<SEC-DOCUMENT>0001654954-22-007278.txt : 20220520
<SEC-HEADER>0001654954-22-007278.hdr.sgml : 20220520
<ACCEPTANCE-DATETIME>20220520115531
ACCESSION NUMBER:		0001654954-22-007278
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220520
DATE AS OF CHANGE:		20220520

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Teucrium Commodity Trust
		CENTRAL INDEX KEY:			0001471824
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-263434
		FILM NUMBER:		22946391

	BUSINESS ADDRESS:	
		STREET 1:		THREE MAIN STREET
		STREET 2:		SUITE 215
		CITY:			BURLINGTON
		STATE:			VT
		ZIP:			05401
		BUSINESS PHONE:		802-540-0019

	MAIL ADDRESS:	
		STREET 1:		THREE MAIN STREET
		STREET 2:		SUITE 215
		CITY:			BURLINGTON
		STATE:			VT
		ZIP:			05401
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>tct424b32022.htm
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
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<title>tct424b32022</title>
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<body style="font-family: Times New Roman; font-size: 13px;">
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>

<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri;"><font style="font-size: 13px;">Filed pursuant to Rule
424(b)(3)</font></font></div>

<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Calibri;"><font style="font-size: 13px;">File No. 333-263434</font></font></div>

<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri;"><font style="font-size: 13px;">File No. 333-263448</font></font></div>

<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri;"><font style="font-size: 13px;">File No. 333-263438</font></font></div>

<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri;"><font style="font-size: 13px;">File No. 333-263450</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>

<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri;"><font style="font-weight: bold; font-size: 13px;">TEUCRIUM CORN
FUND</font></font></div>

<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri;"><font style="font-weight: bold; font-size: 13px;">TEUCRIUM SOYBEAN
FUND</font></font></div>

<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri;"><font style="font-weight: bold; font-size: 13px;">TEUCRIUM SUGAR
FUND</font></font></div>

<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri;"><font style="font-weight: bold; font-size: 13px;">TEUCRIUM AGRICULTURAL
FUND</font></font></div>

<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>

<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri;"><font style="font-size: 13px;">Supplement dated May 20,
2022</font></font></div>

<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri;"><font style="font-size: 13px;">to</font></font></div>

<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri;"><font style="font-size: 13px;">Prospectuses dated April 7,
2022</font></font></div>

<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri;"><font style="font-size: 13px;">This supplement updates the prospectuses of the
Teucrium Corn Fund, Teucrium Sugar Fund, Teucrium Soybean Fund, and
Teucrium Agricultural Fund (each, a &#x201C;Fund,&#x201D; and
together, the &#x201C;Funds&#x201D;), with the following information.
It should be read in its entirety and kept together with your
prospectus for future reference. Capitalized terms and certain
other terms used in this supplement, unless otherwise defined in
this supplement, have the meanings assigned to them in the
applicable prospectus.</font></font></div>

<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>

<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Calibri;"><font style="font-size: 13px;">1.</font></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Calibri;"><font style="font-size: 13px;">Effectively
immediately, the disclosure in the &#x201C;Risks Associated with
Investing Directly or Indirectly in the Fund&#x201D; section of the
Prospectus is supplemented to include the
following:</font></font></div>
</div>
</div>

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Calibri; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Calibri;"><font style="font-weight: bold; font-size: 13px;">RISKS OF GOVERNMENT
REGULATION</font></font></div>

<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Calibri;"><font style="font-size: 13px;">The Financial Industry Regulatory Authority
(&#x201C;FINRA&#x201D;) issued a notice on March 8, 2022 seeking
comment on measures that could prevent or restrict investors from
buying a broad range of public securities and products designated
as &#x201C;complex products&#x201D; &#x2013; which could include each
Exchange Traded Product offered by the Sponsor. The ultimate
impact, if any, of these measures remain unclear. However, if
regulations are adopted, they could, among other things, prevent or
restrict investors&#x2019; ability to buy the
Fund.</font></font></div>

<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>

<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Calibri;"><font style="font-size: 13px;">2.</font></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Calibri;"><font style="font-size: 13px;"><font style="font-weight: bold">Legal Matters.</font> The Funds have updated
the following matters under the headed &#x201C;Legal
Matters.&#x201D;<font style="color: #000000">&#xA0;</font></font></font></div>
</div>
</div>

