Teucrium Commodity Trust
For the period ended Sep 30, 2026. Filed Nov 9, 2026.
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.
Sep 30, 2026 · Filed Nov 9, 2026
BTCK$26.33-4.5%Stored close · as of Nov 9, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-14.
0001437749-26-027963
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-09.
0001437749-26-035812
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 251 previous paragraphs and 251 current paragraphs.
218 unchanged; 25 reworded; 8 added; 8 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 51 previous and 51 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 (8)
Current report
Total net assets for the Fund increased year over year by 169%, driven by a combination of an increase in total shares outstanding of 4,074,996 shares or 147% and an increase in the NAV per share of $1.55 or 9%. The net assets for the Fund decreased by (25%) when comparing September 30, 2026, to June 30, 2026. The change in 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 report
Total net assets for the Fund increased year over year by 41%, driven by a combination of an increase in total shares outstanding of 149,996 shares or 10% and by an increase in the NAV per share of $6.01 or 28%. The net assets for the Fund decreased by (6)% when comparing September 30, 2026, to June 30, 2026. The change in total net assets year over year, in the opinion of management, was generally due to a combination of 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 report
The increase in interest and other income year over year was due to higher average net assets partially offset by lower yields on interest-bearing assets in the three and nine months ended September 30, 2026, compared to the three and nine months ended September 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.
Current report
The increase in interest and other income year over year was due to 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 nine months ended September 30, 2026, compared to the three and nine months ended September 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.
Current report
The increase in management fee 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 nine months ended September 30, 2026, compared to the three and nine months ended September 30, 2025. The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets.
Current report
Total net assets for the Fund increased year over year by 140%, driven by an increase in the shares outstanding of 5,724,969 or 100%, and an increase in the NAV per share of $4.04 or 20%. The net assets for the Fund increased by $14,761,227 or approximately 6% when comparing September 30, 2026 to June 30, 2026. The change in 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 report
The increase in management fee 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 nine months ended September 30, 2026, compared to the three and nine months ended September 30, 2025. The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets.
Current report
Total net assets for the Fund increased year over year by 171%, driven by an increase in shares outstanding of 449,998 shares or 133% and an increase in the NAV per share of $3.79 or 16%. The net assets for the Fund increased by 17% when comparing September 30, 2026 to June 30, 2026. The change in total net assets year over year, in the opinion of management, was generally due to a combination of 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.
Removed paragraphs (8)
Previous report
Total net assets for the Fund increased year over year by 288%, driven by a combination of an increase in total shares outstanding of 7,824,996 shares or 310% and a decrease in the NAV per share of ($0.95) or (5%). The net assets for the Fund decreased by (44%) when comparing June 30, 2026, to March 31, 2026. The change in 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.
Previous report
Total net assets for the Fund increased year over year by 81%, driven by a combination of an increase in total shares outstanding of 749,996 shares or 61% and by an increase in the NAV per share of $2.63 or 12%. The net assets for the Fund decreased by (13)% when comparing June 30, 2026, to March 31, 2026. The change in total net assets year over year, in the opinion of management, was generally due to a combination of 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.
Previous report
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 report
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 report
The increase in management fee 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 report
Total net assets for the Fund increased year over year by 127%, driven by an increase in the shares outstanding of 6,789,969 or 129%, and a decrease in the NAV per share of ($0.16) or (0.01)%. The net assets for the Fund decreased by ($37,039,938) or approximately (12%) when comparing June 30, 2026 to March 31, 2026. 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 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.
Previous report
The increase in management fee 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 report
Total net assets for the Fund increased year over year by 108%, driven by an increase in shares outstanding of 399,998 shares or 110% and a decrease in the NAV per share of ($0.24) or (1%). The net assets for the Fund decreased by (40%) when comparing June 30, 2026 to March 31, 2026. 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 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.
Reworded paragraphs (25)
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 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.
