Teucrium Commodity Trust

Previous wording

On September 17, 2025, BTCK, was established as a new series of the Trust. The fund has not commenced investment operations. As of December 10, 2025, the Fund issued four shares at $25.00 per share as seed capital. Other than the initial capitalization, the Fund had no operations, no investment activity, and no realized or unrealized gains or losses during the three months ended March 31, 2026.

Current wording

On September 17, 2025, BTCK was established as a new series of the Trust. The Fund commenced operations on June 3, 2026.

Previous wording

Recent macroeconomic conditions have been adversely impacted by geopolitical instability and military hostilities in multiple geographies. Geopolitical conflict, including war and armed conflicts (such as Russia’s continued military actions against Ukraine that started in February 2022, conflicts in the Middle East including the February 28, 2026 U.S./Israel strikes on Iran and Iran's retaliation, including the reported Strait of Hormuz closure, and the expansion of such conflicts in surrounding areas), sanctions, the introduction of or changes in tariffs or trade barriers (including U.S. tariff actions and retaliatory tariffs from key agriculture trading partners), global or local recessions, and acts of terrorism, can also, directly or indirectly, negatively impact, and/or cause volatility in, the price of commodities and the value, pricing, and liquidity of the investments or other assets held by a Fund.

Current wording

Recent macroeconomic conditions have been adversely impacted by geopolitical instability and military hostilities in multiple geographies. Geopolitical conflict, including war and armed conflicts (such as Russia’s continued military actions against Ukraine that started in February 2022, conflicts in the Middle East including the February 28, 2026 U.S./Israel strikes on Iran and Iran's retaliation, including the reported Strait of Hormuz closure, and the expansion of such conflicts in surrounding areas), sanctions, the introduction of or changes in tariffs or trade barriers (including U.S. tariff actions and retaliatory tariffs from key agriculture trading partners), global or local recessions, and acts of terrorism, can also, directly or indirectly, negatively impact, and/or cause volatility in, the price of commodities and the value, pricing, and liquidity of the investments or other assets held by a Fund. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, Hamas and other militant groups in the Middle East, and related sanctions and trading restrictions, have caused and could continue to cause significant market disruptions and volatility globally.

Previous wording

For example, in late February 2022, Russia invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia and other countries in the region and in the west. The responses of countries and political bodies to Russia’s actions, the larger overarching tensions, and Ukraine’s military response and the potential for wider conflict may increase financial market volatility generally, have severe adverse effects on regional and global economic markets, and cause volatility in commodity prices including energy and grain prices, due to the region’s importance to these markets, potential impacts to global transportation and shipping, and other supply chain disruptions. These events are unpredictable and may lead to extended periods of price volatility.

Current wording

In late February 2022, Russia invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia and other countries in the region and in the west. The responses of countries and political bodies to Russia’s actions, the larger overarching tensions, and Ukraine’s military response and the potential for wider conflict may increase financial market volatility generally, have severe adverse effects on regional and global economic markets, and cause volatility in commodity prices including energy and grain prices, and the share price of a Fund. Such events may occur in the future, due to the region’s importance to these markets, potential impacts to global transportation and shipping, and other supply chain disruptions, and adversely impact a Fund’s ability to achieve its investment objective. These events are unpredictable and may lead to extended periods of price volatility.

Previous wording

The Funds seek to earn interest and other income (“interest income”) from cash equivalents that it purchases and, on the cash it holds through the Custodian or other financial institutions. The Sponsor anticipates that the interest income will increase the NAV of each Fund. The Funds apply the interest income to the acquisition of additional investments or use it to pay its expenses. If the Fund reinvests the earned interest income, it makes investments that are consistent with its investment objectives as disclosed. Any cash equivalent invested by a Fund will have original maturity dates of three and nine months or less at inception. Any cash equivalent invested by a Fund will be deemed by the Sponsor to be of investment grade quality. As of March 31, 2026, available cash balances in each of the Funds were invested in the U.S. Bank Demand Deposit Account, Goldman Sachs Financial Square Government Fund, and in commercial paper with maturities of ninety days or less. Additionally, the CORN, SOYB, CANE, and WEAT Funds may invest a portion of the amount of funds required to be deposited with the FCM as initial margin in U.S. Treasury obligations with time to maturity of 90 days or less. The obligations are purchased and held in the respective Fund accounts through the FCM.

