Market for Registrant ’ s Common Equity, Related Stockholder Matters and Issuer Purchase of Equity Securities
−Removed: The principal trading market for the shares of CORN, SOYB, CANE, WEAT, TAGS, and DEFI is the NYSE Arca.
−Removed: Price Range of Shares
−Removed: The following tables set forth the range of reported high and low closing prices of the shares for each Fund as reported on the NYSE Arca for the fiscal year ended December 31, 2023 and 2022.
−Removed: The following table sets forth the range of reported high and low closing prices of the shares of the Teucrium Corn Fund (symbol “CORN”) as reported on the NYSE Arca:
−Removed: Fiscal Year Ended December 31, 2023
−Removed: Quarter Ended
−Removed: March 31, 2023
−Removed: June 30, 2023
−Removed: September 30, 2023
−Removed: December 31, 2023
−Removed: Fiscal Year Ended December 31, 2022
−Removed: Quarter Ended
−Removed: March 31, 2022
−Removed: June 30, 2022
−Removed: September 30, 2022
−Removed: December 31, 2022
−Removed: The following table sets forth the range of reported high and low closing prices of the shares of the Teucrium Soybean Fund (symbol “SOYB”) as reported on the NYSE Arca:
−Removed: Fiscal Year Ended December 31, 2023
−Removed: Quarter Ended
−Removed: March 31, 2023
−Removed: June 30, 2023
−Removed: September 30, 2023
−Removed: December 31, 2023
−Removed: Fiscal Year Ended December 31, 2022
−Removed: Quarter Ended
−Removed: March 31, 2022
−Removed: June 30, 2022
−Removed: September 30, 2022
−Removed: December 31, 2022
−Removed: The following table sets forth the range of reported high and low closing prices of the shares of the Teucrium Sugar Fund (symbol “CANE”) as reported on the NYSE Arca:
−Removed: Fiscal Year Ended December 31, 2023
−Removed: Quarter Ended
−Removed: March 31, 2023
−Removed: June 30, 2023
−Removed: September 30, 2023
−Removed: December 31, 2023
−Removed: Fiscal Year Ended December 31, 2022
−Removed: Quarter Ended
−Removed: March 31, 2022
−Removed: June 30, 2022
−Removed: September 30, 2022
−Removed: December 31, 2022
−Removed: The following table sets forth the range of reported high and low closing prices of the shares of the Teucrium Wheat Fund (symbol “WEAT”) as reported on the NYSE Arca:
−Removed: Fiscal Year Ended December 31, 2023
−Removed: Quarter Ended
−Removed: March 31, 2023
−Removed: June 30, 2023
−Removed: September 30, 2023
−Removed: December 31, 2023
−Removed: Fiscal Year Ended December 31, 2022
−Removed: Quarter Ended
−Removed: March 31, 2022
−Removed: June 30, 2022
−Removed: September 30, 2022
−Removed: December 31, 2022
−Removed: The following table sets forth the range of reported high and low closing prices of the shares of the Teucrium Agricultural Fund (symbol “TAGS”) as reported on the NYSE Arca:
−Removed: Fiscal Year Ended December 31, 2023
−Removed: Quarter Ended
−Removed: March 31, 2023
−Removed: June 30, 2023
−Removed: September 30, 2023
−Removed: December 31, 2023
−Removed: Fiscal Year Ended December 31, 2022
−Removed: Quarter Ended
−Removed: March 31, 2022
−Removed: June 30, 2022
−Removed: September 30, 2022
−Removed: December 31, 2022
−Removed: The following table sets forth the range of reported high and low closing prices of the shares of the Hashdex Bitcoin Futures ETF Fund (symbol “DEFI”) as reported on the NYSE Arca:
−Removed: Fiscal Year Ended December 31, 2023
−Removed: Quarter Ended
−Removed: March 31, 2023
−Removed: June 30, 2023
−Removed: September 30, 2023
−Removed: December 31, 2023
−Removed: Fiscal Year Ended December 31, 2022
−Removed: Quarter Ended
−Removed: From commencement of operations (September 15, 2022) through September 30, 2022
−Removed: December 31, 2023
−Removed: Change in Net Asset Value per Share
−Removed: The graphs below reflect the change in net asset value (“NAV”) per share for each year during which a Fund has been in operation.