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 September 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. TAGS and BTCK are only invested in the U. S. Bank Demand Deposit Account. 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
Additionally, Teucrium Trading LLC, as the sponsor of ConvexityShares Trust, announced in a press release dated November 1, 2023 that it will close the ConvexityShares Daily 1.5 SPIKES Futures ETF and ConvexityShares 1x SPIKES Futures ETF (together, the “ConvexityShares Funds”). Teucrium Trading, LLC, determined that the closure of the ConvexityShares Funds is advisable because of a recent announcement by the Minneapolis Grain Exchange, LLC (“MGEX”) that the SPIKES™ Volatility Index Futures (“SPIKES Futures”) in which the ConvexityShares Funds invest will cease trading at close of trading (4:00pm CT) on Friday, December 29, 2023. Therefore, MGEX has filed to suspend trading and clearing of certain previously listed SPIKES Futures contracts that expire in or after January 2024. Further detail may be obtained by accessing the Form 8-K filed by the Teucrium Commodities Trust on November 1, 2023, available here: https://www.sec.gov/ix?doc=/Archives/edgar/data/1817218/000121390023081930/ea187567-8k_convexity.htm.
Current wording
Additionally, Teucrium Trading LLC, as the sponsor of ConvexityShares Trust, announced in a press release dated November 1, 2023 that it will close the ConvexityShares Daily 1.5 SPIKES Futures ETF and ConvexityShares 1x SPIKES Futures ETF (together, the “ConvexityShares Funds”). Teucrium Trading, LLC, determined that the closure of the ConvexityShares Funds is advisable because of a recent announcement by the Minneapolis Grain Exchange, LLC (“MGEX”) that the SPIKES™ Volatility Index Futures (“SPIKES Futures”) in which the ConvexityShares Funds invest will cease trading at close of trading (4:00pm CT) on Friday, December 29, 2023. Therefore, MGEX has filed to suspend trading and clearing of certain previously listed SPIKES Futures contracts that expire in or after January 2024. Further detail may be obtained by accessing the Form 8-K filed by the Convexity Shares Trust on November 1, 2023, available here: https://www.sec.gov/ix?doc=/Archives/edgar/data/1817218/000121390023081930/ea187567-8k_convexity.htm.
Previous 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.
Current wording
The discussion below addresses the material changes in the results of operations for the three and nine months ended September 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
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.
Current wording
On September 30, 2026, CORN held a total of 5,023 CBOT Corn Futures contracts with a notional value of $130,200,413. The contracts had an asset fair value of $2,817,671 and a liability fair value of $2,195,651. The weighting of the notional value of the contracts is as follows: (1) 35% to the MAR27 contracts, the second to expire CBOT Corn Futures Contract, (2) 30% to MAY27 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 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.
Current wording
The increase in interest and other income year over year was due to higher average net assets. As a result, the amount of interest income earned was higher in the three and nine months ended September 30, 2026, compared to the three and nine months ended September 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 fee paid to the Sponsor is a result of higher average net assets. As a result of the increase 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.
Current wording
The increase in management fee paid to the Sponsor is a result of higher average net assets. As a result of the increase the amount of assets of the Fund, the amount of management fees was higher in the three and nine months ended September 30, 2026, compared to the three and nine months ended September 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 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.
Current wording
The increase in total gross fees and other expenses excluding management fees for the three and nine months ended September 30, 2026 compared to the three and nine months ended September 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 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.
Current wording
On September 30, 2026, the Fund held a total of 701 CBOT soybean futures contracts with a notional value of $45,361,475. The contracts had an asset fair value of $2,363,087 and had a liability fair value of $3,445. The weighting of the notional value of the contracts is as follows: (1) 35% to JAN27 CBOT contracts, (2) 30% to MAR27 CBOT contracts, and (3) 35% to NOV27 CBOT contracts.
Previous 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.
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 nine months ended September 30, 2026, compared to the three and nine months ended September 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 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.
Current wording
The increase in total gross fees and other expenses excluding management fees for the three and nine months ended September 30, 2026 compared to the three and nine months ended September 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 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.
Current wording
On September 30, 2026, the Fund held a total of 2,591 ICE sugar futures contracts with a notional value of $52,293,887. The contracts had an asset fair value of $2,724,565 and a liability fair value of $188,593. The weighting of the notional value of the contracts is as follows: (1) 35% to the MAY27 ICE No 11 contracts, (2) 30% to the JUL27 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 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.
Current wording
Total net assets for the Fund increased year over year by 287%, driven by a combination of an increase in total shares outstanding of 3,374,996 or 265% and an increase in the NAV per share of $0.65 or 6%. The net assets for the Fund decreased by (28)% when comparing September 30, 2026, to June 30, 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 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.
