Teucrium Commodity Trust
For the period ended Dec 31, 2025. Filed Mar 2, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 2, 2026
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-K
Period ended 2024-12-31; filed 2025-03-05.
0001437749-25-006324
Item 7. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-03-02.
0001437749-26-006385
Item 7. 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 100 previous paragraphs and 101 current paragraphs.
83 unchanged; 10 reworded; 6 added; 3 removed; 4 previous and 2 current paragraphs rearranged.
Tables are not compared: 25 previous and 25 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
On December 31, 2025, the Fund held a total of 735 CBOT soybean futures contracts with a notional value of $38,861,725. The contracts had a liability fair value of $2,185,227. The weighting of the notional value of the contracts was weighted as follows: (1) 35% to MAR26 CBOT contracts, (2) 30% to MAY26 CBOT contracts, and (3) 35% to NOV26 CBOT contracts.
Current report
The increase/decrease in total gross fees and other expenses excluding management fees for the year ended December 31, 2025, compared to 2024 was generally due to the increase/decrease in average assets under management relative to the other Funds. The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee. 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 report
The increase in total brokerage commissions for the year ended December 31, 2025, compared to the year ended December 31, 2024, was primarily due to an increase in contracts purchased, liquidated, and rolled.
Current report
On December 31, 2025, the Fund held a total of 4,203 CBOT wheat futures contracts with a notional value of $113,027,600. The contracts had a liability fair value of $7,314,282 The weighting of the notional value of the contracts was weighted as follows: (1) 35% to MAY26 CBOT contracts, (2) 30% to JUL26 CBOT contracts, and (3) 35% to DEC26 CBOT contracts.
Current report
*During the year ended December 31, 2025, the Fund effected the following reverse stock split: November 25, 2025, 1 for 5. The per share information for prior periods have been retroactively adjusted to reflect this reverse stock split.
Current report
Total net assets for the Fund decreased year over year by 39%, driven by a combination of a decrease in Shares outstanding of 137,502 Shares or 33% and a decrease in the NAV per share of $2.16 or 9%. The net assets for the Fund decreased by 66% when comparing 2025 to 2023.
Removed paragraphs (3)
Previous report
On December 31, 2024, the Fund held a total of CBOT soybean futures contracts with a notional value of $25,223,675. The contracts had a liability fair value of $1,321,026. The weighting of the notional value of the contracts was weighted as follows: (1) 35% to MAR25 CBOT contracts, (2) 30% to MAY25 CBOT contracts, and (3) 35% to NOV25 CBOT contracts.
Previous report
On December 31, 2024, the Fund held a total of 4,234 CBOT wheat futures contracts with a notional value of $122,105,350. The contracts had a liability fair value of $11,974,384 The weighting of the notional value of the contracts was weighted as follows: (1) 35% to MAY25 CBOT contracts, (2) 30% to JUL25 CBOT contracts, and (3) 35% to DEC25 CBOT contracts.
Previous report
Total net assets for the Fund decreased year over year by 44%, driven by a combination of a decrease in Shares outstanding of 212,500 Shares or 34% and a decrease in the NAV per share of $4.36 or 15%. The net assets for the Fund decreased by 74% when comparing 2024 to 2022.
Reworded paragraphs (10)
Previous wording
On December 31, 2024, the Corn Fund held a total of CBOT Corn Futures contracts with a notional value of $64,720,776. The contracts had an asset fair value of $1,936,572 and a liability fair value of $1,955,417. The weighting of the notional value of the contracts was weighted as follows: (1) 35% to the MAY25 contracts, the second to expire CBOT Corn Futures Contract, (2) 30% to JUL25 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 December 31, 2025, the Corn Fund held a total of 2,068 CBOT Corn Futures contracts with a notional value of $46,981,350. The contracts had an asset fair value of $50,255 and a liability fair value of $170,785. The weighting of the notional value of the contracts was weighted as follows: (1) 35% to the MAY26 contracts, the second to expire CBOT Corn Futures Contract, (2) 30% to JUL26 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 20%, driven by a decrease in the NAV per share of $2.85 or 13%. The net assets for the Fund decreased by 58% when comparing 2024 to 2022. This 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.
Current wording
Total net assets for the Fund decreased year over year by 27%, driven by a decrease in the NAV per share of $1.03 or 5%. The net assets for the Fund decreased by 42% when comparing 2025 to 2023. This 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.
