Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Sep. 30, 2014 | |
Document And Entity Information [Abstract] | ' |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 30-Sep-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q3 |
Trading Symbol | 'DBB |
Entity Registrant Name | 'POWERSHARES DB BASE METALS FUND |
Entity Central Index Key | '0001383084 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Accelerated Filer |
Entity Common Stock, Shares Outstanding | 19,400,000 |
Unaudited_Statements_of_Financ
Unaudited Statements of Financial Condition (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Assets | ' | ' |
United States Treasury Obligations, at fair value (cost $339,991,975 and $227,984,035, respectively) | $339,995,651 | $227,989,243 |
Cash held by commodity broker | 3,487,663 | 24,778,734 |
Receivable for LME contracts | 10,078,600 | ' |
Net unrealized depreciation on commodity futures contracts | -899,325 | -4,049,888 |
Equity in broker trading accounts (of which $25,747,592 and $19,456,837, respectively, is restricted for margin purposes) | 352,662,589 | 248,718,089 |
Total assets | 352,662,589 | 248,718,089 |
Liabilities | ' | ' |
Payable for LME contracts | ' | 10,668,706 |
Payable for securities purchased | 22,999,412 | 2,999,507 |
Management fee payable | 209,113 | 150,010 |
Brokerage fee payable | 4,664 | 4,797 |
Total liabilities | 23,213,189 | 13,823,020 |
Commitments and Contingencies (Note 8) | ' | ' |
Equity | ' | ' |
Shareholders' equity-General Shares | 679 | 671 |
Shareholders' equity-Shares | 329,448,721 | 234,894,398 |
Total shareholders' equity | 329,449,400 | 234,895,069 |
Total liabilities and equity | $352,662,589 | $248,718,089 |
General Shares outstanding | 40 | 40 |
Shares outstanding | 19,400,000 | 14,000,000 |
Net asset value per share | ' | ' |
General Shares | $16.98 | $16.78 |
Shares | $16.98 | $16.78 |
Unaudited_Statements_of_Financ1
Unaudited Statements of Financial Condition (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Restricted investments | $25,747,592 | $19,456,837 |
United States Treasury Obligations [Member] | ' | ' |
United States Treasury Obligations, cost | $339,991,975 | $227,984,035 |
Schedule_of_Investments_Treasu
Schedule of Investments - Treasury Bills (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Schedule of Investments [Line Items] | ' | ' |
Fair Value | $339,995,651 | $227,989,243 |
U.S Treasury Bills, 0.015% due October 2, 2014 [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Percentage of Shareholders' Equity | 6.98% | ' |
Fair Value | 23,000,000 | ' |
Face Value | 23,000,000 | ' |
U.S Treasury Bills, 0.005% due October 9, 2014 [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Percentage of Shareholders' Equity | 9.41% | ' |
Fair Value | 30,999,938 | ' |
Face Value | 31,000,000 | ' |
U.S Treasury Bills, 0.000% due October 23, 2014 [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Percentage of Shareholders' Equity | 17.00% | ' |
Fair Value | 55,999,552 | ' |
Face Value | 56,000,000 | ' |
U.S Treasury Bills, 0.020% due October 30, 2014 [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Percentage of Shareholders' Equity | 17.61% | ' |
Fair Value | 57,999,420 | ' |
Face Value | 58,000,000 | ' |
U.S Treasury Bills, 0.025% due November 6, 2014 [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Percentage of Shareholders' Equity | 9.41% | ' |
Fair Value | 30,999,597 | ' |
Face Value | 31,000,000 | ' |
U.S Treasury Bills, 0.030% due November 13, 2014 [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Percentage of Shareholders' Equity | 17.60% | ' |
Fair Value | 57,999,304 | ' |
Face Value | 58,000,000 | ' |
U.S Treasury Bills, 0.030% due November 20, 2014 [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Percentage of Shareholders' Equity | 1.82% | ' |
Fair Value | 5,999,916 | ' |
Face Value | 6,000,000 | ' |
U.S Treasury Bills, 0.025% due December 4, 2014 [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Percentage of Shareholders' Equity | 6.98% | ' |
Fair Value | 22,999,586 | ' |
Face Value | 23,000,000 | ' |
U.S Treasury Bills, 0.020% due December 11, 2014 [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Percentage of Shareholders' Equity | 0.91% | ' |
Fair Value | 2,999,940 | ' |
Face Value | 3,000,000 | ' |
U.S Treasury Bills, 0.015% due December 18, 2014 [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Percentage of Shareholders' Equity | 3.34% | ' |
Fair Value | 10,999,703 | ' |
Face Value | 11,000,000 | ' |
U.S Treasury Bills, 0.010% due December 26, 2014 [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Percentage of Shareholders' Equity | 5.16% | ' |
Fair Value | 16,999,592 | ' |
Face Value | 17,000,000 | ' |
U.S Treasury Bills, 0.015% due January 2, 2015 [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Percentage of Shareholders' Equity | 6.98% | ' |
Fair Value | 22,999,103 | ' |
Face Value | 23,000,000 | ' |
United States Treasury Obligations [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Percentage of Shareholders' Equity | 103.20% | 97.06% |
Fair Value | 339,995,651 | 227,989,243 |
Face Value | ' | ' |
U.S Treasury Bills 0.030% due January 2, 2014 [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Percentage of Shareholders' Equity | ' | 1.28% |
Fair Value | ' | 3,000,000 |
Face Value | ' | 3,000,000 |
U.S Treasury Bills 0.025% due January 9, 2014 [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Percentage of Shareholders' Equity | ' | 0.85% |
Fair Value | ' | 1,999,996 |
Face Value | ' | 2,000,000 |
U.S Treasury Bills 0.005% due January 23, 2014 [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Percentage of Shareholders' Equity | ' | 30.65% |
Fair Value | ' | 71,999,496 |
Face Value | ' | 72,000,000 |
U.S Treasury Bills 0.005% due January 30, 2014 [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Percentage of Shareholders' Equity | ' | 23.84% |
Fair Value | ' | 55,999,440 |
Face Value | ' | 56,000,000 |
U.S Treasury Bills 0.050% due February 6, 2014 [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Percentage of Shareholders' Equity | ' | 2.55% |
Fair Value | ' | 5,999,946 |
Face Value | ' | 6,000,000 |
U.S Treasury Bills 0.075% due February 13, 2014 [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Percentage of Shareholders' Equity | ' | 5.11% |
Fair Value | ' | 11,999,892 |
Face Value | ' | 12,000,000 |
U.S Treasury Bills 0.080% due February 20, 2014 [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Percentage of Shareholders' Equity | ' | 0.85% |
Fair Value | ' | 1,999,952 |
Face Value | ' | 2,000,000 |
U.S Treasury Bills 0.075% due March 6, 2014 [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Percentage of Shareholders' Equity | ' | 6.81% |
Fair Value | ' | 15,998,672 |
Face Value | ' | 16,000,000 |
U.S Treasury Bills 0.070% due March 13, 2014 [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Percentage of Shareholders' Equity | ' | 0.43% |
Fair Value | ' | 999,932 |
Face Value | ' | 1,000,000 |
U.S Treasury Bills 0.065% due March 20, 2014 [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Percentage of Shareholders' Equity | ' | 6.81% |
Fair Value | ' | 15,998,112 |
Face Value | ' | 16,000,000 |
U.S Treasury Bills 0.070% due March 27, 2014 [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Percentage of Shareholders' Equity | ' | 16.60% |
Fair Value | ' | 38,994,306 |
Face Value | ' | 39,000,000 |
U.S Treasury Bills 0.065% due April 3, 2014 [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Percentage of Shareholders' Equity | ' | 1.28% |
Fair Value | ' | 2,999,499 |
Face Value | ' | $3,000,000 |
Schedule_of_Investments_Treasu1
Schedule of Investments - Treasury Bills (Parenthetical) (USD $) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
U.S Treasury Bills, 0.015% due October 2, 2014 [Member] | U.S Treasury Bills, 0.005% due October 9, 2014 [Member] | U.S Treasury Bills, 0.000% due October 23, 2014 [Member] | U.S Treasury Bills, 0.020% due October 30, 2014 [Member] | U.S Treasury Bills, 0.025% due November 6, 2014 [Member] | U.S Treasury Bills, 0.030% due November 13, 2014 [Member] | U.S Treasury Bills, 0.030% due November 20, 2014 [Member] | U.S Treasury Bills, 0.025% due December 4, 2014 [Member] | U.S Treasury Bills, 0.020% due December 11, 2014 [Member] | U.S Treasury Bills, 0.015% due December 18, 2014 [Member] | U.S Treasury Bills, 0.010% due December 26, 2014 [Member] | U.S Treasury Bills, 0.015% due January 2, 2015 [Member] | U.S Treasury Bills 0.030% due January 2, 2014 [Member] | U.S Treasury Bills 0.025% due January 9, 2014 [Member] | U.S Treasury Bills 0.005% due January 23, 2014 [Member] | U.S Treasury Bills 0.005% due January 30, 2014 [Member] | U.S Treasury Bills 0.050% due February 6, 2014 [Member] | U.S Treasury Bills 0.075% due February 13, 2014 [Member] | U.S Treasury Bills 0.080% due February 20, 2014 [Member] | U.S Treasury Bills 0.075% due March 6, 2014 [Member] | U.S Treasury Bills 0.070% due March 13, 2014 [Member] | U.S Treasury Bills 0.065% due March 20, 2014 [Member] | U.S Treasury Bills 0.070% due March 27, 2014 [Member] | U.S Treasury Bills 0.065% due April 3, 2014 [Member] | |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment interest rate | 0.02% | 0.01% | 0.00% | 0.02% | 0.03% | 0.03% | 0.03% | 0.03% | 0.02% | 0.02% | 0.01% | 0.02% | 0.03% | 0.03% | 0.01% | 0.01% | 0.05% | 0.08% | 0.08% | 0.08% | 0.07% | 0.07% | 0.07% | 0.07% |
Investment maturity date | 2-Oct-14 | 9-Oct-14 | 23-Oct-14 | 30-Oct-14 | 6-Nov-14 | 13-Nov-14 | 20-Nov-14 | 4-Dec-14 | 11-Dec-14 | 18-Dec-14 | 26-Dec-14 | 2-Jan-15 | 2-Jan-14 | 9-Jan-14 | 23-Jan-14 | 30-Jan-14 | 6-Feb-14 | 13-Feb-14 | 20-Feb-14 | 6-Mar-14 | 13-Mar-14 | 20-Mar-14 | 27-Mar-14 | 3-Apr-14 |
