This section is long enough that the comparison stopped early. What follows is partial, and the remainder is not necessarily unchanged.
2 unchanged sentences
TEUCRIUM COMMODITY TRUST
−Removed: Combined Statements of Assets and Liabilities at March 31, 2024 (Unaudited) and December 31, 2023
−Removed: Combined Schedule of Investments at March 31, 2024 (Unaudited) and December 31, 2023
−Removed: Combined Statements of Operations (Unaudited) for the three months ended March 31, 2024 and 2023
−Removed: Combined Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2024 and 2023
−Removed: Combined Statements of Cash Flows (Unaudited) for the three months ended March 31, 2024 and 2023
+Added: Combined Statements of Assets and Liabilities at June 30, 2024 (Unaudited) and December 31, 2023
+Added: Combined Schedule of Investments at June 30, 2024 (Unaudited) and December 31, 2023
+Added: Combined Statements of Operations (Unaudited) for the three and six months ended June 30, 2024 and 2023
+Added: Combined Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2024 and 2023
+Added: Combined Statements of Cash Flows (Unaudited) for the six months ended June 30, 2024 and 2023
Notes to Combined Financial Statements
TEUCRIUM CORN FUND
−Removed: Statements of Assets and Liabilities at March 31, 2024 (Unaudited) and December 31, 2023
−Removed: Schedule of Investments at March 31, 2024 (Unaudited) and December 31, 2023
−Removed: Statements of Operations (Unaudited) for the three months ended March 31, 2024 and 2023
−Removed: Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2024 and 2023
−Removed: Statements of Cash Flows (Unaudited) for the three months ended March 31, 2024 and 2023
+Added: Statements of Assets and Liabilities at June 30, 2024 (Unaudited) and December 31, 2023
+Added: Schedule of Investments at June 30, 2024 (Unaudited) and December 31, 2023
+Added: Statements of Operations (Unaudited) for the three and six months ended June 30, 2024 and 2023
+Added: Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2024 and 2023
+Added: Statements of Cash Flows (Unaudited) for the six months ended June 30, 2024 and 2023
Notes to Financial Statements
TEUCRIUM SOYBEAN FUND
−Removed: Statements of Assets and Liabilities at March 31, 2024 (Unaudited) and December 31, 2023
−Removed: Schedule of Investments at March 31, 2024 (Unaudited) and December 31, 2023
−Removed: Statements of Operations (Unaudited) for the three months ended March 31, 2024 and 2023
−Removed: Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2024 and 2023
−Removed: Statements of Cash Flows (Unaudited) for the three months ended March 31, 2024 and 2023
+Added: Statements of Assets and Liabilities at June 30, 2024 (Unaudited) and December 31, 2023
+Added: Schedule of Investments at June 30, 2024 (Unaudited) and December 31, 2023
+Added: Statements of Operations (Unaudited) for the three and six months ended June 30, 2024 and 2023
+Added: Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2024 and 2023
+Added: Statements of Cash Flows (Unaudited) for the six months ended June 30, 2024 and 2023
Notes to Financial Statements
TEUCRIUM SUGAR FUND
−Removed: Statements of Assets and Liabilities at March 31, 2024 (Unaudited) and December 31, 2023
−Removed: Schedule of Investments at March 31, 2024 (Unaudited) and December 31, 2023
−Removed: Statements of Operations (Unaudited) for the three months ended March 31, 2024 and 2023
−Removed: Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2024 and 2023
−Removed: Statements of Cash Flows (Unaudited) for the three months ended March 31, 2024 and 2023
+Added: Statements of Assets and Liabilities at June 30, 2024 (Unaudited) and December 31, 2023
+Added: Schedule of Investments at June 30, 2024 (Unaudited) and December 31, 2023
+Added: Statements of Operations (Unaudited) for the three and six months ended June 30, 2024 and 2023
+Added: Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2024 and 2023
+Added: Statements of Cash Flows (Unaudited) for the six months ended June 30, 2024 and 2023
Notes to Financial Statements
TEUCRIUM WHEAT FUND
−Removed: Statements of Assets and Liabilities at March 31, 2024 (Unaudited) and December 31, 2023
−Removed: Schedule of Investments at March 31, 2024 (Unaudited) and December 31, 2023
−Removed: Statements of Operations (Unaudited) for the three months ended March 31, 2024 and 2023
−Removed: Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2024 and 2023
−Removed: Statements of Cash Flows (Unaudited) for the three months ended March 31, 2024 and 2023
+Added: Statements of Assets and Liabilities at June 30, 2024 (Unaudited) and December 31, 2023
+Added: Schedule of Investments at June 30, 2024 (Unaudited) and December 31, 2023
+Added: Statements of Operations (Unaudited) for the three and six months ended June 30, 2024 and 2023
+Added: Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2024 and 2023
+Added: Statements of Cash Flows (Unaudited) for the six months ended June 30, 2024 and 2023
Notes to Financial Statements
TEUCRIUM AGRICULTURAL FUND
−Removed: Statements of Assets and Liabilities at March 31, 2024 (Unaudited) and December 31, 2023
−Removed: Schedule of Investments at March 31, 2024 (Unaudited) and December 31, 2023
−Removed: Statements of Operations (Unaudited) for the three months ended March 31, 2024 and 2023
−Removed: Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2024 and 2023
−Removed: Statements of Cash Flows (Unaudited) for the three months ended March 31, 2024 and 2023
+Added: Statements of Assets and Liabilities at June 30, 2024 (Unaudited) and December 31, 2023
+Added: Schedule of Investments at June 30, 2024 (Unaudited) and December 31, 2023
+Added: Statements of Operations (Unaudited) for the three and six months ended June 30, 2024 and 2023
+Added: Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2024 and 2023
+Added: Statements of Cash Flows (Unaudited) for the six months ended June 30, 2024 and 2023
Notes to Financial Statements
HASHDEX BITCOIN FUTURES ETF
−Removed: Statements of Assets and Liabilities at March 31, 2024 (Unaudited) and December 31, 2023
−Removed: Schedule of Investments at March 31, 2024 (Unaudited) and December 31, 2023
−Removed: Statements of Operations (Unaudited) for the three months ended March 31, 2024 and 2023
−Removed: Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2024 and 2023
−Removed: Statements of Cash Flows (Unaudited) for the three months ended March 31, 2024 and 2023
+Added: Statements of Assets and Liabilities at June 30, 2024 (Unaudited) and December 31, 2023
+Added: Schedule of Investments at June 30, 2024 (Unaudited) and December 31, 2023
+Added: Statements of Operations (Unaudited) for the three and six months ended June 30, 2024 and 2023
+Added: Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2024 and 2023
+Added: Statements of Cash Flows (Unaudited) for the six months ended June 30, 2024 and 2023
Notes to Financial Statements
1 unchanged sentence
COMBINED STATEMENTS OF ASSETS AND LIABILITIES
−Removed: March 31, 2024
+Added: June 30, 2024
December 31, 2023
3 unchanged sentences
246,703 410,596
+Added: 227,492 5,362
Equity in trading accounts:
19 unchanged sentences
COMBINED SCHEDULE OF INVESTMENTS
−Removed: March 31, 2024
+Added: June 30, 2024
Percentage of
9 unchanged sentences
Commercial Paper
−Removed: American Electric Power Company, Inc.
−Removed: June 12, 2024
−Removed: 5.465 % $ 4,941,190 $ 4,946,401 1.78 %
Brookfield Infrastructure Holdings (Canada) Inc.
−Removed: April 23, 2024
5.662 % $ 4,958,300 $ 4,993,822 1.80 %
2 unchanged sentences
Brookfield Infrastructure Holdings (Canada) Inc.
−Removed: 5.710 % 4,946,334 4,970,444 1.79 5,000,000
−Removed: Brookfield Infrastructure Holdings (Canada) Inc.
−Removed: 5.782 % 2,464,625 2,483,098 0.89 2,500,000
−Removed: Brookfield Infrastructure Holdings (Canada) Inc.
+Added: July 16, 2024
5.738 % 2,467,217 2,494,146 0.90 2,500,000
Brookfield Infrastructure Holdings (Canada) Inc.
−Removed: 5.780 % 2,466,590 2,479,954 0.89 2,500,000
−Removed: Campbell Soup Company
+Added: July 30, 2024
5.711 % 7,445,070 7,466,106 2.69 7,500,000
−Removed: The Cigna Group
−Removed: April 5, 2024
+Added: CNH Industrial Capital LLC
+Added: August 1, 2024
5.507 % 2,470,375 2,488,375 0.90 2,500,000
Crown Castle Inc.
−Removed: April 18, 2024
−Removed: 5.530 % 9,945,600 9,974,312 3.59 10,000,000
+Added: August 1, 2024
5.591 % 7,459,896 7,464,480 2.69 7,500,000
FMC Corporation
−Removed: April 22, 2024
+Added: July 19, 2024
5.871 % 9,942,300 9,971,150 3.59 10,000,000
General Motors Financial Company, Inc.
−Removed: April 23, 2024
+Added: August 5, 2024
5.411 % 7,418,138 7,461,282 2.69 7,500,000
General Motors Financial Company, Inc.
−Removed: April 29, 2024
−Removed: 5.408 % 3,465,928 3,485,545 1.25 3,500,000
−Removed: Glencore Funding LLC
−Removed: April 16, 2024
−Removed: 5.490 % 7,456,125 7,483,125 2.69 7,500,000
−Removed: Glencore Funding LLC
−Removed: April 30, 2024
+Added: September 5, 2024
5.457 % 9,873,683 9,901,919 3.56 10,000,000
Glencore Funding LLC
+Added: August 6, 2024
5.453 % 4,944,272 4,973,250 1.79 5,000,000
Harley-Davidson Financial Services, Inc.
−Removed: April 26, 2024
5.735 % 2,478,497 2,500,000 0.90 2,500,000
−Removed: Harley-Davidson Financial Services, Inc.
+Added: Hyundai Capital America
+Added: August 23, 2024
5.455 % 4,940,556 4,960,618 1.79 5,000,000
−Removed: National Fuel Gas Company
−Removed: April 4, 2024
+Added: July 23, 2024
5.771 % 2,465,472 2,491,368 0.90 2,500,000
−Removed: Stanley Black & Decker, Inc.
−Removed: April 4, 2024
+Added: July 23, 2024
5.839 % 4,949,106 4,982,505 1.79 5,000,000
VW Credit, Inc.
−Removed: April 11, 2024
+Added: July 16, 2024
5.400 % 12,413,345 12,472,344 4.49 12,500,000
VW Credit, Inc.
+Added: July 24, 2024
5.450 % 2,483,623 2,491,439 0.90 2,500,000
−Removed: WGL Holdings, Inc.
−Removed: April 15, 2024
+Added: VW Credit, Inc.
+Added: August 7, 2024
5.445 % 3,470,873 3,480,756 1.25 3,500,000
+Added: VW Credit, Inc.
+Added: August 21, 2024
+Added: 5.445 % 1,487,517 1,488,631 0.54 1,500,000
Total Commercial Paper
5 unchanged sentences
(Long Exposure)
−Removed: Commodity and Cryptocurrency futures contracts
−Removed: United States corn futures contracts
−Removed: CBOT Corn Futures SEP24
−Removed: 901 $ 154,412 0.06 %
−Removed: United States wheat futures contracts
−Removed: CBOT wheat futures SEP24
−Removed: 1,599 1,513,306 0.54 47,290,425
−Removed: Total commodity and cryptocurrency futures contracts
+Added: Commodity futures contracts
+Added: United States sugar futures contracts
+Added: ICE sugar futures MAY25
187 $ 24,592 0.01 % $ 4,115,496
2 unchanged sentences
(Long Exposure)
−Removed: Commodity and Cryptocurrency futures contracts
+Added: Commodity futures contracts
United States corn futures contracts
−Removed: CBOT Corn Futures JUL24
+Added: CBOT corn futures SEP24
1,070 $ 2,962,521 1.07 %
1 unchanged sentence
894 3,912,890 1.41 18,807,525
−Removed: United States soybean futures contracts
−Removed: CBOT soybean futures JUL24
+Added: CBOT corn futures DEC25
989 1,869,932 0.67 22,524,475
+Added: United States soybean futures contracts
CBOT soybean futures NOV24
176 1,101,049 0.40 9,715,200
+Added: CBOT soybean futures JAN25
+Added: 149 779,019 0.28 8,329,100
CBOT soybean futures NOV25
1 unchanged sentence
United States sugar futures contracts
−Removed: ICE sugar futures JUL24
−Removed: 234 594,646 0.21 5,805,072
−Removed: ICE sugar futures OCT24
+Added: ICE sugar futures MAR25
209 476,116 0.17 4,819,707
2 unchanged sentences
United States wheat futures contracts
−Removed: CBOT wheat futures JUL24
+Added: CBOT wheat futures SEP24
1,665 1,051,828 0.38 47,743,875
1 unchanged sentence
1,370 7,709,620 2.78 40,894,500
−Removed: Total commodity and cryptocurrency futures contracts
+Added: CBOT wheat futures DEC25
1,473 6,226,719 2.24 47,762,025
+Added: Total commodity futures contracts
$ 26,748,286 9.64 %
+Added: $ 236,921,164
Percentage of
169 unchanged sentences
Three months ended
−Removed: March 31, 2024
−Removed: March 31, 2023
−Removed: Realized and unrealized gain (loss) on trading of commodity futures contracts:
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2024
+Added: June 30, 2023
+Added: June 30, 2024
+Added: June 30, 2023
+Added: Realized and unrealized gain (loss) on trading of commodity and cryptocurrency futures contracts:
Realized loss on commodity and cryptocurrency futures contracts
17 unchanged sentences
78,285 123,941 146,976 173,083
−Removed: Other expenses
Total expenses
8 unchanged sentences
COMBINED STATEMENTS OF CHANGES IN NET ASSETS
−Removed: Three months ended
−Removed: Three months ended
−Removed: March 31, 2024
−Removed: March 31, 2023
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2024
+Added: June 30, 2023
$ ( 34,436,573 ) $ ( 53,283,024 )
20 unchanged sentences
COMBINED STATEMENTS OF CASH FLOWS
−Removed: Three months ended
−Removed: Three months ended
−Removed: March 31, 2024
−Removed: March 31, 2023
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2024
+Added: June 30, 2023
Cash flows from operating activities:
1 unchanged sentence
Adjustments to reconcile net loss to net cash used in operating activities:
−Removed: Net change in unrealized appreciation on commodity and cryptocurrency futures contracts
+Added: Net change in unrealized depreciation on commodity and cryptocurrency futures contracts
18,009,338 14,470,153
5 unchanged sentences
( 211,833 ) ( 76,961 )
−Removed: Due to broker
Management fee payable to Sponsor
( 66,158 ) ( 153,363 )
+Added: Payable for purchases of commercial paper
Other liabilities
3 unchanged sentences
Cash flows from financing activities:
−Removed: Distribution to Acquiring Fund upon consummation of merger and liquidation agreement - see Note 1 to the finanical statements
+Added: Distribution to Acquiring Fund upon consummation of merger and liquidation agreement - see Note 1 to the financial statements
( 2,381,545 ) -
16 unchanged sentences
NOTES TO COMBINED FINANCIAL STATEMENTS
−Removed: March 31, 2024
+Added: June 30, 2024
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”).
