Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 11, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Entity Registrant Name | Teucrium Commodity Trust | ||
Entity Central Index Key | 1,471,824 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 131,835,250 | ||
Entity Units Outstanding | 0 | ||
Teucrium Corn Fund [Member] | |||
Entity Public Float | 86,597,500 | ||
Entity Units Outstanding | 2,650,000 | ||
Teucrium Sugar Fund [Member] | |||
Entity Public Float | 4,033,250 | ||
Entity Units Outstanding | 375,000 | ||
Teucrium Soybean Fund [Member] | |||
Entity Public Float | 7,171,500 | ||
Entity Units Outstanding | 550,000 | ||
Teucrium Wheat Fund [Member] | |||
Entity Public Float | 32,489,000 | ||
Entity Units Outstanding | 2,750,000 | ||
Teucrium Agricultural Fund [Member] | |||
Entity Public Float | $ 1,544,000 | ||
Entity Units Outstanding | 50,000 |
STATEMENTS OF ASSETS AND LIABIL
STATEMENTS OF ASSETS AND LIABILITIES (Trust) - Teucrium Commodity Trust [Member] - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and cash equivalents | $ 92,561,610 | $ 142,423,637 |
Interest receivable | 776 | $ 9,995 |
Restricted cash | 307,683 | |
Other assets | 723,450 | $ 592,812 |
Equity in trading accounts: | ||
Commodity futures contracts | 380,231 | 4,381,263 |
Due from broker | 11,790,423 | 2,966,006 |
Total equity in trading accounts | 12,170,654 | 7,347,269 |
Total assets | 105,764,173 | 150,373,713 |
Liabilities | ||
Management fee payable to Sponsor | 82,863 | 131,827 |
Other liabilities | $ 8,147 | 138,906 |
Payable for shares redeemed | 1,996,185 | |
Equity in trading accounts: | ||
Commodity futures contracts | $ 6,071,676 | 2,694,018 |
Due to broker | 60,805 | |
Total equity in trading accounts | $ 6,071,676 | 2,754,823 |
Total liabilities | 6,162,686 | 5,021,741 |
Net Assets | $ 99,601,487 | $ 145,351,972 |
SCHEDULE OF INVESTMENTS (Trust)
SCHEDULE OF INVESTMENTS (Trust) - Teucrium Commodity Trust [Member] - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | |
Fidelity Institutional Prime Money Market Portfolio [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 2,539,642 | ||
Percentage of Net Assets | 2.55% | ||
Shares | 2,539,642 | ||
Dreyfus Cash Management Institutional [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 142,419,068 | ||
Percentage of Net Assets | 97.98% | ||
Shares | 142,419,068 | ||
Derivative Assets [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 380,231 | $ 4,381,263 | |
Percentage of Net Assets | 0.38% | 3.01% | |
Notional Amount | $ 84,914,000 | ||
Shares | 7,462,116 | ||
Derivative Assets [Member] | CBOT Corn Futures One [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 3,492,987 | ||
Percentage of Net Assets | 2.40% | ||
Notional Amount | $ 37,897,050 | ||
Derivative Assets [Member] | CBOT Corn Futures Two [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 158,650 | ||
Percentage of Net Assets | 0.11% | ||
Notional Amount | $ 32,566,875 | ||
Derivative Assets [Member] | CBOT Soybean Futures One [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 16,175 | ||
Percentage of Net Assets | 0.02% | ||
Shares | 1,956,375 | ||
Derivative Assets [Member] | ICE Sugar Futures One [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 151,973 | ||
Percentage of Net Assets | 0.15% | ||
Shares | 1,921,696 | ||
Derivative Assets [Member] | ICE Sugar Futures Two [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 199,517 | ||
Percentage of Net Assets | 0.20% | ||
Shares | 1,656,077 | ||
Derivative Assets [Member] | ICE Sugar Futures Three [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 12,566 | ||
Percentage of Net Assets | 0.01% | ||
Shares | 1,927,968 | ||
Derivative Assets [Member] | CBOT Wheat Futures One [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 687,450 | ||
Percentage of Net Assets | 0.47% | ||
Notional Amount | $ 7,787,950 | ||
Derivative Assets [Member] | CBOT Wheat Futures Two [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 42,176 | ||
Percentage of Net Assets | 0.03% | ||
Notional Amount | $ 6,662,125 | ||
Derivative Liabilities [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 6,071,676 | $ 2,694,018 | |
Percentage of Net Assets | 6.10% | 1.87% | |
Notional Amount | $ 92,147,775 | $ 60,449,867 | |
Derivative Liabilities [Member] | CBOT Corn Futures One [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 1,910,013 | $ 1,899,925 | |
Percentage of Net Assets | 1.92% | 1.31% | |
Notional Amount | $ 21,359,700 | $ 38,058,400 | |
Derivative Liabilities [Member] | CBOT Corn Futures Two [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 925,750 | ||
Percentage of Net Assets | 0.93% | ||
Notional Amount | $ 18,302,700 | ||
Derivative Liabilities [Member] | CBOT Corn Futures Three [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 1,072,787 | ||
Percentage of Net Assets | 1.08% | ||
Notional Amount | $ 21,390,550 | ||
Derivative Liabilities [Member] | CBOT Soybean Futures One [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 30,075 | $ 7,612 | |
Percentage of Net Assets | 0.03% | 0.01% | |
Notional Amount | $ 2,247,050 | $ 4,196,350 | |
Derivative Liabilities [Member] | CBOT Soybean Futures Two [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 208,587 | $ 126,663 | |
Percentage of Net Assets | 0.21% | 0.09% | |
Notional Amount | $ 2,295,150 | $ 3,555,225 | |
Derivative Liabilities [Member] | CBOT Soybean Futures Three [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 142,738 | ||
Percentage of Net Assets | 0.10% | ||
Notional Amount | $ 4,172,825 | ||
Derivative Liabilities [Member] | ICE Sugar Futures One [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 241,953 | ||
Percentage of Net Assets | 0.17% | ||
Notional Amount | $ 919,072 | ||
Derivative Liabilities [Member] | ICE Sugar Futures Two [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 98,930 | ||
Percentage of Net Assets | 0.07% | ||
Notional Amount | $ 802,760 | ||
Derivative Liabilities [Member] | ICE Sugar Futures Three [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 163,072 | ||
Percentage of Net Assets | 0.11% | ||
Notional Amount | $ 937,910 | ||
Derivative Liabilities [Member] | CBOT Wheat Futures One [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 379,713 | $ 13,125 | |
Percentage of Net Assets | 0.38% | 0.01% | |
Notional Amount | $ 9,291,750 | $ 7,807,325 | |
Derivative Liabilities [Member] | CBOT Wheat Futures Two [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 331,313 | ||
Percentage of Net Assets | 0.33% | ||
Notional Amount | $ 7,973,625 | ||
Derivative Liabilities [Member] | CBOT Wheat Futures Three [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 1,213,438 | ||
Percentage of Net Assets | 1.22% | ||
Notional Amount | $ 9,287,250 | ||
Exchange Traded Funds [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | [1] | $ 1,324,601 | $ 1,641,102 |
Percentage of Net Assets | [1] | 1.33% | 1.12% |
Exchange Traded Funds [Member] | ETF Teucrium Corn Fund [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | [1] | $ 326,157 | $ 413,423 |
Percentage of Net Assets | [1] | 0.33% | 0.28% |
Shares | [1] | 15,358 | 15,533 |
Exchange Traded Funds [Member] | ETF Teucrium Soybean Fund [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | [1] | $ 331,730 | $ 418,586 |
Percentage of Net Assets | [1] | 0.33% | 0.29% |
Shares | [1] | 19,131 | 20,131 |
Exchange Traded Funds [Member] | ETF Teucrium Wheat Fund [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | [1] | $ 321,433 | $ 394,850 |
Percentage of Net Assets | [1] | 0.32% | 0.27% |
Shares | [1] | 35,137 | 31,037 |
Exchange Traded Funds [Member] | ETF Teucrium Sugar Fund [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | [1] | $ 345,281 | $ 414,243 |
Percentage of Net Assets | [1] | 0.35% | 0.28% |
Shares | [1] | 34,474 | 35,024 |
[1] | The Trust eliminates the shares owned by the Teucrium Agricultural Fund from its combined statements of assets and liabilities due to the fact that these represent holdings of the Underlying Funds owned by the Teucrium Agricultural Fund, which are included as shares outstanding of the Underlying Funds. |
SCHEDULE OF INVESTMENTS (Parent
SCHEDULE OF INVESTMENTS (Parenthetical) (Trust) - Teucrium Commodity Trust [Member] | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Fidelity Institutional Prime Money Market Portfolio [Member] | |||
Schedule of Investments [Line Items] | |||
Cash equivalents, cost | $ 2,539,642 | ||
Dreyfus Cash Management Institutional [Member] | |||
Schedule of Investments [Line Items] | |||
Cash equivalents, cost | $ 142,419,068 | ||
Derivative Assets [Member] | CBOT Corn Futures One [Member] | |||
Schedule of Investments [Line Items] | |||
Number of contracts | 1,868 | ||
Derivative Assets [Member] | CBOT Corn Futures Two [Member] | |||
Schedule of Investments [Line Items] | |||
Number of contracts | 1,579 | ||
Derivative Assets [Member] | CBOT Wheat Futures One [Member] | |||
Schedule of Investments [Line Items] | |||
Number of contracts | 262 | ||
Derivative Assets [Member] | CBOT Wheat Futures Two [Member] | |||
Schedule of Investments [Line Items] | |||
Number of contracts | 223 | ||
Derivative Assets [Member] | CBOT Soybean Futures One [Member] | |||
Schedule of Investments [Line Items] | |||
Number of contracts | 45 | ||
Derivative Assets [Member] | ICE Sugar Futures One [Member] | |||
Schedule of Investments [Line Items] | |||
Number of contracts | 115 | ||
Derivative Assets [Member] | ICE Sugar Futures Two [Member] | |||
Schedule of Investments [Line Items] | |||
Number of contracts | 101 | ||
Derivative Assets [Member] | ICE Sugar Futures Three [Member] | |||
Schedule of Investments [Line Items] | |||
Number of contracts | 114 | ||
Derivative Liabilities [Member] | CBOT Corn Futures One [Member] | |||
Schedule of Investments [Line Items] | |||
Number of contracts | 1,172 | 1,808 | |
Derivative Liabilities [Member] | CBOT Corn Futures Two [Member] | |||
Schedule of Investments [Line Items] | |||
Number of contracts | 988 | ||
Derivative Liabilities [Member] | CBOT Corn Futures Three [Member] | |||
Schedule of Investments [Line Items] | |||
Number of contracts | 1,117 | ||
Derivative Liabilities [Member] | CBOT Wheat Futures One [Member] | |||
Schedule of Investments [Line Items] | |||
Number of contracts | 390 | 254 | |
Derivative Liabilities [Member] | CBOT Wheat Futures Two [Member] | |||
Schedule of Investments [Line Items] | |||
Number of contracts | 330 | ||
Derivative Liabilities [Member] | CBOT Wheat Futures Three [Member] | |||
Schedule of Investments [Line Items] | |||
Number of contracts | 366 | ||
Derivative Liabilities [Member] | CBOT Soybean Futures One [Member] | |||
Schedule of Investments [Line Items] | |||
Number of contracts | 52 | 82 | |
Derivative Liabilities [Member] | CBOT Soybean Futures Two [Member] | |||
Schedule of Investments [Line Items] | |||
Number of contracts | 52 | 69 | |
Derivative Liabilities [Member] | CBOT Soybean Futures Three [Member] | |||
Schedule of Investments [Line Items] | |||
Number of contracts | 83 | ||
Derivative Liabilities [Member] | ICE Sugar Futures One [Member] | |||
Schedule of Investments [Line Items] | |||
Number of contracts | 55 | ||
Derivative Liabilities [Member] | ICE Sugar Futures Two [Member] | |||
Schedule of Investments [Line Items] | |||
Number of contracts | 47 | ||
Derivative Liabilities [Member] | ICE Sugar Futures Three [Member] | |||
Schedule of Investments [Line Items] | |||
Number of contracts | 51 | ||
Exchange Traded Funds [Member] | |||
Schedule of Investments [Line Items] | |||
Cash equivalents, cost | [1] | $ 2,126,379 | $ 2,392,877 |
[1] | The Trust eliminates the shares owned by the Teucrium Agricultural Fund from its combined statements of assets and liabilities due to the fact that these represent holdings of the Underlying Funds owned by the Teucrium Agricultural Fund, which are included as shares outstanding of the Underlying Funds. |
STATEMENTS OF OPERATIONS (Trust
STATEMENTS OF OPERATIONS (Trust) - Teucrium Commodity Trust [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income | |||
Realized loss on commodity futures contracts | $ (15,729,142) | $ (14,566,828) | $ (12,841,479) |
Net change in unrealized appreciation or depreciation on commodity futures contracts | $ (7,378,689) | $ 7,476,470 | (2,847,023) |
Realized gain on securities | 70 | ||
Interest income | $ 221,809 | $ 48,353 | 30,327 |
Total loss | (22,886,022) | (7,042,005) | (15,658,105) |
Expenses | |||
Management fees | 1,143,253 | 1,287,226 | 639,518 |
Professional fees | 1,197,938 | 1,044,808 | 1,254,191 |
Distribution and marketing fees | 1,763,168 | 1,656,797 | 1,684,395 |
Custodian fees and expenses | 779,473 | 158,963 | 147,860 |
Business permits and licenses fees | 88,529 | 161,525 | 159,284 |
General and administrative expenses | 311,620 | 250,198 | 294,438 |
Brokerage commissions | 71,854 | 171,561 | 49,490 |
Other expenses | 60,809 | 83,821 | 83,730 |
Total expenses | 5,416,644 | 4,814,899 | 4,312,906 |
Expenses waived by the Sponsor | $ (980,683) | (640,328) | (880,639) |
Reimbursement of expenses previously waived | 379,753 | 509,033 | |
Total expenses, net | $ 4,435,961 | 4,554,324 | 3,941,300 |
Net loss | $ (27,321,983) | $ (11,596,329) | $ (19,599,405) |
STATEMENTS OF CHANGES IN NET AS
STATEMENTS OF CHANGES IN NET ASSETS (Trust) - Teucrium Commodity Trust [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operations | |||
Net loss | $ (27,321,983) | $ (11,596,329) | $ (19,599,405) |
Capital transactions | |||
Issuance of Shares | 32,803,944 | 194,483,531 | 69,527,075 |
Redemption of Shares | (51,232,764) | (102,411,535) | (41,970,174) |
Net change in the cost of the Underlying Funds | 318 | 9,395 | 11,718 |
Total capital transactions | (18,428,502) | 92,081,391 | 27,568,619 |
Net change in net assets | (45,750,485) | 80,485,062 | 7,969,214 |
Net assets, beginning of period | 145,351,972 | 64,866,910 | 56,897,696 |
Net assets, end of period | $ 99,601,487 | $ 145,351,972 | $ 64,866,910 |
STATEMENTS OF CASH FLOWS (Trust
STATEMENTS OF CASH FLOWS (Trust) - Teucrium Commodity Trust [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net loss | $ (27,321,983) | $ (11,596,329) | $ (19,599,405) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Net change in unrealized appreciation or depreciation on commodity futures contracts | 7,378,689 | (7,476,470) | 2,847,023 |
Changes in operating assets and liabilities: | |||
Due from broker | (8,824,417) | 8,802,314 | (4,764,057) |
Interest receivable | 9,219 | $ (5,895) | $ (1,504) |
Restricted cash | (307,683) | ||
Other assets | (130,874) | $ (210,031) | $ (17,706) |
Due to broker | (60,805) | (36,797) | 97,602 |
Management fee payable to Sponsor | (48,962) | 78,727 | 2,468 |
Other liabilities | (130,524) | 83,297 | (1,086) |
Net cash used in operating activities | (29,437,340) | (10,361,184) | (21,436,665) |
Cash flows from financing activities: | |||
Proceeds from sale of Shares | 32,803,944 | 194,483,531 | 69,527,075 |
Redemption of Shares | (53,228,949) | (100,415,350) | (41,970,174) |
Net change in cost of the Underlying Funds | 318 | 9,395 | 11,718 |
Net cash (used in) provided by financing activities | (20,424,687) | 94,077,576 | 27,568,619 |
Net change in cash and cash equivalents | (49,862,027) | 83,716,392 | 6,131,954 |
Cash and cash equivalents, beginning of period | 142,423,637 | 58,707,245 | 52,575,291 |
Cash and cash equivalents, end of period | $ 92,561,610 | $ 142,423,637 | $ 58,707,245 |
Organization and Operation (Tru
Organization and Operation (Trust) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Commodity Trust [Member] | |
Organization and Operation | Note 1 – Organization and Operation Teucrium Commodity Trust (“Trust”), a Delaware statutory trust organized on September 11, 2009, is a series trust consisting of five series: Teucrium Corn Fund (“CORN”), Teucrium Sugar Fund (“CANE”), Teucrium Soybean Fund (“SOYB”), Teucrium Wheat Fund (“WEAT”), and Teucrium Agricultural Fund (“TAGS”). All these series of the Trust are collectively referred to as the “Funds” and singularly as the “Fund.” Each Fund is a commodity pool that is a series of the Trust. The Funds issue common units, called the “Shares,” representing fractional undivided beneficial interests in a Fund. The Trust and the Funds operate pursuant to the Trust's Second Amended and Restated Declaration of Trust and Trust Agreement (the “Trust Agreement”). Two On June 5, 2010, the initial Form S-1 for CORN was declared effective by the U.S. Securities and Exchange Commission (“SEC”). On June 8, 2010, four 200,000 5,000,000 On June 17, 2011, the initial Forms S-1 for CANE, SOYB, and WEAT were declared effective by the SEC. On September 16, 2011, two 100,000 2,500,000 On February 10, 2012, the initial Form S-1 for TAGS was declared effective by the SEC. On March 27, 2012, six 300,000 15,000,000 The specific investment objective of each Fund and information regarding the organization and operation of each Fund are included in each Fund's financial statements and accompanying notes, as well as in other sections of this Form 10-K filing. In general, the investment objective of each Fund is to have the daily changes in percentage terms of its Shares' Net Asset Value (“NAV”) reflect the daily changes in percentage terms of a weighted average of the closing settlement prices for certain Futures Contracts for the commodity specified for that Fund. The investment objective of TAGS is to have the daily changes in percentage terms of NAV of its common units (“Shares”) reflect the daily changes in percentage terms of a weighted average (the “Underlying Fund Average”) of the NAVs per share of four other commodity pools that are series of the Trust and are sponsored by the Sponsor: CORN, WEAT, SOYB, and CANE (collectively, the “Underlying Funds”). The Underlying Fund Average will have a weighting of 25 Subject to the terms of the Trust Agreement, Teucrium Trading, LLC in its capacity as the Sponsor ("Sponsor") may terminate a Fund at any time, regardless of whether the Fund has incurred losses, including, for instance, if it determines that the Fund's aggregate net assets in relation to its operating expenses make the continued operation of the Fund unreasonable or imprudent. However, no level of losses will require the Sponsor to terminate a Fund. |
Liquidation of Funds (Trust)
Liquidation of Funds (Trust) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Commodity Trust [Member] | |
Liquidation of Funds [Line Items] | |
Liquidation of Funds | Note 2 – Liquidation of Funds On December 18, 2014 the Teucrium WTI Crude Oil Fund ("CRUD") and the Natural Gas Fund ("NAGS"), both series of the Trust ceased trading on the NYSE Arca and the Sponsor liquidated all commodity futures contracts held by these Funds. All positions were sold through an exchange to unrelated parties. On December 22, 2014 the Bank of New York Mellon who served as the Fund's Administrator and Custodian, proceeded to distribute cash to all shareholders in an amount equal to each shareholder's pro rata interest in the respective fund. On December 30, 2014, the Sponsor completed the liquidation of all of the assets of NAGS and CRUD. During 2014, CRUD had $ 728,663 2,008,553 576,142 2,311,504 The following summarized financial information presents the results of operations for NAGS and other data for all periods presented, which have been included in continuing operations for all years presented. Year ended Year ended December 31, 2014 December 31, 2013 Total (Loss) Income $ (16,003 ) $ 60,077 Total Expenses $ 131,501 $ 132,357 Total Expenses, net $ 21,890 $ 51,387 Net (Loss) Income $ (37,893 ) $ 8,690 The following summarized financial information presents the results of operations for CRUD and other data for all periods presented, which have been included in continuing operations for all years presented. Year ended Year ended December 31, 2014 December 31, 2013 Total (Loss) Income $ (734,326 ) $ 85,793 Total Expenses $ 166,176 $ 106,875 Total Expenses, net $ 34,852 $ 30,412 Net (Loss) Income $ (769,178 ) $ 55,381 |
Principal Contracts and Agreeme
Principal Contracts and Agreements (Trust) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Commodity Trust [Member] | |
Principal Contracts and Agreements | Note 3 – Principal Contracts and Agreements On August 17, 2015 (the “Conversion Date”), U.S. Bank N.A. replaced The Bank of New York Mellon as the Custodian for the Funds. The principal business address for U.S. Bank N.A. is 1555 North Rivercenter Drive, Suite 302, Milwaukee, Wisconsin 53212. U.S. Bank N.A. is a Wisconsin state chartered bank subject to regulation by the Board of Governors of the Federal Reserve System and the Wisconsin State Banking Department. The principal address for U.S. Bancorp Fund Services, (“ ”) Given this conversion, the Sponsor has, for the year-ended December 31, 2015, reflected an expense, before and after fees waived by the Sponsor, for fees associated with Custodian, Fund Administration and Transfer Agent services (“Custodian Fees”) that have or will be paid to the Bank of New York Mellon by a Fund or by the Sponsor on behalf of a Fund. The Custodian Fees reflected in the financial statements through December 31, 2015, net of expenses waived by the Sponsor, are generally as had been presented in prior periods of 2015. For custody services, the Funds will pay to U.S. Bank N.A. 0.0075 .0050 0.06 0.05 0.04 0.03 64,500 779,473 158,963 147,860 538,688 13,924 0 The Sponsor and the Trust employ Foreside Fund Services, LLC (“Foreside” or the “Distributor”) as the Distributor for the Funds. The Distribution Services Agreement among the Distributor, the Sponsor and the Trust calls for the Distributor to work with the Custodian in connection with the receipt and processing of orders for Creation Baskets and Redemption Baskets and the review and approval of all Fund sales literature and advertising materials. The Distributor and the Sponsor have also entered into a Securities Activities and Service Agreement (the “SASA”) under which certain employees and officers of the Sponsor are licensed as registered representatives or registered principals of the Distributor, under Financial Industry Regulatory Authority (“FINRA”) rules. For its services as the Distributor, Foreside receives a fee of 0.01 100,000 5,000 1,000 149,080 154,761 159,184 10,251 10,311 9,526 In 2013 and 2014, Newedge USA, LLC (“Newedge USA”) served as the Funds' futures commission merchant (“FCM”) and primary clearing broker to execute and clear the Funds' futures transactions and provide other brokerage-related services. In 2014, the Funds introduced the use of Jefferies LLC (“Jefferies”), for the execution and clearing of the Funds' futures and options, if any, on futures transactions. 0 Effective June 3, 2015, ED&F Man Capital Markets Inc. (“ED&F Man”) replaced Jefferies as the Underlying Funds' FCM and the clearing broker to execute and clear the Underlying Fund's futures and provide other brokerage-related services. As of June 4, 2015 all futures contracts and residual cash balances held at Jefferies had been transferred to ED&F Man and the balance in all Jefferies accounts was $ 0 Currently, ED&F Man serves as the Underlying Funds' clearing broker to execute and clear the Underlying Funds' futures and provide other brokerage-related services. ED&F Man is registered as a FCM with the U.S. CFTC and is a member of the NFA. ED&F Man is also registered as a broker/dealer with the U.S. Securities and Exchange Commission and is a member of the FINRA. ED&F Man is a clearing member of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges. ts ED&F Man, Jefferies, SG and Newedge 8.00 6.00 71,854 171,561 49,490 30,000 0 0 The sole Trustee of the Trust is Wilmington Trust Company, a Delaware banking corporation. The Trustee will accept service of legal process on the Trust in the State of Delaware and will make certain filings under the Delaware Statutory Trust Act. For its services, the Trustee receives an annual fee of $ 3,300 3,300 557 81 66 |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Trust) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Commodity Trust [Member] | |
Summary of Significant Accounting Policies | Note 4 – Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared on a combined basis in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as detailed in the Financial Accounting Standards Board's Accounting Standards Codification and include the accounts of the Trust, CORN, CANE, SOYB, WEAT and TAGS. Refer to the accompanying separate financial statements for each Fund for more detailed information. For the periods represented by the financial statements herein the operations of the Trust contain the results of CORN, NAGS, CRUD, SOYB, CANE, WEAT, and TAGS except for eliminations for TAGS as explained below for the months during which each Fund was in operation. The financial statements of the Trust for the year ended December 31, 2014, include the operation of NAGS and CRUD through the termination of operations on December 21, 2014. CRUD and NAGS were in operation for the full year ended December 31, 2013, the results are presented in the Trust financial statements. Given the investment objective of TAGS as described in Note 1 above, TAGS will buy, sell and hold, as part of its normal operations, shares of the four Reclassifications Certain amounts in prior periods have been reclassified to conform to current period presentation. Revenue Recognition Commodity futures contracts are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized appreciation or depreciation on commodity futures contracts are reflected in the statements of assets and liabilities as the difference between the original contract amount and the fair market value as of the last business day of the year or as of the last date of the financial statements. Changes in the appreciation or depreciation between periods are reflected in the statements of operations. Interest on cash equivalents and deposits with the Futures Commission Merchant are recognized on the accrual basis. The Funds earn interest on its assets denominated in U.S. dollars on deposit with the Futures Commission Merchant. In addition, the Funds earn interest on funds held at the custodian at prevailing market rates for such investments. Brokerage Commissions Brokerage commissions on all open commodity futures contracts are accrued on the trade date and on a full-turn basis. Income Taxes The Trust, as a Delaware statutory trust, is considered a trust for federal tax purposes and is, thus, a pass through entity. For tax purposes, the Funds will be treated as partnerships. Therefore, the Funds do not record a provision for income taxes because the shareholders report their share of a Fund's income or loss on their income tax returns. The financial statements reflect the Funds' transactions without adjustment, if any, required for income tax purposes. The Funds are required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Funds file income tax returns in the U.S. federal jurisdiction, and may file income tax returns in various U.S. states and foreign jurisdictions. For all tax years 2012 to 2015, the Funds remain subject to income tax examinations by major taxing authorities. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized results in the Funds recording a tax liability that reduces net assets. Based on their analysis, the Funds have determined that they have not incurred any liability for unrecognized tax benefits as of and for the years ended December 31, 2015, 2014, 2013 and 2012. However, the Funds' conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof. The Funds recognize interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the years ended December 31, 2015, 2014 and 2013. The Funds may be subject to potential examination by U.S. federal, U.S. state, or foreign jurisdictional authorities in the area of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions, and compliance with U.S. federal, U.S. state and foreign tax laws. The Funds' management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. Creations and Redemptions Authorized Purchasers may purchase Creation Baskets from each Fund. The amount of the proceeds required to purchase a Creation Basket will be equal to the NAV of the shares in the Creation Basket determined as of 4:00 p.m. New York time on the day the order to create the basket is properly received. Authorized Purchasers may redeem shares from each Fund only in blocks of shares called “Redemption Baskets.” The amount of the redemption proceeds for a Redemption Basket will be equal to the NAV of the shares in the Redemption Basket determined as of 4:00 p.m. New York time on the day the order to redeem the basket is properly received. Each Fund receives or pays the proceeds from shares sold or redeemed within three business days after the trade date of the purchase or redemption. The amounts due from Authorized Purchasers are reflected in the statements of assets and liabilities as receivable for shares sold. Amounts payable to Authorized Purchasers upon redemption are reflected in the statements of assets and liabilities as payable for shares redeemed. There are a minimum number of baskets and associated shares specified for each Fund in the Fund's respective prospectus, as amended from time to time. Once the minimum number of baskets is reached, there can be no more redemptions until there has been a creation basket. These minimum levels are as follows: CORN: 50,000 2 SOYB: 50,000 2 CANE: 50,000 2 WEAT: 50,000 2 TAGS: 50,000 2 Cash and Cash Equivalents Cash equivalents are highly-liquid investments with maturity dates of 90 days or less when acquired. The Trust reported its cash equivalents in the combined statements of assets and liabilities at market value, or at carrying amounts that approximate fair value, because of their highly-liquid nature and short-term maturities. Each Fund that is a series of the Trust has the balance of its assets on deposit with banks. The Trust had a balance of $ 2,539,641 142,419,068 90,021,968 Assets deposited with the bank may, at times, exceed federally insured limits. Restricted Cash On August 17, 2015 (the “Conversion Date”), U.S. Bank N.A. replaced The Bank of New York Mellon as the Custodian for the Funds. Per the amended agreement between the Sponsor and The Bank of New York Mellon dated August 14, 2015, certain cash amounts for each Fund, except in the case of TAGS, are to remain at The Bank of New York Mellon until amounts for services and early termination fees are paid. The amended agreement allows for payments for such amounts owed to be made through December 31, 2017. Cash balances that are held in custody at The Bank of New York Mellon under this amended agreement are reflected on the combined statements of assets and liabilities of the Fund and the Trust as restricted cash. Due from/to Broker The amount recorded by the Trust for the amount due from and to the clearing broker includes, but is not limited to, cash held by the broker, amounts payable to the clearing broker related to open transactions and payables for commodities futures accounts liquidating to an equity balance on the clearing broker's records. Margin is the minimum amount of funds that must be deposited by a commodity interest trader with the trader's broker to initiate and maintain an open position in futures contracts. A margin deposit acts to assure the trader's performance of the futures contracts purchased or sold. Futures contracts are customarily bought and sold on initial margin that represents a very small percentage of the aggregate purchase or sales price of the contract. Because of such low margin requirements, price fluctuations occurring in the futures markets may create profits and losses that, in relation to the amount invested, are greater than are customary in other forms of investment or speculation. As discussed below, adverse price changes in the futures contract may result in margin requirements that greatly exceed the initial margin. In addition, the amount of margin required in connection with a particular futures contract is set from time to time by the exchange on which the contract is traded and may be modified from time to time by the exchange during the term of the contract. Brokerage firms, such as the Funds' clearing brokers, carrying accounts for traders in commodity interest contracts generally require higher amounts of margin as a matter of policy to further protect themselves. Over-the-counter trading generally involves the extension of credit between counterparties, so the counterparties may agree to require the posting of collateral by one or both parties to address credit exposure. When a trader purchases an option, there is no margin requirement; however, the option premium must be paid in full. When a trader sells an option, on the other hand, he or she is required to deposit margin in an amount determined by the margin requirements established for the underlying interest and, in addition, an amount substantially equal to the current premium for the option. The margin requirements imposed on the selling of options, although adjusted to reflect the probability that out-of-the-money options will not be exercised, can in fact be higher than those imposed in dealing in the futures markets directly. Complicated margin requirements apply to spreads and conversions, which are complex trading strategies in which a trader acquires a mixture of options positions and positions in the underlying interest. Ongoing or “maintenance” margin requirements are computed each day by a trader's clearing broker. When the market value of a particular open futures contract changes to a point where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the broker. If the margin call is not met within a reasonable time, the broker may close out the trader's position. With respect to the Funds' trading, the Funds (and not their shareholders personally) are subject to margin calls. Finally, many major U.S. exchanges have passed certain cross margining arrangements involving procedures pursuant to which the futures and options positions held in an account would, in the case of some accounts, be aggregated, and margin requirements would be assessed on a portfolio basis, measuring the total risk of the combined positions. Payable/Receivable for Securities Purchased/Sold Due from/to broker for investments in securities are securities transactions pending settlement. The Trust and the Funds are subject to credit risk to the extent any broker with whom it conducts business is unable to fulfill contractual obligations on its behalf. The management of the Trust and the Funds monitors the financial condition of such brokers and does not anticipate any losses from these counterparties. Since the inception of the Fund, the principal broker through which the Trust and TAGS clear securities transactions for TAGS is the Bank of New York Mellon Capital Markets. Sponsor Fee, Allocation of Expenses and Related Party Transactions The Fund's sponsor is Teucrium Trading, LLC (the "Sponsor") is responsible for investing the assets of the Funds in accordance with the objectives and policies of each Fund. In addition, the Sponsor arranges for one or more third parties to provide administrative, custodial, accounting, transfer agency and other necessary services to the Trust and the Funds. In addition, the Sponsor elected not to outsource services directly attributable to the Trust and the Funds such as accounting, financial reporting, regulatory compliance and trading activities. In addition, the Funds, except for TAGS which has no such fee, are contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00 The Funds pay for all brokerage fees, taxes and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the SEC, FINRA, formerly the National Association of Securities Dealers, or any other regulatory agency in connection with the offer and sale of subsequent Shares, after its initial registration, and all legal, accounting, printing and other expenses associated therewith. The Funds also pay the fees and expenses associated with the Trust's tax accounting and reporting requirements. Certain aggregate expenses common to all Funds within the Trust are allocated by the Sponsor to the respective Fund based on activity drivers deemed most appropriate by the Sponsor for such expenses, including but not limited to relative assets under management and creation and redeem order activity. These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax-preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Distributor, which are included in the related line item in the combined statements of operations. A portion of these aggregate common expenses are related to the Sponsor or related parties of principals of the Sponsor; these are necessary services to the Trust and the Funds, which are primarily the cost of performing accounting and financial reporting, regulatory compliance, and trading activities that are directly attributable to the Trust and the Funds. For the years ended December 31, 2015, 2014 and 2013; such expenses, which are primarily included as distribution and marketing fees, totaled $ 1,601,237 1,365,214 1,146,603 138,262 113,224 94,684 The Sponsor has the ability to elect to pay certain expenses on behalf of the Funds or waive the management fee. This election is subject to change by the Sponsor, at its discretion. Expenses paid by the Sponsor and Management fees waived by the Sponsor are, if applicable, presented as waived expenses in the statements of operations for each Fund. For the year ended December 31, 2015 there were $ 980,683 96,068 304,609 256,227 130,716 193,063 For the year ended December 31, 2014 there were $ 640,328 of expenses that were on the combined statements of operations of the Trust as expenses that were waived by the Sponsor. These were specifically: $ 105,270 for CORN, $ 109,611 131,324 65,617 for SOYB, $ 119,696 for CANE, $ 31,697 for WEAT, and $ 77,113 for TAGS. The Sponsor has determined that there would be no recovery sought for these amounts in any future period. For the year ended December 31, 2013 there were $ 880,639 of expenses that were on the combined statements of operations of the Trust as expenses that were waived by the Sponsor. These were specifically: $ 426,248 for CORN, $ 80,970 76,461 68,857 for SOYB, $ 97,147 for CANE, $ 69,416 for WEAT, and $ 61,539 for TAGS. For the year ended December 31, 2013, there were $ 590,000 379,753 308,312 25,139 46,302 For the year ended December 31, 2012, there were $ 560,000 509,033 410,405 47,161 51,467 Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during the reporting period. Actual results could differ from those estimates. Fair Value - Definition and Hierarchy In accordance with U.S. GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, the Trust uses various valuation approaches. In accordance with U.S. GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Trust. Unobservable inputs reflect the Trust's assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows: Level 1 Level 2 Level 3 The availability of valuation techniques and observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the financial instruments existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for financial instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy, within which the fair value measurement in its entirety falls, is determined based on the lowest level input that is significant to the fair value measurement. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Trust's own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. The Trust uses prices and inputs that are current as of the measurement date, including periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many financial instruments financial instrument On December 31, 2015 and 2014, in the opinion of the Trust, the reported value at the close of the market for each commodity contract fairly reflected the value of the futures and no alternative valuations were required. The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period. In making the determination of a Level 1 or Level 2 transfer, the Funds consider the average volume of the specific underlying futures contracts traded on the relevant exchange for the years being reported. For the quarter ended June 30, 2015, Wheat Futures Contracts traded on the CBOT due to settle on December 14, 2016 (the "DEC16 Wheat Contracts") did not, in the opinion of the Trust and WEAT, trade in an actively traded futures market as defined in the policy of the Trust and WEAT for the entire period during which they were held. Accordingly, the Trust and WEAT classified these as a Level 2 asset, The DEC16 Wheat Contracts were, in the opinion of the Trust and WEAT, fairly valued at settlement on June 30, 2015. The value of the contracts were $ 1,178,088 The Wheat Futures Contracts traded on the CBOT due to settle on December 14, 2015 (the “DEC15 Wheat Contracts”) did not, in the opinion of the Trust and WEAT, trade in an actively traded futures market as defined in the policy of the Trust and WEAT for portions of the three months ended June 30, 2014. Accordingly, the Trust and WEAT classified these as a Level 2 liability as of June 30, 2014. The DEC15 Wheat Contracts were, in the opinion of the Trust and WEAT, fairly valued at settlement on June 30, 2014. In addition, for portions of the three months ended September 30, 2014, the DEC15 Wheat Contracts did not, in the opinion of the Trust and WEAT, trade in an actively traded futures market as defined in the policy of the Trust and WEAT. Accordingly, the Trust and WEAT classified these as a Level 2 liability as of September 30, 2014. The DEC15 Wheat Contracts were, in the opinion of the Trust and WEAT, fairly valued at settlement on September 30, 2014. The value of the contracts were $ 2,437,725 For the quarter ended March 31, 2014, Soybean Futures Contracts traded on the CBOT which will settle on November 13, 2015 (the “NOV15 Soybean Contracts”) did not, in the opinion of the Trust and SOYB, trade in an actively traded futures market as defined in the policy of the Trust and SOYB for the entire period during which they were held. Accordingly, the Trust and SOYB have classified these as a Level 2 liability for the period ended March 31, 2014. The NOV15 Soybean Contracts were, in the opinion of the Trust and SOYB, fairly valued at settlement on March 31, 2014. These transferred back to a Level 1 liability for the quarter ended June 30, 2014. The value of the contracts were $ 12,075 For the quarter ended June 30, 2014, Sugar Futures Contracts traded on ICE due to settle on February 29, 2016 (the "MAR16 Sugar Contracts") did not, in the opinion of the Trust and CANE, trade in an actively traded futures market as defined in the policy of the Trust and CANE for the entire period during which they were held. Accordingly, the Trust and CANE classified these as a Level 2 asset. The MAR16 Sugar Contracts were, in the opinion of the Trust and CANE, fairly valued at settlement on June 30, 2014. These transferred back to a Level 1 asset for the quarter ended September 30, 2014. The value of the contracts were $ 17,405 The Funds and the Trust record their derivative activities at fair value. Gains and losses from derivative contracts are included in the statements of operations. Derivative contracts include futures contracts related to commodity prices. Futures, which are listed on a national securities exchange, such as the CBOT and the ICE, or reported on another national market, are generally categorized in Level 1 of the fair value hierarchy. OTC derivatives contracts (such as forward and swap contracts), which may be valued using models, depending on whether significant inputs are observable or unobservable, are categorized in Levels 2 or 3 of the fair value hierarchy. Investments in the securities of the Underlying Funds are freely traded and listed on the NYSE Arca. These investments are valued at the NAV of the Underlying Fund as of the valuation date as calculated by the administrator based on the exchange-quoted prices of the commodity futures contracts held by the Underlying Fund. Expenses Expenses are recorded using the accrual method of accounting. New Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-01, “Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in this update are intended to improve the recognitions measurement and disclosure of financial instruments. The amendments to this update are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. These amendments are required to be applied prospectively. The company is currently evaluating the impact on the financial statements and disclosures of the Trust and the Funds. The FASB issued ASU 2015-10, “Technical Corrections and Improvements.” The amendments in this update represent changes to clarify the Codification, correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. The amendments are effective for fiscal years beginning after December 15, 2015. The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2015-07, “Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).” The ASU amends ASC 820 to create a practical expedient to measure the fair value of investments in certain entities that do not have a quoted market price but calculate net asset value per share or its equivalent. In addition, the amendments to ASC 820 provide guidance on classifying investments that are measured using the practical expedient in the fair value hierarchy and require specific disclosures for eligible investments, regardless of whether the practical expedient has been applied. The amendments in this Update are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. These amendments are required to be applied retrospectively to all periods presented The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2015-06, “Earnings per Share (Topic 260): Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions.” The amendments specify how earnings (losses) of a transferred business before the date of a dropdown transaction should be allocated to the various interest holders in a master limited partnership for purposes of calculating earning per unit under the two-class method. The amendments to this update are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The amendments are required to be applied retrospectively for all periods presented. The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis.” The amendments are intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures. The amendments to this update are effective for periods beginning after December 15, 2015. These amendments are required to be applied retrospectively for all periods presented. The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” The amendments in this update change the requirements for reporting discontinued operations in Subtopic 2015-20. A significant provision of ASU 2014-08 calls for reporting as discontinued operations only those disposals that represent a strategic shift or have a major impact on the entity's financial results and operations. The Company elected to early adopt this ASU for the year ended December 31, 2014 and the adoption did not have a significant impact on the financial statements and disclosures of the Trust or the Funds, even with the liquidation of CRUD and NAGS in December 2014. |
Fair Value Measurements (Trust)
Fair Value Measurements (Trust) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Commodity Trust [Member] | |
Fair Value Measurements | Note 5 – Fair Value Measurements The Trust's assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Trust's significant accounting policies in Note 3. The following table presents information about the Trust's assets and liabilities measured at fair value as of December 31, 2015 and December 31, 2014: December 31, 2015 Balance as of Assets: Level 1 Level 2 Level 3 December 31, 2015 Cash equivalents $ 2,539,641 $ - $ - $ 2,539,641 Commodity futures contracts Soybean futures contracts 16,175 - - 16,175 Sugar futures contracts 364,056 - - 364,056 Total $ 2,919,872 $ - $ - $ 2,919,872 Balance as of Liabilities: Level 1 Level 2 Level 3 December 31, 2015 Commodity futures contracts Corn futures contracts $ 3,908,550 $ - $ - $ 3,908,550 Soybean futures contracts 238,662 - - 238,662 Wheat futures contracts 1,924,464 - - 1,924,464 Total $ 6,071,676 $ - $ - $ 6,071,676 December 31, 2014 Balance as of Assets: Level 1 Level 2 Level 3 December 31, 2014 Cash equivalents $ 142,419,068 $ - $ - $ 142,419,068 Commodity futures contracts Corn futures contracts 3,651,637 - - 3,651,637 Wheat 729,626 - - 729,626 Total $ 146,800,331 $ - $ - $ 146,800,331 Balance as of Liabilities: Level 1 Level 2 Level 3 December 31, 2014 Commodity futures contracts Corn futures contracts $ 1,899,925 $ - $ - $ 1,899,925 Soybean futures contracts 277,013 - - 277,013 Sugar futures contracts 503,955 - - 503,955 Wheat futures contracts 13,125 - - 13,125 Total $ 2,694,018 $ - $ - $ 2,694,018 Transfers into and out of each level of the fair value hierarchy for the DEC16 Wheat Contracts, for the period from January 1, 2015 through December 31, 2015 were as follows: Transfers Transfers Transfers Transfers Transfers Transfers into out of into out of into out of Level 1 Level 1 Level 2 Level 2 Level 3 Level 3 Assets (at fair value) Derivative contracts Wheat future contracts $ 1,178,088 $ 1,178,088 $ 1,178,088 $ 1,178,088 $ - $ - Transfers into and out of each level of the fair value hierarchy for the MAR16 Sugar Contracts, the NOV15 Soybean Contracts and the DEC15 Wheat Contracts, for the period from January 1, 2014 through December 31, 2014 were as follows: Transfers Transfers Transfers Transfers Transfers Transfers into out of into out of into out of Level 1 Level 1 Level 2 Level 2 Level 3 Level 3 Assets (at fair value) Derivative contracts Sugar future contracts $ 17,405 $ 17,405 $ 17,405 $ 17,405 $ - $ - Liabilities (at fair value) Derivative contracts Soybean future contracts 12,075 12,075 12,075 12,075 - - Wheat future contracts 2,437,725 2,437,725 2,437,725 2,437,725 - - Total $ 2,449,800 $ 2,449,800 $ 2,449,800 $ 2,449,800 $ - $ - See the Fair Value - Definition and Hierarchy |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities (Trust) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Commodity Trust [Member] | |