Schedule_of_Investments_Future
Schedule of Investments - Future Contracts (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
LME Aluminum (2,272 contracts, settlement date October 19, 2015) [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Unrealized Appreciation/ (Depreciation) as a Percentage of Shareholders' Equity | -2.23% | ' |
Unrealized Appreciation/ (Depreciation) | ($7,353,231) | ' |
Notional Market Value | 113,955,000 | ' |
LME Copper (625 contracts, settlement date December 15, 2014) [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Unrealized Appreciation/ (Depreciation) as a Percentage of Shareholders' Equity | -1.18% | ' |
Unrealized Appreciation/ (Depreciation) | -3,897,156 | ' |
Notional Market Value | 104,273,438 | ' |
LME Zinc (2,249 contracts, settlement date December 15, 2014) [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Unrealized Appreciation/ (Depreciation) as a Percentage of Shareholders' Equity | 3.14% | ' |
Unrealized Appreciation/ (Depreciation) | 10,351,062 | ' |
Notional Market Value | 128,614,687 | ' |
Total Commodity Futures Contracts [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Unrealized Appreciation/ (Depreciation) as a Percentage of Shareholders' Equity | -0.27% | -1.72% |
Unrealized Appreciation/ (Depreciation) | -899,325 | ' |
Unrealized Appreciation/ (Depreciation) | ' | -4,049,888 |
Notional Market Value | 346,843,125 | 246,110,944 |
LME Aluminum (1,690 contracts, settlement date October 13, 2014) [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Unrealized Appreciation/ (Depreciation) as a Percentage of Shareholders' Equity | ' | -0.87% |
Unrealized Appreciation/ (Depreciation) | ' | -2,041,975 |
Notional Market Value | ' | 78,996,938 |
LME Copper (447 contracts, settlement date March 17, 2014) [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Unrealized Appreciation/ (Depreciation) as a Percentage of Shareholders' Equity | ' | -2.68% |
Unrealized Appreciation/ (Depreciation) | ' | -6,306,100 |
Notional Market Value | ' | 82,312,256 |
LME Zinc (1,623 contracts, settlement date December 15, 2014) [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Unrealized Appreciation/ (Depreciation) as a Percentage of Shareholders' Equity | ' | 1.83% |
Unrealized Appreciation/ (Depreciation) | ' | 4,298,187 |
Notional Market Value | ' | $84,801,750 |
Schedule_of_Investments_Future1
Schedule of Investments - Future Contracts (Parenthetical) | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
LME Aluminum (2,272 contracts, settlement date October 19, 2015) [Member] | LME Copper (625 contracts, settlement date December 15, 2014) [Member] | LME Zinc (2,249 contracts, settlement date December 15, 2014) [Member] | LME Aluminum (1,690 contracts, settlement date October 13, 2014) [Member] | LME Copper (447 contracts, settlement date March 17, 2014) [Member] | LME Zinc (1,623 contracts, settlement date December 15, 2014) [Member] | |
Contract | Contract | Contract | Contract | Contract | Contract | |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ' |
Open option contracts written, number of contracts | 2,272 | 625 | 2,249 | 1,690 | 447 | 1,623 |
Forward contract indexed to issuer's equity, settlement date or dates | 19-Oct-15 | 15-Dec-14 | 15-Dec-14 | 13-Oct-14 | 17-Mar-14 | 15-Dec-14 |
Unaudited_Statements_of_Income
Unaudited Statements of Income and Expenses (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income | ' | ' | ' | ' |
Interest Income | $20,937 | $24,000 | $74,448 | $120,227 |
Expenses | ' | ' | ' | ' |
Management Fee | 644,688 | 519,075 | 1,706,499 | 1,744,032 |
Brokerage Commissions and Fees | 31,787 | 17,763 | 59,260 | 39,761 |
Total Expenses | 676,475 | 536,838 | 1,765,759 | 1,783,793 |
Net investment income (loss) | -655,538 | -512,838 | -1,691,311 | -1,663,566 |
Net Realized Gain (Loss) on | ' | ' | ' | ' |
United States Treasury Obligations | 657 | 1,725 | 2,365 | 6,087 |
Futures | 17,171,481 | -24,035,351 | 2,462,225 | -31,116,569 |
Net realized gain (loss) | 17,172,138 | -24,033,626 | 2,464,590 | -31,110,482 |
Net Change in Unrealized Gain (Loss) on | ' | ' | ' | ' |
United States Treasury Obligations | 988 | -5,623 | -1,532 | -12,766 |
Futures | -16,803,812 | 34,473,139 | 3,150,563 | -13,072,411 |
Net change in unrealized gain (loss) | -16,802,824 | 34,467,516 | 3,149,031 | -13,085,177 |
Net realized and net change in unrealized gain (loss) on United States Treasury Obligations and Futures | 369,314 | 10,433,890 | 5,613,621 | -44,195,659 |
Net Income (Loss) | ($286,224) | $9,921,052 | $3,922,310 | ($45,859,225) |
Unaudited_Statement_of_Changes
Unaudited Statement of Changes in Shareholders Equity (USD $) | Total | General Shares [Member] | General Shares [Member] | Shares [Member] | Shares [Member] |
USD ($) | Total Equity [Member] | Total Equity [Member] | |||
USD ($) | USD ($) | ||||
Balance, Value at Jun. 30, 2013 | $310,319,342 | ' | $646 | ' | $310,318,696 |
Balance Shares at Jun. 30, 2013 | ' | 40 | ' | 19,200,000 | ' |
Sale of Shares, Value | 16,802,774 | ' | ' | ' | 16,802,774 |
Sale of Shares, Shares | ' | ' | ' | 1,000,000 | ' |
Redemption of Shares, Value | -65,461,392 | ' | ' | ' | -65,461,392 |
Redemption of Shares, Shares | ' | ' | ' | -4,000,000 | ' |
Net Increase (Decrease) due to Share Transactions, Value | -48,658,618 | ' | ' | ' | -48,658,618 |
Net Increase (Decrease) due to Share Transactions, Share | ' | ' | ' | -3,000,000 | ' |
Net Income (Loss) | ' | ' | ' | ' | ' |
Net investment income (loss) | -512,838 | ' | -2 | ' | -512,836 |
Net realized gain (loss) on United States Treasury Obligations and Futures | -24,033,626 | ' | -43 | ' | -24,033,583 |
Net change in unrealized gain (loss) on United States Treasury Obligations and Futures | 34,467,516 | ' | 69 | ' | 34,467,447 |
Net Income (Loss) | 9,921,052 | ' | 24 | ' | 9,921,028 |
Net Change in Shareholders' Equity, value | -38,737,566 | ' | 24 | ' | -38,737,590 |
Net Change in Shareholders' Equity, shares | ' | ' | ' | -3,000,000 | ' |
Balance, Value at Sep. 30, 2013 | 271,581,776 | ' | 670 | ' | 271,581,106 |
Balance Shares at Sep. 30, 2013 | ' | 40 | ' | 16,200,000 | ' |
Balance, Value at Dec. 31, 2012 | 309,978,537 | ' | 765 | ' | 309,977,772 |
Balance Shares at Dec. 31, 2012 | ' | 40 | ' | 16,200,000 | ' |
Sale of Shares, Value | 154,298,698 | ' | ' | ' | 154,298,698 |
Sale of Shares, Shares | ' | ' | ' | 8,600,000 | ' |
Redemption of Shares, Value | -146,836,234 | ' | ' | ' | -146,836,234 |
Redemption of Shares, Shares | ' | ' | ' | -8,600,000 | ' |
Net Increase (Decrease) due to Share Transactions, Value | 7,462,464 | ' | ' | ' | 7,462,464 |
Net Income (Loss) | ' | ' | ' | ' | ' |
Net investment income (loss) | -1,663,566 | ' | -4 | ' | -1,663,562 |
Net realized gain (loss) on United States Treasury Obligations and Futures | -31,110,482 | ' | -64 | ' | -31,110,418 |
Net change in unrealized gain (loss) on United States Treasury Obligations and Futures | -13,085,177 | ' | -27 | ' | -13,085,150 |
Net Income (Loss) | -45,859,225 | ' | -95 | ' | -45,859,130 |
Net Change in Shareholders' Equity, value | -38,396,761 | ' | -95 | ' | -38,396,666 |
Balance, Value at Sep. 30, 2013 | 271,581,776 | ' | 670 | ' | 271,581,106 |
Balance Shares at Sep. 30, 2013 | ' | 40 | ' | 16,200,000 | ' |
Balance, Value at Dec. 31, 2013 | 234,895,069 | ' | 671 | ' | 234,894,398 |
Balance Shares at Dec. 31, 2013 | ' | 40 | ' | 14,000,000 | ' |
Sale of Shares, Value | 231,046,308 | ' | ' | ' | 231,046,308 |
Sale of Shares, Shares | ' | ' | ' | 13,800,000 | ' |
Redemption of Shares, Value | -140,414,287 | ' | ' | ' | -140,414,287 |
Redemption of Shares, Shares | -200,000 | ' | ' | -8,400,000 | ' |
Net Increase (Decrease) due to Share Transactions, Value | 90,632,021 | ' | ' | ' | 90,632,021 |
Net Increase (Decrease) due to Share Transactions, Share | ' | ' | ' | 5,400,000 | ' |
Net Income (Loss) | ' | ' | ' | ' | ' |
Net investment income (loss) | -1,691,311 | ' | -3 | ' | -1,691,308 |
Net realized gain (loss) on United States Treasury Obligations and Futures | 2,464,590 | ' | 5 | ' | 2,464,585 |
Net change in unrealized gain (loss) on United States Treasury Obligations and Futures | 3,149,031 | ' | 6 | ' | 3,149,025 |
Net Income (Loss) | 3,922,310 | ' | 8 | ' | 3,922,302 |
Net Change in Shareholders' Equity, value | 94,554,331 | ' | 8 | ' | 94,554,323 |
Net Change in Shareholders' Equity, shares | ' | ' | ' | 5,400,000 | ' |
Balance, Value at Sep. 30, 2014 | 329,449,400 | ' | 679 | ' | 329,448,721 |
Balance Shares at Sep. 30, 2014 | ' | 40 | ' | 19,400,000 | ' |
Balance, Value at Jun. 30, 2014 | 315,579,734 | ' | 679 | ' | 315,579,055 |
Balance Shares at Jun. 30, 2014 | ' | 40 | ' | 18,600,000 | ' |
Sale of Shares, Value | 77,271,900 | ' | ' | ' | 77,271,900 |
Sale of Shares, Shares | ' | ' | ' | 4,400,000 | ' |
Redemption of Shares, Value | -63,116,010 | ' | ' | ' | -63,116,010 |
Redemption of Shares, Shares | ' | ' | ' | -3,600,000 | ' |
Net Increase (Decrease) due to Share Transactions, Value | 14,155,890 | ' | ' | ' | 14,155,890 |
Net Increase (Decrease) due to Share Transactions, Share | ' | ' | ' | 800,000 | ' |
Net Income (Loss) | ' | ' | ' | ' | ' |
Net investment income (loss) | -655,538 | ' | -1 | ' | -655,537 |
Net realized gain (loss) on United States Treasury Obligations and Futures | 17,172,138 | ' | 35 | ' | 17,172,103 |
Net change in unrealized gain (loss) on United States Treasury Obligations and Futures | -16,802,824 | ' | -34 | ' | -16,802,790 |
Net Income (Loss) | -286,224 | ' | ' | ' | -286,224 |
