Teucrium Commodity Trust
For the period ended Jun 30, 2025. Filed Aug 11, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 11, 2025
BTCK$27.58-1.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-12.
0001437749-25-016101
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-11.
0001437749-25-025918
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 235 previous paragraphs and 235 current paragraphs.
204 unchanged; 25 reworded; 6 added; 6 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 43 previous and 48 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (6)
Current report
The decrease in management fee paid to the Sponsor is a result of lower average net assets. As a result of the decline in the amount of assets of the Fund, the amount of management fees was lower in the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024. The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets.
Current report
The decrease in interest and other income year over year was due to lower average net assets and declining interest rates. As a result, the amount of interest income earned as a percentage of average daily total net assets was lower in the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024. The Fund seeks to earn interest and other income in investment grade, short-duration instruments or deposits associated with the pool’s cash management strategy that may be used to offset expenses. These investments may include, but are not limited to, short-term Treasury Securities, demand deposits, money market funds and investments in commercial paper. These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven point.
Current report
The decrease in management fee paid to the Sponsor is a result of lower average net assets. As a result of the decline in the amount of assets of the Fund, the amount of management fees was lower in the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024. The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets.
Current report
The decrease in management fee paid to the Sponsor is a result of lower average net assets. As a result of the decline in the amount of assets of the Fund, the amount of management fees was lower in the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024. The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets.
Current report
The decrease in management fee paid to the Sponsor is a result of lower average net assets. As a result of the decline in the amount of assets of the Fund, the amount of management fees was lower in the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024. The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets.
Current report
The decrease in total gross fees and other expenses excluding management fees for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024 was generally due to a decrease in average net assets relative to the other Funds. The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee. This election is subject to change by the Sponsor, at its discretion. The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.
Removed paragraphs (6)
Previous report
The decrease in management fee paid to the Sponsor is a result of lower average net assets. As a result of the decline in the amount of assets of the Fund, the amount of management fees was lower in the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets.
Previous report
The decrease in interest and other income year over year was due to lower average net assets and declining interest rates. As a result, the amount of interest income earned as a percentage of average daily total net assets was lower in the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The Fund seeks to earn interest and other income in investment grade, short-duration instruments or deposits associated with the pool’s cash management strategy that may be used to offset expenses. These investments may include, but are not limited to, short-term Treasury Securities, demand deposits, money market funds and investments in commercial paper. These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven point.
Previous report
The decrease in management fee paid to the Sponsor is a result of lower average net assets. As a result of the decline in the amount of assets of the Fund, the amount of management fees was lower in the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets.
Previous report
The decrease in management fee paid to the Sponsor is a result of lower average net assets. As a result of the decline in the amount of assets of the Fund, the amount of management fees was lower in the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets.
Previous report
The decrease in management fee paid to the Sponsor is a result of lower average net assets. As a result of the decline in the amount of assets of the Fund, the amount of management fees was lower in the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets.
Previous report
The decrease in total gross fees and other expenses excluding management fees for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was generally due to a decrease in average net assets relative to the other Funds. The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee. This election is subject to change by the Sponsor, at its discretion. The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.
Reworded paragraphs (25)
Previous wording
The discussion below addresses the material changes in the results of operations for the three months ended March 31, 2025 compared to the same period in 2024. The following includes a section for each Fund of the Trust for the periods in which each Fund was in operation. CORN, SOYB, WEAT, CANE and TAGS each operated for the entirety of all periods.
Current wording
The discussion below addresses the material changes in the results of operations for the three and six months ended June 30, 2025 compared to the same period in 2024. The following includes a section for each Fund of the Trust for the periods in which each Fund was in operation. CORN, SOYB, WEAT, CANE and TAGS each operated for the entirety of all periods.
Previous wording
On March 31, 2025, CORN held a total of 2,300 CBOT Corn Futures contracts with a notional value of $51,408,138. The contracts had an asset fair value of $224,227 and had a liability fair value of $1,827,330. The weighting of the notional value of the contracts is as follows: (1) 35% to the JUL25 contracts, the second to expire CBOT Corn Futures Contract, (2) 30% to SEP25 CBOT contracts, the third to expire CBOT Corn Futures Contract, and (3) 35% to DEC25 CBOT contracts, the CBOT Corn Futures Contract expiring in the December following the expiration month of the third to expire contract.