Derivative Instruments and Hedging Activities | Note 6 – Derivative Instruments and Hedging Activities In the normal course of business, the Funds utilize derivative contracts in connection with its proprietary trading activities. Investments in derivative contracts are subject to additional risks that can result in a loss of all or part of an investment. The Funds' derivative activities and exposure to derivative contracts are classified by the following primary underlying risks: interest rate, credit, commodity price, and equity price risks. In addition to its primary underlying risks, the Funds are also subject to additional counterparty risk due to inability of its counterparties to meet the terms of their contracts. For the years ended December 31, 2015 and 2014, the Funds invested only in commodity futures contracts specifically related to each Fund. Futures Contracts The Funds are subject to commodity price risk in the normal course of pursuing their investment objectives. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. The purchase and sale of futures contracts requires margin deposits with a FCM. Subsequent payments (variation margin) are made or received by each Fund each day, depending on the daily fluctuations in the value of the contract, and are recorded as unrealized gains or losses by each Fund. Futures contracts may reduce the Funds' exposure to counterparty risk since futures contracts are exchange-traded; and the exchange's clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures against default. The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM's proprietary activities. A customer's cash and other equity deposited with an FCM are considered commingled with all other customer funds subject to the FCM's segregation requirements. In the event of an FCM's insolvency, recovery may be limited to each Fund's pro rata share of segregated customer funds available. It is possible that the recovery amount could be less than the total of cash and other equity deposited. The following table discloses information about offsetting assets and liabilities presented in the statements of assets and liabilities to enable users of these financial statements to evaluate the effect or potential effect of netting arrangements for recognized assets and liabilities. These recognized assets and liabilities are presented as defined in FASB ASU No. 2011-11 “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities” and subsequently clarified in FASB ASU 2013-01 “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk and held by the FCM, ED&F Man as of December 31, 2015 and Newedge USA for the year ended December 31, 2014. Offsetting of Financial Assets and Derivative Assets as of December 31, 2015 (i) (ii) (iii) = (i) – (ii) (iv) (v) = (iii) – (iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Gross Amount Net Amount Offset in the Presented in the Futures Gross Amount Statement of Statement of Contracts of Recognized Assets and Assets and Available for Collateral, Due Description Assets Liabilities Liabilities Offset to Broker Net Amount Commodity price Soybean futures contracts $ 16,175 $ - $ 16,175 $ 16,175 $ - $ - Sugar futures contracts 364,056 - 364,056 - - 364,056 Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2015 (i) (ii) (iii) = (i) – (ii) (iv) (v) = (iii) – (iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Gross Amount Net Amount Offset in the Presented in the Futures Gross Amount Statement of Statement of Contracts of Recognized Assets and Assets and Available for Collateral, Due Description Liabilities Liabilities Liabilities Offset from Broker Net Amount Commodity price Corn futures contracts $ 3,908,550 $ - $ 3,908,550 $ - $ 3,908,550 $ - Soybean futures contracts 238,662 - 238,662 16,175 222,487 - Wheat futures contracts 1,924,464 - 1,924,464 - 1,924,464 - Offsetting of Financial Assets and Derivative Assets as of December 31, 2014 (i) (ii) (iii) = (i) – (ii) (iv) (v) = (iii) – (iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Gross Amount Net Amount Offset in the Presented in the Futures Gross Amount Statement of Statement of Contracts of Recognized Assets and Assets and Available for Collateral, Due Description Assets Liabilities Liabilities Offset to Broker Net Amount Commodity price Corn futures contracts $ 3,651,637 $ - $ 3,651,637 $ 1,899,925 $ - $ 1,751,712 Wheat futures contracts 729,626 - 729,626 13,125 60,805 655,696 Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2014 (i) (ii) (iii) = (i) – (ii) (iv) (v) = (iii) – (iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Gross Amount Net Amount Offset in the Presented in the Futures Gross Amount Statement of Statement of Contracts of Recognized Assets and Assets and Available for Collateral, Due Description Liabilities Liabilities Liabilities Offset from Broker Net Amount Commodity price Corn futures contracts $ 1,899,925 $ - $ 1,899,925 $ 1,899,925 $ - $ - Soybean futures contracts 277,013 - 277,013 - 277,013 - Sugar futures contracts 503,955 - 503,955 - 503,955 - Wheat futures contracts 13,125 - 13,125 13,125 - - The following is a summary of realized and net change in unrealized gains (losses) of the derivative instruments utilized by the Trust: Year ended December 31, 2015 Net Change in Unrealized Realized Loss on Appreciation or Depreciation on Primary Underlying Risk Commodity Futures Contracts Commodity Futures Contacts Commodity price Corn futures contracts $ (8,533,650 ) $ (5,660,263 ) Soybean futures contracts (1,355,738 ) 54,526 Sugar futures contracts (1,279,891 ) 868,011 Wheat futures contracts (4,559,863 ) (2,640,963 ) Total commodity futures contracts $ (15,729,142 ) $ (7,378,689 ) Y ear ended December 31, 2014 Net Change in Unrealized Realized (Loss) Gain on Appreciation or Depreciation on Primary Underlying Risk Commodity Futures Contracts Commodity Futures Contacts Commodity price Corn futures contracts $ (11,085,713 ) $ 6,636,500 Natural gas futures contracts 67,650 (84,050 ) WTI crude oil futures contracts (652,430 ) (82,450 ) Soybean futures contracts (278,763 ) (88,150 ) Sugar futures contracts (131,410 ) (320,555 ) Wheat futures contracts (2,486,162 ) 1,415,175 Total commodity futures contracts $ (14,566,828 ) $ 7,476,470 Year ended December 31, 2013 Net Change in Unrealized Realized Loss on Appreciation or Depreciation on Primary Underlying Risk Commodity Futures Contracts Commodity Futures Contacts Commodity price Corn futures contracts $ (10,581,838 ) $ (2,671,013 ) Natural gas futures contracts (250,149 ) 308,419 WTI crude oil futures contracts (10,798 ) 95,668 Soybean futures contracts (43,450 ) 32,512 Sugar futures contracts (400,994 ) (105,022 ) Wheat futures contracts (1,554,250 ) (507,587 ) Total commodity futures contracts $ (12,841,479 ) $ (2,847,023 ) Volume of Derivative Activities The average notional market value categorized by primary underlying risk for all futures contracts held was $ 108.8 142.9 65.7 |
Organizational and Offering Cos
Organizational and Offering Costs (Trust) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Commodity Trust [Member] | |
Organizational and Offering Costs | Note 7 - Organizational and Offering Costs Expenses incurred in organizing of the Trust and the initial offering of the shares, including applicable SEC registration fees, were borne directly by the Sponsor for the Funds and will be borne directly by the Sponsor for any series of the Trust which is not yet operating or will be issued in the future. The Trust will not be obligated to reimburse the Sponsor. |
Detail of the net assets and sh
Detail of the net assets and shares outstanding of the Funds that are a series of the Trust (Trust) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Commodity Trust [Member] | |
Net assets and shares outstanding of the Funds [Line Items] | |
Net assets and shares outstanding of the Funds | Note 8 – Detail of the net assets and shares outstanding of the Funds that are a series of the Trust The following are the net assets and shares outstanding of each Fund that is a series of the Trust and, thus, in total, comprise the combined net assets of the Trust: December 31, 2015 Outstanding Shares Net Assets Teucrium Corn Fund 2,875,004 $ 61,056,223 Teucrium Soybean Fund 375,004 6,502,552 Teucrium Sugar Fund 550,004 5,508,663 Teucrium Wheat Fund 2,900,004 26,529,260 Teucrium Agricultural Fund: Net assets including the investment in the Underlying Funds 50,002 1,329,390 Less: Investment in the Underlying Funds (1,324,601 ) Net for the Fund in the combined net assets of the Trust 4,789 Total $ 99,601,487 December 31, 2014 Outstanding Shares Net Assets Teucrium Corn Fund 4,075,004 $ 108,459,507 Teucrium Soybean Fund 575,004 11,956,149 Teucrium Sugar Fund 225,004 2,661,212 Teucrium Wheat Fund 1,750,004 22,263,457 Teucrium Agricultural Fund: Net assets including the investment in the Underlying Funds 50,002 1,652,749 Less: Investment in the Underlying Funds (1,641,102 ) Net for the Fund in the combined net assets of the Trust 11,647 Total $ 145,351,972 The detailed information for the subscriptions and redemptions, and other financial information for each Fund that is a series of the Trust are included in the accompanying financial statements of each Fund. |
Subsequent Events (Trust)
Subsequent Events (Trust) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Commodity Trust [Member] | |
Subsequent Events | Note 9 – Subsequent Events Management has evaluated the financial statements for the year-ended December 31, 2015 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Trust and Funds other than those noted below: CORN: Effective January 1, 2016, ED&F Man, the FCM for the Fund, increased the per round-term charge for futures contracts commission to $ 9.00 8.00 SOYB: Effective January 1, 2016, ED&F Man, the FCM for the Fund, increased the per round-term charge for futures contracts commission to $ 9.00 8.00 The total net asset value of the Fund increased by 50.2 9,765,635 46.7 2.4 CANE: Effective January 1, 2016, ED&F Man, the FCM for the Fund, increased the per round-term charge for futures contracts commission to $ 9.00 8.00 The total net asset value of the Fund decreased by 30.0 3,856,587 31.2 2.6 On February 18, 2016, $ 3,389 139,068 WEAT: Effective January 1, 2016, ED&F Man, the FCM for the Fund, increased the per round-term charge for futures contracts commission to $ 9.00 8.00 On February 18, 2016, the remaining cash that had been held in custody at The Bank of New York Mellon was transferred to the Fund's account at U.S. Bank. 0 TAGS: Effective January 1, 2016, ED&F Man, the FCM for the Underlying Funds, increased the per round-term charge for futures contracts commission to $ 9.00 8.00 |
Summary of Significant Accoun17
Summary of Significant Accounting Policies (Trust) (Policy) - Teucrium Commodity Trust [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared on a combined basis in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as detailed in the Financial Accounting Standards Board's Accounting Standards Codification and include the accounts of the Trust, CORN, CANE, SOYB, WEAT and TAGS. Refer to the accompanying separate financial statements for each Fund for more detailed information. For the periods represented by the financial statements herein the operations of the Trust contain the results of CORN, NAGS, CRUD, SOYB, CANE, WEAT, and TAGS except for eliminations for TAGS as explained below for the months during which each Fund was in operation. The financial statements of the Trust for the year ended December 31, 2014, include the operation of NAGS and CRUD through the termination of operations on December 21, 2014. CRUD and NAGS were in operation for the full year ended December 31, 2013, the results are presented in the Trust financial statements. Given the investment objective of TAGS as described in Note 1 above, TAGS will buy, sell and hold, as part of its normal operations, shares of the four |
Reclassifications | Reclassifications Certain amounts in prior periods have been reclassified to conform to current period presentation. |
Revenue Recognition | Revenue Recognition Commodity futures contracts are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized appreciation or depreciation on commodity futures contracts are reflected in the statements of assets and liabilities as the difference between the original contract amount and the fair market value as of the last business day of the year or as of the last date of the financial statements. Changes in the appreciation or depreciation between periods are reflected in the statements of operations. Interest on cash equivalents and deposits with the Futures Commission Merchant are recognized on the accrual basis. The Funds earn interest on its assets denominated in U.S. dollars on deposit with the Futures Commission Merchant. In addition, the Funds earn interest on funds held at the custodian at prevailing market rates for such investments. |
Brokerage Commissions | Brokerage Commissions Brokerage commissions on all open commodity futures contracts are accrued on the trade date and on a full-turn basis. |
Income Taxes | Income Taxes The Trust, as a Delaware statutory trust, is considered a trust for federal tax purposes and is, thus, a pass through entity. For tax purposes, the Funds will be treated as partnerships. Therefore, the Funds do not record a provision for income taxes because the shareholders report their share of a Fund's income or loss on their income tax returns. The financial statements reflect the Funds' transactions without adjustment, if any, required for income tax purposes. The Funds are required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Funds file income tax returns in the U.S. federal jurisdiction, and may file income tax returns in various U.S. states and foreign jurisdictions. For all tax years 2012 to 2015, the Funds remain subject to income tax examinations by major taxing authorities. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized results in the Funds recording a tax liability that reduces net assets. Based on their analysis, the Funds have determined that they have not incurred any liability for unrecognized tax benefits as of and for the years ended December 31, 2015, 2014, 2013 and 2012. However, the Funds' conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof. The Funds recognize interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the years ended December 31, 2015, 2014 and 2013. The Funds may be subject to potential examination by U.S. federal, U.S. state, or foreign jurisdictional authorities in the area of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions, and compliance with U.S. federal, U.S. state and foreign tax laws. The Funds' management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. |
Creations and Redemptions | Creations and Redemptions Authorized Purchasers may purchase Creation Baskets from each Fund. The amount of the proceeds required to purchase a Creation Basket will be equal to the NAV of the shares in the Creation Basket determined as of 4:00 p.m. New York time on the day the order to create the basket is properly received. Authorized Purchasers may redeem shares from each Fund only in blocks of shares called “Redemption Baskets.” The amount of the redemption proceeds for a Redemption Basket will be equal to the NAV of the shares in the Redemption Basket determined as of 4:00 p.m. New York time on the day the order to redeem the basket is properly received. Each Fund receives or pays the proceeds from shares sold or redeemed within three business days after the trade date of the purchase or redemption. The amounts due from Authorized Purchasers are reflected in the statements of assets and liabilities as receivable for shares sold. Amounts payable to Authorized Purchasers upon redemption are reflected in the statements of assets and liabilities as payable for shares redeemed. There are a minimum number of baskets and associated shares specified for each Fund in the Fund's respective prospectus, as amended from time to time. Once the minimum number of baskets is reached, there can be no more redemptions until there has been a creation basket. These minimum levels are as follows: CORN: 50,000 2 SOYB: 50,000 2 CANE: 50,000 2 WEAT: 50,000 2 TAGS: 50,000 2 |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents are highly-liquid investments with maturity dates of 90 days or less when acquired. The Trust reported its cash equivalents in the combined statements of assets and liabilities at market value, or at carrying amounts that approximate fair value, because of their highly-liquid nature and short-term maturities. Each Fund that is a series of the Trust has the balance of its assets on deposit with banks. The Trust had a balance of $ 2,539,641 142,419,068 90,021,968 Assets deposited with the bank may, at times, exceed federally insured limits. |
Restricted Cash | Restricted Cash On August 17, 2015 (the “Conversion Date”), U.S. Bank N.A. replaced The Bank of New York Mellon as the Custodian for the Funds. Per the amended agreement between the Sponsor and The Bank of New York Mellon dated August 14, 2015, certain cash amounts for each Fund, except in the case of TAGS, are to remain at The Bank of New York Mellon until amounts for services and early termination fees are paid. The amended agreement allows for payments for such amounts owed to be made through December 31, 2017. Cash balances that are held in custody at The Bank of New York Mellon under this amended agreement are reflected on the combined statements of assets and liabilities of the Fund and the Trust as restricted cash. |
Due from/to Broker | Due from/to Broker The amount recorded by the Trust for the amount due from and to the clearing broker includes, but is not limited to, cash held by the broker, amounts payable to the clearing broker related to open transactions and payables for commodities futures accounts liquidating to an equity balance on the clearing broker's records. Margin is the minimum amount of funds that must be deposited by a commodity interest trader with the trader's broker to initiate and maintain an open position in futures contracts. A margin deposit acts to assure the trader's performance of the futures contracts purchased or sold. Futures contracts are customarily bought and sold on initial margin that represents a very small percentage of the aggregate purchase or sales price of the contract. Because of such low margin requirements, price fluctuations occurring in the futures markets may create profits and losses that, in relation to the amount invested, are greater than are customary in other forms of investment or speculation. As discussed below, adverse price changes in the futures contract may result in margin requirements that greatly exceed the initial margin. In addition, the amount of margin required in connection with a particular futures contract is set from time to time by the exchange on which the contract is traded and may be modified from time to time by the exchange during the term of the contract. Brokerage firms, such as the Funds' clearing brokers, carrying accounts for traders in commodity interest contracts generally require higher amounts of margin as a matter of policy to further protect themselves. Over-the-counter trading generally involves the extension of credit between counterparties, so the counterparties may agree to require the posting of collateral by one or both parties to address credit exposure. When a trader purchases an option, there is no margin requirement; however, the option premium must be paid in full. When a trader sells an option, on the other hand, he or she is required to deposit margin in an amount determined by the margin requirements established for the underlying interest and, in addition, an amount substantially equal to the current premium for the option. The margin requirements imposed on the selling of options, although adjusted to reflect the probability that out-of-the-money options will not be exercised, can in fact be higher than those imposed in dealing in the futures markets directly. Complicated margin requirements apply to spreads and conversions, which are complex trading strategies in which a trader acquires a mixture of options positions and positions in the underlying interest. Ongoing or “maintenance” margin requirements are computed each day by a trader's clearing broker. When the market value of a particular open futures contract changes to a point where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the broker. If the margin call is not met within a reasonable time, the broker may close out the trader's position. With respect to the Funds' trading, the Funds (and not their shareholders personally) are subject to margin calls. Finally, many major U.S. exchanges have passed certain cross margining arrangements involving procedures pursuant to which the futures and options positions held in an account would, in the case of some accounts, be aggregated, and margin requirements would be assessed on a portfolio basis, measuring the total risk of the combined positions. |
Payable/Receivable for Securities Purchased/Sold | Payable/Receivable for Securities Purchased/Sold Due from/to broker for investments in securities are securities transactions pending settlement. The Trust and the Funds are subject to credit risk to the extent any broker with whom it conducts business is unable to fulfill contractual obligations on its behalf. The management of the Trust and the Funds monitors the financial condition of such brokers and does not anticipate any losses from these counterparties. Since the inception of the Fund, the principal broker through which the Trust and TAGS clear securities transactions for TAGS is the Bank of New York Mellon Capital Markets. |
Sponsor Fee, Allocation of Expenses and Related Party Transactions | Sponsor Fee, Allocation of Expenses and Related Party Transactions The Fund's sponsor is Teucrium Trading, LLC (the "Sponsor") is responsible for investing the assets of the Funds in accordance with the objectives and policies of each Fund. In addition, the Sponsor arranges for one or more third parties to provide administrative, custodial, accounting, transfer agency and other necessary services to the Trust and the Funds. In addition, the Sponsor elected not to outsource services directly attributable to the Trust and the Funds such as accounting, financial reporting, regulatory compliance and trading activities. In addition, the Funds, except for TAGS which has no such fee, are contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00 The Funds pay for all brokerage fees, taxes and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the SEC, FINRA, formerly the National Association of Securities Dealers, or any other regulatory agency in connection with the offer and sale of subsequent Shares, after its initial registration, and all legal, accounting, printing and other expenses associated therewith. The Funds also pay the fees and expenses associated with the Trust's tax accounting and reporting requirements. Certain aggregate expenses common to all Funds within the Trust are allocated by the Sponsor to the respective Fund based on activity drivers deemed most appropriate by the Sponsor for such expenses, including but not limited to relative assets under management and creation and redeem order activity. These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax-preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Distributor, which are included in the related line item in the combined statements of operations. A portion of these aggregate common expenses are related to the Sponsor or related parties of principals of the Sponsor; these are necessary services to the Trust and the Funds, which are primarily the cost of performing accounting and financial reporting, regulatory compliance, and trading activities that are directly attributable to the Trust and the Funds. For the years ended December 31, 2015, 2014 and 2013; such expenses, which are primarily included as distribution and marketing fees, totaled $ 1,601,237 1,365,214 1,146,603 138,262 113,224 94,684 The Sponsor has the ability to elect to pay certain expenses on behalf of the Funds or waive the management fee. This election is subject to change by the Sponsor, at its discretion. Expenses paid by the Sponsor and Management fees waived by the Sponsor are, if applicable, presented as waived expenses in the statements of operations for each Fund. For the year ended December 31, 2015 there were $ 980,683 96,068 304,609 256,227 130,716 193,063 For the year ended December 31, 2014 there were $ 640,328 of expenses that were on the combined statements of operations of the Trust as expenses that were waived by the Sponsor. These were specifically: $ 105,270 for CORN, $ 109,611 131,324 65,617 for SOYB, $ 119,696 for CANE, $ 31,697 for WEAT, and $ 77,113 for TAGS. The Sponsor has determined that there would be no recovery sought for these amounts in any future period. For the year ended December 31, 2013 there were $ 880,639 of expenses that were on the combined statements of operations of the Trust as expenses that were waived by the Sponsor. These were specifically: $ 426,248 for CORN, $ 80,970 76,461 68,857 for SOYB, $ 97,147 for CANE, $ 69,416 for WEAT, and $ 61,539 for TAGS. For the year ended December 31, 2013, there were $ 590,000 379,753 308,312 25,139 46,302 For the year ended December 31, 2012, there were $ 560,000 509,033 410,405 47,161 51,467 |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Fair Value - Definition and Hierarchy | Fair Value - Definition and Hierarchy In accordance with U.S. GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, the Trust uses various valuation approaches. In accordance with U.S. GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Trust. Unobservable inputs reflect the Trust's assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows: Level 1 Level 2 Level 3 The availability of valuation techniques and observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the financial instruments existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for financial instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy, within which the fair value measurement in its entirety falls, is determined based on the lowest level input that is significant to the fair value measurement. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Trust's own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. The Trust uses prices and inputs that are current as of the measurement date, including periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many financial instruments financial instrument On December 31, 2015 and 2014, in the opinion of the Trust, the reported value at the close of the market for each commodity contract fairly reflected the value of the futures and no alternative valuations were required. The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period. In making the determination of a Level 1 or Level 2 transfer, the Funds consider the average volume of the specific underlying futures contracts traded on the relevant exchange for the years being reported. For the quarter ended June 30, 2015, Wheat Futures Contracts traded on the CBOT due to settle on December 14, 2016 (the "DEC16 Wheat Contracts") did not, in the opinion of the Trust and WEAT, trade in an actively traded futures market as defined in the policy of the Trust and WEAT for the entire period during which they were held. Accordingly, the Trust and WEAT classified these as a Level 2 asset, The DEC16 Wheat Contracts were, in the opinion of the Trust and WEAT, fairly valued at settlement on June 30, 2015. The value of the contracts were $ 1,178,088 The Wheat Futures Contracts traded on the CBOT due to settle on December 14, 2015 (the “DEC15 Wheat Contracts”) did not, in the opinion of the Trust and WEAT, trade in an actively traded futures market as defined in the policy of the Trust and WEAT for portions of the three months ended June 30, 2014. Accordingly, the Trust and WEAT classified these as a Level 2 liability as of June 30, 2014. The DEC15 Wheat Contracts were, in the opinion of the Trust and WEAT, fairly valued at settlement on June 30, 2014. In addition, for portions of the three months ended September 30, 2014, the DEC15 Wheat Contracts did not, in the opinion of the Trust and WEAT, trade in an actively traded futures market as defined in the policy of the Trust and WEAT. Accordingly, the Trust and WEAT classified these as a Level 2 liability as of September 30, 2014. The DEC15 Wheat Contracts were, in the opinion of the Trust and WEAT, fairly valued at settlement on September 30, 2014. The value of the contracts were $ 2,437,725 For the quarter ended March 31, 2014, Soybean Futures Contracts traded on the CBOT which will settle on November 13, 2015 (the “NOV15 Soybean Contracts”) did not, in the opinion of the Trust and SOYB, trade in an actively traded futures market as defined in the policy of the Trust and SOYB for the entire period during which they were held. Accordingly, the Trust and SOYB have classified these as a Level 2 liability for the period ended March 31, 2014. The NOV15 Soybean Contracts were, in the opinion of the Trust and SOYB, fairly valued at settlement on March 31, 2014. These transferred back to a Level 1 liability for the quarter ended June 30, 2014. The value of the contracts were $ 12,075 For the quarter ended June 30, 2014, Sugar Futures Contracts traded on ICE due to settle on February 29, 2016 (the "MAR16 Sugar Contracts") did not, in the opinion of the Trust and CANE, trade in an actively traded futures market as defined in the policy of the Trust and CANE for the entire period during which they were held. Accordingly, the Trust and CANE classified these as a Level 2 asset. The MAR16 Sugar Contracts were, in the opinion of the Trust and CANE, fairly valued at settlement on June 30, 2014. These transferred back to a Level 1 asset for the quarter ended September 30, 2014. The value of the contracts were $ 17,405 The Funds and the Trust record their derivative activities at fair value. Gains and losses from derivative contracts are included in the statements of operations. Derivative contracts include futures contracts related to commodity prices. Futures, which are listed on a national securities exchange, such as the CBOT and the ICE, or reported on another national market, are generally categorized in Level 1 of the fair value hierarchy. OTC derivatives contracts (such as forward and swap contracts), which may be valued using models, depending on whether significant inputs are observable or unobservable, are categorized in Levels 2 or 3 of the fair value hierarchy. Investments in the securities of the Underlying Funds are freely traded and listed on the NYSE Arca. These investments are valued at the NAV of the Underlying Fund as of the valuation date as calculated by the administrator based on the exchange-quoted prices of the commodity futures contracts held by the Underlying Fund. |
Expenses | Expenses Expenses are recorded using the accrual method of accounting. |
New Accounting Pronouncements | New Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-01, “Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in this update are intended to improve the recognitions measurement and disclosure of financial instruments. The amendments to this update are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. These amendments are required to be applied prospectively. The company is currently evaluating the impact on the financial statements and disclosures of the Trust and the Funds. The FASB issued ASU 2015-10, “Technical Corrections and Improvements.” The amendments in this update represent changes to clarify the Codification, correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. The amendments are effective for fiscal years beginning after December 15, 2015. The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2015-07, “Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).” The ASU amends ASC 820 to create a practical expedient to measure the fair value of investments in certain entities that do not have a quoted market price but calculate net asset value per share or its equivalent. In addition, the amendments to ASC 820 provide guidance on classifying investments that are measured using the practical expedient in the fair value hierarchy and require specific disclosures for eligible investments, regardless of whether the practical expedient has been applied. The amendments in this Update are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. These amendments are required to be applied retrospectively to all periods presented The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2015-06, “Earnings per Share (Topic 260): Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions.” The amendments specify how earnings (losses) of a transferred business before the date of a dropdown transaction should be allocated to the various interest holders in a master limited partnership for purposes of calculating earning per unit under the two-class method. The amendments to this update are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The amendments are required to be applied retrospectively for all periods presented. The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis.” The amendments are intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures. The amendments to this update are effective for periods beginning after December 15, 2015. These amendments are required to be applied retrospectively for all periods presented. The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” The amendments in this update change the requirements for reporting discontinued operations in Subtopic 2015-20. A significant provision of ASU 2014-08 calls for reporting as discontinued operations only those disposals that represent a strategic shift or have a major impact on the entity's financial results and operations. The Company elected to early adopt this ASU for the year ended December 31, 2014 and the adoption did not have a significant impact on the financial statements and disclosures of the Trust or the Funds, even with the liquidation of CRUD and NAGS in December 2014. |
Liquidation of Funds (Trust) (T
Liquidation of Funds (Trust) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Commodity Trust [Member] | |
Liquidation of Funds [Line Items] | |
Schedule of results of operations and other data | Year ended Year ended December 31, 2014 December 31, 2013 Total (Loss) Income $ (16,003 ) $ 60,077 Total Expenses $ 131,501 $ 132,357 Total Expenses, net $ 21,890 $ 51,387 Net (Loss) Income $ (37,893 ) $ 8,690 Year ended Year ended December 31, 2014 December 31, 2013 Total (Loss) Income $ (734,326 ) $ 85,793 Total Expenses $ 166,176 $ 106,875 Total Expenses, net $ 34,852 $ 30,412 Net (Loss) Income $ (769,178 ) $ 55,381 |
Fair Value Measurements (Trus19
Fair Value Measurements (Trust) (Tables) - Teucrium Commodity Trust [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Assets and Liabilities Measured at Fair Value | December 31, 2015 Balance as of Assets: Level 1 Level 2 Level 3 December 31, 2015 Cash equivalents $ 2,539,641 $ - $ - $ 2,539,641 Commodity futures contracts Soybean futures contracts 16,175 - - 16,175 Sugar futures contracts 364,056 - - 364,056 Total $ 2,919,872 $ - $ - $ 2,919,872 Balance as of Liabilities: Level 1 Level 2 Level 3 December 31, 2015 Commodity futures contracts Corn futures contracts $ 3,908,550 $ - $ - $ 3,908,550 Soybean futures contracts 238,662 - - 238,662 Wheat futures contracts 1,924,464 - - 1,924,464 Total $ 6,071,676 $ - $ - $ 6,071,676 December 31, 2014 Balance as of Assets: Level 1 Level 2 Level 3 December 31, 2014 Cash equivalents $ 142,419,068 $ - $ - $ 142,419,068 Commodity futures contracts Corn futures contracts 3,651,637 - - 3,651,637 Wheat 729,626 - - 729,626 Total $ 146,800,331 $ - $ - $ 146,800,331 Balance as of Liabilities: Level 1 Level 2 Level 3 December 31, 2014 Commodity futures contracts Corn futures contracts $ 1,899,925 $ - $ - $ 1,899,925 Soybean futures contracts 277,013 - - 277,013 Sugar futures contracts 503,955 - - 503,955 Wheat futures contracts 13,125 - - 13,125 Total $ 2,694,018 $ - $ - $ 2,694,018 |
Schedule of Transfers by Fair Value Hierarchy | Transfers Transfers Transfers Transfers Transfers Transfers into out of into out of into out of Level 1 Level 1 Level 2 Level 2 Level 3 Level 3 Assets (at fair value) Derivative contracts Wheat future contracts $ 1,178,088 $ 1,178,088 $ 1,178,088 $ 1,178,088 $ - $ - Transfers Transfers Transfers Transfers Transfers Transfers into out of into out of into out of Level 1 Level 1 Level 2 Level 2 Level 3 Level 3 Assets (at fair value) Derivative contracts Sugar future contracts $ 17,405 $ 17,405 $ 17,405 $ 17,405 $ - $ - Liabilities (at fair value) Derivative contracts Soybean future contracts 12,075 12,075 12,075 12,075 - - Wheat future contracts 2,437,725 2,437,725 2,437,725 2,437,725 - - Total $ 2,449,800 $ 2,449,800 $ 2,449,800 $ 2,449,800 $ - $ - |
Derivative Instruments and He20
Derivative Instruments and Hedging Activities (Trust) (Tables) - Teucrium Commodity Trust [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Fair Value of Derivative Instruments | Offsetting of Financial Assets and Derivative Assets as of December 31, 2015 (i) (ii) (iii) = (i) – (ii) (iv) (v) = (iii) – (iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Gross Amount Net Amount Offset in the Presented in the Futures Gross Amount Statement of Statement of Contracts of Recognized Assets and Assets and Available for Collateral, Due Description Assets Liabilities Liabilities Offset to Broker Net Amount Commodity price Soybean futures contracts $ 16,175 $ - $ 16,175 $ 16,175 $ - $ - Sugar futures contracts 364,056 - 364,056 - - 364,056 Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2015 (i) (ii) (iii) = (i) – (ii) (iv) (v) = (iii) – (iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Gross Amount Net Amount Offset in the Presented in the Futures Gross Amount Statement of Statement of Contracts of Recognized Assets and Assets and Available for Collateral, Due Description Liabilities Liabilities Liabilities Offset from Broker Net Amount Commodity price Corn futures contracts $ 3,908,550 $ - $ 3,908,550 $ - $ 3,908,550 $ - Soybean futures contracts 238,662 - 238,662 16,175 222,487 - Wheat futures contracts 1,924,464 - 1,924,464 - 1,924,464 - Offsetting of Financial Assets and Derivative Assets as of December 31, 2014 (i) (ii) (iii) = (i) – (ii) (iv) (v) = (iii) – (iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Gross Amount Net Amount Offset in the Presented in the Futures Gross Amount Statement of Statement of Contracts of Recognized Assets and Assets and Available for Collateral, Due Description Assets Liabilities Liabilities Offset to Broker Net Amount Commodity price Corn futures contracts $ 3,651,637 $ - $ 3,651,637 $ 1,899,925 $ - $ 1,751,712 Wheat futures contracts 729,626 - 729,626 13,125 60,805 655,696 Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2014 (i) (ii) (iii) = (i) – (ii) (iv) (v) = (iii) – (iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Gross Amount Net Amount Offset in the Presented in the Futures Gross Amount Statement of Statement of Contracts of Recognized Assets and Assets and Available for Collateral, Due Description Liabilities Liabilities Liabilities Offset from Broker Net Amount Commodity price Corn futures contracts $ 1,899,925 $ - $ 1,899,925 $ 1,899,925 $ - $ - Soybean futures contracts 277,013 - 277,013 - 277,013 - Sugar futures contracts 503,955 - 503,955 - 503,955 - Wheat futures contracts 13,125 - 13,125 13,125 - - |
Summary of Realized and Net Change in Unrealized Gains (Losses) of the Derivative Instruments | Year ended December 31, 2015 Net Change in Unrealized Realized Loss on Appreciation or Depreciation on Primary Underlying Risk Commodity Futures Contracts Commodity Futures Contacts Commodity price Corn futures contracts $ (8,533,650 ) $ (5,660,263 ) Soybean futures contracts (1,355,738 ) 54,526 Sugar futures contracts (1,279,891 ) 868,011 Wheat futures contracts (4,559,863 ) (2,640,963 ) Total commodity futures contracts $ (15,729,142 ) $ (7,378,689 ) Y ear ended December 31, 2014 Net Change in Unrealized Realized (Loss) Gain on Appreciation or Depreciation on Primary Underlying Risk Commodity Futures Contracts Commodity Futures Contacts Commodity price Corn futures contracts $ (11,085,713 ) $ 6,636,500 Natural gas futures contracts 67,650 (84,050 ) WTI crude oil futures contracts (652,430 ) (82,450 ) Soybean futures contracts (278,763 ) (88,150 ) Sugar futures contracts (131,410 ) (320,555 ) Wheat futures contracts (2,486,162 ) 1,415,175 Total commodity futures contracts $ (14,566,828 ) $ 7,476,470 Year ended December 31, 2013 Net Change in Unrealized Realized Loss on Appreciation or Depreciation on Primary Underlying Risk Commodity Futures Contracts Commodity Futures Contacts Commodity price Corn futures contracts $ (10,581,838 ) $ (2,671,013 ) Natural gas futures contracts (250,149 ) 308,419 WTI crude oil futures contracts (10,798 ) 95,668 Soybean futures contracts (43,450 ) 32,512 Sugar futures contracts (400,994 ) (105,022 ) Wheat futures contracts (1,554,250 ) (507,587 ) Total commodity futures contracts $ (12,841,479 ) $ (2,847,023 ) |
Detail of the net assets and 21
Detail of the net assets and shares outstanding of the Funds that are a series of the Trust (Trust) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Commodity Trust [Member] | |
Net assets and shares outstanding of the Funds [Line Items] | |
Net assets and shares outstanding of the Funds | December 31, 2015 Outstanding Shares Net Assets Teucrium Corn Fund 2,875,004 $ 61,056,223 Teucrium Soybean Fund 375,004 6,502,552 Teucrium Sugar Fund 550,004 5,508,663 Teucrium Wheat Fund 2,900,004 26,529,260 Teucrium Agricultural Fund: Net assets including the investment in the Underlying Funds 50,002 1,329,390 Less: Investment in the Underlying Funds (1,324,601 ) Net for the Fund in the combined net assets of the Trust 4,789 Total $ 99,601,487 December 31, 2014 Outstanding Shares Net Assets Teucrium Corn Fund 4,075,004 $ 108,459,507 Teucrium Soybean Fund 575,004 11,956,149 Teucrium Sugar Fund 225,004 2,661,212 Teucrium Wheat Fund 1,750,004 22,263,457 Teucrium Agricultural Fund: Net assets including the investment in the Underlying Funds 50,002 1,652,749 Less: Investment in the Underlying Funds (1,641,102 ) Net for the Fund in the combined net assets of the Trust 11,647 Total $ 145,351,972 |
Organization and Operation (T22
Organization and Operation (Trust) (Details) | 1 Months Ended | 12 Months Ended | |||||
Mar. 27, 2012USD ($)shares | Sep. 16, 2011USD ($)shares | Jun. 08, 2010USD ($)shares | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2011 | |
Teucrium Commodity Trust [Member] | |||||||
Number of additional series | 2 | ||||||
Value of shares issued | $ 32,803,944 | $ 194,483,531 | $ 69,527,075 | ||||
Underlying fund average weighting | 25.00% | ||||||
Teucrium Corn Fund [Member] | |||||||
Number of creation baskets issued | 4 | ||||||
Number of shares issued | shares | 200,000 | ||||||
Value of shares issued | $ 5,000,000 | $ 8,538,198 | 146,789,763 | 59,350,451 | |||
Teucrium Sugar Fund [Member] | |||||||
Number of creation baskets issued | 2 | ||||||
Number of shares issued | shares | 100,000 | ||||||
Value of shares issued | $ 2,500,000 | 3,767,602 | 1,067,083 | 784,941 | |||
Teucrium Soybean Fund [Member] | |||||||
Number of creation baskets issued | 2 | ||||||
Number of shares issued | shares | 100,000 | ||||||
Value of shares issued | $ 2,500,000 | 2,478,439 | 10,769,361 | 1,859,169 | |||
Teucrium Wheat Fund [Member] | |||||||
Number of creation baskets issued | 2 | ||||||
Number of shares issued | shares | 100,000 | ||||||
Value of shares issued | $ 2,500,000 | $ 18,019,705 | $ 34,552,580 | $ 7,532,514 | |||
Teucrium Agricultural Fund [Member] | |||||||
Number of creation baskets issued | 6 | ||||||
Number of shares issued | shares | 300,000 | ||||||
Value of shares issued | $ 15,000,000 | ||||||
Underlying fund average weighting | 25.00% |
Liquidation of Funds (Trust) (D
Liquidation of Funds (Trust) (Details) - Teucrium Commodity Trust [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Liquidation of Funds [Line Items] | |||
Total (Loss) Income | $ (22,886,022) | $ (7,042,005) | $ (15,658,105) |
Total Expenses | 5,416,644 | 4,814,899 | 4,312,906 |
Total Expenses, net | 4,435,961 | 4,554,324 | 3,941,300 |
Net loss | $ (27,321,983) | (11,596,329) | (19,599,405) |
Teucrium Natural Gas Fund [Member] | |||
Liquidation of Funds [Line Items] | |||
Subscription amount of shares | 576,142 | ||
Redemption amount of shares | 2,311,504 | ||
Total (Loss) Income | (16,003) | 60,077 | |
Total Expenses | 131,501 | 132,357 | |
Total Expenses, net | 21,890 | 51,387 | |
Net loss | (37,893) | 8,690 | |
Teucrium WTI Crude Oil Fund [Member] | |||
Liquidation of Funds [Line Items] | |||
Subscription amount of shares | 728,663 | ||
Redemption amount of shares | 2,008,553 | ||
Total (Loss) Income | (734,326) | 85,793 | |
Total Expenses | 166,176 | 106,875 | |
Total Expenses, net | 34,852 | 30,412 | |
Net loss | $ (769,178) | $ 55,381 |
Principal Contracts and Agree24
Principal Contracts and Agreements (Trust) (Details) - Teucrium Commodity Trust [Member] - USD ($) | Jun. 04, 2015 | Feb. 23, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Principal Contracts and Agreements [Line Items] | |||||
Amount of custody, transfer agency and administrative services fees recognized | $ 779,473 | $ 158,963 | $ 147,860 | ||
Amount of distribution fees recognized | 1,763,168 | 1,656,797 | 1,684,395 | ||
Brokerage commissions | $ 71,854 | 171,561 | 49,490 | ||
Bank of New York Mellon [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Amount of custody, transfer agency and administrative services fees recognized | 158,963 | 147,860 | |||
Amount of custody, transfer agency and administrative services fees waived by the Sponsor | 13,924 | 0 | |||
Foreside Fund Services, LLC [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Distribution fees as percentage of average daily net assets | 0.01% | ||||
Aggregate annual distribution fee for all funds | $ 100,000 | ||||
Fees per registered representative | 5,000 | ||||
Fees per registered location | 1,000 | ||||
Amount of distribution fees recognized | 149,080 | 154,761 | 159,184 | ||
Amount of distribution fees waived by the Sponsor | 10,251 | 10,311 | 9,526 | ||
Newedge USA [Member] | WTI Crude Oil Futures Contracts [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Clearing fees paid per round turn | 6 | ||||
Newedge USA [Member] | Natural Gas Futures Contracts [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Clearing fees paid per round turn | 6 | ||||
Wilmington Trust Company [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Annual fee received by trustee | 3,300 | 3,300 | 3,300 | ||
Trustee fees waived by the Sponsor | 557 | 81 | 66 | ||
U.S. Bank [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Combined minimum annual fee for custody, transfer agency and administrative services per Fund | $ 64,500 | ||||
U.S. Bank [Member] | Average gross assets up to $1 billion [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Custody services fees as percentage of annual average gross assets | 0.0075% | ||||
Transfer agency, fund accounting and fund administration services fees as percentage of annual average gross assets | 0.04% | ||||
U.S. Bank [Member] | Average gross assets over $1 billion [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Custody services fees as percentage of annual average gross assets | 0.005% | ||||
Transfer agency, fund accounting and fund administration services fees as percentage of annual average gross assets | 0.03% | ||||
U.S. Bank [Member] | Average gross assets up to $250 million [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Transfer agency, fund accounting and fund administration services fees as percentage of annual average gross assets | 0.06% | ||||
U.S. Bank [Member] | Average gross assets between $250 million and $500 million [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Transfer agency, fund accounting and fund administration services fees as percentage of annual average gross assets | 0.05% | ||||
Bank of New York Mellon and US Bank National Association [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Amount of custody, transfer agency and administrative services fees recognized | $ 779,473 | ||||
Amount of custody, transfer agency and administrative services fees waived by the Sponsor | 538,688 | ||||
SG Americas Securities LLC [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Amount outstanding with Fund's FCM and primary clearing broker | $ 0 | ||||
Jefferies [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Amount outstanding with Fund's FCM and primary clearing broker | $ 0 | ||||
