<SEC-DOCUMENT>0000891092-15-003196.txt : 20150529
<SEC-HEADER>0000891092-15-003196.hdr.sgml : 20150529

<ACCEPTANCE-DATETIME>20150413160117

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0000891092-15-003196

CONFORMED SUBMISSION TYPE:	S-1/A

PUBLIC DOCUMENT COUNT:		13

FILED AS OF DATE:		20150413

DATE AS OF CHANGE:		20150430


FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			Teucrium Commodity Trust

		CENTRAL INDEX KEY:			0001471824

		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]

		IRS NUMBER:				000000000



	FILING VALUES:

		FORM TYPE:		S-1/A

		SEC ACT:		1933 Act

		SEC FILE NUMBER:	333-201953

		FILM NUMBER:		15766774



	BUSINESS ADDRESS:	

		STREET 1:		232 HIDDEN LAKE ROAD

		CITY:			BRATTLEBORO

		STATE:			VT

		ZIP:			05301

		BUSINESS PHONE:		802-257-1617



	MAIL ADDRESS:	

		STREET 1:		232 HIDDEN LAKE ROAD

		CITY:			BRATTLEBORO

		STATE:			VT

		ZIP:			05301



</SEC-HEADER>

<DOCUMENT>
<TYPE>S-1/A
<SEQUENCE>1
<FILENAME>e63615s1a.htm
<DESCRIPTION>PRE-EFFECTIVE AMENDMENT NO. 1 TO FORM S-1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>As filed with the Securities and Exchange
Commission on April 13, 2015</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Registration No. 333-201953</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Pre-Effective Amendment No. 1</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>to</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>FORM S-1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933</B>&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Teucrium Commodity Trust</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>(Registrant)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Delaware</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>(State or other jurisdiction of incorporation
or organization)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>6799</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>(Primary Standard Industrial Classification
Code Number)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>45-0602467</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>(I.R.S. Employer Identification No.)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>c/o Teucrium Trading, LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>232 Hidden Lake Road</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Building A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Brattleboro, Vermont 05301</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Phone: (802)&nbsp;257-1617</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>(Address, including zip code, and telephone
number, including area code, of Registrant&rsquo;s principal executive offices)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Dale Riker</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Chief Executive Officer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Teucrium Trading, LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>232 Hidden Lake Road</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Building A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Brattleboro, Vermont 05301</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Phone: (802)&nbsp;257-1617</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Name, address, including zip code, and telephone
number, including area code, of agent for service)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Copy to:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>W. Thomas Conner, Esq.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Reed Smith LLP</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>1301 K Street, N.W.<BR>
Suite 1000, East Tower<BR>
Washington, DC 20005-3317</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Approximate date of commencement of proposed
sale to the public:&nbsp;&nbsp;&nbsp;&nbsp;As soon as practicable after the effective date of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If any of the securities being registered on
this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following
box.&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If this Form is filed to register additional
securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement for the same offering.&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If this Form is a post-effective amendment filed
pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number
of the earlier effective registration statement for the same offering.&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If this Form is a post-effective amendment filed
pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number
of the earlier effective registration statement for the same offering.&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company under Rule 12b-2 of
the Securities Exchange Act of 1934.&nbsp;&nbsp;(Check one):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 47%"><font style="font-size: 10pt">Large accelerated filer&nbsp;&nbsp;<font style="font-family: Wingdings">&#168;</font></font></td>
    <td style="width: 23%"><font style="font-size: 10pt">Accelerated filer&nbsp;&nbsp;<font style="font-family: Wingdings">x</font></font></td>
    <td style="width: 30%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">Non-accelerated filer&nbsp;&nbsp;<font style="font-family: Wingdings">&#168;</font></font></td>
    <td colspan="2"><font style="font-size: 10pt">Smaller reporting company&nbsp;&nbsp;&nbsp; <font style="font-family: Wingdings">&#168;</font></font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 15%; color: black">

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td colspan="17" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt"><b>CALCULATION OF REGISTRATION FEE</b></font></td></tr>
<tr style="vertical-align: top">
    <td colspan="17" style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Title&nbsp;of&nbsp;Securities</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>to&nbsp;be&nbsp;Registered</b></P></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td nowrap colspan="2">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td nowrap colspan="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Proposed</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Maximum</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Offering&nbsp;Price</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Per&nbsp;Share*</b></P></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td nowrap colspan="2">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td nowrap colspan="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Amount&nbsp;of</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Registration</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Fee</b></P></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="background-color: #CCFFCC">
    <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">Common units of Teucrium Agricultural Fund, a series of the Registrant</font></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">*</font></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">*</font></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">*</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">As discussed below, pursuant to Rule 415(a)(6) under the Securities Act, this Registration Statement carries over 4,650,000 shares that have been previously registered, for which filing fees have already been paid.&nbsp;&nbsp;The filing fee previously paid with respect to the shares being carried forward to this Registration Statement reduces the amount of fees currently due to $0.00.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>



<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 15%; color: black">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>This Registration Statement contains a combined
prospectus under Rule 429 of the Securities Act which related to earlier Registration Statements (File No. 333-173691). Upon effectiveness,
this Registration Statement, which is a new Registration Statement, will also act as a post-effective amendment to each such earlier
Registration Statement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to Rule 415(a)(6) under the Securities
Act, the securities registered pursuant to this Registration Statement include unsold securities previously registered for sale
pursuant to the Registrant&rsquo;s Registration Statement on Form S-1 (File No.&nbsp;333-173691), filed by the Registrant on December
5, 2011. The Registration Statement filed on December 5, 2011 registered shares of beneficial interest of the Registrant with a
maximum aggregate offering price of $250,000,000. Approximately 4,650,000 of such shares of beneficial interests registered on
the Registration Statement filed on December 5, 2011 remain unsold. The unsold amount of shares of common stock (and associated
filing fees paid) is being carried forward to this Registration Statement. Pursuant to Rule 415(a)(6), the offering of unsold securities
under the prior Registration Statement will be deemed terminated as of the date of effectiveness of this Registration Statement.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>The registrant hereby amends this Registration
Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment
which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of
the Securities Act or until this Registration Statement shall become effective on such date as the Commission, acting pursuant
to said Section 8(a), may determine.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Teucrium Agricultural Fund</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>4,650,000 Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The Teucrium Agricultural Fund (the &ldquo;Fund&rdquo;
or &ldquo;Us&rdquo; or &ldquo;We&rdquo;) is a commodity pool that is a series of the Teucrium Commodity Trust (&ldquo;Trust&rdquo;),
a Delaware statutory trust. The Fund issues common units representing fractional undivided beneficial interests in the Fund, called
&ldquo;Shares.&rdquo; The Fund continuously offers creation baskets consisting of 25,000 Shares (&ldquo;Creation Baskets&rdquo;)
at their net asset value (&ldquo;NAV&rdquo;) to &ldquo;Authorized Purchasers&rdquo; (as defined below). Authorized Purchasers,
in turn, may offer to the public Shares of any baskets they create. Authorized Purchasers sell such Shares, which are listed on
the NYSE Arca exchange (&ldquo;NYSE Arca&rdquo;), to the public at per-Share offering prices that are expected to reflect, among
other factors, the trading price of the Shares on the NYSE Arca, the NAV of the Fund at the time the Authorized Purchaser purchased
the Creation Baskets and the NAV at the time of the offer of the Shares to the public, the supply of and demand for Shares at the
time of sale, and the liquidity of the markets for agricultural commodity interests. A list of the Fund&rsquo;s Authorized Purchasers
as of the date of this Prospectus can be found under &ldquo;Plan of Distribution&rdquo; &ndash; &ldquo;Distributor and Authorized
Purchasers&rdquo;, on page 59. The Fund&rsquo;s Shares may trade in the secondary market at prices that are lower or higher than
their NAV per Share. Fund Shares are listed on the NYSE Arca under the symbol &ldquo;TAGS.&rdquo; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund&rsquo;s sponsor is Teucrium Trading,
LLC (the &ldquo;Sponsor&rdquo;). The investment objective of the Fund is to have the daily changes in percentage terms of the Fund&rsquo;s
NAV per Share reflect the daily changes in percentage terms of a weighted average of the NAVs per share of four commodity pools
sponsored by the Sponsor that track benchmarks of futures contracts relating to corn, wheat, soybeans and sugar, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> This is a best efforts offering; the distributor,
Foreside Fund Services, LLC (the &ldquo;Distributor&rdquo;), is not required to sell any specific number or dollar amount of Shares,
but will use its best efforts to sell Shares. An Authorized Purchaser is under no obligation to purchase Shares. This is intended
to be a continuous offering that will terminate May 1, 2018, unless suspended or terminated at any earlier time for certain reasons
specified in this prospectus or unless extended as permitted under the rules under the Securities Act of 1933. See &ldquo;Prospectus
Summary &ndash; The Shares&rdquo; and &ldquo;Creation and Redemption of Shares &ndash; Rejection of Purchase Orders&rdquo; below. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Investing in the Fund involves significant
risks. See &ldquo;What Are the Risk Factors Involved with an Investment in the Fund?&rdquo; beginning on page 15. The Fund is not
a mutual fund registered under the Investment Company Act of 1940 and is not subject to regulation under such Act.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>NEITHER THE SECURITIES AND EXCHANGE COMMISSION
(&ldquo;SEC&rdquo;) NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES OFFERED IN THIS PROSPECTUS,
OR DETERMINED IF THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>THE COMMODITY FUTURES TRADING COMMISSION
HAS NOT PASSED UPON THE MERITS OF PARTICIPATING IN THIS POOL NOR HAS THE COMMISSION PASSED ON THE ADEQUACY OR ACCURACY OF THIS
DISCLOSURE DOCUMENT.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>This prospectus is in two parts: a disclosure
document and a statement of additional information. These parts are bound together, and both contain important information.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="vertical-align: bottom"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Per share</b></font></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Per Basket</b></font></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td></tr>
<tr style="background-color: #CCFFCC">
    <td style="vertical-align: bottom; font-size: 11pt"><font style="font-size: 10pt">Price of the Shares</font><font style="font-size: 7pt"><sup>1</sup></font></td>
    <td style="vertical-align: top; width: 6px; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp; &nbsp; </FONT></td>
    <td style="vertical-align: top"><FONT STYLE="font-size: 10pt"> $ </FONT></td>
    <td style="vertical-align: top"><FONT STYLE="font-size: 10pt"> 30.89 </FONT></td>
    <td style="vertical-align: top; width: 6px"><FONT STYLE="font-size: 10pt"> &nbsp;&nbsp; </FONT></td>
    <td style="vertical-align: top; width: 6px; text-align: right"><FONT STYLE="font-size: 10pt"> &nbsp;&nbsp; </FONT></td>
    <td style="vertical-align: top"><FONT STYLE="font-size: 10pt"> $ </FONT></td>
    <td style="vertical-align: top"><FONT STYLE="font-size: 10pt"> 772,250 </FONT></td>
    <td style="vertical-align: top; width: 1px"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td></tr>
<tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> 1. Based on closing net asset value on January 31, 2015. The
price may vary based on net asset value in effect on a particular day. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B> The date of this prospectus April 30,
2015 </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>COMMODITY FUTURES TRADING COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RISK DISCLOSURE STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>YOU SHOULD CAREFULLY CONSIDER WHETHER YOUR
FINANCIAL CONDITION PERMITS YOU TO PARTICIPATE IN A COMMODITY POOL. IN SO DOING, YOU SHOULD BE AWARE THAT COMMODITY INTEREST TRADING
CAN QUICKLY LEAD TO LARGE LOSSES AS WELL AS GAINS. SUCH TRADING LOSSES CAN SHARPLY REDUCE THE NET ASSET VALUE OF THE POOL AND CONSEQUENTLY
THE VALUE OF YOUR INTEREST IN THE POOL. IN ADDITION, RESTRICTIONS ON REDEMPTIONS MAY AFFECT YOUR ABILITY TO WITHDRAW YOUR PARTICIPATION
IN THE POOL.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B> FURTHER, COMMODITY POOLS MAY BE SUBJECT
TO SUBSTANTIAL CHARGES FOR MANAGEMENT, AND ADVISORY AND BROKERAGE FEES. IT MAY BE NECESSARY FOR THOSE POOLS THAT ARE SUBJECT TO
THESE CHARGES TO MAKE SUBSTANTIAL TRADING PROFITS TO AVOID DEPLETION OR EXHAUSTION OF THEIR ASSETS. THIS DISCLOSURE DOCUMENT CONTAINS
A COMPLETE DESCRIPTION OF EACH EXPENSE TO BE CHARGED THIS POOL AT PAGE 57 AND A STATEMENT OF THE PERCENTAGE RETURN NECESSARY TO
BREAK EVEN, THAT IS, TO RECOVER THE AMOUNT OF YOUR INITIAL INVESTMENT, AT PAGE 10. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>THIS BRIEF STATEMENT CANNOT DISCLOSE ALL
THE RISKS AND OTHER FACTORS NECESSARY TO EVALUATE YOUR PARTICIPATION IN THIS COMMODITY POOL. THEREFORE, BEFORE YOU DECIDE TO PARTICIPATE
IN THIS COMMODITY POOL, YOU SHOULD CAREFULLY STUDY THIS DISCLOSURE DOCUMENT, INCLUDING A DESCRIPTION OF THE PRINCIPAL RISK FACTORS
OF THIS INVESTMENT, AT PAGE 15.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>YOU SHOULD ALSO BE AWARE THAT THIS COMMODITY
POOL MAY TRADE FOREIGN FUTURES OR OPTIONS CONTRACTS. TRANSACTIONS ON MARKETS LOCATED OUTSIDE THE UNITED STATES, INCLUDING MARKETS
FORMALLY LINKED TO A UNITED STATES MARKET, MAY BE SUBJECT TO REGULATIONS WHICH OFFER DIFFERENT OR DIMINISHED PROTECTION TO THE
POOL AND ITS PARTICIPANTS. FURTHER, UNITED STATES REGULATORY AUTHORITIES MAY BE UNABLE TO COMPEL THE ENFORCEMENT OF THE RULES OF
REGULATORY AUTHORITIES OR MARKETS IN NON-UNITED STATES JURISDICTIONS WHERE TRANSACTIONS FOR THE POOL MAY BE EFFECTED.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>SWAPS TRANSACTIONS, LIKE OTHER FINANCIAL
TRANSACTIONS, INVOLVE A VARIETY OF SIGNIFICANT RISKS. THE SPECIFIC RISKS PRESENTED BY A PARTICULAR SWAP TRANSACTION NECESSARILY
DEPEND UPON THE TERMS OF THE TRANSACTION AND YOUR CIRCUMSTANCES. IN GENERAL, HOWEVER, ALL SWAPS TRANSACTIONS INVOLVE SOME COMBINATION
OF MARKET RISK, CREDIT RISK, COUNTERPARTY CREDIT RISK, FUNDING RISK, LIQUIDITY RISK, AND OPERATIONAL RISK. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>HIGHLY CUSTOMIZED SWAPS TRANSACTIONS IN PARTICULAR
MAY INCREASE LIQUIDITY RISK, WHICH MAY RESULT IN A SUSPENSION OF REDEMPTIONS. HIGHLY LEVERAGED TRANSACTIONS MAY EXPERIENCE SUBSTANTIAL
GAINS OR LOSSES IN VALUE AS A RESULT OF RELATIVELY SMALL CHANGES IN THE VALUE OR LEVEL OF AN UNDERLYING OR RELATED MARKET FACTOR.
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>IN EVALUATING THE RISKS AND CONTRACTUAL OBLIGATIONS
ASSOCIATED WITH A PARTICULAR SWAP TRANSACTION, IT IS IMPORTANT TO CONSIDER THAT A SWAP TRANSACTION MAY BE MODIFIED OR TERMINATED
ONLY BY MUTUAL CONSENT OF THE ORIGINAL PARTIES AND SUBJECT TO AGREEMENT ON INDIVIDUALLY NEGOTIATED TERMS. THEREFORE, IT MAY NOT
BE POSSIBLE FOR THE COMMODITY POOL OPERATOR TO MODIFY, TERMINATE, OR OFFSET THE POOL'S OBLIGATIONS OR THE POOL'S EXPOSURE TO THE
RISKS ASSOCIATED WITH A TRANSACTION PRIOR TO ITS SCHEDULED TERMINATION DATE.</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TEUCRIUM AGRICULTURAL FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 92%"> <A HREF="#b_005">STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</A> </td>
    <td style="width: 1%"> &nbsp; </td>
    <td style="width: 7%; text-align: right"> ii </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_006">PROSPECTUS SUMMARY</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 1 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_007">Principal Offices of the Fund and the Sponsor</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 1 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_008">Breakeven Point</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 1 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_009">Overview of the Fund</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 1 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_010">The Shares</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 5 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_011">The Fund&rsquo;s Investments</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 6 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_012">The Underlying Fund&rsquo;s Investments</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 6 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_013">Principal Investment Risks of an Investment in the Fund</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 7 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_014">Financial Condition of the Fund</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 9 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_015">Defined Terms</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 9 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_016">Breakeven Analysis</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 10 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_017">The Offering</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 11 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_018">WHAT ARE THE RISK FACTORS INVOLVED WITH AN INVESTMENT IN THE FUND?</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 15 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_019">Risks Associated With Investing Directly or Indirectly in Agricultural Commodities</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 15 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_020">The Fund&rsquo;s Operating Risks</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 22 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_021">Risk of Leverage and Volatility</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 31 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_022">Over-the-Counter Contract Risk</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 31 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_023">Risk of Trading in International Markets</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 32 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_024">Tax Risks</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 32 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_025">THE OFFERING</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 34 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_026">The Fund in General</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 34 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_027">The Sponsor</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 34 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_028">The Trustee</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 38 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_029">Operation of the Fund</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 39 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_030">Futures Contracts</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 43 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_031">Cleared Swaps</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 45 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_032">Over-the-Counter Derivatives</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 46 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_033">Fund Performance</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 47 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_034">The Corn Market</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 47 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_035">The Soybean Market</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 48 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_036">The Sugar Market</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 49 </td></tr>
<tr style="vertical-align: top; background-color: white">
    <td> <A HREF="#b_037">The Wheat Market</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 50 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_038">Other Trading Policies of the Fund</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 51 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_039">Securities Loans</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 52 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_040">The Service Providers of the Fund and Underlying Funds</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 52 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_041">Form of Shares</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 57 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_042">Transfer of Shares</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 58 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_043">Inter-Series Limitation on Liability</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 58 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_044">Plan of Distribution</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 58 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_045">The Flow of Shares</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 61 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_046">Calculating NAV</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 62 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_047">Creation and Redemption of Shares</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 63 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_048">Secondary Market Transactions</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 67 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_049">Use of Proceeds</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 68 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_050">Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 68 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_051">The Trust Agreement</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 76 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_052">The Sponsor Has Conflicts of Interest</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 81 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_053">Interests of Named Experts and Counsel</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 82 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_054">Provisions of Federal and State Securities Laws</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 82 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_055">Books and Records</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 82 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_056">Analysis of Critical Accounting Policies</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 83 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_057">Statements, Filings, and Reports to Shareholders</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 83 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_058">Fiscal Year</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 83 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_059">Governing Law; Consent to Delaware Jurisdiction</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 83 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_060">Security Ownership of Principal Shareholders and Management</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 84 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_061">Legal Matters</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 84 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_062">Privacy Policy</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 85 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_063">U.S. Federal Income Tax Considerations</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 86 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_064">Investment By ERISA Accounts</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 97 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_065">INCORPORATION BY REFERENCE OF CERTAIN INFORMATION</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 100 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_066">INFORMATION YOU SHOULD KNOW</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 100 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_067">WHERE YOU CAN FIND MORE INFORMATION</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 101 </td></tr>
<tr style="vertical-align: top">
    <td> <A HREF="#b_068">Appendix A &ndash; Glossary of Defined Terms</A> </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 102 </td></tr>
</table>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="b_005"></A>STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This prospectus includes &ldquo;forward-looking
statements&rdquo; which generally relate to future events or future performance. In some cases, you can identify forward-looking
statements by terminology such as &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;should,&rdquo; &ldquo;expect,&rdquo; &ldquo;plan,&rdquo;
&ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;estimate,&rdquo; &ldquo;predict,&rdquo; &ldquo;potential&rdquo; or the
negative of these terms or other comparable terminology. All statements (other than statements of historical fact) included in
this prospectus that address activities, events or developments that will or may occur in the future, including such matters as
movements in the commodities markets and indexes that track such movements, the Fund&rsquo;s operations, the Sponsor&rsquo;s plans
and references to the Fund&rsquo;s future success and other similar matters, are forward-looking statements. These statements are
only predictions. Actual events or results may differ materially. These statements are based upon certain assumptions and analyses
the Sponsor has made based on its perception of historical trends, current conditions and expected future developments, as well
as other factors appropriate in the circumstances. Whether or not actual results and developments will conform to the Sponsor&rsquo;s
expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations
discussed in this prospectus, general economic, market and business conditions, changes in laws or regulations, including those
concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments. See
&ldquo;What Are the Risk Factors Involved with an Investment in the Fund?&rdquo; Consequently, all the forward-looking statements
made in this prospectus are qualified by these cautionary statements, and there can be no assurance that actual results or developments
the Sponsor anticipates will be realized or, even if substantially realized, that they will result in the expected consequences
to, or have the expected effects on, the Fund&rsquo;s operations or the value of its Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="b_006"></A>PROSPECTUS SUMMARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>This is only a summary of the prospectus
and, while it contains material information about the Fund and its Shares, it does not contain or summarize all of the information
about the Fund and the Shares contained in this prospectus that is material and/or which may be important to you. You should read
this entire prospectus, including &ldquo;What Are the Risk Factors Involved with an Investment in the Fund?&rdquo; beginning on
page 15, before making an investment decision about the Shares. In addition, this prospectus includes a statement of additional
information that follows and is bound together with the primary disclosure document. Both the primary disclosure document and the
statement of additional information contain important information.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_007"></A>Principal Offices of the Fund and the Sponsor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The principal office of the Trust and the Fund
is located at 232 Hidden Lake Road, Building A, Brattleboro, Vermont 05301. The telephone number is (802) 257-1617. The Sponsor&rsquo;s
principal office is also located at 232 Hidden Lake Road, Building A, Brattleboro, Vermont 05301, and its telephone number is also
(802) 257-1617.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_008"></A>Breakeven Point</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The amount of trading income required for
the redemption value of a Share at the end of one year to equal the selling price of the Share, assuming a selling price of $30.89
(the NAV per Share as of January 31, 2015), is $0.15 or 0.49% of the selling price. For more information, see &ldquo;Breakeven
Analysis&rdquo; below. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_009"></A>Overview of the Fund</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Teucrium Agricultural Fund (the &ldquo;Fund&rdquo;
or &ldquo;Us&rdquo; or &ldquo;We&rdquo;) is a commodity pool that issues Shares that may be purchased and sold on the NYSE Arca.
The Fund is a series of the Trust, a Delaware statutory trust organized on September 11, 2009. The Fund is one of five series of
the Trust; each series operates as a separate commodity pool. Additional series of the Trust may be created in the future. The
Trust and the Fund operate pursuant to the Trust&rsquo;s Second Amended and Restated Declaration of Trust and Trust Agreement (the
&ldquo;Trust Agreement&rdquo;). The Fund was formed and is managed and controlled by the Sponsor, Teucrium Trading, LLC. The Sponsor
is a limited liability company formed in Delaware on July 28, 2009 that is registered as a commodity pool operator (&ldquo;CPO&rdquo;)
with the Commodity Futures Trading Commission (&ldquo;CFTC&rdquo;) and is a member of the National Futures Association (&ldquo;NFA&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The investment objective of the Fund is to have
the daily changes in percentage terms of the Shares&rsquo; NAV reflect the daily changes in percentage terms of a weighted average
(the &ldquo;Underlying Fund Average&rdquo;) of the NAVs per share of four other commodity pools that are series of the Trust and
are sponsored by the Sponsor: the Teucrium Corn Fund, the Teucrium Wheat Fund, the Teucrium Soybean Fund and the Teucrium Sugar
Fund (collectively, the &ldquo;Underlying Funds&rdquo;). The Fund seeks to achieve its investment objective by investing under
normal market conditions in the publicly-traded shares of each Underlying Fund so that the Underlying Fund Average will have a
weighting of 25% to each Underlying Fund, and the Fund&rsquo;s assets will be rebalanced, generally on a daily basis, to maintain
the approximate 25% allocation to each Underlying Fund. The Fund does not intend to invest directly in futures contracts (&ldquo;Futures
Contracts&rdquo;), although it reserves the right to do so in the future, including if an Underlying Fund ceases operations or
if shares of an Underlying Fund cease trading on NYSE Arca.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The investment objective of each Underlying
Fund is to have the daily changes in percentage terms of its shares&rsquo; NAV reflect the daily changes in percentage terms of
a weighted average of the closing settlement prices for certain Futures Contracts for the commodity specified in the Underlying
Fund&rsquo;s name. (This weighted average is referred to herein as the Underlying Fund&rsquo;s &ldquo;Benchmark,&rdquo; the Futures
Contracts that at any given time make up an Underlying Fund&rsquo;s Benchmark are referred to herein as the Underlying Fund&rsquo;s
&ldquo;Benchmark Component Futures Contracts,&rdquo; and the commodity specified in the Underlying Fund&rsquo;s name is referred
to herein as its &ldquo;Specified Commodity.&rdquo;) Specifically, the Teucrium Corn Fund&rsquo;s Benchmark is: (1) the second-to-expire
Futures Contract for corn traded on the Chicago Board of Trade (&ldquo;CBOT&rdquo;), weighted 35%, (2) the third-to-expire CBOT
corn Futures Contract, weighted 30%, and (3) the CBOT Corn Futures Contract expiring in the December following the expiration month
of the third-to-expire contract, weighted 35%. The Teucrium Wheat Fund&rsquo;s Benchmark is: (1) the</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">second-to-expire CBOT Wheat Futures Contract, weighted 35%, (2)
the third-to-expire CBOT Wheat Futures Contract, weighted 30%, and (3) the CBOT Wheat Futures Contract expiring in the December
following the expiration month of the third-to-expire contract, weighted 35%. The Teucrium Soybean Fund&rsquo;s Benchmark is: (1)
the second-to-expire CBOT Soybean Futures Contract, weighted 35%, (2) the third-to-expire CBOT Soybean Futures Contract, weighted
30%, and (3) the CBOT Soybean Futures Contract expiring in the November following the expiration month of the third-to-expire contract,
weighted 35%, except that CBOT Soybean Futures Contracts expiring in August and September will not be part of the Teucrium Soybean
Fund&rsquo;s Benchmark because of the less liquid market for these Futures Contracts. The Teucrium Sugar Fund&rsquo;s Benchmark
is: (1) the second-to-expire Sugar No. 11 Futures Contract traded on ICE Futures US (&ldquo;ICE Futures&rdquo;), weighted 35%,
(2) the third-to-expire ICE Futures Sugar No. 11 Futures Contract, weighted 30%, and (3) the ICE Futures Sugar No. 11 Futures Contract
expiring in the March following the expiration month of the third-to-expire contract, weighted 35%. (Although Sugar Futures Contracts
are primarily traded on the ICE Futures, they may also be traded on the New York Mercantile Exchange (&ldquo;NYMEX&rdquo;). Any
reference to the ICE Futures in relation to the Teucrium Sugar Fund should also be read as a reference to NYMEX. Although Corn,
Soybean and Wheat Futures Contracts are primarily traded on the CBOT, they may also be traded on the ICE. Any reference to CBOT
Futures in relation to the Teucrium Corn, Soybean and/or Wheat Fund(s) should also be read as a reference to ICE Futures.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Each Underlying Fund seeks to achieve its investment
objective by investing under normal market conditions in Benchmark Component Futures Contracts or, in certain circumstances, in
other Futures Contracts for its Specified Commodity. In addition, and to a limited extent, an Underlying Fund also may invest in
exchange-traded options on Futures Contracts for its Specified Commodity and in swap agreements based on its Specified Commodity
that are cleared through a futures exchange or its affiliated provider of clearing services (&ldquo;Cleared Swaps&rdquo;) in furtherance
of the Underlying Fund's investment objective. Once position limits or accountability levels on Futures Contracts on an Underlying
Fund&rsquo;s Specified Commodity are applicable, each Underlying Fund's intention is to invest first in Cleared Swaps based on
its Specified Commodity, to the extent practicable under the position limits or accountability levels applicable to such Cleared
Swaps and appropriate in light of the liquidity in the market for such Cleared Swaps, and then in contracts and instruments such
as cash-settled options on Futures Contracts and forward contracts, swaps other than Cleared Swaps, and other over-the-counter
transactions that are based on the price of its Specified Commodity or Futures Contracts on its Specified Commodity (collectively,
&ldquo;Other Commodity Interests,&rdquo; and together with Futures Contracts and Cleared Swaps, &ldquo;Commodity Interests&rdquo;).
See &ldquo;The Offering &ndash; Futures Contracts&rdquo; below. By utilizing certain or all of these investments, the Sponsor endeavors
to cause each Underlying Fund's performance to closely track that of its Benchmark. The Sponsor expects to manage the Fund&rsquo;s
and the Underlying Funds&rsquo; investments directly, although it has been authorized by the Trust to retain, establish the terms
of retention for, and terminate third-party commodity trading advisors to provide such management. The Sponsor is also authorized
to select broker-dealers to execute the Fund&rsquo;s transactions in the Underlying Funds and futures commission merchants (&ldquo;FCMs&rdquo;)
to execute the Underlying Funds&rsquo; transactions in Futures Contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Underlying Funds seek to achieve their investment
objectives primarily by investing in Commodity Interests such that daily changes in each Underlying Fund&rsquo;s NAV are expected
to closely track the changes in its respective Benchmark. Each Underlying Fund&rsquo;s positions in Commodity Interests are changed
or &ldquo;rolled&rdquo; on a regular basis in order to track the changing nature of its Benchmark. For example, several times a
year (on the dates on which Futures Contracts on the Underlying Fund&rsquo;s Specified Commodity expire), a particular Futures
Contract will no longer be a Benchmark Component Futures Contract, and the Underlying Fund&rsquo;s investments will have to be
changed accordingly. In order that the Underlying Funds&rsquo; trading does not cause unwanted market movements and to make it
more difficult for third parties to profit by trading based on such expected market movements, the Underlying Funds&rsquo; investments
may not be rolled entirely on that day, but rather may be rolled over a period of several days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Underlying Funds incur certain expenses
in connection with their operations, and hold most of their assets in income-producing, short-term securities for margin and other
liquidity purposes and to meet redemptions that may be necessary on an ongoing basis. These expenses and income cause imperfect
correlation between changes in the Underlying Fund&rsquo;s NAV and changes in each respective Benchmark, because the Benchmarks
do not reflect expenses or income. Investors should be aware that because the Underlying Funds incur certain expenses on an ongoing
basis, they may incur a partial or complete loss of their investment even when the performance of the Benchmarks are positive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In seeking to achieve each Underlying Fund&rsquo;s
investment objective of tracking its Benchmark, the Sponsor may for certain reasons cause the Underlying Fund to enter into or
hold Futures Contracts other than the Benchmark Component Futures Contracts, Cleared Swaps and/or Other Commodity Interests. For
example, certain Cleared Swaps have standardized terms similar to, and are priced by reference to, a corresponding Benchmark Component
Futures Contract. Additionally, Other Commodity Interests that do not have standardized terms and are not exchange-traded, referred
to as &ldquo;over-the-counter&rdquo; Commodity Interests, can generally be structured as the parties to the Commodity Interest
contract desire. Therefore, an Underlying Fund might enter into multiple Cleared Swaps and/or over-the-counter Commodity Interests
related to its Specified Commodity that are intended to exactly replicate the performance of Benchmark Component Futures Contracts
of the Underlying Fund, or a single over-the-counter Commodity Interest designed to replicate the performance of the individual
of its Benchmark as a whole. Assuming that there is no default by a counterparty to an over-the-counter Commodity Interest, the
performance of the Commodity Interest will necessarily correlate exactly with the performance of the Underlying Fund&rsquo;s Benchmark
or the applicable Benchmark Component Futures Contract. The Underlying Funds might also enter into or hold Commodity Interests
other than Benchmark Component Futures Contracts to facilitate effective trading, consistent with the discussion of an Underlying
Fund&rsquo;s &ldquo;roll&rdquo; strategy in the preceding paragraph. In addition, an Underlying Fund might enter into or hold Commodity
Interests related to its Specified Commodity that would be expected to alleviate overall deviation between the Underlying Fund&rsquo;s
performance and that of its Benchmark that may result from certain market and trading inefficiencies or other reasons. By utilizing
certain or all of the investments described above, the Sponsor endeavors to cause each Underlying Fund&rsquo;s performance to closely
track that of its Benchmark.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">While the Fund expects to maintain substantially
all of its assets in shares of the Underlying Funds at all times, the Fund may hold some residual amount of assets in obligations
of the United States government (&ldquo;Treasury Securities&rdquo;) or cash equivalents, and/or merely hold such assets in cash
(generally in interest-bearing accounts). The Underlying Funds invest in Commodity Interests to the fullest extent possible without
being leveraged or unable to satisfy their expected current or potential margin or collateral obligations with respect to their
investments in Commodity Interests. After fulfilling such margin and collateral requirements, the Underlying Funds invest the remainder
of the proceeds from the sale of baskets in Treasury Securities or cash equivalents, and/or merely hold such assets in cash. Therefore,
the focus of the Sponsor in managing the Underlying Funds is investing in Commodity Interests and in Treasury Securities, cash
and/or cash equivalents. The Fund and Underlying Funds earn interest income from the Treasury Securities and/or cash equivalents
that it purchases and on the cash it holds through the Fund&rsquo;s custodian, The Bank of New York Mellon (the &ldquo;Custodian&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor endeavors to place the Fund&rsquo;s
trades in the Underlying Funds and otherwise manage the Fund&rsquo;s investments so that the Fund&rsquo;s average daily tracking
error against the Underlying Fund Average will be less than 10 percent over any period of 30 trading days. More specifically, the
Sponsor endeavors to manage the Fund so that A will be within plus/minus 10 percent of B, where:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 90%"><font style="font-size: 10pt">A is the average daily change in the Fund&rsquo;s NAV for any period of 30 successive valuation days,<i> i.e.</i>, any trading day as of which the Fund calculates its NAV, and</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 90%"><font style="font-size: 10pt">B is the average daily change in the Underlying Fund Average over the same period.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The Sponsor believes that the net effect
of this expected relationship and the expected relationship described above between the Fund&rsquo;s NAV and the Underlying Fund
Average will be that the changes in the price of the Fund&rsquo;s Shares on the NYSE Arca will track, in percentage terms, changes
in the Underlying Fund Average. This relationship may be affected by various market factors, including but not limited to, the
number of shares of the Fund outstanding and the liquidity of the underlying holdings. However, there is no guarantee that the
Shares will not trade at appreciable discounts from, and/or premiums to, the Fund&rsquo;s NAV. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor employs a &ldquo;neutral&rdquo;
investment strategy intended so that the Fund tracks the changes in the Underlying Fund Average and each Underlying Fund tracks
the changes in its Benchmark regardless of whether the Underlying Fund Average or Benchmark goes up or goes down. The Fund&rsquo;s
and Underlying Funds&rsquo; &ldquo;neutral&rdquo; investment strategies are designed to permit investors generally to purchase
and sell the Fund&rsquo;s Shares for the purpose of investing indirectly in the agricultural commodities market in a cost-effective
manner. Such investors may include participants in agricultural industries and other industries seeking to hedge the risk of losses
in their commodity-related transactions, as well as investors seeking exposure to the agricultural commodities market. Accordingly,
depending on the investment objective of an individual investor, the risks generally associated with investing in the agricultural
commodities market and/or the risks involved in hedging may exist. In addition, an investment in the Fund involves the risks that
the changes in the price of the Fund&rsquo;s Shares will not accurately track the changes in the Underlying Fund Average, that
changes in the price of the shares of the Underlying Funds will not accurately track the changes in their Benchmarks, and that
changes in the Benchmarks will not closely correlate with changes in the prices of the Specified Commodities on the spot market.
Furthermore, as noted above, the Fund and Underlying Funds may also elect to invest in short-term Treasury Securities, cash and/or
cash equivalents. The Sponsor does not expect there to be any meaningful correlation between the performance of the Fund&rsquo;s
and Underlying Funds&rsquo; investments in Treasury Securities, cash and/or cash equivalents and the changes in the prices of the
Specified Commodities or Commodity Interests. While the level of interest earned on or the market price of these investments may
in some respects correlate to changes in the price of the Specified Commodities, this correlation is not anticipated as part of
the Fund&rsquo;s efforts to meet its objective. This and certain risk factors discussed in this prospectus may cause a lack of
correlation between changes in the Fund&rsquo;s NAV and changes in the prices of the Specified Commodities. The Sponsor does not
intend to operate the Fund or an Underlying Fund in a fashion such that its per share NAV equals, in dollar terms, the spot price
of a unit of a Specified Commodity or the price of any particular Futures Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The Fund creates and redeems Shares only
in blocks called &ldquo;Creation Baskets&rdquo; and &ldquo;Redemption Baskets,&rdquo; respectively. Only Authorized Purchasers
may purchase or redeem Creation Baskets or Redemption Baskets. An Authorized Purchaser is under no obligation to create or redeem
baskets, and an Authorized Purchaser is under no obligation to offer to the public Shares of any baskets it does create. Baskets
are generally created when there is a demand for Shares, including, but not limited to, when the market price per share is at (or
perceived to be at) a premium to the NAV per share. Similarly, baskets are generally redeemed when the market price per share is
at (or perceived to be at) a discount to the NAV per share. Retail investors seeking to purchase or sell Shares on any day are
expected to effect such transactions in the secondary market, on the NYSE Arca, at the market price per share, rather than in connection
with the creation or redemption of baskets. There are a minimum number of baskets and associated shares specified for the Fund.
Once the minimum number of baskets is reached, there can be no more redemptions until there has been a creation basket. In such
case, market makers may be less willing to purchase Shares from investors in the secondary market, which may in turn limit the
ability of shareholders of the Fund to sell their Shares in the secondary market. As of January 31, 2015 these minimum levels for
the Fund are 50,002 shares representing 2 baskets, and the Fund had the minimum number of shares outstanding on that date. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">All proceeds from the sale of Creation Baskets
will be invested as quickly as practicable in the publicly-traded shares of the Underlying Funds. The Fund&rsquo;s cash and investments
are held through the Fund&rsquo;s Custodian. There is no stated maximum time period for the Fund&rsquo;s operations and the Fund
will continue to operate until all Shares are redeemed or the Fund is liquidated pursuant to the terms of the Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Shares may also be purchased and sold by individuals
and entities that are not Authorized Purchasers in smaller increments than Creation Baskets on the NYSE Arca. However, these transactions
are effected at bid and ask prices established by specialist firm(s). Like any listed security, Shares of the Fund can be purchased
and sold at any time a secondary market is open.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In managing the Fund&rsquo;s assets, the Sponsor
does not use a technical trading system that automatically issues buy and sell orders. Instead, each time one or more baskets of
Fund Shares are purchased or redeemed, the Sponsor will purchase or sell the publicly-traded Underlying Fund shares with an aggregate
market value that approximates the amount of cash received or paid upon the purchase or redemption of the basket(s).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Note to Secondary Market Investors:</B> Shares
can be directly purchased from the Fund only in Creation Baskets, and only by Authorized Purchasers. Each Creation Basket consists
of 25,000 Shares and therefore requires a significant financial commitment to purchase. Accordingly, investors who do not have
such resources or who are not Authorized Purchasers should be aware that some of the information contained in this prospectus,
including information about purchases and redemptions of Shares directly with the Fund, is only relevant to Authorized Purchasers.
Shares are listed and traded on the NYSE Arca under the ticker symbol &ldquo;TAGS&rdquo; and may be purchased and sold as individual
Shares. Individuals interested in purchasing Shares in the secondary market should contact their broker. Shares purchased or sold
through a broker may be subject to commissions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><I> Except when aggregated in Redemption
Baskets, Shares are not redeemable securities. There is no guarantee that Shares will trade at prices that are at or near the per-Share
NAV. There are a minimum number of baskets and associated shares specified for the Fund. Once the minimum number of baskets is
reached, there can be no more redemptions until there has been a creation basket. As of January 31, 2015 these minimum levels for
the Fund are 50,002 shares representing 2 baskets </I> , <I>and the Fund had the minimum number of shares outstanding on that
date.</I> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Investors purchasing Shares in the secondary
market through a brokerage account or with the assistance of a broker may be subject to brokerage commissions and charges. If you
purchase Fund Shares through a broker-dealer or other financial intermediary (such as a bank), the Fund, the Sponsor or an affiliate
of the Sponsor may pay the intermediary for the sale of Fund Shares and related services. These payments may create a conflict
of interest by influencing broker-dealers or other intermediaries and your salesperson to recommend the Fund over another investment.
Ask your salesperson or visit your financial intermediary&rsquo;s website for more information.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_010"></A>The Shares</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Shares are registered as securities under
the Securities Act of 1933 (&ldquo;1933 Act&rdquo;) and the Securities Exchange Act of 1934 (the &ldquo;1934 Act&rdquo;) and do
not provide dividend rights or conversion rights and there are no sinking funds. The Shares may only be redeemed when aggregated
in Redemption Baskets as discussed under &ldquo;Creation and Redemption of Shares&rdquo; and holders of Fund Shares (&ldquo;Shareholders&rdquo;)
generally do not have voting rights as discussed under &ldquo;The Trust Agreement &ndash; Voting Rights.&rdquo; Cumulative voting
is neither permitted nor required and there are no preemptive rights. The Trust Agreement provides that, upon liquidation of the
Fund, its assets will be distributed pro rata to the Shareholders based upon the number of Shares held. Each Shareholder will receive
its share of the assets in cash or in kind, and the proportion of such share that is received in cash may vary from Shareholder
to Shareholder, as the Sponsor in its sole discretion may decide.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The offering of Shares under this prospectus
is a continuous offering under Rule 415 of the 1933 Act and is not expected to terminate until all of the registered shares have
been sold or three years from the date of the original offering. The offering may be extended beyond such date as permitted under
rules promulgated by the SEC under the 1933 Act. The offering will terminate before such date or before the end of any extension
period if all of the registered Shares have been sold. However, the Sponsor expects to cause the Trust to file one or more additional
registration statements as necessary to permit additional Shares to be registered and offered on an uninterrupted basis. This offering
may also be suspended or terminated at any time for certain specified reasons, including if and when suitable investments for the
Fund are not available or practicable. See &ldquo;Creation and Redemption of Shares &ndash; Rejection of Purchase Orders&rdquo;
below. As discussed above, the minimum purchase requirement for Authorized Purchasers is a Creation Basket, which consists of 25,000
Shares. Under the plan of distribution, the Fund does not require a minimum purchase amount for investors who purchase Shares from
Authorized Purchasers. There are no arrangements to place funds received as proceeds from the sale of Creation Baskets of the Fund
in an escrow, trust, or similar account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>U.S. Federal Income Tax Considerations</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As is described more fully in &ldquo;U.S. Federal
Income Tax Considerations,&rdquo; it is intended that the Fund be classified as a partnership not taxable as a corporation for
U.S. federal income tax purposes. Based in part upon representations of the Sponsor and the Trust, the Fund has obtained a legal
opinion that, although the matter is not free from doubt, it is more likely than not that the Fund will be so classified. Assuming
that the Fund is classified as a partnership not taxable as a corporation for U.S. federal income tax purposes, the Fund will not
incur a U.S. federal income tax liability; rather, each Shareholder will be required to take into account its allocable share of
the Fund's income, gains, losses, deductions, and other tax items. <I>See</I> &ldquo;U.S. Federal Income Tax Considerations&rdquo;
for information about the U.S. federal income tax consequences of the purchase, ownership and disposition of Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_011"></A>The Fund&rsquo;s Investments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund seeks to achieve its investment objective
by investing under normal market conditions in the publicly-traded shares of each Underlying Fund so that the Underlying Fund Average
will have a weighting of 25% to each Underlying Fund. The Fund does not intend to invest directly in Futures Contracts or other
Commodity Interests, although it reserves the right to do so in the future under certain circumstances, including but not limited
to, if an Underlying Fund ceases operations or if shares of an Underlying Fund cease trading on NYSE Arca.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B> <A NAME="b_012"></A>The Underlying Funds&rsquo; Investments </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A brief description of the principal types of
Commodity Interests in which the Underlying Funds may invest is set forth below.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 7%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 86%"><font style="font-size: 10pt">A futures contract is an exchange-traded contract traded with standard terms that calls for the delivery of a specified quantity of a commodity at a specified price, on a specified date and at a specified location.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 7%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 86%"><font style="font-size: 10pt">A cleared swap is a standard contract to exchange a periodic stream of payments determined by reference to a notional amount, with one party&rsquo;s payments determined by reference to a specified price for an underlying asset or index, and the other&rsquo;s determined by reference to the current market price of that asset or index. Cleared swaps may be executed bilaterally or on an exchange or other trading platform but must then be accepted for clearing by a clearinghouse.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 7%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 86%"><font style="font-size: 10pt">An over-the-counter swap (also referred to as an over-the-counter transaction or uncleared swap) is a non-exchange traded bilateral contract to exchange a periodic stream of payments determined by reference to a notional amount, with one party&rsquo;s payments determined by reference to a specific price for an underlying asset or index, and the other&rsquo;s determined by reference to the current market price of that asset or index.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 7%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 86%"><font style="font-size: 10pt">A forward contract is a non-standardized, non-exchange traded, over-the-counter, bilateral contract for the purchase or sale of a specified quantity of a commodity at a specified price, on a specified date and at a specified location.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 7%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 86%"><font style="font-size: 10pt">An option on a Futures Contract, forward contract or a commodity on the spot market gives the buyer of the option the right, but not the obligation, to buy or sell a Futures Contract, forward contract or commodity, as applicable, at a specified price on or before a specified date.&nbsp;&nbsp;The seller, or writer, of the option is obligated to take a position in the underlying interest at a specified price opposite to the option buyer if the option is exercised.&nbsp;&nbsp;Options on Futures Contracts, like the Future Contracts to which they relate, are standardized contracts traded on an exchange, while options on forward contracts and commodities generally are individually negotiated, over-the-counter, bilateral contracts.&nbsp;&nbsp;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Unlike exchange-traded contracts, over-the-counter
contracts expose the Underlying Funds to the credit risk of the other party to the contract. (As discussed below, exchange-traded
contracts may expose the Underlying Funds to the risk of the clearing broker&rsquo;s and/or the exchange clearing house(s)&rsquo;
bankruptcy.) The Sponsor does not currently intend to purchase or sell commodities in the &ldquo;spot market&rdquo; for the Fund
or the Underlying Funds. Spot market transactions are cash transactions in which the buyer and seller agree to the immediate purchase
and sale of a commodity, usually with a two-day settlement period. In addition, the Sponsor does not currently intend that the
Funds or Underlying Funds will enter into or hold spot month Futures Contracts, except that the Underlying Funds may hold spot
month Futures Contracts that were formerly second-to-expire contracts for a brief period until they can be disposed of in accordance
with an Underlying Fund&rsquo;s roll strategy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A more detailed description of Commodity Interests
and other aspects of the commodity and Commodity Interest markets can be found later in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>As noted, the Teucrium Corn Fund, Teucrium
Wheat Fund and Teucrium Soybean Fund primarily invest in Futures Contracts on corn, wheat and soybeans, including those traded
on the CBOT and the ICE Futures. The Teucrium Sugar Fund primarily invests in Futures Contracts on sugar, including those traded
on the ICE Futures and the NYMEX. The Fund expressly disclaims any association with the CBOT or ICE Futures or endorsement of the
Fund by such exchanges and acknowledges that &ldquo;CBOT,&rdquo; &ldquo;Chicago Board of Trade,&rdquo; &ldquo;ICE Futures,&rdquo;
&ldquo;ICE Futures US,&rdquo; &ldquo;NYMEX,&rdquo; and &ldquo;New York Mercantile Exchange&rdquo; are registered trademarks of
the respective exchanges.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_013"></A>Principal Investment Risks of an Investment in the Fund</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">An investment in the Fund involves a degree
of risk. Some of the risks you may face are summarized below. A more extensive discussion of these risks appears beginning on page
15.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 7%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 86%"><font style="font-size: 10pt">Unlike mutual funds, commodity pools and other investment pools that manage their investments so as to realize income and gains for distribution to their investors, the Fund generally does not distribute dividends to Shareholders.&nbsp;&nbsp;You should not invest in the Fund if you will need cash distributions from the Fund to pay taxes on your share of income and gains of the Fund, if any, or for other purposes.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 7%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 86%"><font style="font-size: 10pt">Investors may choose to use the Fund as a means of investing indirectly in agricultural commodities, and there are risks involved in such investments.&nbsp;&nbsp;The risks and hazards that are inherent in agriculture may cause the price of agricultural commodities to fluctuate widely.&nbsp;&nbsp;Global price movements for agricultural commodities may be influenced by, among other things: weather conditions, crop failure, production decisions, governmental policies, changing demand, harvest cycles, and various economic and monetary events.&nbsp;&nbsp;Commodity production is also subject to domestic and foreign regulations that materially affect operations.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 7%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 86%"><font style="font-size: 10pt">To the extent that investors use the Fund as a means of investing indirectly in agricultural commodities, there is the risk that the changes in the price of the Fund&rsquo;s Shares on the NYSE Arca will not closely track the changes in spot price of the commodities invested in by the Underlying Funds.&nbsp;&nbsp;This could happen if (1) the price of Shares traded on the NYSE Arca does not correlate closely with the Fund&rsquo;s NAV; (2) the changes in the Fund&rsquo;s NAV do not correlate closely with changes in the Underlying Fund Average; (3) the changes in the Underlying Funds&rsquo; NAVs do not correlate closely with changes in their Benchmarks; or (4) the changes in the Benchmarks do not correlate closely with changes in the cash or spot prices of the Specified Commodities.&nbsp;&nbsp;This is a risk because if these correlations are not sufficiently close, then investors may not be able to use the Fund as a cost-effective way to invest indirectly in agricultural commodities or as a hedge against the risk of loss in commodity-related transactions.</font></td></tr></table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 7%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 86%"><font style="font-size: 10pt">The Sponsor has limited experience operating commodity pools.&nbsp;&nbsp;Although the Sponsor currently sponsors five commodity pools &ndash; the Fund and the four Underlying Funds (collectively, the &ldquo;Teucrium Funds&rdquo;) all of which have commenced operations, prior to June 9, 2010, the Sponsor had never operated a commodity pool.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 7%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 86%"><font style="font-size: 10pt">The Fund has limited operating history to serve as a basis for you to evaluate an investment in the Fund.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 7%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 86%"><font style="font-size: 10pt">The price relationship between the near month Futures Contract to expire and the Benchmark Component Futures Contracts for an Underlying Fund will vary and may impact both the Fund&rsquo;s total return over time and the degree to which such total return tracks the total return of price indices for the Specified Commodities.&nbsp;&nbsp;In cases in which the near month contract&rsquo;s price is lower than later-expiring contracts&rsquo; prices (a situation known as &ldquo;contango&rdquo; in the futures markets), then absent the impact of the overall movement in prices the value of the Benchmark Component Futures Contracts would tend to decline as they approach expiration which could cause the Benchmark Component Futures Contracts, and therefore, the Fund&rsquo;s total return to track lower.&nbsp;&nbsp;In cases in which the near month contract&rsquo;s price is higher than later-expiring contracts&rsquo; prices (a situation known as &ldquo;backwardation&rdquo; in the futures markets), then absent the impact of the overall movement in prices the value of the Benchmark Component Futures Contracts would tend to rise as they approach expiration.</font></td></tr></table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 7%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 86%"><font style="font-size: 10pt">Investors, including those who directly participate in the agricultural commodities market, may choose to use the Fund as a vehicle to hedge against the risk of loss and there are risks involved in hedging activities.&nbsp;&nbsp;While hedging can provide protection against an adverse movement in market prices, it can also preclude a hedger&rsquo;s opportunity to benefit from a favorable market movement.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 7%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 86%"><font style="font-size: 10pt">The Fund seeks to have the changes in its Shares&rsquo; NAV in percentage terms track changes in the Underlying Fund Average in percentage terms, rather than profit from speculative trading of Commodity Interests.&nbsp;&nbsp;The Sponsor therefore endeavors to manage the Fund and the Underlying Funds so that the Fund&rsquo;s and Underlying Funds&rsquo; assets are, unlike those of many other commodity pools, not leveraged (<i>i.e.</i> so that the aggregate notional amount of an Underlying Fund&rsquo;s exposure to losses from its investments in Commodity Interests at any time will not exceed the value of the Underlying Fund&rsquo;s assets).&nbsp;&nbsp;There is no assurance that the Sponsor will successfully implement this investment strategy.&nbsp;&nbsp;If the Sponsor permits one or more of the Underlying Funds to become leveraged, you could lose all or a substantial portion of your investment if the Underlying Fund&rsquo;s trading positions suddenly turn unprofitable.&nbsp;&nbsp;These movements in price may be the result of factors outside of the Sponsor&rsquo;s control and may not be anticipated by the Sponsor.</font></td></tr></table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 7%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 86%"><font style="font-size: 10pt">The Underlying Funds may invest in Other Commodity Interests.&nbsp;&nbsp;To the extent that these Other Commodity Interests are contracts individually negotiated between their parties, they may not be as liquid as Futures Contracts and will expose the Underlying Funds (and, by extension, the Fund) to credit risk that their counterparties may not be able to satisfy their obligations to the Underlying Funds.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 7%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 86%"><font style="font-size: 10pt">The Underlying Funds invest primarily in Commodity Interests that are traded or sold in the United States.&nbsp;&nbsp;However, a portion of the Underlying Funds&rsquo; trades may take place in markets and on exchanges outside the United States that are not regulated by any United States governmental agency and may involve certain risks not applicable to United States exchanges, including different or diminished investor protections, as compared to their U.S. counterparts. For example, in some non-U.S. markets, the performance on a Futures Contract is the responsibility of the counterparty and is not backed by an exchange or clearing corporation, therefore exposing the Underlying Funds to credit risk. Also, investing in Commodity Interests denominated in currencies other than U.S. dollars subjects the shares of the Underlying Funds to the risk of adverse exchange-rate movements between the dollar and the functional currencies of such Commodity Interests.</font></td></tr></table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 7%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 86%"><font style="font-size: 10pt">The structure and operation of the Fund may involve conflicts of interest.&nbsp;&nbsp;For example, a conflict may arise because the Sponsor and its principals and affiliates may trade for themselves. In addition, the Sponsor has sole current authority to manage the investments and operations of the Fund, including the authority of the Sponsor to allocate expenses to and between the Funds and the interests of the Sponsor may conflict with the Shareholders&rsquo; best interests. </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <TD STYLE="width: 7%"><font style="font: 10pt Symbol">&#183;</font></td>
    <TD STYLE="width: 86%"><font style="font-size: 10pt">You will have no rights to participate in the management of the Fund and will have to rely on the duties and judgment of the Sponsor to manage the Fund.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; margin-bottom: 12pt">
<tr style="vertical-align: top">
    <TD STYLE="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <TD STYLE="width: 7%"><font style="font: 10pt Symbol">&#183;</font></td>
    <TD STYLE="width: 86%"><font style="font-size: 10pt">The Fund and the Underlying Funds pay fees and expenses that are incurred regardless of whether they are profitable.</font></td></tr>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7%"></TD><TD STYLE="width: 7%; text-align: left"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="width: 86%"><FONT STYLE="font-size: 10pt">The regulation of futures
markets, futures contracts, and futures exchanges has historically been comprehensive. The CFTC and the exchanges are authorized
to take extraordinary actions in the event of a market emergency including, for example, the retroactive implementation of speculative
position limits, increased margin requirements, the establishment of daily price limits and the suspension of trading.</FONT></TD>
</TR></TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7%"></TD><TD STYLE="width: 7%; text-align: left"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="width: 86%"><FONT STYLE="font-size: 10pt">The regulation of commodity
interest transactions in the United States is a rapidly changing area of law and is subject to ongoing modification by governmental
and judicial action. Considerable regulatory attention has been focused on non-traditional investment pools that are publicly
distributed in the United States. There is a possibility of future regulatory changes within the United States altering, perhaps
to a material extent, the nature of an investment in the Fund, or the ability of the Fund to continue to implement its investment
strategy. In addition, various national governments outside of the United States have expressed concern regarding the disruptive
effects of speculative trading in the commodities markets and the need to regulate the derivatives markets in general. The effect
of any future regulatory change on the Funds is impossible to predict but could be substantial and adverse.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For additional risks, see &ldquo;What Are the
Risk Factors Involved with an Investment in the Fund?&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_014"></A>Financial Condition of the Fund</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund&rsquo;s NAV is determined as of the
earlier of the close of the New York Stock Exchange or 4:00 p.m. New York time on each day that the NYSE Arca is open for trading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_015"></A>Defined Terms</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For a glossary of defined terms, see Appendix
A.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_016"></A>Breakeven Analysis</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The breakeven analysis below indicates the
approximate dollar returns and percentage returns required for the redemption value of a hypothetical initial investment in a single
Share, assuming a selling price of $30.89 (the NAV per Share as of January 31, 2015), to equal the amount invested twelve months
after the investment was made. This breakeven analysis refers to the redemption of baskets by Authorized Purchasers and is not
related to any gains an individual investor would have to achieve in order to break even. The breakeven analysis is an approximation
only. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: #CCFFCC">
    <td style="vertical-align: bottom; width: 89%"><font style="font-size: 10pt">Assumed initial selling price per Share</font></td>
    <td style="vertical-align: top; width: 1%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="vertical-align: top; width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="vertical-align: top; width: 8%; text-align: right"><FONT STYLE="font-size: 10pt"> 30.89 </FONT></td>
    <td style="vertical-align: top; width: 1%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: bottom"><font style="font-size: 10pt">Sponsor&rsquo;s Fee (1)</font></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font-size: 10pt">N/A</font></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td></tr>
<tr style="background-color: #CCFFCC">
    <td style="vertical-align: bottom"><font style="font-size: 10pt">Creation Basket Fee (2)</font></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">$</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font-size: 10pt">0.01</font></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: bottom"><font style="font-size: 10pt">Estimated Brokerage Fees (3)</font></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">$</font></td>
    <td style="vertical-align: top; text-align: right"><FONT STYLE="font-size: 10pt"> N/A </FONT></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td></tr>
<tr style="background-color: #CCFFCC">
    <td style="vertical-align: bottom"><font style="font-size: 10pt">Other Fund Fees and Expenses (4)</font></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">$</font></td>
    <td style="vertical-align: top; text-align: right"><FONT STYLE="font-size: 10pt"> 0.14 </FONT></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: bottom"><font style="font-size: 10pt">Interest Income (5)</font></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font-size: 10pt">N/A</font></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td></tr>
<tr style="background-color: #CCFFCC">
    <td style="vertical-align: bottom"><font style="font-size: 10pt">Amount of trading income (loss) required for the redemption value at the end of one year to equal the initial selling price of the Share</font></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">$</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font-size: 10pt">0.15</font></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Percentage of initial selling price per share (6) </FONT></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="vertical-align: top; text-align: right"><FONT STYLE="font-size: 10pt"> 0.49 </FONT></td>
    <td style="vertical-align: top"><FONT STYLE="font-size: 10pt"> % </FONT></td></tr>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

