−Removed: For the first year of operation, the graph reflects the change from the NAV per share from the initial price at the commencement of operations to the price on December 31 for that year ended.
−Removed: For all other years, the change is from December 31 of the preceding year to December 31 of that year.
+Added: The principal trading market for the shares of CORN, SOYB, CANE, WEAT, and TAGS is the NYSE Arca.
Holders of the Funds
1 unchanged sentence
Approximate Number of Shareholders
−Removed: Use of Proceeds
−Removed: Teucrium Corn Fund
−Removed: Registration Statement on Form S-1
−Removed: Effective Date
−Removed: April 30, 2013
−Removed: April 29, 2016
−Removed: April 29, 2019
−Removed: October 2, 2020
−Removed: Indeterminate Number of Shares
−Removed: April 7, 2022
−Removed: From June 9, 2010 (the commencement of operations) through December 31, 2023, Shares of the Fund were sold at an aggregate offering price of $1,044,252,095.
−Removed: The Fund paid fees to Foreside Fund Services, LLC for its services to the Fund from June 9, 2010 (the commencement of operations) through December 31, 2023 in an amount equal to $1,231,762, resulting in net offering proceeds of $1,043,020,333.
−Removed: The offering proceeds were invested in corn futures contracts and cash and cash equivalents in accordance with the Fund’s investment objective stated in the prospectus.
−Removed: Teucrium Soybean Fund
−Removed: Registration Statement on Form S-1
−Removed: Effective Date
−Removed: June 13, 2011
−Removed: June 30, 2014
−Removed: April 30, 2018
−Removed: August 24, 2020
−Removed: Indeterminate Number of Shares
−Removed: April 7, 2022
−Removed: From September 19, 2011 (the commencement of the offering) through December 31, 2023, Shares of the Fund were sold at an aggregate offering price of $310,053,827.
−Removed: The Fund paid fees to Foreside Fund Services, LLC for its services to the Fund through December 31, 2023 in an amount equal to $266,216, resulting in net offering proceeds of $309,787,611.
−Removed: The offering proceeds were invested in soybean futures contracts and cash and cash equivalents in accordance with the Fund’s investment objective stated in the prospectus.
−Removed: Teucrium Sugar Fund
−Removed: Registration Statement on Form S-1
−Removed: Effective Date
−Removed: June 13, 2011
−Removed: June 30, 2014
−Removed: April 30, 2018
−Removed: October 2, 2020
−Removed: Indeterminate Number of Shares
−Removed: April 7, 2022
−Removed: From September 19, 2011 (the commencement of the offering) through December 31, 2023, Shares of the Fund were sold at an aggregate offering price of $126,639,200.
−Removed: The Fund paid fees to Foreside Fund Services, LLC for its services to the Fund through December 31, 2023 in an amount equal to $111,366, resulting in net offering proceeds of $126,527,834.
−Removed: The offering proceeds were invested in sugar futures contracts and cash and cash equivalents in accordance with the Fund’s investment objective stated in the prospectus.
−Removed: Teucrium Wheat Fund
−Removed: Registration Statement on Form S-1
−Removed: Effective Date
−Removed: June 13, 2011
−Removed: June 30, 2014
−Removed: July 15, 2016
−Removed: April 29, 2019
−Removed: Indeterminate Number of Shares
−Removed: March 9, 2022
−Removed: From September 19, 2011 (the commencement of the offering) through December 31, 2023, Shares of the Fund were sold at an aggregate offering price of $1,229,365,336.
−Removed: The Fund paid fees to Foreside Fund Services, LLC for its services to the Fund through December 31, 2023 in an amount equal to $584,112, resulting in net offering proceeds of $1,228,781,224.
−Removed: The offering proceeds were invested in wheat futures contracts and cash and cash equivalents in accordance with the Fund’s investment objective stated in the prospectus.
−Removed: Teucrium Agricultural Fund
−Removed: Registration Statement on Form S-1
−Removed: Effective Date
−Removed: February 10, 2012
−Removed: April 30, 2015
−Removed: April 30, 2018
−Removed: April 30, 2021
−Removed: Indeterminate Number of Shares
−Removed: April 7, 2022
−Removed: From March 28, 2012 (the commencement of the offering) through December 31, 2023, Shares of the Fund were sold at an aggregate offering price of $77,555,646.