Newedge, SG, Jefferies and ED&F Man [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Brokerage commissions | 71,854 | 171,561 | 49,490 | ||
Brokerage Commissions Waived by the Sponsor | 30,000 | $ 0 | $ 0 | ||
Newedge, SG, Jefferies and ED&F Man [Member] | Corn Futures Contracts [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Clearing fees paid per round turn | 8 | ||||
Newedge, SG, Jefferies and ED&F Man [Member] | Soybean Futures Contracts [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Clearing fees paid per round turn | 8 | ||||
Newedge, SG, Jefferies and ED&F Man [Member] | Sugar Futures Contracts [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Clearing fees paid per round turn | 8 | ||||
Newedge, SG, Jefferies and ED&F Man [Member] | Wheat Futures Contracts [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Clearing fees paid per round turn | $ 8 |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Trust) (Details) | 12 Months Ended | ||||||
Dec. 31, 2015USD ($)itemshares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($)shares | Dec. 31, 2012USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | |
Teucrium Commodity Trust [Member] | |||||||
Basis of Presentation | |||||||
Number of underlying Funds which TAGS will buy, sell and hold, as part of its normal operations | item | 4 | ||||||
Cash and Cash Equivalents | |||||||
Money market funds | $ 2,539,641 | $ 142,419,068 | |||||
Demand-deposit savings accounts | $ 90,021,968 | ||||||
Sponsor Fee Allocation of Expenses and Related Party Transactions [Abstract] | |||||||
Annual sponsor fee | 1.00% | ||||||
Performing accounting and financial reporting, regulatory compliance, and trading activities cost | $ 1,601,237 | 1,365,214 | $ 1,146,603 | ||||
Performing Accounting and Financial Reporting Regulatory Compliance and Trading Activities Costs Waived by Sponsor | 138,262 | 113,224 | 94,684 | ||||
Expenses waived by the Sponsor | $ 980,683 | 640,328 | 880,639 | ||||
Expenses subject to reimbursement | 590,000 | $ 560,000 | |||||
Reimbursement of expenses previously waived | 379,753 | 509,033 | |||||
Teucrium Commodity Trust [Member] | Derivative Liabilities [Member] | |||||||
Fair Value - Definition and Hierarchy | |||||||
Transfers into Level 1 | 2,449,800 | ||||||
Teucrium Commodity Trust [Member] | Derivative Liabilities [Member] | CBOT Soybean Futures One [Member] | |||||||
Fair Value - Definition and Hierarchy | |||||||
Transfers into Level 1 | 12,075 | ||||||
Teucrium Commodity Trust [Member] | Derivative Liabilities [Member] | CBOT Wheat Futures One [Member] | |||||||
Fair Value - Definition and Hierarchy | |||||||
Transfers into Level 1 | 2,437,725 | $ 12,075 | |||||
Teucrium Commodity Trust [Member] | Derivative Assets [Member] | ICE Sugar Futures One [Member] | |||||||
Fair Value - Definition and Hierarchy | |||||||
Transfers into Level 1 | 17,405 | $ 17,405 | |||||
Teucrium Commodity Trust [Member] | Derivative Assets [Member] | CBOT Wheat Futures One [Member] | |||||||
Fair Value - Definition and Hierarchy | |||||||
Transfers into Level 1 | $ 1,178,088 | $ 1,178,088 | |||||
Teucrium Corn Fund [Member] | |||||||
Creations and Redemptions | |||||||
Minimum level of shares per Redemption Basket minimum level | shares | 50,000 | ||||||
Minimum number of Redemption Baskets | 2 | ||||||
Cash and Cash Equivalents | |||||||
Money market funds | $ 899,313 | 106,858,496 | |||||
Demand-deposit savings accounts | $ 56,210,776 | ||||||
Sponsor Fee Allocation of Expenses and Related Party Transactions [Abstract] | |||||||
Annual sponsor fee | 1.00% | ||||||
Performing accounting and financial reporting, regulatory compliance, and trading activities cost | $ 1,034,163 | 1,047,648 | 839,590 | ||||
Performing Accounting and Financial Reporting Regulatory Compliance and Trading Activities Costs Waived by Sponsor | 20,000 | 20,312 | 3,120 | ||||
Expenses waived by the Sponsor | $ 96,068 | 105,270 | 426,248 | 549,718 | |||
Expenses subject to reimbursement | 426,248 | ||||||
Reimbursement of expenses previously waived | 308,312 | 410,405 | |||||
Teucrium Natural Gas Fund [Member] | |||||||
Sponsor Fee Allocation of Expenses and Related Party Transactions [Abstract] | |||||||
Expenses waived by the Sponsor | 109,611 | 80,970 | |||||
Teucrium WTI Crude Oil Fund [Member] | |||||||
Sponsor Fee Allocation of Expenses and Related Party Transactions [Abstract] | |||||||
Expenses waived by the Sponsor | 131,324 | 76,461 | |||||
Teucrium Soybean Fund [Member] | |||||||
Creations and Redemptions | |||||||
Minimum level of shares per Redemption Basket minimum level | shares | 50,000 | ||||||
Minimum number of Redemption Baskets | 2 | ||||||
Cash and Cash Equivalents | |||||||
Money market funds | $ 161,718 | 11,505,788 | |||||
Sponsor Fee Allocation of Expenses and Related Party Transactions [Abstract] | |||||||
Annual sponsor fee | 1.00% | ||||||
Performing accounting and financial reporting, regulatory compliance, and trading activities cost | $ 124,331 | 49,492 | 111,577 | ||||
Performing Accounting and Financial Reporting Regulatory Compliance and Trading Activities Costs Waived by Sponsor | 49,086 | 12,915 | 280 | ||||
Expenses waived by the Sponsor | $ 304,609 | 65,617 | 68,857 | ||||
Expenses subject to reimbursement | 68,857 | 76,921 | |||||
Reimbursement of expenses previously waived | 25,139 | 47,161 | |||||
Teucrium Soybean Fund [Member] | Derivative Liabilities [Member] | CBOT Soybean Futures One [Member] | |||||||
Fair Value - Definition and Hierarchy | |||||||
Transfers into Level 1 | 12,075 | $ 12,075 | |||||
Teucrium Sugar Fund [Member] | |||||||
Creations and Redemptions | |||||||
Minimum level of shares per Redemption Basket minimum level | shares | 50,000 | ||||||
Minimum number of Redemption Baskets | 2 | ||||||
Cash and Cash Equivalents | |||||||
Money market funds | $ 297,460 | 2,484,769 | |||||
Demand-deposit savings accounts | $ 4,635,331 | ||||||
Sponsor Fee Allocation of Expenses and Related Party Transactions [Abstract] | |||||||
Annual sponsor fee | 1.00% | ||||||
Performing accounting and financial reporting, regulatory compliance, and trading activities cost | $ 47,236 | 25,911 | 22,989 | ||||
Performing Accounting and Financial Reporting Regulatory Compliance and Trading Activities Costs Waived by Sponsor | 33,483 | 25,845 | 22,989 | ||||
Expenses waived by the Sponsor | $ 256,227 | 119,696 | 97,147 | ||||
Expenses subject to reimbursement | 119,696 | 97,147 | |||||
Teucrium Sugar Fund [Member] | Derivative Liabilities [Member] | ICE Sugar Futures One [Member] | |||||||
Fair Value - Definition and Hierarchy | |||||||
Transfers into Level 1 | 17,405 | ||||||
Teucrium Wheat Fund [Member] | |||||||
Creations and Redemptions | |||||||
Minimum level of shares per Redemption Basket minimum level | shares | 50,000 | ||||||
Minimum number of Redemption Baskets | 2 | ||||||
Cash and Cash Equivalents | |||||||
Money market funds | $ 1,179,336 | 21,568,368 | |||||
Demand-deposit savings accounts | $ 23,399,755 | ||||||
Sponsor Fee Allocation of Expenses and Related Party Transactions [Abstract] | |||||||
Annual sponsor fee | 1.00% | ||||||
Performing accounting and financial reporting, regulatory compliance, and trading activities cost | $ 382,178 | 193,111 | 104,432 | ||||
Performing Accounting and Financial Reporting Regulatory Compliance and Trading Activities Costs Waived by Sponsor | 22,364 | 5,100 | 280 | ||||
Expenses waived by the Sponsor | $ 130,716 | 31,697 | 69,416 | ||||
Expenses subject to reimbursement | 31,697 | 69,416 | $ 101,790 | ||||
Reimbursement of expenses previously waived | 46,302 | $ 51,467 | |||||
Teucrium Wheat Fund [Member] | Derivative Liabilities [Member] | CBOT Wheat Futures One [Member] | |||||||
Fair Value - Definition and Hierarchy | |||||||
Transfers into Level 1 | $ 1,178,088 | $ 2,437,725 | |||||
Teucrium Wheat Fund [Member] | Derivative Assets [Member] | CBOT Wheat Futures One [Member] | |||||||
Fair Value - Definition and Hierarchy | |||||||
Transfers into Level 1 | $ 1,178,088 | ||||||
Teucrium Agricultural Fund [Member] | |||||||
Creations and Redemptions | |||||||
Minimum level of shares per Redemption Basket minimum level | shares | 50,000 | 50,000 | 50,000 | ||||
Minimum number of Redemption Baskets | 2 | 2 | 2 | ||||
Cash and Cash Equivalents | |||||||
Money market funds | $ 1,815 | $ 1,647 | |||||
Sponsor Fee Allocation of Expenses and Related Party Transactions [Abstract] | |||||||
Annual sponsor fee | 1.00% | ||||||
Performing accounting and financial reporting, regulatory compliance, and trading activities cost | $ 13,329 | 16,234 | $ 20,773 | ||||
Expenses waived by the Sponsor | $ 193,063 | 77,113 | $ 61,539 | ||||
Expenses subject to reimbursement | $ 77,113 |
Fair Value Measurements (Trus26
Fair Value Measurements (Trust) (Schedule of Assets and Liabilities Measured at Fair Value) (Details) - Teucrium Commodity Trust [Member] - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Cash equivalents | $ 2,539,641 | $ 142,419,068 |
Derivative assets | 380,231 | 4,381,263 |
Total | 2,919,872 | 146,800,331 |
Liabilities: | ||
Commodity futures contracts | 6,071,676 | 2,694,018 |
Total | 6,071,676 | 2,694,018 |
Corn Futures Contracts [Member] | ||
Assets: | ||
Derivative assets | 3,651,637 | |
Liabilities: | ||
Commodity futures contracts | 3,908,550 | 1,899,925 |
Wheat Futures Contracts [Member] | ||
Assets: | ||
Derivative assets | 729,626 | |
Liabilities: | ||
Commodity futures contracts | 1,924,464 | 13,125 |
Soybean Futures Contracts [Member] | ||
Assets: | ||
Derivative assets | 16,175 | |
Liabilities: | ||
Commodity futures contracts | 238,662 | 277,013 |
Sugar Futures Contracts [Member] | ||
Assets: | ||
Derivative assets | 364,056 | |
Liabilities: | ||
Commodity futures contracts | 503,955 | |
Level 1 [Member] | ||
Assets: | ||
Cash equivalents | 2,539,641 | 142,419,068 |
Total | 2,919,872 | 146,800,331 |
Liabilities: | ||
Total | 6,071,676 | 2,694,018 |
Level 1 [Member] | Corn Futures Contracts [Member] | ||
Assets: | ||
Derivative assets | 3,651,637 | |
Liabilities: | ||
Commodity futures contracts | 3,908,550 | 1,899,925 |
Level 1 [Member] | Wheat Futures Contracts [Member] | ||
Assets: | ||
Derivative assets | 729,626 | |
Liabilities: | ||
Commodity futures contracts | 1,924,464 | 13,125 |
Level 1 [Member] | Soybean Futures Contracts [Member] | ||
Assets: | ||
Derivative assets | 16,175 | |
Liabilities: | ||
Commodity futures contracts | 238,662 | 277,013 |
Level 1 [Member] | Sugar Futures Contracts [Member] | ||
Assets: | ||
Derivative assets | $ 364,056 | |
Liabilities: | ||
Commodity futures contracts | $ 503,955 | |
Level 2 [Member] | ||
Assets: | ||
Cash equivalents | ||
Total | ||
Liabilities: | ||
Total | ||
Level 2 [Member] | Corn Futures Contracts [Member] | ||
Assets: | ||
Derivative assets | ||
Liabilities: | ||
Commodity futures contracts | ||
Level 2 [Member] | Wheat Futures Contracts [Member] | ||
Assets: | ||
Derivative assets | ||
Liabilities: | ||
Commodity futures contracts | ||
Level 2 [Member] | Soybean Futures Contracts [Member] | ||
Assets: | ||
Derivative assets | ||
Liabilities: | ||
Commodity futures contracts | ||
Level 2 [Member] | Sugar Futures Contracts [Member] | ||
Assets: | ||
Derivative assets | ||
Liabilities: | ||
Commodity futures contracts | ||
Level 3 [Member] | ||
Assets: | ||
Cash equivalents | ||
Total | ||
Liabilities: | ||
Total | ||
Level 3 [Member] | Corn Futures Contracts [Member] | ||
Assets: | ||
Derivative assets | ||
Liabilities: | ||
Commodity futures contracts | ||
Level 3 [Member] | Wheat Futures Contracts [Member] | ||
Assets: | ||
Derivative assets | ||
Liabilities: | ||
Commodity futures contracts | ||
Level 3 [Member] | Soybean Futures Contracts [Member] | ||
Assets: | ||
Derivative assets | ||
Liabilities: | ||
Commodity futures contracts | ||
Level 3 [Member] | Sugar Futures Contracts [Member] | ||
Assets: | ||
Derivative assets | ||
Liabilities: | ||
Commodity futures contracts |
Fair Value Measurements (Trus27
Fair Value Measurements (Trust) (Schedule of Transfers by Fair Value Hierarchy) (Details) - Teucrium Commodity Trust [Member] - USD ($) | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | |
Derivative Liabilities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Transfers into Level 1 | $ 2,449,800 | ||||
Transfers out of Level 1 | 2,449,800 | ||||
Transfers into Level 2 | 2,449,800 | ||||
Transfers out of Level 2 | $ 2,449,800 | ||||
Transfers into/out of Level 3 | |||||
ICE Sugar Futures One [Member] | Derivative Assets [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Transfers into Level 1 | $ 17,405 | $ 17,405 | |||
Transfers out of Level 1 | 17,405 | ||||
Transfers into Level 2 | 17,405 | ||||
Transfers out of Level 2 | $ 17,405 | ||||
Transfers into/out of Level 3 | |||||
CBOT Soybean Futures One [Member] | Derivative Liabilities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Transfers into Level 1 | $ 12,075 | ||||
Transfers out of Level 1 | 12,075 | ||||
Transfers into Level 2 | 12,075 | ||||
Transfers out of Level 2 | $ 12,075 | ||||
Transfers into/out of Level 3 | |||||
CBOT Wheat Futures One [Member] | Derivative Liabilities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Transfers into Level 1 | $ 2,437,725 | $ 12,075 | |||
Transfers out of Level 1 | 2,437,725 | ||||
Transfers into Level 2 | 2,437,725 | ||||
Transfers out of Level 2 | $ 2,437,725 | ||||
Transfers into/out of Level 3 | |||||
CBOT Wheat Futures One [Member] | Derivative Assets [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Transfers into Level 1 | $ 1,178,088 | $ 1,178,088 | |||
Transfers out of Level 1 | 1,178,088 | ||||
Transfers into Level 2 | 1,178,088 | ||||
Transfers out of Level 2 | $ 1,178,088 | ||||
Transfers into/out of Level 3 |
Derivative Instruments and He28
Derivative Instruments and Hedging Activities (Trust) (Schedule of Fair Value of Derivative Instruments) (Details) - Teucrium Commodity Trust [Member] - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Commodity price | ||
Derivative assets | $ 380,231 | $ 4,381,263 |
Derivative liabilities | 6,071,676 | 2,694,018 |
Gross Amount Of Recognized Assets Or Liabilities [Member] | Corn Futures Contracts [Member] | ||
Commodity price | ||
Derivative assets | 3,651,637 | |
Derivative liabilities | 3,908,550 | 1,899,925 |
Gross Amount Of Recognized Assets Or Liabilities [Member] | Wheat Futures Contracts [Member] | ||
Commodity price | ||
Derivative assets | 729,626 | |
Derivative liabilities | 1,924,464 | 13,125 |
Gross Amount Of Recognized Assets Or Liabilities [Member] | Soybean Futures Contracts [Member] | ||
Commodity price | ||
Derivative assets | 16,175 | |
Derivative liabilities | 238,662 | 277,013 |
Gross Amount Of Recognized Assets Or Liabilities [Member] | Sugar Futures Contracts [Member] | ||
Commodity price | ||
Derivative assets | $ 364,056 | |
Derivative liabilities | $ 503,955 | |
Gross Amount Offset In The Statement Of Assets And Liabilities [Member] | Corn Futures Contracts [Member] | ||
Commodity price | ||
Derivative assets | ||
Derivative liabilities | ||
Gross Amount Offset In The Statement Of Assets And Liabilities [Member] | Wheat Futures Contracts [Member] | ||
Commodity price | ||
Derivative assets | ||
Derivative liabilities | ||
Gross Amount Offset In The Statement Of Assets And Liabilities [Member] | Soybean Futures Contracts [Member] | ||
Commodity price | ||
Derivative assets | ||
Derivative liabilities | ||
Gross Amount Offset In The Statement Of Assets And Liabilities [Member] | Sugar Futures Contracts [Member] | ||
Commodity price | ||
Derivative assets | ||
Derivative liabilities | ||
Net Amount Presented In The Statement Of Assets And Liabilities [Member] | Corn Futures Contracts [Member] | ||
Commodity price | ||
Derivative assets | $ 3,651,637 | |
Derivative liabilities | $ 3,908,550 | 1,899,925 |
Net Amount Presented In The Statement Of Assets And Liabilities [Member] | Wheat Futures Contracts [Member] | ||
Commodity price | ||
Derivative assets | 729,626 | |
Derivative liabilities | 1,924,464 | 13,125 |
Net Amount Presented In The Statement Of Assets And Liabilities [Member] | Soybean Futures Contracts [Member] | ||
Commodity price | ||
Derivative assets | 16,175 | |
Derivative liabilities | 238,662 | 277,013 |
Net Amount Presented In The Statement Of Assets And Liabilities [Member] | Sugar Futures Contracts [Member] | ||
Commodity price | ||
Derivative assets | $ 364,056 | |
Derivative liabilities | 503,955 | |
Futures Contracts Available for Offset [Member] | Corn Futures Contracts [Member] | ||
Commodity price | ||
Derivative assets | 1,899,925 | |
Derivative liabilities | 1,899,925 | |
Futures Contracts Available for Offset [Member] | Wheat Futures Contracts [Member] | ||
Commodity price | ||
Derivative assets | 13,125 | |
Derivative liabilities | $ 13,125 | |
Futures Contracts Available for Offset [Member] | Soybean Futures Contracts [Member] | ||
Commodity price | ||
Derivative assets | $ 16,175 | |
Derivative liabilities | $ 16,175 | |
Futures Contracts Available for Offset [Member] | Sugar Futures Contracts [Member] | ||
Commodity price | ||
Derivative assets | ||
Derivative liabilities | ||
Collateral Due to Broker [Member] | Corn Futures Contracts [Member] | ||
Commodity price | ||
Derivative assets | ||
Collateral Due to Broker [Member] | Wheat Futures Contracts [Member] | ||
Commodity price | ||
Derivative assets | $ 60,805 | |
Collateral Due to Broker [Member] | Soybean Futures Contracts [Member] | ||
Commodity price | ||
Derivative assets | ||
Collateral Due to Broker [Member] | Sugar Futures Contracts [Member] | ||
Commodity price | ||
Derivative assets | ||
Collateral Due from Broker [Member] | Corn Futures Contracts [Member] | ||
Commodity price | ||
Derivative liabilities | $ 3,908,550 | |
Collateral Due from Broker [Member] | Wheat Futures Contracts [Member] | ||
Commodity price | ||
Derivative liabilities | 1,924,464 | |
Collateral Due from Broker [Member] | Soybean Futures Contracts [Member] | ||
Commodity price | ||
Derivative liabilities | $ 222,487 | $ 277,013 |
Collateral Due from Broker [Member] | Sugar Futures Contracts [Member] | ||
Commodity price | ||
Derivative liabilities | 503,955 | |
Net Amount [Member] | Corn Futures Contracts [Member] | ||
Commodity price | ||
Derivative assets | $ 1,751,712 | |
Derivative liabilities | ||
Net Amount [Member] | Wheat Futures Contracts [Member] | ||
Commodity price | ||
Derivative assets | $ 655,696 | |
Derivative liabilities | ||
Net Amount [Member] | Soybean Futures Contracts [Member] | ||
Commodity price | ||
Derivative assets | ||
Derivative liabilities | ||
Net Amount [Member] | Sugar Futures Contracts [Member] | ||
Commodity price | ||
Derivative assets | $ 364,056 | |
Derivative liabilities |
Derivative Instruments and He29
Derivative Instruments and Hedging Activities (Trust) (Summary of Realized and Net Change in Unrealized Gains (Losses) of the Derivative Instruments) (Details) - Teucrium Commodity Trust [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized (Loss) Gain on Commodity Futures Contracts | $ (15,729,142) | $ (14,566,828) | $ (12,841,479) |
Net Change in Unrealized Appreciation or Depreciation on Commodity Futures Contracts | (7,378,689) | 7,476,470 | (2,847,023) |
Derivative Average Notional Amount | 108,800,000 | 142,900,000 | 65,700,000 |
Corn Futures Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized (Loss) Gain on Commodity Futures Contracts | (8,533,650) | (11,085,713) | (10,581,838) |
Net Change in Unrealized Appreciation or Depreciation on Commodity Futures Contracts | (5,660,263) | 6,636,500 | (2,671,013) |
Natural Gas Futures Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized (Loss) Gain on Commodity Futures Contracts | 67,650 | (250,149) | |
Net Change in Unrealized Appreciation or Depreciation on Commodity Futures Contracts | (84,050) | 308,419 | |
WTI Crude Oil Futures Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized (Loss) Gain on Commodity Futures Contracts | (652,430) | (10,798) | |
Net Change in Unrealized Appreciation or Depreciation on Commodity Futures Contracts | (82,450) | 95,668 | |
Soybean Futures Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized (Loss) Gain on Commodity Futures Contracts | (1,355,738) | (278,763) | (43,450) |
Net Change in Unrealized Appreciation or Depreciation on Commodity Futures Contracts | 54,526 | (88,150) | 32,512 |
Sugar Futures Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized (Loss) Gain on Commodity Futures Contracts | (1,279,891) | (131,410) | (400,994) |
Net Change in Unrealized Appreciation or Depreciation on Commodity Futures Contracts | 868,011 | (320,555) | (105,022) |
Wheat Futures Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized (Loss) Gain on Commodity Futures Contracts | (4,559,863) | (2,486,162) | (1,554,250) |
Net Change in Unrealized Appreciation or Depreciation on Commodity Futures Contracts | $ (2,640,963) | $ 1,415,175 | $ (507,587) |
Detail of the net assets and 30
Detail of the net assets and shares outstanding of the Funds that are a series of the Trust (Trust) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 |
Net assets and shares outstanding of the Funds [Line Items] | |||||
Outstanding Shares | 4 | ||||
Teucrium Commodity Trust [Member] | |||||
Net assets and shares outstanding of the Funds [Line Items] | |||||
Less: Investment in the Underlying Funds | $ (1,324,601) | $ (1,641,102) | |||
Net for the Fund in the combined net assets of the Trust | 4,789 | 11,647 | |||
Net Assets | $ 99,601,487 | $ 145,351,972 | $ 64,866,910 | $ 56,897,696 | |
Teucrium Commodity Trust [Member] | Teucrium Corn Fund [Member] | |||||
Net assets and shares outstanding of the Funds [Line Items] | |||||
Outstanding Shares | 2,875,004 | 4,075,004 | |||
Net Assets | $ 61,056,223 | $ 108,459,507 | |||
Teucrium Commodity Trust [Member] | Teucrium Soybean Fund [Member] | |||||
Net assets and shares outstanding of the Funds [Line Items] | |||||
Outstanding Shares | 375,004 | 575,004 | |||
Net Assets | $ 6,502,552 | $ 11,956,149 | |||
Teucrium Commodity Trust [Member] | Teucrium Sugar Fund [Member] | |||||
Net assets and shares outstanding of the Funds [Line Items] | |||||
Outstanding Shares | 550,004 | 225,004 | |||
Net Assets | $ 5,508,663 | $ 2,661,212 | |||
Teucrium Commodity Trust [Member] | Teucrium Wheat Fund [Member] | |||||
Net assets and shares outstanding of the Funds [Line Items] | |||||
Outstanding Shares | 2,900,004 | 1,750,004 | |||
Net Assets | $ 26,529,260 | $ 22,263,457 | |||
Teucrium Commodity Trust [Member] | Teucrium Agricultural Fund [Member] | |||||
Net assets and shares outstanding of the Funds [Line Items] | |||||
Net assets including the investment in the Underlying Funds, Outstanding Shares | 50,002 | 50,002 | |||
Net assets including the investment in the Underlying Funds | $ 1,329,390 | $ 1,652,749 |
Subsequent Events (Trust) (Deta
Subsequent Events (Trust) (Details) - USD ($) | 1 Months Ended | 2 Months Ended | 12 Months Ended | |||
Feb. 18, 2016 | Mar. 15, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Teucrium Corn Fund [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Net assets | $ 61,056,223 | $ 108,459,507 | $ 47,499,620 | $ 37,686,512 | ||
Teucrium Corn Fund [Member] | ED&F Man [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Clearing fees paid per round turn | 8 | |||||
Teucrium Corn Fund [Member] | Subsequent Event [Member] | ED&F Man [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Clearing fees paid per round turn | 9 | |||||
Teucrium Soybean Fund [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Net assets | 6,502,552 | $ 11,956,149 | $ 4,016,972 | 6,636,175 | ||
Change in restricted cash | 142,616 | |||||
Restricted cash | 142,616 | |||||
Teucrium Soybean Fund [Member] | ED&F Man [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Clearing fees paid per round turn | 8 | |||||
Teucrium Soybean Fund [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Net asset value increase (decrease), percentage | 50.20% | |||||
Net assets | $ 9,765,635 | |||||
Common Stock, shares outstanding, period increase (decrease), percentage | 46.70% | |||||
Net asset value per share, increase (decrease) percentage | 2.40% | |||||
Teucrium Soybean Fund [Member] | Subsequent Event [Member] | ED&F Man [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Clearing fees paid per round turn | 9 | |||||
Teucrium Sugar Fund [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Net assets | 5,508,663 | $ 2,661,212 | $ 2,468,403 | 2,225,898 | ||
Change in restricted cash | 142,457 | |||||
Restricted cash | 142,457 | |||||
Teucrium Sugar Fund [Member] | ED&F Man [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Clearing fees paid per round turn | 8 | |||||
Teucrium Sugar Fund [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Net asset value increase (decrease), percentage | (30.00%) | |||||
Net assets | $ 3,856,587 | |||||
Common Stock, shares outstanding, period increase (decrease), percentage | (31.20%) | |||||
Net asset value per share, increase (decrease) percentage | 2.60% | |||||
Change in restricted cash | $ (3,389) | |||||
Restricted cash | $ 139,068 | |||||
Teucrium Sugar Fund [Member] | Subsequent Event [Member] | ED&F Man [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Clearing fees paid per round turn | 9 | |||||
Teucrium Wheat Fund [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Net assets | 26,529,260 | $ 22,263,457 | $ 7,048,087 | 3,719,209 | ||
Change in restricted cash | 22,610 | |||||
Restricted cash | 22,610 | |||||
Teucrium Wheat Fund [Member] | ED&F Man [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Clearing fees paid per round turn | 8 | |||||
Teucrium Wheat Fund [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Restricted cash | $ 0 | |||||
Teucrium Wheat Fund [Member] | Subsequent Event [Member] | ED&F Man [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Clearing fees paid per round turn | 9 | |||||
Teucrium Agricultural Fund [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Net assets | 1,329,390 | $ 1,652,749 | $ 1,896,442 | $ 2,436,721 | ||
Teucrium Agricultural Fund [Member] | ED&F Man [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Clearing fees paid per round turn | 8 | |||||
Teucrium Agricultural Fund [Member] | Subsequent Event [Member] | ED&F Man [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Clearing fees paid per round turn | $ 9 |
STATEMENTS OF ASSETS AND LIAB32
STATEMENTS OF ASSETS AND LIABILITIES (Corn) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Teucrium Corn Fund [Member] | ||
Assets | ||
Cash and cash equivalents | $ 57,110,089 | $ 106,858,496 |
Interest receivable | 379 | 7,329 |
Other assets | $ 505,352 | 437,996 |
Equity in trading accounts: | ||
Commodity futures contracts | 3,651,637 | |
Due from broker | $ 7,405,938 | 1,613,775 |
Total equity in trading accounts | 7,405,938 | 5,265,412 |
Total assets | 65,021,758 | 112,569,233 |
Liabilities | ||
Management fee payable to Sponsor | 53,729 | 98,798 |
Other liabilities | $ 3,256 | 114,818 |
Payable for shares redeemed | 1,996,185 | |
Equity in trading accounts: | ||
Commodity futures contracts | $ 3,908,550 | 1,899,925 |
Total liabilities | 3,965,535 | 4,109,726 |
Net Assets | $ 61,056,223 | $ 108,459,507 |
Shares outstanding | 2,875,004 | 4,075,004 |
Net asset value per share | $ 21.24 | $ 26.62 |
Market value per share | $ 21.22 | $ 26.64 |
SCHEDULE OF INVESTMENTS (Corn)
SCHEDULE OF INVESTMENTS (Corn) - Teucrium Corn Fund [Member] - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Dreyfus Cash Management Institutional [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 106,858,496 | |
Percentage of Net Assets | 98.52% | |
Shares | 106,858,496 | |
Derivative Assets [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 3,651,637 | |
Percentage of Net Assets | 3.37% | |
Notional Amount | $ 70,463,925 | |
Derivative Assets [Member] | CBOT Corn Futures One [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 3,492,987 | |
Percentage of Net Assets | 3.22% | |
Notional Amount | $ 37,897,050 | |
Derivative Assets [Member] | CBOT Corn Futures Two [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 158,650 | |
Percentage of Net Assets | 0.15% | |
Notional Amount | $ 32,566,875 | |
Derivative Liabilities [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 3,908,550 | |
Percentage of Net Assets | 6.41% | |
Notional Amount | $ 61,052,950 | |
Derivative Liabilities [Member] | CBOT Corn Futures One [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 1,910,013 | |
Percentage of Net Assets | 3.13% | |
Notional Amount | $ 21,359,700 | |
Derivative Liabilities [Member] | CBOT Corn Futures Two [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 925,750 | |
Percentage of Net Assets | 1.52% | |
Notional Amount | $ 18,302,700 | |
Derivative Liabilities [Member] | CBOT Corn Futures Three [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 1,072,787 | $ 1,899,925 |
Percentage of Net Assets | 1.76% | 1.75% |
Notional Amount | $ 21,390,550 | $ 38,058,400 |
Fidelity Institutional Prime Money Market Portfolio [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 899,313 | |
Percentage of Net Assets | 1.47% | |
Shares | 899,313 |
SCHEDULE OF INVESTMENTS (Pare34
SCHEDULE OF INVESTMENTS (Parenthetical) (Corn) - Teucrium Corn Fund [Member] | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Dreyfus Cash Management Institutional [Member] | ||
Schedule of Investments [Line Items] | ||
Investments at cost | $ 106,858,496 | |
Derivative Assets [Member] | CBOT Corn Futures One [Member] | ||
Schedule of Investments [Line Items] | ||
Number of contracts | 1,868 | |
Derivative Assets [Member] | CBOT Corn Futures Two [Member] | ||
Schedule of Investments [Line Items] | ||
Number of contracts | 1,579 | |
Derivative Liabilities [Member] | CBOT Corn Futures One [Member] | ||
Schedule of Investments [Line Items] | ||
Number of contracts | 1,172 | |
Derivative Liabilities [Member] | CBOT Corn Futures Two [Member] | ||
Schedule of Investments [Line Items] | ||
Number of contracts | 988 | |
Derivative Liabilities [Member] | CBOT Corn Futures Three [Member] | ||
Schedule of Investments [Line Items] | ||
Number of contracts | 1,117 | 1,808 |
Fidelity Institutional Prime Money Market Portfolio [Member] | ||
Schedule of Investments [Line Items] | ||
Investments at cost | $ 899,313 |
STATEMENTS OF OPERATIONS (Corn)
STATEMENTS OF OPERATIONS (Corn) - Teucrium Corn Fund [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income | |||
Realized loss on commodity futures contracts | $ (8,533,650) | $ (11,085,713) | $ (10,581,838) |
Net change in unrealized appreciation or depreciation on commodity futures contracts | $ (5,660,263) | $ 6,636,500 | (2,671,013) |
Realized gain on securities | 70 | ||
Interest income | $ 146,905 | $ 35,595 | 20,740 |
Total loss | (14,047,008) | (4,413,618) | (13,232,041) |
Expenses | |||
Management fees | 779,808 | 986,771 | 432,770 |
Professional fees | 745,650 | 549,545 | 836,643 |
Distribution and marketing fees | 1,199,576 | 1,248,005 | 1,259,490 |
Custodian fees and expenses | 187,264 | 129,195 | 129,196 |
Business permits and licenses fees | 26,852 | 30,584 | 80,950 |
General and administrative expenses | 206,490 | 175,207 | 214,425 |
Brokerage commissions | 41,250 | 150,086 | 40,715 |
Other expenses | 45,642 | 61,011 | 58,745 |
Total expenses | 3,232,532 | 3,330,404 | 3,052,934 |
Expenses waived by the Sponsor | $ (96,068) | (105,270) | (426,248) |
Reimbursement of expenses previously waived | 308,312 | 410,405 | |
Total expenses, net | $ 3,136,464 | 3,533,446 | 3,037,091 |
Net loss | $ (17,183,472) | $ (7,947,064) | $ (16,269,132) |
Net loss per share | $ (5.38) | $ (4.02) | $ (13.70) |
Net loss per weighted average share | $ (5.30) | $ (2.30) | $ (13.91) |
Weighted average shares outstanding | 3,243,223 | 3,460,141 | 1,169,662 |
STATEMENTS OF CHANGES IN NET 36
STATEMENTS OF CHANGES IN NET ASSETS (Corn) - Teucrium Corn Fund [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operations | |||
Net loss | $ (17,183,472) | $ (7,947,064) | $ (16,269,132) |
Capital transactions | |||
Issuance of Shares | 8,538,198 | 146,789,763 | 59,350,451 |
Redemption of Shares | (38,758,010) | (77,882,812) | (33,268,211) |
Total capital transactions | (30,219,812) | 68,906,951 | 26,082,240 |
Net change in net assets | (47,403,284) | 60,959,887 | 9,813,108 |
Net assets, beginning of period | 108,459,507 | 47,499,620 | 37,686,512 |
Net assets, end of period | $ 61,056,223 | $ 108,459,507 | $ 47,499,620 |
Net asset value per share at beginning of period | $ 26.62 | $ 30.64 | $ 44.34 |
Net asset value at end of period | $ 21.24 | $ 26.62 | $ 30.64 |
Creation of Shares | 350,000 | 5,050,000 | 1,550,000 |
Redemption of Shares | 1,550,000 | 2,525,000 | 850,000 |
STATEMENTS OF CASH FLOWS (Corn)
STATEMENTS OF CASH FLOWS (Corn) - Teucrium Corn Fund [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net loss | $ (17,183,472) | $ (7,947,064) | $ (16,269,132) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Net change in unrealized appreciation or depreciation on commodity futures contracts | 5,660,263 | (6,636,500) | 2,671,013 |
Changes in operating assets and liabilities: | |||
Due from broker | (5,792,163) | 8,238,438 | (4,745,438) |
Interest receivable | 6,950 | (4,353) | (1,600) |
Other assets | (67,356) | (223,365) | 27,776 |
Management fee payable to Sponsor | (45,069) | 56,952 | 5,402 |
Other liabilities | (111,563) | 66,032 | 2,977 |
Net cash used in operating activities | (17,532,410) | (6,449,860) | (18,309,002) |
Cash flows from financing activities: | |||
Proceeds from sale of Shares | 8,538,198 | 146,789,763 | 59,350,451 |
Redemption of Shares | (40,754,195) | (75,886,627) | (33,268,211) |
Net cash (used in) provided by financing activities | (32,215,997) | 70,903,136 | 26,082,240 |
Net change in cash and cash equivalents | (49,748,407) | 64,453,276 | 7,773,238 |
Cash and cash equivalents, beginning of period | 106,858,496 | 42,405,220 | 34,631,982 |
Cash and cash equivalents, end of period | $ 57,110,089 | $ 106,858,496 | $ 42,405,220 |
Organization and Operation (Cor
Organization and Operation (Corn) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Corn Fund [Member] | |
Organization and Operation | Note 1 – Organization and Operation Teucrium Corn Fund (referred to herein as “CORN,” or the “Fund”) is a commodity pool that is a series of Teucrium Commodity Trust (“Trust”), a Delaware statutory trust formed on September 11, 2009. The Fund issues common units, called the “Shares,” representing fractional undivided beneficial interests in the Fund. The Fund continuously offers Creation Baskets consisting of 25,000 The investment objective of CORN is to have the daily changes in percentage terms of the Shares' NAV reflect the daily changes in percentage terms of a weighted average of the closing settlement prices for three futures contracts for corn (“Corn Futures Contracts”) that are traded on the Chicago Board of Trade (“CBOT”), specifically (1) the second-to-expire CBOT Corn Futures Contract, weighted 35 30 35 The Fund commenced investment operations on June 9, 2010 and has a fiscal year ending on December 31. The Fund's sponsor is Teucrium Trading, LLC (the “Sponsor”). The Sponsor is responsible for the management of the Fund. The Sponsor is a member of the National Futures Association (the “NFA”) and became a commodity pool operator registered with the Commodity Futures Trading Commission (the “CFTC”) effective November 10, 2009. On June 5, 2010, the Fund's initial registration of 30,000,000 200,000 5,000,000 25 Subject to the terms of the Trust Agreement, Teucrium Trading, LLC, in its capacity as the Sponsor (“Sponsor”), |
Principal Contracts and Agree39
Principal Contracts and Agreements (Corn) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Corn Fund [Member] | |
Principal Contracts and Agreements | Note 2 – Principal Contracts and Agreements On August 17, 2015 (the “Conversion Date”), U.S. Bank N.A. replaced The Bank of New York Mellon as the Custodian for the Funds. The principal business address for U.S. Bank N.A. is 1555 North Rivercenter U.S. Bancorp Fund Services, LLC (“ USBFS ”), USBFS , a wholly owned subsidiary of U.S. Bank, commenced serving as administrator for each Fund, performing certain administrative and accounting services and preparing certain SEC reports on behalf of the Funds, and also became the registrar and transfer agent for each Fund's Shares. For such services, U.S. Bank and USBFS USBFS and U.S. Bank . Given this conversion, the Sponsor has, for the year-ended December 31, 2015, reflected an expense, before and after fees waived by the Sponsor, for fees associated with Custodian, Fund Administration and Transfer Agent services (“Custodian Fees”) that have or will be paid to the Bank of New York Mellon by a Fund or by the Sponsor on behalf of a Fund. The Custodian Fees reflected in the financial statements through December 31, 2015, net of expenses waived by the Sponsor, are generally as had been presented in prior periods of 2015. For custody services, the Funds will pay to U.S. Bank N.A. 0.0075 .0050 0.06 0.05 0.04 0.03 64,500 187,264 129,195 129,196 57,714 0 0 The Sponsor and the Trust employ Foreside Fund Services, LLC as the Distributor for the Funds. The Distribution Services Agreement among the Distributor, the Sponsor and the Trust calls for the Distributor to work with the Custodian in connection with the receipt and processing of orders for Creation Baskets and Redemption Baskets and the review and approval of all Fund sales literature and advertising materials. The Distributor and the Sponsor have also entered into a Securities Activities and Service Agreement (the “SASA”) under which certain employees and officers of the Sponsor are licensed as registered representatives or registered principals of the Distributor, under FINRA rules. For its services as the Distributor, Foreside receives a fee of 0.01 100,000 5,000 1,000 on. 95,978 118,508 121,047 In 2014 and 2013, Newedge USA, LLC (“Newedge USA”) served as the Funds' futures commission merchant (“FCM”) and primary clearing broker to execute and clear the Funds' futures transactions and provide other brokerage-related services. In 2014, the Funds introduced the use of Jefferies LLC (“Jefferies”), for the execution and clearing of the Funds' futures and options, if any, on futures transactions. 0 Effective June 3, 2015, ED&F Man Capital Markets Inc. (“ED&F Man”) replaced Jefferies as the Underlying Funds' FCM and the clearing broker to execute and clear the Underlying Fund's futures and provide other brokerage-related services. As of June 4, 2015, all futures contracts and residual cash balances held at Jefferies had been transferred to ED&F Man and the balance in all Jefferies accounts was $ 0 Currently, ED&F Man serves as the Funds clearing broker to execute and clear futures and provide other brokerage-related services. ED&F Man is registered as a FCM with the U.S. CFTC and is a member of the NFA. ED&F Man is also registered as a broker/dealer with the U.S. Securities and Exchange Commission and is a member of the FINRA. ED&F Man is a clearing member of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges 8.00 $ 41,250 150,086 40,715 18,000 0 0 The sole Trustee of the Trust is Wilmington Trust Company, a Delaware banking corporation. The Trustee will accept service of legal process on the Trust in the State of Delaware and will make certain filings under the Delaware Statutory Trust Act. For its services, the Trustee receives an annual fee of $ 3,300 1,560 2, 350 2, 442 |
Summary of Significant Accoun40
Summary of Significant Accounting Policies (Corn) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Corn Fund [Member] | |
Summary of Significant Accounting Policies | Note 3 – Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as detailed in the Financial Accounting Standards Board's Accounting Standards Codification. Revenue Recognition Commodity futures contracts are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized appreciation or depreciation on commodity futures contracts are reflected in the statements of assets and liabilities as the difference between the original contract amount and the fair market value as of the last business day of the year or as of the last date of the financial statements. Changes in the appreciation or depreciation between periods are reflected in the statements of operations. Interest on cash equivalents and deposits with the Futures Commission Merchant are recognized on the accrual basis. The Fund earns interest on its assets denominated in U.S. dollars on deposit with the Futures Commission Merchant. In addition, the Fund earns interest on funds held at the custodian at prevailing market rates for such investments. Brokerage Commissions Brokerage commissions on all open commodity futures contracts are accrued on the trade date and on a full-turn basis. Income Taxes For tax purposes, the Fund will be treated as a partnership. The Fund does not record a provision for income taxes because the shareholders report their share of the Fund's income or loss on their income tax returns. The financial statements reflect the Fund's transactions without adjustment, if any, required for income tax purposes. The Fund is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund files an income tax return in the U.S. federal jurisdiction, and may file income tax returns in various U.S. states and foreign jurisdictions. For all tax years 2012 to 2015, the Fund remains subject to income tax examinations by major taxing authorities. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized results in the Fund recording a tax liability that reduces net assets. Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of and for the years ended December 31, 2015, 2014, 2013 and 2012. However, the Fund's conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof. The Fund recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the years ended December 31, 2015, 2014 and 2013. The Fund may be subject to potential examination by U.S. federal, U.S. state, or foreign jurisdictional authorities in the area of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions, and compliance with U.S. federal, U.S. state and foreign tax laws. The Fund's management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. Creations and Redemptions Authorized Purchasers may purchase Creation Baskets consisting of 25,000 Authorized Purchasers may redeem shares from the Fund only in blocks of 25,000 The Fund receives or pays the proceeds from shares sold or redeemed within three business days after the trade date of the purchase or redemption. The amounts due from Authorized Purchasers are reflected in the Fund's statements of assets and liabilities as receivable for shares sold. Amounts payable to Authorized Purchasers upon redemption are reflected in the Fund's statements of assets and liabilities as payable for shares redeemed. As outlined in the most recent Form S-1 filing, 50,000 two Allocation of Shareholder Income and Losses Profit or loss is allocated among the shareholders of the Fund in proportion to the number of shares each shareholder holds as of the close of each month. Cash and Cash Equivalents Cash equivalents are highly-liquid investments with maturity dates of 90 days or less when acquired. The Fund reported its cash equivalents in the statements of assets and liabilities at market value, or at carrying amounts that approximate fair value, because of their highly-liquid nature and short-term maturities. The Fund has these balances of its assets on deposit with banks. The Fund had a balance of $ 899,313 106,858,496 The Fund had a balance of $ 56,210,776 Assets deposited with the bank may, at times, exceed federally insured limits. Due from/to Broker The amount recorded by the Fund for the amount due from and to the clearing broker includes, but is not limited to, cash held by the broker, amounts payable to the clearing broker related to open transactions and payables for commodities futures accounts liquidating to an equity balance on the clearing broker's records. Margin is the minimum amount of funds that must be deposited by a commodity interest trader with the trader's broker to initiate and maintain an open position in futures contracts. A margin deposit acts to assure the trader's performance of the futures contracts purchased or sold. Futures contracts are customarily bought and sold on initial margin that represents a very small percentage of the aggregate purchase or sales price of the contract. Because of such low margin requirements, price fluctuations occurring in the futures markets may create profits and losses that, in relation to the amount invested, are greater than are customary in other forms of investment or speculation. As discussed below, adverse price changes in the futures contract may result in margin requirements that greatly exceed the initial margin. In addition, the amount of margin required in connection with a particular futures contract is set from time to time by the exchange on which the contract is traded and may be modified from time to time by the exchange during the term of the contract. Brokerage firms, such as the Fund's clearing brokers, carrying accounts for traders in commodity interest contracts generally require higher amounts of margin as a matter of policy to further protect themselves. Over-the-counter trading generally involves the extension of credit between counterparties, so the counterparties may agree to require the posting of collateral by one or both parties to address credit exposure. When a trader purchases an option, there is no margin requirement; however, the option premium must be paid in full. When a trader sells an option, on the other hand, he or she is required to deposit margin in an amount determined by the margin requirements established for the underlying interest and, in addition, an amount substantially equal to the current premium for the option. The margin requirements imposed on the selling of options, although adjusted to reflect the probability that out-of-the-money options will not be exercised, can in fact be higher than those imposed in dealing in the futures markets directly. Complicated margin requirements apply to spreads and conversions, which are complex trading strategies in which a trader acquires a mixture of options positions and positions in the underlying interest. Ongoing or “maintenance” margin requirements are computed each day by a trader's clearing broker. When the market value of a particular open futures contract changes to a point where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the broker. If the margin call is not met within a reasonable time, the broker may close out the trader's position. With respect to the Fund's trading, the Fund (and not its shareholders personally) is subject to margin calls. Finally, many major U.S. exchanges have passed certain cross margining arrangements involving procedures pursuant to which the futures and options positions held in an account would, in the case of some accounts, be aggregated and margin requirements would be assessed on a portfolio basis, measuring the total risk of the combined positions. Calculation of Net Asset Value The Fund's NAV is calculated by: Taking the current market value of its total assets and Subtracting any liabilities. The administrator, USBFS, calculates the NAV of the Fund once each trading day. It calculates the NAV as of the earlier of the close of the NYSE or 4:00 p.m. New York time. The NAV for a particular trading day is released after 4:15 p.m. New York time. In determining the value of Corn Futures Contracts, the administrator uses the CBOT closing price. The administrator determines the value of all other Fund investments as of the earlier of the close of the NYSE or 4:00 p.m. New York time. The value of over-the-counter corn interests is determined based on the value of the commodity or futures contract underlying such corn interest, except that a fair value may be determined if the Sponsor believes that the Fund is subject to significant credit risk relating to the counterparty to such corn interest. For purposes of financial statements and reports, the Sponsor will recalculate the NAV where necessary to reflect the “fair value” of a Futures Contract when the Futures Contract closes at its price fluctuation limit for the day. Treasury securities held by the Fund are valued by the administrator using values received from recognized third-party vendors and dealer quotes. NAV includes any unrealized profit or loss on open corn interests and any other income or expense accruing to the Fund but unpaid or not received by the Fund. Sponsor Fee, Allocation of Expenses and Related Party Transactions The Sponsor is responsible for investing the assets of the Fund in accordance with the objectives and policies of the Fund. In addition, the Sponsor arranges for one or more third parties to provide administrative, custodial, accounting, transfer agency and other necessary services to the Trust and the Funds. In addition, the Sponsor elected not to outsource services directly attributable to the Trust and the Funds such as accounting, financial reporting, regulatory compliance and trading activities. In addition, the Fund is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00 The Fund generally pays for all brokerage fees, taxes and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the SEC, FINRA, formerly the National Association of Securities Dealers, or any other regulatory agency in connection with the offer and sale of subsequent Shares after its initial