<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 15%; color: white">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(1) The Sponsor does not receive a management fee from the Fund.
The Sponsor receives a management fee from each Underlying Fund at the annual rate of 1.00% of such Underlying Fund&rsquo;s average
daily net assets, payable monthly. The Sponsor can elect to waive the payment of this fee for any Underlying Fund. in any amount
at its sole discretion, at any time and from time to time, in order to reduce the Fund&rsquo;s expenses or for any other purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0">(2) Authorized Purchasers are required to pay a Creation Basket
fee of $250 for each order they place to create one or more baskets. An order must be at least one basket, which is 25,000 Shares.
This breakeven analysis assumes a hypothetical investment in a single Share so the Creation Basket fee is $0.01 ($250/25,000).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"> (3) Reflects brokerage fees for Fund transactions, which
are estimated to be less than $0.005 per share, and thus are rounded to $0.00 for purposes of this breakeven analysis. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"> (4) Other Fund Fees and Expenses are an estimate based
on an allocation to the Fund of the total estimated expenses anticipated to be incurred by the Trust on behalf of the Fund, net
of any expenses or sponsor fee waived by the Sponsor, and include: Professional fees (primarily legal, auditing and tax-preparation
related costs); Custodian and Administrator fees and expenses, Distribution and Marketing fees (primarily fees paid to the Distributor,
costs related to regulatory compliance activities and other costs related to the trading activities of the Fund); Business Permits
and Licenses; General and Administrative expenses (primarily insurance and printing) and Other Expenses. The expenses presented
are based on estimated expenses for the current fiscal year, and do not represent the maximum amounts payable under the contracts
with third-party service providers, as discussed below in the section of this disclosure document entitled &ldquo;Contractual Fees
and Compensation Arrangements with the Sponsor and Third-Party Service Providers.&rdquo; The per-share cost of these fixed or estimated
fees has been calculated assuming that the Fund has minimum assets of $1.5 million,<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">
</FONT>which was the approximate amount of assets as of January 31, 2015, and assuming certain fee reimbursements from the Sponsor.
The Sponsor can elect to pay (or waive reimbursement for) certain fees or expenses that would generally be paid by the Fund, although
it has no contractual obligation to do so. Any election to pay or waive reimbursement for fees and expenses that would generally
be paid by the Fund can be changed at the discretion of the Sponsor. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"> (5) Because the Fund will not make significant investments
in interest-bearing securities or accounts, the Fund does not expect to earn significant amounts of interest (less than $0.005
per share for purposes of this breakeven analysis). </P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> (6)&#9;This represents the estimated approximate percentage of
selling price per share net of any expenses or Sponsor fees waived by the Sponsor. The estimated approximate percentage of selling
price per share before waived expenses or Sponsor fees is 2.14% based on the Fund assets, net asset value per share and shares
outstanding as of January 31, 2015. Such waiver may be terminated at any time at the sole discretion of the Sponsor. </P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_017"></A>The Offering</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 33%"><font style="font-size: 10pt">Offering</font></td>
    <td style="width: 1%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 66%"><font style="font-size: 10pt">The Fund will offer Creation Baskets consisting of 25,000 Shares through the Distributor to Authorized Purchasers.&nbsp;&nbsp;Authorized Purchasers may purchase Creation Baskets consisting of 25,000 Shares at the Fund&rsquo;s NAV.&nbsp;&nbsp;The Shares trade on the NYSE Arca.</font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td><font style="font-size: 10pt">&nbsp;&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">Use of Proceeds</font></td>
    <td><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td><font style="font-size: 10pt">The Sponsor applies substantially all of the Fund&rsquo;s assets toward investing in the publicly-traded shares of the Underlying Funds, and each Underlying Fund in turn invests substantially all of its assets in Commodity Interests relating to its Specified Commodity, Treasury Securities, cash and/or cash equivalents.&nbsp;&nbsp;The Sponsor deposits a portion of each Underlying Fund&rsquo;s net assets with the FCM or other custodians to be used to meet its current or potential margin or collateral requirements in connection with its investment in Commodity Interests.&nbsp;&nbsp;The Underlying Funds use only Treasury Securities, cash and/or cash equivalents to satisfy these requirements.&nbsp;&nbsp;The Sponsor expects that all entities that will hold or trade the Underlying Fund&rsquo;s assets will be based in the United States and will be subject to United States regulations.&nbsp;&nbsp;The Sponsor believes that approximately 6% of each Underlying Fund&rsquo;s assets will normally be committed as margin for Futures Contracts and collateral for Cleared Swaps and Other Commodity Interests.&nbsp;&nbsp;However, from time to time, the percentage of assets committed as margin/collateral may be substantially more, or less, than such range.&nbsp;&nbsp;The remaining portion of the Underlying Funds&rsquo; assets, and any residual portion of the Fund&rsquo;s assets not invested in the publicly-traded shares of the Underlying Funds, are held in Treasury Securities, cash and/or cash equivalents by the Custodian.&nbsp;&nbsp;All interest income earned on these investments is retained for the Fund&rsquo;s or Underlying Funds&rsquo; benefit.</font></td></tr></table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 33%"><font style="font-size: 10pt">NYSE Arca Symbol</font></td>
    <td style="width: 1%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 66%"><font style="font-size: 10pt">&ldquo;TAGS&rdquo;</font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td><font style="font-size: 10pt">&nbsp;&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">Creation and Redemption</font></td>
    <td><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td><font style="font-size: 10pt">Authorized Purchasers pay a $250 fee for one basket and a maximum fee of $500 per order to create Creation Baskets, and a $250 fee per basket redeemed.&nbsp;&nbsp;Authorized Purchasers are not required to sell any specific number or dollar amount of Shares.&nbsp;&nbsp;The per share price of Shares offered in Creation Baskets is the total NAV of the Fund calculated as of the close of the NYSE Arca on that day divided by the number of issued and outstanding Shares.</font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td><font style="font-size: 10pt">&nbsp;&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">Inter-Series Limitation on Liability </font></td>
    <td><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td><font style="font-size: 10pt">While the Fund is currently one of five separate series of the Trust, additional series may be created in the future.&nbsp;&nbsp;The Trust has been formed and will be operated with the goal that the Fund and any other series of the Trust will be liable only for obligations of such series, and a series will not be responsible for or affected by any liabilities or losses of or claims against any other series.&nbsp;&nbsp;If any creditor or shareholder in any particular series (such as the Fund) were to successfully assert against a series a claim with respect to its indebtedness or Shares, the creditor or shareholder could recover only from that particular series and its assets.&nbsp;&nbsp;Accordingly, the debts and other obligations incurred, contracted for or otherwise existing solely with respect to a particular series will be enforceable only against the assets of that series, and not against any other series or the Trust generally or any of their respective assets.&nbsp;&nbsp;The assets of the Fund and any other series will include only those funds and other assets that are paid to, held by or distributed to the series on account of and for the benefit of that series, including, without limitation, amounts delivered to the Trust for the purchase of Shares in a series.</font></td></tr></table>
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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 33%"><font style="font-size: 10pt">Registration Clearance and Settlement</font></td>
    <td style="width: 1%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 66%"><font style="font-size: 10pt">Individual certificates will not be issued for the Shares.&nbsp;&nbsp;Instead, Shares will be represented by one or more global certificates, which will be deposited by the Custodian with the Depository Trust Company (&ldquo;DTC&rdquo;) and registered in the name of Cede &amp; Co., as nominee for DTC.&nbsp;&nbsp;The global certificates evidence all of the Shares outstanding at any time.&nbsp;&nbsp;Beneficial interests in Shares will be held through DTC&rsquo;s book-entry system, which means that Shareholders are limited to:&nbsp;&nbsp;(1) participants in DTC such as banks, brokers, dealers and trust companies (&ldquo;DTC Participants&rdquo;), (2) those who maintain, either directly or indirectly, a custodial relationship with a DTC Participant (&ldquo;Indirect Participants&rdquo;), and (3) those who hold interests in the Shares through DTC Participants or Indirect Participants, in each case who satisfy the requirements for transfers of Shares.&nbsp;&nbsp;DTC Participants acting on behalf of investors holding Shares through such DTC Participants&rsquo; accounts in DTC will follow the delivery practice applicable to securities eligible for DTC&rsquo;s Same-Day Funds Settlement System. Shares will be credited to DTC Participants&rsquo; securities accounts following confirmation of receipt of payment.</font></td></tr><tr style="vertical-align: top">
    <td><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td><font style="font-size: 10pt">&nbsp;&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">Net Asset Value</font></td>
    <td><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td><font style="font-size: 10pt">The NAV will be calculated by taking the current market value of the Fund&rsquo;s total assets and subtracting any liabilities and dividing the balance by the number of Shares.&nbsp;&nbsp;Under the Fund&rsquo;s current operational procedures, the Fund&rsquo;s administrator, The Bank of New York Mellon (the &ldquo;Administrator&rdquo;) will calculate the NAV of the Fund as of the earlier of 4:00 p.m. New York time or the close of the New York Stock Exchange each day.&nbsp;&nbsp;NYSE Arca will calculate an approximate NAV every 15 seconds throughout each day that the Fund&rsquo;s Shares are traded on the NYSE Arca, for as long as the main pricing mechanism of either the CBOT or ICE Futures is open.</font></td></tr>
</table>
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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 33%"><font style="font-size: 10pt">&nbsp;Fund and Underlying Fund Expenses</font></td>
    <td style="width: 1%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 66%"><font style="font-size: 10pt">While the Fund does not pay the Sponsor a management fee, it indirectly pays its proportionate share of each Underlying Fund&rsquo;s management fee, which is paid at an annual rate of 1.00% of each Underlying Fund&rsquo;s average daily net assets. </font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td><font style="font-size: 10pt">&nbsp;&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td><font style="font-size: 10pt">The Fund is also responsible for other ongoing fees, costs and expenses of its operations, including (i) brokerage and other fees and commissions incurred in connection with its trading activities; (ii) expenses incurred in connection with registering additional Shares of the Fund or offering Shares of the Fund; (iii) the routine expenses associated with the preparation and, if required, the printing and mailing of monthly, quarterly, annual and other reports required by applicable U.S. federal and state regulatory authorities, Trust meetings and preparing, printing and mailing proxy statements to Shareholders; (iv) the payment of any distributions related to redemption of Shares; (v) payment for routine services of the Trustee, legal counsel and independent accountants; (vi) payment for routine accounting, bookkeeping, custody and transfer agency services, whether performed by an outside service provider or by Affiliates of the Sponsor; (vii) postage and insurance; (viii) costs and expenses associated with client relations and services; (ix) costs of preparation of all federal, state, local and foreign tax returns and any taxes payable on the income, assets or operations of the Fund; and (x) extraordinary expenses (including, but not limited to, legal claims and liabilities and litigation costs and any indemnification related thereto). <b>&nbsp;</b></font></td></tr><tr style="vertical-align: top">
    <td><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td><font style="font-size: 10pt">&nbsp;&nbsp;</font></td></tr>
</table>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="width: 33%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 1%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 66%"><font style="font-size: 10pt">Each Underlying Fund is also responsible for the ongoing fees, costs and expenses of its operations as described in the foregoing paragraph.</font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td><font style="font-size: 10pt">&nbsp;&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 10pt"> &nbsp;&nbsp; </FONT></td>
    <td><FONT STYLE="font-size: 10pt"> &nbsp;&nbsp; </FONT></td>
    <td><FONT STYLE="font-size: 10pt"> The Sponsor bears the costs and expenses related to the initial offer and sale of Shares,
    including registration fees paid or to be paid to the SEC, Financial Industry Regulatory Authority (&ldquo;FINRA&rdquo;) or
    any other regulatory body or self-regulatory organization (&ldquo;SRO&rdquo;).&nbsp;&nbsp;None of the costs and expenses related
    to the initial offer and sale of Shares, which total approximately $293,650<B> </B>were or<B> </B>are chargeable to the Fund,
    and the Sponsor did not and may not recover any of these costs and expenses from the Fund. Total fees to be paid by the Fund
    are currently estimated to be approximately 0.49% of the daily net assets of the Fund for the twelve-month period ending April
    30, 2016 though this amount may change in future years.&nbsp;&nbsp;The Sponsor may, in its discretion, pay or reimburse the
    Fund or an Underlying Fund for, or waive a portion of its management fee for an Underlying Fund to offset, expenses that would
    otherwise be borne by the Fund or Underlying Fund. </FONT></td></tr>
</table>
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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="width: 33%"><font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;</font></td>
    <td style="width: 1%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 66%"><font style="font-size: 10pt">General expenses of the Trust will be allocated among the existing Teucrium Funds and any future series of the Trust as determined by the Sponsor in its discretion.&nbsp;&nbsp;The Trust may be required to indemnify the Sponsor, and the Trust and/or the Sponsor may be required to indemnify the Trustee, Distributor or Administrator, under certain circumstances.</font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td><font style="font-size: 10pt">&nbsp;&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">Termination Events</font></td>
    <td><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td><font style="font-size: 10pt">The Trust, the Fund and each Underlying Fund shall continue in existence from the date of their formation in perpetuity, unless the Trust, the Fund or an Underlying Fund, as the case may be, is sooner terminated upon the occurrence of certain events specified in the Trust Agreement, including the following: (1) the filing of a certificate of dissolution or cancellation of the Sponsor or revocation of the Sponsor&rsquo;s charter or the withdrawal of the Sponsor, unless shareholders holding a majority of the outstanding shares of the Trust, voting together as a single class, elect within ninety (90) days after such event to continue the business of the Trust and appoint a successor Sponsor; (2) the occurrence of any event which would make the existence of the Trust, the Fund or an Underlying Fund unlawful; (3) the suspension, revocation, or termination of the Sponsor&rsquo;s registration as a CPO with the CFTC or membership with the NFA; (4) the insolvency or bankruptcy of the Trust, the Fund or an Underlying Fund; (5) a vote by the Shareholders holding at least seventy-five percent (75%) of the Trust, voting together as a single class, to dissolve the Trust, subject to certain conditions; (6) the determination by the Sponsor to dissolve the Trust, the Fund or an Underlying Fund, subject to certain conditions; (7) the Trust is required to be registered as an investment company under the Investment Company Act of 1940; and (8) DTC is unable or unwilling to continue to perform its functions and a comparable replacement is unavailable.&nbsp;&nbsp;Upon termination of the Fund or an Underlying Fund, the affairs of the Fund or Underlying Fund shall be wound up and all of its debts and liabilities discharged or otherwise provided for in the order of priority as provided by law.&nbsp;&nbsp;The fair market value of the remaining assets of the Fund or Underlying Fund shall then be determined by the Sponsor.&nbsp;&nbsp;Thereupon, the assets of the Fund or Underlying Fund shall be distributed pro rata to the Shareholders in accordance with their Shares.</font></td></tr></table>
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    <td style="width: 33%"><font style="font-size: 10pt">Authorized Purchasers</font></td>
    <td style="width: 1%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 66%"><font style="font-size: 10pt">A list of Authorized Purchasers is available from the Distributor.&nbsp;&nbsp;Authorized Purchasers must be (1) registered broker-dealers or other securities market participants, such as banks and other financial institutions, that are not required to register as broker-dealers to engage in securities transactions, and (2) DTC Participants.&nbsp;&nbsp;To become an Authorized Purchaser, a person must enter into an Authorized Purchaser Agreement with the Sponsor.</font></td></tr>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="b_018"></A>WHAT ARE THE RISK FACTORS INVOLVED WITH AN
INVESTMENT IN THE FUND?</B></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I> You should
consider carefully the risks described below before making an investment decision. You should also refer to the other information
included in this prospectus, and the Fund&rsquo;s, the Trust&rsquo;s and the Sponsor&rsquo;s financial statements and the related
notes as reported in our Annual Report on Form 10-K </I></FONT> <FONT STYLE="font-size: 12pt"> </FONT><FONT STYLE="font-size: 10pt"><I>for
the fiscal year ended December 31,</I></FONT><FONT STYLE="font-size: 12pt"> </FONT><FONT STYLE="font-size: 10pt"><I>2014, and our
current report</I></FONT><FONT STYLE="font-size: 12pt"> </FONT><FONT STYLE="font-size: 10pt"><I>Form 8-K, dated April 13, 2015,
which are incorporated by reference herein.</I></FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_019"></A>Risks Associated With Investing Directly or Indirectly in Agricultural
Commodities</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Investing in Commodity Interests subjects the Fund to the
risks of the agricultural commodities markets, and this could result in substantial fluctuations in the price of the Fund&rsquo;s
Shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The Fund is subject to the risks and hazards
of the agricultural commodities markets because it invests indirectly in Commodity Interests. The risks and hazards that are inherent
in the agricultural commodities markets may cause the price of those commodities to fluctuate widely. If the changes in percentage
terms of the Fund&rsquo;s Shares accurately track the percentage changes in the Underlying Funds&rsquo; Benchmark or the spot price
of corn, wheat, soybeans and sugar, the price of the Shares will fluctuate. </P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 11%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 86%"><font style="font-size: 10pt">The price and availability of agricultural commodities is influenced by economic and industry conditions, including but not limited to supply and demand factors such as: crop disease; weed control; water availability; various planting, growing, or harvesting problems; severe weather conditions such as drought, floods, heavy rains, frost, or natural disasters that are difficult to anticipate and that cannot be controlled.&nbsp;&nbsp;The U.S. prices of certain agricultural commodities such as soybeans and sugar are subject to risks relating to the growth of such commodities in foreign countries, such as: uncontrolled fires (including arson); challenges in doing business with foreign companies; legal and regulatory restrictions; transportation costs; interruptions in energy supply; currency exchange rate fluctuations; and political and economic instability.&nbsp;&nbsp;Additionally, demand for agricultural commodities is affected by changes in consumer tastes, national, regional and local economic conditions, and demographic trends.</font></td></tr></table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 11%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 86%"><font style="font-size: 10pt">Agricultural commodity production is subject to United States and foreign policies and regulations that materially affect operations.&nbsp;&nbsp;Governmental policies affecting the agricultural industry, such as taxes, tariffs, duties, subsidies, incentives, acreage control, and import and export restrictions on agricultural commodities and commodity products, can influence the planting of certain crops, the location and size of crop production, the volume and types of imports and exports, and industry profitability.&nbsp;&nbsp;Additionally, commodity production is affected by laws and regulations relating to, but not limited to, the sourcing, transporting, storing and processing of agricultural raw materials as well as the transporting, storing and distributing of related agricultural products.&nbsp;&nbsp;Agricultural commodity producers also may need to comply with various environmental laws and regulations, such as those regulating the use of certain pesticides, and local laws that regulate the production of genetically modified crops.&nbsp;&nbsp;In addition, international trade disputes can adversely affect agricultural commodity trade flows by limiting or disrupting trade between countries or regions.</font></td></tr></table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 11%; font-size: 11pt"><font style="font-size: 8pt">&nbsp;&nbsp;</font><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 86%"><font style="font-size: 10pt">Seasonal fluctuations in the price of agricultural commodities may cause risk to an investor because of the possibility that Share prices will be depressed because of the relevant harvest cycles.&nbsp;&nbsp;In the futures market, fluctuations are typically reflected in contracts expiring in the harvest season (<i>i.e.</i>, in the case or corn and soybeans, contracts expiring during the fall are typically priced lower than contracts expiring in the winter and spring, while in the case of wheat and sugar, contracts expiring during the spring and early summer are typically priced lowest). &nbsp;Thus, seasonal fluctuations could result in an investor incurring losses upon the sale of Fund Shares, particularly if the investor needs to sell Shares when an Underlying Fund&rsquo;s Benchmark Component Futures Contracts are, in whole or part, Futures Contracts expiring in the harvest season for the Specified Commodity.</font></td></tr>
</table>
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<tr style="vertical-align: top">
    <td style="width: 11%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 86%"><font style="font-size: 10pt"><b><i>Risks Specific to Corn.</i></b> Demand for corn in the United States to produce ethanol has been a significant factor affecting the price of corn.&nbsp;&nbsp;In turn, demand for ethanol generally has tended to increase when the price of gasoline has increased, and has been significantly affected by United States governmental policies designed to encourage the production of ethanol.&nbsp;&nbsp;In addition, because corn is often used as an ingredient in livestock feed, demand for corn is subject to risks associated with the outbreak of livestock disease.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 11%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 86%"><font style="font-size: 10pt"><b><i>Risks Specific to Wheat.</i></b> Demand for food products made from wheat flour in the United States is relatively unaffected by changes in wheat prices or disposable income, but is closely tied to tastes and preferences.&nbsp;&nbsp;For example, in recent years the increase in the popularity of low-carbohydrate diets caused the consumption of wheat flour to decrease rapidly before rebounding somewhat after 2005.&nbsp;&nbsp;Export demand for wheat fluctuates yearly, based largely on crop yields in the importing countries.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 11%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 86%"><font style="font-size: 10pt"><b><i>Risks Specific to Soybeans.</i></b> The increased production of soybean crops in South America and the rising demand for soybeans in emerging nations such as China and India have increased competition in the soybean market.&nbsp;&nbsp;Like the conversion of corn into ethanol, soybeans can be converted into biofuels such as biodiesel.&nbsp;&nbsp;Accordingly, the soybean market has become increasingly affected by demand for biofuels and related legislation.&nbsp;&nbsp;The supply of soybeans could be reduced by the spread of soybean rust, a wind-borne fungal disease.&nbsp;&nbsp;Although soybean rust can be killed with chemicals, chemical treatment increases production costs for farmers.&nbsp;&nbsp;Finally, because processing soybean oil can create trans-fats, the demand for soybean oil may decrease due to heightened governmental regulation of trans-fats or trans-fatty acids.&nbsp;&nbsp;The U.S. Food and Drug Administration currently requires food manufacturers to disclose levels of trans-fats contained in their products, and various local governments have enacted or are considering restrictions on the use of trans-fats in restaurants.</font></td></tr></table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 11%"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 86%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i>Risks Specific to Sugar.</i></b> The spread of consumerism
        and the rising affluence of emerging nations such as China and India have created demand for sugar. An influx of people in developing
        countries moving from rural to urban areas may create more disposable income to be spent on sugar products, and might also reduce
        sugar production in rural areas on account of worker shortages, all of which could result in upward pressure on sugar prices. On
        the other hand, public health concerns regarding obesity, heart disease and diabetes, particularly in developed countries, may
        reduce demand for sugar. In light of the time it takes to grow sugarcane and sugar beets and the cost of new facilities for processing
        these crops, it may not be possible to increase supply quickly or in a cost-effective manner in response to an increase in demand.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><B><I>An investment in the Fund is subject to correlation
risk. Your return on an investment in the Fund may differ from the return of the Benchmark and depending on certain factors discussed
below, you could incur a partial or total loss of your investment.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">There is a risk that changes in the price of
Shares on the NYSE Arca will not correlate with changes in the Fund&rsquo;s NAV; that changes in the NAV will not correlate with
changes in the price of the Benchmark; and/or changes in the price of the Benchmark will not correlate with changes in the spot
price of the Specified Commodity. Depending on certain factors associated with each of these correlations which are discussed in
more detail below, you could incur a partial or total loss of your investment in the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Underlying Funds&rsquo; Benchmarks are not designed to
correlate exactly with the spot price of the corresponding Specified Commodity and this could cause the changes in the price of
an Underlying Fund&rsquo;s shares to substantially vary from the changes in the spot price of the Specified Commodity. Therefore,
you may not be able to effectively use the Fund to hedge against commodity-related losses or to indirectly invest in agricultural
commodities.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Benchmark Component Futures Contracts that
the Underlying Funds invest in reflect the price of a Specified Commodity for future delivery, not the current spot price of the
Specified Commodity, so at best the correlation between changes in such Futures Contracts and the spot price of the Specified Commodity
will be only approximate. Weak correlation between an Underlying Fund&rsquo;s Benchmark and the spot price of the corresponding
Specified Commodity may result from the typical seasonal fluctuations in commodity prices discussed above. Imperfect correlation
may also result from speculation in Commodity Interests, technical factors in the trading of Futures Contracts, and expected inflation
in the economy as a whole. If there is a weak correlation between an Underlying Fund&rsquo;s Benchmark and the spot price of its
corresponding Specified Commodity, then the price of the Shares may not accurately track the spot price of the Specified Commodities
and you may not be able to effectively use the Fund as a way to hedge the risk of losses in your commodity-related transactions
or as a way to indirectly invest in agricultural commodities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Changes in the Fund&rsquo;s NAV may not correlate well with
changes in the Underlying Fund Average, and changes in the Underlying Funds&rsquo; NAVs may not correlate well with changes in
their Benchmarks. If this were to occur, you may not be able to effectively use the Fund as a way to hedge against commodity-related
losses or as a way to indirectly invest in agricultural commodities.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor endeavors to invest the Fund&rsquo;s
assets as fully as possible in the Underlying Funds so that the changes in percentage terms in the Fund&rsquo;s NAV closely correlate
with the changes in percentage terms in the Underlying Fund Average. The Sponsor also endeavors to invest the Underlying Funds&rsquo;
assets as fully as possible in Commodity Interests so that the changes in percentage terms in the Underlying Funds&rsquo; NAVs
closely correlate with the changes in percentage terms in their respective Benchmarks. However, changes in the Fund&rsquo;s NAV
may not correlate with the changes in the Underlying Fund Average and changes in the Underlying Funds&rsquo; NAV may not correlate
with the changes in their Benchmarks for various reasons, including those set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 90%"><font style="font-size: 10pt">The Fund may not be able to maintain its targeted 25% allocation to each Underlying Fund at all times.&nbsp;&nbsp;Furthermore, the Fund acquires shares of the Underlying Funds in the secondary market at their market prices, not at their NAV, so any changes in the value of the Fund&rsquo;s holdings in the Underlying Funds may not match changes in the Underlying Funds&rsquo; NAVs.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 90%"><font style="font-size: 10pt">The Underlying Funds do not intend to invest only in the Benchmark Component Futures Contracts.&nbsp;&nbsp;While an Underlying Fund&rsquo;s investments in Futures Contracts other than its Benchmark Component Futures Contracts, Cleared Swaps and Other Commodity Interests would be for the purpose of causing the Underlying Fund&rsquo;s performance to track that of its Benchmark most effectively and efficiently. The performance of these Commodity Interests may not correlate well with the performance of the Underlying Funds&rsquo; Benchmark Component Futures Contracts, resulting in a greater potential for error in tracking price changes in those Futures Contracts.&nbsp;&nbsp;Additionally, if the trading market for certain Futures Contracts is suspended or closed, an Underlying Fund may not be able to purchase its investments at the last reported price for such investments.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 90%"><font style="font-size: 10pt">The Fund and Underlying Funds incur certain expenses in connection with their operations, and the Underlying Funds hold most of their assets (other than Commodity Interests) in income-producing, short-term securities for margin and other liquidity purposes and to meet redemptions that may be necessary on an ongoing basis.&nbsp;&nbsp;These expenses and income cause imperfect correlation between changes in the Fund&rsquo;s NAV and changes in the Underlying Fund Average and between changes in the NAVs of the Underlying Funds and their respective Benchmarks. Your cost of investing in the Fund will be higher than the cost of investing directly in the Underlying Funds&rsquo; shares.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 90%"><font style="font-size: 10pt">The Sponsor may not be able to invest an Underlying Fund&rsquo;s assets in Commodity Interests having an aggregate notional amount exactly equal to the Underlying Fund&rsquo;s NAV.&nbsp;&nbsp;As a standardized contract, a single Futures Contract or Cleared Swap is for a specified amount of a Specified Commodity, and the Underlying Fund&rsquo;s NAV and the proceeds from the sale of a creation basket of an Underlying Fund is unlikely to be an exact multiple of that amount.&nbsp;&nbsp;In such case, the Underlying Fund could not invest the entire proceeds from the purchase of the creation basket in such Futures Contracts.&nbsp;&nbsp;(For example, assuming the Underlying Fund receives $1,000,000 for the sale of Creation Baskets and that the value (<i>i.e.</i>, the notional amount) of a Futures Contract relating to the Underlying Fund&rsquo;s Specified Commodity is $35,000, the Underlying Fund could only enter into 28 Futures Contracts with an aggregate value of $980,000).&nbsp;&nbsp;While an Underlying Fund may be better able to achieve the exact amount of exposure to the market for its Specified Commodity through the use of over-the-counter Other Commodity Interests, there is no assurance that the Sponsor will be able to continually adjust the Underlying Fund&rsquo;s exposure to such Other Commodity Interests to maintain such exact exposure.&nbsp;&nbsp;Furthermore, as noted above, the use of Other Commodity Interests may itself result in imperfect correlation with an Underlying Fund&rsquo;s Benchmark.</font></td></tr></table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 90%"><font style="font-size: 10pt">There may be more or less correlation between an Underlying Fund&rsquo;s NAV and its Benchmark as the Underlying Fund&rsquo;s assets increase. On the one hand, as an Underlying Fund grows it should be able to invest in Futures Contracts with notional amounts that are closer on a percentage basis to the Underlying Fund&rsquo;s NAV.&nbsp;&nbsp;For example, if the Underlying Fund&rsquo;s NAV is equal to 4.9 times the value of a single Futures Contract, it can purchase only four futures contracts, which would cause only 81.6% of the Underlying Fund&rsquo;s assets to be exposed to the market for the Specified Commodity.&nbsp;&nbsp;On the other hand, if the Underlying Fund&rsquo;s NAV is equal to 100.9 times the value of a single Futures Contract, it can purchase 100 such contracts, resulting in 99.1% exposure.&nbsp;&nbsp;However, at certain asset levels, an Underlying Fund may be limited in its ability to purchase Futures Contracts due to position limits imposed by the CFTC or position limits or accountability levels imposed by the relevant exchanges.&nbsp;&nbsp;In such instances, the Underlying Fund would likely invest to a greater extent in Commodity Interests that are not subject to these position limits or accountability levels.&nbsp;&nbsp;To the extent that an Underlying Fund invests in Cleared Swaps and Other Commodity Interests, the correlation between the Underlying Fund&rsquo;s NAV and its Benchmark may be lower.&nbsp;&nbsp;In certain circumstances, position limits or accountability levels could limit the number of Creation Baskets that will be sold.</font></td></tr></table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If changes in the Fund&rsquo;s NAV do not correlate
with changes in the Underlying Fund Average or changes in the Underlying Funds&rsquo; NAVs do not correlate with changes in their
respective Benchmarks, then investing in the Fund may not be an effective way to hedge against commodity-related losses or indirectly
invest in agricultural commodities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Changes in the price of the Fund&rsquo;s Shares on the NYSE
Arca may not correlate perfectly with changes in the NAV of the Fund&rsquo;s or the Underlying Funds&rsquo; Shares. If this occurs,
you may not be able to effectively use the Fund to hedge the risk of losses in your agricultural-related transactions or to indirectly
invest in agricultural commodities.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">While it is expected that the trading
prices of the Shares will fluctuate in accordance with the changes in the Fund&rsquo;s NAV, the prices of Shares may also be influenced
by other factors, including the supply of and demand for the Shares, whether for the short term or the longer term. There is no
guarantee that the Shares will not trade at appreciable discounts from, and/or premiums to, the Fund&rsquo;s NAV. Even if the market
price of an Underlying Fund closely tracks changes in its NAV, there is no guarantee that the market price of the Fund will similarly
closely track changes in the NAVs of the Underlying Funds. This could cause the changes in the price of the Shares to substantially
vary from the changes in the spot prices of the Specified Commodities, even if an Underlying Fund&rsquo;s NAV were closely tracking
movements in the spot price of the Specified Commodity. If this occurs, you may not be able to effectively use the Fund to hedge
the risk of losses in your commodity-related transactions or to indirectly invest in agricultural commodities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Fund or an Underlying Fund may experience a loss if it
is required to sell Treasury Securities or cash equivalents at a price lower than the price at which they were acquired.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If the Fund or an Underlying Fund is required
to sell Treasury Securities or cash equivalents at a price lower than the price at which they were acquired, the Fund will experience
a loss. This loss may adversely impact the price of the Shares and may decrease the correlation between the price of the Shares,
the Underlying Fund Average, the Underlying Funds&rsquo; Benchmarks and the spot prices of the Specified Commodities. The value
of Treasury Securities and other debt securities generally moves inversely with movements in interest rates. The prices of longer
maturity securities are subject to greater market fluctuations as a result of changes in interest rates. While the short-term nature
of the Fund&rsquo;s and Underlying Funds&rsquo; investments in Treasury Securities and cash equivalents should minimize the interest
rate risk to which the Fund is subject, it is possible that the Treasury Securities and cash equivalents held by the Fund and the
Underlying Funds will decline in value.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Certain of the Fund&rsquo;s and Underlying Funds&rsquo; investments
could be illiquid, which could cause large losses to investors at any time or from time to time.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund and Underlying Funds may not always
be able to liquidate their positions in the investments at the desired price for reasons including, among others, insufficient
trading volume, limits imposed by exchanges or other regulatory organizations, or lack of liquidity. As to the Fund&rsquo;s investments
in the Underlying Funds, the Underlying Funds are relatively new and may have trading volumes that are insufficient for the needs
of the Fund. As to Futures Contracts, it may be difficult to execute a trade at a specific price when there is a relatively small
volume of buy and sell orders in a market. Limits imposed by futures exchanges or other regulatory organizations, such as position
limits, accountability levels and price fluctuation limits, may contribute to a lack of liquidity with respect to some exchange-traded
Commodity Interests. In addition, over-the-counter Commodity Interests may be illiquid because they are contracts between two parties
and generally may not be transferred by one party to a third party without the counterparty&rsquo;s consent. Conversely, a counterparty
may give its consent, but an Underlying Fund may still not be able to transfer an over-the-counter Commodity Interest to a third
party due to concerns regarding the counterparty&rsquo;s credit risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A market disruption, such as a foreign government
taking political actions that disrupt the market in its currency, its commodity production or exports, or in another major export,
can also make it difficult to liquidate a position. Unexpected market illiquidity may cause major losses to investors at any time
or from time to time. In addition, the Fund and the Underlying Funds do not intend at this time to establish a credit facility,
which would provide an additional source of liquidity, but instead will rely only on the Treasury Securities, cash and/or cash
equivalents that they hold to meet their liquidity needs. The anticipated large value of the positions in Commodity Interests that
the Sponsor will acquire or enter into for the Underlying Funds increases the risk of illiquidity. Because Commodity Interests
may be illiquid, the Underlying Funds&rsquo; holdings may be more difficult to liquidate at favorable prices in periods of illiquid
markets and losses may be incurred during the period in which positions are being liquidated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>If the nature of the participants in the futures market shifts
such that commodity purchasers are the predominant hedgers in the market, the Underlying Funds might have to reinvest at higher
futures prices or choose Other Commodity Interests.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The changing nature of the participants in the
market for an agricultural commodity will influence whether futures prices are above or below the expected future spot price. Commodity
producers will typically seek to hedge against falling prices by selling Futures Contracts. Therefore, if producers become the
predominant hedgers in the futures market for a particular commodity, prices of Futures Contracts for that commodity will typically
be below expected future spot prices. Conversely, if the predominant hedgers in the futures market are the purchasers of the commodity
who purchase Futures Contracts to hedge against a rise in prices, prices of Futures Contracts for that commodity will likely be
higher than expected future spot prices. This can have significant implications for the Underlying Funds when it is time to sell
a Futures Contract that is no longer a Benchmark Component Futures Contract and purchase a new Futures Contract or to sell a Futures
Contract to meet redemption requests. As a result, an Underlying Fund may not be able to track its Benchmark and this could have
a corresponding effect on the tracking of the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>While the Underlying Funds do not intend to take physical
delivery of commodities under their Commodity Interests, the possibility of physical delivery impacts the value of the contracts.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">While it is not the current intention of any
Underlying Fund to take physical delivery of commodities under its Commodity Interests, Futures Contracts are traditionally not
cash-settled contracts, and it is possible to take delivery under these and some Other Commodity Interests. Storage costs associated
with purchasing agricultural commodities could result in costs and other liabilities that could impact the value of Futures Contracts
or certain Other Commodity Interests. Storage costs include the time value of money invested in a physical commodity plus the actual
costs of storing the commodity less any benefits from ownership of the commodity that are not obtained by the holder of a futures
contract. In general, Futures Contracts have a one-month delay for contract delivery and the pricing of back month contracts (the
back month is any future delivery month other than the spot month) include storage costs. To the extent that these storage costs
change while an Underlying Fund holds Commodity Interests, the value of the Commodity Interests, and therefore the Underlying Fund&rsquo;s
NAV, may change as well.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The price relationship between the Underlying Funds&rsquo;
Benchmark Component Futures Contracts at any point in time and the Futures Contracts that will become the Underlying Funds&rsquo;
Benchmark Component Futures Contracts on the next roll date will vary and may impact the Fund&rsquo;s total return and the degree
to which the Fund&rsquo;s total return tracks that of commodity price indices.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The design of each Underlying Fund&rsquo;s Benchmark
is such that the Benchmark Component Futures Contracts will change several times a year, and the Underlying Fund&rsquo;s investments
must be rolled periodically to reflect the changing composition of its Benchmark. For example, when a second-to-expire Futures
Contract becomes a first-to-expire contract, such contract will no longer be a Benchmark Component Futures Contract and the Underlying
Fund&rsquo;s position in it will no longer be consistent with tracking its Benchmark. In the event of a futures market where near-to-expire
contracts trade at a higher price than longer-to-expire contracts, a situation referred to as &ldquo;backwardation,&rdquo; then
absent the impact of the overall movement in prices the value of the Benchmark Component Futures Contracts would tend to rise as
they approach expiration. As a result an Underlying Fund (and, therefore, the Fund) may benefit because it would be selling more
expensive contracts and buying less expensive ones on an ongoing basis. Conversely, in the event of a futures market where near-to-expire
contracts trade at a lower price than longer-to-expire contracts, a situation referred to as &ldquo;contango,&rdquo; then absent
the impact of the overall movement in prices the value of the Underlying Funds&rsquo; Benchmark Component Futures Contracts would
tend to decline as they approach expiration. As a result the Underlying Fund&rsquo;s (and the Fund&rsquo;s) total return may be
lower than might otherwise be the case because it would be selling less expensive contracts and buying more expensive ones. The
impact of backwardation and contango may lead the total return of an Underlying Fund to vary significantly from the total return
of other price references, such as the spot price of its Specified Commodity. In the event of a prolonged period of contango, and
absent the impact of rising or falling prices, this could have a significant negative impact on the Underlying Fund&rsquo;s (and
the Fund&rsquo;s) NAV and total return.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Regulation of Commodity Interests and commodity markets is
extensive and constantly changing; future regulatory developments are impossible to predict but may significantly and adversely
affect the Fund and the Underlying Funds.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The regulation of futures markets, futures contracts
and futures exchanges has historically been comprehensive. The CFTC and the exchanges are authorized to take extraordinary actions
in the event of a market emergency including, for example, the retroactive implementation of speculative position limits, increased
margin requirements, the establishment of daily price limits and the suspension of trading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The regulation of commodity interest transactions
in the United States is a rapidly changing area of law and is subject to ongoing modification by governmental and judicial action.
Considerable regulatory attention has been focused on non-traditional investment pools that are publicly distributed in the United
States. There is a possibility of future regulatory changes within the United States altering, perhaps to a material extent, the
nature of an investment in the Fund or the Underlying Funds, or the ability of the Fund or the Underlying Funds to continue to
implement its investment strategy. In addition, various national governments outside of the United States have expressed concern
regarding the disruptive effects of speculative trading in the commodities markets and the need to regulate the derivatives markets
in general. The effect of any future regulatory change on the Fund or the Underlying Funds is impossible to predict but could be
substantial and adverse.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>If you are investing in the Fund for
purposes of hedging, you might be subject to several risks, including the possibility of losing the benefit of favorable market
movements.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Producers and commercial users of agricultural
commodities may use the Fund as a vehicle to hedge the risk of losses in their commodity-related transactions. There are several
risks in connection with using the Fund as a hedging device. While hedging can provide protection against an adverse movement in
market prices, it can also preclude a hedger&rsquo;s opportunity to benefit from a favorable market movement. For instance, in
a hedging transaction the hedger may be a user of a commodity concerned that the hedged commodity will increase in price, but must
recognize the risk that the price may instead decline. If this happens, the hedger will have lost the benefit of being able to
purchase the commodity at the lower price because the hedging transaction will result in a loss that would offset (at least in
part) this benefit. Thus, the hedger foregoes the opportunity to profit from favorable price movements. In addition, if the hedge
is not a perfect one, the hedger can lose on the hedging transaction and not realize an offsetting gain in the value of the underlying
item being hedged.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">When using Commodity Interests for hedging purposes,
at best the correlation between changes in prices of Futures Contracts and of the items being hedged can only be approximate. The
degree of imperfection of correlation depends upon circumstances such as: variations in speculative markets, demand for futures
and for commodity products, technical influences in futures trading, and differences between anticipated costs being hedged and
the instruments underlying the standard Futures Contracts available for trading. Even a well-conceived hedge may be unsuccessful
to some degree because of unexpected market behavior as well as the expenses associated with creating the hedge.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, using an investment in the Fund
as a hedge for changes in food costs generally may not be successful because changes in the price of the commodities in the Underlying
Funds may vary substantially from changes in the prices of other food products. In addition, the price of these agricultural commodities
and the Fund&rsquo;s NAV would not reflect the refining, transportation, and other costs that are specific to the hedger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>An investment in the Fund may provide you little or no diversification
benefits. Thus, in a declining market, the Fund may have no gains to offset your losses from other investments, and you may suffer
losses on your investment in the Fund at the same time you incur losses with respect to other asset classes.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We cannot predict to what extent the performance
of the Commodity Interests of the Underlying Funds Interests will or will not correlate to the performance of other broader asset
classes such as stocks and bonds. If the performance of the Fund or the Underlying Funds were to move more directly with the financial
markets, you will obtain little or no diversification benefits from an investment in the Shares. In such a case, the Fund may have
no gains to offset your losses from other investments, and you may suffer losses on your investment in the Fund at the same time
you incur losses with respect to other investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Variables such as drought, floods, weather,
embargoes, tariffs and other political events may have a larger impact on commodity and Commodity Interest prices than on traditional
securities and broader financial markets. These additional variables may create additional investment risks that subject the Underlying
Funds&rsquo; and, therefore, the Fund&rsquo;s investments to greater volatility than investments in traditional securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Lower correlation should not be confused with
negative correlation, where the performance of two asset classes would be opposite of each other. There is no historic evidence
that the spot price of agricultural commodities and prices of other financial assets, such as stocks and bonds, are negatively
correlated. In the absence of negative correlation, the Underlying Funds, and therefore the Fund, cannot be expected to be automatically
profitable during unfavorable periods for the stock market, or vice versa.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_020"></A>The Fund&rsquo;s Operating Risks</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Fund and the Underlying Funds are not registered investment
companies, so you do not have the protections of the Investment Company Act of 1940.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Neither the Fund nor the Underlying Funds are
investment companies subject to the Investment Company Act of 1940. Accordingly, you do not have the protections afforded by that
statute which, for example, requires investment companies to have a board of directors with a majority of disinterested directors
and regulates the relationship between the investment company and its investment manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Sponsor has limited experience operating commodity pools.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">While certain of the Sponsor&rsquo;s principals
and employees have experience with investing in Commodity Interests, the Sponsor was formed for the purpose of sponsoring the Trust
and serving as the Teucrium Funds&rsquo; commodity pool operator and has limited experience operating commodity pools. If the experience
of the Sponsor and its management is not adequate or suitable, the operation and performance of the Fund may be adversely affected.
The Sponsor currently sponsors five Teucrium Funds all of which have commenced operations as of the date hereof, but none of the
Teucrium Funds had commenced operations prior to June 9, 2010.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In light of this limited experience, each of
the Teucrium Funds has limited past performance available for your review. Furthermore, the past performance of the other Teucrium
Funds will not necessarily reflect their future performance or the future performance of this Fund. If the experience of the Sponsor
and its management is not adequate or suitable, the operation and performance of the Fund may be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Sponsor is leanly staffed and relies heavily on key personnel
to manage trading activities.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In managing and directing the day-to-day activities
and affairs of the Fund, the Sponsor relies almost entirely on a small number of individuals, including Mr. Sal Gilbertie, Mr.
Dale Riker, Mr. Steve Kahler and Ms. Barbara Riker. If Mr. Gilbertie, Mr. Riker, Mr. Kahler or Ms. Riker were to leave or be unable
to carry out their present responsibilities, it may have an adverse effect on the management of the Fund. To the extent that the
Sponsor establishes additional commodity pools, even greater demands will be placed on these individuals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Sponsor has limited capital and may be unable to continue
to manage the Fund if it sustains continued losses.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in">The Sponsor was formed for the purpose
of managing the Trust, including the Fund, the other Teucrium Funds, and any other fund that may be formed as a series of the Trust
in the future, and has been provided with capital primarily by its principals and a small number of outside investors. If the Sponsor
operates at a loss for an extended period, its capital will be depleted and it may be unable to obtain additional financing necessary
to continue its operations. If the Sponsor were unable to continue to provide services to the Fund, the Fund would be terminated
if a replacement sponsor could not be found. Any expenses related to the operation of the Fund would need to be paid by the Fund
at the time of termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Position limits, accountability levels and daily price fluctuation
limits set by the CFTC and the exchanges have the potential to cause tracking error, which could cause the price of Underlying
Fund shares to substantially vary from their respective Benchmarks and prevent you from being able to effectively use the Fund
as a way to hedge against commodity-related losses or as a way to indirectly invest in agricultural commodities.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">The CFTC and U.S. designated contract
markets may establish position limits on the maximum net long or net short futures contracts in commodity interests that any person
or group of persons under common trading control (other than as a hedge meeting certain requirements, which an investment by the
Fund is not) may hold, own or control. Specifically, the CFTC has established position limits for Futures Contracts related to
corn, wheat and soybeans. For example, the current position limit for investments at any one time in Corn Futures Contracts are
600 spot month contracts, 33,000 contracts expiring in any other single month, and 33,000 total for all months. Cleared Corn Swaps
are subject to position limits that are substantially identical to, but measured separately from, the limits on Corn Futures Contracts.
These position limits are fixed ceilings that the Fund would not be able to exceed without specific CFTC authorization.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in">In addition, U.S. designated contract
markets have established accountability levels on futures contracts and cleared swaps. Accountability levels are not fixed ceilings,
but they are thresholds above which the exchange may exercise greater scrutiny and control over an investor, including limiting
an investor from holding no more futures contracts or cleared swaps than the amount established by the accountability level. No
Underlying Fund intends to invest in any Commodity Interests in excess of any applicable accountability levels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition to position limits and accountability
levels, the exchanges set daily price fluctuation limits on futures contracts. The daily price fluctuation limit establishes the
maximum amount that the price of futures contracts may vary either up or down from the previous day&rsquo;s settlement price. Once
the daily price fluctuation limit has been reached in a particular futures contract, no trades may be made at a price beyond that
limit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>There are no independent advisers representing Fund investors.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor has consulted with legal counsel,
accountants and other advisers regarding the formation and operation of the Trust and Fund. No counsel has been appointed to represent
you in connection with the offering of Shares. Accordingly, you should consult your own legal, tax and financial advisers regarding
the desirability of an investment in the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>There are technical and fundamental risks inherent
in the trading system the Sponsor intends to employ.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">The Sponsor&rsquo;s trading system is
quantitative in nature and it is possible that the Sponsor may make errors. In addition, it is possible that a computer or software
program may malfunction and cause an error in computation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>The Fund and the Sponsor may have conflicts of interest,
which may cause them to favor their own interests to your detriment.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund and the Sponsor may have inherent conflicts
to the extent the Sponsor attempts to maintain the asset size of the Underlying Funds in order to preserve its fee income and this
may not always be consistent with the Fund&rsquo;s objective of having the value of its Shares&rsquo; NAV track changes in the
Underlying Fund Average. The Sponsor&rsquo;s officers and employees do not necessarily devote their time exclusively to the Fund
or the Underlying Funds. These persons may be directors, officers or employees of other entities and thus could have a conflict
between their responsibilities to the Fund and the Underlying Funds on the one hand and to those other entities on the other.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, the Sponsor&rsquo;s principals,
officers or employees may trade securities and futures and related contracts for their own accounts. A conflict of interest may
exist if their trades are in the same markets and occur at the same time as the Fund or an Underlying Fund trades using the clearing
broker to be used by the Fund. A potential conflict also may occur if the Sponsor&rsquo;s principals, officers or employees trade
their accounts more aggressively or take positions in their accounts that are opposite or ahead of the positions taken by the Underlying
Funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor has sole current authority to manage
the investments and operations of the Fund and the Underlying Funds, and this may allow it to act in a way that furthers its own
interests and conflicts with your best interests, including the authority to allocate expenses to and between the Funds. Shareholders
have very limited voting rights that will limit their ability to influence matters such as amendment of the Trust Agreement, changes
in the Fund&rsquo;s basic investment policies, dissolution of the Fund, or the sale or distribution of the Fund&rsquo;s assets.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Shareholders have only very limited voting rights and generally
will not have the power to replace the Sponsor. Shareholders will not participate in the management of the Fund and do not control
the Sponsor so they will not have influence over basic matters that affect the Fund.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Shareholders will have very limited voting rights
with respect to the Fund&rsquo;s affairs. Shareholders may elect a replacement Sponsor only if the current Sponsor resigns voluntarily
or loses its corporate charter. Shareholders will not be permitted to participate in the management or control of the Fund or the
conduct of its business. Furthermore, any voting rights on Underlying Fund shares held by the Fund will be exercised by the Sponsor,
generally without seeking advice or voting instructions from Fund Shareholders. Shareholders must therefore rely upon the duties
and judgment of the Sponsor to manage the Fund&rsquo;s and the Underlying Funds&rsquo; affairs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Sponsor may manage a large amount of assets and this could
affect the Fund&rsquo;s ability to trade profitably.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Increases in assets under management may affect
trading decisions. While the assets of the Fund and those of the Underlying Funds are currently at manageable levels, the Sponsor
does not intend to limit the amount of Fund assets or Underlying Fund assets. The more assets the Sponsor manages for the Underlying
Funds, the more difficult it may be for it to trade profitably because of the difficulty of trading larger positions without adversely
affecting prices and performance, and of managing risk associated with larger positions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The liability of the Sponsor and the Trustee are limited,
and the value of the Shares will be adversely affected if the Fund is required to indemnify the Trustee or the Sponsor.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under the Trust Agreement, the Trustee and the
Sponsor are not liable, and have the right to be indemnified, for any liability or expense incurred absent gross negligence or
willful misconduct on the part of the Trustee or Sponsor, as the case may be. That means the Sponsor may require the assets of
the Fund to be sold in order to cover losses or liability suffered by the Sponsor or by the Trustee. Any sale of that kind would
reduce the NAV of the Fund and the value of its Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Although the Shares of the Fund are limited liability investments,
certain circumstances such as bankruptcy could increase a Shareholder&rsquo;s liability.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Shares of the Fund are limited liability
investments; Shareholders may not lose more than the amount that they invest plus any profits recognized on their investment. However,
Shareholders could be required as a matter of bankruptcy law, to return to the estate of the Fund any distribution they received
at a time when the Fund was in fact insolvent or in violation of its Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>You cannot be assured of the Sponsor&rsquo;s
continued services, and discontinuance may be detrimental to the Fund.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">You cannot be assured that the Sponsor will
be willing or able to continue to service the Fund or the Underlying Funds for any length of time. The Sponsor was formed for the
purpose of sponsoring the Fund, the Underlying Funds and other commodity pools, and has limited financial resources and no significant
source of income apart from its management fees from such commodity pools to support its continued service for the Fund and the
Underlying Funds. If the Sponsor discontinues its activities on behalf of the Fund or an Underlying Fund, the Fund may be adversely
affected. If the Sponsor&rsquo;s registrations with the CFTC or memberships in the NFA were revoked or suspended, the Sponsor would
no longer be able to provide services to the Fund or the Underlying Funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Fund could terminate at any time and cause the liquidation
and potential loss of your investment and could upset the overall maturity and timing of your investment portfolio.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">The Fund may terminate at any time, regardless
of whether the Fund has incurred losses, subject to the terms of the Trust Agreement. For example, the dissolution or resignation
of the Sponsor would cause the Trust to terminate unless the Teucrium Funds&rsquo; shareholders, holding a majority of the outstanding
shares of the Fund; and each other fund that is a series of the Trust, voting together as a single class, elect within 90 days
of the event to continue the Trust and appoint a successor Sponsor. In addition, the Sponsor may terminate the Fund if it determines
that the Fund&rsquo;s aggregate net assets in relation to its operating expenses make the continued operation of the Fund unreasonable
or imprudent. However, no level of losses will require the Sponsor to terminate the Fund. The Fund&rsquo;s termination would result
in the liquidation of its investments and the distribution of its remaining assets to the Shareholders on a pro rata basis in accordance
with their Shares, and the Fund could incur losses in liquidating its investments in connection with a termination. Termination
could also negatively affect the overall maturity and timing of your investment portfolio. As of the date of this prospectus, the
Fund pays the fees, costs, and expenses of its operations. If the Sponsor and the Fund are unable to raise sufficient funds so
that the Fund&rsquo;s expenses are reasonable in relation to the NAV, the Fund may be forced to terminate and investors may lose
all or part of their investment. Any expenses related to the operation of the Fund would need to be paid by the Fund at the time
of termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Termination of an Underlying Fund could result in a change
in the nature of your investment in the Fund.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor may terminate an Underlying Fund
for any of the reasons that it may terminate the Fund. If an Underlying Fund is terminated, the Sponsor may invest the Fund&rsquo;s
assets directly in Commodity Interests in the Specified Commodity, but it is not obligated to do so. The Sponsor also might choose
to allocate the assets of the Fund that had been invested in the terminated Underlying Fund among the remaining Underlying Funds
or to invest such assets in another commodity pool investing in another commodity. While you will generally receive notice of these
fundamental changes, you will not have voting rights with respect to them or other ability to influence the Sponsor&rsquo;s decision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The NYSE Arca may halt trading in the Shares of the Fund or
the shares of an Underlying Fund which would adversely impact your ability to sell Shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Trading in Shares of the Fund or shares of an
Underlying Fund may be halted due to market conditions or, in light of NYSE Arca rules and procedures, for reasons that, in the
view of the NYSE Arca, make trading in Shares of the Fund or shares of an Underlying Fund inadvisable. In addition, trading is
subject to trading halts caused by extraordinary market volatility pursuant to &ldquo;circuit breaker&rdquo; rules that require
trading to be halted for a specified period based on a specific market decline. There can be no assurance that the requirements
necessary to maintain the listing of the Shares of the Fund or the shares of an Underlying Fund will continue to be met or will
remain unchanged. The Fund will be terminated if its Shares are delisted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The lack of active trading markets for the Shares of the Fund
or shares of an Underlying Fund may result in losses on your investment in the Fund at the time of disposition of your Shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Although the Shares of the Fund will be listed
and traded on the NYSE Arca, there can be no guarantee that an active trading market for the Shares of the Fund or the shares of
an Underlying Fund will be maintained. If you need to sell your Shares at a time when no active market for them or the shares of
an Underlying Fund exist, the price you receive for your Shares, assuming that you are able to sell them, likely will be lower
than what you would receive if an active market did exist.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>As a Shareholder, you will not have the rights enjoyed by
investors in certain other types of entities.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As interests in separate series of a Delaware
statutory trust, the Shares do not involve the rights normally associated with the ownership of shares of a corporation (including,
for example, the right to bring shareholder oppression and derivative actions). In addition, the Shares have limited voting and
distribution rights (for example, Shareholders do not have the right to elect directors, as the Trust does not have a board of
directors, and generally will not receive regular distributions of the net income and capital gains earned by the Fund). Further,
the Fund is not subject to certain investor protection provisions of the Sarbanes Oxley Act of 2002 and the NYSE Arca governance
rules (for example, audit committee requirements).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>A court could potentially conclude that the assets and liabilities
of the Fund are not segregated from those of another series of the Trust, thereby potentially exposing assets in the Fund to the
liabilities of another series.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund is a series of a Delaware statutory
trust and not itself a legal entity separate from the other Teucrium Funds. The Delaware Statutory Trust Act provides that if certain
provisions are included in the formation and governing documents of a statutory trust organized in series and if separate and distinct
records are maintained for any series and the assets associated with that series are held in separate and distinct records and
are accounted for in such separate and distinct records separately from the other assets of the statutory trust, or any series
thereof, then the debts, liabilities, obligations and expenses incurred by a particular series are enforceable against the assets
of such series only, and not against the assets of the statutory trust generally or any other series thereof. Conversely, none
of the debts, liabilities, obligations and expenses incurred with respect to any other series thereof is enforceable against the
assets of such series. The Sponsor is not aware of any court case that has interpreted this inter-series limitation on liability
or provided any guidance as to what is required for compliance. The Sponsor intends to maintain separate and distinct records for
the Fund and account for the Fund separately from any other Trust series, but it is possible a court could conclude that the methods
used do not satisfy the Delaware Statutory Trust Act, which would potentially expose assets in the Fund to the liabilities of one
or more of the Teucrium Funds and/or any other Trust series created in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Sponsor and the Trustee are not obligated to prosecute
any action, suit or other proceeding in respect of any Fund or Underlying Fund property.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Neither the Sponsor nor the Trustee is obligated
to, although each may in its respective discretion, prosecute any action, suit or other proceeding in respect of any Fund&rsquo;s
or Underlying Fund&rsquo;s property. The Trust Agreement does not confer upon Shareholders the right to prosecute any such action,
suit or other proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Fund does not expect to make cash distributions.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor intends to re-invest any income
and realized gains rather than distributing cash to Shareholders. Therefore, unlike mutual funds, commodity pools or other investment
pools that generally distribute income and gains to their investors, the Fund generally will not distribute cash to Shareholders.
In addition, the Underlying Funds generally will not distribute cash to their shareholders because the Sponsor reinvests any income
and related gains of the Underlying Funds in additional Commodity Interests. As a result, the Fund does not anticipate receiving
cash distributions from the Underlying Funds. You should not invest in the Fund if you will need cash distributions from the Fund
to pay taxes on your share of income and gains of the Fund, if any, or for any other reason. Although the Fund does not intend
to make cash distributions, the income earned from its investments held directly or posted as margin may reach levels that merit
distribution, e.g., at levels where such income is not necessary to support its investments and investors adversely react to being
taxed on such income without receiving distributions that could be used to pay such tax. Cash distributions may be made in these
and similar instances.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>There is a risk that the Fund and the Underlying Funds will
not earn gains sufficient to compensate for the fees and expenses that they must pay and as such the Fund may not earn any profit.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> While the Fund does not directly pay any
management fees or certain other types of expenses, the Fund does pay certain expenses directly, including certain administrative
and accounting expenses. In addition, the Fund bears a proportionate share of Underlying Fund expenses as a shareholder of the
Underlying Funds. Each Underlying Fund pays management fees at an annual rate of 1.00% of its average net assets, brokerage charges,
over-the-counter spreads and various other expenses of its ongoing operations (e.g., fees of the Administrator, Trustee and Distributor).
Accordingly, the Fund has a total estimated expense ratio, including its proportionate share of Underlying Fund expenses, of approximately
3.40% of net assets. These fees and expenses must be paid in all events, regardless of whether the Fund&rsquo;s and Underlying
Funds&rsquo; activities are profitable. Accordingly, each of the Underlying Funds must, on a net basis, realize interest income
and/or gains on their Commodity Interests sufficient to cover these fees and expenses before the Underlying Fund can earn any profit. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>If this offering of Shares does not raise sufficient funds
to make the Fund&rsquo;s future operations viable, the Fund may be forced to terminate and investors may lose all or part of their
investment.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">All of the expenses relating to the Fund incurred
prior to the commencement of operations on March 28, 2012 were paid by the Sponsor. These payments by the Sponsor were designed
to allow the Fund the ability to commence the public offering of its Shares. As of the date of this prospectus, the Fund pays the
fees, costs and expenses of its operations. If the Sponsor and the Fund are unable to raise sufficient funds so that the Fund&rsquo;s
expenses are reasonable in relation to its NAV, the Fund may be forced to terminate and investors may lose all or part of their
investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Fund and the Underlying Funds may incur higher fees and
expenses upon renewing existing or entering into new contractual relationships.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The arrangements between clearing brokers and
counterparties on the one hand and the Fund or an Underlying Fund, as applicable, on the other generally are terminable by the
clearing brokers or counterparty upon notice to the Fund or Underlying Fund, as applicable. In addition, the agreements between
the Fund or an Underlying Fund, as applicable, and its third-party service providers, such as the Distributor and the Custodian,
are generally terminable at specified intervals. Upon termination, the Sponsor may be required to renegotiate or make other arrangements
for obtaining similar services if the Fund or an Underlying Fund intends to continue to operate. Comparable services from another
party may not be available, or even if available, these services may not be available on terms as favorable as those of the expired
or terminated arrangements.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Fund or the Underlying Funds may miss certain trading
opportunities because they will not receive the benefit of the expertise of independent trading advisors.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor does not employ trading advisors
for the Fund or the Underlying Funds; however, it reserves the right to employ them in the future. The only advisor to the Fund
or the Underlying Funds is the Sponsor. A lack of independent trading advisors may be disadvantageous to the Fund and the Underlying
Funds because they will not receive the benefit of the advisors&rsquo; expertise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The net asset value calculation of an Underlying Fund may
be overstated or understated due to the valuation method employed when a settlement price is not available on the date of the net
asset value calculation.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">An Underlying Fund&rsquo;s NAV includes, in
part, any unrealized profits or losses on Commodity Interests. Under normal circumstances, the NAV reflects the settlement price
of open Futures Contracts on the date when the NAV is being calculated as quoted on the applicable exchange. In instances when
the quoted settlement price of Futures Contracts traded on an exchange may not be reflective of fair value based on market condition,
generally due to the operation of daily limits or other rules of the exchange or otherwise, the NAV may not reflect the fair value
of open futures contracts on such date. For purposes of financial statements and reports related to the Fund and the Underlying
Funds, the Sponsor will recalculate the NAV where necessary to reflect the fair value of a Futures Contract when the Futures Contract
closes at its price fluctuation limit for the day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>An unanticipated number of redemption requests during a short
period of time could have an adverse effect on the NAV of the Fund.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If a substantial number of requests for redemption
of Redemption Baskets are received by the Fund during a relatively short period of time, the Fund will generally need to sell shares
of the Underlying Funds, increasing its trading costs. To the extent that the Fund&rsquo;s sale of Underlying Fund shares on the
secondary market results in redemption requests to an Underlying Fund, the Underlying Fund&rsquo;s trading costs will increase
and it may be necessary to liquidate the Underlying Fund&rsquo;s trading positions before the time that its trading strategies
would otherwise call for liquidation, resulting in an adverse effect on the NAVs of the Fund and Underlying Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>If a minimum number of shares is outstanding, market makers
may be less willing to purchase shares in the secondary market which may limit your ability to sell shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> There are a minimum number of baskets and
associated shares specified for the Fund. Once the minimum number of baskets is reached, there can be no more redemptions by an
Authorized Purchaser until there has been a creation basket. In such case, market makers may be less willing to purchase Shares
from investors in the secondary market, which may in turn limit the ability of Shareholders of the Fund to sell their shares in
the secondary market. As of January 31, 2015, these minimum levels for the Fund are 50,002 shares representing 2 baskets. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The liquidity of the Shares may be affected by the withdrawal
from participation of Authorized Purchasers, or market-makers which could adversely affect the market price of the Shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">In the event that one or more Authorized
Purchasers that are actively involved in purchasing and selling Shares of the Fund cease to be so involved, the liquidity of the
Shares will likely decrease, which could adversely affect the market price of the Shares and result in your incurring a loss on
your investment. Similarly, if one or more Authorized Purchasers ceases to purchase and sell shares of an Underlying Fund, this
could result in losses by the Fund on its transactions in Underlying Fund shares. In addition, a decision by a market maker or
lead market maker to cease activities for the Fund could adversely affect liquidity, the spread between the bid and ask quotes,
and potentially the price of the Shares. The Sponsor can make no guarantees that participation by Authorized Purchasers or market
makers will continue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>You may be adversely affected by redemption orders that are
subject to postponement, suspension or rejection under certain circumstances.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trust may, in its discretion, suspend the
right to redeem Shares of the Fund or postpone the redemption settlement date: (1) for any period during which an applicable exchange
is closed other than customary weekend or holiday closing, or trading is suspended or restricted; (2) for any period during which
an emergency exists as a result of which delivery, disposal or evaluation of the Fund&rsquo;s assets is not reasonably practicable;
(3) for such other period as the Sponsor determines to be necessary for the protection of Shareholders; (4) if there is a possibility
that any or all of the Benchmark Component Futures Contracts of the Underlying Funds from which the NAVs of the Underlying Funds
are calculated will be priced at a daily price limit restriction; or (5) if, in the sole discretion of the Sponsor, the execution
of such an order would not be in the best interest of the Fund or its Shareholders. In addition, the Trust will reject a redemption
order if the order is not in proper form as described in the agreement with the Authorized Purchaser or if the fulfillment of the
order, in the opinion of its counsel, might be unlawful. The Sponsor may also reject a redemption order if the number of Shares
being redeemed would reduce the remaining outstanding Shares to 50,000 Shares (i.e., two baskets of 25,000 Shares each) or less,
unless the Sponsor has reason to believe that the placer of the redemption order does in fact possess all the outstanding Shares
of the Fund and can deliver them. Any such postponement, suspension or rejection could adversely affect a redeeming Shareholder.
For example, the resulting delay may adversely affect the value of the Shareholder&rsquo;s redemption proceeds if the NAV of the
Fund declines during the period of delay. The Trust Agreement provides that the Sponsor and its designees will not be liable for
any loss or damage that may result from any such suspension or postponement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any postponement, suspension or rejection of
a redemption order could adversely affect a redeeming Shareholder or shareholders of any Underlying Fund. For example, the resulting
delay may adversely affect the value of a Shareholder&rsquo;s redemption proceeds if the NAV of the Fund declines during the period
of delay. The Trust Agreement provides that the Sponsor and its designees will not be liable for any loss or damage that may result
from any such suspension or postponement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The failure or bankruptcy of a clearing broker could result
in substantial losses for an Underlying Fund; the clearing broker could be subject to proceedings that impair its ability to execute
the Underlying Fund&rsquo;s trades.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under CFTC regulations, a clearing broker with
respect to an Underlying Fund&rsquo;s exchange-traded Commodity Interests must maintain customers&rsquo; assets in a bulk segregated
account. If a clearing broker fails to do so, or is unable to satisfy a substantial deficit in a customer account, its other customers
may be subject to risk of a substantial loss of their funds in the event of that clearing broker&rsquo;s bankruptcy. In that event,
the clearing broker&rsquo;s customers, such as the Underlying Funds, are entitled to recover, even in respect of property specifically
traceable to them, only a proportional share of all property available for distribution to all of that clearing broker&rsquo;s
customers. The Underlying Funds (and, therefore, the Fund) also may be subject to the risk of the failure of, or delay in performance
by, any exchanges and markets and their clearing organizations, if any, on which Commodity Interests are traded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">From time to time, the clearing brokers may
be subject to legal or regulatory proceedings in the ordinary course of their business. A clearing broker&rsquo;s involvement in
costly or time-consuming legal proceedings may divert financial resources or personnel away from the clearing broker&rsquo;s trading
operations, which could impair the clearing broker&rsquo;s ability to successfully execute and clear an Underlying Fund&rsquo;s
trades.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The failure or insolvency of the Custodian for the Fund and
the Underlying Funds could result in a substantial loss of the Fund&rsquo;s assets.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As noted above, the vast majority of the assets
of the Fund and Underlying Funds are held in short-term Treasury Securities, cash and/or cash equivalents with the Custodian. The
insolvency of the Custodian could result in a complete loss of the Fund&rsquo;s or the Underlying Funds&rsquo; assets held by the
Custodian, which would likely comprise, at any given time, a substantial portion of the Fund&rsquo;s or the Underlying Funds&rsquo;
total assets and could result in substantial losses for the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Third parties may infringe upon or otherwise violate intellectual
property rights or assert that the Sponsor has infringed or otherwise violated their intellectual property rights, which may result
in significant costs and diverted attention.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Third parties may assert that the Sponsor has
infringed or otherwise violated their intellectual property rights. Third parties may independently develop business methods, trademarks
or proprietary software and other technology similar to that of the Sponsor and claim that the Sponsor has violated their intellectual
property rights, including their copyrights, trademark rights, trade names, trade secrets and patent rights. As a result, the Sponsor
may have to litigate in the future to determine the validity and scope of other parties&rsquo; proprietary rights, or defend itself
against claims that it has infringed or otherwise violated other parties&rsquo; rights. Any litigation of this type, even if the
Sponsor is successful and regardless of the merits, may result in significant costs, divert resources from the Fund, or require
the Sponsor to change its proprietary software and other technology or enter into royalty or licensing agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor has a patent on certain business
methods and procedures used with respect to the Fund and the Underlying Funds. The Sponsor utilizes certain proprietary software.
Any unauthorized use of such proprietary software, business methods and/or procedures could adversely affect the competitive advantage
of the Sponsor or the Fund and/or cause the Sponsor to take legal action to protect its rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The success of the Fund depends on the ability of the Sponsor
to accurately implement its trading strategies, and any failure to do so could subject the Fund to losses.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor&rsquo;s trading strategy is quantitative
in nature and it is possible that the Sponsor will make errors in its implementation. The execution of the quantitative strategy
is subject to human error, such as incorrect inputs into the Sponsor&rsquo;s computer systems and incorrect information provided
to the Fund&rsquo;s and Underlying Funds&rsquo; clearing brokers. In addition, it is possible that a computer or software program
may malfunction and cause an error in computation. Any failure, inaccuracy or delay in executing the Fund&rsquo;s or an Underlying
Fund&rsquo;s transactions could affect the Fund&rsquo;s ability to achieve its investment objective. It could also result in decisions
to undertake transactions based on inaccurate or incomplete information. This could cause substantial losses on transactions. The
Sponsor is not required to reimburse the Fund or the Underlying Funds for any costs associated with an error in the placement or
execution of a trade in commodity future interests or in shares of the Underlying Funds.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Fund may experience substantial losses on transactions
if the computer or communications system fails.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund&rsquo;s and Underlying Funds&rsquo;
activities depend on the integrity and performance of the computer and communications systems supporting them. Extraordinary transaction
volume, hardware or software failure, power or telecommunications failure, a natural disaster or other catastrophe could cause
the computer systems to operate at an unacceptably slow speed or even fail. Any significant degradation or failure of the systems
that the Sponsor uses to gather and analyze information, enter orders, process data, monitor risk levels and otherwise engage in
trading activities may result in substantial losses on transactions, liability to other parties, lost profit opportunities, damages
to the Sponsor&rsquo;s, the Fund&rsquo;s and the Underlying Funds&rsquo; reputations, increased operational expenses and diversion
of technical resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>If the computer and communications systems are not upgraded
when necessary, the Fund&rsquo;s financial condition could be harmed.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The development of complex computer and communications
systems and new technologies may render the existing computer and communications systems supporting the Fund&rsquo;s and Underlying
Funds&rsquo; activities obsolete. In addition, these computer and communications systems must be compatible with those of third
parties, such as the systems of exchanges, clearing brokers and the executing brokers. As a result, if these third parties upgrade
their systems, the Sponsor will need to make corresponding upgrades to effectively continue its trading activities. The Fund&rsquo;s
future success may depend on the Sponsor&rsquo;s ability to respond to changing technologies on a timely and cost-effective basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Fund and the Underlying Funds depend on the reliable performance
of the computer and communications systems of third parties, such as brokers and futures exchanges, and may experience substantial
losses on transactions if they fail.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund and Underlying Funds depend on the
proper and timely function of complex computer and communications systems maintained and operated by the futures exchanges, brokers
and other data providers that the Sponsor uses to conduct trading activities. Failure or inadequate performance of any of these
systems could adversely affect the Sponsor&rsquo;s ability to complete transactions, including its ability to close out positions,
and result in lost profit opportunities and significant losses on commodity interest transactions. This could have a material adverse
effect on revenues and materially reduce the available capital of the Fund or an Underlying Fund. For example, unavailability of
price quotations from third parties may make it difficult or impossible for the Sponsor to conduct trading activities so that an
Underlying Fund will closely track its Benchmark. Unavailability of records from brokerage firms may make it difficult or impossible
for the Sponsor to accurately determine which transactions have been executed or the details, including price and time, of any
transaction executed. This unavailability of information also may make it difficult or impossible for the Sponsor to reconcile
its records of transactions with those of another party or to accomplish settlement of executed transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The occurrence of a natural disaster, terrorist attack, or
the outbreak, continuation or expansion of war or other hostilities could disrupt the Fund&rsquo;s trading activity and materially
affect the Fund&rsquo;s profitability.</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The operations of the Fund, the exchanges, brokers
and counterparties with which the Fund does business, and the markets in which the Fund does business could be severely disrupted
in the event of a natural disaster, major terrorist attack, data breach or the outbreak, continuation or expansion of war or other
hostilities. Global terrorist attacks, anti-terrorism initiatives, cyberattacks and political unrest continue to fuel this concern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The NYSE Arca may halt trading in the Shares which would adversely
impact your ability to sell Shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Trading in Shares of the Fund may be halted
due to market conditions or, in light of NYSE Arca rules and procedures, for reasons that, in view of the NYSE Arca, make trading
in Shares inadvisable. In addition, trading is subject to trading halts caused by extraordinary market volatility pursuant to &ldquo;circuit
breaker&rdquo; rules that require trading to be halted for a specified period based on a specified market decline. There can be
no assurance that the requirements necessary to maintain the listing of the Shares will continue to be met or will remain unchanged.
The Fund will be terminated if its Shares are delisted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The lack of active trading markets for the Shares of the Fund
may result in losses on your investment in the Fund at the time of disposition of your Shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Although the Shares of the Fund will be listed
and traded on the NYSE Arca, there can be no guarantee that an active trading market for the Shares of the Fund will be maintained.
If you need to sell your Shares at a time when no active market for them exists, the price you receive for your Shares, assuming
that you are able to sell them, likely will be lower than what you would receive if an active market did exist.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_021"></A>Risk of Leverage and Volatility</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>If the Sponsor causes or permits an Underlying Fund to become
leveraged, the Fund could incur substantial losses if the Underlying Fund&rsquo;s trading positions suddenly turn unprofitable.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Commodity pools&rsquo; trading positions in
Commodity Interests are typically required to be secured by the deposit of margin funds or collateral that represents only a small
percentage of the Commodity Interest&rsquo;s entire market value. This feature permits commodity pools to &ldquo;leverage&rdquo;
their assets by purchasing or selling Commodity Interests with an aggregate notional amount in excess of the commodity pool&rsquo;s
assets. While this leverage can increase a pool&rsquo;s profits, relatively small adverse movements in the price of the pool&rsquo;s
Commodity Interests can cause significant losses to the pool. While the Sponsor does not intend to leverage the assets of any Underlying
Fund, it is not prohibited from doing so under the Trust Agreement. If the Sponsor was to cause or permit an Underlying Fund to
become leveraged, the Fund could incur substantial losses if an Underlying Fund&rsquo;s trading positions suddenly turn unprofitable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The price of agricultural commodities can be volatile which
could cause large fluctuations in the price of Shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Movements in the price of agricultural commodities
are outside of the Sponsor&rsquo;s control and may not be anticipated by the Sponsor. As discussed in more detail above, price
movements for agricultural commodities are influenced by, among other things, weather conditions, crop disease, transportation
difficulties, various planting, growing and harvesting problems, governmental policies, changing demand, and seasonal fluctuations
in supply. Commodity prices may also be influenced by economic and monetary events such as changes in interest rates, changes in
balances of payments and trade, U.S. and international inflation rates, currency valuations and devaluations, and changes in the
philosophies and emotions of market participants. Because the Fund is exposed primarily to interests in agricultural commodities,
it is not a diversified investment vehicle, and therefore may be subject to greater volatility than a diversified portfolio of
stocks or bonds or a more diversified commodity pool.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_022"></A>Over-the-Counter Contract Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Over-the-counter transactions are subject to changing regulation.</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A portion of the Fund&rsquo;s assets may be
used to trade over-the-counter Commodity Interests of the Underlying Funds, such as forward contracts or swaps. The markets for
over-the-counter contracts will continue to rely upon the integrity of market participants in lieu of the additional regulation
imposed by the CFTC on participants in the futures markets. To date, the forward markets have been largely unregulated, forward
contracts have been executed bi-laterally and, in general historically, forward contracts have not been cleared or guaranteed by
a third party. While increased regulation of over-the-counter Commodity Interests is likely to result from changes that are required
to be effectuated by the Dodd-Frank Act, there is no guarantee that such increased regulation will be effective to reduce these
risks.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Underlying Funds will be subject to credit risk with respect
to counterparties to over-the-counter contracts entered into by the Underlying Funds.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Underlying Funds face the risk of non-performance
by the counterparties to over-the-counter contracts. Unlike in futures contracts, the counterparty to these contracts is generally
a single bank or other financial institution, rather than a clearing organization backed by a group of financial institutions.
As a result, there will be greater counterparty credit risk in these transactions. A counterparty may not be able to meet its obligations
to an Underlying Fund, in which case the Underlying Fund could suffer significant losses on these contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If a counterparty becomes bankrupt or otherwise
fails to perform its obligations due to financial difficulties, the Underlying Fund may experience significant delays in obtaining
any recovery in a bankruptcy or other reorganization proceeding. During any such period, the Underlying Fund may have difficulty
in determining the value of its contracts with the counterparty, which in turn could result in the overstatement or understatement
of the Underlying Fund&rsquo;s NAV and, indirectly, the Fund&rsquo;s NAV. The Underlying Fund may eventually obtain only limited
recovery or no recovery in such circumstances. Failure by an Underlying Fund to recover sufficient amounts in the event of a counterparty
default could result in losses to the Underlying Fund and impact its NAV, which could result in corresponding adverse effects on
the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Underlying Funds may be subject to liquidity risk with
respect to their over-the-counter contracts.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Over-the-counter contracts may have terms that
make them less marketable than Futures Contracts or cleared swaps. Over-the-counter contracts are less marketable because they
are not traded on an exchange, do not have uniform terms and conditions, and are entered into based upon the creditworthiness of
the parties and the availability of credit support, such as collateral, and in general, they are not transferable without the consent
of the counterparty. These conditions make such contracts less liquid than standardized futures contracts traded on a commodities
exchange and diminish the ability to realize the full value of such contracts. In addition, even if collateral is used to reduce
counterparty credit risk, sudden changes in the value of over-the-counter transactions may leave a party open to financial risk
due to a counterparty default since the collateral held may not cover a party&rsquo;s exposure on the transaction in such situations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In general, valuing OTC derivatives is less
certain than valuing actively traded financial instruments such as exchange traded futures contracts and securities or cleared
swaps because the price and terms on which such OTC derivatives are entered into or can be terminated are individually negotiated,
and those prices and terms may not reflect the best price or terms available from other sources. In addition, while market makers
and dealers generally quote indicative prices or terms for entering into or terminating OTC contracts, they typically are not contractually
obligated to do so, particularly if they are not a party to the transaction. As a result, it may be difficult to obtain an independent
value for an outstanding OTC derivatives transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The foregoing liquidity risks could impact adversely
affect the Fund&rsquo;s ability to meet its investment objective.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_023"></A>Risk of Trading in International Markets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Trading in international markets would expose the Underlying
Funds to credit and regulatory risk.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A significant portion of the Futures Contracts
entered into by the Underlying Funds will be traded on United States exchanges including the CBOT and ICE Futures. However, a portion
of the Underlying Funds&rsquo; trades may take place on markets or exchanges outside the United States. Some non-U.S. markets present
risks because they are not subject to the same degree of regulation as their U.S. counterparts. None of the CFTC, NFA, or any domestic
exchange regulates activities of any foreign boards of trade or exchanges, including the execution, delivery and clearing of transactions,
nor has the power to compel enforcement of the rules of a foreign board of trade or exchange or of any applicable non-U.S. laws.
Similarly, the rights of market participants, such as the Underlying Funds, in the event of the insolvency or bankruptcy of a non-U.S.
market or broker are also likely to be more limited than in the case of U.S. markets or brokers. As a result, in these markets,
the Underlying Funds have less legal and regulatory protection than they do when they trade domestically. Currently the Fund does
not place any trades for the Fund or the Underlying Funds on any markets or exchanges outside of the United States and does not
anticipate doing so in the foreseeable future.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In some of these non-U.S. markets, the performance
on a futures contract is the responsibility of the counterparty and is not backed by an exchange or clearing corporation and therefore
exposes an Underlying Fund to credit risk. Additionally, trading on non-U.S. exchanges is subject to the risks presented by exchange
controls, expropriation, increased tax burdens and exposure to local economic declines and political instability. An adverse development
with respect to any of these variables could reduce the profit or increase the loss earned on trades in the affected international
markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>International trading activities subject the Underlying Funds
to foreign exchange risk.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The price of any non-U.S. Commodity Interest
and, therefore, the potential profit and loss on such investment, may be affected by any variance in the foreign exchange rate
between the time the order is placed and the time it is liquidated, offset or exercised. As a result, changes in the value of the
local currency relative to the U.S. dollar may cause losses to the Underlying Fund even if the contract is profitable.</P>
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Underlying Funds&rsquo; international trading could expose
them to losses resulting from non-U.S. exchanges that are less developed or less reliable than United States exchanges.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Some non-U.S. exchanges also may be in a more
developmental stage so that prior price histories may not be indicative of current price dynamics. In addition, the Underlying
Funds may not have the same access to certain positions on foreign trading exchanges as do local traders, and the historical market
data on which the Sponsor bases its strategies may not be as reliable or accessible as it is for U.S. exchanges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_024"></A>Tax Risks</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Please refer to &ldquo;U.S. Federal Income Tax
Considerations&rdquo; for information regarding the U.S. federal income tax consequences of the purchase, ownership and disposition
of Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Your tax liability from holding Shares may exceed the amount
of distributions, if any, on your Shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Cash or property will be distributed by the
Fund at the sole discretion of the Sponsor, and the Sponsor currently does not intend to make cash or other distributions with
respect to Shares. You will be required to pay U.S. federal income tax and, in some cases, state, local, or foreign income tax,
on your allocable share of the Fund&rsquo;s taxable income, without regard to whether you actually receive distributions from the
Fund. Therefore, the tax liability resulting from your ownership of Shares may exceed the amount of cash or value of property (if
any) distributed by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Your allocable share of income or loss for U.S. federal income
tax purposes may differ from your economic income or loss on your Shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Due to the application of the assumptions and
conventions applied by the Fund and the underlying Funds in making allocations for U.S. federal income tax purposes and other factors,
your allocable share of the Fund&rsquo;s income, gain, deduction or loss may be different than your economic profit or loss from
your Shares for a taxable year. This difference could be temporary or permanent and, if permanent, could result in your being taxed
on amounts in excess of your economic income.</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Items of income, gain, deduction, loss, and credit with respect
to Shares could be reallocated if the IRS does not accept the assumptions and conventions applied by the Fund and the Underlying
Funds in allocating those items, with potential adverse tax consequences for you.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As described herein, it is intended that the
Fund (and each Underlying Fund) be classified as a partnership not taxable as a corporation for U.S. federal income tax purposes.
The U.S. federal income tax rules pertaining to entities treated as partnerships are complex and their application to publicly
traded partnerships such as the Fund (and the Underlying Funds) is in many respects uncertain. The Fund and the Underlying Funds
will apply certain assumptions and conventions in an attempt to comply with the intent of the applicable rules and to report taxable
income, gains, deductions, losses and credits in a manner that properly reflects Shareholders&rsquo; economic gains and losses.
These assumptions and conventions may not fully comply with all aspects of the Internal Revenue Code (the &ldquo;Code&rdquo;) and
applicable Treasury Regulations, however, and it is possible that the U.S. Internal Revenue Service (&ldquo;IRS&rdquo;) could be
successful in challenging the Fund&rsquo;s and the underlying Funds&rsquo; allocation methods and require the Fund reallocation
of items of income, gain, deduction, loss or credit in a manner that adversely affects you. If a reallocation were to occur, you
may be required to file an amended U.S. federal income tax return and pay additional taxes plus deficiency interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><B><I>The Fund could be treated as a corporation for U.S. federal
income tax purposes, which may substantially reduce the value of your Shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Based in part upon representations of the Sponsor
and the Trust, the Fund has received an opinion of counsel that, although the matter is not free from doubt, under current U.S.
federal income tax laws, it is more likely than not that the Fund will be classified as a partnership not taxable as a corporation
for U.S. federal income tax purposes. Treatment of the Fund as a partnership not taxable as a corporation for U.S. federal income
tax purposes is dependent, in part, upon the realization by the Underlying Funds of sufficient &ldquo;qualifying income&rdquo;
and classification of the Underlying Funds as partnerships for U.S. federal income tax purposes. If the IRS were to determine that
the Fund is taxable as a corporation for U.S. federal income tax purposes in any taxable year, the Fund, rather than passing through
its income, gains, losses and deductions proportionately to Shareholders, would be subject to tax on its net income for the year
at corporate tax rates. In addition, although the Fund currently does not intend to make distributions with respect to Shares,
any such distributions would be taxable to Shareholders as dividend income if the Fund were classified as a corporation. Taxation
of the Fund as a corporation could materially reduce the after-tax return on an investment in Shares and could substantially reduce
the value of your Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">PROSPECTIVE INVESTORS ARE STRONGLY URGED TO
CONSULT THEIR OWN TAX ADVISORS WITH RESPECT TO THE POSSIBLE TAX CONSEQUENCES TO THEM OF AN INVESTMENT IN SHARES; SUCH TAX CONSEQUENCES
MAY DIFFER IN RESPECT OF DIFFERENT INVESTORS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="b_025"></A>THE OFFERING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_026"></A>The Fund in General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund is a series of the Trust, a statutory
trust organized under the laws of the State of Delaware on September 11, 2009. Currently, the Trust has five series that are separate
commodity pools: the Teucrium Corn Fund, the Teucrium Wheat Fund, the Teucrium Soybean Fund, the Teucrium Sugar Fund, and the Teucrium
Agricultural Fund. Additional series of the Trust may be created in the future at the Sponsor&rsquo;s discretion. The Fund maintains
its main business office at 232 Hidden Lake Road, Building A, Brattleboro, Vermont 05301. The Fund is a commodity pool. It operates
pursuant to the terms of the Trust Agreement, which is dated as of October 21, 2010 and grants full management control to the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund is publicly traded, and seeks to have
the daily changes in percentage terms of the Shares&rsquo; NAV reflect the daily changes in percentage terms of the NAVs of the
Underlying Funds, as measured by the Underlying Fund Average. The Fund will invest in shares of the Underlying Funds, and to a
lesser extent in short-term Treasury Securities, cash and/or cash equivalents, and the Underlying Funds will in turn invest in
a mixture of listed Futures Contracts, Cleared Swaps, Other Commodity Interests, short-term Treasury Securities, cash and/or cash
equivalents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> See &ldquo;Prior Performance of the Fund&rdquo;
on page 37 for more information about prior performance of the Fund. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_027"></A>The Sponsor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor of the Trust, which also acts as
the Sponsor of the Fund and the Underlying Funds, is Teucrium Trading, LLC, a Delaware limited liability company. The principal
office of the Sponsor and the Trust is located at 232 Hidden Lake Road, Building A, Brattleboro, Vermont 05301. The Sponsor registered
as a CPO with the CFTC and became a member of the NFA on November 10, 2009.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The Fund is a series of the Trust, a statutory
trust organized under the laws of the State of Delaware on September 11, 2009. Currently, the Trust has five series that are separate
operating commodity pools: the Teucrium Corn Fund, the Teucrium Wheat Fund, the Teucrium Soybean Fund, the Teucrium Sugar Fund,
and the Teucrium Agricultural Fund. Aside from establishing these series, operating those series that have commenced offering their
shares, and obtaining capital from a small number of outside investors in order to engage in these activities, the Sponsor has
not engaged in any business activity prior to the date of this prospectus. Under the Trust Agreement, the Sponsor is solely responsible
for the management and conducts or directs the conduct of the business of the Trust, the Fund, the Underlying Funds and any other
series of the Trust that may from time to time be established and designated by the Sponsor. The Sponsor is required to oversee
the purchase and sale of Shares by Authorized Purchasers and to manage the Fund&rsquo;s and Underlying Funds&rsquo; investments,
including to evaluate the credit risk of FCMs and swap counterparties and to review daily positions and margin/collateral requirements.
The Sponsor has the power to enter into agreements as may be necessary or appropriate for the offer and sale of the Fund&rsquo;s
Shares and the conduct of the Trust&rsquo;s activities. Accordingly, the Sponsor is responsible for selecting the Trustee, Administrator,
Distributor, the independent registered public accounting firm of the Trust, and any legal counsel employed by the Trust. The Sponsor
is also responsible for preparing and filing periodic reports on behalf of the Trust with the SEC and will provide any required
certification for such reports. No person other than the Sponsor and its principals was involved in the organization of the Trust
or the Fund. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor may determine to engage marketing
agents who will assist the Sponsor in marketing the Shares. See &ldquo;Plan of Distribution&rdquo; for more information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor maintains a public website on behalf
of the Fund, <U>www.teucriumtagsfund.com</U>, which contains information about the Trust, the Fund and the Shares, and oversees
certain services for the benefit of Shareholders. The Sponsor also maintains websites for each Underlying Fund as follows: <U>www.teucriumcornfund.com</U>,
<U>www.teucriumweatfund.com</U>, <U>www.teucriumsoybfund.com</U>, <U>www.teucriumcanefund.com</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor has discretion to appoint one or
more of its affiliates as additional Sponsors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The Sponsor does not receive any management
fee or other fee or compensation from the Fund. For services performed under the Trust Agreement, the Sponsor receives a fee, accrued
daily and paid monthly, at an annual rate of 1.00% of the average daily net assets of each Underlying Fund. Each of the Fund and
the Underlying Funds are responsible for other ongoing fees, costs and expenses of their respective operations, including brokerage
fees, SEC and FINRA registration fees and legal, printing, accounting, custodial, administration and transfer agency costs, although
the Sponsor bears the costs and expenses related to the initial offer and sale of Shares of the Fund and the shares each Underlying
Fund. None of the costs and expenses related to the initial registration, offer and sale of Shares, which total approximately $293,650,
are chargeable to the Fund, and the Sponsor may not recover any of these costs and expenses from the Fund. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Shareholders have no right to elect the Sponsor
on an annual or any other continuing basis or to remove the Sponsor. If the Sponsor voluntarily withdraws, the holders of a majority
of the outstanding shares of the Fund and each other fund that is a series of the Trust voting together as a single class (excluding
for purposes of such determination Shares owned by the withdrawing Sponsor and its affiliates) may elect its successor. Prior to
withdrawing, the Sponsor must give ninety days&rsquo; written notice to the holders of the Trust&rsquo;s outstanding Shares and
the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Ownership or &ldquo;membership&rdquo; interests
in the Sponsor are owned by persons referred to as &ldquo;members.&rdquo; The Sponsor currently has three voting or &ldquo;Class
A&rdquo; members &ndash; Mr. Sal Gilbertie, Mr. Dale Riker and Mr. Carl N. Miller III &ndash; and a small number of non-voting
or &ldquo;Class B&rdquo; members who have provided working capital to the Sponsor. Messrs. Gilbertie and Riker each currently own
45% of the Sponsor&rsquo;s Class A membership interests.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Management of the Sponsor</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in">In general, under the Sponsor&rsquo;s Amended
and Restated Limited Liability Company Operating Agreement, as amended from time to time, the Sponsor (and as a result the Trust
and the Fund) is managed by the officers of the Sponsor. The Chief Executive Officer of the Sponsor is responsible for the overall
strategic direction of the Sponsor and will have general control of its business. The Chief Investment Officer and President of
the Sponsor is primarily responsible for new investment product development with respect to the Fund and each of the Teucrium Funds.
The Chief Operating Officer has assumed primary responsibility for trade operations, trade execution, and portfolio activities
with respect to the Fund. The Chief Financial Officer, Chief Accounting Officer and Chief Compliance Officer acts as the Sponsor&rsquo;s
principal financial and accounting officer, which position includes the functions previously performed by the Treasurer of the
Sponsor, and administers the Sponsor&rsquo;s regulatory compliance programs. Furthermore, certain fundamental actions regarding
the Sponsor, such as the removal of officers, the addition or substitution of members, or the incurrence of liabilities other than
those incurred in the ordinary course of business and <I>de minimis</I> liabilities, may not be taken without the affirmative vote
of a majority of the Class A members (which is generally defined as the affirmative vote of Mr. Gilbertie and one of the other
two Class A members). The Sponsor has no board of directors, and the Trust has no board of directors or officers. The three Class
A members of the Sponsor are Sal Gilbertie, Dale Riker and Carl N. Miller III.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in">The Officers of the Sponsor, two of whom
are also Class A members of the Sponsor, are the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in"><B><I> Sal Gilbertie </I></B> has
been the President of the Sponsor since its inception and its Chief Investment Officer since September 2011, was approved by the
NFA as a principal of the Sponsor on September 23, 2009, and was registered as an associated person of the Sponsor on November
10, 2009. He maintains his main business office at 653A Garcia, Santa Fe, New Mexico 87505. Effective July 16, 2012, Mr. Gilbertie
was registered with the NFA as the Branch Manager for this location. Since October 18, 2010, Mr. Gilbertie has been an associated
person of the Distributor under the terms of the Securities Activities and Services Agreement (&ldquo;SASA&rdquo;) between the
Sponsor and the Distributor. Additional information regarding the SASA can be found in the section of this disclosure document
entitled &ldquo;Plan of Distribution.&rdquo; From October 2005 until December 2009, Mr. Gilbertie was employed by Newedge USA,
LLC, an FCM and broker-dealer registered with the CFTC and the SEC, where he headed the Renewable Fuels/Energy Derivatives OTC
Execution Desk and was an active futures contract and over-the-counter derivatives trader and market maker in multiple classes
of commodities. (Between January 2008 and October 2008, he also held a comparable position with Newedge Financial, Inc., an FCM
and an affiliate of Newedge USA, LLC.) From October 1998 until October 2005, Mr. Gilbertie was principal and co-founder of Cambial
Asset Management, LLC, an adviser to two private funds that focused on equity options, and Cambial Financing Dynamics, a private
boutique investment bank. While at Cambial Asset Management, LLC and Cambial Financing Dynamics, Mr. Gilbertie served as principal
and managed the day-to-day activities of the business and the portfolio of both companies. Mr. Gilbertie is 54 years old. </P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in"><B><I> Dale Riker </I></B> has been
the Secretary of the Sponsor since January 2010, and its Chief Executive Officer since September 2011, was approved by the NFA
as a principal of the Sponsor on October 29, 2009, and was registered as an associated person of the Sponsor on February 17, 2010.
He maintains his main business office at 232 Hidden Lake Road, Brattleboro, Vermont 05301 and is responsible for the overall strategic
direction of the Sponsor and has general control of its business. Mr. Riker was Treasurer of the Sponsor from its inception until
September 2011. From February 2005 to the present, Mr. Riker has been President of Cambial Emerging Markets LLC, a consulting company
specializing in emerging market equity investment. As President of Cambial Emerging Markets LLC, Mr. Riker had responsibility for
business strategy, planning and operations. From July 1996 to February 2005, Mr. Riker was a private investor. Mr. Riker is married
to the Chief Financial Officer, Chief Accounting Officer and Chief Compliance Officer of the Sponsor, Barbara Riker. Mr. Riker
is 57 years old. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in"><B><I> Barbara Riker </I></B> began
working for the Sponsor in July 2010 providing accounting and compliance support. She has been the Chief Financial Officer, Chief
Accounting Officer and Chief Compliance Officer for Teucrium since September 2011, was approved by the NFA as a principal of the
Sponsor on October 19, 2011, and has a background in finance, accounting, investor relations, corporate communications and operations.
She maintains her main business office at 232 Hidden Lake Road, Brattleboro, Vermont 05301. From September 1980 to February 1993,
Ms. Riker worked in various financial capacities for Pacific Telesis Group, the California-based Regional Bell Operating Company,
and its predecessors. In February 1993, with the spin-off of AirTouch Communications from Pacific Telesis Group, Ms. Riker was
selected to lead the Investor Relations team for the global mobile phone operator. In her capacity as Executive Director &ndash;
Investor Relations and Corporate Communications from February 1993 to June 1995, AirTouch completed its initial public offering
and was launched as an independent publicly-traded company. In June 1995, she was named Chief Financial Officer of AirTouch International
and, in addition to her other duties, served on the board of several of the firm&rsquo;s joint ventures, both private and public,
across Europe. In June 1997, Ms. Riker moved into an operations capacity as the District General Manager for AirTouch Paging&rsquo;s
San Francisco operations. In February 1998 she was named Vice President and General Manager of AirTouch Cellular for Arizona and
New Mexico. Ms. Riker retired in July 1999, coincident with the purchase of AirTouch by Vodafone PLC and remained retired until
she began working for the Sponsor. Ms. Riker graduated with a Bachelor of Science in Business Administration from Cal State &ndash;
East Bay in 1980. Ms. Riker is married to the Chief Executive Officer of the Sponsor, Dale Riker. Ms. Riker is 57 years old. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I> Steve Kahler </I></B> , Chief
Operating Officer, began working for the Sponsor in November 2011 as Managing Director in the trading division. He became the Chief
Operating Officer on May 24, 2012 and has primary responsibility for the Trade Operations for the Funds. He maintains his main
business office at 13520 Excelsior Blvd., Minnetonka, MN 55345. Mr. Kahler was registered as an Associated Person of the Sponsor
on November 25, 2011, approved as a Branch Manager of the Sponsor on March 16, 2012 and approved by the NFA as a Principal of the
Sponsor on May 16, 2012. Since January 18, 2012, Mr. Kahler has been an associated person of the Distributor under the terms of
the SASA between the Sponsor and the Distributor. Additional information regarding the SASA can be found in the section of this
disclosure document entitled &ldquo;Plan of Distribution.&rdquo; Prior to his employment with the Sponsor, Mr. Kahler worked for
Cargill Inc., an international producer and marketer of food, agricultural, financial and industrial products and services, from
April 2006 until November 2011 in the Energy Division as Senior Petroleum Trader. In October 2006 and while employed at Cargill
Inc., Mr. Kahler was approved as an Associated Person of Cargill Commodity Services Inc., a commodity trading affiliate of Cargill
Inc. from September 13, 2006 to November 9, 2011. Mr. Kahler graduated from the University of Minnesota with a Bachelors of Agricultural
Business Administration in 1992 and is 47 years old. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0">The third Class-A member of the Sponsor is the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in"><B><I> Carl N. (Chuck) Miller III </I></B>
was approved by the NFA as a principal of the Sponsor on November 10, 2009 and was registered as an associated person of the Sponsor
on April 19, 2010. He maintains his main business office at 653A Garcia, Santa Fe, New Mexico 87505. Mr. Miller has certain voting
authority as a Class A member of the Sponsor as described above, but is not involved with the Sponsor&rsquo;s day-to-day trading
or operations or supervises people so engaged. For the period May 13, 2011 to July 24, 2014, Mr. Miller was an associated person
of the Distributor under the terms of the SASA between the Sponsor and the Distributor. Additional information regarding the SASA
can be found in the section of this disclosure document entitled &ldquo;Plan of Distribution.&rdquo; </P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in">Mr. Kahler is primarily responsible for
making trading and investment decisions for the Fund and other Teucrium Funds, and for directing Fund and other Teucrium Fund trades
for execution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Messrs. Gilbertie, Riker, Kahler and Miller
and Ms. Riker are individual &ldquo;principals,&rdquo; as that term is defined in CFTC Rule 3.1, of the Sponsor. These individuals
are principals due to their positions and/or due to their ownership interests in the Sponsor. Beneficial ownership interests of
the principals, if any, are shown under the section entitled &ldquo;Security Ownership of Principal Shareholders and Management&rdquo;
below and any of the principals may acquire beneficial interests in the Fund in the future. In addition, each of the three Class
A members of the Sponsor are registered with the CFTC as associated persons of the Sponsor and are NFA associate members. GFI Group
LLC is a principal for the Sponsor under CFTC Rules due to its ownership of certain non-voting securities of the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Market Price of Shares</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund&rsquo;s Shares have traded on the NYSE
Arca under the symbol TAGS since March 28, 2012. The following table sets forth the range of reported high and low sales prices
of the Shares as reported on NYSE Arca for the periods indicated below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td><font style="font-size: 10pt"><b>Fiscal Year Ended December 31, 2014</b>:</font></td>
    <td><font style="font-size: 10pt"><b>&nbsp;</b></font></td>
    <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>High</b></font></td>
    <td><font style="font-size: 10pt"><b>&nbsp;</b></font></td>
    <td><font style="font-size: 10pt"><b>&nbsp;</b></font></td>
    <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Low</b></font></td>
    <td><font style="font-size: 10pt"><b>&nbsp;</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><b>Quarter Ended</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&nbsp;</b></P></td>
    <td><font style="font-size: 10pt"><b>&nbsp;</b></font></td>
    <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>&nbsp;</b></font></td>
    <td><font style="font-size: 10pt"><b>&nbsp;</b></font></td>
    <td><font style="font-size: 10pt"><b>&nbsp;</b></font></td>
    <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>&nbsp;</b></font></td>
    <td><font style="font-size: 10pt"><b>&nbsp;</b></font></td></tr>
<tr style="background-color: #CCFFCC">
    <td style="vertical-align: top; width: 76%"><font style="font-size: 10pt">March 31, 2014</font></td>
    <td style="vertical-align: top; width: 1%">&nbsp;</td>
    <td style="vertical-align: top; width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="vertical-align: top; width: 9%; text-align: right"><font style="font-size: 10pt">40.98</font></td>
    <td style="vertical-align: top; width: 1%">&nbsp;</td>
    <td style="vertical-align: top; width: 1%">&nbsp;</td>
    <td style="vertical-align: top; width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="vertical-align: top; width: 9%; text-align: right"><font style="font-size: 10pt">34.20</font></td>
    <td style="vertical-align: bottom; width: 1%"><font style="font-size: 10pt">&nbsp;</font></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"><font style="font-size: 10pt">June 30, 2014</font></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-size: 10pt">$</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font-size: 10pt">41.07</font></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-size: 10pt">$</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font-size: 10pt">36.35</font></td>
    <td style="vertical-align: bottom"><font style="font-size: 10pt">&nbsp;</font></td></tr>
<tr style="background-color: #CCFFCC">
    <td style="vertical-align: top"><font style="font-size: 10pt">September 30, 2014</font></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">$</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font-size: 10pt">36.48</font></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">$</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font-size: 10pt">30.02</font></td>
    <td style="vertical-align: bottom"><font style="font-size: 10pt">&nbsp;</font></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"><font style="font-size: 10pt">December 31, 2014</font></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">$</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font-size: 10pt">33.65</font></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">$</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font-size: 10pt">28.80</font></td>
    <td style="vertical-align: bottom"><font style="font-size: 10pt">&nbsp;</font></td></tr>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td><font style="font-size: 10pt"><b>Fiscal Year Ended December 31, 2013</b>:</font></td>
    <td><font style="font-size: 10pt"><b>&nbsp;</b></font></td>
    <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>High</b></font></td>
    <td><font style="font-size: 10pt"><b>&nbsp;</b></font></td>
    <td><font style="font-size: 10pt"><b>&nbsp;</b></font></td>
    <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Low</b></font></td>
    <td><font style="font-size: 10pt"><b>&nbsp;</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><b>Quarter Ended</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&nbsp;</b></P></td>
    <td><font style="font-size: 10pt"><b>&nbsp;</b></font></td>
    <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>&nbsp;</b></font></td>
    <td><font style="font-size: 10pt"><b>&nbsp;</b></font></td>
    <td><font style="font-size: 10pt"><b>&nbsp;</b></font></td>
    <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>&nbsp;</b></font></td>
    <td><font style="font-size: 10pt"><b>&nbsp;</b></font></td></tr>
<tr style="background-color: #CCFFCC">
    <td style="vertical-align: top; width: 76%"><font style="font-size: 10pt">March 31, 2013</font></td>
    <td style="vertical-align: top; width: 1%">&nbsp;</td>
    <td style="vertical-align: top; width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="vertical-align: top; width: 9%; text-align: right"><font style="font-size: 10pt">48.85</font></td>
    <td style="vertical-align: top; width: 1%">&nbsp;</td>
    <td style="vertical-align: top; width: 1%">&nbsp;</td>
    <td style="vertical-align: top; width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="vertical-align: top; width: 9%; text-align: right"><font style="font-size: 10pt">44.50</font></td>
    <td style="vertical-align: bottom; width: 1%"><font style="font-size: 10pt">&nbsp;</font></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"><font style="font-size: 10pt">June 30, 2013</font></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-size: 10pt">$</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font-size: 10pt">46.00</font></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-size: 10pt">$</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font-size: 10pt">41.35</font></td>
    <td style="vertical-align: bottom"><font style="font-size: 10pt">&nbsp;</font></td></tr>
<tr style="background-color: #CCFFCC">
    <td style="vertical-align: top"><font style="font-size: 10pt">September 30, 2013</font></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">$</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font-size: 10pt">41.00</font></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">$</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font-size: 10pt">37.20</font></td>
    <td style="vertical-align: bottom"><font style="font-size: 10pt">&nbsp;</font></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"><font style="font-size: 10pt">December 31, 2013</font></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">$</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font-size: 10pt">39.60</font></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">$</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font-size: 10pt">33.20</font></td>
    <td style="vertical-align: bottom"><font style="font-size: 10pt">&nbsp;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> As of December 31, 2014, the Fund had approximately
110 Shareholders. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in"><B><I> Prior Performance of the Fund </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PERFORMANCE DATA FOR THE FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE
OF FUTURE RESULTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Teucrium Agricultural Fund commenced trading
and investment operations on March 28, 2012. The Teucrium Agricultural Fund is listed on NYSE Arca and is neither: (i) a privately
offered pool pursuant to Section 4(2) of the Securities Act of 1933, as amended; (ii) a multi-advisor pool as defined in CFTC Regulation
4.10(d)(2); or (iii) a principal-protected pool as defined in CFTC Regulation 4.10(d)(3).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: #CCFFCC">
    <td style="vertical-align: bottom; width: 77%; padding-left: 9pt; text-indent: -9pt"><font style="font-size: 10pt">Units of beneficial interest issued (from inception until January 31, 2015)</font></td>
    <td style="vertical-align: bottom; width: 1%"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="vertical-align: bottom; width: 1%"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="vertical-align: bottom; width: 19%; text-align: right"><font style="font-size: 10pt">350,002</font></td>
    <td style="vertical-align: top; width: 2%"><font style="font-size: 10pt">&nbsp;</font></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: bottom"><font style="font-size: 10pt">Aggregate gross sale price for units issued</font></td>
    <td style="vertical-align: bottom"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="vertical-align: bottom"><font style="font-size: 10pt">&nbsp;$</font></td>
    <td style="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">17,706,678</font></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">&nbsp;</font></td></tr>
<tr style="background-color: #CCFFCC">
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">NAV per share as of January 31, 2015 </FONT></td>
    <td style="vertical-align: bottom"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="vertical-align: bottom"><font style="font-size: 10pt">&nbsp;$</font></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"> 30.89 </FONT></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">&nbsp;</font></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Pool NAV as of January 31, 2015 </FONT></td>
    <td style="vertical-align: bottom"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="vertical-align: bottom"><font style="font-size: 10pt">&nbsp;$</font></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"> 1,544,772 </FONT></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">&nbsp;</font></td></tr>
<tr style="background-color: #CCFFCC">
    <td style="vertical-align: top"><font style="font-size: 10pt">Worst monthly percentage draw-down*</font></td>
    <td style="vertical-align: bottom"><font style="font-size: 10pt">&nbsp;</font></td>
    <td colspan="2" style="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in">(10.74)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in">September 2014</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">%</font></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"><font style="font-size: 10pt">Worst peak-to-valley draw-down**</font></td>
    <td style="vertical-align: bottom"><font style="font-size: 10pt">&nbsp;</font></td>
    <td colspan="2" style="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"> (44.43) </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"> July 2012 &ndash; September 2015 </P></td>
    <td style="vertical-align: top"><font style="font-size: 10pt">% </font></td></tr>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">* A draw-down is a loss experienced by the fund
over a specified period. Draw-downs are measured on the basis of monthly returns only and do not reflect intra-month figures. The
worst monthly percentage draw-down reflects the largest single month loss sustained since inception of investment operations.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">** The worst peak-to-valley draw-down is the
largest percentage decline in the NAV per unit over the history of the fund. This need not be a continuous decline, but can be
a series of positive and negative returns. Worst peak-to-valley draw-down represents the greatest percentage decline from any month-end
NAV per unit that occurs without such month-end NAV per unit being equaled or exceeded as of a subsequent month-end. For example,
if the NAV per unit declined by $1 in each of January and February, increased by $1 in March and declined again by $2 in April,
a &ldquo;peak-to-valley drawdown&rdquo; analysis conducted as of the end of April would consider that &ldquo;drawdown&rdquo; to
be continuing and to be $3 in amount, whereas if the NAV per unit had increased by $2 in March, the drawdown would have ended as
of the end of February at the $2 level.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="border-bottom: black 1pt solid; padding-right: 0.8pt">&nbsp;</td>
    <td colspan="6" style="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.8pt; text-align: center"><font style="font-size: 10pt"><b>Rates of Return*</b></font></td>
    <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.8pt; text-align: center">&nbsp;</td>
    <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; padding-right: 2.8pt; text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: black 1pt solid; padding-right: 0.8pt"><font style="font-size: 10pt"><b>Month</b></font></td>
    <td colspan="3" style="border-bottom: black 1pt solid; padding-right: 2.8pt; text-align: center"><font style="font-size: 10pt"><b>2012</b></font></td>
    <td colspan="3" style="border-bottom: black 1pt solid; padding-right: 2.8pt; text-align: center"><font style="font-size: 10pt"><b>2013</b></font></td>
    <td style="border-bottom: black 1pt solid; padding-right: 2.8pt; text-align: center"><font style="font-size: 10pt"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2014</b></font></td>
    <td style="border-bottom: black 1pt solid; background-color: white; padding-right: 2.8pt; text-align: center"><FONT STYLE="font-size: 10pt"><B> 2015 </B></FONT></td></tr>
<tr style="vertical-align: top; background-color: white">
    <td style="width: 30%; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 10pt">January</font></td>
    <td style="width: 2%; padding-right: 0.8pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="width: 10%; text-align: right">&nbsp;</td>
    <td style="width: 8%; padding-right: 0.8pt">&nbsp;</td>
    <td style="width: 2%; padding-right: 0.8pt">&nbsp;</td>
    <td style="width: 8%; padding-right: 0.8pt; text-align: right"><font style="font-size: 10pt">0.49</font></td>
    <td style="width: 6%; padding-right: 0.8pt"><font style="font-size: 10pt">%</font></td>
    <td style="width: 17%; padding-right: 0.8pt; text-align: right"><font style="font-size: 10pt">(3.72) %</font></td>
    <td style="width: 17%; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-size: 10pt"> (6.51)% </FONT></td></tr>
<tr style="vertical-align: top">
    <td style="background-color: #CCFFCC; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 10pt">February</font></td>
    <td style="background-color: #CCFFCC; padding-right: 0.8pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="background-color: #CCFFCC; text-align: right">&nbsp;</td>
    <td style="background-color: #CCFFCC; padding-right: 0.8pt">&nbsp;</td>
    <td style="background-color: #CCFFCC; padding-right: 0.8pt">&nbsp;</td>
    <td style="background-color: #CCFFCC; padding-right: 0.8pt; text-align: right"><font style="font-size: 10pt">(5.43)</font></td>
    <td style="background-color: #CCFFCC; padding-right: 0.8pt"><font style="font-size: 10pt">%</font></td>
    <td style="background-color: #CCFFCC; padding-right: 0.8pt; text-align: right"><font style="font-size: 10pt">7.69%</font></td>
    <TD STYLE="background-color: #CCFFCC; padding-right: 0.8pt; text-align: right">&nbsp;</td></tr>
<tr style="vertical-align: top; background-color: white">
    <td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 10pt">March</font></td>
    <td style="padding-right: 0.8pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: right"><font style="font-size: 10pt">1.36</font></td>
    <td style="padding-right: 0.8pt"><font style="font-size: 10pt">%**</font></td>
    <td style="padding-right: 0.8pt">&nbsp;</td>
    <td style="padding-right: 0.8pt; text-align: right"><font style="font-size: 10pt">(3.37)</font></td>
    <td style="padding-right: 0.8pt"><font style="font-size: 10pt">%</font></td>
    <td style="padding-right: 0.8pt; text-align: right"><font style="font-size: 10pt">6.15%</font></td>
    <td style="padding-right: 0.8pt; text-align: right">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="background-color: #CCFFCC; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 10pt">April</font></td>
    <td style="background-color: #CCFFCC; padding-right: 0.8pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="background-color: #CCFFCC; padding-right: 0.8pt; text-align: right"><font style="font-size: 10pt">(3.59)</font></td>
    <td style="background-color: #CCFFCC; padding-right: 0.8pt"><font style="font-size: 10pt">%</font></td>
    <td style="background-color: #CCFFCC; padding-right: 0.8pt">&nbsp;</td>
    <td style="background-color: #CCFFCC; padding-right: 0.8pt; text-align: right"><font style="font-size: 10pt">1.12</font></td>
    <td style="background-color: #CCFFCC; padding-right: 0.8pt"><font style="font-size: 10pt">%</font></td>
    <td style="background-color: #CCFFCC; padding-right: 0.8pt; text-align: right"><font style="font-size: 10pt">2.16%</font></td>
    <TD STYLE="background-color: #CCFFCC; padding-right: 0.8pt; text-align: right">&nbsp;</td></tr>
<tr style="vertical-align: top; background-color: white">
    <td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 10pt">May</font></td>
    <td style="padding-right: 0.8pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="padding-right: 0.8pt; text-align: right"><font style="font-size: 10pt">(6.75)</font></td>
    <td style="padding-right: 0.8pt"><font style="font-size: 10pt">%</font></td>
    <td style="padding-right: 0.8pt">&nbsp;</td>
    <td style="padding-right: 0.8pt; text-align: right"><font style="font-size: 10pt">(0.20)</font></td>
    <td style="padding-right: 0.8pt"><font style="font-size: 10pt">%</font></td>
    <td style="padding-right: 0.8pt; text-align: right"><font style="font-size: 10pt">(5.96)%</font></td>
    <td style="padding-right: 0.8pt; text-align: right">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="background-color: #CCFFCC; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 10pt">June</font></td>
    <td style="background-color: #CCFFCC; padding-right: 0.8pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="background-color: #CCFFCC; padding-right: 0.8pt; text-align: right"><font style="font-size: 10pt">8.85</font></td>
    <td style="background-color: #CCFFCC; padding-right: 0.8pt"><font style="font-size: 10pt">%</font></td>
    <td style="background-color: #CCFFCC; padding-right: 0.8pt">&nbsp;</td>
    <td style="background-color: #CCFFCC; padding-right: 0.8pt; text-align: right"><font style="font-size: 10pt">(5.76)</font></td>
    <td style="background-color: #CCFFCC; padding-right: 0.8pt"><font style="font-size: 10pt">%</font></td>
    <td style="background-color: #CCFFCC; padding-right: 0.8pt; text-align: right"><font style="font-size: 10pt">(5.19)%</font></td>
    <TD STYLE="background-color: #CCFFCC; padding-right: 0.8pt; text-align: right">&nbsp;</td></tr>
<tr style="vertical-align: top; background-color: white">
    <td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 10pt">July</font></td>
    <td style="padding-right: 0.8pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="padding-right: 0.8pt; text-align: right"><font style="font-size: 10pt">11.55</font></td>
    <td style="padding-right: 0.8pt"><font style="font-size: 10pt">%</font></td>
    <td style="padding-right: 0.8pt">&nbsp;</td>
    <td style="padding-right: 0.8pt; text-align: right"><font style="font-size: 10pt">(3.24)</font></td>
    <td style="padding-right: 0.8pt"><font style="font-size: 10pt">%</font></td>
    <td style="padding-right: 0.8pt; text-align: right"><font style="font-size: 10pt">(7.57)%</font></td>
    <td style="padding-right: 0.8pt; text-align: right">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="background-color: #CCFFCC; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 10pt">August</font></td>
    <td style="background-color: #CCFFCC; padding-right: 0.8pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="background-color: #CCFFCC; padding-right: 0.8pt; text-align: right"><font style="font-size: 10pt">(0.70)</font></td>
    <td style="background-color: #CCFFCC; padding-right: 0.8pt"><font style="font-size: 10pt">%</font></td>
    <td style="background-color: #CCFFCC; padding-right: 0.8pt">&nbsp;</td>
    <td style="background-color: #CCFFCC; padding-right: 0.8pt; text-align: right"><font style="font-size: 10pt">0.51</font></td>
    <td style="background-color: #CCFFCC; padding-right: 0.8pt"><font style="font-size: 10pt">%</font></td>
    <td style="background-color: #CCFFCC; padding-right: 0.8pt; text-align: right"><font style="font-size: 10pt">(2.02)%</font></td>
    <TD STYLE="background-color: #CCFFCC; padding-right: 0.8pt; text-align: right">&nbsp;</td></tr>
<tr style="vertical-align: top; background-color: white">
    <td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 10pt">September</font></td>
    <td style="padding-right: 0.8pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="padding-right: 0.8pt; text-align: right"><font style="font-size: 10pt">(2.80)</font></td>
    <td style="padding-right: 0.8pt"><font style="font-size: 10pt">%</font></td>
    <td style="padding-right: 0.8pt">&nbsp;</td>
    <td style="padding-right: 0.8pt; text-align: right"><font style="font-size: 10pt">(1.30)</font></td>
    <td style="padding-right: 0.8pt"><font style="font-size: 10pt">%</font></td>
    <td style="padding-right: 0.8pt; text-align: right"><font style="font-size: 10pt">(10.74)%</font></td>
    <td style="padding-right: 0.8pt; text-align: right">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="background-color: #CCFFCC; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 10pt">October</font></td>
    <td style="background-color: #CCFFCC; padding-right: 0.8pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="background-color: #CCFFCC; padding-right: 0.8pt; text-align: right"><font style="font-size: 10pt">(2.66)</font></td>
    <td style="background-color: #CCFFCC; padding-right: 0.8pt"><font style="font-size: 10pt">%</font></td>
    <td style="background-color: #CCFFCC; padding-right: 0.8pt">&nbsp;</td>
    <td style="background-color: #CCFFCC; padding-right: 0.8pt; text-align: right"><font style="font-size: 10pt">(1.35)</font></td>
    <td style="background-color: #CCFFCC; padding-right: 0.8pt"><font style="font-size: 10pt">%</font></td>
    <td style="background-color: #CCFFCC; padding-right: 0.8pt; text-align: right"><font style="font-size: 10pt">8.59%</font></td>
    <TD STYLE="background-color: #CCFFCC; padding-right: 0.8pt; text-align: right">&nbsp;</td></tr>
<tr style="vertical-align: top; background-color: white">
    <td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 10pt">November</font></td>
    <td style="padding-right: 0.8pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="padding-right: 0.8pt; text-align: right"><font style="font-size: 10pt">(2.00)</font></td>
    <td style="padding-right: 0.8pt"><font style="font-size: 10pt">%</font></td>
    <td style="padding-right: 0.8pt">&nbsp;</td>
    <td style="padding-right: 0.8pt; text-align: right"><font style="font-size: 10pt">(2.01)</font></td>
    <td style="padding-right: 0.8pt"><font style="font-size: 10pt">%</font></td>
    <td style="padding-right: 0.8pt; text-align: right"><font style="font-size: 10pt">(0.45)%</font></td>
    <td style="padding-right: 0.8pt; text-align: right">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="background-color: #CCFFCC; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 10pt">December</font></td>
    <td style="background-color: #CCFFCC; padding-right: 0.8pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="background-color: #CCFFCC; padding-right: 0.8pt; text-align: right"><font style="font-size: 10pt">(4.32)</font></td>
    <td style="background-color: #CCFFCC; padding-right: 0.8pt"><font style="font-size: 10pt">%</font></td>
    <td style="background-color: #CCFFCC; padding-right: 0.8pt">&nbsp;</td>
    <td style="background-color: #CCFFCC; padding-right: 0.8pt; text-align: right"><font style="font-size: 10pt">(3.95)</font></td>
    <td style="background-color: #CCFFCC; padding-right: 0.8pt"><font style="font-size: 10pt">%</font></td>
    <td style="background-color: #CCFFCC; padding-right: 0.8pt; text-align: right"><font style="font-size: 10pt">(0.54)%</font></td>
    <TD STYLE="background-color: #CCFFCC; padding-right: 0.8pt; text-align: right">&nbsp;</td></tr>
<tr style="vertical-align: top; background-color: white">
    <td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 10pt">Annual Rate of Return</font></td>
    <td style="padding-right: 0.8pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="padding-right: 0.8pt; text-align: right"><font style="font-size: 10pt">(2.54)</font></td>
    <td style="padding-right: 0.8pt"><font style="font-size: 10pt">%***</font></td>
    <td style="padding-right: 0.8pt">&nbsp;</td>
    <td style="padding-right: 0.8pt; text-align: right"><font style="font-size: 10pt">(22.16)</font></td>
    <td style="padding-right: 0.8pt"><font style="font-size: 10pt">%</font></td>
    <td style="padding-right: 0.8pt; text-align: right"><font style="font-size: 10pt">(12.87)%</font></td>
    <td style="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.51)%*** </FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12; margin-bottom: 6pt; margin-left: 0; text-indent: 0">* The monthly
rate of return is calculated by dividing the ending NAV for a given month by the ending NAV for the previous month, subtracting
1 and multiplying this number by 100 to arrive at a percentage increase or decrease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 0">** Partial
month from March 28, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 0">*** Not
annualized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_028"></A>The Trustee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The sole Trustee of the Trust is Wilmington
Trust Company, a Delaware banking corporation. The Trustee&rsquo;s principal offices are located at 1100 North Market Street, Wilmington,
Delaware 19890-0001. The Trustee is unaffiliated with the Sponsor. The Trustee&rsquo;s duties and liabilities with respect to the
offering of Shares and the management of the Trust and the Fund are limited to its express obligations under the Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trustee will accept service of legal process
on the Trust in the State of Delaware and will make certain filings under the Delaware Statutory Trust Act. The Trustee does not
owe any other duties to the Trust, the Sponsor or the Shareholders. The Trustee is permitted to resign upon at least sixty (60)
days&rsquo; notice to the Sponsor. If no successor trustee has been appointed by the Sponsor within such sixty-day period, the
Trustee may, at the expense of the Trust, petition a court to appoint a successor. The Trust Agreement provides that the Trustee
is entitled to reasonable compensation for its services from the Sponsor or an affiliate of the Sponsor (including the Trust),
and is indemnified by the Sponsor against any expenses it incurs relating to or arising out of the formation, operation or termination
of the Trust, or any action or inaction of the Trustee under the Trust Agreement, except to the extent that such expenses result
from the gross negligence or willful misconduct of the Trustee. The Sponsor has the discretion to replace the Trustee.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trustee has not signed the registration
statement of which this prospectus is a part, and is not subject to issuer liability under the federal securities laws for the
information contained in this prospectus and under federal securities laws with respect to the issuance and sale of the Shares.
Under such laws, neither the Trustee, either in its capacity as Trustee or in its individual capacity, nor any director, officer
or controlling person of the Trustee is, or has any liability as, the issuer or a director, officer or controlling person of the
issuer of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under the Trust Agreement, the duty and authority
to manage the business affairs of the Trust, and of all of the funds that are a series of the Trust, including control of the Fund
and the Underlying Funds, is rested solely with the Sponsor, which the Sponsor may delegate as provided for in the Trust Agreement.
The Trustee has no duty or liability to supervise or monitor the performance of the Sponsor, nor does the Trustee have any liability
for the acts or omissions of the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Because the Trustee has delegated substantially
all of its authority over the operation of the Trust to the Sponsor, the Trustee itself is not registered in any capacity with
the CFTC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_029"></A>Operation of the Fund</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The investment objective of the Fund is to have
daily changes in percentage terms of the Shares&rsquo; NAV reflect the daily changes in percentage terms of the Underlying Fund
Average, a weighted average of the NAVs per share of the Teucrium Corn Fund, Teucrium Wheat Fund, Teucrium Soybean Fund and Teucrium
Sugar Fund. The Underlying Fund Average has a weighting of 25% to each Underlying Fund, and the Fund&rsquo;s assets will be rebalanced,
generally on a daily basis, to maintain the approximate 25% allocation to each Underlying Fund. The Fund does not intend to invest
directly in Commodity Interests, although it reserves the right to do so in the future, including if an Underlying Fund ceases
operations or if shares of an Underlying Fund cease trading on NYSE Arca.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The investment objective of each Underlying
Fund is to have the daily changes in percentage terms of its Shares&rsquo; NAV reflect the daily changes in percentage terms of
the Underlying Fund&rsquo;s Benchmark. Specifically, the Teucrium Corn Fund&rsquo;s Benchmark is: (1) the second-to-expire Futures
Contract for corn traded on the CBOT, weighted 35%, (2) the third-to-expire CBOT corn Futures Contract, weighted 30%, and (3) the
CBOT Corn Futures Contract expiring in the December following the expiration month of the third-to-expire contract, weighted 35%.
The Teucrium Wheat Fund&rsquo;s Benchmark is: (1) the second-to-expire CBOT Wheat Futures Contract, weighted 35%, (2) the third-to-expire
CBOT wheat Futures Contract, weighted 30%, and (3) the CBOT Wheat Futures Contract expiring in the December following the expiration
month of the third-to-expire contract, weighted 35%. The Teucrium Soybean Fund&rsquo;s Benchmark is: (1) the second-to-expire CBOT
Soybean Futures Contract, weighted 35%, (2) the third-to-expire CBOT Soybean Futures Contract, weighted 30%, and (3) the CBOT Soybean
Futures Contract expiring in the November following the expiration month of the third-to-expire contract, weighted 35%, except
that CBOT Soybean Futures Contracts expiring in August and September will not be part of the Teucrium Soybean Fund&rsquo;s Benchmark
because of the less liquid market for these Futures Contracts. The Teucrium Sugar Fund&rsquo;s Benchmark is: (1) the second-to-expire
Sugar No. 11 Futures Contract traded on ICE Futures, weighted 35%, (2) the third-to-expire ICE Futures Sugar No. 11 Futures Contract,
weighted 30%, and (3) the ICE Futures Sugar No. 11 Futures Contract expiring in the March following the expiration month of the
third-to-expire contract, weighted 35%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Each Underlying Fund seeks to achieve its investment
objective by investing under normal market conditions in Benchmark Component Futures Contracts or, in certain circumstances, in
other Futures Contracts for its Specified Commodity. In addition, and to a limited extent, an Underlying Fund also may invest in
exchange-traded options on Futures Contracts and in Cleared Swaps for its Specified Commodity in furtherance of the Underlying
Fund's investment objective. Once position limits or accountability levels on Futures Contracts on an Underlying Fund&rsquo;s Specified
Commodity are applicable, each Underlying Fund's intention is to invest first in Cleared Swaps based on its Specified Commodity
to the extent practicable in light of the position limits applicable to such Cleared Swaps and appropriate in light of the liquidity
in the market for such Cleared Swaps, and then in Other Commodity Interests on its Specified Commodity. See &ldquo;The Offering
&ndash; Futures Contracts&rdquo; below. By utilizing certain or all of these investments, the Sponsor endeavors to cause each Underlying
Fund's performance to closely track that of its Benchmark.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Underlying Funds invest in Commodity Interests
to the fullest extent possible without being leveraged or unable to satisfy their current or potential margin or collateral obligations
with respect to its investments in Commodity Interests. After fulfilling such margin and collateral requirements, the Underlying
Funds invest the remainder of its proceeds from the sale of baskets in short-term Treasury Securities or cash equivalents, and/or
merely hold such assets in cash (generally in interest-bearing accounts). Therefore, the focus of the Sponsor in managing the Underlying
Funds is investing in Commodity Interests and in Treasury Securities, cash and/or cash equivalents. The Sponsor expects to manage
the Fund&rsquo;s and Underlying Funds&rsquo; investments directly, although it has been authorized by the Trust to retain, establish
the terms of retention for, and terminate third-party commodity trading advisors to provide such management. The Sponsor has substantial
discretion in managing the Fund&rsquo;s and Underlying Funds&rsquo; investments consistent with meeting their investment objectives,
including the discretion: (1) to choose whether to invest an Underlying Fund&rsquo;s assets in the Benchmark Component Futures
Contracts or other Futures Contracts, Cleared Swaps or Other Commodity Interests with similar investment characteristics; (2) to
choose when to &ldquo;roll&rdquo; the Underlying Fund&rsquo;s positions in Commodity Interests as described below, and (3) to manage
the Fund&rsquo;s and Underlying Funds&rsquo; investments in Treasury Securities, cash and cash equivalents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Underlying Funds seek to achieve their investment
objectives primarily by investing in Commodity Interests such that the changes in its NAV will be expected to closely track the
changes in its Benchmark. Each Underlying Fund&rsquo;s positions in Commodity Interests will be changed or &ldquo;rolled&rdquo;
on a regular basis in order to track the changing nature of its Benchmark. For example, several times a year (on the dates on which
Futures Contracts on the Underlying Fund&rsquo;s Specified Commodity expire), a particular Futures Contract will no longer be a
Benchmark Component Futures Contract, and the Underlying Fund&rsquo;s investments will have to be changed accordingly. In order
that the Underlying Funds&rsquo; trading does not cause unwanted market movements and to make it more difficult for third parties
to profit by trading based on such expected market movements, the Underlying Funds&rsquo; investments may not be rolled entirely
on that day, but rather may be rolled over a period of days.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In seeking to achieve each Underlying Fund&rsquo;s
investment objective of tracking its Benchmark, the Sponsor may for certain reasons cause the Underlying Fund to enter into or
hold Futures Contracts other than the Benchmark Component Futures Contracts, Cleared Swaps and/or Other Commodity Interests. For
example, certain Cleared Swaps have standardized terms similar to, and are priced by reference to, a corresponding Benchmark Component
Futures Contract. Additionally, over-the-counter Commodity Interests can generally be structured as the parties to the contract
desire. Therefore, an Underlying Fund might enter into multiple Cleared Swaps and/or over-the-counter Commodity Interests related
to its Specified Commodity that are intended to exactly replicate the performance of each of the Underlying Fund&rsquo;s Benchmark
Component Futures Contracts, or a single over-the-counter Commodity Interest designed to replicate the performance of its Benchmark
as a whole. Assuming that there is no default by a counterparty to an over-the-counter Commodity Interest, the performance of the
Commodity Interest will necessarily correlate exactly with the performance of the Underlying Fund&rsquo;s Benchmark or the applicable
Benchmark Component Futures Contract. The Underlying Funds might also enter into or hold Commodity Interests other than the Benchmark
Component Futures Contracts to facilitate effective trading, consistent with the discussion of the Underlying Fund&rsquo;s &ldquo;roll&rdquo;
strategy in the preceding paragraph. In addition, an Underlying Fund might enter into or hold Commodity Interests related to its
Specified Commodity that would be expected to alleviate overall deviation between the Underlying Fund&rsquo;s performance and that
of its Benchmark that may result from certain market and trading inefficiencies or other reasons. By utilizing certain or all of
the investments described above, the Sponsor endeavors to cause each Underlying Fund&rsquo;s performance to closely track that
of its Benchmark.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor endeavors to place the Fund&rsquo;s
trades in the Underlying Funds and otherwise manage the Fund&rsquo;s investments so that the Fund&rsquo;s average daily tracking
error against the Underlying Fund Average will be less than 10 percent over any period of 30 trading days. More specifically, the
Sponsor endeavors to manage the Fund so that A will be within plus/minus 10 percent of B, where:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 90%"><font style="font-size: 10pt">A is the average daily change in the Fund&rsquo;s NAV for any period of 30 successive valuation days; i.e., any trading day as of which the Fund calculates its NAV, and</font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td><font style="font: 10pt Symbol">&#183;</font></td>
    <td><font style="font-size: 10pt">B is the average daily change in the price of the Underlying Fund Average over the same period.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor believes that market arbitrage opportunities
cause daily changes in the Fund&rsquo;s Share price on the NYSE Arca to closely track daily changes in the Fund&rsquo;s NAV per
Share, and cause daily changes in the price of shares of each Underlying Fund on the NYSE Arca to closely track daily changes in
the Underlying Fund&rsquo;s NAV per share. The Sponsor believes that the net effect of these expected relationships and its expected
ability (as described above) to cause daily changes in the Fund&rsquo;s NAV to track daily changes in the Underlying Fund Average
and to cause daily changes in each Underlying Fund&rsquo;s NAV to closely track daily changes in its Benchmark will be that daily
changes in the price of the Fund&rsquo;s Shares on the NYSE Arca will track daily changes in an average of the Underlying Funds&rsquo;
Benchmarks. In addition, while the Benchmarks are composed of Futures Contracts and are therefore a measure of the price of commodities
for future delivery, there is nonetheless expected to be a reasonable degree of correlation between the Benchmarks and the cash
or spot prices of the Specified Commodities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">These relationships are illustrated in the following
diagram:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><IMG SRC="p42.jpg" ALT=""></P>


