Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Mar. 31, 2015 | |
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | FALSE |
Document Period End Date | 31-Mar-15 |
Document Fiscal Year Focus | 2015 |
Document Fiscal Period Focus | Q1 |
Trading Symbol | DGL |
Entity Registrant Name | PowerShares DB Gold Fund |
Entity Central Index Key | 1383055 |
Current Fiscal Year End Date | -19 |
Entity Filer Category | Accelerated Filer |
Entity Common Stock, Shares Outstanding | 3,800,000 |
Statements_of_Financial_Condit
Statements of Financial Condition (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Assets | ||
United States Treasury Obligations, at fair value (cost $142,997,591 and $149,995,298, respectively) | $142,997,027 | $149,996,759 |
Cash held by commodity broker | 0 | 10,651,900 |
Cash held by custodian | 12,695,291 | |
Net unrealized appreciation (depreciation) on commodity futures contracts | -543,992 | -8,526,360 |
Receivable for securities sold | 7,999,987 | |
Total assets (of which $40,732,980 and $5,148,000, respectively, is restricted for maintenance margin purposes) | 155,692,318 | 160,122,286 |
Liabilities | ||
Variation margin payable-futures | 262,920 | |
Payable for securities purchased | 6,999,513 | 18,998,337 |
Payable for shares redeemed | 7,834,782 | |
Management fee payable | 98,953 | 92,547 |
Brokerage fee payable | 755 | 3,765 |
Total liabilities | 7,362,141 | 26,929,431 |
Commitments and Contingencies (Note 9) | ||
Equity | ||
Shareholders' equity-General Shares | 1,561 | 1,567 |
Shareholders' equity-Shares | 148,328,616 | 133,191,288 |
Total shareholders' equity | 148,330,177 | 133,192,855 |
Total liabilities and equity | $155,692,318 | $160,122,286 |
General Shares outstanding | 40 | 40 |
Shares outstanding | 3,800,000 | 3,400,000 |
Net asset value per share | ||
General Shares | $39.03 | $39.17 |
Shares | $39.03 | $39.17 |
Statements_of_Financial_Condit1
Statements of Financial Condition (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Restricted investments | $40,732,980 | $5,148,000 |
United States Treasury Obligations [Member] | ||
United States Treasury Obligations, cost | $142,997,591 | $149,995,298 |
Schedule_of_Investments_Unaudi
Schedule of Investments (Unaudited) - Treasury (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
Schedule of Investments [Line Items] | ||||
Fair Value | $142,997,027 | $149,996,759 | ||
U.S. Treasury Bills, 0.015% due April 9, 2015 [Member] | ||||
Schedule of Investments [Line Items] | ||||
Percentage of Shareholders' Equity | 10.11% | [1],[2] | ||
Fair Value | 14,999,955 | [1],[2] | ||
Face Value | 15,000,000 | [1],[2] | ||
U.S. Treasury Bills, 0.020% due April 23, 2015 [Member] | ||||
Schedule of Investments [Line Items] | ||||
Percentage of Shareholders' Equity | 6.07% | [1],[2] | ||
Fair Value | 8,999,946 | [1],[2] | ||
Face Value | 9,000,000 | [1],[2] | ||
U.S. Treasury Bills, 0.015% due May 7, 2015 [Member] | ||||
Schedule of Investments [Line Items] | ||||
Percentage of Shareholders' Equity | 45.84% | [1],[2] | ||
Fair Value | 67,998,776 | [1],[2] | ||
Face Value | 68,000,000 | [1],[2] | ||
U.S. Treasury Bills, 0.020% due May 14, 2015 [Member] | ||||
Schedule of Investments [Line Items] | ||||
Percentage of Shareholders' Equity | 20.22% | [1],[2] | ||
Fair Value | 29,999,280 | [1],[2] | ||
Face Value | 30,000,000 | [1],[2] | ||
U.S. Treasury Bills, 0.015% due May 21, 2015 [Member] | ||||
Schedule of Investments [Line Items] | ||||
Percentage of Shareholders' Equity | 7.42% | [1],[2] | ||
Fair Value | 10,999,692 | [1],[2] | ||
Face Value | 11,000,000 | [1],[2] | ||
U.S. Treasury Bills, 0.020% due May 28, 2015 [Member] | ||||
Schedule of Investments [Line Items] | ||||
Percentage of Shareholders' Equity | 2.02% | [1],[2] | ||
Fair Value | 2,999,868 | [1],[2] | ||
Face Value | 3,000,000 | [1],[2] | ||
U.S. Treasury Bills, 0.035% due July 2, 2015 [Member] | ||||
Schedule of Investments [Line Items] | ||||
Percentage of Shareholders' Equity | 4.72% | [1],[2] | ||
Fair Value | 6,999,510 | [1],[2] | ||
Face Value | 7,000,000 | [1],[2] | ||
United States Treasury Obligations [Member] | ||||
Schedule of Investments [Line Items] | ||||
Percentage of Shareholders' Equity | 96.40% | [1],[2] | 112.62% | [1],[2] |
Fair Value | 142,997,027 | [1],[2] | 149,996,759 | [1],[2] |
U.S. Treasury Bills, 0.030% due January 2, 2015 [Member] | ||||
Schedule of Investments [Line Items] | ||||
Percentage of Shareholders' Equity | 14.27% | [1],[2] | ||
Fair Value | 19,000,000 | [1],[2] | ||
Face Value | 19,000,000 | [1],[2] | ||
U.S. Treasury Bills, 0.040% due January 8, 2015 [Member] | ||||
Schedule of Investments [Line Items] | ||||
Percentage of Shareholders' Equity | 27.78% | [1],[2] | ||
Fair Value | 36,999,963 | [1],[2] | ||
Face Value | 37,000,000 | [1],[2] | ||
U.S. Treasury Bills, 0.010% due January 22, 2015 [Member] | ||||
Schedule of Investments [Line Items] | ||||
Percentage of Shareholders' Equity | 11.26% | [1],[2] | ||
Fair Value | 14,999,790 | [1],[2] | ||
Face Value | 15,000,000 | [1],[2] | ||
U.S. Treasury Bills, 0.020% due February 5, 2015 [Member] | ||||
Schedule of Investments [Line Items] | ||||
Percentage of Shareholders' Equity | 0.75% | [1],[2] | ||
Fair Value | 999,981 | [1],[2] | ||
Face Value | 1,000,000 | [1],[2] | ||
U.S. Treasury Bills, 0.025% due February 12, 2015 [Member] | ||||
Schedule of Investments [Line Items] | ||||
Percentage of Shareholders' Equity | 22.52% | [1],[2] | ||
Fair Value | 29,999,580 | [1],[2] | ||
Face Value | 30,000,000 | [1],[2] | ||
U.S. Treasury Bills, 0.025% due February 19, 2015 [Member] | ||||
Schedule of Investments [Line Items] | ||||
Percentage of Shareholders' Equity | 2.25% | [1],[2] | ||
Fair Value | 2,999,949 | [1],[2] | ||
Face Value | 3,000,000 | [1],[2] | ||
U.S. Treasury Bills, 0.020% due February 26, 2015 [Member] | ||||
Schedule of Investments [Line Items] | ||||
Percentage of Shareholders' Equity | 2.25% | [1],[2] | ||
Fair Value | 2,999,931 | [1],[2] | ||
Face Value | 3,000,000 | [1],[2] | ||
U.S. Treasury Bills, 0.025% due March 12, 2015 [Member] | ||||
Schedule of Investments [Line Items] | ||||
Percentage of Shareholders' Equity | 6.01% | [1],[2] | ||
Fair Value | 7,999,696 | [1],[2] | ||
Face Value | 8,000,000 | [1],[2] | ||
U.S. Treasury Bills, 0.035% due March 19, 2015 [Member] | ||||
Schedule of Investments [Line Items] | ||||
Percentage of Shareholders' Equity | 6.01% | [1],[2] | ||
Fair Value | 7,999,744 | [1],[2] | ||
Face Value | 8,000,000 | [1],[2] | ||
U.S. Treasury Bills, 0.055% due March 26, 2015 [Member] | ||||
Schedule of Investments [Line Items] | ||||
Percentage of Shareholders' Equity | 5.26% | [1],[2] | ||
Fair Value | 6,999,797 | [1],[2] | ||
Face Value | 7,000,000 | [1],[2] | ||
U.S. Treasury Bills, 0.040% due April 2, 2015 [Member] | ||||
Schedule of Investments [Line Items] | ||||
Percentage of Shareholders' Equity | 14.26% | [1],[2] | ||
Fair Value | 18,998,328 | [1],[2] | ||
Face Value | $19,000,000 | [1],[2] | ||
[1] | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of issuance of the security. | |||
[2] | A portion of United States Treasury obligations on deposit with the commodity broker are held as margin for open futures contracts. See Note 3 for additional information. |
Schedule_of_Investments_Unaudi1
Schedule of Investments (Unaudited) - Treasury (Parenthetical) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2014 | |||
U.S. Treasury Bills, 0.015% due April 9, 2015 [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment Interest Rate | 0.02% | [1],[2] | ||
Investment Maturity Date | 9-Apr-15 | [1],[2] | ||
U.S. Treasury Bills, 0.020% due April 23, 2015 [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment Interest Rate | 0.02% | [1],[2] | ||
Investment Maturity Date | 23-Apr-15 | [1],[2] | ||
U.S. Treasury Bills, 0.015% due May 7, 2015 [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment Interest Rate | 0.02% | [1],[2] | ||
Investment Maturity Date | 7-May-15 | [1],[2] | ||
U.S. Treasury Bills, 0.020% due May 14, 2015 [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment Interest Rate | 0.02% | [1],[2] | ||
Investment Maturity Date | 14-May-15 | [1],[2] | ||
U.S. Treasury Bills, 0.015% due May 21, 2015 [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment Interest Rate | 0.02% | [1],[2] | ||
Investment Maturity Date | 21-May-15 | [1],[2] | ||
U.S. Treasury Bills, 0.020% due May 28, 2015 [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment Interest Rate | 0.02% | [1],[2] | ||
Investment Maturity Date | 28-May-15 | [1],[2] | ||
U.S. Treasury Bills, 0.035% due July 2, 2015 [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment Interest Rate | 0.04% | [1],[2] | ||
Investment Maturity Date | 2-Jul-15 | [1],[2] | ||
United States Treasury Obligations [Member] | ||||
Schedule of Investments [Line Items] | ||||
Total United States Treasury Obligations, cost | 142,997,591 | 149,995,298 | ||
U.S. Treasury Bills, 0.030% due January 2, 2015 [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment Interest Rate | 0.03% | [1],[2] | ||
Investment Maturity Date | 2-Jan-15 | [1],[2] | ||
U.S. Treasury Bills, 0.040% due January 8, 2015 [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment Interest Rate | 0.04% | [1],[2] | ||
Investment Maturity Date | 8-Jan-15 | [1],[2] | ||
U.S. Treasury Bills, 0.010% due January 22, 2015 [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment Interest Rate | 0.01% | [1],[2] | ||
Investment Maturity Date | 22-Jan-15 | [1],[2] | ||
U.S. Treasury Bills, 0.020% due February 5, 2015 [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment Interest Rate | 0.02% | [1],[2] | ||
Investment Maturity Date | 5-Feb-15 | [1],[2] | ||
U.S. Treasury Bills, 0.025% due February 12, 2015 [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment Interest Rate | 0.03% | [1],[2] | ||
Investment Maturity Date | 12-Feb-15 | [1],[2] | ||
U.S. Treasury Bills, 0.025% due February 19, 2015 [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment Interest Rate | 0.03% | [1],[2] | ||
Investment Maturity Date | 19-Feb-15 | [1],[2] | ||
U.S. Treasury Bills, 0.020% due February 26, 2015 [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment Interest Rate | 0.02% | [1],[2] | ||
Investment Maturity Date | 26-Feb-15 | [1],[2] | ||
U.S. Treasury Bills, 0.025% due March 12, 2015 [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment Interest Rate | 0.03% | [1],[2] | ||
Investment Maturity Date | 12-Mar-15 | [1],[2] | ||
U.S. Treasury Bills, 0.035% due March 19, 2015 [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment Interest Rate | 0.04% | [1],[2] | ||
Investment Maturity Date | 19-Mar-15 | [1],[2] | ||
U.S. Treasury Bills, 0.055% due March 26, 2015 [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment Interest Rate | 0.06% | [1],[2] | ||
Investment Maturity Date | 26-Mar-15 | [1],[2] | ||
U.S. Treasury Bills, 0.040% due April 2, 2015 [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment Interest Rate | 0.04% | [1],[2] | ||
Investment Maturity Date | 2-Apr-15 | [1],[2] | ||
[1] | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of issuance of the security. | |||
[2] | A portion of United States Treasury obligations on deposit with the commodity broker are held as margin for open futures contracts. See Note 3 for additional information. |
Schedule_of_Investments_Unaudi2
Schedule of Investments (Unaudited) - Future Contracts (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
COMEX Gold (1,252 contracts, settlement date December 29, 2015) [Member] | ||||
Schedule of Investments [Line Items] | ||||
Percentage of Shareholders'Equity | -0.37% | |||
Unrealized Appreciation/ (Depreciation) | ($543,992) | [1] | ||
Notional Market Value | 148,449,640 | |||
Commodity Futures Contracts [Member] | ||||
Schedule of Investments [Line Items] | ||||
Percentage of Shareholders'Equity | -0.37% | -6.40% | ||