−Removed: The Fund paid fees to Foreside Fund Services, LLC for its services to the Fund through December 31, 2023 in an amount equal to $33,246, resulting in net offering proceeds of $77,522,400.
−Removed: The offering proceeds were invested in Shares of the Underlying Funds and cash and cash equivalents in accordance with the Fund’s investment objective stated in the prospectus.
−Removed: Hashdex Bitcoin Futures ETF
−Removed: Registration Statement on Form S-1
−Removed: Effective Date
−Removed: Indeterminate Number of Shares
−Removed: September 14, 2022
−Removed: From September 16, 2022 (the commencement of the offering) through December 31, 2023, Shares of the Fund were sold at an aggregate offering price of $2,829,029.
−Removed: The Fund paid fees to Foreside Fund Services, LLC for its services to the Fund through December 31, 2023 in an amount equal to $770, resulting in net offering proceeds of $2,828,259.
−Removed: The offering proceeds were invested in bitcoin futures contracts and cash and cash equivalents in accordance with the Fund’s investment objective stated in the prospectus.
Issuer Purchases of Equity Securities
46 unchanged sentences
January 1 to December 31, 2024
−Removed: Issuer Purchases of DEFI Shares:
−Removed: Total Number of Shares Purchased
−Removed: Average Price Paid per Share
−Removed: Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
−Removed: Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs
−Removed: October 1 to October 31, 2023
−Removed: November 1 to November 30, 2023
−Removed: December 1 to December 31, 2023
−Removed: January 1 to December 31, 2023
Neither the Trust nor any Fund has made, and there are no plans to make any cash distributions to shareholders.
72 unchanged sentences
Certain aggregate expenses common to all Teucrium Funds within the Trust are allocated by the Sponsor to the respective Funds based on activity drivers deemed most appropriate by the Sponsor for such expenses, including but not limited to relative assets under management and creation order activity.
−Removed: These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax‐preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Distributor.
+Added: These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax‐preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Marketing Agent.
A portion of these aggregate common expenses are related to the Sponsor or related parties of principals of the Sponsor; these are necessary services to the Teucrium Funds, which are primarily the cost of performing certain accounting and financial reporting, regulatory compliance, and trading activities that are directly attributable to the Fund and are included, primarily, in distribution and marketing fees.
In addition, the Agricultural Funds, except for TAGS which has no such fee, are contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00% per annum.
−Removed: 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.
−Removed: From the Management Fee, the Sponsor pays all of the routine operational, administrative and other ordinary expenses of each 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 and expenses, tax preparation expenses, legal fees, ongoing SEC registration fees, individual Schedule K‐1 preparation and mailing fees, and report preparation and mailing expenses.
−Removed: These fees and expenses are not included in the breakeven table because they are paid for by the Sponsor through the proceeds from the Management Fee.
−Removed: The Fund pays all of its non‐recurring and unusual fees and expenses, if any, as determined by the Sponsor.
−Removed: Non‐recurring and unusual fees and expenses are unexpected or unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses.
−Removed: Extraordinary fees and expenses also include material expenses which are not currently anticipated obligations of the Fund.
−Removed: Routine operational, administrative and other ordinary expenses are not deemed extraordinary expenses.
The investment objective of TAGS is to have the daily changes in percentage terms of the Net Asset Value (“NAV”) of its common units (“Shares”) reflect the daily changes in percentage terms of a weighted average (the “Underlying Fund Average”) of the NAVs per share of four other commodity pools that are series of the Trust and are sponsored by the Sponsor:
15 unchanged sentences
CORN, SOYB, CANE, WEAT and TAGS operated for the entirety of all periods discussed below.
−Removed: DEFI commenced operations on September 16, 2022.
Total expenses for the current and comparative periods are presented both gross and net of any expenses waived or paid by the Sponsor that would have been incurred by the Funds (“expenses waived by the Sponsor”).
8 unchanged sentences
Certain aggregate expenses common to all Funds within the Trust are allocated by the Sponsor to the respective funds based on activity drivers deemed most appropriate by the Sponsor for such expenses, including but not limited to relative assets under management and creation order activity.