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Calibri;"></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Calibri; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Calibri;"><font style="font-weight: bold; font-style: italic; font-size: 13px;">Litigation
and Claims</font></font></div>

<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>

<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0;
&#xA0;&#xA0;&#xA0; On November 30, 2020, certain officers and
members of Teucrium Trading, LLC (the &#x201C;Sponsor&#x201D;), along
with the Sponsor, filed a Verified Complaint (as amended through
the Amended Verified Complaint filed on February 18, 2021) (the
&#x201C;Gilbertie complaint&#x201D;) in the Delaware Court of
Chancery, C.A. No. 2020-1018-AGB. The <font style="font-style: italic">Gilbertie</font> complaint asserts various
claims against Dale Riker, the Sponsor&#x2019;s former Chief
Executive Officer and Barbara Riker, the Sponsor&#x2019;s former
Chief Financial Officer and Chief Compliance Officer. <font style="font-style: italic">Sal Gilbertie v. Dale
Riker</font>,&#xA0;<font style="font-style: italic">et
al.,</font>&#xA0;C.A. No. 2020-1018-AGB (Del. Ch.)
(the&#xA0;<font style="font-style: italic">&#x201C;Gilbertie</font>&#xA0;case&#x201D;).</font></font></div>

<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0;
&#xA0;&#xA0;&#xA0; Among other things, the Gilbertie complaint
responded to and addressed certain allegations that Mr. Riker had
made in a draft complaint that he threatened to file (and
subsequently did file) in New York Supreme Court. <font style="font-style: italic">See Dale Riker v. Sal Gilbertie, et
al.,</font> No. 656794-2020 (N.Y. Sup. Ct.). On April 22, 2021, the
Supreme Court of the State of New York, New York County dismissed
Mr. Riker&#x2019;s case without prejudice to the case being refiled
after the conclusion of the <font style="font-style: italic">Gilbertie c</font>ase in Delaware Chancery
Court. <font style="font-style: italic">See Dale Riker, et al. v.
Teucrium Trading, LLC et al,</font> Decision + Order on Motions,
No. 6567943-2020 (N.Y. Sup. Ct) (Apr. 22,
2021).</font></font></div>

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<font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0;
&#xA0;&#xA0;&#xA0; The Gilbertie complaint asserts claims for a
declaration concerning the effects of the final order and judgment
in an earlier books and records action; for a declaration
concerning Mr. Riker&#x2019;s allegation that Mr. Gilbertie had
entered into an agreement to purchase Mr. Riker&#x2019;s equity in
the Sponsor; for an order compelling the return of property from
Mr. Riker; for a declaration concerning Mr. Riker&#x2019;s
allegations that the Sponsor and certain of the plaintiffs had
improperly removed him as an officer and caused purportedly false
financial information to be published; for breach of Ms.
Riker&#x2019;s separation agreement with the Sponsor; for tortious
interference by Mr. Riker with Ms. Riker&#x2019;s separation
agreement; for a declaration concerning the releases that had been
provided to Ms. Riker through her separation agreement; for breach
of the Sponsor&#x2019;s Operating Agreement by Mr. Riker; and for
breach of fiduciary duty by Mr. Riker. The claims for declaratory
relief and for return of property have since been
dismissed.</font></font></div>

<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>

<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0;
&#xA0;&#xA0;&#xA0; On June 28, 2021, Dale Riker, individually and
derivatively on behalf of the Sponsor, filed a new suit in the
Court of Chancery of the State of Delaware against the
Sponsor&#x2019;s officers and certain of the Sponsor&#x2019;s Class A
Members. See <font style="font-style: italic">Dale Riker v.
Salvatore Gilbertie et al.</font>, C.A. No. 2021-0561-LWW. (the
&#x201C;<font style="font-style: italic">Riker c</font>ase&#x201D;).
The Court ordered Mr. Riker&#x2019;s newly filed Delaware action
consolidated with the <font style="font-style: italic">Gilbertie</font> case. As a result, on
September 7, 2021, Dale Riker and Barbara Riker filed their answers
to the <font style="font-style: italic">Gilbertie</font> complaint,
and the claims in the <font style="font-style: italic">Riker
c</font>ase were re-filed as counterclaims in the <font style="font-style: italic">Gilbertie c</font>ase, along with claims by
Barbara Riker, which accompanied the Rikers&#x2019; answers. The
now-consolidated <font style="font-style: italic">Gilbertie
c</font>ase and the <font style="font-style: italic">Riker
c</font>ase is captioned <font style="font-style: italic">Sal
Gilbertie, Cory Mullen-Rusin, Steve Kahler, Carl Miller III, and
Teucrium Trading LLC v. Dale Riker and Barbara Riker</font>, C.A.
No. 2020-1018-LWW.</font></font></div>