Current wording
The increase in total gross fees and other expenses excluding management fees for the three and nine months ended September 30, 2026, respectively, compared to the three and nine months ended September 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 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.
Current wording
On September 30, 2026, the Fund held a total of 8,013 CBOT wheat futures contracts with a notional value of $281,323,051. The contracts had an asset fair value of $934,748 and a liability fair value of $8,430,243. The weighting of the notional value contracts is as follows: (1) 35% to MAR27CBOT contracts, (2) 30% to MAY27 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 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.
Current wording
The increase in interest and other income year over year was due to an increase in average net assets and partially offset by lower yields on interest-bearing assets in the three and nine months ended September 30, 2026, compared to the three and nine months ended September 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 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.
Current wording
The increase in total gross fees and other expenses excluding management fees for the three and nine months ended September 30, 2026 compared to the three and nine months ended September 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 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.
Current wording
On September 30, 2026, the Fund held: 1) 275,264 shares of CORN with a fair value of $5,241,027; 2) 215,534 shares of WEAT with a fair value of $5,295,670; 3) 196,516 shares of SOYB with a fair value of $5,406,155; and 4) 479,167 shares of CANE with a fair value of $5,395,421. The weighting on September 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 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.
Current wording
The increase in total gross fees and other expenses for the three and nine months ended September 30, 2026 compared to the three and nine months ended September 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
On June 30, 2026, the Fund held: 1) 3 contracts of the DEC26 ICE European Carbon Allowances with a notional value of $274,941 and 2) 18.28 bitcoins with a notional value of $1,071,328. The weighting on June 30, 2026 was 20% to Carbon Credit Futures and 80% to bitcoin.
Current wording
On September 30, 2026, the Fund held: 1) 4 contracts of the DEC26 ICE European Carbon Allowances with a notional value of $386,597 and 2) 19.72 bitcoins with a notional value of $1,650,784. The weighting on September 30, 2026 was 19% to Carbon Credit Futures and 81% to bitcoin.
Previous 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.
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 21% will be exported. For 2026-2027, based on the October 2026, USDA reports, global consumption of 1,320 Million Metric Tons (MMT) is expected to be higher than global production of 1,294 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 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.
Current wording
According to the USDA, global corn consumption has increased just over 676% 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* *corn 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. Corn 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
Global* *corn consumption may fluctuate year over year due to any number of reasons which may include, but are not limited to, economic conditions, global health concerns, international trade policy. Corn 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
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.
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 124 MMT of soybeans or approximately 28% of estimated world production, with Brazil production at 186 MMT. Argentina is projected to produce about 50 MMT. For 2026-27, based on the October 2026 USDA report, global consumption of 442 MMT is estimated to be slightly lower than global production of 443 MMT. If the global demand for soybeans are 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 October 2026 USDA report.
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 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.
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 49% of that being exported. For 2026-27, based on the October 2026 USDA report, global consumption of 828 MMT is estimated to be slightly higher than production of 822 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 are not limited to, economic conditions, global health concerns, and 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 October 2026 USDA report.
Previous wording
The Commodity Funds, other than TAGS, will generally retain cash positions of approximately 95% of total net assets; this balance represents the total net assets less the initial margin requirements held by the FCM. These cash assets are either: 1) deposited by the Sponsor in demand deposit accounts of financial institutions which are deemed by the Sponsor to be of investment level quality, 2) held in a money-market fund which is deemed to be a cash equivalent under the most recent SEC definition, or 3) held in a cash equivalent with a maturity of 90 days or less that is deemed by the Sponsor to be of investment level quality.
Current wording
The Commodity Funds, other than TAGS, will generally retain cash positions of approximately 95% of total net assets; this balance represents the total net assets less the initial margin requirements held by the FCM. These cash assets are either: 1) deposited by the Sponsor in demand deposit accounts of financial institutions which are deemed by the Sponsor to be of investment-grade quality, 2) held in a money-market fund which is deemed to be a cash equivalent under the most recent SEC definition, or 3) held in a cash equivalent with a maturity of 90 days or less that is deemed by the Sponsor to be of investment level quality.