registration and all legal, accounting, printing and other expenses associated therewith. The Fund also pays its portion of the fees and expenses associated with the Trust's tax accounting and reporting requirements. Certain aggregate expenses common to all Funds within the Trust are allocated by the Sponsor to the respective funds based on activity drivers deemed most appropriate by the Sponsor for such expenses, including but not limited to relative assets under management and creation and redeem order activity. These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax-preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Distributor, which are included in the related line item in the statements of operations. A portion of these aggregate common expenses are related to the Sponsor or related parties of principals of the Sponsor; these are necessary services to the Funds, which are primarily the cost of performing accounting and financial reporting, regulatory compliance, and trading activities that are directly attributable to the Fund. For the years ended December 31, 2015, 2014, and 2013; such expenses, which are primarily included as distribution and marketing fees, totaled $ 1,034,163 1,047,648 839,590 20,000 20,312 3,120 For the year ended December 31, 2015 there were $ 96,068 105,270 426,248 of expenses that were identified on the statements of operations of the Fund as expenses that were waived by the Sponsor. For the year ended December 31, 2013, there was $ 426,248 of expenses recorded in the financial statements of the Sponsor which were subject to reimbursement by CORN in 2014. At that time, the Sponsor had determined that recovery of the expense amounts was not probable. In 2014, asset growth and other changes experienced by CORN enabled the Sponsor to claim reimbursement of $ 308,312 from the Fund. This amount is reflected in the statements of operations as a reimbursement of previously waived expenses. For the year ended December 31, 2012, there was $ 549,718 410,405 Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during the reporting period. Actual results could differ from those estimates. Fair Value - Definition and Hierarchy In accordance with U.S. GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, the Fund uses various valuation approaches. In accordance with GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows: Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 financial instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these financial instruments Level 2 - Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The availability of valuation techniques and observable inputs can vary from financial instrument financial instrument financial instrument financial instrument financial instruments financial instruments Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Fund's own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. The Fund uses prices and inputs that are current as of the measurement date, including during periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many securities. This condition could cause a financial instrument to be reclassified to a lower level within the fair value hierarchy. For instance, when Corn Futures Contracts on the CBOT are not actively trading due to a “limit-up” or limit-down” condition, meaning that the change in the Corn Futures Contracts has exceeded the limits established, the Trust and the Fund will revert to alternative verifiable sources of valuation of its assets. When such a situation exists on a quarter close, the Sponsor will calculate the Net Asset Value (“NAV”) on a particular day using the Level 1 valuation, but will later recalculate the NAV for the impacted Fund based upon the valuation inputs from these alternative verifiable sources (Level 2 or Level 3) and will report such NAV in its applicable financial statements and reports. On December 31, 2015 and 2014, in the opinion of the Trust and the Fund, the reported value of the Corn Futures Contracts traded on the CBOT fairly reflected the value of the Corn Futures Contracts held by the Fund, and no adjustments were necessary. The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period. In making the determination of a Level 1 or Level 2 transfer, the Fund considers the average volume of the specific underlying futures contracts traded on the relevant exchange for the years being reported. For the years ended December 31, 2015 and 2014, the Funds did not have any significant transfers between any of the levels of the fair value hierarchy. The Fund records its derivative activities at fair value. Gains and losses from derivative contracts are included in the statements of operations. Derivative contracts include futures contracts related to commodity prices. Futures, which are listed on a national securities exchange, such as the CBOT and the ICE, or reported on another national market, are generally categorized in Level 1 of the fair value hierarchy. OTC derivatives contracts (such as forward and swap contracts) which may be valued using models, depending on whether significant inputs are observable or unobservable, are categorized in Levels 2 or 3 of the fair value hierarchy. Expenses Expenses are recorded using the accrual method of accounting. Net Income (Loss) per Share Net income (loss) per Share is the difference between the NAV per unit at the beginning of each period and at the end of each period. The weighted average number of Shares outstanding was computed for purposes of disclosing net income (loss) per weighted average Share. The weighted average Shares are equal to the number of Shares outstanding at the end of the period, adjusted proportionately for Shares created or redeemed based on the amount of time the Shares were outstanding during such period. New Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-01, “Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in this update are intended to improve the recognitions measurement and disclosure of financial instruments. The amendments to this update are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. These amendments are required to be applied prospectively. The company is currently evaluating the impact on the financial statements and disclosures of the Trust and the Funds. The FASB issued ASU 2015-10, “Technical Corrections and Improvements.” The amendments in this update represent changes to clarify the Codification, correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. The amendments are effective for fiscal years beginning after December 15, 2015. The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2015-07, “Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).” The ASU amends ASC 820 to create a practical expedient to measure the fair value of investments in certain entities that do not have a quoted market price but calculate net asset value per share or its equivalent. In addition, the amendments to ASC 820 provide guidance on classifying investments that are measured using the practical expedient in the fair value hierarchy and require specific disclosures for eligible investments, regardless of whether the practical expedient has been applied. The amendments in this Update are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. These amendments are required to be applied retrospectively to all periods presented The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2015-06, “Earnings per Share (Topic 260): Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions.” The amendments specify how earnings (losses) of a transferred business before the date of a dropdown transaction should be allocated to the various interest holders in a master limited partnership for purposes of calculating earning per unit under the two-class method. The amendments to this update are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The amendments are required to be applied retrospectively for all periods presented. The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis.” The amendments are intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures. The amendments to this update are effective for periods beginning after December 15, 2015. These amendments are required to be applied retrospectively for all periods presented. The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” The amendments in this update change the requirements for reporting discontinued operations in Subtopic 2015-20. A significant provision of ASU 2014-08 calls for reporting as discontinued operations only those disposals that represent a strategic shift or have a major impact on the entity's financial results and operations. The Company elected to early adopt this ASU for the year ended December 31, 2014 and the adoption did not have a significant impact on the financial statements and disclosures of the Trust or the Funds, even with the liquidation of CRUD and NAGS in December 2014. |
Fair Value Measurements (Corn)
Fair Value Measurements (Corn) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Corn Fund [Member] | |
Fair Value Measurements | Note 4 – Fair Value Measurements The Fund's assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Fund's significant accounting policies in Note 3. The following table presents information about the Fund's assets and liabilities measured at fair value as of December 31, 2015 and December 31, 2014: December 31, 2015 Balance as of Assets: Level 1 Level 2 Level 3 December 31, 2015 Cash equivalents $ 899,313 $ - $ - $ 899,313 Balance as of Liabilities: Level 1 Level 2 Level 3 December 31, 2015 Corn futures contracts $ 3,908,550 $ - $ - $ 3,908,550 December 31, 2014 Balance as of Assets: Level 1 Level 2 Level 3 December 31, 2014 Cash equivalents $ 106,858,496 $ - $ - $ 106,858,496 Corn futures contracts 3,651,637 - - 3,651,637 Total $ 110,510,133 $ - $ - $ 110,510,133 Balance as of Liabilities: Level 1 Level 2 Level 3 December 31, 2014 Corn futures contracts $ 1,899,925 $ - $ - $ 1,899,925 For the years ended December 31, 2015 and 2014, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy. |
Derivative Instruments and He42
Derivative Instruments and Hedging Activities (Corn) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Corn Fund [Member] | |
Derivative Instruments and Hedging Activities | Note 5 - Derivative Instruments and Hedging Activities In the normal course of business, the Fund utilizes derivative contracts in connection with its proprietary trading activities. Investments in derivative contracts are subject to additional risks that can result in a loss of all or part of an investment. The Fund's derivative activities and exposure to derivative contracts are classified by the following primary underlying risks: interest rate, credit, commodity price, and equity price risks. In addition to its primary underlying risks, the Fund is also subject to additional counterparty risk due to inability of its counterparties to meet the terms of their contracts. For years ended December 31, 2015 and 2014, the Fund invested only in commodity futures contracts. Futures Contracts The Fund is subject to commodity price risk in the normal course of pursuing its investment objectives. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. The purchase and sale of futures contracts requires margin deposits with a FCM. Subsequent payments (variation margin) are made or received by the Fund each day, depending on the daily fluctuations in the value of the contract, and are recorded as unrealized gains or losses by the Fund. Futures contracts may reduce the Fund's exposure to counterparty risk since futures contracts are exchange-traded; and the exchange's clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures against default. The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM's proprietary activities. A customer's cash and other equity deposited with an FCM are considered commingled with all other customer funds subject to the FCM's segregation requirements. In the event of an FCM's insolvency, recovery may be limited to the Fund's pro rata share of segregated customer funds available. It is possible that the recovery amount could be less than the total of cash and other equity deposited. The following table discloses information about offsetting assets and liabilities presented in the statements of assets and liabilities to enable users of these financial statements to evaluate the effect or potential effect of netting arrangements for recognized assets and liabilities. These recognized assets and liabilities are presented as defined in FASB ASU No. 2011-11 “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities” and subsequently clarified in FASB ASU 2013-01 “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contrac ts, categorized by primary underlying risk and held by the FCM, ED&F Man as of December 31, 2015 and Newedge USA as of December 31, 2014. Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2015 (i) (ii) (iii) = (i) – (ii) (iv) (v) = (iii) – (iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker Net Amount Commodity price Corn futures contracts $ 3,908,550 $ - $ 3,908,550 $ - $ 3,908,550 $ - Offsetting of Financial Assets and Derivative Assets as of December 31, 2014 (i) (ii) (iii) = (i) – (ii) (iv) (v) = (iii) – (iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Assets Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Collateral, Due to Broker Net Amount Commodity price Corn futures contracts $ 3,651,637 $ - $ 3,651,637 $ 1,899,925 $ - $ 1,751,712 Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2014 (i) (ii) (iii) = (i) – (ii) (iv) (v) = (iii) – (iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker Net Amount Commodity price Corn futures contracts $ 1,899,925 $ - $ 1,899,925 $ 1,899,925 $ - $ - The following is a summary of realized and net change in unrealized gains (losses) of the derivative instruments utilized by the Fund: Year ended December 31, 2015 Net Change in Unrealized Realized Loss on Appreciation or Depreciation on Commodity Futures Contracts Commodity Futures Contacts Commodity Price Corn futures contracts $ (8,533,650 ) $ (5,660,263 ) Year ended December 31, 2014 Net Change in Unrealized Realized Loss on Appreciation or Depreciation on Commodity Futures Contracts Commodity Futures Contacts Commodity Price Corn futures contracts $ ( 11,085,713 ) $ 6,636,500 Year ended December 31, 2013 Net Change in Unrealized Realized Loss on Appreciation or Depreciation on Commodity Futures Contracts Commodity Futures Contacts Commodity Price Corn futures contracts $ (10,581,838 ) $ ( 2,671,013 ) Volume of Derivative Activities The average notional market value categorized by primary underlying risk for the futures contracts held was $ 71.0 106.4 46.5 |
Financial Highlights (Corn)
Financial Highlights (Corn) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Corn Fund [Member] | |
Financial Highlights | Note 6 - Financial Highlights The following table presents per share performance data and other supplemental financial data for the years ended December 31, 2015, 2014 and 2013. This information has been derived from information presented in the financial statements and is presented with total expenses gross of expenses waived by the Sponsor and with total expenses net of expenses waived by the Sponsor, as appropriate. Per Share Operation Performance Year ended December 31, 2015 Year ended December 31, 2014 Year ended December 31, 2013 Net asset value at beginning of period $ 26.62 $ 30.64 $ 44.34 From investment operations: Investment income 0.05 0.01 0.02 Net realized and unrealized loss on commodity futures contracts (4.46 ) (3.01 ) (11.12 ) Total net expenses (0.97 ) (1.02 ) (2.60 ) Net decrease in net asset value (5.38 ) (4.02 ) (13.70 ) Net asset value at end of period $ 21.24 $ 26.62 $ 30.64 Total Return (20.21 )% (13.12 ) % (30.90 )% Ratios to Average Net Assets Total expenses 4.15 % 3.37 % 7.05 % Total expense, net 4.03 % 3.57 % 7.01 % Net investment loss (3.84 )% (3.54 ) % (6.96 )% Effective in the third quarter 2015, the financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses. In prior periods, the financial highlights per share data are calculated using the average of the daily shares outstanding for the reporting period, which is inclusive of the last day of the period. Any change in methodology was not material to the ratios presented. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Corn Fund [Member] | |
Quarterly Financial Data (Unaudited) | Note 7 – Quarterly Financial Data (Unaudited) The following summarized quarterly financial information presents the results of operations for the Teucrium Corn Fund and other data for three-month periods ended March 31, June 30, September 30 and December 31, 2015 and 2014. First Second Third Fourth Quarter 2015 Quarter 2015 Quarter 2015 Quarter 2015 Total (Loss) Income $ (5,644,150 ) $ 4,832,415 $ (7,309,990 ) $ (5,925,283) Total Expenses $ 773,054 $ 767,280 $ 830,024 $ 862,174 Total Expenses, net $ 773,054 $ 767,280 $ 813,440 $ 782,690 Net (Loss) Income $ (6,417,204 ) $ 4,065,135 $ (8,123,430 ) $ (6,707,973) Net (Loss) Income per share $ (1.87 ) $ 1.13 $ (2.34 ) $ (2.30) First Second Third Fourth Quarter 2014 Quarter 2014 Quarter 2014 Quarter 2014 Total Income (Loss) $ 12,378,960 $ (13,313,169 ) $ (22,866,226 ) $ 19,386,818 Total Expenses $ 720,802 $ 821,336 $ 821,238 $ 967,028 Total Expenses, net $ 883,662 $ 959,791 $ 828,235 $ 861,759 Net Income (Loss) $ 11,495,298 $ (14,272,960 ) $ (23,694,461 ) $ 18,525,060 Net Income (Loss) per share $ 3.93 $ (5.08 ) $ (6.69 ) $ 3.82 |
Organizational and Offering C45
Organizational and Offering Costs (Corn) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Corn Fund [Member] | |
Organizational and Offering Costs | Note 8 - Organizational and Offering Costs Expenses incurred in organizing of the Trust and the initial offering of the Shares of the Fund, including applicable SEC registration fees were borne directly by the Sponsor. The Fund will not be obligated to reimburse the Sponsor. |
Subsequent Events (Corn)
Subsequent Events (Corn) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Corn Fund [Member] | |
Subsequent Events | Note 9 – Subsequent Events Management has evaluated the financial statements for the year-ended December 31, 2015 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund other than those noted below: Effective January 1, 2016, ED&F Man, the FCM for the Fund, increased the per round-term charge for futures contracts commission to $ 9.00 8.00 |
Summary of Significant Accoun47
Summary of Significant Accounting Policies (Corn) (Policy) - Teucrium Corn Fund [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as detailed in the Financial Accounting Standards Board's Accounting Standards Codification. |
Revenue Recognition | Revenue Recognition Commodity futures contracts are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized appreciation or depreciation on commodity futures contracts are reflected in the statements of assets and liabilities as the difference between the original contract amount and the fair market value as of the last business day of the year or as of the last date of the financial statements. Changes in the appreciation or depreciation between periods are reflected in the statements of operations. Interest on cash equivalents and deposits with the Futures Commission Merchant are recognized on the accrual basis. The Fund earns interest on its assets denominated in U.S. dollars on deposit with the Futures Commission Merchant. In addition, the Fund earns interest on funds held at the custodian at prevailing market rates for such investments. |
Brokerage Commissions | Brokerage Commissions Brokerage commissions on all open commodity futures contracts are accrued on the trade date and on a full-turn basis. |
Income Taxes | Income Taxes For tax purposes, the Fund will be treated as a partnership. The Fund does not record a provision for income taxes because the shareholders report their share of the Fund's income or loss on their income tax returns. The financial statements reflect the Fund's transactions without adjustment, if any, required for income tax purposes. The Fund is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund files an income tax return in the U.S. federal jurisdiction, and may file income tax returns in various U.S. states and foreign jurisdictions. For all tax years 2012 to 2015, the Fund remains subject to income tax examinations by major taxing authorities. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized results in the Fund recording a tax liability that reduces net assets. Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of and for the years ended December 31, 2015, 2014, 2013 and 2012. However, the Fund's conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof. The Fund recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the years ended December 31, 2015, 2014 and 2013. The Fund may be subject to potential examination by U.S. federal, U.S. state, or foreign jurisdictional authorities in the area of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions, and compliance with U.S. federal, U.S. state and foreign tax laws. The Fund's management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. |
Creations and Redemptions | Creations and Redemptions Authorized Purchasers may purchase Creation Baskets consisting of 25,000 Authorized Purchasers may redeem shares from the Fund only in blocks of 25,000 The Fund receives or pays the proceeds from shares sold or redeemed within three business days after the trade date of the purchase or redemption. The amounts due from Authorized Purchasers are reflected in the Fund's statements of assets and liabilities as receivable for shares sold. Amounts payable to Authorized Purchasers upon redemption are reflected in the Fund's statements of assets and liabilities as payable for shares redeemed. As outlined in the most recent Form S-1 filing, 50,000 two |
Allocation of Shareholder Income and Losses | Allocation of Shareholder Income and Losses Profit or loss is allocated among the shareholders of the Fund in proportion to the number of shares each shareholder holds as of the close of each month. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents are highly-liquid investments with maturity dates of 90 days or less when acquired. The Fund reported its cash equivalents in the statements of assets and liabilities at market value, or at carrying amounts that approximate fair value, because of their highly-liquid nature and short-term maturities. The Fund has these balances of its assets on deposit with banks. The Fund had a balance of $ 899,313 106,858,496 The Fund had a balance of $ 56,210,776 Assets deposited with the bank may, at times, exceed federally insured limits. |
Due from/to Broker | Due from/to Broker The amount recorded by the Fund for the amount due from and to the clearing broker includes, but is not limited to, cash held by the broker, amounts payable to the clearing broker related to open transactions and payables for commodities futures accounts liquidating to an equity balance on the clearing broker's records. Margin is the minimum amount of funds that must be deposited by a commodity interest trader with the trader's broker to initiate and maintain an open position in futures contracts. A margin deposit acts to assure the trader's performance of the futures contracts purchased or sold. Futures contracts are customarily bought and sold on initial margin that represents a very small percentage of the aggregate purchase or sales price of the contract. Because of such low margin requirements, price fluctuations occurring in the futures markets may create profits and losses that, in relation to the amount invested, are greater than are customary in other forms of investment or speculation. As discussed below, adverse price changes in the futures contract may result in margin requirements that greatly exceed the initial margin. In addition, the amount of margin required in connection with a particular futures contract is set from time to time by the exchange on which the contract is traded and may be modified from time to time by the exchange during the term of the contract. Brokerage firms, such as the Fund's clearing brokers, carrying accounts for traders in commodity interest contracts generally require higher amounts of margin as a matter of policy to further protect themselves. Over-the-counter trading generally involves the extension of credit between counterparties, so the counterparties may agree to require the posting of collateral by one or both parties to address credit exposure. When a trader purchases an option, there is no margin requirement; however, the option premium must be paid in full. When a trader sells an option, on the other hand, he or she is required to deposit margin in an amount determined by the margin requirements established for the underlying interest and, in addition, an amount substantially equal to the current premium for the option. The margin requirements imposed on the selling of options, although adjusted to reflect the probability that out-of-the-money options will not be exercised, can in fact be higher than those imposed in dealing in the futures markets directly. Complicated margin requirements apply to spreads and conversions, which are complex trading strategies in which a trader acquires a mixture of options positions and positions in the underlying interest. Ongoing or “maintenance” margin requirements are computed each day by a trader's clearing broker. When the market value of a particular open futures contract changes to a point where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the broker. If the margin call is not met within a reasonable time, the broker may close out the trader's position. With respect to the Fund's trading, the Fund (and not its shareholders personally) is subject to margin calls. Finally, many major U.S. exchanges have passed certain cross margining arrangements involving procedures pursuant to which the futures and options positions held in an account would, in the case of some accounts, be aggregated and margin requirements would be assessed on a portfolio basis, measuring the total risk of the combined positions. |
Calculation of Net Asset Value | Calculation of Net Asset Value The Fund's NAV is calculated by: Taking the current market value of its total assets and Subtracting any liabilities. The administrator, USBFS, calculates the NAV of the Fund once each trading day. It calculates the NAV as of the earlier of the close of the NYSE or 4:00 p.m. New York time. The NAV for a particular trading day is released after 4:15 p.m. New York time. In determining the value of Corn Futures Contracts, the administrator uses the CBOT closing price. The administrator determines the value of all other Fund investments as of the earlier of the close of the NYSE or 4:00 p.m. New York time. The value of over-the-counter corn interests is determined based on the value of the commodity or futures contract underlying such corn interest, except that a fair value may be determined if the Sponsor believes that the Fund is subject to significant credit risk relating to the counterparty to such corn interest. For purposes of financial statements and reports, the Sponsor will recalculate the NAV where necessary to reflect the “fair value” of a Futures Contract when the Futures Contract closes at its price fluctuation limit for the day. Treasury securities held by the Fund are valued by the administrator using values received from recognized third-party vendors and dealer quotes. NAV includes any unrealized profit or loss on open corn interests and any other income or expense accruing to the Fund but unpaid or not received by the Fund. |
Sponsor Fee, Allocation of Expenses and Related Party Transactions | Sponsor Fee, Allocation of Expenses and Related Party Transactions The Sponsor is responsible for investing the assets of the Fund in accordance with the objectives and policies of the Fund. In addition, the Sponsor arranges for one or more third parties to provide administrative, custodial, accounting, transfer agency and other necessary services to the Trust and the Funds. In addition, the Sponsor elected not to outsource services directly attributable to the Trust and the Funds such as accounting, financial reporting, regulatory compliance and trading activities. In addition, the Fund is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00 The Fund generally pays for all brokerage fees, taxes and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the SEC, FINRA, formerly the National Association of Securities Dealers, or any other regulatory agency in connection with the offer and sale of subsequent Shares after its initial registration and all legal, accounting, printing and other expenses associated therewith. The Fund also pays its portion of the fees and expenses associated with the Trust's tax accounting and reporting requirements. Certain aggregate expenses common to all Funds within the Trust are allocated by the Sponsor to the respective funds based on activity drivers deemed most appropriate by the Sponsor for such expenses, including but not limited to relative assets under management and creation and redeem order activity. These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax-preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Distributor, which are included in the related line item in the statements of operations. A portion of these aggregate common expenses are related to the Sponsor or related parties of principals of the Sponsor; these are necessary services to the Funds, which are primarily the cost of performing accounting and financial reporting, regulatory compliance, and trading activities that are directly attributable to the Fund. For the years ended December 31, 2015, 2014, and 2013; such expenses, which are primarily included as distribution and marketing fees, totaled $ 1,034,163 1,047,648 839,590 20,000 20,312 3,120 For the year ended December 31, 2015 there were $ 96,068 105,270 426,248 of expenses that were identified on the statements of operations of the Fund as expenses that were waived by the Sponsor. For the year ended December 31, 2013, there was $ 426,248 of expenses recorded in the financial statements of the Sponsor which were subject to reimbursement by CORN in 2014. At that time, the Sponsor had determined that recovery of the expense amounts was not probable. In 2014, asset growth and other changes experienced by CORN enabled the Sponsor to claim reimbursement of $ 308,312 from the Fund. This amount is reflected in the statements of operations as a reimbursement of previously waived expenses. For the year ended December 31, 2012, there was $ 549,718 410,405 |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Fair Value - Definition and Hierarchy | Fair Value - Definition and Hierarchy In accordance with U.S. GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, the Fund uses various valuation approaches. In accordance with GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows: Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 financial instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these financial instruments Level 2 - Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The availability of valuation techniques and observable inputs can vary from financial instrument financial instrument financial instrument financial instrument financial instruments financial instruments Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Fund's own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. The Fund uses prices and inputs that are current as of the measurement date, including during periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many securities. This condition could cause a financial instrument to be reclassified to a lower level within the fair value hierarchy. For instance, when Corn Futures Contracts on the CBOT are not actively trading due to a “limit-up” or limit-down” condition, meaning that the change in the Corn Futures Contracts has exceeded the limits established, the Trust and the Fund will revert to alternative verifiable sources of valuation of its assets. When such a situation exists on a quarter close, the Sponsor will calculate the Net Asset Value (“NAV”) on a particular day using the Level 1 valuation, but will later recalculate the NAV for the impacted Fund based upon the valuation inputs from these alternative verifiable sources (Level 2 or Level 3) and will report such NAV in its applicable financial statements and reports. On December 31, 2015 and 2014, in the opinion of the Trust and the Fund, the reported value of the Corn Futures Contracts traded on the CBOT fairly reflected the value of the Corn Futures Contracts held by the Fund, and no adjustments were necessary. The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period. In making the determination of a Level 1 or Level 2 transfer, the Fund considers the average volume of the specific underlying futures contracts traded on the relevant exchange for the years being reported. For the years ended December 31, 2015 and 2014, the Funds did not have any significant transfers between any of the levels of the fair value hierarchy. The Fund records its derivative activities at fair value. Gains and losses from derivative contracts are included in the statements of operations. Derivative contracts include futures contracts related to commodity prices. Futures, which are listed on a national securities exchange, such as the CBOT and the ICE, or reported on another national market, are generally categorized in Level 1 of the fair value hierarchy. OTC derivatives contracts (such as forward and swap contracts) which may be valued using models, depending on whether significant inputs are observable or unobservable, are categorized in Levels 2 or 3 of the fair value hierarchy. |
Expenses | Expenses Expenses are recorded using the accrual method of accounting. |
Net Income (Loss) per Share | Net Income (Loss) per Share Net income (loss) per Share is the difference between the NAV per unit at the beginning of each period and at the end of each period. The weighted average number of Shares outstanding was computed for purposes of disclosing net income (loss) per weighted average Share. The weighted average Shares are equal to the number of Shares outstanding at the end of the period, adjusted proportionately for Shares created or redeemed based on the amount of time the Shares were outstanding during such period. |
New Accounting Pronouncements | New Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-01, “Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in this update are intended to improve the recognitions measurement and disclosure of financial instruments. The amendments to this update are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. These amendments are required to be applied prospectively. The company is currently evaluating the impact on the financial statements and disclosures of the Trust and the Funds. The FASB issued ASU 2015-10, “Technical Corrections and Improvements.” The amendments in this update represent changes to clarify the Codification, correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. The amendments are effective for fiscal years beginning after December 15, 2015. The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2015-07, “Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).” The ASU amends ASC 820 to create a practical expedient to measure the fair value of investments in certain entities that do not have a quoted market price but calculate net asset value per share or its equivalent. In addition, the amendments to ASC 820 provide guidance on classifying investments that are measured using the practical expedient in the fair value hierarchy and require specific disclosures for eligible investments, regardless of whether the practical expedient has been applied. The amendments in this Update are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. These amendments are required to be applied retrospectively to all periods presented The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2015-06, “Earnings per Share (Topic 260): Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions.” The amendments specify how earnings (losses) of a transferred business before the date of a dropdown transaction should be allocated to the various interest holders in a master limited partnership for purposes of calculating earning per unit under the two-class method. The amendments to this update are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The amendments are required to be applied retrospectively for all periods presented. The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis.” The amendments are intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures. The amendments to this update are effective for periods beginning after December 15, 2015. These amendments are required to be applied retrospectively for all periods presented. The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” The amendments in this update change the requirements for reporting discontinued operations in Subtopic 2015-20. A significant provision of ASU 2014-08 calls for reporting as discontinued operations only those disposals that represent a strategic shift or have a major impact on the entity's financial results and operations. The Company elected to early adopt this ASU for the year ended December 31, 2014 and the adoption did not have a significant impact on the financial statements and disclosures of the Trust or the Funds, even with the liquidation of CRUD and NAGS in December 2014. |
Fair Value Measurements (Corn)
Fair Value Measurements (Corn) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Corn Fund [Member] | |
Schedule of Assets and Liabilities Measured at Fair Value | December 31, 2015 Balance as of Assets: Level 1 Level 2 Level 3 December 31, 2015 Cash equivalents $ 899,313 $ - $ - $ 899,313 Balance as of Liabilities: Level 1 Level 2 Level 3 December 31, 2015 Corn futures contracts $ 3,908,550 $ - $ - $ 3,908,550 December 31, 2014 Balance as of Assets: Level 1 Level 2 Level 3 December 31, 2014 Cash equivalents $ 106,858,496 $ - $ - $ 106,858,496 Corn futures contracts 3,651,637 - - 3,651,637 Total $ 110,510,133 $ - $ - $ 110,510,133 Balance as of Liabilities: Level 1 Level 2 Level 3 December 31, 2014 Corn futures contracts $ 1,899,925 $ - $ - $ 1,899,925 |
Derivative Instruments and He49
Derivative Instruments and Hedging Activities (Corn) (Tables) - Teucrium Corn Fund [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Fair Value of Derivative Instruments | Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2015 (i) (ii) (iii) = (i) – (ii) (iv) (v) = (iii) – (iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker Net Amount Commodity price Corn futures contracts $ 3,908,550 $ - $ 3,908,550 $ - $ 3,908,550 $ - Offsetting of Financial Assets and Derivative Assets as of December 31, 2014 (i) (ii) (iii) = (i) – (ii) (iv) (v) = (iii) – (iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Assets Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Collateral, Due to Broker Net Amount Commodity price Corn futures contracts $ 3,651,637 $ - $ 3,651,637 $ 1,899,925 $ - $ 1,751,712 Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2014 (i) (ii) (iii) = (i) – (ii) (iv) (v) = (iii) – (iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker Net Amount Commodity price Corn futures contracts $ 1,899,925 $ - $ 1,899,925 $ 1,899,925 $ - $ - |
Summary of Realized and Net Change in Unrealized Gains (Losses) of the Derivative Instruments | Year ended December 31, 2015 Net Change in Unrealized Realized Loss on Appreciation or Depreciation on Commodity Futures Contracts Commodity Futures Contacts Commodity Price Corn futures contracts $ (8,533,650 ) $ (5,660,263 ) Year ended December 31, 2014 Net Change in Unrealized Realized Loss on Appreciation or Depreciation on Commodity Futures Contracts Commodity Futures Contacts Commodity Price Corn futures contracts $ ( 11,085,713 ) $ 6,636,500 Year ended December 31, 2013 Net Change in Unrealized Realized Loss on Appreciation or Depreciation on Commodity Futures Contracts Commodity Futures Contacts Commodity Price Corn futures contracts $ (10,581,838 ) $ ( 2,671,013 ) |
Financial Highlights (Corn) (Ta
Financial Highlights (Corn) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Corn Fund [Member] | |
Schedule of Financial Highlights | Per Share Operation Performance Year ended December 31, 2015 Year ended December 31, 2014 Year ended December 31, 2013 Net asset value at beginning of period $ 26.62 $ 30.64 $ 44.34 From investment operations: Investment income 0.05 0.01 0.02 Net realized and unrealized loss on commodity futures contracts (4.46 ) (3.01 ) (11.12 ) Total net expenses (0.97 ) (1.02 ) (2.60 ) Net decrease in net asset value (5.38 ) (4.02 ) (13.70 ) Net asset value at end of period $ 21.24 $ 26.62 $ 30.64 Total Return (20.21 )% (13.12 ) % (30.90 )% Ratios to Average Net Assets Total expenses 4.15 % 3.37 % 7.05 % Total expense, net 4.03 % 3.57 % 7.01 % Net investment loss (3.84 )% (3.54 ) % (6.96 )% |
Quarterly Financial Data (Corn)
Quarterly Financial Data (Corn) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Corn Fund [Member] | |
Schedule of Quarterly Financial Data | First Second Third Fourth Quarter 2015 Quarter 2015 Quarter 2015 Quarter 2015 Total (Loss) Income $ (5,644,150 ) $ 4,832,415 $ (7,309,990 ) $ (5,925,283) Total Expenses $ 773,054 $ 767,280 $ 830,024 $ 862,174 Total Expenses, net $ 773,054 $ 767,280 $ 813,440 $ 782,690 Net (Loss) Income $ (6,417,204 ) $ 4,065,135 $ (8,123,430 ) $ (6,707,973) Net (Loss) Income per share $ (1.87 ) $ 1.13 $ (2.34 ) $ (2.30) First Second Third Fourth Quarter 2014 Quarter 2014 Quarter 2014 Quarter 2014 Total Income (Loss) $ 12,378,960 $ (13,313,169 ) $ (22,866,226 ) $ 19,386,818 Total Expenses $ 720,802 $ 821,336 $ 821,238 $ 967,028 Total Expenses, net $ 883,662 $ 959,791 $ 828,235 $ 861,759 Net Income (Loss) $ 11,495,298 $ (14,272,960 ) $ (23,694,461 ) $ 18,525,060 Net Income (Loss) per share $ 3.93 $ (5.08 ) $ (6.69 ) $ 3.82 |
Organization and Operation (C52
Organization and Operation (Corn) (Details) - Teucrium Corn Fund [Member] - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Jun. 08, 2010 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 05, 2010 | |
Common units per Creation Basket | 25,000 | |||||
Common units registered | 30,000,000 | |||||
Number of shares issued | 200,000 | |||||
Value of shares issued | $ 5,000,000 | $ 8,538,198 | $ 146,789,763 | $ 59,350,451 | ||
Net asset value per share | $ 25 | $ 21.24 | $ 26.62 | $ 30.64 | $ 44.34 | |
Second to Expire CBOT Corn Futures Contract [Member] | ||||||
Benchmark percent | 35.00% | |||||
Third to Expire CBOT Corn Futures Contract [Member] | ||||||
Benchmark percent | 30.00% | |||||
CBOT Corn Futures Contract Expiring in December Following Expiration Month of Third to Expire Contract [Member] | ||||||
Benchmark percent | 35.00% |
Principal Contracts and Agree53
Principal Contracts and Agreements (Corn) (Details) - Teucrium Corn Fund [Member] - USD ($) | Jun. 04, 2015 | Feb. 23, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Principal Contracts and Agreements [Line Items] | |||||
Amount of custody, transfer agency and administrative services fees recognized | $ 187,264 | $ 129,195 | $ 129,196 | ||
Amount of distribution fees recognized | 1,199,576 | 1,248,005 | 1,259,490 | ||
Brokerage commissions | 41,250 | 150,086 | 40,715 | ||
Fees for service of legal process | $ 26,852 | 30,584 | 80,950 | ||
Bank of New York Mellon [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Amount of custody, transfer agency and administrative services fees waived by the Sponsor | 0 | 0 | |||
Amount of custody, transfer agency and administrative services fees recognized | 129,195 | 129,196 | |||
Foreside Fund Services, LLC [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Distribution fees as percentage of average daily net assets | 0.01% | ||||
Aggregate annual distribution fee for all funds | $ 100,000 | ||||
Fees per registered representative | 5,000 | ||||
Fees per registered location | 1,000 | ||||
Amount of distribution fees recognized | 95,978 | 118,508 | 121,047 | ||
Wilmington Trust Company [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Annual fee received by trustee | 3,300 | ||||
Fees for service of legal process | 1,560 | 2,350 | 2,442 | ||
U.S. Bank [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Combined minimum annual fee for custody, transfer agency and administrative services per Fund | $ 64,500 | ||||
U.S. Bank [Member] | Average gross assets up to $1 billion [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Custody services fees as percentage of annual average gross assets | 0.0075% | ||||
Transfer agency, fund accounting and fund administration services fees as percentage of annual average gross assets | 0.04% | ||||
U.S. Bank [Member] | Average gross assets over $1 billion [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Custody services fees as percentage of annual average gross assets | 0.005% | ||||
Transfer agency, fund accounting and fund administration services fees as percentage of annual average gross assets | 0.03% | ||||
U.S. Bank [Member] | Average gross assets up to $250 million [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Transfer agency, fund accounting and fund administration services fees as percentage of annual average gross assets | 0.06% | ||||
U.S. Bank [Member] | Average gross assets between $250 million and $500 million [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Transfer agency, fund accounting and fund administration services fees as percentage of annual average gross assets | 0.05% | ||||
Bank of New York Mellon and US Bank National Association [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Amount of custody, transfer agency and administrative services fees waived by the Sponsor | $ 57,714 | ||||
Amount of custody, transfer agency and administrative services fees recognized | 187,264 | ||||
Newedge, SG, Jefferies and ED&F Man [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Brokerage commissions | 41,250 | 150,086 | 40,715 | ||
Brokerage Commissions Waived by the Sponsor | 18,000 | $ 0 | $ 0 | ||
Newedge, SG, Jefferies and ED&F Man [Member] | Corn Futures Contracts [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Clearing fees paid per round turn | $ 8 | ||||
SG Americas Securities LLC [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Amount outstanding with Fund's FCM and primary clearing broker | $ 0 | ||||
Jefferies [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Amount outstanding with Fund's FCM and primary clearing broker | $ 0 |
Summary of Significant Accoun54
Summary of Significant Accounting Policies (Corn) (Details) - Teucrium Corn Fund [Member] | 12 Months Ended | |||
Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | |
Creations and Redemptions | ||||
Common units per Creation Basket | shares | 25,000 | |||
Common units per Redemption Basket | shares | 25,000 | |||
Minimum level of shares per Redemption Basket minimum level | shares | 50,000 | |||
Minimum number of Redemption Baskets | 2 | |||
Cash and Cash Equivalents | ||||
Money market funds | $ 899,313 | $ 106,858,496 | ||
Demand-deposit savings accounts | $ 56,210,776 | |||
Sponsor Fee, Allocation of Expenses and Related Party Transactions | ||||
Annual sponsor fee | 1.00% | |||
Performing accounting and financial reporting, regulatory compliance, and trading activities cost | $ 1,034,163 | 1,047,648 | $ 839,590 | |
Performing Accounting and Financial Reporting Regulatory Compliance and Trading Activities Costs Waived by Sponsor | 20,000 | 20,312 | 3,120 | |
Expenses waived by the Sponsor | $ 96,068 | 105,270 | 426,248 | $ 549,718 |
Expenses subject to reimbursement | 426,248 | |||
Reimbursement of expenses previously waived | $ 308,312 | $ 410,405 |
Fair Value Measurements (Corn55
Fair Value Measurements (Corn) (Schedule of Assets and Liabilities Measured at Fair Value) (Details) - Teucrium Corn Fund [Member] - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Cash equivalents | $ 899,313 | $ 106,858,496 |
Commodity futures contracts | 3,651,637 | |
Total | 110,510,133 | |
Liabilities: | ||
Commodity futures contracts | $ 3,908,550 | 1,899,925 |
Corn Futures Contracts [Member] | ||
Assets: | ||
Commodity futures contracts | 3,651,637 | |
Level 1 [Member] | ||
Assets: | ||
Cash equivalents | 899,313 | 106,858,496 |
Total | 110,510,133 | |
Level 1 [Member] | Corn Futures Contracts [Member] | ||
Assets: | ||
Commodity futures contracts | 3,651,637 | |
Liabilities: | ||
Commodity futures contracts | $ 3,908,550 | $ 1,899,925 |
Level 2 [Member] | ||
Assets: | ||
Cash equivalents | ||
Total | ||
Level 2 [Member] | Corn Futures Contracts [Member] | ||
Assets: | ||
Commodity futures contracts | ||
Liabilities: | ||
Commodity futures contracts | ||
Level 3 [Member] | ||
Assets: | ||
Cash equivalents | ||
Total | ||
Level 3 [Member] | Corn Futures Contracts [Member] | ||
Assets: | ||
Commodity futures contracts | ||
Liabilities: | ||
Commodity futures contracts |
Derivative Instruments and He56
Derivative Instruments and Hedging Activities (Corn) (Schedule of Fair Value of Derivative Instruments) (Details) - Teucrium Corn Fund [Member] - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Commodity price | ||
Derivative assets | $ 3,651,637 | |
Derivative liabilities | $ 3,908,550 | 1,899,925 |
Gross Amount Of Recognized Assets Or Liabilities [Member] | ||