<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>

<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0;
&#xA0;&#xA0;&#xA0; Through their counterclaims, the Rikers asserted
direct and derivative claims for breach of fiduciary duty, breach
of contract, declaratory relief, specific performance, unjust
enrichment, fraud, and conspiracy to commit fraud. The Sponsor and
the individual plaintiffs/counterclaim-defendants moved to dismiss
the Rikers&#x2019; claims.</font></font></div>

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</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Calibri;"><font style="font-size: 13px;">On April 6, 2022, the Court announced its
decision on the motion to dismiss in an oral ruling, which was
subsequently implemented in a written order dated April 18, 2022.
The Court dismissed all of the Rikers&#x2019; counterclaims, except
for a portion of one count alleging breach of contract against
Messrs. Gilbertie and Miller. All of the dismissals were with
prejudice, with the exception of the dismissal of Mr. Riker&#x2019;s
claim against Mr. Gilbertie that sought specific performance of an
alleged agreement for Mr. Gilbertie to purchase Mr. Riker&#x2019;s
equity in the Company. The Court dismissed that claim without
prejudice. On April 25, 2022, Mr. Riker filed a motion for
reconsideration of the Court&#x2019;s dismissal of his derivative
claims for breach of contract against Mr. Gilbertie and for unjust
enrichment against Mr. Gilbertie, Mr. Miller, Mr. Kahler, and Ms.
Mullen-Rusin, both of which concern the Company&#x2019;s advancement
of legal fees on behalf of those individuals. On May 11, 2022, the
Court denied Mr. Riker&#x2019;s motion for reconsideration. On May
2, 2022, the Rikers filed an amended counterclaim, which reasserted
the claim against Mr. Gilbertie that the Court had dismissed
without prejudice.</font></font></div>

<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>

<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Calibri;"><font style="font-size: 13px;">The Sponsor intends to pursue its claims and
defend vigorously against the Rikers&#x2019; counterclaims in
Delaware.</font></font></div>

<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>

<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Calibri;"><font style="font-size: 13px;">Except as described above, within the past 10
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.</font></font></div>

<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>

<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Calibri;"><font style="font-size: 13px;">3.</font></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Calibri;"><font style="font-size: 13px;"><font style="font-weight: bold; font-style: italic">Clearing Brokers.</font>
The litigation disclosure in this section of the prospectus related
to the FCM Division of INTL FCStone Financial Inc. is replaced in
its entirety with the following:</font></font></div>
</div>
</div>

<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>

<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri;"><font style="text-decoration: underline; font-weight: bold; font-size: 13px;">Litigation
disclosure for the FCM Division of INTL FCStone Financial
Inc.</font></font></div>

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Calibri;"><font style="font-size: 13px;">Below is a list of material, administrative,
civil, enforcement, or criminal complaints or actions filed against
StoneX Financial Inc. &#x2013; FCM (f/k/a INTL FCStone Financial
Inc. - FCM Division) that are outstanding, and any enforcement
actions or complaints filed against the StoneX Financial Inc. - FCM
Division in the past five years which meet the materiality
thresholds in CTFC regulations 4.24.(l) and
4.34(k).</font></font></div>