+Added: Teucrium Commodity Trust (“Trust”), a Delaware statutory trust organized on September 11, 2009, is a series trust consisting of five series:
+Added: Teucrium Corn Fund (“CORN”), Teucrium Sugar Fund (“CANE”), Teucrium Soybean Fund (“SOYB”), Teucrium Wheat Fund (“WEAT”), and Teucrium Agricultural Fund (“TAGS”).
+Added: Hashdex Bitcoin Futures ETF (“DEFI”) was a series of the Trust prior to the merger closing on January 3, 2024.
As discussed elsewhere in this Form 10 -Q, the Trust, on behalf of its series, Hashdex Bitcoin Futures Fund ("Acquired Fund"), and Tidal Commodities Trust I, on behalf of its series, Hashdex Bitcoin Futures Fund, entered into an Agreement and Plan of Merger and Liquidation dated as of October 30, 2023 ( "Plan of Merger").
−Removed: The Merger closed on the January 3, 2024.
+Added: The Merger closed on January 3, 2024.
Upon such closing, the Plan of Merger caused all of the Acquired Fund's shares to be canceled and the Acquired Fund to be liquidated.
41 unchanged sentences
It is suggested that these interim financial statements be read in conjunction with the audited financial statements and related notes included in the Trust’s Annual Report on Form 10 -K, as well as the most recent Form S- 1 filing, as applicable.
−Removed: The operating results for the three months ended March 31, 2024 , are not necessarily indicative of the results to be expected for the full year ending December 31, 2024.
+Added: The operating results for the three and six months ended June 30, 2024 , are not necessarily indicative of the results to be expected for the full year ending December 31, 2024.
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.
25 unchanged sentences
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.
+Added: The FCMs are registered as broker-dealers with the SEC and are each a member of FINRA.
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.
5 unchanged sentences
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.
A summary of these expenses can be found under the heading, Brokerage Commissions .
4 unchanged sentences
A summary of these expenses is included below.
−Removed: Three months ended March 31, 2024
−Removed: Three months ended March 31, 2023
+Added: Three months ended June 30, 2024
+Added: Three months ended June 30, 2023
+Added: Six months ended June 30, 2024
+Added: Six months ended June 30, 2023
Amount Recognized for Custody Services
7 unchanged sentences
Amount Recognized for Wilmington Trust
+Added: $ - $ - $ - $ -
Amount of Wilmington Trust Waived
+Added: $ - $ - $ - $ -
Note 3 – Summary of Significant Accounting Policies
23 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 months ended March 31, 2024 and 2023 .
−Removed: Three months ended March 31, 2024
+Added: The below table shows the amounts included on the combined statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and six months ended June 30, 2024 and 2023 .
+Added: Three months ended June 30, 2024
$ 12,206 $ 2,186 $ 3,609 $ 20,784 $ - $ - $ 38,785
−Removed: Three months ended March 31, 2023
+Added: Three months ended June 30, 2023
$ 13,898 $ 2,439 $ 9,899 $ 22,713 $ - $ 769 $ 49,718
+Added: Six months ended June 30, 2024
+Added: $ 21,912 $ 6,344 $ 5,617 $ 36,364 $ - $ 192 $ 70,429
+Added: Six months ended June 30, 2023
+Added: $ 31,168 $ 8,779 $ 15,954 $ 44,458 $ - $ 1,377 $ 101,736
The Trust is organized and will be operated as a Delaware statutory trust.
13 unchanged sentences
De-recognition of a tax benefit previously recognized results in the Funds recording a tax liability that reduces net assets.
−Removed: Based on their analysis, the Funds have determined that they have not incurred any liability for unrecognized tax benefits as of March 31, 2024 , and for the years ended December 31, 2023 , 2022 and 2021 .
+Added: Based on their analysis, the Funds have determined that they have not incurred any liability for unrecognized tax benefits as of June 30, 2024 , and for the years ended December 31, 2023 , 2022 and 2021 .
However, the Funds’ conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof.
5 unchanged sentences
The Funds recognize interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed.
−Removed: No interest expense or penalties have been recognized as of and for the three months ended March 31, 2024 and 2023 .
+Added: No interest expense or penalties have been recognized as of and for the three and six months ended June 30, 2024 and 2023 .
The Funds may be subject to potential examination by U.S.
21 unchanged sentences
50,000 shares representing 4 baskets
−Removed: 50,000 shares representing 5 baskets
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: March 31, 2024
+Added: June 30, 2024
December 31, 2023
48 unchanged sentences
These amounts, for the Trust and for each Fund, are detailed in the notes to the financial statements included in Part I of this filing.
−Removed: DEFI is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 0.94 % per annum.
+Added: DEFI was contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 0.94 % per annum.
From the Management Fee, the Sponsor pays all of the routine operational, administrative and other ordinary expenses of the Fund, generally as determined by the Sponsor, including but not limited to, fees and expenses of the Administrator, Custodian, Distributor, Transfer Agent, licensors, accounting and audit fees expenses, tax preparation expenses, legal fees, ongoing SEC registration fees, individual Schedule K- 1 preparation and mailing fees, and report preparation and mailing expenses.
4 unchanged sentences
Routine operational, administrative, and other ordinary expenses are not deemed extraordinary expenses.
−Removed: Three months ended March 31, 2024
−Removed: Three months ended March 31, 2023
+Added: Three months ended June 30, 2024
+Added: Three months ended June 30, 2023
+Added: Six months ended June 30, 2024
+Added: Six months ended June 30, 2023
Recognized Related Party Transactions
6 unchanged sentences
The Sponsor has determined that there will be no recovery sought for the amounts below in any future period.
−Removed: Three months ended March 31, 2024
+Added: Three months ended June 30, 2024
$ - $ - $ - $ - $ 72,381 $ - $ 72,381
−Removed: Three months ended March 31, 2023
+Added: Three months ended June 30, 2023
$ - $ - $ - $ - $ 152,755 $ 61,049 $ 213,804
+Added: Six months ended June 30, 2024
+Added: $ - $ - $ - $ - $ 141,919 $ 62,309 $ 204,228
+Added: Six months ended June 30, 2023
+Added: $ - $ - $ - $ - $ 278,249 $ 131,619 $ 409,868
Use of Estimates
29 unchanged sentences
When such a situation exists on a quarter close, the Sponsor will calculate the NAV on a particular day using the Level 1 valuation but will later recalculate the NAV for the impacted Fund based upon the valuation inputs from these alternative verifiable sources (Level 2 or Level 3 ) and will report such NAV in its applicable financial statements and reports.
−Removed: On March 31, 2024 and December 31, 2023 , 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 three months ended March 31, 2024 and year ended December 31, 2023 , the Funds did not have any significant transfers between any of the levels of the fair value hierarchy.
+Added: On June 30, 2024 and December 31, 2023 , 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 and six months ended June 30, 2024 and year ended December 31, 2023 , 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.
19 unchanged sentences
The Trust’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Trust’s significant accounting policies in Note 3.
−Removed: The following table presents information about the Trust’s assets and liabilities measured at fair value as of March 31, 2024 and December 31, 2023 :
−Removed: Balance as of March 31, 2024
+Added: The following table presents information about the Trust’s assets and liabilities measured at fair value as of June 30, 2024 and December 31, 2023 :
+Added: Balance as of June 30, 2024
Cash Equivalents
1 unchanged sentence
Commodity Futures Contracts
−Removed: Corn futures contracts
−Removed: 154,412 - - 154,412
−Removed: Wheat futures contracts
+Added: Sugar futures contracts
24,592 - - 24,592
$ 198,185,681 $ - $ - $ 198,185,681
−Removed: Balance as of March 31, 2024
+Added: Balance as of June 30, 2024
Commodity Futures Contracts
18 unchanged sentences
Balance as of December 31, 2023
−Removed: Cash Equivalents
Commodity and Cryptocurrency Futures Contracts
10 unchanged sentences
$ 10,888,842 $ - $ - $ 10,888,842
−Removed: For the three months ended March 31, 2024 and year ended December 31, 2023 , the Funds did not have any significant transfers between any of the levels of the fair value hierarchy.
+Added: For the three and six months ended June 30, 2024 and year ended December 31, 2023 , the Funds did not have any significant transfers between any of the levels of the fair value hierarchy.
The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period.
7 unchanged sentences
In addition to its primary underlying risks, the Funds are also subject to additional counterparty risk due to the inability of its counterparties to meet the terms of their contracts.
−Removed: For the three months ended March 31, 2024 and year ended December 31, 2023 , the Funds invested only in commodity and cryptocurrency futures contracts specifically related to each Fund.
+Added: For the three and six months ended June 30, 2024 and year ended December 31, 2023 , the Funds invested only in commodity and cryptocurrency futures contracts specifically related to each Fund.
Futures Contracts
14 unchanged sentences
Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.”
−Removed: The following table also identifies the fair value amounts of derivative instruments included in the 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, 2024 , and December 31, 2023 .
−Removed: The DEFI Fund has an account open at Phillip Capital with no contracts held as of March 31, 2024 .
+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 June 30, 2024 , and December 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 March 31, 2024
+Added: Offsetting of Financial Assets and Derivative Assets as of June 30, 2024
(iii) = (i-ii)
7 unchanged sentences
Commodity Price
−Removed: Corn futures contracts
−Removed: $ 154,412 $ - $ 154,412 $ 154,412 $ - $ -
−Removed: Wheat futures contracts
+Added: Sugar futures contracts
$ 24,592 $ - $ 24,592 $ 24,592 $ - $ -
−Removed: Offsetting of Financial Liabilities and Derivative Liabilities as of March 31, 2024
+Added: Offsetting of Financial Liabilities and Derivative Liabilities as of June 30, 2024
(iii) = (i-ii)
50 unchanged sentences
The following is a summary of realized and unrealized gains (losses) of the derivative instruments utilized by the Trust:
−Removed: Three months ended March 31, 2024
+Added: Three months ended June 30, 2024
+Added: Realized (Loss) Gain on Commodity Futures Contracts
+Added: Net Change in Unrealized (Depreciation) Appreciation on Commodity Futures Contracts
+Added: Commodity Price
+Added: Corn futures contracts
+Added: $ ( 2,200,189 ) $ ( 4,967,032 )
+Added: Soybeans futures contracts
+Added: ( 361,327 ) ( 1,628,873 )
+Added: Sugar futures contracts
+Added: ( 1,669,986 ) 248,066
+Added: Wheat futures contracts
+Added: 1,928,371 ( 3,691,531 )
+Added: Total commodity futures contracts
+Added: $ ( 2,303,131 ) $ ( 10,039,370 )
+Added: Three months ended June 30, 2023
+Added: Realized (Loss) Gain on Commodity Futures Contracts
+Added: Net Change in Unrealized (Depreciation) Appreciation on Commodity Futures Contracts
+Added: Commodity Price and Cryptocurrency Price
+Added: Corn futures contracts
+Added: $ ( 5,192,445 ) $ ( 8,746,928 )
+Added: Soybeans futures contracts
+Added: ( 1,108,023 ) 1,311,668
+Added: Sugar futures contracts
+Added: 7,408,174 ( 3,141,505 )
+Added: Wheat futures contracts
+Added: ( 17,129,061 ) 1,960,839
+Added: Bitcoin futures Contracts
+Added: 71,236 ( 30,948 )
+Added: Total commodity futures contracts
+Added: $ ( 15,950,119 ) $ ( 8,646,874 )
+Added: Six months ended June 30, 2024
Realized Loss on Commodity Futures Contracts
13 unchanged sentences
$ ( 19,498,082 ) $ ( 18,009,338 )
−Removed: Three months ended March 31, 2023
−Removed: Realized (Loss) Gain on Commodity Futures Contracts
−Removed: Net Change in Unrealized (Depreciation) Appreciation on Commodity Futures Contracts
+Added: Six months ended June 30, 2023
+Added: Realized Gain on Commodity Futures Contracts
+Added: Net Change in Unrealized Depreciation on Commodity Futures Contracts
Commodity Price and Cryptocurrency Price
12 unchanged sentences
Volume of Derivative Activities
−Removed: The average notional market value categorized by primary underlying risk for the futures contracts held was $ 277.8 million for the three months ended March 31, 2024 and $ 382.3 million for the three months ended March 31, 2023 .
