What Is WEAT? Teucrium Wheat Fund
Last updated July 2026
Short answer
WEAT is the Teucrium Wheat Fund, which tracks wheat prices using a spread of CBOT wheat futures rather than physical grain. It spreads contracts across expirations to reduce roll impact, but it is still exposed to contango drag over time. With no dividend and a 1.00% fee, it is a short-term tool for expressing a view on wheat, not a long-term holding.
WEAT is issued by Teucrium and tracks Chicago (CBOT) Wheat Futures. It charges a 1.00% expense ratio, holds approximately 269.33M in assets under management, yields about 0.00%, and launched in September 2011.
What is WEAT?
WEAT is the Teucrium Wheat Fund, which tracks wheat prices using a spread of CBOT wheat futures rather than physical grain. It spreads contracts across expirations to reduce roll impact, but it is still exposed to contango drag over time. With no dividend and a 1.00% fee, it is a short-term tool for expressing a view on wheat, not a long-term holding.
WEAT is issued by Teucrium and tracks Chicago (CBOT) Wheat Futures, so a single ticker gives you the whole basket of underlying holdings weighted by the index's methodology rather than by any active stock-picking.
WEAT holdings: what's actually inside
WEAT is weighted toward its largest constituents. As of July 2026, the top holdings are:
| Rank | Ticker | Company | % of WEAT | |
|---|---|---|---|---|
| 1 | FGTXX | Goldman Sachs FS Government Instl | 39.13% |
The remaining holdings make up the balance of the fund, with weights tapering off below the top names. Because the index reconstitutes on a rolling basis, the roster stays current without active management. Each ticker above links to its individual stock guide in Walnut.
Themes WEAT is commonly used to express
ETFs are passive bundles; thematic baskets in Walnut let you concentrate within them. If you hold WEAT as a core position, these are the themes you might layer on as satellites.
The bottom line on WEAT
WEAT gives exposure to wheat through CBOT futures, spreading contracts across expirations to soften roll costs, but it still faces contango drag over time. It pays no dividend, carries a 1.00% fee, and is a short-horizon tool for a view on wheat prices, generally unsuitable for long-term buy-and-hold portfolios.
More on WEAT
Whether WEAT is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, concentration, and what would have to be true for it to outperform from here in is WEAT a buy?
WEAT yields 0.00% as of July 2026, paid by passing through the dividends of its underlying holdings. For the payout schedule, history, and how the distributions are taxed, see WEAT dividend: yield and schedule.
Build a portfolio around WEAT with Walnut
Use WEAT as your core holding, then let Walnut's AI propose thematic satellites: AI infrastructure, dividend growth, clean energy, whatever you believe in. Connect your broker, build the basket in conversation, track it as one unit.
FAQ
What is WEAT?
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WEAT is the Teucrium Wheat Fund, a commodity pool issued by Teucrium that tracks the price of wheat using Chicago Board of Trade (CBOT) wheat futures. It holds a spread of futures contracts and cash collateral rather than physical wheat.
What is WEAT's ticker symbol?
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WEAT, listed on NYSE Arca. It is the primary single-commodity ETF for wheat exposure and is structured as a commodity pool, which affects how it is taxed compared with a standard equity ETF.
Does WEAT hold physical wheat?
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No. WEAT holds CBOT wheat futures contracts and cash collateral, not actual grain. Its price tracks the wheat futures market, so its returns can differ from the spot price of wheat because of the mechanics of holding and rolling futures.
How does WEAT reduce roll costs?
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WEAT spreads its holdings across multiple wheat futures expirations rather than concentrating in the single near-month contract. This diversification across the curve is designed to soften the impact of any one roll, though it does not eliminate contango drag entirely.
What is contango and how does it affect WEAT?
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Contango is when later-dated futures cost more than near-term ones. Rolling from a cheaper expiring contract into a pricier one locks in a small loss that compounds over time, causing WEAT to lag spot wheat in contango markets. In backwardation the roll can add to returns.
What is WEAT's expense ratio?
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1.00% per year, about $100 annually on a $10,000 position. This is high relative to broad equity ETFs and is one reason WEAT is generally used for short-term positioning rather than long-term holding.
Does WEAT pay a dividend?
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No. WEAT's reported yield is 0.00%. It holds futures and cash collateral rather than dividend-paying stocks, so any return comes from movement in wheat futures prices, not from distributions.
What is WEAT's AUM?
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Approximately 269.33M as of July 2026. Assets in single-commodity funds like WEAT tend to rise and fall with interest in the underlying commodity, in this case wheat prices and agricultural market conditions.
What drives WEAT's price?
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Wheat futures prices, which respond to weather, harvest conditions, global supply and demand, export flows, geopolitical events affecting major producing regions, and currency moves. Wheat is a globally traded staple, so disruptions in key growing areas can move prices sharply.
Is WEAT a good long-term investment?
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It is generally not designed for long-term holding. The futures roll, potential contango drag, and a 1.00% fee can erode returns over time even when wheat prices are flat. It is more commonly used as a short-term trading or diversification tool. Walnut is not an investment adviser.
How do I buy WEAT?
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WEAT trades like a stock on NYSE Arca during US market hours through brokers such as Robinhood, Fidelity, Schwab, and Public. As a commodity pool it issues a Schedule K-1 for tax purposes rather than a standard 1099, which some investors find more complex.
What tax form does WEAT issue?
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As a commodity pool limited partnership, WEAT issues a Schedule K-1 rather than the 1099 most ETFs use. Gains on the underlying futures are generally taxed under the 60/40 rule regardless of holding period. Consult a tax professional for your situation.
Is WEAT volatile?
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Yes. Wheat prices can swing sharply on weather, harvests, and geopolitical events in major producing regions, and WEAT carries that full single-commodity volatility. It is typically far more volatile than a diversified equity or bond fund.
When was WEAT created?
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WEAT launched in September 2011, issued by Teucrium. It was designed to give everyday investors direct exposure to wheat prices through a futures-based fund, using a multi-contract spread intended to reduce the roll costs that affect single-contract commodity funds.
How do I compare WEAT to similar ETFs?
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Put a few fields side by side: the expense ratio (fees compound over decades), the index or strategy it tracks, the top holdings and how much they overlap with what you already own, the dividend yield, and the AUM, liquidity, and bid-ask spread that affect trading costs. For index funds, tracking error (how closely it follows its index) and tax efficiency matter too. WEAT's figures are above; the full method is in Walnut's guide on how to compare ETFs.
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Walnut is informational, not investment advice. Holdings weights and fund statistics on this page are approximations stamped to July 2026; verify current figures against Teucrium's fund page or your broker before investing.