Net Change in Shareholders' Equity, value | 13,869,666 | ' | ' | ' | 13,869,666 |
Net Change in Shareholders' Equity, shares | ' | ' | ' | 800,000 | ' |
Balance, Value at Sep. 30, 2014 | $329,449,400 | ' | $679 | ' | $329,448,721 |
Balance Shares at Sep. 30, 2014 | ' | 40 | ' | 19,400,000 | ' |
Unaudited_Statements_of_Cash_F
Unaudited Statements of Cash Flows (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Cash flow from operating activities: | ' | ' |
Net Income (Loss) | $3,922,310 | ($45,859,225) |
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | ' | ' |
Cost of securities purchased | -930,927,265 | -937,874,566 |
Proceeds from securities sold and matured | 838,997,565 | 953,497,517 |
Net accretion of discount on United States Treasury Obligations | -75,970 | -134,580 |
Net realized (gain) loss on United States Treasury Obligations | -2,365 | -6,087 |
Net change in unrealized (gain) loss on United States Treasury Obligations and Futures | -3,149,031 | 13,085,177 |
Change in operating receivables and liabilities: | ' | ' |
Receivable for LME contracts | -10,078,600 | ' |
Payable for LME contracts | -10,668,706 | 25,126,406 |
Management fee payable | 59,103 | -38,588 |
Brokerage fee payable | -133 | 6,018 |
Net cash provided by (used for) operating activities | -111,923,092 | 7,802,072 |
Cash flows from financing activities: | ' | ' |
Proceeds from sale of Shares | 231,046,308 | 154,298,698 |
Redemption of Shares | -140,414,287 | -146,836,234 |
Net cash provided by (used for) financing activities | 90,632,021 | 7,462,464 |
Net change in cash held by broker | -21,291,071 | 15,264,536 |
Cash held by commodity broker at beginning of period | 24,778,734 | 34,696,647 |
Cash held by commodity broker at end of period | $3,487,663 | $49,961,183 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Organization | ' |
(1) Organization | |
PowerShares DB Base Metals Fund (the “Fund”), a separate series of PowerShares DB Multi-Sector Commodity Trust (the “Trust”), a Delaware statutory trust organized in seven separate series, was formed on August 3, 2006. DB Commodity Services LLC, a Delaware limited liability company (“DBCS” or the “Managing Owner”), seeded the Fund with a capital contribution of $1,000 in exchange for 40 General Shares of the Fund. 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 Fourth Amended and Restated Declaration of Trust and Trust Agreement of the Trust (the “Trust Agreement”). | |
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 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 September 30, 2014 and 2013 (hereinafter referred to as the “Three Months Ended September 30, 2014” and the “Three Months Ended September 30, 2013”, respectively) and the nine months ended September 30, 2014 and 2013 (hereinafter referred to as the “Nine Months Ended September 30, 2014” and the “Nine Months Ended September 30, 2013”, respectively). | |
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, 2013 as filed with the SEC on March 3, 2014. |
Fund_Investment_Overview
Fund Investment Overview | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Fund Investment Overview | ' |
(2) 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 Industrial Metals Index Excess Return™ (the “DBIQ-OY Industrial Metals ER™”, or the “Index”) over time, 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 base metals sector. The commodities comprising the Index are aluminum, zinc and copper—Grade A (the “Index Commodities”). | |
The Fund also holds United States Treasury Obligations on deposit with the Fund’s Commodity Broker as margin. | |
The Index Commodities are currently trading on the London Metals Exchange (the “LME”). Although the LME does not currently impose position limits on the Index Commodities, the LME may in the future impose position limits on market participants trading in certain commodities included in the Index. Further, in the event the Fund invests in alternative futures contracts as described below, that trade on a U.S. exchange, the Commodity Futures Trading Commission (the “CFTC”) and commodity exchanges may impose position limits on market participants trading in the commodities futures contracts included in the Index. The Index is comprised of futures contracts on the Index Commodities 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 any Index Commodity by investing in a specific Index Contract, the Fund may invest in a futures contract referencing the particular Index Commodity other than the Index Contract or, in the alternative, invest in other futures contracts not based on the particular Index Commodity if, in the commercially reasonable judgment of the Managing Owner, such futures contracts tend to exhibit trading prices that correlate with such Index Commodity. | |
The Fund does not borrow money to increase leverage. As of September 30, 2014 and December 31, 2013, the Fund had $352,662,589 (or 100% of its total assets) and $248,718,089 (or 100% of its total assets), respectively, of its holdings of cash, United States Treasury Obligations, receivable for LME contracts and unrealized appreciation/depreciation on futures contracts on deposit with its Commodity Broker. Of this, $25,747,592 (or 7.3%) and $19,456,837 (or 7.8%), respectively, of the Fund’s holdings of cash and United States Treasury Obligations are required to be deposited as margin in support of the Fund’s long futures positions as of September 30, 2014 and December 31, 2013, respectively. For additional information, please see the unaudited Schedules of Investments as of September 30, 2014 and December 31, 2013 for details of the Fund’s portfolio holdings. | |
DBLCI™ and Deutsche Bank Liquid Commodity Index™ are trade marks of the Index Sponsor and are the subject of Community Trade Mark Nos. 3055043 and 3054996. Any use of these marks must be with the consent of or under license from DBSI and/or the Index Sponsor. The Fund and the Managing Owner have been licensed to use DBLCI™, Deutsche Bank Liquid Commodity Index™ and DBIQ™. DBSI and the Index Sponsor do not approve, endorse or recommend the Fund or the Managing Owner. |
Service_Providers_and_Related_
Service Providers and Related Party Agreements | 9 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Service Providers and Related Party Agreements | ' |
(3) 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, and is an indirect wholly-owned subsidiary of Deutsche Bank AG. The Fund pays the Managing Owner a management fee (the “Management Fee”), monthly in arrears, in an amount equal to 0.75% per annum of the daily net asset value of the Fund. | |
During the Three Months Ended September 30, 2014 and 2013, the Fund incurred Management Fees of $644,688 and $519,075, respectively. Management Fees incurred during the Nine Months Ended September 30, 2014 and 2013 by the Fund were $1,706,499 and $1,744,032, respectively. As of September 30, 2014 and December 31, 2013, Management Fees payable to the Managing Owner were $209,113 and $150,010, respectively. | |
The Commodity Broker | |
Deutsche Bank Securities Inc., a Delaware corporation, serves as the Fund’s futures clearing broker (the “Commodity Broker”). The Commodity Broker is also an indirect wholly-owned subsidiary of Deutsche Bank AG and is an affiliate of the Managing Owner. In its capacity as clearing broker, the Commodity Broker executes and clears each of the Fund’s futures transactions and performs certain administrative and custodial services for the Fund. As custodian of the Fund’s assets, 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 September 30, 2014 and 2013, the Fund incurred brokerage fees of $31,787 and $17,763, respectively. Brokerage fees incurred during the Nine Months Ended September 30, 2014 and 2013 by the Fund were $59,260 and $39,761 respectively. As of September 30, 2014 and December 31, 2013, brokerage fees payable were $4,664 and $4,797, respectively. | |
The Administrator, Custodian and Transfer Agent | |
The Bank of New York Mellon (the “Administrator”) has been appointed by the Managing Owner as 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 September 30, 2014 and December 31, 2013, there were no Fund assets held by the Administrator. | |
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, 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. | |
Invesco PowerShares Capital Management LLC | |
Under the License Agreement among Invesco PowerShares Capital Management LLC (the “Licensor”) and the Managing Owner in its own capacity and in its capacity as managing owner of the Fund (the Fund and the Managing Owner, collectively, the “Licensees”), the Licensor granted to each Licensee a non-exclusive license to use the “PowerShares®” trademark (the “Trademark”) anywhere in the world, solely in connection with the marketing and promotion of the Fund and to use or refer to the Trademark in connection with the issuance and trading of the Fund as necessary. | |
Invesco Distributors, Inc. | |
Through a marketing agreement between the Managing Owner and Invesco Distributors, Inc. (“Invesco Distributors”), an affiliate of Invesco PowerShares Capital Management LLC, the Managing Owner, on behalf of the Fund, has appointed Invesco Distributors as a marketing agent. Invesco Distributors assists the Managing Owner and the Administrator with certain functions and duties such as providing various educational and marketing activities regarding the Fund, primarily in the secondary trading market, which activities include, but are not limited to, communicating the Fund’s name, characteristics, uses, benefits, and risks, consistent with the Fund’s prospectus. Invesco Distributors will not open or maintain customer accounts or handle orders for the Fund. Invesco Distributors engages in public seminars, road shows, conferences, media interviews, and distributes sales literature and other communications (including electronic media) regarding the Fund. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||||||||||||||
