Teucrium Commodity Trust Reports Q1 2024 Results Amidst Fund Merger

TL;DR

<b>Teucrium Commodity Trust completed a merger of its Bitcoin Futures ETF on January 3, 2024, with operations for the acquired fund limited to the first three days of the quarter.</b>

AI Summary

Teucrium Commodity Trust (WEAT) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Hashdex Bitcoin Futures ETF (Acquired Fund) merged into Hashdex Bitcoin Futures ETF (Acquiring Fund) on January 3, 2024. Post-merger, no assets and liabilities remained for the Acquired Fund. Operations presented reflect the Acquired Fund's activities from January 1, 2024, to January 3, 2024. Teucrium Commodity Trust eliminated shares owned by the Teucrium Agricultural Fund from its statements. The Hashdex Bitcoin Futures ETF registered an indeterminate number of shares on September 14, 2022.

Why It Matters

For investors and stakeholders tracking Teucrium Commodity Trust, this filing contains several important signals. The merger significantly alters the reporting structure and asset base for the Teucrium Commodity Trust, making direct quarter-over-quarter comparisons difficult. The limited operational period for the acquired fund in Q1 2024 means the reported financial data may not be representative of the trust's ongoing performance or strategy.

Risk Assessment

Risk Level: low — Teucrium Commodity Trust shows low risk based on this filing. The filing is a 10-Q for the period ending March 31, 2024, detailing a fund merger that occurred on January 3, 2024, limiting the reporting period for the acquired fund to only three days, thus presenting a snapshot rather than ongoing operational data.

Analyst Insight

Investors should focus on the post-merger structure and any future filings for a clearer picture of the trust's performance and holdings.

Key Numbers

• 2024-01-03 — Merger Effective Date (Hashdex Bitcoin Futures ETF merger)
• 2024-03-31 — Reporting Period End Date (10-Q filing)
• 2024-01-01 to 2024-01-03 — Operational Period (Acquired Fund's operations in Q1 2024)

Key Players & Entities

• Teucrium Commodity Trust (company) — Filer name
• Hashdex Bitcoin Futures ETF (company) — Acquired and Acquiring Fund
• Tidal Commodities Trust I (company) — Trust of the Acquiring Fund
• Teucrium Agricultural Fund (company) — Fund whose shares were eliminated
• January 3, 2024 (date) — Effective date of merger
• March 31, 2024 (date) — End of reporting period
• September 14, 2022 (date) — Date of share registration

FAQ

Risk Factors

• Fund Merger Impact [medium — operational]: The merger of the Hashdex Bitcoin Futures ETF on January 3, 2024, resulted in no remaining assets and liabilities for the acquired fund, significantly impacting the reporting period.
• Share Registration [low — regulatory]: The Hashdex Bitcoin Futures ETF registered an indeterminate number of shares on September 14, 2022, under the Securities Act of 1933.

Key Dates

• 2024-01-03: Merger Effective Date — The Hashdex Bitcoin Futures ETF (Acquired Fund) merged into the Hashdex Bitcoin Futures ETF (Acquiring Fund).
• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q filing.
• 2024-05-10: Filing Date — Date the 10-Q was filed with the SEC.

Key Financial Figures

• $2,500,000 — h Fund, representing 100,000 shares and $2,500,000 , for CANE, SOYB, and WEAT. On Septembe

Filing Documents

• tags20240331_10q.htm (10-Q) — 6196KB
• ex_646080.htm (EX-31.1) — 13KB
• ex_646081.htm (EX-31.2) — 13KB
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• 0001437749-24-015957.txt (&nbsp;) — 41338KB
• tect-20240331.xsd (EX-101.SCH) — 227KB
• tect-20240331_cal.xml (EX-101.CAL) — 158KB
• tect-20240331_def.xml (EX-101.DEF) — 1751KB
• tect-20240331_lab.xml (EX-101.LAB) — 406KB
• tect-20240331_pre.xml (EX-101.PRE) — 1868KB
• tags20240331_10q_htm.xml (XML) — 7063KB

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 3 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 4 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 50 Item 4.

Controls and Procedures

Controls and Procedures 54

OTHER INFORMATION

Part II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 55 Item 1A.

Risk Factors

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 2 Table of Contents

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION

Financial Statements

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 F-25 Schedule of Investments at March 31, 2024 (Unaudited) and December 31, 2023 F-26 F-28 F-29 F-30

Notes to Financial Statements

Notes to Financial Statements F-31 TEUCRIUM SOYBEAN FUND F-46 Schedule of Investments at March 31, 2024 (Unaudited) and December 31, 2023 F-47 F-49 F-50 F-51

Notes to Financial Statements

Notes to Financial Statements F-52 TEUCRIUM SUGAR FUND F-66 Schedule of Investments at March 31, 2024 (Unaudited) and December 31, 2023 F-67 F-69 F-70 F-71

Notes to Financial Statements

Notes to Financial Statements F-72 TEUCRIUM WHEAT FUND F-85 Schedule of Investments at March 31, 2024 (Unaudited) and December 31, 2023 F-86 F-88 F-89 F-90

Notes to Financial Statements

Notes to Financial Statements F-91 TEUCRIUM AGRICULTURAL FUND F-104 Schedule of Investments at March 31, 2024 (Unaudited) and December 31, 2023 F-105 F-107 F-108 F-109

Notes to Financial Statements

Notes to Financial Statements F-110 HASHDEX BITCOIN FUTURES ETF F-121 Schedule of Investments at March 31, 2024 (Unaudited) and December 31, 2023 F-121 F-124 F-125 F-126

Notes to Financial Statements

Notes to Financial Statements F-127 3 Table of Contents 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. F-1 Table of Contents 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 Br

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View this 10-Q filing on SEC EDGAR