Current wording
On June 30, 2025, CORN held a total of 2,078 CBOT Corn Futures contracts with a notional value of $44,666,813. The contracts had an asset fair value of $0 and a liability fair value of $2,774,440. The weighting of the notional value of the contracts is as follows: (1) 35% to the SEP25 contracts, the second to expire CBOT Corn Futures Contract, (2) 30% to DEC25 CBOT contracts, the third to expire CBOT Corn Futures Contract, and (3) 35% to DEC26 CBOT contracts, the CBOT Corn Futures Contract expiring in the December following the expiration month of the third to expire contract.
Previous wording
Total net assets for the Fund decreased year over year by (26%), driven by a combination of a decrease in total shares outstanding of (675,000) shares or (20%) and a decrease in the NAV per share of ($1.69) or (8%). The net assets for the Fund decreased by (21%) when comparing March 31, 2025, to December 31, 2024. The change in total net assets year over year, in the opinion of management, was generally due to a combination of a depreciation of commodity prices and investor out-flows which was driven by excess supply estimates, and mandates for plant-based renewable fuels contributing to weakness.
Current wording
Total net assets for the Fund decreased year over year by (29%), driven by a combination of a decrease in total shares outstanding of (925,000) shares or (27%) and a decrease in the NAV per share of ($0.60) or (3%). The net assets for the Fund decreased by (13%) when comparing June 30, 2025, to March 31, 2025. The change in total net assets year over year, in the opinion of management, was generally due to a combination of a depreciation of commodity prices and investor out-flows which was driven by excess supply estimates, and mandates for plant-based renewable fuels contributing to weakness.
Previous wording
The decrease in interest and other income year over year was due to lower average net assets and declining interest rates. As a result, the amount of interest income earned was lower in the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The Fund seeks to earn interest and other income in investment grade, short-duration instruments or deposits associated with the pool’s cash management strategy that may be used to offset expenses. These investments may include, but are not limited to, short-term Treasury Securities, demand deposits, money market funds and investments in commercial paper. These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven point.
Current wording
The decrease in interest and other income year over year was due to lower average net assets and declining interest rates. As a result, the amount of interest income earned was lower in the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024. The Fund seeks to earn interest and other income in investment grade, short-duration instruments or deposits associated with the pool’s cash management strategy that may be used to offset expenses. These investments may include, but are not limited to, short-term Treasury Securities, demand deposits, money market funds and investments in commercial paper. These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven point.
Previous wording
The increase in total gross fees and other expenses excluding management fees for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was generally due to the allocation of expenses and total net assets relative to the other Funds. The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee. This election is subject to change by the Sponsor, at its discretion. The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.
Current wording
The increase in total gross fees and other expenses excluding management fees for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024 was generally due to the allocation of expenses and total net assets relative to the other Funds. The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee. This election is subject to change by the Sponsor, at its discretion. The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.
Previous wording
On March 31, 2025, the Fund held a total of 501 CBOT soybean futures contracts with a notional value of $25,590,713. The contracts had an asset fair value of $25,666 and had a liability fair value of $1,159,232. The weighting of the notional value of the contracts is as follows: (1) 35% to JUL25 CBOT contracts, (2) 30% to NOV25 CBOT contracts, and (3) 35% to NOV26 CBOT contracts.
Current wording
On June 30, 2025, the Fund held a total of 512 CBOT soybean futures contracts with a notional value of $26,640,176. The contracts had an asset fair value of $327,452 and had a liability fair value of $946,706. The weighting of the notional value of the contracts is as follows: (1) 35% to NOV25 CBOT contracts, (2) 30% to JAN26 CBOT contracts, and (3) 35% to NOV26 CBOT contracts.
Previous wording
Total net assets for the Fund decreased year over year by (25%), driven by a combination of a decrease in total shares outstanding of (150,000) shares or (11%) and by a decrease in the NAV per share of ($3.83) or (15%). The net assets for the Fund increased by 1% when comparing March 31, 2025, to December 31, 2024. The change in total net assets year over year, in the opinion of management, was generally due to a combination of a depreciation of commodity prices and investor out-flows which was driven by excess supply estimates, and mandates for plant-based renewable fuels contributing to weakness.