Unrealized Appreciation/ (Depreciation) | -543,992 | [1] | -8,526,360 | [1] |
Notional Market Value | 148,449,640 | 138,633,300 | ||
COMEX Gold (1,170 contracts, settlement date April 28, 2015) [Member] | ||||
Schedule of Investments [Line Items] | ||||
Percentage of Shareholders'Equity | -6.40% | |||
Unrealized Appreciation/ (Depreciation) | -8,526,360 | [1] | ||
Notional Market Value | $138,633,300 | |||
[1] | Unrealized appreciation/ (depreciation) is presented above, net by contract. |
Schedule_of_Investments_Unaudi3
Schedule of Investments (Unaudited) - Future Contracts (Parenthetical) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Contract | Contract | |
COMEX Gold (1,252 contracts, settlement date December 29, 2015) [Member] | ||
Schedule of Investments [Line Items] | ||
Open Future Contracts Written, Number of Contracts | 1,252 | |
Forward Contract Indexed to issuers Equity Settlement Date or Dates | 29-Dec-15 | |
COMEX Gold (1,170 contracts, settlement date April 28, 2015) [Member] | ||
Schedule of Investments [Line Items] | ||
Open Future Contracts Written, Number of Contracts | 1,170 | |
Forward Contract Indexed to issuers Equity Settlement Date or Dates | 28-Apr-15 |
Statements_of_Income_and_Expen
Statements of Income and Expenses (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income | ||
Interest Income | $8,243 | $22,548 |
Expenses | ||
Management Fee | 295,721 | 301,699 |
Brokerage Commissions and Fees | 8,645 | 18,590 |
Total expenses | 304,366 | 320,289 |
Net investment income (loss) | -296,123 | -297,741 |
Net Realized Gain (Loss) on | ||
United States Treasury Obligations | 1,424 | 755 |
Commodity Futures Contracts | -11,690,959 | 10,684,680 |
Net realized gain (loss) | -11,689,535 | 10,685,435 |
Net Change in Unrealized Gain (Loss) on | ||
United States Treasury Obligations | -2,025 | 2,070 |
Commodity Futures Contracts | 7,982,368 | -1,404,700 |
Net change in unrealized gain (loss) | 7,980,343 | -1,402,630 |
Net realized and net change in unrealized gain (loss) on United States Treasury Obligations and Commodity Futures Contracts | -3,709,192 | 9,282,805 |
Net Income (Loss) | ($4,005,315) | $8,985,064 |
Statement_of_Changes_in_Shareh
Statement of Changes in Shareholders' Equity (Unaudited) (USD $) | Total | General Partner [Member] | General Partner [Member] | Limited Partner [Member] | Limited Partner [Member] |
USD ($) | Total Equity [Member] | Total Equity [Member] | |||
USD ($) | USD ($) | ||||
Balance, value at Dec. 31, 2013 | $145,161,388 | $1,613 | $145,159,775 | ||
Balance, shares at Dec. 31, 2013 | 40 | 3,600,000 | |||
Sale of Shares, value | 43,777,984 | 43,777,984 | |||
Sale of Shares, shares | 1,000,000 | ||||
Redemption of Shares, value | -51,660,227 | -51,660,227 | |||
Redemption of Shares, shares | -1,200,000 | ||||
Net Increase (Decrease) due to Share Transactions, value | -7,882,243 | -7,882,243 | |||
Net Increase (Decrease) due to Share Transactions, share | -200,000 | ||||
Net Income (Loss) | |||||
Net investment income (loss) | -297,741 | -4 | -297,737 | ||
Net realized gain (loss) on United States Treasury Obligations and Commodity futures contracts | 10,685,435 | 129 | 10,685,306 | ||
Net change in unrealized gain (loss) on United States Treasury Obligations and Commodity futures contracts | -1,402,630 | -17 | -1,402,613 | ||
Net Income (Loss) | 8,985,064 | 108 | 8,984,956 | ||
Net Change in Shareholders' Equity, value | 1,102,821 | 108 | 1,102,713 | ||
Net Change in Shareholders' Equity, shares | -200,000 | ||||
Balance, value at Mar. 31, 2014 | 146,264,209 | 1,721 | 146,262,488 | ||
Balance, shares at Mar. 31, 2014 | 40 | 3,400,000 | |||
Balance, value at Dec. 31, 2014 | 133,192,855 | 1,567 | 133,191,288 | ||
Balance, shares at Dec. 31, 2014 | 40 | 3,400,000 | |||
Sale of Shares, value | 74,847,261 | 74,847,261 | |||
Sale of Shares, shares | 1,800,000 | ||||
Redemption of Shares, value | -55,704,624 | -55,704,624 | |||
Redemption of Shares, shares | -1,400,000 | ||||
Net Increase (Decrease) due to Share Transactions, value | 19,142,637 | 19,142,637 | |||
Net Increase (Decrease) due to Share Transactions, share | 400,000 | ||||
Net Income (Loss) | |||||
Net investment income (loss) | -296,123 | -1 | -296,122 | ||
Net realized gain (loss) on United States Treasury Obligations and Commodity futures contracts | -11,689,535 | -17 | -11,689,518 | ||
Net change in unrealized gain (loss) on United States Treasury Obligations and Commodity futures contracts | 7,980,343 | 12 | 7,980,331 | ||
Net Income (Loss) | -4,005,315 | -6 | -4,005,309 | ||
Net Change in Shareholders' Equity, value | 15,137,322 | -6 | 15,137,328 | ||
Net Change in Shareholders' Equity, shares | 400,000 | ||||
Balance, value at Mar. 31, 2015 | $148,330,177 | $1,561 | $148,328,616 | ||
Balance, shares at Mar. 31, 2015 | 40 | 3,800,000 |
Statements_of_Cash_Flows_Unaud
Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | |||
Cash flow from operating activities: | ||||
Net Income (Loss) | ($4,005,315) | $8,985,064 | ||
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | ||||
Cost of securities purchased | -189,990,848 | -182,975,632 | ||
Proceeds from securities sold and matured | 192,999,511 | 182,999,249 | ||
Net accretion of discount on United States Treasury Obligations | -8,369 | -22,585 | ||
Net realized (gain) loss on United States Treasury Obligations | -1,424 | -755 | ||
Net change in unrealized (gain) loss on United States Treasury Obligations and Commodity futures contracts | -7,980,343 | 1,402,630 | ||
Cash transfer to Commodity Broker to satisfy variation margin requirements (Note 4) | -9,971,010 | |||
Cash received (paid) to Commodity Broker to satisfy open variation margin, net (Note 4) | 9,427,018 | |||
Change in operating receivables and liabilities: | ||||
Variation margin payable-futures | 262,920 | |||
Management fee payable | 6,406 | 20,999 | ||
Brokerage fee payable | -3,010 | -1,255 | ||
Net cash provided by (used for) operating activities | -9,264,464 | 10,407,715 | ||
Cash flows from financing activities: | ||||
Proceeds from sale of Shares | 74,847,261 | 43,777,984 | ||
Redemption of Shares | -63,539,406 | -51,660,227 | ||
Net cash provided by (used for) financing activities | 11,307,855 | -7,882,243 | ||
Net change in cash | 2,043,391 | 2,525,472 | ||
Cash at beginning of period | 10,651,900 | [1] | 7,553,303 | [1] |
Cash at end of period | $12,695,291 | [2] | $10,078,775 | [2] |
[1] | Cash at December 31, 2014 and prior reflects cash held by the Predecessor Commodity Broker. | |||
[2] | Cash at March 31, 2015 reflects cash held by the Custodian. |
Background
Background | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Background | (1) Background |
On October 24, 2014, DB Commodity Services LLC, a Delaware limited liability company (“DBCS”), DB U.S. Financial Markets Holding Corporation (“DBUSH”) and Invesco PowerShares Capital Management LLC (“Invesco”) entered into an Asset Purchase Agreement (the “Agreement”). DBCS is a wholly-owned subsidiary of DBUSH. DBCS agreed to transfer and sell to Invesco all of DBCS’ interest in PowerShares DB Gold Fund (the “Fund”), a separate series of PowerShares DB Multi-Sector Commodity Trust (the “Trust”), a Delaware statutory trust organized in seven separate series, including the sole and exclusive power to direct the business and affairs of the Trust and the Fund, as well as certain other assets pertaining to the management of the Trust and the Fund, pursuant to the terms and conditions of the Agreement (the “Transaction”). | |
The Transaction was consummated on February 23, 2015 (the “Closing Date”). Invesco now serves as the managing owner (the “Managing Owner”), commodity pool operator and commodity trading advisor of the Trust and the Fund, in replacement of DBCS (the “Predecessor Managing Owner”). |
Organization
Organization | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Organization | (2) Organization |
The Fund is a separate series of the Trust. The Trust is a Delaware statutory trust organized in seven separate series and was formed on August 3, 2006. The Predecessor Managing Owner seeded the Fund with a capital contribution of $1,000 in exchange for 40 General Shares of the Fund. The General Shares were sold to the Managing Owner by the Predecessor Managing Owner pursuant to the terms of the Agreement. The fiscal year end of the Fund is December 31st. The term of the Fund is perpetual (unless terminated earlier in certain circumstances) as provided for in the Fifth Amended and Restated Declaration of Trust and Trust Agreement of the Trust (the “Trust Agreement”). The Fourth Amended and Restated Declaration of Trust and Trust Agreement of the Trust dated November 12, 2012 was effective for purposes of the reporting period up to and excluding the Closing Date. The Fund has an unlimited number of shares authorized for issuance. | |
The Fund offers common units of beneficial interest (the “Shares”) only to certain eligible financial institutions (the “Authorized Participants”) in one or more blocks of 200,000 Shares, called a Basket. The proceeds from the offering of Shares are invested in the Fund. The Fund commenced investment operations on January 3, 2007. The Fund commenced trading on the American Stock Exchange (which became the NYSE Alternext US LLC (the “NYSE Alternext”)) on January 5, 2007 and, as of November 25, 2008, is listed on the NYSE Arca, Inc. (the “NYSE Arca”). | |
This Report covers the three months ended March 31, 2015 and 2014 (hereinafter referred to as the “Three Months Ended March 31, 2015” and the “Three Months Ended March 31, 2014”, respectively). The Fund’s performance information from inception up to and excluding the Closing Date is a reflection of the performance associated with the Predecessor Managing Owner. The Managing Owner has served as managing owner of the Fund since the Closing Date, and the Fund’s performance information since the Closing Date is a reflection of the performance associated with the Managing Owner. Past performance of the Fund is not necessarily indicative of future performance. | |
The accompanying unaudited financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). In the opinion of management, all material adjustments, consisting only of normal recurring adjustments, considered necessary for a fair statement of the interim period financial statements have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Fund’s financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2014 as filed with the SEC on March 6, 2015. |
Fund_Investment_Overview
Fund Investment Overview | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Fund Investment Overview | (3) Fund Investment Overview |
The Fund invests with a view to tracking the changes, whether positive or negative, in the level of the DBIQ Optimum Yield Gold Index Excess Return™ (“DBIQ-OY GC ER™”, or the “Index”) plus the excess, if any, of the Fund’s interest income from its holdings of United States Treasury Obligations and other high credit quality short-term fixed income securities over the expenses of the Fund. | |
The Index is intended to reflect the change in market value of the gold sector. The single commodity comprising the Index is gold (the “Index Commodity”). | |
The Fund holds United States Treasury Obligations for deposit with the Fund’s commodity broker as margin. | |
The Commodity Futures Trading Commission (the “CFTC”) and/or commodity exchanges, as applicable, impose position limits on market participants trading in the commodity futures contract included in the Index. The Index is comprised of commodity futures contracts on the Index Commodity that expire in a specific month and trade on a specific exchange (the “Index Contracts”). If the Managing Owner determines in its commercially reasonable judgment that it has become impracticable or inefficient for any reason for the Fund to gain full or partial exposure to the Index Commodity by investing in the Index Contract, the Fund may invest in a commodity futures contract referencing the Index Commodity other than the Index Contract or, in the alternative, invest in other commodity futures contracts not based on the Index Commodity if, in the commercially reasonable judgment of the Managing Owner, such commodity futures contracts tend to exhibit trading prices that correlate with the Index Commodity. | |
