At a glance
TILL charges 0.89% a year. It has $36.4M in assets; it paid 4.34% of its price in distributions over the past 12 months, annual. Over the past year it returned +13.8% with distributions reinvested (S&P 500: +11.5%); over three years it returned −4.0% a year.
The short version
Teucrium Agricultural Strategy No K-1 ETF (TILL) is an actively managed fund. It holds futures contracts on four crops, corn, wheat, soybeans and sugar, at about 25% each, through a Cayman Islands subsidiary. Unlike many commodity funds, it sends shareholders a Form 1099 instead of a Schedule K-1 at tax time. Its 0.89% net expense ratio depends on a 0.60% fee waiver. It has lost money in each full calendar year since its May 2022 launch.
Price history
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TILL +13.8% 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 | |
|---|---|---|---|---|---|---|
| TILL official prospectus, to Dec 31, 2025 | — | -5.83% | — | — | — | -9.89% |
| TILL price data to Oct 27, 2026 | +14.8% | +13.8% | -4.0% | — | — | -5.3% |
- Over the year to Oct 27, 2026, TILL returned +13.8%.
- Its worst full calendar year was 2024 (-14.0%); its best was 2023 (-4.5%).
- The deepest fall in its price history was 32.7% (May 23, 2022 to Jan 15, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +14.8% | — |
| 2025 | -6.0% | -5.83% |
| 2024 | -14.0% | -14.17% |
| 2023 | -4.5% | -4.33% |
| 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 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.8300 | +76.6% |
| 2024 | $0.4700 | -95.9% |
| 2023 | $11.3700 |
What's inside
As of Jun 30, 2026, the fund held 0 securities; the ten largest made up 0% of assets, and 94.62% sat in cash and money-market holdings.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jun 30, 2026, investors added a net $12.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.27%, -1.86%, -3.85%.
How it works
TILL's adviser, Teucrium, aims to keep about a quarter of the fund in each of four futures contracts traded on the Chicago Board of Trade or ICE: corn, wheat, soybeans and sugar. A futures contract is an agreement to buy a commodity at a set price on a later date. The fund rebalances back to roughly 25% each, generally once a month. Contracts are not rolled to later dates on a fixed schedule. Before a contract nears expiry, the adviser picks the later contract it expects to give the best yield. It tries to limit losses from "contango," which is when later contracts cost more than expiring ones.
Tax rules limit the fund to holding the futures through a wholly owned Cayman Islands subsidiary, capped at 25% of total assets. Most of the money sits in collateral such as Treasury bills, money market funds and commercial paper. As of June 30, 2026, about 95% of the fund's $36.4 million was in cash and similar holdings. The four contracts were Corn December 2026, Soybeans November 2026, Wheat July 2027 and Sugar #11 July 2027. Futures need only a margin deposit, so they can have a leveraging effect.
The adviser may cut exposure in extreme markets or to stay within exchange position limits. That could force sales at bad prices. Shares are created and redeemed for cash, which can trigger capital gains.
What it really costs
- TILL charges 0.89% a year.
- Of that, 1.49% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.6% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $91 in the first year and $1,728 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TILL | $91 | $412 | $756 | $1,728 |
In a retirement portfolio
It is a small, narrow bet on four crop prices that has had a deep, unrecovered drop, so it fits best as a minor position next to core holdings.
TILL moved almost independently of the stock market over the year to October 27, 2026. Its beta, a measure of how much a fund moves with stocks, was -0.01. But its record is short and weak. It launched in May 2022, so it has no history through the 2008 or 2020 crashes, and it missed most of the 2022 bear market. It lost 14.17% in 2024, its worst calendar year. From May 23, 2022 to January 15, 2026, it fell 32.7%, and it had not recovered that drop as of October 27, 2026. Selling shares during a slump like that would lock in losses.
It paid $0.83 per share over the trailing year, a 4.34% yield as of October 27, 2026. That came as one annual payment, not a steady stream. In the SEC's $10,000 example, costs total $91 after one year. 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 wanting a small position tied to corn, wheat, soybean and sugar prices, which moved almost independently of stocks over the year to October 27, 2026.
- Taxable-account holders who want commodity futures exposure but prefer a simple Form 1099 to the Schedule K-1 that many commodity funds issue.
- Those comfortable with a manager choosing which futures contracts to roll into, at a 0.89% net expense ratio that depends on a 0.60% fee waiver.
Look elsewhere if
- Retirees needing steady income: the 4.34% trailing yield came as one annual payment, and commodity fund payouts can change a lot from year to year.
- Anyone unwilling to sit through a 32.7% drop still unrecovered as of October 27, 2026, or three straight losing calendar years from 2023 to 2025.
- Investors wanting broad commodity exposure, including energy or metals. This $36.4 million fund holds only four crops, each about a quarter of assets.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Does TILL issue a K-1?
No. TILL is set up to be taxed like a conventional mutual fund and sends shareholders a Form 1099. To keep that tax status, it holds its corn, wheat, soybean and sugar futures through a Cayman Islands subsidiary. Tax rules cap that subsidiary at 25% of the fund's total assets. The prospectus warns of a risk: if some commodity income is treated as non-qualifying, the fund could fail to qualify for this tax treatment.
What does TILL actually hold?
TILL holds four agricultural futures contracts, plus cash and similar collateral. As of June 30, 2026, the contracts were Corn December 2026, Soybeans November 2026, Wheat July 2027 and Sugar #11 July 2027. Cash and similar holdings made up about 95% of reported assets. That collateral, such as Treasury bills, money market funds and commercial paper, backs the futures. The fund aims for about 25% exposure to each crop and generally rebalances monthly.
Does TILL pay a dividend?
Yes, but only once a year. TILL paid $0.83 per share over the trailing twelve months, a 4.34% yield as of October 27, 2026. A single annual payment does not provide a regular income stream. Payouts from a commodity futures fund depend on gains and collateral income, so they can vary from one year to the next.
How has TILL performed since launch?
Mostly poorly, with a stronger stretch in 2026. Under the SEC's standard measure, TILL returned -4.33% in 2023, -14.17% in 2024 and -5.83% in 2025. Its average annual return since its May 2022 launch was -9.89% through December 31, 2025. Based on share price, it rose 14.8% in 2026 through October 27. Even so, it remained below its May 2022 peak after a 32.7% drop.
What is TILL's expense ratio?
TILL's net expense ratio is 0.89%, according to its April 29, 2026 prospectus. The management fee is 1.49%, reduced by a 0.60% fee waiver. In the SEC's standard example, $10,000 invested with a 5% yearly return would cost $91 after one year, $412 after three, $756 after five and $1,728 after ten. Those higher later figures suggest the waiver is not assumed to last the full ten years.