Current wording
Total net assets for the Fund decreased year over year by (4%), driven by a combination of an increase in total shares outstanding of 50,000 shares or 4% and by a decrease in the NAV per share of ($1.89) or (8%). The net assets for the Fund increased by 4% when comparing June 30, 2025, to March 31, 2025. The change in total net assets year over year, in the opinion of management, was generally due to a combination of a depreciation of commodity prices and investor out-flows which was driven by decreased supply estimates, and mandates for plant-based renewable fuels contributing to weakness.
Previous wording
The increase in total gross fees and other expenses excluding management fees for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was generally due to the average net assets relative to the other Funds. The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee. This election is subject to change by the Sponsor, at its discretion. The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.
Current wording
The increase in total gross fees and other expenses excluding management fees for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024 was generally due to the average net assets relative to the other Funds. The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee. This election is subject to change by the Sponsor, at its discretion. The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.
Previous wording
On March 31, 2025, the Fund held a total of 520 ICE sugar futures contracts with a notional value of $11,003,675. The contracts had an asset fair value of $49,397 and a liability fair value of $98,165. The weighting of the notional value of the contracts is as follows: (1) 35% to the JUL25 ICE No 11 contracts, (2) 30% to the OCT25 ICE No 11 contracts, and (3) 35% to the MAR26 ICE No 11 contracts.
Current wording
On June 30, 2025, the Fund held a total of 545 ICE sugar futures contracts with a notional value of $10,372,499. The contracts had an asset fair value of $0 and a liability fair value of $470,576. The weighting of the notional value of the contracts is as follows: (1) 35% to the MAR26 ICE No 11 contracts, (2) 30% to the MAY26 ICE No 11 contracts, and (3) 35% to the MAR27 ICE No 11 contracts.
Previous wording
Total net assets for the Fund decreased year over year by (33%), driven by a combination of a decrease in total shares outstanding of (325,000) or (27%) and a decrease in the NAV per share of ($1.27) or (9%). The net assets for the Fund decreased by (12%) when comparing March 31, 2025, to December 31, 2024. This change was, in the opinion of management, due to the stabilization of prices worldwide, strong demand and with modestly higher production which accelerated investor interest.
Current wording
Total net assets for the Fund decreased year over year by (24%), driven by a combination of a decrease in total shares outstanding of (175,000) or (16%) and a decrease in the NAV per share of ($1.26) or (10%). The net assets for the Fund decreased by (6%) when comparing June 30, 2025, to March 31, 2025. This change was, in the opinion of management, due to the stabilization of prices worldwide, strong demand and with modestly higher production which accelerated investor interest.
Previous wording
The decrease in interest and other income year over year was due to declining interest rates, and lower average net assets. As a result, the amount of interest income earned as a percentage of average daily total net assets was lower in the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The Fund seeks to earn interest and other income in investment grade, short-duration instruments or deposits associated with the pool’s cash management strategy that may be used to offset expenses. These investments may include, but are not limited to, short-term Treasury Securities, demand deposits, money market funds and investments in commercial paper. These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven point.
Current wording
The decrease in interest and other income year over year was due to declining interest rates, and lower average net assets. As a result, the amount of interest income earned as a percentage of average daily total net assets was lower in the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024. The Fund seeks to earn interest and other income in investment grade, short-duration instruments or deposits associated with the pool’s cash management strategy that may be used to offset expenses. These investments may include, but are not limited to, short-term Treasury Securities, demand deposits, money market funds and investments in commercial paper. These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven point.
Previous wording
The decrease in total gross fees and other expenses excluding management fees for the three months ended March 31, 2025, respectively, compared to the three months ended March 31, 2024 was generally due to lower average net assets relative to the other Funds. The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee. This election is subject to change by the Sponsor, at its discretion. The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.
Current wording
The decrease in total gross fees and other expenses excluding management fees for the three and six months ended June 30, 2025, respectively, compared to the three and six months ended June 30, 2024 was generally due to lower average net assets relative to the other Funds. The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee. This election is subject to change by the Sponsor, at its discretion. The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.
Previous wording
On March 31, 2025, the Fund held a total of 4,048 CBOT wheat futures contracts with a notional value of $115,028,938. The contracts had an asset fair value of $0 and a liability fair value of $12,230,198. The weighting of the notional value contracts is as follows: (1) 35% to JUL 25 CBOT contracts, (2) 30% to SEP25 CBOT contracts, and (3) 35% to DEC25 CBOT contracts.