Current wording

The Funds seek to earn interest and other income (“interest income”) from cash equivalents that it purchases and, on the cash it holds through the Custodian or other financial institutions. The Sponsor anticipates that the interest income will increase the NAV of each Fund. The Funds apply the interest income to the acquisition of additional investments or use it to pay its expenses. If the Fund reinvests the earned interest income, it makes investments that are consistent with its investment objectives as disclosed. Any cash equivalent invested by a Fund will have original maturity dates of three months or less at inception. Any cash equivalent invested by a Fund will be deemed by the Sponsor to be of investment grade quality. As of June 30, 2026, available cash balances in each of the Funds were invested in the U.S. Bank Demand Deposit Account, Goldman Sachs Financial Square Government Fund, and in commercial paper with maturities of ninety days or less. Additionally, the CORN, SOYB, CANE, and WEAT Funds may invest a portion of the amount of funds required to be deposited with the FCM as initial margin in U.S. Treasury obligations with time to maturity of three months or less. The obligations are purchased and held in the respective Fund accounts through the FCM.

Previous wording

This report covers the periods from January 1 to March 31, 2026 for CORN, SOYB, CANE, WEAT, and TAGS. Total expenses are presented both gross and net of any expenses waived or paid by the Sponsor that would have been incurred by the Funds (“expenses waived by the Sponsor”).

Current wording

This report covers the periods from January 1 to June 30, 2026 for CORN, SOYB, CANE, WEAT, and TAGS, BTCK commenced operations on June 3, 2026. Total expenses are presented both gross and net of any expenses waived or paid by the Sponsor that would have been incurred by the Funds (“expenses waived by the Sponsor”).

Previous wording

The discussion below addresses the material changes in the results of operations for the three months ended March 31, 2026 compared to the same period in 2025. 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, 2026 compared to the same period in 2025. 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, TAGS each operated for the entirety of all periods. BTCK commenced operations June 3, 2026.

Previous wording

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.

Current wording

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. BTCK is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 0.68% per annum.

Previous wording

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 Marketing Agent, which are included in the related line item in the statements of operations. A portion of these aggregate common expenses are related to services provided by the Sponsor or related parties of principals of the Sponsor; these are necessary services to the Funds, which are primarily the cost of performing accounting and financial reporting, regulatory compliance, and trading activities that are directly attributable to the Funds and are, primarily, included as distribution and marketing fees on the statements of operations. These amounts, for the Trust and for each Fund, are detailed in the notes to the financial statements included in Part I of this filing.

Current wording

The Agricultural Funds and BTCK 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 Marketing Agent, which are included in the related line item in the statements of operations. A portion of these aggregate common expenses are related to services provided by the Sponsor or related parties of principals of the Sponsor; these are necessary services to the Funds, which are primarily the cost of performing accounting and financial reporting, regulatory compliance, and trading activities that are directly attributable to the Funds and are, primarily, included as distribution and marketing fees on the statements of operations. These amounts, for the Trust and for each Fund, are detailed in the notes to the financial statements included in Part I of this filing.

Previous wording

On March 31, 2026, CORN held a total of 12,932 CBOT Corn Futures contracts with a notional value of $306,708,151. The contracts had an asset fair value of $130,097 and a liability fair value of $1,809,947. The weighting of the notional value of the contracts is as follows: (1) 35% to the JUL26 contracts, the second to expire CBOT Corn Futures Contract, (2) 30% to SEP26 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.

Current wording

On June 30, 2026, CORN held a total of 7,877 CBOT Corn Futures contracts with a notional value of $173,244,250. The contracts had an asset fair value of $0 and a liability fair value of $20,676,471. The weighting of the notional value of the contracts is as follows: (1) 35% to the SEP26 contracts, the second to expire CBOT Corn Futures Contract, (2) 30% to DEC26 CBOT contracts, the third to expire CBOT Corn Futures Contract, and (3) 35% to DEC27 CBOT contracts, the CBOT Corn Futures Contract expiring in the December following the expiration month of the third to expire contract.