+Added: The average notional market value categorized by primary underlying risk for the futures contracts held was $ 263.1 million and $ 270.5 million respectively for the three and six months ended June 30, 2024 and $ 324.9 million and $ 353.6 million respectively for the three and six months ended June 30, 2023 .
Note 6 - Organizational and Offering Costs
3 unchanged sentences
The following are the net assets and shares outstanding of each Fund that is a series of the Trust and, thus, in total, comprise the combined net assets of the Trust:
−Removed: March 31, 2024
+Added: June 30, 2024
Teucrium Corn Fund
31 unchanged sentences
Note 8 – Subsequent Events
−Removed: Management has evaluated the financial statements for the quarter-ended March 31, 2024 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Trust and Funds other than those noted below:
−Removed: Legal Matters:
−Removed: A settlement agreement (“Agreement”), by and among Teucrium Trading, LLC, Salvatore Gilbertie, Carl Miller III, Cory Mullen-Rusin, Steve Kahler, and Dale and Barbara Riker, was entered into as of April 26, 2024 and is expected to become effective on or before May 17, 2024.
−Removed: The Agreement resolves all of the claims raised in the actions captioned Dale Riker v.
−Removed: Sal Gilbertie et al.
−Removed: 656794/2020 (N.Y.
−Removed: Supreme Court), Sal Gilbertie, et.
−Removed: Dale Riker, et al.
−Removed: 2020 - 1018 -LWW (Del.
−Removed: Ch.) and Dale Riker, et al.
−Removed: Teucrium Trading, LLC , C.A.
−Removed: 2022 - 1030 -LWW (Del.
+Added: Management has evaluated the financial statements for the quarter-ended June 30, 2024 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: On July 22, 2024, Pine Distributors, LLC (the “Marketing Agent”) replaced ACA Foreside as the Marketing Agent for the Trust and Funds.
+Added: Pursuant to the agreement as detailed in Form 8 -K filed with the SEC on June 14, 2024, the Marketing Agent began to work with the Transfer Agent in connection with the receipt and processing of orders for Creation Baskets and Redemption Baskets and the review and approval of all Fund sales literature and advertising materials.
+Added: The Marketing Agent and Teucrium Trading, LLC have also entered into a Registered Representative Services Agreement under which certain employees and officers of the Sponsor are licensed as registered representatives or registered principals of the Marketing Agent, under “FINRA” rules (“Registered Representatives”).
+Added: As Registered Representatives of the Marketing Agent, these persons are permitted to engage in certain marketing activities for the Fund that they would otherwise not be permitted to engage in.
+Added: Under the Registered Representative Services Agreement, the Sponsor is obligated to ensure that such marketing activities comply with applicable law and are permitted by the Registered Representative Services Agreement and the Marketing Agent’s internal procedures.
Nothing to report.
Nothing to report.
−Removed: The net assets of the fund decreased by $ 3,645,989 , or 22.1 %, for the period March 31, 2024 to May 9, 2024.
−Removed: This was driven by a decrease in the shares outstanding by 12.2 % and a decrease in the NAV per share of 11.2 %.
Nothing to report.
3 unchanged sentences
STATEMENTS OF ASSETS AND LIABILITIES
−Removed: March 31, 2024
+Added: June 30, 2024
December 31, 2023
4 unchanged sentences
Equity in trading accounts:
−Removed: Commodity futures contracts
Due from broker
10,895,231 6,533,938
−Removed: Total equity in trading accounts
71,933,760 83,384,692
−Removed: 73,822,479 83,384,692
Management fee payable to Sponsor
1 unchanged sentence
Other liabilities
−Removed: 87,348 80,603
Equity in trading accounts:
15 unchanged sentences
SCHEDULE OF INVESTMENTS
−Removed: March 31, 2024
+Added: June 30, 2024
Percentage of
13 unchanged sentences
5.700 % 2,481,723 2,496,889 3.96 2,500,000
−Removed: Brookfield Infrastructure Holdings (Canada) Inc.
+Added: CNH Industrial Capital LLC
+Added: August 1, 2024
5.507 % 2,470,375 2,488,375 3.94 2,500,000
−Removed: Campbell Soup Company
+Added: FMC Corporation
+Added: July 19, 2024
5.871 % 4,971,150 4,985,575 7.89 5,000,000
−Removed: Crown Castle Inc.
−Removed: April 18, 2024
+Added: General Motors Financial Company, Inc.
+Added: August 5, 2024
5.411 % 2,472,713 2,487,094 3.94 2,500,000
−Removed: Glencore Funding LLC
−Removed: April 16, 2024
+Added: General Motors Financial Company, Inc.
+Added: September 5, 2024
5.457 % 2,468,421 2,475,480 3.92 2,500,000
−Removed: Harley-Davidson Financial Services, Inc.
+Added: Glencore Funding LLC
+Added: August 6, 2024
5.453 % 2,472,136 2,486,625 3.94 2,500,000
−Removed: Stanley Black & Decker, Inc.
−Removed: April 4, 2024
+Added: Hyundai Capital America
+Added: August 23, 2024
5.455 % 2,470,278 2,480,309 3.93 2,500,000
VW Credit, Inc.
−Removed: April 11, 2024
+Added: July 16, 2024
5.400 % 2,482,669 2,494,469 3.95 2,500,000
VW Credit, Inc.
−Removed: 5.402 % 2,471,660 2,483,438 3.56 2,500,000
−Removed: WGL Holdings, Inc.
−Removed: April 15, 2024
+Added: July 24, 2024
5.450 % 2,483,623 2,491,439 3.95 2,500,000
10 unchanged sentences
1,070 $ 2,962,521 4.69 % $ 21,801,250
−Removed: Percentage of
−Removed: Notional Amount
−Removed: (Long Exposure)
−Removed: Commodity futures contracts
−Removed: United States corn futures contracts
−Removed: CBOT Corn Futures JUL24
+Added: CBOT corn futures DEC24
894 3,912,890 6.20 18,807,525
84 unchanged sentences
Three months ended
−Removed: March 31, 2024
−Removed: March 31, 2023
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2024
+Added: June 30, 2023
+Added: June 30, 2024
+Added: June 30, 2023
Realized and unrealized gain (loss) on trading of commodity futures contracts:
15 unchanged sentences
Business permits and licenses fees
+Added: 5,264 2,720 12,394 9,298
General and administrative expenses
2 unchanged sentences
506,135 693,680 991,408 1,393,374
−Removed: Expenses waived by the Sponsor
Total expenses, net
1 unchanged sentence
$ ( 6,736,292 ) $ ( 13,364,689 ) $ ( 11,833,852 ) $ ( 22,178,442 )
−Removed: Net loss per share
+Added: Net decrease in net asset value per share
$ ( 1.92 ) $ ( 3.05 ) $ ( 3.31 ) $ ( 4.68 )
6 unchanged sentences
STATEMENTS OF CHANGES IN NET ASSETS
−Removed: Three months ended
−Removed: Three months ended
−Removed: March 31, 2024
−Removed: March 31, 2023
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2024
+Added: June 30, 2023
$ ( 11,833,852 ) $ ( 22,178,442 )
23 unchanged sentences
STATEMENTS OF CASH FLOWS
−Removed: Three months ended
−Removed: Three months ended
−Removed: March 31, 2024
−Removed: March 31, 2023
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2024
+Added: June 30, 2023
Cash flows from operating activities:
8 unchanged sentences
33,702 ( 45,260 )
+Added: ( 50,741 ) ( 18,335 )
Management fee payable to Sponsor
( 14,478 ) ( 61,561 )
+Added: Payable for purchases of commercial paper
Other liabilities
+Added: ( 77,664 ) ( 18,029 )
Net cash used in operating activities
15 unchanged sentences
NOTES TO FINANCIAL STATEMENTS
−Removed: March 31, 2024
+Added: June 30, 2024
Note 1 – Organization and Operation
25 unchanged sentences
It is suggested that these interim financial statements be read in conjunction with the financial statements and related notes included in the Trust’s Annual Report on Form 10 -K, as well as the most recent Form S- 1 filing, as applicable.
−Removed: The operating results for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024.
+Added: The operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024.
Subject to the terms of the Trust Agreement, Teucrium Trading, LLC, in its capacity as the Sponsor (“Sponsor”), may terminate a Fund at any time, regardless of whether the Fund has incurred losses, including, for instance, if it determines that the Fund’s aggregate net assets in relation to its operating expenses make the continued operation of the Fund unreasonable or imprudent.
23 unchanged sentences
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.
+Added: The FCMs are registered as broker-dealers with the SEC and are each a member of FINRA.
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.
10 unchanged sentences
A summary of these expenses is included below.
−Removed: Three months ended March 31, 2024
−Removed: Three months ended March 31, 2023
+Added: Three months ended June 30, 2024
+Added: Three months ended June 30, 2023
+Added: Six months ended June 30, 2024
+Added: Six months ended June 30, 2023
Amount Recognized for Custody Services
1 unchanged sentence
Amount of Custody Services Waived
+Added: $ - $ - $ - $ -
Amount Recognized for Distribution Services
1 unchanged sentence
Amount of Distribution Services Waived
+Added: $ - $ - $ - $ -
Amount Recognized for Wilmington Trust
+Added: $ - $ - $ - $ -
Amount of Wilmington Trust Waived
+Added: $ - $ - $ - $ -
Note 3 – Summary of Significant Accounting Policies
18 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 months ended March 31, 2024 and 2023 .
−Removed: Three months ended March 31, 2024
−Removed: Three months ended March 31, 2023
+Added: The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and six months ended June 30, 2024 and 2023 .
+Added: Three months ended June 30, 2024
+Added: Three months ended June 30, 2023
+Added: Six months ended June 30, 2024
+Added: Six months ended June 30, 2023
For federal income tax purposes, the Fund will be treated as a publicly traded partnership.
12 unchanged sentences
De-recognition of a tax benefit previously recognized results in the Fund recording a tax liability that reduces net assets.
−Removed: Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of March 31, 2024 and for the years ended December 31, 2023 , 2022 , and 2021 .
+Added: Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of June 30, 2024 and for the years ended December 31, 2023 , 2022 , and 2021 .
However, the Fund’s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof.
The Fund recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed.
−Removed: No interest expense or penalties have been recognized as of and for the three months ended March 31, 2024 and 2023 .
+Added: No interest expense or penalties have been recognized as of and for the three and six months ended June 30, 2024 and 2023 .
The Fund may be subject to potential examination by U.S.
26 unchanged sentences
The Sponsor may invest a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured.
−Removed: March 31, 2024
+Added: June 30, 2024
December 31, 2023
56 unchanged sentences
Such expenses are primarily recorded as distribution and marketing fees in the financial statements of each Fund.
−Removed: Three months ended March 31, 2024
−Removed: Three months ended March 31, 2023
+Added: Three months ended June 30, 2024
+Added: Three months ended June 30, 2023
+Added: Six months ended June 30, 2024
+Added: Six months ended June 30, 2023
Recognized Related Party Transactions
1 unchanged sentence
Waived Related Party Transactions
+Added: $ - $ - $ - $ -
The Sponsor has the ability to elect to pay certain expenses on behalf of the Funds or waive the management fee.
1 unchanged sentence
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: There were no expenses waived for the three months ended March 31, 2024 and 2023.
+Added: There were no expenses waived for the three and six months ended June 30, 2024 and 2023.
Use of Estimates
29 unchanged sentences
When such a situation exists on a quarter close, the Sponsor will calculate the Net Asset Value (“NAV”) on a particular day using the Level 1 valuation but will later recalculate the NAV for the impacted Fund based upon the valuation inputs from these alternative verifiable sources (Level 2 or Level 3 ) and will report such NAV in its applicable financial statements and reports.
−Removed: On March 31, 2024 and December 31, 2023 , in the opinion of the Trust and the Fund, the reported value at the close of the market for each commodity contract fairly reflected the value of the futures and no alternative valuations were required.
