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What changed 10-Q

Item 1. Financial Statements

2022-11-09 compared with 2022-08-09 · 672 added, 672 removed, 3328 unchanged (29% of the section changed)

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

Combined Statements of Assets and Liabilities at June 30, 2022 (Unaudited) and December 31, 2021

Combined Schedule of Investments at June 30, 2022 (Unaudited) and December 31, 2021

Combined Statements of Operations (Unaudited) for the three and six months ended June 30, 2022 and 2021

Combined Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2022 and 2021

Combined Statements of Cash Flows (Unaudited) for the six months ended June 30, 2022 and 2021

Combined Statements of Assets and Liabilities at September 30, 2022 (Unaudited) and December 31, 2021

Combined Schedule of Investments at September 30, 2022 (Unaudited) and December 31, 2021

Combined Statements of Operations (Unaudited) for the three and nine months ended September 30, 2022 and 2021

Combined Statements of Changes in Net Assets (Unaudited) for the nine months ended September 30, 2022 and 2021

Combined Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2022 and 2021

Notes to Combined Financial Statements

TEUCRIUM CORN FUND

Statements of Assets and Liabilities at June 30, 2022 (Unaudited) and December 31, 2021

Schedule of Investments at June 30, 2022 (Unaudited) and December 31, 2021

Statements of Operations (Unaudited) for the three and six months ended June 30, 2022 and 2021

Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2022 and 2021

Statements of Cash Flows (Unaudited) for the six months ended June 30, 2022 and 2021

Statements of Assets and Liabilities at September 30, 2022 (Unaudited) and December 31, 2021

Schedule of Investments at September 30, 2022 (Unaudited) and December 31, 2021

Statements of Operations (Unaudited) for the three and nine months ended September 30, 2022 and 2021

Statements of Changes in Net Assets (Unaudited) for the nine months ended September 30, 2022 and 2021

Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2022 and 2021

Notes to Financial Statements

TEUCRIUM SOYBEAN FUND

Statements of Assets and Liabilities at June 30, 2022 (Unaudited) and December 31, 2021

Schedule of Investments at June 30, 2022 (Unaudited) and December 31, 2021

Statements of Operations (Unaudited) for the three and six months ended June 30, 2022 and 2021

Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2022 and 2021

Statements of Cash Flows (Unaudited) for the six months ended June 30, 2022 and 2021

Statements of Assets and Liabilities at September 30, 2022 (Unaudited) and December 31, 2021

Schedule of Investments at September 30, 2022 (Unaudited) and December 31, 2021

Statements of Operations (Unaudited) for the three and nine months ended September 30, 2022 and 2021

Statements of Changes in Net Assets (Unaudited) for the nine months ended September 30, 2022 and 2021

Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2022 and 2021

Notes to Financial Statements

TEUCRIUM SUGAR FUND

Statements of Assets and Liabilities at June 30, 2022 (Unaudited) and December 31, 2021

Schedule of Investments at June 30, 2022 (Unaudited) and December 31, 2021

Statements of Operations (Unaudited) for the three and six months ended June 30, 2022 and 2021

Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2022 and 2021

Statements of Cash Flows (Unaudited) for the six months ended June 30, 2022 and 2021

Statements of Assets and Liabilities at September 30, 2022 (Unaudited) and December 31, 2021

Schedule of Investments at September 30, 2022 (Unaudited) and December 31, 2021

Statements of Operations (Unaudited) for the three and nine months ended September 30, 2022 and 2021

Statements of Changes in Net Assets (Unaudited) for the nine months ended September 30, 2022 and 2021

Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2022 and 2021

Notes to Financial Statements

TEUCRIUM WHEAT FUND

Statements of Assets and Liabilities at June 30, 2022 (Unaudited) and December 31, 2021

Schedule of Investments at June 30, 2022 (Unaudited) and December 31, 2021

Statements of Operations (Unaudited) for the three and six months ended June 30, 2022 and 2021

Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2022 and 2021

Statements of Cash Flows (Unaudited) for the six months ended June 30, 2022 and 2021

Statements of Assets and Liabilities at September 30, 2022 (Unaudited) and December 31, 2021

Schedule of Investments at September 30, 2022 (Unaudited) and December 31, 2021

Statements of Operations (Unaudited) for the three and nine months ended September 30, 2022 and 2021

Statements of Changes in Net Assets (Unaudited) for the nine months ended September 30, 2022 and 2021

Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2022 and 2021

Notes to Financial Statements

TEUCRIUM AGRICULTURAL FUND

Statements of Assets and Liabilities at June 30, 2022 (Unaudited) and December 31, 2021

Schedule of Investments at June 30, 2022 (Unaudited) and December 31, 2021

Statements of Operations (Unaudited) for the three and six months ended June 30, 2022 and 2021

Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2022 and 2021

Statements of Cash Flows (Unaudited) for the six months ended June 30, 2022 and 2021

Statements of Assets and Liabilities at September 30, 2022 (Unaudited) and December 31, 2021

Schedule of Investments at September 30, 2022 (Unaudited) and December 31, 2021

Statements of Operations (Unaudited) for the three and nine months ended September 30, 2022 and 2021

Statements of Changes in Net Assets (Unaudited) for the nine months ended September 30, 2022 and 2021

Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2022 and 2021

Notes to Financial Statements

HASHDEX BITCOIN FUTURES ETF

Statements of Assets and Liabilities at September 30, 2022 (Unaudited)

Schedule of Investments at September 30, 2022 (Unaudited)

Statements of Operations (Unaudited) from the commencement of operations (September 15, 2022) through September 30, 2022

Statements of Changes in Net Assets (Unaudited) from the commencement of operations (September 15, 2022) through September 30, 2022

Statements of Cash Flows (Unaudited) from the commencement of operations (September 15, 2022) through September 30, 2022

Notes to Financial Statements

TEUCRIUM COMMODITY TRUST

COMBINED STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2022

December 31, 2021

September 30,

Cash and cash equivalents

2 unchanged sentences

Interest receivable

Capital shares receivable

Equity in trading accounts:

Commodity futures contracts

Commodity and cryptocurrency futures contracts

Due from broker

1 unchanged sentence

$ 715,318,084

$ 266,258,352

Management fee payable to Sponsor

Other liabilities

Payable for shares redeemed

Equity in trading accounts:

Commodity futures contracts

Commodity and cryptocurrency futures contracts

Due to broker

6 unchanged sentences

COMBINED SCHEDULE OF INVESTMENTS

June 30, 2022

September 30, 2022

Percentage of

3 unchanged sentences

$ 148,187,971

$ 196,247,508

Goldman Sachs Financial Square Government Fund - Institutional Class (cost:

2 unchanged sentences

$ 302,000,128

$ 330,439,866

Principal Amount

Commercial Paper

Brookfield Infrastructure Holdings (Canada) Inc.

American Electric Power Company, Inc.

3.465% (cost:

$12,458,317 due:

Brookfield Infrastructure Holdings (Canada) Inc.

3.277% (cost:

$14,906,850 due:

Campbell Soup Company 2.125% (cost:

$19,933,625 due:

Cigna Corporation 1.104% (cost:

$12,983,714 due:

Cigna Corporation 1.003% (cost:

$4,992,916 due:

CNH Industrial Capital LLC 1.708% (cost:

$4,995,042 due:

Crown Castle International Corp.

Brookfield Infrastructure Holdings (Canada) Inc.

3.540% (cost:

$19,895,000 due:

Crown Castle International Corp.

Crown Castle Inc.

3.234% (cost:

$7,462,667 due:

Dollar General Corporation 1.922% (cost:

Crown Castle Inc.

3.806% (cost:

$4,504,451 due:

1 unchanged sentence

$14,923,002 due:

Enbridge (U.S.) Inc.

2.013% (cost:

$4,986,946 due:

Entergy Corporation 3.030% (cost:

2 unchanged sentences

$12,403,391 due:

1.054% (cost:

$9,974,044 due:

1.265% (cost:

$4,989,326 due:

Fortune Brands Home & Security, Inc.

3.040% (cost:

$4,977,844 due:

FMC Corporation 1.709% (cost:

$9,983,472 due:

FMC Corporation 2.011% (cost:

$6,490,612 due:

Fortune Brands Home & Security, Inc.

10 unchanged sentences

$7,456,731 due:

General Motors Financial Company, Inc.

1.669% (cost:

Glencore Funding LLC 2.856% (cost:

$4,978,775 due:

7 unchanged sentences

$3,488,566 due:

Hyundai Capital America, Inc.

Harley-Davidson Financial Services, Inc.

3.487% (cost:

8 unchanged sentences

$7,475,219 due:

Stanley Black & Decker, Inc.

3.129% (cost:

$12,461,250 due:

The Walt Disney Company 0.852% (cost:

3.159% (cost:

$9,975,439 due:

The Williams Companies, Inc.

3.158% (cost:

$9,975,221 due:

Corporation 2.145% (cost:

3.535% (cost:

$7,481,043 due:

Verizon Communications Inc.

3.434% (cost:

$12,465,764 due:

Corporation 2.539% (cost:

$7,479,525 due:

Corporation 3.282% (cost:

$9,964,793 due:

Corporation 3.759% (cost:

$2,480,935 due:

3.473% (cost:

8 unchanged sentences

Commodity futures contracts

United States soybean futures contracts

CBOT soybean futures NOV22 (360 contracts)

United States sugar futures contracts

ICE sugar futures MAY23 (477 contracts)

United States corn futures contracts

CBOT corn futures MAR23 (2,207 contracts)

United States wheat futures contracts

CBOT wheat futures MAR23 (2,854 contracts)

CBOT wheat futures MAY23 (2,430 contracts)

Total commodity futures contracts

$ 322,290,925

Percentage of

1 unchanged sentence

(Long Exposure)

Commodity futures contracts

Commodity and Cryptocurrency futures contracts

United States corn futures contracts

CBOT corn futures SEP22 (2,636 contracts)

CBOT corn futures DEC22 (2,297 contracts)

CBOT corn futures MAY23 (1,889 contracts)

CBOT corn futures DEC23 (2,426 contracts)

United States soybean futures contracts

CBOT soybean futures JAN23 (308 contacts)

CBOT soybean futures NOV23 (394 contacts)

CBOT soybean futures JAN23 (339 contracts)

CBOT soybean futures MAR23 (290 contracts)

CBOT soybean futures NOV23 (356 contracts)

United States sugar futures contracts

ICE sugar futures MAR23 (538 contracts)

ICE sugar futures MAY23 (471 contracts)

ICE sugar futures JUL23 (414 contracts)

ICE sugar futures MAR24 (475 contracts)

United States wheat futures contracts

CBOT wheat futures SEP22 (3,563 contracts)

CBOT wheat futures DEC23 (2,899 contracts)

CBOT wheat futures DEC23 (3,557 contracts)

United States CME Bitcoin futures contracts

CME Bitcoin futures Oct22 (6 contracts)

CME Bitcoin futures Nov22 (6 contracts)

Total commodity futures contracts

$ 364,598,376

$ 760,770,080

Exchange-traded funds*

14 unchanged sentences

Goldman Sachs Financial Square Government Fund - Institutional Class 0.030% (cost $2,525,384)

Total money market funds

Total money market funds (cost $32,968,833)

Principal Amount

98 unchanged sentences

Three months ended

Six months ended

Six months ended

June 30, 2022

June 30, 2021

June 30, 2022

June 30, 2021

Nine months ended

Nine months ended

September 30,

September 30,

September 30,

September 30,

Realized and unrealized gain (loss) on trading of commodity futures contracts:

Realized gain on commodity futures contracts

Net change in unrealized (depreciation) appreciation on commodity futures contracts

Realized (loss) gain on commodity and cryptocurrency futures contracts

$ ( 103,278,313 )

1 unchanged sentence

$ 109,828,706

Net change in unrealized (depreciation)/appreciation on commodity and cryptocurrency futures contracts

( 23,501,922 )

$ ( 15,553,587 )

( 34,410,727 )

Interest income

Total (loss) income

Total income (loss)

( 7,969,705 )

10 unchanged sentences

( 1,115,590 )

( 1,650,854 )

Total expenses, net

Net (loss) income

Net income (loss)

$ ( 9,343,629 )

$ ( 33,537,909 )

(1) The Hashdex Bitcoin Futures ETF commenced operations on September 15, 2022.

