10-Q 1 tect20230630_10q.htm FORM 10-Q tect20230630_10q.htm
0001471824 Teucrium Commodity Trust false --12-31 Q2 2023 6 4 2 2 2 100,000 100,000 2,500,000 2,500,000 2,500,000 0.0050 4 2020 2021 2022 0 0 0 0 0 0 0 3 4 0.0050 2020 2021 2022 0 0 0 0 0 0 0 2 3 2 0.0050 2020 2021 2022 0 0 0 0 0 0 0 2 3 2 0.0050 2020 2021 2022 0 0 0 0 No 0 0 2 3 4 0.0050 2020 2021 2022 0 0 0 0 0 0 0 2 24,739,524 39,425,287 2 4 0.0050 2020 2021 2022 0 0 0 0 0 0 0 4 2 0.0050 0 0 5 The amount of collateral presented in Collateral, Due from Broker, is limited to the liability for the futures contracts and accordingly does not include the excess collateral pledged. 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. 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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 June 30, 2023.

 

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 August 8,

2023

 

Teucrium Corn Fund

 4,400,004 

Teucrium Sugar Fund

 1,700,004 

Teucrium Soybean Fund

 1,275,004 

Teucrium Wheat Fund

 29,550,004 

Teucrium Agricultural Fund

 750,002 

Hashdex Bitcoin Futures ETF

 50,004 

 



 

 

 

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 June 30, 2023 (Unaudited) and December 31, 2022

 

F-1

 

Combined Schedule of Investments at June 30, 2023 (Unaudited) and December 31, 2022

 

F-2

 

Combined Statements of Operations (Unaudited) for the three and six months ended June 30, 2023 and 2022

 

F-6

 

Combined Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2023 and 2022

 

F-7

 

Combined Statements of Cash Flows (Unaudited) for the six months ended June 30, 2023 and 2022

 

F-8

 

Notes to Combined Financial Statements

 

F-9

 
       

TEUCRIUM CORN FUND

     

Statements of Assets and Liabilities at June 30, 2023 (Unaudited) and December 31, 2022

 

F-25

 

Schedule of Investments at June 30, 2023 (Unaudited) and December 31, 2022

 

F-26

 

Statements of Operations (Unaudited) for the three and six months ended June 30, 2023 and 2022

 

F-28

 

Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2023 and 2022

 

F-29

 

Statements of Cash Flows (Unaudited) for the six months ended June 30, 2023 and 2022

 

F-30

 

Notes to Financial Statements

 

F-31

 
       

TEUCRIUM SOYBEAN FUND

     

Statements of Assets and Liabilities at June 30, 2023 (Unaudited) and December 31, 2022

 

F-46

 

Schedule of Investments at June 30, 2023 (Unaudited) and December 31, 2022

 

F-47

 

Statements of Operations (Unaudited) for the three and six months ended June 30, 2023 and 2022

 

F-49

 

Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2023 and 2022

 

F-50

 

Statements of Cash Flows (Unaudited) for the six months ended June 30, 2023 and 2022

 

F-51

 

Notes to Financial Statements

 

F-52

 
       

TEUCRIUM SUGAR FUND

     

Statements of Assets and Liabilities at June 30, 2023 (Unaudited) and December 31, 2022

 

F-66

 

Schedule of Investments at June 30, 2023 (Unaudited) and December 31, 2022

 

F-67

 

Statements of Operations (Unaudited) for the three and six months ended June 30, 2023 and 2022

 

F-69

 

Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2023 and 2022

 

F-70

 

Statements of Cash Flows (Unaudited) for the six months ended June 30, 2023 and 2022

 

F-71

 

Notes to Financial Statements

 

F-72

 
       

TEUCRIUM WHEAT FUND

     

Statements of Assets and Liabilities at June 30, 2023 (Unaudited) and December 31, 2022

 

F-85

 

Schedule of Investments at June 30, 2023 (Unaudited) and December 31, 2022

 

F-86

 

