10-Q 1 tags20240331_10q.htm FORM 10-Q tags20240331_10q.htm
0001471824 Teucrium Commodity Trust false --12-31 Q1 2024 6 4 2 2 2 100,000 100,000 2,500,000 2,500,000 2,500,000 0.0050 4 2021 2022 2023 0 0 0 0 0 3 4 0.0050 2021 2022 2023 0 0 0 0 0 2 3 2 0.0050 2021 2022 2023 0 0 0 0 0 2 3 2 0.0050 2021 2022 2023 0 0 0 0 0 2 3 4 0.0050 2021 2022 2023 0 0 0 0 0 2 16,068,429 19,469,359 2 4 0.0050 2021 20222 2023 0 0 0 0 0 4 2 0.0050 5 0 0 0 0 0 0 false false false false On January 3, 2024, the scheduled merger of the Hashdex Bitcoin Futures ETF (the “Acquired Fund”), a series of the Teucrium Commodity Trust into the Hashdex Bitcoin Futures ETF (the “Acquiring Fund”), a series of Tidal Commodities Trust I, became effective and therefore, no assets and liabilities remained after the effective date. The Trust eliminates the shares owned by the Teucrium Agricultural Fund from its combined statements of assets and liabilities due to the fact that these represent holdings of the Underlying Funds owned by the Teucrium Agricultural Fund, which are included as shares outstanding of the Underlying Funds. On January 3, 2024, the scheduled merger of the Hashdex Bitcoin Futures ETF (the "Acquired Fund"), a series of the Teucrium Commodity Trust into the Hashdex Bitcoin Futures ETF (the "Acquiring Fund") a series of Tidal Commodities Trust I, became effective, and therefore, the operations presented here reflect the Aqcuired Fund's operations from January 1, 2024 to January 3, 2024 only. The Hashdex Bitcoin Futures ETF was merged into the Tidal Commodities Trust I as described in Note 1 to these financials. 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Table of Contents



 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

  
 

for the quarterly period ended March 31, 2024.

 

OR

 

Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

  
 

for the transition period from _________ to _________ .

 

Commission File Number: 001-34765

 

Teucrium Commodity Trust

(Exact name of registrant as specified in its charter)

 

Delaware

 

27-0724963

(State or other jurisdiction of

 

(I.R.S. Employer

incorporation or organization)

 

Identification No.)

 

Three Main Street, Suite 215 Burlington, VT 05401

(Address of principal executive offices) (Zip code)

 

(802) 540-0019

(Registrants telephone number, including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated Filer

Smaller reporting company

  

Emerging growth company

 

If an emerging growth company, indicate by a check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the last practicable date.

 

  

Total Number of Outstanding Shares as of May 9, 2024

 

Teucrium Corn Fund

 3,550,004 

Teucrium Sugar Fund

 1,075,004 

Teucrium Soybean Fund

 1,350,004 

Teucrium Wheat Fund

 26,750,004 

Teucrium Agricultural Fund

 512,502 

 



 

 

 

TEUCRIUM COMMODITY TRUST

Table of Contents

 

     

Page

 

Part I. FINANCIAL INFORMATION

     
         

Item 1.

Financial Statements

 

3

 
         

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

4

 
         

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

50

 
         

Item 4.

Controls and Procedures

 

54

 
         

Part II. OTHER INFORMATION

     
         

Item 1.

Legal Proceedings

 

55

 
         

Item 1A.

Risk Factors

 

55

 
         

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

56

 
         

Item 3.

Defaults Upon Senior Securities

 

58

 
         

Item 4.

Mine Safety Disclosures

 

58

 
         

Item 5.

Other Information

 

58

 
         

Item 6.

Exhibits

 

59

 
 

 

 

 

Part I. FINANCIAL INFORMATION

 

Item 1. Financial Statements.