(4) Summary of Significant Accounting Policies | |||||||||||||||||||||||||
(a) Basis of Presentation | |||||||||||||||||||||||||
The financial statements of the Fund have been prepared using U.S. GAAP. | |||||||||||||||||||||||||
In June 2013, the Financial Accounting Standards Board (“FASB”) issued updated guidance clarifying the characteristics of an investment company and requiring new disclosures. Under the guidance, all entities regulated under the Investment Company Act of 1940 automatically qualify as investment companies, while all other entities need to consider both the fundamental and typical characteristics of an investment company in determining whether they qualify as investment companies. This new guidance is effective for interim or annual reporting periods that begin after December 15, 2013, and should be applied prospectively. The Fund adopted this guidance effective January 1, 2014. The Fund has determined that it meets the definition of an investment company and has prepared the unaudited financial statements in conformity with accounting and reporting guidance of the FASB Accounting Standards Codification Topic 946 – Investment Companies, which is part of U.S. GAAP. The adoption of this guidance had no effect on the Fund’s unaudited statements of financial condition, including the schedule of investments, and the related unaudited statements of income and expenses, changes in shareholders’ equity and of cash flows. | |||||||||||||||||||||||||
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. The fair value of a financial instrument is the amount 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 (the exit price). 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. | |||||||||||||||||||||||||
FASB Accounting Standards Codification fair value measurement and disclosure guidance requires a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: | |||||||||||||||||||||||||
Basis of Fair Value Measurement | |||||||||||||||||||||||||
Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; | |||||||||||||||||||||||||
Level 2: Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly; | |||||||||||||||||||||||||
Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. | |||||||||||||||||||||||||
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. | |||||||||||||||||||||||||
In determining fair value of United States Treasury Obligations and commodity futures contracts, the Fund uses unadjusted quoted market prices in active markets. United States Treasury Obligations and commodity futures contracts are classified within Level 1 of the fair value hierarchy. The Fund does not adjust the quoted prices for United States Treasury Obligations and commodity futures contracts. | |||||||||||||||||||||||||
In determining fair value of LME commodity futures contracts, the Fund uses valuation pricing based on action of a committee that incorporates prices from the most liquid trading sessions of the day and can also rely on other inputs such as trades, bids and offers (including indicative bids and offers) transacted throughout the whole day. During the year ended December 31, 2013, management changed the classification of LME commodity futures from Level 1 to Level 2. | |||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value were as follows: | |||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
United States Treasury Obligations (Level 1) | $ | 339,995,651 | $ | 227,989,243 | |||||||||||||||||||||
Commodity Futures Contracts (Level 2) | $ | (899,325 | ) | $ | (4,049,888 | ) | |||||||||||||||||||
There were no Level 3 holdings as of September 30, 2014 and December 31, 2013. The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. Futures contracts in a net depreciation position of $4,049,888 were transferred from Level 1 to Level 2 during the year ended December 31, 2013, as described above. | |||||||||||||||||||||||||
(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 Commodity 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 futures contracts (variation margin) represents the Fund’s overall equity in its Commodity 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) 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 closing market 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 $23,000,000 face amount of United States Treasury Obligations valued at $22,999,412, which was recorded as a payable for securities purchased as of September 30, 2014. The Fund purchased $3,000,000 face amount of United States Treasury Obligations valued at $2,999,507, which was recorded as a payable for securities purchased as of December 31, 2013. | |||||||||||||||||||||||||
(f) 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 futures contracts held by the Fund by keeping cash on deposit with the Commodity Broker. The Fund defines cash and cash equivalents to be highly liquid investments, with original maturities of three months or less when purchased. As of September 30, 2014, the Fund had cash held by the Commodity Broker of $3,487,663, of which $899,325 was on deposit to satisfy the Fund’s negative variation margin on open futures contracts. As of December 31, 2013, the Fund had $24,778,734 of cash held by the Commodity Broker, of which $4,049,888 was on deposit to satisfy the Fund’s negative variation margin on open futures contracts. As of September 30, 2014 or December 31, 2013 there were no cash equivalents held by the Fund. | |||||||||||||||||||||||||
(g) Receivable/(Payable) for LME Contracts | |||||||||||||||||||||||||
The Fund trades aluminum, copper and zinc commodity future contracts on the London Metals Exchange (“LME”). For settlement of futures contracts traded on the LME, cash is not transferred until the settled futures contracts expire. As of September 30, 2014, the Fund had a receivable from the Commodity Broker for contracts on the LME of $10,078,600 related to net realized gains on LME contracts. As of December 31, 2013, the Fund had a payable to the Commodity Broker for contracts on the LME of $10,668,706 related to net realized losses on LME contracts which have been closed out but the contract is not yet expired. | |||||||||||||||||||||||||
(h) 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. | |||||||||||||||||||||||||
Management of the Fund has reviewed all 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 Funds are 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, management will monitor its 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 factors 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, 2010. | |||||||||||||||||||||||||
(i) Futures Contracts | |||||||||||||||||||||||||
All commodity futures contracts are held and used for trading purposes. Commodity futures contracts are recorded on a trade date basis and open contracts are recorded in the statement of financial condition at fair value on the last business day of the period, which represents 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. For the three months ended September 30, 2014 and 2013, the average monthly notional market value of futures contracts held was $357.4 million and $286.6 million, respectively. For the nine months ended September 30, 2014 and 2013, the average monthly notional market value of futures contracts held was $317.9 million and $316.8 million, respectively. | |||||||||||||||||||||||||
The fair value of derivative instruments is as follows: | |||||||||||||||||||||||||
Derivatives not Accounted for as Hedging Instruments | Statements of Financial Condition Location | Net Unrealized | Net Unrealized | ||||||||||||||||||||||
Appreciation / | Appreciation / | ||||||||||||||||||||||||
(Depreciation) at | (Depreciation) at | ||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Commodity Futures Contracts | Net Unrealized Appreciation (Depreciation) on Futures Contracts | $ | (899,325 | ) | $ | (4,049,888 | ) | ||||||||||||||||||
The effect of derivative instruments on the Statements of Income and Expenses is as follows: | |||||||||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||||||||||||||
September 30, 2014 | September 30, 2013 | ||||||||||||||||||||||||
Derivatives not Accounted for as | Location of Gain or (Loss) on | Realized Gain | Change in | Realized Gain | Change in | ||||||||||||||||||||
Hedging Instruments | Derivatives Recognized in Income | or (Loss) on | Unrealized Gain | or (Loss) on | Unrealized Gain | ||||||||||||||||||||
Derivatives | or (Loss) on | Derivatives | or (Loss) on | ||||||||||||||||||||||
Recognized in | Derivatives | Recognized in | Derivatives | ||||||||||||||||||||||
Income | Recognized in | Income | Recognized in | ||||||||||||||||||||||
Income | Income | ||||||||||||||||||||||||
Commodity Futures Contracts | Net Realized Gain (Loss) on Futures | $ | 17,171,481 | — | $ | (24,035,351 | ) | — | |||||||||||||||||
Net Change in Unrealized Gain (Loss) on Futures | — | $ | (16,803,812 | ) | — | $ | 34,473,139 | ||||||||||||||||||
For the Nine Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||
September 30, 2014 | September 30, 2013 | ||||||||||||||||||||||||
Derivatives not Accounted for | Location of Gain or (Loss) on Derivatives | Realized Gain | Change in | Realized Gain | Change in | ||||||||||||||||||||
