CORN posts 3.4% Q1 gain as expense ratios drop; Iran strikes raise supply risk

Filed May 11, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 12, 2025 · ~1 min read

Key Changes

• high

  Filing adds specific reference to Feb 28, 2026 U.S./Israel strikes on Iran and reported Strait of Hormuz closure, a critical oil and commodity shipping chokepoint, signaling heightened Middle East supply-chain risk.

  Risk Factors verify on EDGAR →
• high

  SOYB delivered 11.5% Q1 return with expense ratio dropping 110 basis points to 2.94%, while CORN gained 3.4% with expenses down 43 bps to 3.16%. CANE expenses fell 146 bps to 3.23%.

  MD&A: Fund Performance verify on EDGAR →
• high

  New disclosure references U.S. tariff actions and retaliatory tariffs from key agriculture trading partners, suggesting escalating trade tensions that could directly impact corn, soybean, wheat, and sugar futures pricing.

  MD&A: Geopolitical Risk verify on EDGAR →