+Added: On June 30, 2024 and December 31, 2023 , 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 three months ended March 31, 2024 and year ended December 31, 2023 , the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.
+Added: For the three and six months ended June 30, 2024 and year ended December 31, 2023 , 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.
21 unchanged sentences
The Fund’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Fund’s significant accounting policies in Note 3.
−Removed: The following table presents information about the Fund’s assets and liabilities measured at fair value as of March 31, 2024 and December 31, 2023 :
−Removed: March 31, 2024
+Added: The following table presents information about the Fund’s assets and liabilities measured at fair value as of June 30, 2024 and December 31, 2023 :
+Added: June 30, 2024
Balance as of
−Removed: March 31, 2024
+Added: June 30, 2024
Cash Equivalents
$ 50,346,773 $ - $ - $ 50,346,773
−Removed: Commodity Futures Contracts
−Removed: Corn futures contracts
−Removed: 154,412 - - 154,412
−Removed: $ 53,417,000 $ - $ - $ 53,417,000
Balance as of
−Removed: March 31, 2024
+Added: June 30, 2024
Commodity Futures Contracts
8 unchanged sentences
December 31, 2023
+Added: Commodity Futures Contracts
Corn futures contracts
$ 2,182,141 $ - $ - $ 2,182,141
−Removed: For the three months ended March 31, 2024 and year ended December 31, 2023 , the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.
+Added: For the three and six months ended June 30, 2024 and year ended December 31, 2023 , the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.
See the Fair Value - Definition and Hierarchy section in Note 3 above for an explanation of the transfers into and out of each level of the fair value hierarchy.
5 unchanged sentences
In addition to its primary underlying risks, the Fund is also subject to additional counterparty risk due to inability of its counterparties to meet the terms of their contracts.
−Removed: For the three months ended March 31, 2024 and year ended December 31, 2023 , the Fund invested only in commodity futures contracts.
+Added: For the three and six months ended June 30, 2024 and year ended December 31, 2023 , the Fund invested only in commodity futures contracts.
Futures Contracts
14 unchanged sentences
Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.”
−Removed: The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, Marex and StoneX as of March 31, 2024 , and December 31, 2023 .
+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 June 30, 2024 , and December 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 March 31, 2024
−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: Corn futures contracts
−Removed: $ 154,412 $ - $ 154,412 $ 154,412 $ - $ -
−Removed: Offsetting of Financial Liabilities and Derivative Liabilities as of March 31, 2024
+Added: Offsetting of Financial Liabilities and Derivative Liabilities as of June 30, 2024
(iii) = (i)-(ii)
22 unchanged sentences
The following tables identify the net gain and loss amounts included in the statements of operations as realized and unrealized gains and losses on trading of commodity futures contracts categorized by primary underlying risk:
−Removed: Three months ended March 31, 2024
+Added: Three months ended June 30, 2024
Realized Loss on Commodity Futures Contracts
3 unchanged sentences
$ ( 2,200,189 ) $ ( 4,967,032 )
−Removed: Three months ended March 31, 2023
+Added: Three months ended June 30, 2023
Realized Loss on Commodity Futures Contracts
3 unchanged sentences
$ ( 5,192,445 ) $ ( 8,746,928 )
+Added: Six months ended June 30, 2024
+Added: Realized Loss on Commodity Futures Contracts
+Added: Net Change in Unrealized Depreciation on Commodity Futures Contracts
+Added: Commodity Price
+Added: Corn futures contracts
+Added: $ ( 6,164,524 ) $ ( 6,563,202 )
+Added: Six months ended June 30, 2023
+Added: Realized Loss on Commodity Futures Contracts
+Added: Net Change in Unrealized Depreciation on Commodity Futures Contracts
+Added: Commodity Price
+Added: Corn futures contracts
+Added: $ ( 11,461,380 ) $ ( 12,046,288 )
Volume of Derivative Activities
−Removed: The average notional market value categorized by primary underlying risk for the futures contracts held was $ 69.4 million for the three months ended March 31, 2024 and $ 126.4 million for the three months ended March 31, 2023 .
+Added: The average notional market value categorized by primary underlying risk for the futures contracts held was $ 69.3 million and $ 69.3 million respectively for the three and six months ended June 30, 2024 and $ 96.6 million and $ 111.5 million respectively for the three and six months ended June 30, 2023 .
Note 6 – Financial Highlights
−Removed: The following tables present per unit performance data and other supplemental financial data for the three months ended March 31, 2024 and 2023 .
+Added: The following tables present per unit performance data and other supplemental financial data for the three and six months ended June 30, 2024 and 2023 .
This information has been derived from information presented in the financial statements and is presented with total expenses gross of expenses waived by the Sponsor and with total expenses net of expenses waived by the Sponsor, as appropriate.
1 unchanged sentence
Three months ended
−Removed: March 31, 2024
−Removed: March 31, 2023
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2024
+Added: June 30, 2023
+Added: June 30, 2024
+Added: June 30, 2023
Per Share Operation Performance
3 unchanged sentences
Interest income
+Added: 0.26 0.30 0.54 0.58
Net realized and unrealized loss on commodity futures contracts
19 unchanged sentences
Note 8 – Subsequent Events
−Removed: Management has evaluated the financial statements for the quarter-ended March 31, 2024 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: Management has evaluated the financial statements for the quarter-ended June 30, 2024 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund.
TEUCRIUM SOYBEAN FUND
STATEMENTS OF ASSETS AND LIABILITIES
−Removed: March 31, 2024
+Added: June 30, 2024
December 31, 2023
28 unchanged sentences
SCHEDULE OF INVESTMENTS
−Removed: March 31, 2024
+Added: June 30, 2024
Percentage of
1 unchanged sentence
Money market funds
−Removed: First American Government Obligations Fund - Class X
+Added: Bank Deposit Account
5.240 % $ 400,285 $ 400,285 1.44 % 400,285
5 unchanged sentences
Commercial Paper
−Removed: FMC Corporation
−Removed: April 22, 2024
−Removed: 5.755 % $ 2,487,815 $ 2,491,746 7.34 % 2,500,000
−Removed: General Motors Financial Company, Inc.
−Removed: April 29, 2024
−Removed: 5.408 % 2,475,663 2,489,675 7.33 2,500,000
−Removed: Glencore Funding LLC
−Removed: April 30, 2024
+Added: Brookfield Infrastructure Holdings (Canada) Inc.
+Added: July 30, 2024
5.711 % $ 2,481,690 $ 2,488,702 8.95 % 2,500,000
−Removed: Glencore Funding LLC
+Added: Crown Castle Inc.
+Added: August 1, 2024
5.591 % 2,486,632 2,488,160 8.95 2,500,000
−Removed: National Fuel Gas Company
−Removed: April 4, 2024
+Added: VW Credit, Inc.
+Added: July 16, 2024
5.400 % 4,965,338 4,988,937 17.95 5,000,000
−Removed: Stanley Black & Decker, Inc.
−Removed: April 4, 2024
+Added: VW Credit, Inc.
+Added: August 7, 2024
5.445 % 2,479,195 2,486,254 8.94 2,500,000
8 unchanged sentences
United States soybean futures contracts
−Removed: CBOT soybean futures JUL24
−Removed: 197 $ 308,999 0.91 % $ 11,871,713
CBOT soybean futures NOV24
176 $ 1,101,049 3.96 % $ 9,715,200
+Added: CBOT soybean futures JAN25
+Added: 149 779,019 2.80 8,329,100
CBOT soybean futures NOV25
57 unchanged sentences
Three months ended
−Removed: March 31, 2024
−Removed: March 31, 2023
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2024
+Added: June 30, 2023
+Added: June 30, 2024
+Added: June 30, 2023
Realized and unrealized gain (loss) on trading of commodity futures contracts:
−Removed: Realized (loss) gain on commodity futures contracts
+Added: Realized loss on commodity futures contracts
$ ( 361,327 ) $ ( 1,108,023 ) $ ( 2,994,181 ) $ ( 40,479 )
−Removed: Net change in unrealized appreciation/(depreciation) on commodity futures contracts
+Added: Net change in unrealized (depreciation) appreciation on commodity futures contracts
( 1,628,873 ) 1,311,668 ( 1,032,188 ) ( 2,387,974 )
1 unchanged sentence
424,864 433,162 805,275 944,785
+Added: Total (loss) income
( 1,565,336 ) 636,807 ( 3,221,094 ) ( 1,483,668 )
6 unchanged sentences
Custodian fees and expenses
+Added: 8,019 13,874 16,505 17,315
Business permits and licenses fees
+Added: 5,223 8,671 11,492 10,965
General and administrative expenses
+Added: 6,415 8,671 13,487 10,965
Total expenses
3 unchanged sentences
222,632 316,496 454,351 566,398
+Added: Net (loss) income
$ ( 1,787,968 ) $ 320,311 $ ( 3,675,445 ) $ ( 2,050,066 )
−Removed: Net loss per share
+Added: Net (decrease) increase in net asset value per share
$ ( 1.50 ) $ 0.14 $ ( 3.37 ) $ ( 1.17 )
−Removed: Net loss per weighted average share
+Added: Net (loss) income per weighted average share
$ ( 1.38 ) $ 0.24 $ ( 3.04 ) $ ( 1.37 )
4 unchanged sentences
STATEMENTS OF CHANGES IN NET ASSETS
−Removed: Three months ended
−Removed: Three months ended
−Removed: March 31, 2024
−Removed: March 31, 2023
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2024
+Added: June 30, 2023
$ ( 3,675,445 ) $ ( 2,050,066 )
23 unchanged sentences
STATEMENTS OF CASH FLOWS
−Removed: Three months ended
−Removed: Three months ended
−Removed: March 31, 2024
−Removed: March 31, 2023
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2024
+Added: June 30, 2023
Cash flows from operating activities:
1 unchanged sentence
Adjustments to reconcile net loss to net cash used in operating activities:
−Removed: Net change in unrealized (depreciation)/appreciation on commodity futures contracts
+Added: Net change in unrealized depreciation on commodity futures contracts
1,032,188 2,387,974
4 unchanged sentences
( 19,050 ) ( 26,642 )
−Removed: ( 883 ) ( 29,849 )
Management fee payable to Sponsor
19 unchanged sentences
NOTES TO FINANCIAL STATEMENTS
−Removed: March 31, 2024
+Added: June 30, 2024
Note 1 – Organization and Operation
24 unchanged sentences
It is suggested that these interim financial statements be read in conjunction with the financial statements and related notes included in the Trust’s Annual Report on Form 10 -K, as well as the most recent Form S- 1 filing, as applicable.
−Removed: The operating results for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024.
+Added: The operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024.
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.
24 unchanged sentences
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.
+Added: The FCMs are registered as broker-dealers with the SEC and are each a member of FINRA.
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.
10 unchanged sentences
A summary of these expenses is included below.
−Removed: Three months ended March 31, 2024
−Removed: Three months ended March 31, 2023
+Added: Three months ended June 30, 2024
+Added: Three months ended June 30, 2023
+Added: Six months ended June 30, 2024
+Added: Six months ended June 30, 2023
Amount Recognized for Custody Services
1 unchanged sentence
Amount of Custody Services Waived
+Added: $ - $ - $ - $ -
Amount Recognized for Distribution Services
1 unchanged sentence
Amount of Distribution Services Waived
+Added: $ - $ - $ - $ -
Amount Recognized for Wilmington Trust
+Added: $ - $ - $ - $ -
Amount of Wilmington Trust Waived
+Added: $ - $ - $ - $ -
Note 3 – Summary of Significant Accounting Policies
18 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 months ended March 31, 2024 and 2023 .
−Removed: Three months ended March 31, 2024
−Removed: Three months ended March 31, 2023
+Added: The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and six months ended June 30, 2024 and 2023 .
+Added: Three months ended June 30, 2024
+Added: Three months ended June 30, 2023
+Added: Six months ended June 30, 2024
+Added: Six months ended June 30, 2023
For federal income tax purposes, each Fund will be treated as a publicly traded partnership.
12 unchanged sentences
De-recognition of a tax benefit previously recognized results in the Fund recording a tax liability that reduces net assets.
−Removed: Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of March 31, 2024 and for the years ended December 31, 2023 , 2022 , and 2021 .
+Added: Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of June 30, 2024 and for the years ended December 31, 2023 , 2022 , and 2021 .
However, the Fund’s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof.
The Fund recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed.
−Removed: No interest expense or penalties have been recognized as of and for the three months ended March 31, 2024 and 2023 .
+Added: No interest expense or penalties have been recognized as of and for the three and six months ended June 30, 2024 and 2023 .
The Fund may be subject to potential examination by U.S.
26 unchanged sentences
The Sponsor may invest a portion of the cash held by the FCM in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured.
−Removed: March 31, 2024
+Added: June 30, 2024
December 31, 2023
56 unchanged sentences
Such expenses are primarily recorded as distribution and marketing fees in the financial statements of each Fund.