The accompanying notes are an integral part of these financial statements.

1 unchanged sentence

COMBINED STATEMENTS OF CHANGES IN NET ASSETS

Six months ended

Six months ended

June 30, 2022

June 30, 2021

Nine months ended

Nine months ended

September 30,

September 30,

Net (loss) income

12 unchanged sentences

Net change in net assets

( 43,068,445 )

Net assets, beginning of period

2 unchanged sentences

$ 267,044,749

(1) The Hashdex Bitcoin Futures ETF commenced operations on September 15, 2022.

The accompanying notes are an integral part of these financial statements.

1 unchanged sentence

COMBINED STATEMENTS OF CASH FLOWS

Six months ended

Six months ended

June 30, 2022

June 30, 2021

Nine months ended

Nine months ended

September 30,

September 30,

Cash flows from operating activities:

2 unchanged sentences

Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:

Net change in unrealized depreciation on commodity futures contracts

Net change in unrealized appreciation on commodity and cryptocurrency futures contracts

Changes in operating assets and liabilities:

23 unchanged sentences

Net change in cash and cash equivalents

( 55,078,121 )

Cash and cash equivalents beginning of period

2 unchanged sentences

$ 254,300,174

(1) The Hashdex Bitcoin Futures ETF commenced operations on September 15, 2022.

The accompanying notes are an integral part of these financial statements.

NOTES TO COMBINED FINANCIAL STATEMENTS

June 30, 2022

September 30, 2022

Note 1 – Organization and Operation

Teucrium Commodity Trust (“Trust”), a Delaware statutory trust organized on September 11, 2009, is a series trust consisting of five series:

Teucrium Corn Fund (“CORN”), Teucrium Sugar Fund (“CANE”), Teucrium Soybean Fund (“SOYB”), Teucrium Wheat Fund (“WEAT”), and Teucrium Agricultural Fund (“TAGS”).

All of these series of the Trust are collectively referred to as the “Funds” and singularly as the “Fund.” Each Fund is a commodity pool that is a series of the Trust.

Teucrium Commodity Trust (“Trust”), a Delaware statutory trust organized on September 11, 2009, is a series trust consisting of six series:

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”).

All of these series of the Trust are collectively referred to as the “Funds” and singularly as the “Fund.” Collectively, CORN, CANE, SOYB, and WEAT are referred to as the “Agricultural Funds”.

Each Fund is a commodity pool that is a series of the Trust.

The Funds issue common units, called the “Shares,” representing fractional undivided beneficial interests in a Fund.

18 unchanged sentences

This registration statement for TAGS registered an indeterminate number of shares.

Hashdex Bitcoin Futures ETF is a new series of the Teucrium Commodity Trust, and has not yet been declared effective by the SEC.

On May 20, 2021, an initial registration statement for DEFI was filed with the Securities and Exchange Commission (“SEC”).

As of June 30, 2022, the registration statement for DEFI had not yet been declared effective by the SEC.

As of May 31, 2022, the Sponsor has contributed $ 100 to the Fund which is not included in the combined financial statements of the Trust.

On September 14, 2022, the Form S-1 for DEFI was declared effective by the SEC.

This registration statement for DEFI registered an indeterminate number of shares.

On September 15, 2022, five Creation Baskets for DEFI were issued representing 50,000 shares and $ 1,250,000 .

DEFI began trading on the NYSE Arca on September 16, 2022.

Teucrium Trading, LLC is the sponsor (“Sponsor”) of the Trust.

5 unchanged sentences

It is suggested that these interim financial statements be read in conjunction with the audited financial statements and related notes included in the Trust’s Annual Report on Form 10-K, as well as the most recent Form S-1 filing, as applicable.

The operating results for the three and six months ended June 30, 2022, are not necessarily indicative of the results to be expected for the full year ending December 31, 2022.

The operating results for the three and nine months ended September 30, 2022, are not necessarily indicative of the results to be expected for the full year ending December 31, 2022.

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.

22 unchanged sentences

E D & F Man Capital Markets, Inc.

(“E D & F Man”) and StoneX Financial Inc.

(“StoneX”) serve as the Funds’ clearing brokers to execute and clear futures contracts and provide other brokerage-related services.

E D & F Man and StoneX are each registered as futures commission merchants (“FCM”) with the U.S.

(“E D & F Man”), StoneX Financial Inc.

(“StoneX”) and Phillip Capital Inc.

(“Phillip Capital”) serve as the Funds’ clearing brokers to execute and clear futures contracts and provide other brokerage-related services.

E D & F Man, StoneX and Phillip Capital are each registered as futures commission merchants (“FCM”) with the U.S.

CFTC and are members of the NFA.

The clearing brokers are registered as a broker-dealers with the SEC and are each a member of FINRA.

ED & F Man and StoneX are each clearing members of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges.

The clearing brokers are registered as broker-dealers with the SEC and are each a member of FINRA.

E D & F Man, StoneX and Phillip Capital are each clearing members of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges.

For Corn, Soybean, Sugar and Wheat Futures Contracts, E D & F Man is paid $11.00 per round turn .

1 unchanged sentence

Additionally, if the monthly commissions paid by each Fund does not equal or exceed 20% return on the StoneX Capital Requirement at 9.6% of the Exchange Maintenance Margin, each Fund will pay a true up to meet that return at the end of each month.

Prior to August 21, 2019, these expenses were recorded in brokerage commissions on the combined statements of operations.

These expenses are recognized on a per-trade basis.

The half-turn is recognized as an unrealized loss on the combined 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 combined statements of operations when a contract is sold.

The half-turn is recognized as an unrealized loss on the combined statements of operations, and a full turn is recognized as a realized loss on the combined statements of operations when a contract is sold.

For Bitcoin futures contracts, StoneX is paid $10.00 - $25.00 per half-turn exclusive of pass through fees for the exchange and NFA.

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 is included below.

8 unchanged sentences

This fee based on new assets raised is determined by an agreed upon level of assets at the time of signing the contract.

These services are recorded in distribution and marketing fees on the statements of operations.

These services are recorded in distribution and marketing fees on the combined statements of operations.

A summary of these expenses is included below:

Three months ended June 30, 2022

Three months ended June 30, 2021

Six months ended June 30, 2022

Six months ended June 30, 2021

Three months ended September 30,

Three months ended September 30,

Nine months ended September 30,

Nine months ended September 30,

Amount Recognized for Custody Services

6 unchanged sentences

Amount of Thales Waived

(1) The Hashdex Bitcoin Futures ETF commenced operations on September 15, 2022.

Note 3 – Summary of Significant Accounting Policies

1 unchanged sentence

The accompanying financial statements have been prepared on a combined basis in conformity with accounting principles generally accepted in the United States of America (“U.S.

GAAP”) as detailed in the Financial Accounting Standards Board’s Accounting Standards Codification and include the accounts of the Trust, CORN, CANE, SOYB, WEAT and TAGS.

GAAP”) as detailed in the Financial Accounting Standards Board’s Accounting Standards Codification and include the accounts of the Trust, CORN, CANE, SOYB, WEAT, TAGS and DEFI.

Refer to the accompanying separate financial statements for each Fund for more detailed information.

The periods represented by the financial statements herein contain the results of CORN, SOYB, CANE, WEAT, and TAGS for the months during which each Fund was in operation, except for eliminations for TAGS as explained below.

Given the investment objective of TAGS as described in Note 1 above, TAGS will buy, sell, and hold, as part of its normal operations, shares of the four Underlying Funds.

The periods represented by the financial statements herein contain the results of CORN, SOYB, CANE, WEAT, TAGS and DEFI for the months during which each Fund was in operation, except for eliminations for TAGS as explained below.

Given the investment objective of TAGS as described in Note 1 above, TAGS will buy, sell, and hold, as part of its normal operations, shares of the four Underlying Agricultural Funds.

The Trust eliminates the shares of the other series of the Trust owned by TAGS from its combined statements of assets and liabilities.

2 unchanged sentences

Revenue Recognition

Commodity futures contracts are recorded on the trade date.

Commodity and cryptocurrency futures contracts are recorded on the trade date.

All such transactions are recorded on the identified cost basis and marked to market daily.

Unrealized appreciation or depreciation on commodity futures contracts are reflected in the combined statements of operations as the difference between the original contract amount and the fair market value as of the last business day of the year or as of the last date of the financial statements.

Unrealized appreciation or depreciation on commodity and cryptocurrency futures contracts are reflected in the combined statements of operations as the difference between the original contract amount and the fair market value as of the last business day of the year or as of the last date of the financial statements.

Changes in the appreciation or depreciation between periods are reflected in the combined statements of operations.

8 unchanged sentences

Brokerage Commissions

Beginning on August 21, 2019, the Sponsor began recognizing the expense for brokerage commissions for futures contract trades on a per-trade basis.

Prior to the change, brokerage commissions on all open commodity futures contracts were accrued on the trade date and on a full-turn basis.

The below table shows the amounts included on the combined statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and six months ended June 30, 2022.

Three Months Ended June 30, 2022

Three Months Ended June 30, 2021

Six Months Ended June 30, 2022

Six Months Ended June 30, 2021

The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis.

The below table shows the amounts included on the combined statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and nine months ended September 30, 2022.

Three Months Ended September 30, 2022 (1)

Three Months Ended September 30, 2021

Nine Months Ended September 30, 2022 (1)

Nine Months Ended September 30, 2021

(1) The Hashdex Bitcoin Futures ETF commenced operations on September 15, 2022.

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.

Based on their analysis, the Funds have determined that they have not incurred any liability for unrecognized tax benefits as of June 30, 2022, and for the years ended December 31, 2021, 2020 and 2019.

Based on their analysis, the Funds have determined that they have not incurred any liability for unrecognized tax benefits as of September 30, 2022, and for the years ended December 31, 2021, 2020 and 2019.

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.

There is very limited authority on the U.S.

federal income tax treatment of bitcoin and no direct authority on bitcoin derivatives, such as Bitcoin Futures Contracts.

Bitcoin Futures Contracts more likely than not will be considered futures with respect to commodities for purposes of the qualifying income exception under section 7704 of the Code.

Based on a CFTC determination that treats bitcoin as a commodity under the CEA, the Fund intends to take the position that Bitcoin Futures Contracts consist of futures on commodities for purposes of the qualifying income exception under section 7704 of the Code.

Shareholders should be aware that the Fund’s position is not binding on the IRS, and no assurance can be given that the IRS will not challenge the Fund’s position, or that the IRS or a court will not ultimately reach a contrary conclusion, which would result in the material adverse consequences to Shareholders and the Fund.

The Funds recognize interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed.

No interest expense or penalties have been recognized as of and for the three and six months ended June 30, 2022 and 2021.

No interest expense or penalties have been recognized as of and for the three and nine months ended September 30, 2022 and 2021.

The Funds may be subject to potential examination by U.S.

21 unchanged sentences

50,000 shares representing 4 baskets

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.

June 30, 2022

December 31, 2021

September 30,

Money Market Funds

33 unchanged sentences

The management of the Trust and the Funds monitors the financial condition of such brokers and does not anticipate any losses from these counterparties.

From inception through September 11, 2019, the principal broker through which the Trust and TAGS can execute securities transaction for TAGS was the Bank of New York Mellon Capital Markets.