<P STYLE="margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">An investment in the Shares provides a means
for diversifying an investor&rsquo;s portfolio or hedging exposure to changes in agricultural commodity prices. An investment in
the Shares allows both retail and institutional investors to easily gain this exposure to the agricultural commodities market in
a transparent and cost-effective manner.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor employs a &ldquo;neutral&rdquo;
investment strategy intended to track changes in the Underlying Fund Average and the Underlying Funds will track changes in their
Benchmarks regardless of whether the Underlying Fund Average or Benchmarks go up or go down. The Fund&rsquo;s and Underlying Funds&rsquo;
&ldquo;neutral&rdquo; investment strategies are designed to permit investors generally to purchase and sell the Fund&rsquo;s Shares
for the purpose of investing indirectly in the agricultural commodities market in a cost-effective manner. Such investors may include
participants in agricultural industries and other industries seeking to hedge the risk of losses in their commodity-related transactions,
as well as investors seeking exposure to the agricultural commodities market. Accordingly, depending on the investment objective
of an individual investor, the risks generally associated with investing in the agricultural commodities market and/or the risks
involved in hedging may exist. In addition, an investment in the Fund involves the risk that the changes in the price of the Fund&rsquo;s
Shares will not accurately track the changes in the Underlying Fund Average, that changes in the prices of the shares of the Underlying
Funds will not accurately track the changes in the Underlying Funds&rsquo; Benchmarks, and that changes in the Benchmarks will
not closely correlate with changes in the prices of the Specified Commodities on the spot market. Furthermore, as noted above,
the Fund and Underlying Funds also hold short-term Treasury Securities, cash and/or cash equivalents. The Sponsor does not expect
there to be any meaningful correlation between the performance of the Fund&rsquo;s and Underlying Funds&rsquo; investments in Treasury
Securities/cash/cash equivalents and the changes in the prices of the Specified Commodities or Commodity Interests. While the level
of interest earned on or the market price of these investments may in some respects correlate to changes in the price of the Specified
Commodities, this correlation is not anticipated as part of the Fund&rsquo;s efforts to meet its objective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The total portfolio composition of the Fund
and Underlying Funds is disclosed each business day that the NYSE Arca is open for trading on the Fund&rsquo;s website at <B><U>www.teucriumtagsfund.com</U></B>.
The website disclosure of portfolio holdings is made daily and includes, as applicable, the name and value of each Underlying Fund
and each Treasury security and cash equivalent, and the amount of cash, held in the Fund&rsquo;s portfolio, and the name and value
of each Futures Contract and Cleared Swap, the specific types of Other Commodity Interests and characteristics of such Other Commodity
Interests, the name and value of each Treasury security and cash equivalent, and the amount of cash held in each Underlying Fund&rsquo;s
portfolio. The Fund&rsquo;s website is publicly accessible at no charge.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Shares issued by the Fund may only be purchased
by Authorized Purchasers and only in blocks of 25,000 Shares called Creation Baskets. The amount of the purchase payment for a
Creation Basket is equal to the aggregate NAV of Shares in the Creation Basket. Similarly, only Authorized Purchasers may redeem
Shares and only in blocks of 25,000 Shares called Redemption Baskets. The amount of the redemption proceeds for a Redemption Basket
is equal to the aggregate NAV of Shares in the Redemption Basket. The purchase price for Creation Baskets and the redemption price
for Redemption Baskets are the actual NAV calculated at the end of the business day when a request for a purchase or redemption
is received by the Fund. The NYSE Arca publishes an approximate NAV intra-day based on the prior day&rsquo;s NAV and the current
price of the Benchmark Component Futures Contracts, but the price of Creation Baskets and Redemption Baskets is determined based
on the actual NAV calculated at the end of each trading day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">While the Fund issues Shares only in Creation
Baskets, Shares may also be purchased and sold in much smaller increments on the NYSE Arca. These transactions, however, are effected
at the bid and ask prices established by the specialist firm(s). Like any listed security, Shares can be purchased and sold at
any time a secondary market is open.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>The Investment Strategies of the Fund
and the Underlying Funds</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In managing the Fund&rsquo;s and Underlying
Funds&rsquo; assets, the Sponsor does not use a technical trading system that automatically issues buy and sell orders. Instead,
each time one or more baskets of Fund Shares are purchased or redeemed, the Sponsor will purchase or sell shares of the Underlying
Funds in the secondary market. While the Fund will not cause Authorized Purchasers to purchase or redeem baskets on its behalf,
the demand for Underlying Fund shares caused by the Fund&rsquo;s trades may cause an Authorized Purchaser to create independently
one or more baskets of one or more of the Underlying Funds. When one or more baskets of shares of an Underlying Fund are purchased
or redeemed, Commodity Interests are purchased or sold with an aggregate market value that approximates the amount of cash received
or paid upon the purchase or redemption of the basket(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> As an example, assume that a Creation Basket
is sold by an Underlying Fund, that the Fund&rsquo;s closing NAV per share is $25.00, and that the basket size for the Underlying
Funds is 25,000 shares. In that case, the Underlying Fund would receive $625,000 in proceeds from the sale of the Creation Basket
($25.00 NAV per share multiplied by 25,000 Shares, and ignoring any Creation Basket fee). If one were to assume further that the
Sponsor wants to invest the entire proceeds from the Creation Basket in the Benchmark Component Futures Contracts and that the
market value of each such Benchmark Component Futures Contract is $50,326 (or otherwise not a round number), the Underlying Fund
would be unable to buy an exact number of Futures Contracts with an aggregate market value equal to $625,000. Instead, the Underlying
Fund would be able to purchase 12 Benchmark Component Futures Contracts with an aggregate market value of $603,912. Assuming a
margin requirement equal to 10% of the value of the Futures Contracts (although the actual percentage is approximately 6%), the
Fund would be required to deposit $60,391 in Treasury Securities and cash with the FCM through which the Futures Contracts were
purchased. The remainder of the proceeds from the sale of the Creation Basket, $564,609, would remain invested in cash, cash equivalents,
and Treasury Securities as determined by the Sponsor from time to time based on factors such as potential calls for margin or anticipated
redemptions. </P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The specific Commodity Interests purchased by
an Underlying Fund will depend on various factors, including a judgment by the Sponsor as to the appropriate diversification of
the Underlying Fund&rsquo;s investments. While the Sponsor anticipates that a substantial majority of each Underlying Fund&rsquo;s
assets will be invested in Futures Contracts and Cleared Swaps on its Specified Commodity, for various reasons, including the ability
to enter into the precise amount of exposure to the market for the Specified Commodity and position limits on Futures Contracts
and Cleared Swaps, it may also invest in Other Commodity Interests, including swaps other than Cleared Swaps, in the over-the-counter
market to a potentially significant degree.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor does not anticipate letting the
Underlying Funds&rsquo; Futures Contracts expire and taking delivery of a Specified Commodity. Instead, the Sponsor closes out
existing positions, e.g., in response to ongoing changes in an Underlying Fund&rsquo;s Benchmark or if it otherwise determines
it would be appropriate to do so and reinvest the proceeds in new Commodity Interests. Positions may also be closed out to meet
orders for Redemption Baskets, in which case the proceeds from closing the positions will not be reinvested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_030"></A>Futures Contracts</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Futures Contracts are agreements between two
parties. One party agrees to buy a commodity from the other party at a later date at a price and quantity agreed-upon when the
contract is made. In market terminology, a party who purchases a Futures Contract is long in the market and a party who sells a
Futures Contract is short in the market. The contractual obligations of a buyer or seller may generally be satisfied by taking
or making physical delivery of the underlying commodity or by making an offsetting sale or purchase of an identical Futures Contract
on the same or linked exchange before the designated date of delivery. The difference between the price at which the Futures Contract
is purchased or sold and the price paid for the offsetting sale or purchase, after allowance for brokerage commissions, constitutes
the profit or loss to the trader.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If the price of the commodity increases after
the original Futures Contract is entered into, the buyer of the Futures Contract will generally be able to sell a Futures Contract
to close out its original long position at a price higher than that at which the original contract was purchased, generally resulting
in a profit to the buyer. Conversely, the seller of a Futures Contract will generally profit if the price of the underlying commodity
decreases, as it will generally be able to buy a Futures Contract to close out its original short position at a price lower than
that at which the original contract was sold. Because the Underlying Funds seek to track their Benchmarks directly and profit when
the price of the Specified Commodity and, as a likely result of an increase in the price of the Specified Commodity, the price
of Futures Contracts on the Specified Commodity increase, each Underlying Fund will generally be long in the market for its Specified
Commodity, and will generally sell Futures Contracts only to close out existing long positions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Futures Contracts are typically traded on futures
exchanges such as the CBOT and ICE Futures, which provide centralized market facilities in which multiple persons may trade contracts.
Members of a particular futures exchange and the trades executed on such exchange are subject to the rules of that exchange. Futures
exchanges and their related clearing organizations are given reasonable latitude in promulgating rules and regulations to control
and regulate their members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Trades on a futures exchange are generally cleared
by the exchange or an affiliated clearing organization, which provides services designed to mutualize or transfer the credit risk
arising from the trading of contracts on an exchange. The clearing organization effectively becomes the other party to the trade,
and each clearing member party to the trade looks only to the clearing organization for performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Futures Contracts on corn, wheat and soybeans
are traded on the CBOT in units of 5,000 bushels, and Sugar No. 11 Futures Contracts are traded on ICE Futures and the New York
Mercantile Exchange in units of 112,000 pounds. Generally, Futures Contracts traded on an exchange are priced by floor brokers
and other exchange members both through an &ldquo;open outcry&rdquo; of offers to purchase or sell the contracts and through an
electronic, screen-based system that determines the price by electronically matching offers to purchase and sell. Futures Contracts
may also be based on commodity indices, in that they call for a cash payment based on the change in the value of the specified
index during a specified period. No Futures Contracts based on an index of prices of a Specified Commodity are currently available,
although an Underlying Fund could enter into such contracts should they become available in the future.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Certain typical and significant characteristics
of Futures Contracts are discussed below. Additional risks of investing in Futures Contracts are included in &ldquo;What are the
Risk Factors Involved with an Investment in the Fund?&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Impact of Position Limits, Accountability
Levels, and Price Fluctuation Limits</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">All of these limits may potentially cause a
tracking error between the price of an Underlying Fund&rsquo;s shares and its Benchmark. This may in turn prevent you from being
able to effectively use the Fund as a way to hedge against commodity-related losses or as a way to indirectly invest in agricultural
commodities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund and the Underlying Funds do not intend
to limit the size of their offerings and will attempt to expose substantially all of their proceeds to the agricultural commodities
market either directly through Commodity Interests or, in the case of the Fund, indirectly through the Underlying Funds. If an
Underlying Fund encounters position limits or price fluctuation limits for Futures Contracts and/or Cleared Swaps on U.S. exchanges,
it may then, if permitted under applicable regulatory requirements, purchase Other Commodity Interests and/or Futures Contracts
listed on foreign exchanges. However, the Futures Contracts available on such foreign exchanges may have different underlying sizes,
deliveries, and prices than the Underlying Funds&rsquo; Benchmark Component Futures Contracts. In addition, the Futures Contracts
available on these exchanges may be subject to their own position limits or similar restrictions. In any case, notwithstanding
the potential availability of these instruments in certain circumstances, position limits could force the Fund and the Underlying
Funds to limit the number of Creation Baskets that they sell.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Price Volatility</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Despite daily price limits, the price volatility
of futures contracts generally has been historically greater than that for traditional securities such as stocks and bonds. Price
volatility often is greater day-to-day as opposed to intra-day. Economic factors that may cause volatility in Futures Contracts
include changes in interest rates; governmental, agricultural, trade, fiscal, monetary and exchange control programs and policies;
weather and climate conditions; changing supply and demand relationships; changes in balances of payments and trade; U.S. and international
rates of inflation; currency devaluations and revaluations; U.S. and international political and economic events; and changes in
philosophies and emotions of market participants. Because the Underlying Funds invest a significant portion of their assets in
Futures Contracts, the assets of the Underlying Funds, and therefore the price of shares of the Underlying Funds and the Fund&rsquo;s
Shares, may be subject to greater volatility than traditional securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Term Structure of Futures Contracts and
the Impact on Total Return</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Several factors determine the total return from
investing in Futures Contracts. Because the Underlying Funds must periodically &ldquo;roll&rdquo; Futures Contract positions, closing
out soon-to-expire contracts that are no longer part of a Benchmark and entering into subsequent-to-expire contracts, one such
factor is the price relationship between soon-to-expire contracts and later-to-expire contracts. For example, if market conditions
are such that the prices of soon-to-expire contracts are higher than later-to-expire contracts (a situation referred to as &ldquo;backwardation&rdquo;
in the futures market), then the price of contracts will rise as they approach expiration. Conversely, if the price of soon-to-expire
contracts is lower than later-to-expire contracts (a situation referred to as &ldquo;contango&rdquo; in the futures market), then
absent a change in the market the price of contracts will decline as they approach expiration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Over time, the price of a commodity will fluctuate
based on a number of market factors, including demand for the commodity relative to its supply. The value of Futures Contracts
will likewise fluctuate in reaction to a number of market factors. If investors seek to maintain their holdings in Futures Contracts
with a roughly constant expiration profile and not take delivery of the Specified Commodity, they must on an ongoing basis sell
their current positions as they approach expiration and invest in later-to-expire contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If the futures market is in a state of backwardation
(i.e., when the price of the Specified Commodity in the future is expected to be less than the current price), an Underlying Fund
will buy later-to-expire contracts for a lower price than the sooner-to-expire contracts that it sells. Hypothetically, and assuming
no changes to either prevailing commodity prices or the price relationship between the spot price, soon-to-expire contracts and
later-to-expire contracts, the value of a contract will rise as it approaches expiration, increasing the Underlying Fund&rsquo;s
(and, therefore, the Fund&rsquo;s) total return (ignoring the impact of commission costs and the interest earned on Treasury Securities,
cash and/or cash equivalents). As an example, assume that an Underlying Fund owns 100 Futures Contracts that have recently become
spot month contracts, that the price of spot month Futures Contracts is $10 per bushel, and the price of second-to-expire Futures
Contracts is $9.50 per bushel. The Fund will close out the spot month Futures Contracts at a value of $5,000,000 (100 contracts
multiplied by 5,000 bushels per contract multiplied by $10), and will be able to enter into 105 second-to-expire Futures Contracts
with the proceeds, representing an additional 25,000 bushels of corn, wheat, or soybeans than it previously owned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If the futures market is in contango, an Underlying
Fund will buy later-to-expire contracts for a higher price than the sooner-to-expire contracts that it sells. Hypothetically, and
assuming no other changes to either prevailing commodity prices or the price relationship between the spot price, soon-to-expire
contracts and later-to-expire contracts, the value of a contract will fall as it approaches expiration, decreasing the Underlying
Fund&rsquo;s (and, therefore, the Fund&rsquo;s) total return (ignoring the impact of commission costs and the interest earned on
Treasury Securities, cash and/or cash equivalents). As an example, assume the same facts as in the prior paragraph except that
the price of second-to-expire Futures Contracts is $10.50 per bushel. The Fund will sell the spot month Futures Contracts for $5,000,000,
and will be able to purchase only 95 second-to-expire Futures Contracts with the proceeds, representing 25,000 fewer bushels of
corn, wheat or soybeans than it previously owned.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Historically, the futures markets have experienced
periods of both contango and backwardation. Frequently, whether contango or backwardation exists for Futures Contracts on agricultural
commodities is a function, among other factors, of the seasonality of the markets for such commodities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Margin Requirements and Marking-to-Market
Futures Positions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;Initial margin&rdquo; is an amount of
funds that must be deposited by a commodity interest trader with the trader&rsquo;s broker to initiate an open position in Futures
Contracts. A margin deposit is like a cash performance bond. It helps assure the trader&rsquo;s performance of the Futures Contracts
that he or she purchases or sells. Futures Contracts are customarily bought and sold on initial margin that represents a small
percentage (ranging upward from less than 2%) of the aggregate purchase or sales price of the contract. The amount of margin required
in connection with a particular Futures Contract is set by the exchange on which the contract is traded. Brokerage firms, such
as the Underlying Funds&rsquo; FCM, carrying accounts for traders in Commodity Interest contracts may require higher amounts of
margin as a matter of policy to further protect themselves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Futures Contracts are marked to market at the
end of each trading day and the margin required with respect to such contracts is adjusted accordingly. This process of marking-to-market
is designed to prevent losses from accumulating in any futures account. Therefore, if an Underlying Fund&rsquo;s futures positions
have declined in value, the Underlying Fund may be required to post &ldquo;variation margin&rdquo; to cover this decline. Alternatively,
if the Underlying Fund&rsquo;s futures positions have increased in value, this increase will be credited to the Underlying Fund&rsquo;s
account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_031"></A>Cleared Swaps</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A swap agreement is a bilateral contract to
exchange a periodic stream of payments determined by reference to a notional amount, with payment typically made between the parties
on a net basis. For instance, in the case of a soybean swap, the Underlying Fund may be obligated to pay a fixed price per bushel
of soybeans and be entitled to receive an amount per bushel equal to the current value of an index of soybean prices, the price
of a specified Soybean Futures Contract, or the average price of a group of Soybean Futures Contracts such as the Benchmark.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The CFTC recently issued an order that permits
certain privately-negotiated agricultural swap contracts, including certain types of soybean, corn and wheat swaps, to be cleared
by the CBOT&rsquo;s affiliated provider of clearing services and certain types of sugar swaps to be cleared by ICE Futures. The
Fund expects to focus on investments in these Cleared Swaps, as well as Commodity Futures Contracts, rather than over-the-counter
commodity swaps. Cleared Swaps are subject to position limits that are similar to, but currently measured separately from, the
positions limits applicable to Commodity Futures Contracts. Specifically, by way of example for an Underlying Fund, the CBOT&rsquo;s
position limits for Cleared Soybean Swaps are 15,000 contracts expiring in any single month and 15,000 contracts for all months.
The Underlying Fund&rsquo;s ability to rely on these Cleared Soybean Swaps may be further limited when the position limit rules
discussed above become effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Like Futures Contracts, Cleared Swaps are standardized
as to certain material economic terms such as the quantity of the commodity, which permits less flexibility in their structuring
than with over-the-counter Commodity Interests. The two parties to a cleared swap agree on the specific fixed price component and
the calendar month of expiration, and agree to submit the cleared swap to the clearing organization. The clearing organization
assumes the credit risk relating to the transaction, which effectively eliminates the creditworthiness of the counterparty as a
risk. Unlike futures contracts, cleared swaps call for settlement in cash, and do not permit settlement by delivery or receipt
of the physical commodity.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_032"></A>Over-the-Counter Derivatives</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition to futures contracts, options on
Futures Contracts and Cleared Swaps, derivative contracts that are tied to various commodities are entered into outside of public
exchanges. These &ldquo;over-the-counter&rdquo; contracts are entered into between two parties in private contracts. Unlike futures
contracts and cleared swaps, which are guaranteed by a clearing organization, each party to an over-the-counter derivative contract
bears the credit risk of the other party, i.e, the risk that the other party will not be able to perform its obligations under
its contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Some over-the-counter derivatives contracts
contain relatively standardized terms and conditions and are available from a wide range of participants. Others have highly customized
terms and conditions and are not as widely available. While the Underlying Funds may enter into these more customized contracts,
the Underlying Funds will only enter into over-the-counter contracts containing certain terms and conditions, as discussed further
below, that are designed to minimize the credit risk to which the Underlying Fund will be subject and only if the terms and conditions
of the contract are consistent with achieving the Underlying Fund&rsquo;s investment objective of tracking its Benchmark. The over-the-counter
contracts that the Underlying Funds may enter into will take the form of either forward contracts or swaps.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A forward contract is a contractual obligation
to purchase or sell a specified quantity of a commodity at or before a specified date in the future at a specified price and, therefore,
is economically similar to a futures contract. Unlike futures contracts, however, forward contracts are typically traded in the
over-the-counter markets. In some instances such contracts may provide for cash settlement instead of making or taking delivery
of the underlying commodity. Forward contracts for a given commodity are generally available for various amounts and maturities
and are subject to individual negotiation between the parties involved. Moreover, generally there is no direct means of offsetting
or closing out a forward contract by taking an offsetting position as one would a Futures Contract on a U.S. exchange. If a trader
desires to close out a forward contract position, he generally will establish an opposite position in the contract but will settle
and recognize the profit or loss on both positions simultaneously on the delivery date. Thus, unlike in the futures contract market
where a trader who has offset positions will recognize profit or loss immediately, in the forward market a trader with a position
that has been offset at a profit will generally not receive such profit until the delivery date, and likewise a trader with a position
that has been offset at a loss will generally not have to pay money until the delivery date. However, in some instances such contracts
may provide a right of offset that will allow for the receipt of profit and payment for losses prior to the delivery date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Like a Cleared Swap, an over-the-counter swap
agreement is a bilateral contract to exchange a periodic stream of payments determined by reference to a notional amount, with
payment typically made between the parties on a net basis. For instance, an Underlying Fund may be obligated to pay a fixed price
per bushel of a commodity multiplied by a notional number of bushels and be entitled to receive an amount per bushel equal to the
current value of an index of that commodity&rsquo;s prices, the price of a specified Futures Contract, or the average price of
a group of Futures Contracts such as the Underlying Fund&rsquo;s Benchmark. Unlike cleared swaps, however, each party to the swap
is subject to the credit risk of the other party. The Underlying Funds will only enter into over-the-counter swaps on a net basis,
where the two payment streams are netted out on a daily basis, with the parties receiving or paying, as the case may be, only the
net amount of the two payments. Like cleared swaps, over-the-counter swaps do not generally involve the delivery of underlying
assets or principal. Accordingly, an Underlying Fund&rsquo;s risk of loss with respect to an over-the-counter swap will generally
be limited to the net amount of payments that its counterparty is contractually obligated to make less any collateral the Underlying
Fund is holding from its counterparty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">To reduce the credit risk that arises in connection
with over-the-counter contracts, the Underlying Funds will generally enter into agreements with each counterparty based on the
Master Agreement published by the International Swaps and Derivatives Association, Inc. that provides for the netting of an Underlying
Fund&rsquo;s overall exposure to each counterparty and for daily collateral transfers based on the marked-to-market value of the
contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The creditworthiness of each potential counterparty
will be assessed by the Sponsor. The Sponsor assesses or reviews, as appropriate, the creditworthiness of each potential or existing
counterparty to an over-the-counter contract pursuant to guidelines approved by the Sponsor. The creditworthiness of existing counterparties
will be reviewed periodically by the Sponsor. The Sponsor&rsquo;s President and Chief Investment Officer has over 25 years of experience
in over-the-counter derivatives trading, including the counterparty creditworthiness analysis inherent therein. The Sponsor&rsquo;s
Chief Executive Officer, through his prior experience as a Chief Financial Officer and Treasurer, has extensive experience evaluating
the creditworthiness of business partners and counterparties to commercial and derivative contracts. Notwithstanding this experience,
there is no guarantee that the Sponsor&rsquo;s creditworthiness analysis will be successful and that counterparties selected for
Fund transactions will not default on their contractual obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Underlying Funds also may require that a
counterparty be highly rated and/or provide collateral or other credit support. The Sponsor on behalf of the Underlying Fund may
enter into over-the-counter contracts with various types of counterparties, including: (a) banks regulated by a United States federal
bank regulator, (b) broker-dealers regulated by the SEC, (c) insurance companies domiciled in the United States, (d) producers
of agricultural commodities such as farmers and related agricultural enterprises, (e) users of agricultural commodities such as
producers of prepared food products and biofuel producers, (f) any other person (including affiliates of any of the above) who
is engaged to a substantial degree in the business of trading commodities. Certain of these types of counterparties will not be
subject to regulation by the CFTC or any other significant federal or state regulatory structure; While it is the Sponsor&rsquo;s
preference to use regulated entities as counterparties, the Sponsor primarily considers creditworthiness in selecting counterparties
rather than the primary business of the prospective counterparty or the regulatory structure to which it is subject.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_033"></A>Fund Performance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">See the graph below under &ldquo;Fund Performance&rdquo;
in the Statement of Additional Information at the end of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_034"></A>The Corn Market</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">Corn is the most widely produced livestock
feed grain in the United States, and the majority of the United States&rsquo; corn crop is used in livestock feed, with the amount
used in ethanol production second. Corn is also processed into food and industrial products, including starch, sweeteners, corn
oil, beverages and industrial alcohol. The United States Department of Agriculture (&ldquo;USDA&rdquo;) publishes weekly, monthly,
quarterly and annual updates for U.S. domestic and worldwide corn production and consumption. These reports are available on the
USDA&rsquo;s website, www.usda.gov, at no charge.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">The United States is the world&rsquo;s
leading producer and exporter of corn. For the Crop Year 2014-15, the United States Department of Agriculture (&ldquo;USDA&rdquo;)
estimates that the U.S. will produce approximately 37% of all the corn globally, about 12% will be exported. For 2014-2015, global
consumption of 971.2 Million Metric Tons (MMT) is expected to be surpassed by global production of 988.1 MMT. If the global supply
of corn exceeds global demand, this may have an adverse impact on the price of corn. Besides the United States, other principal
world corn exporters include Argentina, Brazil and the former Soviet Union nations known as the FSU-12 which includes the Ukraine.
Major importer nations include Mexico, Japan, the European Union (EU), South Korea, Egypt and parts of Southeast Asia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">Standard Corn Futures Contracts trade
on the CBOT in units of 5,000 bushels, although 1,000 bushel &ldquo;mini-corn&rdquo; Corn Futures Contracts also trade. Three grades
of corn are deliverable under CBOT Corn Futures Contracts: Number 1 yellow, which may be delivered at 1.5 cents over the contract
price; Number 2 yellow, which may be delivered at the contract price; and Number 3 yellow, which may be delivered at 1.5 cents
under the contract price. There are five months each year in which CBOT Corn Futures Contracts expire: March, May, July, September
and December.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">If the futures market is in a state of
backwardation (i.e., when the price of corn in the future is expected to be less than the current price), the Fund will buy later-to-expire
contracts for a lower price than the sooner-to-expire contracts that it sells. Hypothetically, and assuming no changes to either
prevailing corn prices or the price relationship between immediate delivery, soon-to-expire contracts and later-to-expire contracts,
the value of a contract will rise as it approaches expiration. Over time, if backwardation remained constant, the differences would
continue to increase. If the futures market is in contango, the Fund will buy later-to-expire contracts for a higher price than
the sooner-to-expire contracts that it sells. Hypothetically, and assuming no other changes to either prevailing corn prices or
the price relationship between the spot price, soon-to-expire contracts and later-to-expire contracts, the value of a contract
will fall as it approaches expiration. Over time, if contango remained constant, the difference would continue to increase. Historically,
the corn futures markets have experienced periods of both contango and backwardation. Frequently, whether contango or backwardation
exists is a function, among other factors, of the seasonality of the corn market and the corn harvest cycle.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">On January 12, 2015, the USDA released
its monthly World Agricultural Supply and Demand Estimates (WASDE) for the Crop Year 2014-15. The USDA has projected the yield
to be 171.0 bushels per acre for the U.S, a significant increase over prior years, with 90.6 million acres planted and 83.1 million
harvested. The total domestic supply of corn for 2014-15 is projected to increase in the U.S. to 15,472 million bushels; usage
for the crop year is projected to increase slightly to 13,595 million bushels. The USDA projects that the resulting &ldquo;Ending
Stocks&rdquo; or inventory will increase significantly from last year to 1,877 million bushels for 2014-15. The USDA&rsquo;s projected
&ldquo;Carry-out Days Supply,&rdquo; which is defined as the Ending Stocks divided by the demand per day, is projected at 50.4
days, up significantly from the 27.0 days for 2012-2013 and 33.4 for 2013-14.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><B><A NAME="b_035"></A>The Soybean Market</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">Global soybean production is concentrated
in the U.S., Brazil, Argentina and China. The United States Department of Agriculture (&ldquo;USDA&rdquo;) has estimated that,
for the Crop Year 2014-2015, the United States will produce approximately 108.0 MMT of soybeans or approximately 34% of estimated
world production, with Brazil production at 95 MMT. Argentina is projected to produce about 55 MMT or approximately 17%. For 2014-2015,
consumption of 286.3 Million Metric Tons (MMT) is expected to be surpassed by global production of 314.4 MMT. If the global supply
of soybeans exceeds global demand, this may have an adverse impact on the price of soybeans. 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&rsquo;s website, www.usda.gov, at no charge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">The soybean processing industry converts
soybeans into soybean meal, soybean hulls, and soybean oil. Soybean meal and soybean hulls are processed into soy flour or soy
protein, which are used, along with other commodities, by livestock producers and the farm fishing industry as feed. Soybean oil
is sold in multiple grades and is used by the food, petroleum and chemical industries. The food industry uses soybean oil in cooking
and salad dressings, baking and frying fats, and butter substitutes, among other uses. In addition, the soybean industry continues
to introduce soy-based products as substitutes to various petroleum-based products including lubricants, plastics, ink, crayons
and candles. Soybean oil is also converted to biodiesel for use as fuel.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">Standard Soybean Futures Contracts trade
on the CBOT in units of 5,000 bushels, although 1,000 bushel &ldquo;mini-sized&rdquo; Soybean Futures Contracts also trade. Three
grades of soybean are deliverable under CBOT Soybean Futures Contracts: Number 1 yellow, which may be delivered at 6 cents per
bushel over the contract price; Number 2 yellow, which may be delivered at the contract price; and Number 3 yellow, which may be
delivered at 6 cents per bushel under the contract price. There are seven months each year in which CBOT Soybean Futures Contracts
expire: January, March, May, July, August, September and November.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">If the futures market is in a state of
backwardation (i.e., when the price of soybeans in the future is expected to be less than the current price), the Fund will buy
later-to-expire contracts for a lower price than the sooner-to-expire contracts that it sells. Hypothetically, and assuming no
changes to either prevailing soybean prices or the price relationship between immediate delivery, soon-to-expire contracts and
later-to-expire contracts, the value of a contract will rise as it approaches expiration. If the futures market is in contango,
the Fund will buy later-to-expire contracts for a higher price than the sooner-to-expire contracts that it sells. Hypothetically,
and assuming no other changes to either prevailing soybean prices or the price relationship between the spot price, soon-to-expire
contracts and later-to-expire contracts, the value of a contract will fall as it approaches expiration. Historically, the soybeans
futures markets have experienced periods of both contango and backwardation. Frequently, whether contango or backwardation exists
is a function, among other factors, of the seasonality of the soybean market and the soybean harvest cycle. All other things being
equal, a situation involving prolonged periods of contago may adversely impact the returns of the Funds; conversely a situation
involving prolonged periods of backwardation may positively impact the returns of the Funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">On January 12, 2015, the USDA released
its monthly World Agricultural Supply and Demand Estimates (WASDE) for the Crop Year 2014-15. For the United States for 2014-15,
the USDA has projected the yield to be 47.8 bushels per acre for the U.S, an increase over prior years, with 83.7 million acres
planted and 83.1 harvested. The total domestic supply of soybeans for 2014-15 is projected to increase in the U.S. to 4,076 million
bushels; usage for that crop year is projected to increase to 3,666 million bushels. The USDA projects that the resulting &ldquo;Ending
Stocks&rdquo; or inventory will increase significantly to 410 million bushels in 2014-15, a level approximately four times that
of 2013-14. The USDA&rsquo;s projected &ldquo;Carry-out Days Supply,&rdquo; which is defined as the Ending Stocks divided by the
demand per day, is projected at 40.8 days for 2014-15, compared to only 9.7 for 2013-14 and 16.6 for 2012-13.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><B><A NAME="b_036"></A>The Sugar Market</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">Sugarcane accounts for about 75% of the
world&rsquo;s sugar production, and sugar beets account for the remainder of the world&rsquo;s sugar production. Sugar manufacturers
use sugar beets and sugarcane as the raw material from which refined sugar (sucrose) for industrial and consumer use is produced.
Sugar is produced in various forms, including granulated, powdered, liquid, brown, and molasses. The food industry (in particular,
producers of baked goods, beverages, cereal, confections, and dairy products) uses sugar and sugarcane molasses to make sugar-containing
food products. Sugar beet pulp and molasses products are used as animal feed ingredients. Ethanol is an important by-product of
sugarcane processing. Additionally, the material that is left over after sugarcane is processed is used to manufacture paper, cardboard,
and &ldquo;environmentally friendly&rdquo; eating utensils.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">The United States Department of Agriculture
(&ldquo;USDA&rdquo;) publishes two major reports annually on U.S. domestic and worldwide sugar production and consumption. These
are usually released in November and May. In addition, the USDA publishes periodic, but not as comprehensive, reports on sugar
monthly. All of these reports are available on the USDA&rsquo;s website, www.usda.gov, at no charge. The USDA&rsquo;s November
2014 report forecasts that Brazil will continue to be the leading producer of sugarcane, producing just over one-quarter of the
world&rsquo;s supply. Other principal producers of sugarcane are India, Thailand and China. The principal world producers of sugar
beets, as forecasted by the USDA for 2014, include the European Union, the United States and Russia. If the global supply of sugar
exceeds global demand, this may have an adverse impact on the price of sugar.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">The Sugar No. 11 Futures Contract is
the world benchmark contract for raw sugar trading. This contract prices the physical delivery of raw cane sugar, delivered to
the receiver&rsquo;s vessel at a specified port within the country of origin of the sugar. Sugar No. 11 Futures Contracts trade
on the ICE Futures and the NYMEX in units of 112,000 pounds.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">If the futures market is in a state of
backwardation (i.e., when the price of sugar in the future is expected to be less than the current price), the Fund will buy later-to-expire
contracts for a lower price than the sooner-to-expire contracts that it sells. Hypothetically, and assuming no changes to either
prevailing sugar prices or the price relationship between immediate delivery, soon-to-expire contracts and later-to-expire contracts,
the value of a contract will rise as it approaches expiration. If the futures market is in contango, the Fund will buy later-to-expire
contracts for a higher price than the sooner-to-expire contracts that it sells. Hypothetically, and assuming no other changes to
either prevailing sugar prices or the price relationship between the spot price, soon-to-expire contracts and later-to-expire contracts,
the value of a contract will fall as it approaches expiration. Historically, the sugar futures markets have experienced periods
of both contango and backwardation. Frequently, whether contango or backwardation exists is a function, among other factors, of
the seasonality of the sugar market and the sugar harvest cycle. All other things being equal, a situation involving prolonged
periods of contago may adversely impact the returns of the Funds; conversely a situation involving prolonged periods of backwardation
may positively impact the returns of the Funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><B><A NAME="b_037"></A>The Wheat Market</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">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&rsquo; output of wheat is typically exceeded only by that of China, the European Union, the FSU-12, including
the Ukraine, and India. The United States Department of Agriculture (&ldquo;USDA&rdquo;) estimates that for 2014-2015, that the
principal global producers of wheat will be the EU, the former Soviet nations known as the FSU-12, China, India, the United States,
Australia and Canada. The U.S. generates approximately 8% of the global production, with almost half of that being exported. For
2014-2015, consumption of 713.2 MMT is estimated to be surpassed by production of 723.4 MMT. If the global supply of wheat exceeds
global demand, this may have an adverse impact on the price of wheat. 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&rsquo;s website,
www.usda.gov, at no charge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">There are several types of wheat grown
in the U.S., which are classified in terms of color, hardness, and growing season. CBOT Wheat Futures Contracts call for delivery
of #2 soft red winter wheat, which is generally grown in the eastern third of the United States, but other types and grades of
wheat may also be delivered (Grade #1 soft red winter wheat, Hard Red Winter, Dark Northern Spring and Northern Spring wheat may
be delivered at 3 cents premium per bushel over the contract price and #2 soft red winter wheat, Hard Red Winter, Dark Northern
Spring and Northern Spring wheat may be delivered at the contract price.) Winter wheat is planted in the fall and is harvested
in the late spring or early summer of the following year, while spring wheat is planted in the spring and harvested in late summer
or fall of the same year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">Standard Wheat Futures Contracts trade
on the CBOT in units of 5,000 bushels, although 1,000 bushel &ldquo;mini-wheat&rdquo; Wheat Futures Contracts also trade. There
are five months each year in which CBOT Wheat Futures Contracts expire: March, May, July, September and December.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">If the futures market is in a state of
backwardation (i.e., when the price of wheat in the future is expected to be less than the current price), the Fund will buy later-to-expire
contracts for a lower price than the sooner-to-expire contracts that it sells. Hypothetically, and assuming no changes to either
prevailing wheat prices or the price relationship between immediate delivery, soon-to-expire contracts and later-to-expire contracts,
the value of a contract will rise as it approaches expiration. If the futures market is in contango, the Fund will buy later-to-expire
contracts for a higher price than the sooner-to-expire contracts that it sells. Hypothetically, and assuming no other changes to
either prevailing wheat prices or the price relationship between the spot price, soon-to-expire contracts and later-to-expire contracts,
the value of a contract will fall as it approaches expiration. Historically, the wheat futures markets have experienced periods
of both contango and backwardation. Frequently, whether contango or backwardation exists is a function, among other factors, of
the seasonality of the wheat market and the wheat harvest cycle. All other things being equal, a situation involving prolonged
periods of contago may adversely impact the returns of the Funds; conversely a situation involving prolonged periods of backwardation
may positively impact the returns of the Funds.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">On January 12, 2015, the USDA released
its monthly World Agricultural Supply and Demand Estimates (WASDE) for the Crop Year 2014-15. For 2014-15, the USDA has projected
the yield to fall to 43.7 bushels per acre for the U.S from the 47.1 estimated for 2013-14. The USDA estimates that the U.S. will
have 56.8 million acres planted and 46.4 harvested. The total domestic supply of wheat for 2014-15 is estimated to decrease to
2,796 million bushels with total usage, including exports, forecast at 2,109 million bushels. The USDA projects that the resulting
&ldquo;Ending Stocks&rdquo; or inventory will increase from the 590 million bushels in 2013-14 to 687 million bushels for 2014-15.
The USDA&rsquo;s projected &ldquo;Carry-out Days Supply,&rdquo; which is defined as the Ending Stocks divided by the demand per
day, is projected at 118.9 days for 2014-15, up from the 88.6 days for 2013-14; for 2012-13, this metric was 108.6 days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_038"></A>Other Trading Policies of the Fund</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Exchange for Related Position</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">An &ldquo;exchange for related position&rdquo;
(&ldquo;EFRP&rdquo;) can be used by the Fund or an Underlying Fund as a technique to facilitate the exchanging of a futures hedge
position against a creation or redemption order, and thus the Fund or an Underlying Fund may use an EFRP transaction in connection
with the creation and redemption of shares. The market specialist/market maker that is the ultimate purchaser or seller of shares
in connection with the creation or redemption basket, respectively, agrees to sell or purchase a corresponding offsetting shares
or futures position which is then settled on the same business day as a cleared futures transaction by the FCMs. The Fund or the
Underlying Fund will become subject to the credit risk of the market specialist/market maker until the EFRP is settled or terminated.
The Fund and the Underlying Funds reports all activity related to EFRP transactions under the procedures and guidelines of the
CFTC and the exchanges on which the futures are traded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Options on Futures Contracts</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">An option on a Futures Contract gives the buyer
of the option the right, but not the obligation, to buy or sell a Futures Contract at a specified price on or before a specified
date. The option buyer deposits the purchase price or &ldquo;premium&rdquo; for the option with his broker, and the money goes
to the option seller. Regardless of how much the market swings, the most an option buyer can lose is the option premium plus all
fees and commissions associated with the option. However, the buyer will typically lose the premium if the exercise price of the
option is above (in the case of an option to buy or &ldquo;call&rdquo; option) or below (in the case of an option to sell or &ldquo;put&rdquo;
option) the market value at the time of exercise. Option sellers, on the other hand, face risks similar to participants in the
futures markets. For example, since the seller of a call option is assigned a short futures position if the option is exercised,
his risk is the same as someone who initially sold a futures contract. Because no one can predict exactly how the market will move,
the option seller posts margin to demonstrate his ability to meet any potential contractual obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition to Futures Contracts, there are
also a number of options on Futures Contracts relating to the Specified Commodities listed on the CBOT and ICE Futures. These contracts
offer investors and hedgers another set of financial vehicles to use in managing exposure to the commodities market. An Underlying
Fund may purchase and sell (write) options on Futures Contracts in pursuing its investment objective, except that it will not sell
call options when it does not own the underlying Futures Contract. An Underlying Fund would make use of options on Futures Contracts
if, in the opinion of the Sponsor, such an approach would cause the Underlying Fund to more closely track its Benchmark or if it
would lead to an overall lower cost of trading to achieve a given level of economic exposure to movements in the prices of the
Underlying Fund&rsquo;s Specified Commodity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Liquidity</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The Underlying
Funds invest only in Futures Contracts that, in the opinion of the Sponsor, are traded in sufficient volume to permit the ready
taking and liquidation of positions in these financial interests and in over-the-counter Commodity Interests that, in the opinion
of the Sponsor, may be readily liquidated with the original counterparty or through a third party assuming the Underlying Fund&rsquo;s
position.</FONT><FONT STYLE="font-size: 8pt"> </FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Spot Commodities</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">While most Futures Contracts can be physically
settled, the Fund and the Underlying Funds do not intend to take or make physical delivery. However, the Underlying Funds may from
time to time trade in Other Commodity Interests based on the spot price of a Specified Commodity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Leverage</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in">The Sponsor endeavors to have the value
of each Underlying Fund&rsquo;s Treasury Securities, cash and cash equivalents, whether held by the Underlying Fund or posted as
margin or collateral, at all times approximate the aggregate market value of its obligations under its Commodity Interests. Commodity
pools&rsquo; trading positions in futures contracts are typically required to be secured by the deposit of margin funds that represent
only a small percentage of a futures contract&rsquo;s (or other commodity interest&rsquo;s) entire market value. While the Sponsor
does not intend to leverage the Fund&rsquo;s assets, it is not prohibited from doing so under the Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Borrowings</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund and the Underlying Funds do not intend
to nor foresee the need to borrow money or establish credit lines. Each Underlying Fund maintains Treasury Securities, cash and
cash equivalents, either held by the Underlying Fund or posted as margin or collateral, with a value that at all times approximates
the aggregate market value of its obligations under Commodity Interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Pyramiding</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Neither the Fund nor any Underlying Fund employs
or will employ the technique, commonly known as pyramiding, in which a speculator uses unrealized profits on existing positions
as variation margin for the purchase or sale of additional positions in the same or another Commodity Interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_039"></A>Securities Loans</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund is authorized to lend securities to
qualified brokers, dealers, banks and other financial institutions for the purpose of earning additional income a portion of which
will be allocated to the Sponsor as compensation for its services in managing the associated securities lending activities. The
value of securities loans may not exceed 33 1/3 % of the value of the Fund&rsquo;s total assets, which includes the value of collateral
received. To the extent the Fund loans a portion of its securities, the Fund will receive collateral consisting generally of cash,
cash collateral or short-term U.S. Treasury securities, which will be established initially in an amount equal to at least 105%
of the current market value of the loaned securities. The loaned securities and such collateral will be marked-to-market at the
end of each subsequent Business Day on which the securities loan is outstanding. On any Business Day the value of such collateral
is less than 102% of the current market value of the loaned securities, the borrower of the loaned securities will deposit additional
collateral in an amount sufficient to increase the total amount of collateral to an amount equal to or greater than 105% of the
current market value of the loaned securities. Subject to its stated investment policy, the Fund will generally invest the cash
collateral received for the loaned securities in accordance with applicable investment guidelines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, the Fund will be able to terminate
the loan at any time and will receive reasonable interest on the loan, as well as amounts equal to any dividends, interest or other
distributions on the loaned securities. In the event of the bankruptcy or insolvency of the borrower, or any similar proceeding,
the Fund could experience delay in recovering the loaned securities or only recover cash or a security of equivalent value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_040"></A>The Service Providers of the Fund and Underlying Funds</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Contractual Arrangements with the Sponsor
and Third-Party Service Providers</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor is responsible for investing the
assets of the Fund and the Underlying Funds in accordance with the objectives and policies of the Fund and the Underlying Funds.
In addition, the Sponsor arranges for one or more third parties to provide administrative, custodial, accounting, transfer agency
and other necessary services to the Fund and the Underlying Funds. For these services, the Underlying Funds are contractually obligated
to pay a monthly management fee to the Sponsor based on average daily net assets, at a rate equal to 1.00% per annum. The Sponsor
can elect to waive the payment of this fee in any amount at its sole discretion, at any time and from time to time, in order to
reduce the Underlying Funds&rsquo; expenses or for any other purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In its capacity as the Fund&rsquo;s and Underlying
Funds&rsquo; custodian, the Custodian, The Bank of New York Mellon, holds the Underlying Fund shares owned by the Fund and the
Treasury Securities, cash and/or cash equivalents owned by the Fund and the Underlying Funds pursuant to a custodial agreement.
The Custodian is also the registrar and transfer agent for the Fund&rsquo;s Shares. In addition, the Custodian also serves as Administrator
for the Fund and the Underlying Funds, performing certain administrative and accounting services and preparing certain SEC and
CFTC reports on behalf of the Fund and the Underlying Funds. For these services, the Fund pays fees to the Custodian as set forth
in the table below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Custodian also acts as a broker for
some, but not all, of the equity transactions related to the purchase and sale of the Underlying Funds for the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Custodian&rsquo;s principal business address
is One Wall Street, New York, New York 10286. The Custodian is a New York state chartered bank subject to regulation by the Board
of Governors of the Federal Reserve System and the New York State Banking Department.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund and the Underlying Funds also employ
Foreside Fund Services, LLC, the Distributor, which is further discussed under &ldquo;Plan of Distribution.&rdquo; The Underlying
Funds pay the Distributor&rsquo;s fees as set forth in the table below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Distribution Services Agreement among the
Distributor, the Sponsor and the Trust calls for the Distributor to work with the Custodian in connection with the receipt and
processing of orders for Creation Baskets and Redemption Baskets and the review and approval of all Fund sales literature and advertising
materials. The Distributor and the Sponsor have also entered into a Securities Activities and Service Agreement (the &ldquo;SASA&rdquo;)
under which certain employees and officers of the Sponsor are licensed as registered representatives or registered principals of
the Distributor, under FINRA rules (&ldquo;Registered Representatives&rdquo;). As Registered Representatives of the Distributor,
these persons are permitted to engage in certain marketing activities for the Fund that they would otherwise not be permitted to
engage in. Under the SASA, the Sponsor is obligated to ensure that such marketing activities comply with applicable law and are
permitted by the SASA and the Distributor&rsquo;s internal procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Distributor&rsquo;s principal business address
is Three Canal Plaza, Suite 100, Portland, Maine 04101. The Distributor is a broker-dealer registered with the SEC and a member
of the Financial Industry Regulatory Authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund purchases and sells shares of the Underlying
Funds through broker-dealers selected on a trade-by-trade basis. Commissions and other transactions costs for such transactions
are negotiated separately with each such broker-dealer.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Currently, Jefferies LLC (&ldquo;Jefferies&rdquo;)
serves as the principal clearing broker and FCM to execute and clear the Underlying Funds&rsquo; futures transactions and provide
other brokerage-related services. Jefferies acts as clearing broker for many other funds and individuals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Jefferies is registered as a futures commission
merchant with the United States Commodity Futures Trading Commission (&ldquo;CFTC&rdquo;) and is a member of the National Futures
Association (&ldquo;NFA&rdquo;). Jefferies is also registered as a broker/dealer registered with the United States Securities and
Exchange Commission and is a member of the Financial Industry Regulatory Authority (&ldquo;FINRA&rdquo;). Jefferies is a clearing
member of the Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States
commodity exchanges.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Jefferies is a direct, wholly-owned subsidiary
of Jefferies Group LLC, which in turn is an indirect, wholly owned subsidiary of Leucadia National Corporation. Until September
1, 2014, Jefferies&rsquo; futures business had been conducted through Jefferies Bache, LLC, a stand-alone FCM within the Jefferies
family of companies. Prior to July 1, 2011, Jefferies Bache, LLC had been an indirect, wholly-owned subsidiary of Prudential Financial,
Inc. operating under the name Prudential Bache Commodities, LLC.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">From time to time Jefferies (in its capacity
as a commodities broker) and its principals may be involved in numerous legal actions, some of which individually and all of which
in the aggregate, seek significant or indeterminate damages. However, except for the matters described below, during the five years
preceding the date of this offering memorandum there has been no administrative, civil, or criminal action against Jefferies or
any of its principals which is material, in light of all the circumstances, to an investor&rsquo;s decision to invest in the Partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On March 12, 2014, Jefferies settled an administrative
proceeding brought by the Securities and Exchange Commission (&ldquo;SEC&rdquo;). The SEC&rsquo;s Administrative Order found that
Jefferies failed reasonably to supervise a former representative and certain other representatives on Jefferies&rsquo; mortgage-backed
securities desk with a view of preventing and detecting their violations of the federal securities laws during the time period
from 2009-2011. The Order found that in connection with inventory and intra-day principal trades in residential mortgage backed
securities these representatives lied to or otherwise misled customers about the price at which Jefferies had bought these securities
and consequently the amount of Jefferies&rsquo; profit on the trades. The order censured Jefferies and required the payment of
disgorgement and prejudgment interest of approximately $4.5 million; Jefferies also undertook to retain an independent compliance
consultant to review specified policies and procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Jefferies has also entered in to a non-prosecution
agreement with the U.S. Department of Justice relating to those RMBS or legacy securities which were created and partially by the
U.S. Government through the Troubled Asset Relief Program. In the non-prosecution agreement, Jefferies, among other things, agreed
to pay a monetary penalty of $25 million, inclusive of any restitution paid to victims, up to $11 million, and any monetary penalty
imposed by the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Jefferies has not passed upon the adequacy of
this prospectus or on the accuracy of the information contained herein. Additionally, Jefferies does not provide any commodity
trading advice regarding the Underlying Funds&rsquo; trading activities. Investors should not rely upon Jefferies in deciding whether
to invest in the Fund or retain their interests in the Fund. Investors should also note that the Fund may select additional clearing
brokers or replace Jefferies as the Underlying Funds&rsquo; clearing broker.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Currently, the Sponsor does not employ
commodity trading advisors. If, in the future, the Sponsor does employ commodity trading advisors, it will choose each advisor
based on arm&rsquo;s-length negotiations and will consider the advisor&rsquo;s experience, fees, and reputation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt"><B><I>Contractual Fees and Compensation Arrangements with
the Sponsor and Third-Party Service Providers</I></B></P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 34%; border-bottom: black 1.5pt solid; padding-top: 6pt"><font style="font-size: 10pt">&nbsp;<b>Service Provider</b></font></td>
    <td style="width: 1%"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="width: 32%; border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Compensation Paid by the</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Fund</b></P></td>
    <td style="width: 1%"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="width: 32%; border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Compensation Paid by the</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Underlying Funds</b></P></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Teucrium Trading, LLC,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Sponsor</P></td>
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">None.</font></td>
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">1.00% of average net assets annually</font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">The Bank of New York Mellon, Custodian, Transfer Agent and Administrator</font></td>
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td><FONT STYLE="font-size: 10pt"> For all services, 0.05% of average gross assets up to $1 billion, 0.04% of average gross
    assets between $1 billion and $3 billion, and 0.03% of average gross assets over $3 billion, annually, and a minimum fee of
    up to $100,000 annually thereafter. </FONT></td>
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">For custody services: 0.0075% of average gross assets up to $1 billion,
        and 0.0050% of average gross assets over $1 billion, annually, plus certain per-transaction charges</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">For transfer agency services: 0.0075% of average gross assets annually</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">For administrative services: 0.05% of average gross assets up to
        $1 billion, 0.04% of average gross assets between $1 billion and $3 billion, and 0.03% of average gross assets over $3 billion,
        annually</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">A combined minimum annual fee of up to $125,000 for custody, transfer
        agency and administrative services will be assessed.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></td></tr>
</table>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 34%"><font style="font-size: 10pt">Foreside Fund Services, LLC, Distributor</font></td>
    <td style="width: 1%"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="width: 32%"><FONT STYLE="font-size: 10pt"> For reimbursement of expenses including sales and advertising FINRA
    filing fees, and other miscellaneous expenses incurred in connection with the provision of distribution services on behalf
    of the Fund, not to exceed $6,000 for the two year period of May 1, 2015 to April 30, 2017 (the &ldquo;two year offering period&rdquo;). </FONT></td>
    <td style="width: 1%"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="width: 32%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> The Distributor receives a fee of 0.01% of the Fund&rsquo;s average
        daily net assets and an aggregate annual fee of $100,000 for all Teucrium Funds. The fees which will be paid to the Distributor
        by the Fund per year are estimated not to exceed $100,000 per year. The total maximum base fee and basis point fee for the two
        year offering period equals $500,000(($100,000+ $150,000,000)x2). Therefore, the maximum amount of fees the Distributor could receive
        from the Underlying Funds for distribution services with respect to this offering equals $500,000. </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> The Distributor also receives certain expense reimbursements
        relating to its distribution services for the Underlying Funds, which are estimated not to exceed $24,200 for the two year offering
        period. None of these expense reimbursements are allocated to services provided for the Fund. Expense reimbursements for distribution
        services for this offering are paid by the Fund and disclosed under the column titled Compensation Paid by the Fund. </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"> Under the Securities Activities and Service Agreement,
        the Distributor receives compensation for its activities on behalf of all the Teucrium Funds, which is estimated not to exceed
        an aggregate for the Teucrium Funds of $33,000 per year and $66,000 for the two year offering period. Of this $66,000 mentioned
        above, all will be allocated to the Underlying Funds. In addition, the Distributor receives certain expense reimbursements relating
        to the registration, continuing education and other administrative expenses of the Registered Representatives in relation to the
        Teucrium Funds, currently estimated at $21,000 per year and $42,000 for the two year offering period. Of this $42,000 mentioned
        above, all will be allocated to the Underlying Funds. The total amount of the SASA fee allocated to the Fund is estimated to be
        approximately $1,500 per year and $3,000 for the two year offering period. The total amount of expenses to be reimbursed under
        the SASA allocated to the Fund is estimated to be approximately $1,000 per year and $2,000 for the two year offering period. </P></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-size: 10pt">&nbsp;</font></td></tr>
</table>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 34%"><font style="font-size: 10pt">Broker-Dealers</font></td>
    <td style="width: 1%"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="width: 32%"><font style="font-size: 10pt">As negotiated with the particular broker-dealer.</font></td>
    <td style="width: 1%"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="width: 32%"><font style="font-size: 10pt">N/A</font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-size: 10pt">&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">Wilmington Trust Company, Trustee</font></td>
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-size: 10pt">&nbsp;None</font></td>
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-size: 10pt">$3,300 annually</font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-size: 10pt">&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">Employees of the Sponsor Registered with the Distributor (the &ldquo;Registered Representatives&rdquo;)</font></td>
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-size: 10pt">For services provided to the Fund, $18,599, such amount to be paid by the Fund; for marketing and wholesaling services, $7,010, such amount to be paid by the Sponsor.</font></td>
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-size: 10pt">N/A</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B><I>Other Non-Contractual Payments by the Fund</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in"> The Fund pays for all brokerage fees,
taxes and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the
SEC, the Financial Industry Regulatory Authority (&ldquo;FINRA&rdquo;), formerly the National Association of Securities Dealers,
or any other regulatory agency in connection with the offer and sale of subsequent Shares after its initial registration and all
legal, accounting, printing and other expenses associated therewith. The Fund also pays its portion of the fees and expenses for
services directly attributable to the Fund such as accounting, financial reporting, regulatory compliance and trading activities,
which the Sponsor elected not to outsource. Certain aggregate expenses common to all Funds within the Trust are allocated by the
Sponsor to the respective funds based on activity drivers deemed most appropriate by the Sponsor for such expenses, including but
not limited to relative assets under management and creation and redeem order activity. These aggregate common expenses include,
but are not limited to, legal, auditing, accounting and financial reporting, tax-preparation, regulatory compliance, trading activities,
and insurance costs, as well as fees paid to the Distributor. A portion of these aggregate common expenses are related to the Sponsor
or related parties of principals of the Sponsor; these are necessary services to the Funds, which are primarily the cost of performing
accounting and financial reporting, regulatory compliance, and trading activities that are directly attributable to the Fund. For
the period ended December 31, such expenses totaled $16,234 in 2014, $20,773 in 2013 and $8,657 in 2012; of these amounts, $16,234
in 2014, $20,773 in 2013 and $4,991 in 2012 were waived by the Sponsor. The Sponsor can elect to pay (or waive reimbursement for)
certain fees or expenses that would generally be paid for by the Fund, although it has no contractual obligation to do so. Any
election to pay or waive reimbursement for fees that would generally be paid by the Fund, can be changed at the discretion of the
Sponsor. All asset-based fees and expenses are calculated on the prior day's net assets. </P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt"> The contractual and non-contractual fees and expenses paid
by the Fund, net of any expenses waived by the Sponsor, as described above (exclusive of the estimated brokerage fees) are as follows.
These are also the &ldquo;Other Fund Fees and Expenses&rdquo; included in the section entitled &ldquo;Breakeven Analysis&rdquo;
in this prospectus on page 10. </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <TD STYLE="vertical-align: top; width: 82%; padding-top: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt"> Professional
    Fees<SUP>1</SUP> </FONT></td>
    <TD STYLE="vertical-align: bottom; width: 4%; padding-top: 6pt"><FONT STYLE="font-size: 10pt"> $ </FONT></td>
    <TD STYLE="vertical-align: bottom; width: 14%; padding-top: 6pt; text-align: right"><FONT STYLE="font-size: 10pt"> 0.14 </FONT></td></tr>
<tr>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt"> Distribution and Marketing Fees<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><SUP>2</SUP></FONT> </FONT></td>
    <TD STYLE="vertical-align: bottom"> &nbsp; </td>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"> 0.00 </FONT></td></tr>
<tr>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt"> Custodian Fees and Expenses<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><SUP>3</SUP></FONT> </FONT></td>
    <TD STYLE="vertical-align: bottom"> &nbsp; </td>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"> 0.00 </FONT></td></tr>
<tr>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt"> General and Administrative Fees<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><SUP>4</SUP></FONT> </FONT></td>
    <TD STYLE="vertical-align: bottom"> &nbsp; </td>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"> 0.00 </FONT></td></tr>
<tr>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt"> Business Permits and Licenses </FONT></td>
    <TD STYLE="vertical-align: bottom"> &nbsp; </td>
    <TD STYLE="vertical-align: bottom; text-align: right"> &nbsp; </td></tr>
<tr>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt"> Other Expenses </FONT></td>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid"> &nbsp; </td>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"> 0.00 </FONT></td></tr>
<tr>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt"> &nbsp;&nbsp;&nbsp;&nbsp;Total Other
    Fund Fees and Expenses </FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt"> $ </FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"> 0.14 </FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 0">(1) <FONT STYLE="font-size: 10pt">Professional
fees consist of primarily, but not entirely, legal, auditing and tax-preparation related costs.</FONT></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 0">(2) <FONT STYLE="font-size: 10pt">Distribution
and marketing fees consist of primarily, but not entirely, fees paid to the Distributor (Foreside Fund Services, LLC), costs related
to regulatory compliance activities and other costs related to the trading activities of the Fund</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 0">(3)<FONT STYLE="font-size: 10pt">
Custodian and Administrator fees consist of fees to the Bank of New York Mellon for Fund accounting, transfer agent and custodian
activities</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 0"> (4)
<FONT STYLE="font-size: 10pt">General</FONT> <FONT STYLE="font-size: 10pt"> and Administrative fees consist of primarily,
but not entirely, insurance and printing costs. </FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0">Asset-based fees are calculated on a daily basis (accrued
at 1/365 of the applicable percentage of NAV on that day) and paid on a monthly basis. NAV is calculated by taking the current
market value of the Fund&rsquo;s total assets and subtracting any liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_041"></A>Form of Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in"><B><I>Registered Form</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">Shares are issued in registered form in
accordance with the Trust Agreement. The Custodian has been appointed registrar and transfer agent for the purpose of transferring
Shares in certificated form. The Custodian keeps a record of all Shareholders and holders of the Shares in certificated form in
the registry (&ldquo;Register&rdquo;). The Sponsor recognizes transfers of Shares in certificated form only if done in accordance
with the Trust Agreement. The beneficial interests in such Shares are held in book-entry form through participants and/or accountholders
in DTC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in"><B><I>Book Entry</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">Individual certificates are not issued
for the Shares. Instead, Shares are represented by one or more global certificates, which are deposited by the Administrator with
DTC and registered in the name of Cede &amp; Co., as nominee for DTC. The global certificates evidence all of the Shares outstanding
at any time. Shareholders are limited to (1) participants in DTC such as banks, brokers, dealers and trust companies (&ldquo;DTC
Participants&rdquo;), (2) those who maintain, either directly or indirectly, a custodial relationship with a DTC Participant (&ldquo;Indirect
Participants&rdquo;), and (3) those who hold interests in the Shares through DTC Participants or Indirect Participants, in each
case who satisfy the requirements for transfers of Shares. DTC Participants acting on behalf of investors holding Shares through
such participants&rsquo; accounts in DTC will follow the delivery practice applicable to securities eligible for DTC&rsquo;s Same-Day
Funds Settlement System. Shares are credited to DTC Participants&rsquo; securities accounts following confirmation of receipt of
payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in"><B><I>DTC</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">DTC has advised us as follows: It is a
limited purpose trust company organized under the laws of the State of New York and is a member of the Federal Reserve System,
a &ldquo;clearing corporation&rdquo; within the meaning of the New York Uniform Commercial Code and a &ldquo;clearing agency&rdquo;
registered pursuant to the provisions of Section 17A of the 1934 Act. DTC holds securities for DTC Participants and facilitates
the clearance and settlement of transactions between DTC Participants through electronic book-entry changes in accounts of DTC
Participants.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><B><A NAME="b_042"></A>Transfer of Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">The Shares are only transferable through
the book-entry system of DTC. Shareholders who are not DTC Participants may transfer their Shares through DTC by instructing the
DTC Participant holding their Shares (or by instructing the Indirect Participant or other entity through which their Shares are
held) to transfer the Shares. Transfers are made in accordance with standard securities industry practice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">Transfers of interests in Shares with
DTC are made in accordance with the usual rules and operating procedures of DTC and the nature of the transfer. DTC has established
procedures to facilitate transfers among the participants and/or accountholders of DTC. Because DTC can only act on behalf of DTC
Participants, who in turn act on behalf of Indirect Participants, the ability of a person or entity having an interest in a global
certificate to pledge such interest to persons or entities that do not participate in DTC, or otherwise take actions in respect
of such interest, may be affected by the lack of a certificate or other definitive document representing such interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">DTC has advised us that it will take any
action permitted to be taken by a Shareholder (including, without limitation, the presentation of a global certificate for exchange)
only at the direction of one or more DTC Participants in whose account with DTC interests in global certificates are credited and
only in respect of such portion of the aggregate principal amount of the global certificate as to which such DTC Participant or
Participants has or have given such direction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><B><A NAME="b_043"></A>Inter-Series Limitation on Liability</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">Because the Trust was established as a
Delaware statutory trust, each Teucrium Fund and each other series that may be established under the Trust in the future will be
operated so that it will be liable only for obligations attributable to such series and will not be liable for obligations of any
other series or affected by losses of any other series. If any creditor or shareholder of any particular series (such as the Fund)
asserts against the series a valid claim with respect to its indebtedness or shares, the creditor or shareholder will only be able
to obtain recovery from the assets of that series and not from the assets of any other series or the Trust generally. The assets
of the Fund and any other series will include only those funds and other assets that are paid to, held by or distributed to the
series on account of and for the benefit of that series, including, without limitation, amounts delivered to the Trust for the
purchase of shares in a series. This limitation on liability is referred to as the Inter-Series Limitation on Liability. The Inter-Series
Limitation on Liability is expressly provided for under the Delaware Statutory Trust Act, which provides that if certain conditions
(as set forth in Section 3804(a)) are met, then the debts of any particular series will be enforceable only against the assets
of such series and not against the assets of any other series or the Trust generally. In furtherance of the Inter-Series Limitation
on Liability, every party providing services to the Trust, the Fund or the Sponsor on behalf of the Trust or the Fund, will acknowledge
and consent in writing to the Inter-Series Limitation on Liability with respect to such party&rsquo;s claims.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">The existence of a Trustee should not
be taken as an indication of any additional level of management or supervision over the Fund or any Underlying Fund. Consistent
with Delaware law, the Trustee acts in an entirely passive role, delegating all authority for the management and operation of the
Fund and the Trust to the Sponsor. The Trustee does not provide custodial services with respect to the assets of the Fund or any
Underlying Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_044"></A>Plan of Distribution</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in"><B><I>Buying and Selling Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Most investors buy and sell Shares of the Fund
in secondary market transactions through brokers. Shares trade on the NYSE Arca under the ticker symbol &ldquo;TAGS.&rdquo; Shares
are bought and sold throughout the trading day like other publicly traded securities. When buying or selling Shares through a broker,
most investors incur customary brokerage commissions and charges. Investors are encouraged to review the terms of their brokerage
account for details on applicable charges and, as discussed below under &ldquo;U.S. Federal Income Tax Considerations,&rdquo; any
provisions authorizing the broker to borrow Shares held on your behalf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>The Distributor and Authorized Purchasers</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The offering of the Fund&rsquo;s Shares is a
best efforts offering. The Fund continuously offers Creation Baskets consisting of 25,000 Shares at their NAV through the Distributor
to Authorized Purchasers. Merrill Lynch Professional Clearing Corp was the initial Authorized Purchaser. The initial Authorized
Purchaser purchased one Creation Basket of 50,000 units, which was the Creation Basket size at the time of the initial offering,
at a per unit price of $50.00 on March 27, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor and the Trust are parties to an
Amended and Restated Distribution Services Agreement dated as of November 17, 2010 (the &ldquo;Distribution Agreement&rdquo;),
which amended and restated in its entirety a Distribution Services Agreement between the Sponsor, the Trust, and Foreside Fund
Services, LLC (the &ldquo;Distributor&rdquo;) dated as of October 15, 2010. Pursuant to the Distribution Agreement the Distributor,
together with the Custodian, is required to provide services in connection with the receipt and processing of orders for Creation
Baskets and Redemption baskets of units of the funds that are series of the Trust, including the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Distribution Agreement, as amended, remains
in full force and effect between the parties. The Distribution Agreement was most recently amended on December 10, 2014 and was
previously amended on May 25, 2011, October 1, 2011, and April 22, 2014. The first amendment to the Distribution Agreement, dated
May 25, 2011, provided for the application of the agreement to additional series of the Trust and revised the fee schedule, including
the specific fees and expenses allocable to the Fund and each of the funds that are series of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The second amendment and third amendments
revised the fee schedule between the parties, including the specific fees and expenses allocable to the Fund and each Teucrium
Fund. The fourth amendment eliminated the two series of the Trust which ceased operations on December 21, 2014. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The Distributor receives a fee at an annual
rate of 0.01% of each Teucrium Fund&rsquo;s average daily net assets calculated and billed monthly, and an annual aggregate fee
of $100,000 for all Teucrium Funds for which the Distributor serves as such. The Distributor also receives certain expense reimbursements
relating to its distribution services, for all Teucrium Funds, currently estimated at $24,200 for a two year offering period. The
fees which will be paid to the Distributor by the Fund per year are estimated not to exceed $100,000 per year. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The Distributor receives fees only from the
Underlying Funds. The Distributor will not receive a separate fee directly from the assets of the Fund; however, the Fund will
reimburse the Distributor for certain expenses relating to sales and advertising FINRA filing fees and other miscellaneous expenses
incurred in connection with the provision of distribution services on behalf of the Fund, currently estimated at $10,000 for the
two year offering period. The Distributor receives, for its services as distributor for the Underlying Funds, a fee at an annual
rate of 0.01% of each Underlying Fund&rsquo;s average daily net assets (or an aggregate maximum fee of $150,000), and an annual
fee of $100,000 in the aggregate for all of the Underlying Funds. The total maximum base fee and basis point fee for the two year
offering period equals $500,000 (($100,000+$150,000)x2). Of this total, a percentage has been allocated to the Underlying Funds,
which amount equals $500,000 for the two year offering period and $250,000 per year. Therefore, the maximum amount of fees the
Distributor will receive from the Underlying Funds with respect to this offering equals $500,000. In no event may the aggregate
compensation paid to the Distributor and any affiliate of the Distributor for distribution-related services in connection with
this offering of Shares exceed 10 percent (10%) of the gross proceeds of this offering. The maximum expense reimbursements the
Distributor will receive from the Fund over the expected two year offering period will not exceed $6,000. </P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The Distribution Services Agreement among
the Distributor, the Sponsor and the Trust calls for the Distributor to work with the Custodian in connection with the receipt
and processing of orders for Creation Baskets and Redemption Baskets and the review and approval of all Fund sales literature and
advertising materials. The Distributor and the Sponsor have also entered into a Securities Activities and Services Agreement (the
&ldquo;SASA&rdquo;) under which certain employees and officers of the Sponsor are licensed as registered representatives or registered
principals of the Distributor, under FINRA rules. As Registered Representatives of the Distributor, these persons are permitted
to engage in certain marketing activities for the Fund that they would otherwise not be permitted to engage in. Under the SASA,
the Sponsor is obligated to ensure that such marketing activities comply with applicable law and are permitted by the SASA and
the Distributor&rsquo;s internal procedures. The Distributor is paid a fee and reimbursed for expenses in connection with the services
provided pursuant to the SASA. The fees and expenses are allocated across all five of the funds in the Teucrium Trust. Therefore,
the total amount of the fee allocated to the Fund is $1,500 per year and $3,000 for the two year offering period. The total amount
of expenses to be reimbursed under the SASA allocated to the Fund is $1,000 per year and $2,000 for the two year offering period.
The total non-transaction based compensation to be paid to the Registered Representatives is $25,609 per year, of which all will
be paid by the Sponsor for marketing and wholesaling services. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The offering of baskets is being made in compliance
with Conduct Rule 2310 of FINRA. Accordingly, Authorized Purchasers will not make any sales to any account over which they have
discretionary authority without the prior written approval of a purchaser of Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The per share price of Shares offered in Creation
Baskets on any subsequent day will be the total NAV of the Fund calculated shortly after the close of the NYSE Arca on that day
divided by the number of issued and outstanding Shares. An Authorized Purchaser is not required to sell any specific number or
dollar amount of Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">By executing an Authorized Purchaser Agreement,
an Authorized Purchaser becomes part of the group of parties eligible to purchase baskets from, and put baskets for redemption
to, the Fund. An Authorized Purchaser is under no obligation to create or redeem baskets or to offer to the public Shares of any
baskets it does create. If an Authorized Purchaser sells Shares that it has created to the public, it will be expected to sell
them at per-Share offering prices that are expected to reflect, among other factors, the trading price of the Shares on the NYSE
Arca, the NAV of the Fund at the time the Authorized Purchaser purchased the Creation Baskets and the NAV at the time of the offer
of the Shares to the public, the supply of and demand for Shares at the time of sale, and the liquidity of the Commodity Interest
markets. The prices of Shares offered by Authorized Purchasers are expected to fall between the Fund&rsquo;s NAV and the trading
price of the Shares on the NYSE Arca at the time of sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following entities have entered into Authorized
Purchaser Agreements with respect to the Fund: J.P. Morgan Securities, LLC, Merrill Lynch Professional Clearing Corp., Goldman
Sachs Execution &amp; Clearing, L.P., UBS Securities, LLC, RBC Capital Markets, LLC, and Virtu Financial BD LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> In order to increase the amount of outstanding
Shares, the Sponsor or the Fund may compensate certain persons, including broker-dealers, for purchasing Creation Baskets themselves
or for locating others to purchase Creation Baskets. Assets under management derived from such purchases may represent a significant
proportion of total assets in the Fund. Any such compensation paid to FINRA member firms will not exceed, in the aggregate, $500,000
over the expected two year offering period. The Sponsor believes that increasing the assets under management of the Fund is in
the best interest of shareholders because it creates economies of scale in the operation of the Fund and allows the Fund the visibility
to reach a broader group of investors. For example, some advisers require funds to have a certain level of assets under management
before considering them for recommendation. Furthermore, a larger number of Shares outstanding should increase liquidity because
there will be more Shares available for investors to buy and sell in the secondary market. A smaller number of Shares outstanding,
conversely, may inhibit trading on the secondary market by limiting Shares available for purchase at any given time. </P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Because new Shares can be created and issued
on an ongoing basis, at any point during the life of the Fund, a &ldquo;distribution,&rdquo; as such term is used in the 1933 Act,
will be occurring. Authorized Purchasers, other broker-dealers and other persons are cautioned that some of their activities may
result in their being deemed participants in a distribution in a manner that would render them statutory underwriters and subject
them to the prospectus-delivery and liability provisions of the 1933 Act. For example, an Authorized Purchaser, other broker-dealer
firm or its client will be deemed a statutory underwriter if it purchases a basket from the Fund, breaks the basket down into the
constituent Shares and sells the Shares to its customers; or if it chooses to couple the creation of a supply of new Shares with
an active selling effort involving solicitation of secondary market demand for the Shares. In contrast, Authorized Purchasers may
engage in secondary market or other transactions in Shares that would not be deemed &ldquo;underwriting.&rdquo; For example, an
Authorized Purchaser may act in the capacity of a broker or dealer with respect to Shares that were previously distributed by other
Authorized Purchasers. A determination of whether a particular market participant is an underwriter must take into account all
the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case, and the examples
mentioned above should not be considered a complete description of all the activities that would lead to designation as an underwriter
and subject them to the prospectus-delivery and liability provisions of the 1933 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Dealers who are neither Authorized Purchasers
nor &ldquo;underwriters&rdquo; but are nonetheless participating in a distribution (as contrasted to ordinary secondary trading
transactions), and thus dealing with Shares that are part of an &ldquo;unsold allotment&rdquo; within the meaning of Section 4(3)(C)
of the 1933 Act, would be unable to take advantage of the prospectus-delivery exemption provided by Section 4(3) of the 1933 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor expects that any broker-dealers
selling Shares will be members of FINRA. Investors intending to create or redeem baskets through Authorized Purchasers in transactions
not involving a broker-dealer registered in such investor&rsquo;s state of domicile or residence should consult their legal advisor
regarding applicable broker-dealer regulatory requirements under the state securities laws prior to such creation or redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">While the Authorized Purchasers may be indemnified
by the Sponsor, they will not be entitled to receive a discount or commission from the Trust or the Sponsor for their purchases
of Creation Baskets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_045"></A>The Flow of Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="p62.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_046"></A>Calculating NAV</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The Fund&rsquo;s NAV per Share is calculated
by: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="width: 5%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 88%"><font style="font-size: 10pt">Taking the current market value of its total assets, and</font></td></tr>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="width: 5%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 88%"><font style="font-size: 10pt">Subtracting any liabilities and dividing the balance by the number of Shares.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Administrator calculates the NAV of the
Fund once each trading day. It calculates NAV as of the earlier of the close of the New York Stock Exchange or 4:00 p.m. New York
time. The NAV for a particular trading day is released after 4:15 p.m. New York time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For purposes of the determining the Fund&rsquo;s
NAV, the Fund&rsquo;s investments in the Underlying Funds will be valued based on the Underlying Funds&rsquo; NAVs. In turn, in
determining the value of the Futures Contracts held by the Underlying Funds, the Administrator will use the closing price on the
exchange on which they are traded, except that the &ldquo;fair value&rdquo; of a Futures Contract (as described in more detail
below) may be used when the Futures Contract close at its price fluctuation limit for the day. The Administrator will determine
the value of all other Fund and Underlying Fund investments as of the earlier of the close of the New York Stock Exchange or 4:00
p.m. New York time, in accordance with the current Services Agreement between the Administrator and the Trust. The value of Cleared
Swaps and over-the-counter Commodity Interests will be determined based on the value of the commodity or Futures Contract underlying
such Commodity Interest, except that a fair value may be determined if the Sponsor believes that the Underlying Fund is subject
to significant credit risk relating to the counterparty to such Commodity Interest. Treasury Securities held by the Fund or Underlying
Funds are valued by the Administrator using values received from recognized third-party vendors (such as Reuters) and dealer quotes.
NAV includes any unrealized profit or loss on open Commodity Interests and any other credit or debit accruing to the Fund but unpaid
or not received by the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The fair value of a Commodity Interest shall
be determined by the Sponsor in good faith and in a manner that assesses the Commodity Interest&rsquo;s value based on a consideration
of all available facts and information on the valuation date. When a Futures Contract has closed at its price fluctuation limit,
the fair value determination attempts to estimate the price at which such Futures Contract would be trading in the absence of the
price fluctuation limit (either above such limit when an upward limit has been reached or below such limit when a downward limit
has been reached). Typically, this estimate will be made primarily by reference to the price of comparable Commodity Interests
trading in the over-the-counter market. The fair value of a Commodity Interest may not reflect such instrument&rsquo;s market value
or the amount an Underlying Fund might reasonably expect to receive upon closing out the instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, in order to provide updated information
relating to the Fund for use by investors and market professionals, NYSE Arca calculates and disseminates throughout the trading
day an updated &ldquo;indicative fund value.&rdquo; The indicative fund value is calculated by using the prior day&rsquo;s closing
NAV per share of the Fund as a base and updating that value throughout the trading day to reflect<B> </B>changes in the indicative
fund values of the Underlying Funds&rsquo; shares. Changes in the value of Treasury Securities and cash equivalents are not included
in the calculation of indicative fund value. For this and other reasons, the indicative fund value disseminated during the NYSE
Arca trading hours should not be viewed as an actual real time update of the NAV. NAV is calculated only once at the end of each
trading day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The indicative fund value for the Fund and each
Underlying Fund is disseminated by one or more major market data vendors on a per Share basis every 15 seconds during the NYSE
Arca Core Trading Session. The normal trading hours for Futures Contracts may begin after 9:30 a.m. and end before 4:00 p.m. New
York time, and there is a gap in time at the beginning and the end of each day during which the Underlying Funds&rsquo; shares
are traded on the NYSE Arca, but real-time trading prices for at least some of the Futures Contracts held by the Underlying Funds
are not available. As a result, during those gaps there is no update to the indicative fund values of the Underlying Funds and
such indicative fund values, therefore, will be static.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The NYSE Arca disseminates the indicative fund
value through the facilities of CTA/CQ High Speed Lines. In addition, the indicative fund value is published on the NYSE Arca&rsquo;s
website and is available through on-line information services such as Bloomberg and Reuters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Dissemination of the indicative fund value provides
additional information that is not otherwise available to the public and is useful to investors and market professionals in connection
with the trading of Fund Shares on the NYSE Arca. Investors and market professionals are able throughout the trading day to compare
the market price of the Fund and the indicative fund value. If the market price of Fund Shares diverges significantly from the
indicative fund value, market professionals may have an incentive to execute arbitrage trades. For example, if the Fund appears
to be trading at a discount compared to the indicative fund value, a market professional could buy Fund Shares on the NYSE Arca,
aggregate them into Redemption Baskets, and receive the NAV of such Shares by redeeming them to the Trust provided that there are
not a minimum number of shares outstanding. Such arbitrage trades can tighten the tracking between the market price of the Fund
and the indicative fund value and thus can be beneficial to all market participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><B><A NAME="b_047"></A>Creation and Redemption of Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund creates and redeems Shares from time
to time, but only in one or more Creation Baskets or Redemption Baskets. The creation and redemption of baskets are only made in
exchange for delivery to the Fund or the distribution by the Fund of the amount of Treasury Securities, cash or Underlying Fund
shares equal to the combined NAV of the number of Shares included in the baskets being created or redeemed determined as of 4:00
p.m. New York time on the day the order to create or redeem baskets is properly received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Authorized Purchasers are the only persons that
may place orders to create and redeem baskets. Authorized Purchasers must be (1) either registered broker-dealers or other securities
market participants, such as banks and other financial institutions, that are not required to register as broker-dealers to engage
in securities transactions as described below, and (2) DTC Participants. To become an Authorized Purchaser, a person must enter
into an Authorized Purchaser Agreement with the Sponsor. The Authorized Purchaser Agreement provides the procedures for the creation
and redemption of baskets and for the delivery of the Treasury Securities, cash or Underlying Fund shares required for such creations
and redemptions. The Authorized Purchaser Agreement and the related procedures attached thereto may be amended by the Sponsor,
without the consent of any Shareholder or Authorized Purchaser. As of August 23, 2012, Authorized Purchasers pay a transaction
fee of $250 to the Sponsor for each order they place to create one basket, with a maximum of $500 per order, and a fee of $250
per basket when they redeem baskets. Authorized Purchasers who make deposits with the Fund in exchange for baskets receive no fees,
commissions or other form of compensation or inducement of any kind from either the Trust or the Sponsor, and no such person will
have any obligation or responsibility to the Trust or the Sponsor to effect any sale or resale of Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Certain Authorized Purchasers are expected to
be capable of investing directly in the Specified Commodities or the Commodity Interest markets. Some Authorized Purchasers or
their affiliates may from time to time buy or sell the Specified Commodity or Commodity Interests and may profit in these instances.
The Sponsor believes that the size and operation of the markets for the Specified Commodities make it unlikely that Authorized
Purchasers&rsquo; direct activities in the commodities markets will significantly affect the price of the Specified Commodity,
Commodity Interests, or the Fund&rsquo;s Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Each Authorized Purchaser will be required to
be registered as a broker-dealer under the 1934 Act and a member in good standing with FINRA, or exempt from being or otherwise
not required to be registered as a broker-dealer or a member of FINRA, and will be qualified to act as a broker or dealer in the
states or other jurisdictions where the nature of its business so requires. Certain Authorized Purchasers may also be regulated
under federal and state banking laws and regulations. Each Authorized Purchaser has its own set of rules and procedures, internal
controls and information barriers as it determines is appropriate in light of its own regulatory regime.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under the Authorized Purchaser Agreement, the
Sponsor has agreed to indemnify the Authorized Purchasers against certain liabilities, including liabilities under the 1933 Act,
and to contribute to the payments the Authorized Purchasers may be required to make in respect of those liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following description of the procedures
for the creation and redemption of baskets is only a summary and an investor should refer to the relevant provisions of the Trust
Agreement and the form of Authorized Purchaser Agreement for more detail, each of which has been filed as an exhibit to the registration
statement of which this prospectus is a part. See &ldquo;Where You Can Find More Information&rdquo; for information about where
you can obtain the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Creation Procedures</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On any business day, an Authorized Purchaser
may place an order with the transfer agent to create one or more baskets. For purposes of processing purchase and redemption orders,
a &ldquo;business day&rdquo; means any day other than a day when any of the NYSE Arca, CBOT, ICE, or the New York Stock Exchange
is closed for regular trading. Purchase orders must be placed by noon New York time or the close of regular trading on the New
York Stock Exchange, whichever is earlier. The day on which the Distributor receives a valid purchase order is referred to as the
purchase order date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">By placing a purchase order, an Authorized Purchaser
agrees to deposit Treasury Securities, cash, Underlying Fund shares, or a combination of Treasury Securities, cash and Underlying
Fund shares with the Fund, as described below. Prior to the delivery of baskets for a purchase order, the Authorized Purchaser
must also have wired to the Sponsor the non-refundable transaction fee due for the purchase order. Authorized Purchasers may not
withdraw a purchase order without the prior consent of the Sponsor in its discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Determination of Required Deposits</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The total deposit required to create each basket
(&ldquo;Creation Basket Deposit&rdquo;) is the amount of Treasury Securities, cash and/or Underlying Fund shares that is in the
same proportion to the total assets of the Fund (net of estimated accrued but unpaid fees, expenses and other liabilities) on the
purchase order date as the number of Shares to be created under the purchase order is in proportion to the total number of Shares
outstanding on the purchase order date. The Sponsor determines, directly in its sole discretion or in consultation with the Custodian,
the requirements for Treasury Securities, cash and Underlying Fund shares, including the remaining maturities of the Treasury Securities
and proportions of Treasury Securities, cash and Underlying Fund shares, that may be included in deposits to create baskets. If
Treasury Securities are to be included in a Creation Basket Deposit for orders placed on a given business day, the Distributor
will publish an estimate of the Creation Basket Deposit requirements at the beginning of such day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Delivery of Required Deposits</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">An Authorized Purchaser who places a purchase
order is responsible for transferring to the Fund&rsquo;s account with the Custodian the required amount of Treasury Securities,
cash and/or Underlying Fund shares by the end of a later business day, generally, and not to exceed, three business days after
the purchase order date, as agreed to between the Authorized Purchaser and the Custodian when the purchase order is placed (the
&ldquo;Purchase Settlement Date&rdquo;). Upon receipt of the deposit amount, the Custodian directs DTC to credit the number of
baskets ordered to the Authorized Purchaser&rsquo;s DTC account on the Purchase Settlement Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Because orders to purchase baskets must be placed
by noon, New York time, but the total payment required to create a basket during the continuous offering period will not be determined
until 4:00 p.m., New York time, on the date the purchase order is received, Authorized Purchasers will not know the total amount
of the payment required to create a basket at the time they submit an irrevocable purchase order for the basket. The Fund&rsquo;s
NAV and the total amount of the payment required to create a basket could rise or fall substantially between the time an irrevocable
purchase order is submitted and the time the amount of the purchase price in respect thereof is determined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Rejection of Purchase Orders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor acting by itself or through the
Distributor or Custodian may reject a purchase order or a Creation Basket Deposit if:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 6%"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 91%"><font style="font-size: 10pt">it determines that, due to position limits or otherwise, investment alternatives that will enable the Fund to meet its investment objective are not available or practicable at that time;</font></td></tr>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 6%"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 91%"><font style="font-size: 10pt">it determines that the purchase order or the Creation Basket Deposit is not in proper form;</font></td></tr>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 6%"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 91%"><font style="font-size: 10pt">it believes that acceptance of the purchase order or the Creation Basket Deposit would have adverse tax consequences to the Fund or its Shareholders;</font></td></tr>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 6%"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 91%"><font style="font-size: 10pt">the acceptance or receipt of the Creation Basket Deposit would, in the opinion of counsel to the Sponsor, be unlawful;</font></td></tr>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 6%"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 91%"><font style="font-size: 10pt">circumstances outside the control of the Sponsor, Distributor or Custodian make it, for all practical purposes, not feasible to process creations of baskets;</font></td></tr>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 6%">&nbsp;</td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 91%"><font style="font-size: 10pt">there is a possibility that any or all of the Benchmark Component Futures Contracts of an Underlying Fund on the futures exchange from which the NAV of that Underlying Fund is calculated will be priced at a daily price limit restriction; or</font></td></tr>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 6%"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 91%"><font style="font-size: 10pt">if, in the sole discretion of the Sponsor, the execution of such an order would not be in the best interest of the Fund or its Shareholders.</font></td></tr>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">None of the Sponsor, Distributor or Custodian
will be liable for the rejection of any purchase order or Creation Basket Deposit.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Redemption Procedures</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The procedures by which an Authorized Purchaser
can redeem one or more baskets mirror the procedures for the creation of baskets. On any business day, an Authorized Purchaser
may place an order with the transfer agent to redeem one or more baskets. Redemption orders must be placed by noon New York time
or the close of regular trading on the New York Stock Exchange, whichever is earlier. A redemption order so received will be effective
on the date it is received in satisfactory form by the Distributor. The redemption procedures allow Authorized Purchasers to redeem
baskets and do not entitle an individual Shareholder to redeem any Shares in an amount less than a Redemption Basket, or to redeem
baskets other than through an Authorized Purchaser. By placing a redemption order, an Authorized Purchaser agrees to deliver the
baskets to be redeemed through DTC&rsquo;s book-entry system to the Fund by the end of a later business day, generally, but not
to exceed, three business days after the effective date of the redemption order, as agreed to between the Authorized Purchaser
and the transfer agent when the redemption order is placed (the &ldquo;Redemption Settlement Date&rdquo;). Prior to the delivery
of the redemption distribution for a redemption order, the Authorized Purchaser must also have wired to the Sponsor&rsquo;s account
at the Custodian the non-refundable transaction fee due for the redemption order. An Authorized Purchaser may not withdraw a redemption
order without the prior consent of the Sponsor in its discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Determination of Redemption Distribution</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The redemption distribution from the Fund consist
of a transfer to the redeeming Authorized Purchaser of an amount of Treasury Securities, cash and/or Underlying Fund shares that
is in the same proportion to the total assets of the Fund (net of estimated accrued but unpaid fees, expenses and other liabilities)
on the date the order to redeem is properly received as the number of Shares to be redeemed under the redemption order is in proportion
to the total number of Shares outstanding on the date the order is received. The Sponsor, directly or in consultation with the
Custodian, determines the requirements for Treasury Securities, cash and Underlying Fund shares, including the remaining maturities
of the Treasury Securities and proportions of Treasury Securities, cash and Underlying Fund shares, that may be included in distributions
to redeem baskets. If Treasury Securities are to be included in a redemption distribution for orders placed on a given business
day, the Custodian will publish an estimate of the redemption distribution composition as of the beginning of such day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Delivery of Redemption Distribution</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The redemption distribution due from the Fund
will be delivered to the Authorized Purchaser on the Redemption Settlement Date if the Fund&rsquo;s DTC account has been credited
with the baskets to be redeemed. If the Fund&rsquo;s DTC account has not been credited with all of the baskets to be redeemed by
the end of such date, the redemption distribution will be delivered to the extent of whole baskets received. Any remainder of the
redemption distribution will be delivered on the next business day after the Redemption Settlement Date to the extent of remaining
whole baskets received if the Sponsor receives the fee applicable to the extension of the Redemption Settlement Date which the
Sponsor may, from time to time, determine and the remaining baskets to be redeemed are credited to the Fund&rsquo;s DTC account
on such next business day. Any further outstanding amount of the redemption order shall be cancelled. Pursuant to information from
the Sponsor, the Custodian will also be authorized to deliver the redemption distribution notwithstanding that the baskets to be
redeemed are not credited to the Fund&rsquo;s DTC account by noon New York time on the Redemption Settlement Date if the Authorized
Purchaser has collateralized its obligation to deliver the baskets through DTC&rsquo;s book entry-system on such terms as the Sponsor
may from time to time determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Suspension or Rejection of Redemption
Orders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor may, in its discretion, suspend
the right of redemption, or postpone the redemption settlement date, (1) for any period during which the NYSE Arca, CBOT or ICE
is closed other than customary weekend or holiday closings, or trading on the NYSE Arca, CBOT or ICE, is suspended or restricted,
(2) for any period during which an emergency exists as a result of which delivery, disposal or evaluation of Treasury Securities
is not reasonably practicable, (3) for such other period as the Sponsor determines to be necessary for the protection of the Shareholders,
(4) if there is a possibility that any or all of the Benchmark Component Futures Contracts of the Underlying Funds on the CBOT
or ICE from which the NAV of the Fund is calculated will be priced at a daily price limit restriction, or (5) if, in the sole discretion
of the Sponsor, the execution of such an order would not be in the best interest of the Fund or its Shareholders. For example,
the Sponsor may determine that it is necessary to suspend redemptions to allow for the orderly liquidation of the Fund&rsquo;s
assets at an appropriate value to fund a redemption. If the Sponsor has difficulty liquidating the Fund&rsquo;s positions, e.g.,
because of a market disruption event in the futures markets or an unanticipated delay in the liquidation of a position in an over
the counter contract, it may be appropriate to suspend redemptions until such time as such circumstances are rectified. None of
the Sponsor, the Distributor, or the Custodian will be liable to any person or in any way for any loss or damages that may result
from any such suspension or postponement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Redemption orders must be made in whole baskets.
The Sponsor will reject a redemption order if the order is not in proper form as described in the Authorized Purchaser Agreement
or if the fulfillment of the order, in the opinion of its counsel, might be unlawful. The Sponsor may also reject a redemption
order if the number of Shares being redeemed would reduce the remaining outstanding Shares to 50,000 Shares (i.e., two baskets
of 25,000 Shares each) or less, unless the Sponsor has reason to believe that the placer of the redemption order does in fact possess
all the outstanding Shares of the Fund and can deliver them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Creation and Redemption Transaction Fees</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">To compensate the Sponsor for its expenses in
connection with the creation of baskets, an Authorized Purchaser is required to pay a transaction fee to the Sponsor of $250 per
basket with a maximum of $500 per order. In addition, an Authorized Purchaser is required to pay a transaction fee to the Sponsor
of $250 per basket redeemed. The transaction fees may be reduced, increased or otherwise changed by the Sponsor. The Sponsor shall
notify DTC of any change in a transaction fee and will not implement any increase in the fee for the redemption of baskets until
30 days after the date of the notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Tax Responsibility</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Authorized Purchasers are responsible for any
transfer tax, sales or use tax, stamp tax, recording tax, value added tax or similar tax or governmental charge applicable to the
creation or redemption of baskets, regardless of whether or not such tax or charge is imposed directly on the Authorized Purchaser,
and agree to indemnify the Sponsor and the Fund if they are required by law to pay any such tax, together with any applicable penalties,
additions to tax and interest thereon.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_048"></A>Secondary Market Transactions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As noted, the Fund will create and redeem Shares
from time to time, but only in one or more Creation Baskets or Redemption Baskets. The creation and redemption of baskets are only
made in exchange for delivery to the Fund or the distribution by the Fund of the amount of Treasury Securities, cash and/or Underlying
Fund shares to the aggregate NAV of the number of Shares included in the baskets being created or redeemed determined on the day
the order to create or redeem baskets is properly received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As discussed above, Authorized Purchasers are
the only persons that may place orders to create and redeem baskets. Authorized Purchasers must be registered broker-dealers or
other securities market participants, such as banks and other financial institutions that are not required to register as broker-dealers
to engage in securities transactions. An Authorized Purchaser is under no obligation to create or redeem baskets, and an Authorized