The Fund does not borrow money to increase leverage. As of March 31, 2015 and December 31, 2014, the Fund had $40,732,980 (or 26.16% of its total assets) and 152,122,299 (or 95.00% of its total assets), respectively, of its holdings of cash, United States Treasury Obligations and unrealized appreciation/depreciation on commodity futures contracts on deposit with its Commodity Broker (as defined below) or its Predecessor Commodity Broker (as defined below), as applicable. Of this, $40,732,980 (or 26.16%) and $5,148,000 (or 3.22%), respectively, of the Fund’s holdings of cash and United States Treasury Obligations were required to be deposited as margin in support of the Fund’s long futures positions as of March 31, 2015 and December 31, 2014, respectively. For additional information, please see the unaudited Schedule of Investments as of March 31, 2015 and December 31, 2014 for details of the Fund’s portfolio holdings. |
Service_Providers_and_Related_
Service Providers and Related Party Agreements | 3 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions [Abstract] | |
Service Providers and Related Party Agreements | (4) Service Providers and Related Party Agreements |
The Trustee | |
Under the Trust Agreement, Wilmington Trust Company, the trustee of the Fund (the “Trustee”), has delegated to the Managing Owner the exclusive management and control of all aspects of the business of the Trust and the Fund. The Trustee will have no duty or liability to supervise or monitor the performance of the Managing Owner, nor will the Trustee have any liability for the acts or omissions of the Managing Owner. | |
The Managing Owner | |
The Managing Owner serves as the Fund’s commodity pool operator, commodity trading advisor and managing owner. The Fund pays the Managing Owner a management fee, monthly in arrears, in an amount equal to 0.75% per annum of the daily net asset value of the Fund. For purposes of the reporting period up to and excluding the Closing Date, all Management Fees were payable to the Predecessor Managing Owner (the “Management Fee”). The Managing Owner has served as managing owner of the Fund since the Closing Date and all Management Fee accruals since the Closing Date have been paid to the Managing Owner. | |
During the Three Months Ended March 31, 2015 and 2014, the Fund incurred Management Fees of $295,721 and $301,699, respectively. As of March 31, 2015 and December 31, 2014, Management Fees payable were $98,953 and $92,547, respectively. | |
The Commodity Broker | |
Effective as of the Closing Date, Morgan Stanley & Co. LLC, a Delaware limited liability company, serves as the Fund’s futures clearing broker (the “Commodity Broker”). Deutsche Bank Securities Inc. (“DBSI”), a Delaware corporation, served as the Fund’s futures clearing broker up to and excluding the Closing Date (the “Predecessor Commodity Broker”). DBSI is also an indirect wholly-owned subsidiary of Deutsche Bank AG and is an affiliate of the Predecessor Managing Owner. A variety of executing brokers execute futures transactions on behalf of the Fund. Such executing brokers give-up all such transactions to the Commodity Broker. In its capacity as clearing broker, the Commodity Broker may execute or receive transactions executed by others and clears all of the Fund’s futures transactions and performs certain administrative and custodial services for the Fund. The Commodity Broker is responsible, among other things, for providing periodic accountings of all dealings and actions taken by the Trust on behalf of the Fund during the reporting period, together with an accounting of all securities, cash or other indebtedness or obligations held by it or its nominees for or on behalf of the Fund. During the Three Months Ended March 31, 2015 and 2014, the Fund incurred brokerage fees of $8,645 and $18,590, respectively. As of March 31, 2015 and December 31, 2014, brokerage fees payable were $755 and $3,765, respectively. For the avoidance of doubt, for purposes of the reporting period up to and excluding the Closing Date, commission payments were paid to the Predecessor Commodity Broker. The Commodity Broker has served as the Fund’s futures clearing broker since the Closing Date and all commission accruals since the Closing Date have been paid to the Commodity Broker. | |
The Administrator, Custodian and Transfer Agent | |
The Bank of New York Mellon (the “Administrator” and “Custodian”) is the administrator, custodian and transfer agent of the Fund, and has entered into separate administrative, custodian, transfer agency and service agreements (collectively referred to as the “Administration Agreement”). | |
Pursuant to the Administration Agreement, the Administrator performs or supervises the performance of services necessary for the operation and administration of the Fund (other than making investment decisions), including receiving and processing orders from Authorized Participants to create and redeem Baskets, net asset value calculations, accounting and other fund administrative services. The Administrator retains certain financial books and records, including: Basket creation and redemption books and records, fund accounting records, ledgers with respect to assets, liabilities, capital, income and expenses, the registrar, transfer journals and related details, and trading and related documents received from the Commodity Broker and other unaffiliated futures commission merchants. | |
As of December 31, 2014, the Fund held $10,651,900 of cash and $149,996,759 of United States Treasury Obligations at the Predecessor Commodity Broker. In conjunction with the Transaction, during the three-day period from February 24, 2015 to February 26, 2015, the Fund transferred $10,488,749 of cash and $207,995,237 of United States Treasury Obligations from the Predecessor Commodity Broker to the Custodian. Additionally, during that same three-day period, the Fund transferred all of its open positions of commodity futures contracts from the Predecessor Commodity Broker to the Commodity Broker, $40,995,900 of United States Treasury Obligations from the Custodian to the Commodity Broker to satisfy maintenance margin requirements and $9,971,010 of cash from the Custodian to the Commodity Broker to satisfy variation margin requirements for open commodity futures contracts. Effective February 26, 2015, the Managing Owner began transferring cash daily from the Custodian to the Commodity Broker to satisfy the previous day’s variation margin on open futures contracts. The cumulative amount of cash transferred to the Commodity Broker as of March 31, 2015 approximates the net unrealized appreciation (depreciation) on commodity futures contracts. As a result, only the current day’s variation margin is disclosed on the Statement of Financial Condition. | |
As of March 31, 2015, the Fund had $114,696,418 (or 73.67% of total assets) of its holdings of cash and United States Treasury Obligations held with its Custodian. No assets were held at the custodian on December 31, 2014. | |
The Managing Owner pays the Administrator administrative services fees out of the Management Fee. | |
The Distributor | |
ALPS Distributors, Inc. (the “Distributor”) provides certain distribution services to the Fund. Pursuant to the Distribution Services Agreement among the Managing Owner in its capacity as managing owner of the Fund and the Distributor, the Distributor assists the Managing Owner and the Administrator with certain functions and duties relating to distribution and marketing services to the Fund including reviewing and approving marketing materials. | |
The Managing Owner pays the Distributor a distribution fee out of the Management Fee. | |
Index Sponsor | |
Effective as of the Closing Date, the Managing Owner, on behalf of the Fund, has appointed Deutsche Bank Securities Inc. to serve as the index sponsor (the “Index Sponsor”). Prior to the Closing Date, the index sponsor was Deutsche Bank AG London. The Index Sponsor calculates and publishes the daily index levels and the indicative intraday index levels. Additionally, the Index Sponsor also calculates the indicative value per Share of the Fund throughout each Business Day. | |
The Managing Owner pays the Index Sponsor a licensing fee and an index services fee out of the Management Fee for performing its duties. | |
Marketing Agent | |
Effective as of the Closing Date, the Managing Owner, on behalf of the Fund, has appointed Deutsche Bank Securities Inc. as the marketing agent (the “Marketing Agent”) to assist the Managing Owner by providing support to educate institutional investors about the Deutsche Bank indices and to complete governmental or institutional due diligence questionnaires or requests for proposals related to the Deutsche Bank indices. | |
The Managing Owner pays the Marketing Agent a marketing services fee out of the Management Fee. | |
The Marketing Agent will not open or maintain customer accounts or handle orders for the Fund. The Marketing Agent has no responsibility for the performance of the Fund or the decisions made or actions taken by the Managing Owner. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||
Summary of Significant Accounting Policies | (5) Summary of Significant Accounting Policies | ||||||||||||||||||||||||
(a) Basis of Presentation | |||||||||||||||||||||||||
The Fund has determined that it meets the definition of an investment company and has prepared the unaudited financial statements in conformity with U.S. GAAP for investment companies in conformity with accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Investment Companies. | |||||||||||||||||||||||||
In August 2014, the FASB issued a new standard, Accounting Standards Update No. 2014-15 Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which will explicitly require management to assess an entity’s ability to continue as a going concern and to provide related footnote disclosure in certain circumstances. This new guidance is effective for all entities in the first annual reporting period ending after December 15, 2016. The Fund is currently evaluating this guidance and its impact on the Fund’s financial statement disclosures. | |||||||||||||||||||||||||
(b) Use of Estimates | |||||||||||||||||||||||||
The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses and related disclosure of contingent assets and liabilities during the reporting period of the financial statements and accompanying notes. Actual results could differ from those estimates. There were no significant estimates used in the preparation of these financial statements. | |||||||||||||||||||||||||
(c) Financial Instruments and Fair Value | |||||||||||||||||||||||||
United States Treasury Obligations and commodity futures contracts are recorded in the statements of financial condition on a trade date basis at fair value with changes in fair value recognized in earnings in each period. U.S. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. | |||||||||||||||||||||||||
U.S. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods or market conditions may result in transfers in or out of an investment’s assigned level: | |||||||||||||||||||||||||
Level 1—Prices are determined using quoted prices in an active market for identical assets. | |||||||||||||||||||||||||
Level 2—Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. | |||||||||||||||||||||||||
Level 3—Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. | |||||||||||||||||||||||||
