Note 2 – Principal Contracts and Agreements

The Sponsor employs U.S. Bank, N.A. as the Custodian of the non-bitcoin assets for the Funds. The principal business address for U.S. Bank, N.A. is 5065 Wooster Rd, Cincinnati, Ohio 45226. U.S. Bank, N.A. is a national banking association organized and existing under the laws of the United States of America with its principal place of business at Minneapolis, Minnesota. The principal address for U.S. Bancorp Fund Services, LLC doing business as U.S. Bank Global Fund Services (“Global Fund Services”) is 615 E. Michigan Street, Milwaukee, WI 53202. In addition, effective on the conversion date, Global Fund Services, a wholly owned subsidiary of U.S. Bank, N.A. commenced serving as administrator for each Fund, performing certain administrative, accounting services, and preparing certain SEC reports on behalf of the Funds, and also became the registrar and transfer agent for each Fund’s Shares. For such services, U.S. Bank N.A. and Global Fund Services will receive an asset-based fee, subject to a minimum annual fee.

For non-bitcoin asset custody services, the Funds will pay to U.S. Bank, N.A. 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. For Transfer Agency, Fund Accounting and Fund Administration services, which are based on the total assets for all the Funds in the Trust, the Funds will pay to Global Fund Services 0.05% of average gross assets on the first $500 million, 0.04% on the next $500 million, 0.03% on the next $2 billion, and 0.02% on the balance over $3 billion annually. A combined minimum annual fee of up to $47,000 for custody, transfer agency, accounting and administrative services is assessed per Fund. These services are recorded in custodian fees and expenses on the statements of operations. A summary of these expenses is included below.

The Sponsor employs Gemini Trust Company, LLC (“Gemini”) and BitGo Bank & Trust, National Association ("BitGo") as the Custodians for bitcoin assets (collectively, the "Bitcoin Custodians"). Gemini, with principal offices at 315 Park Ave South, Floor 16, New York, NY 10010, is a fiduciary under Section 100 of the New York Banking Law. BitGo, with principal offices at 6216 Pinnacle Place, Suite 101, Sioux Falls, SD 57108, is a national banking association chartered under the laws of the United States of America. The Bitcoin Custodians are cryptocurrency trading platforms, and each offers a platform for buying, selling, and storing digital assets. For custody services, the Funds will pay to Gemini 0.05% of the Fund's total assets maintained by Gemini, accrued daily and paid monthly in kind, plus $125 per withdrawal. For custody services, the Funds will pay to BitGo 0.004166% of average gross assets up to $750 million, 0.00375% of average gross assets between $750 million and $1.5 billion, and 0.00333% of average gross assets over $1.5 billion, billed monthly. These services are recorded in custodian fees and expenses on the combined statements of operations. A summary of these expenses is included below.

The Sponsor employs PINE Distributors LLC, ("PINE" or the "Marketing Agent") as the Marketing Agent for the Funds. The Marketing Agent Agreement among the Marketing Agent, the Sponsor, and the Trust calls for the Marketing Agent 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 Marketing Agent and the Sponsor have also entered into a Registered Representative Service Agreement ("RRSA") under which certain employees and officers of the Sponsor are licensed as registered representatives of the Marketing Agent, under Financial Industry Regulatory Authority (“FINRA”) rules. These persons engage in certain marketing activities for the Funds. For its services as the Marketing Agent, PINE receives a fee of 0.0075% of the Fund’s average daily net assets and an aggregate annual fee of $75,000 for all Teucrium Funds. For its services under the RRSA, PINE receives a fee of $3,500 per registered representative and $7,500 per registered location. These services are recorded in distribution and marketing fees on the statements of operations. A summary of these expenses is included below. 

The Sponsor employs PINE Adviser Solutions ("PINE Adviser") for the services of Chief Compliance Officer and AML Compliance Officer of the Funds.  The Chief Compliance Officer and AML Compliance Officer is responsible for developing, instituting and monitoring the effectiveness of processes and procedures to comply with all regulatory requirements.  For its services of the Chief Compliance Officer and AML Compliance Officer, PINE Adviser receives an annual fee of $150,000.

Marex Capital Markets, Inc. (“Marex”), StoneX Financial Inc. (“StoneX”), and ADM Investor Services, Inc. ("ADMIS") serve as the Funds’ clearing brokers to execute and clear futures contracts and provide other brokerage-related services. Marex and StoneX are each registered as futures commission merchants (“FCM”) with the U.S. CFTC and are members of the NFA. The clearing brokers are registered as broker-dealers with the SEC and are each a member of FINRA. Marex, and StoneX are each clearing members of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges. ADMIS is a clearing member of CME Group, Inc. and ICE Futures U.S., among other major United States commodity exchanges. For Corn, Soybean, Sugar and Wheat Futures Contracts, Marex is paid $4.00 per half-turn. StoneX is paid $4.50 per half-turn exclusive of pass through fees for the exchange and the NFA. ADMIS is paid $4.00 per futures contract half-turn, plus exchange fees. Additionally, if the monthly commissions paid by each Fund does not equal or exceed 16.5% return on the StoneX Capital Requirement at 9.6% of the Exchange Maintenance Margin, each Fund will pay a true up to meet that return at the end of each month. These expenses are recognized on a per-trade basis. The half-turn is recognized as an unrealized loss on the statements of operations, and a full turn is recognized as a realized loss on the statements of operations when a contract is sold.  A summary of these expenses can be found below under the heading Brokerage Commissions.

Gemini and BitGo Prime, LLC (“BitGo Prime”) serve as bitcoin trading counterparties (each, a “Bitcoin Trading Counterparty”) with which the Sponsor will engage in bitcoin transactions and all transactions will be done on an arm’s-length basis. BitGo Prime is an affiliate of BitGo Bank, under common ownership. Although BitGo Prime and BitGo Bank are affiliated, the Sponsor will engage in transactions with BitGo Prime on an arm’s-length basis. 

The Sponsor employs 7RCC Global Inc. (“7RCC”) an alternative investment manager providing the Sponsor and Marketing Agent with research and analysis for use in the operation and marketing of BTCK. From the Sponsor’s Fee paid to the Sponsor by BTCK, the Sponsor retains a management fee, in addition to paying the operational costs for the respective Fund. Following the deduction of such costs from the management fee paid to the Sponsor, 7RCC receives the resulting profits. If the management fee is not sufficient to cover a Fund’s operating expenses, including amounts to be retained by the Sponsor, 7RCC will pay the shortfall.  The Sponsor has also entered into a licensing agreement with 7RCC, pursuant to which 7RCC has sub-licensed to the Sponsor the use of certain names and marks, including the 7RCC Kaiko Bitcoin Carbon Credit Index. For this license, the Sponsor pays no fee to 7RCC. A summary of these expenses is included below.

The sole Trustee of the Trust is Wilmington Trust Company, a Delaware banking corporation. 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. For its services, the Trustee receives an annual fee of $3,300 from the Trust. These services are recorded in business permits and licenses fees on the statements of operations. A summary of these expenses is included below.