Statements of Operations (Unaudited) for the three and six months ended June 30, 2023 and 2022

 

F-88

 

Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2023 and 2022

 

F-89

 

Statements of Cash Flows (Unaudited) for the six months ended June 30, 2023 and 2022

 

F-90

 

Notes to Financial Statements

 

F-91

 
       

TEUCRIUM AGRICULTURAL FUND

     

Statements of Assets and Liabilities at June 30, 2023 (Unaudited) and December 31, 2022

 

F-104

 

Schedule of Investments at June 30, 2023 (Unaudited) and December 31, 2022

 

F-105

 

Statements of Operations (Unaudited) for the three and six months ended June 30, 2023 and 2022

 

F-107

 

Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2023 and 2022

 

F-108

 

Statements of Cash Flows (Unaudited) for the six months ended June 30, 2023 and 2022

 

F-109

 

Notes to Financial Statements

 

F-110

 
       

HASHDEX BITCOIN FUTURES ETF

     

Statements of Assets and Liabilities at June 30, 2023 (Unaudited) and December 31, 2022

 

F-121

 

Schedule of Investments at June 30, 2023 (Unaudited) and December 31, 2022

 

F-122

 

Statements of Operations (Unaudited) for the three and six months ended June 30, 2023

 

F-124

 

Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2023

 

F-125

 

Statements of Cash Flows (Unaudited) for the six months ended June 30, 2023

 

F-126

 

Notes to Financial Statements

 

F-127

 

 

 

 

TEUCRIUM COMMODITY TRUST

COMBINED STATEMENTS OF ASSETS AND LIABILITIES

 

  

June 30, 2023

  

December 31, 2022

 
  

(Unaudited)

     

Assets

        

Cash and cash equivalents

 $311,058,385  $434,062,296 

Interest receivable

  427,523   317,351 

Other assets

  86,030   9,069 

Capital shares receivable

  -   1,344,830 

Equity in trading accounts:

        

Commodity and cryptocurrency futures contracts

  1,866,892   8,207,381 

Due from broker

  51,235,459   61,563,417 

Total equity in trading accounts

  53,102,351   69,770,798 

Total assets

 $364,674,289  $505,504,344 
         

Liabilities

        

Management fee payable to Sponsor

  279,519   432,882 

Payable for purchases of commercial paper

  5,962,734   - 

Other liabilities

  23,784   78,880 

Payable for shares redeemed

  1,587,650   10,183,915 

Equity in trading accounts:

        

Commodity and cryptocurrency futures contracts

  37,562,733   29,433,069 

Total liabilities

  45,416,420   40,128,746 
         

Net Assets

 $319,257,869  $465,375,598 

 

 

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

 

 

 

TEUCRIUM COMMODITY TRUST

COMBINED SCHEDULE OF INVESTMENTS

June 30, 2023

(Unaudited)

 

              

Percentage of

     

Description: Assets

 

Yield

  

Cost

  

Fair Value

  

Net Assets

  

Shares

 
                     

Cash equivalents

                    

Money market funds

                    

First American Government Obligations Fund - Class X

  5.015% $30,916,840  $30,916,840   9.68

%

  30,916,840 

Goldman Sachs Financial Square Government Fund - Institutional Class

  5.022%  87,776,584   87,776,584   27.49   87,776,584 

Total money market funds

     $118,693,424  $118,693,424   37.17

%

    

 

 

Maturity

             

Percentage of

  

Principal

 
 

Date

 

Yield

  

Cost

  

Fair Value

  

Net Assets

  

Amount

 

Commercial Paper

                     

American Electric Power Company, Inc.

August 17, 2023

  5.285% $5,962,734  $5,962,734   1.87

%

  6,000,000 

BASF SE

September 20, 2023

  5.352%  4,940,210   4,940,938   1.55   5,000,000 

Bayer Corporation

July 10, 2023

  5.200%  9,906,319   9,987,225   3.13   10,000,000 

Brookfield Infrastructure Holdings (Canada) Inc.