−Removed: These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax‐preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Distributor, which are included in the related line item in the statements of operations.
+Added: These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax‐preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Marketing Agent, which are included in the related line item in the statements of operations.
A portion of these aggregate common expenses are related to services provided by the Sponsor or related parties of principals of the Sponsor; these are necessary services to the Funds, which are primarily the cost of performing accounting and financial reporting, regulatory compliance, and trading activities that are directly attributable to the Funds and are, primarily, included as distribution and marketing fees on the statements of operations.
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.
−Removed: 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.
−Removed: These fees and expenses are not included in the breakeven table because they are paid for by the Sponsor through the proceeds from the Management Fee.
−Removed: The Fund pays all of its non‐recurring and unusual fees and expenses, if any, as determined by the Sponsor.
−Removed: Non‐recurring and unusual fees and expenses are unexpected or unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses.
−Removed: Extraordinary fees and expenses also include material expenses which are not currently anticipated obligations of the Fund.
−Removed: Routine operational, administrative, and other ordinary expenses are not deemed extraordinary expenses.
The Sponsor has the ability to elect to pay certain expenses on behalf of the Funds or waive the management fee.
8 unchanged sentences
On December 31, 2024, the Corn Fund held a total of CBOT Corn Futures contracts with a notional value of $64,720,776.
−Removed: The contracts had a liability fair value of $2,182,141.
+Added: The contracts had an asset fair value of $1,936,572 and a liability fair value of $ 1,955,417 .
The weighting of the notional value of the contracts was weighted as follows:
26 unchanged sentences
Total expense ratio net of expenses waived by the Sponsor
−Removed: Net investment gain
+Added: Net investment gain (loss)
Creation of Shares
5 unchanged sentences
The Sponsor has a static benchmark as described above and trades futures contracts to adhere to that benchmark and to adjust for the creation or redemption of Shares.
−Removed: The increase in interest and other income year over year was due to an increase in Federal Fund Rates.
−Removed: As a result, the amount of interest income earned as a percentage of average daily total net assets was higher during the year ended December 31, 2023, compared to the years ending 2022 and 2021.
+Added: The decrease in interest and other income year over year was due to lower average daily total net assets.
+Added: As a result, the amount of interest income earned as a percentage of average daily total net assets was lower during the year ended December 31, 2024, compared to the years ending 2023 and 2022.
The Fund seeks to earn interest and other income in investment grade, short-duration instruments or deposits associated with the pool’s cash management strategy that may be used to offset expenses.
44 unchanged sentences
Closing Price
−Removed: Total net assets for the Fund decreased year over year by 50%, driven by a combination of a decrease in the NAV per share of $1.47 or 5% and a decrease in the shares outstanding of 975,000 shares or 48%.
+Added: Total net assets for the Fund decreased year over year by 13%, driven by a combination of an increase in the NAV per share of $5.56 or 21% and an increase in the Shares outstanding of 100,000 Shares or 9%.
This change year over year, in the opinion of management, was generally due to a combination of depreciation of commodity prices and investor out-flows.
23 unchanged sentences
The Sponsor has a static benchmark as described above and trades futures contracts to adhere to that benchmark and to adjust for the creation or redemption of Shares.
−Removed: The increase in interest and other income year over year was due to an increase in Federal Fund Rates.
+Added: The decrease in interest and other income year over year was due to a decrease in Federal Fund Rates.
As a result, the amount of interest income earned as a percentage of average daily total net assets was higher during the year ended December 31, 2024, compared to the years ending 2023 and 2022.
2 unchanged sentences
These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven even point.
−Removed: The decrease in management fee paid to the Sponsor compared to the years ending 2022 and 2021 was a result of lower/higher average net assets.
+Added: The decrease in management fee paid to the Sponsor compared to the years ending 2023 and 2022 was a result of lower average net assets.
The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets.
4 unchanged sentences
The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
−Removed: The increase in total gross fees and other expenses excluding management fees for the year ended December 31, 2023, compared to 2022 was generally due to the increase in average assets under management relative to the other Funds.
+Added: The decrease in total gross fees and other expenses excluding management fees for the year ended December 31, 2024, compared to 2023 was generally due to the decrease in average assets under management relative to the other Funds.