Commodity price | ||
Derivative assets | 3,651,637 | |
Derivative liabilities | $ 3,908,550 | $ 1,899,925 |
Gross Amount Offset In The Statement Of Assets And Liabilities [Member] | ||
Commodity price | ||
Derivative assets | ||
Derivative liabilities | ||
Net Amount Presented In The Statement Of Assets And Liabilities [Member] | ||
Commodity price | ||
Derivative assets | $ 3,651,637 | |
Derivative liabilities | $ 3,908,550 | 1,899,925 |
Futures Contracts Available for Offset [Member] | ||
Commodity price | ||
Derivative assets | 1,899,925 | |
Derivative liabilities | $ 1,899,925 | |
Collateral Due from Broker [Member] | ||
Commodity price | ||
Derivative liabilities | $ 3,908,550 | |
Collateral Due to Broker [Member] | ||
Commodity price | ||
Derivative assets | ||
Net Amount [Member] | ||
Commodity price | ||
Derivative assets | $ 1,751,712 | |
Derivative liabilities |
Derivative Instruments and He57
Derivative Instruments and Hedging Activities (Corn) (Summary of Realized and Net Change in Unrealized Gains (Losses) of the Derivative Instruments) (Details) - Teucrium Corn Fund [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized (Loss) Gain on Commodity Futures Contracts | $ (8,533,650) | $ (11,085,713) | $ (10,581,838) |
Net Change in Unrealized Appreciation or Depreciation on Commodity Futures Contracts | (5,660,263) | 6,636,500 | (2,671,013) |
Average notional market value categorized by primary underlying risk for the futures contract | 71,000,000 | 106,400,000 | 46,500,000 |
Corn Futures Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized (Loss) Gain on Commodity Futures Contracts | (8,533,650) | (11,085,713) | (10,581,838) |
Net Change in Unrealized Appreciation or Depreciation on Commodity Futures Contracts | $ (5,660,263) | $ 6,636,500 | $ (2,671,013) |
Financial Highlights (Corn) (De
Financial Highlights (Corn) (Details) - Teucrium Corn Fund [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net asset value per share at beginning of period | $ 26.62 | $ 30.64 | $ 44.34 |
Investment income | 0.05 | 0.01 | 0.02 |
Net realized and unrealized loss on commodity futures contracts | (4.46) | (3.01) | (11.12) |
Total expenses | (0.97) | (1.02) | (2.60) |
Net decrease in net asset value | (5.38) | (4.02) | (13.70) |
Net asset value at end of period | $ 21.24 | $ 26.62 | $ 30.64 |
Total return | (20.21%) | (13.12%) | (30.90%) |
Total expenses | 4.15% | 3.37% | 7.05% |
Total expense, net | 4.03% | 3.57% | 7.01% |
Net investment gain (loss) | (3.84%) | (3.54%) | (6.96%) |
Quarterly Financial Data (Cor59
Quarterly Financial Data (Corn) (Details) - Teucrium Corn Fund [Member] - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Total Income (Loss) | $ (5,925,283) | $ (7,309,990) | $ 4,832,415 | $ (5,644,150) | $ 19,386,818 | $ (22,866,226) | $ (13,313,169) | $ 12,378,960 | $ (14,047,008) | $ (4,413,618) | $ (13,232,041) |
Total Expenses | 862,174 | 830,024 | 767,280 | 773,054 | 967,028 | 821,238 | 821,336 | 720,802 | 3,232,532 | 3,330,404 | 3,052,934 |
Total Expenses, net | 782,690 | 813,440 | 767,280 | 773,054 | 861,759 | 828,235 | 959,791 | 883,662 | 3,136,464 | 3,533,446 | 3,037,091 |
Net loss | $ (6,707,973) | $ (8,123,430) | $ 4,065,135 | $ (6,417,204) | $ 18,525,060 | $ (23,694,461) | $ (14,272,960) | $ 11,495,298 | $ (17,183,472) | $ (7,947,064) | $ (16,269,132) |
Net Income (Loss) per share | $ (2.30) | $ (2.34) | $ 1.13 | $ (1.87) | $ 3.82 | $ (6.69) | $ (5.08) | $ 3.93 | $ (5.38) | $ (4.02) | $ (13.70) |
Subsequent Events (Corn) (Detai
Subsequent Events (Corn) (Details) - Teucrium Corn Fund [Member] - ED&F Man [Member] | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Subsequent Event [Line Items] | |
Clearing fees paid per round turn | $ 8 |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Clearing fees paid per round turn | $ 9 |
STATEMENTS OF ASSETS AND LIAB61
STATEMENTS OF ASSETS AND LIABILITIES (Soyb) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Teucrium Soybean Fund [Member] | ||
Assets | ||
Cash and cash equivalents | $ 5,937,824 | $ 11,505,788 |
Interest receivable | 51 | $ 786 |
Restricted cash | 142,616 | |
Other assets | 49,618 | $ 41,812 |
Equity in trading accounts: | ||
Commodity futures contracts | 16,175 | |
Due from broker | 604,666 | $ 702,100 |
Total equity in trading accounts | 620,841 | 702,100 |
Total assets | 6,750,950 | 12,250,486 |
Liabilities | ||
Management fee payable to Sponsor | 5,908 | 10,446 |
Other liabilities | 3,828 | 6,878 |
Equity in trading accounts: | ||
Commodity futures contracts | 238,662 | 277,013 |
Total liabilities | 248,398 | 294,337 |
Net Assets | $ 6,502,552 | $ 11,956,149 |
Shares outstanding | 375,004 | 575,004 |
Net asset value per share | $ 17.34 | $ 20.79 |
Market value per share | $ 17.33 | $ 20.76 |
SCHEDULE OF INVESTMENTS (Soyb)
SCHEDULE OF INVESTMENTS (Soyb) - Teucrium Soybean Fund [Member] - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Fidelity Institutional Prime Money Market Portfolio [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 161,718 | |
Percentage of Net Assets | 2.49% | |
Shares | 161,718 | |
Dreyfus Cash Management Institutional [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 11,505,788 | |
Percentage of Net Assets | 96.23% | |
Shares | 11,505,788 | |
Derivative Assets [Member] | CBOT Soybean Futures One [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 16,175 | |
Percentage of Net Assets | 0.25% | |
Notional Amount | $ 1,956,375 | |
Derivative Liabilities [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 238,662 | $ 277,013 |
Percentage of Net Assets | 3.67% | 2.31% |
Notional Amount | $ 4,542,200 | $ 11,924,400 |
Derivative Liabilities [Member] | CBOT Soybean Futures One [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 30,075 | $ 7,612 |
Percentage of Net Assets | 0.46% | 0.06% |
Notional Amount | $ 2,247,050 | $ 4,196,350 |
Derivative Liabilities [Member] | CBOT Soybean Futures Two [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 208,587 | $ 126,663 |
Percentage of Net Assets | 3.21% | 1.06% |
Notional Amount | $ 2,295,150 | $ 3,555,225 |
Derivative Liabilities [Member] | CBOT Soybean Futures Three [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 142,738 | |
Percentage of Net Assets | 1.19% | |
Notional Amount | $ 4,172,825 |
SCHEDULE OF INVESTMENTS (Pare63
SCHEDULE OF INVESTMENTS (Parenthetical) (Soyb) - Teucrium Soybean Fund [Member] | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Fidelity Institutional Prime Money Market Portfolio [Member] | ||
Schedule of Investments [Line Items] | ||
Investments at cost | $ 161,718 | |
Dreyfus Cash Management Institutional [Member] | ||
Schedule of Investments [Line Items] | ||
Investments at cost | $ 11,505,788 | |
Derivative Assets [Member] | CBOT Soybean Futures One [Member] | ||
Schedule of Investments [Line Items] | ||
Number of contracts | 45 | |
Derivative Liabilities [Member] | CBOT Soybean Futures One [Member] | ||
Schedule of Investments [Line Items] | ||
Number of contracts | 52 | 82 |
Derivative Liabilities [Member] | CBOT Soybean Futures Two [Member] | ||
Schedule of Investments [Line Items] | ||
Number of contracts | 52 | 69 |
Derivative Liabilities [Member] | CBOT Soybean Futures Three [Member] | ||
Schedule of Investments [Line Items] | ||
Number of contracts | 83 |
STATEMENTS OF OPERATIONS (Soyb)
STATEMENTS OF OPERATIONS (Soyb) - Teucrium Soybean Fund [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income | |||
Realized loss on commodity futures contracts | $ (1,355,738) | $ (278,763) | $ (43,450) |
Net change in unrealized appreciation or depreciation on commodity futures contracts | 54,526 | (88,150) | 32,512 |
Interest income | 13,129 | 1,938 | 2,723 |
Total loss | (1,288,083) | (364,975) | (8,215) |
Expenses | |||
Management fees | 73,362 | 55,964 | 61,251 |
Professional fees | 148,286 | 92,777 | 128,298 |
Distribution and marketing fees | 117,180 | 61,258 | 152,965 |
Custodian fees and expenses | 146,752 | 5,811 | 8,427 |
Business permits and licenses fees | 16,608 | 22,120 | 18,103 |
General and administrative expenses | 21,654 | 10,923 | 27,718 |
Brokerage commissions | 6,043 | 2,376 | 2,082 |
Other expenses | 4,465 | 6,679 | 8,160 |
Total expenses | 534,350 | 257,908 | 407,004 |
Expenses waived by the Sponsor | $ (304,609) | (65,617) | (68,857) |
Reimbursement of expenses previously waived | 25,139 | 47,161 | |
Total expenses, net | $ 229,741 | 217,430 | 385,308 |
Net loss | $ (1,517,824) | $ (582,405) | $ (393,523) |
Net loss per share | $ (3.45) | $ (2.16) | $ (1.18) |
Net loss per weighted average share | $ (3.93) | $ (2.31) | $ (1.53) |
Weighted average shares outstanding | 386,237 | 251,648 | 257,127 |
STATEMENTS OF CHANGES IN NET 65
STATEMENTS OF CHANGES IN NET ASSETS (Soyb) - Teucrium Soybean Fund [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operations | |||
Net loss | $ (1,517,824) | $ (582,405) | $ (393,523) |
Capital transactions | |||
Issuance of Shares | 2,478,439 | 10,769,361 | 1,859,169 |
Redemption of Shares | (6,414,212) | (2,247,779) | (4,084,849) |
Total capital transactions | (3,935,773) | 8,521,582 | (2,225,680) |
Net change in net assets | (5,453,597) | 7,939,177 | (2,619,203) |
Net assets, beginning of period | 11,956,149 | 4,016,972 | 6,636,175 |
Net assets, end of period | $ 6,502,552 | $ 11,956,149 | $ 4,016,972 |
Net asset value per share at beginning of period | $ 20.79 | $ 22.95 | $ 24.13 |
Net asset value at end of period | $ 17.34 | $ 20.79 | $ 22.95 |
Creation of Shares | 125,000 | 500,000 | 75,000 |
Redemption of Shares | 325,000 | 100,000 | 175,000 |
STATEMENTS OF CASH FLOWS (Soyb)
STATEMENTS OF CASH FLOWS (Soyb) - Teucrium Soybean Fund [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net loss | $ (1,517,824) | $ (582,405) | $ (393,523) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Net change in unrealized appreciation or depreciation on commodity futures contracts | (54,526) | 88,150 | (32,512) |
Changes in operating assets and liabilities: | |||
Due from broker | 97,434 | (301,348) | 269,811 |
Interest receivable | 735 | $ (528) | $ 167 |
Restricted cash | (142,616) | ||
Other assets | (7,806) | $ 3,688 | $ (19,185) |
Management fee payable to Sponsor | (4,538) | 6,955 | (2,250) |
Other liabilities | (3,050) | 3,903 | (242) |
Net cash used in operating activities | (1,632,191) | (781,585) | (177,734) |
Cash flows from financing activities: | |||
Proceeds from sale of Shares | 2,478,439 | 10,769,361 | 1,859,169 |
Redemption of Shares | (6,414,212) | (2,247,779) | (4,084,849) |
Net cash (used in) provided by financing activities | (3,935,773) | 8,521,582 | (2,225,680) |
Net change in cash and cash equivalents | (5,567,964) | 7,739,997 | (2,403,414) |
Cash and cash equivalents, beginning of period | 11,505,788 | 3,765,791 | 6,169,205 |
Cash and cash equivalents, end of period | $ 5,937,824 | $ 11,505,788 | $ 3,765,791 |
Organization and Operation (Soy
Organization and Operation (Soyb) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Soybean Fund [Member] | |
Organization and Operation | Note 1 – Organization and Operation Teucrium Soybean Fund (referred to herein as “SOYB” or the “Fund”) is a commodity pool that is a series of Teucrium Commodity Trust (“Trust”), a Delaware statutory trust formed on September 11, 2009. The Fund issues common units, called the “Shares,” representing fractional undivided beneficial interests in the Fund. The Fund continuously offers Creation Baskets consisting of 25,000 The investment objective of SOYB is to have the daily changes in percentage terms of the Shares' NAV reflect the daily changes in percentage terms of a weighted average of the closing settlement prices for three futures contracts for soybeans (“Soybean Futures Contracts”) that are traded on the CBOT. The three Soybean Futures Contracts will generally be: (1) second-to-expire CBOT Soybean Futures Contract, weighted 35 30 35 The Fund commenced investment operations on September 19, 2011 and has a fiscal year ending December 31. The Fund's sponsor is Teucrium Trading, LLC (the “Sponsor”). The Sponsor is responsible for the management of the Fund. The Sponsor is a member of the National Futures Association (the “NFA”) and became a commodity pool operator registered with the Commodity Futures Trading Commission (the “CFTC”) effective November 10, 2009. On June 17, 2011, the Fund's initial registration of 10,000,000 100,000 2,500,000 25 four Subject to the terms of the Trust Agreement, Teucrium Trading, LLC, in its capacity as the Sponsor (“Sponsor”), |
Principal Contracts and Agree68
Principal Contracts and Agreements (Soyb) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Soybean Fund [Member] | |
Principal Contracts and Agreements | Note 2 – Principal Contracts and Agreements On August 17, 2015 (the “Conversion Date”), U.S. Bank N.A. replaced The Bank of New York Mellon as the Custodian for the Funds. The principal business address for U.S. Bank N.A. is 1555 North Rivercenter U.S. Bancorp Fund Services, LLC (“ USBFS ”), USBFS , a wholly owned subsidiary of U.S. Bank, commenced serving as administrator for each Fund, performing certain administrative and accounting services and preparing certain SEC reports on behalf of the Funds, and also became the registrar and transfer agent for each Fund's Shares. For such services, U.S. Bank and USBFS USBFS and U.S. Bank . Given this conversion, the Sponsor has, for the year-ended December 31, 2015, reflected an expense, before and after fees waived by the Sponsor, for fees associated with Custodian, Fund Administration and Transfer Agent services (“Custodian Fees”) that have or will be paid to the Bank of New York Mellon by a Fund or by the Sponsor on behalf of a Fund. The Custodian Fees reflected in the financial statements through December 31, 2015, net of expenses waived by the Sponsor, are generally as had been presented in prior periods of 2015. For custody services, the Funds will pay to U.S. Bank N.A. 0.0075 .0050 0.06 0.05 0.04 0.03 64,500 146,752 5,811 8,427 146,752 1,140 0 The Sponsor and the Trust employ Foreside Fund Services, LLC (“Foreside” or the “Distributor”) as the Distributor for the Funds. The Distribution Services Agreement among the Distributor, the Sponsor and the Trust calls for the Distributor to work with the Custodian in connection with the receipt and processing of orders for Creation Baskets and Redemption Baskets and the review and approval of all Fund sales literature and advertising materials. The Distributor and the Sponsor have also entered into a Securities Activities and Service Agreement (the “SASA”) under which certain employees and officers of the Sponsor are licensed as registered representatives or registered principals of the Distributor, under Financial Industry Regulatory Authority (“FINRA”) rules. For its services as the Distributor, Foreside receives a fee of 0.01 100,000 5,000 1,000 11,704 5,621 14,766 6,242 1,943 0 In 2014 and 2013, Newedge USA, LLC (“Newedge USA”) served as the Funds' futures commission merchant (“FCM”) and primary clearing broker to execute and clear the Funds' futures transactions and provide other brokerage-related services. In 2014, the Funds introduced the use of Jefferies LLC (“Jefferies”), for the execution and clearing of the Funds' futures and options, if any, on futures transactions. 0 Effective June 3, 2015, ED&F Man Capital Markets Inc. (“ED&F Man”) replaced Jefferies as the Underlying Funds' FCM and the clearing broker to execute and clear the Underlying Fund's futures and provide other brokerage-related services. As of June 4, 2015 all futures contracts and residual cash balances held at Jefferies had been transferred to ED&F Man and the balance in all Jefferies accounts was $ 0 Currently, ED&F Man serves as the Underlying Funds' clearing broker to execute and clear the Underlying Funds' futures and provide other brokerage-related services. ED&F Man is registered as a FCM with the U.S. CFTC and is a member of the NFA. ED&F Man is also registered as a broker/dealer with the U.S. Securities and Exchange Commission and is a member of the FINRA. ED&F Man is a clearing member of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges. ts ED&F Man, Jefferies, SG and Newedge 8.00 6.00 6,043 2,376 2,082 The sole Trustee of the Trust is Wilmington Trust Company, a Delaware banking corporation. The Trustee will accept service of legal process on the Trust in the State of Delaware and will make certain filings under the Delaware Statutory Trust Act. For its services, the Trustee receives an annual fee of $ 3,300 403 104 396 403 0 0 |
Summary of Significant Accoun69
Summary of Significant Accounting Policies (Soyb) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Soybean Fund [Member] | |
Summary of Significant Accounting Policies | Note 3 – Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as detailed in the Financial Accounting Standards Board's Accounting Standards Codification. Revenue Recognition Commodity futures contracts are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized appreciation or depreciation on commodity futures contracts are reflected in the statements of assets and liabilities as the difference between the original contract amount and the fair market value as of the last business day of the year or as of the last date of the financial statements. Changes in the appreciation or depreciation between periods are reflected in the statements of operations. Interest on cash equivalents and deposits with the Futures Commission Merchant are recognized on the accrual basis. The Fund earns interest on its assets denominated in U.S. dollars on deposit with the Futures Commission Merchant. In addition, the Fund earns interest on funds held at the custodian at prevailing market rates for such investments. Brokerage Commissions Brokerage commissions on all open commodity futures contracts are accrued on the trade date and on a full-turn basis. Income Taxes For tax purposes, the Fund will be treated as a partnership. The Fund does not record a provision for income taxes because the shareholders report their share of the Fund's income or loss on their income tax returns. The financial statements reflect the Fund's transactions without adjustment, if any, required for income tax purposes. The Fund is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund files an income tax return in the U.S. federal jurisdiction, and may file income tax returns in various U.S. states and foreign jurisdictions. For all tax years 2012 to 2015, the Fund remains subject to income tax examinations by major taxing authorities. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized results in the Fund recording a tax liability that reduces net assets. Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of and for the years ended December 31, 2015, 2014, 2013 and 2012. However, the Fund's conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof. The Fund recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the years ended December 31, 2015, 2014 and 2013. The Fund may be subject to potential examination by U.S. federal, U.S. state, or foreign jurisdictional authorities in the area of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions, and compliance with U.S. federal, U.S. state and foreign tax laws. The Fund's management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. Creations and Redemptions Authorized Purchasers may purchase Creation Baskets consisting of 25,000 Authorized Purchasers may redeem shares from the Fund only in blocks of 25,000 The Fund receives or pays the proceeds from shares sold or redeemed within three business days after the trade date of the purchase or redemption. The amounts due from Authorized Purchasers are reflected in the Fund's statements of assets and liabilities as receivable for shares sold. Amounts payable to Authorized Purchasers upon redemption are reflected in the Fund's statements of assets and liabilities as payable for shares redeemed. As outlined in the most recent Form S-1 filing, 50,000 two Allocation of Shareholder Income and Losses Profit or loss is allocated among the shareholders of the Fund in proportion to the number of shares each shareholder holds as of the close of each month. Cash and Cash Equivalents Cash equivalents are highly-liquid investments with maturity dates of 90 days or less when acquired. The Fund reported its cash equivalents in the statements of assets and liabilities at market value, or at carrying amounts that approximate fair value, because of their highly-liquid nature and short-term maturities. The Fund has these balances of its assets on deposit with banks. The Fund had a balance of $ 161,718 11,505,788 Restricted Cash On August 17, 2015 (the “Conversion Date”), U.S. Bank N.A. replaced The Bank of New York Mellon as the Custodian for the Funds. Per the amended agreement between the Sponsor and The Bank of New York Mellon dated August 14, 2015, certain cash amounts for each Fund, except in the case of TAGS, are to remain at The Bank of New York Mellon until amounts for services and early termination fees are paid. The amended agreement allows for payments for such amounts owed to be made through December 31, 2017. Cash balances that are held in custody at The Bank of New York Mellon under this amended agreement are reflected on the statements of assets and liabilities of the Fund and the Trust as restricted cash. Due from/to Broker The amount recorded by the Fund for the amount due from and to the clearing broker includes, but is not limited to, cash held by the broker, amounts payable to the clearing broker related to open transactions and payables for commodities futures accounts liquidating to an equity balance on the clearing broker's records. Margin is the minimum amount of funds that must be deposited by a commodity interest trader with the trader's broker to initiate and maintain an open position in futures contracts. A margin deposit acts to assure the trader's performance of the futures contracts purchased or sold. Futures contracts are customarily bought and sold on initial margin that represents a very small percentage of the aggregate purchase or sales price of the contract. Because of such low margin requirements, price fluctuations occurring in the futures markets may create profits and losses that, in relation to the amount invested, are greater than are customary in other forms of investment or speculation. As discussed below, adverse price changes in the futures contract may result in margin requirements that greatly exceed the initial margin. In addition, the amount of margin required in connection with a particular futures contract is set from time to time by the exchange on which the contract is traded and may be modified from time to time by the exchange during the term of the contract. Brokerage firms, such as the Fund's clearing brokers, carrying accounts for traders in commodity interest contracts generally require higher amounts of margin as a matter of policy to further protect themselves. Over-the-counter trading generally involves the extension of credit between counterparties, so the counterparties may agree to require the posting of collateral by one or both parties to address credit exposure. When a trader purchases an option, there is no margin requirement; however, the option premium must be paid in full. When a trader sells an option, on the other hand, he or she is required to deposit margin in an amount determined by the margin requirements established for the underlying interest and, in addition, an amount substantially equal to the current premium for the option. The margin requirements imposed on the selling of options, although adjusted to reflect the probability that out-of-the-money options will not be exercised, can in fact be higher than those imposed in dealing in the futures markets directly. Complicated margin requirements apply to spreads and conversions, which are complex trading strategies in which a trader acquires a mixture of options positions and positions in the underlying interest. Ongoing or “maintenance” margin requirements are computed each day by a trader's clearing broker. When the market value of a particular open futures contract changes to a point where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the broker. If the margin call is not met within a reasonable time, the broker may close out the trader's position. With respect to the Fund's trading, the Fund (and not its shareholders personally) is subject to margin calls. Finally, many major U.S. exchanges have passed certain cross margining arrangements involving procedures pursuant to which the futures and options positions held in an account would, in the case of some accounts, be aggregated and margin requirements would be assessed on a portfolio basis, measuring the total risk of the combined positions. Calculation of Net Asset Value The Fund's NAV is calculated by: Taking the current market value of its total assets and Subtracting any liabilities. The administrator, USBFS, calculates the NAV of the Fund once each trading day. It calculates the NAV as of the earlier of the close of the NYSE or 4:00 p.m. New York time. The NAV for a particular trading day is released after 4:15 p.m. New York time. In determining the value of Soybean Futures Contracts, the administrator uses the CBOT closing price. The administrator determines the value of all other Fund investments as of the earlier of the close of the NYSE or 4:00 p.m. New York time. The value of over-the-counter soybean interests is determined based on the value of the commodity or futures contract underlying such soybean interest, except that a fair value may be determined if the Sponsor believes that the Fund is subject to significant credit risk relating to the counterparty to such soybean interest. For purposes of financial statements and reports, the Sponsor will recalculate the NAV where necessary to reflect the “fair value” of a Futures Contract when the Futures Contract closes at its price fluctuation limit for the day. Treasury securities held by the Fund are valued by the administrator using values received from recognized third-party vendors and dealer quotes. NAV includes any unrealized profit or loss on open soybean interests and any other income or expense accruing to the Fund but unpaid or not received by the Fund. Sponsor Fee, Allocation of Expenses and Related Party Transactions The Sponsor is responsible for investing the assets of the Fund in accordance with the objectives and policies of the Fund. In addition, the Sponsor arranges for one or more third parties to provide administrative, custodial, accounting, transfer agency and other necessary services to the Trust and the Funds. In addition, the Sponsor elected not to outsource services directly attributable to the Trust and the Funds such as accounting, financial reporting, regulatory compliance and trading activities. In addition, the Fund is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00 The Fund generally pays for all brokerage fees, taxes and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the SEC, FINRA, formerly the National Association of Securities Dealers, or any other regulatory agency in connection with the offer and sale of subsequent Shares after its initial registration and all legal, accounting, printing and other expenses associated therewith. The Fund also pays its portion of the fees and expenses associated with the Trust's tax accounting and reporting requirements. Certain aggregate expenses common to all Funds within the Trust are allocated by the Sponsor to the respective funds based on activity drivers deemed most appropriate by the Sponsor for such expenses, including but not limited to relative assets under management and creation and redeem order activity. These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax-preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Distributor, which are included in the related line item in the statements of operations. A portion of these aggregate common expenses are related to the Sponsor or related parties of principals of the Sponsor; these are necessary services to the Funds, which are primarily the cost of performing accounting and financial reporting, regulatory compliance, and trading activities that are directly attributable to the Fund. For the years ended December 31, 2015, 2014 and 2013; such expenses, which are primarily included as distribution and marketing fees, totaled $ 124,331 49,492 111,577 49,086 12,915 280 For the year ended December 31, 2015, there were $ 304,609 65,617 68,857 For the year ended December 31, 2013, there were $ 68,857 of expenses recorded in the financial statements of the Sponsor which were subject to reimbursement by SOYB in 2014. At that time, the Sponsor had determined that recovery of the expense amounts was not probable. In 2014, asset growth and other changes experienced by SOYB enabled the Sponsor to claim reimbursement of $ 25,139 from the Fund. This amount is reflected in the statements of operations as a reimbursement of previously waived expenses. For the year ended December 31, 2012, there were $ 76,921 47,161 Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during the reporting period. Actual results could differ from those estimates. Fair Value - Definition and Hierarchy In accordance with U.S. GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, the Fund uses various valuation approaches. In accordance with U.S. GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows: Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 financial instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these financial instruments does not entail a significant degree of judgment. Level 2 - Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The availability of valuation techniques and observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the financial instruments existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for financial instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy, within which the fair value measurement in its entirety falls, is determined based on the lowest level input that is significant to the fair value measurement. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Fund's own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. The Fund uses prices and inputs that are current as of the measurement date, including periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many financial instruments. This condition could cause a financial instrument to be reclassified to a lower level within the fair value hierarchy. When such a situation exists on a quarter close, the Sponsor will calculate the NAV on a particular day using the Level 1 valuation, but will later recalculate the NAV for the impacted Fund based upon the valuation inputs from these alternative verifiable sources (Level 2 or Level 3) and will report such NAV in its applicable financial statements and reports. On December 31, 2015 and 2014, in the opinion of the Trust and the Fund, the reported value of the Soybean Futures Contracts traded on the CBOT fairly reflected the value of the Soybean Futures Contracts held by the Fund, with no adjustments necessary. The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period. In making the determination of a Level 1 or Level 2 transfer, the Fund considers the average volume of the specific underlying futures contracts traded on the relevant exchange for the years being reported. For the year ended December 31, 2015, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy. For the quarter ended March 31, 2014, Soybean Futures Contracts traded on the CBOT which will settle on November 13, 2015 (the “NOV15 Soybean Contracts”) did not, in the opinion of the Trust and SOYB, trade in an actively traded futures market as defined in the policy of the Trust and SOYB for the entire period during which they were held. Accordingly, the Trust and SOYB have classified these as a Level 2 liability for the period ended March 31, 2014. The NOV15 Soybean Contracts were, in the opinion of the Trust and SOYB, fairly valued at settlement on March 31, 2014. The value of the contracts were $ 12,075 The Fund records its derivative activities at fair value. Gains and losses from derivative contracts are included in the statements of operations. Derivative contracts include futures contracts related to commodity prices. Futures, which are listed on a national securities exchange, such as the CBOT and the ICE, or reported on another national market, are generally categorized in Level 1 of the fair value hierarchy. OTC derivatives contracts (such as forward and swap contracts) which may be valued using models, depending on whether significant inputs are observable or unobservable, are categorized in Levels 2 or 3 of the fair value hierarchy. Expenses Expenses are recorded using the accrual method of accounting. Net Income (Loss) per Share Net income (loss) per Share is the difference between the NAV per unit at the beginning of each period and at the end of each period. The weighted average number of Shares outstanding was computed for purposes of disclosing net income (loss) per weighted average Share. The weighted average Shares are equal to the number of Shares outstanding at the end of the period, adjusted proportionately for Shares created or redeemed based on the amount of time the Shares were outstanding during such period. New Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-01, “Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in this update are intended to improve the recognitions measurement and disclosure of financial instruments. The amendments to this update are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. These amendments are required to be applied prospectively. The company is currently evaluating the impact on the financial statements and disclosures of the Trust and the Funds. The FASB issued ASU 2015-10, “Technical Corrections and Improvements.” The amendments in this update represent changes to clarify the Codification, correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. The amendments are effective for fiscal years beginning after December 15, 2015. The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2015-07, “Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).” The ASU amends ASC 820 to create a practical expedient to measure the fair value of investments in certain entities that do not have a quoted market price but calculate net asset value per share or its equivalent. In addition, the amendments to ASC 820 provide guidance on classifying investments that are measured using the practical expedient in the fair value hierarchy and require specific disclosures for eligible investments, regardless of whether the practical expedient has been applied. The amendments in this Update are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. These amendments are required to be applied retrospectively to all periods presented The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2015-06, “Earnings per Share (Topic 260): Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions.” The amendments specify how earnings (losses) of a transferred business before the date of a dropdown transaction should be allocated to the various interest holders in a master limited partnership for purposes of calculating earning per unit under the two-class method. The amendments to this update are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The amendments are required to be applied retrospectively for all periods presented. The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis.” The amendments are intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures. The amendments to this update are effective for periods beginning after December 15, 2015. These amendments are required to be applied retrospectively for all periods presented. The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” The amendments in this update change the requirements for reporting discontinued operations in Subtopic 2015-20. A significant provision of ASU 2014-08 calls for reporting as discontinued operations only those disposals that represent a strategic shift or have a major impact on the entity's financial results and operations. The Company elected to early adopt this ASU for the year ended December 31, 2014 and the adoption did not have a significant impact on the financial statements and disclosures of the Trust or the Funds, even with the liquidation of CRUD and NAGS in December 2014. |
Fair Value Measurements (Soyb)
Fair Value Measurements (Soyb) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Soybean Fund [Member] | |
Fair Value Measurements | Note 4 – Fair Value Measurements The Fund's assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Fund's significant accounting policies in Note 3. The following table presents information about the Fund's assets and liabilities measured at fair value as of December 31, 2015 and December 31, 2014: December 31, 2015 Balance as of Assets: Level 1 Level 2 Level 3 December 31, 2015 Cash equivalents 161,718 $ — $ — $ 161,718 Soybean futures contracts 16,175 — — 16,175 Total $ 177,893 $ — $ — $ 177,893 Balance as of Liabilities: Level 1 Level 2 Level 3 December 31, 2015 Soybean futures contracts $ 238,662 $ — $ — $ 238,662 December 31, 2014 Balance as of Assets: Level 1 Level 2 Level 3 December 31, 2014 Cash equivalents $ 11,505,788 $ — $ — $ 11,505,788 Balance as of Liabilities: Level 1 Level 2 Level 3 December 31, 2014 Soybean futures contracts $ 277,013 $ — $ — $ 277,013 For the year ended December 31, 201 5 , the Fund did not have any significant transfers between any of the levels of the fair value hierarchy. Transfers into and out of each level of the fair value hierarchy for the NOV14 Soybean Contracts for the period from January 1, 2014 through December 31, 2014 were as follows: Transfers into Level 1 Transfers out of Level 1 Transfers into Level 2 Transfers out of Level 2 Transfers into Level 3 Transfers out of Level 3 Liabilities (at fair value) Derivative contracts Soybean future contracts $ 12,075 $ 12,075 $ 12,075 $ 12,075 $ - $ - See the Fair Value - Definition and Hierarchy |
Derivative Instruments and He71
Derivative Instruments and Hedging Activities (Soyb) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Soybean Fund [Member] | |
Derivative Instruments and Hedging Activities | Note 5 - Derivative Instruments and Hedging Activities In the normal course of business, the Fund utilizes derivative contracts in connection with its proprietary trading activities. Investments in derivative contracts are subject to additional risks that can result in a loss of all or part of an investment. The Fund's derivative activities and exposure to derivative contracts are classified by the following primary underlying risks: interest rate, credit, commodity price, and equity price risks. In addition to its primary underlying risks, the Fund is also subject to additional counterparty risk due to inability of its counterparties to meet the terms of their contracts. For years ended December 31, 2015 and 2014, the Fund invested only in commodity futures contracts. Futures Contracts The Fund is subject to commodity price risk in the normal course of pursuing its investment objectives. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. The purchase and sale of futures contracts requires margin deposits with a FCM. Subsequent payments (variation margin) are made or received by the Fund each day, depending on the daily fluctuations in the value of the contract, and are recorded as unrealized gains or losses by the Fund. Futures contracts may reduce the Fund's exposure to counterparty risk since futures contracts are exchange-traded; and the exchange's clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures against default. The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM's proprietary activities. A customer's cash and other equity deposited with an FCM are considered commingled with all other customer funds subject to the FCM's segregation requirements. In the event of an FCM's insolvency, recovery may be limited to the Fund's pro rata share of segregated customer funds available. It is possible that the recovery amount could be less than the total of cash and other equity deposited. The following table discloses information about offsetting assets and liabilities presented in the statements of assets and liabilities to enable users of these financial statements to evaluate the effect or potential effect of netting arrangements for recognized assets and liabilities. These recognized assets and liabilities are presented as defined in FASB ASU No. 2011-11 “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities” and subsequently clarified in FASB ASU 2013-01 “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” The following table also identifies the fair value amounts of der ivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk and held by the FCM, ED&F Man as of December 31, 2015 and Newedge USA as of Offsetting of Financial Assets and Derivative Assets as of December 31, 2015 (i) (ii) (iii) = (i) – (ii) (iv) (v) = (iii) – (iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Collateral, Due to Broker Net Amount Commodity price Soybean futures contracts $ 16,175 $ - $ 16,175 $ 16,175 $ 0 $ - Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2015 (i) (ii) (iii) = (i) – (ii) (iv) (v) = (iii) – (iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Collateral, Due from Broker Net Amount Commodity price Soybean futures contracts $ 238,662 $ - $ 238,662 $ 16,175 $ 222,487 $ - Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2014 (i) (ii) (iii) = (i) – (ii) (iv) (v) = (iii) – (iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Collateral, Due from Broker Net Amount Commodity price Soybean futures contracts $ 277,013 $ - $ 277,013 $ - $ 277,013 $ - The following is a summary of realized and net change in unrealized gains (losses) of the derivative instruments utilized by the Fund: Year ended December 31, 2015 Net Change in Unrealized Realized Loss on Appreciation or Depreciation on Commodity Futures Contracts Commodity Futures Contacts Commodity Price Soybean futures contracts $ (1,355,738 ) $ 54,526 Year ended December 31, 2014 Net Change in Unrealized Realized Loss on Appreciation or Depreciation on Commodity Futures Contracts Commodity Futures Contacts Commodity Price Soybean futures contracts $ ( 278,763 ) $ (88,150 ) Year ended December 31, 2013 Net Change in Unrealized Realized Loss on Appreciation or Depreciation on Commodity Futures Contracts Commodity Futures Contacts Commodity Price Soybean futures contracts $ (43,450 ) $ 32,512 Volume of Derivative Activities The average notional market value categorized by primary underlying risk for all futures contracts held was $ 7.1 7.9 5.5 |
Financial Highlights (Soyb)
Financial Highlights (Soyb) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Soybean Fund [Member] | |
Financial Highlights | Note 6 - Financial Highlights The following table presents per share performance data and other supplemental financial data for the years ended December 31, 2015, 2014 and 2013. This information has been derived from information presented in the financial statements and is presented with total expenses gross of expenses waived by the Sponsor and with total expenses net of expenses waived by the Sponsor, as appropriate. Per Share Operation Performance Year ended December 31, 2015 Year ended December 31, 2014 Year ended December 31, 2013 Net asset value at beginning of period $ 20.79 $ 22.95 $ 24.13 From investment operations: Investment income 0.03 0.01 0.01 Net realized and unrealized (loss) gain on commodity futures contracts (2.89 ) (1.31 ) 0.31 Total net expenses (0.59 ) (0.86 ) (1.50 ) Net decrease in net asset value (3.45 ) (2.16 ) (1.18 ) Net asset value at end of period $ 17.34 $ 20.79 $ 22.95 Total Return (16.59 )% (9.41 )% (4.89 )% Ratios to Average Net Assets Total expenses 7.31 % 4.59 % 6.66 % Total expense, net 3.14 % 3.87 % 6.30 % Net investment loss (2.96 )% (3.83 )% (6.26 )% Effective in the third quarter 2015, the financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses. In prior periods, the financial highlights per share data are calculated using the average of the daily shares outstanding for the reporting period, which is inclusive of the last day of the period. Any change in methodology was not material to the ratios presented. |
Quarterly Financial Data (Soyb)
Quarterly Financial Data (Soyb) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Soybean Fund [Member] | |
Quarterly Financial Data | Note 7 – Quarterly Financial Data (Unaudited) The following summarized quarterly financial information presents the results of operations for the Teucrium Soybean Fund and other data for three-month periods ended March 31, June 30, September 30 and December 31, 2015 and 2014. First Second Third Fourth Quarter 2015 Quarter 2015 Quarter 2015 Quarter 2015 Total (Loss) Income $ (526,088 ) $ 387,766 $ (974,019 ) $ (175,741 ) Total Expenses $ 92,839 $ 112,600 $ 199,526 $ 129,385 Total Expenses, net $ 43,689 $ 47,578 $ 69,975 $ 68,499 Net (Loss) Income $ (569,777 ) $ 340,188 $ (1,043,994 ) $ (244,241 ) Net (Loss) Income per share $ (1.17 ) $ 0.98 $ (2.62 ) $ (0.64 ) First Second Third Fourth Quarter 2014 Quarter 2014 Quarter 2014 Quarter 2014 Total Income (Loss) $ 351,840 $ (93,839 ) $ (945,445 ) $ 322,470 Total Expenses $ 48,722 $ 46,310 $ 88,832 $ 74,043 Total Expenses, net $ 68,812 $ 51,132 $ 38,815 $ 58,670 Net Income (Loss) $ 283,028 $ (144,971 ) $ (984,260 ) $ 263,800 Net Income (Loss) per share $ 1.72 $ (0.52 ) $ (4.99 ) $ 1.63 |
Organizational and Offering C74
Organizational and Offering Costs (Soyb) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Soybean Fund [Member] | |
Organizational and Offering Costs | Note 8 - Organizational and Offering Costs Expenses incurred in organizing of the Trust and the initial offering of the Shares of the Fund, including applicable SEC registration fees were borne directly by the Sponsor. The Fund will not be obligated to reimburse the Sponsor. |
Subsequent Events (Soyb)
Subsequent Events (Soyb) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Soybean Fund [Member] | |
Subsequent Events | Note 9 – Subsequent Events Management has evaluated the financial statements for the year-ended December 31, 2015 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund other than those noted below: Effective January 1, 2016, ED&F Man, the FCM for the Fund, increased the per round-term charge for futures contracts commission to $ 9.00 8.00 The total net asset value of the Fund increased by 50.2 9,765,635 46.7 2.4 |
Summary of Significant Accoun76
Summary of Significant Accounting Policies (Soyb) (Policy) - Teucrium Soybean Fund [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as detailed in the Financial Accounting Standards Board's Accounting Standards Codification. |
Revenue Recognition | Revenue Recognition Commodity futures contracts are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized appreciation or depreciation on commodity futures contracts are reflected in the statements of assets and liabilities as the difference between the original contract amount and the fair market value as of the last business day of the year or as of the last date of the financial statements. Changes in the appreciation or depreciation between periods are reflected in the statements of operations. Interest on cash equivalents and deposits with the Futures Commission Merchant are recognized on the accrual basis. The Fund earns interest on its assets denominated in U.S. dollars on deposit with the Futures Commission Merchant. In addition, the Fund earns interest on funds held at the custodian at prevailing market rates for such investments. |
Brokerage Commissions | Brokerage Commissions Brokerage commissions on all open commodity futures contracts are accrued on the trade date and on a full-turn basis. |
Income Taxes | Income Taxes For tax purposes, the Fund will be treated as a partnership. The Fund does not record a provision for income taxes because the shareholders report their share of the Fund's income or loss on their income tax returns. The financial statements reflect the Fund's transactions without adjustment, if any, required for income tax purposes. The Fund is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund files an income tax return in the U.S. federal jurisdiction, and may file income tax returns in various U.S. states and foreign jurisdictions. For all tax years 2012 to 2015, the Fund remains subject to income tax examinations by major taxing authorities. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized results in the Fund recording a tax liability that reduces net assets. Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of and for the years ended December 31, 2015, 2014, 2013 and 2012. However, the Fund's conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof. The Fund recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the years ended December 31, 2015, 2014 and 2013. The Fund may be subject to potential examination by U.S. federal, U.S. state, or foreign jurisdictional authorities in the area of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions, and compliance with U.S. federal, U.S. state and foreign tax laws. The Fund's management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. |