Purchaser is under no obligation to offer to the public Shares of any baskets it does create. Authorized Purchasers that do offer
to the public Shares from the baskets they create will do so at per-Share offering prices that are expected to reflect, among other
factors, the trading price of the Shares on the NYSE Arca, the NAV of the Shares at the time the Authorized Purchaser purchased
the Creation Baskets, the NAV of the Shares at the time of the offer of the Shares to the public, the supply of and demand for
Shares at the time of sale, and the liquidity of the Commodity Interest markets. The prices of Shares offered by Authorized Purchasers
are expected to fall between the Fund&rsquo;s NAV and the trading price of the Shares on the NYSE Arca at the time of sale. Shares
initially comprising the same basket but offered by Authorized Purchasers to the public at different times may have different offering
prices. An order for one or more baskets may be placed by an Authorized Purchaser on behalf of multiple clients. Shares are expected
to trade in the secondary market on the NYSE Arca. Shares may trade in the secondary market at prices that are lower or higher
relative to their NAV per Share. The amount of the discount or premium in the trading price relative to the NAV per Share may be
influenced by various factors, including the number of investors who seek to purchase or sell Shares in the secondary market and
the liquidity of the Commodity Interest markets. While the Shares trade on the NYSE Arca until 4:00 p.m. New York time, liquidity
in the markets for Commodity Interests may be reduced after the close of regular trading for Futures Contracts (the closing hours
of the CBOT and the ICE Futures are adjusted periodically by those Exchanges and can be confirmed by accessing the websites of
those same). As a result, during this time, trading spreads, and the resulting premium or discount, on the Shares may widen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Payments to Financial Intermediaries</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Investors purchasing Shares in the secondary
market through a brokerage account or with the assistance of a broker may be subject to brokerage commissions and charges. If you
purchase Fund Shares through a broker-dealer or other financial intermediary (such as a bank), the Fund, the Sponsor or an affiliate
of the Sponsor may pay the intermediary for the sale of Fund Shares and related services. These payments may create a conflict
of interest by influencing broker-dealers or other intermediaries and your salesperson to recommend the Fund over another investment.
Ask your salesperson or visit your financial intermediary&rsquo;s website for more information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_049"></A>Use of Proceeds</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor causes the Fund to transfer the
proceeds of the sale of Creation Baskets to the Custodian or another custodian for use in trading activities. The Sponsor invests
substantially all of the Fund&rsquo;s assets in shares of the Underlying Funds, although some residual amount of Fund assets may
be held in short-term Treasury Securities, cash and/or cash equivalents. The Sponsor invests the Underlying Funds&rsquo; assets
in Futures Contracts, Cleared Swaps and Other Commodity Interests, short-term Treasury Securities, cash and cash equivalents. When
the Underlying Funds purchase Futures Contracts and certain Other Commodity Interests that are exchange-traded, the Underlying
Fund is required to deposit with the FCM on behalf of the exchange a portion of the value of the contract or other interest as
security to ensure payment for the obligation under the Commodity Interests at maturity. This deposit is known as initial margin.
Counterparties in transactions in Cleared Swaps and over-the-counter Commodity Interests will generally impose similar collateral
requirements on the Underlying Funds. The Sponsor invests the Underlying Funds&rsquo; assets that remain after margin and collateral
is posted in short-term Treasury Securities, cash and/or cash equivalents. Subject to these margin and collateral requirements,
the Sponsor has sole authority to determine the percentage of assets that will be:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 3%; font-size: 11pt"><font style="font-size: 8pt">&nbsp;</font><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 94%"><font style="font-size: 10pt">held as margin or collateral with FCMs or other custodians;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 3%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 94%"><font style="font-size: 10pt">used for other investments; and</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 3%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 94%"><font style="font-size: 10pt">held in bank accounts to pay current obligations and as reserves.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In general, the Underlying Funds expect that
they will be required to post approximately 6% of the notional amount of a Commodity Interest as initial margin when entering into
such Commodity Interest. Ongoing margin and collateral payments will generally be required for both exchange-traded and over-the-counter
Commodity Interests based on changes in the value of the Commodity Interests. Furthermore, ongoing collateral requirements with
respect to over-the-counter Commodity Interests are negotiated by the parties, and may be affected by overall market volatility,
volatility of the underlying commodity or index, the ability of the counterparty to hedge its exposure under the Commodity Interest,
and each party&rsquo;s creditworthiness. In light of the differing requirements for initial payments under exchange-traded and
over-the-counter Commodity Interests and the fluctuating nature of ongoing margin and collateral payments, it is not possible to
estimate what portion of the Underlying Funds&rsquo; assets will be posted as margin or collateral at any given time. The Treasury
Securities, cash and cash equivalents held by the Underlying Fund constitute reserves that are available to meet ongoing margin
and collateral requirements. All interest income received by an Underlying Fund is used for such Underlying Fund&rsquo;s benefit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">An FCM, counterparty, government agency or commodity
exchange could increase margin or collateral requirements applicable to the Underlying Funds to hold trading positions at any time.
Moreover, margin is merely a security deposit and has no bearing on the profit or loss potential for any positions held.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The approximate 6% of the assets of the Underlying
Funds that are held by the FCM are held in segregation pursuant to the CEA and CFTC regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_050"></A>Management&rsquo;s Discussion and Analysis of Financial Condition
and Results of Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Critical Accounting Policies</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Preparation of the financial statements and
related disclosures in compliance with United States generally accepted accounting principles (&ldquo;GAAP&rdquo;) requires the
application of appropriate accounting rules and guidance, as well as the use of estimates, and requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities, revenue, and expense and related disclosure of contingent
assets and liabilities during the reporting period of the financial statements and accompanying notes. The Trust&rsquo;s application
of these policies involves judgments, and actual results may differ from the estimates used.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor has determined that the valuation
of Commodity Interests that are not traded on a U.S. or internationally recognized futures exchange (such as swaps and other over-the-counter
contracts) involves a critical accounting policy. The values which are used by the Funds for futures contracts will be provided
by the commodity broker who will use market prices when available, while over-the-counter contracts will be valued based on the
present value of estimated future cash flows that would be received from or paid to a third party in settlement of these derivative
contracts prior to their delivery date. Values will be determined on a daily basis.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As it relates to the Commodity Futures held
by the Underlying Funds, the Sponsor has determined that the valuation of Commodity Interests that are not traded on a U.S. or
internationally recognized futures exchange (such as swaps and other over-the-counter contracts) involves a critical accounting
policy. The values which are used by the Underlying Funds for futures contracts will be provided by the commodity broker who will
use market prices when available, while over-the-counter contracts will be valued based on the present value of estimated future
cash flows that would be received from or paid to a third party in settlement of these derivative contracts prior to their delivery
date.<B> </B> Values will be determined on a daily basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, Commodity Futures held by the Underlying
Funds are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily.
Unrealized appreciation or depreciation on commodity futures contracts are reflected in the statement of operations as the difference
between the original contract amount and the fair market value as of the last business day of the year or as of the last date of
the financial statements. Changes in the appreciation or depreciation between periods are reflected in the statement of operations
for the Underlying Fund. Interest on cash equivalents and deposits with the FCM are recognized on the accrual basis. The Underlying
Funds earn interest on its assets denominated in U.S. dollars on deposit with the FCM at a rate equal to 85% of the overnight of
Federal Funds Rate. In addition, the Fund earns interest on funds held at the custodian at prevailing market rates for such investments.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Cash equivalents are highly-liquid investments
with original maturity dates of three months or less at inception. The Fund reports cash equivalents in the statements of assets
and liabilities at market value, or at carrying amounts that approximate fair value, because of their highly-liquid nature and
short-term maturities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The use of fair value to measure financial instruments,
with related unrealized gains or losses recognized in earnings in each period is fundamental to the Fund&rsquo;s financial statements.
In accordance with GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability
(i.e., the exit price) in an orderly transaction between market participants at the measurement date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In determining fair value, the Trust uses various
valuation approaches. In accordance with GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes
the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used
when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market
data obtained from sources independent of the Trust. Unobservable inputs reflect the Trust&rsquo;s assumptions about the inputs
market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
The fair value hierarchy is categorized into three levels: a) <I>Level 1</I> - Valuations based on unadjusted quoted prices in
active markets for identical assets or liabilities that the Trust has the ability to access. Valuation adjustments and block discounts
are not applied to Level 1 securities. Since valuations are based on quoted prices that are readily and regularly available in
an active market, valuation of these securities does not entail a significant degree of judgment, b) <I>Level 2</I> - Valuations
based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly,
and c) <I>Level 3 -</I> Valuations based on inputs that are unobservable and significant to the overall fair value measurement.
See the notes within the financial statements for further information.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund and the Trust record their derivative
activities at fair value. Gains and losses from derivative contracts are included in the statement of operations. Derivative contracts
include futures contracts related to commodity prices. Futures, which are listed on a national securities exchange, such as the
CBOT or reported on another national market, are generally categorized in Level 1 of the fair value hierarchy. OTC derivatives
contracts (such as forward and swap contracts) which may be valued using models, depending on whether significant inputs are observable
or unobservable, are categorized in Levels 2 or 3 of the fair value hierarchy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Trust, in presenting
its financial statements including all the series of the Trust, excludes the shares of the other series of the Trust owned by the
Teucrium Agricultural Fund from its statements of assets and liabilities. The Trust excludes the net change in unrealized appreciation
or depreciation on securities owned by the Teucrium Agricultural Fund from its statements of operations. Upon the sale of the Underlying
Funds by the Teucrium Agricultural Fund, the Trust includes any realized gain or loss in its statements of changes in net assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Brokerage commissions on all open commodity
futures contracts are accrued on a full-turn basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Margin is the minimum amount of funds that must
be deposited by a commodity interest trader with the trader&rsquo;s broker to initiate and maintain an open position in futures
contracts. A margin deposit acts to assure the trader&rsquo;s performance of the futures contracts purchased or sold. Futures contracts
are customarily bought and sold on initial margin that represents a very small percentage of the aggregate purchase or sales price
of the contract. Because of such low margin requirements, price fluctuations occurring in the futures markets may create profits
and losses that, in relation to the amount invested, are greater than are customary in other forms of investment or speculation.
As discussed below, adverse price changes in the futures contract may result in margin requirements that greatly exceed the initial
margin. In addition, the amount of margin required in connection with a particular futures contract is set from time to time by
the exchange on which the contract is traded and may be modified from time to time by the exchange during the term of the contract.
Brokerage firms, such as the Funds&rsquo; clearing brokers, carrying accounts for traders in commodity interest contracts generally
require higher amounts of margin as a matter of policy to further protect themselves. Over-the-counter trading generally involves
the extension of credit between counterparties, so the counterparties may agree to require the posting of collateral by one or
both parties to address credit exposure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">When a trader purchases an option, there is
no margin requirement; however, the option premium must be paid in full. When a trader sells an option, on the other hand, he or
she is required to deposit margin in an amount determined by the margin requirements established for the underlying interest and,
in addition, an amount substantially equal to the current premium for the option. The margin requirements imposed on the selling
of options, although adjusted to reflect the probability that out-of-the-money options will not be exercised, can in fact be higher
than those imposed in dealing in the futures markets directly. Complicated margin requirements apply to spreads and conversions,
which are complex trading strategies in which a trader acquires a mixture of options positions and positions in the underlying
interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Ongoing or &ldquo;maintenance&rdquo; margin
requirements are computed each day by a trader&rsquo;s clearing broker. When the market value of a particular open futures contract
changes to a point where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the broker.
If the margin call is not met within a reasonable time, the broker may close out the trader&rsquo;s position. With respect to the
Funds&rsquo; trading, the Funds (and not its shareholders personally) are subject to margin calls.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Finally, many major U.S. exchanges have passed
certain cross margining arrangements involving procedures pursuant to which the futures and options positions held in an account
would, in the case of some accounts, be aggregated, and margin requirements would be assessed on a portfolio basis, measuring the
total risk of the combined positions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For tax purposes, the Funds will be treated
as partnerships. Therefore, the Funds do not record a provision for income taxes because the partners report their share of a Fund&rsquo;s
income or loss on their income tax returns. The financial statements reflect the Funds&rsquo; transactions without adjustment,
if any, required for income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><B><I>Results of Operations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Teucrium Agricultural
Fund commenced operation on March 28, 2012. On April 22, 2011, an initial registration statement was filed with the Securities
and Exchange Commission (&ldquo;SEC&rdquo;). On February 10, 2012, the Fund&rsquo;s initial registration of 5,000,000 shares on
Form S-1 was declared effective by the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;). On March 28, 2012, the Fund
listed its shares on the NYSE Arca under the ticker symbol &ldquo;TAGS.&rdquo; On the business day prior to that, the Fund issued
300,000 shares in exchange for $15,000,000 at the Fund&rsquo;s initial NAV of $50 per share. The Fund also commenced investment
operations on March 28, 2012 by purchasing shares of the Underlying Funds. On December 31, 2011, the Fund had two shares outstanding,
which were owned by the Sponsor.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> The investment objective
of the Fund is to have the daily changes in percentage terms of the Net Asset Value (&ldquo;NAV&rdquo;) of its common units (&ldquo;Shares&rdquo;)
reflect the daily changes in percentage terms of a weighted average (the &ldquo;Underlying Fund Average&rdquo;) of the NAVs per
share of four other commodity pools that are series of the Trust and are sponsored by the Sponsor: the Teucrium Corn Fund (&ldquo;CORN&rdquo;),
the Teucrium Wheat Fund (&ldquo;WEAT&rdquo;), the Teucrium Soybean Fund (&ldquo;SOYB&rdquo;) and the Teucrium Sugar Fund (&ldquo;CANE&rdquo;)
(collectively, the &ldquo;Underlying Funds&rdquo;). The Underlying Fund Average will have a weighting of 25% to each Underlying
Fund, and the Fund&rsquo;s assets will be rebalanced, generally on a daily basis, to maintain the approximate 25% allocation to
each Underlying Fund. The Fund does not intend to invest directly in futures contracts (&ldquo;Futures Contracts&rdquo;), although
it reserves the right to do so in the future, including if an Underlying Fund ceases operations. </P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> The investment objective
of each Underlying Fund is to have the daily changes in percentage terms of its shares&rsquo; NAV reflect the daily changes in
percentage terms of a weighted average of the closing settlement prices for certain Futures Contracts for the commodity specified
in the Underlying Fund&rsquo;s name. (This weighted average is referred to herein as the Underlying Fund&rsquo;s &ldquo;Benchmark,&rdquo;
the Futures Contracts that at any given time make up an Underlying Fund&rsquo;s Benchmark are referred to herein as the Underlying
Fund&rsquo;s &ldquo;Benchmark Component Futures Contracts,&rdquo; and the commodity specified in the Underlying Fund&rsquo;s name
is referred to herein as its &ldquo;Specified Commodity.&rdquo;) Specifically, the Teucrium Corn Fund&rsquo;s Benchmark is: (1)
the second-to-expire Futures Contract for corn traded on the Chicago Board of Trade (&ldquo;CBOT&rdquo;), weighted 35%, (2) the
third-to-expire CBOT corn Futures Contract, weighted 30%, and (3) the CBOT corn Futures Contract expiring in the December following
the expiration month of the third-to-expire contract, weighted 35%. The Teucrium Wheat Fund&rsquo;s Benchmark is: (1) the second-to-expire
CBOT wheat Futures Contract, weighted 35%, (2) the third-to-expire CBOT wheat Futures Contract, weighted 30%, and (3) the CBOT
wheat Futures Contract expiring in the December following the expiration month of the third-to-expire contract, weighted 35%. The
Teucrium Soybean Fund&rsquo;s Benchmark is: (1) the second-to-expire CBOT soybean Futures Contract, weighted 35%, (2) the third-to-expire
CBOT soybean Futures Contract, weighted 30%, and (3) the CBOT soybean Futures Contract expiring in the November following the expiration
month of the third-to-expire contract, weighted 35%, except that CBOT soybean Futures Contracts expiring in August and September
will not be part of the Teucrium Soybean Fund&rsquo;s Benchmark because of the less liquid market for these Futures Contracts.
The Teucrium Sugar Fund&rsquo;s Benchmark is: (1) the second-to-expire Sugar No. 11 Futures Contract traded on ICE Futures US (&ldquo;ICE
Futures&rdquo;), weighted 35%, (2) the third-to-expire ICE Futures Sugar No. 11 Futures Contract, weighted 30%, and (3) the ICE
Futures Sugar No. 11 Futures Contract expiring in the March following the expiration month of the third-to-expire contract, weighted
35%. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On December 31, 2014, the
Fund held: 1) 15,533 shares of CORN with a fair value of $413,423; 2) 31,037 shares of WEAT with a fair value of $394,850; 3) 20,131
shares of SOYB with a fair value of $418,586; and 4) 35,024 shares of CANE with a fair value of $414,243. The weighting on December
31, 2014 was 25% to CORN, 24% to WEAT, 26% to SOYB and 25% to CANE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> The benchmark for the
Fund is the Teucrium Agricultural Index (TTAGS) which is defined as: A weighted average of the daily changes in percentage terms
of the Shares' NAV reflect the daily changes in percentage terms of a weighted average (the &quot;Underlying Fund Average&quot;)
of the NAVs per share of four other commodity pools that are series of the Trust and are sponsored by the Sponsor: the Teucrium
Corn Fund, the Teucrium Wheat Fund, the Teucrium Soybean Fund and the Teucrium Sugar Fund (collectively, the &quot;Underlying Funds&quot;).
The Fund seeks to achieve its investment objective by investing under normal market conditions in the publicly-traded shares of
each Underlying Fund so that the Underlying Fund Average will have a weighting of 25% to each Underlying Fund, and the Fund's assets
will be rebalanced, generally on a daily basis, to maintain the approximate 25% allocation to each Underlying Fund. To convert
to an index, 100 is set to $50 the opening day price of TAGS<I>. </I> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The chart below shows the percent change in
the NAV per share for the Fund, the market price of the Fund shares, represented by the closing price of the Fund on the NYSE Arca
or the mid-point of the 4 pm bid and ask if no closing price is available, and TTAGS for two periods. One period is December 31,
2014 compared to December 31, 2013. The second period is from the commencement of operations to December 31, 2014. The Benchmark
does not reflect any impact of expenses, which would generally reduce the Fund&rsquo;s NAV, or interest income, which would generally
increase the NAV. The actual results for the NAV do include the impacts of both expenses and interest income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 25%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 8pt"><font style="font-size: 8pt">Period</font></td>
    <td style="width: 25%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 8pt"><font style="font-size: 8pt">Change in TAGS NAV per share</font></td>
    <td style="width: 25%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 8pt"><font style="font-size: 8pt">Change in Market Price</font></td>
    <td style="width: 25%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 8pt"><font style="font-size: 8pt">Change in the Benchmark </font><br>
<font style="font-size: 8pt">(TTAGS)</font></td></tr>
<tr style="vertical-align: top">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">December 31, 2013 to</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">December 31, 2014</P></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 9pt"><font style="font-size: 9pt">-12.87%</font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 9pt"><font style="font-size: 9pt">-2.79%</font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 9pt"><font style="font-size: 9pt">-12.42%</font></td></tr>
<tr style="vertical-align: top">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">March 28, 2012 to</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">December 31, 2014</P></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 9pt"><font style="font-size: 9pt">-33.18%</font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 9pt"><font style="font-size: 9pt">-33.42%</font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 9pt"><font style="font-size: 9pt">-32.08%</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> For the Year Ended December 31, 2014 Compared
to the Years Ended December 31, 2013 and 2012 </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On December 31, 2014, 2013
and 2012, the Fund had 50,002 shares outstanding. The net assets of the Fund were $1,652,749 in 2014, $1,896,442 in 2013 and $2,436,721
in 2012. There were no shares issued or redeemed in 2013. In 2012, the Fund had 350,000 shares issued and 300,000 shares redeemed.
Effective August 2, 2012, the Fund was at 50,002 shares outstanding which represents a minimum number of shares and there could
be no further redemptions until additional shares are created.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Total net assets for the
Fund were $1,652,749 on December 31, 2014, compared to $1,896,442 on December 31, 2013 and $2,436,721 on December 31, 2012. The
Net Asset Values (&ldquo;NAV&rdquo;) per share related to these balances were $33.05, $37.93 and $48.73 respectively. This represents
a decrease in total net assets for the year ending December 31, 2014 versus 2013 of 13% and versus 2012 of 32% which were driven
by a decrease in the NAV per share which decreased by $4.88 or 13% and $15.68 or 32% in the respective periods. When comparing
December 31, 2013 with 2012, there was a decrease in total net assets of 22%, driven by a decrease in the NAV per share of $10.80
or 22%. The closing prices per share for 2014, 2013 and 2012, as reported by the NYSE Arca, were $33.05, $34.00 and $48.74, respectively.
The price in 2012 is the 4pm bid/ask midpoint as the shares of the Fund did not trade on that day. The change from December 31,
2014 over prior years was a 32% decrease from 2012 and a 3% decrease from 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The graph below shows the
actual shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception
to December 31, 2014 and serves to illustrate the relative changes of these components.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: center">&nbsp;<IMG SRC="image_009.gif" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Total loss for 2014 was
($234,509) resulting from the realized loss on the securities of the Underlying Funds totaling ($183,067) and a loss generated
by the unrealized depreciation on the securities of the Underlying Funds of ($51,434). Total loss for the period in 2013 was ($529,479)
and ($880,163) from the commencement of operations through December 31, 2012. Realized gain or loss on the securities of the Underlying
Funds is a function of: 1) the change in the price of particular contracts sold in relation to redemption of shares, and 2) the
gain or loss associated with rebalancing trades which are made to ensure conformance to the benchmark. Unrealized gain or loss
on the securities of the Underlying Funds is a function of the change in the price of shares held on the final date of the period
versus the purchase price for each and the number held. The Sponsor has a static benchmark as described above and trades futures
contracts to adhere to that benchmark and to adjust for the creation or redemption of shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">Total expenses gross
of expenses waived by the Sponsor and reimbursement to the Sponsor for previously waived expenses (&ldquo;Total expenses&rdquo;)
for 2014 were $86,297; total expenses for 2013 were $72,339 and $46,091 in 2012, for the period from the commencement of operations
through year-end. This represents a $13,958 and 19% increase for 2014 over 2013 and a $40,206 and 87% increase for 2014 over 2012.
The increase for 2014 over 2013 was driven by a $14,336 and 70% increase in professional fees related to auditing, legal and tax
preparation fees. The increase for 2014 over 2012 was driven by an $18,038 and 107% increase in professional fees and an $18,564
increase in business permits and license fees. The total expense ratio gross of expenses waived by the Sponsor for these years
was 4.70% in 2014, 3.36% in 2013, and 1.18% in 2012.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">The Sponsor has
the ability to elect to pay certain expenses on behalf of the Fund. This election is subject to change by the Sponsor, at its discretion.
For the year ended December 31, 2014, the Sponsor waived fees of $77,113; the Sponsor has determined that no reimbursement will
be sought in future periods for those expenses which have been waived for the year. For 2013 and 2012, these amounts were $61,539
and $23,390.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">Total expenses
net of expenses waived by the Sponsor and reimbursement to the Sponsor for previously waived expenses (&ldquo;Total expenses,
net&rdquo;) for 2014, 2013 and 2012 were $9,184, $10,800 and $22,701 respectively. The total expense ratio net of expenses waived
by the Sponsor periods was 0.50% in 2014, 0.50% in 2013 and 0.58% in 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">Other than the brokerage
commissions, most of the expenses incurred by the Fund are associated with the day-to-day operation of the Fund and the necessary
functions related to regulatory compliance. These are generally based on contracts, which extend for some period of time and up
to one year, or commitments regardless of the level of assets under management. The structure of the Fund and the nature of the
expenses are such that as total net assets grow, there is a scalability of expenses that may allow the net expense ratio to be
reduced. As the Sponsor has initiated a percentage based daily expense accrual for the Fund, even if total net assets for the Fund
fall, the total expense ratio of the Fund will not increase. The Sponsor can elect to adjust the daily expense accruals at its
discretion based on market conditions and other Fund considerations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">For the year ended
December 31, 2013, there were $6,348 of expenses recorded in the financial statements of the Sponsor which could be subject to
reimbursement by TAGS in 2014. At that time, the Sponsor had determined that there would be no recovery sought, and thus these
expenses were not reflected on the Fund&rsquo;s financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">For the year ended
December 31, 2012, there were $2,596 of expenses recorded in the financial statements of the Sponsor which could be subject to
reimbursement by TAGS in 2013. At that time, the Sponsor had determined that there would be no recovery sought, and thus these
expenses were not reflected on the Fund&rsquo;s financial statements.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Net cash used in the Fund&rsquo;s
operating activities during the period was ($1,233) in 2014, ($3,539) in 2013 and ($3,333,166) in 2012. For 2012, proceeds from
the sale of shares were $17,706,578 while payments for the redemption of shares were $14,367,093. There were no such proceeds or
payments in 2014 or in 2013.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Benchmark Performance</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As noted above, the Sponsor endeavors to place
the Fund&rsquo;s trades in shares of the Underlying Funds and otherwise manage the Fund&rsquo;s investments so that the Fund&rsquo;s
average daily tracking error against the Benchmark will be less than 10 percent over any period of 30 trading days. More specifically,
the Sponsor will endeavor to manage the Fund so that A will be within plus/minus 10 percent of B, where:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 11%">&nbsp;</td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 86%"><font style="font-size: 10pt">A is the average daily change in the Fund&rsquo;s NAV for any period of 30 successive valuation days, i.e., any trading day as of which the Fund calculates its NAV, and</font></td></tr>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 11%">&nbsp;</td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 86%"><font style="font-size: 10pt">B is the average daily change in the Benchmark over the same period.</font></td></tr>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">During the period from the January 1, 2014
through December 31, 2014, the average daily change in the Fund&rsquo;s NAV was within plus/minus 10 percent of the average daily
change in the Fund&rsquo;s Benchmark.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Liquidity and Capital Resources</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund and the Underlying Funds do not anticipate
making use of borrowings or other lines of credit to meet their obligations. It is anticipated that the Fund and the Underlying
Funds will meet their liquidity needs in the normal course of business from the proceeds of the sale of their investments or from
the cash, cash equivalents and/or the Treasuries Securities that they intend to hold. The Fund&rsquo;s liquidity needs include:
redeeming Shares and paying expenses. The purchase and or sale of shares of the Underlying Funds for rebalancing purposes to meet
the investment objectives of the Fund will, generally, be liquidity neutral. The Underlying Funds&rsquo; liquidity need include:
redeeming their shares, providing margin deposits for existing Futures Contracts or the purchase of additional Futures Contracts,
posting collateral for over-the-counter Commodity Interests, and paying expenses, summarized below under &ldquo;Contractual Obligations.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund generates cash primarily from the sale
of Creation Baskets, and the Underlying Funds will generate cash primarily from (i) the sale of Creation Baskets and (ii) interest
earned on cash, cash equivalents and their investments in Treasuries Securities. Investment activities for the Fund have not begun.
Substantially all of the net assets of the Fund are allocated to investments in the Underlying Funds. Generally, all of the net
assets of the Underlying Funds are allocated to trading in Commodity Interests. Most of the assets of the Underlying Funds are
held in Treasury Securities, cash and/or cash equivalents that could or will be used as margin or collateral for trading in Commodity
Interests. The percentage that such assets will bear to the total net assets will vary from period to period as the market values
of the Commodity Interests change. Interest earned on interest-bearing assets of a Fund or Underlying Fund will be paid to the
Fund or Underlying Fund, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The investments of the Underlying Funds in Commodity
Interests will be subject to periods of illiquidity because of market conditions, regulatory considerations and other reasons.
For example, U.S. futures exchanges limit the fluctuations in the prices of certain Futures Contracts during a single day by regulations
referred to as &ldquo;daily limits.&rdquo; During a single day, no trades may be executed at prices beyond the daily limit. Once
the price of such a Futures Contract has increased or decreased by an amount equal to the daily limit, positions in the contracts
can neither be taken nor liquidated unless the traders are willing to effect trades at or within the limit. Such market conditions
could prevent the Fund from promptly liquidating a position in Futures Contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If the Fund is unsuccessful in raising sufficient
funds to cover its expenses and the Sponsor is unable or unwilling to continue covering the Fund&rsquo;s expenses, the Fund may
terminate.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Market Risk</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Investment by the Fund in shares of the Underlying
Funds will subject the Fund to the risks of the Underlying Funds. Trading in Commodity Interests such as Futures Contracts will
involve the Underlying Funds entering into contractual commitments to purchase or sell specific amounts of a Specified Commodity
at a specified date in the future. The gross or face amount of the contracts is expected to significantly exceed the future cash
requirements of an Underlying Fund since each Underlying Fund <B> </B> intends to close out any open positions prior to the contractual
expiration date. As a result, an Underlying Fund&rsquo;s market risk is the risk of loss arising from the decline in value of the
contracts, not from the need to make delivery under the contracts. The Underlying Funds consider the &ldquo;fair value&rdquo; of
derivative instruments to be the unrealized gain or loss on the contracts. The market risk associated with the commitment by an
Underlying Fund to purchase a specific commodity will be limited to the aggregate face amount of the contacts held.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The exposure of an Underlying Fund to market
risk will depend on a number of factors including the markets for its Specified Commodity, the volatility of interest rates and
foreign exchange rates, the liquidity of the Commodity Interest markets and the relationships among the contracts held by the Underlying
Fund. The lack of experience of the Sponsor in utilizing its model to trade in Commodity Interests in a manner that tracks changes
in an Underlying Fund&rsquo;s Benchmark<B>,</B> as well as drastic market events, could ultimately lead to substantial losses for
Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, the Fund bears the risk that its
transactions in shares of the Underlying Funds will not be executed at prices that accurately reflect the value of the Underlying
Funds. The Fund will purchase and sell Underlying Fund shares in the secondary market rather than by purchasing or redeeming Baskets,
and the price of an Underlying Fund&rsquo;s shares on the secondary market will generally differ somewhat from the Underlying Fund&rsquo;s
NAV. Such premiums or discounts from NAV could at times be substantial.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Credit Risk</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">When an Underlying Fund enters into Commodity
Interests, it will be exposed to the credit risk that the counterparty will not be able to meet its obligations. For purposes of
credit risk, the counterparty for the Futures Contracts traded on a futures exchange and for Cleared Swaps is the clearinghouse
associated with such exchange. In general, clearinghouses are backed by their members who may be required to share in the financial
burden resulting from the nonperformance of one of their members, which should significantly reduce credit risk. Some foreign exchanges
are not backed by their clearinghouse members but may be backed by a consortium of banks or other financial institutions. Unlike
in the case of exchange-traded Futures Contracts, the counterparty to an over-the-counter Commodity Interest contract is generally
a single bank or other financial institution. As a result, there will be greater counterparty credit risk in over-the-counter transactions.
There can be no assurance that any counterparty, clearing house, or their financial backers will satisfy their obligations to an
Underlying Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 10pt; text-indent: 0.5in">The Fund may engage in off exchange
transactions broadly called an &ldquo;exchange for related position&rdquo; transaction.&rdquo; For purposes of the Dodd-Frank Act
and related CFTC rules, such a transaction is treated as a &ldquo;swap.&rdquo; An &ldquo;exchange for related position&rdquo; (&ldquo;EFRP&rdquo;)
can be used by the Fund or an Underlying Fund as a technique to facilitate the exchanging of a futures hedge position against a
creation or redemption order, and thus the Fund or an Underlying Fund may use an EFRP transaction in connection with the creation
and redemption of shares. The market specialist/market maker that is the ultimate purchaser or seller of shares in connection with
the creation or redemption basket, respectively, agrees to sell or purchase a corresponding offsetting shares or futures position
which is then settled on the same business day as a cleared futures transaction by the FCMs. The Fund or the Underlying Fund will
become subject to the credit risk of the market specialist/market maker until the EFRP is settled or terminated. The Fund and the
Underlying Funds reports all activity related to EFRP transactions under the procedures and guidelines of the CFTC and the exchanges
on which the futures are traded.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The Sponsor
attempts to manage the credit risk of the Underlying Funds by following certain trading limitations and policies. In particular,
the Underlying Funds intend to post margin and collateral and/or hold liquid assets that will be equal to approximately the face
amount of the Commodity Interests they hold. The Sponsor has implemented procedures that include, but are not limited to, executing
and clearing trades and entering into over-the-counter transactions only with parties it deems creditworthy and/or requiring the
posting of collateral by such parties for the benefit of the Underlying Fund to limit its credit exposure.</FONT><FONT STYLE="font-size: 8pt">
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Off Balance Sheet Financing</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As of the date of this prospectus, neither the
Trust nor the Fund has any loan guarantees, credit support or other off-balance sheet arrangements of any kind other than agreements
entered into in the normal course of business, which may include indemnification provisions relating to certain risks service providers
undertake in performing services which are in the best interests of the Fund. While the Fund&rsquo;s exposure under these indemnification
provisions cannot be estimated, they are not expected to have a material impact on the Fund&rsquo;s financial positions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Redemption Basket Obligation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Other than as necessary to meet the investment
objective of the Fund and pay its contractual obligations described below, the Fund requires liquidity to redeem Redemption Baskets.
The Fund intends to satisfy this obligation through the transfer of cash of the Fund (generated, if necessary, through the sale
of Underlying Fund shares) in an amount proportionate to the number of Shares being redeemed, as described above under <B> </B>
&ldquo;Redemption Procedures.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Contractual Obligations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund&rsquo;s and Underlying Funds&rsquo;
primary contractual obligation is with the Sponsor and certain other service providers. While the Fund does not pay the Sponsor
a management fee directly, the Sponsor, in return for its services, is entitled to a management fee from each Underlying Fund calculated
as a fixed percentage of the Underlying Fund&rsquo;s NAV, currently 1.00% of the Underlying Fund&rsquo;s average net assets, and
the Fund indirectly pays its proportionate share of the Underlying Funds&rsquo; management fees as a shareholder of the Underlying
Funds. The Fund and the Underlying Fund are each also responsible for all ongoing fees, costs and expenses of their operation,
including (i) brokerage and other fees and commissions incurred in connection with the trading activities of the Fund or Underlying
Fund; (ii) expenses incurred in connection with registering additional Shares of the Fund or Underlying Fund or offering Shares
of the Fund or Underlying after the time any Shares have begun trading on NYSE Arca; (iii) the routine expenses associated with
the preparation and, if required, the printing and mailing of monthly, quarterly, annual and other reports required by applicable
U.S. federal and state regulatory authorities, Trust meetings and preparing, printing and mailing proxy statements to Shareholders;
(iv) the payment of any distributions related to redemption of Shares; (v) payment for routine services of the Trustee, legal counsel
and independent accountants; (vi) payment for routine accounting, bookkeeping, custody and transfer agency services, whether performed
by an outside service provider or by Affiliates of the Sponsor; (vii) postage and insurance; (viii) costs and expenses associated
with client relations and services; (ix) costs of preparation of all federal, state, local and foreign tax returns and any taxes
payable on the income, assets or operations of the Fund or Underlying Fund; and (xi) extraordinary expenses (including, but not
limited to, legal claims and liabilities and litigation costs and any indemnification related thereto).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">While the Sponsor has agreed to pay registration
fees to the SEC, FINRA and any other regulatory agency in connection with the offer and sale of the Shares offered through this
prospectus, the legal, printing, accounting and other expenses associated with such registrations, and the initial fee of $5,000
for listing the Shares on the NYSE Arca, the Fund will be responsible for any registration fees and related expenses incurred in
connection with any future offer and sale of Shares of the Fund in excess of those offered through this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund and Underlying Funds pay their own
brokerage and other transaction costs. The Fund will generally use broker-dealers to execute its transactions in shares of the
Underlying Funds. Other expenses to be paid by the Fund are estimated to be 0.48% for the twelve-month period ending April 30,
2016, though this amount may change in future years. The Sponsor may, in its discretion, pay or reimburse the Fund for, or waive
a portion of its management fees to offset, expenses that would otherwise be borne by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any general expenses of the Trust will be allocated
among the Teucrium Funds and each other series that may be established under the Trust in the future as determined by the Sponsor
in its sole and absolute discretion. The Trust is also responsible for extraordinary expenses, including, but not limited to, legal
claims and liabilities and litigation costs and any indemnification related thereto. The Trust and/or the Sponsor may be required
to indemnify the Trustee, Distributor or Custodian/Administrator under certain circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The parties cannot anticipate the amount of
payments that will be required under these arrangements for future periods as the Fund&rsquo;s NAV and trading levels to meet their
investment objectives will not be known until a future date. These agreements are effective for a specific term agreed upon by
the parties with an option to renew, or, in some cases, are in effect for the duration of the Fund&rsquo;s existence. The parties
may terminate these agreements earlier for certain reasons listed in the agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_051"></A>The Trust Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following paragraphs are a summary of certain
provisions of the Trust Agreement. The following discussion is qualified in its entirety by reference to the Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Authority of the Sponsor</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The Sponsor is generally authorized to perform
all acts deemed necessary to carry out the purposes of the Trust and to conduct the business of the Trust. The Trust, the Fund
and the Underlying Funds will continue to exist until terminated in accordance with the Trust Agreement. The Sponsor&rsquo;s authority
includes, without limitation, the right to take the following actions: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 90%"><font style="font-size: 10pt">To enter into, execute, deliver and maintain contracts, agreements and other documents and to take action in furtherance of the Trust&rsquo;s purpose or necessary or appropriate for the offer and sale of the Shares and the conduct of Trust activities;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 90%"><font style="font-size: 10pt">To establish, maintain, deposit into, sign checks and otherwise draw upon accounts on behalf of the Trust with appropriate banking and savings institutions, and execute and accept any instrument or agreement incidental to the Trust&rsquo;s business and in furtherance of its purposes;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 90%"><font style="font-size: 10pt">To deposit, withdraw, pay, retain and distribute the trust estate of the Fund, the Underlying Funds or any other Teucrium Fund (or any portion thereof) in any manner consistent with the provisions of the Trust Agreement;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 90%"><font style="font-size: 10pt">To supervise the preparation and filing of any registration statement (and supplements and amendments thereto) for the Fund, the Underlying Funds and any other Teucrium Fund;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 90%"><font style="font-size: 10pt">To adopt, implement or amend, from time to time, such disclosure and financial reporting information gathering and control policies and procedures as are necessary or desirable to ensure compliance with applicable disclosure and financial reporting obligations under any applicable securities laws;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 90%"><font style="font-size: 10pt">To make any necessary determination or decision in connection with the preparation of the Trust&rsquo;s financial statements and amendments thereto;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 90%"><font style="font-size: 10pt">To prepare, file and distribute, if applicable, any periodic reports or updates that may be required under the 1934 Act, the CEA or rules and regulations promulgated thereunder;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 90%"><font style="font-size: 10pt">To pay or authorize the payment of distributions to the Shareholders and expenses of the Teucrium Funds, including the Fund and the Underlying Funds;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 90%"><font style="font-size: 10pt">To make any elections on behalf of the Trust or any Teucrium Fund under the Code, or any other applicable U.S. federal or state tax law as the Sponsor shall determine to be in the best interests of the Trust or the applicable Fund; and</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 90%"><font style="font-size: 10pt">In its sole discretion, to admit an affiliate or affiliates of the Sponsor as additional Sponsors.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>The Sponsor&rsquo;s Obligations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition to the duties imposed by the Delaware
Trust Statute and under the Trust Agreement, the Sponsor has the following obligations as a sponsor of the Trust:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 90%"><font style="font-size: 10pt">Devote to the business and affairs of the Trust such of its time as it determines in its discretion (exercised in good faith) to be necessary for the benefit of the Trust and the shareholders of the Teucrium Funds;</font></td></tr>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 90%"><font style="font-size: 10pt">Execute, file, record and/or publish all certificates, statements and other documents and do any and all other things as may be appropriate for the formation, qualification and operation of the Trust and for the conduct of its business in all appropriate jurisdictions;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 90%"><font style="font-size: 10pt">Appoint and remove independent public accountants to audit the accounts of the Trust and employ attorneys to represent the Trust;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 90%"><font style="font-size: 10pt">Employ attorneys to represent the Trust;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 90%"><font style="font-size: 10pt">Use its best efforts to maintain the status of the Trust and each Teucrium Fund as a statutory trust for state law purposes and as a partnership for U.S. federal income tax purposes;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 90%"><font style="font-size: 10pt">Invest, reinvest, hold uninvested, sell, exchange, write options on, lease, lend and, subject to certain limitations set forth in the Trust Agreement, pledge, mortgage and hypothecate the estate of each Teucrium Fund in accordance with the purposes of the Trust and any registration statement filed on behalf of the Fund, the Underlying Funds or any other Teucrium Funds;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 90%"><font style="font-size: 10pt">Have fiduciary responsibility for the safekeeping and use of the Trust&rsquo;s assets, whether or not in the Sponsor&rsquo;s immediate possession or control;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 90%"><font style="font-size: 10pt">Enter into and perform agreements with Authorized Purchasers, receive from Authorized Purchasers and process properly submitted purchase orders, receive Creation Basket Deposits, deliver or cause the delivery of Creation Baskets to the Depository for the account of the Authorized Purchaser submitting a purchase order;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 90%"><font style="font-size: 10pt">Receive from Authorized Purchasers and process, or cause the Distributor or other Fund service provider to process, properly submitted redemption orders, receive from the redeeming Authorized Purchasers through the Depository, and thereupon cancel or cause to be cancelled, Shares corresponding to the Redemption Baskets to be redeemed;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 90%"><font style="font-size: 10pt">Interact with the Depository; and</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 90%"><font style="font-size: 10pt">Delegate duties to one or more administrators, as the Sponsor determines.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">To the extent that, at law (common or statutory)
or in equity, the Sponsor has duties (including fiduciary duties) and liabilities relating thereto to the Trust, the Fund or any
other Teucrium Fund, the Shareholders or to any other person, the Sponsor will not be liable to the Trust, the Fund or any other
Teucrium Fund, the Shareholders or to any other person for its good faith reliance on the provisions of the Trust Agreement or
this prospectus (or the prospectus applicable to such other Teucrium Fund) unless such reliance constitutes gross negligence or
willful misconduct on the part of the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Liability and Indemnification</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under the Trust Agreement, the Sponsor, the
Trustee and their respective Affiliates (collectively, &ldquo;Covered Persons&rdquo;) shall have no liability to the Trust, the
Fund or any other Teucrium Fund or any Shareholder for any loss suffered by the Trust, the Fund or any other Teucrium Fund which
arises out of any action or inaction of such Covered Person if such Covered Person, in good faith, determined that such course
of conduct was in the best interest of the Trust, the Fund or any other Teucrium Fund and such course of conduct did not constitute
gross negligence or willful misconduct of such Covered Person. Subject to the foregoing, neither the Sponsor nor any other Covered
Person shall be personally liable for the return or repayment of all or any portion of the capital or profits of any Shareholder
or assignee thereof, it being expressly agreed that any such return of capital or profits made pursuant to the Trust Agreement
shall be made solely from the assets of the applicable Teucrium Fund without any rights of contribution from the Sponsor or any
other Covered Person. A Covered Person shall not be liable for the conduct or willful misconduct of any administrator or other
delegatee selected by the Sponsor with reasonable care, provided, however, that the Trustee and its Affiliates shall not, under
any circumstances be liable for the conduct or willful misconduct of any administrator or other delegatee or any other person selected
by the Sponsor to provide services to the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">To the extent that, at law (common or statutory)
or in equity, the Sponsor has duties (including fiduciary duties) and liabilities relating to the Trust, the Teucrium Funds, the
shareholders of the Teucrium Funds, or to any other person, the Sponsor, acting under the Trust Agreement, shall not be liable
to the Trust, the Teucrium Funds, the shareholders of the Teucrium Funds or to any other person for its good faith reliance on
the provisions of the Trust Agreement. The provisions of the Trust Agreement, to the extent they restrict or eliminate the duties
and liabilities of the Sponsor otherwise existing at law or in equity, replace such other duties and liabilities of the Sponsor.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trust Agreement also provides that the Sponsor
shall be indemnified by the Trust (or by a series separately to the extent the matter in question relates to a single series or
disproportionately affects a specific series in relation to other series) against any losses, judgments, liabilities, expenses
and amounts paid in settlement of any claims sustained by it in connection with its activities for the Trust, provided that (i)
the Sponsor was acting on behalf of or performing services for the Trust and has determined, in good faith, that such course of
conduct was in the best interests of the Trust and such liability or loss was not the result of gross negligence, willful misconduct,
or a breach of the Trust Agreement on the part of the Sponsor and (ii) any such indemnification will only be recoverable from the
assets of the applicable series. The Sponsor&rsquo;s rights to indemnification permitted under the Trust Agreement shall not be
affected by the dissolution or other cessation to exist of the Sponsor, or the withdrawal, adjudication of bankruptcy or insolvency
of the Sponsor, or the filing of a voluntary or involuntary petition in bankruptcy under Title 11 of the Bankruptcy Code by or
against the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Notwithstanding the above, the Sponsor shall
not be indemnified for any losses, liabilities or expenses arising from or out of an alleged violation of U.S. federal or state
securities laws unless (i) there has been a successful adjudication on the merits of each count involving alleged securities law
violations as to the particular indemnitee and the court approves the indemnification of such expenses (including, without limitation,
litigation costs), (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to
the particular indemnitee and the court approves the indemnification of such expenses (including, without limitation, litigation
costs), or (iii) a court of competent jurisdiction approves a settlement of the claims against a particular indemnitee and finds
that indemnification of the settlement and related costs should be made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The payment of any indemnification shall be
allocated, as appropriate, among the Trust&rsquo;s series. The Trust and its series shall not incur the cost of that portion of
any insurance which insures any party against any liability, the indemnification of which is prohibited under the Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Expenses incurred in defending a threatened
or pending action, suit or proceeding against the Sponsor shall be paid by the Trust in advance of the final disposition of such
action, suit or proceeding, if (i) the legal action relates to the performance of duties or services by the Sponsor on behalf of
the Trust; (ii) the legal action is initiated by a party other than the Trust; and (iii) the Sponsor undertakes to repay the advanced
funds with interest to the Trust in cases in which it is not entitled to indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trust Agreement provides that the Sponsor
and the Trust shall indemnify the Trustee and its successors, assigns, legal representatives, officers, directors, shareholders,
employees, agents and servants (the &ldquo;Trustee Indemnified Parties&rdquo;) against any liabilities, obligations, losses, damages,
penalties, taxes, claims, actions, suits, costs, expenses or disbursements which may be imposed on a Trustee Indemnified Party
relating to or arising out of the formation, operation or termination of the Trust, the execution, delivery and performance of
any other agreements to which the Trust is a party, or the action or inaction of the Trustee under the Trust Agreement or any other
agreement, except for expenses resulting from the gross negligence or willful misconduct of a Trustee Indemnified Party. Further,
certain officers of the Sponsor are insured against liability for certain errors or omissions which an officer may incur or that
may arise out of his or her capacity as such.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In the event the Trust is made a party to any
claim, dispute, demand or litigation or otherwise incurs any liability or expense as a result of or in connection with any Shareholder&rsquo;s
(or assignee&rsquo;s) obligations or liabilities unrelated to the Trust business, such Shareholder (or assignees cumulatively)
is required under the Trust Agreement to indemnify the Trust for all such liability and expense incurred, including attorneys&rsquo;
and accountants&rsquo; fees.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Withdrawal of the Sponsor</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor may withdraw voluntarily as the
Sponsor of the Trust only upon ninety (90) days&rsquo; prior written notice to the holders of the Trust&rsquo;s outstanding shares
and the Trustee. If the withdrawing Sponsor is the last remaining Sponsor, shareholders holding a majority (over 50%) of the outstanding
shares of the Teucrium Funds voting together as a single class (not including shares acquired by the Sponsor through its initial
capital contribution) may vote to elect a successor Sponsor. The successor Sponsor will continue the business of the Trust. Shareholders
have no right to remove the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In the event of withdrawal, the Sponsor is entitled
to a redemption of the shares it acquired through its initial capital contribution to any of the series of the Trust at their NAV
per share. If the Sponsor withdraws and a successor Sponsor is named, the withdrawing Sponsor shall pay all expenses as a result
of its withdrawal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Meetings</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Meetings of the Trust&rsquo;s shareholders
may be called by the Sponsor and will be called by it upon the written request of Shareholders holding at least 25% of the outstanding
Shares of the Trust or the Fund, as applicable (not including Shares acquired by the Sponsor through its initial capital contribution.
The Sponsor shall deposit in the United States mail or electronically transmit written notice to all Shareholders of the Fund of
the meeting and the purpose of the meeting, which shall be held on a date not less than 30 nor more than 60 days after the date
of mailing of such notice, at a reasonable time and place. Where the meeting is called upon the written request of the shareholders
of the Teucrium Funds, or any Teucrium fund, as applicable, such written notice shall be mailed or transmitted not more than 45
days after such written request for a meeting was received by the Sponsor. Any notice of meeting shall be accompanied by a description
of the action to be taken at the meeting and, if applicable, an opinion of independent counsel as to the effect of such proposed
action on the liability of shareholders of the Teucrium Funds, or any Teucrium fund, as applicable, for the debts of the applicable
Teucrium Fund. Shareholders may vote in person or by proxy at any such meeting. The Sponsor shall be entitled to establish voting
and quorum requirements and other reasonable procedures for shareholder voting. Any action required or permitted to be taken by
Shareholders by vote may be taken without a meeting by written consent setting forth the actions so taken. Such written consents
shall be treated for all purposes as votes at a meeting. If the vote or consent of any Shareholder to any action of the Trust,
the Fund or any Shareholder, as contemplated by the Trust Agreement, is solicited by the Sponsor, the solicitation shall be effected
by notice to each Shareholder given in the manner provided in accordance with the Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Voting Rights</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Shareholders have very limited voting rights.
Specifically, the Trust Agreement provides that shareholders of the Teucrium Funds holding shares representing at least a majority
(50%) of the outstanding shares of the Teucrium Funds voting together as a single class (excluding shares acquired by the Sponsor
in connection with its initial capital contribution to any Trust series) may vote to (i) continue the Trust by electing a successor
Sponsor as described above, and (ii) approve amendments to the Trust Agreement that impair the right to surrender Redemption Baskets
for redemption. (Trustee consent to any amendment to the Trust Agreement is required if the Trustee reasonably believes that such
amendment adversely affects any of its rights, duties or liabilities.) In addition, shareholders of the Teucrium Funds holding
shares representing seventy-five percent (75%) of the outstanding shares of the Teucrium Funds, voting together as a single class
(excluding shares acquired by the Sponsor in connection with its initial capital contribution to any Trust series) may vote to
dissolve the Trust upon not less than ninety (90) days&rsquo; notice to the Sponsor. Shareholders have no voting rights with respect
to the Trust or the Fund except as expressly provided in the Trust Agreement. Fund Shareholders have no voting rights with respect
to shares of the Underlying Funds held by the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Limited Liability of Shareholders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Shareholders shall be entitled to the same limitation
of personal liability extended to stockholders of private corporations for profit organized under the general corporation law of
Delaware, and no Shareholder shall be liable for claims against, or debts of the Trust or the Fund in excess of his share of the
Fund&rsquo;s assets. The Trust or the Fund shall not make a claim against a Shareholder with respect to amounts distributed to
such Shareholder or amounts received by such Shareholder upon redemption unless, under Delaware law, such Shareholder is liable
to repay such amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trust or the Fund shall indemnify to the
full extent permitted by law and the Trust Agreement, each Shareholder (excluding the Sponsor to the extent of its ownership of
any Shares acquired through its initial capital contribution) against any claims of liability asserted against such Shareholder
solely based on its status as a Shareholder (other than for taxes on income from Shares for which such Shareholder is liable).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Every written note, bond, contract, instrument,
certificate or undertaking made or issued by the Sponsor on behalf of the Trust or the Fund shall give notice to the effect that
the same was executed or made by or on behalf of the Trust or the Fund and that the obligations of such instrument are not binding
upon the Shareholders individually but are binding only upon the assets and property of the Fund and no recourse may be had with
respect to the personal property of a Shareholder for satisfaction of any obligation or claim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_052"></A>The Sponsor Has Conflicts of Interest</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">There are present and potential future conflicts
of interest in the Trust&rsquo;s structure and operation you should consider before you purchase Shares. The Sponsor may use this
notice of conflicts as a defense against any claim or other proceeding made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The Sponsor&rsquo;s principals, officers
and employees do not devote their time exclusively to the Fund. Under the organizational documents of the Sponsor, Mr. Sal Gilbertie
and Mr. Dale Riker are obligated to use commercially reasonable efforts to manage the Sponsor, devote such amount of time to the
Sponsor as would be consistent with their roles in similarly placed commodity pool operators, and remain active in managing the
Sponsor until they are no longer managing members of the Sponsor or the Sponsor dissolves. In addition, the Sponsor expects that
operating the Teucrium Funds will generally constitute the principal and a full-time business activity of its principals, officers
and employees. Notwithstanding these obligations and expectations, the Sponsor&rsquo;s principals may be directors, officers or
employees of other entities, and may manage assets of other entities, including the other Teucrium Funds, through the Sponsor or
otherwise. In particular, the principals could have a conflict between their responsibilities to the Fund on the one hand and to
those other entities on the other. It is not possible to quantify the proportion of their time that the Sponsor&rsquo;s personnel
will devote to the Fund and its management. </P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The Sponsor and its principals, officers
and employees may trade securities, futures and related contracts for their own accounts, creating the potential for preferential
treatment of their own accounts. Shareholders will not be permitted to inspect the trading records of such persons or any written
policies of the Sponsor related to such trading. A conflict of interest may exist if their trades are in the same markets and at
approximately the same times as the trades for the Fund or Underlying Funds. A potential conflict also may occur when the Sponsor&rsquo;s
principals trade their accounts more aggressively or take positions in their accounts which are opposite, or ahead of, the positions
taken by the Underlying Funds. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor has sole current authority to manage
the investments and operations of the Fund and the Underlying Funds, and this may allow it to act in a way that furthers its own
interests which may create a conflict with your best interests, including the authority to allocate expenses to and between the
Funds. Shareholders have very limited voting rights with respect to the Fund, which will limit the ability to influence matters
such as amendment of the Trust Agreement, change in the Fund&rsquo;s basic investment policies, or dissolution of the Fund or the
Trust. Shareholders have no voting rights with respect to the Underlying Funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor serves as the Sponsor to the Teucrium
Funds, and may in the future serve as the Sponsor or investment adviser to commodity pools other than the Teucrium Funds. The Sponsor
may have a conflict to the extent that its trading decisions for the Fund may be influenced by the effect they would have on the
other pools it manages. While the Sponsor will attempt to maintain the equal allocation of Fund assets among the four Underlying
Funds, the Sponsor may have an incentive to purchase shares of or trade in a particular Underlying Fund relative to the other Underlying
Funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, the Sponsor may be required to
indemnify the officers and directors of the other pools, if the need for indemnification arises. This potential indemnification
will cause the Sponsor&rsquo;s assets to decrease. If the Sponsor&rsquo;s other sources of income are not sufficient to compensate
for the indemnification, it could cease operations, which could in turn result in Fund losses and/or termination of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If the Sponsor acquires knowledge of a potential
transaction or arrangement that may be an opportunity for the Fund or an Underlying Fund, it shall have no duty to offer such opportunity
to the Fund or the Underlying Fund. The Sponsor will not be liable to the Fund or the Shareholders for breach of any fiduciary
or other duty if Sponsor pursues such opportunity or directs it to another person or does not communicate such opportunity to the
Fund or an Underlying Fund. Neither the Fund nor any Shareholder has any rights or obligations by virtue of the Trust Agreement,
the trust relationship created thereby, or this prospectus in such business ventures or the income or profits derived from such
business ventures. The pursuit of such business ventures, even if competitive with the activities of the Fund or an Underlying
Fund, will not be deemed wrongful or improper.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Resolution of Conflicts Procedures</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trust Agreement provides that whenever a
conflict of interest exists between the Sponsor or any of its Affiliates, on the one hand, and the Trust, any shareholder of a
Trust series, or any other person, on the other hand, the Sponsor shall resolve such conflict of interest, take such action or
provide such terms, considering in each case the relative interest of each party (including its own interest) to such conflict,
agreement, transaction or situation and the benefits and burdens relating to such interests, any customary or accepted industry
practices, and any applicable generally accepted accounting practices or principles. In the absence of bad faith by the Sponsor,
the resolution, action or terms so made, taken or provided by the Sponsor shall not constitute a breach of the Trust Agreement
or any other agreement contemplated therein or of any duty or obligation of the Sponsor at law or in equity or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor or any affiliate thereof may engage
in or possess an interest in other profit-seeking or business ventures of any nature or description, independently or with others,
whether or not such ventures are competitive with the Trust and the doctrine of corporate opportunity, or any analogous doctrine,
shall not apply to the Sponsor. If the Sponsor acquires knowledge of a potential transaction, agreement, arrangement or other matter
that may be an opportunity for the Trust, it shall have no duty to communicate or offer such opportunity to the Trust, and the
Sponsor shall not be liable to the Trust or to the Shareholders for breach of any fiduciary or other duty by reason of the fact
that the Sponsor pursues or acquires for, or directs such opportunity to, another person or does not communicate such opportunity
or information to the Trust. Neither the Trust nor any Shareholder shall have any rights or obligations by virtue of the Trust
Agreement or the trust relationship created thereby in or to such independent ventures or the income or profits or losses derived
therefrom, and the pursuit of such ventures, even if competitive with the activities of the Trust, shall not be deemed wrongful
or improper. Except to the extent expressly provided in the Trust Agreement, the Sponsor may engage or be interested in any financial
or other transaction with the Trust, the Shareholders or any affiliate of the Trust or the Shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_053"></A>Interests of Named Experts and Counsel</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor has employed Reed Smith LLP to prepare
this prospectus. Neither the law firm nor any other expert hired by the Fund to give advice on the preparation of this registration
statement have been hired on a contingent fee basis. Nor do any of them have any present or future expectation of interest in the
Sponsor, Distributor, Authorized Purchasers, Custodian/Administrator or other service providers to the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_054"></A>Provisions of Federal and State Securities Laws</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This offering is made pursuant to federal and
state securities laws. The SEC and state securities agencies take the position that indemnification of the Sponsor that arises
out of an alleged violation of such laws is prohibited unless certain conditions are met. Those conditions require that no indemnification
of the Sponsor or any underwriter for the Fund may be made in respect of any losses, liabilities or expenses arising from or out
of an alleged violation of federal or state securities laws unless: (i) there has been a successful adjudication on the merits
of each count involving alleged securities law violations as to the party seeking indemnification and the court approves the indemnification;
(ii) such claim has been dismissed with prejudice on the merits by a court of competent jurisdiction as to the party seeking indemnification;
or (iii) a court of competent jurisdiction approves a settlement of the claims against the party seeking indemnification and finds
that indemnification of the settlement and related costs should be made, provided that, before seeking such approval, the Sponsor
or other indemnitee must apprise the court of the position held by regulatory agencies against such indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_055"></A>Books and Records</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trust keeps its books of record and account
at its office located at 232 Hidden Lake Road, Building A, Brattleboro, Vermont 05301, or at the offices of the Administrator located
at One Wall Street, New York, New York 10286, or such office, including of an administrative agent, as it may subsequently designate
upon notice. The books of account of the Fund are open to inspection by any Shareholder (or any duly constituted designee of a
Shareholder) at all times during the usual business hours of the Fund upon reasonable advance notice to the extent such access
is required under CFTC rules and regulations. In addition, the Trust keeps a copy of the Trust Agreement on file in its office
which will be available for inspection by any Shareholder at all times during its usual business hours upon reasonable advance
notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_056"></A>Analysis of Critical Accounting Policies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund&rsquo;s critical accounting policies
are set forth in the financial statements that are incorporated by reference in this prospectus prepared in accordance with accounting
principles generally accepted in the United States of America, which require the use of certain accounting policies that affect
the amounts reported in these financial statements, including the following: (i) Fund trades are accounted for on a trade-date
basis and marked to market on a daily basis; (ii) the difference between the cost and market value of Commodity Interests is recorded
as &ldquo;change in unrealized profit/loss&rdquo; for open (unrealized) contracts, and recorded as &ldquo;realized profit/loss&rdquo;
when open positions are closed out; and (iii) earned interest income, as well as the fees and expenses of the Fund, are recorded
on an accrual basis. The Sponsor believes that all relevant accounting assumptions and policies have been considered.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_057"></A>Statements, Filings, and Reports to Shareholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trust will furnish to DTC Participants for
distribution to Shareholders annual reports (as of the end of each fiscal year) for the Fund as are required to be provided to
Shareholders by the CFTC and the NFA. These annual reports will contain financial statements prepared by the Sponsor and audited
by an independent registered public accounting firm designated by the Sponsor. The Trust will also post monthly reports to the
Fund&rsquo;s website (<B><U>www.teucriumtagsfund.com</U></B>). These monthly reports will contain certain unaudited financial information
regarding the Fund, including the Fund&rsquo;s NAV. The Sponsor will furnish to the Shareholders other reports or information which
the Sponsor, in its discretion, determines to be necessary or appropriate. In addition, under SEC rules the Trust will be required
to file quarterly and annual reports for the Fund with the SEC, which need not be sent to Shareholders but will be publicly available
through the SEC. The Trust will post the same information that would otherwise be provided in the Trust&rsquo;s CFTC, NFA and SEC
reports on the Fund&rsquo;s website <B><U>www.teucriumtagsfund.com</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor is responsible for the registration
and qualification of the Shares under the federal securities laws, federal commodities laws, and laws of any other jurisdiction
as the Sponsor may select. The Sponsor is responsible for preparing all required reports, but has entered into an agreement with
the Administrator to prepare these reports on the Trust&rsquo;s behalf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The accountants&rsquo; report on its audit of
the Fund&rsquo;s financial statements will be furnished by the Trust to Shareholders upon request. The Trust will make such elections,
file such tax returns, and prepare, disseminate and file such tax reports for the Fund, as it is advised by its counsel or accountants
are from time to time required by any applicable statute, rule or regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">PricewaterhouseCoopers (&ldquo;PwC&rdquo;),
2001 Ross Avenue, Suite 1800, Dallas, Texas 75201-2997, will provide tax information in accordance with applicable U.S. Treasury
Regulations. Persons treated as middlemen for purposes of these regulations may obtain tax information regarding the Fund from
PwC or from the Fund&rsquo;s website, <B><U>www.teucriumtagsfund.com</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_058"></A>Fiscal Year</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The fiscal year of the Fund is the calendar
year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_059"></A>Governing Law; Consent to Delaware Jurisdiction</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The rights of the Sponsor, the Trust, the Fund,
DTC (as registered owner of the Fund&rsquo;s global certificate for Shares) and the Shareholders are governed by the laws of the
State of Delaware. The Sponsor, the Trust, the Fund and DTC and, by accepting Shares, each DTC Participant and each Shareholder,
consent to the jurisdiction of the courts of the State of Delaware and any federal courts located in Delaware. Such consent is
not required for any person to assert a claim of Delaware jurisdiction over the Sponsor, the Trust or the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_060"></A>Security Ownership of Principal Shareholders and Management </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The following table sets forth shares as
of December 31, 2014, information with respect to each person known to own beneficially more than 5% of the outstanding shares
of the Fund: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; text-decoration: underline; text-align: center"><font style="font-size: 10pt"><u>Name</u></font></td>
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: black 1pt solid; text-decoration: underline; text-align: center"><font style="font-size: 10pt"><u>Address</u></font></td>
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: black 1pt solid; text-decoration: underline; text-align: center"><font style="font-size: 10pt"><u>Amount and Nature of </u></font><br>
<font style="font-size: 10pt"><u>Beneficial Ownership</u></font></td>
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-decoration: underline; text-align: center"><font style="font-size: 10pt"><u>Percent of Class</u></font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="width: 18%; text-align: center"><font style="font-size: 10pt">Knight Capital Americas, LP</font></td>
    <td style="width: 1%"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="width: 27%; padding-left: 10pt; text-align: center"><font style="font-size: 10pt">Jersey City, NJ 07310</font></td>
    <td style="width: 1%"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="width: 33%; padding-left: 30pt; text-align: right"><font style="font-size: 10pt">27,563 common units</font></td>
    <td style="width: 1%"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="width: 1%"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="width: 18%; text-align: right"><FONT STYLE="font-size: 10pt"> 55.1% </FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="padding-left: 10pt; text-align: center">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="padding-left: 30pt; text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="text-align: center"><FONT STYLE="font-size: 10pt"> Hunting Hill Equity Arbitrage </FONT></td>
    <td>&nbsp;</td>
    <td style="padding-left: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">New York, NY 10170 </FONT></td>
    <td>&nbsp;</td>
    <td style="padding-left: 30pt; text-align: right"><FONT STYLE="font-size: 10pt"> 5,947 common units</FONT></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp; 11.9% </FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="padding-left: 10pt; text-align: center">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="padding-left: 30pt; text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="text-align: center"><font style="font-size: 10pt">Susquehanna Capital Group</font></td>
    <td>&nbsp;</td>
    <td style="padding-left: 10pt; text-align: center"><font style="font-size: 10pt">Bala Cynwyd, PA 19004</font></td>
    <td>&nbsp;</td>
    <td style="padding-left: 30pt; text-align: right"><font style="font-size: 10pt">2,999 common units</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt"> 6.0% </FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="padding-left: 10pt; text-align: center">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="padding-left: 30pt; text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table sets forth shares as of
December 31, 2014, information with respect to the beneficial ownership of the Fund by Class A members and officers of the Sponsor:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top; background-color: white">
    <td style="border-top: #9BBB59 1pt solid; border-bottom: #9BBB59 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt"><b>Name of Owner</b></font></td>
    <td style="border-top: #9BBB59 1pt solid; border-bottom: #9BBB59 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt"><b>&nbsp;</b></font></td>
    <td style="border-top: #9BBB59 1pt solid; border-bottom: #9BBB59 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt"><b>Amount and Nature of </b></font><br>
<font style="font-size: 10pt"><b>Beneficial Ownership</b></font></td>
    <td style="border-top: #9BBB59 1pt solid; border-bottom: #9BBB59 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt"><b>&nbsp;</b></font></td>
    <td colspan="2" style="border-top: #9BBB59 1pt solid; border-bottom: #9BBB59 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt"><b>Percent of Fund&rsquo;s Outstanding Shares</b></font></td>
    <td style="border-top: #9BBB59 1pt solid; border-bottom: #9BBB59 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt"><b>&nbsp;</b></font></td></tr>
<tr style="vertical-align: top; background-color: white">
    <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt"><b>Dale Riker</b></font></td>
    <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 10pt">200 Shares- Indirect Ownership</font></td>
    <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 10pt">0.40</font></td>
    <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">%</font></td></tr>
<tr style="vertical-align: top; background-color: white">
    <td style="border-bottom: #9BBB59 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt"><b>Sal Gilbertie</b></font></td>
    <td style="border-bottom: #9BBB59 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: #9BBB59 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 10pt">400 Shares- Direct Ownership</font></td>
    <td style="border-bottom: #9BBB59 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: #9BBB59 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: #9BBB59 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 10pt">0.80</font></td>
    <td style="border-bottom: #9BBB59 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">%</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left"><B><A NAME="b_061"></A>Legal Matters</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Litigation and Claims</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Within the past five years of the date of this
prospectus, there have been no material administrative, civil or criminal actions against the Sponsor, the Trust or the Fund, or
any principal or affiliate of any of them. This includes any actions pending, on appeal, concluded, threatened, or otherwise known
to them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Legal Opinion</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Reed Smith LLP has been retained to advise the
Trust and the Sponsor with respect to the Shares being offered hereby and has passed upon the validity of the Shares being issued
hereunder. Reed Smith LLP has also provided the Sponsor with its opinion with respect to federal income tax matters addressed herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Experts</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> Grant Thornton, LLP, an independent registered
public accounting firm, has audited the financial statements, incorporated by reference, of the Trust, the Fund and the Sponsor
as of December 31, 2014. The financial statements of the Trust, the Fund and the Sponsor as of and for the year ended December
31, 2014, and management&rsquo;s assessment of the effectiveness of internal control over financial reporting of the Trust and
the Fund as of December 31, 2014 incorporated by reference in this prospectus and elsewhere in the registration statement have
been incorporated by reference in reliance upon the reports of Grant Thornton LLP, independent registered public accountants, upon
the authority of said firm as experts in accounting and auditing. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Rothstein Kass, an independent registered public
accounting firm, has audited the financial statements, incorporated herein by reference, of the Trust, the Fund and the Sponsor
as of December 31, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in">On June 30, 2014, KPMG LLP (&ldquo;KPMG&rdquo;)
acquired certain assets of ROTHSTEIN-KASS, P.A. (d/b/a Rothstein Kass &amp; Company, P.C.) and certain of its affiliates (&ldquo;Rothstein
Kass&rdquo;), the independent registered public accounting firm for Trust and the Funds. As a result of this transaction, on June
30, 2014, Rothstein Kass resigned as the independent registered public accounting firm for the Trust, the Funds and the Sponsor.
The authorized officers (the &ldquo;Officers&rdquo;) of the Sponsor approved the engagement of KPMG as the new independent registered
public accounting firm for the Sponsor, the Trust and the Funds and on July 29, 2014, KPMG completed its client evaluation procedures
and accepted the engagement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">The Officers approved the dismissal of
KPMG as the independent registered public accounting firm for the Sponsor, the Trust and the Funds and KPMG was dismissed on October
3, 2014. The engagement of Grant Thornton LLP as the new independent registered public accounting firm for the Company, the Trust
and the Funds was approved by the Officers, and Grant Thornton LLP completed its client evaluation procedures and accepted the
engagement, replacing KPMG as of October 3, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt inherit,serif; margin: 0; text-indent: 0.5in"> There were no disagreements with Rothstein Kass, KPMG or
Grant Thornton on any matters of accounting principles or practices, financial statement disclosure or auditing scope and procedures
for the year-ended December 31, 2014. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_062"></A>Privacy Policy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This Privacy Policy explains the policies of
the Sponsor, a commodity pool operator registered with the Commodity Futures Trading Commission, and (i) the Trust, and (ii) each
commodity pool for which the Sponsor serves as Sponsor currently or in the future including Teucrium Corn Fund, Teucrium Wheat
Fund, Teucrium Sugar Fund, and Teucrium Soybean Fund, and Teucrium Agricultural Fund (each of which is a series of the Trust),
relating to the collection, maintenance, and use of nonpublic personal information about the Funds&rsquo; investors, as required
under federal law. <B>Federal law gives investors the right to limit some but not all sharing of their nonpublic personal information.
Federal law also requires the Sponsor to tell investors how it collects, shares, and protects such nonpublic personal information.
Please read this policy carefully to understand what the Sponsor does. </B>This Privacy Policy applies to the nonpublic personal
information of investors who are individuals and who obtain financial products or services from the Sponsor, the Trust, and the
Funds primarily for personal, family, or household purposes. This Privacy Policy applies to both current and former Fund investors;
the Sponsor will only disclose nonpublic personal information about former investors to the same extent as for current investors,
as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Collection of Nonpublic Personal Information</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor may collect or have access to nonpublic
personal information about current and former Fund investors for certain purposes relating to the operation of the Funds. This
information may include information received from investors, such as their name, social security number, telephone number, and
address, and information about investors&rsquo; holdings and transactions in shares of the Funds.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Use and Disclosure
of Nonpublic Personal Information</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor recognizes and respects the privacy
expectation of each of the Funds&rsquo; investors. The Sponsor believes that the confidentiality and protection of investors&rsquo;
nonpublic personal information is one of its fundamental responsibilities. This means, most importantly, that the Sponsor does
not sell nonpublic personal information to any third parties. The Sponsor primarily uses investors&rsquo; nonpublic personal information
to complete financial transactions that may be requested. Below are the circumstances in which the Sponsor may disclose investors&rsquo;
nonpublic personal information to third parties; investors may not opt out of these disclosures:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 96%"><font style="font-size: 10pt">The Sponsor may provide an investor&rsquo;s nonpublic personal information to non-affiliated service providers involved in servicing and administering products and services for, or on behalf of the Sponsor (<i>e.g.</i>, accountants, compliance consultants, legal advisors, broker-dealers, introducing brokers, FCMs, investment companies, investment advisers, commodity trading advisors, commodity pool operators, administrators, and custodians). In all such cases, the Sponsor will provide the third party with only the nonpublic personal information necessary to carry out its assigned responsibilities and only for that purpose.</font></td></tr>
</table>
<P STYLE="font: 10pt Symbol; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 96%"><font style="font-size: 10pt">The Sponsor will release nonpublic personal information if directed by an investor to do so. The Sponsor may also release nonpublic personal information to persons acting in a fiduciary or representative capacity on behalf of an investor.</font></td></tr>
</table>
<P STYLE="font: 10pt Symbol; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 96%"><font style="font-size: 10pt">The Sponsor may release an investor&rsquo;s nonpublic personal information to courts and other parties related to a subpoena or other court, government, or SRO order or process, as authorized by law.</font></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font: 10pt Symbol">&#183;</font></td>
    <td><font style="font-size: 10pt">The Sponsor may release an investor&rsquo;s nonpublic personal information to regulators (including SROs) or governmental entities that have made a reasonable request for such information, as authorized by law.</font></td></tr>
</table>
<P STYLE="font: 10pt Symbol; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 96%"><font style="font-size: 10pt">The Sponsor may release an investor&rsquo;s nonpublic personal information to certain governmental entities and others to prevent money laundering, as authorized by law.</font></td></tr>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Investors&rsquo; nonpublic personal information, particularly information
about investors&rsquo; holdings and transactions in shares of the Funds, may be shared between and amongst the Sponsor and the
Funds. <B>An investor cannot opt-out of the sharing of nonpublic personal information between and amongst the Sponsor and the Funds.
</B>However, the Sponsor and the Funds will not use this information for any cross-marketing purposes. <B>In other words, all investors
will be treated as having &ldquo;opted out&rdquo; of receiving marketing solicitations from Funds other than the Fund(s) in which
it invests. </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Protection of Nonpublic
Personal Information</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 96%"><font style="font-size: 10pt">The Sponsor restricts access to investors&rsquo; nonpublic personal information only to those employees, agents, and representatives who require that information to provide financial products and services.</font></td></tr>
</table>
<P STYLE="font: 10pt Symbol; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 96%"><font style="font-size: 10pt">The Sponsor requires all employees, financial professionals, and companies providing services on its behalf to keep investors&rsquo; nonpublic personal information confidential.</font></td></tr>
</table>
<P STYLE="font: 10pt Symbol; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 96%"><font style="font-size: 10pt">Third parties with whom the Sponsor shares investor nonpublic personal information must agree to follow appropriate standards of security and confidentiality, which includes safeguarding such information physically, electronically, and procedurally.</font></td></tr>
</table>
<P STYLE="font: 10pt Symbol; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 96%"><font style="font-size: 10pt">The Sponsor maintains physical, technical, administrative, and procedural safeguards that comply with federal standards to protect the confidentiality and security of investors&rsquo; nonpublic personal information including, where applicable, its disposal.</font></td></tr>
</table>
<P STYLE="font: 10pt Symbol; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 96%"><font style="font-size: 10pt">Employees, agents, and representatives who have access to shareholder reports or other correspondence containing investors&rsquo; nonpublic personal information are required to utilize passwords on all electronic devices used to carry out their professional responsibilities.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_063"></A>U.S. Federal Income Tax Considerations </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following discussion summarizes the material
U.S. federal income tax consequences of the purchase, ownership and disposition of Shares of the Fund and the U.S. federal income
tax treatment of the Fund. Except where otherwise noted, this discussion deals only with the U.S. federal income tax consequences
relating to Shares held as capital assets by persons not subject to special tax treatment. For example, it does not address the
tax consequences to (i) dealers in securities, currencies, or commodities, (ii) traders in securities, or dealers or traders in
commodities, that elect to use a mark-to-market method of accounting, (iii) financial institutions, (iv) insurance companies, (v)
persons holding Shares as a part of a position in a &ldquo;straddle&rdquo; or as part of a &ldquo;hedging,&rdquo; &ldquo;conversion,&rdquo;
or other integrated transaction for U.S. federal income tax purposes, or (vi) holders of Shares whose &ldquo;functional currency&rdquo;
is not the U.S. dollar. Furthermore, the discussion that follows below is based upon the provisions of the Code, and regulations
(&ldquo;Treasury Regulations&rdquo;), rulings, and judicial decisions thereunder as of the date hereof, and such authorities may
be repealed, revoked, or modified (possibly with retroactive effect) so as to result in U.S. federal income tax consequences different
from the consequences discussed below.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor has received the opinion of Reed
Smith LLP (&ldquo;Reed Smith&rdquo;), counsel to the Trust, that the U.S. federal income tax discussion that follows below is accurate
with respect to the matters discussed. In rendering its opinion, Reed Smith has relied on the facts and assumptions described in
this prospectus as well as certain factual representations made by the Trust and the Sponsor. This opinion is not binding on the
Internal Revenue Service (&ldquo;IRS&rdquo;). No rulings have been requested from the IRS with respect to any matter affecting
the Fund or prospective investors. The IRS may disagree with the tax positions taken by the Fund, and, if the IRS were to challenge
the Fund&rsquo;s tax positions in litigation, they might not be sustained by the courts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As used herein, the term &ldquo;U.S. Shareholder&rdquo;
means a Shareholder that is, for United States federal income tax purposes, (i) a citizen or resident of the United States, (ii)
a corporation or partnership created or organized in or under the laws of the United States or any political subdivision thereof,
(iii) an estate the income of which is subject to United States federal income taxation regardless of its source or (iv) a trust
that (X) is subject to the supervision of a court within the United States and the control of one or more United States persons
as described in section 7701(a)(30) of the Code or (Y) has a valid election in effect under applicable Treasury Regulations to
be treated as a United States person. A &ldquo;Non-U.S. Shareholder&rdquo; is a holder that is not a U.S. Shareholder. If a partnership
holds our Shares, the tax treatment of a partner will generally depend upon the status of the partner and the activities of the
partnership. If you are a partner of a partnership holding our Shares, you should consult your own tax advisor regarding the tax
consequences.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">EACH PROSPECTIVE INVESTOR IS ADVISED TO CONSULT
ITS OWN TAX ADVISOR REGARDING THE U.S. FEDERAL INCOME TAX CONSEQUENCES OF AN INVESTMENT IN SHARES, AS WELL AS ANY APPLICABLE STATE,
LOCAL, OR FOREIGN TAX CONSEQUENCES, IN LIGHT OF ITS PARTICULAR CIRCUMSTANCES.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Tax Classification of the Trust and the
Fund</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trust is organized and will be operated
as a statutory trust in accordance with the provisions of the Trust Agreement and applicable Delaware law. Notwithstanding the
Trust&rsquo;s status as a statutory trust and the Fund&rsquo;s status as a series of that Trust, due to the nature of the Fund&rsquo;s
activities, the Fund will be classified as a &ldquo;business entity&rdquo; rather than as a trust for U.S. federal income tax purposes.
In addition, the trading of Shares on the NYSE Arca will cause the Fund to be classified as a &ldquo;publicly traded partnership&rdquo;
for U.S. federal income tax purposes. Under the Code, a publicly traded partnership generally is taxable as a corporation. In the
case of a business entity (such as the Fund) not registered under the Investment Company Act of 1940, however, an exception to
this general rule applies if at least 90% of the entity&rsquo;s gross income is &ldquo;qualifying income&rdquo; for each taxable
year of its existence (the &ldquo;qualifying income exception&rdquo;). For this purpose, qualifying income is defined as including,
in pertinent part, interest (other than from a financial business), dividends, and gains from the sale or disposition of capital
assets held for the production of interest or dividends. In the case of a partnership of which a principal activity is the buying
and selling of commodities other than as inventory, or futures, forwards, and options with respect to commodities, &ldquo;qualifying
income&rdquo; also means income and gains from commodities and from futures, forwards, options, and swaps and other notional principal
contracts with respect to commodities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trust and the Sponsor have made the following
representations (the &ldquo;Representations&rdquo;) to Reed Smith:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 4%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 93%"><font style="font-size: 10pt">At least 90% of each Underlying Fund&rsquo;s gross income for each taxable year will constitute &ldquo;qualifying income&rdquo; within the meaning of Code section 7704 (as described above);</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 4%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 93%"><font style="font-size: 10pt">Each of the Underlying Funds is classified as a partnership for U.S. federal income tax purposes;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 4%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 93%"><font style="font-size: 10pt">In addition to holding shares of the Underlying Funds, the only other assets the Fund may hold are residual amounts in Treasury Securities, cash equivalents, and/or cash (generally in interest-bearing accounts);</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 4%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 93%"><font style="font-size: 10pt">At least 90% of the Fund&rsquo;s gross income for each taxable year will consist of (i) income derived by the Fund with respect to the Fund&rsquo;s interests in the Underlying Funds, and (ii) interest income;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 4%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 93%"><font style="font-size: 10pt">The Fund is organized and will be operated in accordance with its governing documents and applicable law; and</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 4%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 93%"><font style="font-size: 10pt">The Fund has not elected, and will not elect, to be classified as a corporation for U.S. federal income tax purposes.</font></td></tr>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Based in part on the Representations, Reed Smith
is of the opinion that, although the matter is not free from doubt, it is more likely than not that (i) at least 90% of the Fund&rsquo;s
gross income for each taxable year will constitute &ldquo;qualifying income&rdquo; within the meaning of Code section 7704 and
(ii) the Fund will be treated as a partnership that it is not taxable as a corporation for U.S. federal income tax purposes. The
Fund&rsquo;s taxation as a partnership rather than as a corporation will require the Fund to satisfy the requirements of the qualifying
income exception on a continuing basis. No assurances can be given that the Fund will satisfy these requirements for any given
year. Reed Smith will not review the Fund&rsquo;s ongoing compliance with these requirements and will have no obligation to advise
the Trust, the Fund or the Fund&rsquo;s Shareholders in the event of any subsequent change in the facts, representations or applicable
law relied upon in reaching its opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If the Fund failed to satisfy the qualifying
income exception in any year, other than a failure that is determined by the IRS to be inadvertent and that is cured within a reasonable
time after discovery (in which case, as a condition of relief, the Fund could be required to pay the government amounts determined
by the IRS), the Fund would be taxable as a corporation for U.S. federal income tax purposes and would pay U.S. federal income
tax on its income at regular corporate rates. In that event, Shareholders would not report their share of the Fund&rsquo;s income
or loss on their tax returns. Distributions by the Fund (if any) would be treated as ordinary dividend income to the Shareholders
to the extent of the Fund&rsquo;s current and accumulated earnings and profits. Accordingly, if the Fund were to be taxable as
a corporation, it likely would have a material adverse effect on the economic return from an investment in the Fund and on the
value of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The remainder of this summary assumes that the
Fund (and each Underlying Fund) is classified for U.S. federal income tax purposes as a partnership that it is not taxable as a
corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>U.S. Shareholders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Tax Consequences of Ownership of Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I> Taxation of the Fund&rsquo;s Income </I>
.. No U.S. federal income tax is paid by the Fund on its income. Instead, the Fund files annual partnership returns, and each U.S.
Shareholder is required to report on its U.S. federal income tax return its allocable share of the income, gain, loss, deductions,
and credits reflected on such returns. The Fund&rsquo;s income, gain, loss, deduction, or credits will include its allocable share
of those items derived from its interests in the Underlying Funds. If the Fund recognizes income for a taxable year in the form
of interest and/or net capital gains from the cash settlement of Commodity Interests at the level of an Underlying Fund, Shareholders
must report their share of these items even though the Fund makes no distributions of cash or property during the taxable year.
Consequently, a Shareholder may be taxable on income or gain recognized by the Fund (including the Fund&rsquo;s allocable share
of income or gain derived from the Underlying Funds) but receive no cash distribution with which to pay the resulting tax liability,
or may receive a distribution that is insufficient to pay such tax liability. Because the Fund currently does not intend to make
distributions, it is likely that a U.S. Shareholder that realizes net income or gain with respect to Shares for a taxable year
will be required to pay any resulting tax from sources other than Fund distributions. Additionally individuals with modified adjusted
gross income in excess of $200,000 ($250,000 in the case of married individuals filing jointly) and certain estates and trusts
are subject to an additional 3.8% tax on their &ldquo;net investment income,&rdquo; which generally includes net income from interest,
dividends, annuities, royalties, and rents, and net capital gains (other than certain amounts earned from trades or businesses).
Also included as income subject to the additional 3.8% tax is income from businesses involved in the trading of financial instruments
or commodities. Shareholders subject to this provision may be required to pay this 3.8% surtax on interest income and capital gains
allocated to them by the fund. </P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Monthly Conventions for Allocations of the
Fund&rsquo;s Profit and Loss and Capital Account Restatements</I> . Under Code section 704, the determination of a partner&rsquo;s
distributive share of any item of income, gain, loss, deduction, or credit is governed by the applicable organizational document
unless the allocation provided by such document lacks &ldquo;substantial economic effect.&rdquo; An allocation that lacks substantial
economic effect nonetheless will be respected if it is in accordance with the partners&rsquo; interests in the partnership, determined
by taking into account all facts and circumstances relating to the economic arrangements among the partners. Subject to the discussion
that follows below concerning certain conventions to be used by the Fund, allocations pursuant to the Trust Agreement should be
considered as having substantial economic effect or being in accordance with Shareholders&rsquo; interests in the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In situations where a partner&rsquo;s interest
in a partnership is redeemed or sold during a taxable year, the Code generally requires that partnership tax items for the year
be allocated to the partner using either an interim closing of the books or a daily proration method. The Fund intends to allocate
tax items using an interim closing of the books method under which income, gains, losses, and deductions will be determined on
a monthly basis, taking into account the Fund&rsquo;s accrued income, deductions, gains, and losses (both realized and unrealized)
for the month. The tax items for each month during a taxable year will then be allocated among the holders of Shares in proportion
to the number of Shares owned by them as of the close of trading on the last trading day of the immediately preceding month (the
&ldquo;monthly allocation convention&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under the monthly allocation convention, an
investor who disposes of a Share during the current month will be treated as disposing of the Share as of the beginning of the
first day of the immediately succeeding month. For example, an investor who buys a Share on April 10 of a year and sells it on
May 20 of the same year will be allocated all of the tax items attributable to May (because it is deemed to hold the Share through
the last day of May) but none of the tax items attributable to April. The tax items attributable to that Share for April will be
allocated to the person who is the actual or deemed holder of the Share as of the close of trading on the last trading day of March.
Under the monthly allocation convention, an investor who purchases and sells a Share during the same month, and therefore does
not hold (and is not deemed to hold) the Share at the close of the last trading day of either that month or the previous month,
will receive no allocations with respect to that Share for any period. Accordingly, investors may not receive allocations with
respect to Shares that they actually held, or they may receive allocations with respect to Shares attributable to periods that
they did not actually hold the Shares. Investors who hold Shares on the last trading day of the first month of the Fund&rsquo;s
operation will be allocated the tax items for that month, as well as the tax items for the following month, attributable to the
Shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Each of the Underlying funds applies an allocation
method for its partnership items that is essentially identical to the monthly allocation convention. Therefore, the amounts allocated
among shareholders by the fund themselves are based on simplifying assumptions and conventions that may not precisely reflect the
fund&rsquo;s economic income or loss from an investment in the underlying funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">By investing in Shares, a U.S. Shareholder agrees
that, in the absence of new legislation, regulatory or administrative guidance, or judicial rulings to the contrary, it will file
its U.S. federal income tax returns in a manner that is consistent with the monthly allocation convention as described above and
with the IRS Schedule K-1 or any successor form provided to Shareholders by the Fund or the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For any month in which a Creation Basket is
issued or a Redemption Basket is redeemed, the Fund will credit or debit the &ldquo;book&rdquo; capital accounts of existing Shareholders
with the amount of any unrealized gain or loss, respectively, on Fund assets. For this purpose, unrealized gain or loss will be
computed based on the lowest NAV of the Fund&rsquo;s assets during the month in which Shares are issued or redeemed, which may
be different than the value of the assets on the date of an issuance or redemption. The capital accounts as adjusted in this manner
will be used in making tax allocations intended to account for differences between the tax basis and fair market value of the property
owned by the Fund at the time new Shares are issued or outstanding Shares are redeemed (so-called &ldquo;reverse Code section 704(c)
allocations&rdquo;). The intended effect of these adjustments is to allocate equitably among Shareholders any unrealized appreciation
or depreciation in the Fund&rsquo;s assets existing at the time of a contribution or redemption for book and tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor believes that the application of
the conventions and methods described above is consistent with the intent of the partnership provisions of the Code and that the
resulting allocations should have substantial economic effect or otherwise should be respected as being in accordance with Shareholders&rsquo;
interests in the Fund for U.S. federal income tax purposes. The Code and existing Treasury Regulations do not expressly permit
adoption of these conventions, although the monthly allocation convention described above is consistent with a semi-monthly method
permitted under proposed Treasury Regulations, as well as the legislative history for the provisions that require allocations to
appropriately reflect changes in ownership interests. It is possible that the IRS could be successful in challenging the Fund&rsquo;s
allocation method (or those of the underlying funds) on the ground that they do not satisfy the technical requirements of the Code
or Treasury Regulations, requiring a Shareholder to report a greater or lesser share of items of income, gain, loss, or deduction
than if the conventions were respected. The Sponsor is authorized to revise the Fund&rsquo;s methods to conform to the requirements
of any future Treasury Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As noted above, the conventions used by the
Fund in making tax allocations may cause a Shareholder to be allocated more or less income or loss for U.S. federal income tax
purposes than its proportionate share of the economic income or loss realized by the Fund during the period such Shareholder held
its Shares. This mismatch between taxable and economic income or loss in some cases may be temporary, reversing itself in a later
year when the Shares are sold, but could be permanent. For example, a Shareholder could be allocated income accruing after it sold
its Shares, resulting in an increase in the basis of the Shares (see &ldquo; <I>Tax Basis of Shares</I> &rdquo;, below). In connection
with the disposition of the Shares, the additional basis might produce a capital loss the deduction of which may be limited (see
&ldquo; <I>Limitations on Deductibility of Losses and Certain Expenses</I> &rdquo;, below).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Section 754 election. </I>The Fund (and each
of the Underlying Funds) intends to make (or has made) the election permitted by Code section 754 (a &ldquo;section 754 election&rdquo;),
which election is irrevocable without the consent of the IRS. The effect of this election is that, when a secondary market sale
of Shares occurs, the Fund adjusts the purchaser&rsquo;s proportionate share of the tax basis of the Fund&rsquo;s assets to fair
market value, as reflected in the price paid for the Shares, as if the purchaser had made a direct acquisition of an interest in
the Fund&rsquo;s assets. The section 754 election is intended to eliminate disparities between a partner&rsquo;s basis in its partnership
interest and its share of the tax basis of the partnership&rsquo;s assets, so that the partner&rsquo;s allocable share of taxable
gain or loss on a disposition of an asset will correspond to the partner&rsquo;s share of the appreciation or depreciation in the
value of the asset since the partner acquired its interest. Depending on the price paid for Shares and the tax basis of the Fund&rsquo;s
assets at the time of the purchase, the effect of the section 754 election on a purchaser of Shares may be favorable or unfavorable.
In order to make the appropriate basis adjustments in a cost effective manner, the Fund will use certain simplifying conventions
and assumptions. In particular, the Fund will obtain information regarding secondary market transactions in its Shares and use
this information to make adjustments to the Shareholders&rsquo; indirect basis in Fund assets. It is possible that the IRS could
be successful in asserting that the conventions and assumptions applied are improper and require different basis adjustments to
be made, which could adversely affect some Shareholders. If the Fund acquires shares of an Underlying Fund on the secondary market,
the Underlying Fund will adjust the Fund&rsquo;s share of the tax basis of the Underlying Fund&rsquo;s assets using the conventions
and assumptions described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I> Section 1256 Contracts </I> . Under
the Code, special rules apply to instruments constituting &ldquo;section 1256 contracts.&rdquo; Section 1256 requires that such
instruments held at the end of a taxable year be treated as if they were sold for their fair market value on the last business
day of the taxable year (<I>i.e</I>., &ldquo;marked to market&rdquo;). Moreover, any gain or loss realized from a disposition,
termination or marking-to-market of section 1256 contracts is treated as long-term capital gain or loss to the extent of 60% thereof,
and as short-term capital gain or loss to the extent of 40% thereof, without regard to the actual holding period (&ldquo;60-40
Treatment&rdquo;). The term &ldquo;section 1256 contract&rdquo; generally includes, in relevant part: (1) a &rdquo;regulated futures
contract,&rdquo; defined as a contract (a) that is traded on or subject to the rules of a national securities exchange that is
registered with the SEC, a domestic board of trade designated as a contract market by the CFTC, or any other board of trade or
exchange designated by the Secretary of the Treasury (a &ldquo;qualified board or exchange&rdquo;), and (b) with respect to which
the amount required to be deposited and the amount that may be withdrawn depends on a system of &ldquo;marking to market&rdquo;;
and (2) a non-equity option traded on or subject to the rules of a qualified board or exchange. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under recently enacted legislation, an interest
rate swap, currency swap, basis swap, interest rate cap, interest rate floor, commodity swap, equity swap, equity index swap, credit
default swap or similar agreement is not a section 1256 contract, even if traded on a qualified board or exchange. Proposed Treasury
Regulations interpreting this amendment to section 1256 provide that a contract constituting a notional principal contract within
the meaning of section 1.446-3 of the Treasury Regulations is not subject to section 1256. The proposed regulations would expand
the definition of notional principal contract under the Code in some respects. These regulations will not become effective until
published in final form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> Many of the Underlying Funds&rsquo; Futures
Contracts will qualify as &ldquo;section 1256 contracts&rdquo; under the Code, as will some Other Commodity Interests that are
cleared through a qualified board or exchange. Any gain or loss recognized by the Underlying Funds with respect to section 1256
contracts will be subject to the 60-40 treatment and will be allocated to Unitholders in accordance with the monthly allocation
convention. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any gain or loss with respect to other investments
in Commodity Interests will be recognized by the Underlying Fund as short-term capital gain or loss at the end of each calendar
month on a mark-to-market basis (or on a disposition or termination during the month) and allocated to shareholders of the Underlying
Fund (including the Fund) under the monthly allocation convention.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Limitations on Deductibility of Losses and