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Calibri;"><font style="font-size: 13px;">On November 14, 2017, INTL FCStone Financial
Inc., without admission or denial or liability, entered into a
settlement with the Commodity Futures Trading Commission
(&#x201C;CFTC&#x201D;). The CFTC found that INTL FCStone Financial
Inc. failed to have adequate compliance controls to identify trades
improperly designated as EFRPs. According to the CFTC Order, the
firm failed to determine that the EFPs at issue had the necessary
corresponding and related cash or OTC derivative position required
for EFRPs. The CFTC Order also found that the firm failed to ensure
that the EFPs at issue were documented properly. Finally, the firm
failed to ensure that its employees involved in the execution,
handling, and processing of EFRPs understood the requirements for
executing, handing, and processing valid EFRPs. INTL FCStone
Financial Inc., and its affiliate FCStone Merchant Services,
jointly paid a $280,000 civil monetary penalty to the
CFTC.</font></font></div>

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Calibri;"><font style="font-size: 13px;">After a historic move in the natural gas market
in November of 2018, INTL FCStone Financial Inc. &#x2013; FCM
Division (&#x201C;IFF&#x201D;) experienced a number of customer
deficits. IFF soon thereafter initiated NFA arbitrations, seeking
to collect these debits, and has also been countersued and sued in
a number of these arbitrations. These accounts were managed by
Optionsellers.com, (&#x201C;Optionsellers&#x201D;) who is a Commodity
Trading Advisor (&#x201C;CTA&#x201D;) authorized by investors to act
as attorney-in-fact with exclusive trading authority over these
investors&#x2019; trading accounts. These accounts cleared through
IFF. After this significant and historic natural gas market
movement, the accounts declined below required maintenance margin
levels. IFF&#x2019;s role in managing the accounts was limited. As a
clearing firm, IFF did not provide any investment advice, trading
advice, or recommendations to customers of Optionsellers who chose
to clear with IFF. Instead, it simply executed and cleared trades
placed by Optionsellers on behalf of Optionsellers&#x2019;
customers. Optionsellers is a CFTC registered CTA operating under a
CFTC Rule 4.7 exemption from registration. Optionsellers engaged in
a strategy that primarily involved selling options on futures
products. The arbitrations between IFF, Optionsellers, and the
Optionsellers customers are currently ongoing.</font></font></div>

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>

<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Calibri;"><font style="font-size: 13px;">4.</font></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Calibri;"><font style="font-size: 13px;"><font style="font-weight: bold; font-style: italic">Contractual Fees and
Compensation Arrangements with the Sponsor and Third-Party Service
Providers.</font> The disclosure in the table in this section of
the prospectus relating to Futures Commission Merchants and
Clearing Brokers is replaced in its entirety for each Fund and in
the case of TAGS, the Underlying Funds with the
following:&#xA0;</font></font></div>
</div>
</div>

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<font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>

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<font style="font-family: Calibri;"><font style="font-weight: bold; font-size: 13px;">Service
Provider</font></font></div>
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<font style="font-family: Calibri;"><font style="font-weight: bold; font-size: 13px;">Compensation Paid by the
Fund</font></font></div>
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<font style="font-family: Calibri;"><font style="font-size: 13px;">E D &amp; F Man Capital Markets, Inc., Futures
Commission Merchant and Clearing Broker</font></font></div>
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<font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>
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<font style="font-family: Calibri;"><font style="font-size: 13px;">StoneX Financial Inc., Futures Commission
Merchant and Clearing Broker</font></font></div>
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<font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>
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<font style="font-family: Calibri;"><font style="font-size: 13px;">$5.50 per Futures Contract
half-turn</font></font></div>
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<font style="font-family: Calibri;"><font style="color: rgb(0, 0, 0); font-size: 13px;">$1.25 per Futures Contract
half-turn exclusive of pass through fees for the exchange and NFA.
Additionally, if the monthly commissions paid do not equal or
exceed 20% return on the StoneX Capital Requirement at 9.6% of
Exchange Maintenance Margin, the Fund will pay a true up to meet
that return at the end of each month.</font></font></div>
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<font style="font-family: Calibri;"><font style="font-size: 13px;">5.</font></font></div>

<div style="text-align: justify; display: table-cell"><font style="font-family: Calibri;"><font style="font-size: 13px;">As described
throughout the prospectus, in connection with orders to create and
redeem baskets, Authorized Purchasers will pay a transaction fee in
the amount of $300 per order, which previously was
$250.</font></font></div>
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