Creations and Redemptions | Creations and Redemptions Authorized Purchasers may purchase Creation Baskets consisting of 25,000 Authorized Purchasers may redeem shares from the Fund only in blocks of 25,000 The Fund receives or pays the proceeds from shares sold or redeemed within three business days after the trade date of the purchase or redemption. The amounts due from Authorized Purchasers are reflected in the Fund's statements of assets and liabilities as receivable for shares sold. Amounts payable to Authorized Purchasers upon redemption are reflected in the Fund's statements of assets and liabilities as payable for shares redeemed. As outlined in the most recent Form S-1 filing, 50,000 two |
Allocation of Shareholder Income and Losses | Allocation of Shareholder Income and Losses Profit or loss is allocated among the shareholders of the Fund in proportion to the number of shares each shareholder holds as of the close of each month. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents are highly-liquid investments with maturity dates of 90 days or less when acquired. The Fund reported its cash equivalents in the statements of assets and liabilities at market value, or at carrying amounts that approximate fair value, because of their highly-liquid nature and short-term maturities. The Fund has these balances of its assets on deposit with banks. The Fund had a balance of $ 161,718 11,505,788 |
Restricted Cash | Restricted Cash On August 17, 2015 (the “Conversion Date”), U.S. Bank N.A. replaced The Bank of New York Mellon as the Custodian for the Funds. Per the amended agreement between the Sponsor and The Bank of New York Mellon dated August 14, 2015, certain cash amounts for each Fund, except in the case of TAGS, are to remain at The Bank of New York Mellon until amounts for services and early termination fees are paid. The amended agreement allows for payments for such amounts owed to be made through December 31, 2017. Cash balances that are held in custody at The Bank of New York Mellon under this amended agreement are reflected on the statements of assets and liabilities of the Fund and the Trust as restricted cash. |
Due from/to Broker | Due from/to Broker The amount recorded by the Fund for the amount due from and to the clearing broker includes, but is not limited to, cash held by the broker, amounts payable to the clearing broker related to open transactions and payables for commodities futures accounts liquidating to an equity balance on the clearing broker's records. Margin is the minimum amount of funds that must be deposited by a commodity interest trader with the trader's broker to initiate and maintain an open position in futures contracts. A margin deposit acts to assure the trader's performance of the futures contracts purchased or sold. Futures contracts are customarily bought and sold on initial margin that represents a very small percentage of the aggregate purchase or sales price of the contract. Because of such low margin requirements, price fluctuations occurring in the futures markets may create profits and losses that, in relation to the amount invested, are greater than are customary in other forms of investment or speculation. As discussed below, adverse price changes in the futures contract may result in margin requirements that greatly exceed the initial margin. In addition, the amount of margin required in connection with a particular futures contract is set from time to time by the exchange on which the contract is traded and may be modified from time to time by the exchange during the term of the contract. Brokerage firms, such as the Fund's clearing brokers, carrying accounts for traders in commodity interest contracts generally require higher amounts of margin as a matter of policy to further protect themselves. Over-the-counter trading generally involves the extension of credit between counterparties, so the counterparties may agree to require the posting of collateral by one or both parties to address credit exposure. When a trader purchases an option, there is no margin requirement; however, the option premium must be paid in full. When a trader sells an option, on the other hand, he or she is required to deposit margin in an amount determined by the margin requirements established for the underlying interest and, in addition, an amount substantially equal to the current premium for the option. The margin requirements imposed on the selling of options, although adjusted to reflect the probability that out-of-the-money options will not be exercised, can in fact be higher than those imposed in dealing in the futures markets directly. Complicated margin requirements apply to spreads and conversions, which are complex trading strategies in which a trader acquires a mixture of options positions and positions in the underlying interest. Ongoing or “maintenance” margin requirements are computed each day by a trader's clearing broker. When the market value of a particular open futures contract changes to a point where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the broker. If the margin call is not met within a reasonable time, the broker may close out the trader's position. With respect to the Fund's trading, the Fund (and not its shareholders personally) is subject to margin calls. Finally, many major U.S. exchanges have passed certain cross margining arrangements involving procedures pursuant to which the futures and options positions held in an account would, in the case of some accounts, be aggregated and margin requirements would be assessed on a portfolio basis, measuring the total risk of the combined positions. |
Calculation of Net Asset Value | Calculation of Net Asset Value The Fund's NAV is calculated by: Taking the current market value of its total assets and Subtracting any liabilities. The administrator, USBFS, calculates the NAV of the Fund once each trading day. It calculates the NAV as of the earlier of the close of the NYSE or 4:00 p.m. New York time. The NAV for a particular trading day is released after 4:15 p.m. New York time. In determining the value of Soybean Futures Contracts, the administrator uses the CBOT closing price. The administrator determines the value of all other Fund investments as of the earlier of the close of the NYSE or 4:00 p.m. New York time. The value of over-the-counter soybean interests is determined based on the value of the commodity or futures contract underlying such soybean interest, except that a fair value may be determined if the Sponsor believes that the Fund is subject to significant credit risk relating to the counterparty to such soybean interest. For purposes of financial statements and reports, the Sponsor will recalculate the NAV where necessary to reflect the “fair value” of a Futures Contract when the Futures Contract closes at its price fluctuation limit for the day. Treasury securities held by the Fund are valued by the administrator using values received from recognized third-party vendors and dealer quotes. NAV includes any unrealized profit or loss on open soybean interests and any other income or expense accruing to the Fund but unpaid or not received by the Fund. |
Sponsor Fee, Allocation of Expenses and Related Party Transactions | Sponsor Fee, Allocation of Expenses and Related Party Transactions The Sponsor is responsible for investing the assets of the Fund in accordance with the objectives and policies of the Fund. In addition, the Sponsor arranges for one or more third parties to provide administrative, custodial, accounting, transfer agency and other necessary services to the Trust and the Funds. In addition, the Sponsor elected not to outsource services directly attributable to the Trust and the Funds such as accounting, financial reporting, regulatory compliance and trading activities. In addition, the Fund is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00 The Fund generally pays for all brokerage fees, taxes and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the SEC, FINRA, formerly the National Association of Securities Dealers, or any other regulatory agency in connection with the offer and sale of subsequent Shares after its initial registration and all legal, accounting, printing and other expenses associated therewith. The Fund also pays its portion of the fees and expenses associated with the Trust's tax accounting and reporting requirements. Certain aggregate expenses common to all Funds within the Trust are allocated by the Sponsor to the respective funds based on activity drivers deemed most appropriate by the Sponsor for such expenses, including but not limited to relative assets under management and creation and redeem order activity. These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax-preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Distributor, which are included in the related line item in the statements of operations. A portion of these aggregate common expenses are related to the Sponsor or related parties of principals of the Sponsor; these are necessary services to the Funds, which are primarily the cost of performing accounting and financial reporting, regulatory compliance, and trading activities that are directly attributable to the Fund. For the years ended December 31, 2015, 2014 and 2013; such expenses, which are primarily included as distribution and marketing fees, totaled $ 124,331 49,492 111,577 49,086 12,915 280 For the year ended December 31, 2015, there were $ 304,609 65,617 68,857 For the year ended December 31, 2013, there were $ 68,857 of expenses recorded in the financial statements of the Sponsor which were subject to reimbursement by SOYB in 2014. At that time, the Sponsor had determined that recovery of the expense amounts was not probable. In 2014, asset growth and other changes experienced by SOYB enabled the Sponsor to claim reimbursement of $ 25,139 from the Fund. This amount is reflected in the statements of operations as a reimbursement of previously waived expenses. For the year ended December 31, 2012, there were $ 76,921 47,161 |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Fair Value - Definition and Hierarchy | Fair Value - Definition and Hierarchy In accordance with U.S. GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, the Fund uses various valuation approaches. In accordance with U.S. GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows: Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 financial instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these financial instruments does not entail a significant degree of judgment. Level 2 - Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The availability of valuation techniques and observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the financial instruments existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for financial instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy, within which the fair value measurement in its entirety falls, is determined based on the lowest level input that is significant to the fair value measurement. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Fund's own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. The Fund uses prices and inputs that are current as of the measurement date, including periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many financial instruments. This condition could cause a financial instrument to be reclassified to a lower level within the fair value hierarchy. When such a situation exists on a quarter close, the Sponsor will calculate the NAV on a particular day using the Level 1 valuation, but will later recalculate the NAV for the impacted Fund based upon the valuation inputs from these alternative verifiable sources (Level 2 or Level 3) and will report such NAV in its applicable financial statements and reports. On December 31, 2015 and 2014, in the opinion of the Trust and the Fund, the reported value of the Soybean Futures Contracts traded on the CBOT fairly reflected the value of the Soybean Futures Contracts held by the Fund, with no adjustments necessary. The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period. In making the determination of a Level 1 or Level 2 transfer, the Fund considers the average volume of the specific underlying futures contracts traded on the relevant exchange for the years being reported. For the year ended December 31, 2015, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy. For the quarter ended March 31, 2014, Soybean Futures Contracts traded on the CBOT which will settle on November 13, 2015 (the “NOV15 Soybean Contracts”) did not, in the opinion of the Trust and SOYB, trade in an actively traded futures market as defined in the policy of the Trust and SOYB for the entire period during which they were held. Accordingly, the Trust and SOYB have classified these as a Level 2 liability for the period ended March 31, 2014. The NOV15 Soybean Contracts were, in the opinion of the Trust and SOYB, fairly valued at settlement on March 31, 2014. The value of the contracts were $ 12,075 The Fund records its derivative activities at fair value. Gains and losses from derivative contracts are included in the statements of operations. Derivative contracts include futures contracts related to commodity prices. Futures, which are listed on a national securities exchange, such as the CBOT and the ICE, or reported on another national market, are generally categorized in Level 1 of the fair value hierarchy. OTC derivatives contracts (such as forward and swap contracts) which may be valued using models, depending on whether significant inputs are observable or unobservable, are categorized in Levels 2 or 3 of the fair value hierarchy. |
Expenses | Expenses Expenses are recorded using the accrual method of accounting. |
Net Income (Loss) per Share | Net Income (Loss) per Share Net income (loss) per Share is the difference between the NAV per unit at the beginning of each period and at the end of each period. The weighted average number of Shares outstanding was computed for purposes of disclosing net income (loss) per weighted average Share. The weighted average Shares are equal to the number of Shares outstanding at the end of the period, adjusted proportionately for Shares created or redeemed based on the amount of time the Shares were outstanding during such period. |
New Accounting Pronouncements | New Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-01, “Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in this update are intended to improve the recognitions measurement and disclosure of financial instruments. The amendments to this update are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. These amendments are required to be applied prospectively. The company is currently evaluating the impact on the financial statements and disclosures of the Trust and the Funds. The FASB issued ASU 2015-10, “Technical Corrections and Improvements.” The amendments in this update represent changes to clarify the Codification, correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. The amendments are effective for fiscal years beginning after December 15, 2015. The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2015-07, “Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).” The ASU amends ASC 820 to create a practical expedient to measure the fair value of investments in certain entities that do not have a quoted market price but calculate net asset value per share or its equivalent. In addition, the amendments to ASC 820 provide guidance on classifying investments that are measured using the practical expedient in the fair value hierarchy and require specific disclosures for eligible investments, regardless of whether the practical expedient has been applied. The amendments in this Update are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. These amendments are required to be applied retrospectively to all periods presented The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2015-06, “Earnings per Share (Topic 260): Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions.” The amendments specify how earnings (losses) of a transferred business before the date of a dropdown transaction should be allocated to the various interest holders in a master limited partnership for purposes of calculating earning per unit under the two-class method. The amendments to this update are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The amendments are required to be applied retrospectively for all periods presented. The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis.” The amendments are intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures. The amendments to this update are effective for periods beginning after December 15, 2015. These amendments are required to be applied retrospectively for all periods presented. The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” The amendments in this update change the requirements for reporting discontinued operations in Subtopic 2015-20. A significant provision of ASU 2014-08 calls for reporting as discontinued operations only those disposals that represent a strategic shift or have a major impact on the entity's financial results and operations. The Company elected to early adopt this ASU for the year ended December 31, 2014 and the adoption did not have a significant impact on the financial statements and disclosures of the Trust or the Funds, even with the liquidation of CRUD and NAGS in December 2014. |
Fair Value Measurements (Soyb)
Fair Value Measurements (Soyb) (Tables) - Teucrium Soybean Fund [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Assets and Liabilities Measured at Fair Value | December 31, 2015 Balance as of Assets: Level 1 Level 2 Level 3 December 31, 2015 Cash equivalents 161,718 $ — $ — $ 161,718 Soybean futures contracts 16,175 — — 16,175 Total $ 177,893 $ — $ — $ 177,893 Balance as of Liabilities: Level 1 Level 2 Level 3 December 31, 2015 Soybean futures contracts $ 238,662 $ — $ — $ 238,662 December 31, 2014 Balance as of Assets: Level 1 Level 2 Level 3 December 31, 2014 Cash equivalents $ 11,505,788 $ — $ — $ 11,505,788 Balance as of Liabilities: Level 1 Level 2 Level 3 December 31, 2014 Soybean futures contracts $ 277,013 $ — $ — $ 277,013 |
Schedule of Transfers by Fair Value Hierarchy | Transfers into Level 1 Transfers out of Level 1 Transfers into Level 2 Transfers out of Level 2 Transfers into Level 3 Transfers out of Level 3 Liabilities (at fair value) Derivative contracts Soybean future contracts $ 12,075 $ 12,075 $ 12,075 $ 12,075 $ - $ - |
Derivative Instruments and He78
Derivative Instruments and Hedging Activities (Soyb) (Tables) - Teucrium Soybean Fund [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Fair Value of Derivative Instruments | Offsetting of Financial Assets and Derivative Assets as of December 31, 2015 (i) (ii) (iii) = (i) – (ii) (iv) (v) = (iii) – (iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Collateral, Due to Broker Net Amount Commodity price Soybean futures contracts $ 16,175 $ - $ 16,175 $ 16,175 $ 0 $ - Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2015 (i) (ii) (iii) = (i) – (ii) (iv) (v) = (iii) – (iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Collateral, Due from Broker Net Amount Commodity price Soybean futures contracts $ 238,662 $ - $ 238,662 $ 16,175 $ 222,487 $ - Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2014 (i) (ii) (iii) = (i) – (ii) (iv) (v) = (iii) – (iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Collateral, Due from Broker Net Amount Commodity price Soybean futures contracts $ 277,013 $ - $ 277,013 $ - $ 277,013 $ - |
Summary of Realized and Net Change in Unrealized Gains (Losses) of the Derivative Instruments | Year ended December 31, 2015 Net Change in Unrealized Realized Loss on Appreciation or Depreciation on Commodity Futures Contracts Commodity Futures Contacts Commodity Price Soybean futures contracts $ (1,355,738 ) $ 54,526 Year ended December 31, 2014 Net Change in Unrealized Realized Loss on Appreciation or Depreciation on Commodity Futures Contracts Commodity Futures Contacts Commodity Price Soybean futures contracts $ ( 278,763 ) $ (88,150 ) Year ended December 31, 2013 Net Change in Unrealized Realized Loss on Appreciation or Depreciation on Commodity Futures Contracts Commodity Futures Contacts Commodity Price Soybean futures contracts $ (43,450 ) $ 32,512 |
Financial Highlights (Soyb) (Ta
Financial Highlights (Soyb) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Soybean Fund [Member] | |
Schedule of Financial Highlights | Per Share Operation Performance Year ended December 31, 2015 Year ended December 31, 2014 Year ended December 31, 2013 Net asset value at beginning of period $ 20.79 $ 22.95 $ 24.13 From investment operations: Investment income 0.03 0.01 0.01 Net realized and unrealized (loss) gain on commodity futures contracts (2.89 ) (1.31 ) 0.31 Total net expenses (0.59 ) (0.86 ) (1.50 ) Net decrease in net asset value (3.45 ) (2.16 ) (1.18 ) Net asset value at end of period $ 17.34 $ 20.79 $ 22.95 Total Return (16.59 )% (9.41 )% (4.89 )% Ratios to Average Net Assets Total expenses 7.31 % 4.59 % 6.66 % Total expense, net 3.14 % 3.87 % 6.30 % Net investment loss (2.96 )% (3.83 )% (6.26 )% |
Quarterly Financial Data (Soy80
Quarterly Financial Data (Soyb) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Soybean Fund [Member] | |
Schedule of Quarterly Financial Data | First Second Third Fourth Quarter 2015 Quarter 2015 Quarter 2015 Quarter 2015 Total (Loss) Income $ (526,088 ) $ 387,766 $ (974,019 ) $ (175,741 ) Total Expenses $ 92,839 $ 112,600 $ 199,526 $ 129,385 Total Expenses, net $ 43,689 $ 47,578 $ 69,975 $ 68,499 Net (Loss) Income $ (569,777 ) $ 340,188 $ (1,043,994 ) $ (244,241 ) Net (Loss) Income per share $ (1.17 ) $ 0.98 $ (2.62 ) $ (0.64 ) First Second Third Fourth Quarter 2014 Quarter 2014 Quarter 2014 Quarter 2014 Total Income (Loss) $ 351,840 $ (93,839 ) $ (945,445 ) $ 322,470 Total Expenses $ 48,722 $ 46,310 $ 88,832 $ 74,043 Total Expenses, net $ 68,812 $ 51,132 $ 38,815 $ 58,670 Net Income (Loss) $ 283,028 $ (144,971 ) $ (984,260 ) $ 263,800 Net Income (Loss) per share $ 1.72 $ (0.52 ) $ (4.99 ) $ 1.63 |
Organization and Operation (S81
Organization and Operation (Soyb) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Sep. 16, 2011 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 17, 2011 | Dec. 31, 2010 | |
Shares outstanding | 4 | ||||||
Teucrium Soybean Fund [Member] | |||||||
Common units per Creation Basket | 25,000 | ||||||
Common units registered | 10,000,000 | ||||||
Number of shares issued | 100,000 | ||||||
Value of shares issued | $ 2,500,000 | $ 2,478,439 | $ 10,769,361 | $ 1,859,169 | |||
Net asset value per share | $ 25 | $ 17.34 | $ 20.79 | $ 22.95 | $ 24.13 | ||
Shares outstanding | 375,004 | 575,004 | 4 | ||||
Teucrium Soybean Fund [Member] | Second to Expire CBOT Soybean Futures Contract [Member] | |||||||
Benchmark percent | 35.00% | ||||||
Teucrium Soybean Fund [Member] | Third to Expire CBOT Soybean Futures Contract [Member] | |||||||
Benchmark percent | 30.00% | ||||||
Teucrium Soybean Fund [Member] | CBOT Soybean Futures Contract Expiring November Following Third To Expire Contract [Member] | |||||||
Benchmark percent | 35.00% |
Principal Contracts and Agree82
Principal Contracts and Agreements (Soyb) (Details) - Teucrium Soybean Fund [Member] - USD ($) | Jun. 04, 2015 | Feb. 23, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Principal Contracts and Agreements [Line Items] | |||||
Amount of custody, transfer agency and administrative services fees recognized | $ 146,752 | $ 5,811 | $ 8,427 | ||
Amount of distribution fees recognized | 117,180 | 61,258 | 152,965 | ||
Brokerage commissions | 6,043 | 2,376 | 2,082 | ||
Fees for service of legal process | 16,608 | 22,120 | 18,103 | ||
U.S. Bank [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Combined minimum annual fee for custody, transfer agency and administrative services per Fund | $ 64,500 | ||||
U.S. Bank [Member] | Average gross assets up to $250 million [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Transfer agency, fund accounting and fund administration services fees as percentage of annual average gross assets | 0.06% | ||||
U.S. Bank [Member] | Average gross assets between $250 million and $500 million [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Transfer agency, fund accounting and fund administration services fees as percentage of annual average gross assets | 0.05% | ||||
U.S. Bank [Member] | Average gross assets up to $1 billion [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Custody services fees as percentage of annual average gross assets | 0.0075% | ||||
Transfer agency, fund accounting and fund administration services fees as percentage of annual average gross assets | 0.04% | ||||
U.S. Bank [Member] | Average gross assets over $1 billion [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Custody services fees as percentage of annual average gross assets | 0.005% | ||||
Transfer agency, fund accounting and fund administration services fees as percentage of annual average gross assets | 0.03% | ||||
Bank of New York Mellon [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Amount of custody, transfer agency and administrative services fees recognized | 5,811 | 8,427 | |||
Amount of custody, transfer agency and administrative services fees waived by the Sponsor | 1,140 | 0 | |||
New York Mellon and U.S. Bank [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Amount of custody, transfer agency and administrative services fees recognized | $ 146,752 | ||||
Amount of custody, transfer agency and administrative services fees waived by the Sponsor | $ 146,752 | ||||
Foreside Fund Services, LLC [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Distribution fees as percentage of average daily net assets | 0.01% | ||||
Aggregate annual distribution fee for all funds | $ 100,000 | ||||
Fees per registered representative | 5,000 | ||||
Fees per registered location | 1,000 | ||||
Amount of distribution fees recognized | 11,704 | 5,621 | 14,766 | ||
Amount of distribution and marketing fees waived by the Sponsor | 6,242 | 1,943 | 0 | ||
SG Americas Securities LLC [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Amount outstanding with Fund's FCM and primary clearing broker | $ 0 | ||||
Jefferies [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Amount outstanding with Fund's FCM and primary clearing broker | $ 0 | ||||
Newedge, SG, Jefferies and ED&F Man [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Brokerage commissions | 6,043 | 2,376 | 2,082 | ||
Brokerage commissions waived by the Sponsor | 0 | 0 | 0 | ||
Newedge, SG, Jefferies and ED&F Man [Member] | Soybean Futures Contracts [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Clearing fees paid per round turn | 8 | ||||
Newedge, SG, Jefferies and ED&F Man [Member] | Corn Futures Contracts [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Clearing fees paid per round turn | 8 | ||||
Newedge, SG, Jefferies and ED&F Man [Member] | Sugar Futures Contracts [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Clearing fees paid per round turn | 8 | ||||
Newedge, SG, Jefferies and ED&F Man [Member] | Wheat Futures Contracts [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Clearing fees paid per round turn | 8 | ||||
Newedge USA [Member] | WTI Crude Oil Futures Contracts [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Clearing fees paid per round turn | 6 | ||||
Newedge USA [Member] | Natural Gas Futures Contracts [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Clearing fees paid per round turn | 6 | ||||
Wilmington Trust Company [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Amount of custody, transfer agency and administrative services fees waived by the Sponsor | 403 | 0 | 0 | ||
Annual fee received by trustee | 3,300 | ||||
Fees for service of legal process | $ 403 | $ 104 | $ 396 |
Summary of Significant Accoun83
Summary of Significant Accounting Policies (Soyb) (Details) - Teucrium Soybean Fund [Member] | 12 Months Ended | ||||
Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Jun. 30, 2014USD ($) | |
Creations and Redemptions | |||||
Common units per Creation Basket | shares | 25,000 | ||||
Common units per Redemption Basket | shares | 25,000 | ||||
Minimum level of shares per Redemption Basket minimum level | shares | 50,000 | ||||
Minimum number of Redemption Baskets | 2 | ||||
Cash and Cash Equivalents | |||||
Money market funds | $ 161,718 | $ 11,505,788 | |||
Sponsor Fee Allocation of Expenses and Related Party Transactions [Abstract] | |||||
Annual sponsor fee | 1.00% | ||||
Performing accounting and financial reporting, regulatory compliance, and trading activities cost | $ 124,331 | 49,492 | $ 111,577 | ||
Performing Accounting and Financial Reporting Regulatory Compliance and Trading Activities Costs Waived by Sponsor | $ 49,086 | 12,915 | 280 | ||
Expenses subject to reimbursement | 68,857 | $ 76,921 | |||
Reimbursement of expenses previously waived | 25,139 | 47,161 | |||
Expenses waived by the Sponsor | $ 304,609 | 65,617 | $ 68,857 | ||
Derivative Liabilities [Member] | CBOT Soybean Futures One [Member] | |||||
Sponsor Fee Allocation of Expenses and Related Party Transactions [Abstract] | |||||
Transfers into Level 1 | $ 12,075 | $ 12,075 |
Fair Value Measurements (Soyb84
Fair Value Measurements (Soyb) (Schedule of Assets and Liabilities Measured at Fair Value) (Details) - Teucrium Soybean Fund [Member] - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Cash equivalents | $ 161,718 | $ 11,505,788 |
Derivative assets | 16,175 | |
Total | 177,893 | |
Liabilities: | ||
Commodity futures contracts | 238,662 | $ 277,013 |
Soybean Futures Contracts [Member] | ||
Assets: | ||
Derivative assets | 16,175 | |
Liabilities: | ||
Commodity futures contracts | 238,662 | 277,013 |
Level 1 [Member] | ||
Assets: | ||
Cash equivalents | 161,718 | 11,505,788 |
Total | 177,893 | |
Level 1 [Member] | Soybean Futures Contracts [Member] | ||
Assets: | ||
Derivative assets | 16,175 | |
Liabilities: | ||
Commodity futures contracts | $ 238,662 | $ 277,013 |
Level 2 [Member] | ||
Assets: | ||
Cash equivalents | ||
Total | ||
Level 2 [Member] | Soybean Futures Contracts [Member] | ||
Assets: | ||
Derivative assets | ||
Liabilities: | ||
Commodity futures contracts | ||
Level 3 [Member] | ||
Assets: | ||
Cash equivalents | ||
Total | ||
Level 3 [Member] | Soybean Futures Contracts [Member] | ||
Assets: | ||
Derivative assets | ||
Liabilities: | ||
Commodity futures contracts |
Fair Value Measurements (Soyb85
Fair Value Measurements (Soyb) (Schedule of Transfers by Fair Value Hierarchy) (Details) - Teucrium Soybean Fund [Member] - CBOT Soybean Futures One [Member] - Derivative Liabilities [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Jun. 30, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Transfers into Level 1 | $ 12,075 | $ 12,075 |
Transfers out of Level 1 | 12,075 | |
Transfers into Level 2 | 12,075 | |
Transfers out of Level 2 | $ 12,075 | |
Transfers into/out of Level 3 |
Derivative Instruments and He86
Derivative Instruments and Hedging Activities (Soyb) (Schedule of Fair Value of Derivative Instruments) (Details) - Teucrium Soybean Fund [Member] - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Commodity price | ||
Derivative assets | $ 16,175 | |
Derivative liabilities | 238,662 | $ 277,013 |
Gross Amount Of Recognized Assets Or Liabilities [Member] | ||
Commodity price | ||
Derivative assets | 16,175 | |
Derivative liabilities | $ 238,662 | $ 277,013 |
Gross Amount Offset In The Statement Of Assets And Liabilities [Member] | ||
Commodity price | ||
Derivative assets | ||
Derivative liabilities | ||
Net Amount Presented In The Statement Of Assets And Liabilities [Member] | ||
Commodity price | ||
Derivative assets | $ 16,175 | |
Derivative liabilities | 238,662 | $ 277,013 |
Futures Contracts Available for Offset [Member] | ||
Commodity price | ||
Derivative assets | 16,175 | |
Derivative liabilities | 16,175 | |
Collateral Due to Broker [Member] | ||
Commodity price | ||
Derivative assets | 0 | |
Collateral Due from Broker [Member] | ||
Commodity price | ||
Derivative liabilities | $ 222,487 | $ 277,013 |
Net Amount [Member] | ||
Commodity price | ||
Derivative assets | ||
Derivative liabilities |
Derivative Instruments and He87
Derivative Instruments and Hedging Activities (Soyb) (Summary of Realized and Net Change in Unrealized Gains (Losses) of the Derivative Instruments) (Details) - Teucrium Soybean Fund [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized Loss on Commodity Futures Contracts | $ (1,355,738) | $ (278,763) | $ (43,450) |
Net Change in Unrealized Appreciation or Depreciation on Commodity Futures Contracts | 54,526 | (88,150) | 32,512 |
Average notional market value categorized by primary underlying risk for the futures contract | 7,100,000 | 7,900,000 | 5,500,000 |
Soybean Futures Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized Loss on Commodity Futures Contracts | (1,355,738) | (278,763) | (43,450) |
Net Change in Unrealized Appreciation or Depreciation on Commodity Futures Contracts | $ 54,526 | $ (88,150) | $ 32,512 |
Financial Highlights (Soyb) (De
Financial Highlights (Soyb) (Details) - Teucrium Soybean Fund [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net asset value per share at beginning of period | $ 20.79 | $ 22.95 | $ 24.13 |
Investment income | 0.03 | 0.01 | 0.01 |
Net realized and unrealized (loss) gain on commodity futures contracts | (2.89) | (1.31) | 0.31 |
Total expenses | (0.59) | (0.86) | (1.50) |
Net decrease in net asset value | (3.45) | (2.16) | (1.18) |
Net asset value at end of period | $ 17.34 | $ 20.79 | $ 22.95 |
Total return | (16.59%) | (9.41%) | (4.89%) |
Total expenses | 7.31% | 4.59% | 6.66% |
Total expense, net | 3.14% | 3.87% | 6.30% |
Net investment loss | (2.96%) | (3.83%) | (6.26%) |
Quarterly Financial Data (Soy89
Quarterly Financial Data (Soyb) (Details) - Teucrium Soybean Fund [Member] - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Total Income (Loss) | $ (175,741) | $ (974,019) | $ 387,766 | $ (526,088) | $ 322,470 | $ (945,445) | $ (93,839) | $ 351,840 | $ (1,288,083) | $ (364,975) | $ (8,215) |
Total Expenses | 129,385 | 199,526 | 112,600 | 92,839 | 74,043 | 88,832 | 46,310 | 48,722 | 534,350 | 257,908 | 407,004 |
Total Expenses, net | 68,499 | 69,975 | 47,578 | 43,689 | 58,670 | 38,815 | 51,132 | 68,812 | 229,741 | 217,430 | 385,308 |
Net income (loss) | $ (244,241) | $ (1,043,994) | $ 340,188 | $ (569,777) | $ 263,800 | $ (984,260) | $ (144,971) | $ 283,028 | $ (1,517,824) | $ (582,405) | $ (393,523) |
Net Income (Loss) per share | $ (0.64) | $ (2.62) | $ 0.98 | $ (1.17) | $ 1.63 | $ (4.99) | $ (0.52) | $ 1.72 | $ (3.45) | $ (2.16) | $ (1.18) |
Subsequent Events (Soyb) (Detai
Subsequent Events (Soyb) (Details) - Teucrium Soybean Fund [Member] - USD ($) | 2 Months Ended | 12 Months Ended | |||
Mar. 15, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Subsequent Event [Line Items] | |||||
Net assets | $ 6,502,552 | $ 11,956,149 | $ 4,016,972 | $ 6,636,175 | |
ED&F Man [Member] | |||||
Subsequent Event [Line Items] | |||||
Clearing fees paid per round turn | 8 | ||||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Net asset value increase (decrease), percentage | 50.20% | ||||
Net assets | $ 9,765,635 | ||||
Common Stock, shares outstanding, period increase (decrease), percentage | 46.70% | ||||
Net asset value per share, increase (decrease) percentage | 2.40% | ||||
Subsequent Event [Member] | ED&F Man [Member] | |||||
Subsequent Event [Line Items] | |||||
Clearing fees paid per round turn | $ 9 |
STATEMENTS OF ASSETS AND LIAB91
STATEMENTS OF ASSETS AND LIABILITIES (Cane) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Teucrium Sugar Fund [Member] | ||
Assets | ||
Cash and cash equivalents | $ 4,932,791 | $ 2,489,338 |
Interest receivable | 49 | $ 173 |
Restricted cash | 142,457 | |
Other assets | 11,942 | $ 26,019 |
Equity in trading accounts: | ||
Commodity futures contracts | 364,056 | |
Due from broker | 58,431 | $ 650,131 |
Total equity in trading accounts | 422,487 | 650,131 |
Total assets | 5,509,726 | 3,165,661 |
Liabilities | ||
Other liabilities | $ 1,063 | 494 |
Equity in trading accounts: | ||
Commodity futures contracts | 503,955 | |
Total liabilities | $ 1,063 | 504,449 |
Net Assets | $ 5,508,663 | $ 2,661,212 |
Shares outstanding | 550,004 | 225,004 |
Net asset value per share | $ 10.02 | $ 11.83 |
Market value per share | $ 10.06 | $ 11.88 |
SCHEDULE OF INVESTMENTS (Cane)
SCHEDULE OF INVESTMENTS (Cane) - Teucrium Sugar Fund [Member] - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Fidelity Institutional Prime Money Market Portfolio [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 297,460 | |
Percentage of Net Assets | 5.40% | |
Shares | 297,460 | |
Dreyfus Cash Management Institutional [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 2,484,769 | |
Percentage of Net Assets | 93.37% | |
Shares | 2,484,769 | |
Derivative Liabilities [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 503,955 | |
Percentage of Net Assets | 18.94% | |
Notional Amount | $ 2,659,742 | |
Derivative Liabilities [Member] | ICE Sugar Futures One [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 241,953 | |
Percentage of Net Assets | 9.09% | |
Notional Amount | $ 919,072 | |
Derivative Liabilities [Member] | ICE Sugar Futures Two [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 98,930 | |
Percentage of Net Assets | 3.72% | |
Notional Amount | $ 802,760 | |
Derivative Liabilities [Member] | ICE Sugar Futures Three [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 163,072 | |
Percentage of Net Assets | 6.13% | |
Notional Amount | $ 937,910 | |
Derivative Assets [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 364,056 | |
Percentage of Net Assets | 6.61% | |
Notional Amount | $ 5,505,741 | |
Derivative Assets [Member] | ICE Sugar Futures One [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 151,973 | |
Percentage of Net Assets | 2.76% | |
Notional Amount | $ 1,921,696 | |
Derivative Assets [Member] | ICE Sugar Futures Two [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 199,517 | |
Percentage of Net Assets | 3.62% | |
Notional Amount | $ 1,656,077 | |
Derivative Assets [Member] | ICE Sugar Futures Three [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 12,566 | |
Percentage of Net Assets | 0.23% | |
Notional Amount | $ 1,927,968 |
SCHEDULE OF INVESTMENTS (Pare93
SCHEDULE OF INVESTMENTS (Parenthetical) (Cane) - Teucrium Sugar Fund [Member] | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Dreyfus Cash Management Institutional [Member] | ||
Schedule of Investments [Line Items] | ||
Investments at cost | $ 2,484,769 | |
Fidelity Institutional Prime Money Market Portfolio [Member] | ||
Schedule of Investments [Line Items] | ||
Investments at cost | $ 297,460 | |
Derivative Liabilities [Member] | ICE Sugar Futures One [Member] | ||
Schedule of Investments [Line Items] | ||
Number of contracts | 55 | |
Derivative Liabilities [Member] | ICE Sugar Futures Two [Member] | ||
Schedule of Investments [Line Items] | ||
Number of contracts | 47 | |
Derivative Liabilities [Member] | ICE Sugar Futures Three [Member] | ||
Schedule of Investments [Line Items] | ||
Number of contracts | 51 | |
Derivative Assets [Member] | ICE Sugar Futures One [Member] | ||
Schedule of Investments [Line Items] | ||
Number of contracts | 115 | |
Derivative Assets [Member] | ICE Sugar Futures Two [Member] | ||
Schedule of Investments [Line Items] | ||
Number of contracts | 101 | |
Derivative Assets [Member] | ICE Sugar Futures Three [Member] | ||
Schedule of Investments [Line Items] | ||
Number of contracts | 114 |
STATEMENTS OF OPERATIONS (Cane)
STATEMENTS OF OPERATIONS (Cane) - Teucrium Sugar Fund [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income | |||
Realized loss on commodity futures contracts | $ (1,279,891) | $ (131,410) | $ (400,994) |
Net change in unrealized appreciation or depreciation on commodity futures contracts | 868,011 | (320,555) | (105,022) |
Interest income | 7,670 | 813 | 1,125 |
Total loss | (404,210) | (451,152) | (504,891) |
Expenses | |||
Management fees | 35,486 | 27,285 | 23,915 |
Professional fees | 65,660 | 71,226 | 55,396 |
Distribution and marketing fees | 55,723 | 37,936 | $ 37,856 |
Custodian fees and expenses | 139,745 | 3,965 | |
Business permits and licenses fees | 15,726 | 13,066 | $ 8,784 |
General and administrative expenses | 8,732 | 12,278 | 5,422 |
Brokerage commissions | 4,000 | 3,000 | 1,294 |
Other expenses | 2,751 | 2,350 | 2,025 |
Total expenses | 327,823 | 171,106 | 134,692 |
Expenses waived by the Sponsor | (256,227) | (119,696) | (97,147) |
Total expenses, net | 71,596 | 51,410 | 37,545 |
Net loss | $ (475,806) | $ (502,562) | $ (542,436) |
Net (loss) income per share | $ (1.81) | $ (2.27) | $ (3.71) |
Net (loss) income per weighted average share | $ (1.28) | $ (2.56) | $ (3.37) |
Weighted average shares outstanding | 373,018 | 195,963 | 161,031 |
STATEMENTS OF CHANGES IN NET 95
STATEMENTS OF CHANGES IN NET ASSETS (Cane) - Teucrium Sugar Fund [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operations | |||
Net loss | $ (475,806) | $ (502,562) | $ (542,436) |
Capital transactions | |||
Issuance of Shares | 3,767,602 | 1,067,083 | $ 784,941 |
Redemption of Shares | (444,345) | (371,712) | |
Total capital transactions | 3,323,257 | 695,371 | $ 784,941 |
Net change in net assets | 2,847,451 | 192,809 | 242,505 |
Net assets, beginning of period | 2,661,212 | 2,468,403 | 2,225,898 |
Net assets, end of period | $ 5,508,663 | $ 2,661,212 | $ 2,468,403 |
Net asset value per share at beginning of period | $ 11.83 | $ 14.10 | $ 17.81 |
Net asset value at end of period | $ 10.02 | $ 11.83 | $ 14.10 |
Creation of Shares | 375,000 | 75,000 | 50,000 |
Redemption of Shares | 50,000 | 25,000 |
STATEMENTS OF CASH FLOWS (Cane)
STATEMENTS OF CASH FLOWS (Cane) - Teucrium Sugar Fund [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net loss | $ (475,806) | $ (502,562) | $ (542,436) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Net change in unrealized appreciation or depreciation on commodity futures contracts | (868,011) | 320,555 | 105,022 |
Changes in operating assets and liabilities: | |||
Due from broker | 591,700 | (388,444) | (72,428) |
Interest receivable | 124 | $ (14) | $ 5 |
Restricted cash | (142,457) | ||
Other assets | 14,077 | $ (2,376) | $ 3,424 |
Other liabilities | 569 | 431 | (684) |
Net cash used in operating activities | (879,804) | (572,410) | (507,097) |
Cash flows from financing activities: | |||
Proceeds from sale of Shares | 3,767,602 | 1,067,083 | $ 784,941 |
Redemption of Shares | (444,345) | (371,712) | |
Net cash (used in) provided by financing activities | 3,323,257 | 695,371 | $ 784,941 |
Net change in cash and cash equivalents | 2,443,453 | 122,961 | 277,844 |
Cash and cash equivalents, beginning of period | 2,489,338 | 2,366,377 | 2,088,533 |
Cash and cash equivalents, end of period | $ 4,932,791 | $ 2,489,338 | $ 2,366,377 |
Organization and Operation (Can
Organization and Operation (Cane) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Sugar Fund [Member] | |
Organization and Operation | Note 1 – Organization and Operation Teucrium Sugar Fund (referred to herein as “CANE” or the “Fund”) is a commodity pool that is a series of Teucrium Commodity Trust (“Trust”), a Delaware statutory trust formed on September 11, 2009. The Fund issues common units, called the “Shares,” representing fractional undivided beneficial interests in the Fund. The Fund continuously offers Creation Baskets consisting of 25,000 The investment objective of CANE is to have the daily changes in percentage terms of the Shares' NAV reflect the daily changes in percentage terms of a weighted average of the closing settlement prices for three futures contracts for sugar (“Sugar Futures Contracts”) that are traded on ICE Futures US (“ICE Futures”), specifically: (1) the second-to-expire Sugar No. 11 Futures Contract (a “Sugar No. 11 Futures Contract”), weighted 35 30 35 The Fund commenced investment operations on September 19, 2011 and has a fiscal year ending December 31. The Fund's sponsor is Teucrium Trading, LLC (the “Sponsor”). The Sponsor is responsible for the management of the Fund. The Sponsor is a member of the National Futures Association (the “NFA”) and became a commodity pool operator registered with the Commodity Futures Trading Commission (the “CFTC”) effective November 10, 2009. On June 17, 2011, the Fund's initial registration of 10,000,000 100,000 2,500,000 25 four Subject to the terms of the Trust Agreement, Teucrium Trading, LLC, in its capacity as the Sponsor (“Sponsor”), |
Principal Contracts and Agree98
Principal Contracts and Agreements (Cane) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Sugar Fund [Member] | |
Principal Contracts and Agreements | Note 2 – Principal Contracts and Agreements On August 17, 2015 (the “Conversion Date”), U.S. Bank N.A. replaced The Bank of New York Mellon as the Custodian for the Funds. The principal business address for U.S. Bank N.A. is 1555 North Rivercenter U.S. Bancorp Fund Services, LLC (“ USBFS ”), USBFS , a wholly owned subsidiary of U.S. Bank, commenced serving as administrator for each Fund, performing certain administrative and accounting services and preparing certain SEC reports on behalf of the Funds, and also became the registrar and transfer agent for each Fund's Shares. For such services, U.S. Bank and USBFS USBFS and U.S. Bank . Given this conversion, the Sponsor has, for the year-ended December 31, 2015, reflected an expense, before and after fees waived by the Sponsor, for fees associated with Custodian, Fund Administration and Transfer Agent services (“Custodian Fees”) that have or will be paid to the Bank of New York Mellon by a Fund or by the Sponsor on behalf of a Fund. The Custodian Fees reflected in the financial statements through December 31, 2015, net of expenses waived by the Sponsor, are generally as had been presented in prior periods of 2015. For custody services, the Funds will pay to U.S. Bank N.A. 0.0075 .0050 0.06 0.05 0.04 0.03 64,500 services is assessed per Fund. For the year ended December 31, 2015, such expenses include both the fees for the Bank of New York Mellon and USBFS. The Funds recognized $ 139,745 3,965 0 139,745 3,965 0 The Sponsor and the Trust employ Foreside Fund Services, LLC as the Distributor for the Funds. The Distribution Services Agreement among the Distributor, the Sponsor and the Trust calls for the Distributor to work with the Custodian in connection with the receipt and processing of orders for Creation Baskets and Redemption Baskets and the review and approval of all Fund sales literature and advertising materials. The Distributor and the Sponsor have also entered into a Securities Activities and Service Agreement (the “SASA”) under which certain employees and officers of the Sponsor are licensed as registered representatives or registered principals of the Distributor, under FINRA rules. For its services as the Distributor, Foreside receives a fee of 0.01 100,000 5,000 1,000 4,354 2,842 2,210 2,770 2,842 2,210 In 2014 and 2013, Newedge USA, LLC (“Newedge USA”) served as the Funds' futures commission merchant (“FCM”) and primary clearing broker to execute and clear the Funds' futures transactions and provide other brokerage-related services. In 2014, the Funds introduced the use of Jefferies LLC (“Jefferies”), for the execution and clearing of the Funds' futures and options, if any, on futures transactions. l futures contracts held by SG were transferred to Jefferies on that date. As of February 23, 2015 all residual cash balances held at SG had been transferred to Jefferies and the balance in all SG accounts was $ 0 0 Currently, ED&F Man serves as the Funds clearing broker to execute and clear futures and provide other brokerage-related services. ED&F Man is registered as a FCM with the U.S. CFTC and is a member of the NFA. ED&F Man is also registered as a broker/dealer with the U.S. Securities and Exchange Commission and is a member of the FINRA. ED&F Man is a clearing member of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges For Sugar Futures Contracts Newedge, SG, Jefferies and ED&F Man were paid $ 8.00 4,000 3,000 1,294 4,000 0 0 The sole Trustee of the Trust is Wilmington Trust Company, a Delaware banking corporation. The Trustee will accept service of legal process on the Trust in the State of Delaware and will make certain filings under the Delaware Statutory Trust Act. For its services, the Trustee receives an annual fee of $ 3,300 130 52 17 |
Summary of Significant Accoun99
Summary of Significant Accounting Policies (Cane) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Sugar Fund [Member] | |