Certain Expenses</I> . A number of different provisions of the Code may defer or disallow the deduction of losses or expenses allocated
to Shareholders by the Fund, including but not limited to those described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A Shareholder&rsquo;s deduction of its allocable
share of any loss of the Fund (including its allocable share of any loss of an Underlying Fund) is limited to the lesser of (1)
the tax basis in its Shares or (2) in the case of a Shareholder that is an individual or a closely held corporation, the amount
that the Shareholder is considered to have &ldquo;at risk&rdquo; with respect to the Fund&rsquo;s activities. In general, the amount
at risk will be a Shareholder&rsquo;s invested capital. Losses in excess of the amount at risk must be deferred until years in
which the Fund generates additional taxable income against which to offset such carryover losses or until additional capital is
placed at risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Individuals and other non-corporate taxpayers
are permitted to deduct capital losses only to the extent of their capital gains for the taxable year plus $3,000 of other income.
Unused capital losses can be carried forward and used to offset capital gains in future years. In addition, a non-corporate taxpayer
may elect to carry back net losses on section 1256 contracts to each of the three preceding years and use them to offset section
1256 contract gains in those years, subject to certain limitations. Corporate taxpayers generally may deduct capital losses only
to the extent of capital gains, subject to special carryback and carryforward rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Otherwise deductible expenses incurred by non-corporate
taxpayers constituting &ldquo;miscellaneous itemized deductions,&rdquo; generally including investment-related expenses (other
than interest and certain other specified expenses), are deductible only to the extent that they exceed 2% of the taxpayer&rsquo;s
adjusted gross income for the year. Although the matter is not free from doubt, the Sponsor believes that the expenses of the Fund
(including its allocable share of the expenses of the Underlying Funds) will constitute investment-related expenses subject to
this miscellaneous itemized deduction limitation, rather than expenses incurred in connection with a trade or business, and the
Fund will report these expenses consistent with that interpretation. The Code imposes additional limitations on the amount of certain
itemized deductions allowable to individuals with adjusted gross income in excess of certain amounts by reducing the otherwise
allowable portion of such deductions by an amount equal to the lesser of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">&bull; 3% of the individual&rsquo;s adjusted
gross income in excess of certain threshold amounts; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">&bull; 80% of the amount of certain itemized
deductions otherwise allowable for the taxable year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Non-corporate Shareholders generally may deduct
&ldquo;investment interest expense&rdquo; only to the extent of their &ldquo;net investment income.&rdquo; Investment interest
expense of a Shareholder will generally include any interest accrued by the Fund (or an Underlying Fund) and any interest paid
or accrued on direct borrowings by a Shareholder to purchase or carry its Shares, such as interest with respect to a margin account.
Net investment income generally includes gross income from property held for investment (including &ldquo;portfolio income&rdquo;
under the passive loss rules but not, absent an election, long-term capital gains or certain qualifying dividend income) less deductible
expenses other than interest directly connected with the production of investment income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">To the extent that the Fund allocates losses
or expenses to a Shareholder that are deferred or disallowed as a result of the limitations described above or other limitations
in the Code, the Shareholder may be taxed on income in excess of its economic income or distributions (if any) on its Shares. As
one example, a Shareholder could be allocated and required to pay tax on its share of interest income accrued by the Fund for a
particular taxable year and, in the same year, be allocated a share of a capital loss that the Shareholder cannot deduct currently
because it has insufficient capital gains against which to offset the loss. As another example, a Shareholder could be allocated
and required to pay tax on its share of interest income and capital gain for a year, but be unable to deduct some or all of its
share of Fund expenses and/or margin account interest incurred by the Shareholder with respect to its Shares. Each Shareholder
is urged to consult its own professional tax advisor regarding the effect of limitations under the Code on the ability to deduct
its allocable share of the Fund&rsquo;s losses and expenses.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Tax Basis of Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A Shareholder&rsquo;s tax basis in its Shares
is important in determining (1) the amount of taxable gain or loss that it will realize on the sale or other disposition of its
Shares, (2) the amount of non-taxable distributions that it may receive from the Fund, and (3) its ability to utilize its distributive
share of any losses of the Fund on its tax return. A Shareholder&rsquo;s initial tax basis of its Shares will equal its cost for
the Shares plus its share of the Fund&rsquo;s liabilities (if any) at the time of purchase. In general, a Shareholder&rsquo;s &ldquo;share&rdquo;
of the Fund&rsquo;s liabilities will equal the sum of (i) the entire amount of any otherwise nonrecourse liability of the Fund
as to which the Shareholder or an affiliate of the Shareholder is the creditor (a &ldquo;partner nonrecourse liability&rdquo;)
and (ii) a pro rata share of any nonrecourse liabilities of the Fund that are not partner nonrecourse liabilities as to any Shareholder.
For this purpose, the Fund&rsquo;s liabilities will include its share of any liabilities of an Underlying Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A Shareholder&rsquo;s tax basis in its Shares
generally will be (1) increased by (a) its allocable share of the Fund&rsquo;s taxable income and gain and (b) any additional
contributions by the Shareholder to the Fund and (2) decreased (but not below zero) by (a) its allocable share of the Fund&rsquo;s
tax deductions and losses and (b) distributions (if any) by the Fund to the Shareholder. For this purpose, an increase in a Shareholder&rsquo;s
share of the Fund&rsquo;s liabilities will be treated as a contribution of cash by the Shareholder to the Fund and a decrease
in that share will be treated as a distribution of cash by the Fund to the Shareholder. Pursuant to certain IRS rulings, a Shareholder
will be required to maintain a single, &ldquo;unified&rdquo; basis in all Shares that it owns. As a result, when a Shareholder
that acquired its Shares at different prices sells less than all of its Shares, such Shareholder will not be entitled to specify
particular Shares (<I>e.g.</I>, those with a higher basis) as having been sold. Rather, the Shareholder must determine its gain
or loss on the sale by using an &ldquo;equitable apportionment&rdquo; method to allocate a portion of its unified basis in its
Shares to the Shares sold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I> Treatment of Fund Distributions </I>
.. If the Fund makes non-liquidating distributions to Shareholders, such distributions generally will not be taxable to any particular
Shareholder for U.S. federal income tax purposes except to the extent that the sum of (i) the amount of cash and (ii) the fair
market value (subject to certain exceptions and adjustments) of marketable securities distributed exceeds the Shareholder&rsquo;s
adjusted basis of its interest in the Fund immediately before the distribution. Any cash distributions in excess of a Shareholder&rsquo;s
tax basis generally will be treated as gain from the sale or exchange of Shares. Similar rules apply to non-liquidating distributions
received by the Fund from an Underlying Fund. </P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I> Constructive Termination </I> . The
Fund (or an Underlying Fund) will be considered to have been terminated for U.S. federal income tax purposes if there is a sale
or exchange of 50% or more of the total interests in its Shares (or in the shares of the Underlying Fund) within a 12-month period.
A termination would result in the closing of the Fund&rsquo;s (or the Underlying Fund&rsquo;s) taxable year. In the case of a Shareholder
reporting on a taxable year other than a calendar year, the closing of the Fund&rsquo;s (or an Underlying Fund&rsquo;s) taxable
year may result in more than 12 months of taxable income or loss being includable in the Shareholder&rsquo;s taxable income for
the year of termination. The Fund (or the Underlying Fund) would be required to make new tax elections after a termination. A termination
could result in tax penalties for the shareholders if the Fund (or the Underlying Fund) were unable to determine that the termination
had occurred. Moreover, a termination may accelerate the application of, or subject the Fund (or the Underlying Fund) to, any tax
legislation enacted before the termination. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Tax Consequences of Disposition of Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If a Shareholder sells its Shares, it will recognize
gain or loss equal to the difference between the amount realized and its adjusted tax basis for the Shares sold. A Shareholder&rsquo;s
amount realized will be the sum of the cash or the fair market value of other property received plus its share of any Fund debt
(including an allocable share of any Underlying Fund debt) outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Gain or loss recognized by a Shareholder on
the sale or exchange of Shares held for more than one year generally will be taxable as long-term capital gain or loss; otherwise,
such gain or loss generally will be taxable as short-term capital gain or loss. A special election is available under the Treasury
Regulations that allows Shareholders to identify and use the actual holding periods for the Shares sold for purposes of determining
whether the gain or loss recognized on a sale of Shares will give rise to long-term or short-term capital gain or loss. It is expected
that most Shareholders will be eligible to elect, and generally will elect, to identify and use the actual holding period for Shares
sold. If a Shareholder fails to make the election or is not able to identify the holding periods of the Shares sold, the Shareholder
may have a split holding period in the Shares sold. Under such circumstances, a Shareholder will be required to determine its holding
period in the Shares sold by first determining the portion of its entire interest in the Fund that would give rise to long-term
capital gain or loss if its entire interest were sold and the portion that would give rise to short-term capital gain or loss if
the entire interest were sold. The Shareholder then would treat each Share sold as giving rise to long-term capital gain or loss
and short-term capital gain or loss in the same proportions as if it had sold its entire interest in the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> Under Code section 751, a portion of a Shareholder&rsquo;s
gain or loss from the sale of Shares (regardless of the holding period for such Shares), will be computed separately and taxed
as ordinary income or loss to the extent attributable to &ldquo;unrealized receivables&rdquo; or &ldquo;inventory&rdquo; owned
by the Fund (or by an Underlying Fund). The term &ldquo;unrealized receivables&rdquo; includes, among other things, market discount
bonds and short-term debt instruments to the extent that such items would give rise to ordinary income if sold by the Fund (or
by an Underlying Fund). However, the short term capital gain on section 1256 contracts resulting from 60-40 treatment, described
above, should not be subject to this rule. </P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> If some or all of a Shareholder&rsquo;s Shares
are lent by its broker or other agent to a third party&mdash;for example, for use by the third party in covering a short sale&mdash;the
Shareholder may be considered as having made a taxable disposition of the loaned Shares, in which case&mdash; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 4%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 93%"><font style="font-size: 10pt">The Shareholder may recognize taxable gain or loss to the same extent as if it had sold the Shares for cash;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 4%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 93%"><font style="font-size: 10pt">Any of the income, gain, loss, or deduction allocable to those Shares during the period of the loan is not reportable by the Shareholder for U.S. federal income tax purposes; and</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 4%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 93%"><font style="font-size: 10pt">Any distributions that the Shareholder receives with respect to the Shares under the loan agreement will be fully taxable to the Shareholder, most likely as ordinary income.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Shareholders desiring to avoid these and other
possible consequences of a deemed disposition of their Shares should consider modifying any applicable brokerage account agreements
to prohibit the lending of their Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Other U.S. Federal Income Tax Matters</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I> Information Reporting. </I> The
Fund provides tax information to Shareholders and to the IRS, as needed. Shareholders are treated as partners for U.S. federal
income tax purposes. Accordingly, the Fund will furnish Shareholders each year, as needed, with tax information on IRS Schedule
K-1 (Form 1065), which will be used by the Shareholders in completing their tax returns. The IRS has ruled that assignees of partnership
interests that have not been admitted to a partnership as partners but who have the capacity to exercise substantial dominion and
control over the assigned partnership interests will be considered partners for U.S. federal income tax purposes. On the basis
of this ruling, except as otherwise provided herein, the Fund will treat as a Shareholder any person whose shares are held on their
behalf by a broker or other nominee if that person has the right to direct the nominee in the exercise of all substantive rights
attendant to the ownership of the Shares. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> Persons who hold an interest in the Fund
as a nominee for another person are required to furnish to the Fund the following information: (1) the name, address, and taxpayer
identification number of the beneficial owner and the nominee; (2) whether the beneficial owner is (a) a person that is not a U.S.
person, (b) a foreign government, an international organization, or any wholly-owned agency or instrumentality of either of the
foregoing, or (c) a tax-exempt entity; (3) the number and a description of Shares acquired or transferred for the beneficial owner;
and (4) certain information including the dates of acquisitions and transfers, means of acquisitions and transfers, and acquisition
cost for purchases, as well as the amount of net proceeds from sales. Brokers and financial institutions are required to furnish
additional information, including whether they are U.S. persons and certain information on Shares that they acquire, hold, or transfer
for their own account. A penalty of $100 per failure, up to a maximum of $1,500,000 per calendar year, is imposed by the Code for
failure to report such information correctly to the Fund. If the failure to furnish such information correctly is determined to
be willful, the per failure penalty increases to $250 or, if greater, 10% of the aggregate amount of items required to be reported,
and the $1,500,000 maximum does not apply. The nominee is required to supply the beneficial owner of the Shares with the information
furnished to the Fund. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Partnership Audit Procedures. </I> The IRS
may audit the U.S. federal income tax returns filed by the Fund (or by an Underlying Fund). Adjustments resulting from any such
audit may require a Shareholder to adjust a prior year&rsquo;s tax liability and could result in an audit of the Shareholder&rsquo;s
own return. Any audit of a Shareholder&rsquo;s return could result in adjustments of non-partnership items as well as Fund items.
Partnerships generally are treated as separate entities for purposes of U.S. federal income tax audits, judicial review of administrative
adjustments by the IRS, and tax settlement proceedings. The tax treatment of partnership items of income, gain, loss, and deduction
are determined at the partnership level in a unified partnership proceeding rather than in separate proceedings with the partners.
The Code provides for one partner to be designated as the &ldquo;tax matters partner&rdquo; and to represent the partnership at
these proceedings. The Trust Agreement appoints the Sponsor as the tax matters partner of the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Reportable Transaction Rules. </I> In certain
circumstances, the Code and Treasury Regulations require that the IRS be notified of transactions through a disclosure statement
attached to a taxpayer&rsquo;s U.S. federal income tax return. These disclosure rules may apply to transactions irrespective of
whether they are structured to achieve particular tax benefits, and they could require disclosure by the Trust or Shareholders
if a Shareholder incurs a loss in excess of a specified threshold from a sale or redemption of its Shares and possibly in other
circumstances. While these rules generally do not require disclosure of a loss recognized on the disposition of an asset in which
the taxpayer has a &ldquo;qualifying basis&rdquo; (generally a basis equal to the amount of cash paid by the taxpayer for such
asset), they apply to a loss recognized with respect to interests in a pass-through entity, such as the Shares, even if the taxpayer&rsquo;s
basis in such interests is equal to the amount of cash that it paid for such interests. In addition, significant monetary penalties
may be imposed in connection with a failure to comply with these reporting requirements. Investors should consult their own tax
advisor concerning the application of these reporting requirements to their specific situation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Tax-Exempt Organizations. </I> Subject to
numerous exceptions, qualified retirement plans and individual retirement accounts, charitable organizations, and certain other
organizations that otherwise are exempt from U.S. federal income tax (collectively &ldquo;exempt organizations&rdquo;) nonetheless
are subject to the tax on unrelated business taxable income (&ldquo;UBTI&rdquo;). Generally, UBTI means the gross income derived
by an exempt organization from a trade or business that it regularly carries on, the conduct of which is not substantially related
to the exercise or performance of its exempt purpose or function, less allowable deductions directly connected with that trade
or business. If the Fund (or an Underlying Fund) were to regularly carry on (directly or indirectly) a trade or business that is
unrelated to the exercise or performance of the exempt purpose or function of an exempt organization Shareholder, then, in computing
its UBTI, that Shareholder would have to include its share of (1) the Fund&rsquo;s gross income (including the Fund&rsquo;s allocable
share of the gross income of an Underlying Fund) from the unrelated trade or business, whether or not distributed, and (2) the
Fund&rsquo;s allowable deductions directly connected with that gross income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">UBTI generally does not include dividends, interest,
payments with respect to securities loans, or gains from the sale of property (other than property held for sale to customers in
the ordinary course of a trade or business). Nonetheless, income on, and gain from the disposition of, &ldquo;debt-financed property&rdquo;
is UBTI. Debt-financed property generally is income-producing property (including securities) the use of which is not substantially
related to the exempt organization&rsquo;s tax-exempt purpose or function, and with respect to which there is &ldquo;acquisition
indebtedness&rdquo; at any time during the taxable year (or, if the property was disposed of during the taxable year, the 12-month
period ending with the disposition). Acquisition indebtedness includes debt incurred to acquire property, debt incurred before
the acquisition of property if the debt would not have been incurred but for the acquisition, and debt incurred subsequent to the
acquisition of property if the debt would not have been incurred but for the acquisition and, at the time of acquisition, the incurrence
of debt was foreseeable. The portion of the income from debt-financed property attributable to acquisition indebtedness is equal
to the ratio of the average outstanding principal amount of acquisition indebtedness over the average adjusted basis of the property
for the tax year. The Sponsor currently does not anticipate that the Fund (or any Underlying Fund) will borrow money to acquire
investments; however, it cannot be certain that the Fund (or an Underlying Fund) will not borrow for such purpose in the future.
In addition, an exempt organization Shareholder that incurs acquisition indebtedness to purchase its Shares in the Fund may have
UBTI.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The U.S. federal income tax rate applicable
to an exempt organization Shareholder on its UBTI generally will be either the corporate or trust tax rate, depending upon the
Shareholder&rsquo;s form of organization. The Fund may report to each such Shareholder information as to the portion, if any, of
the Shareholder&rsquo;s income and gains from the Fund for any year that will be treated as UBTI; the calculation of that amount
is complex, and there can be no assurance that the Fund&rsquo;s calculation of UBTI will be accepted by the IRS. An exempt organization
Shareholder will be required to make payments of estimated U.S. federal income tax with respect to its UBTI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Regulated Investment Companies. </I> Interests
in and income from &ldquo;qualified publicly traded partnerships&rdquo; satisfying certain gross income tests are treated as qualifying
assets and income, respectively, for purposes of determining eligibility for regulated investment company (&ldquo;RIC&rdquo;) status.
A RIC may invest up to 25% of its assets in interests in a qualified publicly traded partnership. The determination of whether
a publicly traded partnership such as the Fund is a qualified publicly traded partnership is made on an annual basis. The Fund
expects to be a qualified publicly traded partnership in each of its taxable years. However, such qualification is not assured.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Non-U.S. Shareholders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Generally, non-U.S. persons who derive U.S.-source
income or gain from investing or engaging in a U.S. trade or business are taxable on two categories of income. The first category
consists of amounts that are fixed or determinable, annual or periodic income, such as interest, dividends, and rent that are not
connected with the operation of a U.S. trade or business (&ldquo;FDAP&rdquo;). The second category is income that is effectively
connected with the conduct of a U.S. trade or business (&ldquo;ECI&rdquo;). FDAP income (other than interest that is considered
&ldquo;portfolio interest,&rdquo; as discussed below) generally is subject to a 30% U.S. withholding tax, which may be reduced
for certain categories of income by a treaty between the U.S. and the recipient&rsquo;s country of residence. In contrast, ECI
generally is subject to U.S. federal income tax on a net basis at graduated rates upon the filing of a U.S. federal income tax
return. Where a non-U.S. person has ECI as a result of an investment in a partnership, the ECI is currently subject to a withholding
tax at a rate of 39.6% for individual Shareholders and a rate of 35% for corporate Shareholders. The rate of withholding on ECI,
which is the highest tax rate under Code section 1 for non-corporate Non-U.S. Shareholders and Code section 11(b) for corporate
Non-U.S. Shareholders, may increase in future tax years if tax rates increase from their current levels.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Withholding on Allocations and Distributions.
</I> The Code provides that a non-U.S. person who is a partner in a partnership that is engaged in a U.S. trade or business during
a taxable year also will be considered to be engaged in a U.S. trade or business during that year. Classifying an activity by a
partnership as an investment or an operating business is a factual determination. Under certain safe harbors in the Code, an investment
fund whose activities consist of trading in stocks, securities, or commodities for its own account generally will not be considered
to be engaged in a U.S. trade or business unless it is a dealer in such stocks, securities, or commodities. This safe harbor applies
to investments in commodities only if (i) the commodities are of a kind customarily dealt in on an organized commodity exchange
and (ii) the transaction is of a kind customarily consummated at such place. Although the matter is not free from doubt, in light
of the activities currently contemplated for the Fund and each of the Underlying Funds, neither the Fund nor any Underlying Fund
will be engaged in a trade or business within the United States. However, there can be no assurance that the IRS would not be successful
in asserting that the Fund or an Underlying Fund is engaged in a U.S. trade or business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In the event that the Fund or an Underlying
Fund is considered to be engaged in a U.S. trade or business, the Fund would be required to withhold at the highest rate specified
in Code section 1 (currently 39.6%) on allocations of its ECI (including its allocable share of any ECI of an Underlying Fund)
to non-corporate Non-U.S. Shareholders and the highest rate specified in Code section 11(b) (currently 35%) on allocations of its
ECI (including its allocable share of any ECI of an Underlying Fund) to corporate Non-U.S. Shareholders, when such income is distributed.
A Non-U.S. Shareholder with ECI generally will be required to file a U.S. federal income tax return, and the return will provide
the Non-U.S. Shareholder with the mechanism to seek a refund of any withholding in excess of such Shareholder&rsquo;s actual U.S.
federal income tax liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Even if the Fund and each of the Underlying
Funds did not realize ECI, a Non-U.S. Shareholder nevertheless may be treated as having FDAP income, which would be subject to
a 30% U.S. withholding tax (possibly subject to reduction by treaty), with respect to some or all of its distributions from the
Fund or its allocable share of Fund income (including its allocable share of any FDAP income of an Underlying Fund).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Amounts withheld by the Fund on behalf of a
Non-U.S. Shareholder will be treated as being distributed to such Shareholder to the extent possible. In some cases, the Fund may
not be able to match the economic cost of satisfying its withholding obligations to a particular Non-U.S. Shareholder, which may
result in that cost being borne by the Fund, generally, and accordingly, by all Shareholders proportionately.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">To the extent that any interest income allocated
to a Non-U.S. Shareholder that otherwise constitutes FDAP is considered &ldquo;portfolio interest,&rdquo; neither the allocation
of such interest income to the Non-U.S. Shareholder nor a subsequent distribution of such interest income to the Non-U.S. Shareholder
will be subject to withholding, provided that the Non-U.S. Shareholder is not otherwise engaged in a trade or business in the U.S.
and provides the Fund with a timely and properly completed and executed IRS Form W-8BEN or other applicable form. In general, portfolio
interest is interest paid on debt obligations issued in registered form, unless the recipient owns 10% or more of the voting power
of the issuer.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">It is expected that most of the Fund&rsquo;s
interest income (including its allocable share of any interest income of an Underlying Fund) will qualify as portfolio interest.
In order for the Fund to avoid withholding on any interest income allocable to Non-U.S. Shareholders that would qualify as portfolio
interest, it will be necessary for all Non-U.S. Shareholders to provide the Fund with a timely and properly completed and executed
Form W-8BEN (or other applicable form).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Gain from Sale of Shares. </I> Gain from
the sale or exchange of Shares may be taxable to a Non-U.S. Shareholder if the Non-U.S. Shareholder is a nonresident alien individual
who is present in the U.S. for 183 days or more during the taxable year. In such case, the nonresident alien individual will be
subject to a 30% U.S. withholding tax on the amount of such individual&rsquo;s gain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I> Foreign Account Tax Compliance Act. </I>
Recently enacted legislation that became effective after June 30, 2014 generally imposes a 30% U.S. withholding tax on payments
of certain types of income to foreign financial institutions that fail to enter into an agreement with the United States Treasury
to report certain required information with respect to accounts held by U.S. persons (or held by foreign entities that have U.S.
persons as substantial owners). The types of income subject to the tax include U.S.-source interest and dividends and the gross
proceeds from the sale of any property that could produce U.S.-source interest or dividends. The information required to be reported
includes the identity and taxpayer identification number of each account holder that is a U.S. person and transaction activity
within the holder&rsquo;s account. In addition, subject to certain exceptions, this legislation also imposes a 30% U.S. withholding
tax on payments to foreign entities that are not financial institutions unless the foreign entity certifies that it does not have
a greater than 10% U.S. owner or provides the withholding agent with identifying information on each greater than 10% U.S. owner.
As these provisions become effective, depending on the status of a Non-U.S. Shareholder and the status of the intermediaries through
which it holds Shares, a Non-U.S. Shareholder could be subject to this 30% U.S. withholding tax with respect to distributions on
its Shares and proceeds from the sale of its Shares. Under certain circumstances, a Non-U.S. Shareholder may be eligible for a
refund or credit of such taxes. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Prospective Non-U.S. Shareholders should consult
their own tax advisor regarding these and other tax issues unique to Non-U.S. Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Backup Withholding</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund may be required to withhold U.S. federal
income tax (&ldquo;backup withholding&rdquo;) from payments to: (1) any Shareholder who fails to furnish the Fund with his, her
or its correct taxpayer identification number or a certificate that the Shareholder is exempt from backup withholding, and (2)
any Shareholder with respect to which the IRS notifies the Fund that the Shareholder is subject to backup withholding. Backup withholding
is not an additional tax and may be returned or credited against a taxpayer&rsquo;s regular U.S. federal income tax liability if
appropriate information is provided to the IRS. The backup withholding rate is the fourth lowest rate applicable to individuals
under Code section 1(c), and may increase in future tax years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Other Tax Considerations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition to U.S. federal income taxes, Shareholders
may be subject to other taxes, such as state and local income taxes, unincorporated business taxes, business franchise taxes, and
estate, inheritance, or intangible taxes that may be imposed by the various jurisdictions in which the Fund does business or owns
property or where the Shareholders reside. Although an analysis of those various taxes is not presented here, each prospective
Shareholder should consider their potential impact on its investment in the Fund. It is each Shareholder&rsquo;s responsibility
to file the appropriate U.S. federal, state, local, and foreign tax returns. Reed Smith has not provided an opinion concerning
any aspects of state, local, or foreign tax or U.S. federal tax other than those U.S. federal income tax issues discussed herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Recently enacted legislation that becomes effective
after June 30, 2014, generally imposes a 30% withholding tax on payments of certain types of income to foreign financial institutions
that fail to enter into an agreement with the United States Treasury to report certain required information with respect to accounts
held by U.S. persons (or held by foreign entities that have U.S. persons as substantial owners). The IRS and the Treasury Department
have issued final regulations pursuant to which the full implementation of these rules will be phased in over the next several
years, including the obligation to withhold. The types of income subject to the tax include U.S.-source interest and dividends
and the gross proceeds from the sale of any property that could produce U.S.-source interest or dividends. The information required
to be reported includes the identity and taxpayer identification number of each account holder that is a U.S. person and transaction
activity within the holder&rsquo;s account. In addition, subject to certain exceptions, this legislation also imposes a 30% withholding
tax on payments to foreign entities that are not financial institutions unless the foreign entity certifies that it does not have
a greater than 10% U.S. owner or provides the withholding agent with identifying information on each greater than 10% U.S. owner.
When these provisions become effective, depending on the status of a Non-U.S. Shareholder and the status of the intermediaries
through which it holds Shares, a Non-U.S. Shareholder could be subject to this 30% withholding tax with respect to distributions
on its Shares and proceeds from the sale of its Shares. Under certain circumstances, a Non-U.S. Shareholder might be eligible for
refund or credit of such taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_064"></A>Investment By ERISA Accounts</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>General</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> Most employee benefit plans and individual
retirement accounts (&ldquo;IRAs&rdquo;) are subject to the Employee Retirement Income Security Act of 1974, as amended (&ldquo;ERISA&rdquo;),
or the Code, or both. This section discusses certain considerations that arise under ERISA and the Code that a fiduciary of: (i)
an employee benefit plan as defined in ERISA; (ii) a plan as defined in Section 4975 of the Code; or (iii) any collective investment
vehicle, business trust, investment partnership, pooled separate account or other entity the assets of which are treated as comprised
(at least in part) of &ldquo;plan assets&rdquo; under the ERISA &ldquo;plan assets&rdquo; rules (&ldquo;plan asset entity&rdquo;)
who has investment discretion should take into account before deciding to invest the plan&rsquo;s assets in the Fund. Employee
benefit plans under ERISA, plans under the Code and plan asset entities are collectively referred to below as &ldquo;plans,&rdquo;
and fiduciaries with investment discretion are referred to below as &ldquo;plan fiduciaries.&rdquo; </P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This summary is based on the provisions of ERISA
and the Code as of the date hereof. This summary is not intended to be complete, but only to address certain questions under ERISA
and the Code likely to be raised by your advisors. The summary does not include state or local law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Potential plan investors are urged to consult with their own
professional advisors concerning the appropriateness of an investment in the Fund and the manner in which Shares should be purchased.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Special Investment Considerations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Each plan fiduciary must consider the facts
and circumstances that are relevant to an investment in the Fund, including the role that an investment in the Fund would play
in the plan&rsquo;s overall investment portfolio. Each plan fiduciary, before deciding to invest in the Fund, must be satisfied
that the investment is prudent for the plan, that the investments of the plan are diversified so as to minimize the risk of large
losses, and that an investment in the Fund complies with the terms of the plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>The Fund and Plan Assets</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A regulation issued under ERISA contains rules
for determining when an investment by a plan in an equity interest of a statutory trust will result in the underlying assets of
the statutory trust being deemed plan assets for purposes of ERISA and Section 4975 of the Code. Those rules provide that assets
of a statutory trust will not be plan assets of a plan that purchases an equity interest in the statutory trust if the equity interest
purchased is a publicly-offered security. If the underlying assets of a statutory trust are considered to be assets of any plan
for purposes of ERISA or Section 4975 of the Code, the operations of that trust would be subject to and, in some cases, limited
by the provisions of ERISA and Section 4975 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The publicly-offered security exception described
above applies if the equity interest is a security that is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 7%"><font style="font-size: 10pt">(1)</font></td>
    <td style="width: 86%"><font style="font-size: 10pt">freely transferable (determined based on the relevant facts and circumstances);</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 7%"><font style="font-size: 10pt">(2)</font></td>
    <td style="width: 86%"><font style="font-size: 10pt">part of a class of securities that is widely held (meaning that the class of securities is owned by 100 or more investors independent of the issuer and of each other); and</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 7%"><font style="font-size: 10pt">(3)</font></td>
    <td style="width: 86%"><font style="font-size: 10pt">either (a) part of a class of securities registered under Section 12(b) or 12(g) of the 1934 Act or (b) sold to the plan as part of a public offering pursuant to an effective registration statement under the 1933 Act and the class of which such security is a part is registered under the 1934 Act within 120 days (or such later time as may be allowed by the SEC) after the end of the fiscal year of the issuer in which the offering of such security occurred.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The plan asset regulations under ERISA state
that the determination of whether a security is freely transferable is to be made based on all the relevant facts and circumstances.
In the case of a security that is part of an offering in which the minimum investment is $10,000 or less, the following requirements,
alone or in combination, ordinarily will not affect a finding that the security is freely transferable: (1) a requirement that
no transfer or assignment of the security or rights relating to the security be made that would violate any federal or state law;
and (2) a requirement that no transfer or assignment be made without advance written notice given to the entity that issued the
security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor believes that the conditions described
above are satisfied with respect to the Shares. The Sponsor believes that the Shares therefore constitute publicly-offered securities,
and the underlying assets of the Fund should not be considered to constitute plan assets of any plan that purchases Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Prohibited Transactions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">ERISA and the Code generally prohibit certain
transactions involving a plan and persons who have certain specified relationships to the plan. In general, Shares may not be purchased
with the assets of a plan if the Sponsor, the clearing brokers, the trading advisors (if any), or any of their affiliates, agents
or employees either:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 5%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 88%"><font style="font-size: 10pt">exercise any discretionary authority or discretionary control with respect to management of the plan;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 5%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 88%"><font style="font-size: 10pt">exercise any authority or control with respect to management or disposition of the assets of the plan;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 5%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 88%"><font style="font-size: 10pt">render investment advice for a fee or other compensation, direct or indirect, with respect to any moneys or other property of the plan;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 5%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 88%"><font style="font-size: 10pt">have any authority or responsibility to render investment advice with respect to any monies or other property of the plan; or</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%"><font style="font-size: 10pt">&nbsp;&nbsp;</font></td>
    <td style="width: 5%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 88%"><font style="font-size: 10pt">have any discretionary authority or discretionary responsibility in the administration of the plan.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Also, a prohibited transaction may occur under
ERISA or the Code when circumstances indicate that (1) the investment in Shares is made or retained for the purpose of avoiding
application of the fiduciary standards of ERISA, (2) the investment in Shares constitutes an arrangement under which the Fund is
expected to engage in transactions that would otherwise be prohibited if entered into directly by the plan purchasing the Shares,
(3) the investing plan, by itself, has the authority or influence to cause the Fund to engage in such transactions, or (4) a person
who is prohibited from transacting with the investing plan may, but only with the aid of certain of its affiliates and the investing
plan, cause the Fund to engage in such transactions with such person.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Special IRA Rules</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">IRAs are not subject to ERISA&rsquo;s fiduciary
standards, but are subject to their own rules, including the prohibited transaction rules of Section 4975 of the Code, which generally
mirror ERISA&rsquo;s prohibited transaction rules. For example, IRAs are subject to special custody rules and must maintain a qualifying
IRA custodial arrangement separate and distinct from the Fund and its custodial arrangement. If a separate qualifying custodial
arrangement is not maintained, an investment in the Shares will be treated as a distribution from the IRA. Second, IRAs are prohibited
from investing in certain commingled investments, and the Sponsor makes no representation regarding whether an investment in Shares
is an inappropriate commingled investment for an IRA. Third, in applying the prohibited transaction provisions of Section 4975
of the Code, in addition to the rules summarized above, the individual for whose benefit the IRA is maintained is also treated
as the creator of the IRA. For example, if the owner or beneficiary of an IRA enters into any transaction, arrangement, or agreement
involving the assets of his or her IRA to benefit the IRA owner or beneficiary (or his or her relatives or business affiliates)
personally, or with the understanding that such benefit will occur, directly or indirectly, such transaction could give rise to
a prohibited transaction that is not exempted by any available exemption. Moreover, in the case of an IRA, the consequences of
a non-exempt prohibited transaction are that the IRA&rsquo;s assets will be treated as if they were distributed, causing immediate
taxation of the assets (including any early distribution penalty tax applicable under Section 72 of the Code), in addition to any
other fines or penalties that may apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Exempt Plans</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Certain employee benefit plans may be governmental
plans or church plans. Governmental plans and church plans are generally not subject to ERISA, nor do the prohibited transaction
provisions described above apply to them. These plans are, however, subject to prohibitions against certain related-party transactions
under Section 503 of the Code, which are similar to the prohibited transaction rules described above. In addition, the fiduciary
of any governmental or church plan must consider any applicable state or local laws and any restrictions and duties of common law
imposed upon the plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">No view is expressed as to whether an investment
in the Fund (and any continued investment in the Fund), or the operation and administration of the fund, is appropriate or permissible
for any governmental plan or church plan under Code Section 503, or under any state, county, local or other law relating to that
type of plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Allowing an investment in the Fund is not
to be construed as a representation by the Trust, the Fund, the Sponsor, any trading advisor, any clearing broker, the Distributor
or legal counsel or other advisors to such parties or any other party that this investment meets some or all of the relevant legal
requirements with respect to investments by any particular plan or that this investment is appropriate for any such particular
plan. The person with investment discretion should consult with the plan&rsquo;s attorney and financial advisors as to the propriety
of an investment in the Fund in light of the circumstances of the particular plan, current tax law and ERISA.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="b_065"></A>INCORPORATION BY REFERENCE OF CERTAIN INFORMATION</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We are a reporting company and file annual,
quarterly and current reports and other information with the SEC. The rules of the SEC allow us to incorporate by reference information
that we file with them, which means that we can disclose important information to you by referring you to those documents. The
information incorporated by reference is an important part of this prospectus. This prospectus incorporates by reference the documents
set forth below that have been previously filed with the SEC:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 3%">&nbsp;</td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 94%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> our Annual Report on Form 10-K for the fiscal year ended December
        31, 2014, filed with the SEC on March 16, 2015; </P>
</td></tr>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 38.25pt; text-indent: -0.25in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 3%">&nbsp;</td>
    <td style="width: 3%"><font style="font: 10pt Symbol">&#183;</font></td>
    <td style="width: 94%"><FONT STYLE="font-size: 10pt"> our Current Reports on Form 8-K filed with the SEC on April 13, 2015. </FONT></td></tr>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any statement contained in a document incorporated
by reference in this prospectus shall be deemed to be modified or superseded for purposes of this prospectus to the extent that
a statement contained in this prospectus or in any other subsequently filed document that also is or is deemed to be incorporated
by reference in this prospectus modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed,
except as so modified or superseded, to constitute a part of this prospectus.<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We will provide to each person to whom a prospectus
is delivered, including any beneficial owner, a copy of these filings at no cost, upon written or oral request at the following
address or telephone number:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Teucrium Agricultural Fund<BR>
Attention: Barbara Riker<BR>
232 Hidden Lake Road, Building A<BR>
Brattleboro, Vermont 05301<BR>
(802) 257-1617</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our Internet website is <U>www.teucriumtagsfund.com</U>.
We make our electronic filings with the SEC, including our annual reports on Form 10-K, quarterly reports on Form 10-Q, current
reports on Form 8-K and amendments to these reports available on our website free of charge as soon as practicable after we file
or furnish them with the SEC. The information contained on our website is not incorporated by reference in this prospectus and
should not be considered a part of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="b_066"></A>INFORMATION YOU SHOULD KNOW</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This prospectus contains information you should
consider when making an investment decision about the Shares. You should rely only on the information contained in this prospectus
or any applicable prospectus supplement. None of the Trust, the Fund or the Sponsor has authorized any person to provide you with
different information and, if anyone provides you with different or inconsistent information, you should not rely on it. This prospectus
is not an offer to sell the Shares in any jurisdiction where the offer or sale of the Shares is not permitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The information contained in this prospectus
was obtained from us and other sources believed by us to be reliable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">You should disregard anything we said in an
earlier document that is inconsistent with what is included in this prospectus or any applicable prospectus supplement. Where the
context requires, when we refer to this &ldquo;prospectus,&rdquo; we are referring to this prospectus and (if applicable) the relevant
prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">You should not assume that the information in
this prospectus or any applicable prospectus supplement is current as of any date other than the date on the front page of this
prospectus or the date on the front page of any applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We include cross references in this prospectus
to captions in these materials where you can find further related discussions. The table of contents tells you where to find these
captions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="b_067"></A>WHERE YOU CAN FIND MORE INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trust has filed on behalf of the Fund a
registration statement on Form S-1 with the SEC under the 1933 Act. This prospectus does not contain all of the information set
forth in the registration statement (including the exhibits to the registration statement), parts of which have been omitted in
accordance with the rules and regulations of the SEC. For further information about the Trust, the Fund or the Shares, please refer
to the registration statement, which you may inspect, without charge, at the public reference facilities of the SEC at the below
address or online at www.sec.gov, or obtain at prescribed rates from the public reference facilities of the SEC at the below address.
Information about the Trust, the Fund and the Shares can also be obtained from the Fund&rsquo;s website, which is <B><U>www.teucriumtagsfund.com</U></B>
.. The Fund&rsquo;s website address is only provided here as a convenience to you and the information contained on or connected
to the website is not part of this prospectus or the registration statement of which this prospectus is part. The Trust is subject
to the informational requirements of the 1934 Act and will file certain reports and other information with the SEC under the 1934
Act. The Sponsor will file an updated prospectus annually for the Fund pursuant to the 1933 Act. The reports and other information
can be inspected at the public reference facilities of the SEC located at 100 F Street, N.E., Washington, DC 20549 and online at
www.sec.gov. You may also obtain copies of such material from the public reference facilities of the SEC at 100 F Street, NE, Washington,
D.C. 20549, at prescribed rates. You may obtain more information concerning the operation of the public reference facilities of
the SEC by calling the SEC at 1-800-SEC-0330 or visiting online at <U>www.sec.gov</U> .</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="b_068"></A>APPENDIX A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Glossary of Defined Terms</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In this prospectus, each of the following terms
have the meanings set forth after such term:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Administrator:</B> The Bank of New York Mellon</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Authorized Purchaser: </B>One that purchases
or redeems Creation Baskets or Redemption Baskets, respectively, from or to the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Benchmark</B> : A weighted average of the
closing settlement prices for three Futures Contracts the daily changes in which each Underlying Fund attempts to track.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Benchmark Component Futures Contracts:</B>
The three Futures Contracts that at any given time make up an Underlying Fund&rsquo;s Benchmark.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Business Day: </B>Any day other than a day
when any of the NYSE Arca, CBOT, ICE, or the New York Stock Exchange is closed for regular trading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>CFTC: </B>Commodity Futures Trading Commission,
an independent federal agency with the mandate to regulate commodity futures and options in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Chicago Board of Trade (CBOT): </B>The primary
exchange on which corn, wheat and soybean Futures Contracts are traded in the U.S. The Fund expressly disclaims any association
with the CBOT or endorsement of the Fund by the CBOT and acknowledges that &ldquo;CBOT&rdquo; and &ldquo;Chicago Board of Trade&rdquo;
are registered trademarks of such exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Cleared Swap:</B> A swap agreement based
on corn, wheat, soybeans, sugar or some combination of these commodities that is cleared through a U.S. commodity exchange or its
affiliated provider of clearing services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Code:</B> Internal Revenue Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Commodity Interests: </B>Futures Contracts,
Cleared Swaps and Other Commodity Interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Commodity Pool: </B>An enterprise in which
several individuals contribute funds in order to trade futures contracts or options on futures contracts collectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Commodity Pool Operator or CPO: </B>Any person
engaged in a business which is of the nature of an investment trust, syndicate, or similar enterprise, and who, in connection therewith,
solicits, accepts, or receives from others, funds, securities, or property, either directly or through capital contributions, the
sale of stock or other forms of securities, or otherwise, for the purpose of trading in any commodity for future delivery or commodity
option on or subject to the rules of any contract market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Creation Basket: </B>A block of 25,000 Shares
used by the Fund to issue Shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Custodian: </B>The Bank of New York Mellon</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Distributor</B>: Foreside Fund Services,
LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>DTC: </B>The Depository Trust Company. DTC
will act as the securities depository for the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>DTC Participant: </B>An entity that has an
account with DTC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>DTEF: </B>A derivatives transaction execution
facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Exchange for Related Position: </B>A privately
negotiated and simultaneous exchange of a futures contract position for a swap or other over-the-counter instrument on the corresponding
commodity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>FINRA: </B>Financial Industry Regulatory
Authority, formerly the National Association of Securities Dealers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Futures Contracts: </B>Futures contracts
for corn, wheat, soybeans or sugar that are traded on U.S. or foreign exchanges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Ice Futures: </B>The primary exchange on
which Sugar No. 11 Futures Contracts are traded in the U.S. The Fund expressly disclaims any association with ICE Futures or endorsement
of the Fund by ICE Futures and acknowledges that &ldquo;ICE Futures&rdquo; and &ldquo;ICE Futures US&rdquo; are registered trademarks
of such exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>Indirect Participants:
</B>Banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a DTC Participant,
either directly or indirectly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Limited Liability Company (LLC): </B>A type
of business ownership combining several features of corporation and partnership structures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Margin: </B>The amount of equity required
for an investment in Futures Contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>NAV: </B>Net Asset Value of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>New York Mercantile Exchange (NYMEX):</B>
An exchange on which Futures Contracts are traded in the U.S. The Fund expressly disclaims any association with the NYMEX or endorsement
of the Fund by the NYMEX and acknowledges that &ldquo;NYMEX&rdquo; and &ldquo;New York Mercantile Exchange&rdquo; are registered
trademarks of such exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>NFA: </B>National Futures Association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>NSCC: </B>National Securities Clearing Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>1933 Act: </B>The Securities Act of 1933.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>1934 Act: </B>The Securities Exchange Act
of 1934.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Option: </B>The right, but not the obligation,
to buy or sell a futures contract or forward contract at a specified price on or before a specified date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Other Commodity Interests: </B>Other investments
related to corn, wheat, soybeans, sugar or some combination of these commodities such as cash-settled options on Futures Contracts,
swaps agreements other than Cleared Swaps and forward contracts relating to these commodities, and over-the-counter transactions
that are based on the price of such commodities, Futures Contracts and indices based on the foregoing.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Over-the-Counter Derivative: </B>A financial
contract, whose value is designed to track the return on stocks, bonds, currencies, commodities, or some other benchmark, that
is traded over-the-counter or off organized exchanges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Redemption Basket: </B>A block of 25,000
Shares used by the Fund to redeem Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>SEC: </B>Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Secondary Market: </B>The stock exchanges
and the over-the-counter market. Securities are first issued as a primary offering to the public. When the securities are traded
from that first holder to another, the issues trade in these secondary markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Shareholders:</B> Holders of Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Shares:</B> Common units representing fractional
undivided beneficial interests in the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Sponsor: </B>Teucrium Trading, LLC, a Delaware
limited liability company, which is registered as a Commodity Pool Operator, who controls the investments and other decisions of
the Fund and the Underlying Funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Spot Contract: </B>A cash market transaction
in which the buyer and seller agree to the immediate purchase and sale of a commodity, usually with a two-day settlement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Swap Agreement: </B>An over-the-counter derivative
that generally involves an exchange of a stream of payments between the contracting parties based on a notional amount and a specified
index.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Tracking Error: </B>Possibility that the
daily NAV of the Fund will not track the Benchmark.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Treasury Securities: </B>Obligations of the
U.S. government with remaining maturities of 2 years or less.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Trust Agreement: </B>The Second Amended and
Restated Declaration of Trust and Trust Agreement of the Trust effective as of October 21, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Underlying Fund:</B> The commodity pools
in which the Fund invests &mdash; specifically, the Teucrium Corn Fund, Teucrium Wheat Fund, Teucrium Soybean Fund and Teucrium
Sugar Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Underlying Fund Average:</B> An average of
the daily changes in the Underlying Funds&rsquo; NAVs, with each Underlying Fund equally weighted at 25%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Valuation Day: </B>Any day as of which the
Fund calculates its NAV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>You: </B>The owner of Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>STATEMENT OF ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TEUCRIUM AGRICULTURAL FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This statement of additional information is
the second part of a two part document. The first part is the Fund&rsquo;s disclosure document. The disclosure document and this
statement of additional information are bound together, and both parts contain important information. This statement of additional
information should be read in conjunction with the disclosure document. To obtain a copy of the disclosure document without charge,
call the Fund at (802) 257-1617. Before you decide whether to invest, you should read the entire prospectus carefully and consider
the risk factors beginning on page 15.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> This statement of additional information
and accompanying disclosure document are both dated April 30, 2016. </P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TEUCRIUM AGRICULTURAL FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TABLE OF CONTENTS</B><BR>
</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td> &nbsp;&nbsp; </td>
    <td style="text-align: right"><B> &nbsp; </B></td>
    <td colspan="2" style="text-align: right"><B> Page </B></td>
    <td><B> &nbsp; </B></td></tr>
<tr style="vertical-align: bottom">
    <td> &nbsp;&nbsp;&nbsp;&nbsp; </td>
    <td style="text-align: right"> &nbsp; </td>
    <td colspan="2" style="text-align: right"> &nbsp;&nbsp; </td>
    <td> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFCC">
    <td> <A HREF="#b_069">Commodity Market Participants</A> </td>
    <td style="text-align: right"> &nbsp; </td>
    <td style="width: 1%"> &nbsp; </td>
    <td style="width: 9%; text-align: right"> 107 </td>
    <td style="width: 1%"> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td> &nbsp;&nbsp; </td>
    <td style="text-align: right"> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> &nbsp; </td>
    <td> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFCC">
    <td> <A HREF="#b_070">Regulation</A> </td>
    <td style="text-align: right"> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 107 </td>
    <td> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td> &nbsp;&nbsp; </td>
    <td style="text-align: right"> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> &nbsp; </td>
    <td> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFCC">
    <td> <A HREF="#b_071">Potential Advantages of Investment</A> </td>
    <td style="text-align: right"> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 111 </td>
    <td> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td> &nbsp;&nbsp; </td>
    <td style="text-align: right"> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> &nbsp; </td>
    <td> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFCC">
    <td> <A HREF="#b_072">Fund Performance</A> </td>
    <td style="text-align: right"> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> 112 </td>
    <td style="text-align: right"> &nbsp; </td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_069"></A>Commodity Market Participants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The two broad classes of persons who trade commodities
are hedgers and speculators. Hedgers include financial institutions that manage or deal in interest rate-sensitive instruments,
foreign currencies or stock portfolios, and commercial market participants, such as farmers and manufacturers, that market or process
commodities. Hedging is a protective procedure designed to effectively lock in prices that would otherwise change due to an adverse
movement in the price of the underlying commodity, for example, the adverse price movement between the time a merchandiser or processor
enters into a contract to buy or sell a raw or processed commodity at a certain price and the time he must perform the contract.
For example, if a hedger contracts to physically sell the commodity at a future date, he may simultaneously buy a Futures Contract
or forward contract for the necessary equivalent quantity of the commodity. At the time for performance of the physical contract,
the hedger may accept delivery under his Futures Contract and sell the commodity quantity as required by the physical contract
or he may buy the actual commodity, sell it under the physical contract and close out his Futures Contract position by making an
offsetting sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Commodity Interest markets enable the hedger
to shift the risk of price fluctuations. The usual objective of the hedger is to protect the profit that he expects to earn from
farming, merchandising, or processing operations rather than to profit from his trading. However, at times the impetus for a hedge
transaction may result in part from speculative objectives and hedgers can end up paying higher prices than they would have if
they did not enter into a Commodity Interest transaction if current market prices are lower than the locked-in price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Unlike the hedger, the speculator generally
expects neither to make nor take delivery of the underlying commodity. Instead, the speculator risks his capital with the hope
of making profits from price fluctuations in the commodities. The speculator is, in effect, the risk bearer who assumes the risks
that the hedger seeks to avoid. Speculators rarely make or take delivery of the underlying commodity; rather they attempt to close
out their positions prior to the delivery date. A speculator who takes a long position generally will make a profit if the price
of the underlying commodity goes up and incur a loss if the price of the underlying commodity goes down, while a speculator who
takes a short position generally will make a profit if the price of the underlying commodity goes down and incur a loss if the
price of the underlying commodity goes up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="b_070"></A><B>Regulation </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">The CFTC possesses exclusive jurisdiction
to regulate the activities of commodity pool operators and has adopted regulations with respect to the activities of those persons
and/or entities. Under the Commodity Exchange Act (&ldquo;CEA&rdquo;), a registered commodity pool operator, such as the Sponsor,
is required to make annual filings with the CFTC describing its organization, capital structure, management and controlling persons.
In addition, the CEA authorizes the CFTC to require and review books and records of, and documents prepared by, registered commodity
pool operators (&ldquo;CPOs&rdquo;). Pursuant to this authority, the CFTC requires commodity pool operators to keep accurate, current
and orderly records for each pool that they operate. The CFTC may suspend the registration of a commodity pool operator (1) if
the CFTC finds that the operator&rsquo;s trading practices tend to disrupt orderly market conditions, (2) if any controlling person
of the operator is subject to an order of the CFTC denying such person trading privileges on any exchange, and (3) in certain other
circumstances. Suspension, restriction or termination of the Sponsor&rsquo;s registration as a commodity pool operator would prevent
it, until that registration were to be reinstated, from managing the Funds, and might result in the termination of a Fund if a
successor sponsor is not elected pursuant to the Trust Agreement. Neither the Trust nor the Funds are required to be registered
with the CFTC in any capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in"> The Fund&rsquo;s investors are afforded
prescribed rights for reparations under the CEA. Investors may also be able to maintain a private right of action for violations
of the CEA. The CFTC has adopted rules implementing the reparation provisions of the CEA, which provide that any person may file
a complaint for a reparations award with the CFTC for violation of the CEA against a floor broker or an FCM, introducing broker,
commodity trading advisor, CPO, and their respective associated persons. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">Pursuant to authority in the CEA, the
NFA has been formed and registered with the CFTC as a registered futures association. At the present time, the NFA is the only
self-regulatory organization for commodity interest professionals, other than futures exchanges. The CFTC has delegated to the
NFA responsibility for the registration of CPOs and FCMs and their respective associated persons. The Sponsor and the Fund&rsquo;s
clearing broker are members of the NFA. As such, they will be subject to NFA standards relating to fair trade practices, financial
condition and consumer protection. The NFA also arbitrates disputes between members and their customers and conducts registration
and fitness screening of applicants for membership and audits of its existing members. Neither the Trust nor the Funds are required
to become a member of the NFA.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">The regulations of the CFTC and the NFA
prohibit any representation by a person registered with the CFTC or by any member of the NFA, that registration with the CFTC,
or membership in the NFA, in any respect indicates that the CFTC or the NFA has approved or endorsed that person or that person&rsquo;s
trading program or objectives. The registrations and memberships of the parties described in this summary must not be considered
as constituting any such approval or endorsement. Likewise, no futures exchange has given or will give any similar approval or
endorsement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">Futures exchanges in the United States
are subject to varying degrees of regulation under the CEA depending on whether such exchange is a designated contract market,
exempt board of trade or electronic trading facility. Clearing organizations are also subject to the CEA and the rules and regulations
adopted thereunder as administered by the CFTC. The CFTC&rsquo;s function is to implement the CEA&rsquo;s objectives of preventing
price manipulation and excessive speculation and promoting orderly and efficient commodity interest markets. In addition, the various
exchanges and clearing organizations themselves exercise regulatory and supervisory authority over their member firms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">The Dodd-Frank Wall Street Reform and
Consumer Protection Act (the &ldquo;Dodd-Frank Act&rdquo;) was enacted in response to the economic crisis of 2008 and 2009 and
it significantly altered the regulatory regime to which the securities and commodities markets are subject. To date, the CFTC has
issued proposed versions of all of the rules it is required to promulgate under the Dodd-Frank Act, and it continues to issue proposed
versions of additional rules that it has authority to promulgate. The CFTC has issued final rules under the Dodd-Frank Act relating
to recordkeeping and reporting of swap transactions, mandatory clearing of certain classes of credit default swaps and interest
rate swaps, as well as the definition of key terms such as &ldquo;swap&rdquo; and &ldquo;swap dealer.&rdquo; Provisions of the
new law include the requirement that position limits be established on a wide range of commodity interests, including agricultural,
energy, and metal-based commodity futures contracts, options on such futures contracts and cleared and uncleared swaps that are
economically equivalent to such futures contracts and options (&ldquo;Reference Contracts&rdquo;); new registration and recordkeeping
requirements for swap market participants; capital and margin requirements for &ldquo;swap dealers&rdquo; and &ldquo;major swap
participants,&rdquo; as determined by the new law and applicable regulations; and the mandatory use of clearinghouse mechanisms
for sufficiently standardized swap transactions that were historically entered into in the over-the-counter market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">The CFTC published final rules on February
17, 2012 and April 3, 2012 that require &ldquo;swap dealers&rdquo; and &ldquo;major swap participants&rdquo; to: 1) adhere to business
conduct standards, 2) implement policies and procedures to ensure compliance with the CEA and 3) maintain records of such compliance.
These new requirements may impact the documentation requirements for both cleared and non-cleared swaps and cause swap dealers
and major swap participants to face increased compliance costs that, in turn, may be passed along to counterparties, such as the
Funds, in the form of higher fees and expenses that relate to trading swaps.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in"> On August 13, 2012 the CFTC and the
SEC published joint final rules defining the terms &ldquo;swap&rdquo; and &ldquo;security-based swaps.&rdquo; The term &ldquo;swap&rdquo;
is broadly defined to include various types of over-the-counter derivatives, including swaps and options. The effective date of
these final rules was October 12, 2012. Pursuant to the Dodd-Frank Act, certain transactions within the definition of &ldquo;swap&rdquo;
must be executed on organized exchanges or &ldquo;swap execution facilities&rdquo; and cleared through regulated clearing organizations
(which are referred to in the Dodd-Frank Act as &ldquo;derivative clearing organizations&rdquo; (&ldquo;DCOs&rdquo;)). On November
28, 2012 the CFTC issued its final clearing determination requiring that certain credit default swaps and interest rate swaps be
cleared by registered DCOs. This is the CFTC&rsquo;s first clearing determination under the Dodd-Frank Act and became effective
February 11, 2013. As of June 10, 2013, swap dealers, major swap participants, commodity pools, certain private funds and entities
predominately engaged in financial activities were required to clear certain credit default swaps and interest rate swaps. As a
result, if the Fund enters into or had entered into certain interest rate or credit default swaps on or after June 10, 2013, such
swaps will be required to be centrally cleared. Determinations on other types of swaps are expected in the future and, when finalized,
could require the Fund to centrally clear certain over-the-counter instruments presently entered into and settled on a bi-lateral
basis. </P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">The Dodd-Frank Act requires the CFTC,
the SEC and the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit
Insurance Corporation, the Farm Credit System and the Federal Housing Finance Agency (collectively, the &ldquo;Prudential Regulators&rdquo;)
to establish &ldquo;both initial and variation margin requirements on all swaps that are not cleared by a registered clearing organization&rdquo;
(including many over-the-counter swaps). The proposed rules would require swap dealers and major swap participants to collect both
variation and initial margin from their financial entity counterparties such as the Fund but would not require these swap dealers
or major swap participants to post variation margin or initial margin to the Fund. In addition, the Dodd-Frank Act provides parties
who post initial margin to a swap dealer or major swap participant with a statutory right to insist that such margin be held in
a segregated account with an independent custodian. If a swap is required to be cleared, the initial margin will be set by the
clearing organization, subject to certain regulatory requirements and guidelines. Initial and variation margin requirements for
swap dealers and major swap participants who enter into uncleared swaps and capital requirements for swap dealers and major swap
participants who enter into both cleared and uncleared trades will be set by the CFTC, the SEC or the applicable &ldquo;Prudential
Regulator.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in"> The Dodd-Frank Act also requires that
certain swaps determined to be available to trade on a swap execution facility (&ldquo;SEF&rdquo;) must be executed over such a
facility. On June 5, 2013, the CFTC published a final rule regarding the obligations of SEFs, including the obligation for facilities
offering multiple person execution services to register as a SEF. Based upon applications filed by several SEFs with the CFTC,
the CFTC has determined that certain interest rate swaps and credit default index swaps are available to trade on SEFs and certain
interest rate swaps and credit default index swaps must be executed on a SEF. On November 14, 2013 the CFTC Division of Clearing
and Risk, Division on Market Oversight, and Division of Swap Dealer and Intermediary Oversight published guidance with respect
to the application of certain CFTC rules on SEFs. That guidance clarified that SEFs could not restrict access to participants who
are permitted to trade swaps and that SEFs may not require participants to have brokerage agreements in place with other counterparties. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">On April 5, 2013, the CFTC&rsquo;s Division
of Clearing and Risk issued a letter granting no-action relief from certain swap data reporting requirements for swaps entered
into between affiliated counterparties. In general, the letter grants relief from real-time, historical and regular swap reporting
(under Part 43, Part 45 and Part 46 of the CFTC&rsquo;s regulations, respectively).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">On April 11, 2013, the CFTC published
a final rule to exempt swaps between certain affiliated entities within a corporate group from the clearing requirement. The rule
permits affiliated counterparties to elect not to clear a swap subject to the clearing requirement if, among other things, the
counterparties are majority-owned affiliates whose financial statements are included in the same consolidated financial statements
and whose swaps are documented and subject to a centralized risk management program. However, the exemption does not apply to swaps
entered into by affiliated counterparties with unaffiliated counterparties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">On November 6, 2013, the CFTC published
a final rule to impose requirements on swap dealers and major swap participants with respect to the treatment of collateral posted
by their counterparties to margin, guarantee, or secure uncleared swaps. Essentially, the rule places restrictions on what swap
dealers and major swap participants can do with collateral posted by the Fund in connection with uncleared swaps.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">In addition to the rules and regulations
imposed under the Dodd-Frank Act, swap dealers that are European banks may also be subject to European Market Infrastructure Regulation
(&ldquo;EMIR&rdquo;). These regulations have not yet been fully implemented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">On August 12, 2013, the CFTC issued final
rules establishing compliance obligations for CPOs of investment companies registered under the Investment Company Act of 1940
that are required to register due to recent changes to Commission Regulation 4.5. For entities that are registered with both the
CFTC and SEC, the CFTC will accept the SEC&rsquo;s disclosure, reporting, and recordkeeping regime as substituted compliance for
substantially all of Part 4 of the CFTC&rsquo;s regulations, so long as they comply with comparable requirements under the SEC&rsquo;s
statutory and regulatory compliance regime. Thus, the final rules (the &ldquo;Harmonization Rules&rdquo;) allow dually registered
entities to meet certain CFTC regulatory requirements for CPOs by complying with SEC rules to which they are already subject. Although
the Fund is not a registered investment company under the Investment Company Act, the Harmonization Rules amended certain CFTC
disclosure rules to make the requirements for all CPOs to periodically update their disclosure documents, consistent with those
of the SEC. This change will decrease the burden to the Funds and the Sponsor of having to comply with inconsistent regulatory
requirements. It is not known whether the CFTC will make additional amendments to its disclosure, reporting and recordkeeping rules
to further harmonize these obligations with those of the SEC as they apply to the Funds and the Sponsor, but any such further rule
changes could result in additional operating efficiencies for the Funds and the Sponsor.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">The effect of future regulatory change
on the Funds, and the exact timing of such changes, is impossible to predict but it may be substantial and adverse. Specifically,
the new law, the rules that have been promulgated thereunder, and the rules that are expected to be promulgated may negatively
impact the ability of a Fund to meet its investment objectives, either through position limits or requirements imposed on it and/or
on their counterparties. In particular, new position limits imposed on a Fund or any counterparties may impact the ability of that
Fund to invest in a manner that most efficiently meets its investment objective. New requirements, including capital imposed on
the counterparties of a Fund and the mandatory clearing and margining of swaps, may increase the cost of that Fund&rsquo;s investments
and doing business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">In addition, considerable regulatory
attention has recently been focused on non-traditional publicly distributed investment pools such as the Funds. Furthermore, various
national governments have expressed concern regarding the disruptive effects of speculative trading in certain commodity markets
and the need to regulate the derivatives markets in general. The effect of any future regulatory change on the Funds is impossible
to predict, but could be substantial and adverse.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Position Limits, Aggregation Limits, Price
Fluctuation Limits </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in"> On November 5, 2013, the CFTC re-proposed
for public comment new regulations that would establish specific limits on speculative positions in futures contracts, option contracts
and swaps on 28 agricultural, energy and metals commodities (the &ldquo;Position Limit Rules&rdquo;) limits and regulations addressing
the circumstances under which market participants would be required to aggregate their positions with other persons under common
ownership or control (the &ldquo;Proposed Aggregation Requirements&rdquo;). Both the Position Limit Rules and Proposed Aggregation
requirements are currently pending and have not yet been adopted. It remains to be seen whether the CFTC will modify the proposed
regulations in response to public comments. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">Currently, the CFTC enforces federal
limits on speculation in agricultural products (e.g., corn, wheat and soy), while futures exchanges enforce position limits and
accountability levels for agricultural and certain energy products (e.g., oil and natural gas). As a result, the Funds may be limited
with respect to the size of their investments in any commodity subject to these limits. Finally, subject to certain narrow exceptions,
the Position Limit Rules require the aggregation, for purposes of the position limits, of all positions in Reference Contracts
of the 28 regulated commodities held by a single entity and its affiliates, regardless of whether such positions exist on US futures
exchanges, non-US futures exchanges, cleared swaps, or in over-the-counter swaps. Under the CFTC&rsquo;s existing position limit
requirements and the Position Limit Rules, a market participant is generally required to aggregate all positions for which ownership
interest in an account or position, as well as the positions of two or more persons acting pursuant to an express or implied agreement
or understanding. At this time, it is unclear how the Proposed Aggregation Requirements may affect the Fund, but it may be substantial
and adverse. By way of example, the Proposed Aggregation Requirements in combination with the Position Limit Rules may negatively
impact the ability of the Fund to meet its respective investment objectives through limits that may inhibit the Sponsor&rsquo;s
ability to sell additional Creation Baskets of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-indent: 0.5in">Accountability levels differ from position
limits in that they do not represent a fixed ceiling, but rather a threshold above which a futures exchange may exercise greater
scrutiny and control over an investor&rsquo;s positions. If a Fund were to exceed an applicable accountability level for investments
in futures contracts, the exchange will monitor the Fund&rsquo;s exposure and may ask for further information on its activities,
including the total size of all positions, investment and trading strategy, and the extent of liquidity resources of the Fund.
If deemed necessary by the exchange, the Fund could be ordered to reduce its aggregate net position back to the accountability
level.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The CFTC and U.S. designated contract
markets such as the CBOT may establish position limits and accountability levels on the maximum net long or net short positions
in futures contracts in commodities that any person or group of persons under common trading control (other than as a hedge, which
an investment by the Fund would not be) may hold, own or control. The net position is the difference between an individual or firm&rsquo;s
open long contracts and open short contracts in any one commodity. In addition, most U.S. futures exchanges, such as the CBOT,
limit the daily price fluctuation for futures contracts.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.5in">Position limits generally impose a fixed
ceiling on aggregate holdings in futures contracts relating to a particular commodity, and may also impose separate ceilings on
contracts expiring in any one month, contracts expiring in the spot month, and/or contracts in certain specified final days of
trading. By way of example, the CFTC&rsquo;s position limits for Soybean Futures Contracts (including related options) are 600
spot month contracts, 15,000 contracts expiring in any other single month, and 15,000 contracts for all months. All Soybean Futures
Contracts held under the control of the Sponsor, including those held by any future series of the Trust, will be aggregated in
determining the application of these position limits. Position limits could in certain circumstances effectively limit the number
of Creation Baskets that the Fund can sell but, it is not expected to reach asset levels that would cause these position limits
to be implicated in the near future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.5in">In contrast to position limits, accountability
levels are not fixed ceilings, but rather thresholds above which an exchange may exercise greater scrutiny and control over an
investor, including by imposing position limits on the investor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.5in">In addition to position limits and
accountability levels, the exchanges set daily price fluctuation limits on futures contracts. The daily price fluctuation limit
establishes the maximum amount that the price of futures contracts may vary either up or down from the previous day&rsquo;s settlement
price. Once the daily price fluctuation limit has been reached in a particular futures contract, no trades may be made at a price
beyond that limit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.5in"> As of May 1, 2014, the CME announced
that subject to CFTC approval, and it would replace the fixed price fluctuation limits with variable price limits for corn, soybeans
and wheat. The change is described in the CME Group Special Executive Report S-7038 and can be accessed at http://www.cmegroup.com/tools-information/lookups/advisories/ser/SER-7038.html. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>FCMs</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The CEA requires all FCMs, such as the
Funds&rsquo; clearing brokers, to meet and maintain specified fitness and financial requirements, to segregate customer funds from
proprietary funds and account separately for all customers&rsquo; funds and positions, and to maintain specified books and records
open to inspection by the staff of the CFTC. The CFTC has similar authority over introducing brokers, or persons who solicit or
accept orders for commodity interest trades but who do not accept margin deposits for the execution of trades. The CEA authorizes
the CFTC to regulate trading by FCMs and by their officers and directors, permits the CFTC to require action by exchanges in the
event of market emergencies, and establishes an administrative procedure under which customers may institute complaints for damages
arising from alleged violations of the CEA. The CEA also gives the states powers to enforce its provisions and the regulations
of the CFTC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On November 14, 2013, the CFTC published
final regulations that require enhanced customer protections, risk management programs, internal monitoring and controls, capital
and liquidity standards, customer disclosures and auditing and examination programs for FCMs. The rules are intended to afford
greater assurances to market participants that customer segregated funds and secured amounts are protected, customers are provided
with appropriate notice of the risks of futures trading and of the FCMs with which they may choose to do business, FCMs are monitoring
and managing risks in a robust manner, the capital and liquidity of FCMs are strengthened to safeguard the continued operations
and the auditing and examination programs of the CFTC and the self-regulatory organizations are monitoring the activities of FCMs
in a thorough manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_071"></A>Potential Advantages of Investment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Interest Income</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Unlike some alternative investment funds, the
Fund and the Underlying Funds do not borrow money in order to obtain leverage, so the Fund and the Underlying Funds do not incur
any interest expense. Rather, the Fund&rsquo;s residual cash and the Underlying Funds&rsquo; margin deposits and cash reserves
are maintained in Treasury Securities, cash and cash equivalents, and interest is generally earned on available assets, which include
unrealized profits credited to the Underlying Funds&rsquo; accounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="b_072"></A>Fund Performance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The following graph sets forth the historical
performance of the Fund from commencement of operations on March 28, 2012 through January 31, 2015. </P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="image_010a.gif" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PART&nbsp;II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Information Not Required in the Prospectus</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Item&nbsp;13.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B><I>Other Expenses of Issuance and Distribution</I></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Set forth below is an estimate (except as indicated)
of the amount of fees and expenses (other than underwriting commissions and discounts) payable by the registrant in connection
with the issuance and distribution of the units pursuant to the prospectus contained in this registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="width: 89%"><FONT STYLE="font-size: 10pt">SEC registration fee (actual)</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">28,069.50</FONT></TD>
    <TD NOWRAP STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">NYSE Arca Listing Fee </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">5,000</FONT></TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD><FONT STYLE="font-size: 10pt">FINRA filing fees (actual)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,000</FONT></TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Blue Sky expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">n/a</FONT></TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD><FONT STYLE="font-size: 10pt">Auditor&rsquo;s fees and expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">20,000</FONT></TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Legal fees and expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">150,000</FONT></TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD><FONT STYLE="font-size: 10pt">Printing expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">5,000</FONT></TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">Miscellaneous expenses</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">n/a</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 3pt; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Total</FONT></TD>
    <TD STYLE="padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">209,069.50</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 3pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60px"><FONT STYLE="font-size: 10pt"><B>Item&nbsp;14.</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B><I>Indemnification of Directors and Officers</I></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trust&rsquo;s Second Amended and Restated
Declaration of Trust and Trust Agreement (the &ldquo;Trust Agreement&rdquo;) provides that the Sponsor shall be indemnified by
the Trust (or, by a series of the Trust separately to the extent the matter in question relates to a single series or disproportionately
affects a series in relation to other series) against any losses, judgments, liabilities, expenses and amounts paid in settlement
of any claims sustained by it in connection with its activities for the Trust, provided that (i) the Sponsor was acting on behalf
of or performing services for the Trust and has determined, in good faith, that such course of conduct was in the best interests
of the Trust and such liability or loss was not the result of gross negligence, willful misconduct, or a breach of the Trust Agreement
on the part of the Sponsor and (ii) any such indemnification will only be recoverable from the applicable trust estate or trust
estates. All rights to indemnification permitted by the Trust Agreement and payment of associated expenses shall not be affected
by the dissolution or other cessation to exist of the Sponsor, or the withdrawal, adjudication of bankruptcy or insolvency of the
Sponsor, or the filing of a voluntary or involuntary petition in bankruptcy under Title 11 of the Bankruptcy Code by or against
the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Notwithstanding the foregoing, the Sponsor shall
not be indemnified for any losses, liabilities or expenses arising from or out of an alleged violation of U.S. federal or state
securities laws unless (i) there has been a successful adjudication on the merits of each count involving alleged securities law
violations as to the particular indemnitee and the court approves the indemnification of such expenses (including, without limitation,
litigation costs), (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to
the particular indemnitee and the court approves the indemnification of such expenses (including, without limitation, litigation
costs) or (iii) a court of competent jurisdiction approves a settlement of the claims against a particular indemnitee and finds
that indemnification of the settlement and related costs should be made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Certain officers of the Sponsor are insured
against liability for certain errors or omissions which an officer may incur or that may arise out of his or her capacity as such.
The Trust and its series shall not incur the cost of that portion of any insurance which insures any party against any liability,
the indemnification of which is prohibited by the Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Expenses incurred in defending a threatened
or pending civil, administrative or criminal action suit or proceeding against the Sponsor shall be paid by the Trust in advance
of the final disposition of such action, suit or proceeding, if (i) the legal action relates to the performance of duties or services
by the Sponsor on behalf of the Trust; (ii) the legal action is initiated by a party other than the Trust; and (iii) the Sponsor
undertakes to repay the</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">advanced funds with interest to the Trust in cases in which it is
not entitled to indemnification under the Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For purposes of the indemnification provisions
of the Trust Agreement, the term &ldquo;Sponsor&rdquo; includes, in addition to the Sponsor, any other covered person performing
services on behalf of the Trust and acting within the scope of the Sponsor&rsquo;s authority as set forth in the Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In the event the Trust is made a party to any
claim, dispute, demand or litigation or otherwise incurs any loss, liability, damage, cost or expense as a result of or in connection
with any Shareholder&rsquo;s (or assignee&rsquo;s) obligations or liabilities unrelated to Trust business, such Shareholder (or
assignees cumulatively) shall indemnify, defend, hold harmless, and reimburse the Trust for all such loss, liability, damage, cost
and expense incurred, including attorneys&rsquo; and accountants&rsquo; fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The payment of any amount pursuant to the Trust
Agreement shall take into account the allocation of liabilities and other amounts, as appropriate, among the series of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60px"><FONT STYLE="font-size: 10pt"><B>Item&nbsp;15.</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B><I>Recent Sales of Unregistered Securities</I></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On April 1, 2011, the Sponsor made a $100.00
capital contribution to the Fund in exchange for 2 Sponsor&rsquo;s Shares of the Fund representing a beneficial interest in the
pool.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The above-described transaction was exempt from
registration pursuant to Section 4(2) of the 1933 Act or Regulation D promulgated thereunder as a transaction not involving a public
offering. No general solicitation was made by the Fund, the Trust or any person acting on their behalf; the securities sold are
subject to transfer restrictions and may not be offered or sold absent registration or pursuant to an exemption therefrom.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60px"><FONT STYLE="font-size: 10pt"><B>Item&nbsp;16.</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B><I>Exhibits and Financial Statement Schedules</I></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(a)&nbsp;<I>Exhibits</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 14%"><FONT STYLE="font-size: 10pt">3.1 <SUB>(1)</SUB></FONT></TD>
    <TD STYLE="width: 86%"><FONT STYLE="font-size: 10pt">Second Amended and Restated Declaration of Trust and Trust Agreement of the registrant.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">3.2 <SUB>(2)</SUB></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Certificate of Trust of the registrant.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">3.3 <SUB>(3)</SUB></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Instrument establishing the Fund.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">5.1 <SUB>(*)</SUB></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Opinion of Reed Smith LLP relating to the legality of the Shares.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">8.1 <SUB>(*)</SUB></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Opinion of Reed Smith LLP with respect to federal income tax consequences. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.1 <SUB>(4)</SUB></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Form of Authorized Purchaser Agreement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.2 <SUB>(6)</SUB></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Amended and Restated Distribution Services Agreement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.3<SUB> (6)</SUB></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Amendment to Amended and Restated Distribution Services Agreement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.4 <SUB>(6)</SUB></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Second Amendment to Amended and Restated Distribution Services Agreement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.5 <SUB>(5)</SUB></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Global Custody Agreement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.6 <SUB>(5)</SUB></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Services Agreement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.7 <SUB>(5)</SUB></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Transfer Agency and Service Agreement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.8 <SUB>(7)</SUB></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Third Amendment to Amended and Restated Distribution Services Agreement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.9 <SUB>(8)</SUB></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Fourth Amendment to Amended and Restated Distribution Services Agreement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">23.1 <SUB>(9)</SUB></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Consent of Reed Smith LLP. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">23.2 <SUB>(*)</SUB></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">23.3 <SUB>(*)</SUB></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">23.4 <SUB>(*)</SUB></P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Consent of Rothstein Kass, Independent Registered Public Accounting
        Firm.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Consent of Grant Thornton, Independent Registered Public Accounting
        Firm.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Consent of Grant Thornton, Independent Certified Public Accountants.</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-size: 10pt">Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form S-1 for Teucrium Commodity Trust (File No. 333-162033) filed on October 22, 2010.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="width: 97%"><FONT STYLE="font-size: 10pt">Incorporated by reference to Registration Statement&nbsp;on Form S-1 for Teucrium Commodity Trust (File No. 333-162033) filed on September 21, 2009.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Incorporated by reference to the Registration Statement on Form S-1 for Teucrium Commodity Trust (File No. 333-173691) filed on April 25, 2011.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Incorporated by reference to Pre-Effective Amendment No. 1 on Form S-1 for Teucrium Commodity Trust (File No. 333-173691) filed on December 5, 2011.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt">(5)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Incorporated by reference to Pre-Effective Amendment No. 3 on Form S-1 for Teucrium Commodity Trust (File No. 333-162033) filed on March 29, 2010.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt">(6)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Previously filed as like-numbered exhibit to Current Report on Form 8-K for the Teucrium Corn Fund, filed on November 11, 2011 and incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(7)</FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Incorporated by reference to Post-Effective Amendment No. 5 to the
        Registration Statement on Form S-1 for Teucrium Commodity Trust (File No. 333-173691) filed on April 29, 2014.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(7)</FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Incorporated by reference to Post-Effective Amendment No. 4 to the
        Registration Statement on Form S-1 for the Teucrium Commodity Trust (File No. 333-173691) filed on March 31, 2014.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(8)</FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Incorporated by reference to the Registration Statement on Form
        S-1 for the Teucrium Commodity Trust (File No. 333-201953) filed on February 9, 2015.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(9)</FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Included in Exhibit 5.1.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(*)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Filed herewith. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(b)<I>&nbsp;Financial Statement Schedules</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The financial statement schedules are either
not applicable or the required information is included in the financial statements and footnotes related thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60px"><FONT STYLE="font-size: 10pt"><B>Item&nbsp;17.</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B><I>Undertakings</I></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(a) Each undersigned registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(1) To file, during any period in which offers
or sales are being made, a post-effective amendment to this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(i) To include any prospectus required by section
10(a)(3) of the 1933 Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(ii) To reflect in the prospectus any facts
or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement.
Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering
range may be reflected in the form of prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b) if,
in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering price
set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(iii) To include any material information with
respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information
in the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(2) That, for the purpose of determining any
liability under the 1933 Act, each such post-effective amendment shall be deemed to be a new registration statement relating to
the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(3) To remove from registration by means of
a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(4) That, for the purpose of determining liability
under the 1933 Act to any purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(i) If the registrant is subject to Rule 430C
(&sect;230.430C of this chapter), each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to
an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A
(&sect;230.430A of this chapter), shall be deemed to be part of and included in the registration statement as of the date it is
first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part
of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement
or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such
first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration
statement or made in any such document immediately prior to such date of first use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(5) That, for the purpose of determining liability
of the registrant under the 1933 Act to any purchaser in the initial distribution of the securities: The undersigned registrant
undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless
of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser
by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered
to offer or sell such securities to such purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(i) Any preliminary prospectus or prospectus
of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424 (&sect;230.424 of this chapter);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(ii) Any free writing prospectus relating to
the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(iii) The portion of any other free writing
prospectus relating to the offering containing material information about the undersigned registrant or its securities provided
by or on behalf of the undersigned registrant; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(iv) Any other communication that is an offer
in the offering made by the undersigned registrant to the purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(b) Insofar as indemnification for liabilities
arising under the 1933 Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing
provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification
is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel
the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pursuant to the requirements of the Securities Act of 1933, the
Registrant has duly caused this Registration Statement on Form S-1 to be signed on its behalf by the undersigned, thereunto duly
authorized, in the town of Brattleboro, state of Vermont, on April 13, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-indent: 45.95pt"><FONT STYLE="font-size: 10pt">Teucrium Commodity Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: -0.85pt"><FONT STYLE="font-size: 10pt">Teucrium Trading, LLC, Sponsor</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 43%">&nbsp;</TD>
    <TD STYLE="width: 9%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 24%; border-bottom: black 1.5pt solid; padding-right: 14.75pt"><FONT STYLE="font-size: 10pt">/s/ Dale Riker</FONT></TD>
    <TD STYLE="width: 24%; padding-right: -14.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 14.75pt"><FONT STYLE="font-size: 10pt">Dale Riker</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Principal Executive Officer, Secretary and Member</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The undersigned members and officers of Teucrium Trading, LLC, the
sponsor of Teucrium Commodity Trust, hereby constitute and appoint Sal Gilbertie and Dale Riker and each of them with full power
to act with full power of substitution and resubstitution, our true and lawful attorneys-in-fact with full power to execute in
our name and behalf in the capacities indicated below this Registration Statement on Form S-1 and any and all amendments thereto,
including post-effective amendments to this Registration Statement and to sign any and all additional registration statements relating
to the same offering of securities as this Registration Statement that are filed pursuant to Rule 462(b) of the Securities Act
of 1933, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange
Commission and thereby ratify and confirm that such attorneys-in-fact, or any of them, or their substitutes shall lawfully do or
cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed by the following persons in the capacities and on the dates as indicated. The document may
be executed by signatories hereto on any number of counterparts, all of which shall constitute one and the same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 54%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Title</B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 22%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Date</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Sal Gilbertie</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Sal Gilbertie&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">President/Chief Investment Officer/Member of the Sponsor</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">April 13, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Dale Riker</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Dale Riker</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Secretary/Chief Executive Officer/Principal Executive&nbsp; Officer/Member of the Sponsor</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">April 13, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Barbara Riker</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Barbara Riker&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Chief Financial Officer/Chief Accounting Officer/Chief Compliance Officer/Principal Financial Officer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">April 13, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Steve Kahler</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Steve Kahler</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Chief Operating Officer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">April 13, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">/s/ Carl N. Miller III</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">Carl N. Miller III&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Member of the Sponsor</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">April 13, 2015</FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 20pt; text-align: left">5.1</TD><TD>Opinion of Reed Smith LLP relating to the legality of the
Shares</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 20pt; text-align: left">8.1</TD><TD>Opinion of Reed Smith LLP with respect to federal income
tax consequences</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-size: 10pt">23.2</FONT></TD><TD><FONT STYLE="font-size: 10pt">Consent of Rothstein Kass,
Independent Registered Public Accounting Firm</FONT></TD>
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<TD STYLE="width: 0%"></TD><TD STYLE="width: 20pt; text-align: left">23.3</TD><TD>Consent of Grant Thornton, Independent Registered Public
Accounting Firm</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 20pt; text-align: left">23.4</TD><TD>Consent of Grant Thornton, Independent Certified Public Accountants</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>e63615ex5-1.htm
<DESCRIPTION>OPINION OF REED SMITH LLP
<TEXT>
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        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Reed Smith<font style="font-size: 7pt"> LLP</font></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">1301 K Street, N.W.<br>
        Suite 1000 &ndash; East Tower</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Washington, DC 20005-3373<br>
        +1 202 414 9200<br>
        Fax&nbsp;+1 202 414 9299</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">reedsmith.com</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">&nbsp;</P></td></tr>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">April 13, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Teucrium Commodity Trust</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">c/o Teucrium Trading, LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">232 Hidden Lake Road</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Brattleboro, Vermont 05301</P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Re:&#9;<U>Teucrium Commodity Trust &ndash; Teucrium Agricultural
Fund</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ladies and Gentlemen:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We have
acted as counsel to Teucrium Commodity Trust,&nbsp;a Delaware statutory trust organized in series (the &ldquo;<B><I>Trust</I></B>&rdquo;)
and its Sponsor, Teucrium Trading, LLC (the &ldquo;<B><I>Sponsor</I></B>&rdquo;), in connection with the registration statement
filed on Form S-1, as amended (File No. 333-</FONT> <FONT STYLE="font-size: 10pt">201953) (the &ldquo; <B><I>Registration Statement</I></B>&ldquo;)
filed by the Trust with the Securities and Exchange Commission (the &ldquo;<B><I>SEC</I></B>&rdquo;) under the Securities Act of
1933, as amended (the &ldquo;<B><I>Securities Act</I></B>&rdquo;), relating to the beneficial interests (the &ldquo;<B><I>Agricultural
Fund</I></B> <B><I>Shares</I></B>&rdquo;) in the series of the Trust designated as the Teucrium Agricultural Fund (the &ldquo;<B><I>Agricultural
Fund</I></B>&rdquo;). This opinion is being delivered to you at your request. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">As counsel to the Trust and the Sponsor,
we have participated in the preparation of the Registration Statement and have examined originals or copies, certified or otherwise
identified to our satisfaction by public officials or officers acting on behalf of the Trust or the Sponsor as authentic copies
of originals, of:</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>the Certificate of Trust of the Trust, as filed with the Secretary of State of the State of Delaware (the &ldquo;<B><I>Secretary
of State</I></B>&rdquo;) on September 22, 2009, and certified by the Secretary of State on April 13, 2015 (the &ldquo;<B><I>Certificate
of Trust</I></B>&rdquo;);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>the Second Amended and Restated Declaration of Trust and Trust Agreement of the Trust, dated as of October 21, 2010, between
the Sponsor and Wilmington Trust Company, a Delaware banking corporation, as trustee of the Trust (the &ldquo;<B><I>Trust Agreement</I></B>&rdquo;);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>the Certificate of Formation of the Sponsor, as filed with the Secretary of State on July 28, 2009, and certified by the Secretary
of State on April 13, 2015;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD>the Amended and Restated Limited Liability Company Agreement of the Sponsor, dated October 26, 2009, as amended by the First
Amendment to the Amended and Restated Limited Liability Company Operating Agreement of the Sponsor, dated September 30, 2011, and
by the Second Amendment to the Amended and Restated Limited Liability Company Operating Agreement of the Sponsor, dated May 24,
2012;</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD>the Instrument Establishing New Series of the Trust, dated as of March 29, 2011, executed by the Sponsor, establishing the
Teucrium Agricultural Fund as a series of the Trust;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD>unanimous written consent of the members of the Sponsor acting on behalf of the Trust relating to the authorization, issuance,
offer and sale of the Agricultural Fund Shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD>a form of Authorized Purchaser Agreement entered into by the Trust, the Sponsor and each Authorized Purchaser filed as an exhibit
to the Registration Statement;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><B>NEW
YORK</B></FONT><FONT STYLE="font: 4pt Arial, Helvetica, Sans-Serif"><b> </FONT><FONT STYLE="font: 5pt Symbol">&#168;</FONT><FONT STYLE="font: 4pt Arial, Helvetica, Sans-Serif">
</FONT></B><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><b>LONDON</FONT></B><FONT STYLE="font: 4pt Arial, Helvetica, Sans-Serif"><b>
</FONT><FONT STYLE="font: 5pt Symbol">&#168;</FONT><FONT STYLE="font: 4pt Arial, Helvetica, Sans-Serif"> </FONT></B><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><b>HONG
KONG</FONT></B><FONT STYLE="font: 4pt Arial, Helvetica, Sans-Serif"><b> </FONT><FONT STYLE="font: 5pt Symbol">&#168;</FONT><FONT STYLE="font: 4pt Arial, Helvetica, Sans-Serif">
</FONT></B><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><b>CHICAGO</FONT></B><FONT STYLE="font: 4pt Arial, Helvetica, Sans-Serif"><b>
</FONT><FONT STYLE="font: 5pt Symbol">&#168;</FONT><FONT STYLE="font: 4pt Arial, Helvetica, Sans-Serif"> </FONT></B><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><b>WASHINGTON,
D.C.</FONT></B><FONT STYLE="font: 4pt Arial, Helvetica, Sans-Serif"><b> </FONT><FONT STYLE="font: 5pt Symbol">&#168;</FONT><FONT STYLE="font: 4pt Arial, Helvetica, Sans-Serif">
</FONT></B><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><b>BEIJING</FONT></B><FONT STYLE="font: 4pt Arial, Helvetica, Sans-Serif"><b>
</FONT><FONT STYLE="font: 5pt Symbol">&#168;</FONT><FONT STYLE="font: 4pt Arial, Helvetica, Sans-Serif"> </FONT></B><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><b>PARIS
</FONT><FONT STYLE="font: 5pt Symbol">&#168;</FONT><FONT STYLE="font: 4pt Arial, Helvetica, Sans-Serif"> </FONT></B><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><b>LOS
ANGELES</FONT></B><FONT STYLE="font: 4pt Arial, Helvetica, Sans-Serif"><b> </FONT><FONT STYLE="font: 5pt Symbol">&#168;</FONT><FONT STYLE="font: 4pt Arial, Helvetica, Sans-Serif">
</FONT></B><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><b>SAN FRANCISCO</FONT></B><FONT STYLE="font: 4pt Arial, Helvetica, Sans-Serif"><b>
</FONT><FONT STYLE="font: 5pt Symbol">&#168;</FONT><FONT STYLE="font: 4pt Arial, Helvetica, Sans-Serif"> </FONT></B><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><b>PHILADELPHIA
</FONT><FONT STYLE="font: 5pt Symbol">&#168;</FONT><FONT STYLE="font: 4pt Arial, Helvetica, Sans-Serif"> </FONT></B><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><b>SHANGHAI
</FONT><FONT STYLE="font: 5pt Symbol">&#168;</FONT><FONT STYLE="font: 4pt Arial, Helvetica, Sans-Serif"> </FONT></B><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><b>PITTSBURGH</FONT></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3pt 0 6pt; text-align: center"><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><B>MUNICH
</B></FONT><B><FONT STYLE="font: 5pt Symbol">&#168;</FONT><FONT STYLE="font: 4pt Arial, Helvetica, Sans-Serif"> </FONT></B><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><b>ABU
DHABI</FONT></B><FONT STYLE="font: 4pt Arial, Helvetica, Sans-Serif"><b> </FONT><FONT STYLE="font: 5pt Symbol">&#168;</FONT><FONT STYLE="font: 4pt Arial, Helvetica, Sans-Serif">
</FONT></B><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><b>PRINCETON</FONT></B><FONT STYLE="font: 4pt Arial, Helvetica, Sans-Serif"><b>
</FONT><FONT STYLE="font: 5pt Symbol">&#168;</FONT><FONT STYLE="font: 4pt Arial, Helvetica, Sans-Serif"> </FONT></B><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><b>NORTHERN
VIRGINIA</FONT></B><FONT STYLE="font: 4pt Arial, Helvetica, Sans-Serif"><b> </FONT><FONT STYLE="font: 5pt Symbol">&#168;</FONT><FONT STYLE="font: 4pt Arial, Helvetica, Sans-Serif">
</FONT></B><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><b>WILMINGTON</FONT></B><FONT STYLE="font: 4pt Arial, Helvetica, Sans-Serif"><b>
</FONT><FONT STYLE="font: 5pt Symbol">&#168;</FONT><FONT STYLE="font: 4pt Arial, Helvetica, Sans-Serif"> </FONT></B><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><b>SILICON
VALLEY</FONT></B><FONT STYLE="font: 4pt Arial, Helvetica, Sans-Serif"><b> </FONT><FONT STYLE="font: 5pt Symbol">&#168;</FONT><FONT STYLE="font: 4pt Arial, Helvetica, Sans-Serif">
</FONT></B><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><b>DUBAI</FONT></B><FONT STYLE="font: 4pt Arial, Helvetica, Sans-Serif"><b>
</FONT><FONT STYLE="font: 5pt Symbol">&#168;</FONT><FONT STYLE="font: 4pt Arial, Helvetica, Sans-Serif"> </FONT></B><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><b>CENTURY
CITY</FONT></B><FONT STYLE="font: 4pt Arial, Helvetica, Sans-Serif"><b> </FONT><FONT STYLE="font: 5pt Symbol">&#168;</FONT><FONT STYLE="font: 4pt Arial, Helvetica, Sans-Serif">
</FONT></B><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><b>RICHMOND</FONT></B><FONT STYLE="font: 4pt Arial, Helvetica, Sans-Serif"><b>
</FONT><FONT STYLE="font: 5pt Symbol">&#168;</FONT><FONT STYLE="font: 4pt Arial, Helvetica, Sans-Serif"> </FONT></B><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><b>GREECE
</FONT></B></P>