The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee.
34 unchanged sentences
Closing Price
−Removed: Total net assets for the Fund decreased year over year by 27%, driven by a combination of a decrease in total shares outstanding of 1,125,000 or 44% and partially offset by an increase in the NAV per share of $2.92 or 31%.
+Added: Total net assets for the Fund decreased year over year by 29%, driven by a combination of a decrease in total Shares outstanding of 325,000 or 23% and a decrease in the NAV per share of $1.03 or 8%.
The net assets for the Fund decreased by 48% when comparing 2024 to 2022.
−Removed: This change was, in the opinion of management, due to the stabilization of prices worldwide, strong demand and with modestly higher production.
+Added: This change was, in the opinion of management, was generally due to a combination of depreciation of commodity prices and investor out-flows.
December 31, 2024
21 unchanged sentences
The Sponsor has a static benchmark as described above and trades futures contracts to adhere to that benchmark and to adjust for the creation or redemption of Shares.
−Removed: The increase in interest and other income year over year was due to an increase in Federal Fund Rates.
−Removed: As a result, the amount of interest income earned as a percentage of average daily total net assets was higher during the year ended December 31, 2023, compared to the years ending 2022 and 2021.
+Added: The decrease in interest and other income year over year was due to a decrease in average net assets.
+Added: As a result, the amount of interest income earned as a percentage of average daily total net assets was lower during the year ended December 31, 2024, compared to the years ending 2023 and 2022.
The Fund seeks to earn interest and other income in investment grade, short-duration instruments or deposits associated with the pool’s cash management strategy that may be used to offset expenses.
8 unchanged sentences
The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
−Removed: The increase in total gross fees and other expenses excluding management fees for the year ended December 31, 2023, compared to 2022 was generally due to the increase in average assets under management relative to the other Funds.
+Added: The decrease in total gross fees and other expenses excluding management fees for the year ended December 31, 2024, compared to 2023 was generally due to the decrease in average assets under management relative to the other Funds.
The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee.
23 unchanged sentences
On December 31, 2024, the Fund held a total of 4,234 CBOT wheat futures contracts with a notional value of $ 122,105,350 .
−Removed: The contracts had an asset fair value of $2,237,493 and a liability fair value of $4,575,666.
−Removed: The weighting of the notional value of the contracts was weighted as follows:
+Added: The contracts had a liability fair value of $ 11,974,384 The weighting of the notional value of the contracts was weighted as follows:
(1) 35% to MAY25 CBOT contracts, (2) 30% to JUL25 CBOT contracts, and (3) 35% to DEC25 CBOT contracts.
3 unchanged sentences
December 31, 2022
−Removed: Total Net Asset
+Added: Total Net Assets
Shares Outstanding
1 unchanged sentence
Closing Price
−Removed: Total net assets for the Fund decreased year over year by 20%, driven by a combination of an increase in total shares outstanding of 2,125,000 or 7% and offset by a decrease in the NAV per share of $2.01 or 25%.
−Removed: The net assets for the Fund increased by 144% when comparing 2023 to 2021.
−Removed: This change year over year, in the opinion of management, was generally due to a combination of appreciation of commodity prices and investor in-flows which was driven by the war in Ukraine, supply disruptions and rising crop input costs.
+Added: Total net assets for the Fund decreased year over year by 34%, driven by a combination of a decrease in total Shares outstanding of 5,500,000 or 18% and a decrease in the NAV per share of $1.15 or 19%.
+Added: The net assets for the Fund decreased by 47% when comparing 2024 to 2022.
+Added: This change year over year, in the opinion of management, was generally due to a combination of depreciation of commodity prices and investor outflows.
December 31, 2024
21 unchanged sentences
The Sponsor has a static benchmark as described above and trades futures contracts to adhere to that benchmark and to adjust for the creation or redemption of Shares.
−Removed: The increase in interest and other income year over year was due to an increase in Federal Fund Rates.
−Removed: As a result, the amount of interest income earned as a percentage of average daily total net assets was higher during the year ended December 31, 2023, compared to the years ending 2022 and 2021.
+Added: The decrease in interest and other income year over year was due to a decrease in average net assets.
