle Inc.
−Removed: 3.234% (cost:
−Removed: $2,487,556 due 11/10/2022)
−Removed: Crown Castle Inc.
−Removed: 3.806% (cost:
−Removed: $2,485,900 due 11/23/2022)
−Removed: du Pont de Nemours and Company 3.336% (cost:
−Removed: $2,487,167 due 11/21/2022)
−Removed: Entergy Corporation 3.030% (cost:
−Removed: $2,487,500 due 11/14/2022)
−Removed: Entergy Corporation 3.163% (cost:
−Removed: $2,480,678 due 11/28/2022)
−Removed: Fortune Brands Home & Security, Inc.
−Removed: 3.040% (cost:
−Removed: $2,488,922 due 10/21/2022)
−Removed: General Motors Financial Company, Inc.
−Removed: 2.878% (cost:
−Removed: $2,487,531 due 10/17/2022)
−Removed: General Motors Financial Company, Inc.
−Removed: 3.042% (cost:
−Removed: $2,485,577 due 11/08/2022)
−Removed: Glencore Funding LLC 2.898% (cost:
−Removed: $9,949,775 due 10/18/2022)
−Removed: Harley-Davidson Financial Services, Inc.
−Removed: 2.824% (cost:
−Removed: $996,733 due 10/18/2022)
−Removed: Harley-Davidson Financial Services, Inc.
−Removed: 3.487% (cost:
−Removed: $2,489,698 due 11/03/2022)
−Removed: 2.518% (cost:
−Removed: $2,494,618 due 10/03/2022)
−Removed: 2.795% (cost:
−Removed: $4,978,456 due 10/11/2022)
−Removed: 2.683% (cost:
−Removed: $2,491,133 due 10/24/2022)
−Removed: 3.129% (cost:
−Removed: $2,492,250 due 10/21/2022)
−Removed: 3.159% (cost:
−Removed: $2,493,697 due 10/14/2022)
−Removed: 3.158% (cost:
−Removed: $4,987,828 due 10/14/2022)
−Removed: 3.434% (cost:
−Removed: $7,479,458 due 10/21/2022)
−Removed: Corporation 2.539% (cost:
−Removed: $2,493,175 due 10/11/2022)
−Removed: Corporation 3.282% (cost:
−Removed: $7,473,595 due 11/01/2022)
−Removed: Corporation 3.759% (cost:
−Removed: $2,480,935 due 12/09/2022)
−Removed: 3.473% (cost:
−Removed: $4,991,400 due 10/14/2022)
−Removed: Total Commercial Paper (cost:
+Added: 5.194 %  
+Added: 2,472,730  
+Added: $ 2,478,396  
+Added: 2,500,000  
+Added: Conagra Brands, Inc.
+Added: April 14, 2023
+Added: 5.074 %  
+Added: 2,489,236  
+Added: 2,495,486  
+Added: 2,500,000  
+Added: Dollar General Corporation
+Added: 5.599 %  
+Added: 9,919,029  
+Added: 9,932,779  
+Added: 10,000,000  
+Added: 5.186 %  
+Added: 2,480,521  
+Added: 2,484,417  
+Added: 2,500,000  
+Added: 5.018 %  
+Added: 2,473,981  
+Added: 2,484,251  
+Added: 2,500,000  
+Added: FMC Corporation
+Added: April 21, 2023
+Added: 5.527 %  
+Added: 2,488,667  
+Added: 2,492,445  
+Added: 2,500,000  
+Added: FMC Corporation
+Added: April 27, 2023
+Added: 5.693 %  
+Added: 4,975,889  
+Added: 4,979,778  
+Added: 5,000,000  
+Added: Glencore Funding LLC
+Added: April 3, 2023
+Added: 4.874 %  
+Added: 2,483,667  
+Added: 2,499,333  
+Added: 2,500,000  
+Added: April 24, 2023
+Added: 4.979 %  
+Added: 4,962,570  
+Added: 4,984,348  
+Added: 5,000,000  
+Added: April 6, 2023
+Added: 5.377 %  
+Added: 2,494,111  
+Added: 2,498,160  
+Added: 2,500,000  
+Added: Marriott International, Inc.
+Added: April 24, 2023
+Added: 4.934 %  
+Added: 2,485,825  
+Added: 2,492,237  
+Added: 2,500,000  
+Added: Oracle Corporation
+Added: April 14, 2023
+Added: 4.803 %  
+Added: 2,482,920  
+Added: 2,495,730  
+Added: 2,500,000  
+Added: Oracle Corporation
+Added: 5.346 %  
+Added: 2,484,658  
+Added: 2,487,581  
+Added: 2,500,000  
+Added: Stanley Black & Decker, Inc.
+Added: April 28, 2023
+Added: 5.074 %  
+Added: 2,489,236  
+Added: 2,490,625  
+Added: 2,500,000  
+Added: Walgreens Boots Alliance, Inc.
+Added: April 10, 2023
+Added: 5.031 %  
+Added: 2,481,094  
+Added: 2,496,906  
+Added: 2,500,000  
+Added: Walgreens Boots Alliance, Inc.
+Added: April 12, 2023
+Added: 5.037 %  
+Added: 2,485,533  
+Added: 2,496,211  
+Added: 2,500,000  
+Added: Total Commercial Paper
+Added: $ 52,149,667  
+Added: $ 52,288,683  
Total Cash Equivalents
−Removed: $ 172,043,146
+Added: $ 81,293,119  
+Added: Percentage of
Notional Amount
2 unchanged sentences
United States corn futures contracts
−Removed: CBOT corn futures MAR23 (2,207 contracts)
+Added: CBOT Corn Futures SEP23
+Added: $ 798,350  
+Added: $ 34,635,000  
Percentage of
3 unchanged sentences
United States corn futures contracts
−Removed: CBOT corn futures MAY23 (1,889 contracts)
−Removed: CBOT corn futures DEC23 (2,426 contracts)
+Added: CBOT Corn Futures JUL23
+Added: $ 354,012  
+Added: $ 40,640,400  
+Added: CBOT Corn Futures DEC23
+Added: 5,125,003  
+Added: 40,306,475  
Total commodity futures contracts
−Removed: $ 139,462,800
+Added: $ 5,479,015  
+Added: $ 80,946,875  
The accompanying notes are an integral part of these financial statements.
5 unchanged sentences
Money market funds
−Removed: First American Government Obligations Fund - Class X 0.026% (cost $11,397,154)
−Removed: Goldman Sachs Financial Square Government Fund - Institutional Class 0.030% (cost $2,508)
−Removed: Total money market funds (cost:
−Removed: Principal Amount
+Added: First American Government Obligations Fund - Class X
+Added: 4.105 %  
+Added: $ 3,498,444  
+Added: $ 3,498,444  
+Added: 3,498,444  
+Added: Goldman Sachs Financial Square Government Fund - Institutional Class
+Added: 4.140 %  
+Added: 49,057,471  
+Added: 49,057,471  
+Added: 49,057,471  
+Added: Total money market funds
+Added: $ 52,555,915  
+Added: $ 52,555,915  
+Added: Percentage of  
+Added: Principal  
Commercial Paper
−Removed: Albemarle Corporation 0.181% (cost:
−Removed: $7,497,243 due 01/31/2022)
−Removed: Conagra Brands, Inc.
−Removed: 0.160% (cost:
−Removed: $2,499,000 due 01/05/2022)
−Removed: Conagra Brands, Inc.
−Removed: 0.150% (cost:
−Removed: $2,499,355 due 01/18/2022)
−Removed: General Motors Financial Company, Inc.
−Removed: 0.160% (cost:
−Removed: $2,499,000 due 01/06/2022)
+Added: Brookfield Infrastructure Holdings (Canada) Inc.
+Added: January 17, 2023
+Added: 4.742 %  
+Added: 7,438,744  
+Added: $ 7,484,443  
+Added: 7,500,000  
+Added: CNH Industrial Capital LLC
+Added: January 23, 2023
+Added: 4.566 %  
+Added: 2,483,750  
+Added: 2,493,125  
+Added: 2,500,000  
+Added: CNH Industrial Capital LLC
+Added: February 13, 2023
+Added: 4.780 %  
+Added: 4,949,736  
+Added: 4,971,931  
+Added: 5,000,000  
+Added: Crown Castle Inc.
+Added: January 10, 2023
+Added: 4.877 %  
+Added: 2,481,000  
+Added: 2,497,000  
+Added: 2,500,000  
+Added: Crown Castle Inc.
+Added: January 12, 2023
+Added: 4.765 %  
+Added: 4,979,764  
+Added: 4,992,820  
+Added: 5,000,000  
+Added: Entergy Corporation
+Added: January 4, 2023
+Added: 4.311 %  
+Added: 2,481,702  
+Added: 2,499,115  
+Added: 2,500,000  
General Motors Financial Company, Inc.
−Removed: 0.200% (cost:
−Removed: $3,498,289 due 01/31/2022)
+Added: January 10, 2023
+Added: 4.618 %  
+Added: 7,449,762  
+Added: 7,491,469  
+Added: 7,500,000  
General Motors Financial Company, Inc.
−Removed: 0.160% (cost:
−Removed: $2,499,400 due 01/03/2022)
+Added: January 18, 2023
+Added: 4.473 %  
+Added: 2,472,806  
+Added: 2,494,806  
+Added: 2,500,000  
Harley-Davidson Financial Services, Inc.
−Removed: 0.167% (cost:
−Removed: $7,497,046 due 01/13/2022)
+Added: January 3, 2023
+Added: 4.721 %  
+Added: 2,482,562  
+Added: 2,499,354  
+Added: 2,500,000  
Harley-Davidson Financial Services, Inc.
−Removed: 0.250% (cost:
−Removed: $2,498,664 due 03/02/2022)
−Removed: 0.140% (cost:
−Removed: $4,998,425 due 01/07/2022)
−Removed: 0.300% (cost:
−Removed: $4,997,375 due 02/08/2022)
−Removed: 0.310% (cost:
−Removed: $2,498,450 due 02/25/2022)
−Removed: 0.250% (cost:
−Removed: $4,997,466 due 02/11/2022)
−Removed: 0.310% (cost:
−Removed: $2,498,493 due 03/01/2022)
−Removed: WGL Holdings, Inc.
−Removed: 0.220% (cost:
−Removed: $2,499,343 due 01/12/2022)
−Removed: Total Commercial Paper (cost:
+Added: January 25, 2023
+Added: 4.944 %  
+Added: 7,458,402  
+Added: 7,475,650  
+Added: 7,500,000  
+Added: Harley-Davidson Financial Services, Inc.
+Added: February 2, 2023
+Added: 5.104 %  
+Added: 2,479,781  
+Added: 2,488,844  
+Added: 2,500,000  
+Added: Hyundai Capital America
+Added: January 10, 2023
+Added: 4.000 %  
+Added: 2,475,911  
+Added: 2,497,536  
+Added: 2,500,000  
+Added: January 19, 2023
+Added: 4.475 %  
+Added: 2,482,544  
+Added: 2,494,487  
+Added: 2,500,000  
+Added: January 13, 2023
+Added: 5.073 %  
+Added: 4,980,555  
+Added: 4,991,667  
+Added: 5,000,000  
+Added: Oracle Corporation
+Added: January 17, 2023
+Added: 4.361 %  
+Added: 2,482,980  
+Added: 2,495,222  
+Added: 2,500,000  
+Added: February 2, 2023
+Added: 4.669 %  
+Added: 1,986,711  
+Added: 1,991,822  
+Added: 2,000,000  
+Added: Walgreens Boots Alliance, Inc.
+Added: February 28, 2023
+Added: 4.827 %  
+Added: 2,479,549  
+Added: 2,480,868  
+Added: 2,500,000  
+Added: Total Commercial Paper
+Added: $ 64,046,259  
+Added: $ 64,340,159  
Total Cash Equivalents
+Added: $ 116,896,074  
+Added: Percentage of
Notional Amount
2 unchanged sentences
United States corn futures contracts
−Removed: CBOT corn futures MAY22 (1,418 contracts)
−Removed: CBOT corn futures JUL22 (1,218 contracts)
−Removed: CBOT corn futures DEC22 (1,558 contracts)
+Added: CBOT corn futures JUL23
+Added: $ 1,585,798  
+Added: $ 45,779,763  
+Added: Percentage of
+Added: Notional Amount
+Added: (Long Exposure)
+Added: Commodity futures contracts
+Added: United States corn futures contracts
+Added: CBOT corn futures MAY23
+Added: $ 751,309  
+Added: $ 53,392,500  
+Added: CBOT corn futures DEC23
+Added: 2,215,794  
+Added: 53,440,625  
Total commodity futures contracts
−Removed: $ 120,863,050
+Added: $ 2,967,103  
+Added: $ 106,833,125  
The accompanying notes are an integral part of these financial statements.
3 unchanged sentences
Three months ended
−Removed: Nine months ended
−Removed: Nine months ended
−Removed: September 30, 2022
−Removed: September 30, 2021
−Removed: September 30, 2022
−Removed: September 30, 2021
+Added: March 31, 2023
+Added: March 31, 2022
Realized and unrealized gain (loss) on trading of commodity futures contracts:
Realized (loss) gain on commodity futures contracts
−Removed: $ ( 10,344,285 )
−Removed: Net change in unrealized appreciation/(depreciation) on commodity futures contracts
−Removed: ( 16,642,507 )
−Removed: ( 3,698,432 )
−Removed: ( 18,263,441 )
+Added: $ ( 6,268,935 )  
+Added: $ 16,568,982  
+Added: Net change in unrealized (depreciation)/appreciation on commodity futures contracts
+Added: ( 3,299,360 )  
+Added: 19,894,329  
Interest income
−Removed: Total income (loss)
−Removed: ( 10,548,273 )
+Added: 1,454,236  
+Added: 86,625  
+Added: Total (loss) income
+Added: ( 8,114,059 )  
+Added: 36,549,936  
Management fees
+Added: 328,874  
+Added: 378,281  
Professional fees
+Added: 78,808  
+Added: 164,499  
Distribution and marketing fees
+Added: 239,078  
+Added: 295,595  
Custodian fees and expenses
+Added: 33,044  
+Added: 16,514  
Business permits and licenses fees
+Added: 15,994  
General and administrative expenses
+Added: 13,312  
+Added: 27,475  
Total expenses
+Added: 699,694  
+Added: 898,358  
Expenses waived by the Sponsor
Total expenses, net
−Removed: Net income (loss)
−Removed: $ ( 11,185,315 )
−Removed: Net gain (loss) per share
−Removed: Net income (loss) per weighted average share
+Added: 699,694  
+Added: 773,981  
+Added: Net (loss) income
+Added: $ ( 8,813,753 )  
+Added: $ 35,775,955  
+Added: Net (loss) gain per share
+Added: $ ( 1.63 )  
+Added: $ 5.59  
+Added: Net (loss) gain per weighted average share
+Added: $ ( 1.71 )  
+Added: $ 5.62  
Weighted average shares outstanding
+Added: 5,145,004  
+Added: 6,366,671  
The accompanying notes are an integral part of these financial statements.
1 unchanged sentence
STATEMENTS OF CHANGES IN NET ASSETS
−Removed: Nine months ended
−Removed: Nine months ended
−Removed: September 30, 2022
−Removed: September 30, 2021
+Added: Three months ended
+Added: Three months ended
+Added: March 31, 2023
+Added: March 31, 2022
+Added: Net (loss) income
+Added: $ ( 8,813,753 )  
+Added: $ 35,775,955  
Capital transactions
Issuance of Shares
+Added: 1,991,168  
+Added: 74,547,348  
Redemption of Shares
−Removed: ( 134,132,043 )
+Added: ( 30,190,763 )  
( 9,045,058 )
Total capital transactions
−Removed: ( 58,804,762 )
+Added: ( 28,199,595 )  
+Added: 65,502,290  
Net change in net assets
−Removed: ( 17,893,142 )
+Added: ( 37,013,348 )  
+Added: 101,278,245  
Net assets, beginning of period
−Removed: $ 120,846,256
−Removed: $ 138,289,537
+Added: $ 152,638,405  
+Added: $ 120,846,256  
Net assets, end of period
−Removed: $ 214,972,436
−Removed: $ 120,396,395
+Added: $ 115,625,057  
+Added: $ 222,124,501  
Net asset value per share at beginning of period
+Added: $ 26.90  
+Added: $ 21.58  
Net asset value per share at end of period
+Added: $ 25.27  
+Added: $ 27.17  
Creation of Shares
+Added: 75,000  
+Added: 2,950,000  
Redemption of Shares
+Added: 1,175,000  
+Added: 375,000  
The accompanying notes are an integral part of these financial statements.
1 unchanged sentence
STATEMENTS OF CASH FLOWS
−Removed: Nine months ended
−Removed: Nine months ended
−Removed: September 30, 2022
−Removed: September 30, 2021
+Added: Three months ended
+Added: Three months ended
+Added: March 31, 2023
+Added: March 31, 2022
Cash flows from operating activities:
−Removed: Adjustments to reconcile net income to net cash provided by operating activities:
−Removed: Net change in unrealized depreciation on commodity futures contracts
+Added: Net (loss) income
+Added: $ ( 8,813,753 )  
+Added: $ 35,775,955  
+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
+Added: 3,299,360  
+Added: ( 19,894,329 )
Changes in operating assets and liabilities:
Due from broker
−Removed: ( 15,362,882 )
−Removed: ( 6,206,315 )
+Added: ( 1,572,445 )  
+Added: 77,143  
Interest receivable
+Added: ( 3,744 )  
Due to broker
−Removed: ( 12,973,828 )
+Added: 2,987,964  
Management fee payable to Sponsor
+Added: ( 43,305 )  
+Added: 65,625  
Payable for purchases of commercial paper
−Removed: ( 2,499,092 )
+Added: 2,498,500  
Other liabilities
−Removed: Net cash provided by operating activities
+Added: Net cash (used in) provided by operating activities
+Added: ( 7,132,017 )  
+Added: 21,509,825  
Cash flows from financing activities:
Proceeds from sale of Shares
+Added: 3,335,998  
+Added: 74,547,348  
Redemption of Shares
−Removed: ( 134,132,043 )
−Removed: ( 130,697,455 )
−Removed: Net cash provided by (used in) financing activities
+Added: ( 31,535,593 )  
( 9,045,058 )
+Added: Net cash (used in) provided by financing activities
+Added: ( 28,199,595 )  
+Added: 65,502,290  
Net change in cash and cash equivalents
−Removed: ( 23,132,531 )
+Added: ( 35,331,612 )  
+Added: 87,012,115  
Cash and cash equivalents, beginning of period
+Added: 142,434,737  
+Added: 115,012,740  
Cash and cash equivalents, end of period
−Removed: $ 197,381,777
−Removed: $ 115,048,530
+Added: $ 107,103,125  
+Added: $ 202,024,855  
The accompanying notes are an integral part of these financial statements.
NOTES TO FINANCIAL STATEMENTS
−Removed: September 30, 2022
−Removed: Note 1 – Organization and Operation
−Removed: Teucrium Corn Fund (referred to herein as “CORN,” or the “Fund”) is a commodity pool that is a series of Teucrium Commodity Trust (“Trust”), a Delaware statutory trust formed on September 11, 2009.
−Removed: The Fund issues common units, called the “Shares,” representing fractional undivided beneficial interests in the Fund.
−Removed: The Fund continuously offers Creation Baskets consisting of 25,000 Shares at their Net Asset Value (“NAV”) to “Authorized Purchasers” through Foreside Fund Services, LLC, which is the distributor for the Fund (the “Distributor”).
−Removed: Authorized Purchasers sell such Shares, which are listed on the New York Stock Exchange (“NYSE”) Arca under the symbol “CORN,” to the public at per-Share offering prices that reflect, among other factors, the trading price of the Shares on the NYSE Arca, the NAV of the Fund at the time the Authorized Purchaser purchased the Creation Baskets and the NAV at the time of the offer of the Shares to the public, the supply of and demand for Shares at the time of sale, and the liquidity of the markets for corn interests.
−Removed: The Fund’s Shares trade in the secondary market on the NYSE Arca at prices that are lower or higher than their NAV per Share.
−Removed: The investment objective of CORN is to have the daily changes in the NAV of the Fund’s Shares reflect the daily changes in the corn market for future delivery as measured by the Benchmark.
−Removed: The Benchmark is a weighted average of the closing settlement prices for three futures contracts for corn (“Corn Futures Contracts”) that are traded on the Chicago Board of Trade (“CBOT”):
+Added: March 31, 2023
+Added: Note 1 –
+Added: Organization and Operation
+Added: Teucrium Corn Fund (referred to herein as “CORN,”
+Added: or the “Fund”) is a commodity pool that is a series of Teucrium Commodity Trust (“Trust”), a Delaware statutory trust formed on September 11, 2009.
+Added: The Fund issues common units, called the “Shares,”
+Added: representing fractional undivided beneficial interests in the Fund.
+Added: The Fund continuously offers Creation Baskets consisting of 25,000 Shares at their Net Asset Value (“NAV”) to “Authorized Purchasers”
+Added: through Foreside Fund Services, LLC, which is the distributor for the Fund (the “Distributor”).
+Added: Authorized Purchasers sell such Shares, which are listed on the New York Stock Exchange (“NYSE”) Arca under the symbol “CORN,”
+Added: to the public at per-Share offering prices that reflect, among other factors, the trading price of the Shares on the NYSE Arca, the NAV of the Fund at the time the Authorized Purchaser purchased the Creation Baskets and the NAV at the time of the offer of the Shares to the public, the supply of and demand for Shares at the time of sale, and the liquidity of the markets for corn interests.
+Added: The Fund’s Shares trade in the secondary market on the NYSE Arca at prices that are lower or higher than their NAV per Share.
+Added: The investment objective of CORN is to have the daily changes in the NAV of the Fund’s Shares reflect the daily changes in the corn market for future delivery as measured by the Benchmark.
+Added: The Benchmark is a weighted average of the closing settlement prices for three futures contracts for corn (“Corn Futures Contracts”) that are traded on the Chicago Board of Trade (“CBOT”):
CORN Benchmark
4 unchanged sentences
The Fund commenced investment operations on June 9, 2010 and has a fiscal year ending on December 31.
−Removed: The Fund’s sponsor is Teucrium Trading, LLC (the “Sponsor”).
+Added: The Fund’s sponsor is Teucrium Trading, LLC (the “Sponsor”).
The Sponsor is responsible for the management of the Fund.
−Removed: The Sponsor is registered as a commodity pool operator (“CPO”) and a commodity trading adviser (“CTA”) with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures Association (“NFA”).
+Added: The Sponsor is registered as a commodity pool operator (“CPO”) and a commodity trading adviser (“CTA”) with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures Association (“NFA”). 
On June 7, 2010, the initial Form S- 1 for CORN was declared effective by the U.S.
−Removed: Securities and Exchange Commission (“SEC”).
+Added: Securities and Exchange Commission (“SEC”).
On June 8, 2010, four Creation Baskets for CORN were issued representing 200,000 shares and $ 5,000,000 .
−Removed: CORN began trading on the New York Stock Exchange (“NYSE”) Arca on June 9, 2010.
+Added: CORN began trading on the New York Stock Exchange (“NYSE”) Arca on June 9, 2010.
The current registration statement for CORN was declared effective by the SEC on April 7, 2022.
This registration statement for CORN registered an indeterminate number of shares.
−Removed: 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”).
+Added: 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”).