 

Index to Financial Statements

 

Documents

 

Page

 

TEUCRIUM COMMODITY TRUST

     

Combined Statements of Assets and Liabilities at March 31, 2024 (Unaudited) and December 31, 2023

 

F-1

 

Combined Schedule of Investments at March 31, 2024 (Unaudited) and December 31, 2023

 

F-2

 

Combined Statements of Operations (Unaudited) for the three months ended March 31, 2024 and 2023

 

F-6

 

Combined Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2024 and 2023

 

F-7

 

Combined Statements of Cash Flows (Unaudited) for the three months ended March 31, 2024 and 2023

 

F-8

 

Notes to Combined Financial Statements

 

F-9

 
       

TEUCRIUM CORN FUND

     

Statements of Assets and Liabilities at March 31, 2024 (Unaudited) and December 31, 2023

 

F-25

 

Schedule of Investments at March 31, 2024 (Unaudited) and December 31, 2023

 

F-26

 

Statements of Operations (Unaudited) for the three months ended March 31, 2024 and 2023

 

F-28

 

Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2024 and 2023

 

F-29

 

Statements of Cash Flows (Unaudited) for the three months ended March 31, 2024 and 2023

 

F-30

 

Notes to Financial Statements

 

F-31

 
       

TEUCRIUM SOYBEAN FUND

     

Statements of Assets and Liabilities at March 31, 2024 (Unaudited) and December 31, 2023

 

F-46

 

Schedule of Investments at March 31, 2024 (Unaudited) and December 31, 2023

 

F-47

 

Statements of Operations (Unaudited) for the three months ended March 31, 2024 and 2023

 

F-49

 

Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2024 and 2023

 

F-50

 

Statements of Cash Flows (Unaudited) for the three months ended March 31, 2024 and 2023

 

F-51

 

Notes to Financial Statements

 

F-52

 
       

TEUCRIUM SUGAR FUND

     

Statements of Assets and Liabilities at March 31, 2024 (Unaudited) and December 31, 2023

 

F-66

 

Schedule of Investments at March 31, 2024 (Unaudited) and December 31, 2023

 

F-67

 

Statements of Operations (Unaudited) for the three months ended March 31, 2024 and 2023

 

F-69

 

Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2024 and 2023

 

F-70

 

Statements of Cash Flows (Unaudited) for the three months ended March 31, 2024 and 2023

 

F-71

 

Notes to Financial Statements

 

F-72

 
       

TEUCRIUM WHEAT FUND

     

Statements of Assets and Liabilities at March 31, 2024 (Unaudited) and December 31, 2023

 

F-85

 

Schedule of Investments at March 31, 2024 (Unaudited) and December 31, 2023

 

F-86

 

Statements of Operations (Unaudited) for the three months ended March 31, 2024 and 2023

 

F-88

 

Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2024 and 2023

 

F-89

 

Statements of Cash Flows (Unaudited) for the three months ended March 31, 2024 and 2023

 

F-90

 

Notes to Financial Statements

 

F-91

 
       

TEUCRIUM AGRICULTURAL FUND

     

Statements of Assets and Liabilities at March 31, 2024 (Unaudited) and December 31, 2023

 

F-104

 

Schedule of Investments at March 31, 2024 (Unaudited) and December 31, 2023

 

F-105

 

Statements of Operations (Unaudited) for the three months ended March 31, 2024 and 2023

 

F-107

 

Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2024 and 2023

 

F-108

 

Statements of Cash Flows (Unaudited) for the three months ended March 31, 2024 and 2023

 

F-109

 

Notes to Financial Statements

 

F-110

 
       

HASHDEX BITCOIN FUTURES ETF

     

Statements of Assets and Liabilities at March 31, 2024 (Unaudited) and December 31, 2023

 

F-121

 

Schedule of Investments at March 31, 2024 (Unaudited) and December 31, 2023

 

F-121

 

Statements of Operations (Unaudited) for the three months ended March 31, 2024 and 2023

 

F-124

 

Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2024 and 2023

 

F-125

 

Statements of Cash Flows (Unaudited) for the three months ended March 31, 2024 and 2023

 

F-126

 

Notes to Financial Statements

 

F-127

 

 

 

 

TEUCRIUM COMMODITY TRUST

COMBINED STATEMENTS OF ASSETS AND LIABILITIES

 

  

March 31, 2024

  

December 31, 2023

 
  

(Unaudited)

     

Assets

        

Cash and cash equivalents

 $253,695,600  $292,237,362 

Interest receivable

  253,928   410,596 

Other assets

  16,381   5,362 

Equity in trading accounts:

        

Commodity and cryptocurrency futures contracts

  1,667,718   2,367,012 

Due from broker

  41,016,750   30,935,806 

Total equity in trading accounts

  42,684,468   33,302,818 

Total assets

 $296,650,377  $325,956,138 
         

Liabilities

        

Management fee payable to Sponsor

 $228,413  $276,900 

Other liabilities

  281,114   242,982 

Equity in trading accounts:

        

Commodity and cryptocurrency futures contracts

  18,352,042   10,888,842 

Total liabilities

  18,861,569  $11,408,724 
         

Net Assets

 $277,788,808  $314,547,414 

 

 

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

 

 

 

TEUCRIUM COMMODITY TRUST

COMBINED SCHEDULE OF INVESTMENTS

March 31, 2024

(Unaudited)

 

              

Percentage of

     

Description: Assets

 

Yield

  

Cost

  

Fair Value

  

Net Assets

  

Shares

 
                     

Cash equivalents

                    

Money market funds

                    

U.S. Bank Deposit Account

  5.240% $22,987,077  $22,987,077   8.28

%

  22,987,077 

Goldman Sachs Financial Square Government Fund - Institutional Class

  5.210%  82,672,927   82,672,927   29.76   82,672,927 

Total money market funds

     $105,660,004  $105,660,004   38.04

%

    

 

 

Maturity

             

Percentage of

  

Principal

 
 

Date

 

Yield

  

Cost

  

Fair Value

  

Net Assets

  

Amount

 

Commercial Paper

                     

American Electric Power Company, Inc.

June 12, 2024

  5.465% $4,941,190  $4,946,401   1.78

%

  5,000,000 

Brookfield Infrastructure Holdings (Canada) Inc.

April 23, 2024

  5.844%  2,465,045   2,491,261   0.90   2,500,000 

Brookfield Infrastructure Holdings (Canada) Inc.

May 7, 2024

  5.834%  2,465,106   2,485,725   0.89   2,500,000 

Brookfield Infrastructure Holdings (Canada) Inc.

May 9, 2024

  5.710%  4,946,334   4,970,444   1.79   5,000,000 

Brookfield Infrastructure Holdings (Canada) Inc.

May 14, 2024

  5.782%  2,464,625   2,483,098   0.89   2,500,000 

Brookfield Infrastructure Holdings (Canada) Inc.

May 16, 2024

  5.772%  4,929,376   4,964,688   1.79   5,000,000 

Brookfield Infrastructure Holdings (Canada) Inc.

May 22, 2024

  5.780%  2,466,590   2,479,954   0.89   2,500,000 

Campbell Soup Company

May 1, 2024

  5.601%  4,955,696   4,977,084   1.79   5,000,000 

The Cigna Group

April 5, 2024

  5.501%  2,970,300   2,998,200   1.08   3,000,000 

Crown Castle Inc.

April 18, 2024

  5.530%  9,945,600   9,974,312   3.59   10,000,000 

EIDP, Inc.

May 23, 2024

  5.314%  4,934,875   4,962,372   1.79   5,000,000 

FMC Corporation

April 22, 2024

  5.755%  2,487,815   2,491,746   0.90   2,500,000 

General Motors Financial Company, Inc.

April 23, 2024

  5.511%  4,932,500   4,983,500   1.79   5,000,000 

General Motors Financial Company, Inc.

April 29, 2024

  5.408%  3,465,928   3,485,545   1.25   3,500,000 

Glencore Funding LLC

April 16, 2024

  5.490%  7,456,125   7,483,125   2.69   7,500,000 

Glencore Funding LLC

April 30, 2024

  5.493%  4,964,750   4,978,250   1.79   5,000,000 

Glencore Funding LLC

May 10, 2024

  5.475%  7,440,597   7,456,287   2.68   7,500,000 

Harley-Davidson Financial Services, Inc.

April 26, 2024

  5.700%  2,482,111   2,490,278   0.90   2,500,000 

Harley-Davidson Financial Services, Inc.

May 16, 2024

  5.815%  4,943,792   4,964,376   1.79   5,000,000 

National Fuel Gas Company

April 4, 2024

  5.544%  7,476,113   7,496,588   2.70   7,500,000 

Stanley Black & Decker, Inc.