−Removed: Three months ended March 31, 2024
−Removed: Three months ended March 31, 2023
+Added: Three months ended June 30, 2024
+Added: Three months ended June 30, 2023
+Added: Six months ended June 30, 2024
+Added: Six months ended June 30, 2023
Recognized Related Party Transactions
1 unchanged sentence
Waived Related Party Transactions
+Added: $ - $ - $ - $ -
The Sponsor has the ability to elect to pay certain expenses on behalf of the Funds or waive the management fee.
1 unchanged sentence
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: There were no expenses waived for the three months ended March 31, 2024 and 2023.
+Added: There were no expenses waived for the three and six months ended June 30, 2024 and 2023.
Use of Estimates
29 unchanged sentences
When such a situation exists on a quarter close, the Sponsor will calculate the NAV on a particular day using the Level 1 valuation but will later recalculate the NAV for the impacted Fund based upon the valuation inputs from these alternative verifiable sources (Level 2 or Level 3 ) and will report such NAV in its applicable financial statements and reports.
−Removed: On March 31, 2024 and December 31, 2023 , in the opinion of the Trust and the Fund, the reported value at the close of the market for each commodity contract fairly reflected the value of the futures and no alternative valuations were required.
+Added: On June 30, 2024 and December 31, 2023 , 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 three months ended March 31, 2024 and year ended December 31, 2023 , the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.
+Added: For the three and six months ended June 30, 2024 and year ended December 31, 2023 , 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.
21 unchanged sentences
The Fund’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Fund’s significant accounting policies in Note 3.
−Removed: The following table presents information about the Fund’s assets and liabilities measured at fair value as of March 31, 2024 and December 31, 2023 :
−Removed: March 31, 2024
+Added: The following table presents information about the Fund’s assets and liabilities measured at fair value as of June 30, 2024 and December 31, 2023 :
+Added: June 30, 2024
Balance as of
−Removed: March 31, 2024
+Added: June 30, 2024
Cash Equivalents
1 unchanged sentence
Balance as of
−Removed: March 31, 2024
+Added: June 30, 2024
Commodity Futures Contracts
8 unchanged sentences
December 31, 2023
+Added: Commodity Futures Contracts
Soybean futures contracts
$ 1,391,661 $ - $ - $ 1,391,661
−Removed: For the three months ended March 31, 2024 and year ended December 31, 2023 , the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.
+Added: For the three and six months ended June 30, 2024 and year ended December 31, 2023 , the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.
See the Fair Value - Definition and Hierarchy section in Note 3 above for an explanation of the transfers into and out of each level of the fair value hierarchy.
5 unchanged sentences
In addition to its primary underlying risks, the Fund is also subject to additional counterparty risk due to inability of its counterparties to meet the terms of their contracts.
−Removed: For the three months ended March 31, 2024 and year ended December 31, 2023 , the Fund invested only in commodity futures contracts.
+Added: For the three and six months ended June 30, 2024 and year ended December 31, 2023 , the Fund invested only in commodity futures contracts.
Futures Contracts
14 unchanged sentences
Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.”
−Removed: The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, Marex and StoneX as of March 31, 2024 , and December 31, 2023 .
+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 June 30, 2024 , and December 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 Liabilities and Derivative Liabilities as of March 31, 2024
+Added: Offsetting of Financial Liabilities and Derivative Liabilities as of June 30, 2024
(iii) = (i)-(ii)
22 unchanged sentences
The following is a summary of realized and unrealized gains and losses of the derivative instruments utilized by the Fund:
−Removed: Three months ended March 31, 2024
+Added: Three months ended June 30, 2024
Realized Loss on Commodity Futures Contracts
+Added: Net Change in Unrealized Depreciation on Commodity Futures Contracts
+Added: Commodity Price
+Added: Soybean futures contracts
+Added: $ ( 361,327 ) $ ( 1,628,873 )
+Added: Three months ended June 30, 2023
+Added: Realized Loss on Commodity Futures Contracts
Net Change in Unrealized Appreciation on Commodity Futures Contracts
2 unchanged sentences
$ ( 1,108,023 ) $ 1,311,668
−Removed: Three months ended March 31, 2023
−Removed: Realized Gain on Commodity Futures Contracts
+Added: Six months ended June 30, 2024
+Added: Realized Loss on Commodity Futures Contracts
Net Change in Unrealized Depreciation on Commodity Futures Contracts
2 unchanged sentences
$ ( 2,994,181 ) $ ( 1,032,188 )
+Added: Six months ended June 30, 2023
+Added: Realized Loss on Commodity Futures Contracts
+Added: Net Change in Unrealized Depreciation on Commodity Futures Contracts
+Added: Commodity Price
+Added: Soybean futures contracts
+Added: $ ( 40,479 ) $ ( 2,387,974 )
Volume of Derivative Activities
−Removed: The average notional market value categorized by primary underlying risk for all futures contracts held was $ 29.1 million for the three months ended March 31, 2024 and $ 42.6 million for the three months ended March 31, 2023 .
+Added: The average notional market value categorized by primary underlying risk for all futures contracts held was $ 30.6 million and $ 29.9 million respectively for the three and six months ended June 30, 2024 and $ 34.2 million and $ 38.4 million respectively for the three and six months ended June 30, 2023 .
Note 6 – Financial Highlights
−Removed: The following tables present per unit performance data and other supplemental financial data for the three months ended March 31, 2024 and 2023 .
+Added: The following tables present per unit performance data and other supplemental financial data for the three and six months ended June 30, 2024 and 2023 .
This information has been derived from information presented in the financial statements and is presented with total expenses gross of expenses waived by the Sponsor and with total expenses net of expenses waived by the Sponsor, as appropriate.
1 unchanged sentence
Three months ended
−Removed: March 31, 2024
−Removed: March 31, 2023
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2024
+Added: June 30, 2023
+Added: June 30, 2024
+Added: June 30, 2023
Per Share Operation Performance
3 unchanged sentences
Interest income
−Removed: Net realized and unrealized loss on commodity futures contracts
0.33 0.33 0.67 0.63
+Added: Net realized and unrealized (loss) gain on commodity futures contracts
+Added: ( 1.66 ) 0.05 ( 3.66 ) ( 1.42 )
Total expenses, net
( 0.17 ) ( 0.24 ) ( 0.38 ) ( 0.38 )
−Removed: Net decrease in net asset value
+Added: Net (decrease) increase in net asset value
( 1.50 ) 0.14 ( 3.37 ) ( 1.17 )
14 unchanged sentences
Note 8 – Subsequent Events
−Removed: Management has evaluated the financial statements for the quarter-ended March 31, 2024 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: Management has evaluated the financial statements for the quarter-ended June 30, 2024 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund.
TEUCRIUM SUGAR FUND
STATEMENTS OF ASSETS AND LIABILITIES
−Removed: March 31, 2024
+Added: June 30, 2024
December 31, 2023
4 unchanged sentences
Equity in trading accounts:
+Added: Commodity futures contracts
Due from broker
1,382,424 3,650,191
+Added: Total equity in trading accounts
1,407,016 3,650,191
+Added: 14,310,546 20,456,322
Management fee payable to Sponsor
1 unchanged sentence
Other liabilities
−Removed: 21,123 30,774
Equity in trading accounts:
15 unchanged sentences
SCHEDULE OF INVESTMENTS
−Removed: March 31, 2024
+Added: June 30, 2024
Percentage of
9 unchanged sentences
Commercial Paper
−Removed: The Cigna Group
−Removed: April 5, 2024
−Removed: 5.501 % $ 495,050 $ 499,700 3.02 % 500,000
−Removed: Campbell Soup Company
−Removed: 5.601 % 2,477,848 2,488,542 15.06 2,500,000
−Removed: Glencore Funding LLC
−Removed: April 16, 2024
+Added: Brookfield Infrastructure Holdings (Canada) Inc.
+Added: July 30, 2024
5.711 % $ 2,481,690 $ 2,488,702 18.16 % 2,500,000
−Removed: Glencore Funding LLC
+Added: Crown Castle Inc.
+Added: August 1, 2024
5.591 % 2,486,632 2,488,160 18.15 2,500,000
8 unchanged sentences
United States sugar futures contracts
−Removed: ICE sugar futures JUL24
+Added: ICE sugar futures MAY25
187 $ 24,592 0.18 % $ 4,115,496
−Removed: ICE sugar futures OCT24
+Added: Percentage of
+Added: Notional Amount
+Added: (Long Exposure)
+Added: Commodity futures contracts
+Added: United States sugar futures contracts
+Added: ICE sugar futures MAR25
209 $ 476,116 3.47 % $ 4,819,707
55 unchanged sentences
Three months ended
−Removed: March 31, 2024
−Removed: March 31, 2023
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2024
+Added: June 30, 2023
+Added: June 30, 2024
+Added: June 30, 2023
Realized and unrealized gain (loss) on trading of commodity futures contracts:
1 unchanged sentence
$ ( 1,669,986 ) $ 7,408,174 $ ( 2,152,300 ) $ 8,747,622
−Removed: Net change in unrealized appreciation on commodity futures contracts
+Added: Net change in unrealized appreciation (depreciation) on commodity futures contracts
248,066 ( 3,141,505 ) 2,121,663 ( 1,688 )
1 unchanged sentence
171,316 431,237 395,941 702,686
+Added: Total (loss) income
( 1,250,604 ) 4,697,906 365,304 9,448,620
6 unchanged sentences
Custodian fees and expenses
+Added: 6,507 11,202 15,019 12,238
Business permits and licenses fees
+Added: 12,341 8,630 17,972 11,121
General and administrative expenses
+Added: 4,757 9,791 9,864 10,404
Total expenses
3 unchanged sentences
146,567 255,918 318,584 426,141
+Added: Net (loss) income
$ ( 1,397,171 ) $ 4,441,988 $ 46,720 $ 9,022,479
−Removed: Net income per share
+Added: Net (decrease)/increase in net asset value per share
$ ( 1.31 ) $ 1.26 $ ( 0.26 ) $ 3.19
−Removed: Net income per weighted average share
+Added: Net (loss) income per weighted average share
$ ( 1.27 ) $ 1.70 $ 0.04 $ 3.57
4 unchanged sentences
STATEMENTS OF CHANGES IN NET ASSETS
−Removed: Three months ended
−Removed: Three months ended
−Removed: March 31, 2024
−Removed: March 31, 2023
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2024
+Added: June 30, 2023
$ 46,720 $ 9,022,479
1 unchanged sentence
Issuance of Shares
+Added: 583,255 13,938,612
Redemption of Shares
13 unchanged sentences
Creation of Shares
+Added: 50,000 1,200,000
Redemption of Shares
3 unchanged sentences
STATEMENTS OF CASH FLOWS
−Removed: Three months ended
−Removed: Three months ended
−Removed: March 31, 2024
−Removed: March 31, 2023
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2024
+Added: June 30, 2023
Cash flows from operating activities:
1 unchanged sentence
Adjustments to reconcile net income to net cash provided by operating activities:
−Removed: Net change in unrealized appreciation on commodity futures contracts
+Added: Net change in unrealized (appreciation) depreciation on commodity futures contracts
( 2,121,663 ) 1,688
5 unchanged sentences
( 10,957 ) ( 19,593 )
−Removed: Due to broker
Management fee payable to Sponsor
6 unchanged sentences
Proceeds from sale of Shares
+Added: 583,255 13,938,612
Redemption of Shares
10 unchanged sentences
NOTES TO FINANCIAL STATEMENTS
−Removed: March 31, 2024
+Added: June 30, 2024
Note 1 – Organization and Operation
25 unchanged sentences
It is suggested that these interim financial statements be read in conjunction with the financial statements and related notes included in the Trust’s Annual Report on Form 10 -K, as well as the most recent Form S- 1 filing, as applicable.
−Removed: The operating results for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024.
+Added: The operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024.
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.
24 unchanged sentences
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.
+Added: The FCMs are registered as broker-dealers with the SEC and are each a member of FINRA.
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.
10 unchanged sentences
A summary of these expenses is included below.
−Removed: Three months ended March 31, 2024
−Removed: Three months ended March 31, 2023
+Added: Three months ended June 30, 2024
+Added: Three months ended June 30, 2023
+Added: Six months ended June 30, 2024
+Added: Six months ended June 30, 2023
Amount Recognized for Custody Services
1 unchanged sentence
Amount of Custody Services Waived
+Added: $ - $ - $ - $ -
Amount Recognized for Distribution Services
1 unchanged sentence
Amount of Distribution Services Waived
+Added: $ - $ - $ - $ -
Amount Recognized for Wilmington Trust
+Added: $ - $ - $ - $ -
Amount of Wilmington Trust Waived
+Added: $ - $ - $ - $ -
Note 3 – Summary of Significant Accounting Policies
17 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 months ended March 31, 2024 and 2023 .
−Removed: Three months ended March 31, 2024
−Removed: Three months ended March 31, 2023
+Added: The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and six months ended June 30, 2024 and 2023 .
+Added: Three months ended June 30, 2024
+Added: Three months ended June 30, 2023
+Added: Six months ended June 30, 2024
+Added: Six months ended June 30, 2023
For federal income tax purposes, the Fund will be treated as a publicly traded partnership.
12 unchanged sentences
De-recognition of a tax benefit previously recognized results in the Fund recording a tax liability that reduces net assets.