The financial information included herein is unaudited;
−Removed: however, such financial information reflects all adjustments which are, in the opinion of management, necessary for the fair presentation of the Fund’s financial statements for the interim period.
−Removed: 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 and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022.
−Removed: 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.
+Added: however, such financial information reflects all adjustments which are, in the opinion of management, necessary for the fair presentation of the Fund’s financial statements for the interim period.
+Added: 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.
+Added: The operating results for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the full year ending December 31, 2023.
+Added: 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.
However, no level of losses will require the Sponsor to terminate a Fund.
−Removed: Note 2 – Principal Contracts and Agreements
+Added: Note 2 –
+Added: Principal Contracts and Agreements
The Sponsor employs U.S.
Bancorp Fund Services, LLC, doing business as U.S.
−Removed: Bank Global Fund Services (“Global Fund Services”), for Transfer Agency, Fund Accounting and Fund Administration services.
+Added: Bank Global Fund Services (“Global Fund Services”), for Transfer Agency, Fund Accounting and Fund Administration services.
The principal address for Global Fund Services is 615 E.
6 unchanged sentences
A summary of these expenses is included below.
−Removed: The Sponsor employs Foreside Fund Services, LLC (“Foreside” or the “Distributor”) as the Distributor for the Funds.
+Added: The Sponsor employs Foreside Fund Services, LLC (“Foreside”
+Added: or the “Distributor”) as the Distributor for the Funds.
The Distribution Services Agreement among the Distributor and the Sponsor calls for the Distributor to work with the Custodian in connection with the receipt and processing of orders for Creation Baskets and Redemption Baskets and the review and approval of all Fund sales literature and advertising materials.
−Removed: The Distributor and the Sponsor have also entered into a Securities Activities and Service Agreement (the “SASA”) under which certain employees and officers of the Sponsor are licensed as registered representatives or registered principals of the Distributor, under Financial Industry Regulatory Authority (“FINRA”) rules.
−Removed: For its services as the Distributor, Foreside receives a fee of 0.01% of each Fund’s average daily net assets and an aggregate annual fee of $100,000 for all Funds, along with certain expense reimbursements.
+Added: The Distributor and the Sponsor have also entered into a Securities Activities and Service Agreement (the “SASA”) under which certain employees and officers of the Sponsor are licensed as registered representatives or registered principals of the Distributor, under Financial Industry Regulatory Authority (“FINRA”) rules.
+Added: For its services as the Distributor, Foreside receives a fee of 0.01 % of each Fund’s average daily net assets and an aggregate annual fee of $ 100,000 for all Funds, along with certain expense reimbursements.
For its services under the SASA, Foreside receives a fee of $ 5,000 per registered representative and $ 1,000 per registered location.
1 unchanged sentence
A summary of these expenses is included below.
−Removed: Pursuant to a Consulting Services Agreement, Foreside Consulting Services, LLC, performs certain consulting support services for the Trust’s Sponsor.
−Removed: Additionally, Foreside Distributors, LLC performs certain distribution consulting services pursuant to a Distribution Consulting Agreement with the Sponsor.
−Removed: E D & F Man Capital Markets, Inc.
−Removed: (“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.
−Removed: E D & F Man and StoneX are each registered as futures commission merchants (“FCM”) with the U.S.
+Added: Marex Capital Markets, Inc.
+Added: (“Marex”) and StoneX Financial Inc (“StoneX”) serve as the Funds’
+Added: clearing brokers to execute and clear futures contracts and provide other brokerage-related services.
+Added: Marex and StoneX are each registered as futures commission merchants (“FCM”) with the U.S.
CFTC and are members of the NFA.
The clearing brokers are registered as broker-dealers with the SEC and are each a member of FINRA.
−Removed: ED & F Man and StoneX are each clearing members of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges.
−Removed: For Corn, Soybean, Sugar and Wheat Futures Contracts, E D & F Man is paid $11.00 per round turn .
+Added: Marex and StoneX are each clearing members of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges.
+Added: For Corn, Soybean, Sugar and Wheat Futures Contracts, Marex is 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.
2 unchanged sentences
The half-turn is recognized as an unrealized loss on the statements of operations for contracts that have been purchased since the change in recognition, and a full turn is recognized as a realized loss on the statements of operations when a contract is sold.
−Removed: A summary of these expenses is included below.
+Added: A summary of these expenses can be found under the heading, Brokerage Commissions .
The sole Trustee of the Trust is Wilmington Trust Company, a Delaware banking corporation.
3 unchanged sentences
A summary of these expenses is included below.
−Removed: The Sponsor employs Thales Capital Partners LLC (“Thales”) for distribution and solicitation-related services.
−Removed: Thales is registered as a Broker-Dealer with the SEC and a member of FINRA and the Securities Investor Protection Corporation (“SIPC”).
+Added: The Sponsor employs Thales Capital Partners LLC (“Thales”) for distribution and solicitation-related services.
+Added: Thales is registered as a Broker-Dealer with the SEC and a member of FINRA and the Securities Investor Protection Corporation (“SIPC”).
Thales receives a quarterly fee of the higher of $ 18,750 or 0.10 % of new assets raised in referred accounts for distribution and solicitation-related services.
2 unchanged sentences
A summary of these expenses is included below:
−Removed: Three months ended September 30, 2022
−Removed: Three months ended September 30, 2021
−Removed: Nine months ended September 30, 2022
−Removed: Nine months ended September 30, 2021
+Added: Three months ended March 31, 2023
+Added: Three months ended March 31, 2022
Amount Recognized for Custody Services
+Added: $ 33,044  
+Added: $ 16,514  
Amount of Custody Services Waived
Amount Recognized for Distribution Services
+Added: $ 10,053  
+Added: $ 16,739  
Amount of Distribution Services Waived
+Added: $ 6,302  
Amount Recognized for Wilmington Trust
1 unchanged sentence
Amount Recognized for Thales
+Added: $ 5,586  
+Added: $ 27,193  
Amount of Thales Waived
−Removed: Note 3 – Summary of Significant Accounting Policies
+Added: $ 27,193  
+Added: Note 3 –
+Added: Summary of Significant Accounting Policies
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.
+Added: The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.
+Added: GAAP”) as detailed in the Financial Accounting Standards Board’s Accounting Standards Codification.
Revenue Recognition
14 unchanged sentences
The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis.
−Removed: The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and nine months ended September 30, 2022.
−Removed: Three Months Ended September 30, 2022
−Removed: Three Months Ended September 30, 2021
−Removed: Nine Months Ended September 30, 2022
−Removed: Nine Months Ended September 30, 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 months ended March 31, 2023 and 2022 .
+Added: Three months ended March 31, 2023
+Added: $ 17,270  
+Added: Three months ended March 31, 2022
+Added: $ 31,239  
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.
+Added: 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.
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.
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.
+Added: 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.
+Added: 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.
+Added: The financial statements reflect the Fund’s transactions without adjustment, if any, required for income tax purposes. 
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.
5 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 September 30, 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.
+Added: Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of March 31, 2023 and for the years ended December 31, 2022 , 2021 , and 2020 .
+Added: 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 and nine months ended September 30, 2022 and 2021.
+Added: No interest expense or penalties have been recognized as of and for the three months ended March 31, 2023 and 2022 .
The Fund may be subject to potential examination by U.S.
8 unchanged sentences
(ET) 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 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.
+Added: Authorized Purchasers may redeem shares from the Fund only in blocks of 25,000 shares called “Redemption Baskets.”
+Added: 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.
(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.
−Removed: The amounts due from Authorized Purchasers are reflected in the Fund’s statements of assets and liabilities as capital shares receivable.
−Removed: Amounts payable to Authorized Purchasers upon redemption are reflected in the Fund’s statements of assets and liabilities as payable for shares redeemed.
+Added: The amounts due from Authorized Purchasers are reflected in the Fund’s statements of assets and liabilities as capital shares receivable.
+Added: Amounts payable to Authorized Purchasers upon redemption are reflected in the Fund’s statements of assets and liabilities as payable for shares redeemed.
As outlined in the most recent Form S- 1 filing, 50,000 shares represent two 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.
+Added: 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. 
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.
+Added: 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. 
Cash and Cash Equivalents
7 unchanged sentences
The Sponsor may invest a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured.
−Removed: September 30, 2022
+Added: March 31, 2023
December 31, 2022
Money Market Funds
+Added: $ 29,004,436  
+Added: $ 52,555,915  
Demand Deposit Savings Accounts
+Added: 25,810,006  
+Added: 25,538,663  
Commercial Paper
+Added: 52,288,683  
+Added: 64,340,159  
Total cash and cash equivalents as presented on the Statement of Assets and Liabilities
−Removed: $ 197,381,777
−Removed: $ 115,012,740
+Added: $ 107,103,125  
+Added: $ 142,434,737  
Payable for Purchases of Commercial Paper
2 unchanged sentences
Due from/to Broker
−Removed: The amount recorded by the Fund for the amount due from and to the clearing broker includes, but is not limited to, cash held by the broker, amounts payable to the clearing broker related to open transactions, payables for commodities futures accounts liquidating to an equity balance on the clearing broker’s records and amounts of brokerage commissions paid and recognized as unrealized losses.
−Removed: 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.
−Removed: A margin deposit acts to assure the trader’s performance of the futures contracts purchased or sold.
+Added: The amount recorded by the Fund for the amount due from and to the clearing broker includes, but is not limited to, cash held by the broker, amounts payable to the clearing broker related to open transactions, payables for commodities futures accounts liquidating to an equity balance on the clearing broker’s records and amounts of brokerage commissions paid and recognized as unrealized losses.
+Added: 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.
+Added: A margin deposit acts to assure the trader’s performance of the futures contracts purchased or sold.
Futures contracts are customarily bought and sold on initial margin that represents a very small percentage of the aggregate purchase or sales price of the contract.
2 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.
−Removed: Brokerage firms, such as the Fund’s 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.
−Removed: Over the counter trading generally involves the extension of credit between counterparties, so the counterparties may agree to require the posting of collateral by one or both parties to address credit exposure.
+Added: Brokerage firms, such as the Fund’s 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.
+Added: Over the counter trading generally involves the extension of credit between counterparties, so the counterparties may agree to require the posting of collateral by one or both parties to address credit exposure. 
When a trader purchases an option, there is no margin requirement;
3 unchanged sentences
Complicated margin requirements apply to spreads and conversions, which are complex trading strategies in which a trader acquires a mixture of options positions and positions in the underlying interest.
−Removed: Ongoing or “maintenance” margin requirements are computed each day by a trader’s clearing broker.
+Added: Ongoing or “maintenance”
+Added: margin requirements are computed each day by a trader’s clearing broker.
When the market value of a particular open futures contract changes to a point where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the broker.
−Removed: If the margin call is not met within a reasonable time, the broker may close out the trader’s position.
−Removed: With respect to the Fund’s trading, the Fund (and not its shareholders personally) is subject to margin calls.
+Added: If the margin call is not met within a reasonable time, the broker may close out the trader’s position.
+Added: With respect to the Fund’s trading, the Fund (and not its shareholders personally) is subject to margin calls.
Finally, many major U.S.
1 unchanged sentence
Calculation of Net Asset Value
−Removed: The Fund’s NAV is calculated by:
+Added: The Fund’s NAV is calculated by:
Taking the current market value of its total assets and
6 unchanged sentences
The value of over-the-counter corn interests is determined based on the value of the commodity or futures contract underlying such corn interest, except that a fair value may be determined if the Sponsor believes that the Fund is subject to significant credit risk relating to the counterparty to such corn interest.
−Removed: For purposes of financial statements and reports, the Sponsor will recalculate the NAV where necessary to reflect the “fair value” of a Futures Contract when the Futures Contract closes at its price fluctuation limit for the day.
+Added: For purposes of financial statements and reports, the Sponsor will recalculate the NAV where necessary to reflect the “fair value”
+Added: of a Futures Contract when the Futures Contract closes at its price fluctuation limit for the day.
Short term Treasury securities held by the Fund are valued by the administrator using values received from recognized third -party vendors and dealer quotes.
4 unchanged sentences
In addition, the Sponsor has elected not to outsource services directly attributable to the Trust and the Funds such as accounting, financial reporting, regulatory compliance, and trading activities, which the Sponsor performs itself.
−Removed: In addition, the Fund is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00% per annum.
+Added: In addition, the Fund is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00 % per annum. 
The 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, 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.
+Added: The Fund also pays its portion of the fees and expenses associated with the Trust’s tax accounting and reporting requirements.
Certain aggregate expenses common to all Funds within the Trust are allocated by the Sponsor to the respective Fund 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.
3 unchanged sentences
Such expenses are primarily recorded as distribution and marketing fees in the financial statements of each Fund.
−Removed: Three months ended September 30, 2022
−Removed: Three months ended September 30, 2021
−Removed: Nine months ended September 30, 2022
−Removed: Nine months ended September 30, 2021
+Added: Three months ended March 31, 2023
+Added: Three months ended March 31, 2022
Recognized Related Party Transactions
+Added: $ 154,915  
+Added: $ 233,497  
Waived Related Party Transactions
+Added: $ 38,196  
The Sponsor has the ability to elect to pay certain expenses on behalf of the Funds or waive the management fee.
2 unchanged sentences
The Sponsor has determined that there will be no recovery sought for the amounts below in any future period:
−Removed: Three months ended September 30, 2022
−Removed: Three months ended September 30, 2021
−Removed: Nine months ended September 30, 2022
−Removed: Nine months ended September 30, 2021
+Added: Three months ended March 31, 2023
+Added: Three months ended March 31, 2022
+Added: $ 124,377  
Use of Estimates
4 unchanged sentences
In accordance with U.S.
−Removed: 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.
+Added: GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date.
In determining fair value, the Fund uses various valuation approaches.
1 unchanged sentence
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:
+Added: 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.
+Added: The fair value hierarchy is categorized into three levels based on the inputs as follows: 
Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
11 unchanged sentences
Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure.
−Removed: Therefore, even when market assumptions are not readily available, the Fund’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date.
+Added: Therefore, even when market assumptions are not readily available, the Fund’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date.
The Fund uses prices and inputs that are current as of the measurement date, including during periods of market dislocation.
1 unchanged sentence
This condition could cause a financial instrument to be reclassified to a lower level within the fair value hierarchy.
−Removed: For instance, when Corn Futures Contracts on the CBOT are not actively trading due to a “limit-up” or limit-down” condition, meaning that the daily change in the Corn Futures Contracts has exceeded the limits established, the Trust and the Fund will revert to alternative verifiable sources of valuation of its assets.
−Removed: 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 September 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.
+Added: For instance, when Corn Futures Contracts on the CBOT are not actively trading due to a “limit-up”
+Added: or limit-down”
+Added: condition, meaning that the daily change in the Corn Futures Contracts has exceeded the limits established, the Trust and the Fund will revert to alternative verifiable sources of valuation of its assets.
+Added: 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.
+Added: On March 31, 2023 and December 31, 2022 , 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.
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 quarter ended March 31, 2021, Corn Futures Contracts for the JUL21 CBOT corn futures, SEP21 CBOT corn futures, and DEC21 CBOT corn futures settled in a “limit up” condition.
−Removed: Accordingly, the Trust and CORN classified these as Level 2 assets.
−Removed: The financial statements of CORN were adjusted accordingly.
−Removed: The adjustment resulted in an increase in the unrealized change in commodity futures contracts in excess of reported CBOT values of $ 3,371,513 .
−Removed: The JUL21 corn futures contracts transferred back to a Level 1 asset, and the SEP21 and DEC21 corn futures contracts remained a Level 2 asset as described below for the period ended June 30, 2021.
−Removed: For the quarter ended June 30, 2021, Corn Futures Contracts for the SEP21 CBOT corn futures and the DEC21 CBOT corn futures, settled in a “limit up” condition.
−Removed: Accordingly, the Trust and CORN classified these as level 2 assets.
−Removed: The financial statements of CORN were adjusted accordingly.
−Removed: The adjustment resulted in an increase in the unrealized change in commodity futures contracts in excess of reported CBOT values of $ 711,275 for CORN.
−Removed: The Corn futures contracts transferred back to a Level 1 asset for the period ended September 30, 2021.
+Added: For the three months ended March 31, 2023  and year ended December 31, 2022 , 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”) 2022-03, related to fair value measurement (Topic 820) of equity securities subject to contractual sale restrictions.
−Removed: 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.
−Removed: The amendment was early adopted for the quarter ended June 30, 2022;
−Removed: the early adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund.
−Removed: The FASB issued 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;
+Added: The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) issued ASU 2023 - 01, related to Leases –
+Added: (Topic 842 ).
+Added: The response to concerns about applying Topic 842 to related party arrangements between entities under common control.
+Added: The update was adopted early for the quarter ended March 31, 2023;
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;
+Added: The FASB issued 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 adopted for the quarter ended June 30, 2022;
the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund.
−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 September 30, 2022 and December 31, 2021:
−Removed: September 30, 2022
−Removed: Balance as of September 30, 2022
+Added: Note 4 –
+Added: Fair Value Measurements
+Added: 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.
+Added: The following table presents information about the Fund’s assets and liabilities measured at fair value as of March 31, 2023 and December 31, 2022 :
+Added: March 31, 2023
+Added: Balance as of
+Added: March 31, 2023
Cash Equivalents
−Removed: $ 172,043,146
−Removed: $ 172,043,146
+Added: $ 81,293,119  
+Added: $ 81,293,119  
Commodity Futures Contracts
Corn futures contracts
−Removed: $ 178,617,089
−Removed: $ 178,617,089
−Removed: Balance as of September 30, 2020
+Added: 798,350  
+Added: 798,350  
+Added: $ 82,091,469  
+Added: $ 82,091,469  
+Added: Balance as of
+Added: March 31, 2023
Commodity Futures Contracts
Corn futures contracts
+Added: $ 5,479,015  
+Added: $ 5,479,015  
December 31, 2022
−Removed: Balance as of December 31, 2021
+Added: Balance as of
+Added: December 31, 2022
Cash Equivalents
+Added: $ 116,896,074  
+Added: $ 116,896,074  
Commodity Futures Contracts
Corn futures contracts
−Removed: For the three and nine months ended September 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.
+Added: 1,585,798  
+Added: 1,585,798  
+Added: $ 118,481,872  
+Added: $ 118,481,872  
+Added: Balance as of
+Added: December 31, 2022
+Added: Corn futures contracts
+Added: $ 2,967,103  
+Added: $ 2,967,103  
+Added: For the 
+Added: three months ended March 31, 2023 and year ended December 31, 2022 , 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.
−Removed: Note 5 – Derivative Instruments and Hedging Activities
+Added: Note 5 –
+Added: Derivative Instruments and Hedging Activities
In the normal course of business, the Fund utilizes derivative contracts in connection with its proprietary trading activities.
Investments in derivative contracts are subject to additional risks that can result in a loss of all or part of an investment.
−Removed: The Fund’s derivative activities and exposure to derivative contracts are classified by the following primary underlying risks:
+Added: The Fund’s derivative activities and exposure to derivative contracts are classified by the following primary underlying risks:
interest rate, credit, commodity price, and equity price risks.
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 and nine months ended September 30, 2022 and year ended December 31, 2021, the Fund invested only in commodity futures contracts.
+Added: For the three months ended March 31, 2023 and year ended December 31, 2022 , the Fund invested only in commodity futures contracts.
Futures Contracts
3 unchanged sentences
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.
−Removed: Futures contracts may reduce the Fund’s exposure to counterparty risk since futures contracts are exchange-traded;
−Removed: and the exchange’s clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures against default.
−Removed: The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM’s proprietary activities.
−Removed: A customer’s cash and other equity deposited with an FCM are considered commingled with all other customer funds subject to the FCM’s segregation requirements.
−Removed: In the event of an FCM’s insolvency, recovery may be limited to the Fund’s pro rata share of segregated customer funds available.
−Removed: It is possible that the recovery amount could be less than the total of cash and other equity deposited.
+Added: Futures contracts may reduce the Fund’s exposure to counterparty risk since futures contracts are exchange-traded;
+Added: and the exchange’s clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures against default.
+Added: The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM’s proprietary activities.
+Added: A customer’s cash and other equity deposited with an FCM are considered commingled with all other customer funds subject to the FCM’s segregation requirements.
+Added: In the event of an FCM’s insolvency, recovery may be limited to the Fund’s pro rata share of segregated customer funds available.
+Added: It is possible that the recovery amount could be less than the total of cash and other equity deposited. 
The following table discloses information about offsetting assets and liabilities presented in the statements of assets and liabilities to enable users of these financial statements to evaluate the effect or potential effect of netting arrangements for recognized assets and liabilities.
These recognized assets and liabilities are presented as defined in FASB ASU No.
−Removed: 2011-11 “Balance Sheet (Topic 210):
−Removed: Disclosures about Offsetting Assets and Liabilities” and subsequently clarified in FASB ASU 2013-01 “Balance Sheet (Topic 210):
−Removed: 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 September 30, 2022, and December 31, 2021.
+Added: 2011 - 11 “Balance Sheet (Topic 210 ):
+Added: Disclosures about Offsetting Assets and Liabilities”
+Added: and subsequently clarified in FASB ASU 2013 - 01 “Balance Sheet (Topic 210 ):
+Added: Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.”
+Added: The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, Marex and StoneX as of March 31, 2023 , and December 31, 2022 .
*The amount of collateral presented in Collateral, Due from Broker, is limited to the liability for the futures contracts and accordingly does not include the excess collateral pledged.
−Removed: Offsetting of Financial Assets and Derivative Assets as of September 30, 2022
+Added: Offsetting of Financial Assets and Derivative Assets as of March 31, 2023
(iii) = (i)-(ii)
8 unchanged sentences
Corn futures contracts
−Removed: Offsetting of Financial Liabilities and Derivative Liabilities as of September 30, 2022
+Added: $ 798,350  
+Added: $ 798,350  
+Added: $ 798,350  
+Added: Offsetting of Financial Liabilities and Derivative Liabilities as of March 31, 2023
(iii) = (i)-(ii)
8 unchanged sentences
Corn futures contracts
+Added: $ 5,479,015  
+Added: $ 5,479,015  
+Added: $ 798,350  
+Added: $ 4,680,665  
Offsetting of Financial Assets and Derivative Assets as of December 31, 2022
9 unchanged sentences
Corn futures contracts
−Removed: 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 September 30, 2022
−Removed: Realized Loss on Commodity Futures Contracts
−Removed: Net Change in Unrealized Appreciation on Commodity Futures Contracts
−Removed: Commodity Price
−Removed: Corn futures contracts
−Removed: $ ( 10,344,285 )
−Removed: Three months ended September 30, 2021
−Removed: Realized Gain on Commodity Futures Contracts
−Removed: Net Change in Unrealized Depreciation on Commodity Futures Contracts
+Added: $ 1,585,798  
+Added: $ 1,585,798  
+Added: $ 1,585,798  
+Added: Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 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 Assets
+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*
Commodity Price
Corn futures contracts
−Removed: $ ( 16,642,507 )
−Removed: Nine months ended September 30, 2022
−Removed: Realized Gain on Commodity Futures Contracts
+Added: $ 2,967,103  
+Added: $ 2,967,103  
+Added: $ 1,585,798  
+Added: $ 1,381,305  
+Added: 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:
+Added: Three months ended March 31, 2023
+Added: Realized Loss on Commodity Futures Contracts
Net Change in Unrealized Depreciation on Commodity Futures Contracts
1 unchanged sentence
Corn futures contracts
+Added: $ ( 6,268,935 )  
$ ( 3,299,360 )
−Removed: Nine months ended September 30, 2021
+Added: Three months ended March 31, 2022
Realized Gain on Commodity Futures Contracts
−Removed: Net Change in Unrealized Depreciation on Commodity Futures Contracts
+Added: Net Change in Unrealized Appreciation on Commodity Futures Contracts
Commodity Price
Corn futures contracts
−Removed: $ ( 18,263,441 )
+Added: $ 16,568,982  
+Added: $ 19,894,329  
Volume of Derivative Activities
−Removed: The average notional market value categorized by primary underlying risk for the futures contracts held was $ 209.7 million and $ 201.4 million respectively for the three and nine months ended September 30, 2022 and $ 126.7 million and $ 154.1 million for the three and nine months ended September 30, 2021, respectively.