Current wording
On June 30, 2025, the Fund held a total of 4,094 CBOT wheat futures contracts with a notional value of $117,202,588. The contracts had an asset fair value of $180,770 and a liability fair value of $12,456,511. The weighting of the notional value contracts is as follows: (1) 35% to SEP25 CBOT contracts, (2) 30% to DEC25 CBOT contracts, and (3) 35% to DEC26 CBOT contracts.
Previous wording
Total net assets for the Fund decreased year over year by (27%), driven by a decrease in the shares outstanding of (4,675,000) or (27%), and a decrease in the NAV per share of ($0.70) or (13%). The net assets for the Fund decreased by (6%) when comparing March 31, 2025 to December 31, 2024. The change in total net assets year over year, in the opinion of management, was generally due to a combination of the depreciation of commodity prices and investor out-flows which may be attributed to ample wheat stocks from Russia and record exports flowing from the Black Sea continue to weigh on global wheat prices.
Current wording
Total net assets for the Fund decreased year over year by (14%), driven by an increase in the shares outstanding of 550,000 or 2%, and a decrease in the NAV per share of ($0.84) or (16%). The net assets for the Fund increased by 2% when comparing June 30, 2025 to March 31, 2025. The change in total net assets year over year, in the opinion of management, was generally due to a combination of the depreciation of commodity prices and investor in-flows which may be attributed to ample wheat stocks from Russia and record exports flowing from the Black Sea continue to weigh on global wheat prices.
Previous wording
The decrease in interest and other income year over year was due to a decrease in average net assets and declining interest rates. As a result, the amount of interest income earned as a percentage of average daily total net assets was lower and slightly higher in the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The Fund seeks to earn interest and other income in investment grade, short-duration instruments or deposits associated with the pool’s cash management strategy that may be used to offset expenses. These investments may include, but are not limited to, short-term Treasury Securities, demand deposits, money market funds and investments in commercial paper. These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven point.
Current wording
The decrease in interest and other income year over year was due to a decrease in average net assets and declining interest rates. As a result, the amount of interest income earned as a percentage of average daily total net assets was lower and slightly higher in the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024. The Fund seeks to earn interest and other income in investment grade, short-duration instruments or deposits associated with the pool’s cash management strategy that may be used to offset expenses. These investments may include, but are not limited to, short-term Treasury Securities, demand deposits, money market funds and investments in commercial paper. These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven point.
Previous wording
The investment objective of each Underlying Fund is to have the daily changes in percentage terms of its shares’ NAV reflect the daily changes in percentage terms of a weighted average of the closing settlement prices for certain Futures Contracts for the commodity specified in the Underlying Fund’s name. (This weighted average is referred to herein as the Underlying Fund’s “Benchmark,” the Futures Contracts that at any given time make up an Underlying Fund’s Benchmark are referred to herein as the Underlying Fund’s “Benchmark Component Futures Contracts,” and the commodity specified in the Underlying Fund’s name is referred to herein as its “Specified Commodity.”) Specifically, the CORN's Benchmark is: (1) the second to expire Futures Contract for corn traded on the Chicago Board of Trade (“CBOT”), weighted 35%, (2) the third to expire CBOT corn Futures Contract, weighted 30%, and (3) the CBOT corn Futures Contract expiring in the December following the expiration month of the third to expire contract, weighted 35%. WEAT’s Benchmark is: (1) the second to expire CBOT wheat Futures Contract, weighted 35%, (2) the third to expire CBOT wheat Futures Contract, weighted 30%, and (3) the CBOT wheat Futures Contract expiring in the December following the expiration month of the third to expire contract, weighted 35%. SOYB’s Benchmark is: (1) the second to expire CBOT soybean Futures Contract, weighted 35%, (2) the third to expire CBOT soybean Futures Contract, weighted 30%, and (3) the CBOT soybean Futures Contract expiring in the November following the expiration month of the third to expire contract, weighted 35%, except that CBOT soybean Futures Contracts expiring in August and September will not be part of the SOYB’s Benchmark because of the less liquid market for these Futures Contracts. CANE’s Benchmark is: (1) the second to expire Sugar No. 11 Futures Contract traded on ICE Futures US (“ICE Futures”), weighted 35%, (2) the third to expire ICE Futures Sugar No. 11 Futures Contract, weighted 30%, and (3) the ICE Futures Sugar No. 11 Futures Contract expiring in the March following the expiration month of the third to expire contract, weighted 35%.