Summary of Significant Accounting Policies | Note 3 – Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as detailed in the Financial Accounting Standards Board's Accounting Standards Codification. Revenue Recognition Commodity futures contracts are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized appreciation or depreciation on commodity futures contracts are reflected in the statements of assets and liabilities as the difference between the original contract amount and the fair market value as of the last business day of the year or as of the last date of the financial statements. Changes in the appreciation or depreciation between periods are reflected in the statements of operations. Interest on cash equivalents and deposits with the Futures Commission Merchant are recognized on the accrual basis. The Fund earns interest on its assets denominated in U.S. dollars on deposit with the Futures Commission Merchant. In addition, the Fund earns interest on funds held at the custodian at prevailing market rates for such investments. Brokerage Commissions Brokerage commissions on all open commodity futures contracts are accrued on the trade date and on a full-turn basis. Income Taxes For tax purposes, the Fund will be treated as a partnership. The Fund does not record a provision for income taxes because the shareholders report their share of the Fund's income or loss on their income tax returns. The financial statements reflect the Fund's transactions without adjustment, if any, required for income tax purposes. The Fund is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund files an income tax return in the U.S. federal jurisdiction, and may file income tax returns in various U.S. states and foreign jurisdictions. For all tax years 2012 to 2015, the Fund remains subject to income tax examinations by major taxing authorities. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized results in the Fund recording a tax liability that reduces net assets. Based on its analysis, the Fund has determined that it has not incurred any liability for tax benefits as of and for the years ended December 31, 2015, 2014, 2013 and 2012. However, the Fund's conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof. The Fund recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the years ended December 31, 2015, 2014 and 2013. The Fund may be subject to potential examination by U.S. federal, U.S. state, or foreign jurisdictional authorities in the area of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions, and compliance with U.S. federal, U.S. state and foreign tax laws. The Fund's management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. Creations and Redemptions Authorized Purchasers may purchase Creation Baskets consisting of 25,000 Authorized Purchasers may redeem shares from the Fund only in blocks of 25,000 The Fund receives or pays the proceeds from shares sold or redeemed within three business days after the trade date of the purchase or redemption. The amounts due from Authorized Purchasers are reflected in the Fund's statements of assets and liabilities as receivable for shares sold. Amounts payable to Authorized Purchasers upon redemption are reflected in the Fund's statements of assets and liabilities as payable for shares redeemed. As outlined in the most recent Form S-1 filing, 50,000 two Allocation of Shareholder Income and Losses Profit or loss is allocated among the shareholders of the Fund in proportion to the number of shares each shareholder holds as of the close of each month. Cash and Cash Equivalents Cash equivalents are highly-liquid investments with maturity dates of 90 days or less when acquired. The Fund reported its cash equivalents in the statements of assets and liabilities at market value, or at carrying amounts that approximate fair value, because of their highly-liquid nature and short-term maturities. The Fund has these balances of its assets on deposit with banks. The Fund had a balance of $ 297,460 2,484,769 Effective in the second quarter 2015, the Sponsor invested a portion of the available cash for the Fund in alternative demand-deposit savings accounts, which is classified as cash and not as a cash equivalent. The Fund had a balance of $ 4,635,331 Restricted Cash On August 17, 2015 (the “Conversion Date”), U.S. Bank N.A. replaced The Bank of New York Mellon as the Custodian for the Funds. Per the amended agreement between the Sponsor and The Bank of New York Mellon dated August 14, 2015, certain cash amounts for each Fund, except in the case of TAGS, are to remain at The Bank of New York Mellon until amounts for services and early termination fees are paid. The amended agreement allows for payments for such amounts owed to be made through December 31, 2017. Cash balances that are held in custody at The Bank of New York Mellon under this amended agreement are reflected on the statements of assets and liabilities of the Fund and the Trust as restricted cash. Due from/to Broker The amount recorded by the Fund for the amount due from and to the clearing broker includes, but is not limited to, cash held by the broker, amounts payable to the clearing broker related to open transactions and payables for commodities futures accounts liquidating to an equity balance on the clearing broker's records. Margin is the minimum amount of funds that must be deposited by a commodity interest trader with the trader's broker to initiate and maintain an open position in futures contracts. A margin deposit acts to assure the trader's performance of the futures contracts purchased or sold. Futures contracts are customarily bought and sold on initial margin that represents a very small percentage of the aggregate purchase or sales price of the contract. Because of such low margin requirements, price fluctuations occurring in the futures markets may create profits and losses that, in relation to the amount invested, are greater than are customary in other forms of investment or speculation. As discussed below, adverse price changes in the futures contract may result in margin requirements that greatly exceed the initial margin. In addition, the amount of margin required in connection with a particular futures contract is set from time to time by the exchange on which the contract is traded and may be modified from time to time by the exchange during the term of the contract. Brokerage firms, such as the Fund's clearing brokers, carrying accounts for traders in commodity interest contracts generally require higher amounts of margin as a matter of policy to further protect themselves. Over-the-counter trading generally involves the extension of credit between counterparties, so the counterparties may agree to require the posting of collateral by one or both parties to address credit exposure. When a trader purchases an option, there is no margin requirement; however, the option premium must be paid in full. When a trader sells an option, on the other hand, he or she is required to deposit margin in an amount determined by the margin requirements established for the underlying interest and, in addition, an amount substantially equal to the current premium for the option. The margin requirements imposed on the selling of options, although adjusted to reflect the probability that out-of-the-money options will not be exercised, can in fact be higher than those imposed in dealing in the futures markets directly. Complicated margin requirements apply to spreads and conversions, which are complex trading strategies in which a trader acquires a mixture of options positions and positions in the underlying interest. Ongoing or “maintenance” margin requirements are computed each day by a trader's clearing broker. When the market value of a particular open futures contract changes to a point where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the broker. If the margin call is not met within a reasonable time, the broker may close out the trader's position. With respect to the Fund's trading, the Fund (and not its shareholders personally) is subject to margin calls. Finally, many major U.S. exchanges have passed certain cross margining arrangements involving procedures pursuant to which the futures and options positions held in an account would, in the case of some accounts, be aggregated and margin requirements would be assessed on a portfolio basis, measuring the total risk of the combined positions. Calculation of Net Asset Value The Fund's NAV is calculated by: Taking the current market value of its total assets and Subtracting any liabilities. The administrator, USBFS, calculates the NAV of the Fund once each trading day. It calculates the NAV as of the earlier of the close of the NYSE or 4:00 p.m. New York time. The NAV for a particular trading day is released after 4:15 p.m. New York time. In determining the value of Sugar Futures Contracts, the administrator uses the ICE closing price. The administrator determines the value of all other Fund investments as of the earlier of the close of the NYSE or 4:00 p.m. New York time. The value of over-the-counter sugar interests is determined based on the value of the commodity or futures contract underlying such sugar interest, except that a fair value may be determined if the Sponsor believes that the Fund is subject to significant credit risk relating to the counterparty to such sugar interest. For purposes of financial statements and reports, the Sponsor will recalculate the NAV where necessary to reflect the “fair value” of a Futures Contract when the Futures Contract closes at its price fluctuation limit for the day. Treasury securities held by the Fund are valued by the administrator using values received from recognized third-party vendors and dealer quotes. NAV includes any unrealized profit or loss on open sugar interests and any other income or expense accruing to the Fund but unpaid or not received by the Fund. Sponsor Fee, Allocation of Expenses and Related Party Transactions The Sponsor is responsible for investing the assets of the Fund in accordance with the objectives and policies of the Fund. In addition, the Sponsor arranges for one or more third parties to provide administrative, custodial, accounting, transfer agency and other necessary services to the Trust and the Funds. In addition, the Sponsor elected not to outsource services directly attributable to the Trust and the Funds such as accounting, financial reporting, regulatory compliance and trading activities. In addition, the Fund is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00 The Fund generally pays for all brokerage fees, taxes and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the SEC, FINRA, formerly the National Association of Securities Dealers, or any other regulatory agency in connection with the offer and sale of subsequent Shares after its initial registration and all legal, accounting, printing and other expenses associated therewith. The Fund also pays its portion of the fees and expenses associated with the Trust's tax accounting and reporting requirements. Certain aggregate expenses common to all Funds within the Trust are allocated by the Sponsor to the respective funds based on activity drivers deemed most appropriate by the Sponsor for such expenses, including but not limited to relative assets under management and creation and redeem order activity. These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax-preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Distributor, which are included in the related line item in the statements of operations. A portion of these aggregate common expenses are related to the Sponsor or related parties of principals of the Sponsor; these are necessary services to the Funds, which are primarily the cost of performing accounting and financial reporting, regulatory compliance, and trading activities that are directly attributable to the Fund. For the years ended December 31 2015, 2014 and 2013, such expenses, which are primarily included as distribution and marketing fees, totaled $ 47,236 25,911 22,989 33,483 25,845 22,989 For the year ended December 31, 2015, there were $ 256,227 119,696 The Sponsor has determined that there would be no recovery sought for these amounts in any future period. 97,147 of expenses that were identified on the statements of operations of the Fund as expenses that were waived by the Sponsor. The Sponsor has determined that there would be no recovery sought for these amounts in any future period. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during the reporting period. Actual results could differ from those estimates. Fair Value - Definition and Hierarchy In accordance with U.S. GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, the Fund uses various valuation approaches. In accordance with U.S. GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows: Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 financial instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these financial instruments does not entail a significant degree of judgment. Level 2 - Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The availability of valuation techniques and observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the financial instruments existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for financial instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy, within which the fair value measurement in its entirety falls, is determined based on the lowest level input that is significant to the fair value measurement. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Fund's own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. The Fund uses prices and inputs that are current as of the measurement date, including periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many financial instruments. This condition could cause a financial instrument to be reclassified to a lower level within the fair value hierarchy. When such a situation exists on a quarter close, the Sponsor will calculate the NAV on a particular day using the Level 1 valuation, but will later recalculate the NAV for the impacted Fund based upon the valuation inputs from these alternative verifiable sources (Level 2 or Level 3) and will report such NAV in its applicable financial statements and reports. On December 31, 2015 and 2014, in the opinion of the Trust and the Fund, the reported value of the Sugar Futures Contracts traded on the ICE fairly reflected the value of the Sugar Futures Contracts held by the Fund, and no adjustments were necessary. The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period. In making the determination of a Level 1 or Level 2 transfer, the Fund considers the average volume of the specific underlying futures contracts traded on the relevant exchange for the years being reported. For the year ended December 31, 2015, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy. For the quarter ended June 30, 2014, Sugar Futures Contracts traded on ICE due to settle on February 29, 2016 (the "MAR16 Sugar Contracts") did not, in the opinion of the Trust and CANE, trade in an actively traded futures market as defined in the policy of the Trust and CANE for the entire period during which they were held. Accordingly, the Trust and CANE classified these as a Level 2 asset. The MAR16 Sugar Contracts were, in the opinion of the Trust and CANE, fairly valued at settlement on June 30, 2014. The value of the contracts were $ 17,405 The Fund records its derivative activities at fair value. Gains and losses from derivative contracts are included in the statements of operations. Derivative contracts include futures contracts related to commodity prices. Futures, which are listed on a national securities exchange, such as the CBOT and the ICE, or reported on another national market, are generally categorized in Level 1 of the fair value hierarchy. OTC derivatives contracts (such as forward and swap contracts) which may be valued using models, depending on whether significant inputs are observable or unobservable, are categorized in Levels 2 or 3 of the fair value hierarchy. Expenses Expenses are recorded using the accrual method of accounting. Net Income (Loss) per Share Net income (loss) per Share is the difference between the NAV per unit at the beginning of each period and at the end of each period. The weighted average number of Shares outstanding was computed for purposes of disclosing net income (loss) per weighted average Share. The weighted average Shares are equal to the number of Shares outstanding at the end of the period, adjusted proportionately for Shares created or redeemed based on the amount of time the Shares were outstanding during such period. New Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-01, “Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in this update are intended to improve the recognitions measurement and disclosure of financial instruments. The amendments to this update are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. These amendments are required to be applied prospectively. The company is currently evaluating the impact on the financial statements and disclosures of the Trust and the Funds. The FASB issued ASU 2015-10, “Technical Corrections and Improvements.” The amendments in this update represent changes to clarify the Codification, correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. The amendments are effective for fiscal years beginning after December 15, 2015. The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2015-07, “Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).” The ASU amends ASC 820 to create a practical expedient to measure the fair value of investments in certain entities that do not have a quoted market price but calculate net asset value per share or its equivalent. In addition, the amendments to ASC 820 provide guidance on classifying investments that are measured using the practical expedient in the fair value hierarchy and require specific disclosures for eligible investments, regardless of whether the practical expedient has been applied. The amendments in this Update are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. These amendments are required to be applied retrospectively to all periods presented The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2015-06, “Earnings per Share (Topic 260): Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions.” The amendments specify how earnings (losses) of a transferred business before the date of a dropdown transaction should be allocated to the various interest holders in a master limited partnership for purposes of calculating earning per unit under the two-class method. The amendments to this update are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The amendments are required to be applied retrospectively for all periods presented. The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis.” The amendments are intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures. The amendments to this update are effective for periods beginning after December 15, 2015. These amendments are required to be applied retrospectively for all periods presented. The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” The amendments in this update change the requirements for reporting discontinued operations in Subtopic 2015-20. A significant provision of ASU 2014-08 calls for reporting as discontinued operations only those disposals that represent a strategic shift or have a major impact on the entity's financial results and operations. The Company elected to early adopt this ASU for the year ended December 31, 2014 and the adoption did not have a significant impact on the financial statements and disclosures of the Trust or the Funds, even with the liquidation of CRUD and NAGS in December 2014. |
Fair Value Measurements (Cane)
Fair Value Measurements (Cane) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Sugar Fund [Member] | |
Fair Value Measurements | Note 4 – Fair Value Measurements The Fund's assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Fund's significant accounting policies in Note 3. The following table presents information about the Fund's assets and liabilities measured at fair value as of December 31, 2015 and December 31, 2014: Decembe r 31, 2015 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2015 Cash equivalents $ 297,460 $ - $ - $ 297,460 Sugar futures contracts 364,056 - - 364,056 Total $ 661,516 $ - $ - $ 661,516 December 31, 2014 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2014 Cash equivalents $ 2,484,769 $ - $ - $ 2,484,769 Liabilities: Level 1 Level 2 Level 3 Balance as of December 31, 2014 Sugar futures contracts $ 503,955 $ - $ - $ 503,955 For the year ended December 31, 2015, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy. Transfers into and out of each level of the fair value hierarchy for the MAR16 Sugar Contracts, for period from January 1, 2014 through December 31, 2014 were as follows: Transfers Transfers Transfers Transfers Transfers Transfers into out of into out of into out of Level 1 Level 1 Level 2 Level 2 Level 3 Level 3 Assets (at fair value) Derivative contracts Sugar future contracts $ 17,405 $ 17,405 $ 17,405 $ 17,405 $ - $ - See the Fair Value - Definition and Hierarchy |
Derivative Instruments and H101
Derivative Instruments and Hedging Activities (Cane) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Sugar Fund [Member] | |
Derivative Instruments and Hedging Activities | Note 5 – Derivative Instruments and Hedging Activities In the normal course of business, the Fund utilizes derivative contracts in connection with its proprietary trading activities. Investments in derivative contracts are subject to additional risks that can result in a loss of all or part of an investment. The Fund's derivative activities and exposure to derivative contracts are classified by the following primary underlying risks: interest rate, credit, commodity price, and equity price risks. In addition to its primary underlying risks, the Fund is also subject to additional counterparty risk due to inability of its counterparties to meet the terms of their contracts. For the years ended December 31, 2015 and 2014, the Fund invested only in commodity futures contracts. Futures Contracts The Fund is subject to commodity price risk in the normal course of pursuing its investment objectives. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. The purchase and sale of futures contracts requires margin deposits with a FCM. Subsequent payments (variation margin) are made or received by the Fund each day, depending on the daily fluctuations in the value of the contract, and are recorded as unrealized gains or losses by the Fund. Futures contracts may reduce the Fund's exposure to counterparty risk since futures contracts are exchange-traded; and the exchange's clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures against default. The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM's proprietary activities. A customer's cash and other equity deposited with an FCM are considered commingled with all other customer funds subject to the FCM's segregation requirements. In the event of an FCM's insolvency, recovery may be limited to the Fund's pro rata share of segregated customer funds available. It is possible that the recovery amount could be less than the total of cash and other equity deposited. The following table discloses information about offsetting assets and liabilities presented in the statements of assets and liabilities to enable users of these financial statements to evaluate the effect or potential effect of netting arrangements for recognized assets and liabilities. These recognized assets and liabilities are presented as defined in FASB ASU No. 2011-11 “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities” and subsequently clarified in FASB ASU 2013-01 “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, cat egorized by primary underlying risk and held by the FCM, ED&F Man as of December 31, 2015 and Newedge USA as of December 31, 2014. Offsetting of Financial Assets and Derivative Assets as of December 31, 2015 (i) (ii) (iii) = (i) – (ii) (iv) (v) = (iii) – (iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due to Broker Net Amount Commodity price Sugar futures contracts $ 364,056 $ - $ 364,056 $ - $ - $ 364,056 Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2014 (i) (ii) (iii) = (i) – (ii) (iv) (v) = (iii) – (iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker Net Amount Commodity price Sugar futures contracts $ 503,955 $ - $ 503,955 $ - $ 503,955 $ - The following is a summary of realized and net change in unrealized gains (losses) of the derivative instruments utilized by the Fund: Year ended December 31, 2015 Net Change in Unrealized Realized Loss on Appreciation or Depreciation on Commodity Futures Contracts Commodity Futures Contacts Commodity Price Sugar futures contracts $ (1,279,891 ) $ 868,011 Year ended December 31, 2014 Net Change in Unrealized Realized Loss on Appreciation or Depreciation on Commodity Futures Contracts Commodity Futures Contacts Commodity Price Sugar futures contracts $ (131,410 ) $ (320,555) Year ended December 31, 2013 Net Change in Unrealized Realized Loss on Appreciation or Depreciation on Commodity Futures Contracts Commodity Futures Contacts Commodity Price Sugar futures contracts $ (400,994 ) $ (105,022 Volume of Derivative Activities The average notional market value categorized by primary underlying risk for all futures contracts held was $ 4.1 2.7 2.4 |
Financial Highlights (Cane)
Financial Highlights (Cane) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Sugar Fund [Member] | |
Financial Highlights | Note 6 - Financial Highlights The following table presents per share performance data and other supplemental financial data for the years ended December 31, 2015, 2014 and 2013. This information has been derived from information presented in the financial statements and is presented with total expenses gross of expenses waived by the Sponsor and with total expenses net of expenses waived by the Sponsor, as appropriate. Per Share Operation Performance Year ended December 31, 2015 Year ended December 31, 2014 Year ended December 31, 2013 Net asset value at beginning of period $ 11.83 $ 14.10 17.81 From investment operations: Investment income 0.02 - - Net realized and unrealized loss on commodity futures contracts (1.64 ) (2.01 ) (3.48 ) Total net expenses (0.19 ) (0.26 ) (0.23 ) Net decrease in net asset value (1.81 ) (2.27 ) (3.71 ) Net asset value at end of period $ 10.02 $ 11.83 14.10 Total Return (15.30 )% (16.10 )% (20.83 )% Ratios to Average Net Assets Total expenses 9.16 % 6.26 % 5.45 % Total expense, net 2.00 % 1.88 % 1.52 % Net investment loss (1.79 )% (1.85 )% (1.47 )% Effective in the third quarter 2015, the financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses. In prior periods, the financial highlights per share data are calculated using the average of the daily shares outstanding for the reporting period, which is inclusive of the last day of the period. Any change in methodology was not material to the ratios presented. |
Quarterly Financial Data (Cane)
Quarterly Financial Data (Cane) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Sugar Fund [Member] | |
Quarterly Financial Data (Unaudited) | Note 7 – Quarterly Financial Data (Unaudited) The following summarized quarterly financial information presents the results of operations for the Teucrium Sugar Fund and other data for three-month periods ended March 31, June 30, September 30 and December 31, 2015 and 2014. First Second Third Fourth Quarter 2015 Quarter 2015 Quarter 2015 Quarter 2015 Total (Loss) Income $ (551,776) $ (90,123 ) $ (328,266 ) $ 565,955 Total Expenses $ 28,517 $ 86,939 $ 128,825 $ 83,542 Total Expenses, net $ 12,101 $ 15,530 $ 19,472 $ 24,493 Net (Loss) Income $ (563,877) $ (105,653 ) $ (347,738 ) $ 541,462 Net (Loss) Income per share $ (2.27) $ (0.07 ) $ (0.74 ) $ 1.27 First Second Third Fourth Quarter 2014 Quarter 2014 Quarter 2014 Quarter 2014 Total Income (Loss) $ 221,222 $ (28,717 ) $ (357,110 ) $ (286,546 ) Total Expenses $ 50,093 $ 44,430 $ 50,196 $ 26,388 Total Expenses, net $ 13,158 $ 13,491 $ 12,596 $ 12,166 Net Income (Loss) $ 208,064 $ (42,208 ) $ (369,706 ) $ (298,712 ) Net Income (Loss) per share $ 1.14 $ (0.21 ) $ (1.85 ) $ (1.34 ) |
Organizational and Offering 104
Organizational and Offering Costs (Cane) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Sugar Fund [Member] | |
Organizational and Offering Costs | Note 8 - Organizational and Offering Costs Expenses incurred in organizing of the Trust and the initial offering of the Shares of the Fund, including applicable SEC registration fees, were borne directly by the Sponsor. The Fund will not be obligated to reimburse the Sponsor. |
Subsequent Events (Cane)
Subsequent Events (Cane) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Sugar Fund [Member] | |
Subsequent Events | Note 9 – Subsequent Events Management has evaluated the financial statements for the year-ended December 31, 2015 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund other than those noted below: Effective January 1, 2016, ED&F Man, the FCM for the Fund, increased the per round-term charge for futures contracts commission to $ 9.00 8.00 The total net asset value of the Fund decreased by 30.0 3,856,587 31.2 2.6 On February 18, 2016, $ 3,389 139,068 |
Summary of Significant Accou106
Summary of Significant Accounting Policies (Cane) (Policy) - Teucrium Sugar Fund [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as detailed in the Financial Accounting Standards Board's Accounting Standards Codification. |
Revenue Recognition | Revenue Recognition Commodity futures contracts are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized appreciation or depreciation on commodity futures contracts are reflected in the statements of assets and liabilities as the difference between the original contract amount and the fair market value as of the last business day of the year or as of the last date of the financial statements. Changes in the appreciation or depreciation between periods are reflected in the statements of operations. Interest on cash equivalents and deposits with the Futures Commission Merchant are recognized on the accrual basis. The Fund earns interest on its assets denominated in U.S. dollars on deposit with the Futures Commission Merchant. In addition, the Fund earns interest on funds held at the custodian at prevailing market rates for such investments. |
Brokerage Commissions | Brokerage Commissions Brokerage commissions on all open commodity futures contracts are accrued on the trade date and on a full-turn basis. |
Income Taxes | Income Taxes For tax purposes, the Fund will be treated as a partnership. The Fund does not record a provision for income taxes because the shareholders report their share of the Fund's income or loss on their income tax returns. The financial statements reflect the Fund's transactions without adjustment, if any, required for income tax purposes. The Fund is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund files an income tax return in the U.S. federal jurisdiction, and may file income tax returns in various U.S. states and foreign jurisdictions. For all tax years 2012 to 2015, the Fund remains subject to income tax examinations by major taxing authorities. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized results in the Fund recording a tax liability that reduces net assets. Based on its analysis, the Fund has determined that it has not incurred any liability for tax benefits as of and for the years ended December 31, 2015, 2014, 2013 and 2012. However, the Fund's conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof. The Fund recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the years ended December 31, 2015, 2014 and 2013. The Fund may be subject to potential examination by U.S. federal, U.S. state, or foreign jurisdictional authorities in the area of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions, and compliance with U.S. federal, U.S. state and foreign tax laws. The Fund's management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. |
Creations and Redemptions | Creations and Redemptions Authorized Purchasers may purchase Creation Baskets consisting of 25,000 Authorized Purchasers may redeem shares from the Fund only in blocks of 25,000 The Fund receives or pays the proceeds from shares sold or redeemed within three business days after the trade date of the purchase or redemption. The amounts due from Authorized Purchasers are reflected in the Fund's statements of assets and liabilities as receivable for shares sold. Amounts payable to Authorized Purchasers upon redemption are reflected in the Fund's statements of assets and liabilities as payable for shares redeemed. As outlined in the most recent Form S-1 filing, 50,000 two |
Allocation of Shareholder Income and Losses | Allocation of Shareholder Income and Losses Profit or loss is allocated among the shareholders of the Fund in proportion to the number of shares each shareholder holds as of the close of each month. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents are highly-liquid investments with maturity dates of 90 days or less when acquired. The Fund reported its cash equivalents in the statements of assets and liabilities at market value, or at carrying amounts that approximate fair value, because of their highly-liquid nature and short-term maturities. The Fund has these balances of its assets on deposit with banks. The Fund had a balance of $ 297,460 2,484,769 Effective in the second quarter 2015, the Sponsor invested a portion of the available cash for the Fund in alternative demand-deposit savings accounts, which is classified as cash and not as a cash equivalent. The Fund had a balance of $ 4,635,331 |
Restricted Cash | Restricted Cash On August 17, 2015 (the “Conversion Date”), U.S. Bank N.A. replaced The Bank of New York Mellon as the Custodian for the Funds. Per the amended agreement between the Sponsor and The Bank of New York Mellon dated August 14, 2015, certain cash amounts for each Fund, except in the case of TAGS, are to remain at The Bank of New York Mellon until amounts for services and early termination fees are paid. The amended agreement allows for payments for such amounts owed to be made through December 31, 2017. Cash balances that are held in custody at The Bank of New York Mellon under this amended agreement are reflected on the statements of assets and liabilities of the Fund and the Trust as restricted cash. |
Due from/to Broker | Due from/to Broker The amount recorded by the Fund for the amount due from and to the clearing broker includes, but is not limited to, cash held by the broker, amounts payable to the clearing broker related to open transactions and payables for commodities futures accounts liquidating to an equity balance on the clearing broker's records. Margin is the minimum amount of funds that must be deposited by a commodity interest trader with the trader's broker to initiate and maintain an open position in futures contracts. A margin deposit acts to assure the trader's performance of the futures contracts purchased or sold. Futures contracts are customarily bought and sold on initial margin that represents a very small percentage of the aggregate purchase or sales price of the contract. Because of such low margin requirements, price fluctuations occurring in the futures markets may create profits and losses that, in relation to the amount invested, are greater than are customary in other forms of investment or speculation. As discussed below, adverse price changes in the futures contract may result in margin requirements that greatly exceed the initial margin. In addition, the amount of margin required in connection with a particular futures contract is set from time to time by the exchange on which the contract is traded and may be modified from time to time by the exchange during the term of the contract. Brokerage firms, such as the Fund's clearing brokers, carrying accounts for traders in commodity interest contracts generally require higher amounts of margin as a matter of policy to further protect themselves. Over-the-counter trading generally involves the extension of credit between counterparties, so the counterparties may agree to require the posting of collateral by one or both parties to address credit exposure. When a trader purchases an option, there is no margin requirement; however, the option premium must be paid in full. When a trader sells an option, on the other hand, he or she is required to deposit margin in an amount determined by the margin requirements established for the underlying interest and, in addition, an amount substantially equal to the current premium for the option. The margin requirements imposed on the selling of options, although adjusted to reflect the probability that out-of-the-money options will not be exercised, can in fact be higher than those imposed in dealing in the futures markets directly. Complicated margin requirements apply to spreads and conversions, which are complex trading strategies in which a trader acquires a mixture of options positions and positions in the underlying interest. Ongoing or “maintenance” margin requirements are computed each day by a trader's clearing broker. When the market value of a particular open futures contract changes to a point where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the broker. If the margin call is not met within a reasonable time, the broker may close out the trader's position. With respect to the Fund's trading, the Fund (and not its shareholders personally) is subject to margin calls. Finally, many major U.S. exchanges have passed certain cross margining arrangements involving procedures pursuant to which the futures and options positions held in an account would, in the case of some accounts, be aggregated and margin requirements would be assessed on a portfolio basis, measuring the total risk of the combined positions. |
Calculation of Net Asset Value | Calculation of Net Asset Value The Fund's NAV is calculated by: Taking the current market value of its total assets and Subtracting any liabilities. The administrator, USBFS, calculates the NAV of the Fund once each trading day. It calculates the NAV as of the earlier of the close of the NYSE or 4:00 p.m. New York time. The NAV for a particular trading day is released after 4:15 p.m. New York time. In determining the value of Sugar Futures Contracts, the administrator uses the ICE closing price. The administrator determines the value of all other Fund investments as of the earlier of the close of the NYSE or 4:00 p.m. New York time. The value of over-the-counter sugar interests is determined based on the value of the commodity or futures contract underlying such sugar interest, except that a fair value may be determined if the Sponsor believes that the Fund is subject to significant credit risk relating to the counterparty to such sugar interest. For purposes of financial statements and reports, the Sponsor will recalculate the NAV where necessary to reflect the “fair value” of a Futures Contract when the Futures Contract closes at its price fluctuation limit for the day. Treasury securities held by the Fund are valued by the administrator using values received from recognized third-party vendors and dealer quotes. NAV includes any unrealized profit or loss on open sugar interests and any other income or expense accruing to the Fund but unpaid or not received by the Fund. |
Sponsor Fee, Allocation of Expenses and Related Party Transactions | Sponsor Fee, Allocation of Expenses and Related Party Transactions The Sponsor is responsible for investing the assets of the Fund in accordance with the objectives and policies of the Fund. In addition, the Sponsor arranges for one or more third parties to provide administrative, custodial, accounting, transfer agency and other necessary services to the Trust and the Funds. In addition, the Sponsor elected not to outsource services directly attributable to the Trust and the Funds such as accounting, financial reporting, regulatory compliance and trading activities. In addition, the Fund is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00 The Fund generally pays for all brokerage fees, taxes and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the SEC, FINRA, formerly the National Association of Securities Dealers, or any other regulatory agency in connection with the offer and sale of subsequent Shares after its initial registration and all legal, accounting, printing and other expenses associated therewith. The Fund also pays its portion of the fees and expenses associated with the Trust's tax accounting and reporting requirements. Certain aggregate expenses common to all Funds within the Trust are allocated by the Sponsor to the respective funds based on activity drivers deemed most appropriate by the Sponsor for such expenses, including but not limited to relative assets under management and creation and redeem order activity. These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax-preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Distributor, which are included in the related line item in the statements of operations. A portion of these aggregate common expenses are related to the Sponsor or related parties of principals of the Sponsor; these are necessary services to the Funds, which are primarily the cost of performing accounting and financial reporting, regulatory compliance, and trading activities that are directly attributable to the Fund. For the years ended December 31 2015, 2014 and 2013, such expenses, which are primarily included as distribution and marketing fees, totaled $ 47,236 25,911 22,989 33,483 25,845 22,989 For the year ended December 31, 2015, there were $ 256,227 119,696 The Sponsor has determined that there would be no recovery sought for these amounts in any future period. 97,147 of expenses that were identified on the statements of operations of the Fund as expenses that were waived by the Sponsor. The Sponsor has determined that there would be no recovery sought for these amounts in any future period. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Fair Value - Definition and Hierarchy | Fair Value - Definition and Hierarchy In accordance with U.S. GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, the Fund uses various valuation approaches. In accordance with U.S. GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows: Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 financial instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these financial instruments does not entail a significant degree of judgment. Level 2 - Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The availability of valuation techniques and observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the financial instruments existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for financial instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy, within which the fair value measurement in its entirety falls, is determined based on the lowest level input that is significant to the fair value measurement. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Fund's own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. The Fund uses prices and inputs that are current as of the measurement date, including periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many financial instruments. This condition could cause a financial instrument to be reclassified to a lower level within the fair value hierarchy. When such a situation exists on a quarter close, the Sponsor will calculate the NAV on a particular day using the Level 1 valuation, but will later recalculate the NAV for the impacted Fund based upon the valuation inputs from these alternative verifiable sources (Level 2 or Level 3) and will report such NAV in its applicable financial statements and reports. On December 31, 2015 and 2014, in the opinion of the Trust and the Fund, the reported value of the Sugar Futures Contracts traded on the ICE fairly reflected the value of the Sugar Futures Contracts held by the Fund, and no adjustments were necessary. The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period. In making the determination of a Level 1 or Level 2 transfer, the Fund considers the average volume of the specific underlying futures contracts traded on the relevant exchange for the years being reported. For the year ended December 31, 2015, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy. For the quarter ended June 30, 2014, Sugar Futures Contracts traded on ICE due to settle on February 29, 2016 (the "MAR16 Sugar Contracts") did not, in the opinion of the Trust and CANE, trade in an actively traded futures market as defined in the policy of the Trust and CANE for the entire period during which they were held. Accordingly, the Trust and CANE classified these as a Level 2 asset. The MAR16 Sugar Contracts were, in the opinion of the Trust and CANE, fairly valued at settlement on June 30, 2014. The value of the contracts were $ 17,405 The Fund records its derivative activities at fair value. Gains and losses from derivative contracts are included in the statements of operations. Derivative contracts include futures contracts related to commodity prices. Futures, which are listed on a national securities exchange, such as the CBOT and the ICE, or reported on another national market, are generally categorized in Level 1 of the fair value hierarchy. OTC derivatives contracts (such as forward and swap contracts) which may be valued using models, depending on whether significant inputs are observable or unobservable, are categorized in Levels 2 or 3 of the fair value hierarchy. |
Expenses | Expenses Expenses are recorded using the accrual method of accounting. |
Net Income (Loss) per Share | Net Income (Loss) per Share Net income (loss) per Share is the difference between the NAV per unit at the beginning of each period and at the end of each period. The weighted average number of Shares outstanding was computed for purposes of disclosing net income (loss) per weighted average Share. The weighted average Shares are equal to the number of Shares outstanding at the end of the period, adjusted proportionately for Shares created or redeemed based on the amount of time the Shares were outstanding during such period. |
New Accounting Pronouncements | New Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-01, “Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in this update are intended to improve the recognitions measurement and disclosure of financial instruments. The amendments to this update are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. These amendments are required to be applied prospectively. The company is currently evaluating the impact on the financial statements and disclosures of the Trust and the Funds. The FASB issued ASU 2015-10, “Technical Corrections and Improvements.” The amendments in this update represent changes to clarify the Codification, correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. The amendments are effective for fiscal years beginning after December 15, 2015. The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2015-07, “Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).” The ASU amends ASC 820 to create a practical expedient to measure the fair value of investments in certain entities that do not have a quoted market price but calculate net asset value per share or its equivalent. In addition, the amendments to ASC 820 provide guidance on classifying investments that are measured using the practical expedient in the fair value hierarchy and require specific disclosures for eligible investments, regardless of whether the practical expedient has been applied. The amendments in this Update are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. These amendments are required to be applied retrospectively to all periods presented The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2015-06, “Earnings per Share (Topic 260): Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions.” The amendments specify how earnings (losses) of a transferred business before the date of a dropdown transaction should be allocated to the various interest holders in a master limited partnership for purposes of calculating earning per unit under the two-class method. The amendments to this update are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The amendments are required to be applied retrospectively for all periods presented. The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis.” The amendments are intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures. The amendments to this update are effective for periods beginning after December 15, 2015. These amendments are required to be applied retrospectively for all periods presented. The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” The amendments in this update change the requirements for reporting discontinued operations in Subtopic 2015-20. A significant provision of ASU 2014-08 calls for reporting as discontinued operations only those disposals that represent a strategic shift or have a major impact on the entity's financial results and operations. The Company elected to early adopt this ASU for the year ended December 31, 2014 and the adoption did not have a significant impact on the financial statements and disclosures of the Trust or the Funds, even with the liquidation of CRUD and NAGS in December 2014. |
Fair Value Measurements (Cane)
Fair Value Measurements (Cane) (Tables) - Teucrium Sugar Fund [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Assets and Liabilities Measured at Fair Value | Decembe r 31, 2015 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2015 Cash equivalents $ 297,460 $ - $ - $ 297,460 Sugar futures contracts 364,056 - - 364,056 Total $ 661,516 $ - $ - $ 661,516 December 31, 2014 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2014 Cash equivalents $ 2,484,769 $ - $ - $ 2,484,769 Liabilities: Level 1 Level 2 Level 3 Balance as of December 31, 2014 Sugar futures contracts $ 503,955 $ - $ - $ 503,955 |
Schedule of Transfers by Fair Value Hierarchy | Transfers Transfers Transfers Transfers Transfers Transfers into out of into out of into out of Level 1 Level 1 Level 2 Level 2 Level 3 Level 3 Assets (at fair value) Derivative contracts Sugar future contracts $ 17,405 $ 17,405 $ 17,405 $ 17,405 $ - $ - |
Derivative Instruments and H108