−Removed: Note 6 – Financial Highlights
−Removed: The following tables present per unit performance data and other supplemental financial data for the three and nine months ended September 30, 2022 and 2021.
+Added: The average notional market value categorized by primary underlying risk for the futures contracts held was $ 126.4  million and $ 167.5  million respectively for the three months ended March 31, 2023 and for the three months ended March 31, 2022 .
+Added: Note 6 –
+Added: Financial Highlights
+Added: The following tables present per unit performance data and other supplemental financial data for the three months ended March 31, 2023 and 2022 .
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: Nine months ended
−Removed: Nine months ended
−Removed: September 30, 2022
−Removed: September 30, 2021
−Removed: September 30, 2022
−Removed: September 30, 2021
+Added: March 31, 2023
+Added: March 31, 2022
Per Share Operation Performance
Net asset value at beginning of period
+Added: $ 26.90  
+Added: $ 21.58  
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
+Added: ( 1.77 )  
Total expenses, net
−Removed: Net increase (decrease) in net asset value
+Added: ( 0.14 )  
+Added: Net (decrease) increase in net asset value
+Added: ( 1.63 )  
Net asset value at end of period
+Added: $ 25.27  
+Added: $ 27.17  
+Added: - 6.03 %  
Ratios to Average Net Assets (Annualized)
Total expenses
+Added: 2.13 %  
Total expenses, net
+Added: 2.13 %  
Net investment income (loss)
+Added: 2.29 %  
The financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses.
−Removed: Note 7 – Organizational and Offering Costs
+Added: Note 7 –
+Added: Organizational and Offering Costs
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.
The Fund will not be obligated to reimburse the Sponsor.
−Removed: Note 8 – Subsequent Events
−Removed: Management has evaluated the financial statements for the quarter-ended September 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.
+Added: Note 8 –
+Added: Subsequent Events
+Added: Management has evaluated the financial statements for the quarter-ended March 31, 2023 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: September 30, 2022
+Added: March 31, 2023
December 31, 2022
Cash and cash equivalents
+Added: $ 36,094,349  
+Added: $ 58,212,569  
Interest receivable
+Added: 31,478  
+Added: 66,135  
+Added: 31,009  
Equity in trading accounts:
Commodity futures contracts
+Added: 2,520,370  
Due from broker
+Added: 3,121,820  
+Added: 543,205  
Total equity in trading accounts
+Added: 3,121,820  
+Added: 3,063,575  
+Added: 39,278,656  
+Added: 61,343,439  
+Added: Payable for shares redeemed
+Added: 2,850,260  
Management fee payable to Sponsor
+Added: 34,239  
+Added: 55,430  
Other liabilities
1 unchanged sentence
Commodity futures contracts
−Removed: Due to broker
−Removed: Total equity in trading accounts
+Added: 1,179,272  
Total liabilities
+Added: 1,214,156  
+Added: 2,913,454  
+Added: $ 38,064,500  
+Added: $ 58,429,985  
Shares outstanding
+Added: 1,400,004  
+Added: 2,050,004  
Shares authorized
Net asset value per share
+Added: $ 27.19  
+Added: $ 28.50  
Market value per share
+Added: $ 27.14  
+Added: $ 28.50  
* 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.
+Added:    
The accompanying notes are an integral part of these financial statements.
1 unchanged sentence
SCHEDULE OF INVESTMENTS
−Removed: September 30, 2022
+Added: March 31, 2023
Percentage of
1 unchanged sentence
Money market funds
−Removed: First American Funds - Government Obligations Fund - Class X (cost $17,432,839)
−Removed: Goldman Sachs Financial Square Government Fund - Institutional Class (cost:
−Removed: Total money market funds (cost:
−Removed: Principal Amount
+Added: First American Government Obligations Fund - Class X
+Added: 4.654 %  
+Added: $ 2,703,732  
+Added: $ 2,703,732  
+Added: 2,703,732  
+Added: Goldman Sachs Financial Square Government Fund - Institutional Class
+Added: 4.724 %  
+Added: 10,943,640  
+Added: 10,943,640  
+Added: 10,943,640  
+Added: Total money market funds
+Added: $ 13,647,372  
+Added: $ 13,647,372  
+Added: Percentage of
Commercial Paper
−Removed: American Electric Power Company, Inc.
−Removed: 3.465% (cost:
−Removed: $2,491,663 due 11/03/2022)
Brookfield Infrastructure Holdings (Canada) Inc.
−Removed: 3.540% (cost:
−Removed: $4,973,750 due 11/15/2022)
−Removed: Crown Castle Inc.
−Removed: 3.234% (cost:
−Removed: $2,487,555 due 11/10/2022)
−Removed: Entergy Corporation 3.030% (cost:
−Removed: $2,487,500 due 11/14/2022)
−Removed: General Motors Financial Company, Inc.
−Removed: 2.929% (cost:
−Removed: $2,485,903 due 10/14/2022)
−Removed: Glencore Funding LLC 2.898% (cost:
−Removed: $2,487,444 due 10/18/2022)
−Removed: Harley-Davidson Financial Services, Inc.
−Removed: 3.029% (cost:
−Removed: $6,671,525 due 10/05/2022)
+Added: April 18, 2023
+Added: 5.147 %  
+Added: $ 2,468,438  
+Added: $ 2,494,038  
+Added: 2,500,000  
+Added: Brookfield Infrastructure Holdings (Canada) Inc.
+Added: 5.194 %  
+Added: 2,472,730  
+Added: 2,478,396  
+Added: 2,500,000  
+Added: Conagra Brands, Inc.
+Added: April 14, 2023
+Added: 5.074 %  
+Added: 2,489,236  
+Added: 2,495,486  
+Added: 2,500,000  
Harley-Davidson Financial Services, Inc.
−Removed: 3.487% (cost:
−Removed: $2,489,698 due 11/03/2022)
−Removed: 3.158% (cost:
−Removed: $2,493,914 due 10/14/2022)
−Removed: 3.535% (cost:
−Removed: $2,493,681 due 10/19/2022)
−Removed: Total Commercial Paper (cost:
+Added: April 6, 2023
+Added: 5.187 %  
+Added: 2,479,105  
+Added: 2,498,229  
+Added: 2,500,000  
+Added: Oracle Corporation
+Added: April 14, 2023
+Added: 4.803 %  
+Added: 2,482,920  
+Added: 2,495,730  
+Added: 2,500,000  
+Added: Oracle Corporation
+Added: 5.346 %  
+Added: 2,484,658  
+Added: 2,487,581  
+Added: 2,500,000  
+Added: Walgreens Boots Alliance, Inc.
+Added: April 3, 2023
+Added: 4.988 %  
+Added: 2,284,629  
+Added: 2,299,373  
+Added: 2,300,000  
+Added: Total Commercial Paper
+Added: $ 17,161,716  
+Added: $ 17,248,833  
Total Cash Equivalents
+Added: $ 30,896,205  
Percentage of
3 unchanged sentences
United States soybean futures contracts
−Removed: CBOT soybean futures JAN23 (339 contracts)
−Removed: CBOT soybean futures MAR23 (290 contracts)
−Removed: CBOT soybean futures NOV23 (356 contracts)
+Added: CBOT soybean futures JUL23
+Added: $ 337,375  
+Added: $ 13,279,500  
+Added: CBOT soybean futures NOV23
+Added: 387,322  
+Added: 11,415,838  
+Added: CBOT soybean futures NOV24
+Added: 454,575  
+Added: 13,334,875  
Total commodity futures contracts
+Added: $ 1,179,272  
+Added: $ 38,030,213  
The accompanying notes are an integral part of these financial statements.
5 unchanged sentences
Money market funds
−Removed: First American Government Obligations Fund - Class X 0.026% (cost $8,951,314)
−Removed: Goldman Sachs Financial Square Government Fund - Institutional Class 0.030% (cost $2,511,180)
−Removed: Total money market funds (cost:
−Removed: Principal Amount
+Added: First American Government Obligations Fund - Class X
+Added: 4.105 %  
+Added: $ 10,287,270  
+Added: $ 10,287,270  
+Added: 10,287,270  
+Added: Goldman Sachs Financial Square Government Fund - Institutional Class
+Added: 4.140 %  
+Added: 15,343,772  
+Added: 15,343,772  
+Added: 15,343,772  
+Added: Total money market funds
+Added: $ 25,631,042  
+Added: $ 25,631,042  
+Added: Percentage of
Commercial Paper
−Removed: Albemarle Corporation 0.200% (cost:
−Removed: $2,499,417 due 01/11/2022)
−Removed: Conagra Brands, Inc.
−Removed: 0.160% (cost:
−Removed: $2,499,000 due 01/05/2022)
−Removed: Conagra Brands, Inc.
−Removed: 0.150% (cost:
−Removed: $2,499,355 due 01/18/2022)
−Removed: General Motors Financial Company, Inc.
−Removed: 0.200% (cost:
−Removed: $3,998,044 due 01/31/2022)
−Removed: General Motors Financial Company, Inc.
−Removed: 0.160% (cost:
−Removed: $2,499,400 due 01/03/2022)
−Removed: Harley-Davidson Financial Services, Inc.
−Removed: 0.170% (cost:
−Removed: $2,498,938 due 02/01/2022)
−Removed: 0.300% (cost:
−Removed: $2,498,312 due 02/11/2022)
−Removed: 0.200% (cost:
−Removed: $2,499,292 due 01/21/2022)
−Removed: Total Commercial Paper (cost:
+Added: Brookfield Infrastructure Holdings (Canada) Inc.
+Added: January 17, 2023
+Added: 4.734 %  
+Added: $ 4,959,225  
+Added: $ 4,989,644  
+Added: 5,000,000  
+Added: CNH Industrial Capital LLC
+Added: January 23, 2023
+Added: 4.566 %  
+Added: 2,483,750  
+Added: 2,493,125  
+Added: 2,500,000  
+Added: Crown Castle Inc.
+Added: January 10, 2023
+Added: 4.877 %  
+Added: 2,481,000  
+Added: 2,497,000  
+Added: 2,500,000  
+Added: Crown Castle Inc.
+Added: January 12, 2023
+Added: 4.765 %  
+Added: 2,489,882  
+Added: 2,496,410  
+Added: 2,500,000  
+Added: Entergy Corporation
+Added: January 4, 2023
+Added: 4.311 %  
+Added: 2,481,702  
+Added: 2,499,115  
+Added: 2,500,000  
+Added: January 9, 2023
+Added: 4.670 %  
+Added: 2,482,750  
+Added: 2,497,444  
+Added: 2,500,000  
+Added: January 17, 2023
+Added: 4.364 %  
+Added: 2,479,695  
+Added: 2,495,222  
+Added: 2,500,000  
+Added: February 2, 2023
+Added: 4.669 %  
+Added: 2,483,389  
+Added: 2,489,778  
+Added: 2,500,000  
+Added: VW Credit, Inc.
+Added: January 19, 2023
+Added: 4.434 %  
+Added: 2,482,702  
+Added: 2,494,538  
+Added: 2,500,000  
+Added: Walgreens Boots Alliance, Inc.
+Added: February 13, 2023
+Added: 4.842 %  
+Added: 2,485,094  
+Added: 2,485,756  
+Added: 2,500,000  
+Added: Total Commercial Paper
+Added: $ 27,309,189  
+Added: $ 27,438,032  
Total Cash Equivalents
+Added: $ 53,069,074  
+Added: Percentage of
Notional Amount
2 unchanged sentences
United States soybean futures contracts
−Removed: CBOT soybean futures MAR22 (234 contracts)
−Removed: CBOT soybean futures MAY22 (199 contracts)
−Removed: CBOT soybean futures NOV22 (250 contracts)
+Added: CBOT soybean futures MAR23
+Added: $ 642,912  
+Added: $ 20,421,600  
+Added: CBOT soybean futures MAY23
+Added: 807,218  
+Added: 17,518,500  
+Added: CBOT soybean futures NOV23
+Added: 1,070,240  
+Added: 20,472,038  
Total commodity futures contracts
+Added: $ 2,520,370  
+Added: $ 58,412,138  
The accompanying notes are an integral part of these financial statements.
3 unchanged sentences
Three months ended
−Removed: Nine months ended
−Removed: Nine months ended
−Removed: September 30, 2022
−Removed: September 30, 2021
−Removed: September 30, 2022
−Removed: September 30, 2021
+Added: March 31, 2023
+Added: March 31, 2022
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
−Removed: ( 3,855,440 )
−Removed: ( 7,754,543 )
−Removed: ( 5,768,700 )
−Removed: ( 15,794,481 )
+Added: $ 1,067,543  
+Added: $ 7,052,701  
+Added: Net change in unrealized (depreciation)/appreciation on commodity futures contracts
+Added: ( 3,699,642 )  
+Added: 914,717  
Interest income
+Added: 511,623  
+Added: 27,836  
Total (loss) income
−Removed: ( 2,512,328 )
−Removed: ( 4,312,746 )
+Added: ( 2,120,476 )  
+Added: 7,995,254  
Management fees
+Added: 114,690  
+Added: 135,715  
Professional fees
+Added: 57,998  
+Added: 63,987  
Distribution and marketing fees
+Added: 69,185  
+Added: 127,166  
Custodian fees and expenses
2 unchanged sentences
Total expenses
+Added: 249,902  
+Added: 349,785  
Expenses waived by the Sponsor
Total expenses, net
+Added: 249,902  
+Added: 298,369  
Net (loss) income
−Removed: $ ( 2,816,428 )
−Removed: $ ( 4,573,209 )
+Added: $ ( 2,370,378 )  
+Added: $ 7,696,885  
Net (loss) gain per share
−Removed: Net (loss) income per weighted average share
+Added: $ ( 1.31 )  
+Added: $ 3.99  
+Added: Net (loss) gain per weighted average share
+Added: $ ( 1.42 )  
+Added: $ 3.62  
Weighted average shares outstanding
+Added: 1,668,615  
+Added: 2,128,060  
The accompanying notes are an integral part of these financial statements.
1 unchanged sentence
STATEMENTS OF CHANGES IN NET ASSETS
−Removed: Nine months ended
−Removed: Nine months ended
−Removed: September 30, 2022
−Removed: September 30, 2021
+Added: Three months ended
+Added: Three months ended
+Added: March 31, 2023
+Added: March 31, 2022
+Added: Net (loss) income
+Added: $ ( 2,370,378 )  
+Added: $ 7,696,885  
Capital transactions
Issuance of Shares
+Added: 3,526,043  
+Added: 14,305,992  
Redemption of Shares
−Removed: ( 35,911,520 )
+Added: ( 21,521,150 )  
( 2,749,680 )
Total capital transactions
−Removed: ( 54,228,535 )
+Added: ( 17,995,107 )  
+Added: 11,556,312  
Net change in net assets
−Removed: ( 41,894,155 )
+Added: ( 20,365,485 )  
+Added: 19,253,197  
Net assets, beginning of period
+Added: $ 58,429,985  
+Added: $ 44,972,625  
Net assets, end of period
+Added: $ 38,064,500  
+Added: $ 64,225,822  
Net asset value per share at beginning of period
+Added: $ 28.50  
+Added: $ 22.77  
Net asset value per share at end of period
+Added: $ 27.19  
+Added: $ 26.76  
Creation of Shares
+Added: 125,000  
+Added: 525,000  
Redemption of Shares
+Added: 775,000  
+Added: 100,000  
The accompanying notes are an integral part of these financial statements.
1 unchanged sentence
STATEMENTS OF CASH FLOWS
−Removed: Nine months ended
−Removed: Nine months ended
−Removed: September 30, 2022
−Removed: September 30, 2021
+Added: Three months ended
+Added: Three months ended
+Added: March 31, 2023
+Added: March 31, 2022
Cash flows from operating activities:
−Removed: Adjustments to reconcile net income to net cash provided by operating activities:
−Removed: Net change in unrealized depreciation on commodity futures contracts
+Added: Net (loss) income
+Added: $ ( 2,370,378 )  
+Added: $ 7,696,885  
+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
+Added: 3,699,642  
Changes in operating assets and liabilities:
Due from broker
−Removed: ( 5,445,820 )
−Removed: ( 3,451,445 )
+Added: ( 2,578,615 )  
Interest receivable
−Removed: Payable for purchases of commercial paper
−Removed: ( 4,997,451 )
+Added: 34,657  
+Added: ( 29,849 )  
Due to broker
−Removed: ( 11,257,566 )
+Added: 1,264,293  
Management fee payable to Sponsor
+Added: ( 21,191 )  
+Added: 19,791  
Other liabilities
−Removed: Net cash provided by operating activities
+Added: ( 7,119 )  
+Added: 37,744  
+Added: Net cash (used in) provided by operating activities
+Added: ( 1,272,853 )  
+Added: 8,101,935  
Cash flows from financing activities:
Proceeds from sale of Shares
+Added: 3,526,043  
+Added: 14,305,992  
Redemption of Shares
−Removed: ( 35,911,520 )
−Removed: ( 76,423,890 )
−Removed: Net cash provided by (used in) financing activities
+Added: ( 24,371,410 )  
( 2,749,680 )
+Added: Net cash (used in) provided by financing activities
+Added: ( 20,845,367 )  
+Added: 11,556,312  
Net change in cash and cash equivalents
−Removed: ( 45,801,246 )
+Added: ( 22,118,220 )  
+Added: 19,658,247  
Cash and cash equivalents beginning of period
+Added: 58,212,569  
+Added: 43,019,884  
Cash and cash equivalents end of period
+Added: $ 36,094,349  
+Added: $ 62,678,131  
The accompanying notes are an integral part of these financial statements.
NOTES TO FINANCIAL STATEMENTS
−Removed: September 30, 2022
−Removed: Note 1 – Organization and Operation
−Removed: Teucrium Soybean Fund (referred to herein as “SOYB” or the “Fund”) is a commodity pool that is a series of Teucrium Commodity Trust (“Trust”), a Delaware statutory trust formed on September 11, 2009.
−Removed: The Fund issues common units, called the “Shares,” representing fractional undivided beneficial interests in the Fund.
−Removed: The Fund continuously offers Creation Baskets consisting of 25,000 Shares at their Net Asset Value (“NAV”) to “Authorized Purchasers” through Foreside Fund Services, LLC, which is the distributor for the Fund (the “Distributor”).
−Removed: Authorized Purchasers sell such Shares, which are listed on the New York Stock Exchange (“NYSE”) Arca under the symbol “SOYB,” to the public at per Share offering prices that reflect, among other factors, the trading price of the Shares on the NYSE Arca, the NAV of the Fund at the time the Authorized Purchaser purchased the Creation Baskets and the NAV at the time of the offer of the Shares to the public, the supply of and demand for Shares at the time of sale, and the liquidity of the markets for soybean interests.
−Removed: The Fund’s Shares trade in the secondary market on the NYSE Arca at prices that are lower or higher than their NAV per Share.
−Removed: The investment objective of SOYB is to have the daily changes in the NAV of the Fund’s Shares reflect the daily changes in the soybean market for future delivery as measured by the Benchmark.
−Removed: The Benchmark is a weighted average of the closing settlement prices for three futures contracts for soybeans (“Soybean Futures Contracts”) that are traded on the Chicago Board of Trade (“CBOT”):
+Added: March 31, 2023
+Added: Note 1 –
+Added: Organization and Operation
+Added: Teucrium Soybean Fund (referred to herein as “SOYB”
+Added: or the “Fund”) is a commodity pool that is a series of Teucrium Commodity Trust (“Trust”), a Delaware statutory trust formed on September 11, 2009.
+Added: The Fund issues common units, called the “Shares,”
+Added: representing fractional undivided beneficial interests in the Fund.
+Added: The Fund continuously offers Creation Baskets consisting of 25,000 Shares at their Net Asset Value (“NAV”) to “Authorized Purchasers”
+Added: through Foreside Fund Services, LLC, which is the distributor for the Fund (the “Distributor”).
+Added: Authorized Purchasers sell such Shares, which are listed on the New York Stock Exchange (“NYSE”) Arca under the symbol “SOYB,”
+Added: to the public at per Share offering prices that reflect, among other factors, the trading price of the Shares on the NYSE Arca, the NAV of the Fund at the time the Authorized Purchaser purchased the Creation Baskets and the NAV at the time of the offer of the Shares to the public, the supply of and demand for Shares at the time of sale, and the liquidity of the markets for soybean interests.
+Added: The Fund’s Shares trade in the secondary market on the NYSE Arca at prices that are lower or higher than their NAV per Share.
+Added: The investment objective of SOYB is to have the daily changes in the NAV of the Fund’s Shares reflect the daily changes in the soybean market for future delivery as measured by the Benchmark.
+Added: The Benchmark is a weighted average of the closing settlement prices for three futures contracts for soybeans (“Soybean Futures Contracts”) that are traded on the Chicago Board of Trade (“CBOT”):
SOYB Benchmark
4 unchanged sentences
The Fund commenced investment operations on September 19, 2011 and has a fiscal year ending December 31.
−Removed: The Fund’s sponsor is Teucrium Trading, LLC (the “Sponsor”).
+Added: The Fund’s sponsor is Teucrium Trading, LLC (the “Sponsor”).
The Sponsor is responsible for the management of the Fund.
−Removed: The Sponsor is registered as a commodity pool operator (“CPO”) and a commodity trading adviser (“CTA”) with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures Association (“NFA”).
+Added: The Sponsor is registered as a commodity pool operator (“CPO”) and a commodity trading adviser (“CTA”) with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures Association (“NFA”).
On June 13, 2011, the initial Form S- 1 for SOYB was declared effective by the SEC.
3 unchanged sentences
This registration statement for SOYB registered an indeterminate number of shares.
−Removed: 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”).
+Added: 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”).
The financial information included herein is unaudited;
−Removed: however, such financial information reflects all adjustments which are, in the opinion of management, necessary for the fair presentation of the Fund’s financial statements for the interim period.
−Removed: 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 and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022.
−Removed: 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.
+Added: however, such financial information reflects all adjustments which are, in the opinion of management, necessary for the fair presentation of the Fund’s financial statements for the interim period.
+Added: 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.
+Added: The operating results for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the full year ending December 31, 2023. 
+Added: 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.
However, no level of losses will require the Sponsor to terminate a Fund.
−Removed: Note 2 – Principal Contracts and Agreements
+Added: Note 2 –
+Added: Principal Contracts and Agreements
The Sponsor employs U.S.
Bancorp Fund Services, LLC, doing business as U.S.
−Removed: Bank Global Fund Services (“Global Fund Services”), for Transfer Agency, Fund Accounting and Fund Administration services.
