At a glance
CANE charges 1.0% a year, above the 0.82% average of the 7 funds most like it (the 4th cheapest of 8). It has $72.7M in assets, the 5th largest of that group. Over the past year it returned +23.8% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds; over three years it returned −8.7% a year. At its worst it fell 28.2% in the 2020 crash (S&P 500: 33.7%) and 14.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 4 months after the lows.
The short version
Teucrium Sugar Fund (CANE) is a commodity pool that holds No. 11 sugar futures contracts, not sugar itself or the stocks of sugar companies. It aims to track a benchmark made of three contracts that expire in different months. Few exchange-traded funds isolate sugar on its own. CANE's 1.00% expense ratio is above the 0.82% average for similar funds, it pays no distributions, and investors get a Schedule K-1 tax form.
Price history
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CANE +23.8% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| CANE price data to Oct 27, 2026 | +18.1% | +23.8% | -8.7% | +4.0% | -2.3% | -5.0% |
- Over the year to Oct 27, 2026, CANE returned +23.8%, 1st of 8 among similar funds.
- Its 5-year annualized return was +4.0% and its 10-year -2.3%.
- In the 2020 COVID crash it fell 28.2% and regained its old high 11.1 months after the low.
- Its worst full calendar year was 2018 (-27.5%); its best was 2021 (+36.3%).
- The deepest fall in its price history was 81.3% (Oct 17, 2011 to Apr 27, 2020), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +18.1% |
| 2025 | -14.6% |
| 2024 | -7.8% |
| 2023 | +30.1% |
| 2022 | +3.6% |
| 2021 | +36.3% |
| 2020 | -3.9% |
| 2019 | -1.0% |
| 2018 | -27.5% |
| 2017 | -24.8% |
| 2016 | +29.2% |
| 2015 | -15.3% |
| 2014 | -15.4% |
| 2013 | -21.2% |
| 2012 | -22.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 25.8% over that stretch · deepest drop along the way 28.2%, back to its old high 11.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 0.5% over that stretch · deepest drop along the way 14.5%, back to its old high 4.4 months after the low |
What's inside
The fund holds futures contracts and the cash and Treasury bills backing them, not the commodity itself; its net assets were $72.7M as of Jun 30, 2026 (per its 10-Q). As a commodity pool it files 10-Q and 10-K reports instead of N-PORT holdings reports, so there is no holdings list.
How it works
Teucrium Sugar Fund does not own sugar. It holds sugar futures, which are agreements to buy sugar later at a set price, plus cash and Treasury bills backing them. Its goal is for the daily change in its per-share value, or net asset value, to reflect the daily change in a benchmark built from No. 11 sugar futures traded on ICE Futures US.
The benchmark weights three contracts: 35% on the second to expire, 30% on the third, and 35% on the one expiring in the March after the third. The fund's sponsor, Teucrium Trading LLC, says it is designed to soften the effects of contango (later contracts costing more than near ones) and backwardation (the reverse). As contracts near expiry, the fund sells them and buys later ones. These rolls can help or hurt returns, so over time the fund can drift well away from the price of physical sugar.
As a commodity pool, it falls outside the 1940 law governing most ETFs and lacks some investor protections. It is taxed as a partnership: holders get a Schedule K-1 and owe tax on their share of gains each year, even without selling. The sponsor may change the benchmark or strategy without shareholder approval or advance notice.
What it really costs
- CANE charges 1% a year, versus an average of 0.82% for the similar funds below (4th of 8, cheapest first).
Structure and tax notes
- A commodity pool: it holds futures contracts (and the cash and Treasury bills backing them), not the commodity itself, and it is not a 1940 Act investment company, so it lacks some fund-specific investor protections. It is taxed as a partnership: investors get a Schedule K-1 rather than a 1099 and owe tax on their share of its gains each year, even without selling. Expiring contracts must be rolled into later ones, and the price gap between them adds to or takes from returns, so over time it can drift well away from the spot price of what it tracks. Besides the sponsor's fee, it pays brokerage commissions and other costs.
In a retirement portfolio
CANE bets on the price of a single commodity through futures, with sharp swings and a long-term loss, so it fits only as a small add-on to a broader portfolio.