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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Teucrium Commodity Trust<br>
        c/o Teucrium Trading, LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 2</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></td>
    <TD STYLE="width: 34%; font: 12pt Times New Roman, Times, Serif; text-align: right"><font style="font: 9pt Sans-Serif; color: Red"><b><IMG SRC="reed2.jpg" ALT=""></b></font></td></tr>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD>a Certificate of Good Standing for the Trust, dated April 13, 2015, obtained from the Secretary of State; and</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ix)</TD><TD>a Certificate of Good Standing for the Sponsor, dated April 13, 2015, obtained from the Secretary of State.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">With respect to such examination and
our opinion expressed herein, we have assumed, without any independent investigation or verification (i)&nbsp;the genuineness of
all signatures on all documents submitted to us for examination, (ii)&nbsp;the legal capacity of all natural persons, (iii)&nbsp;the
authenticity of all documents submitted to us as originals, (iv)&nbsp;the conformity to original documents of all documents submitted
to us as conformed or reproduced copies and the authenticity of the originals of such copied documents, and (v)&nbsp;that all certificates
issued by public officials have been properly issued.&nbsp;&nbsp;We also have assumed without independent investigation or verification
the accuracy and completeness of all corporate records made available to us by the Trust and the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We have relied with your approval upon
certificates of public officials and, as to certain factual matters, upon certificates and/or representations of officers and employees
of the Trust and the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Based upon and subject to the foregoing
and subject to the assumptions, exceptions, qualifications and limitations set forth herein below, it is our opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&#9;1.&#9;The Trust has been duly formed and is validly existing
as a statutory trust under the Delaware Statutory Trust Act, 12 Del. C. &sect;&nbsp;3801 et seq. (the &ldquo;<B><I>Trust Act</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&#9;2.&#9;The Agricultural Fund Shares issued by the Trust
will be validly issued and, subject to the qualifications set forth herein, will be fully paid and nonassessable beneficial interests
in the Trust relating to the Agricultural Fund, as to which the shareholders, as beneficial owners of the Trust relating to the
Fund, will be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit
under the General Corporation Law of the State of Delaware. The shareholders may be obligated to make certain payments provided
for in Section 4.7(f) of the Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&#9;3.&#9;Assuming that (i) separate and distinct records
are maintained for the Agricultural Fund, (ii) the assets associated with the Agricultural Fund are held in such separate and distinct
records (directly or indirectly including through a nominee or otherwise) and accounted for in such separate and distinct records
separately from the other assets of the Trust or any other series thereof, (iii) the notice of the limitation on liabilities of
a series provided in Section 3804(a) of the Trust Act is continuously set forth in the Certificate of the Trust, and (iv) the Trust
Agreement continuously provides for those matters described in (i), (ii), and (iii) of this paragraph 3, the Agricultural Fund
shall be entitled to the benefits of the limitation on interseries liability set forth in Section 3804(a) of the Trust Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The foregoing opinions are subject to
the following assumptions, exceptions, qualifications and limitations:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">A.</TD><TD>The opinions expressed in this letter are limited to the Limited Liability Company Act and the Statutory Trust Act of the State
of Delaware, including the applicable provisions of the Delaware Constitution and the reported judicial decisions interpreting
these laws.&nbsp;&nbsp;We express no opinion with respect to any other laws of the State of Delaware or the laws of any other jurisdiction.&nbsp;&nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">B.</TD><TD>We express no opinion as to any state securities or broker-dealer laws or regulations thereunder relating to the offer, issuance
and sale of the Agricultural Fund Shares.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">C.</TD><TD>The opinions in paragraph 2 above assume (i) the payment by an Authorized Purchaser to the Trust of the full consideration
due from it for the Agricultural Fund Shares subscribed by it and (ii) the Agricultural Fund Shares will be offered and sold as
described in the Registration Statement, the Trust Agreement, and the Authorized Purchaser Agreements.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">D.</TD><TD>The opinions in paragraph 3 above are subject to (i) applicable bankruptcy, insolvency, moratorium, receivership, reorganization,
fraudulent transfer, and similar laws relating to and affecting the rights and</TD></TR></TABLE>