The levels assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. | |||||||||||||||||||||||||
The following is a summary of the tiered valuation input levels as of March 31, 2015: | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
United States Treasury Obligations | $ | — | $ | 142,997,027 | $ | — | $ | 142,997,027 | |||||||||||||||||
Commodity Futures Contracts (a) | $ | (543,992 | ) | $ | — | $ | — | $ | (543,992 | ) | |||||||||||||||
(a) | Unrealized appreciation (depreciation). | ||||||||||||||||||||||||
The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. Effective on the Closing Date, the Fund revised certain policies with respect to level classification. As a result, United States Treasury Obligations were transferred from Level 1 to Level 2. | |||||||||||||||||||||||||
The following is a summary of the tiered valuation input levels as of December 31, 2014: | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
United States Treasury Obligations | $ | 149,996,759 | $ | — | $ | — | $ | 149,996,759 | |||||||||||||||||
Commodity Futures Contracts (a) | $ | (8,526,360 | ) | $ | — | $ | — | $ | (8,526,360 | ) | |||||||||||||||
(a) | Unrealized appreciation (depreciation). | ||||||||||||||||||||||||
(d) Deposits with Commodity Broker | |||||||||||||||||||||||||
The Fund deposits cash and United States Treasury Obligations with its Commodity Broker subject to CFTC regulations and various exchange and broker requirements. The combination of the Fund’s deposits with its Commodity Broker of cash and United States Treasury Obligations and the unrealized profit or loss on open commodity futures contracts (variation margin) represents the Fund’s overall equity in its broker trading account. To meet the Fund’s initial margin requirements, the Fund holds United States Treasury Obligations. The Fund uses its cash held by the Commodity Broker to satisfy variation margin requirements. The Fund earns interest on its cash deposited with the Commodity Broker. | |||||||||||||||||||||||||
(e) Deposits with Custodian | |||||||||||||||||||||||||
The combination of the Fund’s deposits with its Custodian of cash and United States Treasury Obligations represents the Fund’s overall assets held with its Custodian. | |||||||||||||||||||||||||
(f) United States Treasury Obligations | |||||||||||||||||||||||||
The Fund records purchases and sales of United States Treasury Obligations on a trade date basis. These holdings are marked to market based on quoted market closing prices. The Fund holds United States Treasury Obligations for deposit with the Fund’s Commodity Broker to meet margin requirements and for trading purposes. Interest income is recognized on an accrual basis when earned. Premiums and discounts are amortized or accreted in interest income over the life of the United States Treasury Obligations. The Fund purchased $7,000,000 face amount of United States Treasury Obligations valued at $6,999,513 which was recorded as payable for securities purchased as of March 31, 2015. The Fund purchased $19,000,000 face amount of United States Treasury Obligations valued at $18,998,337 which was recorded as payable for securities purchased as of December 31, 2014. The Fund sold $8,000,000 face amount of United States Treasury Obligations valued at $7,999,987 which was recorded as receivable for securities sold as of December 31, 2014. | |||||||||||||||||||||||||
(g) Cash Held by Commodity Broker | |||||||||||||||||||||||||
The Fund’s arrangement with the Commodity Broker requires the Fund to meet its variation margin requirement related to the price movements, both positive and negative, on commodity futures contracts held by the Fund by keeping cash on deposit with the Commodity Broker. The Fund assesses its variation margin requirements on a daily basis and additional cash required to satisfy the variation margin required is transferred from the Custodian to the Commodity Broker at the close of business each day. Effective February 24, 2015, only the current day’s variation margin receivable or payable is disclosed as an asset or liability on the Statement of Financial Condition. The Fund defines cash and cash equivalents to be highly liquid investments, with original maturities of three months or less when purchased. As of December 31, 2014, the Fund had cash held with the Predecessor Commodity Broker, of $10,651,900, which was on deposit to satisfy the Fund’s variation margin requirement on open futures contracts. There was no cash held by the Commodity Broker as of March 31, 2015. There were no cash equivalents held by the Fund as of March 31, 2015 and December 31, 2014. | |||||||||||||||||||||||||
(h) Receivable/(Payable) for Shares Issued and Redeemed | |||||||||||||||||||||||||
On any business day, an Authorized Participant may place an order to create or redeem Shares of the Fund. Cash settlement occurs at the creation order settlement date or the redemption order settlement date as discussed in Note 7. As of December 31, 2014, the Fund had a receivable for Shares issued of $7,999,987 and a payable for Shares redeemed of $7,834,782. | |||||||||||||||||||||||||
(i) Income Taxes | |||||||||||||||||||||||||
The Fund is classified as a partnership for U.S. federal income tax purposes. Accordingly, the Fund will not incur U.S. federal income taxes. No provision for federal, state, and local income taxes has been made in the accompanying financial statements, as investors are individually liable for income taxes, if any, on their allocable share of the Fund’s income, gain, loss, deductions and other items. | |||||||||||||||||||||||||
The Managing Owner has reviewed all of the Fund’s open tax years and major jurisdictions and concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. On an ongoing basis, the Managing Owner will monitor the Fund’s tax positions taken under the interpretation (and consult with its tax counsel from time to time when appropriate) to determine if adjustments to conclusions are necessary based on factoring including, but not limited to, on-going analysis of tax law, regulation, and interpretations thereof. The major tax jurisdiction for the Fund and the earliest tax year subject to examination: United States, 2011. | |||||||||||||||||||||||||
(j) Futures Contracts | |||||||||||||||||||||||||
All commodity futures contracts are held and used for trading purposes. Commodity futures contracts are recorded on trade date. Open contracts are recorded in the statement of financial condition at fair value on trade date and on each successive date as well as on the last business day of each of the periods presented, which represent market value for those commodity futures contracts for which market quotes are readily available. However, when market closing prices are not available, the Managing Owner may value an asset of the Fund pursuant to policies the Managing Owner has adopted, which are consistent with normal industry standards. Realized gains (losses) and changes in unrealized appreciation (depreciation) on open positions are determined on a specific identification basis and recognized in the statement of income and expenses in the period in which the contract is closed or the changes occur, respectively. | |||||||||||||||||||||||||
The Value of Derivative Instruments is as follows: | |||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||
Risk Exposure/Derivative Type | Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||||
Commodity risk | |||||||||||||||||||||||||
Commodity Futures Contracts | $ | — | $ | (543,992 | )(a) | $ | — | $ | (8,526,360 | )(b) | |||||||||||||||
(a) | Includes cumulative appreciation (depreciation) of commodity futures contracts. Only current day’s variation margin receivable (payable) is reported in the March 31, 2015 Statement of Financial Condition. | ||||||||||||||||||||||||
(b) | Values are disclosed on the December 31, 2014 Statement of Financial Condition under Net unrealized appreciation (depreciation) on commodity futures contracts. | ||||||||||||||||||||||||
The Effect of Derivative Instruments on the Statements of Income and Expenses is as follows: | |||||||||||||||||||||||||
Risk Exposure/Derivative Type | Location of Gain or (Loss) on Derivatives | For the Three Months Ended | For the Three Months Ended | ||||||||||||||||||||||
Recognized in Income | March 31, 2015 | March 31, 2014 | |||||||||||||||||||||||
Commodity risk | |||||||||||||||||||||||||
Commodity Futures Contracts | Net Realized Gain (Loss) | $ | (11,690,959 | ) | $ | 10,684,680 | |||||||||||||||||||
Net Change in Unrealized Gain (Loss) | 7,982,368 | (1,404,700 | ) | ||||||||||||||||||||||
Total | $ | (3,708,591 | ) | $ | 9,279,980 | ||||||||||||||||||||
The brokerage agreement with the Commodity Broker provides for the net settlement of all financial instruments covered by the agreement in the event of default or termination of any one contract. The Managing Owner will utilize the cash held at the Commodity Broker to offset any realized losses incurred in the commodity futures contracts, if available. To the extent that cash held at the Commodity Broker is not adequate to cover any realized losses, a portion of the United States Treasury Obligations will be sold to make additional cash available. The table below summarizes the average monthly notional value of commodity futures contracts outstanding during the period: | |||||||||||||||||||||||||
Commodity Futures Contracts | |||||||||||||||||||||||||
Three Months | Three Months | ||||||||||||||||||||||||
Ended | Ended | ||||||||||||||||||||||||
March 31, 2015 | March 31, 2014 | ||||||||||||||||||||||||
Average Notional Value | $ | 161,289,980 | $ | 159,308,955 | |||||||||||||||||||||
The Fund utilizes derivative instruments to achieve its investment objective. For financial reporting purposes, the Fund offsets financial assets and financial liabilities that are subject to netting arrangements. In order for an arrangement to be eligible for netting, the Fund must have a basis to conclude that such netting arrangements are legally enforceable. The following table presents derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of March 31, 2015, net by contract: | |||||||||||||||||||||||||
Gross Amounts Not Offset in the | |||||||||||||||||||||||||
Statement of Financial Condition | |||||||||||||||||||||||||
Gross Amounts | Gross Amounts | Net Amounts | Financial | Cash Collateral | Net Amount | ||||||||||||||||||||
Recognized(a) | Offset in the | Presented in | Instruments(b) | Pledged(b) | |||||||||||||||||||||
Statement of | the Statement of | ||||||||||||||||||||||||
Financial Condition | Financial Condition | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Commodity Futures Contracts | $ | (543,992 | ) | $ | — | $ | (543,992 | ) | $ | 543,992 | $ | — | $ | — | |||||||||||
The following table presents derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of December 31, 2014, net by contract: | |||||||||||||||||||||||||
Gross Amounts Not Offset in the | |||||||||||||||||||||||||
Statement of Financial Condition | |||||||||||||||||||||||||
Gross | Gross Amounts | Net Amounts | Financial | Cash Collateral | Net | ||||||||||||||||||||
Amounts | Offset in the | Presented in | Instruments(b) | Pledged(b) | Amount | ||||||||||||||||||||
Recognized(a) | Statement of | the Statement of | |||||||||||||||||||||||
Financial Condition | Financial Condition | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Commodity Futures Contracts | $ | (8,526,360 | ) | $ | — | $ | (8,526,360 | ) | $ | — | $ | 8,526,360 | $ | — | |||||||||||
(a) | Includes cumulative appreciation (depreciation) of futures contracts. | ||||||||||||||||||||||||
(b) | As of March 31, 2015 and December 31, 2014, a portion of the Fund’s cash and US Treasury Obligations were required to be deposited as margin in support of the Fund’s futures positions as described in Note 3. | ||||||||||||||||||||||||