August 2, 2023

  5.639%  4,962,298   4,975,378   1.56   5,000,000 

Brookfield Infrastructure Holdings (Canada) Inc.

August 9, 2023

  5.702%  7,441,667   7,454,500   2.33   7,500,000 

CNH Industrial Capital LLC

August 17, 2023

  5.396%  12,384,064   12,413,506   3.89   12,500,000 

Enbridge (U.S.) Inc.

July 10, 2023

  5.317%  9,934,624   9,986,924   3.13   10,000,000 

Enbridge (U.S.) Inc.

July 10, 2023

  5.317%  4,966,586   4,993,462   1.56   5,000,000 

General Motors Financial Company, Inc.

July 5, 2023

  5.296%  5,937,600   5,996,534   1.88   6,000,000 

General Motors Financial Company, Inc.

July 20, 2023

  5.368%  4,948,032   4,986,094   1.56   5,000,000 

General Motors Financial Company, Inc.

August 9, 2023

  5.397%  4,970,500   4,971,238   1.56   5,000,000 

Glencore Funding LLC

July 13, 2023

  5.341%  19,827,981   19,965,013   6.25   20,000,000 

Harley-Davidson Financial Services, Inc.

July 14, 2023

  5.602%  4,954,166   4,990,070   1.56   5,000,000 

Harley-Davidson Financial Services, Inc.

August 1, 2023

  5.728%  7,400,658   7,463,769   2.34   7,500,000 

Harley-Davidson Financial Services, Inc.

August 18, 2023

  5.557%  2,480,283   2,481,800   0.78   2,500,000 

Jabil Inc.

July 14, 2023

  5.587%  1,245,417   1,247,517   0.39   1,250,000 

Jabil Inc.

July 28, 2023

  5.651%  4,977,606   4,979,150   1.56   5,000,000 

Walgreens Boots Alliance, Inc.

July 6, 2023

  5.674%  4,972,876   4,996,125   1.56   5,000,000 

Walgreens Boots Alliance, Inc.

July 13, 2023

  5.707%  4,951,778   4,990,666   1.56   5,000,000 

Walgreens Boots Alliance, Inc.

July 14, 2023

  5.737%  7,429,626   7,484,752   2.34   7,500,000 

WGL Holdings, Inc.

July 11, 2023

  5.584%  9,972,500   9,984,723   3.13   10,000,000 

Total Commercial Paper

     $144,567,525  $145,252,118   45.49

%

    

Total Cash Equivalents

         $263,945,542   82.66

%

    

 

F- 2

 
  

Number of

      

Percentage of

  

Notional Amount

 
  

Contracts

  

Fair Value

  

Net Assets

  

(Long Exposure)

 

Commodity and Cryptocurrency futures contracts

                

United States soybean futures contracts

                

CBOT soybean futures NOV23

  197  $51,011   0.02

%

 $13,231,013 

CBOT soybean futures JAN24

  167   767,339   0.24   11,245,363 
                 

United States sugar futures contracts

                

ICE sugar futures MAR24

  317   772,957   0.24   8,126,865 

ICE sugar futures MAY24

  287   148,913   0.05   6,955,962 
                 

United States CME Bitcoin futures contracts

                

CME Bitcoin futures JUL23

  6   124,509   0.04   920,400 

CME Bitcoin futures AUG23

  7   2,163   0.00   1,083,425 

Total commodity and cryptocurrency futures contracts

     $1,866,892   0.59

%

 $41,563,028 

 

  

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 SEP23

  1,302  $4,516,994   1.41

%

 $31,801,350 

CBOT corn futures DEC23

  1,104   7,636,709   2.39   27,310,200 

CBOT corn futures DEC24

  1,356   1,273,890   0.40   33,679,650 
                 

United States soybean futures contracts

                

CBOT soybean futures NOV24

  206   685,954   0.21   12,429,525 
                 

United States sugar futures contracts

                