+Added: Bank Global Fund Services (“Global Fund Services”), for Transfer Agency, Fund Accounting and Fund Administration services.
The principal address for Global Fund Services is 615 E.
6 unchanged sentences
A summary of these expenses is included below.
−Removed: The Sponsor employs Foreside Fund Services, LLC (“Foreside” or the “Distributor”) as the Distributor for the Funds.
+Added: The Sponsor employs Foreside Fund Services, LLC (“Foreside”
+Added: or the “Distributor”) as the Distributor for the Funds.
The Distribution Services Agreement among the Distributor and the Sponsor calls for the Distributor to work with the Custodian in connection with the receipt and processing of orders for Creation Baskets and Redemption Baskets and the review and approval of all Fund sales literature and advertising materials.
−Removed: The Distributor and the Sponsor have also entered into a Securities Activities and Service Agreement (the “SASA”) under which certain employees and officers of the Sponsor are licensed as registered representatives or registered principals of the Distributor, under Financial Industry Regulatory Authority (“FINRA”) rules.
−Removed: For its services as the Distributor, Foreside receives a fee of 0.01% of each Fund’s average daily net assets and an aggregate annual fee of $100,000 for all Funds, along with certain expense reimbursements.
+Added: The Distributor and the Sponsor have also entered into a Securities Activities and Service Agreement (the “SASA”) under which certain employees and officers of the Sponsor are licensed as registered representatives or registered principals of the Distributor, under Financial Industry Regulatory Authority (“FINRA”) rules.
+Added: For its services as the Distributor, Foreside receives a fee of 0.01 % of each Fund’s average daily net assets and an aggregate annual fee of $ 100,000 for all Funds, along with certain expense reimbursements.
For its services under the SASA, Foreside receives a fee of $ 5,000 per registered representative and $ 1,000 per registered location.
These services are recorded as distribution and marketing fees on the statements of operations.
−Removed: A summary of these expenses is included below.
−Removed: Pursuant to a Consulting Services Agreement, Foreside Consulting Services, LLC, performs certain consulting support services for the Trust’s Sponsor.
−Removed: Additionally, Foreside Distributors, LLC performs certain distribution consulting services pursuant to a Distribution Consulting Agreement with the Sponsor.
−Removed: E D & F Man Capital Markets, Inc.
−Removed: (“E D & F Man”) and StoneX Financial Inc.
−Removed: (“StoneX”) serve as the Funds’ clearing brokers to execute and clear futures contracts and provide other brokerage-related services.
−Removed: E D & F Man and StoneX are each registered as futures commission merchants (“FCM”) with the U.S.
+Added: A summary of these expenses is included below. 
+Added: Marex Capital Markets, Inc.
+Added: (“Marex”) and StoneX Financial Inc.
+Added: (“StoneX”) serve as the Funds’
+Added: clearing brokers to execute and clear futures contracts and provide other brokerage-related services.
+Added: Marex and StoneX are each registered as futures commission merchants (“FCM”) with the U.S.
CFTC and are members of the NFA.
The clearing brokers are registered as broker-dealers with the SEC and are each a member of FINRA.
−Removed: ED & F Man and StoneX are each clearing members of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges.
+Added: Marex and StoneX are each clearing members of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges.
For Corn, Soybean, Sugar, and Wheat Futures Contracts E D & F Man is paid $ 11.00 per round turn.
2 unchanged sentences
The half-turn is recognized as an unrealized loss on the statements of operations for contracts that have been purchased since the change in recognition, and a full turn is recognized as a realized loss on the statements of operations when a contract is sold.
−Removed: A summary of these expenses is included below.
+Added: A summary of these expenses can be found under the heading, Brokerage Commissions .
The sole Trustee of the Trust is Wilmington Trust Company, a Delaware banking corporation.
2 unchanged sentences
These services are recorded in business permits and licenses fees on the statements of operations.
−Removed: A summary of these expenses is included below.
−Removed: The Sponsor employs Thales Capital Partners LLC (“Thales”) for distribution and solicitation-related services.
−Removed: Thales is registered as a Broker-Dealer with the SEC and a member of FINRA and the Securities Investor Protection Corporation (“SIPC”).
+Added: A summary of these expenses is included below. 
+Added: The Sponsor employs Thales Capital Partners LLC (“Thales”) for distribution and solicitation-related services.
+Added: Thales is registered as a Broker-Dealer with the SEC and a member of FINRA and the Securities Investor Protection Corporation (“SIPC”).
Thales receives a quarterly fee of the higher of $ 18,750 or 0.10 % of new assets raised in referred accounts for distribution and solicitation-related services.
1 unchanged sentence
These services are recorded in distribution and marketing fees on the statements of operations.
−Removed: A summary of these expenses is included below:
−Removed: Three months ended September 30, 2022
−Removed: Three months ended September 30, 2021
−Removed: Nine months ended September 30, 2022
−Removed: Nine months ended September 30, 2021
+Added: A summary of these expenses is included below: 
+Added:     
+Added: Three months ended March 31, 2023
+Added: Three months ended March 31, 2022
Amount Recognized for Custody Services
+Added: $ 3,441  
+Added: $ 5,542  
Amount of Custody Services Waived
Amount Recognized for Distribution Services
+Added: $ 3,266  
+Added: $ 5,589  
Amount of Distribution Services Waived
+Added: $ 3,962  
Amount Recognized for Wilmington Trust
1 unchanged sentence
Amount Recognized for Thales
+Added: $ 1,848  
+Added: $ 8,729  
Amount of Thales Waived
−Removed: Note 3 – Summary of Significant Accounting Policies
+Added: Note 3 –
+Added: Summary of Significant Accounting Policies
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.
+Added: The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.
+Added: GAAP”) as detailed in the Financial Accounting Standards Board’s Accounting Standards Codification.
Revenue Recognition
11 unchanged sentences
Accretion on these investments is recognized using the effective interest method in U.S.
−Removed: dollars and included in interest income on the statements of operations.
+Added: dollars and included in interest income on the statements of operations. 
Brokerage Commissions
the Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis.
−Removed: The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and nine months ended September 30, 2022.
−Removed: Three Months Ended September 30, 2022
−Removed: Three Months Ended September 30, 2021
−Removed: Nine Months Ended September 30, 2022
−Removed: Nine Months Ended September 30, 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 months ended March 31, 2023 and 2022 .
+Added: Three months ended March 31, 2023
+Added: $ 6,340  
+Added: Three months ended March 31, 2022
+Added: $ 6,521  
For federal income tax purposes, each 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.
+Added: 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.
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.
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.
+Added: 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.
+Added: 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.
+Added: The financial statements reflect the Fund’s transactions without adjustment, if any, required for income tax purposes.
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.
5 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 September 30, 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.
+Added: Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of March 31, 2023 and for the years ended December 31, 2022 , 2021 , and 2020 .
+Added: 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 and nine months ended September 30, 2022 and 2021.
+Added: No interest expense or penalties have been recognized as of and for the three months ended March 31, 2023 and 2022 . 
The Fund may be subject to potential examination by U.S.
8 unchanged sentences
(ET) 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 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.
+Added: Authorized Purchasers may redeem shares from the Fund only in blocks of 25,000 shares called “Redemption Baskets.”
+Added: 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.
(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.
−Removed: The amounts due from Authorized Purchasers are reflected in the Fund’s statements of assets and liabilities as capital shares receivable.
−Removed: Amounts payable to Authorized Purchasers upon redemption are reflected in the Fund’s statements of assets and liabilities as payable for shares redeemed.
+Added: The amounts due from Authorized Purchasers are reflected in the Fund’s statements of assets and liabilities as capital shares receivable.
+Added: Amounts payable to Authorized Purchasers upon redemption are reflected in the Fund’s statements of assets and liabilities as payable for shares redeemed.
As outlined in the most recent Form S- 1 filing, 50,000 shares represent two Redemption Baskets for the Fund and a minimum level of shares.
11 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: September 30,
+Added: March 31, 2023
+Added: December 31, 2022
Money Market Funds
+Added: $ 13,647,372  
+Added: $ 25,631,042  
Demand Deposit Savings Accounts
+Added: 5,198,144  
+Added: 5,143,495  
Commercial Paper
+Added: 17,248,833  
+Added: 27,438,032  
Total cash and cash equivalents as presented on the Statement of Assets and Liabilities
+Added: $ 36,094,349  
+Added: $ 58,212,569  
Payable for Purchases of Commercial Paper
2 unchanged sentences
Due from/to Broker
−Removed: The amount recorded by the Fund for the amount due from and to the clearing broker includes, but is not limited to, cash held by the broker, amounts payable to the clearing broker related to open transactions, payables for commodities futures accounts liquidating to an equity balance on the clearing broker’s records and amounts of brokerage commissions paid and recognized as unrealized losses.
−Removed: 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.
−Removed: A margin deposit acts to assure the trader’s performance of the futures contracts purchased or sold.
+Added: The amount recorded by the Fund for the amount due from and to the clearing broker includes, but is not limited to, cash held by the broker, amounts payable to the clearing broker related to open transactions, payables for commodities futures accounts liquidating to an equity balance on the clearing broker’s records and amounts of brokerage commissions paid and recognized as unrealized losses.
+Added: 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.
+Added: A margin deposit acts to assure the trader’s performance of the futures contracts purchased or sold.
Futures contracts are customarily bought and sold on initial margin that represents a very small percentage of the aggregate purchase or sales price of the contract.
2 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.
−Removed: Brokerage firms, such as the Fund’s 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.
+Added: Brokerage firms, such as the Fund’s 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.
Over the counter trading generally involves the extension of credit between counterparties, so the counterparties may agree to require the posting of collateral by one or both parties to address credit exposure.
4 unchanged sentences
Complicated margin requirements apply to spreads and conversions, which are complex trading strategies in which a trader acquires a mixture of options positions and positions in the underlying interest.
−Removed: Ongoing or “maintenance” margin requirements are computed each day by a trader’s clearing broker.
+Added: Ongoing or “maintenance”
+Added: margin requirements are computed each day by a trader’s clearing broker.
When the market value of a particular open futures contract changes to a point where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the broker.
−Removed: If the margin call is not met within a reasonable time, the broker may close out the trader’s position.
−Removed: With respect to the Fund’s trading, the Fund (and not its shareholders personally) is subject to margin calls.
+Added: If the margin call is not met within a reasonable time, the broker may close out the trader’s position.
+Added: With respect to the Fund’s trading, the Fund (and not its shareholders personally) is subject to margin calls. 
Finally, many major U.S.
1 unchanged sentence
Calculation of Net Asset Value
−Removed: The Fund’s NAV is calculated by:
+Added: The Fund’s NAV is calculated by:
Taking the current market value of its total assets and
6 unchanged sentences
The value of over-the-counter soybean interests is determined based on the value of the commodity or futures contract underlying such soybean interest, except that a fair value may be determined if the Sponsor believes that the Fund is subject to significant credit risk relating to the counterparty to such soybean interest.
−Removed: For purposes of financial statements and reports, the Sponsor will recalculate the NAV where necessary to reflect the “fair value” of a Futures Contract when the Futures Contract closes at its price fluctuation limit for the day.
+Added: For purposes of financial statements and reports, the Sponsor will recalculate the NAV where necessary to reflect the “fair value”
+Added: of a Futures Contract when the Futures Contract closes at its price fluctuation limit for the day.
Short term Treasury securities held by the Fund are valued by the administrator using values received from recognized third -party vendors and dealer quotes.
6 unchanged sentences
The Fund 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, 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.
+Added: The Fund also pays its portion of the fees and expenses associated with the Trust’s tax accounting and reporting requirements.
Certain aggregate expenses common to all Funds within the Trust are allocated by the Sponsor to the respective Fund 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.
3 unchanged sentences
Such expenses are primarily recorded as distribution and marketing fees in the financial statements of each Fund.
−Removed: Three months ended September 30, 2022
−Removed: Three months ended September 30, 2021
−Removed: Nine months ended September 30, 2022
−Removed: Nine months ended September 30, 2021
+Added: Three months ended March 31, 2023
+Added: Three months ended March 31, 2022
Recognized Related Party Transactions
+Added: $ 50,267  
+Added: $ 77,433  
Waived Related Party Transactions
+Added: $ 24,967  
The Sponsor has the ability to elect to pay certain expenses on behalf of the Funds or waive the management fee.
2 unchanged sentences
The Sponsor has determined that there will be no recovery sought for the amounts below in any future period:
−Removed: Three months ended September 30, 2022
−Removed: Three months ended September 30, 2021
−Removed: Nine months ended September 30, 2022
−Removed: Nine months ended September 30, 2021
+Added: Three months ended March 31, 2023
+Added: Three months ended March 31, 2022
+Added: $ 51,416  
Use of Estimates
4 unchanged sentences
In accordance with U.S.
−Removed: 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.
+Added: GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date.
In determining fair value, the Fund uses various valuation approaches.
2 unchanged sentences
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.
+Added: 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.
The fair value hierarchy is categorized into three levels based on the inputs as follows:
3 unchanged sentences
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.
+Added: Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. 
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.
6 unchanged sentences
Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure.
−Removed: Therefore, even when market assumptions are not readily available, the Fund’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date.
+Added: Therefore, even when market assumptions are not readily available, the Fund’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date.
The Fund uses prices and inputs that are current as of the measurement date, including periods of market dislocation.
2 unchanged sentences
When such a situation exists on a quarter close, the Sponsor will calculate the NAV on a particular day using the Level 1 valuation but will later recalculate the NAV for the impacted Fund based upon the valuation inputs from these alternative verifiable sources (Level 2 or Level 3 ) and will report such NAV in its applicable financial statements and reports.
−Removed: On September 30, 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 March 31, 2023 and December 31, 2022 , 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.
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 quarter ended March 31, 2021, Soybean Futures Contracts for JUL21 CBOT soybean futures, and the Nov21 CBOT soybean futures settled in a “limit up” condition.
−Removed: Accordingly, the Trust and SOYB classified these as Level 2 assets.
−Removed: The adjustment in SOYB resulted in a $ 279,750 increase in the unrealized change in commodity futures contracts in excess of reported CBOT values.
−Removed: These contracts transferred back to a Level 1 asset for the quarter ended June 30, 2021.
+Added: For the three months ended March 31, 2023 and year ended December 31, 2022 , 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.
7 unchanged sentences
The weighted average number of Shares outstanding was computed for purposes of disclosing net income (loss) per weighted average Share.
−Removed: The weighted average Shares are equal to the number of Shares outstanding at the end of the period, adjusted proportionately for Shares created or redeemed based on the amount of time the Shares were outstanding during such period.
+Added: The weighted average Shares are equal to the number of Shares outstanding at the end of the period, adjusted proportionately for Shares created or redeemed based on the amount of time the Shares were outstanding during such period. 
New Accounting Pronouncements
−Removed: 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.
−Removed: 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.
−Removed: The amendment was early adopted for the quarter ended June 30, 2022;
−Removed: the early adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund.
−Removed: The FASB issued 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;
+Added: The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) issued ASU 2023 - 01, related to Leases –
+Added: (Topic 842 ).
+Added: The response to concerns about applying Topic 842 to related party arrangements between entities under common control.
+Added: The update was adopted early for the quarter ended March 31, 2023;
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;
+Added: The FASB issued 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 adopted for the quarter ended June 30, 2022;
the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund.
−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 September 30, 2022 and December 31, 2021:
−Removed: September 30, 2022
−Removed: Balance as of September 30, 2022
+Added: Note 4 –
+Added: Fair Value Measurements
+Added: 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.
+Added: The following table presents information about the Fund’s assets and liabilities measured at fair value as of March 31, 2023 and December 31, 2022 :
+Added: March 31, 2023
+Added: Balance as of
+Added: March 31, 2023
Cash Equivalents
−Removed: Balance as of September 30, 2022
+Added: $ 30,896,205  
+Added: $ 30,896,205  
+Added: Balance as of
+Added: March 31, 2023
Commodity Futures Contracts
Soybean futures contracts
+Added: $ 1,179,272  
+Added: $ 1,179,272  
December 31, 2022
−Removed: Balance as of December 31, 2021
+Added: Balance as of
+Added: December 31, 2022
Cash Equivalents
+Added: $ 53,069,074  
+Added: $ 53,069,074  
Commodity Futures Contracts
Soybean futures contracts
−Removed: For the three and nine months ended September 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.
−Removed: These Soybean contracts transferred back to a Level 1 asset for the period ended June 30, 2021.
+Added: 2,520,370  
+Added: 2,520,370  
+Added: $ 55,589,444  
+Added: $ 55,589,444  
+Added: For the three months ended March 31, 2023 and year ended December 31, 2022 , 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.
−Removed: Note 5 – Derivative Instruments and Hedging Activities
+Added: Note 5 –
+Added: Derivative Instruments and Hedging Activities
In the normal course of business, the Fund utilizes derivative contracts in connection with its proprietary trading activities.
Investments in derivative contracts are subject to additional risks that can result in a loss of all or part of an investment.
−Removed: The Fund’s derivative activities and exposure to derivative contracts are classified by the following primary underlying risks:
+Added: The Fund’s derivative activities and exposure to derivative contracts are classified by the following primary underlying risks:
interest rate, credit, commodity price, and equity price risks.
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 and nine months ended September 30, 2022 and year ended December 31, 2021, the Fund invested only in commodity futures contracts.
+Added: For the three months ended March 31, 2023 and year ended December 31, 2022 , the Fund invested only in commodity futures contracts.
Futures Contracts
3 unchanged sentences
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.
−Removed: Futures contracts may reduce the Fund’s exposure to counterparty risk since futures contracts are exchange-traded;
−Removed: and the exchange’s clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures against default.
−Removed: The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM’s proprietary activities.
−Removed: A customer’s cash and other equity deposited with an FCM are considered commingled with all other customer funds subject to the FCM’s segregation requirements.
−Removed: In the event of an FCM’s insolvency, recovery may be limited to the Fund’s pro rata share of segregated customer funds available.
+Added: Futures contracts may reduce the Fund’s exposure to counterparty risk since futures contracts are exchange-traded;
+Added: and the exchange’s clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures against default.
+Added: The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM’s proprietary activities.
+Added: A customer’s cash and other equity deposited with an FCM are considered commingled with all other customer funds subject to the FCM’s segregation requirements.
+Added: In the event of an FCM’s insolvency, recovery may be limited to the Fund’s pro rata share of segregated customer funds available.
It is possible that the recovery amount could be less than the total of cash and other equity deposited.
1 unchanged sentence
These recognized assets and liabilities are presented as defined in FASB ASU No.
−Removed: 2011-11 “Balance Sheet (Topic 210):
−Removed: Disclosures about Offsetting Assets and Liabilities” and subsequently clarified in FASB ASU 2013-01 “Balance Sheet (Topic 210):
−Removed: 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 September 30, 2022, and December 31, 2021.
+Added: 2011 - 11 “Balance Sheet (Topic 210 ):
+Added: Disclosures about Offsetting Assets and Liabilities”
+Added: and subsequently clarified in FASB ASU 2013 - 01 “Balance Sheet (Topic 210 ):
+Added: Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.”
+Added: The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, Marex and StoneX as of March 31, 2023 , and December 31, 2022 .
*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 September 30, 2022
+Added: Offsetting of Financial Liabilities and Derivative Liabilities as of March 31, 2023
(iii) = (i)-(ii)
8 unchanged sentences
Soybean futures contracts
+Added: $ 1,179,272  
+Added: $ 1,179,272  
+Added: $ 1,179,272  
Offsetting of Financial Assets and Derivative Assets as of December 31, 2022
9 unchanged sentences
Soybean futures contracts
+Added: $ 2,520,370  
+Added: $ 2,520,370  
+Added: $ 2,520,370  
The following is a summary of realized and unrealized gains and losses of the derivative instruments utilized by the Fund:
−Removed: Three months ended September 30, 2022
−Removed: Realized Gain on Commodity Futures Contracts
−Removed: Net Change in Unrealized Depreciation on Commodity Futures Contracts
−Removed: Commodity Price
−Removed: Soybean futures contracts
−Removed: $ ( 3,855,440 )
−Removed: Three months ended September 30, 2021
−Removed: Realized Gain on Commodity Futures Contracts
−Removed: Net Change in Unrealized Depreciation on Commodity Futures Contracts
−Removed: Commodity Price
−Removed: Soybean futures contracts
−Removed: $ ( 7,754,543 )
−Removed: Nine months ended September 30, 2022
+Added: Three months ended March 31, 2023
Realized Gain on Commodity Futures Contracts
2 unchanged sentences
Soybean futures contracts
+Added: $ 1,067,543  
$ ( 3,699,642 )
−Removed: Nine months ended September 30, 2021
+Added: Three months ended March 31, 2022
+Added:     
Realized Gain on Commodity Futures Contracts
−Removed: Net Change in Unrealized Depreciation on Commodity Futures Contracts
+Added: Net Change in Unrealized Appreciation on Commodity Futures Contracts
Commodity Price
Soybean futures contracts
−Removed: $ ( 15,794,481 )
+Added: $ 7,052,701  
+Added: $ 914,717  
Volume of Derivative Activities
−Removed: The average notional market value categorized by primary underlying risk for all futures contracts held was $ 68.6 million and $ 64.6 million respectively for the three and nine months ended September 30, 2022 and $ 54.6 million and $ 80.7 million for the three and nine months ended September 30, 2021, respectively.
−Removed: Note 6 – Financial Highlights
−Removed: The following tables present per unit performance data and other supplemental financial data for the three and nine months ended September 30, 2022 and 2021.
+Added: The average notional market value categorized by primary underlying risk for all futures contracts held was $ 42.6  million and $ 56.8  million respectively for the three months ended March 31, 2023  and for the three months ended March 31, 2022 .
+Added: Note 6 –
+Added: Financial Highlights
+Added: The following tables present per unit performance data and other supplemental financial data for the three months ended March 31, 2023 and 2022 .
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.
+Added:     
Three months ended
Three months ended
−Removed: Nine months ended
−Removed: Nine months ended
−Removed: September 30, 2022
−Removed: September 30, 2021
−Removed: September 30, 2022
−Removed: September 30, 2021
+Added: March 31, 2023
+Added: March 31, 2022
Per Share Operation Performance
Net asset value at beginning of period
+Added: $ 28.50  
+Added: $ 22.77  
Income from investment operations:
1 unchanged sentence
Net realized and unrealized (loss) gain on commodity futures contracts
+Added: ( 1.47 )  
Total expenses, net
+Added: ( 0.15 )  
Net (decrease) increase in net asset value
+Added: ( 1.31 )  
Net asset value at end of period
+Added: $ 27.19  
+Added: $ 26.76  
+Added: - 4.61 %  
Ratios to Average Net Assets (Annualized)
Total expenses
+Added: 2.18 %  
Total expenses, net
+Added: 2.18 %  
Net investment income (loss)
+Added: 2.28 %  
The financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses.
−Removed: Note 7 – Organizational and Offering Costs
+Added: Note 7 –
+Added: Organizational and Offering Costs
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.
The Fund will not be obligated to reimburse the Sponsor.
−Removed: Note 8 – Subsequent Events
−Removed: Management has evaluated the financial statements for the quarter-ended September 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.