(k) Brokerage Commissions and Fees | |||||||||||||||||||||||||
The Fund incurs all brokerage commissions, including applicable exchange fees, National Futures Association (“NFA”) fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading activities by the Commodity Broker. These costs are recorded as brokerage commissions and fees in the statement of income and expenses as incurred. The Commodity Broker’s brokerage commissions and trading fees are determined on a contract-by-contract basis. On average, total charges paid to the Commodity Broker and the Predecessor Commodity Broker, as applicable, were less than $6.00 and $10.00 per round-turn trade for the Three Months Ended March 31, 2015 and 2014, respectively. | |||||||||||||||||||||||||
(l) Routine Operational, Administrative and Other Ordinary Expenses | |||||||||||||||||||||||||
The Managing Owner assumes all routine operational, administrative and other ordinary expenses of the Fund, including, but not limited to, computer services, the fees and expenses of the Trustee, legal and accounting fees and expenses, tax preparation expenses, filing fees and printing, mailing and duplication costs. Prior to the Closing Date, the Predecessor Managing Owner assumed all routine operational, administrative and other ordinary expenses of the Fund. Accordingly, all such expenses are not reflected in the statement of income and expenses of the Fund. | |||||||||||||||||||||||||
(m) Organizational and Offering Costs | |||||||||||||||||||||||||
All organizational and offering expenses (including continuous offering expenses for the offering of the Shares) incurred by the Fund were assumed by either the Predecessor Managing Owner or the Managing Owner. The Fund is not responsible to either the Predecessor Managing Owner or the Managing Owner for the reimbursement of organizational and offering costs (including continuous offering expenses for the offering of the Shares). | |||||||||||||||||||||||||
(n) Non-Recurring Fees and Expenses | |||||||||||||||||||||||||
The Fund pays all non-recurring and unusual fees and expenses (referred to as extraordinary fees and expenses in the Trust Declaration), if any, of itself, as determined by the Managing Owner. Non-recurring and unusual fees and expenses are fees and expenses which are non-recurring and unusual in nature, such as legal claims and liabilities, litigation costs or indemnification or other unanticipated expenses. Such non-recurring and unusual fees and expenses, by their nature, are unpredictable in terms of timing and amount. For the Three Months Ended March 31, 2015 and 2014, the Fund did not incur such expenses. |
Financial_Instrument_Risk
Financial Instrument Risk | 3 Months Ended |
Mar. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Financial Instrument Risk | (6) Financial Instrument Risk |
In the normal course of its business, the Fund is a party to financial instruments with off-balance sheet risk. The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in a future obligation or loss in excess of the amounts shown on the Statement of Financial Condition. The financial instruments used by the Fund are commodity futures contracts, whose values are based upon an underlying asset and generally represent future commitments that have a reasonable possibility of being settled in cash or through physical delivery. The financial instruments are traded on an exchange and are standardized contracts. | |
Market risk is the potential for changes in the value of the financial instruments traded by the Fund due to market changes, including fluctuations in commodity prices. In entering into these commodity futures contracts, there exists a market risk that such commodity futures contracts may be significantly influenced by adverse market conditions, resulting in such commodity futures contracts being less valuable. If the markets should move against all of the commodity futures contracts at the same time, the Fund could experience substantial losses. | |
Credit risk is the possibility that a loss may occur due to the failure of the Commodity Broker and/or clearinghouse to perform according to the terms of a commodity futures contract. Credit risk with respect to exchange-traded instruments is reduced to the extent that an exchange or clearing organization acts as a counterparty to the transactions. The Commodity Broker, when acting as the Fund’s futures commission merchant in accepting orders for the purchase or sale of domestic futures contracts, is required by CFTC regulations to separately account for and segregate as belonging to the Fund all assets of the Fund relating to domestic futures trading and the Commodity Broker is not allowed to commingle such assets with other assets of the Commodity Broker. In addition, CFTC regulations also require the Commodity Broker to hold in a secure account assets of the Fund related to foreign futures trading. The Fund’s risk of loss in the event of counterparty default is typically limited to the amounts recognized in the statement of financial condition and not represented by the commodity futures contract or notional amounts of the instruments. | |
The Fund has not utilized, nor does it expect to utilize in the future, special purpose entities to facilitate off-balance sheet financing arrangements and has no loan guarantee arrangements or off-balance sheet arrangements of any kind, other than agreements entered into in the normal course of business noted above. |
Share_Purchases_and_Redemption
Share Purchases and Redemptions | 3 Months Ended |
Mar. 31, 2015 | |
Text Block [Abstract] | |
Share Purchases and Redemptions | (7) Share Purchases and Redemptions |
(a) Purchases | |
On any business day, an Authorized Participant may place an order with the Administrator who serves as the Fund’s transfer agent (“Transfer Agent”) to create one or more Baskets. For purposes of processing both creation and redemption orders, a “business day” means any day other than a day when banks in New York City are required or permitted to be closed. Creation orders must be placed by 10:00 a.m., Eastern Time. The day on which the Transfer Agent receives a valid creation order is the creation order date. The day on which a creation order is settled is the creation order settlement date. As provided below, the creation order settlement date may occur up to 3 business days after the creation order date. By placing a creation order, and prior to delivery of such Baskets, an Authorized Participant’s DTC account is charged the non refundable transaction fee due for the creation order. | |
Unless otherwise agreed to by the Managing Owner and the Authorized Participant as provided in the next sentence, Baskets are issued on the creation order settlement date as of 2:45 p.m., Eastern Time, on the business day immediately following the creation order date at the applicable net asset value per Share as of the closing time of the NYSE Arca or the last to close of the exchanges on which its commodity futures contracts are traded, whichever is later, on the creation order date, but only if the required payment has been timely received. Upon submission of a creation order, the Authorized Participant may request the Managing Owner to agree to a creation order settlement date up to 3 business days after the creation order date. By placing a creation order, and prior to receipt of the Baskets, an Authorized Participant’s DTC account is charged the non-refundable transaction fee due for the creation order. | |
Creation orders may be placed either (i) through the Continuous Net Settlement (“CNS”) clearing processes of the National Securities Clearing Corporation (the “NSCC”) or (ii) if outside the CNS Clearing Process, only through the facilities of The Depository Trust Company (“DTC” or the “Depository”) (the “DTC Process”), or a successor depository. | |
(b) Redemptions | |
On any business day, an Authorized Participant may place an order with the Transfer Agent to redeem one or more Baskets. Redemption orders must be placed by 10:00 a.m., Eastern Time. The day on which the Managing Owner receives a valid redemption order is the redemption order date. The day on which a redemption order is settled is the redemption order settlement date. As provided below, the redemption order settlement date may occur up to 3 business days after the redemption order date. The redemption procedures allow Authorized Participants to redeem Baskets. Individual Shareholders may not redeem directly from the Fund. Instead, individual Shareholders may only redeem Shares in integral multiples of 200,000 and only through an Authorized Participant. | |
Unless otherwise agreed to by the Managing Owner and the Authorized Participant as provided in the next sentence, by placing a redemption order, an Authorized Participant agrees to deliver the Baskets to be redeemed through DTC’s book-entry system to the Fund not later than the redemption order settlement date as of 2:45 p.m., Eastern Time, on the business day immediately following the redemption order date. Upon submission of a redemption order, the Authorized Participant may request the Managing Owner to agree to a redemption order settlement date up to 3 business days after the redemption order date. By placing a redemption order, and prior to receipt of the redemption proceeds, an Authorized Participant’s DTC account is charged the non-refundable transaction fee due for the redemption order. | |
Redemption orders may be placed either (i) through the CNS clearing processes of the NSCC or (ii) if outside the CNS Clearing Process, only through the DTC Process, or a successor depository, and only in exchange for cash. By placing a redemption order, and prior to receipt of the redemption proceeds, an Authorized Participant’s DTC account is charged the non-refundable transaction fee due for the redemption order. | |
The redemption proceeds from the Fund consist of the cash redemption amount. The cash redemption amount is equal to the net asset value of the number of Basket(s) of the Fund requested in the Authorized Participant’s redemption order as of the closing time of the NYSE Arca or the last to close of the exchanges on which the Fund’s commodity futures contracts are traded, whichever is later, on the redemption order date. The Managing Owner will distribute the cash redemption amount at 2:45 p.m., Eastern Time, on the redemption order settlement date through DTC to the account of the Authorized Participant as recorded on DTC’s book-entry system. | |
The redemption proceeds due from the Fund are delivered to the Authorized Participant at 2:45 p.m., Eastern Time, on the redemption order settlement date if, by such time, the Fund’s DTC account has been credited with the Baskets to be redeemed. If the Fund’s DTC account has not been credited with all of the Baskets to be redeemed by such time, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next business day to the extent of remaining whole Baskets received if the Transfer Agent receives the fee applicable to the extension of the redemption distribution date which the Managing Owner may, from time-to-time, determine and the remaining Baskets to be redeemed are credited to the Fund’s DTC account by 2:45 p.m., Eastern Time, on such next business day. Any further outstanding amount of the redemption order will be cancelled. The Managing Owner is also authorized to deliver the redemption distribution notwithstanding that the Baskets to be redeemed are not credited to the Fund’s DTC account by 2:45 p.m., Eastern Time, on the redemption order settlement date if the Authorized Participant has collateralized its obligation to deliver the Baskets through DTC’s book-entry system on such terms as the Managing Owner may determine from time-to-time. |
Profit_and_Loss_Allocations_an
Profit and Loss Allocations and Distributions | 3 Months Ended |
Mar. 31, 2015 | |
Equity [Abstract] | |