ICE sugar futures MAR25

  348   97,357   0.03   8,110,906 
                 

United States wheat futures contracts

                

CBOT wheat futures SEP23

  1,760   3,721,805   1.04   57,288,000 

CBOT wheat futures DEC23

  1,471   19,533,670   5.47   49,223,338 

CBOT wheat futures DEC24

  1,622   96,354   0.03   57,966,225 

Total commodity and cryptocurrency futures contracts

     $37,562,733   10.98

%

 $277,809,194 

 

          

Percentage of

     

Exchange-traded funds*

 

Cost

  

Fair Value

  

Net Assets

  

Shares

 

Teucrium Corn Fund

     $5,612,366   1.76

%

  252,559 

Teucrium Soybean Fund

      6,305,393   1.98   230,720 

Teucrium Sugar Fund

      6,112,821   1.91   481,279 

Teucrium Wheat Fund

      5,838,773   1.83   903,597 

Total exchange-traded funds

 $24,739,524  $23,869,353   7.48

%

    

 

*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, 2022

 

              

Percentage of

     

Description: Assets

 

Yield

  

Cost

  

Fair Value

  

Net Assets

  

Shares

 
                     

Cash equivalents

                    

Money market funds

                    

First American Government Obligations Fund - Class X

  4.105% $28,382,122  $28,382,122   6.10

%

  28,382,122 

Goldman Sachs Financial Square Government Fund - Institutional Class

  4.140%  160,258,295   160,258,295   34.44   160,258,295 

Total money market funds

     $188,640,417  $188,640,417   40.54

%

    

 

 

Maturity

             

Percentage of

  

Principal

 
 

Date

 

Yield

  

Cost

  

Fair Value

  

Net Assets

  

Amount

 

Commercial Paper

                     

American Electric Power Company, Inc.

January 17, 2023

  4.565% $4,968,750  $4,990,000   1.07

%

  5,000,000 

Brookfield Infrastructure Holdings (Canada) Inc.

January 17, 2023

  4.742%  14,877,488   14,968,886   3.22   15,000,000 

Brookfield Infrastructure Holdings (Canada) Inc.

January 17, 2023

  4.734%  4,959,225   4,989,644   1.07   5,000,000 

CNH Industrial Capital LLC

January 23, 2023

  4.566%  9,935,000   9,972,500   2.14   10,000,000 

CNH Industrial Capital LLC

February 13, 2023

  4.780%  9,899,472   9,943,862   2.14   10,000,000 

Crown Castle Inc.

January 10, 2023

  4.877%  7,443,000   7,491,000   1.61   7,500,000 

Crown Castle Inc.

January 12, 2023

  4.765%  12,449,410   12,482,050   2.68   12,500,000 

Entergy Corporation

January 4, 2023

  4.311%  9,926,808   9,996,460   2.15   10,000,000 

General Motors Financial Company, Inc.

January 10, 2023

  4.276%  12,400,060   12,486,207   2.68   12,500,000 

General Motors Financial Company, Inc.

January 18, 2023

  4.473%  7,418,417   7,484,417   1.61   7,500,000 

Glencore Funding LLC

January 10, 2023

  4.506%  9,934,607   9,988,895   2.15   10,000,000 

Glencore Funding LLC

January 13, 2023

  4.526%  5,461,843   5,491,823   1.18   5,500,000 

Harley-Davidson Financial Services, Inc.

January 3, 2023

  4.721%  5,263,032   5,298,631   1.14   5,300,000 

Harley-Davidson Financial Services, Inc.

January 25, 2023

  4.944%  7,458,402   7,475,650   1.61   7,500,000 

Harley-Davidson Financial Services, Inc.

February 2, 2023

  5.104%  4,959,561   4,977,688   1.07   5,000,000 

Humana Inc.

January 9, 2023

  4.670%  7,448,250   7,492,333   1.61   7,500,000 

Hyundai Capital America

January 10, 2023

  4.000%  9,903,645   9,990,145