Effective September 11, 2019, the principal broker through which the Trust and TAGS can execute securities transactions for TAGS is U.S.

The principal broker through which the Trust and TAGS can execute securities transactions for TAGS is U.S.

Sponsor Fee, Allocation of Expenses and Related Party Transactions

The Sponsor is responsible for investing the assets of the Funds in accordance with the objectives and policies of each Fund.

In addition, the Sponsor arranges for one or more third parties to provide administrative, custodial, accounting, transfer agency and other necessary services to the Trust and the Funds.

In addition, the Sponsor has elected not to outsource services directly attributable to the Trust and the Funds such as accounting, financial reporting, regulatory compliance, and trading activities, which the Sponsor performs itself.

In addition, the 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.

The Funds pay for all brokerage fees, taxes, and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the SEC, FINRA or any other regulatory agency in connection with the offer and sale of subsequent Shares, after its initial registration, and all legal, accounting, printing and other expenses associated therewith.

The Funds also pay the fees and expenses associated with the Trust’s tax accounting and reporting requirements.

Certain aggregate expenses common to all Funds within the Trust are allocated by the Sponsor to the respective Fund based on activity drivers deemed most appropriate by the Sponsor for such expenses, including but not limited to relative assets under management and creation order activity.

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 combined statements of operations.

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 Trust and the Funds, which are primarily the cost of performing accounting and financial reporting, regulatory compliance, and trading activities that are directly attributable to the Trust and the Funds.

Such expenses are primarily included as distribution and marketing fees in the financial statements of each Fund.

Three months ended June 30, 2022

Three months ended June 30, 2021

Six months ended June 30, 2022

Six months ended June 30, 2021

The Sponsor is responsible for investing the assets of the Fund in accordance with the objectives and policies of the Fund.

In addition, the Sponsor arranges for one or more third parties to provide administrative, custodial, accounting, transfer agency, compliance, and other necessary services to the Fund, including services directly attributable to the Fund such as accounting, financial reporting, regulatory compliance, and trading activities.

In some cases, at its discretion, the Sponsor may elect not to outsource certain of these expenses.

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.

The Agricultural Funds generally pay for all brokerage fees, taxes, and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the SEC, the Financial Industry Regulatory Authority (“FINRA”), or any other regulatory agency in connection with the offer and sale of subsequent Shares after its initial registration and all legal, accounting, printing and other expenses associated therewith.

Each Fund also pays its portion of the fees and expenses associated with the Trust’s tax accounting and reporting requirements.

Certain aggregate expenses common to all Funds within the Trust are allocated by the Sponsor to the respective Funds based on activity drivers deemed most appropriate by the Sponsor for such expenses, including but not limited to relative assets under management and creation order activity.

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.

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.

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.

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.

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.

The Fund pays all of its non-recurring and unusual fees and expenses, if any, as determined by the Sponsor.

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.

Extraordinary fees and expenses also include material expenses which are not currently anticipated obligations of the Fund.

Routine operational, administrative, and other ordinary expenses are not deemed extraordinary expenses.

Three months ended September 30,

Three months ended September 30,

Nine months ended September 30,

Nine months ended September 30,

Recognized Related Party Transactions

Waived Related Party Transactions

(1) The Hashdex Bitcoin Futures ETF commenced operations on September 15, 2022.

The Sponsor has the ability to elect to pay certain expenses on behalf of the Funds or waive the management fee.

2 unchanged sentences

The Sponsor has determined that there will be no recovery sought for the amounts below in any future period.

Three months ended June 30, 2022

Three months ended June 30, 2021

Six months ended June 30, 2022

Six months ended June 30, 2021

Three months ended September 30, 2022 (1)

Three months ended September 30, 2021

Nine months ended September 30, 2022 (1)

Nine months ended September 30, 2021

(1) The Hashdex Bitcoin Futures ETF commenced operations on September 15, 2022.

Use of Estimates

12 unchanged sentences

Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

Valuation adjustments and block discounts are not applied to Level 1 futures contracts held by CORN, SOYB, CANE and WEAT, the securities of the Underlying Funds held by TAGS, and any other securities held by any Fund, together referenced throughout this filing as “financial instruments.” Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment.

Valuation adjustments and block discounts are not applied to Level 1 futures contracts held by CORN, SOYB, CANE, WEAT and DEFI, the securities of the Underlying Funds held by TAGS, and any other securities held by any Fund, together referenced throughout this filing as “financial instruments.” Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment.

Level 2 - Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

14 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.

On June 30, 2022 and December 31, 2021, in the opinion of the Trust, the reported value at the close of the market for each commodity contract fairly reflected the value of the futures and no alternative valuations were required.

On September 30, 2022 and December 31, 2021, in the opinion of the Trust, the reported value at the close of the market for each commodity and cryptocurrency contract fairly reflected the value of the futures and no alternative valuations were required.

For the quarter ended March 31, 2021, Corn Futures Contracts for the JUL21 CBOT corn futures, SEP21 CBOT corn futures, DEC21 CBOT corn futures, JUL21 CBOT soybean futures, and the NOV21 CBOT soybean futures, settled in a “limit up” condition.

63 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.

The following table presents information about the Trust’s assets and liabilities measured at fair value as of June 30, 2022 and December 31, 2021:

Balance as of June 30, 2022

The following table presents information about the Trust’s assets and liabilities measured at fair value as of September 30, 2022 and December 31, 2021:

Balance as of September 30, 2022

Cash Equivalents

1 unchanged sentence

$ 583,813,859

Commodity Futures Contracts

Soybean futures contracts

Sugar futures contracts

Commodity and Cryptocurrency Futures Contracts

Corn futures contracts

Wheat futures contracts

$ 608,605,352

$ 608,605,352

Balance as of June 30, 2022

Commodity Futures Contracts

Balance as of September 30, 2022

Commodity and Cryptocurrency Futures Contracts

Corn futures contracts

2 unchanged sentences

Wheat futures contracts

$ 116,276,337

$ 116,276,337

Bitcoin futures contracts

Balance as of December 31, 2021

2 unchanged sentences

$ 152,949,199

Commodity Futures Contracts

Commodity and Cryptocurrency Futures Contracts

Corn futures contracts

5 unchanged sentences

Balance as of December 31, 2021

Commodity Futures Contracts

Commodity and Cryptocurrency Futures Contracts

Sugar futures contracts

Wheat futures contracts

For the three and six months ended June 30, 2022 and year ended December 31, 2021, the Funds did not have any significant transfers between any of the levels of the fair value hierarchy.

For the three and nine months ended September 30, 2022 and year ended December 31, 2021, the Funds did not have any significant transfers between any of the levels of the fair value hierarchy.

The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period.

7 unchanged sentences

In addition to its primary underlying risks, the Funds are also subject to additional counterparty risk due to inability of its counterparties to meet the terms of their contracts.

For the three and six months ended June 30, 2022 and year ended December 31, 2021, the Funds invested only in commodity futures contracts specifically related to each Fund.

For the three and nine months ended September 30, 2022 and year ended December 31, 2021, the Funds invested only in commodity and cryptocurrency futures contracts specifically related to each Fund.

Futures Contracts

The Funds are subject to commodity price risk in the normal course of pursuing their investment objectives.

The Funds are subject to commodity and cryptocurrency price risk in the normal course of pursuing their investment objectives.

A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.

12 unchanged sentences

Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.”

The following table also identifies the fair value amounts of derivative instruments included in the combined statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, E D & F Man and StoneX as of June 30, 2022, and December 31, 2021.

The following table also identifies the fair value amounts of derivative instruments included in the combined statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, E D & F Man, and StoneX as of September 30, 2022, and December 31, 2021.

The DEFI Fund has an account open at Phillip Capital with no contracts held as of September 30, 2022.

*The amount of collateral presented in Collateral, Due from Broker, is limited to the liability for the futures contracts and accordingly does not include the excess collateral pledged.

Offsetting of Financial Assets and Derivative Assets as of June 30, 2022

Offsetting of Financial Assets and Derivative Assets as of September 30, 2022

(iii) = (i)-(ii)

6 unchanged sentences

Collateral, Due to Broker

Commodity Price

Soybean futures contracts

Sugar futures contracts

Offsetting of Financial Liabilities and Derivative Liabilities as of June 30, 2022

Commodity and Cryptocurrency Price

Corn futures contracts

Wheat futures contracts

Offsetting of Financial Liabilities and Derivative Liabilities as of September 30, 2022

(iii) = (i)-(ii)

6 unchanged sentences

Collateral, Due from Broker*

Commodity Price

Commodity and Cryptocurrency Price

Corn futures contracts

2 unchanged sentences

Wheat futures contracts

Bitcoin futures contracts

Offsetting of Financial Assets and Derivative Assets as of December 31, 2021

25 unchanged sentences

The following is a summary of realized and unrealized gains (losses) of the derivative instruments utilized by the Trust:

Three months ended June 30, 2022

Realized Gain on Commodity Futures Contracts

Net Change in Unrealized Depreciation on Commodity Futures Contracts

Three months ended September 30, 2022 (1)

Realized (Loss) Gain on Commodity and Cryptocurrency Futures Contracts

Net Change in Unrealized Appreciation (Depreciation) on Commodity and Cryptocurrency Futures Contracts

Commodity Price

7 unchanged sentences

( 92,957,415 )

Total commodity futures contracts

Bitcoin futures Contracts

Total commodity and cryptocurrency futures contracts

$ ( 103,278,313 )

Three months ended June 30, 2021

$ 112,241,847

Three months ended September 30, 2021

Realized Gain on Commodity Futures Contracts

4 unchanged sentences

Soybean futures contracts

( 7,754,543 )

Sugar futures contracts

Wheat futures contracts

Total commodity futures contracts

Six months ended June 30, 2022

Realized Gain on Commodity Futures Contracts

Net Change in Unrealized Depreciation on Commodity Futures Contracts

Total commodity and cryptocurrency futures contracts

$ ( 23,501,922 )

Nine months ended September 30, 2022 (1)

Realized Gain (Loss) on Commodity and Cryptocurrency Futures Contracts

Net Change in Unrealized Depreciation on Commodity and Cryptocurrency Futures Contracts

Commodity Price

7 unchanged sentences

( 53,537,910 )

Total commodity futures contracts

( 3,790,712 )

Six months ended June 30, 2021

Bitcoin futures Contracts

Total commodity and cryptocurrency futures contracts

$ ( 14,666,473 )

$ ( 15,553,587 )

Nine months ended September 30, 2021

Realized Gain on Commodity Futures Contracts

8 unchanged sentences

( 1,199,756 )

Total commodity futures contracts

Total commodity and cryptocurrency futures contracts

$ 109,828,706

$ ( 34,410,727 )

(1) The Hashdex Bitcoin Futures ETF commenced operations on September 15, 2022.

Volume of Derivative Activities

The average notional market value categorized by primary underlying risk for the futures contracts held was $ 902.8 million and $ 690.9 million respectively for the three and six months ended June 30, 2022 and $ 376.9 million and $ 365.7 million for the three and six months ended June 30, 2021, respectively.

The average notional market value categorized by primary underlying risk for the futures contracts held was $ 662.8 million and $ 611.7 million respectively for the three and nine months ended September 30, 2022 and $ 281.7 million and $ 334.0 million for the three and nine months ended September 30, 2021, respectively.

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:

June 30, 2022

September 30, 2022

Teucrium Corn Fund

3 unchanged sentences

Teucrium Wheat Fund

Hashdex Bitcoin Futures ETF

Teucrium Agricultural Fund:

18 unchanged sentences

Note 8 – Subsequent Events

Management has evaluated the financial statements for the quarter-ended June 30, 2022 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Trust and Funds other than those noted below:

Management has evaluated the financial statements for the quarter-ended September 30, 2022 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Trust and Funds other than those noted below:

Nothing to report.

2 unchanged sentences

Nothing to report.