−Removed: Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of March 31, 2024 and for the years ended December 31, 2023 , 2022 , and 2021 .
+Added: Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of June 30, 2024 and for the years ended December 31, 2023 , 2022 , and 2021 .
However, the Fund’s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof.
The Fund recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed.
−Removed: No interest expense or penalties have been recognized as of and for the three months ended March 31, 2024 and 2023 .
+Added: No interest expense or penalties have been recognized as of and for the three and six months ended June 30, 2024 and 2023 .
The Fund may be subject to potential examination by U.S.
26 unchanged sentences
The Sponsor may invest a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured.
−Removed: March 31, 2024
+Added: June 30, 2024
December 31, 2023
53 unchanged sentences
Such expenses are primarily recorded as distribution and marketing fees in the financial statements of each Fund.
−Removed: Three months ended March 31, 2024
−Removed: Three months ended March 31, 2023
+Added: Three months ended June 30, 2024
+Added: Three months ended June 30, 2023
+Added: Six months ended June 30, 2024
+Added: Six months ended June 30, 2023
Recognized Related Party Transactions
1 unchanged sentence
Waived Related Party Transactions
+Added: $ - $ - $ - $ -
The Sponsor has the ability to elect to pay certain expenses on behalf of the Funds or waive the management fee.
1 unchanged sentence
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: There were no expenses waived for the three months ended March 31, 2024 and 2023.
+Added: There were no expenses waived for the three and six months ended June 30, 2024 and 2023.
Use of Estimates
29 unchanged sentences
When such a situation exists on a quarter close, the Sponsor will calculate the NAV on a particular day using the Level 1 valuation but will later recalculate the NAV for the impacted Fund based upon the valuation inputs from these alternative verifiable sources (Level 2 or Level 3 ) and will report such NAV in its applicable financial statements and reports.
−Removed: On March 31, 2024 and December 31, 2023 , in the opinion of the Trust and the Fund, the reported value of the Sugar Futures Contracts traded on the ICE fairly reflected the value of the Sugar Futures Contracts held by the Fund, and no adjustments were necessary.
+Added: On June 30, 2024 and December 31, 2023 , in the opinion of the Trust and the Fund, the reported value of the Sugar Futures Contracts traded on the ICE fairly reflected the value of the Sugar Futures Contracts held by the Fund, and no adjustments were necessary.
The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period.
In making the determination of a Level 1 or Level 2 transfer, the Fund considers the average volume of the specific underlying futures contracts traded on the relevant exchange for the periods being reported.
−Removed: For the three months ended March 31, 2024 and year ended December 31, 2023 , the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.
+Added: For the three and six months ended June 30, 2024 and year ended December 31, 2023 , 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.
21 unchanged sentences
The Fund’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Fund’s significant accounting policies in Note 3.
−Removed: The following table presents information about the Fund’s assets and liabilities measured at fair value as of March 31, 2024 and December 31, 2023 :
−Removed: March 31, 2024
+Added: The following table presents information about the Fund’s assets and liabilities measured at fair value as of June 30, 2024 and December 31, 2023 :
+Added: June 30, 2024
Balance as of
−Removed: March 31, 2024
+Added: June 30, 2024
Cash Equivalents
$ 9,558,325 $ - $ - $ 9,558,325
+Added: Commodity Futures Contracts
+Added: Sugar futures contracts
+Added: 24,592 - - 24,592
+Added: $ 9,582,917 $ - $ - $ 9,582,917
Balance as of
−Removed: March 31, 2024
+Added: June 30, 2024
Commodity Futures Contracts
8 unchanged sentences
December 31, 2023
+Added: Commodity Futures Contracts
Sugar futures contracts
$ 2,687,998 $ - $ - $ 2,687,998
−Removed: For the three months ended March 31, 2024 and year ended December 31, 2023 , the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.
+Added: For the three and six months ended June 30, 2024 and year ended December 31, 2023 , the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.
See the Fair Value – Definition and Hierarchy section in Note 3 above for an explanation of the transfers into and out of each level of the fair value hierarchy.
5 unchanged sentences
In addition to its primary underlying risks, the Fund is also subject to additional counterparty risk due to inability of its counterparties to meet the terms of their contracts.
−Removed: For the three months ended March 31, 2024 and year ended December 31, 2023 , the Fund invested only in commodity futures contracts.
+Added: For the three and six months ended June 30, 2024 and year ended December 31, 2023 , the Fund invested only in commodity futures contracts.
Futures Contracts
14 unchanged sentences
Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.”
−Removed: The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, Marex and StoneX as of March 31, 2024 , and December 31, 2023 .
+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 June 30, 2024 , and December 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 Liabilities and Derivative Liabilities as of March 31, 2024
(iii) = (i)-(ii)
1 unchanged sentence
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 to Broker
+Added: Commodity Price
+Added: Sugar futures contracts
+Added: $ 24,592 $ - $ 24,592 $ 24,592 $ - $ -
+Added: Offsetting of Financial Liabilities and Derivative Liabilities as of June 30, 2024
+Added: (iii) = (i)-(ii)
+Added: (v)=(iii)-(iv)
+Added: Gross Amount Not Offset in the Statement of Assets and Liabilities
Gross Amount of Recognized Liabilities
19 unchanged sentences
The following tables identify the net gain and loss amounts included in the statements of operations as realized and unrealized gains and losses on trading of commodity futures contracts categorized by primary underlying risk:
−Removed: Three months ended March 31, 2024
+Added: Three months ended June 30, 2024
Realized Loss on Commodity Futures Contracts
3 unchanged sentences
$ ( 1,669,986 ) $ 248,066
−Removed: Three months ended March 31, 2023
+Added: Three months ended June 30, 2023
Realized Gain on Commodity Futures Contracts
+Added: Net Change in Unrealized Depreciation on Commodity Futures Contracts
+Added: Commodity Price
+Added: Sugar futures contracts
+Added: $ 7,408,174 $ ( 3,141,505 )
+Added: Six months ended June 30, 2024
+Added: Realized Loss on Commodity Futures Contracts
Net Change in Unrealized Appreciation on Commodity Futures Contracts
2 unchanged sentences
$ ( 2,152,300 ) $ 2,121,663
+Added: Six months ended June 30, 2023
+Added: Realized Gain on Commodity Futures Contracts
+Added: Net Change in Unrealized Depreciation on Commodity Futures Contracts
+Added: Commodity Price
+Added: Sugar futures contracts
+Added: $ 8,747,622 $ ( 1,688 )
Volume of Derivative Activities
−Removed: The average notional market value categorized by primary underlying risk for all futures contracts held were $ 16.9 million for the three months ended March 31, 2024 and $ 25.7 million for the three months ended March 31, 2023 .
+Added: The average notional market value categorized by primary underlying risk for all futures contracts held were $ 12.9 million and $ 14.9 million respectively for the three and six months ended June 30, 2024 and $ 32.6 million and $ 29.1 million respectively for the three and six months ended June 30, 2023 .
Note 6 – Financial Highlights
−Removed: The following table presents per unit performance data and other supplemental financial data for the three months ended March 31, 2024 and 2023 .
+Added: The following table presents per unit performance data and other supplemental financial data for the three and six months ended June 30, 2024 and 2023 .
This information has been derived from information presented in the financial statements and is presented with total expenses gross of expenses waived by the Sponsor and with total expenses net of expenses waived by the Sponsor, as appropriate.
1 unchanged sentence
Three months ended
−Removed: March 31, 2024
−Removed: March 31, 2023
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2024
+Added: June 30, 2023
+Added: June 30, 2024
+Added: June 30, 2023
Per Share Operation Performance
3 unchanged sentences
Interest income
−Removed: Net realized and unrealized gain on commodity futures contracts
+Added: 0.15 0.17 0.33 0.28
+Added: Net realized and unrealized (loss)/gain on commodity futures contracts
+Added: ( 1.33 ) 1.19 ( 0.32 ) 3.08
Total expenses, net
( 0.13 ) ( 0.10 ) ( 0.27 ) ( 0.17 )
−Removed: Net increase in net asset value
+Added: Net (decrease)/increase in net asset value
+Added: ( 1.31 ) 1.26 ( 0.26 ) 3.19
Net asset value at end of period
13 unchanged sentences
Note 8 – Subsequent Events
−Removed: Management has evaluated the financial statements for the quarter-ended March 31, 2024 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund other than those notes below:
−Removed: The net assets of the fund decreased by $ 3,645,989 , or 22.1 %, for the period March 31, 2024 to May 9, 2024.
−Removed: This was driven by a decrease in the shares outstanding by 12.2 % and a decrease in the NAV per share of 11.2 %.
+Added: Management has evaluated the financial statements for the quarter-ended June 30, 2024 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund.
TEUCRIUM WHEAT FUND
STATEMENTS OF ASSETS AND LIABILITIES
−Removed: March 31, 2024
+Added: June 30, 2024
December 31, 2023
3 unchanged sentences
113,778 226,748
+Added: 142,314 4,527
Equity in trading accounts:
Commodity futures contracts
−Removed: 1,513,306 2,237,493
Due from broker
6 unchanged sentences
Other liabilities
−Removed: 85,006 72,017
Equity in trading accounts:
15 unchanged sentences
SCHEDULE OF INVESTMENTS
−Removed: March 31, 2024
+Added: June 30, 2024
Percentage of
2 unchanged sentences
Bank Deposit Account
−Removed: 5.240 % $ 10,758,845 $ 10,758,845 6.83 % 10,758,845
Goldman Sachs Financial Square Government Fund - Institutional Class
−Removed: 5.210 % 57,722,055 57,722,055 36.64 57,722,055
Total money market funds
−Removed: $ 68,480,900 $ 68,480,900 43.47 %
Percentage of
Commercial Paper
−Removed: American Electric Power Company, Inc.
−Removed: June 12, 2024
−Removed: 5.465 % $ 4,941,190 $ 4,946,401 3.14 % 5,000,000
Brookfield Infrastructure Holdings (Canada) Inc.
−Removed: April 23, 2024
−Removed: 5.844 % 2,465,045 2,491,261 1.58 2,500,000
Brookfield Infrastructure Holdings (Canada) Inc.
−Removed: 5.834 % 2,465,106 2,485,725 1.58 2,500,000
Brookfield Infrastructure Holdings (Canada) Inc.
−Removed: 5.710 % 2,473,167 2,485,222 1.58 2,500,000
−Removed: Brookfield Infrastructure Holdings (Canada) Inc.
−Removed: 5.772 % 2,464,688 2,482,344 1.58 2,500,000
+Added: July 16, 2024
Brookfield Infrastructure Holdings (Canada) Inc.
−Removed: 5.780 % 2,466,590 2,479,954 1.57 2,500,000
−Removed: The Cigna Group
−Removed: April 5, 2024
−Removed: 5.501 % 2,475,250 2,498,500 1.59 2,500,000
+Added: July 30, 2024
Crown Castle Inc.
−Removed: April 18, 2024
−Removed: 5.530 % 4,972,800 4,987,156 3.17 5,000,000
−Removed: 5.314 % 4,934,875 4,962,372 3.15 5,000,000
+Added: August 1, 2024
+Added: FMC Corporation
+Added: July 19, 2024
General Motors Financial Company, Inc.
−Removed: April 23, 2024
−Removed: 5.511 % 4,932,500 4,983,500 3.16 5,000,000
+Added: August 5, 2024
General Motors Financial Company, Inc.
−Removed: April 29, 2024
−Removed: 5.408 % 990,265 995,870 0.63 1,000,000
−Removed: Glencore Funding LLC
−Removed: April 16, 2024
−Removed: 5.490 % 2,485,375 2,494,375 1.58 2,500,000
−Removed: Glencore Funding LLC
−Removed: April 30, 2024
−Removed: 5.493 % 2,482,375 2,489,125 1.58 2,500,000
+Added: September 5, 2024
Glencore Funding LLC
−Removed: 5.475 % 2,480,199 2,485,429 1.58 2,500,000
−Removed: Harley-Davidson Financial Services, Inc.
−Removed: April 26, 2024
−Removed: 5.700 % 2,482,111 2,490,278 1.58 2,500,000
+Added: August 6, 2024
Harley-Davidson Financial Services, Inc.
−Removed: 5.815 % 2,471,896 2,482,188 1.58 2,500,000
−Removed: National Fuel Gas Company
−Removed: April 4, 2024
−Removed: 5.544 % 4,984,075 4,997,725 3.17 5,000,000
+Added: Hyundai Capital America
+Added: August 23, 2024
+Added: July 23, 2024
+Added: July 23, 2024
VW Credit, Inc.
−Removed: April 11, 2024
−Removed: 5.511 % 4,932,500 4,992,500 3.17 5,000,000
+Added: July 16, 2024
VW Credit, Inc.
−Removed: 5.402 % 2,471,660 2,483,438 1.58 2,500,000
−Removed: WGL Holdings, Inc.
−Removed: April 15, 2024
−Removed: 5.616 % 2,492,320 2,494,624 1.58 2,500,000
+Added: August 7, 2024
+Added: VW Credit, Inc.