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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Teucrium Commodity Trust<br>
        c/o Teucrium Trading, LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 3</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></td>
    <TD STYLE="width: 34%; font: 12pt Times New Roman, Times, Serif; text-align: right"><font style="font: 9pt Sans-Serif; color: Red"><b><IMG SRC="reed2.jpg" ALT=""></b></font></td></tr>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in">remedies of creditors generally and (ii) principles of
equity, including applicable law relating to fiduciary duties (regardless of whether considered and applied in a proceeding in
equity or at law).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We hereby consent to the use of this
opinion as an exhibit to the Registration Statements filed with the SEC. We also hereby consent to the use of our name under the
heading &ldquo;Legal Matters&rdquo; in the Registration Statements.&nbsp;&nbsp;In giving the foregoing consent, we do not thereby
admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act, or the rules
and regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3.5in">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3.5in">/s/ Reed Smith LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3.5in">Reed Smith LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">PDG/WTC/JMT</P>



<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>3
<FILENAME>e63615ex8-1.htm
<DESCRIPTION>OPINION OF REED SMITH LLP
<TEXT>
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    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: bold 16pt Arial, Helvetica, Sans-Serif; text-align: right; text-transform: uppercase"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exhibit
    8.1</B></FONT></TD></TR>
<tr>
    <TD STYLE="width: 48%; padding-top: 0.25in; font: 12pt Times New Roman, Times, Serif"><IMG SRC="reed1.jpg" ALT=""></td>
    <TD STYLE="vertical-align: top; width: 52%; padding-top: 12pt; font: bold 16pt Arial, Helvetica, Sans-Serif; text-align: right; text-transform: uppercase">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
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    <TD>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Reed Smith <font style="font-size: 7pt">LLP</font></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">1301 K Street, N.W.<br>
        Suite 1000 - East Tower<br>
        Washington, D.C. 20005-3373</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">+1 202 414 9200</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Fax +1 202 414 9299</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: right">reedsmith.com</P></td></tr>
</table>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">April 13, 2015</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Teucrium Commodity Trust</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">232 Hidden Lake Road, Building A</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Brattleboro, VT&nbsp;&nbsp;05310</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">RE: REGISTRATION STATEMENT ON FORM S-1 (File No. 333-201953)<BR>
<BR>
</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ladies and Gentlemen:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have acted as tax counsel to Teucrium Commodity
Trust, a Delaware statutory trust (the &ldquo;Trust&rdquo;) with respect to certain legal matters in connection with the offer
and sale (the &ldquo;Offering&rdquo;) of common units representing fractional and undivided beneficial interests (the &ldquo;Shares&rdquo;)
of Teucrium Agricultural Fund&nbsp;(the &ldquo;Fund&rdquo;), a series of the Trust. We have also participated in the preparation
of a Registration Statement on Form&nbsp;S-1 (the &ldquo;Registration Statement&rdquo;) to which this opinion is an exhibit. In
connection therewith, we have participated in the preparation of the discussion set forth under the caption &ldquo;U.S. Federal
Income Tax Considerations&rdquo; (the &ldquo;Discussion&rdquo;) in the Registration Statement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Discussion, subject to the qualifications
and assumptions stated in the Discussion and the limitations and qualifications set forth herein, constitutes our opinion as to
the material United States federal income tax consequences for purchasers of the Shares pursuant to the Offering.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This opinion letter is limited to the matters
set forth herein, and no opinions are intended to be implied or may be inferred beyond those expressly stated herein. Our opinion
is rendered as of the date hereof and we assume no obligation to update or supplement this opinion or any matter related to this
opinion to reflect any change of fact, circumstances, or law after the date hereof. In addition, our opinion is based on the assumption
that the matter will be properly presented to the applicable court.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Furthermore, our opinion is not binding on the
Internal Revenue Service or a court. In addition, we must note that our opinion represents merely our best legal judgment on the
matters presented and that others may disagree with our conclusion. There can be no assurance that the Internal Revenue Service
will not take a contrary position or that a court would agree with our opinion if the matter were litigated.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We hereby consent to the filing of this
opinion as an exhibit to the Registration Statement and to the references to our firm and this opinion contained in the Discussion.
In giving this consent, we do not</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><B>NEW
YORK</B></FONT><B><FONT STYLE="font: 5pt Arial, Helvetica, Sans-Serif"> </FONT></B><B><FONT STYLE="font: 5pt Symbol">&#168;</FONT></B><B><FONT STYLE="font: 5pt Arial, Helvetica, Sans-Serif">
</FONT></B><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><b>LONDON</FONT></B><B><FONT STYLE="font: 5pt Arial, Helvetica, Sans-Serif">
</FONT></B><B><FONT STYLE="font: 5pt Symbol">&#168;</FONT></B><B><FONT STYLE="font: 5pt Arial, Helvetica, Sans-Serif"> </FONT></B><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><b>HONG
KONG</FONT></B><B><FONT STYLE="font: 5pt Arial, Helvetica, Sans-Serif"> </FONT></B><B><FONT STYLE="font: 5pt Symbol">&#168;</FONT></B><B><FONT STYLE="font: 5pt Arial, Helvetica, Sans-Serif">
</FONT></B><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><b>CHICAGO</FONT></B><B><FONT STYLE="font: 5pt Arial, Helvetica, Sans-Serif">
</FONT></B><B><FONT STYLE="font: 5pt Symbol">&#168;</FONT></B><B><FONT STYLE="font: 5pt Arial, Helvetica, Sans-Serif"> </FONT></B><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><b>WASHINGTON,
D.C.</FONT></B><B><FONT STYLE="font: 5pt Arial, Helvetica, Sans-Serif"> </FONT></B><B><FONT STYLE="font: 5pt Symbol">&#168;</FONT></B><B><FONT STYLE="font: 5pt Arial, Helvetica, Sans-Serif">
</FONT></B><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><b>BEIJING</FONT></B><B><FONT STYLE="font: 5pt Arial, Helvetica, Sans-Serif">
</FONT></B><B><FONT STYLE="font: 5pt Symbol">&#168;</FONT></B><B><FONT STYLE="font: 5pt Arial, Helvetica, Sans-Serif"> </FONT></B><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><b>PARIS</FONT></B><B><FONT STYLE="font: 5pt Arial, Helvetica, Sans-Serif">
</FONT></B><B><FONT STYLE="font: 5pt Symbol">&#168;</FONT></B><B><FONT STYLE="font: 5pt Arial, Helvetica, Sans-Serif"> </FONT></B><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><b>LOS
ANGELES</FONT></B><B><FONT STYLE="font: 5pt Arial, Helvetica, Sans-Serif"> </FONT></B><B><FONT STYLE="font: 5pt Symbol">&#168;</FONT></B><B><FONT STYLE="font: 5pt Arial, Helvetica, Sans-Serif">
</FONT></B><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><b>SAN FRANCISCO</FONT></B><B><FONT STYLE="font: 5pt Arial, Helvetica, Sans-Serif">
</FONT></B><B><FONT STYLE="font: 5pt Symbol">&#168;</FONT></B><B><FONT STYLE="font: 5pt Arial, Helvetica, Sans-Serif"> </FONT></B><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><b>PHILADELPHIA</FONT></B><B><FONT STYLE="font: 5pt Arial, Helvetica, Sans-Serif">
</FONT></B><B><FONT STYLE="font: 5pt Symbol">&#168;</FONT></B><B><FONT STYLE="font: 5pt Arial, Helvetica, Sans-Serif"> </FONT></B><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><b>SHANGHAI</FONT></B><B><FONT STYLE="font: 5pt Arial, Helvetica, Sans-Serif">
</FONT></B><B><FONT STYLE="font: 5pt Symbol">&#168;</FONT><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif">PITTSBURGH</FONT></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3pt 0 6pt; text-align: center"><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><B>MUNICH</B></FONT><B><FONT STYLE="font: 5pt Arial, Helvetica, Sans-Serif">
</FONT></B><B><FONT STYLE="font: 5pt Symbol">&#168;</FONT></B><B><FONT STYLE="font: 5pt Arial, Helvetica, Sans-Serif"> </FONT></B><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><b>ABU
DHABI</FONT></B><B><FONT STYLE="font: 5pt Arial, Helvetica, Sans-Serif"> </FONT></B><B><FONT STYLE="font: 5pt Symbol">&#168;</FONT></B><B><FONT STYLE="font: 5pt Arial, Helvetica, Sans-Serif">
</FONT></B><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><b>PRINCETON</FONT></B><B><FONT STYLE="font: 5pt Arial, Helvetica, Sans-Serif">
</FONT></B><B><FONT STYLE="font: 5pt Symbol">&#168;</FONT></B><B><FONT STYLE="font: 5pt Arial, Helvetica, Sans-Serif"> </FONT></B><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><b>NORTHERN
VIRGINIA</FONT></B><B><FONT STYLE="font: 5pt Arial, Helvetica, Sans-Serif"> </FONT></B><B><FONT STYLE="font: 5pt Symbol">&#168;</FONT></B><B><FONT STYLE="font: 5pt Arial, Helvetica, Sans-Serif">
</FONT></B><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><b>WILMINGTON </FONT><FONT STYLE="font: 5pt Symbol">&#168;</FONT></B><B><FONT STYLE="font: 5pt Arial, Helvetica, Sans-Serif">
</FONT></B><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><b>SILICON VALLEY</FONT></B><B><FONT STYLE="font: 5pt Arial, Helvetica, Sans-Serif">
</FONT></B><B><FONT STYLE="font: 5pt Symbol">&#168;</FONT></B><B><FONT STYLE="font: 5pt Arial, Helvetica, Sans-Serif"> </FONT></B><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><b>DUBAI</FONT></B><B><FONT STYLE="font: 5pt Arial, Helvetica, Sans-Serif">
</FONT></B><B><FONT STYLE="font: 5pt Symbol">&#168;</FONT></B><B><FONT STYLE="font: 5pt Arial, Helvetica, Sans-Serif"> </FONT></B><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><b>CENTURY
CITY</FONT></B><B><FONT STYLE="font: 5pt Arial, Helvetica, Sans-Serif"> </FONT></B><B><FONT STYLE="font: 5pt Symbol">&#168;</FONT></B><B><FONT STYLE="font: 5pt Arial, Helvetica, Sans-Serif">
</FONT></B><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><b>RICHMOND</FONT></B><B><FONT STYLE="font: 5pt Arial, Helvetica, Sans-Serif">
</FONT></B><B><FONT STYLE="font: 5pt Symbol">&#168;</FONT></B><B><FONT STYLE="font: 5pt Arial, Helvetica, Sans-Serif"> </FONT></B><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><b>GREECE
</FONT><FONT STYLE="font: 5pt Symbol">&#168;</FONT></B><B><FONT STYLE="font: 5pt Arial, Helvetica, Sans-Serif"> </FONT></B><FONT STYLE="font: 6pt Arial, Helvetica, Sans-Serif"><b>OAKLAND</FONT></B></P>