The total net assets of the Fund decreased by $ 136,559,069 , or 30 %, for the period June 30, 2022 to August 8, 2022.

This was driven by a 9 % decrease in the NAV per share and a 23 % decrease in the shares outstanding.

Nothing to report.

Nothing to report.

The total net assets of the Fund increased by $ 1,058,752 , or 86 %, for the period September 30, 2022 to November 8, 2022.

This was driven by a 100 % increase in the shares outstanding and partially offset by a 7 % decrease in the NAV/share.

TEUCRIUM CORN FUND

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2022

December 31, 2021

September 30,

Cash and cash equivalents

2 unchanged sentences

Interest receivable

Capital shares receivable

Equity in trading accounts:

17 unchanged sentences

SCHEDULE OF INVESTMENTS

June 30, 2022

September 30, 2022

Percentage of

1 unchanged sentence

Money market funds

First American Government Obligations Fund - Class X (cost:

First American Governemnt Obligations Fund - Class X (cost $32,434,029)

Goldman Sachs Financial Square Government Fund - Institutional Class (cost:

Total money market funds (cost:

Principal Amount

Commercial Paper

Brookfield Infrastructure Holdings (Canada) Inc.

American Electric Power Company, Inc.

3.465% (cost:

$4,983,327 due 11/03/2022)

Brookfield Infrastructure Holdings (Canada) Inc.

3.277% (cost:

$7,453,425 due 11/28/2022)

Campbell Soup Company 2.125% (cost:

$7,475,091 due 08/17/2022)

Cigna Corporation 1.104% (cost:

$7,490,604 due 07/05/2022)

Cigna Corporation 1.003% (cost:

$2,496,458 due 07/06/2022)

Crown Castle International Corp.

Brookfield Infrastructure Holdings (Canada) Inc.

3.540% (cost:

$7,460,625 due 11/15/2022)

Crown Castle International Corp.

Crown Castle Inc.

3.234% (cost:

$2,487,556 due 11/10/2022)

Dollar General Corporation 1.922% (cost:

Crown Castle Inc.

3.806% (cost:

$2,485,900 due 11/23/2022)

1 unchanged sentence

$2,487,167 due 11/21/2022)

Enbridge (U.S.) Inc.

2.013% (cost:

$2,493,473 due 08/15/2022)

Entergy Corporation 3.030% (cost:

$2,487,500 due 11/14/2022)

1.054% (cost:

Entergy Corporation 3.163% (cost:

$2,480,678 due 11/28/2022)

Fortune Brands Home & Security, Inc.

3.040% (cost:

$2,488,922 due 10/21/2022)

FMC Corporation 1.709% (cost:

$2,495,868 due 07/15/2022)

General Motors Financial Company, Inc.

9 unchanged sentences

$996,733 due 10/18/2022)

Hyundai Capital America, Inc.

Harley-Davidson Financial Services, Inc.

3.487% (cost:

6 unchanged sentences

$2,491,133 due 10/24/2022)

Stanley Black & Decker, Inc.

3.129% (cost:

$2,492,250 due 10/21/2022)

The Walt Disney Company 0.852% (cost:

3.159% (cost:

$2,493,697 due 10/14/2022)

The Williams Companies, Inc.

3.158% (cost:

$4,987,828 due 10/14/2022)

3.434% (cost:

$7,479,458 due 10/21/2022)

Corporation 2.539% (cost:

$2,493,175 due 10/11/2022)

Verizon Communications Inc.

1.044% (cost:

Corporation 3.282% (cost:

$7,473,595 due 11/01/2022)

Corporation 3.759% (cost:

$2,480,935 due 12/09/2022)

3.473% (cost:

1 unchanged sentence

Total Commercial Paper (cost:

$114,718,220)

$ 114,843,622

Total Cash Equivalents

$ 172,043,146

Notional Amount

(Long Exposure)

Commodity futures contracts

United States corn futures contracts

CBOT corn futures MAR23 (2,207 contracts)

Percentage of

3 unchanged sentences

United States corn futures contracts

CBOT corn futures SEP22 (2,636 contracts)

CBOT corn futures DEC22 (2,297 contracts)

CBOT corn futures MAY23 (1,889 contracts)

CBOT corn futures DEC23 (2,426 contracts)

65 unchanged sentences

Three months ended

Six months ended

Six months ended

June 30, 2022

June 30, 2021

June 30, 2022

June 30, 2021

Nine months ended

Nine months ended

September 30, 2022

September 30, 2021

September 30, 2022

September 30, 2021

Realized and unrealized gain (loss) on trading of commodity futures contracts:

Realized gain on commodity futures contracts

Net change in unrealized depreciation on commodity futures contracts

Realized (loss) gain on commodity futures contracts

$ ( 10,344,285 )

Net change in unrealized appreciation/(depreciation) on commodity futures contracts

( 16,642,507 )

2 unchanged sentences

Interest income

Total (loss) income

Total income (loss)

( 10,548,273 )

8 unchanged sentences

Total expenses, net

Net (loss) income

Net income (loss)

$ ( 11,185,315 )

Net (loss) income per share

Net (loss) income per weighted average share

Net gain (loss) per share

Net income (loss) per weighted average share

Weighted average shares outstanding

2 unchanged sentences

STATEMENTS OF CHANGES IN NET ASSETS

Six months ended

Six months ended

June 30, 2022

June 30, 2021

Nine months ended

Nine months ended

September 30, 2022

September 30, 2021

Capital transactions

6 unchanged sentences

Net change in net assets

( 17,893,142 )

Net assets, beginning of period

11 unchanged sentences

STATEMENTS OF CASH FLOWS

Six months ended

Six months ended

June 30, 2022

June 30, 2021

Nine months ended

Nine months ended

September 30, 2022

September 30, 2021

Cash flows from operating activities:

21 unchanged sentences

Net change in cash and cash equivalents

( 23,132,531 )

Cash and cash equivalents, beginning of period

4 unchanged sentences

NOTES TO FINANCIAL STATEMENTS

June 30, 2022

September 30, 2022

Note 1 – Organization and Operation

25 unchanged sentences

It is suggested that these interim financial statements be read in conjunction with the financial statements and related notes included in the Trust’s Annual Report on Form 10-K, as well as the most recent Form S-1 filing, as applicable.

The operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022.

The operating results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022.

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.

25 unchanged sentences

CFTC and are members of the NFA.

The clearing brokers are registered as a broker-dealers with the SEC and are each a member of FINRA.

The clearing brokers are registered as broker-dealers with the SEC and are each a member of FINRA.

ED & F Man and StoneX are each clearing members of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges.

16 unchanged sentences

A summary of these expenses is included below:

Three months ended June 30, 2022

Three months ended June 30, 2021

Six months ended June 30, 2022

Six months ended June 30, 2021

Three months ended September 30, 2022

Three months ended September 30, 2021

Nine months ended September 30, 2022

Nine months ended September 30, 2021

Amount Recognized for Custody Services

25 unchanged sentences

Brokerage Commissions

Beginning on August 21, 2019, the Sponsor began recognizing the expense for brokerage commissions for futures contract trades on a per-trade basis.

Prior to the change, brokerage commissions on all open commodity futures contracts were accrued on the trade date and on a full-turn basis.

The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and six months ended June 30, 2022.

Three Months Ended June 30, 2022

Three Months Ended June 30, 2021

Six Months Ended June 30, 2022

Six Months Ended June 30, 2021

The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis.

The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and nine months ended September 30, 2022.

Three Months Ended September 30, 2022

Three Months Ended September 30, 2021

Nine Months Ended September 30, 2022

Nine Months Ended September 30, 2021

For federal income tax purposes, the Fund will be treated as a publicly traded partnership.

12 unchanged sentences

De-recognition of a tax benefit previously recognized results in the Fund recording a tax liability that reduces net assets.

Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of June 30, 2022 and for the years ended December 31, 2021, 2020, and 2019.

Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of September 30, 2022 and for the years ended December 31, 2021, 2020, and 2019.

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.

No interest expense or penalties have been recognized as of and for the three and six months ended June 30, 2022 and 2021.

No interest expense or penalties have been recognized as of and for the three and nine months ended September 30, 2022 and 2021.

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.

June 30, 2022

September 30, 2022

December 31, 2021

54 unchanged sentences

Such expenses are primarily recorded as distribution and marketing fees in the financial statements of each Fund.

Three months ended June 30, 2022

Three months ended June 30, 2021

Six months ended June 30, 2022

Six months ended June 30, 2021

Three months ended September 30, 2022

Three months ended September 30, 2021

Nine months ended September 30, 2022

Nine months ended September 30, 2021

Recognized Related Party Transactions

4 unchanged sentences

The Sponsor has determined that there will be no recovery sought for the amounts below in any future period:

Three months ended June 30, 2022

Three months ended June 30, 2021

Six months ended June 30, 2022

Six months ended June 30, 2021

Three months ended September 30, 2022

Three months ended September 30, 2021

Nine months ended September 30, 2022

Nine months ended September 30, 2021

Use of Estimates

29 unchanged sentences

When such a situation exists on a quarter close, the Sponsor will calculate the Net Asset Value (“NAV”) on a particular day using the Level 1 valuation but will later recalculate the NAV for the impacted Fund based upon the valuation inputs from these alternative verifiable sources (Level 2 or Level 3) and will report such NAV in its applicable financial statements and reports.

On June 30, 2022 and December 31, 2021, in the opinion of the Trust and the Fund, the reported value at the close of the market for each commodity contract fairly reflected the value of the futures and no alternative valuations were required.

On September 30, 2022 and December 31, 2021, in the opinion of the Trust and the Fund, the reported value at the close of the market for each commodity contract fairly reflected the value of the futures and no alternative valuations were required.

The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period.

71 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.

The following table presents information about the Fund’s assets and liabilities measured at fair value as of June 30, 2022 and December 31, 2021:

June 30, 2022

Balance as of June 30, 2022

The following table presents information about the Fund’s assets and liabilities measured at fair value as of September 30, 2022 and December 31, 2021:

September 30, 2022

Balance as of September 30, 2022

Cash Equivalents

1 unchanged sentence

$ 172,043,146

Balance as of June 30, 2022

Commodity Futures Contracts

Corn futures contracts

$ 178,617,089

$ 178,617,089

Balance as of September 30, 2020

Commodity Futures Contracts

Corn futures contracts

December 31, 2021

3 unchanged sentences

Corn futures contracts

For the three and six months ended June 30, 2022 and year ended December 31, 2021, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.

For the three and nine months ended September 30, 2022 and year ended December 31, 2021, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.

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.

For the three and six months ended June 30, 2022 and year ended December 31, 2021, the Fund invested only in commodity futures contracts.

For the three and nine months ended September 30, 2022 and year ended December 31, 2021, the Fund invested only in commodity futures contracts.

Futures Contracts

14 unchanged sentences

Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.”

The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, E D & F Man and StoneX as of June 30, 2022, and December 31, 2021.

The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, E D & F Man and StoneX as of September 30, 2022, and December 31, 2021.

*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.