Previous wording
Total net assets for the Fund decreased year over year by 13%, driven by a combination of an increase in the NAV per share of $5.56 or 21% and an increase in the Shares outstanding of 100,000 Shares or 9%. This change year over year, in the opinion of management, was generally due to a combination of depreciation of commodity prices and investor out-flows. The net assets for the Fund decreased by 57% when comparing 2024 to 2022.
Current wording
Total net assets for the Fund increased year over year by 54%, driven by a combination of an increase in the NAV per share of $.42 or 2% and an increase in the Shares outstanding of 599,996 Shares or 51%. This change year over year, in the opinion of management, was generally due to a combination of appreciation of commodity prices and investor inflows. The net assets for the Fund increased by 34% when comparing 2025 to 2023.
Previous wording
The decrease in management fee paid to the Sponsor compared to the years ending 2023 and 2022 was a result of lower average net assets. The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets. Other than the management fee to the Sponsor and the brokerage commissions, most of the expenses incurred by the Fund are associated with the day to day operation of the Fund and the necessary functions related to regulatory compliance. These are generally based on contracts, which extend for some period of time and up to one year, or commitments regardless of the level of assets under management. The structure of the Fund and the nature of the expenses are such that as total net assets grow, there is a scalability of expenses that may allow the total expense ratio to be reduced. However, if total net assets for the Fund fall, the total expense ratio of the Fund will increase unless additional reductions are made by the Sponsor to the daily expense accruals. The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
Current wording
The increase/decrease in management fees paid to the Sponsor compared to the years ending 2024 and 2023 was a result of higher/lower average net assets. The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets. Other than the management fee to the Sponsor and the brokerage commissions, most of the expenses incurred by the Fund are associated with the day to day operation of the Fund and the necessary functions related to regulatory compliance. These are generally based on contracts, which extend for some period of time and up to one year, or commitments regardless of the level of assets under management. The structure of the Fund and the nature of the expenses are such that as total net assets grow, there is a scalability of expenses that may allow the total expense ratio to be reduced. However, if total net assets for the Fund fall, the total expense ratio of the Fund will increase unless additional reductions are made by the Sponsor to the daily expense accruals. The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
Previous wording
On December 31, 2024, the Fund held a total of ICE sugar futures contracts with a notional value of $12,542,376. The contracts had a liability fair value of $1,560,295. The weighting of the notional value of the contracts was weighted as follows: (1) 35% to the MAY25 ICE No 11 contracts, (2) 30% to the JUL25 ICE No 11 contracts, and (3) 35% to the MAR26 ICE No 11 contracts.
Current wording
On December 31, 2025, the Fund held a total of 872 ICE sugar futures contracts with a notional value of $14,688,116. The contracts had a liability fair value of $1,150,617. The weighting of the notional value of the contracts was weighted as follows: (1) 35% to the MAY26 ICE No 11 contracts, (2) 30% to the JUL26 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 29%, driven by a combination of a decrease in total Shares outstanding of 325,000 or 23% and a decrease in the NAV per share of $1.03 or 8%. The net assets for the Fund decreased by 48% when comparing 2024 to 2022. This change was, in the opinion of management, was generally due to a combination of depreciation of commodity prices and investor out-flows.
Current wording
Total net assets for the Fund increased year over year by 17%, driven by a combination of an increase in total Shares outstanding of 399,996 or 36% and a decrease in the NAV per share of $1.61 or 14%. The net assets for the Fund decreased by 17% when comparing 2025 to 2023. This change was, in the opinion of management, was generally due to a combination of depreciation of commodity prices and investor inflows.
Previous wording
The decrease in total brokerage commissions for the year ended December 31, 2024, compared to the years ended December 31, 2023 and 2022, was primarily due to a decrease in contracts purchased, liquidated, and rolled.
Current wording
The increase/decrease in total brokerage commissions for the year ended December 31, 2025, compared to the years ended December 31, 2024 and 2023, was primarily due to an increase/decrease in contracts purchased, liquidated, and rolled.
Previous wording
Total net assets for the Fund decreased year over year by 34%, driven by a combination of a decrease in total Shares outstanding of 5,500,000 or 18% and a decrease in the NAV per share of $1.15 or 19%. The net assets for the Fund decreased by 47% when comparing 2024 to 2022. This change year over year, in the opinion of management, was generally due to a combination of depreciation of commodity prices and investor outflows.