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<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
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        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 21pt 0 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Teucrium Agricultural Fund</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">April 13, 2015</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Page 2</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></td>
    <TD STYLE="width: 34%; padding-top: 15pt; font: 12pt Times New Roman, Times, Serif; text-align: right"><IMG SRC="reed2.jpg" ALT=""></td></tr>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">admit that we are &ldquo;experts&rdquo; under the Securities
Act of 1933, as amended, or under the rules and regulations of the Securities and Exchange Commission relating thereto, with respect
to any part of the Registration Statement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in">Respectfully submitted,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in">/s/ Reed Smith LLP</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in">Reed Smith LLP</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">LNH/WTC/JMT</P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



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</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>4
<FILENAME>e63615ex23-2.htm
<DESCRIPTION>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 23.2</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><B><U>CONSENT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM </U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify">We hereby consent to the
incorporation by reference in the Registration Statement (Number 333-201953) on Form S-1 of our reports each dated March 14,
2014 relating to the financial statements of the Teucrium Commodity Trust and the Teucrium Agricultural Fund as of December
31, 2013, and for the years ended December 31, 2013 and the period from commencement of operations (March 28, 2012) through
December 31, 2012, appearing in the Annual Report on Form 10-K of Teucrium Commodity Trust filed on March 16, 2015, and of our
report dated April 3, 2014 relating to the combined financial statements of Teucrium Trading, LLC and Affiliate as
of December 31, 2013, and for the years ended December 31, 2013 and 2012, appearing in the Current Report on Form 8-K filed
on April 13, 2015, and to the reference to our Firm under the caption &ldquo;Experts&rdquo; in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">/s/ Rothstein Kass</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Walnut Creek, California</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">April 13, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>



<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>5
<FILENAME>e63615ex23-3.htm
<DESCRIPTION>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 11pt Garamond, Times, Serif; margin: 0; text-align: right">Exhibit 23.3</P>

<P STYLE="font: 11pt Garamond, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Garamond, Times, Serif; margin: 0; text-align: center">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</P>

<P STYLE="font: 11pt Garamond, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Garamond, Times, Serif; margin: 0">We have issued our reports dated March 16, 2015, with respect to the combined
financial statements and internal control over financial reporting of Teucrium Commodity Trust and the financial statements and
internal control over financial reporting of Teucrium Agricultural Fund included in the Annual Report on Form 10-K of Teucrium
Commodity Trust for the year ended December 31, 2014. We hereby consent to the incorporation by reference of said reports in the
Registration Statement of Teucrium Commodity Trust on Form S-1 (File No. 333-201953), and to the use of our name as it appears
under the caption &ldquo;Experts&rdquo; in the prospectus in this Registration Statement.</P>

<P STYLE="font: 11pt Garamond, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Garamond, Times, Serif; margin: 0">/s/ GRANT THORNTON LLP</P>

<P STYLE="font: 11pt Garamond, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Garamond, Times, Serif; margin: 0">New York, New York</P>

<P STYLE="font: 11pt Garamond, Times, Serif; margin: 0">April 13, 2015</P>

<P STYLE="font: 11pt Garamond, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Garamond, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.4
<SEQUENCE>6
<FILENAME>e63615ex23-4.htm
<DESCRIPTION>CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 11pt Garamond, Times, Serif; margin: 0; text-align: right">Exhibit 23.4</P>

<P STYLE="font: 11pt Garamond, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Garamond, Times, Serif; margin: 0; text-align: center">CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS</P>

<P STYLE="font: 11pt Garamond, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Garamond, Times, Serif; margin: 0">We have issued our report dated April 13, 2015, with respect to the combined
financial statements of Teucrium Trading, LLC included in the Current Report of Teucrium Commodity Trust on Form 8-K filed with
the SEC on April 13, 2015. We hereby consent to the incorporation by reference of said report in the Registration Statement of
Teucrium Commodity Trust on Form S-1 (File No. 333-201953), and to the use of our name as it appears under the caption &ldquo;Experts&rdquo;
in the prospectus in this Registration Statement.</P>

<P STYLE="font: 11pt Garamond, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Garamond, Times, Serif; margin: 0">/s/ GRANT THORNTON LLP</P>

<P STYLE="font: 11pt Garamond, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Garamond, Times, Serif; margin: 0">New York, New York</P>

<P STYLE="font: 11pt Garamond, Times, Serif; margin: 0">April 13, 2015</P>

<P STYLE="font: 11pt Garamond, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Garamond, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"></P>

</BODY>
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<HTML>
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     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; margin-bottom: 12pt">
<tr>
    <TD STYLE="width: 50%; padding-top: 0.25in; font: 12pt Times New Roman, Times, Serif"><font style="font: 9pt Sans-Serif; color: Red"><b><IMG SRC="reed1.jpg" ALT=""></b></font></td>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; width: 50%">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">REED SMITH LLP<br>
        Riverfront Plaza - West Tower<br>
        901 East Byrd Street, Suite 1700<br>
        Richmond, VA 23219-4068<br>
        Telephone: +1 804 344 3400<br>
        Facsimile: +1 804 344 3410</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">1301 K Street, N.W.</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Suite 1000, East Tower</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Washington, DC 20005-3317</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Phone: +1 202 414 9200</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Fax: +1 202 414 9299</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">&nbsp;</P></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: bottom">
        <P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0">W. Thomas Conner</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Direct Phone: +1 202 414 9208<br>
        Email: tconner@reedsmith.com</P></td></tr>
</table>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">April 13, 2015</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>VIA EDGAR SUBMISSION</U></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 100%; padding-right: 5.75pt; padding-bottom: 0.15in; padding-left: 5.75pt; font: 12pt Times New Roman, Times, Serif">Tom Kluck<br>
Division of Corporate Finance<br>
U.S. Securities &amp; Exchange Commission<br>
100 F Street, NE<br>
Washington, D.C.&nbsp;&nbsp;20549</td></tr>
</table>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2pt"><BR CLEAR="ALL">
</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Re:&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Teucrium Commodity Trust </U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Registration Statement on Form S-1</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>File No. 333-201953</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Dear Mr. Kluck:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">On behalf of the registrant, Teucrium Commodity (the &ldquo;Registrant&rdquo;),
and its series, the Teucrium Agricultural Fund (the &ldquo;Fund&rdquo;), we are responding to the Staff&rsquo;s comments dated
March 6, 2015, in regards to the above-referenced registration statement (the &ldquo;Registration Statement&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">For convenience, each comment is restated below, with the
response immediately following. To the extent responses herein reflect revised or additional disclosure, such disclosure will be
included in the Pre-Effective Amendment No. 1 filed herewith on EDGAR. All capitalized terms not defined herein have the meaning
assigned to them in the Prospectus.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><B><U>Comments</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><B>Incorporation by Reference of
Certain Information, page 101</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><B>General</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">(1)&#9;Please update your financial statements and financial
information to comply with Regulation S-X or advise.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>Response: </B>The Registration Statement
has been revised accordingly.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">If you have any questions on the foregoing, please do not
hesitate to contact me at (202) 414-9208, Eric Simanek at (202) 414-9425 or Joseph Toner at (202) 414-9264.</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NEW
YORK </B></FONT><B><FONT STYLE="font-family: Symbol">&#168;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> LONDON
</FONT><FONT STYLE="font-family: Symbol">&#168;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> HONG KONG </FONT><FONT STYLE="font-family: Symbol">&#168;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">
CHICAGO </FONT><FONT STYLE="font-family: Symbol">&#168;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> WASHINGTON,</FONT></B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">
<B>D.C. </B></FONT><B><FONT STYLE="font-family: Symbol">&#168;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> BEIJING
</FONT><FONT STYLE="font-family: Symbol">&#168;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> PARIS </FONT><FONT STYLE="font-family: Symbol">&#168;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">
LOS ANGELES </FONT><FONT STYLE="font-family: Symbol">&#168;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> SAN
FRANCISCO </FONT><FONT STYLE="font-family: Symbol">&#168;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> PHILADELPHIA
</FONT><FONT STYLE="font-family: Symbol">&#168;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> SHANGHAI </FONT><FONT STYLE="font-family: Symbol">&#168;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">
PITTSBURGH</FONT></B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>MUNICH
</B></FONT><B><FONT STYLE="font-family: Symbol">&#168;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> ABU DHABI
</FONT><FONT STYLE="font-family: Symbol">&#168;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> PRINCETON </FONT><FONT STYLE="font-family: Symbol">&#168;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">
NORTHERN VIRGINIA </FONT><FONT STYLE="font-family: Symbol">&#168;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">
WILMINGTON </FONT><FONT STYLE="font-family: Symbol">&#168;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> SILICON
VALLEY </FONT><FONT STYLE="font-family: Symbol">&#168;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> DUBAI </FONT><FONT STYLE="font-family: Symbol">&#168;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">
CENTURY CITY </FONT><FONT STYLE="font-family: Symbol">&#168;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> RICHMOND
</FONT><FONT STYLE="font-family: Symbol">&#168;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> GREECE </FONT></B></P>


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<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 65%">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 21pt 0 0">Tom Kluck</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">April 13, 2015</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Page 2</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></td>
    <TD STYLE="width: 35%; padding-top: 15pt; font: 12pt Times New Roman, Times, Serif; text-align: right"><font style="font: 9pt Sans-Serif; color: Red"><b><IMG SRC="reed2.jpg" ALT=""></b></font></td></tr>
</table>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Sincerely,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">/s/ W. Thomas Conner<BR>
<BR>
</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">W. Thomas Conner</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">cc: Jerard Gibson</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Dale Riker</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>



<P STYLE="margin: 0"></P>

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