Offsetting of Financial Liabilities and Derivative Liabilities as of June 30, 2022

Offsetting of Financial Assets and Derivative Assets as of September 30, 2022

(iii) = (i)-(ii)

1 unchanged sentence

Gross Amount Not Offset in the Statement of Assets and Liabilities

Gross Amount of Recognized Assets

Gross Amount Offset in the Statement of Assets and Liabilities

Net Amount Presented in the Statement of Assets and Liabilities

Futures Contracts Available for Offset

Collateral, Due to Broker

Commodity Price

Corn futures contracts

Offsetting of Financial Liabilities and Derivative Liabilities as of September 30, 2022

(iii) = (i)-(ii)

(v)=(iii)-(iv)

Gross Amount Not Offset in the Statement of Assets and Liabilities

Gross Amount of Recognized Liabilities

17 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:

Three months ended June 30, 2022

Realized Gain on Commodity Futures Contracts

Net Change in Unrealized Depreciation on Commodity Futures Contracts

Three months ended September 30, 2022

Realized Loss on Commodity Futures Contracts

Net Change in Unrealized Appreciation on Commodity Futures Contracts

Commodity Price

1 unchanged sentence

$ ( 10,344,285 )

Three months ended June 30, 2021

Three months ended September 30, 2021

Realized Gain on Commodity Futures Contracts

3 unchanged sentences

$ ( 16,642,507 )

Six months ended June 30, 2022

Nine months ended September 30, 2022

Realized Gain on Commodity Futures Contracts

3 unchanged sentences

$ ( 3,698,432 )

Six months ended June 30, 2021

Nine months ended September 30, 2021

Realized Gain on Commodity Futures Contracts

4 unchanged sentences

Volume of Derivative Activities

The average notional market value categorized by primary underlying risk for the futures contracts held was $ 286.2 million and $ 226.8 million respectively for the three and six months ended June 30, 2022 and $ 185.5 million and $ 173.7 million for the three and six months ended June 30, 2021, respectively.

The average notional market value categorized by primary underlying risk for the futures contracts held was $ 209.7 million and $ 201.4 million respectively for the three and nine months ended September 30, 2022 and $ 126.7 million and $ 154.1 million for the three and nine months ended September 30, 2021, respectively.

Note 6 – Financial Highlights

The following tables present per unit performance data and other supplemental financial data for the three and six months ended June 30, 2022 and 2021.

The following tables present per unit performance data and other supplemental financial data for the three and nine months ended September 30, 2022 and 2021.

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

Six months ended

Six months ended

June 30, 2022

June 30, 2021

June 30, 2022

June 30, 2021

Nine months ended

Nine months ended

September 30, 2022

September 30, 2021

September 30, 2022

September 30, 2021

Per Share Operation Performance

2 unchanged sentences

Investment income

Net realized and unrealized (loss) gain on commodity futures contracts

Net realized and unrealized gain on commodity futures contracts

Total expenses, net

Net (decrease) increase in net asset value

Net increase (decrease) in net asset value

Net asset value at end of period

2 unchanged sentences

Total expenses, net

Net investment loss

Net investment income (loss)

The financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses.

3 unchanged sentences

Note 8 – Subsequent Events

Management has evaluated the financial statements for the quarter-ended June 30, 2022 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund.

Management has evaluated the financial statements for the quarter-ended September 30, 2022 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund.

TEUCRIUM SOYBEAN FUND

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2022

September 30, 2022

December 31, 2021

5 unchanged sentences

Total equity in trading accounts

Payable for shares redeemed

Management fee payable to Sponsor

13 unchanged sentences

SCHEDULE OF INVESTMENTS

June 30, 2022

September 30, 2022

Percentage of

Cash equivalents

Money market funds

First American Government Obligations Fund - Class X (cost:

First American Funds - Government Obligations Fund - Class X (cost $17,432,839)

Goldman Sachs Financial Square Government Fund - Institutional Class (cost:

2 unchanged sentences

Commercial Paper

Brookfield Infrastructure Holdings (Canada) Inc.

American Electric Power Company, Inc.

3.465% (cost:

$2,491,663 due 11/03/2022)

Campbell Soup Company 2.125% (cost:

$4,983,443 due 08/17/2022)

Cigna Corporation 1.104% (cost:

$2,496,868 due 07/05/2022)

CNH Industrial Capital LLC 1.708% (cost:

$2,497,521 due 07/18/2022)

Crown Castle International Corp.

Brookfield Infrastructure Holdings (Canada) Inc.

3.540% (cost:

$4,973,750 due 11/15/2022)

Dollar General Corporation 1.922% (cost:

$2,492,042 due 08/29/2022)

du Pont de Nemours and Company 1.024% (cost:

$2,493,625 due 08/01/2022)

Enbridge (U.S.) Inc.

Crown Castle Inc.

3.234% (cost:

$2,487,555 due 11/10/2022)

1.357% (cost:

Entergy Corporation 3.030% (cost:

$2,487,500 due 11/14/2022)

Fortune Brands Home & Security, Inc.

General Motors Financial Company, Inc.

2.929% (cost:

$2,485,903 due 10/14/2022)

Glencore Funding LLC 2.898% (cost:

$2,487,444 due 10/18/2022)

Harley-Davidson Financial Services, Inc.

3.029% (cost:

$6,671,525 due 10/05/2022)

Harley-Davidson Financial Services, Inc.

3.487% (cost:

$2,489,698 due 11/03/2022)

Stanley Black & Decker, Inc.

3.158% (cost:

$2,493,914 due 10/14/2022)

Verizon Communications Inc.

3.535% (cost:

2 unchanged sentences

Total Cash Equivalents

Notional Amount

(Long Exposure)

Commodity futures contracts

United States soybean futures contracts

CBOT soybean futures NOV22 (360 contracts)

Percentage of

3 unchanged sentences

United States soybean futures contracts

CBOT soybean futures JAN23 (308 contacts)

CBOT soybean futures NOV23 (394 contacts)

CBOT soybean futures JAN23 (339 contracts)

CBOT soybean futures MAR23 (290 contracts)

CBOT soybean futures NOV23 (356 contracts)

Total commodity futures contracts

47 unchanged sentences

Three months ended

Six months ended

Six months ended

June 30, 2022

June 30, 2021

June 30, 2022

June 30, 2021

Nine months ended

Nine months ended

September 30, 2022

September 30, 2021

September 30, 2022

September 30, 2021

Realized and unrealized gain (loss) on trading of commodity futures contracts:

Realized gain on commodity futures contracts

Net change in unrealized (depreciation) appreciation on commodity futures contracts

Net change in unrealized depreciation on commodity futures contracts

( 3,855,440 )

1 unchanged sentence

( 5,768,700 )

( 15,794,481 )

Interest income

Total (loss) income

( 2,512,328 )

( 4,312,746 )

Management fees

9 unchanged sentences

$ ( 2,816,428 )

Net income per share

$ ( 4,573,209 )

Net (loss) gain per share

Net (loss) income per weighted average share

3 unchanged sentences

STATEMENTS OF CHANGES IN NET ASSETS

Six months ended

Six months ended

June 30, 2022

June 30, 2021

Nine months ended

Nine months ended

September 30, 2022

September 30, 2021

Capital transactions

16 unchanged sentences

STATEMENTS OF CASH FLOWS

Six months ended

Six months ended

June 30, 2022

June 30, 2021

Nine months ended

Nine months ended

September 30, 2022

September 30, 2021

Cash flows from operating activities:

4 unchanged sentences

( 5,445,820 )

( 3,451,445 )

Interest receivable

Payable for purchases of commercial paper

( 4,997,451 )

Due to broker

1 unchanged sentence

Management fee payable to Sponsor

Payable for purchases of commercial paper

( 4,997,451 )

Other liabilities

13 unchanged sentences

NOTES TO FINANCIAL STATEMENTS

June 30, 2022

September 30, 2022

Note 1 – Organization and Operation

24 unchanged sentences

It is suggested that these interim financial statements be read in conjunction with the financial statements and related notes included in the Trust’s Annual Report on Form 10-K, as well as the most recent Form S-1 filing, as applicable.

The operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022.

The operating results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022.

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.

26 unchanged sentences

CFTC and are members of the NFA.

The clearing brokers are registered as a broker-dealers with the SEC and are each a member of FINRA.

The clearing brokers are registered as broker-dealers with the SEC and are each a member of FINRA.

ED & F Man and StoneX are each clearing members of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges.

1 unchanged sentence

StoneX is paid $2.50 per round turn exclusive of pass-through fees for the exchange and the NFA.

Additionally, if the monthly commissions paid by each Fund does not equal or exceed 20% return on the StoneX Capital Requirement at 9.6% of the Exchange Maintenance Margin, each Fund will pay a true up to meet that return at the end of each month.

These expenses are recognized on a per-trade basis.

12 unchanged sentences

A summary of these expenses is included below:

Three months ended June 30, 2022

Three months ended June 30, 2021

Six months ended June 30, 2022

Six months ended June 30, 2021

Three months ended September 30, 2022

Three months ended September 30, 2021

Nine months ended September 30, 2022

Nine months ended September 30, 2021

Amount Recognized for Custody Services

25 unchanged sentences

Brokerage Commissions

Beginning on August 21, 2019, the Sponsor began recognizing the expense for brokerage commissions for futures contract trades on a per-trade basis.

Prior to the change, brokerage commissions on all open commodity futures contracts were accrued on the trade date and on a full-turn basis.

The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and six months ended June 30, 2022.

Three Months Ended June 30, 2022

Three Months Ended June 30, 2021

Six Months Ended June 30, 2022

Six Months Ended June 30, 2021

the Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis.

The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and nine months ended September 30, 2022.

Three Months Ended September 30, 2022

Three Months Ended September 30, 2021

Nine Months Ended September 30, 2022

Nine Months Ended September 30, 2021

For federal income tax purposes, each Fund will be treated as a publicly traded partnership.

12 unchanged sentences

De-recognition of a tax benefit previously recognized results in the Fund recording a tax liability that reduces net assets.

Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of June 30, 2022 and for the years ended December 31, 2021, 2020, and 2019.

Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of September 30, 2022 and for the years ended December 31, 2021, 2020, and 2019.

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.

No interest expense or penalties have been recognized as of and for the three and six months ended June 30, 2022 and 2021.

No interest expense or penalties have been recognized as of and for the three and nine months ended September 30, 2022 and 2021.

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.

June 30, 2022

December 31, 2021

September 30,

Money Market Funds

51 unchanged sentences

Such expenses are primarily recorded as distribution and marketing fees in the financial statements of each Fund.

Three months ended June 30, 2022

Three months ended June 30, 2021

Six months ended June 30, 2022

Six months ended June 30, 2021

Three months ended September 30, 2022

Three months ended September 30, 2021

Nine months ended September 30, 2022

Nine months ended September 30, 2021

Recognized Related Party Transactions

4 unchanged sentences

The Sponsor has determined that there will be no recovery sought for the amounts below in any future period:

Three months ended June 30, 2022

Three months ended June 30, 2021

Six months ended June 30, 2022

Six months ended June 30, 2021

Three months ended September 30, 2022

Three months ended September 30, 2021

Nine months ended September 30, 2022

Nine months ended September 30, 2021

Use of Estimates

29 unchanged sentences

When such a situation exists on a quarter close, the Sponsor will calculate the NAV on a particular day using the Level 1 valuation but will later recalculate the NAV for the impacted Fund based upon the valuation inputs from these alternative verifiable sources (Level 2 or Level 3) and will report such NAV in its applicable financial statements and reports.

On June 30, 2022 and December 31, 2021, in the opinion of the Trust and the Fund, the reported value at the close of the market for each commodity contract fairly reflected the value of the futures and no alternative valuations were required.

On September 30, 2022 and December 31, 2021, in the opinion of the Trust and the Fund, the reported value at the close of the market for each commodity contract fairly reflected the value of the futures and no alternative valuations were required.

The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period.

65 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.

The following table presents information about the Fund’s assets and liabilities measured at fair value as of June 30, 2022 and December 31, 2021:

June 30, 2022

Balance as of June 30, 2022

The following table presents information about the Fund’s assets and liabilities measured at fair value as of September 30, 2022 and December 31, 2021:

September 30, 2022

Balance as of September 30, 2022

Cash Equivalents

Commodity Futures Contracts

Soybean futures contracts

Balance as of June 30, 2022

Balance as of September 30, 2022

Commodity Futures Contracts

5 unchanged sentences

Soybean futures contracts

For the three and six months ended June 30, 2022 and year ended December 31, 2021, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy, except for the JUL21 CBOT soybean futures, and the Nov21 CBOT soybean futures, were reflected as a Level 2 asset for the period ended March 31, 2021 due to a “limit up” condition.