Profit and Loss Allocations and Distributions | (8) Profit and Loss Allocations and Distributions |
Pursuant to the Trust Agreement, income and expenses are allocated pro rata to the Managing Owner as holder of the General Shares and to the Shareholders monthly based on their respective percentage interests as of the close of the last trading day of the preceding month. Distributions (other than redemption of units) may be made at the sole discretion of the Managing Owner on a pro rata basis in accordance with the respective capital balances of the shareholders. | |
No distributions were paid for the Three Months Ended March 31, 2015 or 2014. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (9) Commitments and Contingencies |
The Managing Owner, either in its own capacity or in its capacity as the Managing Owner and on behalf of the Fund, has entered into various service agreements that contain a variety of representations, or provide indemnification provisions related to certain risks service providers undertake in performing services which are in the best interests of the Fund. As of March 31, 2015 and December 31, 2014, no claims had been received by the Fund. Further, the Fund has not had prior claims or losses pursuant to these contracts. Accordingly, the Managing Owner expects the risk of loss to be remote. |
Net_Asset_Value_and_Financial_
Net Asset Value and Financial Highlights | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Net Asset Value and Financial Highlights | (10) Net Asset Value and Financial Highlights | ||||||||
The Fund is presenting the following net asset value and financial highlights related to investment performance for a Share outstanding for the Three Months Ended March 31, 2015 and 2014. The net investment income (loss) and total expense ratios are calculated using average net asset value. The net asset value presentation is calculated using average daily Shares outstanding. The total return is based on the change in net asset value of the Shares during the period. An individual investor’s return and ratios may vary based on the timing of capital transactions. | |||||||||
Net asset value per Share is the net asset value of the Fund divided by the number of outstanding Shares at the date of each respective period presented. | |||||||||
Three Months Ended | |||||||||
March 31, | March 31, | ||||||||
2015 | 2014 | ||||||||
Net Asset Value | |||||||||
Net asset value per Share, beginning of period | $ | 39.17 | $ | 40.32 | |||||
Net realized and change in unrealized gain (loss) on United States Treasury Obligations and Commodity Futures Contracts | (0.07 | ) | 2.78 | ||||||
Net investment income (loss) | (0.07 | ) | (0.08 | ) | |||||
Net income (loss) | (0.14 | ) | 2.7 | ||||||
Net asset value per Share, end of period | $ | 39.03 | $ | 43.02 | |||||
Market value per Share, beginning of period | $ | 39.15 | $ | 40.34 | |||||
Market value per Share, end of period | $ | 39.04 | $ | 43.06 | |||||
Ratio to average Net Assets* | |||||||||
Net investment income (loss) | (0.74 | )% | (0.74 | )% | |||||
Total expenses | 0.76 | % | 0.8 | % | |||||
Total Return, at net asset value ** | (0.36 | )% | 6.7 | % | |||||
Total Return, at market value ** | (0.28 | )% | 6.74 | % | |||||
* | Percentages are annualized. | ||||||||
** | Percentages are not annualized. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | (11) Subsequent Events |
The Fund evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||
Basis of Presentation | (a) Basis of Presentation | ||||||||||||||||||||||||
The Fund has determined that it meets the definition of an investment company and has prepared the unaudited financial statements in conformity with U.S. GAAP for investment companies in conformity with accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Investment Companies. | |||||||||||||||||||||||||
In August 2014, the FASB issued a new standard, Accounting Standards Update No. 2014-15 Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which will explicitly require management to assess an entity’s ability to continue as a going concern and to provide related footnote disclosure in certain circumstances. This new guidance is effective for all entities in the first annual reporting period ending after December 15, 2016. The Fund is currently evaluating this guidance and its impact on the Fund’s financial statement disclosures. | |||||||||||||||||||||||||
Use of Estimates | (b) Use of Estimates | ||||||||||||||||||||||||
The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses and related disclosure of contingent assets and liabilities during the reporting period of the financial statements and accompanying notes. Actual results could differ from those estimates. There were no significant estimates used in the preparation of these financial statements. | |||||||||||||||||||||||||
Financial Instruments and Fair Value | (c) Financial Instruments and Fair Value | ||||||||||||||||||||||||
United States Treasury Obligations and commodity futures contracts are recorded in the statements of financial condition on a trade date basis at fair value with changes in fair value recognized in earnings in each period. U.S. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. | |||||||||||||||||||||||||
U.S. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods or market conditions may result in transfers in or out of an investment’s assigned level: | |||||||||||||||||||||||||
Level 1—Prices are determined using quoted prices in an active market for identical assets. | |||||||||||||||||||||||||
Level 2—Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. | |||||||||||||||||||||||||
Level 3—Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. | |||||||||||||||||||||||||
The levels assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. | |||||||||||||||||||||||||
The following is a summary of the tiered valuation input levels as of March 31, 2015: | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
United States Treasury Obligations | $ | — | $ | 142,997,027 | $ | — | $ | 142,997,027 | |||||||||||||||||
Commodity Futures Contracts (a) | $ | (543,992 | ) | $ | — | $ | — | $ | (543,992 | ) | |||||||||||||||
(a) | Unrealized appreciation (depreciation). | ||||||||||||||||||||||||
The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. Effective on the Closing Date, the Fund revised certain policies with respect to level classification. As a result, United States Treasury Obligations were transferred from Level 1 to Level 2. | |||||||||||||||||||||||||
The following is a summary of the tiered valuation input levels as of December 31, 2014: | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
United States Treasury Obligations | $ | 149,996,759 | $ | — | $ | — | $ | 149,996,759 | |||||||||||||||||
Commodity Futures Contracts (a) | $ | (8,526,360 | ) | $ | — | $ | — | $ | (8,526,360 | ) | |||||||||||||||
(a) | Unrealized appreciation (depreciation). | ||||||||||||||||||||||||
Deposits with Commodity Broker | (d) Deposits with Commodity Broker | ||||||||||||||||||||||||
The Fund deposits cash and United States Treasury Obligations with its Commodity Broker subject to CFTC regulations and various exchange and broker requirements. The combination of the Fund’s deposits with its Commodity Broker of cash and United States Treasury Obligations and the unrealized profit or loss on open commodity futures contracts (variation margin) represents the Fund’s overall equity in its broker trading account. To meet the Fund’s initial margin requirements, the Fund holds United States Treasury Obligations. The Fund uses its cash held by the Commodity Broker to satisfy variation margin requirements. The Fund earns interest on its cash deposited with the Commodity Broker. | |||||||||||||||||||||||||
Deposits with Custodian | (e) Deposits with Custodian | ||||||||||||||||||||||||
The combination of the Fund’s deposits with its Custodian of cash and United States Treasury Obligations represents the Fund’s overall assets held with its Custodian. | |||||||||||||||||||||||||
United States Treasury Obligations | (f) United States Treasury Obligations | ||||||||||||||||||||||||
The Fund records purchases and sales of United States Treasury Obligations on a trade date basis. These holdings are marked to market based on quoted market closing prices. The Fund holds United States Treasury Obligations for deposit with the Fund’s Commodity Broker to meet margin requirements and for trading purposes. Interest income is recognized on an accrual basis when earned. Premiums and discounts are amortized or accreted in interest income over the life of the United States Treasury Obligations. The Fund purchased $7,000,000 face amount of United States Treasury Obligations valued at $6,999,513 which was recorded as payable for securities purchased as of March 31, 2015. The Fund purchased $19,000,000 face amount of United States Treasury Obligations valued at $18,998,337 which was recorded as payable for securities purchased as of December 31, 2014. The Fund sold $8,000,000 face amount of United States Treasury Obligations valued at $7,999,987 which was recorded as receivable for securities sold as of December 31, 2014. | |||||||||||||||||||||||||
Cash Held by Commodity Broker | (g) Cash Held by Commodity Broker | ||||||||||||||||||||||||
The Fund’s arrangement with the Commodity Broker requires the Fund to meet its variation margin requirement related to the price movements, both positive and negative, on commodity futures contracts held by the Fund by keeping cash on deposit with the Commodity Broker. The Fund assesses its variation margin requirements on a daily basis and additional cash required to satisfy the variation margin required is transferred from the Custodian to the Commodity Broker at the close of business each day. Effective February 24, 2015, only the current day’s variation margin receivable or payable is disclosed as an asset or liability on the Statement of Financial Condition. The Fund defines cash and cash equivalents to be highly liquid investments, with original maturities of three months or less when purchased. As of December 31, 2014, the Fund had cash held with the Predecessor Commodity Broker, of $10,651,900, which was on deposit to satisfy the Fund’s variation margin requirement on open futures contracts. There was no cash held by the Commodity Broker as of March 31, 2015. There were no cash equivalents held by the Fund as of March 31, 2015 and December 31, 2014. | |||||||||||||||||||||||||
Receivable/(Payable) for Shares Issued and Redeemed | (h) Receivable/(Payable) for Shares Issued and Redeemed | ||||||||||||||||||||||||
On any business day, an Authorized Participant may place an order to create or redeem Shares of the Fund. Cash settlement occurs at the creation order settlement date or the redemption order settlement date as discussed in Note 7. As of December 31, 2014, the Fund had a receivable for Shares issued of $7,999,987 and a payable for Shares redeemed of $7,834,782. | |||||||||||||||||||||||||
Income Taxes | (i) Income Taxes | ||||||||||||||||||||||||
The Fund is classified as a partnership for U.S. federal income tax purposes. Accordingly, the Fund will not incur U.S. federal income taxes. No provision for federal, state, and local income taxes has been made in the accompanying financial statements, as investors are individually liable for income taxes, if any, on their allocable share of the Fund’s income, gain, loss, deductions and other items. | |||||||||||||||||||||||||
The Managing Owner has reviewed all of the Fund’s open tax years and major jurisdictions and concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. On an ongoing basis, the Managing Owner will monitor the Fund’s tax positions taken under the interpretation (and consult with its tax counsel from time to time when appropriate) to determine if adjustments to conclusions are necessary based on factoring including, but not limited to, on-going analysis of tax law, regulation, and interpretations thereof. The major tax jurisdiction for the Fund and the earliest tax year subject to examination: United States, 2011. | |||||||||||||||||||||||||