+Added: Note 8 –
+Added: Subsequent Events
+Added: Management has evaluated the financial statements for the quarter-ended March 31, 2023 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: September 30, 2022
+Added: March 31, 2023
December 31, 2022
Cash and cash equivalents
+Added: $ 26,132,337  
+Added: $ 22,977,480  
Interest receivable
+Added: 47,388  
+Added: 30,669  
+Added: 19,960  
Equity in trading accounts:
Commodity futures contracts
+Added: 3,966,018  
+Added: 911,329  
Due from broker
+Added: 447,801  
Total equity in trading accounts
+Added: 3,966,018  
+Added: 1,359,130  
+Added: 30,165,703  
+Added: 24,370,244  
Management fee payable to Sponsor
+Added: 23,789  
+Added: 20,912  
Other liabilities
1 unchanged sentence
Commodity futures contracts
+Added: 85,128  
+Added: Due to broker
+Added: 2,101,900  
+Added: Total equity in trading accounts
+Added: 2,101,900  
+Added: 85,128  
Total liabilities
+Added: 2,126,911  
+Added: 107,885  
+Added: $ 28,038,792  
+Added: $ 24,262,359  
Shares outstanding
+Added: 2,450,004  
+Added: 2,550,004  
Shares authorized
Net asset value per share
+Added: $ 11.44  
+Added: $ 9.51  
Market value per share
+Added: $ 11.38  
+Added: $ 9.53  
* 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.
2 unchanged sentences
SCHEDULE OF INVESTMENTS
−Removed: September 30, 2022
+Added: March 31, 2023
Percentage of
1 unchanged sentence
Money market funds
−Removed: First American Government Obligations Fund - Class X (cost $6,907,992)
−Removed: Goldman Sachs Financial Square Government Fund - Institutional Class (cost $1,857,906)
−Removed: Total money market funds (cost:
−Removed: Principal Amount
+Added: First American Government Obligations Fund - Class X
+Added: 4.653 %  
+Added: $ 8,587,035  
+Added: $ 8,587,035  
+Added: 8,587,035  
+Added: Goldman Sachs Financial Square Government Fund - Institutional Class
+Added: 4.724 %  
+Added: 4,476,460  
+Added: 4,476,460  
+Added: 4,476,460  
+Added: Total Money Market Funds
+Added: $ 13,063,495  
+Added: $ 13,063,495  
+Added: Percentage of
Commercial Paper
−Removed: Harley-Davidson Financial Services, Inc.
−Removed: 3.487% (cost:
−Removed: $2,290,522 due 11/03/2022)
−Removed: 3.079% (cost:
−Removed: $2,491,740 due 10/17/2022)
−Removed: 3.129% (cost:
−Removed: $2,492,250 due 10/21/2022)
−Removed: 3.535% (cost:
−Removed: $2,493,681 due 10/19/2022)
−Removed: Corporation 3.282% (cost:
−Removed: $2,491,198 due 11/01/2022)
−Removed: Total Commercial Paper (cost:
+Added: Crown Castle Inc.
+Added: April 25, 2023
+Added: 5.335 %  
+Added: $ 2,485,417  
+Added: $ 2,491,250  
+Added: 2,500,000  
+Added: April 28, 2023
+Added: 4.980 %  
+Added: 2,480,264  
+Added: 2,490,813  
+Added: 2,500,000  
+Added: Oracle Corporation
+Added: 5.346 %  
+Added: 2,484,658  
+Added: 2,487,581  
+Added: 2,500,000  
+Added: Walgreens Boots Alliance, Inc.
+Added: April 10, 2023
+Added: 5.031 %  
+Added: 2,481,094  
+Added: 2,496,906  
+Added: 2,500,000  
+Added: Total Commercial Paper
+Added: $ 9,931,433  
+Added: $ 9,966,550  
Total Cash Equivalents
+Added: $ 23,030,045  
Percentage of
3 unchanged sentences
United States sugar futures contracts
−Removed: ICE sugar futures MAY23 (471 contracts)
−Removed: ICE sugar futures JUL23 (414 contracts)
−Removed: ICE sugar futures MAR24 (475 contracts)
+Added: ICE sugar futures JUL23
+Added: $ 1,892,609  
+Added: $ 9,877,638  
+Added: ICE sugar futures OCT23
+Added: 749,653  
+Added: 8,416,240  
+Added: ICE sugar futures MAR24
+Added: 1,323,756  
+Added: 9,761,685  
Total commodity futures contracts
+Added: $ 3,966,018  
+Added: $ 28,055,563  
The accompanying notes are an integral part of these financial statements.
5 unchanged sentences
Money market funds
−Removed: First American Government Obligations Fund - Class X 0.026% (cost $4,808,415)
−Removed: Goldman Sachs Financial Square Government Fund - Institutional Class 0.030% (cost:
−Removed: Total Money Market Funds (cost:
−Removed: Principal Amount
+Added: First American Government Obligations Fund - Class X
+Added: 4.105 %  
+Added: $ 5,634,177  
+Added: $ 5,634,177  
+Added: 5,634,177  
+Added: Goldman Sachs Financial Square Government Fund - Institutional Class
+Added: 4.140 %  
+Added: 4,286,322  
+Added: 4,286,322  
+Added: 4,286,322  
+Added: Total Money Market Funds
+Added: $ 9,920,499  
+Added: $ 9,920,499  
+Added: Percentage of
Commercial Paper
−Removed: 0.250% (cost:
−Removed: $2,499,219 due 01/20/2022)
−Removed: WGL Holdings, Inc.
−Removed: 0.187% (cost:
−Removed: $4,998,700 due 01/06/2022)
−Removed: Total Commercial Paper (cost:
+Added: Entergy Corporation
+Added: January 4, 2023
+Added: 4.311 %  
+Added: $ 2,481,702  
+Added: $ 2,499,115  
+Added: 2,500,000  
+Added: General Motors Financial Company, Inc.
+Added: January 10, 2023
+Added: 4.276 %  
+Added: 2,475,149  
+Added: 2,497,369  
+Added: 2,500,000  
+Added: Glencore Funding LLC
+Added: January 13, 2023
+Added: 4.526 %  
+Added: 2,482,656  
+Added: 2,496,283  
+Added: 2,500,000  
+Added: VW Credit, Inc.
+Added: January 19, 2023
+Added: 4.434 %  
+Added: 2,482,702  
+Added: 2,494,537  
+Added: 2,500,000  
+Added: Total Commercial Paper
+Added: $ 9,922,209  
+Added: $ 9,987,304  
Total Cash Equivalents
+Added: $ 19,907,803  
+Added: Percentage of
Notional Amount
2 unchanged sentences
United States sugar futures contracts
−Removed: ICE sugar futures MAY22 (381 contracts)
−Removed: ICE sugar futures MAR23 (392 contracts)
+Added: ICE sugar futures MAY23
+Added: $ 356,963  
+Added: $ 8,407,526  
+Added: ICE sugar futures JUL23
+Added: 554,366  
+Added: 7,289,811  
Total commodity futures contracts
+Added: $ 911,329  
+Added: $ 15,697,337  
Percentage of
3 unchanged sentences
United States sugar futures contracts
−Removed: ICE sugar futures JUL22 (331 contracts)
+Added: ICE sugar futures MAR24
+Added: $ 85,128  
+Added: $ 8,565,278  
The accompanying notes are an integral part of these financial statements.
TEUCRIUM SUGAR FUND
−Removed: STATEMENTS OF OPERATIONS
+Added: STATEMENTS OF OPERATIONS   
Three months ended
Three months ended
−Removed: Nine months ended
−Removed: Nine months ended
−Removed: September 30, 2022
−Removed: September 30, 2021
−Removed: September 30, 2022
−Removed: September 30, 2021
+Added: March 31, 2023
+Added: March 31, 2022
Realized and unrealized gain (loss) on trading of commodity futures contracts:
−Removed: Realized (loss) gain on commodity futures contracts
−Removed: $ ( 948,329 )
−Removed: $ ( 476,906 )
−Removed: Net change in unrealized (depreciation) appreciation on commodity futures contracts
−Removed: ( 1,014,429 )
−Removed: ( 2,281,371 )
+Added: Realized gain on commodity futures contracts
+Added: $ 1,339,448  
+Added: $ 70,161  
+Added: Net change in unrealized appreciation on commodity futures contracts
+Added: 3,139,817  
+Added: 907,742  
Interest income
−Removed: Total income (loss)
−Removed: ( 1,812,814 )
−Removed: ( 2,535,843 )
+Added: 271,449  
+Added: 10,698  
+Added: 4,750,714  
+Added: 988,601  
Management fees
+Added: 61,338  
+Added: 54,606  
Professional fees
+Added: 69,929  
+Added: 32,764  
Distribution and marketing fees
+Added: 34,816  
+Added: 47,970  
Custodian fees and expenses
1 unchanged sentence
General and administrative expenses
−Removed: Other expenses
Total expenses
+Added: 170,223  
+Added: 150,040  
Expenses waived by the Sponsor
Total expenses, net
−Removed: Net (loss) income
−Removed: $ ( 1,942,684 )
−Removed: $ ( 2,910,520 )
−Removed: Net (loss) gain per share
−Removed: Net (loss) income per weighted average share
+Added: 170,223  
+Added: 121,174  
+Added: $ 4,580,491  
+Added: $ 867,427  
+Added: Net gain per share
+Added: $ 1.93  
+Added: $ 0.39  
+Added: Net gain per weighted average share
+Added: $ 1.87  
+Added: $ 0.36  
Weighted average shares outstanding
+Added: 2,446,948  
+Added: 2,421,393  
The accompanying notes are an integral part of these financial statements.
1 unchanged sentence
STATEMENTS OF CHANGES IN NET ASSETS
−Removed: Nine months ended
−Removed: Nine months ended
−Removed: September 30, 2022
−Removed: September 30, 2021
−Removed: Net (loss) income
−Removed: $ ( 2,910,520 )
+Added: Three months ended
+Added: Three months ended
+Added: March 31, 2023
+Added: March 31, 2022
+Added: $ 4,580,491  
+Added: $ 867,427  
Capital transactions
Issuance of Shares
+Added: 5,458,637  
+Added: 6,487,310  
Redemption of Shares
−Removed: ( 20,402,060 )
+Added: ( 6,262,695 )  
( 4,697,940 )
Total capital transactions
+Added: ( 804,058 )  
+Added: 1,789,370  
Net change in net assets
+Added: 3,776,433  
+Added: 2,656,797  
Net assets, beginning of period
+Added: $ 24,262,359  
+Added: $ 22,834,664  
Net assets, end of period
+Added: $ 28,038,792  
+Added: $ 25,491,461  
Net asset value per share at beginning of period
+Added: $ 9.51  
+Added: $ 9.23  
Net asset value per share at end of period
+Added: $ 11.44  
+Added: $ 9.62  
Creation of Shares
+Added: 525,000  
+Added: 700,000  
Redemption of Shares
+Added: 625,000  
+Added: 525,000  
The accompanying notes are an integral part of these financial statements.
1 unchanged sentence
STATEMENTS OF CASH FLOWS
−Removed: Nine months ended
−Removed: Nine months ended
−Removed: September 30, 2022
−Removed: September 30, 2021
+Added: (Unaudited)  
+Added: Three months ended
+Added: Three months ended
+Added: March 31, 2023
+Added: March 31, 2022
Cash flows from operating activities:
−Removed: Net (loss) income
−Removed: $ ( 2,910,520 )
−Removed: Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
−Removed: Net change in unrealized depreciation (appreciation) on commodity futures contracts
+Added: $ 4,580,491  
+Added: $ 867,427  
+Added: Adjustments to reconcile net income to net cash provided by operating activities:
+Added: Net change in unrealized (appreciation) on commodity futures contracts
+Added: ( 3,139,817 )  
Changes in operating assets and liabilities:
Due from broker
−Removed: ( 2,203,710 )
+Added: 447,801  
+Added: 535,983  
Interest receivable
+Added: ( 16,719 )  
+Added: ( 16,995 )  
Due to broker
+Added: 2,101,900  
+Added: 525,266  
Management fee payable to Sponsor
Other liabilities
−Removed: Net cash (used in) provided by operating activities
−Removed: ( 2,858,533 )
+Added: ( 623 )  
+Added: Net cash provided by operating activities
+Added: 3,958,915  
+Added: 1,017,753  
Cash flows from financing activities:
Proceeds from sale of Shares
+Added: 5,458,637  
+Added: 6,487,310  
Redemption of Shares
−Removed: ( 20,402,060 )
+Added: ( 6,262,695 )  
( 4,697,940 )
−Removed: Net cash provided by financing activities
+Added: Net cash (used in) provided by financing activities
+Added: ( 804,058 )  
+Added: 1,789,370  
Net change in cash and cash equivalents
+Added: 3,154,857  
+Added: 2,807,123  
Cash and cash equivalents beginning of period
+Added: 22,977,480  
+Added: 21,332,902  
Cash and cash equivalents end of period
+Added: $ 26,132,337  
+Added: $ 24,140,025  
The accompanying notes are an integral part of these financial statements.
NOTES TO FINANCIAL STATEMENTS
−Removed: September 30, 2022
−Removed: Note 1 – Organization and Operation
−Removed: Teucrium Sugar Fund (referred to herein as “CANE” or the “Fund”) is a commodity pool that is a series of Teucrium Commodity Trust (“Trust”), a Delaware statutory trust formed on September 11, 2009.
−Removed: The Fund issues common units, called the “Shares,” representing fractional undivided beneficial interests in the Fund.
−Removed: The Fund continuously offers Creation Baskets consisting of 25,000 Shares at their Net Asset Value (“NAV”) to “Authorized Purchasers” through Foreside Fund Services, LLC, which is the distributor for the Fund (the “Distributor”).
−Removed: Authorized Purchasers sell such Shares, which are listed on the New York Stock Exchange (“NYSE”) Arca under the symbol “CANE,” to the public at per-Share offering prices that reflect, among other factors, the trading price of the Shares on the NYSE Arca, the NAV of the Fund at the time the Authorized Purchaser purchased the Creation Baskets and the NAV at the time of the offer of the Shares to the public, the supply of and demand for Shares at the time of sale, and the liquidity of the markets for sugar interests.
−Removed: The Fund’s Shares trade in the secondary market on the NYSE Arca at prices that are lower or higher than their NAV per Share.
−Removed: The investment objective of CANE is to have the daily changes in the NAV of the Fund’s Shares reflect the daily changes in the sugar market for future delivery as measured by the Benchmark.
+Added: March 31, 2023
+Added: Note 1 –
+Added: Organization and Operation
+Added: Teucrium Sugar Fund (referred to herein as “CANE”
+Added: or the “Fund”) is a commodity pool that is a series of Teucrium Commodity Trust (“Trust”), a Delaware statutory trust formed on September 11, 2009.
+Added: The Fund issues common units, called the “Shares,”
+Added: representing fractional undivided beneficial interests in the Fund.
+Added: The Fund continuously offers Creation Baskets consisting of 25,000 Shares at their Net Asset Value (“NAV”) to “Authorized Purchasers”
+Added: through Foreside Fund Services, LLC, which is the distributor for the Fund (the “Distributor”).
+Added: Authorized Purchasers sell such Shares, which are listed on the New York Stock Exchange (“NYSE”) Arca under the symbol “CANE,”
+Added: to the public at per-Share offering prices that reflect, among other factors, the trading price of the Shares on the NYSE Arca, the NAV of the Fund at the time the Authorized Purchaser purchased the Creation Baskets and the NAV at the time of the offer of the Shares to the public, the supply of and demand for Shares at the time of sale, and the liquidity of the markets for sugar interests.
+Added: The Fund’s Shares trade in the secondary market on the NYSE Arca at prices that are lower or higher than their NAV per Share.
+Added: The investment objective of CANE is to have the daily changes in the NAV of the Fund’s Shares reflect the daily changes in the sugar market for future delivery as measured by the Benchmark.
The Benchmark is a weighted average of the closing settlement prices for three futures contracts for No.
−Removed: 11 sugar (“Sugar Futures Contracts”) that are traded on the ICE Futures US (“ICE”):
+Added: 11 sugar (“Sugar Futures Contracts”) that are traded on the ICE Futures US (“ICE”):
CANE Benchmark
4 unchanged sentences
The Fund commenced investment operations on September 19, 2011 and has a fiscal year ending December 31.
−Removed: The Fund’s sponsor is Teucrium Trading, LLC (the “Sponsor”).
+Added: The Fund’s sponsor is Teucrium Trading, LLC (the “Sponsor”).
The Sponsor is responsible for the management of the Fund.
−Removed: The Sponsor is registered as a commodity pool operator (“CPO”) and a commodity trading adviser (“CTA”) with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures Association (“NFA”).
+Added: The Sponsor is registered as a commodity pool operator (“CPO”) and a commodity trading adviser (“CTA”) with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures Association (“NFA”).
On June 13, 2011, the initial Form S- 1 for CANE was declared effective by the SEC.
3 unchanged sentences
This registration statement for CANE registered an indeterminate number of shares.
−Removed: 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”).
+Added: 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”).
The financial information included herein is unaudited;
−Removed: however, such financial information reflects all adjustments which are, in the opinion of management, necessary for the fair presentation of the Fund’s financial statements for the interim period.
−Removed: 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 and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022.
−Removed: 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.
+Added: however, such financial information reflects all adjustments which are, in the opinion of management, necessary for the fair presentation of the Fund’s financial statements for the interim period.
+Added: 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.
+Added: The operating results for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the full year ending December 31, 2023.
+Added: 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.
However, no level of losses will require the Sponsor to terminate a Fund.
−Removed: Note 2 – Principal Contracts and Agreements
+Added: Note 2 –
+Added: Principal Contracts and Agreements
The Sponsor employs U.S.
Bancorp Fund Services, LLC, doing business as U.S.
−Removed: Bank Global Fund Services (“Global Fund Services”), for Transfer Agency, Fund Accounting and Fund Administration services.
+Added: Bank Global Fund Services (“Global Fund Services”), for Transfer Agency, Fund Accounting and Fund Administration services.
The principal address for Global Fund Services is 615 E.
6 unchanged sentences
A summary of these expenses is included below.
−Removed: The Sponsor employs Foreside Fund Services, LLC (“Foreside” or the “Distributor”) as the Distributor for the Funds.
+Added: The Sponsor employs Foreside Fund Services, LLC (“Foreside”
+Added: or the “Distributor”) as the Distributor for the Funds.
The Distribution Services Agreement among the Distributor and the Sponsor calls for the Distributor to work with the Custodian in connection with the receipt and processing of orders for Creation Baskets and Redemption Baskets and the review and approval of all Fund sales literature and advertising materials.
−Removed: The Distributor and the Sponsor have also entered into a Securities Activities and Service Agreement (the “SASA”) under which certain employees and officers of the Sponsor are licensed as registered representatives or registered principals of the Distributor, under Financial Industry Regulatory Authority (“FINRA”) rules.
−Removed: For its services as the Distributor, Foreside receives a fee of 0.01% of each Fund’s average daily net assets and an aggregate annual fee of $100,000 for all Funds, along with certain expense reimbursements.
+Added: The Distributor and the Sponsor have also entered into a Securities Activities and Service Agreement (the “SASA”) under which certain employees and officers of the Sponsor are licensed as registered representatives or registered principals of the Distributor, under Financial Industry Regulatory Authority (“FINRA”) rules.
+Added: For its services as the Distributor, Foreside receives a fee of 0.01 % of each Fund’s average daily net assets and an aggregate annual fee of $ 100,000 for all Funds, along with certain expense reimbursements.
For its services under the SASA, Foreside receives a fee of $ 5,000 per registered representative and $ 1,000 per registered location.
These services are recorded as distribution and marketing fees on the statements of operations.
−Removed: A summary of these expenses is included below.
−Removed: Pursuant to a Consulting Services Agreement, Foreside Consulting Services, LLC, performs certain consulting support services for the Trust’s Sponsor.
−Removed: Additionally, Foreside Distributors, LLC performs certain distribution consulting services pursuant to a Distribution Consulting Agreement with the Sponsor.
−Removed: E D & F Man Capital Markets, Inc.
−Removed: (“E D & F Man”) and StoneX Financial Inc.
−Removed: (“StoneX”) serve as the Funds’ clearing brokers to execute and clear the futures contracts and provide other brokerage-related services.
−Removed: E D & F Man and StoneX are each registered as futures commission merchants (“FCM”) with the U.S.
+Added: A summary of these expenses is included below. 
+Added: Marex Capital Markets, Inc.
+Added: (“Marex”) and StoneX Financial Inc.
+Added: (“StoneX”) serve as the Funds’
+Added: clearing brokers to execute and clear the futures contracts and provide other brokerage-related services.
+Added: Marex and StoneX are each registered as futures commission merchants (“FCM”) with the U.S.
CFTC and are members of the NFA.
The clearing brokers are registered as broker-dealers with the SEC and are each a member of FINRA.
−Removed: ED & F Man and StoneX are each clearing members of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges.
−Removed: For Corn, Soybean, Sugar, and Wheat Futures Contracts E D & F Man is paid $11.00 per round turn .
+Added: Marex and StoneX are each clearing members of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges.
+Added: For Corn, Soybean, Sugar, and Wheat Futures Contracts Marex is 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.
1 unchanged sentence
The half-turn is recognized as an unrealized loss on the statements of operations for contracts that have been purchased since the change in recognition, and a full turn is recognized as a realized loss on the statements of operations when a contract is sold.
−Removed: A summary of these expenses is included below.
+Added: A summary of these expenses can be found under the heading, Brokerage Commissions .
The sole Trustee of the Trust is Wilmington Trust Company, a Delaware banking corporation.
2 unchanged sentences
These services are recorded in business permits and licenses fees on the statements of operations.
−Removed: A summary of these expenses is included below.
−Removed: The Sponsor employs Thales Capital Partners LLC (“Thales”) for distribution and solicitation-related services.
−Removed: Thales is registered as a Broker-Dealer with the SEC and a member of FINRA and the Securities Investor Protection Corporation (“SIPC”).
+Added: A summary of these expenses is included below. 
+Added: The Sponsor employs Thales Capital Partners LLC (“Thales”) for distribution and solicitation-related services.
+Added: Thales is registered as a Broker-Dealer with the SEC and a member of FINRA and the Securities Investor Protection Corporation (“SIPC”).
Thales receives a quarterly fee of the higher of $ 18,750 or 0.10 % of new assets raised in referred accounts for distribution and solicitation-related services.
2 unchanged sentences
A summary of these expenses is included below:
−Removed: Three months ended September 30, 2022
−Removed: Three months ended September 30, 2021
−Removed: Nine months ended September 30, 2022
−Removed: Nine months ended September 30, 2021
+Added: Three months ended March 31, 2023
+Added: Three months ended March 31, 2022
Amount Recognized for Custody Services
+Added: $ 1,036  
+Added: $ 2,275  
Amount of Custody Services Waived
Amount Recognized for Distribution Services
+Added: $ 1,548  
+Added: $ 2,507  
Amount of Distribution Services Waived
+Added: $ 1,852  
Amount Recognized for Wilmington Trust
1 unchanged sentence
Amount Recognized for Thales
+Added: $ 4,272  
Amount of Thales Waived
−Removed: Note 3 – Summary of Significant Accounting Policies
+Added: Note 3 –
+Added: Summary of Significant Accounting Policies
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.
+Added: The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.
+Added: GAAP”) as detailed in the Financial Accounting Standards Board’s Accounting Standards Codification.
Revenue Recognition
7 unchanged sentences
Accretion on these investments is recognized using the effective interest method in U.S.
−Removed: dollars and included in interest income on the statements of operations.