For the three and nine months ended September 30, 2022 and year ended December 31, 2021, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy, except for the JUL21 CBOT soybean futures, and the Nov21 CBOT soybean futures, were reflected as a Level 2 asset for the period ended March 31, 2021 due to a “limit up” condition.

These Soybean contracts transferred back to a Level 1 asset for the period ended June 30, 2021.

6 unchanged sentences

In addition to its primary underlying risks, the Fund is also subject to additional counterparty risk due to inability of its counterparties to meet the terms of their contracts.

For the three and six months ended June 30, 2022 and year ended December 31, 2021, the Fund invested only in commodity futures contracts.

For the three and nine months ended September 30, 2022 and year ended December 31, 2021, the Fund invested only in commodity futures contracts.

Futures Contracts

14 unchanged sentences

Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.”

The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, E D & F Man and StoneX as of June 30, 2022, and December 31, 2021.

The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, E D & F Man and StoneX as of September 30, 2022, and December 31, 2021.

*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.

Offsetting of Financial Assets and Derivative Assets as of June 30, 2022

(iii) = (i)-(ii)

(v)=(iii)-(iv)

Gross Amount Not Offset in the Statement of Assets and Liabilities

Gross Amount of Recognized Assets

Gross Amount Offset in the Statement of Assets and Liabilities

Net Amount Presented in the Statement of Assets and Liabilities

Futures Contracts Available for Offset

Collateral, Due to Broker

Commodity Price

Soybean futures contracts

Offsetting of Financial Liabilities and Derivative Liabilities as of June 30, 2022

Offsetting of Financial Liabilities and Derivative Liabilities as of September 30, 2022

(iii) = (i)-(ii)

20 unchanged sentences

The following is a summary of realized and unrealized gains and losses of the derivative instruments utilized by the Fund:

Three months ended June 30, 2022

Three months ended September 30, 2022

Realized Gain on Commodity Futures Contracts

3 unchanged sentences

$ ( 3,855,440 )

Three months ended June 30, 2021

Three months ended September 30, 2021

Realized Gain on Commodity Futures Contracts

Net Change in Unrealized Appreciation on Commodity Futures Contracts

Net Change in Unrealized Depreciation on Commodity Futures Contracts

Commodity Price

Soybean futures contracts

Six months ended June 30, 2022

$ ( 7,754,543 )

Nine months ended September 30, 2022

Realized Gain on Commodity Futures Contracts

3 unchanged sentences

$ ( 5,768,700 )

Six months ended June 30, 2021

Nine months ended September 30, 2021

Realized Gain on Commodity Futures Contracts

4 unchanged sentences

Volume of Derivative Activities

The average notional market value categorized by primary underlying risk for all futures contracts held was $ 80.3 million and $ 68.5 million respectively for the three and six months ended June 30, 2022 and $ 83.6 million and $ 90.3 million for the three and six months ended June 30, 2021, respectively.

The average notional market value categorized by primary underlying risk for all futures contracts held was $ 68.6 million and $ 64.6 million respectively for the three and nine months ended September 30, 2022 and $ 54.6 million and $ 80.7 million for the three and nine months ended September 30, 2021, respectively.

Note 6 – Financial Highlights

The following tables present per unit performance data and other supplemental financial data for the three and six months ended June 30, 2022 and 2021.

The following tables present per unit performance data and other supplemental financial data for the three and nine months ended September 30, 2022 and 2021.

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

Six months ended

Six months ended

June 30, 2022

June 30, 2021

June 30, 2022

June 30, 2021

Nine months ended

Nine months ended

September 30, 2022

September 30, 2021

September 30, 2022

September 30, 2021

Per Share Operation Performance

2 unchanged sentences

Investment income

Net realized and unrealized gain on commodity futures contracts

Net realized and unrealized (loss) gain on commodity futures contracts

Total expenses, net

Net increase in net asset value

Net (decrease) increase in net asset value

Net asset value at end of period

2 unchanged sentences

Total expenses, net

Net investment loss

Net investment income (loss)

The financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses.

3 unchanged sentences

Note 8 – Subsequent Events

Management has evaluated the financial statements for the quarter-ended June 30, 2022 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund.

Management has evaluated the financial statements for the quarter-ended September 30, 2022 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund.

TEUCRIUM SUGAR FUND

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2022

September 30, 2022

December 31, 2021

18 unchanged sentences

SCHEDULE OF INVESTMENTS

June 30, 2022

September 30, 2022

Percentage of

6 unchanged sentences

Commercial Paper

Cigna Corporation 1.104% (cost:

$499,374 due 07/05/2022)

FMC Corporation 2.011% (cost:

$2,496,389 due 07/18/2022)

Fortune Brands Home & Security, Inc.

Harley-Davidson Financial Services, Inc.

3.487% (cost:

2 unchanged sentences

$2,491,740 due 10/17/2022)

The Williams Companies, Inc.

3.129% (cost:

2 unchanged sentences

$2,493,681 due 10/19/2022)

Corporation 3.282% (cost:

$2,491,198 due 11/01/2022)

Total Commercial Paper (cost:

Total Cash Equivalents

Notional Amount

(Long Exposure)

Commodity futures contracts

United States sugar futures contracts

ICE sugar futures MAY23 (477 contracts)

Percentage of

3 unchanged sentences

United States sugar futures contracts

ICE sugar futures MAR23 (538 contracts)

ICE sugar futures MAY23 (471 contracts)

ICE sugar futures JUL23 (414 contracts)

ICE sugar futures MAR24 (475 contracts)

37 unchanged sentences

Three months ended

Six months ended

Six months ended

June 30, 2022

June 30, 2021

June 30, 2022

June 30, 2021

Nine months ended

Nine months ended

September 30, 2022

September 30, 2021

September 30, 2022

September 30, 2021

Realized and unrealized gain (loss) on trading of commodity futures contracts:

Realized gain on commodity futures contracts

Realized (loss) gain on commodity futures contracts

$ ( 948,329 )

$ ( 476,906 )

Net change in unrealized (depreciation) appreciation on commodity futures contracts

2 unchanged sentences

Interest income

Total (loss) income

Total income (loss)

( 1,812,814 )

( 2,535,843 )

Management fees

4 unchanged sentences

General and administrative expenses

Other expenses

Total expenses

4 unchanged sentences

$ ( 2,910,520 )

Net (loss) income per share

Net (loss) gain per share

Net (loss) income per weighted average share

3 unchanged sentences

STATEMENTS OF CHANGES IN NET ASSETS

Six months ended

Six months ended

June 30, 2022

June 30, 2021

Nine months ended

Nine months ended

September 30, 2022

September 30, 2021

Net (loss) income

16 unchanged sentences

STATEMENTS OF CASH FLOWS

Six months ended

Six months ended

June 30, 2022

June 30, 2021

Nine months ended

Nine months ended

September 30, 2022

September 30, 2021

Cash flows from operating activities:

23 unchanged sentences

NOTES TO FINANCIAL STATEMENTS

June 30, 2022

September 30, 2022

Note 1 – Organization and Operation

25 unchanged sentences

It is suggested that these interim financial statements be read in conjunction with the financial statements and related notes included in the Trust’s Annual Report on Form 10-K, as well as the most recent Form S-1 filing, as applicable.

The operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022.

The operating results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022.

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.

26 unchanged sentences

CFTC and are members of the NFA.

The clearing brokers are registered as a broker-dealers with the SEC and are each a member of FINRA.

The clearing brokers are registered as broker-dealers with the SEC and are each a member of FINRA.

ED & F Man and StoneX are each clearing members of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges.

1 unchanged sentence

StoneX is paid $2.50 per round turn exclusive of pass-through fees for the exchange and the NFA.

Additionally, if the monthly commissions paid by each Fund does not equal or exceed 20% return on the StoneX Capital Requirement at 9.6% of the Exchange Maintenance Margin, each Fund will pay a true up to meet that return at the end of each month.

These expenses are recognized on a per-trade basis.

12 unchanged sentences

A summary of these expenses is included below:

Three months ended June 30, 2022

Three months ended June 30, 2021

Six months ended June 30, 2022

Six months ended June 30, 2021

Three months ended September 30, 2022

Three months ended September 30, 2021

Nine months ended September 30, 2022

Nine months ended September 30, 2021

Amount Recognized for Custody Services

24 unchanged sentences

Brokerage Commissions

Beginning on August 21, 2019, the Sponsor began recognizing the expense for brokerage commissions for futures contract trades on a per-trade basis.

Prior to the change, brokerage commissions on all open commodity futures contracts were accrued on the trade date and on a full-turn basis.

The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and six months ended June 30, 2022.

Three Months Ended June 30, 2022

Three Months Ended June 30, 2021

Six Months Ended June 30, 2022

Six Months Ended June 30, 2021

The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis.

The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and nine months ended September 30, 2022.

Three Months Ended September 30, 2022

Three Months Ended September 30, 2021

Nine Months Ended September 30, 2022

Nine Months Ended September 30, 2021

For federal income tax purposes, the Fund will be treated as a publicly traded partnership.

12 unchanged sentences

De-recognition of a tax benefit previously recognized results in the Fund recording a tax liability that reduces net assets.

Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of June 30, 2022 and for the years ended December 31, 2021, 2020, and 2019.

Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of September 30, 2022 and for the years ended December 31, 2021, 2020, and 2019.

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.

No interest expense or penalties have been recognized as of and for the three and six months ended June 30, 2022 and 2021.

No interest expense or penalties have been recognized as of and for the three and nine months ended September 30, 2022 and 2021.

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.

June 30, 2022

December 31, 2021

September 30,

Money Market Funds

48 unchanged sentences

Such expenses are primarily recorded as distribution and marketing fees in the financial statements of each Fund.

Three months ended June 30, 2022

Three months ended June 30, 2021

Six months ended June 30, 2022

Six months ended June 30, 2021

Three months ended September 30,

Three months ended September 30,

Nine months ended September 30,

Nine months ended September 30,

Recognized Related Party Transactions

4 unchanged sentences

The Sponsor has determined that there will be no recovery sought for the amounts below in any future period:

Three months ended June 30, 2022

Three months ended June 30, 2021

Six months ended June 30, 2022

Six months ended June 30, 2021

Three months ended September 30, 2022

Three months ended September 30, 2021

Nine months ended September 30, 2022

Nine months ended September 30, 2021

Use of Estimates

29 unchanged sentences

When such a situation exists on a quarter close, the Sponsor will calculate the NAV on a particular day using the Level 1 valuation but will later recalculate the NAV for the impacted Fund based upon the valuation inputs from these alternative verifiable sources (Level 2 or Level 3) and will report such NAV in its applicable financial statements and reports.

On June 30, 2022 and December 31, 2021, in the opinion of the Trust and the Fund, the reported value of the Sugar Futures Contracts traded on the ICE fairly reflected the value of the Sugar Futures Contracts held by the Fund, and no adjustments were necessary.

On September 30, 2022 and December 31, 2021, in the opinion of the Trust and the Fund, the reported value of the Sugar Futures Contracts traded on the ICE fairly reflected the value of the Sugar Futures Contracts held by the Fund, and no adjustments were necessary.

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.

For the three and six months ended June 30, 2022 and year ended December 31, 2021, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.

For the three and nine months ended September 30, 2022 and year ended December 31, 2021, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.

The Fund records its derivative activities at fair value.

59 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.