+Added: August 21, 2024
Total Commercial Paper
−Removed: $ 62,863,987 $ 63,207,987 40.13 %
Total Cash Equivalents
−Removed: $ 131,688,887 83.60 %
Percentage of
4 unchanged sentences
CBOT wheat futures SEP24
−Removed: 1,599 $ 1,513,306 0.96 % $ 47,290,425
−Removed: Percentage of
−Removed: Notional Amount
−Removed: (Long Exposure)
−Removed: Commodity futures contracts
−Removed: United States wheat futures contracts
−Removed: CBOT wheat futures JUL24
−Removed: 1,915 $ 3,610,065 2.29 % $ 55,128,063
CBOT wheat futures DEC24
−Removed: 1,800 9,199,877 5.84 55,080,000
+Added: CBOT wheat futures DEC25
Total commodity futures contracts
−Removed: $ 12,809,942 8.13 % $ 110,208,063
The accompanying notes are an integral part of these financial statements.
6 unchanged sentences
Bank Deposit Account
−Removed: 5.270 % $ 27,315,653 $ 27,315,653 14.83 % 27,315,653
Goldman Sachs Financial Square Government Fund - Institutional Class
−Removed: 5.250 % 53,500,438 53,500,438 29.05 53,500,438
Total money market funds
−Removed: $ 80,816,091 $ 80,816,091 43.88 %
Percentage of
2 unchanged sentences
January 4, 2024
−Removed: 5.753 % $ 2,480,382 $ 2,498,823 1.36 % 2,500,000
Albemarle Corporation
January 8, 2024
−Removed: 5.738 % 2,476,151 2,497,263 1.36 2,500,000
Albemarle Corporation
January 11, 2024
−Removed: 5.808 % 2,478,230 2,496,041 1.36 2,500,000
Brookfield Infrastructure Holdings (Canada) Inc.
January 16, 2024
−Removed: 5.853 % 2,466,575 2,494,031 1.35 2,500,000
Brookfield Infrastructure Holdings (Canada) Inc.
January 30, 2024
−Removed: 5.814 % 2,481,364 2,488,501 1.35 2,500,000
Entergy Corporation
March 1, 2024
−Removed: 5.665 % 2,467,625 2,476,875 1.34 2,500,000
General Motors Financial Company, Inc.
January 18, 2024
−Removed: 5.617 % 7,420,795 7,480,486 4.06 7,500,000
General Motors Financial Company, Inc.
January 24, 2024
−Removed: 5.661 % 4,941,417 4,982,271 2.71 5,000,000
General Motors Financial Company, Inc.
February 9, 2024
−Removed: 5.700 % 7,397,667 7,454,648 4.05 7,500,000
Harley-Davidson Financial Services, Inc.
January 9, 2024
−Removed: 5.843 % 2,474,533 2,496,817 1.36 2,500,000
Harley-Davidson Financial Services, Inc.
February 1, 2024
−Removed: 5.867 % 2,480,400 2,487,600 1.35 2,500,000
Harley-Davidson Financial Services, Inc.
February 14, 2024
−Removed: 5.927 % 4,947,549 4,964,494 2.70 5,000,000
National Fuel Gas Company
January 26, 2024
−Removed: 5.941 % 2,478,948 2,489,879 1.35 2,500,000
Oracle Corporation
March 6, 2024
−Removed: 5.562 % 2,467,452 2,475,399 1.34 2,500,000
Stanley Black & Decker, Inc.
January 22, 2024
−Removed: 5.807 % 4,958,042 4,983,375 2.71 5,000,000
January 17, 2024
−Removed: 5.674 % 4,936,679 4,987,645 2.71 5,000,000
January 18, 2024
−Removed: 5.606 % 2,473,646 2,493,507 1.35 2,500,000
January 25, 2024
−Removed: 5.910 % 4,928,362 4,950,783 2.69 4,970,000
WGL Holdings, Inc.
January 3, 2024
−Removed: 5.793 % 2,490,896 2,499,208 1.36 2,500,000
WGL Holdings, Inc.
January 12, 2024
−Removed: 5.849 % 2,487,222 2,495,608 1.36 2,500,000
Walgreens Boots Alliance, Inc.
January 12, 2024
−Removed: 6.028 % 5,465,631 5,490,051 2.98 5,500,000
Total Commercial Paper
−Removed: $ 77,199,566 $ 77,683,305 42.20 %
Total Cash Equivalents
−Removed: $ 158,499,396 86.08 %
Percentage of
4 unchanged sentences
CBOT wheat futures MAY24
−Removed: 2,018 $ 363,500 0.20 % $ 64,525,550
CBOT wheat futures JUL24
−Removed: 1,711 1,873,993 1.02 55,243,913
Total commodity futures contracts
−Removed: $ 2,237,493 1.22 % $ 119,769,463
Percentage of
4 unchanged sentences
CBOT wheat futures DEC24
−Removed: 1,924 $ 4,575,666 2.48 % $ 64,357,800
The accompanying notes are an integral part of these financial statements.
3 unchanged sentences
Three months ended
−Removed: March 31, 2024
−Removed: March 31, 2023
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2024
+Added: June 30, 2023
+Added: June 30, 2024
+Added: June 30, 2023
Realized and unrealized gain (loss) on trading of commodity futures contracts:
−Removed: Realized loss on commodity futures contracts
+Added: Realized gain (loss) on commodity futures contracts
$ 1,928,371 $ ( 17,129,061 ) $ ( 8,108,934 ) $ ( 40,487,794 )
−Removed: Net change in unrealized depreciation on commodity futures contracts
+Added: Net change in unrealized (depreciation) appreciation on commodity futures contracts
( 3,691,531 ) 1,960,839 ( 12,649,994 ) ( 131,723 )
1 unchanged sentence
1,991,291 2,042,449 4,141,215 4,122,595
+Added: Total income (loss)
228,131 ( 13,125,773 ) ( 16,617,713 ) ( 36,496,922 )
8 unchanged sentences
Business permits and licenses fees
+Added: 10,314 8,336 26,722 13,148
General and administrative expenses
6 unchanged sentences
$ ( 1,009,568 ) $ ( 14,275,719 ) $ ( 19,004,422 ) $ ( 38,887,140 )
−Removed: Net loss per share
+Added: Net decrease in net asset value per share
$ ( 0.10 ) $ ( 0.60 ) $ ( 0.69 ) $ ( 1.53 )
6 unchanged sentences
STATEMENTS OF CHANGES IN NET ASSETS
−Removed: Three months ended
−Removed: Three months ended
−Removed: March 31, 2024
−Removed: March 31, 2023
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2024
+Added: June 30, 2023
$ ( 19,004,422 ) $ ( 38,887,140 )
23 unchanged sentences
STATEMENTS OF CASH FLOWS
−Removed: Three months ended
−Removed: Three months ended
−Removed: March 31, 2024
−Removed: March 31, 2023
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2024
+Added: June 30, 2023
Cash flows from operating activities:
8 unchanged sentences
112,970 ( 71,786 )
+Added: ( 137,787 ) ( 6,231 )
+Added: Payable for purchases of commercial paper
Management fee payable to Sponsor
19 unchanged sentences
NOTES TO FINANCIAL STATEMENTS
−Removed: March 31, 2024
+Added: June 30, 2024
Note 1 – Organization and Operation
25 unchanged sentences
It is suggested that these interim financial statements be read in conjunction with the financial statements and related notes included in the Trust’s Annual Report on Form 10 -K, as well as the most recent Form S- 1 filing, as applicable.
−Removed: The operating results for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024.
+Added: The operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024.
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.
24 unchanged sentences
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.
+Added: The FCMs are registered as broker-dealers with the SEC and are each a member of FINRA.
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.
10 unchanged sentences
A summary of these expenses is included below.
−Removed: Three months ended March 31, 2024
−Removed: Three months ended March 31, 2023
+Added: Three months ended June 30, 2024
+Added: Three months ended June 30, 2023
+Added: Six months ended June 30, 2024
+Added: Six months ended June 30, 2023
Amount Recognized for Custody Services
1 unchanged sentence
Amount of Custody Services Waived
+Added: $ - $ - $ - $ -
Amount Recognized for Distribution Services
1 unchanged sentence
Amount of Distribution Services Waived
+Added: $ - $ - $ - $ -
Amount Recognized for Wilmington Trust
+Added: $ - $ - $ - $ -
Amount of Wilmington Trust Waived
+Added: $ - $ - $ - $ -
Note 3 – Summary of Significant Accounting Policies
17 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 months ended March 31, 2024 and 2023 .
−Removed: Three months ended March 31, 2024
−Removed: Three months ended March 31, 2023
+Added: The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and six months ended June 30, 2024 and 2023 .
+Added: Three months ended June 30, 2024
+Added: Three months ended June 30, 2023
+Added: Six months ended June 30, 2024
+Added: Six months ended June 30, 2023
For federal income tax purposes, the Fund will be treated as a publicly traded partnership.
12 unchanged sentences
De-recognition of a tax benefit previously recognized results in the Fund recording a tax liability that reduces net assets.
−Removed: Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of March 31, 2024 and for the years ended December 31, 2023 , 2022 and 2021 .
+Added: Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of June 30, 2024 and for the years ended December 31, 2023 , 2022 and 2021 .
However, the Fund’s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof.
The Fund recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed.
−Removed: No interest expense or penalties have been recognized as of and for the three months ended March 31, 2024 and 2023 .
+Added: No interest expense or penalties have been recognized as of and for the three and six months ended June 30, 2024 and 2023 .
The Fund may be subject to potential examination by U.S.
25 unchanged sentences
The Sponsor may invest a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured.
−Removed: March 31, 2024
+Added: June 30, 2024
December 31, 2023
56 unchanged sentences
Such expenses are primarily recorded as distribution and marketing fees in the financial statements of each Fund.
−Removed: Three months ended March 31, 2024
−Removed: Three months ended March 31, 2023
+Added: Three months ended June 30, 2024
+Added: Three months ended June 30, 2023
+Added: Six months ended June 30, 2024
+Added: Six months ended June 30, 2023
Recognized Related Party Transactions
1 unchanged sentence
Waived Related Party Transactions
+Added: $ - $ - $ - $ -
The Sponsor has the ability to elect to pay certain expenses on behalf of the Funds or waive the management fee.
1 unchanged sentence
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: There were no expenses waived for the three months ended March 31, 2024 and 2023.
+Added: There were no expenses waived for the three and six months ended June 30, 2024 and 2023.
Use of Estimates
29 unchanged sentences
When such a situation exists on a quarter close, the Sponsor will calculate the NAV on a particular day using the Level 1 valuation but will later recalculate the NAV for the impacted Fund based upon the valuation inputs from these alternative verifiable sources (Level 2 or Level 3 ) and will report such NAV in its applicable financial statements and reports.
−Removed: On March 31, 2024 and December 31, 2023 , in the opinion of the Trust and the Fund, the reported value of the Wheat Futures Contracts traded on the CBOT fairly reflected the value of the Wheat Futures Contracts held by the Fund, and no adjustments were necessary.
+Added: On June 30, 2024 and December 31, 2023 , in the opinion of the Trust and the Fund, the reported value of the Wheat Futures Contracts traded on the CBOT fairly reflected the value of the Wheat Futures Contracts held by the Fund, and no adjustments were necessary.
The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period.
In making the determination of a Level 1 or Level 2 transfer, the Fund considers the average volume of the specific underlying futures contracts traded on the relevant exchange for the periods being reported.
−Removed: For the three months ended March 31, 2024 and year ended December 31, 2023 , the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.
+Added: For the three and six months ended June 30, 2024 and year ended December 31, 2023 , 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.
21 unchanged sentences
The Fund’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Fund’s significant accounting policies in Note 3.
−Removed: The following table presents information about the Fund’s assets and liabilities measured at fair value as of March 31, 2024 and December 31, 2023 :
−Removed: March 31, 2024
+Added: The following table presents information about the Fund’s assets and liabilities measured at fair value as of June 30, 2024 and December 31, 2023 :
+Added: June 30, 2024
Balance as of
−Removed: March 31, 2024
+Added: June 30, 2024
Cash Equivalents
$ 117,176,447 $ - $ - $ 117,176,447
−Removed: Commodity Futures Contracts
−Removed: Wheat futures contracts
−Removed: 1,513,306 - - 1,513,306
−Removed: $ 133,202,193 $ - $ - $ 133,202,193
Balance as of
−Removed: March 31, 2024
+Added: June 30, 2024
Commodity Futures Contracts
12 unchanged sentences
December 31, 2023
+Added: Commodity Futures Contracts
Wheat futures contracts
$ 4,575,666 $ - $ - $ 4,575,666
−Removed: For the three months ended March 31, 2024 and year ended December 31, 2023 , the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.
+Added: For the three and six months ended June 30, 2024 and year ended December 31, 2023 , the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.
See the Fair Value - Definition and Hierarchy section in Note 3 above for an explanation of the transfers into and out of each level of the fair value hierarchy.
5 unchanged sentences
In addition to its primary underlying risks, the Fund is also subject to additional counterparty risk due to inability of its counterparties to meet the terms of their contracts.
−Removed: For the three months ended March 31, 2024 and for the year ended December 31, 2023 , the Fund invested only in commodity futures contracts.