Previous wording

The increase in interest and other income year over year was due to higher average net assets and interest rates. As a result, the amount of interest income earned was higher in the three months ended March 31, 2026, compared to the three months ended March 31, 2025. 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 increase in interest and other income year over year was due to higher average net assets and interest rates. As a result, the amount of interest income earned was higher in the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025. 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, 2026 compared to the three months ended March 31, 2025 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, 2026 compared to the three and six months ended June 30, 2025 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, 2026, the Fund held a total of 964 CBOT soybean futures contracts with a notional value of $55,490,425. The contracts had an asset fair value of $1,825,673 and had a liability fair value of $20,562. The weighting of the notional value of the contracts is as follows: (1) 35% to JUL26 CBOT contracts, (2) 30% to NOV26 CBOT contracts, and (3) 35% to NOV27 CBOT contracts.

Current wording

On June 30, 2026, the Fund held a total of 841 CBOT soybean futures contracts with a notional value of $48,177,138. The contracts had an asset fair value of $242,041 and had a liability fair value of $943,813. The weighting of the notional value of the contracts is as follows: (1) 35% to NOV26 CBOT contracts, (2) 30% to JAN27 CBOT contracts, and (3) 35% to NOV27 CBOT contracts.

Previous wording

The increase in interest and other income year over year was due to higher average net assets and interest rates. As a result, the amount of interest income earned as a percentage of average daily total net assets was higher in the three months ended March 31, 2026, compared to the three months ended March 31, 2025. 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 increase in interest and other income year over year was due to higher average net assets and interest rates. As a result, the amount of interest income earned as a percentage of average daily total net assets was higher in the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025. 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 management fees paid to the Sponsor is a result of higher average net assets. As a result of the incline in the amount of assets of the Fund, the amount of management fees was higher in the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets.

Current wording

The increase in management fees paid to the Sponsor is a result of higher average net assets. As a result of the increase in the amount of assets of the Fund, the amount of management fees was higher in the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025. The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets.

Previous wording

The increase in total gross fees and other expenses excluding management fees for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 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, 2026 compared to the three and six months ended June 30, 2025 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, 2026, the Fund held a total of 3,768 ICE sugar futures contracts with a notional value of $68,085,147. The contracts had an asset fair value of $1,607,856 and a liability fair value of $0 The weighting of the notional value of the contracts is as follows: (1) 35% to the JUL26 ICE No 11 contracts, (2) 30% to the OCT26 ICE No 11 contracts, and (3) 35% to the MAR27 ICE No 11 contracts.

Current wording

On June 30, 2026, the Fund held a total of 4,061 ICE sugar futures contracts with a notional value of $72,789,473. The contracts had an asset fair value of $149,012 and a liability fair value of $827,027. The weighting of the notional value of the contracts is as follows: (1) 35% to the MAR27 ICE No 11 contracts, (2) 30% to the MAY27 ICE No 11 contracts, and (3) 35% to the MAR28 ICE No 11 contracts.

Previous wording

Total net assets for the Fund increased year over year by 75%, driven by a combination of an increase in total shares outstanding of 5,624,996 or 625% and a decrease in the NAV per share of ($1.78) or (15%). The net assets for the Fund increased by 31% when comparing March 31, 2026, to December 31, 2025. This change was, in the opinion of management, due to the stabilization of prices, an increase in net investor inflows and total net assets year over year, in the opinion of management, was generally due to a combination of the appreciation of commodity prices and investor inflows which was driven by war and other geopolitical events, including but not limited to Russia and Ukraine and conflicts in the Middle East have caused and may continue to cause volatility in commodity prices.

Current wording

Total net assets for the Fund increased year over year by 601%, driven by a combination of an increase in total shares outstanding of 6,474,996 or 682% and a decrease in the NAV per share of ($1.13) or (10%). The net assets for the Fund increased by 7% when comparing June 30, 2026, to March 31, 2026. This change was, in the opinion of management, due to the stabilization of prices, an increase in net investor inflows and total net assets year over year , the appreciation of commodity prices which were driven by war and other geopolitical events, including but not limited to Russia and Ukraine and conflicts in the Middle East have caused and may continue to cause volatility in commodity prices.