The following table presents information about the Fund’s assets and liabilities measured at fair value as of June 30, 2022 and December 31, 2021:

June 30, 2022

Balance as of June 30, 2022

The following table presents information about the Fund’s assets and liabilities measured at fair value as of September 30, 2022 and December 31, 2021:

September 30, 2022

Balance as of September 30, 2022

Cash Equivalents

Commodity Futures Contracts

Sugar futures contracts

Balance as of June 30, 2022

Balance as of September 30, 2022

Commodity Futures Contracts

1 unchanged sentence

December 31, 2021

Balance as of December 31, 2021

Balance as of

December 31, 2021

Cash Equivalents

1 unchanged sentence

Sugar futures contracts

Balance as of December 31, 2021

Commodity Futures Contracts

Balance as of

December 31, 2021

Sugar futures contracts

For the three and six months ended June 30, 2022 and year ended December 31, 2021, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.

For the three and nine months ended September 30, 2022 and year ended December 31, 2021, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.

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.

For the three and six months ended June 30, 2022 and year ended December 31, 2021, the Fund invested only in commodity futures contracts.

For the three and nine months ended September 30, 2022 and year ended December 31, 2021, the Fund invested only in commodity futures contracts.

Futures Contracts

14 unchanged sentences

Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.”

The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, E D & F Man and StoneX as of June 30, 2022, and December 31, 2021.

The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, E D & F Man and StoneX as of September 30, 2022, and December 31, 2021.

*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.

Offsetting of Financial Assets and Derivative Assets as of June 30, 2022

(iii) = (i)-(ii)

(v)=(iii)-(iv)

Gross Amount Not Offset in the Statement of Assets and Liabilities

Gross Amount of Recognized Assets

Gross Amount Offset in the Statement of Assets and Liabilities

Net Amount Presented in the Statement of Assets and Liabilities

Futures Contracts Available for Offset

Collateral, Due to Broker

Commodity Price

Sugar futures contracts

Offsetting of Financial Liabilities and Derivative Liabilities as of June 30, 2022

Offsetting of Financial Liabilities and Derivative Liabilities as of September 30, 2022

(iii) = (i)-(ii)

31 unchanged sentences

The following tables identify the net gain and loss amounts included in the statements of operations as realized and unrealized gains and losses on trading of commodity futures contracts categorized by primary underlying risk:

Three months ended June 30, 2022

Realized Gain on Commodity Futures Contracts

Three months ended September 30, 2022

Realized Loss on Commodity Futures Contracts

Net Change in Unrealized Depreciation on Commodity Futures Contracts

2 unchanged sentences

$ ( 948,329 )

Three months ended June 30, 2021

$ ( 1,014,429 )

Three months ended September 30, 2021

Realized Gain on Commodity Futures Contracts

2 unchanged sentences

Sugar futures contracts

Six months ended June 30, 2022

Realized Gain on Commodity Futures Contracts

Nine months ended September 30, 2022

Realized Loss on Commodity Futures Contracts

Net Change in Unrealized Depreciation on Commodity Futures Contracts

2 unchanged sentences

$ ( 476,906 )

Six months ended June 30, 2021

$ ( 2,281,371 )

Nine months ended September 30, 2021

Realized Gain on Commodity Futures Contracts

3 unchanged sentences

Volume of Derivative Activities

The average notional market value categorized by primary underlying risk for all futures contracts held were $ 35.2 million and $ 28.3 million respectively for the three and six months ended June 30, 2022 and $ 19.9 million and $ 17.4 million for the three and six months ended June 30, 2021, respectively.

The average notional market value categorized by primary underlying risk for all futures contracts held were $ 27.2 million and $ 25.6 million respectively for the three and nine months ended September 30, 2022 and $ 24.4 million and $ 18.9 million for the three and nine months ended September 30, 2021, respectively.

Note 6 – Financial Highlights

The following table presents per unit performance data and other supplemental financial data for the three and six months ended June 30, 2022 and 2021.

The following table presents per unit performance data and other supplemental financial data for the three and nine months ended September 30, 2022 and 2021.

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

Six months ended

Six months ended

June 30, 2022

June 30, 2021

June 30, 2022

June 30, 2021

Nine months ended

Nine months ended

September 30, 2022

September 30, 2021

September 30, 2022

September 30, 2021

Per Share Operation Performance

9 unchanged sentences

Total expenses, net

Net investment loss

Net investment income (loss)

The financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses.

3 unchanged sentences

Note 8 – Subsequent Events

Management has evaluated the financial statements for the quarter-ended June 30, 2022 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund.

Management has evaluated the financial statements for the quarter-ended September 30, 2022 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund.

TEUCRIUM WHEAT FUND

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2022

September 30, 2022

December 31, 2021

2 unchanged sentences

Interest receivable

Capital shares receivable

Equity in trading accounts:

2 unchanged sentences

Total equity in trading accounts

Payable for shares redeemed

Management fee payable to Sponsor

14 unchanged sentences

SCHEDULE OF INVESTMENTS

June 30, 2022

September 30, 2022

Percentage of

2 unchanged sentences

First American Government Obligations Fund - Class X (cost $90,511,696)

$129,137,919)

$ 129,137,919

Goldman Sachs Financial Square Government Fund - Institutional Class (cost:

$106,475,084)

Total money market funds (cost:

3 unchanged sentences

Commercial Paper

Brookfield Infrastructure Holdings (Canada) Inc.

American Electric Power Company, Inc.

3.465% (cost:

$4,983,327 due 11/03/2022)

Brookfield Infrastructure Holdings (Canada) Inc.

3.277% (cost:

$7,453,425 due 11/28/2022)

Campbell Soup Company 2.125% (cost:

$7,475,091 due 08/17/2022)

Cigna Corporation 1.104% (cost:

$2,496,868 due 07/05/2022)

Cigna Corporation 1.003% (cost:

$2,496,458 due 07/06/2022)

CNH Industrial Capital LLC 1.708% (cost:

$2,497,521 due 07/18/2022)

Crown Castle International Corp.

Brookfield Infrastructure Holdings (Canada) Inc.

3.540% (cost:

$7,460,625 due 11/15/2022)

Crown Castle International Corp.

Crown Castle Inc.

3.234% (cost:

$2,487,556 due 11/10/2022)

Dollar General Corporation 1.922% (cost:

Crown Castle Inc.

3.806% (cost:

$2,018,551 due 11/23/2022)

5 unchanged sentences

$9,922,713 due 11/28/2022)

1.054% (cost:

$4,987,022 due 07/19/2022)

1.265% (cost:

$2,494,663 due 08/01/2022)

Fortune Brands Home & Security, Inc.

3.040% (cost:

$2,488,922 due 10/21/2022)

FMC Corporation 1.709% (cost:

$7,487,604 due 07/15/2022)

FMC Corporation 2.011% (cost:

$3,994,223 due 07/18/2022)

Fortune Brands Home & Security, Inc.

12 unchanged sentences

$4,978,775 due 10/03/2022)

Glencore Funding LLC 2.898% (cost:

$2,487,444 due 10/18/2022)

Harley-Davidson Financial Services, Inc.

4 unchanged sentences

$2,489,698 due 11/03/2022)

Hyundai Capital America, Inc.

2.518% (cost:

8 unchanged sentences

$7,476,750 due 10/21/2022)

Stanley Black & Decker, Inc.

3.158% (cost:

$4,987,828 due 10/14/2022)

The Walt Disney Company 0.852% (cost:

3.159% (cost:

$4,987,393 due 10/14/2022)

The Williams Companies, Inc.

3.535% (cost:

$2,493,681 due 10/19/2022)

3.434% (cost:

$4,986,306 due 10/21/2022)

Corporation 2.539% (cost:

7 unchanged sentences

$ 330,031,218

Percentage of

Notional Amount

2 unchanged sentences

United States wheat futures contracts

CBOT wheat futures SEP22 (3,563 contracts)

CBOT wheat futures MAR23 (2,854 contracts)

$ 132,996,400

CBOT wheat futures DEC22 (3,002 contracts)

CBOT wheat futures DEC23 (3,557 contracts)

CBOT wheat futures MAY23 (2,430 contracts)

Total commodity futures contracts

$ 246,811,525

Percentage of

Notional Amount

(Long Exposure)

Commodity futures contracts

United States wheat futures contracts

CBOT wheat futures DEC23 (2,899 contracts)

$ 131,179,750

The accompanying notes are an integral part of these financial statements.

68 unchanged sentences

Three months ended

Six months ended

Six months ended

June 30, 2022

June 30, 2021

June 30, 2022

June 30, 2021

Nine months ended

Nine months ended

September 30, 2022

September 30, 2021

September 30, 2022

September 30, 2021

Realized and unrealized gain (loss) on trading of commodity futures contracts:

Realized gain on commodity futures contracts

Net change in unrealized (depreciation) appreciation on commodity futures contracts

Realized (loss) gain on commodity futures contracts

$ ( 92,957,415 )

$ ( 53,537,910 )

Net change in unrealized appreciation/(depreciation) on commodity futures contracts

( 3,790,712 )

Interest income

Total (loss) income

( 1,199,756 )

Interest income

Total income (loss)

( 54,397,249 )

8 unchanged sentences

Total expenses, net

Net (loss) income

$ ( 59,861,562 )

Net income (loss)

$ ( 59,064,706 )

Net (loss) income per share

Net (loss) income per weighted average share

Net gain per share

Net income (loss) per weighted average share

Weighted average shares outstanding

2 unchanged sentences

STATEMENTS OF CHANGES IN NET ASSETS

Six months ended

Six months ended

June 30, 2022

June 30, 2021

Nine months ended

Nine months ended

September 30, 2022

September 30, 2021

Net (loss) income

6 unchanged sentences

Total capital transactions

( 7,807,965 )

Net change in net assets

9 unchanged sentences

STATEMENTS OF CASH FLOWS

Six months ended

Six months ended

June 30, 2022

June 30, 2021

Nine months ended

Nine months ended

September 30, 2022

September 30, 2021

Cash flows from operating activities:

6 unchanged sentences

( 36,616,154 )

( 5,453,399 )

Interest receivable

1 unchanged sentence

( 2,571,103 )

Payable for purchases of commercial paper

Management fee payable to Sponsor

7 unchanged sentences

( 32,458,278 )

Net cash provided by financing activities

Net cash provided by (used in) financing activities

( 9,962,775 )

Net change in cash and cash equivalents

4 unchanged sentences

NOTES TO FINANCIAL STATEMENTS

June 30, 2022

September 30, 2022

Note 1 – Organization and Operation

25 unchanged sentences

It is suggested that these interim financial statements be read in conjunction with the financial statements and related notes included in the Trust’s Annual Report on Form 10-K, as well as the most recent Form S-1 filing, as applicable.

The operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022.

The operating results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022.

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.

26 unchanged sentences

CFTC and are members of the NFA.

The clearing brokers are registered as a broker-dealers with the SEC and are each a member of FINRA.

The clearing brokers are registered as broker-dealers with the SEC and are each a member of FINRA.

ED & F Man and StoneX are each clearing members of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges.

1 unchanged sentence

StoneX is paid $2.50 per round turn exclusive of pass-through fees for the exchange and the NFA.

Additionally, if the monthly commissions paid by each Fund does not equal or exceed 20% on the StoneX Capital Requirement at 9.6% of the Exchange Maintenance Margin, each Fund will pay a true up to meet that return at the end of each month.

These expenses are recognized on a per-trade basis.

12 unchanged sentences

A summary of these expenses is included below:

Three months ended June 30, 2022

Three months ended June 30, 2021

Six months ended June 30, 2022

Six months ended June 30, 2021

Three months ended September 30, 2022

Three months ended September 30, 2021

Nine months ended September 30, 2022

Nine months ended September 30, 2021

Amount Recognized for Custody Services

24 unchanged sentences

Brokerage Commissions

Beginning on August 21, 2019, the Sponsor began recognizing the expense for brokerage commissions for futures contract trades on a per-trade basis.

Prior to the change, brokerage commissions on all open commodity futures contracts were accrued on the trade date and on a full-turn basis.

The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and six months ended June 30, 2022.