April 4, 2024

  5.604%  4,987,734   4,997,700   1.80   5,000,000 

VW Credit, Inc.

April 11, 2024

  5.511%  9,865,000   9,985,000   3.59   10,000,000 

VW Credit, Inc.

May 16, 2024

  5.402%  4,943,320   4,966,876   1.45   5,000,000 

WGL Holdings, Inc.

April 15, 2024

  5.616%  4,984,640   4,989,248   1.46   5,000,000 

Total Commercial Paper

     $117,915,162  $118,502,058   41.97

%

    

Total Cash Equivalents

         $224,162,062   80.01

%

    

 

F- 2

 
  

Number of

      

Percentage of

  

Notional Amount

 
  

Contracts

  

Fair Value

  

Net Assets

  

(Long Exposure)

 

Commodity and Cryptocurrency futures contracts

                

United States corn futures contracts

                

CBOT Corn Futures SEP24

  901  $154,412   0.06

%

 $20,925,725 
                 

United States wheat futures contracts

                

CBOT wheat futures SEP24

  1,599   1,513,306   0.54   47,290,425 

Total commodity and cryptocurrency futures contracts

     $1,667,718   0.60

%

 $68,216,150 

 

  

Number of

      

Percentage of

  

Notional Amount

 

Description: Liabilities

 

Contracts

  

Fair Value

  

Net Assets

  

(Long Exposure)

 
                 

Commodity and Cryptocurrency futures contracts

                

United States corn futures contracts

                

CBOT Corn Futures JUL24

  1,072  $2,021,501   0.73

%

 $24,361,200 

CBOT Corn Futures DEC24

  1,022   1,911,222   0.69   24,413,025 
                 

United States soybean futures contracts

                

CBOT soybean futures JUL24

  197   308,999   0.11   11,871,713 

CBOT soybean futures NOV24

  172   478,846   0.17   10,201,750 

CBOT soybean futures NOV25

  204   7,131   0.00   11,860,050 
                 

United States sugar futures contracts

                

ICE sugar futures JUL24

  234   594,646   0.21   5,805,072 

ICE sugar futures OCT24

  201   83,984   0.03   4,963,896 

ICE sugar futures MAR25

  233   135,771   0.05   5,769,826 
                 

United States wheat futures contracts

                

CBOT wheat futures JUL24

  1,915   3,610,065   1.30   55,128,063 

CBOT wheat futures DEC24

  1,800   9,199,877   3.31   55,080,000 

Total commodity and cryptocurrency futures contracts

     $18,352,042   6.60

%

 $209,454,595 

 

          

Percentage of

     

Exchange-traded funds*

 

Cost

  

Fair Value

  

Net Assets

  

Shares

 

Teucrium Corn Fund

     $3,661,367   1.32

%

  181,115 

Teucrium Soybean Fund

      3,574,703   1.29   142,076 

Teucrium Sugar Fund

      3,605,828   1.30   267,233 

Teucrium Wheat Fund

      3,673,518   1.32   682,062 

Total exchange-traded funds

 $16,068,429  $14,515,416   5.23

%

    

 

*The Trust eliminates the shares owned by the Teucrium Agricultural Fund from its combined statements of assets and liabilities due to the fact that these represent holdings of the other four Funds (“Underlying Funds”) owned by the Teucrium Agricultural Fund, which are included as shares outstanding of the Underlying Funds.

 

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

 

F- 3

 

TEUCRIUM COMMODITY TRUST

COMBINED SCHEDULE OF INVESTMENTS

December 31, 2023

 

              

Percentage of

     

Description: Assets

 

Yield

  

Cost

  

Fair Value

  

Net Assets

  

Shares

 
                     

Cash equivalents

                    

Money market funds

                    

U.S. Bank Deposit Account

  5.270% $39,325,186  $39,325,186   12.50

%

  39,325,186 

Goldman Sachs Financial Square Government Fund - Institutional Class

  5.250%  80,722,654   80,722,654   25.66   80,722,654 

Total money market funds

     $120,047,840  $120,047,840   38.16

%

    

 

 

Maturity

             

Percentage of

  

Principal

 
 

