SOYBMEDIUM SIGNALFINANCIAL10-K

SOYB executed a 1-for-5 reverse stock split on November 25, 2025, while experiencing significant balance sheet contraction with assets declining 25.9% and liabilities increasing 49.4%.

The reverse stock split typically signals management's attempt to boost share price, often indicating underlying performance concerns. The substantial asset decline combined with rising liabilities suggests operational challenges, though the improvement in net losses provides some offset to these negative indicators.

Comparing 2026-03-02 vs 2025-03-05View on EDGAR →
FINANCIAL ANALYSIS

SOYB's financial profile shows mixed signals with total assets contracting significantly by 25.9% to $241.7M while total liabilities surged 49.4% to $17.0M, indicating potential liquidity or operational pressures. However, the fund showed meaningful improvement in profitability with net losses narrowing by 44.6% to -$26.5M and operating cash flow losses improving 29.1% to -$39.4M. The combination of balance sheet deterioration alongside improving operational performance suggests the fund may be working through a challenging transition period.

FINANCIAL STATEMENT CHANGES
Total Liabilities
Balance Sheet
+49.4%
$11.4M$17.0M

Liabilities grew 49.4% — significant increase in debt or obligations, assess impact on financial flexibility.

Net Income
P&L
+44.6%
-$47.9M-$26.5M

Net income grew 44.6% — bottom-line growth signals improving overall business health.

Operating Cash Flow
Cash Flow
+29.1%
-$55.6M-$39.4M

Operating cash flow grew 29.1% — strong conversion of earnings to cash, healthy business fundamentals.

Total Assets
Balance Sheet
-25.9%
$326.0M$241.7M

Total assets contracted 25.9% — asset sales, write-downs, or balance sheet optimization underway.

LANGUAGE CHANGES
NEW — 2026-03-02
PRIOR — 2025-03-05
ADDED
false false false false true true 8,156,688 12,632,301 5 4 2 4 4 0 0 0 0 0 6 6 4 12,632,301 12,632,301 During the year ended December 31, 2025, the Fund effected the following reverse share split: November 25, 2025, a 1 for 5 reverse share split.
Per-share information for all prior periods has been retroactively adjusted to reflect this reverse share split.
The Hashdex Bitcoin Futures ETF was transferred to the Tidal Commodities Trust I as described in Note 1 to these financials.
During the year ended December 31, 2025, the Fund effected the following reverse stock split: November 25, 2025, 1 for 5.
The per share information for prior periods have been retroactively adjusted to reflect this reverse stock split.
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REMOVED
true false false false false 5 4 2 4 4 2022 2023 2024 0 0 0 0 0 12,632,301 19,469,359 3 4 2022 2023 2024 0 0 0 0 0 2 3 2 2022 2023 2024 0 0 0 0 0 2 3 2 2022 2023 2024 0 0 0 0 0 2 3 4 2022 2023 2024 0 0 0 0 0 2 12,632,301 19,469,359 2 4 2022 2023 2024 0 0 0 0 0 4 The Hashdex Bitcoin Futures ETF was transferred to the Tidal Commodities Trust I as described in Note 1 to these financials.
WEIGHT (%) CBOT corn futures MAY25 974 $ 22,682,025 35 % CBOT corn futures JUL25 829 $ 19,429,688 30 % CBOT corn futures DEC25 1,019 $ 22,609,063 35 % TOTAL $ 64,720,776 100 % SOYB Benchmark Component Futures Contracts NUMBER OF CONTRACTS NOTIONAL AMT.
WEIGHT (%) CBOT soybean futures MAR25 175 $ 8,841,875 35 % CBOT soybean futures MAY25 148 $ 7,564,650 30 % CBOT soybean futures NOV25 172 $ 8,817,150 35 % TOTAL $ 25,223,675 100 % CANE Benchmark Component Futures Contracts NUMBER OF CONTRACTS NOTIONAL AMT.
WEIGHT (%) ICE sugar futures MAY25 219 $ 4,378,248 35 % ICE sugar futures JUL25 192 $ 3,763,200 30 % ICE sugar futures MAR26 222 $ 4,400,928 35 % TOTAL $ 12,542,376 100.00 % WEAT Benchmark Component Futures Contracts NUMBER OF CONTRACTS NOTIONAL AMT.
The outlook provided below is from the January 10, 2025 USDA report.
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