Futures Contracts | (j) Futures Contracts | ||||||||||||||||||||||||
All commodity futures contracts are held and used for trading purposes. Commodity futures contracts are recorded on trade date. Open contracts are recorded in the statement of financial condition at fair value on trade date and on each successive date as well as on the last business day of each of the periods presented, which represent market value for those commodity futures contracts for which market quotes are readily available. However, when market closing prices are not available, the Managing Owner may value an asset of the Fund pursuant to policies the Managing Owner has adopted, which are consistent with normal industry standards. Realized gains (losses) and changes in unrealized appreciation (depreciation) on open positions are determined on a specific identification basis and recognized in the statement of income and expenses in the period in which the contract is closed or the changes occur, respectively. | |||||||||||||||||||||||||
The Value of Derivative Instruments is as follows: | |||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||
Risk Exposure/Derivative Type | Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||||
Commodity risk | |||||||||||||||||||||||||
Commodity Futures Contracts | $ | — | $ | (543,992 | )(a) | $ | — | $ | (8,526,360 | )(b) | |||||||||||||||
(a) | Includes cumulative appreciation (depreciation) of commodity futures contracts. Only current day’s variation margin receivable (payable) is reported in the March 31, 2015 Statement of Financial Condition. | ||||||||||||||||||||||||
(b) | Values are disclosed on the December 31, 2014 Statement of Financial Condition under Net unrealized appreciation (depreciation) on commodity futures contracts. | ||||||||||||||||||||||||
The Effect of Derivative Instruments on the Statements of Income and Expenses is as follows: | |||||||||||||||||||||||||
Risk Exposure/Derivative Type | Location of Gain or (Loss) on Derivatives | For the Three Months Ended | For the Three Months Ended | ||||||||||||||||||||||
Recognized in Income | March 31, 2015 | March 31, 2014 | |||||||||||||||||||||||
Commodity risk | |||||||||||||||||||||||||
Commodity Futures Contracts | Net Realized Gain (Loss) | $ | (11,690,959 | ) | $ | 10,684,680 | |||||||||||||||||||
Net Change in Unrealized Gain (Loss) | 7,982,368 | (1,404,700 | ) | ||||||||||||||||||||||
Total | $ | (3,708,591 | ) | $ | 9,279,980 | ||||||||||||||||||||
The brokerage agreement with the Commodity Broker provides for the net settlement of all financial instruments covered by the agreement in the event of default or termination of any one contract. The Managing Owner will utilize the cash held at the Commodity Broker to offset any realized losses incurred in the commodity futures contracts, if available. To the extent that cash held at the Commodity Broker is not adequate to cover any realized losses, a portion of the United States Treasury Obligations will be sold to make additional cash available. The table below summarizes the average monthly notional value of commodity futures contracts outstanding during the period: | |||||||||||||||||||||||||
Commodity Futures Contracts | |||||||||||||||||||||||||
Three Months | Three Months | ||||||||||||||||||||||||
Ended | Ended | ||||||||||||||||||||||||
March 31, 2015 | March 31, 2014 | ||||||||||||||||||||||||
Average Notional Value | $ | 161,289,980 | $ | 159,308,955 | |||||||||||||||||||||
The Fund utilizes derivative instruments to achieve its investment objective. For financial reporting purposes, the Fund offsets financial assets and financial liabilities that are subject to netting arrangements. In order for an arrangement to be eligible for netting, the Fund must have a basis to conclude that such netting arrangements are legally enforceable. The following table presents derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of March 31, 2015, net by contract: | |||||||||||||||||||||||||
Gross Amounts Not Offset in the | |||||||||||||||||||||||||
Statement of Financial Condition | |||||||||||||||||||||||||
Gross Amounts | Gross Amounts | Net Amounts | Financial | Cash Collateral | Net Amount | ||||||||||||||||||||
Recognized(a) | Offset in the | Presented in | Instruments(b) | Pledged(b) | |||||||||||||||||||||
Statement of | the Statement of | ||||||||||||||||||||||||
Financial Condition | Financial Condition | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Commodity Futures Contracts | $ | (543,992 | ) | $ | — | $ | (543,992 | ) | $ | 543,992 | $ | — | $ | — | |||||||||||
The following table presents derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of December 31, 2014, net by contract: | |||||||||||||||||||||||||
Gross Amounts Not Offset in the | |||||||||||||||||||||||||
Statement of Financial Condition | |||||||||||||||||||||||||
Gross | Gross Amounts | Net Amounts | Financial | Cash Collateral | Net | ||||||||||||||||||||
Amounts | Offset in the | Presented in | Instruments(b) | Pledged(b) | Amount | ||||||||||||||||||||
Recognized(a) | Statement of | the Statement of | |||||||||||||||||||||||
Financial Condition | Financial Condition | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Commodity Futures Contracts | $ | (8,526,360 | ) | $ | — | $ | (8,526,360 | ) | $ | — | $ | 8,526,360 | $ | — | |||||||||||
(a) | Includes cumulative appreciation (depreciation) of futures contracts. | ||||||||||||||||||||||||
(b) | As of March 31, 2015 and December 31, 2014, a portion of the Fund’s cash and US Treasury Obligations were required to be deposited as margin in support of the Fund’s futures positions as described in Note 3. | ||||||||||||||||||||||||
Brokerage Commissions and Fees | (k) Brokerage Commissions and Fees | ||||||||||||||||||||||||
The Fund incurs all brokerage commissions, including applicable exchange fees, National Futures Association (“NFA”) fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading activities by the Commodity Broker. These costs are recorded as brokerage commissions and fees in the statement of income and expenses as incurred. The Commodity Broker’s brokerage commissions and trading fees are determined on a contract-by-contract basis. On average, total charges paid to the Commodity Broker and the Predecessor Commodity Broker, as applicable, were less than $6.00 and $10.00 per round-turn trade for the Three Months Ended March 31, 2015 and 2014, respectively. | |||||||||||||||||||||||||
Routine Operational, Administrative and Other Ordinary Expenses | (l) Routine Operational, Administrative and Other Ordinary Expenses | ||||||||||||||||||||||||
The Managing Owner assumes all routine operational, administrative and other ordinary expenses of the Fund, including, but not limited to, computer services, the fees and expenses of the Trustee, legal and accounting fees and expenses, tax preparation expenses, filing fees and printing, mailing and duplication costs. Prior to the Closing Date, the Predecessor Managing Owner assumed all routine operational, administrative and other ordinary expenses of the Fund. Accordingly, all such expenses are not reflected in the statement of income and expenses of the Fund. | |||||||||||||||||||||||||
Organizational and Offering Costs | (m) Organizational and Offering Costs | ||||||||||||||||||||||||
All organizational and offering expenses (including continuous offering expenses for the offering of the Shares) incurred by the Fund were assumed by either the Predecessor Managing Owner or the Managing Owner. The Fund is not responsible to either the Predecessor Managing Owner or the Managing Owner for the reimbursement of organizational and offering costs (including continuous offering expenses for the offering of the Shares). | |||||||||||||||||||||||||
Non-Recurring Fees and Expenses | (n) Non-Recurring Fees and Expenses | ||||||||||||||||||||||||
The Fund pays all non-recurring and unusual fees and expenses (referred to as extraordinary fees and expenses in the Trust Declaration), if any, of itself, as determined by the Managing Owner. Non-recurring and unusual fees and expenses are fees and expenses which are non-recurring and unusual in nature, such as legal claims and liabilities, litigation costs or indemnification or other unanticipated expenses. Such non-recurring and unusual fees and expenses, by their nature, are unpredictable in terms of timing and amount. For the Three Months Ended March 31, 2015 and 2014, the Fund did not incur such expenses. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||
Summary of the Tiered Valuation Input Levels | The following is a summary of the tiered valuation input levels as of March 31, 2015: | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
United States Treasury Obligations | $ | — | $ | 142,997,027 | $ | — | $ | 142,997,027 | |||||||||||||||||
Commodity Futures Contracts (a) | $ | (543,992 | ) | $ | — | $ | — | $ | (543,992 | ) | |||||||||||||||
(a) | Unrealized appreciation (depreciation). | ||||||||||||||||||||||||
The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the quarter ended March 31, 2015, the Managing Owner changed the classification of United States Treasury Obligations from Level 1 to Level 2 as the Managing Owner values United States Treasury Obligations using vendor quotes, which is considered to be evaluated. | |||||||||||||||||||||||||
The following is a summary of the tiered valuation input levels as of December 31, 2014: | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
United States Treasury Obligations | $ | 149,996,759 | $ | — | $ | — | $ | 149,996,759 | |||||||||||||||||
Commodity Futures Contracts (a) | $ | (8,526,360 | ) | $ | — | $ | — | $ | (8,526,360 | ) | |||||||||||||||
(a) | Unrealized appreciation (depreciation). | ||||||||||||||||||||||||
Fair Value of Derivative Instruments and Effect of Derivative Instruments on Statements of Income and Expenses | The Value of Derivative Instruments is as follows: | ||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||
Risk Exposure/Derivative Type | Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||||
Commodity risk | |||||||||||||||||||||||||
Commodity Futures Contracts | $ | — | $ | (543,992 | )(a) | $ | — | $ | (8,526,360 | )(b) | |||||||||||||||
(a) | Includes cumulative appreciation (depreciation) of commodity futures contracts. Only current day’s variation margin receivable (payable) is reported in the March 31, 2015 Statement of Financial Condition. | ||||||||||||||||||||||||
(b) | Values are disclosed on the December 31, 2014 Statement of Financial Condition under Net unrealized appreciation (depreciation) on commodity futures contracts. | ||||||||||||||||||||||||
The Effect of Derivative Instruments on the Statements of Income and Expenses is as follows: | |||||||||||||||||||||||||
Risk Exposure/Derivative Type | Location of Gain or (Loss) on Derivatives | For the Three Months Ended | For the Three Months Ended | ||||||||||||||||||||||
Recognized in Income | March 31, 2015 | March 31, 2014 | |||||||||||||||||||||||
Commodity risk | |||||||||||||||||||||||||
Commodity Futures Contracts | Net Realized Gain (Loss) | $ | (11,690,959 | ) | $ | 10,684,680 | |||||||||||||||||||
Net Change in Unrealized Gain (Loss) | 7,982,368 | (1,404,700 | ) | ||||||||||||||||||||||
Total | $ | (3,708,591 | ) | $ | 9,279,980 | ||||||||||||||||||||
Summary of Average Monthly Notional Value of Future Contracts Outstanding | The table below summarizes the average monthly notional value of commodity futures contracts outstanding during the period: | ||||||||||||||||||||||||
Commodity Futures Contracts | |||||||||||||||||||||||||
Three Months | Three Months | ||||||||||||||||||||||||