as Hedging Instruments | Recognized in Income | or (Loss) on | Unrealized Gain | or (Loss) on | Unrealized Gain | ||||||||||||||||||||
Derivatives | or (Loss) on | Derivatives | or (Loss) on | ||||||||||||||||||||||
Recognized in | Derivatives | Recognized in | Derivatives | ||||||||||||||||||||||
Income | Recognized in | Income | Recognized in | ||||||||||||||||||||||
Income | Income | ||||||||||||||||||||||||
Commodity Futures Contracts | Net Realized Gain (Loss) on Futures | $ | 2,462,225 | — | $ | (31,116,569 | ) | — | |||||||||||||||||
Net Change in Unrealized Gain (Loss) on Futures | — | $ | 3,150,563 | — | $ | (13,072,411 | ) | ||||||||||||||||||
The Fund utilizes derivative instruments to achieve the Fund’s investment objective. For financial reporting purposes, the Fund offsets financial assets and financial liabilities that are subject to master netting arrangements or similar agreements in the statement of financial condition. The following table presents the gross and net amounts of these assets and liabilities with any offsets to reflect the Fund’s ability to enforce the master netting agreements at September 30, 2014: | |||||||||||||||||||||||||
Gross Amounts Not Offset in the | |||||||||||||||||||||||||
Statement of Financial Condition | |||||||||||||||||||||||||
Gross Amounts | Gross Amounts | Net Amounts | Financial | Cash Collateral | Net | ||||||||||||||||||||
Recognized | Offset in the | Presented in the | Instruments* | Pledged* | Amount | ||||||||||||||||||||
Statement of | Statement of | ||||||||||||||||||||||||
Financial Condition | Financial Condition | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Commodity Futures Contracts | $ | 11,052,225 | $ | (11,052,225 | ) | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Liabilities | |||||||||||||||||||||||||
Commodity Futures Contracts | $ | (11,951,550 | ) | $ | 11,052,225 | $ | (899,325 | ) | $ | — | $ | 899,325 | $ | — | |||||||||||
The following table presents the gross and net amounts of these assets and liabilities with any offsets to reflect the Funds’ ability to enforce the master netting agreements at December 31, 2013: | |||||||||||||||||||||||||
Gross Amounts Not Offset in the | |||||||||||||||||||||||||
Statement of Financial Condition | |||||||||||||||||||||||||
Gross Amounts | Gross Amounts | Net Amounts | Financial | Cash Collateral | Net | ||||||||||||||||||||
Recognized | Offset in the | Presented in the | Instruments* | Pledged* | Amount | ||||||||||||||||||||
Statement of | Statement of | ||||||||||||||||||||||||
Financial Condition | Financial Condition | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Commodity Futures Contracts | $ | 4,657,800 | $ | (4,657,800 | ) | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Liabilities | |||||||||||||||||||||||||
Commodity Futures Contracts | $ | (8,707,688 | ) | $ | 4,657,800 | $ | (4,049,888 | ) | $ | — | $ | 4,049,888 | $ | — | |||||||||||
*As of September 30, 2014 and December 31, 2013, 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 2. | |||||||||||||||||||||||||
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 Bills will be sold to make additional cash available. | |||||||||||||||||||||||||
(j) 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 were less than $10.00 per round-turn trade for the Three Months Ended September 30, 2014 and 2013 and the Nine Months Ended September 30, 2014 and 2013. | |||||||||||||||||||||||||
(k) Routine Operational, Administrative and Other Ordinary Expenses | |||||||||||||||||||||||||
Pursuant to the Trust Agreement, 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 as part of its management fee. Accordingly, such expenses are not reflected in the statement of income and expenses of the Fund. | |||||||||||||||||||||||||
(l) Organizational and Offering Costs | |||||||||||||||||||||||||
Pursuant to the Trust Agreement, all organizational and offering expenses of the Fund are incurred and assumed by the Managing Owner. The Fund is not responsible to the Managing Owner for the reimbursement of organizational and offering costs. Expenses incurred in connection with the continuous offering of Shares are also paid by the Managing Owner. | |||||||||||||||||||||||||
(m) Non-Recurring and Unusual 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 and litigation costs or indemnification or other unanticipated expenses. Non-recurring and unusual fees and expenses will also include material expenses which are not currently anticipated obligations of the Fund or of managed futures funds in general. Such fees and expenses, by their nature, are unpredictable in terms of timing and amount. For the Three Months Ended September 30, 2014 and 2013 and the Nine Months Ended September 30, 2014 and 2013, the Fund did not incur such expenses. |
Financial_Instrument_Risk
Financial Instrument Risk | 9 Months Ended |
Sep. 30, 2014 | |
Investments, Debt and Equity Securities [Abstract] | ' |
Financial Instrument Risk | ' |
(5) 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 statement of financial condition, 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 exchange-listed commodity futures, 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 futures contracts, there exists a market risk that such futures contracts may be significantly influenced by adverse market conditions, resulting in such futures contracts being less valuable. If the markets should move against all of the 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 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 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 | 9 Months Ended |
Sep. 30, 2014 | |
Equity [Abstract] | ' |
Share Purchases and Redemptions | ' |
(6) Share Purchases and Redemptions | |
(a) Purchases | |
On any business day, an Authorized Participant may place an order with the 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 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) 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 futures contracts are traded, whichever is later, on the redemption order date. The Managing Owner will distribute the cash redemption amount 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 | 9 Months Ended |
Sep. 30, 2014 | |
Equity [Abstract] | ' |
Profit and Loss Allocations and Distributions | ' |
(7) Profit and Loss Allocations and Distributions | |
Pursuant to the Fourth Amended and Restated Declaration of Trust and Trust Agreement of the Trust, 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. Any losses allocated to the Managing Owner (as the owner of the General Shares) which are in excess of the Managing Owner’s capital balance are allocated to the Shareholders in accordance with their respective interest in the Fund as a percentage of total shareholders’ equity. 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 Nine Months Ended September 30, 2014 or 2013. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
(8) 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 September 30, 2014 and December 31, 2013, 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 | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Net Asset Value and Financial Highlights | ' | ||||||||||||||||
(9) 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 September 30, 2014 and 2013 and for the Nine Months Ended September 30, 2014 and 2013. The net investment income and total expense ratios are calculated using average net asset value during the respective period. The net asset value presentation is calculated using average daily Shares outstanding. The net investment income and total expense ratios have been annualized. 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 | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | September 30, | September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net Asset Value | |||||||||||||||||
Net asset value per Share, beginning of period | $ | 16.97 | $ | 16.16 | $ | 16.78 | $ | 19.13 | |||||||||
Net realized and change in unrealized gain (loss) on United States Treasury Obligations and Futures | 0.04 | 0.63 | 0.29 | (2.28 | ) | ||||||||||||
Net investment income (loss) | (0.03 | ) | (0.03 | ) | (0.09 | ) | (0.09 | ) | |||||||||
Net income (loss) | 0.01 | 0.6 | 0.2 | (2.37 | ) | ||||||||||||
Net asset value per Share, end of period | $ | 16.98 | $ | 16.76 | $ | 16.98 | $ | 16.76 | |||||||||
Market value per Share, beginning of period | $ | 16.98 | $ | 16.16 | $ | 16.86 | $ | 19.28 | |||||||||
Market value per Share, end of period | $ | 16.91 | $ | 16.73 | $ | 16.91 | $ | 16.73 | |||||||||
Ratio to average Net Assets* | |||||||||||||||||
Net investment income (loss) | (0.76 | )% | (0.74 | )% | (0.74 | )% | (0.72 | )% | |||||||||
Total expenses | 0.79 | % | 0.78 | % | 0.78 | % | 0.77 | % | |||||||||
Total Return, at net asset value ** | 0.06 | % | 3.71 | % | 1.19 | % | (12.39 | )% | |||||||||
Total Return, at market value ** | (0.41 | )% | 3.53 | % | 0.3 | % | (13.23 | )% | |||||||||
* | Percentages are annualized. | ||||||||||||||||
** | Percentages are not annualized. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
(10) Subsequent Events | |