+Added: dollars and included in interest income on the statements of operations. 
The Sponsor invests a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts.
3 unchanged sentences
The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis.
−Removed: The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and nine months ended September 30, 2022.
−Removed: Three Months Ended September 30, 2022
−Removed: Three Months Ended September 30, 2021
−Removed: Nine Months Ended September 30, 2022
−Removed: Nine Months Ended September 30, 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 months ended March 31, 2023 and 2022 .
+Added: Three months ended March 31, 2023
+Added: $ 6,055  
+Added: Three months ended March 31, 2022
+Added: $ 6,196  
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.
+Added: 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.
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.
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.
+Added: 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.
+Added: 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.
+Added: The financial statements reflect the Fund’s transactions without adjustment, if any, required for income tax purposes.
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.
5 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 September 30, 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.
+Added: Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of March 31, 2023 and for the years ended December 31, 2022 , 2021 , and 2020 .
+Added: 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 and nine months ended September 30, 2022 and 2021.
+Added: No interest expense or penalties have been recognized as of and for the three months ended March 31, 2023 and 2022 .
The Fund may be subject to potential examination by U.S.
8 unchanged sentences
(ET) 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 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.
+Added: Authorized Purchasers may redeem shares from the Fund only in blocks of 25,000 shares called “Redemption Baskets.”
+Added: 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.
(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.
−Removed: The amounts due from Authorized Purchasers are reflected in the Fund’s statements of assets and liabilities as capital shares receivable.
−Removed: Amounts payable to Authorized Purchasers upon redemption are reflected in the Fund’s statements of assets and liabilities as payable for shares redeemed.
+Added: The amounts due from Authorized Purchasers are reflected in the Fund’s statements of assets and liabilities as capital shares receivable.
+Added: Amounts payable to Authorized Purchasers upon redemption are reflected in the Fund’s statements of assets and liabilities as payable for shares redeemed.
As outlined in the most recent Form S- 1 filing, 50,000 shares represents two Redemption Baskets for the Fund and a minimum level of shares.
1 unchanged sentence
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.
+Added: 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. 
Cash and Cash Equivalents
7 unchanged sentences
The Sponsor may invest a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured.
−Removed: September 30,
+Added: March 31, 2023
+Added: December 31, 2022
Money Market Funds
+Added: $ 13,063,495  
+Added: $ 9,920,499  
Demand Deposit Savings Accounts
+Added: 3,102,292  
+Added: 3,069,677  
Commercial Paper
+Added: 9,966,550  
+Added: 9,987,304  
Total cash and cash equivalents as presented on the Statement of Assets and Liabilities
+Added: $ 26,132,337  
+Added: $ 22,977,480  
Due from/to Broker
−Removed: The amount recorded by the Fund for the amount due from and to the clearing broker includes, but is not limited to, cash held by the broker, amounts payable to the clearing broker related to open transactions, payables for commodities futures accounts liquidating to an equity balance on the clearing broker’s records, and amounts of brokerage commissions paid and recognized as unrealized losses.
−Removed: 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.
−Removed: A margin deposit acts to assure the trader’s performance of the futures contracts purchased or sold.
+Added: The amount recorded by the Fund for the amount due from and to the clearing broker includes, but is not limited to, cash held by the broker, amounts payable to the clearing broker related to open transactions, payables for commodities futures accounts liquidating to an equity balance on the clearing broker’s records, and amounts of brokerage commissions paid and recognized as unrealized losses.
+Added: 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.
+Added: A margin deposit acts to assure the trader’s performance of the futures contracts purchased or sold.
Futures contracts are customarily bought and sold on initial margin that represents a very small percentage of the aggregate purchase or sales price of the contract.
2 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.
−Removed: Brokerage firms, such as the Fund’s 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.
+Added: Brokerage firms, such as the Fund’s 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.
Over the counter trading generally involves the extension of credit between counterparties, so the counterparties may agree to require the posting of collateral by one or both parties to address credit exposure.
4 unchanged sentences
Complicated margin requirements apply to spreads and conversions, which are complex trading strategies in which a trader acquires a mixture of options positions and positions in the underlying interest.
−Removed: Ongoing or “maintenance” margin requirements are computed each day by a trader’s clearing broker.
+Added: Ongoing or “maintenance”
+Added: margin requirements are computed each day by a trader’s clearing broker.
When the market value of a particular open futures contract changes to a point where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the broker.
−Removed: If the margin call is not met within a reasonable time, the broker may close out the trader’s position.
−Removed: With respect to the Fund’s trading, the Fund (and not its shareholders personally) is subject to margin calls.
+Added: If the margin call is not met within a reasonable time, the broker may close out the trader’s position.
+Added: With respect to the Fund’s trading, the Fund (and not its shareholders personally) is subject to margin calls.
Finally, many major U.S.
−Removed: exchanges have passed certain cross margining arrangements involving procedures pursuant to which the futures and options positions held in an account would, in the case of some accounts, be aggregated and margin requirements would be assessed on a portfolio basis, measuring the total risk of the combined positions.
+Added: exchanges have passed certain cross margining arrangements involving procedures pursuant to which the futures and options positions held in an account would, in the case of some accounts, be aggregated and margin requirements would be assessed on a portfolio basis, measuring the total risk of the combined positions. 
Calculation of Net Asset Value
−Removed: The Fund’s NAV is calculated by:
+Added: The Fund’s NAV is calculated by:
Taking the current market value of its total assets and
6 unchanged sentences
The value of over-the-counter sugar interests is determined based on the value of the commodity or futures contract underlying such sugar interest, except that a fair value may be determined if the Sponsor believes that the Fund is subject to significant credit risk relating to the counterparty to such sugar interest.
−Removed: For purposes of financial statements and reports, the Sponsor will recalculate the NAV where necessary to reflect the “fair value” of a Futures Contract when the Futures Contract closes at its price fluctuation limit for the day.
+Added: For purposes of financial statements and reports, the Sponsor will recalculate the NAV where necessary to reflect the “fair value”
+Added: of a Futures Contract when the Futures Contract closes at its price fluctuation limit for the day.
Short term Treasury securities held by the Fund are valued by the administrator using values received from recognized third -party vendors and dealer quotes.
6 unchanged sentences
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, 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.
+Added: The Fund also pays its portion of the fees and expenses associated with the Trust’s tax accounting and reporting requirements.
Certain aggregate expenses common to all Funds within the Trust are allocated by the Sponsor to the respective Fund 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.
3 unchanged sentences
Such expenses are primarily recorded as distribution and marketing fees in the financial statements of each Fund.
−Removed: Three months ended September 30,
−Removed: Three months ended September 30,
−Removed: Nine months ended September 30,
−Removed: Nine months ended September 30,
+Added: Three months ended March 31, 2023
+Added: Three months ended March 31, 2022
Recognized Related Party Transactions
+Added: $ 23,761  
+Added: $ 36,129  
Waived Related Party Transactions
+Added: $ 6,782  
The Sponsor has the ability to elect to pay certain expenses on behalf of the Funds or waive the management fee.
2 unchanged sentences
The Sponsor has determined that there will be no recovery sought for the amounts below in any future period:
−Removed: Three months ended September 30, 2022
−Removed: Three months ended September 30, 2021
−Removed: Nine months ended September 30, 2022
−Removed: Nine months ended September 30, 2021
+Added: Three months ended March 31, 2023
+Added: Three months ended March 31, 2022
+Added: $ 28,866  
Use of Estimates
2 unchanged sentences
Actual results could differ from those estimates.
−Removed: Fair Value – Definition and Hierarchy
+Added: Fair Value –
+Added: Definition and Hierarchy
In accordance with U.S.
−Removed: 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.
+Added: GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date.
In determining fair value, the Fund uses various valuation approaches.
2 unchanged sentences
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.
+Added: 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.
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.
+Added: Level 1 –
+Added: Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Valuation adjustments and block discounts are not applied to Level 1 financial instruments.
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.
+Added: Level 2 –
+Added: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
+Added: Level 3 –
+Added: Valuations based on inputs that are unobservable and significant to the overall fair value measurement.
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.
4 unchanged sentences
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.
+Added: 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. 
Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure.
−Removed: Therefore, even when market assumptions are not readily available, the Fund’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date.
+Added: Therefore, even when market assumptions are not readily available, the Fund’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date.
The Fund uses prices and inputs that are current as of the measurement date, including periods of market dislocation.
2 unchanged sentences
When such a situation exists on a quarter close, the Sponsor will calculate the NAV on a particular day using the Level 1 valuation but will later recalculate the NAV for the impacted Fund based upon the valuation inputs from these alternative verifiable sources (Level 2 or Level 3 ) and will report such NAV in its applicable financial statements and reports.
−Removed: On September 30, 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 March 31, 2023 and December 31, 2022 , 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 and nine months ended September 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.
+Added: For the three months ended March 31, 2023 and year ended December 31, 2022 , 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”) 2022-03, related to fair value measurement (Topic 820) of equity securities subject to contractual sale restrictions.
−Removed: 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.
−Removed: The amendment was early adopted for the quarter ended June 30, 2022;
−Removed: the early adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund.
−Removed: The FASB issued 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;
+Added: The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) issued ASU 2023 - 01, related to Leases –
+Added: (Topic 842 ).
+Added: The response to concerns about applying Topic 842 to related party arrangements between entities under common control.
+Added: The update was adopted early for the quarter ended March 31, 2023;
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;
+Added: The FASB issued 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 adopted for the quarter ended June 30, 2022;
the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund.
−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 September 30, 2022 and December 31, 2021:
−Removed: September 30, 2022
−Removed: Balance as of September 30, 2022
+Added: Note 4 –
+Added: Fair Value Measurements
+Added: 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.
+Added: The following table presents information about the Fund’s assets and liabilities measured at fair value as of March 31, 2023 and December 31, 2022 :
+Added: March 31, 2023
+Added: Balance as of
+Added: March 31, 2023
Cash Equivalents
−Removed: Balance as of September 30, 2022
+Added: $ 23,030,045  
+Added: $ 23,030,045  
Commodity Futures Contracts
Sugar futures contracts
+Added: 3,966,018  
+Added: 3,966,018  
+Added: $ 26,996,063  
+Added: $ 26,996,063  
December 31, 2022
2 unchanged sentences
Cash Equivalents
−Removed: Commodity Futures Contracts
+Added: $ 19,907,803  
+Added: $ 19,907,803  
Sugar futures contracts
+Added: 911,329  
+Added: 911,329  
+Added: $ 20,819,132  
+Added: $ 20,819,132  
Balance as of
1 unchanged sentence
Sugar futures contracts
−Removed: For the three and nine months ended September 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.
−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 – Derivative Instruments and Hedging Activities
+Added: $ 85,128  
+Added: $ 85,128  
+Added: For the 
+Added: three months ended March 31, 2023 and year ended December 31, 2022 , the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.
+Added: See the Fair Value –
+Added: 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.
+Added: Note 5 –
+Added: Derivative Instruments and Hedging Activities
In the normal course of business, the Fund utilizes derivative contracts in connection with its proprietary trading activities.
Investments in derivative contracts are subject to additional risks that can result in a loss of all or part of an investment.
−Removed: The Fund’s derivative activities and exposure to derivative contracts are classified by the following primary underlying risks:
+Added: The Fund’s derivative activities and exposure to derivative contracts are classified by the following primary underlying risks:
interest rate, credit, commodity price, and equity price risks.
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 and nine months ended September 30, 2022 and year ended December 31, 2021, the Fund invested only in commodity futures contracts.
+Added: For the three months ended March 31, 2023 and year ended December 31, 2022 , the Fund invested only in commodity futures contracts.
Futures Contracts
3 unchanged sentences
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.
−Removed: Futures contracts may reduce the Fund’s exposure to counterparty risk since futures contracts are exchange-traded;
−Removed: and the exchange’s clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures against default.
−Removed: The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM’s proprietary activities.
−Removed: A customer’s cash and other equity deposited with an FCM are considered commingled with all other customer funds subject to the FCM’s segregation requirements.
−Removed: In the event of an FCM’s insolvency, recovery may be limited to the Fund’s pro rata share of segregated customer funds available.
+Added: Futures contracts may reduce the Fund’s exposure to counterparty risk since futures contracts are exchange-traded;
+Added: and the exchange’s clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures against default.
+Added: The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM’s proprietary activities.
+Added: A customer’s cash and other equity deposited with an FCM are considered commingled with all other customer funds subject to the FCM’s segregation requirements.
+Added: In the event of an FCM’s insolvency, recovery may be limited to the Fund’s pro rata share of segregated customer funds available.
It is possible that the recovery amount could be less than the total of cash and other equity deposited.
1 unchanged sentence
These recognized assets and liabilities are presented as defined in FASB ASU No.
−Removed: 2011-11 “Balance Sheet (Topic 210):
−Removed: Disclosures about Offsetting Assets and Liabilities” and subsequently clarified in FASB ASU 2013-01 “Balance Sheet (Topic 210):
−Removed: 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 September 30, 2022, and December 31, 2021.
+Added: 2011 - 11 “Balance Sheet (Topic 210 ):
+Added: Disclosures about Offsetting Assets and Liabilities”
+Added: and subsequently clarified in FASB ASU 2013 - 01 “Balance Sheet (Topic 210 ):
+Added: Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.”
+Added: The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, Marex and StoneX as of March 31, 2023 , and December 31, 2022 .
*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 September 30, 2022
+Added: Offsetting of Financial Assets and Derivative Assets as of March 31, 2023
(iii) = (i)-(ii)
1 unchanged sentence
Gross Amount Not Offset in the Statement of Assets and Liabilities
−Removed: Gross Amount of Recognized Liabilities
+Added: Gross Amount of Recognized Assets
Gross Amount Offset in the Statement of Assets and Liabilities
1 unchanged sentence
Futures Contracts Available for Offset
−Removed: Collateral, Due from Broker*
+Added: Collateral, Due to Broker
Commodity Price
Sugar futures contracts
+Added: $ 3,966,018  
+Added: $ 3,966,018  
+Added: $ 2,101,900  
+Added: $ 1,864,118  
Offsetting of Financial Assets and Derivative Assets as of December 31, 2022
9 unchanged sentences
Sugar futures contracts
+Added: $ 911,329  
+Added: $ 911,329  
+Added: $ 85,128  
+Added: $ 826,201  
Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2022
9 unchanged sentences
Sugar futures contracts
+Added: $ 85,128  
+Added: $ 85,128  
+Added: $ 85,128  
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 September 30, 2022
−Removed: Realized Loss on Commodity Futures Contracts
−Removed: Net Change in Unrealized Depreciation on Commodity Futures Contracts
−Removed: Commodity Price
−Removed: Sugar futures contracts
−Removed: $ ( 948,329 )
−Removed: $ ( 1,014,429 )
−Removed: Three months ended September 30, 2021
+Added: Three months ended March 31, 2023
Realized Gain on Commodity Futures Contracts
2 unchanged sentences
Sugar futures contracts
−Removed: Nine months ended September 30, 2022
−Removed: Realized Loss on Commodity Futures Contracts
−Removed: Net Change in Unrealized Depreciation on Commodity Futures Contracts
−Removed: Commodity Price
−Removed: Sugar futures contracts
−Removed: $ ( 476,906 )
−Removed: $ ( 2,281,371 )
−Removed: Nine months ended September 30, 2021
+Added: $ 1,339,448  
+Added: $ 3,139,817  
+Added: Three months ended March 31, 2022
Realized Gain on Commodity Futures Contracts
2 unchanged sentences
Sugar futures contracts
−Removed: Volume of Derivative Activities
−Removed: The average notional market value categorized by primary underlying risk for all futures contracts held were $ 27.2 million and $ 25.6 million respectively for the three and nine months ended September 30, 2022 and $ 24.4 million and $ 18.9 million for the three and nine months ended September 30, 2021, respectively.
−Removed: Note 6 – Financial Highlights
−Removed: The following table presents per unit performance data and other supplemental financial data for the three and nine months ended September 30, 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: Nine months ended
−Removed: Nine months ended
−Removed: September 30, 2022
−Removed: September 30, 2021
−Removed: September 30, 2022
−Removed: September 30, 2021
−Removed: Per Share Operation Performance
−Removed: Net asset value at beginning of period
−Removed: Income (loss) from investment operations:
−Removed: Investment income
−Removed: Net realized and unrealized (loss) gain on commodity futures contracts
−Removed: Total expenses, net
−Removed: Net (decrease) 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 income (loss)
−Removed: The financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses.
−Removed: Note 7 – 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 8 – Subsequent Events
−Removed: Management has evaluated the financial statements for the quarter-ended September 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.
−Removed: TEUCRIUM WHEAT FUND
−Removed: STATEMENTS OF ASSETS AND LIABILITIES
−Removed: September 30, 2022
−Removed: December 31, 2021
−Removed: Cash and cash equivalents
−Removed: $ 342,244,784
−Removed: Interest receivable
−Removed: Equity in trading accounts:
−Removed: Commodity futures contracts
−Removed: Due from broker
−Removed: Total equity in trading accounts
−Removed: Management fee payable to Sponsor
−Removed: Other liabilities
−Removed: Equity in trading accounts:
−Removed: Commodity futures contracts
−Removed: Due to broker
−Removed: Total equity in trading accounts
−Removed: Total liabilities
−Removed: $ 377,988,971
−Removed: Shares outstanding
−Removed: Shares authorized
−Removed: Net asset value per share
−Removed: Market value per share
−Removed: * On March 9, 2022, the Teucrium Wheat Fund registered an indeterminate number of shares of the Fund pursuant to Rule 456(d) under the Securities Act of 1933.
−Removed: The accompanying notes are an integral part of these financial statements.
−Removed: TEUCRIUM WHEAT FUND
−Removed: SCHEDULE OF INVESTMENTS
−Removed: September 30, 2022
−Removed: Percentage of
−Removed: Cash equivalents
−Removed: Money market funds
−Removed: First American Government Obligations Fund - Class X (cost $90,511,696)
−Removed: Goldman Sachs Financial Square Government Fund - Institutional Class (cost:
−Removed: Total money market funds (cost:
−Removed: $191,355,962)
−Removed: $ 190,355,962
−Removed: Principal Amount
−Removed: Commercial Paper
−Removed: American Electric Power Company, Inc.
−Removed: 3.465% (cost:
−Removed: $4,983,327 due 11/03/2022)
−Removed: 3.277% (cost:
−Removed: $7,453,425 due 11/28/2022)
−Removed: Brookfield Infrastructure Holdings (Canada) Inc.
−Removed: 3.540% (cost:
−Removed: $7,460,625 due 11/15/2022)
−Removed: Crown Castle Inc.
−Removed: 3.234% (cost:
−Removed: $2,487,556 due 11/10/2022)
−Removed: Crown Castle Inc.
−Removed: 3.806% (cost:
−Removed: $2,018,551 due 11/23/2022)
−Removed: du Pont de Nemours and Company 3.336% (cost:
−Removed: $12,435,835 due 11/21/2022)
−Removed: Entergy Corporation 3.030% (cost:
−Removed: $2,487,500 due 11/14/2022)
−Removed: Entergy Corporation 3.163% (cost:
−Removed: $9,922,713 due 11/28/2022)
−Removed: Fortune Brands Home & Security, Inc.
−Removed: 3.040% (cost:
−Removed: $2,488,922 due 10/21/2022)
−Removed: Fortune Brands Home & Security, Inc.
−Removed: 3.754% (cost:
−Removed: $2,984,851 due 11/18/2022)
−Removed: General Motors Financial Company, Inc.
−Removed: 2.929% (cost:
−Removed: $4,971,806 due 10/14/2022)
−Removed: General Motors Financial Company, Inc.
−Removed: 2.878% (cost:
−Removed: $2,487,531 due 10/17/2022)
−Removed: General Motors Financial Company, Inc.
−Removed: 3.042% (cost:
−Removed: $4,971,154 due 11/08/2022)
−Removed: Glencore Funding LLC 2.856% (cost:
−Removed: $4,978,775 due 10/03/2022)
−Removed: Glencore Funding LLC 2.898% (cost:
−Removed: $2,487,444 due 10/18/2022)
−Removed: Harley-Davidson Financial Services, Inc.
−Removed: 2.824% (cost:
−Removed: $2,491,833 due 10/18/2022)
−Removed: Harley-Davidson Financial Services, Inc.
−Removed: 3.487% (cost:
−Removed: $2,489,698 due 11/03/2022)
−Removed: 2.518% (cost:
−Removed: $4,989,236 due 10/03/2022)
−Removed: 2.795% (cost:
−Removed: $9,956,911 due 10/11/2022)
−Removed: 2.683% (cost:
−Removed: $2,491,133 due 10/24/2022)
−Removed: 3.079% (cost:
−Removed: $4,983,479 due 10/17/2022)
−Removed: 3.129% (cost:
−Removed: $7,476,750 due 10/21/2022)
−Removed: 3.158% (cost:
−Removed: $4,987,828 due 10/14/2022)
−Removed: 3.159% (cost:
−Removed: $4,987,393 due 10/14/2022)
−Removed: 3.535% (cost:
−Removed: $2,493,681 due 10/19/2022)
−Removed: 3.434% (cost:
−Removed: $4,986,306 due 10/21/2022)
−Removed: Corporation 2.539% (cost:
−Removed: $4,986,350 due 10/11/2022)
−Removed: 3.473% (cost:
−Removed: $7,487,100 due 10/14/2022)
−Removed: Total Commercial Paper (cost:
−Removed: $139,427,713)
−Removed: $ 139,675,256
−Removed: Total Cash Equivalents
−Removed: $ 330,031,218
−Removed: Notional Amount
−Removed: (Long Exposure)
−Removed: Commodity futures contracts
−Removed: United States wheat futures contracts
−Removed: CBOT wheat futures MAR23 (2,854 contracts)
−Removed: $ 132,996,400
−Removed: CBOT wheat futures MAY23 (2,430 contracts)
−Removed: Total commodity futures contracts
−Removed: $ 246,811,525
−Removed: Percentage of
−Removed: Notional Amount
−Removed: (Long Exposure)
−Removed: Commodity futures contracts
−Removed: United States wheat futures contracts
−Removed: CBOT wheat futures DEC23 (2,899 contracts)
−Removed: $ 131,179,750
−Removed: The accompanying notes are an integral part of these financial statements.
−Removed: TEUCRIUM WHEAT FUND
−Removed: SCHEDULE OF INVESTMENTS
−Removed: December 31, 2021
−Removed: Percentage of
−Removed: Cash equivalents
−Removed: Money market funds
−Removed: First American Government Obligations Fund - Class X 0.026% (cost $5,281,765)
−Removed: Goldman Sachs Financial Square Government Fund - Institutional Class 0.030% (cost $3,228)
−Removed: Total money market funds (cost:
−Removed: Principal Amount
−Removed: Commercial Paper
−Removed: Albemarle Corporation 0.181% (cost:
−Removed: $2,499,081 due 01/31/2022)
−Removed: Albemarle Corporation 0.200% (cost:
−Removed: $2,499,417 due 01/11/2022)
−Removed: Brookfield Infrastructure Holdings (Canada) Inc.
−Removed: 0.170% (cost:
−Removed: $2,499,021 due 01/25/2022)
−Removed: Conagra Brands, Inc.
−Removed: 0.160% (cost:
−Removed: $2,499,300 due 01/05/2022)
−Removed: General Motors Financial Company, Inc.