Current wording
The investment objective of each Underlying Fund is to have the daily changes in percentage terms of its shares’ NAV reflect the daily changes in percentage terms of a weighted average of the closing settlement prices for certain Futures Contracts for the commodity specified in the Underlying Fund’s name. (This weighted average is referred to herein as the Underlying Fund’s “Benchmark,” the Futures Contracts that at any given time make up an Underlying Fund’s Benchmark are referred to herein as the Underlying Fund’s “Benchmark Component Futures Contracts,” and the commodity specified in the Underlying Fund’s name is referred to herein as its “Specified Commodity.”) Specifically, CORN's Benchmark is: (1) the second to expire Futures Contract for corn traded on the Chicago Board of Trade (“CBOT”), weighted 35%, (2) the third to expire CBOT corn Futures Contract, weighted 30%, and (3) the CBOT corn Futures Contract expiring in the December following the expiration month of the third to expire contract, weighted 35%. WEAT’s Benchmark is: (1) the second to expire CBOT wheat Futures Contract, weighted 35%, (2) the third to expire CBOT wheat Futures Contract, weighted 30%, and (3) the CBOT wheat Futures Contract expiring in the December following the expiration month of the third to expire contract, weighted 35%. SOYB’s Benchmark is: (1) the second to expire CBOT soybean Futures Contract, weighted 35%, (2) the third to expire CBOT soybean Futures Contract, weighted 30%, and (3) the CBOT soybean Futures Contract expiring in the November following the expiration month of the third to expire contract, weighted 35%, except that CBOT soybean Futures Contracts expiring in August and September will not be part of the SOYB’s Benchmark because of the less liquid market for these Futures Contracts. CANE’s Benchmark is: (1) the second to expire Sugar No. 11 Futures Contract traded on ICE Futures US (“ICE Futures”), weighted 35%, (2) the third to expire ICE Futures Sugar No. 11 Futures Contract, weighted 30%, and (3) the ICE Futures Sugar No. 11 Futures Contract expiring in the March following the expiration month of the third to expire contract, weighted 35%.
Previous wording
On March 31, 2025, the Fund held: 1) 136,572 shares of CORN with a fair value of $2,530,393; 2) 541,504 shares of WEAT with a fair value of $2,535,538; 3) 118,077 shares of SOYB with a fair value of $2,518,169; and 4) 205,056 shares of CANE with a fair value of $2,505,415. The weighting on March 31, 2025 was 25% to CORN, 25% to WEAT, 25% to SOYB and 25% to CANE.
Current wording
On June 30, 2025, the Fund held: 1) 123,962 shares of CORN with a fair value of $2,193,309; 2) 482,948 shares of WEAT with a fair value of $3,323,116; 3) 100,630 shares of SOYB with a fair value of $2,190,373; and 4) 201,989 shares of CANE with a fair value of $1,922,205. The weighting on June 30, 2025 was 25% to CORN, 25% to WEAT, 25% to SOYB and 25% to CANE.
Previous wording
Total net assets for the Fund decreased year over year by (30%), driven by a decrease in shares outstanding of (112,500) shares or (22%) and a decrease in the NAV/share of ($3.10) or (11%). The net assets for the Fund decreased by (2%) when comparing March 31, 2025 to December 31, 2024. The change in total net assets year over year, in the opinion of management, was generally due to a combination of depreciation of commodity prices and investor out-flows which was driven by the ample supply estimates and stabilization of prices worldwide.
Current wording
Total net assets for the Fund decreased year over year by (36%), driven by a decrease in shares outstanding of (150,000) shares or (29%) and a decrease in the NAV/share of ($2.35) or (9%). The net assets for the Fund decreased by (13%) when comparing June 30, 2025 to March 31, 2025. The change in total net assets year over year, in the opinion of management, was generally due to a combination of depreciation of commodity prices and investor out-flows which was driven by the ample supply estimates and stabilization of prices worldwide.
Previous wording
The decrease in total gross fees and other expenses for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was generally due to the decrease in average net assets and the net assets relative to the other Funds. The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee. This election is subject to change by the Sponsor, at its discretion. The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.
Current wording
The decrease in total gross fees and other expenses for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024 was generally due to the decrease in average net assets and the net assets relative to the other Funds. The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee. This election is subject to change by the Sponsor, at its discretion. The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.