+Added: As a result, the amount of interest income earned as a percentage of average daily total net assets was lower during the year ended December 31, 2024, compared to the years ending 2023 and 2022.
The Fund seeks to earn interest and other income in investment grade, short-duration instruments or deposits associated with the pool’s cash management strategy that may be used to offset expenses.
45 unchanged sentences
December 31, 2022
−Removed: Total Net Asset
+Added: Total Net Assets
Shares Outstanding
1 unchanged sentence
Closing Price
−Removed: Total net assets for the Fund decreased year over year by 53%, driven by a combination of a decrease in shares outstanding 637,500 shares or 50% and the NAV per share of $1.89 or 6%.
−Removed: The net assets for the Fund increased by 30% when comparing 2023 to 2021.
+Added: Total net assets for the Fund decreased year over year by 44%, driven by a combination of a decrease in Shares outstanding of 212,500 Shares or 34% and a decrease in the NAV per share of $4.36 or 15%.
+Added: The net assets for the Fund decreased by 74% when comparing 2024 to 2022.
December 31, 2024
28 unchanged sentences
The graph below shows the actual Shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to December 31, 2024 and serves to illustrate the relative changes of these components.
−Removed: Hashdex Bitcoin Futures ETF
−Removed: The Hashdex Bitcoin Futures ETF Fund commenced investment operations on September 15, 2022.
−Removed: The investment objective of the Fund is to have the daily changes in the NAV of the Fund’s Shares reflect the daily changes in the price of the Benchmark, less expenses from the Fund’s operations.
−Removed: The Benchmark is the average of the closing settlement prices for the first to expire and second to expire bitcoin futures contracts listed on the CME.
−Removed: These contracts are the Benchmark Component Futures Contracts.
−Removed: On December 31, 2023, the Fund held a total of CME bitcoin futures contracts with a notional value of $2,563,050.
−Removed: The contracts had an asset fair value of $129,519 and a liability fair value of $51,376.
−Removed: The weighting of the notional value of the contracts was weighted as follows:
−Removed: (1) 50% to JAN24 CME contracts, (2) 50% to FEB24 CME contracts.
−Removed: As of December 31, 2023 Compared to December 31, 2022
−Removed: December 31, 2023
−Removed: December 31, 2022
−Removed: Total Net Asset
−Removed: Shares Outstanding
−Removed: Net Asset Value per share
−Removed: Closing Price
−Removed: Total net assets for the Fund increased year over year by 137%, driven by an increase in the NAV per share of $29.34 or 137%.
−Removed: From the commencement
−Removed: of operations (September 15, 2022)
−Removed: December 31, 2023
−Removed: through December 31, 2022
−Removed: Average daily total net assets
−Removed: Net realized and unrealized loss on futures contracts
−Removed: Interest income earned on cash equivalents
−Removed: Annualized interest yield based on average daily total net assets
−Removed: Net income (loss)
−Removed: Weighted average share outstanding
−Removed: Management Fees
−Removed: Total gross fees and other expenses excluding management fees
−Removed: Brokerage Commissions
−Removed: Expenses waived by the Sponsor
−Removed: Total gross expense ratio
−Removed: Total expense ratio net of expenses waived by the Sponsor
−Removed: Net investment income
−Removed: Creation of Shares
−Removed: Redemption of Shares
−Removed: Realized gain or loss on trading of cryptocurrency futures contracts is a function of:
−Removed: 1) the change in the price of the particular contracts sold as part of a “roll” in contracts as the nearest to expire contracts are exchanged for the appropriate contract given the investment objective of the fund, 2) the change in the price of particular contracts sold in relation to redemption of shares, 3) the gain or loss associated with rebalancing trades which are made to ensure conformance to the benchmark, 4) the number of contracts held and then sold for either circumstance aforementioned.
−Removed: The Fund recognizes the expense for brokerage commissions for futures contract trades on a per trade basis.
−Removed: Unrealized gain or loss on trading of cryptocurrency futures contracts is a function of the change in the price of contracts held on the final date of the period versus the purchase price for each contract and the number of contracts held in each contract month.
−Removed: The Sponsor has a static benchmark as described above and trades futures contracts to adhere to that benchmark and to adjust for the creation or redemption of shares.