Sugar prices have moved largely apart from stocks. CANE's one-year beta, a measure of how closely it tracks the stock market, was -0.06 as of October 27, 2026. That can add diversification, but with large swings. CANE launched in 2011, so it has no record from 2008. In the 2020 COVID crash it fell 28.2% and took about 11 months to recover. In 2022 it dropped 14.5% but had recovered by January 31, 2023. Its worst calendar year was 2018, when it lost 27.5%. Its deepest drop, 81.3% from October 2011 to April 2020, had not been recovered as of October 27, 2026. Someone forced to sell in a slump could lock in big losses. CANE pays no income, costs 1.00% a year, and issues a K-1 tax form. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want exposure to sugar futures prices specifically, a commodity few exchange-traded funds isolate, and who keep it to a small slice of a portfolio.
- People looking for something that has moved apart from stocks. CANE's one-year beta was -0.06 as of October 27, 2026.
- Hands-on investors who can stomach big yearly swings, such as a 30.06% gain in 2023 followed by a 14.61% loss in 2025.
Look elsewhere if
- Retirees who need income from their investments: CANE has recorded no distributions.
- Buy-and-hold investors: CANE's 10-year annualized return was -2.3% as of October 27, 2026, and its 81.3% drop has not been recovered.
- Investors who want lower costs or a simpler tax form. CANE charges 1.00% and issues a K-1, while agribusiness stock funds VEGI and MOO charge 0.39% and 0.53%.
Close alternatives
Matched by legacy category (no holdings report for this fund).
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| CANE this fund | 1% | $72.7M | +23.8% | -8.7% |
| DBA Invesco DB Agriculture Fund | 0.85% | $822.2M | +8.0% | +11.9% |
| MOO VanEck Agribusiness ETF | 0.53% | $567.4M | +11.9% | +6.9% |
| WEAT Teucrium Wheat Fund | 1% | $115.1M | +6.2% | -8.3% |
| VEGI iShares MSCI Agriculture Producers ETF | 0.39% | $98.5M | +14.4% | +10.3% |
| CORN Teucrium Corn Fund | 1% | $51.4M | -2.4% | -7.8% |
| SOYB Teucrium Soybean Fund | 1% | $25.6M | +16.0% | -1.6% |
| TAGS Teucrium Agricultural Fund | 1% | $10.1M | +11.2% | -6.0% |
Questions investors ask
Does CANE pay a dividend?
No. Teucrium Sugar Fund has recorded no distributions. Its returns come only from changes in the value of its sugar futures contracts, minus costs. Because it is taxed as a partnership, investors may owe tax each year on their share of the fund's gains even though no cash is paid out. That makes it a poor fit for anyone who needs regular income from a portfolio.
Does CANE own physical sugar?
No. CANE holds No. 11 sugar futures contracts traded on ICE Futures US, along with the cash and Treasury bills that back them. It spreads its holdings across three contracts: the second to expire (35%), the third to expire (30%), and the contract expiring in the March after that (35%). Because it has to keep rolling expiring contracts into later ones, its returns can drift away from the spot price of sugar.
What's the difference between CANE and DBA?
CANE tracks only sugar futures. Invesco DB Agriculture Fund (DBA) holds a basket of agricultural futures, so it is broader and less tied to any one crop. DBA charges 0.85% compared with CANE's 1.00%. As of October 27, 2026, CANE returned 23.8% over one year against DBA's 8%. Over three years, CANE's annualized return was -8.7% and DBA's was 11.9%. DBA is also much larger, with about $822 million in assets.
Is CANE a good long-term investment?
Its history has been weak for long-term holders. As of October 27, 2026, CANE had lost 21% in total over 10 years, or -2.3% a year. Its deepest drop, 81.3% between October 2011 and April 2020, had not been recovered. Recent results have been stronger: it was up 23.8% over one year. Even so, gains and losses in single-commodity futures funds have been uneven and hard to time.
Does CANE send a K-1 or a 1099?
CANE issues a Schedule K-1. It is a commodity pool taxed as a partnership, so each investor reports their share of the fund's gains and losses, and may owe tax each year even without selling shares. K-1s can arrive later than 1099s and can make tax filing more complicated. The same applies to Teucrium's sister funds for corn (CORN), wheat (WEAT) and soybeans (SOYB).