Previous wording
The United States is the world’s leading producer and exporter of corn. For the Crop Year 2024-25, the USDA estimates that the U.S. will produce approximately 31% of all the corn globally, of which about 17% will be exported. For 2024-2025, based on the April 2025, USDA reports, global consumption of 1,242 Million Metric Tons (MMT) is expected to be slightly higher than global production of 1,215 MMT. If the global demand for corn is not equal to global supply, this may have an impact on the price of corn. Besides the United States, other principal world corn exporters include Argentina, Brazil, Russia, South Africa, and Ukraine. Major import nations include Mexico, Japan, the European Union (EU), South Korea, Egypt, and parts of Southeast Asia. China’s production at 295 MMT is approximately 6% less than its domestic usage.
Current wording
The United States is the world’s leading producer and exporter of corn. For the Crop Year 2025-26, the USDA estimates that the U.S. will produce approximately 32% of all the corn globally, of which about 17% will be exported. For 2025-2026, based on the July 2025, USDA reports, global consumption of 1,276 Million Metric Tons (MMT) is expected to be slightly higher than global production of 1,264 MMT. If the global demand for corn is not equal to global supply, this may have an impact on the price of corn. Besides the United States, other principal world corn exporters include Argentina, Brazil, Russia, South Africa, and Ukraine. Major import nations include Mexico, Japan, the European Union (EU), South Korea, Egypt, and parts of Southeast Asia. China’s production at 295 MMT is approximately 9% less than its domestic usage.
Previous wording
According to the USDA, global corn consumption has increased just over 636% from crop years 1960/1961 to 2024/2025 as demonstrated by the graph below and is projected to continue to grow in coming years. Consumption growth is the result of a combination of many factors including: 1) global population growth, which, according to the U.S. Census Department, is estimated to reach 9.7 billion by 2050; 2) a growing global middle class which is increasing the demand for protein and meat-based products globally and most significantly in developing countries; and 3) increased use of biofuels, including ethanol in the United States.
Current wording
According to the USDA, global corn consumption has increased just over 652% from crop years 1960/1961 to 2025/2026 as demonstrated by the graph below and is projected to continue to grow in coming years. Consumption growth is the result of a combination of many factors including: 1) global population growth, which, according to the U.S. Census Department, is estimated to reach 9.7 billion by 2050; 2) a growing global middle class which is increasing the demand for protein and meat-based products globally and most significantly in developing countries; and 3) increased use of biofuels, including ethanol in the United States.
Previous wording
Global soybean production is concentrated in the U.S., Brazil, Argentina, and China. The USDA has estimated that, for the Crop Year 2024-25, the United States will produce approximately 119 MMT of soybeans or approximately 28% of estimated world production, with Brazil production at 169 MMT. Argentina is projected to produce about 49 MMT. For 2024-25, based on the April 2025 USDA report, global consumption of 403 MMT is estimated slightly lower than global production of 429 MMT. If the global demand for soybeans is not equal to global supply, this may have an impact on the price of soybeans. Global soybean consumption may fluctuate year over year due to any number of reasons which may include, but is not limited to, economic conditions, global health concerns, and international trade policy. Soybeans are a staple commodity used pervasively across the globe so that any contractions in consumption may only be temporary as has historically been the case. The USDA publishes weekly, monthly, quarterly, and annual updates for U.S. domestic and worldwide soybean production and consumption. These reports are available on the USDA’s website, www.usda.gov, at no charge. The outlook provided below is from the April 2025 USDA report.
Current wording
Global soybean production is concentrated in the U.S., Brazil, Argentina, and China. The USDA has estimated that, for the Crop Year 2025-26, the United States will produce approximately 118 MMT of soybeans or approximately 28% of estimated world production, with Brazil production at 175 MMT. Argentina is projected to produce about 49 MMT. For 2025-26, based on the July 2025 USDA report, global consumption of 425 MMT is estimated slightly lower than global production of 428 MMT. If the global demand for soybeans is not equal to global supply, this may have an impact on the price of soybeans. Global soybean consumption may fluctuate year over year due to any number of reasons which may include, but is not limited to, economic conditions, global health concerns, and international trade policy. Soybeans are a staple commodity used pervasively across the globe so that any contractions in consumption may only be temporary as has historically been the case. The USDA publishes weekly, monthly, quarterly, and annual updates for U.S. domestic and worldwide soybean production and consumption. These reports are available on the USDA’s website, www.usda.gov, at no charge. The outlook provided below is from the July 2025 USDA report.