−Removed: 0.160% (cost:
−Removed: $2,499,000 due 01/06/2022)
−Removed: General Motors Financial Company, Inc.
−Removed: 0.200% (cost:
−Removed: $2,498,778 due 01/31/2022)
−Removed: Harley-Davidson Financial Services, Inc.
−Removed: 0.167% (cost:
−Removed: $2,499,015 due 01/13/2022)
−Removed: Harley-Davidson Financial Services, Inc.
−Removed: 0.170% (cost:
−Removed: $2,498,938 due 02/01/2022)
−Removed: Harley-Davidson Financial Services, Inc.
−Removed: 0.250% (cost:
−Removed: $2,498,664 due 03/02/2022)
−Removed: 0.300% (cost:
−Removed: $2,498,688 due 02/08/2022)
−Removed: 0.310% (cost:
−Removed: $2,498,450 due 02/25/2022)
−Removed: 0.300% (cost:
−Removed: $2,498,313 due 02/11/2022)
−Removed: 0.200% (cost:
−Removed: $2,499,292 due 01/21/2022)
−Removed: 0.310% (cost:
−Removed: $2,498,493 due 03/01/2022)
−Removed: WGL Holdings, Inc.
−Removed: 0.220% (cost:
−Removed: $2,499,343 due 01/12/2022)
−Removed: Total Commercial Paper (cost:
−Removed: Total Cash Equivalents
−Removed: Notional Amount
−Removed: (Long Exposure)
−Removed: Commodity futures contracts
−Removed: United States wheat futures contracts
−Removed: CBOT wheat futures MAY22 (687 contracts)
−Removed: CBOT wheat futures DEC22 (686 contracts)
−Removed: Total commodity futures contracts
−Removed: Percentage of
−Removed: Notional Amount
−Removed: (Long Exposure)
−Removed: Commodity futures contracts
−Removed: United States wheat futures contracts
−Removed: CBOT wheat futures JUL22 (593 contracts)
−Removed: The accompanying notes are an integral part of these financial statements.
−Removed: TEUCRIUM WHEAT FUND
−Removed: STATEMENTS OF OPERATIONS
−Removed: Three months ended
−Removed: Three months ended
−Removed: Nine months ended
−Removed: Nine months ended
−Removed: September 30, 2022
−Removed: September 30, 2021
−Removed: September 30, 2022
−Removed: September 30, 2021
−Removed: Realized and unrealized gain (loss) on trading of commodity futures contracts:
−Removed: Realized (loss) gain on commodity futures contracts
−Removed: $ ( 92,957,415 )
−Removed: $ ( 53,537,910 )
−Removed: Net change in unrealized appreciation/(depreciation) on commodity futures contracts
−Removed: ( 3,790,712 )
−Removed: ( 1,199,756 )
−Removed: Interest income
−Removed: Total income (loss)
−Removed: ( 54,397,249 )
−Removed: Management fees
−Removed: Professional fees
−Removed: Distribution and marketing fees
−Removed: Custodian fees and expenses
−Removed: Business permits and licenses fees
−Removed: General and administrative expenses
−Removed: Total expenses
−Removed: Expenses waived by the Sponsor
−Removed: Total expenses, net
−Removed: Net income (loss)
−Removed: $ ( 59,064,706 )
−Removed: Net gain per share
−Removed: Net income (loss) per weighted average share
−Removed: Weighted average shares outstanding
−Removed: The accompanying notes are an integral part of these financial statements.
−Removed: TEUCRIUM WHEAT FUND
−Removed: STATEMENTS OF CHANGES IN NET ASSETS
−Removed: Nine months ended
−Removed: Nine months ended
−Removed: September 30, 2022
−Removed: September 30, 2021
−Removed: Net (loss) income
−Removed: $ ( 59,064,706 )
−Removed: Capital transactions
−Removed: Issuance of Shares
−Removed: Redemption of Shares
−Removed: ( 523,995,485 )
−Removed: ( 29,995,638 )
−Removed: Total capital transactions
−Removed: ( 7,807,965 )
−Removed: Net change in net assets
−Removed: Net assets, beginning of period
−Removed: Net assets, end of period
−Removed: $ 377,988,971
−Removed: Net asset value per share at beginning of period
−Removed: Net asset value per share at end of period
−Removed: Creation of Shares
−Removed: Redemption of Shares
−Removed: The accompanying notes are an integral part of these financial statements.
−Removed: TEUCRIUM WHEAT FUND
−Removed: STATEMENTS OF CASH FLOWS
−Removed: Nine months ended
−Removed: Nine months ended
−Removed: September 30, 2022
−Removed: September 30, 2021
−Removed: Cash flows from operating activities:
−Removed: Net (loss) income
−Removed: $ ( 59,064,706 )
−Removed: Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
−Removed: Net change in unrealized depreciation on commodity futures contracts
−Removed: Changes in operating assets and liabilities:
−Removed: Due from broker
−Removed: ( 36,616,154 )
−Removed: Interest receivable
−Removed: Due to broker
−Removed: ( 2,571,103 )
−Removed: Payable for purchases of commercial paper
−Removed: Management fee payable to Sponsor
−Removed: Other liabilities
−Removed: Net cash (used in) provided by operating activities
−Removed: ( 92,028,922 )
−Removed: Cash flows from financing activities:
−Removed: Proceeds from sale of Shares
−Removed: Redemption of Shares
−Removed: ( 523,995,485 )
−Removed: ( 32,458,278 )
−Removed: Net cash provided by (used in) financing activities
−Removed: ( 9,962,775 )
−Removed: Net change in cash and cash equivalents
−Removed: Cash and cash equivalents, beginning of period
−Removed: Cash and cash equivalents, end of period
−Removed: $ 342,244,784
−Removed: The accompanying notes are an integral part of these financial statements.
−Removed: NOTES TO FINANCIAL STATEMENTS
−Removed: September 30, 2022
−Removed: Note 1 – Organization and Operation
−Removed: Teucrium Wheat Fund (referred to herein as “WEAT” or the “Fund”) is a commodity pool that is a series of Teucrium Commodity Trust (“Trust”), a Delaware statutory trust formed on September 11, 2009.
−Removed: The Fund issues common units, called the “Shares,” representing fractional undivided beneficial interests in the Fund.
−Removed: The Fund continuously offers Creation Baskets consisting of 25,000 Shares at their Net Asset Value (“NAV”) to “Authorized Purchasers” through Foreside Fund Services, LLC, which is the distributor for the Fund (the “Distributor”).
−Removed: Authorized Purchasers sell such Shares, which are listed on the New York Stock Exchange (“NYSE”) Arca under the symbol “WEAT,” to the public at per-Share offering prices that reflect, among other factors, the trading price of the Shares on the NYSE Arca, the NAV of the Fund at the time the Authorized Purchaser purchased the Creation Baskets and the NAV at the time of the offer of the Shares to the public, the supply of and demand for Shares at the time of sale, and the liquidity of the markets for wheat interests.
−Removed: The Fund’s Shares trade in the secondary market on the NYSE Arca at prices that are lower or higher than their NAV per Share.
−Removed: The investment objective of WEAT is to have the daily changes in the NAV of the Fund’s Shares reflect the daily changes in the wheat market for future delivery as measured by the Benchmark.
−Removed: The Benchmark is a weighted average of the closing settlement prices for three futures contracts for wheat (“Wheat Futures Contracts”) that are traded on the Chicago Board of Trade (“CBOT”):
−Removed: WEAT Benchmark
−Removed: CBOT Wheat Futures Contract
−Removed: Second to expire
−Removed: Third to expire
−Removed: December following the third to expire
−Removed: The Fund commenced investment operations on September 19, 2011 and has a fiscal year ending December 31.
−Removed: The Fund’s sponsor is Teucrium Trading, LLC (the “Sponsor”).
−Removed: The Sponsor is responsible for the management of the Fund.
−Removed: The Sponsor is registered as a commodity pool operator (“CPO”) and a commodity trading adviser (“CTA”) with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures Association (“NFA”).
−Removed: On June 13, 2011, the Fund’s initial registration of 10,000,000 shares on Form S1 was declared effective by the SEC.
−Removed: On September 19, 2011, the Fund listed its shares on the NYSE Arca under the ticker symbol “WEAT.” On the business day prior to that, the Fund issued 100,000 shares in exchange for $ 2,500,000 at the Fund’s initial NAV of $ 25 per share.
−Removed: The Fund also commenced investment operations on September 19, 2011 by purchasing commodity futures contracts traded on the CBOT.
−Removed: On December 31, 2010, the Fund had four shares outstanding, which were owned by the Sponsor.
−Removed: The current registration statement for WEAT was declared effective on March 9, 2022.
−Removed: This registration statement for WEAT registered an indeterminate number of shares.
−Removed: 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”).
−Removed: The financial information included herein is unaudited;
−Removed: however, such financial information reflects all adjustments which are, in the opinion of management, necessary for the fair presentation of the Fund’s financial statements for the interim period.
−Removed: 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 and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022.
−Removed: 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.
−Removed: However, no level of losses will require the Sponsor to terminate a Fund.
−Removed: Note 2 – Principal Contracts and Agreements
−Removed: The Sponsor employs U.S.
−Removed: Bancorp Fund Services, LLC, doing business as U.S.
−Removed: Bank Global Fund Services (“Global Fund Services”), for Transfer Agency, Fund Accounting and Fund Administration services.
−Removed: The principal address for Global Fund Services is 615 E.
−Removed: Michigan Street, Milwaukee, WI 53202.
−Removed: For custody services, the Funds will pay to U.S.
−Removed: 0.0075% of average gross assets up to $1 billion, and .0050% of average gross assets over $1 billion, annually, plus certain per-transaction charges.
−Removed: For Transfer Agency, Fund Accounting and Fund Administration services, which are based on the total assets for all the Funds in the Trust, the Funds will pay to Global Fund Services 0.05% of average gross assets on the first $500 million, 0.04% on the next $500 million, 0.03% on the next $2 billion and 0.02% on the balance over $3 billion annually.
−Removed: A combined minimum annual fee of up to $64,500 for custody, transfer agency, accounting and administrative services is assessed per Fund.
−Removed: These services are recorded as custodian fees and expenses on the statements of operations.
−Removed: A summary of these expenses is included below.
−Removed: The Sponsor employs Foreside Fund Services, LLC (“Foreside” or the “Distributor”) as the Distributor for the Funds.
−Removed: The Distribution Services Agreement among the Distributor and the Sponsor calls for the Distributor to work with the Custodian in connection with the receipt and processing of orders for Creation Baskets and Redemption Baskets and the review and approval of all Fund sales literature and advertising materials.
−Removed: The Distributor and the Sponsor have also entered into a Securities Activities and Service Agreement (the “SASA”) under which certain employees and officers of the Sponsor are licensed as registered representatives or registered principals of the Distributor, under Financial Industry Regulatory Authority (“FINRA”) rules.
−Removed: For its services as the Distributor, Foreside receives a fee of 0.01% of each Fund’s average daily net assets and an aggregate annual fee of $100,000 for all Funds, along with certain expense reimbursements.
−Removed: For its services under the SASA, Foreside receives a fee of $5,000 per registered representative and $1,000 per registered location.
−Removed: These services are recorded as distribution and marketing fees on the statements of operations.
−Removed: A summary of these expenses is included below.
−Removed: Pursuant to a Consulting Services Agreement, Foreside Consulting Services, LLC, performs certain consulting support services for the Trust’s Sponsor.
−Removed: Additionally, Foreside Distributors, LLC performs certain distribution consulting services pursuant to a Distribution Consulting Agreement with the Sponsor.
−Removed: E D & F Man Capital Markets, Inc.
−Removed: (“E D & F Man”) and StoneX Financial Inc.
−Removed: (“StoneX”) serve as the Funds’ clearing brokers to execute and clear futures contracts and provide other brokerage-related services.
−Removed: E D & F Man and StoneX are each registered as futures commission merchants (“FCM”) with the U.S.
−Removed: CFTC and are members of the NFA.
−Removed: The clearing brokers are registered as broker-dealers with the SEC and are each a member of FINRA.
−Removed: ED & F Man and StoneX are each clearing members of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges.
−Removed: For Corn, Soybean, Sugar, and Wheat Futures Contracts E D & F Man is paid $11.00 per round turn .
−Removed: StoneX is paid $2.50 per round turn exclusive of pass-through fees for the exchange and the NFA.
−Removed: These expenses are recognized on a per-trade basis.
−Removed: The half-turn is recognized as an unrealized loss on the statements of operations for contracts that have been purchased since the change in recognition, and a full turn is recognized as a realized loss on the statements of operations when a contract is sold.
−Removed: A summary of these expenses is included below.
−Removed: The sole Trustee of the Trust is Wilmington Trust Company, a Delaware banking corporation.
−Removed: The Trustee will accept service of legal process on the Trust in the State of Delaware and will make certain filings under the Delaware Statutory Trust Act.
−Removed: For its services, the Trustee receives an annual fee of $3,300 from the Trust.
−Removed: These services are recorded in business permits and licenses fees on the statements of operations.
−Removed: A summary of these expenses is included below.
−Removed: The Sponsor employs Thales Capital Partners LLC (“Thales”) for distribution and solicitation-related services.
−Removed: Thales is registered as a Broker-Dealer with the SEC and a member of FINRA and the Securities Investor Protection Corporation (“SIPC”).
−Removed: Thales receives a quarterly fee of the higher of $18,750 or 0.10% of new assets raised in referred accounts for distribution and solicitation-related services.
−Removed: This fee based on new assets raised is determined by an agreed upon level of assets at the time of signing the contract.
−Removed: These services are recorded in distribution and marketing fees on the statements of operations.
−Removed: A summary of these expenses is included below:
−Removed: Three months ended September 30, 2022
−Removed: Three months ended September 30, 2021
−Removed: Nine months ended September 30, 2022
−Removed: Nine months ended September 30, 2021
−Removed: Amount Recognized for Custody Services
−Removed: 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: Commodity futures contracts are recorded on the trade date.
−Removed: All such transactions are recorded on the identified cost basis and marked to market daily.
−Removed: Unrealized appreciation or depreciation on commodity futures contracts are reflected in the statements of operations as the difference between the original contract amount and the fair market value as of the last business day of the year or as of the last date of the financial statements.
−Removed: Changes in the appreciation or depreciation between periods are reflected in the statements of operations.
−Removed: Interest on cash equivalents with financial institutions are recognized on the accrual basis.
−Removed: The Fund seeks to earn interest on funds held at the custodian and other financial institutions at prevailing market rates for such investments.
−Removed: The Sponsor invests a portion of cash in commercial paper, which is deemed a cash equivalent based on the rating and duration of contracts as described in the notes to the financial statements and reflected in cash and cash equivalents on the statements of assets and liabilities and on the statements of cash flows.
−Removed: Accretion on these investments is recognized using the effective interest method in U.S.
−Removed: dollars and included in interest income on the statements of operations.
−Removed: The Sponsor invests a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts.
−Removed: Accretion on these investments is recognized using the effective interest method in U.S.
−Removed: dollars and included in interest income on the statements of operations.
−Removed: Brokerage Commissions
−Removed: The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis.
−Removed: The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and nine months ended September 30, 2022.
−Removed: Three Months Ended September 30, 2022
−Removed: Three Months Ended September 30, 2021
−Removed: Nine Months Ended September 30, 2022
−Removed: Nine Months Ended September 30, 2021
−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: Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of September 30, 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 and nine months ended September 30, 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: 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.(ET) on the day the order to create the basket is properly received.
−Removed: 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: (ET) on the day the order to redeem the basket is properly received.
−Removed: 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.
−Removed: The amounts due from Authorized Purchasers are reflected in the Fund’s statements of assets and liabilities as capital shares receivable.
−Removed: Amounts payable to Authorized Purchasers upon redemption are 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 two 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 and Cash Equivalents
−Removed: Cash equivalents are highly liquid investments with maturity dates of 90 days or less when acquired.
−Removed: The Trust 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: Each Fund that is a series of the Trust has the balance of its cash equivalents on deposit with financial institutions.
−Removed: The Fund holds a balance in money market funds that is included in cash and cash equivalents on the statements of assets and liabilities.
−Removed: The Sponsor invests a portion of the available cash for the Funds in alternative demand deposit savings accounts, which is classified as cash and not as cash equivalents.
−Removed: Assets deposited with the bank may, at times, exceed federally insured limits.
−Removed: The Sponsor invests a portion of the available cash for the Funds in investment grade commercial paper with durations of 90 days or less, which is classified as a cash equivalent and is not FDIC insured.
−Removed: The Sponsor may invest a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured.
−Removed: September 30, 2022
−Removed: December 31, 2021
−Removed: Money Market Funds
−Removed: $ 190,355,962
−Removed: Demand Deposit Savings Accounts
−Removed: Commercial Paper
−Removed: Total cash and cash equivalents as presented on the Statement of Assets and Liabilities
−Removed: $ 342,244,784
−Removed: Payable for Purchases of Commercial Paper
−Removed: The amount recorded by the Fund for commercial paper transactions awaiting settlement, represents the amount payable for contracts purchased but not yet settled as of the reporting date.
−Removed: The value of the contract is included in cash and cash equivalents, and the payable amount is included as a liability.
−Removed: Due from/to Broker
−Removed: The amount recorded by the Fund for the amount due from and to the clearing broker includes, but is not limited to, cash held by the broker, amounts payable to the clearing broker related to open transactions, payables for commodities futures accounts liquidating to an equity balance on the clearing broker’s records and amounts of brokerage commissions paid and recognized as unrealized losses.
−Removed: 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.
−Removed: A margin deposit acts to assure the trader’s performance of the futures contracts purchased or sold.
−Removed: Futures contracts are customarily bought and sold on initial margin that represents a very small percentage of the aggregate purchase or sales price of the contract.
−Removed: Because of such low margin requirements, price fluctuations occurring in the futures markets may create profits and losses that, in relation to the amount invested, are greater than customary in other forms of investment or speculation.
−Removed: As discussed below, adverse price changes in the futures contract may result in margin requirements that greatly exceed the initial margin.
−Removed: 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.
−Removed: Brokerage firms, such as the Fund’s 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.
−Removed: Over the counter trading generally involves the extension of credit between counterparties, so the counterparties may agree to require the posting of collateral by one or both parties to address credit exposure.
−Removed: When a trader purchases an option, there is no margin requirement;
−Removed: however, the option premium must be paid in full.
−Removed: When a trader sells an option, on the other hand, he or she is required to deposit margin in an amount determined by the margin requirements established for the underlying interest and, in addition, an amount substantially equal to the current premium for the option.
−Removed: The margin requirements imposed on the selling of options, although adjusted to reflect the probability that out-of-the-money options will not be exercised, can in fact be higher than those imposed in dealing in the futures markets directly.
−Removed: Complicated margin requirements apply to spreads and conversions, which are complex trading strategies in which a trader acquires a mixture of options positions and positions in the underlying interest.
−Removed: Ongoing or “maintenance” margin requirements are computed each day by a trader’s clearing broker.
−Removed: When the market value of a particular open futures contract changes to a point where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the broker.
−Removed: If the margin call is not met within a reasonable time, the broker may close out the trader’s position.
−Removed: With respect to the Fund’s trading, the Fund (and not its shareholders personally) is subject to margin calls.
−Removed: Finally, many major U.S.
−Removed: exchanges have passed certain cross margining arrangements involving procedures pursuant to which the futures and options positions held in an account would, in the case of some accounts, be aggregated and margin requirements would be assessed on a portfolio basis, measuring the total risk of the combined positions.
−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, calculates the NAV of the Fund once each trading day.
−Removed: It calculates the NAV as of the earlier of the close of the NYSE or 4:00 p.m.
−Removed: The NAV for a particular trading day is released after 4:15 p.m.
−Removed: In determining the value of Wheat Futures Contracts, the administrator uses the CBOT closing price.
−Removed: The administrator determines the value of all other Fund investments as of the earlier of the close of the NYSE or 4:00 p.m.
−Removed: The value of over-the-counter wheat interests is determined based on the value of the commodity or futures contract underlying such wheat interest, except that a fair value may be determined if the Sponsor believes that the Fund is subject to significant credit risk relating to the counterparty to such wheat interest.
−Removed: For purposes of financial statements and reports, the Sponsor will recalculate the NAV where necessary to reflect the “fair value” of a Futures Contract when the Futures Contract closes at its price fluctuation limit for the day.
−Removed: Short term Treasury securities held by the Fund are valued by the administrator using values received from recognized third-party vendors and dealer quotes.
−Removed: NAV includes any unrealized profit or loss on open wheat interests and any other income or expense 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, which the Sponsor performs itself.
−Removed: In addition, the Fund is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00% per annum.
−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, 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 Fund 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 in the financial statements of each Fund.
−Removed: Three months ended September 30, 2022
−Removed: Three months ended September 30, 2021
−Removed: Nine months ended September 30, 2022
−Removed: Nine months ended September 30, 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 September 30, 2022
−Removed: Three months ended September 30, 2021
−Removed: Nine months ended September 30, 2022
−Removed: Nine months ended September 30, 2021
−Removed: Use of Estimates
−Removed: The preparation of financial statements in conformity with U.S.
−Removed: GAAP 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: Fair Value - Definition and Hierarchy
−Removed: In accordance with U.S.
−Removed: 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 U.S.
−Removed: 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.
−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: Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure.
−Removed: Therefore, even when market assumptions are not readily available, the Fund’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date.
−Removed: The Fund uses prices and inputs that are current as of the measurement date, including periods of market dislocation.
−Removed: In periods of market dislocation, the observability of prices and inputs may be reduced for many financial instruments.
−Removed: This condition could cause a financial instrument to be reclassified to a lower level within the fair value hierarchy.
−Removed: When such a situation exists on a quarter close, the Sponsor will calculate the NAV on a particular day using the Level 1 valuation but will later recalculate the NAV for the impacted Fund based upon the valuation inputs from these alternative verifiable sources (Level 2 or Level 3) and will report such NAV in its applicable financial statements and reports.
−Removed: On September 30, 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.
−Removed: The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period.
−Removed: 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: The Fund records its derivative activities at fair value.
−Removed: Gains and losses from derivative contracts are included in the statements of operations.
−Removed: Derivative contracts include futures contracts related to commodity prices.
−Removed: Futures, which are listed on a national securities exchange, such as the CBOT and the ICE, or reported on another national market, are generally categorized in Level 1 of the fair value hierarchy.
−Removed: OTC derivatives contracts (such as forward and swap contracts) which may be valued using models, depending on whether significant inputs are observable or unobservable, are categorized in Levels 2 or 3 of the fair value hierarchy.
−Removed: Expenses are recorded using the accrual method of accounting.
−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: New Accounting Pronouncements
−Removed: 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.
−Removed: 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.
−Removed: The amendment was early adopted for the quarter ended June 30, 2022;
−Removed: the early adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund.
−Removed: The FASB issued 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: 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 September 30, 2022 and December 31, 2021:
−Removed: September 30, 2022
−Removed: Balance as of September 30, 2022
−Removed: Cash Equivalents
−Removed: $ 330,031,218
−Removed: $ 330,031,218
−Removed: Commodity Futures Contracts
−Removed: Wheat futures contracts
−Removed: $ 348,248,768
−Removed: $ 348,248,768
−Removed: Balance as of September 30, 2022
−Removed: Commodity Futures Contracts
−Removed: Wheat futures contracts
−Removed: December 31, 2021
−Removed: Balance as of
−Removed: December 31, 2021
−Removed: Cash Equivalents
−Removed: Commodity Futures Contracts
−Removed: Wheat futures contracts
−Removed: Balance as of
−Removed: December 31, 2021
−Removed: Wheat futures contracts
−Removed: For the three and nine months ended September 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.
