PDBA vs TILL

PDBABInvesco Agriculture Commodity Strategy No K-1 ETF

TILLCTeucrium Agricultural Strategy No K-1 ETF

In short

PDBA The broad farm-commodity basket without the partnership paperwork. PDBA tracks a diversified DBIQ agriculture index from inside a 1940 Act fund, which is exactly what the "No K-1" in its name is pointing at.

TILL Teucrium's answer to commodity-fund tax paperwork: an actively managed basket of farm futures from the CBOT and ICE, wrapped as a 1940 Act fund that sends a 1099 instead of a Schedule K-1. The name says the quiet part out loud.

Stated mandate

PDBA The Fund seeks long-term capital appreciation.

TILL The fund seeks capital appreciation through primarily investing in agricultural commodity futures contracts traded on CBOT or ICE.

Why people hold it

• PDBA One ticket, many crops: it follows the DBIQ Diversified Agriculture Index Excess Return instead of betting on a single commodity the way CORN or CANE do.
• Registered as a 1940 Act fund rather than a commodity pool, so shareholders skip the Schedule K-1 the fund's own name calls out.
• Fee sits at 0.75%, right on the category median and below Invesco's older ag fund DBA at 0.90%.

• TILL The "No K-1" in the name is the pitch. It is a 1940 Act fund, so tax season brings a 1099 rather than the partnership schedule commodity pools mail out.
• Actively managed instead of bolted to a fixed index: a manager works a book of roughly 30 agricultural futures positions traded on the CBOT and ICE.
• One ticker covers the farm complex, so there is no choosing between single-crop funds like CORN or CANE.

Worth knowing

• PDBA 0.75% is real money in commodity land. TAGS packages a diversified ag basket for 0.17%.
• Exposure runs through futures-linked instruments, not farmland or farm companies, so contract pricing and rolls shape the ride as much as crop prices do.
• Launched in 2022, a short history next to ag funds that have lived through more full commodity cycles.

• TILL Costs sit at the pricier end: 0.89% a year against a 0.75% median for agricultural commodity funds, and far above Teucrium's own TAGS at 0.17%.
• A small fund with moderate trading, which can mean wider bid-ask spreads than the category's largest names.
• The mandate is capital appreciation from futures, not income. Payouts come once or twice a year at most, and results track the futures curve, not spot crop prices.

Full PDBA profile⁠

Full TILL profile⁠