Ended | Ended | ||||||||||||||||||||||||
March 31, 2015 | March 31, 2014 | ||||||||||||||||||||||||
Average Notional Value | $ | 161,289,980 | $ | 159,308,955 | |||||||||||||||||||||
Summary of Gross and Net Amounts of Offsetting Liabilities | The following table presents derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of March 31, 2015, net by contract: | ||||||||||||||||||||||||
Gross Amounts Not Offset in the | |||||||||||||||||||||||||
Statement of Financial Condition | |||||||||||||||||||||||||
Gross Amounts | Gross Amounts | Net Amounts | Financial | Cash Collateral | Net Amount | ||||||||||||||||||||
Recognized(a) | Offset in the | Presented in | Instruments(b) | Pledged(b) | |||||||||||||||||||||
Statement of | the Statement of | ||||||||||||||||||||||||
Financial Condition | Financial Condition | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Commodity Futures Contracts | $ | (543,992 | ) | $ | — | $ | (543,992 | ) | $ | 543,992 | $ | — | $ | — | |||||||||||
The following table presents derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of December 31, 2014, net by contract: | |||||||||||||||||||||||||
Gross Amounts Not Offset in the | |||||||||||||||||||||||||
Statement of Financial Condition | |||||||||||||||||||||||||
Gross | Gross Amounts | Net Amounts | Financial | Cash Collateral | Net | ||||||||||||||||||||
Amounts | Offset in the | Presented in | Instruments(b) | Pledged(b) | Amount | ||||||||||||||||||||
Recognized(a) | Statement of | the Statement of | |||||||||||||||||||||||
Financial Condition | Financial Condition | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Commodity Futures Contracts | $ | (8,526,360 | ) | $ | — | $ | (8,526,360 | ) | $ | — | $ | 8,526,360 | $ | — | |||||||||||
(a) | Includes cumulative appreciation (depreciation) of futures contracts. | ||||||||||||||||||||||||
(b) | As of March 31, 2015 and December 31, 2014, a portion of the Fund’s cash and US Treasury Obligations were required to be deposited as margin in support of the Fund’s futures positions as described in Note 3. |
Net_Asset_Value_and_Financial_1
Net Asset Value and Financial Highlights (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Schedule of Net Asset Value Per Share | Net asset value per Share is the net asset value of the Fund divided by the number of outstanding Shares at the date of each respective period presented. | ||||||||
Three Months Ended | |||||||||
March 31, | March 31, | ||||||||
2015 | 2014 | ||||||||
Net Asset Value | |||||||||
Net asset value per Share, beginning of period | $ | 39.17 | $ | 40.32 | |||||
Net realized and change in unrealized gain (loss) on United States Treasury Obligations and Commodity Futures Contracts | (0.07 | ) | 2.78 | ||||||
Net investment income (loss) | (0.07 | ) | (0.08 | ) | |||||
Net income (loss) | (0.14 | ) | 2.7 | ||||||
Net asset value per Share, end of period | $ | 39.03 | $ | 43.02 | |||||
Market value per Share, beginning of period | $ | 39.15 | $ | 40.34 | |||||
Market value per Share, end of period | $ | 39.04 | $ | 43.06 | |||||
Ratio to average Net Assets* | |||||||||
Net investment income (loss) | (0.74 | )% | (0.74 | )% | |||||
Total expenses | 0.76 | % | 0.8 | % | |||||
Total Return, at net asset value ** | (0.36 | )% | 6.7 | % | |||||
Total Return, at market value ** | (0.28 | )% | 6.74 | % | |||||
* | Percentages are annualized. | ||||||||
** | Percentages are not annualized. |
Background_Additional_Informat
Background - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Trust | |
Related Party Transactions [Abstract] | |
Number of series of trusts | 7 |
Business acquisition agreement date | 23-Feb-15 |
Organization_Additional_Inform
Organization - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | |
Mar. 31, 2015 | Aug. 03, 2006 | Dec. 31, 2014 | |
Basket | Trust | ||
Trust | |||
Organization [Line Items] | |||
Number of series of trusts | 7 | ||
General shares, shares issued | 40 | 40 | |
Number of shares issued per basket | 200,000 | ||
Fund offered common units to authorized participants in number of basket | 1 | ||
Powershares DB Gold Fund [Member] | |||
Organization [Line Items] | |||
Number of series of trusts | 7 | ||
Partners' capital contribution | $1,000 | ||
General shares, shares issued | 40 |
Fund_Investment_Overview_Addit
Fund Investment Overview - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Schedule of Investments [Abstract] | ||
Deposits with broker | $40,732,980 | $152,122,299 |
Percentage of assets held by broker | 26.16% | 95.00% |
Restricted investments | $40,732,980 | $5,148,000 |
Percentage of holdings considered restricted | 26.16% | 3.22% |
Service_Providers_and_Related_1
Service Providers and Related Party Agreements - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | |||||||
Mar. 31, 2015 | Mar. 31, 2014 | Feb. 26, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||
Related Party Transaction [Line Items] | |||||||||
Management fee percentage per annum of daily net asset | 0.75% | ||||||||
Management Fee | $295,721 | $301,699 | |||||||
Management fee payable | 98,953 | 92,547 | |||||||
Brokerage fee | 8,645 | 18,590 | |||||||
Brokerage fee payable | 755 | 3,765 | |||||||
Cash held by commodity broker | 0 | 10,651,900 | |||||||
United States Treasury Obligations | 142,997,027 | 149,996,759 | |||||||
Cash transfer to Commodity Broker to satisfy variation margin requirements | 9,971,010 | ||||||||
Cash and cash equivalents deposited with custodian | 12,695,291 | [1] | 10,078,775 | [1] | 10,651,900 | [2] | 7,553,303 | [2] | |
Bank of New York Mellon [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Cash transferred to Custodian | 10,488,749 | ||||||||
United States Treasury Obligations transferred to Custodian | 207,995,237 | ||||||||
Cash and cash equivalents deposited with custodian | 114,696,418 | ||||||||
Percentage of cash and cash equivalents deposited with custodian | 73.67% | ||||||||
Fund assets held by custodian | 0 | ||||||||
Commodity Broker [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Cash transfer to Commodity Broker to satisfy variation margin requirements | 9,971,010 | ||||||||
United States Treasury Obligations transferred to Commodity Broker | 40,995,900 | ||||||||
Deutsche Bank Securities Inc [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Brokerage fee | 8,645 | 18,590 | |||||||
Brokerage fee payable | 755 | 3,765 | |||||||
Cash held by commodity broker | 10,651,900 | ||||||||
United States Treasury Obligations | $149,996,759 | ||||||||
[1] | Cash at March 31, 2015 reflects cash held by the Custodian. | ||||||||
[2] | Cash at December 31, 2014 and prior reflects cash held by the Predecessor Commodity Broker. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Summary of the Tiered Valuation Input Levels (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
United States Treasury Obligations | $142,997,027 | $149,996,759 |
Commodity Futures Contracts | -543,992 | -8,526,360 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
United States Treasury Obligations | 149,996,759 | |
Commodity Futures Contracts | -543,992 | -8,526,360 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
United States Treasury Obligations | $142,997,027 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Payable for securities purchased | $6,999,513 | $18,998,337 | |
Receivable for securities sold | 7,999,987 | ||
Cash held by the Commodity Broker | 0 | 10,651,900 | |
Cash equivalents held | 0 | 10,651,900 | |
Cash and cash equivalents, original maturities, maximum number of months | 3 months | 3 months | |
Receivable for securities issued | 7,999,987 | ||
Payable for shares redeemed | 7,834,782 | ||
Unrecognized tax benefits | 0 | ||
Average charges paid to broker per round-turn trade, maximum | 6 | 10 | |
US Treasury Securities Purchased But Not Yet Paid [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Face amount of debt purchased | 7,000,000 | 19,000,000 | |
Payable for securities purchased | 6,999,513 | 18,998,337 | |
Us Treasury Securities Sold But Not Yet Received [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Face amount of debt sold | 8,000,000 | ||
Receivable for securities sold | $7,999,987 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Fair Value of Derivative Instruments and Effect of Derivative Instruments on Statements of Income and Expenses (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Derivative Instruments And Hedging Activities [Line Items] | |||
Commodity Futures Contracts Assets | $0 | $0 | |
Commodity Futures Contracts Liabilities | -543,992 | -8,526,360 | |
Net Realized Gain (Loss) | -11,690,959 | 10,684,680 | |
Net Change in Unrealized Gain (Loss) | 7,982,368 | -1,404,700 | |
Net realized and net change in unrealized gain (loss) on United States Treasury Obligations and Commodity Futures Contracts | -3,709,192 | 9,282,805 | |
Commodity Contract [Member] | |||
Derivative Instruments And Hedging Activities [Line Items] | |||
Net Realized Gain (Loss) | -11,690,959 | 10,684,680 | |
Net Change in Unrealized Gain (Loss) | 7,982,368 | -1,404,700 | |
Net realized and net change in unrealized gain (loss) on United States Treasury Obligations and Commodity Futures Contracts | ($3,708,591) | $9,279,980 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Summary of Average Monthly Notional Value of Future Contracts Outstanding (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Regulatory Assets [Abstract] | ||
Average Notional Value | $161,289,980 | $159,308,955 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies - Summary of Gross and Net Amounts of Offsetting Liabilities (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Offsetting Derivative Liabilities [Abstract] | ||
Gross Amounts of Recognized Liabilities | ($543,992) | ($8,526,360) |
Gross Amounts Offset Liabilities in the Statement of Financial Condition | 0 | 0 |
Net Amounts of Liabilities Presented in the Statement of Financial Condition | -543,992 | -8,526,360 |
Gross Amounts Not Offset In The Statement of Financial Condition - Financial Instruments Liabilities | 543,992 | |
Gross Amounts Not Offset In The Statement of Financial Condition - Cash Collateral Pledged Liabilities | 8,526,360 | |
Liabilities Net Amount | ($543,992) | ($8,526,360) |
Share_Purchases_and_Redemption1
Share Purchases and Redemptions - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Basket | |
Equity [Abstract] | |
Minimum number of Baskets that can be purchased | 1 |
Shares redeemed | 200,000 |
Minimum number of baskets that can be redeemed | 1 |
Profit_and_Loss_Allocations_an1
Profit and Loss Allocations and Distributions - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Earnings Per Share [Abstract] | ||
Distributed Earnings | $0 | $0 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (Indemnification Agreement [Member]) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Claim | Claim | |
Indemnification Agreement [Member] | ||
Loss Contingencies [Line Items] | ||
Claims received by fund | 0 | 0 |
Net_Asset_Value_and_Financial_2
Net Asset Value and Financial Highlights - Schedule of Net Asset Value Per Share (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Net Asset Value | ||
Net asset value per Share, beginning of period | $39.17 | $40.32 |
Net realized and change in unrealized gain (loss) on United States Treasury Obligations and Commodity Futures Contracts | ($0.07) | $2.78 |
Net investment income (loss) | ($0.07) | ($0.08) |
Net income (loss) | ($0.14) | $2.70 |
Net asset value per Share, end of period | $39.03 | $43.02 |
Market value per Share, beginning of period | $39.15 | $40.34 |
Market value per Share, end of period | $39.04 | $43.06 |
Ratio to average Net Assets | ||
Net investment income (loss) | -0.74% | -0.74% |
Total expenses | 0.76% | 0.80% |
Total Return, at net asset value | -0.36% | 6.70% |
Total Return, at market value | -0.28% | 6.74% |