Current wording
Total net assets for the Fund decreased year over year by 7%, driven by a combination of an increase in total Shares outstanding of 6,160,001 or 12% and a decrease in the NAV per share of $4.15 or 17%. The net assets for the Fund decreased by 39% when comparing 2025 to 2023. This change year over year, in the opinion of management, was generally due to a combination of depreciation of commodity prices and investor outflows.
Previous wording
The decrease/increase in management fee paid to the Sponsor is a result of higher/lower average net assets. The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets. Other than the management fee to the Sponsor and the brokerage commissions, most of the expenses incurred by the Fund are associated with the day to day operation of the Fund and the necessary functions related to regulatory compliance. These are generally based on contracts, which extend for some period of time and up to one year, or commitments regardless of the level of assets under management. The structure of the Fund and the nature of the expenses are such that as total net assets grow, there is a scalability of expenses that may allow the total expense ratio to be reduced. However, if total net assets for the Fund fall, the total expense ratio of the Fund will increase unless additional reductions are made by the Sponsor to the daily expense accruals. The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
Current wording
The decrease in management fee paid to the Sponsor is a result of lower average net assets. The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets. Other than the management fee to the Sponsor and the brokerage commissions, most of the expenses incurred by the Fund are associated with the day to day operation of the Fund and the necessary functions related to regulatory compliance. These are generally based on contracts, which extend for some period of time and up to one year, or commitments regardless of the level of assets under management. The structure of the Fund and the nature of the expenses are such that as total net assets grow, there is a scalability of expenses that may allow the total expense ratio to be reduced. However, if total net assets for the Fund fall, the total expense ratio of the Fund will increase unless additional reductions are made by the Sponsor to the daily expense accruals. The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
Previous wording
On December 31, 2024, the Fund held: 1) 138,311 Shares of CORN with a fair value of $2,594,798; 2) 542,032 Shares of WEAT with a fair value of $2,616,822; 3) 122,016 Shares of SOYB with a fair value of $2,619,232; and 4) 220,370 Shares of CANE with a fair value of $2,513,606. The weighting on December 31, 2024 was 25% to CORN, 25% to WEAT, 25% to SOYB and 25% to CANE.
Current wording
On December 31, 2025, the Fund held: 1) 89,213 Shares of CORN with a fair value of $1,581,916; 2) 78,887 Shares of WEAT with a fair value of $1,577,156; 3) 70,481 Shares of SOYB with a fair value of $1,542,463; and 4) 163,083 Shares of CANE with a fair value of $1,596,794. The weighting on December 31, 2025 was 25% to CORN, 25% to WEAT, 25% to SOYB and 25% to CANE.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
The decrease in interest and other income year over year was due to a decrease in Federal Fund Rates. As a result, the amount of interest income earned as a percentage of average daily total net assets was lower during the year ended December 31, 2025, compared to the years ending 2024 and 2023. 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 even point.
Current report — wording carried from elsewhere
The decrease in total gross fees and other expenses excluding management fees for the year ended December 31, 2025, compared to 2024 and 2023 was generally due to the decrease in average assets under management relative to the other Funds. The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee. 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.
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
The decrease in total brokerage commissions for the year ended December 31, 2024, compared to the year ended December 31, 2023, was primarily due to a decrease in contracts purchased, liquidated, and rolled.
Previous report — wording carried elsewhere
The decrease in total gross fees and other expenses excluding management fees for the year ended December 31, 2024, compared to 2023 was generally due to the decrease in average assets under management relative to the other Funds. The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee. 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 report — wording carried elsewhere
The decrease in interest and other income year over year was due to a decrease in average net assets. As a result, the amount of interest income earned as a percentage of average daily total net assets was lower during the year ended December 31, 2024, compared to the years ending 2023 and 2022. The Fund seeks to earn interest and other income in investment grade, short-duration instruments or deposits associated with the pool’s cash management strategy that may be used to offset expenses. 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 even point.
Previous report — wording carried elsewhere
The decrease/increase in total gross fees and other expenses excluding management fees for the year ended December 31, 2024, compared to 2023 and 2022 was generally due to the decrease/increase in average assets under management relative to the other Funds. The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee. 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.