On October 24, 2014, 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 has agreed to transfer and sell to Invesco all of DBCS’ interest in the Fund, including the sole and exclusive power to direct the business and affairs of the Fund, as well as certain other assets pertaining to the management of the Fund, pursuant to the terms and conditions of the Agreement (the “Transaction”). Upon consummation of the Transaction, Invesco will become the managing owner, commodity pool operator and commodity trading advisor of the Fund, in replacement of DBCS. Consequently, consummation of the Transaction will constitute a change of control in respect of the Fund. The consummation of the Transaction is subject to the satisfaction of customary closing conditions, certain approvals, including shareholder consent, and regulatory filings, which is expected in the first quarter of 2015. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||
Basis of Presentation | ' | ||||||||||||||||||||||||
(a) Basis of Presentation | |||||||||||||||||||||||||
The financial statements of the Fund have been prepared using U.S. GAAP. | |||||||||||||||||||||||||
In June 2013, the Financial Accounting Standards Board (“FASB”) issued updated guidance clarifying the characteristics of an investment company and requiring new disclosures. Under the guidance, all entities regulated under the Investment Company Act of 1940 automatically qualify as investment companies, while all other entities need to consider both the fundamental and typical characteristics of an investment company in determining whether they qualify as investment companies. This new guidance is effective for interim or annual reporting periods that begin after December 15, 2013, and should be applied prospectively. The Fund adopted this guidance effective January 1, 2014. The Fund has determined that it meets the definition of an investment company and has prepared the unaudited financial statements in conformity with accounting and reporting guidance of the FASB Accounting Standards Codification Topic 946 – Investment Companies, which is part of U.S. GAAP. The adoption of this guidance had no effect on the Fund’s unaudited statements of financial condition, including the schedule of investments, and the related unaudited statements of income and expenses, changes in shareholders’ equity and of cash flows. | |||||||||||||||||||||||||
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. The fair value of a financial instrument is the amount 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 (the exit price). 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. | |||||||||||||||||||||||||
FASB Accounting Standards Codification fair value measurement and disclosure guidance requires a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: | |||||||||||||||||||||||||
Basis of Fair Value Measurement | |||||||||||||||||||||||||
Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; | |||||||||||||||||||||||||
Level 2: Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly; | |||||||||||||||||||||||||
Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. | |||||||||||||||||||||||||
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. | |||||||||||||||||||||||||
In determining fair value of United States Treasury Obligations and commodity futures contracts, the Fund uses unadjusted quoted market prices in active markets. United States Treasury Obligations and commodity futures contracts are classified within Level 1 of the fair value hierarchy. The Fund does not adjust the quoted prices for United States Treasury Obligations and commodity futures contracts. | |||||||||||||||||||||||||
In determining fair value of LME commodity futures contracts, the Fund uses valuation pricing based on action of a committee that incorporates prices from the most liquid trading sessions of the day and can also rely on other inputs such as trades, bids and offers (including indicative bids and offers) transacted throughout the whole day. During the year ended December 31, 2013, management changed the classification of LME commodity futures from Level 1 to Level 2. | |||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value were as follows: | |||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
United States Treasury Obligations (Level 1) | $ | 339,995,651 | $ | 227,989,243 | |||||||||||||||||||||
Commodity Futures Contracts (Level 2) | $ | (899,325 | ) | $ | (4,049,888 | ) | |||||||||||||||||||
There were no Level 3 holdings as of September 30, 2014 and December 31, 2013. The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. Futures contracts in a net depreciation position of $4,049,888 were transferred from Level 1 to Level 2 during the year ended December 31, 2013, as described above. | |||||||||||||||||||||||||
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 Commodity 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 futures contracts (variation margin) represents the Fund’s overall equity in its Commodity 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. | |||||||||||||||||||||||||
United States Treasury Obligations | ' | ||||||||||||||||||||||||
(e) 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 closing market 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 $23,000,000 face amount of United States Treasury Obligations valued at $22,999,412, which was recorded as a payable for securities purchased as of September 30, 2014. The Fund purchased $3,000,000 face amount of United States Treasury Obligations valued at $2,999,507, which was recorded as a payable for securities purchased as of December 31, 2013. | |||||||||||||||||||||||||
Cash Held by Commodity Broker | ' | ||||||||||||||||||||||||
(f) 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 futures contracts held by the Fund by keeping cash on deposit with the Commodity Broker. The Fund defines cash and cash equivalents to be highly liquid investments, with original maturities of three months or less when purchased. As of September 30, 2014, the Fund had cash held by the Commodity Broker of $3,487,663, of which $899,325 was on deposit to satisfy the Fund’s negative variation margin on open futures contracts. As of December 31, 2013, the Fund had $24,778,734 of cash held by the Commodity Broker, of which $4,049,888 was on deposit to satisfy the Fund’s negative variation margin on open futures contracts. As of September 30, 2014 or December 31, 2013 there were no cash equivalents held by the Fund. | |||||||||||||||||||||||||
Receivable/(Payable) for LME Contracts | ' | ||||||||||||||||||||||||
(g) Receivable/(Payable) for LME Contracts | |||||||||||||||||||||||||
The Fund trades aluminum, copper and zinc commodity future contracts on the London Metals Exchange (“LME”). For settlement of futures contracts traded on the LME, cash is not transferred until the settled futures contracts expire. As of September 30, 2014, the Fund had a receivable from the Commodity Broker for contracts on the LME of $10,078,600 related to net realized gains on LME contracts. As of December 31, 2013, the Fund had a payable to the Commodity Broker for contracts on the LME of $10,668,706 related to net realized losses on LME contracts which have been closed out but the contract is not yet expired. | |||||||||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||||||||
(h) 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. | |||||||||||||||||||||||||
Management of the Fund has reviewed all 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 Funds are 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, management will monitor its 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 factors 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, 2010. | |||||||||||||||||||||||||
Futures Contracts | ' | ||||||||||||||||||||||||
(i) Futures Contracts | |||||||||||||||||||||||||
All commodity futures contracts are held and used for trading purposes. Commodity futures contracts are recorded on a trade date basis and open contracts are recorded in the statement of financial condition at fair value on the last business day of the period, which represents 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. For the three months ended September 30, 2014 and 2013, the average monthly notional market value of futures contracts held was $357.4 million and $286.6 million, respectively. For the nine months ended September 30, 2014 and 2013, the average monthly notional market value of futures contracts held was $317.9 million and $316.8 million, respectively. | |||||||||||||||||||||||||
The fair value of derivative instruments is as follows: | |||||||||||||||||||||||||
Derivatives not Accounted for as Hedging Instruments | Statements of Financial Condition Location | Net Unrealized | Net Unrealized | ||||||||||||||||||||||
Appreciation / | Appreciation / | ||||||||||||||||||||||||
(Depreciation) at | (Depreciation) at | ||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Commodity Futures Contracts | Net Unrealized Appreciation (Depreciation) on Futures Contracts | $ | (899,325 | ) | $ | (4,049,888 | ) | ||||||||||||||||||
The effect of derivative instruments on the Statements of Income and Expenses is as follows: | |||||||||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||||||||||||||
September 30, 2014 | September 30, 2013 | ||||||||||||||||||||||||
Derivatives not Accounted for as | Location of Gain or (Loss) on | Realized Gain | Change in | Realized Gain | Change in | ||||||||||||||||||||
Hedging Instruments | Derivatives Recognized in Income | or (Loss) on | Unrealized Gain | or (Loss) on | Unrealized Gain | ||||||||||||||||||||
Derivatives | or (Loss) on | Derivatives | or (Loss) on | ||||||||||||||||||||||
Recognized in | Derivatives | Recognized in | Derivatives | ||||||||||||||||||||||
Income | Recognized in | Income | Recognized in | ||||||||||||||||||||||
Income | Income | ||||||||||||||||||||||||
Commodity Futures Contracts | Net Realized Gain (Loss) on Futures | $ | 17,171,481 | — | $ | (24,035,351 | ) | — | |||||||||||||||||