−Removed: The increase in interest income is attributable to an increase in the net assets of the Fund and in Federal Funds Rates.
−Removed: The Fund seeks to earn interest and other income in investment grade, short‐duration instruments or deposits associated with the pool’s cash management strategy that may be used to offset expenses.
−Removed: These investments may include, but are not limited to, short‐term Treasury Securities, demand deposits, money market funds and investments in commercial paper.
−Removed: These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven point.
−Removed: The increase in the management fee is attributable to an increase in the net assets of the Fund.
−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.
−Removed: 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.
−Removed: These fees and expenses are not included in the breakeven table because they are paid for by the Sponsor through the proceeds from the Management Fee.
−Removed: The Fund pays all of its non‐recurring and unusual fees and expenses, if any, as determined by the Sponsor.
−Removed: Non‐recurring and unusual fees and expenses are unexpected or unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses.
−Removed: Extraordinary fees and expenses also include material expenses which are not currently anticipated obligations of the Fund.
−Removed: Routine operational, administrative, and other ordinary expenses are not deemed extraordinary expenses.
−Removed: The graph below shows the actual shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to December 31, 2023 and serves to illustrate the relative changes of these components.
Benchmark Performance
−Removed: Investing in Commodity Interests subjects the Funds to the risks of the underlying commodity market, and this could result in substantial fluctuations in the price of each Fund’s Shares.
−Removed: Unlike mutual funds, the Funds currently are not expected to distribute dividends to Shareholders.
−Removed: Although this could change if interest rates continue to rise, and the assets of the Funds increase.
−Removed: Investors may choose to use the Funds as a means of investing indirectly in the underlying commodity, and there are risks involved in such investments.
−Removed: Investors may choose to use the Funds as vehicles to hedge against the risk of loss, and there are risks involved in hedging activities.
−Removed: During the period from January 1, 2023 through December 31, 2023, the average daily change in the NAV of each Fund was within plus/minus 10 percent of the average daily change in the Benchmark of the Fund, as stated in the prospectus for each Fund.
+Added: During the period from January 1, 2024 through December 31, 2024, the average daily change in the NAV of each Fund was within plus/minus 10 percent of the average daily change in the Benchmark of the Fund.
Frequency Distribution of Premiums and Discounts
42 unchanged sentences
The situation does not affect the actual NAV of the Fund.
−Removed: Days at premium
−Removed: Days at discount
−Removed: The performance data above for the Hashdex Bitcoin futures ETF Fund represents past performance.
−Removed: Past performance is not a guarantee of future results.
−Removed: Investment return and value of the Fund’s Shares will fluctuate so that an investor’s Shares, when sold, may be worth more or less than their original cost.
−Removed: Performance may be lower or higher than performance data quoted.
Off Balance Sheet Financing
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The Funds generate cash primarily from (i) the sale of Creation Baskets and (ii) interest earned on cash and cash equivalents.
−Removed: Generally, all of the net assets of the Funds are allocated to trading in Commodity or Cryptocurrency Interests.
+Added: Generally, all of the net assets of the Funds are allocated to trading in Commodity Interests.
Most of the assets of the Funds are held in cash and/or cash equivalents.
−Removed: The percentage that such assets bear to the total net assets will vary from period to period as the market values of the Commodity or Cryptocurrency Interests change.
+Added: The percentage that such assets bear to the total net assets will vary from period to period as the market values of the Commodity Interests change.
Interest earned on interest‐bearing assets of a Fund are paid to that Fund.
During times of extreme market volatility and economic uncertainty, the Funds may experience a significant change in interest rates, and as such the Funds may experience a change in the breakeven point.
−Removed: The investments of a Fund in Commodity or Cryptocurrency Interests are subject to periods of illiquidity because of market conditions, regulatory considerations, and other reasons.
+Added: The investments of a Fund in Commodity Interests are subject to periods of illiquidity because of market conditions, regulatory considerations, and other reasons.
For example, U.S.
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Such market conditions could prevent the Fund from promptly liquidating a position in Futures Contracts.
−Removed: War and other geopolitical events in eastern Europe, including but not limited to Russia and Ukraine, may cause volatility in commodity prices including energy and grain prices, due to the region’s importance to these markets, potential impacts to global transportation and shipping, and other supply chain disruptions.
