At a glance
WEAT charges 1.0% a year, above the 0.82% average of the 7 funds most like it (the 4th cheapest of 8). It has $266.6M in assets, the 3rd largest of that group. Over the past year it returned +6.2% with distributions reinvested (S&P 500: +11.5%), 7th of those 8 funds; over three years it returned −8.3% a year. At its worst it fell 37.8% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high.
The short version
Teucrium Wheat Fund (WEAT) is a commodity pool that follows wheat prices by holding three Chicago Board of Trade wheat futures contracts. It does not own physical wheat. It is a single-commodity position, not a diversified fund. It pays no income and charges 1% a year, above the 0.82% average for similar agriculture funds. It also sends investors a Schedule K-1 tax form, and it fell 67.8% from May 2022 to December 2025.
Price history
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WEAT +6.2% 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 | |
|---|---|---|---|---|---|---|
| WEAT price data to Oct 27, 2026 | +11.9% | +6.2% | -8.3% | -9.7% | — | -2.5% |
- Over the year to Oct 27, 2026, WEAT returned +6.2%, 7th of 8 among similar funds.
- Its 5-year annualized return was -9.7%.
- Its worst full calendar year was 2023 (-25.2%); its best was 2021 (+19.4%).
- The deepest fall in its price history was 67.8% (May 17, 2022 to Dec 17, 2025), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +11.9% |
| 2025 | -17.1% |
| 2024 | -19.3% |
| 2023 | -25.2% |
| 2022 | +8.0% |
| 2021 | +19.4% |
| 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 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 23% over that stretch · deepest drop along the way 37.8%, not recovered by the end of the data |
What's inside
The fund holds futures contracts and the cash and Treasury bills backing them, not the commodity itself; its net assets were $266.6M 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
WEAT aims to have the daily change in its net asset value (the per-share value of its holdings) match the daily change in its Benchmark. The Benchmark is a weighted average of the closing prices of three wheat futures contracts traded on the Chicago Board of Trade. A futures contract is an agreement to buy a commodity at a set price on a future date. The Benchmark starts with the second contract due to expire, not the nearest one. Spreading money across later-dated contracts is how sponsor Teucrium Trading LLC tries to soften the effects of contango and backwardation.
As each contract nears expiry, the fund sells it and buys a later one. This is called rolling. In contango, later contracts cost more than nearer ones, and that gap can eat into returns. Over time, this can pull the fund well away from the spot (cash) price of wheat. Alongside its futures, the fund holds cash and Treasury bills. On top of its 1% sponsor fee, it pays brokerage commissions and other costs.
WEAT is one series of Teucrium Commodity Trust. It is not a 1940 Act investment company, so it lacks some of the protections that ordinary mutual funds and ETFs have. The fund can change its objective or Benchmark without asking shareholders and without advance notice, for example if position limits restrict its contracts. It would announce any change in an SEC filing. It is taxed as a partnership, so holders receive a Schedule K-1.
What it really costs
- WEAT 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
WEAT is a concentrated bet on a single crop's futures prices, with no income and a history of deep, lasting losses.
WEAT launched in 2011, after the 2008 crisis. Its price history here starts in June 2020, after the COVID crash. During the 2022 bear market it rose 23% while stocks fell. Even so, it dropped 37.8% between May and August 2022. It then lost money three years in a row, including 25.2% in 2023, its worst calendar year. Its deepest fall was 67.8%, from May 17, 2022, to December 17, 2025, and it had not recovered as of October 27, 2026. Anyone who had to sell during that stretch would have locked in large losses. The fund recorded no distributions, so it provides no income. Its 1% expense ratio is above the 0.82% average for similar funds. 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 a direct position in wheat prices through Chicago Board of Trade futures, not a broad basket of farm commodities.
- Those wanting a small holding that moved largely apart from stocks, with a one-year beta of -0.09 as of October 27, 2026.
- Investors comfortable filing a Schedule K-1 and owing tax on the fund's gains each year, even in years they don't sell shares.
Look elsewhere if
- Retirees who need regular income: WEAT recorded no distributions, so returns come only from changes in wheat futures prices.
- Cost-focused investors: the 1% expense ratio is above the 0.82% peer average, and VEGI charges 0.39%.
- Anyone unable to sit through long slumps: WEAT lost money in 2023, 2024 and 2025 and fell 67.8% from its May 2022 peak.
Close alternatives
Matched by legacy category (no holdings report for this fund).
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| WEAT this fund | 1% | $266.6M | +6.2% | -8.3% |
| 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% |
| 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% |
| CANE Teucrium Sugar Fund | 1% | $11.0M | +23.8% | -8.7% |
| TAGS Teucrium Agricultural Fund | 1% | $10.1M | +11.2% | -6.0% |
Questions investors ask
Does WEAT pay dividends?
No. Teucrium Wheat Fund has no recorded distributions. All of its return comes from changes in the value of the wheat futures it holds, minus costs. Because it is taxed as a partnership, holders may still owe tax each year on their share of the fund's gains, even though they receive no cash. That can be a drawback for retirees who rely on their portfolio for income.
Why does WEAT get a K-1 instead of a 1099?
WEAT is a commodity pool taxed as a partnership, so it reports to investors on a Schedule K-1, not a Form 1099. Each holder is taxed on their share of the fund's gains every year, whether or not they sell any shares. K-1s can make tax filing more complicated. Investors holding WEAT in a retirement account may want to check how their account provider handles partnership income.
What's the difference between WEAT and DBA?
WEAT holds only wheat futures, while the Invesco DB Agriculture Fund (DBA) is a broader agriculture fund. DBA charges 0.85% a year against WEAT's 1%. As of October 27, 2026, DBA returned 8% over one year and 11.9% a year over three years. WEAT returned 6.2% and -8.3% over the same periods. WEAT is also smaller, with $266.6 million in net assets as of June 30, 2026, against about $822 million for DBA.
Does WEAT track the price of wheat?
Not exactly. WEAT tracks a weighted average of three Chicago Board of Trade wheat futures contracts, not the spot price of wheat. It has to keep rolling expiring contracts into later ones. When later contracts cost more, which is called contango, each roll eats into returns. Add the 1% sponsor fee and brokerage costs, and over time WEAT's results can drift well away from what wheat itself did.
How has WEAT performed over the long term?
Poorly over the past five years. As of October 27, 2026, WEAT lost 9.7% a year over five years, about 40% in total. It fell 25.2% in 2023, 19.3% in 2024 and 17.1% in 2025. It returned 6.2% over the latest year and 11.9% in 2026 through October 27. Its 67.8% drop from May 2022 to December 2025 had not been recovered as of October 27, 2026.