Net Change in Unrealized Gain (Loss) on Futures | — | $ | (16,803,812 | ) | — | $ | 34,473,139 | ||||||||||||||||||
For the Nine Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||
September 30, 2014 | September 30, 2013 | ||||||||||||||||||||||||
Derivatives not Accounted for | Location of Gain or (Loss) on Derivatives | Realized Gain | Change in | Realized Gain | Change in | ||||||||||||||||||||
as Hedging Instruments | Recognized in Income | or (Loss) on | Unrealized Gain | or (Loss) on | Unrealized Gain | ||||||||||||||||||||
Derivatives | or (Loss) on | Derivatives | or (Loss) on | ||||||||||||||||||||||
Recognized in | Derivatives | Recognized in | Derivatives | ||||||||||||||||||||||
Income | Recognized in | Income | Recognized in | ||||||||||||||||||||||
Income | Income | ||||||||||||||||||||||||
Commodity Futures Contracts | Net Realized Gain (Loss) on Futures | $ | 2,462,225 | — | $ | (31,116,569 | ) | — | |||||||||||||||||
Net Change in Unrealized Gain (Loss) on Futures | — | $ | 3,150,563 | — | $ | (13,072,411 | ) | ||||||||||||||||||
The Fund utilizes derivative instruments to achieve the Fund’s investment objective. For financial reporting purposes, the Fund offsets financial assets and financial liabilities that are subject to master netting arrangements or similar agreements in the statement of financial condition. The following table presents the gross and net amounts of these assets and liabilities with any offsets to reflect the Fund’s ability to enforce the master netting agreements at September 30, 2014: | |||||||||||||||||||||||||
Gross Amounts Not Offset in the | |||||||||||||||||||||||||
Statement of Financial Condition | |||||||||||||||||||||||||
Gross Amounts | Gross Amounts | Net Amounts | Financial | Cash Collateral | Net | ||||||||||||||||||||
Recognized | Offset in the | Presented in the | Instruments* | Pledged* | Amount | ||||||||||||||||||||
Statement of | Statement of | ||||||||||||||||||||||||
Financial Condition | Financial Condition | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Commodity Futures Contracts | $ | 11,052,225 | $ | (11,052,225 | ) | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Liabilities | |||||||||||||||||||||||||
Commodity Futures Contracts | $ | (11,951,550 | ) | $ | 11,052,225 | $ | (899,325 | ) | $ | — | $ | 899,325 | $ | — | |||||||||||
The following table presents the gross and net amounts of these assets and liabilities with any offsets to reflect the Funds’ ability to enforce the master netting agreements at December 31, 2013: | |||||||||||||||||||||||||
Gross Amounts Not Offset in the | |||||||||||||||||||||||||
Statement of Financial Condition | |||||||||||||||||||||||||
Gross Amounts | Gross Amounts | Net Amounts | Financial | Cash Collateral | Net | ||||||||||||||||||||
Recognized | Offset in the | Presented in the | Instruments* | Pledged* | Amount | ||||||||||||||||||||
Statement of | Statement of | ||||||||||||||||||||||||
Financial Condition | Financial Condition | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Commodity Futures Contracts | $ | 4,657,800 | $ | (4,657,800 | ) | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Liabilities | |||||||||||||||||||||||||
Commodity Futures Contracts | $ | (8,707,688 | ) | $ | 4,657,800 | $ | (4,049,888 | ) | $ | — | $ | 4,049,888 | $ | — | |||||||||||
*As of September 30, 2014 and December 31, 2013, 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 2. | |||||||||||||||||||||||||
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 Bills will be sold to make additional cash available. | |||||||||||||||||||||||||
Brokerage Commissions and Fees | ' | ||||||||||||||||||||||||
(j) 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 were less than $10.00 per round-turn trade for the Three Months Ended September 30, 2014 and 2013 and the Nine Months Ended September 30, 2014 and 2013. | |||||||||||||||||||||||||
Routine Operational, Administrative and Other Ordinary Expenses | ' | ||||||||||||||||||||||||
(k) Routine Operational, Administrative and Other Ordinary Expenses | |||||||||||||||||||||||||
Pursuant to the Trust Agreement, 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 as part of its management fee. Accordingly, such expenses are not reflected in the statement of income and expenses of the Fund. | |||||||||||||||||||||||||
Organizational and Offering Costs | ' | ||||||||||||||||||||||||
(l) Organizational and Offering Costs | |||||||||||||||||||||||||
Pursuant to the Trust Agreement, all organizational and offering expenses of the Fund are incurred and assumed by the Managing Owner. The Fund is not responsible to the Managing Owner for the reimbursement of organizational and offering costs. Expenses incurred in connection with the continuous offering of Shares are also paid by the Managing Owner. | |||||||||||||||||||||||||
Non-Recurring and Unusual Fees and Expenses | ' | ||||||||||||||||||||||||
(m) Non-Recurring and Unusual 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 and litigation costs or indemnification or other unanticipated expenses. Non-recurring and unusual fees and expenses will also include material expenses which are not currently anticipated obligations of the Fund or of managed futures funds in general. Such fees and expenses, by their nature, are unpredictable in terms of timing and amount. For the Three Months Ended September 30, 2014 and 2013 and the Nine Months Ended September 30, 2014 and 2013, the Fund did not incur such expenses. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value | ' | ||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value were as follows: | |||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
United States Treasury Obligations (Level 1) | $ | 339,995,651 | $ | 227,989,243 | |||||||||||||||||||||
Commodity Futures Contracts (Level 2) | $ | (899,325 | ) | $ | (4,049,888 | ) | |||||||||||||||||||
Fair Value of Derivative Instruments and Effect of Derivative Instruments on Statements of Income and Expenses | ' | ||||||||||||||||||||||||
The fair value of derivative instruments is as follows: | |||||||||||||||||||||||||
Derivatives not Accounted for as Hedging Instruments | Statements of Financial Condition Location | Net Unrealized | Net Unrealized | ||||||||||||||||||||||
Appreciation / | Appreciation / | ||||||||||||||||||||||||
(Depreciation) at | (Depreciation) at | ||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Commodity Futures Contracts | Net Unrealized Appreciation (Depreciation) on Futures Contracts | $ | (899,325 | ) | $ | (4,049,888 | ) | ||||||||||||||||||
The effect of derivative instruments on the Statements of Income and Expenses is as follows: | |||||||||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||||||||||||||
September 30, 2014 | September 30, 2013 | ||||||||||||||||||||||||
Derivatives not Accounted for as | Location of Gain or (Loss) on | Realized Gain | Change in | Realized Gain | Change in | ||||||||||||||||||||
Hedging Instruments | Derivatives Recognized in Income | or (Loss) on | Unrealized Gain | or (Loss) on | Unrealized Gain | ||||||||||||||||||||
Derivatives | or (Loss) on | Derivatives | or (Loss) on | ||||||||||||||||||||||
Recognized in | Derivatives | Recognized in | Derivatives | ||||||||||||||||||||||
Income | Recognized in | Income | Recognized in | ||||||||||||||||||||||
Income | Income | ||||||||||||||||||||||||
Commodity Futures Contracts | Net Realized Gain (Loss) on Futures | $ | 17,171,481 | — | $ | (24,035,351 | ) | — | |||||||||||||||||
Net Change in Unrealized Gain (Loss) on Futures | — | $ | (16,803,812 | ) | — | $ | 34,473,139 | ||||||||||||||||||
For the Nine Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||
September 30, 2014 | September 30, 2013 | ||||||||||||||||||||||||
Derivatives not Accounted for | Location of Gain or (Loss) on Derivatives | Realized Gain | Change in | Realized Gain | Change in | ||||||||||||||||||||
as Hedging Instruments | Recognized in Income | or (Loss) on | Unrealized Gain | or (Loss) on | Unrealized Gain | ||||||||||||||||||||
Derivatives | or (Loss) on | Derivatives | or (Loss) on | ||||||||||||||||||||||
Recognized in | Derivatives | Recognized in | Derivatives | ||||||||||||||||||||||
Income | Recognized in | Income | Recognized in | ||||||||||||||||||||||
Income | Income | ||||||||||||||||||||||||
Commodity Futures Contracts | Net Realized Gain (Loss) on Futures | $ | 2,462,225 | — | $ | (31,116,569 | ) | — | |||||||||||||||||
Net Change in Unrealized Gain (Loss) on Futures | — | $ | 3,150,563 | — | $ | (13,072,411 | ) | ||||||||||||||||||
Summary of Gross and Net Amounts of Offsetting Assets and Liabilities | ' | ||||||||||||||||||||||||
The following table presents the gross and net amounts of these assets and liabilities with any offsets to reflect the Fund’s ability to enforce the master netting agreements at September 30, 2014: | |||||||||||||||||||||||||
Gross Amounts Not Offset in the | |||||||||||||||||||||||||
Statement of Financial Condition | |||||||||||||||||||||||||
Gross Amounts | Gross Amounts | Net Amounts | Financial | Cash Collateral | Net | ||||||||||||||||||||
Recognized | Offset in the | Presented in the | Instruments* | Pledged* | Amount | ||||||||||||||||||||
Statement of | Statement of | ||||||||||||||||||||||||
Financial Condition | Financial Condition | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Commodity Futures Contracts | $ | 11,052,225 | $ | (11,052,225 | ) | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Liabilities | |||||||||||||||||||||||||
Commodity Futures Contracts | $ | (11,951,550 | ) | $ | 11,052,225 | $ | (899,325 | ) | $ | — | $ | 899,325 | $ | — | |||||||||||