Previous wording

The increase in interest and other income year over year was due to interest rates, and higher average net assets. As a result, the amount of interest income earned as a percentage of average daily total net assets was higher in the three months ended March 31, 2026, compared to the three months ended March 31, 2025. 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 increase in interest and other income year over year was due to increased interest rates, and higher average net assets. As a result, the amount of interest income earned as a percentage of average daily total net assets was higher in the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025. 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, 2026, respectively, compared to the three months ended March 31, 2025 was generally due to higher 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, 2026, respectively, compared to the three and six months ended June 30, 2025 was generally due to higher 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, 2026, the Fund held a total of 9,494 CBOT wheat futures contracts with a notional value of $303,622,075. The contracts had an asset fair value of $13,094,464 and a liability fair value of $0. The weighting of the notional value contracts is as follows: (1) 35% to JUL26 CBOT contracts, (2) 30% to SEP26 CBOT contracts, and (3) 35% to DEC26 CBOT contracts.

Current wording

On June 30, 2026, the Fund held a total of 8,638 CBOT wheat futures contracts with a notional value of $266,575,913. The contracts had an asset fair value of $0 and a liability fair value of $24,668,372. The weighting of the notional value contracts is as follows: (1) 35% to SEP26 CBOT contracts, (2) 30% to DEC26 CBOT contracts, and (3) 35% to DEC27 CBOT contracts.

Previous wording

The increase in interest and other income year over year was due to an increase 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 higher in the three months ended March 31, 2026, compared to the three months ended March 31, 2025. 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 increase in interest and other income year over year was due to an increase in average net assets and increased interest rates. As a result, the amount of interest income earned as a percentage of average daily total net assets was higher in the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025. 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, 2026 compared to the three months ended March 31, 2025 was generally due to an increase 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.

Current wording

The increase in total gross fees and other expenses excluding management fees for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025 was generally due to an increase 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.

Previous wording

On March 31, 2026, the Fund held: 1) 414,618 shares of CORN with a fair value of $7,603,514; 2) 327,169 shares of WEAT with a fair value of $7,682,288; 3) 314,058 shares of SOYB with a fair value of $7,661,665; and 4) 723,427 shares of CANE with a fair value of $7,548,092. The weighting on March 31, 2026 was 25% to CORN, 25% to WEAT, 25% to SOYB and 25% to CANE.

Current wording

On June 30, 2026, the Fund held: 1) 273,944 shares of CORN with a fair value of $4,588,562; 2) 206,794 shares of WEAT with a fair value of $4,555,672; 3) 186,397 shares of SOYB with a fair value of $4,548,086; and 4) 460,591 shares of CANE with a fair value of $4,509,186. The weighting on June 30, 2026 was 25% to CORN, 25% to WEAT, 25% to SOYB and 25% to CANE.

Previous wording

The decrease in total gross fees and other expenses for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was generally due to 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, 2026 compared to the three and six months ended June 30, 2025 was generally due to 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 2025-26, the USDA estimates that the U.S. will produce approximately 33% of all the corn globally, of which about 19% will be exported. For 2025-2026, based on the April 2026, USDA reports, global consumption of 1,301 Million Metric Tons (MMT) is expected to be slightly higher than global production of 1,303 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.

Current wording

The United States is the world’s leading producer and exporter of corn. For the Crop Year 2026-27, the USDA estimates that the U.S. will produce approximately 31% of all the corn globally, of which about 20% will be exported. For 2026-2027, based on the July 2026, USDA reports, global consumption of 1,320 Million Metric Tons (MMT) is expected to be slightly higher than global production of 1,297 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 307 MMT is approximately 6% less than its domestic usage.

Previous wording

According to the USDA, global corn consumption has increased just over 663% 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.

Current wording

According to the USDA, global corn consumption has increased just over 677% from crop years 1960/1961 to 2026/2027 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 Bureau, 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 2025-26, the United States will produce approximately 117 MMT of soybeans or approximately 27% of estimated world production, with Brazil production at 175 MMT. Argentina is projected to produce about 49 MMT. For 2025-26, based on the September 2025 USDA report, global consumption of 424 MMT is estimated slightly lower than global production of 426 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 2026 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 2026-27, the United States will produce approximately 121 MMT of soybeans or approximately 27% of estimated world production, with Brazil production at 186 MMT. Argentina is projected to produce about 50 MMT. For 2026-27, based on the July 2026 USDA report, global consumption of 442 MMT is estimated to be equal to global production of 442 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 2026 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 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.