+Added: For the three and six months ended June 30, 2024 and for the year ended December 31, 2023 , the Fund invested only in commodity futures contracts.
Futures Contracts
14 unchanged sentences
Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.”
−Removed: The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, Marex and StoneX as of March 31, 2024 and December 31, 2023 .
+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 June 30, 2024 and December 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 March 31, 2024
−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: $ 1,513,306 $ - $ 1,513,306 $ 1,513,306 $ - $ -
−Removed: Offsetting of Financial Liabilities and Derivative Liabilities as of March 31, 2024
+Added: Offsetting of Financial Liabilities and Derivative Liabilities as of June 30, 2024
(iii) = (i)-(ii)
34 unchanged sentences
The following tables identify the net gain and loss amounts included in the statements of operations as realized and unrealized gains and losses on trading of commodity futures contracts categorized by primary underlying risk:
−Removed: Three months ended March 31, 2024
+Added: Three months ended June 30, 2024
+Added: Realized Gain on Commodity Futures Contracts
+Added: Net Change in Unrealized Depreciation on Commodity Futures Contracts
+Added: Commodity Price
+Added: Wheat futures contracts
+Added: $ 1,928,371 $ ( 3,691,531 )
+Added: Three months ended June 30, 2023
Realized Loss on Commodity Futures Contracts
+Added: Net Change in Unrealized Appreciation on Commodity Futures Contracts
+Added: Commodity Price
+Added: Wheat futures contracts
+Added: $ ( 17,129,061 ) $ 1,960,839
+Added: Six months ended June 30, 2024
+Added: Realized Loss on Commodity Futures Contracts
Net Change in Unrealized Depreciation on Commodity Futures Contracts
2 unchanged sentences
$ ( 8,108,934 ) $ ( 12,649,994 )
−Removed: Three months ended March 31, 2023
+Added: Six months ended June 30, 2023
Realized Loss on Commodity Futures Contracts
4 unchanged sentences
Volume of Derivative Activities
−Removed: The average notional market value categorized by primary underlying risk for all futures contracts held was $ 162.4 million, for the three months ended March 31, 2024 and $ 185.9 million, for the three months ended March 31, 2023 .
+Added: The average notional market value categorized by primary underlying risk for all futures contracts held was $ 150.2 million and $ 156.3 million respectively for the three and six months ended June 30, 2024 and $ 159.5 million and $ 172.7 million respectively for the three and six months ended June 30, 2023 .
Note 6 – Financial Highlights
−Removed: The following tables present per unit performance data and other supplemental financial data for the three months ended March 31, 2024 and 2023 .
+Added: The following tables present per unit performance data and other supplemental financial data for the three and six months ended June 30, 2024 and 2023 .
This information has been derived from information presented in the financial statements and is presented with total expenses gross of expenses waived by the Sponsor and with total expenses net of expenses waived by the Sponsor, as appropriate.
1 unchanged sentence
Three months ended
−Removed: March 31, 2024
−Removed: March 31, 2023
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2024
+Added: June 30, 2023
+Added: June 30, 2024
+Added: June 30, 2023
Per Share Operation Performance
3 unchanged sentences
Interest income
+Added: 0.07 0.08 0.15 0.15
Net realized and unrealized loss on commodity futures contracts
19 unchanged sentences
Note 8 – Subsequent Events
−Removed: Management has evaluated the financial statements for the quarter-ended March 31, 2024 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: Management has evaluated the financial statements for the quarter-ended June 30, 2024 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 AGRICULTURAL FUND
STATEMENTS OF ASSETS AND LIABILITIES
−Removed: March 31, 2024
+Added: June 30, 2024
December 31, 2023
3 unchanged sentences
Equity in trading accounts:
−Removed: Investments in securities, at fair value (cost $ 16,068,429 and $ 19,469,359 as of March 31, 2024 and December 31, 2023, respectively)
+Added: Investments in securities, at fair value (cost $ 15,681,167 and $ 19,469,359 as of June 30, 2024 and December 31, 2023, respectively)
13,563,029 18,401,900
1 unchanged sentence
Other liabilities
−Removed: Total liabilities
$ 13,574,739 $ 18,409,126
10 unchanged sentences
SCHEDULE OF INVESTMENTS
−Removed: March 31, 2024
+Added: June 30, 2024
Percentage of
39 unchanged sentences
Three months ended
−Removed: March 31, 2024
−Removed: March 31, 2023
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2024
+Added: June 30, 2023
+Added: June 30, 2024
+Added: June 30, 2023
Realized and unrealized gain (loss) on trading of securities:
−Removed: Realized loss on securities
+Added: Realized (loss) gain on securities
$ ( 383,943 ) $ 216,493 $ ( 614,573 ) $ 156,399
3 unchanged sentences
117 160 253 272
+Added: ( 948,951 ) ( 361,803 ) ( 1,664,999 ) ( 860,911 )
Professional fees
3 unchanged sentences
Custodian fees and expenses
+Added: 3,451 8,329 7,066 15,399
Business permits and licenses fees
+Added: 1,847 2,122 11,672 10,435
General and administrative expenses
+Added: 5,107 9,438 7,345 12,876
Other expenses
5 unchanged sentences
3,193 6,996 6,940 15,044
−Removed: Net loss per share
$ ( 952,144 ) $ ( 368,799 ) $ ( 1,671,939 ) $ ( 875,955 )
+Added: Net decrease in net asset value per share
+Added: $ ( 1.86 ) $ ( 0.72 ) $ ( 2.96 ) $ ( 1.02 )
Net loss per weighted average share
5 unchanged sentences
STATEMENTS OF CHANGES IN NET ASSETS
−Removed: Three months ended
−Removed: Three months ended
−Removed: March 31, 2024
−Removed: March 31, 2023
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2024
+Added: June 30, 2023
$ ( 1,671,939 ) $ ( 875,955 )
Capital transactions
−Removed: Issuance of Shares
Redemption of Shares
18 unchanged sentences
STATEMENTS OF CASH FLOWS
−Removed: Three months ended
−Removed: Three months ended
−Removed: March 31, 2024
−Removed: March 31, 2023
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2024
+Added: June 30, 2023
Cash flows from operating activities:
24 unchanged sentences
NOTES TO FINANCIAL STATEMENTS
−Removed: March 31, 2024
+Added: June 30, 2024
Note 1 – Organization and Operation
39 unchanged sentences
It is suggested that these interim financial statements be read in conjunction with the financial statements and related notes included in the Trust’s Annual Report on Form 10 -K, as well as the most recent Form S- 1 filing, as applicable.
−Removed: The operating results for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024.
+Added: The operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024.
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.
24 unchanged sentences
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.
+Added: The FCMs are registered as broker-dealers with the SEC and are each a member of FINRA.
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.
4 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 can be found under the heading, Brokerage Commissions .
−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: Three months ended March 31, 2024
−Removed: Three months ended March 31, 2023
−Removed: Amount Recognized for Custody Services
−Removed: $ 3,615 $ 7,070
−Removed: Amount of Custody Services Waived
−Removed: $ 3,615 $ 7,070
−Removed: Amount Recognized for Distribution Services
−Removed: $ 1,527 $ 2,262
−Removed: Amount of Distribution Services Waived
−Removed: $ 1,527 $ 2,262
−Removed: Amount Recognized for Wilmington Trust
−Removed: Amount of Wilmington Trust Waived
−Removed: Note 3 – Summary of Significant Accounting Policies
−Removed: Basis of Presentation
−Removed: The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.
−Removed: GAAP”) as detailed in the Financial Accounting Standards Board’s Accounting Standards Codification.
−Removed: Revenue Recognition
−Removed: Investment transactions are accounted for on a trade-date basis.
−Removed: All such transactions are recorded on the identified cost basis and marked to market daily.
−Removed: Unrealized appreciation or depreciation on investments are reflected in the statements of operations as the difference between the original amount and the fair market value as of the last business day of the year or as of the last date of the financial statements.
−Removed: Changes in the appreciation or depreciation between periods are reflected in the statements of operations.
−Removed: Brokerage Commissions
−Removed: The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis.
−Removed: For federal income tax purposes, the Fund will be treated as a publicly traded partnership.
−Removed: A publicly traded partnership is generally treated as a corporation for federal income tax purposes unless 90% or more of the publicly traded partnership’s gross income for each taxable year of its existence consists of qualifying income as defined in section 7704 (d) of the Internal Revenue Code of 1986, as amended.
−Removed: Qualifying income is defined as generally including, in pertinent part, interest (other than from a financial business), dividends, and gains from the sale or disposition of capital assets held for the production of interest or dividends.
−Removed: In the case of a partnership of which a principal activity is the buying and selling of commodities, other than as inventory, or of futures, forwards and options with respect to commodities, qualifying income also includes income and gains from commodities and from futures, forwards, options with respect to commodities and, provided the partnership is a trader or investor with respect to such assets, swaps and other notional principal contracts with respect to commodities.
−Removed: The Fund expects that at least 90% of the Fund’s gross income for each taxable year will consist of qualifying income and that the Fund will be taxed as a partnership for federal income tax purposes.
−Removed: The Fund does not record a provision for income taxes because the shareholders report their share of the Fund’s income or loss on their income tax returns.
−Removed: The financial statements reflect the Fund’s transactions without adjustment, if any, required for income tax purposes.
−Removed: The Fund is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position.
−Removed: The Fund files an income tax return in the U.S.
−Removed: federal jurisdiction and may file income tax returns in various U.S.
−Removed: states and foreign jurisdictions.
−Removed: For all tax years 2021 to December 31, 2023 , the Fund remains subject to income tax examinations by major taxing authorities.
−Removed: The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement.
−Removed: De-recognition of a tax benefit previously recognized results in the Fund recording a tax liability that reduces net assets.
−Removed: This policy has been applied to all existing tax positions upon the Fund’s initial adoption.
−Removed: Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of March 31, 2024 and for the years ended December 31, 2023 , 2022 and 2021 .
−Removed: However, the Fund’s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof.
−Removed: The Fund recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed.
−Removed: No interest expense or penalties have been recognized as of and for the three months ended March 31, 2024 and 2023 .
−Removed: The Fund may be subject to potential examination by U.S.
−Removed: federal, U.S.
−Removed: state, or foreign jurisdictional authorities in the area of income taxes.
−Removed: These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions, and compliance with U.S.
−Removed: federal, U.S.
−Removed: state and foreign tax laws.
−Removed: Creations and Redemptions
−Removed: Effective August 28, 2018, the Sponsor filed a prospectus supplement updating the Creation and Redemption Basket size to 12,500 shares.
−Removed: Prior to this prospectus supplement, the basket size for Creations and Redemptions was 25,000 shares.
−Removed: Authorized Purchasers may purchase Creation Baskets consisting of 12,500 shares from the Fund.
−Removed: The amount of the proceeds required to purchase a Creation Basket will be equal to the NAV of the shares in the Creation Basket determined as of 4:00 p.m.
−Removed: (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 12,500 shares called “Redemption Baskets.” The amount of the redemption proceeds for a Redemption Basket will be equal to the NAV of the shares in the Redemption Basket determined as of 4:00 p.m.
−Removed: (ET) on the day the order to redeem the basket is received in good order.
−Removed: The Fund will receive the proceeds from shares sold or will pay for redeemed shares within three business days after the trade date of the purchase or redemption, respectively.
−Removed: The amounts due from Authorized Purchasers will be reflected in the Fund’s statements of assets and liabilities as capital shares receivable.
−Removed: Amounts payable to Authorized Purchasers upon redemption will be reflected in the Fund’s statements of assets and liabilities as payable for shares redeemed.
−Removed: As outlined in the most recent Form S- 1 filing, 50,000 shares represent four Redemption Baskets for the Fund and a minimum level of shares.
−Removed: If the Fund experienced redemptions that caused the number of Shares outstanding to decrease to the minimum level of Shares required to be outstanding, until the minimum number of Shares is again exceeded through the purchase of a new Creation Basket, there can be no more redemptions by an Authorized Purchaser.
−Removed: Allocation of Shareholder Income and Losses
−Removed: Profit or loss is allocated among the shareholders of the Fund in proportion to the number of shares each shareholder holds as of the close of each month.
−Removed: Cash Equivalents
−Removed: Cash equivalents are highly liquid investments with maturity dates of 90 days or less when acquired.
−Removed: The Fund reported its cash equivalents in the statements of assets and liabilities at market value, or at carrying amounts that approximate fair value, because of their highly liquid nature and short term maturities.
−Removed: The Fund has these balances of its assets on deposit with banks.
−Removed: Assets deposited with a financial institution may, at times, exceed federally insured limits.
−Removed: TAGS had a balance of $ 9,701 and $ 11,208 in money market funds at March 31, 2024 and December 31, 2023 , respectively;
−Removed: these balances are included in cash equivalents on the statements of assets and liabilities.
−Removed: Payable/Receivable for Securities Purchased/Sold
−Removed: Due from/to broker for investments in securities are securities transactions pending settlement.
−Removed: The Fund is subject to credit risk to the extent any broker with whom it conducts business is unable to fulfill contractual obligations on its behalf.
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.