Date

 

Yield

  

Cost

  

Fair Value

  

Net Assets

  

Amount

 

Commercial Paper

                     

Albemarle Corporation

January 3, 2024

  5.770% $4,950,475  $4,998,428   1.59

%

  5,000,000 

Albemarle Corporation

January 4, 2024

  5.753%  4,960,764   4,997,646   1.59   5,000,000 

Albemarle Corporation

January 8, 2024

  5.738%  4,952,302   4,994,526   1.59   5,000,000 

Albemarle Corporation

January 11, 2024

  5.808%  4,956,460   4,992,083   1.59   5,000,000 

Brookfield Infrastructure Holdings (Canada) Inc.

January 9, 2024

  5.794%  4,979,416   4,993,666   1.59   5,000,000 

Brookfield Infrastructure Holdings (Canada) Inc.

January 16, 2024

  5.853%  4,933,150   4,988,062   1.59   5,000,000 

Brookfield Infrastructure Holdings (Canada) Inc.

January 30, 2024

  5.814%  3,032,227   3,040,948   0.97   3,055,000 

Entergy Corporation

March 1, 2024

  5.665%  7,402,875   7,430,625   2.36   7,500,000 

FMC Corporation

January 19, 2024

  5.816%  7,466,634   7,478,550   2.38   7,500,000 

General Motors Financial Company, Inc.

January 18, 2024

  5.617%  7,420,795   7,480,486   2.38   7,500,000 

General Motors Financial Company, Inc.

January 24, 2024

  5.661%  4,941,417   4,982,271   1.58   5,000,000 

General Motors Financial Company, Inc.

February 9, 2024

  5.700%  7,397,667   7,454,648   2.37   7,500,000 

Harley-Davidson Financial Services, Inc.

January 9, 2024

  5.843%  4,949,066   4,993,634   1.59   5,000,000 

Harley-Davidson Financial Services, Inc.

February 1, 2024

  5.867%  7,441,200   7,462,800   2.37   7,500,000 

Harley-Davidson Financial Services, Inc.

February 14, 2024

  5.927%  7,421,323   7,446,741   2.37   7,500,000 

National Fuel Gas Company

January 8, 2024

  5.867%  4,960,800   4,994,400   1.59   5,000,000 

National Fuel Gas Company

January 26, 2024

  5.941%  2,478,948   2,489,879   0.79   2,500,000 

Oracle Corporation

March 6, 2024

  5.562%  4,934,904   4,950,799   1.57   5,000,000 

Stanley Black & Decker, Inc.

January 22, 2024

  5.807%  7,437,063   7,475,063   2.38   7,500,000 

V.F. Corporation

January 17, 2024

  5.674%  4,936,679   4,987,645   1.59   5,000,000 

V.F. Corporation

January 18, 2024

  5.606%  4,947,292   4,987,014   1.59   5,000,000 

V.F. Corporation

January 25, 2024

  5.910%  4,928,362   4,950,783   1.57   4,970,000 

WGL Holdings, Inc.

January 3, 2024

  5.793%  4,981,792   4,998,416   1.59   5,000,000 

WGL Holdings, Inc.

January 12, 2024

  5.849%  7,461,666   7,486,824   2.38   7,500,000 

Walgreens Boots Alliance, Inc.

January 12, 2024

  6.028%  7,950,009   7,985,529   2.54   8,000,000 

Total Commercial Paper

     $142,223,286  $143,041,466   45.50

%

    

Total Cash Equivalents

         $263,089,306   83.66

%

    

 

F- 4

 
  

Number of

      

Percentage of

  

Notional Amount

 
  

Contracts

  

Fair Value

  

Net Assets

  

(Long Exposure)

 

Commodity and Cryptocurrency futures contracts

                

United States wheat futures contracts

                

CBOT wheat futures MAY24

  2,018  $363,500   0.12

%

 $64,525,550 

CBOT wheat futures JUL24

  1,711   1,873,993   0.60   55,243,913 
                 

United States CME Bitcoin futures contracts

                

CME Bitcoin futures JAN24

  6   129,519   0.04   1,274,550 

Total commodity and cryptocurrency futures contracts

     $2,367,012   0.76

%

 $