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 2026 report for the 2026-27 Marketing year estimated global production of 184.9 MMT with lower production in Brazil, the European Union, the United States and Thailand expected to more than offset with higher production in India. 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 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 45% of that being exported. For 2025-26, based on the April 2026 USDA report, global consumption of 820 MMT is estimated to be slightly lower than production of 844 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 2026 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 2026-27, 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 5% of global production, with approximately 50% of that being exported. For 2026-27, based on the July 2026 USDA report, global consumption of 826 MMT is estimated to be slightly higher than production of 820 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 2026 USDA report.

Previous wording

Marex and StoneX serve as the Fund’s clearing brokers to execute futures contracts and provide other brokerage-related services.

Current wording

Marex, StoneX and ADMIS serve as the Fund’s clearing brokers to execute futures contracts and provide other brokerage-related services.

Previous wording

The primary contractual obligations of each Fund will be with the Sponsor and certain other service providers. Except for TAGS, which has no management fee, the Sponsor, in return for its services, will be entitled to a management fee calculated as a fixed percentage of each Agricultural Fund’s NAV, currently 1.00% of its average net assets.

Current wording

The primary contractual obligations of each Fund will be with the Sponsor and certain other service providers. Except for TAGS, which has no management fee, the Sponsor, in return for its services, will be entitled to a management fee calculated as a fixed percentage of each Agricultural Fund’s NAV, currently 1.00% of its average net assets. BTCK is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 0.68% per annum.

Previous wording

CORN, CANE, SOYB, WEAT and TAGS will also be responsible for all ongoing fees, costs and expenses of its operation, including (i) brokerage and other fees and commissions incurred in connection with the trading activities of the Fund; (ii) expenses incurred in connection with registering additional Shares of the Fund or offering Shares of the Fund; (iii) the routine expenses associated with the preparation and, if required, the printing and mailing of monthly, quarterly, annual and other reports required by applicable U.S. federal and state regulatory authorities, Trust meetings and preparing, printing and mailing proxy statements to Shareholders; (iv) the payment of any distributions related to redemption of Shares; (v) payment for routine services of the Trustee, legal counsel and independent accountants; (vi) payment for routine accounting, bookkeeping, compliance, distribution and solicitation-related services, custodial and transfer agency services, whether performed by an outside service provider or by affiliates of the Sponsor; (vii) postage and insurance; (viii) costs and expenses associated with client relations and services; (ix) costs of preparation of all federal, state, local and foreign tax returns and any taxes payable on the income, assets or operations of the Fund; and (xi) extraordinary expenses (including, but not limited to, legal claims and liabilities and litigation costs and any indemnification related thereto).

Current wording

CORN, CANE, SOYB, WEAT, TAGS and BTCK will also be responsible for all ongoing fees, costs and expenses of its operation, including (i) brokerage and other fees and commissions incurred in connection with the trading activities of the Fund; (ii) expenses incurred in connection with registering additional Shares of the Fund or offering Shares of the Fund; (iii) the routine expenses associated with the preparation and, if required, the printing and mailing of monthly, quarterly, annual and other reports required by applicable U.S. federal and state regulatory authorities, Trust meetings and preparing, printing and mailing proxy statements to Shareholders; (iv) the payment of any distributions related to redemption of Shares; (v) payment for routine services of the Trustee, legal counsel and independent accountants; (vi) payment for routine accounting, bookkeeping, compliance, distribution and solicitation-related services, custodial and transfer agency services, whether performed by an outside service provider or by affiliates of the Sponsor; (vii) postage and insurance; (viii) costs and expenses associated with client relations and services; (x) costs of preparation of all federal, state, local and foreign tax returns and any taxes payable on the income, assets or operations of the Fund; and (xi) extraordinary expenses (including, but not limited to, legal claims and liabilities and litigation costs and any indemnification related thereto).