Previous wording
The USDA publishes two major reports annually on U.S. domestic and worldwide sugar production and consumption. These are usually released in November and May. In addition, the USDA publishes periodic, but not as comprehensive, reports on sugar monthly. These reports are available on the USDA’s website, www.usda.gov, at no charge. The USDA’s November 2024 report for the 2024-25 Marketing year estimated global production of 186.6 MMT with higher production in China, India and Thailand expected to more than offset declines in Brazil. Consumption is expected to rise due to growth in markets such as India. Stocks are forecast lower as reduced stocks in Thailand are projected to offset a rise in stocks in India. Sugar is a staple commodity used pervasively across the globe so that any contractions in consumption may only be temporary as has historically been the case.
Current wording
The USDA publishes two major reports annually on U.S. domestic and worldwide sugar production and consumption. These are usually released in November and May. In addition, the USDA publishes periodic, but not as comprehensive, reports on sugar monthly. These reports are available on the USDA’s website, www.usda.gov, at no charge. The USDA’s May 2025 report for the 2025-26 Marketing year estimated global production of 189.3 MMT with higher production in Brazil and India expected to more than offset declines in the European Union. Consumption is expected to remain mostly unchanged. Stocks are forecasted to rise primarily due to India and China. Sugar is a staple commodity used pervasively across the globe so that any contractions in consumption may only be temporary as has historically been the case.
Previous wording
Wheat is used to produce flour, the key ingredient for breads, pasta, crackers, and many other food products, as well as several industrial products such as starches and adhesives. Wheat by-products are used in livestock feeds. Wheat is the principal food grain produced in the United States, and the United States’ output of wheat is typically exceeded only by that of China, the European Union, Russia, and India. The USDA estimates that for 2024-25, the principal global producers of wheat will be the EU, Russia, Ukraine, China, India, the United States, Australia, and Canada. The U.S. generates approximately 7% of global production, with approximately 42% of that being exported. For 2024-25, based on the April 2025 USDA report, global consumption of 805 MMT is estimated to be slightly higher than production of 797 MMT. If the global demand for wheat is not equal to global supply, this may have an impact on the price of wheat. Global wheat consumption may fluctuate year over year due to any number of reasons which may include, but is not limited to, economic conditions, global health concerns, international trade policy. Wheat is a staple commodity used pervasively across the globe so that any contractions in consumption may only be temporary as has historically been the case. The USDA publishes weekly, monthly, quarterly, and annual updates for U.S. domestic and worldwide wheat production and consumption. These reports are available on the USDA’s website, www.usda.gov, at no charge. The outlook provided herein is from the April 2025 USDA report.
Current wording
Wheat is used to produce flour, the key ingredient for breads, pasta, crackers, and many other food products, as well as several industrial products such as starches and adhesives. Wheat by-products are used in livestock feeds. Wheat is the principal food grain produced in the United States, and the United States’ output of wheat is typically exceeded only by that of China, the European Union, Russia, and India. The USDA estimates that for 2025-26, the principal global producers of wheat will be the EU, Russia, Ukraine, China, India, the United States, Australia, and Canada. The U.S. generates approximately 6% of global production, with approximately 44% of that being exported. For 2025-26, based on the July 2025 USDA report, global consumption of 811 MMT is estimated to be slightly higher than production of 809 MMT. If the global demand for wheat is not equal to global supply, this may have an impact on the price of wheat. Global wheat consumption may fluctuate year over year due to any number of reasons which may include, but is not limited to, economic conditions, global health concerns, international trade policy. Wheat is a staple commodity used pervasively across the globe so that any contractions in consumption may only be temporary as has historically been the case. The USDA publishes weekly, monthly, quarterly, and annual updates for U.S. domestic and worldwide wheat production and consumption. These reports are available on the USDA’s website, www.usda.gov, at no charge. The outlook provided herein is from the July 2025 USDA report.
Previous wording
Frequency Distribution of Premiums and Discounts: NAV versus the 4pm Bid/Ask Midpoint on the NYSE Arca.
Current wording
Frequency Distribution of Premiums and Discounts: NAV versus the 4 p.m. Bid/Ask Midpoint on the NYSE Arca.