PenderFund Holds 3.48M Shares, Sole Voting Power in Teucrium (CANE)

Rhea-AI Filing Summary

PenderFund Capital Management Ltd. reported beneficial ownership of 3,480,000 shares of Teucrium Commodity Trust common stock, representing 12.85% of the class. The filer states sole voting and dispositive power over all reported shares and certifies the position is held in the ordinary course of business and not to influence control. The filing cites the event date 09/30/2025 and is signed on 10/10/2025.

Positive

• Institutional stake of 12.85% provides stable, long-term ownership
• Sole voting and dispositive power over 3,480,000 shares enables clear decision-making on shareholder votes

Negative

• Concentration risk: a single holder owns 12.85%, which may reduce free float
• Potential voting influence: sole control of a large block could sway close votes

Insights

Institutional Ownership Analyst

Large passive stake signals meaningful institutional ownership.

PenderFund holds 3,480,000 shares, equal to 12.85% of the class, with sole voting and disposition authority. That level of ownership typically makes the holder one of the largest shareholders and can affect liquidity and voting outcomes on routine matters.

The certification states the stake is held in the ordinary course of business, which suggests no intent to change control; investors should note the filing date 10/10/2025 as the public disclosure point for this position in the short term.

Corporate Governance Analyst

Sole voting power at >5% creates a notable governance position.

Because the filer reports sole voting authority for all reported shares, the holder can singularly exercise votes tied to that block at shareholder meetings. This can influence board elections and routine proposals if turnout is low or ownership is dispersed.

Certifying the holding is not for control indicates no declared takeover intent, but the market impact and any future vote-related disclosures should be monitorable after 10/10/2025 within upcoming proxy cycles.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Teucrium Commodity Trust

(Name of Issuer)

Common Stock

(Title of Class of Securities)

88166A508

(CUSIP Number)

09/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 88166A508

1

Names of Reporting Persons

PenderFund Capital Management Ltd.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

BRITISH COLUMBIA, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 3,480,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 3,480,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,480,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

12.9 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Teucrium Commodity Trust
(b)	Address of issuer's principal executive offices: THREE MAIN STREET, SUITE 215, BURLINGTON, VERMONT, 05401
Item 2.
(a)	Name of person filing: PenderFund Capital Management Ltd.
(b)	Address or principal business office or, if none, residence: The address of the principal business office of PenderFund Capital Management Ltd. is 1830-1066 West Hastings Street, Vancouver, BC, Canada V6E 3X2
(c)	Citizenship: PenderFund Capital Management Ltd. is a corporation formed under the laws of the province of British Columbia, Canada
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 88166A508
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
	Institutional Manager
Item 4.	Ownership
(a)	Amount beneficially owned: 3,480,000
(b)	Percent of class: 12.85%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 3,480,000
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 3,480,000
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

PenderFund Capital Management Ltd.

Signature:	/s/ Amanada Patterson
Name/Title:	CFO and CCO
Date:	10/10/2025

FAQ

What stake does PenderFund report in Teucrium Commodity Trust (CANE)?

PenderFund reports beneficial ownership of 3,480,000 shares, representing 12.85% of the class.

Does PenderFund have voting control over the shares reported?

Yes. The filing states sole voting power and sole dispositive power over the reported 3,480,000 shares.

When is the event date and filing signature date on the Schedule 13G?

The event date is listed as 09/30/2025 and the filing is signed on 10/10/2025.

Is the position held to influence control of the issuer?

The filer certified the shares are held in the ordinary course of business and were not acquired to change or influence control.

What type of reporting person is PenderFund listed as?

PenderFund Capital Management Ltd. is classified as an Institutional Manager and a corporation organized in British Columbia, Canada.