−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 – Derivative Instruments and Hedging Activities
−Removed: In the normal course of business, the Fund utilizes derivative contracts in connection with its proprietary trading activities.
−Removed: Investments in derivative contracts are subject to additional risks that can result in a loss of all or part of an investment.
−Removed: The Fund’s derivative activities and exposure to derivative contracts are classified by the following primary underlying risks:
−Removed: interest rate, credit, commodity price, and equity price risks.
−Removed: 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 and nine months ended September 30, 2022 and for the year ended December 31, 2021, the Fund invested only in commodity futures contracts.
−Removed: Futures Contracts
−Removed: The Fund is subject to commodity price risk in the normal course of pursuing its investment objectives.
−Removed: 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 Futures Commission Merchant (“FCM”).
−Removed: 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.
−Removed: Futures contracts may reduce the Fund’s exposure to counterparty risk since futures contracts are exchange-traded;
−Removed: and the exchange’s clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures against default.
−Removed: The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM’s proprietary activities.
−Removed: A customer’s cash and other equity deposited with an FCM are considered commingled with all other customer funds subject to the FCM’s segregation requirements.
−Removed: In the event of an FCM’s insolvency, recovery may be limited to the Fund’s pro rata share of segregated customer funds available.
−Removed: It is possible that the recovery amount could be less than the total of cash and other equity deposited.
−Removed: The following table discloses information about offsetting assets and liabilities presented in the statements of assets and liabilities to enable users of these financial statements to evaluate the effect or potential effect of netting arrangements for recognized assets and liabilities.
−Removed: These recognized assets and liabilities are presented as defined in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (“ASU”) No.
−Removed: 2011-11 “Balance Sheet (Topic 210):
−Removed: Disclosures about Offsetting Assets and Liabilities” and subsequently clarified in FASB ASU 2013-01 “Balance Sheet (Topic 210):
−Removed: 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 September 30, 2022 and December 31, 2021.
−Removed: *The amount of collateral presented in Collateral, Due from Broker, is limited to the liability for the futures contracts and accordingly does not include the excess collateral pledged.
−Removed: Offsetting of Financial Assets and Derivative Assets as of September 30, 2022
−Removed: (iii) = (i)-(ii)
−Removed: (v)=(iii)-(iv)
−Removed: Gross Amount Not Offset in the Statement of Assets and Liabilities
−Removed: 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
−Removed: Futures Contracts Available for Offset
−Removed: Collateral, Due to Broker
−Removed: Commodity Price
−Removed: Wheat futures contracts
−Removed: Offsetting of Financial Liabilities and Derivative Liabilities as of September 30, 2022
−Removed: (iii) = (i)-(ii)
−Removed: (v)=(iii)-(iv)
−Removed: Gross Amount Not Offset in the Statement of Assets and Liabilities
−Removed: 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
−Removed: Futures Contracts Available for Offset
−Removed: Collateral, Due from Broker*
−Removed: Commodity Price
−Removed: Wheat futures contracts
−Removed: Offsetting of Financial Assets and Derivative Assets as of December 31, 2021
−Removed: (iii) = (i)-(ii)
−Removed: (v)=(iii)-(iv)
−Removed: Gross Amount Not Offset in the Statement of Assets and Liabilities
−Removed: 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
−Removed: Futures Contracts Available for Offset
−Removed: Collateral, Due to Broker
−Removed: Commodity Price
−Removed: Wheat futures contracts
−Removed: Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2021
−Removed: (iii) = (i)-(ii)
−Removed: (v)=(iii)-(iv)
−Removed: Gross Amount Not Offset in the Statement of Assets and Liabilities
−Removed: 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
−Removed: Futures Contracts Available for Offset
−Removed: Collateral, Due from Broker*
−Removed: Commodity Price
−Removed: Wheat futures contracts
−Removed: 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 September 30, 2022
−Removed: Realized Loss on Commodity Futures Contracts
−Removed: Net Change in Unrealized Appreciation on Commodity Futures Contracts
−Removed: Commodity Price
−Removed: Wheat futures contracts
−Removed: $ ( 92,957,415 )
−Removed: Three months ended September 30, 2021
−Removed: Realized Gain on Commodity Futures Contracts
−Removed: Net Change in Unrealized Appreciation on Commodity Futures Contracts
−Removed: Commodity Price
−Removed: Wheat futures contracts
−Removed: Nine months ended September 30, 2022
−Removed: Realized Loss on Commodity Futures Contracts
−Removed: Net Change in Unrealized Depreciation on Commodity Futures Contracts
−Removed: Commodity Price
−Removed: Wheat futures contracts
−Removed: $ ( 53,537,910 )
−Removed: $ ( 3,790,712 )
−Removed: Nine months ended September 30, 2021
−Removed: Realized Gain on Commodity Futures Contracts
−Removed: Net Change in Unrealized Depreciation on Commodity Futures Contracts
−Removed: Commodity Price
−Removed: Wheat futures contracts
−Removed: $ ( 1,199,756 )
+Added: $ 70,161  
+Added: $ 907,742  
Volume of Derivative Activities
−Removed: The average notional market value categorized by primary underlying risk for all futures contracts held was $ 356.1 million and $ 318.9 million respectively, for the three and nine months ended September 30, 2022 and $ 76.0 million and $ 80.3 million for the three and nine months ended September 30, 2021.
−Removed: Note 6 – Financial Highlights
−Removed: The following tables present per unit performance data and other supplemental financial data for the three and nine months ended September 30, 2022 and 2021.
+Added: The average notional market value categorized by primary underlying risk for all futures contracts held were $ 25.7  million and $ 21.4  million respectively for the three months ended March 31, 2023 and for the three months ended March 31, 2022 .
+Added: Note 6 –
+Added: Financial Highlights
+Added: The following table presents per unit performance data and other supplemental financial data for the three months ended March 31, 2023 and 2022 .
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: Nine months ended
−Removed: Nine months ended
−Removed: September 30, 2022
−Removed: September 30, 2021
−Removed: September 30, 2022
−Removed: September 30, 2021
+Added: March 31, 2023
+Added: March 31, 2022
Per Share Operation Performance
Net asset value at beginning of period
+Added: $ 9.51  
+Added: $ 9.23  
Income (loss) from investment operations:
2 unchanged sentences
Total expenses, net
+Added: ( 0.07 )  
Net increase in net asset value
Net asset value at end of period
−Removed: Ratios to Average Net Assets (Annualized)
−Removed: Total expenses
−Removed: Total expenses, net
−Removed: Net investment income (loss)
−Removed: The financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses.
−Removed: Note 7 – 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 8 – Subsequent Events
−Removed: Management has evaluated the financial statements for the quarter-ended September 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
−Removed: TEUCRIUM AGRICULTURAL FUND
−Removed: STATEMENTS OF ASSETS AND LIABILITIES
−Removed: September 30, 2022
−Removed: December 31, 2021
−Removed: Cash equivalents
−Removed: Interest receivable
−Removed: Equity in trading accounts:
−Removed: Investments in securities, at fair value (cost $ 46,624,323 and $ 12,799,498 as of September 30, 2022 and December 31, 2021, respectively)
−Removed: Other liabilities
−Removed: Shares outstanding
−Removed: Shares authorized
−Removed: Net asset value per share
−Removed: Market value per share
−Removed: * 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.
−Removed: The accompanying notes are an integral part of these financial statements.
−Removed: TEUCRIUM AGRICULTURAL FUND
−Removed: SCHEDULE OF INVESTMENTS
−Removed: September 30, 2022
−Removed: Percentage of
−Removed: Exchange-traded funds
−Removed: Teucrium Corn Fund
−Removed: Teucrium Soybean Fund
−Removed: Teucrium Sugar Fund
−Removed: Teucrium Wheat Fund
−Removed: Total exchange-traded funds (cost $46,624,323)
−Removed: Cash equivalents
−Removed: Money market funds
−Removed: First American Government Obligations Fund - Class X (cost $6,417)
−Removed: The accompanying notes are an integral part of these financial statements.
−Removed: TEUCRIUM AGRICULTURAL FUND
−Removed: SCHEDULE OF INVESTMENTS
−Removed: December 31, 2021
−Removed: Percentage of
−Removed: Exchange-traded funds
−Removed: Teucrium Corn Fund
−Removed: Teucrium Soybean Fund
−Removed: Teucrium Sugar Fund
−Removed: Teucrium Wheat Fund
−Removed: Total exchange-traded funds (cost:
−Removed: Cash equivalents
−Removed: Money market funds
−Removed: First American Government Obligations Fund - Class X 0.026% (cost:
−Removed: The accompanying notes are an integral part of these financial statements.
−Removed: TEUCRIUM AGRICULTURAL FUND
−Removed: STATEMENTS OF OPERATIONS
−Removed: Three months ended
−Removed: Three months ended
−Removed: Nine months ended
−Removed: Nine months ended
−Removed: September 30, 2022
−Removed: September 30, 2021
−Removed: September 30, 2022
−Removed: September 30, 2021
−Removed: Realized and unrealized gain (loss) on trading of securities:
−Removed: Realized (loss) gain on securities
−Removed: $ ( 172,369 )
−Removed: Net change in unrealized appreciation on securities
−Removed: ( 1,786,575 )
−Removed: Interest income
−Removed: Total income (loss)
−Removed: ( 1,296,480 )
−Removed: Professional fees
−Removed: Distribution and marketing fees
−Removed: Custodian fees and expenses
−Removed: Business permits and licenses fees
−Removed: General and administrative expenses
−Removed: Other expenses
−Removed: Total expenses
−Removed: Expenses waived by the Sponsor
−Removed: Total expenses, net
−Removed: Net (loss) income
−Removed: $ ( 1,333,145 )
−Removed: Net (loss) gain per share
−Removed: Net (loss) income per weighted average share
−Removed: Weighted average shares outstanding
−Removed: The accompanying notes are an integral part of these financial statements.
−Removed: TEUCRIUM AGRICULTURAL FUND
−Removed: STATEMENTS OF CHANGES IN NET ASSETS
−Removed: Nine months ended
−Removed: Nine months ended
−Removed: September 30, 2022
−Removed: September 30, 2021
−Removed: Net (loss) income
−Removed: $ ( 1,333,145 )
−Removed: Capital transactions
−Removed: Issuance of Shares
−Removed: Redemption of Shares
−Removed: ( 12,193,184 )
−Removed: ( 2,267,271 )
−Removed: Total capital transactions
−Removed: Net change in net assets
−Removed: Net assets, beginning of period
−Removed: Net assets, end of period
−Removed: Net asset value per share at beginning of period
−Removed: Net asset value per share at end of period
−Removed: Creation of Shares
−Removed: Redemption of Shares
−Removed: The accompanying notes are an integral part of these financial statements.
−Removed: TEUCRIUM AGRICULTURAL FUND
−Removed: STATEMENTS OF CASH FLOWS
−Removed: Nine months ended
−Removed: Nine months ended
−Removed: September 30, 2022
−Removed: September 30, 2021
−Removed: Cash flows from operating activities:
−Removed: Net (loss) income
−Removed: $ ( 1,333,145 )
−Removed: Adjustments to reconcile net (loss) income to net cash used in operating activities:
−Removed: Net change in unrealized depreciation (appreciation) on securities
−Removed: ( 1,210,246 )
−Removed: Changes in operating assets and liabilities:
−Removed: Net (purchase) sale of investments in securities
−Removed: ( 33,824,825 )
−Removed: ( 5,748,597 )
−Removed: Interest receivable
−Removed: Other liabilities
−Removed: Net cash used in operating activities
−Removed: ( 33,371,591 )
−Removed: ( 5,737,940 )
−Removed: Cash flows from financing activities:
−Removed: Proceeds from sale of Shares
−Removed: Redemption of Shares
−Removed: ( 12,193,184 )
−Removed: ( 2,267,271 )
−Removed: Net cash provided by financing activities
−Removed: Net change in cash equivalents
−Removed: Cash equivalents, beginning of period
−Removed: Cash equivalents, end of period
−Removed: The accompanying notes are an integral part of these financial statements.
−Removed: NOTES TO FINANCIAL STATEMENTS
−Removed: September 30, 2022
−Removed: Note 1 – Organization and Operation
−Removed: Teucrium Agricultural Fund (referred to herein as “TAGS” or the “Fund”) is a series of Teucrium Commodity Trust (“Trust”), a Delaware statutory trust organized on September 11, 2009.
−Removed: The Fund operates pursuant to the Trust’s Fifth Amended and Restated Declaration of Trust and Trust Agreement (the “Trust Agreement”).
−Removed: The Fund was formed on March 29, 2011 and is managed and controlled by Teucrium Trading, LLC (the “Sponsor”).
−Removed: The Sponsor is a limited liability company formed in Delaware on July 28, 2009.
−Removed: The Sponsor is registered as a commodity pool operator (“CPO”) and a commodity trading adviser (“CTA”) with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures Association (“NFA”).
−Removed: On April 22, 2011, a registration statement was filed with the Securities and Exchange Commission (“SEC”).
−Removed: On February 10, 2012, the Fund’s initial registration of 5,000,000 shares on Form S-1 was declared effective by the SEC.
−Removed: On March 28, 2012, the Fund listed its shares on the NYSE Arca under the ticker symbol “TAGS.” On the business day prior to that, the Fund issued 300,000 shares in exchange for $ 15,000,000 at the Fund’s initial NAV of $50 per share.
−Removed: The Fund also commenced investment operations on March 28, 2012 by purchasing shares of the Underlying Funds.
−Removed: On December 31, 2011, the Fund had two shares outstanding, which were owned by the Sponsor.
−Removed: The current registration statement for TAGS was declared effective on April 7, 2022.
−Removed: This registration statement for TAGS registered an indeterminate number of shares.
−Removed: The investment objective of the TAGS is to have the daily changes in percentage terms of the NAV of its Shares reflect the daily changes in percentage terms of a weighted average (the “Underlying Fund Average”) of the NAVs per share of four other commodity pools that are series of the Trust and are sponsored by the Sponsor:
−Removed: the Teucrium Corn Fund, the Teucrium Wheat Fund, the Teucrium Soybean Fund and the Teucrium Sugar Fund (collectively, the “Underlying Funds”).
−Removed: The Underlying Fund Average will have a weighting of 25% to each Underlying Fund, and the Fund’s assets will be rebalanced, generally on a daily basis, to maintain the approximate 25% allocation to each Underlying Fund:
−Removed: TAGS Benchmark
−Removed: Underlying Fund
−Removed: The Fund seeks to provide daily investment results that reflect the combined daily performance of the Underlying Funds.
−Removed: Under normal market conditions, the Fund seeks to achieve its investment objective generally by investing equally in shares of each Underlying Fund and, to a lesser extent, cash equivalents.
−Removed: The Fund’s investments in shares of the Underlying Funds is rebalanced, generally on a daily basis, in order to maintain approximately a 25% allocation of the Fund’s assets to each Underlying Fund.
−Removed: (This weighted average is referred to herein as the Underlying Fund’s “Benchmark,” the Futures Contracts that at any given time make up an Underlying Fund’s Benchmark are referred to herein as the Underlying Fund’s “Benchmark Component Futures Contracts,” and the commodity specified in the Underlying Fund’s name is referred to herein as its “Specified Commodity.”) Specifically, the Teucrium Corn Fund’s Benchmark is:
−Removed: (1) the second to expire Futures Contract for corn traded on the Chicago Board of Trade (“CBOT”), weighted 35%, (2) the third to expire CBOT corn Futures Contract, weighted 30%, and (3) the CBOT corn Futures Contract expiring in the December following the expiration month of the third to expire contract, weighted 35%.
−Removed: The Teucrium Wheat Fund’s Benchmark is:
−Removed: (1) the second to expire CBOT wheat Futures Contract, weighted 35%, (2) the third to expire CBOT wheat Futures Contract, weighted 30%, and (3) the CBOT wheat Futures Contract expiring in the December following the expiration month of the third to expire contract, weighted 35%.
−Removed: The Teucrium Soybean Fund’s Benchmark is:
−Removed: (1) the second to expire CBOT soybean Futures Contract, weighted 35%, (2) the third to expire CBOT soybean Futures Contract, weighted 30%, and (3) the CBOT soybean Futures Contract expiring in the November following the expiration month of the third to expire contract, weighted 35%, except that CBOT soybean Futures Contracts expiring in August and September will not be part of the Teucrium Soybean Fund’s Benchmark because of the less liquid market for these Futures Contracts.
−Removed: The Teucrium Sugar Fund’s Benchmark is:
−Removed: (1) the second to expire Sugar No.
−Removed: 11 Futures Contract traded on ICE Futures US (“ICE Futures”), weighted 35%, (2) the third to expire ICE Futures Sugar No.
−Removed: 11 Futures Contract, weighted 30%, and (3) the ICE Futures Sugar No.
−Removed: 11 Futures Contract expiring in the March following the expiration month of the third to expire contract, weighted 35%.
−Removed: While the Fund expects to maintain substantially all of its assets in shares of the Underlying Funds at all times, the Fund may hold some residual amount of assets in obligations of the United States government (“Treasury Securities”) or cash equivalents, and/or merely hold such assets in cash (generally in interest-bearing accounts).
−Removed: The Underlying Funds invest in Commodity Interests to the fullest extent possible without being leveraged or unable to satisfy their expected current or potential margin or collateral obligations with respect to their investments in Commodity Interests.
−Removed: After fulfilling such margin and collateral requirements, the Underlying Funds will invest the remainder of the proceeds from the sale of baskets in short term Treasury Securities or cash equivalents, and/or merely hold such assets in cash.
−Removed: Therefore, the focus of the Sponsor in managing the Underlying Funds is investing in Commodity Interests and in cash and/or cash equivalents.
−Removed: The Fund and Underlying Funds will seek to earn interest income from the short-term Treasury Securities and/or cash equivalents that it purchases, and, on the cash, it holds through the Fund’s custodian.
−Removed: 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”).
−Removed: The financial information included herein is unaudited;
−Removed: however, such financial information reflects all adjustments which are, in the opinion of management, necessary for the fair presentation of the Fund’s financial statements for the interim period.
−Removed: 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 and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022.
−Removed: 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.
−Removed: However, no level of losses will require the Sponsor to terminate a Fund.
−Removed: Note 2 – Principal Contracts and Agreements
−Removed: The Sponsor employs U.S.
−Removed: Bancorp Fund Services, LLC, doing business as U.S.
−Removed: Bank Global Fund Services (“Global Fund Services”), for Transfer Agency, Fund Accounting and Fund Administration services.
−Removed: The principal address for Global Fund Services is 615 E.
−Removed: Michigan Street, Milwaukee, WI 53202.
−Removed: For custody services, the Funds will pay to U.S.
−Removed: 0.0075% of average gross assets up to $1 billion, and .0050% of average gross assets over $1 billion, annually, plus certain per-transaction charges.
−Removed: For Transfer Agency, Fund Accounting and Fund Administration services, which are based on the total assets for all the Funds in the Trust, the Funds will pay to Global Fund Services 0.05% of average gross assets on the first $500 million, 0.04% on the next $500 million, 0.03% on the next $2 billion and 0.02% on the balance over $3 billion annually.
−Removed: A combined minimum annual fee of up to $47,000 for custody, transfer agency, accounting and administrative services is assessed per Fund.
−Removed: These services are recorded as custodian fees and expenses on the statements of operations.
−Removed: A summary of these expenses is included below.
−Removed: The Sponsor employs Foreside Fund Services, LLC (“Foreside” or the “Distributor”) as the Distributor for the Funds.
−Removed: The Distribution Services Agreement among the Distributor and the Sponsor calls for the Distributor to work with the Custodian in connection with the receipt and processing of orders for Creation Baskets and Redemption Baskets and the review and approval of all Fund sales literature and advertising materials.
−Removed: The Distributor and the Sponsor have also entered into a Securities Activities and Service Agreement (the “SASA”) under which certain employees and officers of the Sponsor are licensed as registered representatives or registered principals of the Distributor, under Financial Industry Regulatory Authority (“FINRA”) rules.
−Removed: For its services as the Distributor, Foreside receives a fee of 0.01% of each Fund’s average daily net assets and an aggregate annual fee of $100,000 for all Funds, along with certain expense reimbursements.
−Removed: For its services under the SASA, Foreside receives a fee of $5,000 per registered representative and $1,000 per registered location.
−Removed: These services are recorded as distribution and marketing fees on the statements of operations.
−Removed: A summary of these expenses is included below.
−Removed: Pursuant to a Consulting Services Agreement, Foreside Consulting Services, LLC, performs certain consulting support services for the Trust’s Sponsor.
−Removed: Additionally, Foreside Distributors, LLC performs certain distribution consulting services pursuant to a Distribution Consulting Agreement with the Sponsor.
−Removed: E D & F Man Capital Markets, Inc.
−Removed: (“E D & F Man”) and StoneX Financial Inc.
−Removed: (“StoneX”) serve as the Underlying Funds’ clearing brokers to execute and clear the Underlying Funds’ futures and provide other brokerage-related services.
−Removed: E D & F Man and StoneX are each registered as futures commission merchants (“FCM”) with the U.S.
−Removed: CFTC and are members of the NFA.
−Removed: The clearing brokers are registered as broker-dealers with the SEC and are each a member of FINRA.
−Removed: ED & F Man and StoneX are each clearing members of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges.
−Removed: For Corn, Soybean, Sugar, and Wheat Futures Contracts E D & F Man is paid $11.00 per round turn .
−Removed: StoneX is paid $2.50 per round turn exclusive of pass-through fees for the exchange and the NFA.
−Removed: These expenses are recognized on a per-trade basis.
−Removed: The half-turn is recognized as an unrealized loss on the statements of operations for contracts that have been purchased since the change in recognition, and a full turn is recognized as a realized loss on the statements of operations when a contract is sold.
−Removed: A summary of these expenses is included below.
−Removed: The sole Trustee of the Trust is Wilmington Trust Company, a Delaware banking corporation.
−Removed: The Trustee will accept service of legal process on the Trust in the State of Delaware and will make certain filings under the Delaware Statutory Trust Act.
−Removed: For its services, the Trustee receives an annual fee of $3,300 from the Trust.
−Removed: These services are recorded in business permits and licenses fees on the statements of operations.
−Removed: A summary of these expenses is included below.
−Removed: The Sponsor employs Thales Capital Partners LLC (“Thales”) for distribution and solicitation-related services.
−Removed: Thales is registered as a Broker-Dealer with the SEC and a member of FINRA and the Securities Investor Protection Corporation (“SIPC”).
−Removed: Thales receives a quarterly fee of the higher of $18,750 or 0.10% of new assets raised in referred accounts for distribution and solicitation-related services.
−Removed: This fee based on new assets raised is determined by an agreed upon level of assets at the time of signing the contract.
−Removed: These services are recorded in distribution and marketing fees on the statements of operations.
−Removed: A summary of these expenses is included below:
−Removed: Three months ended September 30, 2022
−Removed: Three months ended September 30, 2021
−Removed: Nine months ended September 30, 2022
−Removed: Nine months ended September 30, 2021
−Removed: Amount Recognized for Custody Services
−Removed: 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
+Added: $ 11.44  
+Added: $ 9.62  
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.