Three Months Ended June 30, 2022

Three Months Ended June 30, 2021

Six Months Ended June 30, 2022

Six Months Ended June 30, 2021

The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis.

The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and nine months ended September 30, 2022.

Three Months Ended September 30, 2022

Three Months Ended September 30, 2021

Nine Months Ended September 30, 2022

Nine Months Ended September 30, 2021

For federal income tax purposes, the Fund will be treated as a publicly traded partnership.

12 unchanged sentences

De-recognition of a tax benefit previously recognized results in the Fund recording a tax liability that reduces net assets.

Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of June 30, 2022 and for the years ended December 31, 2021, 2020 and 2019.

Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of September 30, 2022 and for the years ended December 31, 2021, 2020 and 2019.

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.

No interest expense or penalties have been recognized as of and for the three and six months ended June 30, 2022 and 2021.

No interest expense or penalties have been recognized as of and for the three and nine months ended September 30, 2022 and 2021.

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.

June 30, 2022

September 30, 2022

December 31, 2021

54 unchanged sentences

Such expenses are primarily recorded as distribution and marketing fees in the financial statements of each Fund.

Three months ended June 30, 2022

Three months ended June 30, 2021

Six months ended June 30, 2022

Six months ended June 30, 2021

Three months ended September 30, 2022

Three months ended September 30, 2021

Nine months ended September 30, 2022

Nine months ended September 30, 2021

Recognized Related Party Transactions

4 unchanged sentences

The Sponsor has determined that there will be no recovery sought for the amounts below in any future period:

Three months ended June 30, 2022

Three months ended June 30, 2021

Six months ended June 30, 2022

Six months ended June 30, 2021

Three months ended September 30, 2022

Three months ended September 30, 2021

Nine months ended September 30, 2022

Nine months ended September 30, 2021

Use of Estimates

29 unchanged sentences

When such a situation exists on a quarter close, the Sponsor will calculate the NAV on a particular day using the Level 1 valuation but will later recalculate the NAV for the impacted Fund based upon the valuation inputs from these alternative verifiable sources (Level 2 or Level 3) and will report such NAV in its applicable financial statements and reports.

On June 30, 2022 and December 31, 2021, in the opinion of the Trust and the Fund, the reported value of the Wheat Futures Contracts traded on the CBOT fairly reflected the value of the Wheat Futures Contracts held by the Fund, and no adjustments were necessary.

On September 30, 2022 and December 31, 2021, in the opinion of the Trust and the Fund, the reported value of the Wheat Futures Contracts traded on the CBOT fairly reflected the value of the Wheat Futures Contracts held by the Fund, and no adjustments were necessary.

The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period.

61 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.

The following table presents information about the Fund’s assets and liabilities measured at fair value as of June 30, 2022 and December 31, 2021:

June 30, 2022

Balance as of June 30, 2022

The following table presents information about the Fund’s assets and liabilities measured at fair value as of September 30, 2022 and December 31, 2021:

September 30, 2022

Balance as of September 30, 2022

Cash Equivalents

1 unchanged sentence

$ 330,031,218

Balance as of June 30, 2022

Commodity Futures Contracts

Wheat futures contracts

$ 348,248,768

$ 348,248,768

Balance as of September 30, 2022

Commodity Futures Contracts

Wheat futures contracts

December 31, 2021

Balance as of December 31, 2021

Balance as of

December 31, 2021

Cash Equivalents

1 unchanged sentence

Wheat futures contracts

Balance as of December 31, 2021

Commodity Futures Contracts

Balance as of

December 31, 2021

Wheat futures contracts

For the three and six months ended June 30, 2022 and year ended December 31, 2021, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.

For the three and nine months ended September 30, 2022 and year ended December 31, 2021, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.

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.

For the three and six months ended June 30, 2022 and for the year ended December 31, 2021, the Fund invested only in commodity futures contracts.

For the three and nine months ended September 30, 2022 and for the year ended December 31, 2021, the Fund invested only in commodity futures contracts.

Futures Contracts

14 unchanged sentences

Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.”

The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, E D & F Man and StoneX as of June 30, 2022 and December 31, 2021.

The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, E D & F Man and StoneX as of September 30, 2022 and December 31, 2021.

*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.

Offsetting of Financial Liabilities and Derivative Liabilities as of June 30, 2022

Offsetting of Financial Assets and Derivative Assets as of September 30, 2022

(iii) = (i)-(ii)

1 unchanged sentence

Gross Amount Not Offset in the Statement of Assets and Liabilities

Gross Amount of Recognized Assets

Gross Amount Offset in the Statement of Assets and Liabilities

Net Amount Presented in the Statement of Assets and Liabilities

Futures Contracts Available for Offset

Collateral, Due to Broker

Commodity Price

Wheat futures contracts

Offsetting of Financial Liabilities and Derivative Liabilities as of September 30, 2022

(iii) = (i)-(ii)

(v)=(iii)-(iv)

Gross Amount Not Offset in the Statement of Assets and Liabilities

Gross Amount of Recognized Liabilities

28 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:

Three months ended June 30, 2022

Realized Gain on Commodity Futures Contracts

Net Change in Unrealized Depreciation on Commodity Futures Contracts

Three months ended September 30, 2022

Realized Loss on Commodity Futures Contracts

Net Change in Unrealized Appreciation on Commodity Futures Contracts

Commodity Price

1 unchanged sentence

$ ( 92,957,415 )

Three months ended June 30, 2021

Three months ended September 30, 2021

Realized Gain on Commodity Futures Contracts

2 unchanged sentences

Wheat futures contracts

Six months ended June 30, 2022

Realized Gain on Commodity Futures Contracts

Nine months ended September 30, 2022

Realized Loss on Commodity Futures Contracts

Net Change in Unrealized Depreciation on Commodity Futures Contracts

2 unchanged sentences

$ ( 53,537,910 )

Six months ended June 30, 2021

$ ( 3,790,712 )

Nine months ended September 30, 2021

Realized Gain on Commodity Futures Contracts

4 unchanged sentences

Volume of Derivative Activities

The average notional market value categorized by primary underlying risk for all futures contracts held was $ 501.1 million and $ 367.2 million respectively, for the three and six months ended June 30, 2022 and $ 87.9 million and $ 84.2 million for the three and six months ended June 30, 2021.

The average notional market value categorized by primary underlying risk for all futures contracts held was $ 356.1 million and $ 318.9 million respectively, for the three and nine months ended September 30, 2022 and $ 76.0 million and $ 80.3 million for the three and nine months ended September 30, 2021.

Note 6 – Financial Highlights

The following tables present per unit performance data and other supplemental financial data for the three and six months ended June 30, 2022 and 2021.

The following tables present per unit performance data and other supplemental financial data for the three and nine months ended September 30, 2022 and 2021.

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

Six months ended

Six months ended

June 30, 2022

June 30, 2021

June 30, 2022

June 30, 2021

Nine months ended

Nine months ended

September 30, 2022

September 30, 2021

September 30, 2022

September 30, 2021

Per Share Operation Performance

2 unchanged sentences

Investment income

Net realized and unrealized (loss) gain on commodity futures contracts

Net realized and unrealized gain on commodity futures contracts

Total expenses, net

Net (decrease) increase in net asset value

Net increase in net asset value

Net asset value at end of period

2 unchanged sentences

Total expenses, net

Net investment loss

Net investment income (loss)

The financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses.

3 unchanged sentences

Note 8 – Subsequent Events

Management has evaluated the financial statements for the quarter-ended June 30, 2022 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund other than those noted below:

The total net assets of the Fund decreased by $136,559,069, or 30%, for the period June 30, 2022 to August 8, 2022.

This was driven by a 9% decrease in the NAV per share and a 23% decrease in the shares outstanding.

Management has evaluated the financial statements for the quarter-ended September 30, 2022 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund

TEUCRIUM AGRICULTURAL FUND

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2022

September 30, 2022

December 31, 2021

2 unchanged sentences

Equity in trading accounts:

Investments in securities, at fair value (cost $ 47,998,682 and $ 12,799,498 as of June 30, 2022 and December 31, 2021, respectively)

Investments in securities, at fair value (cost $ 46,624,323 and $ 12,799,498 as of September 30, 2022 and December 31, 2021, respectively)

Other liabilities

7 unchanged sentences

SCHEDULE OF INVESTMENTS

June 30, 2022

September 30, 2022

Percentage of

27 unchanged sentences

Three months ended

Six months ended

Six months ended

June 30, 2022

June 30, 2021

June 30, 2022

June 30, 2021

Nine months ended

Nine months ended

September 30, 2022

September 30, 2021

September 30, 2022

September 30, 2021

Realized and unrealized gain (loss) on trading of securities:

Realized (loss) gain on securities

Net change in unrealized (depreciation) appreciation on securities

$ ( 172,369 )

Net change in unrealized appreciation on securities

( 1,786,575 )

Interest income

Total (loss) income

( 3,782,039 )

Total income (loss)

( 1,296,480 )

10 unchanged sentences

$ ( 1,333,145 )

$ ( 1,325,448 )

Net (loss) income per share

Net (loss) gain per share

Net (loss) income per weighted average share

3 unchanged sentences

STATEMENTS OF CHANGES IN NET ASSETS

Six months ended

Six months ended

June 30, 2022

June 30, 2021

Nine months ended

Nine months ended

September 30, 2022

September 30, 2021

Net (loss) income

4 unchanged sentences

( 12,193,184 )

( 2,267,271 )

Total capital transactions

9 unchanged sentences

STATEMENTS OF CASH FLOWS

Six months ended

Six months ended

June 30, 2022

June 30, 2021

Nine months ended

Nine months ended

September 30, 2022

September 30, 2021

Cash flows from operating activities:

5 unchanged sentences

Changes in operating assets and liabilities:

Net sale of investments in securities

Net (purchase) sale of investments in securities

( 33,824,825 )

9 unchanged sentences

( 12,193,184 )

( 2,267,271 )

Net cash provided by financing activities

Net change in cash and cash equivalents

Cash and cash equivalents, beginning of period

Cash and cash equivalents, end of period

Net change in cash equivalents

Cash equivalents, beginning of period

Cash equivalents, end of period

The accompanying notes are an integral part of these financial statements.

NOTES TO FINANCIAL STATEMENTS

June 30, 2022

September 30, 2022

Note 1 – Organization and Operation

39 unchanged sentences

It is suggested that these interim financial statements be read in conjunction with the financial statements and related notes included in the Trust’s Annual Report on Form 10-K, as well as the most recent Form S-1 filing, as applicable.

The operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022.

The operating results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022.

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.

26 unchanged sentences

CFTC and are members of the NFA.

The clearing brokers are registered as a broker-dealers with the SEC and are each a member of FINRA.

The clearing brokers are registered as broker-dealers with the SEC and are each a member of FINRA.

ED & F Man and StoneX are each clearing members of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges.

1 unchanged sentence

StoneX is paid $2.50 per round turn exclusive of pass-through fees for the exchange and the NFA.

Additionally, if the monthly commissions paid by each Fund does not equal or exceed 20% return on the StoneX Capital Requirement at 9.6% of the Exchange Maintenance Margin, each Fund will pay a true up to meet that return at the end of each month.

These expenses are recognized on a per-trade basis.

12 unchanged sentences

A summary of these expenses is included below:

Three months ended June 30, 2022

Three months ended June 30, 2021

Six months ended June 30, 2022

Six months ended June 30, 2021

Three months ended September 30, 2022

Three months ended September 30, 2021

Nine months ended September 30, 2022

Nine months ended September 30, 2021

Amount Recognized for Custody Services

Amount of Custody Services Waived

Amount Recognized for Distribution Services

Amount of Distribution Services Waived

Amount Recognized for Wilmington Trust

Amount of Wilmington Trust Waived

Amount Recognized for Thales

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.