−Removed: These events are unpredictable and may lead to extended periods of price volatility.
−Removed: More generally, a climate of uncertainty and panic, including the contagion of the COVID‐19 virus and other infectious viruses or diseases, may adversely affect global, regional, and local economies and reduce the availability of potential investment opportunities, and increases the difficulty of performing due diligence and modeling market conditions, potentially reducing the accuracy of financial projections.
−Removed: Under these circumstances, the Funds may have difficulty achieving their investment objectives which may adversely impact performance.
−Removed: Further, such events can be highly disruptive to economies and markets, significantly disrupt the operations of individual companies (including, but not limited to, the Funds’ Sponsor and third‐party service providers), sectors, industries, markets, securities and commodity exchanges, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds’ investments.
−Removed: These factors could cause substantial market volatility, exchange trading suspensions and closures that could impact the ability of the Funds to complete redemptions and otherwise affect Fund performance and Fund trading in the secondary market.
−Removed: A widespread crisis may also affect the global economy in ways that cannot necessarily be foreseen at the current time.
−Removed: How long such events will last and whether they will continue or recur cannot be predicted.
−Removed: Impacts from these events could have significant impact on a Fund’s performance, resulting in losses to your investment.
−Removed: The global economic shocks being experienced as of the date hereof may cause the underlying assumptions and expectations of the Funds to become outdated quickly or inaccurate, resulting in significant losses.
−Removed: Trading in Commodity or Cryptocurrency Interests such as Futures Contracts will involve the Funds entering into contractual commitments to purchase or sell specific amounts of commodities or cryptocurrencies at a specified date in the future.
+Added: Trading in Commodity Interests such as Futures Contracts will involve the Funds entering into contractual commitments to purchase or sell specific amounts of commodities at a specified date in the future.
The gross or face amount of the contracts is expected to significantly exceed the future cash requirements of each Fund as each Fund intends to close out any open positions prior to the contractual expiration date.
2 unchanged sentences
The market risk associated with the commitment by the Funds to purchase a specific commodity will be limited to the aggregate face amount of the contacts held.
−Removed: The exposure of the Funds to market risk will depend on a number of factors including the markets for the specific commodity or cryptocurrency, the volatility of interest rates and foreign exchange rates, the liquidity of the Commodity or Cryptocurrency Specific Interests markets and the relationships among the contracts held by each Fund.
−Removed: When any of the Funds enter into Commodity or Cryptocurrency Interests, it will be exposed to the credit risk that the counterparty will not be able to meet its obligations.
+Added: The exposure of the Funds to market risk will depend on a number of factors including the markets for the specific commodity, the volatility of interest rates and foreign exchange rates, the liquidity of the Commodity Specific Interests markets and the relationships among the contracts held by each Fund.
+Added: When any of the Funds enter into Commodity Interests, it will be exposed to the credit risk that the counterparty will not be able to meet its obligations.
For purposes of credit risk, the counterparty for the Futures Contracts traded on the CBOT, ICE and CME is the clearinghouse associated with those exchanges.
18 unchanged sentences
The rules are intended to afford greater assurances to market participants that customer segregated funds and secured amounts are protected, customers are provided with appropriate notice of the risks of futures trading and of the FCMs with which they may choose to do business, FCMs are monitoring and managing risks in a robust manner, the capital and liquidity of FCMs are strengthened to safeguard the continued operations and the auditing and examination programs of the CFTC and the SROs are monitoring the activities of FCMs in a thorough manner.
−Removed: Marex , StoneX and Phillip Capital serve as the Fund’s clearing brokers to execute futures contracts and provide other brokerage-related services.
−Removed: The Commodity Funds, other than TAGS, will generally retain cash positions of approximately 95% of total net assets and DEFI will retain approximately 70%;
−Removed: this balance represents the total net assets less the initial margin requirements held by the FCM.
+Added: Marex and StoneX serve as the Fund’s clearing brokers to execute futures contracts and provide other brokerage-related services.
+Added: The Commodity Funds, other than TAGS, will generally retain cash positions of approximately 95% of total net assets, this balance represents the total net assets less the initial margin requirements held by the FCM.
These cash assets are either:
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.