The following table presents the gross and net amounts of these assets and liabilities with any offsets to reflect the Funds’ ability to enforce the master netting agreements at December 31, 2013: | |||||||||||||||||||||||||
Gross Amounts Not Offset in the | |||||||||||||||||||||||||
Statement of Financial Condition | |||||||||||||||||||||||||
Gross Amounts | Gross Amounts | Net Amounts | Financial | Cash Collateral | Net | ||||||||||||||||||||
Recognized | Offset in the | Presented in the | Instruments* | Pledged* | Amount | ||||||||||||||||||||
Statement of | Statement of | ||||||||||||||||||||||||
Financial Condition | Financial Condition | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Commodity Futures Contracts | $ | 4,657,800 | $ | (4,657,800 | ) | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Liabilities | |||||||||||||||||||||||||
Commodity Futures Contracts | $ | (8,707,688 | ) | $ | 4,657,800 | $ | (4,049,888 | ) | $ | — | $ | 4,049,888 | $ | — | |||||||||||
*As of September 30, 2014 and December 31, 2013, 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 2. |
Net_Asset_Value_and_Financial_1
Net Asset Value and Financial Highlights (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Summary 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 | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | September 30, | September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net Asset Value | |||||||||||||||||
Net asset value per Share, beginning of period | $ | 16.97 | $ | 16.16 | $ | 16.78 | $ | 19.13 | |||||||||
Net realized and change in unrealized gain (loss) on United States Treasury Obligations and Futures | 0.04 | 0.63 | 0.29 | (2.28 | ) | ||||||||||||
Net investment income (loss) | (0.03 | ) | (0.03 | ) | (0.09 | ) | (0.09 | ) | |||||||||
Net income (loss) | 0.01 | 0.6 | 0.2 | (2.37 | ) | ||||||||||||
Net asset value per Share, end of period | $ | 16.98 | $ | 16.76 | $ | 16.98 | $ | 16.76 | |||||||||
Market value per Share, beginning of period | $ | 16.98 | $ | 16.16 | $ | 16.86 | $ | 19.28 | |||||||||
Market value per Share, end of period | $ | 16.91 | $ | 16.73 | $ | 16.91 | $ | 16.73 | |||||||||
Ratio to average Net Assets* | |||||||||||||||||
Net investment income (loss) | (0.76 | )% | (0.74 | )% | (0.74 | )% | (0.72 | )% | |||||||||
Total expenses | 0.79 | % | 0.78 | % | 0.78 | % | 0.77 | % | |||||||||
Total Return, at net asset value ** | 0.06 | % | 3.71 | % | 1.19 | % | (12.39 | )% | |||||||||
Total Return, at market value ** | (0.41 | )% | 3.53 | % | 0.3 | % | (13.23 | )% | |||||||||
* | Percentages are annualized. | ||||||||||||||||
** | Percentages are not annualized. |
Organization_Additional_Inform
Organization - Additional Information (Detail) (USD $) | 9 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Aug. 03, 2006 | |
Basket | PowerShares DB Base Metals Fund [Member] | PowerShares DB Base Metals Fund [Member] | ||
Trust | ||||
Organization [Line Items] | ' | ' | ' | ' |
Number of series of trust | ' | ' | ' | 7 |
Partners' capital contribution | ' | ' | $1,000 | ' |
General Shares, shares issued | 40 | 40 | 40 | ' |
Number of shares in a basket | 200,000 | ' | ' | ' |
Fund offered common units to authorized participants in number of basket | 1 | ' | ' | ' |
Fund_Investment_Overview_Addit
Fund Investment Overview - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Schedule of Investments [Abstract] | ' | ' |
Deposits with broker | $352,662,589 | $248,718,089 |
Percentage of assets held by broker | 100.00% | 100.00% |
Restricted investments | $25,747,592 | $19,456,837 |
Percentage of holdings considered restricted | 7.30% | 7.80% |
Service_Providers_and_Related_1
Service Providers and Related Party Agreements - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Management fee percentage per annum of daily net asset | ' | ' | 0.75% | ' | ' |
Management Fees | $644,688 | $519,075 | $1,706,499 | $1,744,032 | ' |
Management Fees payable | 209,113 | ' | 209,113 | ' | 150,010 |
Brokerage fees | 31,787 | 17,763 | 59,260 | 39,761 | ' |
Brokerage fees payable | 4,664 | ' | 4,664 | ' | 4,797 |
Fund assets held by Administrator | 0 | ' | 0 | ' | 0 |
Deutsche Bank Securities Inc [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Brokerage fees | 31,787 | 17,763 | 59,260 | 39,761 | ' |
Brokerage fees payable | $4,664 | ' | $4,664 | ' | $4,797 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Assets and Liabilities Measured at Fair Value (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
United States Treasury Obligations (Level 1) | $339,995,651 | $227,989,243 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
United States Treasury Obligations (Level 1) | 339,995,651 | 227,989,243 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Commodity Futures Contracts (Level 2) | ($899,325) | ($4,049,888) |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' | ' | ' | ' |
Futures contracts in a net depreciation position transferred from Level 1 to Level 2 | ' | ' | ' | ' | $4,049,888 | ' |
Payable for securities purchased | 22,999,412 | ' | 22,999,412 | ' | 2,999,507 | ' |
Cash held with the Commodity Broker | 3,487,663 | 49,961,183 | 3,487,663 | 49,961,183 | 24,778,734 | 34,696,647 |
Deposits related to broker | ' | ' | ' | ' | 4,049,888 | ' |
Net unrealized appreciation (depreciation) on futures contracts | 899,325 | ' | 899,325 | ' | 4,049,888 | ' |
Cash equivalents held | 0 | ' | 0 | ' | 0 | ' |
Payable to the Commodity Broker for LME Contract | ' | ' | ' | ' | 10,668,706 | ' |
Receivable for LME contracts | 10,078,600 | ' | 10,078,600 | ' | ' | ' |
Average notional market value | 357,400,000 | 286,600,000 | 317,900,000 | 316,800,000 | ' | ' |
Average charges paid to broker per round-turn trade, maximum | 10 | 10 | 10 | 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 | 23,000,000 | ' | 23,000,000 | ' | 3,000,000 | ' |
Payable for securities purchased | 22,999,412 | ' | 22,999,412 | ' | 2,999,507 | ' |
Level 3 [Member] | ' | ' | ' | ' | ' | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' | ' | ' | ' |
Assets and liabilities measured at fair value | $0 | ' | $0 | ' | $0 | ' |
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 | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ' | ' | ' | ' | ' |
Net unrealized appreciation (depreciation) on futures contracts | ($899,325) | ' | ($899,325) | ' | ($4,049,888) |
Net Realized Gain (Loss) on Futures | 17,171,481 | -24,035,351 | 2,462,225 | -31,116,569 | ' |
Net Change in Unrealized Gain (Loss) on Futures | ($16,803,812) | $34,473,139 | $3,150,563 | ($13,072,411) | ' |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Summary of Gross and Net Amounts of Offsetting Assets and Liabilities (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Offsetting [Abstract] | ' | ' |
Gross Amounts of Recognized Assets | $11,052,225 | $4,657,800 |
Gross Amounts Offset Assets in the Statement of Financial Condition Assets | -11,052,225 | -4,657,800 |
Net Amounts of Assets Presented in the Statement of Financial Condition | ' | ' |
Gross Amounts Not Offset in the Statement of Financial Condition - Financial Instruments Assets | ' | ' |
Gross Amounts Not Offset in the Statement of Financial Condition - Cash Collateral Pledged Assets | ' | ' |
Assets Net Amount | ' | ' |
Gross Amount of Recognized Liabilities | -11,951,550 | -8,707,688 |
Gross Amount Offset Liabilities in the Statement of Financial Condition | 11,052,225 | 4,657,800 |
Net Amounts of Liabilities Presented in the Statement of Financial Condition | -899,325 | -4,049,888 |
Gross Amount Not Offset In The Statement of Financial Condition - Financial Instruments Liabilities | ' | ' |
Gross Amount Not Offset In The Statement of Financial Condition - Cash Collateral Pledged Liabilities | 899,325 | 4,049,888 |
Liabilities Net Amount | ' | ' |
Share_Purchases_and_Redemption1
Share Purchases and Redemptions - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2014 | |
Basket | |
Equity [Abstract] | ' |
Minimum number of Baskets that can be purchased | 1 |
Minimum number of Baskets that can be redeemed | 1 |
Shares Redeemed | 200,000 |
Profit_and_Loss_Allocations_an1
Profit and Loss Allocations and Distributions - Additional Information (Detail) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Earnings Per Share [Abstract] | ' | ' |
Distributed Earnings | $0 | $0 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (Indemnification Agreement [Member]) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
LegalMatter | LegalMatter | |
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 - Summary of Net Asset Value Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Net Asset Value | ' | ' | ' | ' |
Net asset value per Share, beginning of period | $16.97 | $16.16 | $16.78 | $19.13 |
Net realized and change in unrealized gain (loss) on United States Treasury Obligations and Futures | $0.04 | $0.63 | $0.29 | ($2.28) |
Net investment income (loss) | ($0.03) | ($0.03) | ($0.09) | ($0.09) |
Net income (loss) | $0.01 | $0.60 | $0.20 | ($2.37) |
Net asset value per Share, end of period | $16.98 | $16.76 | $16.98 | $16.76 |
Market value per Share, beginning of period | $16.98 | $16.16 | $16.86 | $19.28 |
Market value per Share, end of period | $16.91 | $16.73 | $16.91 | $16.73 |
Ratio to average Net Assets | ' | ' | ' | ' |
Net investment income (loss) | -0.76% | -0.74% | -0.74% | -0.72% |
Total expenses | 0.79% | 0.78% | 0.78% | 0.77% |
Total Return, at net asset value | 0.06% | 3.71% | 1.19% | -12.39% |
Total Return, at market value | -0.41% | 3.53% | 0.30% | -13.23% |