Derivative Instruments and Hedging Activities (Cane) (Tables) - Teucrium Sugar Fund [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Fair Value of Derivative Instruments | Offsetting of Financial Assets and Derivative Assets as of December 31, 2015 (i) (ii) (iii) = (i) – (ii) (iv) (v) = (iii) – (iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due to Broker Net Amount Commodity price Sugar futures contracts $ 364,056 $ - $ 364,056 $ - $ - $ 364,056 Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2014 (i) (ii) (iii) = (i) – (ii) (iv) (v) = (iii) – (iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker Net Amount Commodity price Sugar futures contracts $ 503,955 $ - $ 503,955 $ - $ 503,955 $ - |
Summary of Realized and Net Change in Unrealized Gains (Losses) of the Derivative Instruments | Year ended December 31, 2015 Net Change in Unrealized Realized Loss on Appreciation or Depreciation on Commodity Futures Contracts Commodity Futures Contacts Commodity Price Sugar futures contracts $ (1,279,891 ) $ 868,011 Year ended December 31, 2014 Net Change in Unrealized Realized Loss on Appreciation or Depreciation on Commodity Futures Contracts Commodity Futures Contacts Commodity Price Sugar futures contracts $ (131,410 ) $ (320,555) Year ended December 31, 2013 Net Change in Unrealized Realized Loss on Appreciation or Depreciation on Commodity Futures Contracts Commodity Futures Contacts Commodity Price Sugar futures contracts $ (400,994 ) $ (105,022 |
Financial Highlights (Cane) (Ta
Financial Highlights (Cane) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Sugar Fund [Member] | |
Schedule of Financial Highlights | Per Share Operation Performance Year ended December 31, 2015 Year ended December 31, 2014 Year ended December 31, 2013 Net asset value at beginning of period $ 11.83 $ 14.10 17.81 From investment operations: Investment income 0.02 - - Net realized and unrealized loss on commodity futures contracts (1.64 ) (2.01 ) (3.48 ) Total net expenses (0.19 ) (0.26 ) (0.23 ) Net decrease in net asset value (1.81 ) (2.27 ) (3.71 ) Net asset value at end of period $ 10.02 $ 11.83 14.10 Total Return (15.30 )% (16.10 )% (20.83 )% Ratios to Average Net Assets Total expenses 9.16 % 6.26 % 5.45 % Total expense, net 2.00 % 1.88 % 1.52 % Net investment loss (1.79 )% (1.85 )% (1.47 )% |
Quarterly Financial Data (Ca110
Quarterly Financial Data (Cane) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Sugar Fund [Member] | |
Schedule of Quarterly Financial Data | First Second Third Fourth Quarter 2015 Quarter 2015 Quarter 2015 Quarter 2015 Total (Loss) Income $ (551,776) $ (90,123 ) $ (328,266 ) $ 565,955 Total Expenses $ 28,517 $ 86,939 $ 128,825 $ 83,542 Total Expenses, net $ 12,101 $ 15,530 $ 19,472 $ 24,493 Net (Loss) Income $ (563,877) $ (105,653 ) $ (347,738 ) $ 541,462 Net (Loss) Income per share $ (2.27) $ (0.07 ) $ (0.74 ) $ 1.27 First Second Third Fourth Quarter 2014 Quarter 2014 Quarter 2014 Quarter 2014 Total Income (Loss) $ 221,222 $ (28,717 ) $ (357,110 ) $ (286,546 ) Total Expenses $ 50,093 $ 44,430 $ 50,196 $ 26,388 Total Expenses, net $ 13,158 $ 13,491 $ 12,596 $ 12,166 Net Income (Loss) $ 208,064 $ (42,208 ) $ (369,706 ) $ (298,712 ) Net Income (Loss) per share $ 1.14 $ (0.21 ) $ (1.85 ) $ (1.34 ) |
Organization and Operation (111
Organization and Operation (Cane) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Sep. 16, 2011 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 17, 2011 | Dec. 31, 2010 | |
Shares outstanding | 4 | ||||||
Teucrium Sugar Fund [Member] | |||||||
Common units per Creation Basket | 25,000 | ||||||
Common units registered | 10,000,000 | ||||||
Number of shares issued | 100,000 | ||||||
Value of shares issued | $ 2,500,000 | $ 3,767,602 | $ 1,067,083 | $ 784,941 | |||
Net asset value per share | $ 25 | $ 10.02 | $ 11.83 | $ 14.10 | $ 17.81 | ||
Shares outstanding | 550,004 | 225,004 | 4 | ||||
Teucrium Sugar Fund [Member] | Second to Expire ICE Sugar Futures Contract [Member] | |||||||
Benchmark percent | 35.00% | ||||||
Teucrium Sugar Fund [Member] | Third to Expire ICE Sugar Futures Contract [Member] | |||||||
Benchmark percent | 30.00% | ||||||
Teucrium Sugar Fund [Member] | ICE Sugar Futures Contract Expiring in March Following Expiration Month of Third to Expire Contract [Member] | |||||||
Benchmark percent | 35.00% |
Principal Contracts and Agre112
Principal Contracts and Agreements (Cane) (Details) - Teucrium Sugar Fund [Member] - USD ($) | Jun. 04, 2015 | Feb. 23, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Principal Contracts and Agreements [Line Items] | |||||
Amount of custody, transfer agency and administrative services fees recognized | $ 139,745 | $ 3,965 | |||
Amount of distribution fees recognized | 55,723 | 37,936 | $ 37,856 | ||
Brokerage commissions | 4,000 | 3,000 | 1,294 | ||
Fees for service of legal process | $ 15,726 | 13,066 | 8,784 | ||
Bank of New York Mellon [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Amount of custody, transfer agency and administrative services fees recognized | 3,965 | 0 | |||
Amount of custody, transfer agency and administrative services fees waived by the Sponsor | 3,965 | 0 | |||
Foreside Fund Services, LLC [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Distribution fees as percentage of average daily net assets | 0.01% | ||||
Aggregate annual distribution fee for all funds | $ 100,000 | ||||
Fees per registered representative | 5,000 | ||||
Fees per registered location | 1,000 | ||||
Amount of distribution fees recognized | 4,354 | 2,842 | 2,210 | ||
Amount of distribution and marketing fees waived by the Sponsor | 2,770 | 2,842 | 2,210 | ||
Wilmington Trust Company [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Annual fee received by trustee | 3,300 | ||||
Fees for service of legal process | 130 | 52 | 17 | ||
U.S. Bank [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Combined minimum annual fee for custody, transfer agency and administrative services per Fund | $ 64,500 | ||||
U.S. Bank [Member] | Average gross assets up to $1 billion [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Custody services fees as percentage of annual average gross assets | 0.0075% | ||||
Transfer agency, fund accounting and fund administration services fees as percentage of annual average gross assets | 0.04% | ||||
U.S. Bank [Member] | Average gross assets over $1 billion [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Custody services fees as percentage of annual average gross assets | 0.005% | ||||
Transfer agency, fund accounting and fund administration services fees as percentage of annual average gross assets | 0.03% | ||||
U.S. Bank [Member] | Average gross assets up to $250 million [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Transfer agency, fund accounting and fund administration services fees as percentage of annual average gross assets | 0.06% | ||||
U.S. Bank [Member] | Average gross assets between $250 million and $500 million [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Transfer agency, fund accounting and fund administration services fees as percentage of annual average gross assets | 0.05% | ||||
SG [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Amount outstanding with Fund's FCM and primary clearing broker | $ 0 | ||||
Jefferies [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Amount outstanding with Fund's FCM and primary clearing broker | $ 0 | ||||
Newedge, SG, Jefferies and ED&F Man [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Brokerage commissions | $ 4,000 | 3,000 | 1,294 | ||
Brokerage commissions waived by the Sponsor | 4,000 | $ 0 | $ 0 | ||
Newedge, SG, Jefferies and ED&F Man [Member] | Sugar Futures Contracts [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Clearing fees paid per round turn | 8 | ||||
New York Mellon and U.S. Bank [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Amount of custody, transfer agency and administrative services fees recognized | 139,745 | ||||
Amount of custody, transfer agency and administrative services fees waived by the Sponsor | $ 139,745 |
Summary of Significant Accou113
Summary of Significant Accounting Policies (Cane) (Details) - Teucrium Sugar Fund [Member] | 12 Months Ended | ||
Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Creations and Redemptions | |||
Common units per Creation Basket | shares | 25,000 | ||
Common units per Redemption Basket | shares | 25,000 | ||
Minimum level of shares per Redemption Basket minimum level | shares | 50,000 | ||
Minimum number of Redemption Baskets | 2 | ||
Cash and Cash Equivalents | |||
Money market funds | $ 297,460 | $ 2,484,769 | |
Demand-deposit savings accounts | $ 4,635,331 | ||
Sponsor Fee, Allocation of Expenses and Related Party Transactions | |||
Annual sponsor fee | 1.00% | ||
Performing accounting and financial reporting, regulatory compliance, and trading activities cost | $ 47,236 | 25,911 | $ 22,989 |
Performing accounting and financial reporting, regulatory compliance and trading activities cost waived by the Sponsor | 33,483 | 25,845 | 22,989 |
Expenses waived by the Sponsor | 256,227 | 119,696 | 97,147 |
Expenses subject to reimbursement | $ 119,696 | $ 97,147 | |
Derivative Assets [Member] | ICE Sugar Futures One [Member] | |||
Sponsor Fee, Allocation of Expenses and Related Party Transactions | |||
Fair Value Equity Transfers Into Level 1 | $ 17,405 |
Fair Value Measurements (Can114
Fair Value Measurements (Cane) (Schedule of Assets and Liabilities Measured at Fair Value) (Details) - Teucrium Sugar Fund [Member] - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Cash equivalents | $ 297,460 | $ 2,484,769 |
Derivative assets | $ 364,056 | |
Liabilities: | ||
Commodity futures contracts | $ 503,955 | |
Level 1 [Member] | ||
Assets: | ||
Cash equivalents | $ 297,460 | 2,484,769 |
Level 1 [Member] | Commodity Contract [Member] | ||
Liabilities: | ||
Commodity futures contracts | $ 503,955 | |
Level 2 [Member] | ||
Assets: | ||
Cash equivalents | ||
Level 2 [Member] | Commodity Contract [Member] | ||
Liabilities: | ||
Commodity futures contracts | ||
Level 3 [Member] | ||
Assets: | ||
Cash equivalents | ||
Level 3 [Member] | Commodity Contract [Member] | ||
Liabilities: | ||
Commodity futures contracts |
Fair Value Measurements (Can115
Fair Value Measurements (Cane) (Schedule of Transfers by Fair Value Hierarchy) (Details) - Teucrium Sugar Fund [Member] - ICE Sugar Futures One [Member] - Derivative Liabilities [Member] | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Transfers into Level 1 | $ 17,405 |
Transfers out of Level 1 | 17,405 |
Transfers into Level 2 | 17,405 |
Transfers out of Level 2 | $ 17,405 |
Transfers into/out of Level 3 |
Derivative Instruments and H116
Derivative Instruments and Hedging Activities (Cane) (Schedule of Fair Value of Derivative Instruments) (Details) - Teucrium Sugar Fund [Member] - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Commodity price | ||
Derivative assets | $ 364,056 | |
Derivative liabilities | $ 503,955 | |
Gross Amount of Recognized Liabilities | ||
Commodity price | ||
Derivative assets | $ 364,056 | |
Derivative liabilities | $ 503,955 | |
Gross Amount Offset In The Statement Of Assets And Liabilities [Member] | ||
Commodity price | ||
Derivative assets | ||
Derivative liabilities | ||
Net Amount Presented In The Statement Of Assets And Liabilities [Member] | ||
Commodity price | ||
Derivative assets | $ 364,056 | |
Derivative liabilities | $ 503,955 | |
Futures Contracts Available for Offset [Member] | ||
Commodity price | ||
Derivative assets | ||
Derivative liabilities | ||
Collateral Due from Broker [Member] | ||
Commodity price | ||
Derivative liabilities | $ 503,955 | |
Net Amount [Member] | ||
Commodity price | ||
Derivative assets | $ 364,056 | |
Derivative liabilities | ||
Collateral Due to Broker [Member] | ||
Commodity price | ||
Derivative assets |
Derivative Instruments and H117
Derivative Instruments and Hedging Activities (Cane) (Summary of Realized and Net Change in Unrealized Gains (Losses) of the Derivative Instruments) (Details) - Teucrium Sugar Fund [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized Loss on Commodity Futures Contracts | $ (1,279,891) | $ (131,410) | $ (400,994) |
Net Change in Unrealized Appreciation or Depreciation on Commodity Futures Contracts | 868,011 | (320,555) | (105,022) |
Average notional market value categorized by primary underlying risk for the futures contract | 4,100,000 | 2,700,000 | 2,400,000 |
Commodity Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized Loss on Commodity Futures Contracts | (1,279,891) | (131,410) | (400,994) |
Net Change in Unrealized Appreciation or Depreciation on Commodity Futures Contracts | $ 868,011 | $ (320,555) | $ (105,022) |
Financial Highlights (Cane) (De
Financial Highlights (Cane) (Details) - Teucrium Sugar Fund [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net asset value per share at beginning of period | $ 11.83 | $ 14.10 | $ 17.81 |
Investment income | 0.02 | ||
Net realized and unrealized loss on commodity futures contracts | (1.64) | $ (2.01) | $ (3.48) |
Total net expenses | (0.19) | (0.26) | (0.23) |
Net decrease in net asset value | (1.81) | (2.27) | (3.71) |
Net asset value at end of period | $ 10.02 | $ 11.83 | $ 14.10 |
Total return | (15.30%) | (16.10%) | (20.83%) |
Total expenses | 9.16% | 6.26% | 5.45% |
Total expense, net | 2.00% | 1.88% | 1.52% |
Net investment gain (loss) | (1.79%) | (1.85%) | (1.47%) |
Quarterly Financial Data (Ca119
Quarterly Financial Data (Cane) (Details) - Teucrium Sugar Fund [Member] - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Total Income (Loss) | $ 565,955 | $ (328,266) | $ (90,123) | $ (551,776) | $ (286,546) | $ (357,110) | $ (28,717) | $ 221,222 | $ (404,210) | $ (451,152) | $ (504,891) |
Total Expenses | 83,542 | 128,825 | 86,939 | 28,517 | 26,388 | 50,196 | 44,430 | 50,093 | 327,823 | 171,106 | 134,692 |
Total Expenses, net | 24,493 | 19,472 | 15,530 | 12,101 | 12,166 | 12,596 | 13,491 | 13,158 | 71,596 | 51,410 | 37,545 |
Net income (loss) | $ 541,462 | $ (347,738) | $ (105,653) | $ (563,877) | $ (298,712) | $ (369,706) | $ (42,208) | $ 208,064 | $ (475,806) | $ (502,562) | $ (542,436) |
Net Income (Loss) per share | $ 1.27 | $ (0.74) | $ (0.07) | $ (2.27) | $ (1.34) | $ (1.85) | $ (0.21) | $ 1.14 | $ (1.81) | $ (2.27) | $ (3.71) |
Subsequent Events (Cane) (Detai
Subsequent Events (Cane) (Details) - Teucrium Sugar Fund [Member] - USD ($) | 1 Months Ended | 2 Months Ended | 12 Months Ended | |||
Feb. 18, 2016 | Mar. 15, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Subsequent Event [Line Items] | ||||||
Net assets | $ 5,508,663 | $ 2,661,212 | $ 2,468,403 | $ 2,225,898 | ||
Change in restricted cash | 142,457 | |||||
Restricted cash | 142,457 | |||||
ED&F Man [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Clearing fees paid per round turn | 8 | |||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Net asset value increase (decrease), percentage | (30.00%) | |||||
Net assets | $ 3,856,587 | |||||
Common Stock, shares outstanding, period increase (decrease), percentage | (31.20%) | |||||
Net asset value per share, increase (decrease) percentage | 2.60% | |||||
Change in restricted cash | $ (3,389) | |||||
Restricted cash | $ 139,068 | |||||
Subsequent Event [Member] | ED&F Man [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Clearing fees paid per round turn | $ 9 |
STATEMENTS OF ASSETS AND LIA121
STATEMENTS OF ASSETS AND LIABILITIES (Weat) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Teucrium Wheat Fund [Member] | ||
Assets | ||
Cash and cash equivalents | $ 24,579,091 | $ 21,568,368 |
Interest receivable | 297 | $ 1,707 |
Restricted cash | 22,610 | |
Other assets | $ 153,564 | $ 76,748 |
Equity in trading accounts: | ||
Commodity futures contracts | $ 729,626 | |
Due from broker | $ 3,721,388 | |
Total equity in trading accounts | 3,721,388 | $ 729,626 |
Total assets | 28,476,950 | 22,376,449 |
Liabilities | ||
Management fee payable to Sponsor | $ 23,226 | 22,583 |
Other liabilities | 16,479 | |
Equity in trading accounts: | ||
Commodity futures contracts | $ 1,924,464 | 13,125 |
Due to broker | 60,805 | |
Total equity in trading accounts | $ 1,924,464 | 73,930 |
Total liabilities | 1,947,690 | 112,992 |
Net Assets | $ 26,529,260 | $ 22,263,457 |
Shares outstanding | 2,900,004 | 1,750,004 |
Net asset value per share | $ 9.15 | $ 12.72 |
Market value per share | $ 9.14 | $ 12.74 |
SCHEDULE OF INVESTMENTS (Weat)
SCHEDULE OF INVESTMENTS (Weat) - Teucrium Wheat Fund [Member] - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Fidelity Institutional Prime Money Market Portfolio [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 1,179,336 | |
Percentage of Net Assets | 4.45% | |
Shares | 1,179,336 | |
Dreyfus Cash Management Institutional [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 21,568,368 | |
Percentage of Net Assets | 96.88% | |
Shares | 21,568,368 | |
Derivative Assets [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 729,626 | |
Percentage of Net Assets | 3.28% | |
Notional Amount | $ 14,450,075 | |
Derivative Assets [Member] | CBOT Wheat Futures One [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 687,450 | |
Percentage of Net Assets | 3.09% | |
Notional Amount | $ 7,787,950 | |
Derivative Assets [Member] | CBOT Wheat Futures Two [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 42,176 | |
Percentage of Net Assets | 0.19% | |
Notional Amount | $ 6,662,125 | |
Derivative Liabilities [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 1,924,464 | |
Percentage of Net Assets | 7.25% | |
Notional Amount | $ 26,552,625 | |
Derivative Liabilities [Member] | CBOT Wheat Futures One [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 379,713 | |
Percentage of Net Assets | 1.43% | |
Notional Amount | $ 9,291,750 | |
Derivative Liabilities [Member] | CBOT Wheat Futures Two [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 331,313 | |
Percentage of Net Assets | 1.25% | |
Notional Amount | $ 7,973,625 | |
Derivative Liabilities [Member] | CBOT Wheat Futures Three [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 1,213,438 | $ 13,125 |
Percentage of Net Assets | 4.57% | 0.06% |
Notional Amount | $ 9,287,250 | $ 7,807,325 |
SCHEDULE OF INVESTMENTS (Par123
SCHEDULE OF INVESTMENTS (Parenthetical) (Weat) - Teucrium Wheat Fund [Member] | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Dreyfus Cash Management Institutional [Member] | ||
Schedule of Investments [Line Items] | ||
Investments at cost | $ 1,179,336 | $ 21,568,368 |
Derivative Assets [Member] | CBOT Wheat Futures One [Member] | ||
Schedule of Investments [Line Items] | ||
Number of contracts | 262 | |
Derivative Assets [Member] | CBOT Wheat Futures Two [Member] | ||
Schedule of Investments [Line Items] | ||
Number of contracts | 223 | |
Derivative Liabilities [Member] | CBOT Wheat Futures One [Member] | ||
Schedule of Investments [Line Items] | ||
Number of contracts | 390 | |
Derivative Liabilities [Member] | CBOT Wheat Futures Two [Member] | ||
Schedule of Investments [Line Items] | ||
Number of contracts | 330 | |
Derivative Liabilities [Member] | CBOT Wheat Futures Three [Member] | ||
Schedule of Investments [Line Items] | ||
Number of contracts | 366 | 254 |
STATEMENTS OF OPERATIONS (Weat)
STATEMENTS OF OPERATIONS (Weat) - Teucrium Wheat Fund [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income | |||
Realized loss on commodity futures contracts | $ (4,559,863) | $ (2,486,162) | $ (1,554,250) |
Net change in unrealized appreciation or depreciation on commodity futures contracts | (2,640,963) | 1,415,175 | (507,587) |
Interest income | 54,109 | 9,064 | 3,016 |
Total loss | (7,146,717) | (1,061,923) | (2,058,821) |
Expenses | |||
Management fees | 254,597 | 183,042 | 66,300 |
Professional fees | 213,241 | 161,791 | 131,259 |
Distribution and marketing fees | 374,436 | 237,457 | 141,282 |
Custodian fees and expenses | 171,747 | 11,175 | 7,473 |
Business permits and licenses fees | 13,803 | 26,622 | 18,118 |
General and administrative expenses | 66,012 | 24,564 | 27,725 |
Brokerage commissions | 20,561 | 15,896 | 4,300 |
Other expenses | 7,307 | 10,960 | 10,249 |
Total expenses | 1,121,704 | 671,507 | 406,706 |
Expenses waived by the Sponsor | $ (130,716) | (31,697) | (69,416) |
Reimbursement of expenses previously waived | 46,302 | 51,467 | |
Total expenses, net | $ 990,988 | 686,112 | 388,757 |
Net loss | $ (8,137,705) | $ (1,748,035) | $ (2,447,578) |
Net loss per share | $ (3.57) | $ (2.12) | $ (6.41) |
Net loss per weighted average share | $ (3.29) | $ (1.24) | $ (6.45) |
Weighted average shares outstanding | 2,470,483 | 1,408,223 | 379,525 |
STATEMENTS OF CHANGES IN NET125
STATEMENTS OF CHANGES IN NET ASSETS (Weat) - Teucrium Wheat Fund [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operations | |||
Net loss | $ (8,137,705) | $ (1,748,035) | $ (2,447,578) |
Capital transactions | |||
Issuance of Shares | 18,019,705 | 34,552,580 | 7,532,514 |
Redemption of Shares | (5,616,197) | (17,589,175) | (1,756,058) |
Total capital transactions | 12,403,508 | 16,963,405 | 5,776,456 |
Net change in net assets | 4,265,803 | 15,215,370 | 3,328,878 |
Net assets, beginning of period | 22,263,457 | 7,048,087 | 3,719,209 |
Net assets, end of period | $ 26,529,260 | $ 22,263,457 | $ 7,048,087 |
Net asset value per share at beginning of period | $ 12.72 | $ 14.84 | $ 21.25 |
Net asset value at end of period | $ 9.15 | $ 12.72 | $ 14.84 |
Creation of Shares | 1,675,000 | 2,575,000 | 400,000 |
Redemption of Shares | 525,000 | 1,300,000 | 100,000 |
STATEMENTS OF CASH FLOWS (Weat)
STATEMENTS OF CASH FLOWS (Weat) - Teucrium Wheat Fund [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net loss | $ (8,137,705) | $ (1,748,035) | $ (2,447,578) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Net change in unrealized appreciation or depreciation on commodity futures contracts | 2,640,963 | (1,415,175) | 507,587 |
Changes in operating assets and liabilities: | |||
Due from broker | (3,721,388) | 1,253,668 | (720,704) |
Interest receivable | 1,410 | $ (1,257) | $ (247) |
Restricted cash | (22,610) | ||
Other assets | (76,816) | $ (26,188) | $ (24,117) |
Due to broker | (60,805) | 60,805 | |
Management fee payable to Sponsor | 645 | 16,491 | $ 3,317 |
Other liabilities | (16,479) | 13,015 | 19 |
Net cash used in operating activities | (9,392,785) | (1,846,676) | (2,681,723) |
Cash flows from financing activities: | |||
Proceeds from sale of Shares | 18,019,705 | 34,552,580 | 7,532,514 |
Redemption of Shares | (5,616,197) | (17,589,175) | (1,756,058) |
Net cash (used in) provided by financing activities | 12,403,508 | 16,963,405 | 5,776,456 |
Net change in cash and cash equivalents | 3,010,723 | 15,116,729 | 3,094,733 |
Cash and cash equivalents, beginning of period | 21,568,368 | 6,451,639 | 3,356,906 |
Cash and cash equivalents, end of period | $ 24,579,091 | $ 21,568,368 | $ 6,451,639 |
Organization and Operation (Wea
Organization and Operation (Weat) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Wheat Fund [Member] | |
Organization and Operation | Note 1 – Organization and Operation Teucrium Wheat Fund (referred to herein as “WEAT” or the “Fund”) is a commodity pool that is a series of Teucrium Commodity Trust (“Trust”), a Delaware statutory trust formed on September 11, 2009. The Fund issues common units, called the “Shares,” representing fractional undivided beneficial interests in the Fund. The Fund continuously offers Creation Baskets consisting of 25,000 The investment objective of WEAT is to have the daily changes in percentage terms of the Shares' NAV reflect the daily changes in percentage terms of a weighted average of the closing settlement prices for three futures contracts for wheat (“Wheat Futures Contracts”) that are traded on the CBOT, specifically: (1) the second-to-expire CBOT Wheat Futures Contract, weighted 35 30 35 The Fund commenced investment operations on September 19, 2011 and has a fiscal year ending December 31. The Fund's sponsor is Teucrium Trading, LLC (the “Sponsor”). The Sponsor is responsible for the management of the Fund. The Sponsor is a member of the National Futures Association (the “NFA”) and became a commodity pool operator registered with the Commodity Futures Trading Commission (the “CFTC”) effective November 10, 2009. On June 17, 2011, the Fund's initial registration of 10,000,000 100,000 2,500,000 25 four Subject to the terms of the Trust Agreement, Teucrium Trading, LLC, in its capacity as the Sponsor (“Sponsor”), |
Principal Contracts and Agre128
Principal Contracts and Agreements (Weat) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Wheat Fund [Member] | |
Principal Contracts and Agreements | Note 2 – Principal Contracts and Agreements On August 17, 2015 (the “Conversion Date”), U.S. Bank N.A. replaced The Bank of New York Mellon as the Custodian for the Funds. The principal business address for U.S. Bank N.A. is 1555 North Rivercenter U.S. Bancorp Fund Services, LLC (“ USBFS ”), USBFS , a wholly owned subsidiary of U.S. Bank, commenced serving as administrator for each Fund, performing certain administrative and accounting services and preparing certain SEC reports on behalf of the Funds, and also became the registrar and transfer agent for each Fund's Shares. For such services, U.S. Bank and USBFS USBFS and U.S. Bank . Given this conversion, the Sponsor has, for the year-ended December 31, 2015, reflected an expense, before and after fees waived by the Sponsor, for fees associated with Custodian, Fund Administration and Transfer Agent services (“Custodian Fees”) that have or will be paid to the Bank of New York Mellon by a Fund or by the Sponsor on behalf of a Fund. The Custodian Fees reflected in the financial statements through December 31, 2015, net of expenses waived by the Sponsor, are generally as had been presented in prior periods of 2015. For custody services, the Funds will pay to U.S. Bank N.A. 0.0075 .0050 0.06 0.05 0.04 0.03 64,500 For the year ended December 31, 2015, such expenses include both the fees for the Bank of New York Mellon and USBFS. The Fund recognized $ 171,747 11,175 7,473 60,512 0 0 The Sponsor and the Trust employ Foreside Fund Services, LLC as the Distributor for the Funds. The Distribution Services Agreement among the Distributor, the Sponsor and the Trust calls for the Distributor to work with the Custodian in connection with the receipt and processing of orders for Creation Baskets and Redemption Baskets and the review and approval of all Fund sales literature and advertising materials. The Distributor and the Sponsor have also entered into a Securities Activities and Service Agreement (the “SASA”) under which certain employees and officers of the Sponsor are licensed as registered representatives or registered principals of the Distributor, under FINRA rules. For its services as the Distributor, Foreside receives a fee of 0.01 100,000 5,000 1,000 35,804 22,146 13,845 In 2014 and 2013, Newedge USA, LLC (“Newedge USA”) served as the Funds' futures commission merchant (“FCM”) and primary clearing broker to execute and clear the Funds' futures transactions and provide other brokerage-related services. In 2014, the Funds introduced the use of Jefferies LLC (“Jefferies”), for the execution and clearing of the Funds' futures and options, if any, on futures transactions. efferies”) became the Funds' FCM and primary clearing broker. All futures contracts held by SG were transferred to Jefferies on that date. As of February 23, 2015 all residual cash balances held at SG had been transferred to Jefferies and the balance in all SG accounts was $ 0 0 Currently, ED&F Man serves as the Funds clearing broker to execute and clear futures and provide other brokerage-related services. ED&F Man is registered as a FCM with the U.S. CFTC and is a member of the NFA. ED&F Man is also registered as a broker/dealer with the U.S. Securities and Exchange Commission and is a member of the FINRA. ED&F Man is a clearing member of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges Jefferies were paid $ 8.00 20,561 15,896 4,300 4,000 0 0 The sole Trustee of the Trust is Wilmington Trust Company, a Delaware banking corporation. The Trustee will accept service of legal process on the Trust in the State of Delaware and will make certain filings under the Delaware Statutory Trust Act. For its services, the Trustee receives an annual fee of $ 3,300 885 687 396 |
Summary of Significant Accou129
Summary of Significant Accounting Policies (Weat) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Wheat Fund [Member] | |
Summary of Significant Accounting Policies | Note 3 – Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as detailed in the Financial Accounting Standards Board's Accounting Standards Codification. Revenue Recognition Commodity futures contracts are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized appreciation or depreciation on commodity futures contracts are reflected in the statements of assets and liabilities as the difference between the original contract amount and the fair market value as of the last business day of the year or as of the last date of the financial statements. Changes in the appreciation or depreciation between periods are reflected in the statements of operations. Interest on cash equivalents and deposits with the Futures Commission Merchant are recognized on the accrual basis. The Fund earns interest on its assets denominated in U.S. dollars on deposit with the Futures Commission Merchant. In addition, the Fund earns interest on funds held at the custodian at prevailing market rates for such investments. Brokerage Commissions Brokerage commissions on all open commodity futures contracts are accrued on the trade date and on a full-turn basis. Income Taxes For tax purposes, the Fund will be treated as a partnership. The Fund does not record a provision for income taxes because the shareholders report their share of the Fund's income or loss on their income tax returns. The financial statements reflect the Fund's transactions without adjustment, if any, required for income tax purposes. The Fund is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund files an income tax return in the U.S. federal jurisdiction, and may file income tax returns in various U.S. states and foreign jurisdictions. For all tax years 2012 to 2015, the Fund remains subject to income tax examinations by major taxing authorities. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized results in the Fund recording a tax liability that reduces net assets. Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of and for the years ended December 31, 2015, 2014, 2013 and 2012. However, the Fund's conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof. The Fund recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the years ended December 31, 2015, 2014 and 2013. The Fund may be subject to potential examination by U.S. federal, U.S. state, or foreign jurisdictional authorities in the area of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions, and compliance with U.S. federal, U.S. state and foreign tax laws. The Fund's management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. Creations and Redemptions Authorized Purchasers may purchase Creation Baskets consisting of 25,000 Authorized Purchasers may redeem shares from the Fund only in blocks of 25,000 The Fund receives or pays the proceeds from shares sold or redeemed within three business days after the trade date of the purchase or redemption. The amounts due from Authorized Purchasers are reflected in the Fund's statements of assets and liabilities as receivable for shares sold. Amounts payable to Authorized Purchasers upon redemption are reflected in the Fund's statements of assets and liabilities as payable for shares redeemed. As outlined in the most recent Form S-1 filing, 50,000 two Allocation of Shareholder Income and Losses Profit or loss is allocated among the shareholders of the Fund in proportion to the number of shares each shareholder holds as of the close of each month. Cash and Cash Equivalents Cash equivalents are highly-liquid investments with maturity dates of 90 days or less when acquired. The Fund reported its cash equivalents in the statements of assets and liabilities at market value, or at carrying amounts that approximate fair value, because of their highly-liquid nature and short-term maturities. The Fund has these balances of its assets on deposit with banks. The Fund had a balance of $ 1,179,336 21,568,368 Effective in the second quarter 2015, the Sponsor invested a portion of the available cash for the Fund in alternative demand-deposit savings accounts, which is classified as cash and not as a cash equivalent. The Fund had a balance of $ 23,399,755 Restricted Cash On August 17, 2015 (the “Conversion Date”), U.S. Bank N.A. replaced The Bank of New York Mellon as the Custodian for the Funds. Per the amended agreement between the Sponsor and The Bank of New York Mellon dated August 14, 2015, certain cash amounts for each Fund, except in the case of TAGS, are to remain at The Bank of New York Mellon until amounts for services and early termination fees are paid. The amended agreement allows for payments for such amounts owed to be made through December 31, 2017. Cash balances that are held in custody at The Bank of New York Mellon under this amended agreement are reflected on the statements of assets and liabilities of the Fund and the Trust as restricted cash. Due from/to Broker The amount recorded by the Fund for the amount due from and to the clearing broker includes, but is not limited to, cash held by the broker, amounts payable to the clearing broker related to open transactions and payables for commodities futures accounts liquidating to an equity balance on the clearing broker's records. Margin is the minimum amount of funds that must be deposited by a commodity interest trader with the trader's broker to initiate and maintain an open position in futures contracts. A margin deposit acts to assure the trader's performance of the futures contracts purchased or sold. Futures contracts are customarily bought and sold on initial margin that represents a very small percentage of the aggregate purchase or sales price of the contract. Because of such low margin requirements, price fluctuations occurring in the futures markets may create profits and losses that, in relation to the amount invested, are greater than are customary in other forms of investment or speculation. As discussed below, adverse price changes in the futures contract may result in margin requirements that greatly exceed the initial margin. In addition, the amount of margin required in connection with a particular futures contract is set from time to time by the exchange on which the contract is traded and may be modified from time to time by the exchange during the term of the contract. Brokerage firms, such as the Fund's clearing brokers, carrying accounts for traders in commodity interest contracts generally require higher amounts of margin as a matter of policy to further protect themselves. Over-the-counter trading generally involves the extension of credit between counterparties, so the counterparties may agree to require the posting of collateral by one or both parties to address credit exposure. When a trader purchases an option, there is no margin requirement; however, the option premium must be paid in full. When a trader sells an option, on the other hand, he or she is required to deposit margin in an amount determined by the margin requirements established for the underlying interest and, in addition, an amount substantially equal to the current premium for the option. The margin requirements imposed on the selling of options, although adjusted to reflect the probability that out-of-the-money options will not be exercised, can in fact be higher than those imposed in dealing in the futures markets directly. Complicated margin requirements apply to spreads and conversions, which are complex trading strategies in which a trader acquires a mixture of options positions and positions in the underlying interest. Ongoing or “maintenance” margin requirements are computed each day by a trader's clearing broker. When the market value of a particular open futures contract changes to a point where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the broker. If the margin call is not met within a reasonable time, the broker may close out the trader's position. With respect to the Fund's trading, the Fund (and not its shareholders personally) is subject to margin calls. Finally, many major U.S. exchanges have passed certain cross margining arrangements involving procedures pursuant to which the futures and options positions held in an account would, in the case of some accounts, be aggregated and margin requirements would be assessed on a portfolio basis, measuring the total risk of the combined positions. Calculation of Net Asset Value The Fund's NAV is calculated by: Taking the current market value of its total assets and Subtracting any liabilities. The administrator, USBFS, calculates the NAV of the Fund once each trading day. It calculates the NAV as of the earlier of the close of the NYSE or 4:00 p.m. New York time. The NAV for a particular trading day is released after 4:15 p.m. New York time. In determining the value of Wheat Futures Contracts, the administrator uses the CBOT closing price. The administrator determines the value of all other Fund investments as of the earlier of the close of the NYSE or 4:00 p.m. New York time. The value of over-the-counter wheat interests is determined based on the value of the commodity or futures contract underlying such wheat interest, except that a fair value may be determined if the Sponsor believes that the Fund is subject to significant credit risk relating to the counterparty to such wheat interest. For purposes of financial statements and reports, the Sponsor will recalculate the NAV where necessary to reflect the “fair value” of a Futures Contract when the Futures Contract closes at its price fluctuation limit for the day. Treasury securities held by the Fund are valued by the administrator using values received from recognized third-party vendors and dealer quotes. NAV includes any unrealized profit or loss on open wheat interests and any other income or expense accruing to the Fund but unpaid or not received by the Fund. Sponsor Fee, Allocation of Expenses and Related Party Transactions The Sponsor is responsible for investing the assets of the Fund in accordance with the objectives and policies of the Fund. In addition, the Sponsor arranges for one or more third parties to provide administrative, custodial, accounting, transfer agency and other necessary services to the Trust and the Funds. In addition, the Sponsor elected not to outsource services directly attributable to the Trust and the Funds such as accounting, financial reporting, regulatory compliance and trading activities. In addition, the Fund is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00 The Fund generally pays for all brokerage fees, taxes and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the SEC, FINRA, formerly the National Association of Securities Dealers, or any other regulatory agency in connection with the offer and sale of subsequent Shares after its initial registration and all legal, accounting, printing and other expenses associated therewith. The Fund also pays its portion of the fees and expenses associated with the Trust's tax accounting and reporting requirements. Certain aggregate expenses common to all Funds within the Trust are allocated by the Sponsor to the respective funds based on activity drivers deemed most appropriate by the Sponsor for such expenses, including but not limited to relative assets under management and creation and redeem order activity. These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax-preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Distributor, which are included in the related line item in the statements of operations. A portion of these aggregate common expenses are related to the Sponsor or related parties of principals of the Sponsor; these are necessary services to the Funds, which are primarily the cost of performing accounting and financial reporting, regulatory compliance, and trading activities that are directly attributable to the Fund. For the period ended December 31, such expenses, which are primarily included as distribution and marketing fees, totaled $ 382,178 193,111 104,432 22,364 5,100 280 For the year ended December 31, 2015 there were $ 130,716 31,697 of expenses that were identified on the statements of operations of the Fund as expenses that were waived by the Sponsor. The Sponsor has determined that there would be no recovery sought for these amounts in any future period. For the year ended December 31, 2013, there were $ o f expenses that were identified on the statements of operations of the Fund as expenses that were waived by the Sponsor. For the year ended December 31, 2013, there were $ 69,416 46,302 For the year ended December 31, 2012, there were $ 101,790 51,467 Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during the reporting period. Actual results could differ from those estimates. Fair Value - Definition and Hierarchy In accordance with U.S. GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, the Fund uses various valuation approaches. In accordance with U.S. GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows: Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 financial instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these financial instruments does not entail a significant degree of judgment. Level 2 - Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The availability of valuation techniques and observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the financial instruments existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for financial instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy, within which the fair value measurement in its entirety falls, is determined based on the lowest level input that is significant to the fair value measurement. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Fund's own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. The Fund uses prices and inputs that are current as of the measurement date, including periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many financial instruments. This condition could cause a financial instrument to be reclassified to a lower level within the fair value hierarchy. When such a situation exists on a quarter close, the Sponsor will calculate the NAV on a particular day using the Level 1 valuation, but will later recalculate the NAV for the impacted Fund based upon the valuation inputs from these alternative verifiable sources (Level 2 or Level 3) and will report such NAV in its applicable financial statements and reports. The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period. In making the determination of a Level 1 or Level 2 transfer, the Fund considers the average volume of the specific underlying futures contracts traded on the relevant exchange for the three months being reported. On December 31, 2015 and 2014, in the opinion of the Trust and the Fund, the reported value of the Wheat Futures Contracts traded on the CBOT fairly reflected the value of the Wheat Futures Contracts held by the Fund, and no adjustments were necessary. The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period. In making the determin ation of a Level 1 or Level 2 transfer, the Fund considers the average volume of the specific underlying futures contracts traded on the relevant exchange for the three and nine months being reported. For the quarter ended June 30, 2015, Wheat Futures Contracts traded on the CBOT due to settle on December 14, 2016 (the "DEC16 Wheat Contracts") did not, in the opinion of the Trust and WEAT, trade in an actively traded futures market as defined in the policy of the Trust and WEAT for the entire period during which they were held. Accordingly, the Trust and WEAT classified these as a Level 2 asset, The DEC16 Wheat Contracts were, in the opinion of the Trust and WEAT, fairly valued at settlement on June 30, 2015. The value of the contracts were $ 1,178,088 The Wheat Futures Contracts traded on the CBOT due to settle on December 14, 2015 (the “DEC15 Wheat Contracts”) did not, in the opinion of the Trust and WEAT, trade in an actively traded futures market as defined in the policy of the Trust and WEAT for portions of the three months ended June 30, 2014. Accordingly, the Trust and WEAT classified these as a Level 2 liability as of June 30, 2014. The DEC15 Wheat Contracts were, in the opinion of the Trust and WEAT, fairly valued at settlement on June 30, 2014. In addition, for portions of the three months ended September 30, 2014, the DEC15 Wheat Contracts did not, in the opinion of the Trust and WEAT, trade in an actively traded futures market as defined in the policy of the Trust and WEAT. Accordingly, the Trust and WEAT classified these as a Level 2 liability as of September 30, 2014. The DEC15 Wheat Contracts were, in the opinion of the Trust and WEAT, fairly valued at settlement on September 30, 2014. The value of the contracts were $ 2,437,725 The Fund records its derivative activities at fair value. Gains and losses from derivative contracts are included in the statements of operations. Derivative contracts include futures contracts related to commodity prices. Futures, which are listed on a national securities exchange, such as the CBOT and the ICE, or reported on another national market, are generally categorized in Level 1 of the fair value hierarchy. OTC derivatives contracts (such as forward and swap contracts) which may be valued using models, depending on whether significant inputs are observable or unobservable, are categorized in Levels 2 or 3 of the fair value hierarchy. Expenses Expenses are recorded using the accrual method of accounting. Net Income (Loss) per Share Net income (loss) per Share is the difference between the NAV per unit at the beginning of each period and at the end of each period. The weighted average number of Shares outstanding was computed for purposes of disclosing net income (loss) per weighted average Share. The weighted average Shares are equal to the number of Shares outstanding at the end of the period, adjusted proportionately for Shares created or redeemed based on the amount of time the Shares were outstanding during such period. New Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-01, “Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in this update are intended to improve the recognitions measurement and disclosure of financial instruments. The amendments to this update are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. These amendments are required to be applied prospectively. The company is currently evaluating the impact on the financial statements and disclosures of the Trust and the Funds. The FASB issued ASU 2015-10, “Technical Corrections and Improvements.” The amendments in this update represent changes to clarify the Codification, correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. The amendments are effective for fiscal years beginning after December 15, 2015. The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2015-07, “Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).” The ASU amends ASC 820 to create a practical expedient to measure the fair value of investments in certain entities that do not have a quoted market price but calculate net asset value per share or its equivalent. In addition, the amendments to ASC 820 provide guidance on classifying investments that are measured using the practical expedient in the fair value hierarchy and require specific disclosures for eligible investments, regardless of whether the practical expedient has been applied. The amendments in this Update are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. These amendments are required to be applied retrospectively to all periods presented The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2015-06, “Earnings per Share (Topic 260): Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions.” The amendments specify how earnings (losses) of a transferred business before the date of a dropdown transaction should be allocated to the various interest holders in a master limited partnership for purposes of calculating earning per unit under the two-class method. The amendments to this update are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The amendments are required to be applied retrospectively for all periods presented. The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis.” The amendments are intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures. The amendments to this update are effective for periods beginning after December 15, 2015. These amendments are required to be applied retrospectively for all periods presented. The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” The amendments in this update change the requirements for reporting discontinued operations in Subtopic 2015-20. A significant provision of ASU 2014-08 calls for reporting as discontinued operations only those disposals that represent a strategic shift or have a major impact on the entity's financial results and operations. The Company elected to early adopt this ASU for the year ended December 31, 2014 and the adoption did not have a significant impact on the financial statements and disclosures of the Trust or the Funds, even with the liquidation of CRUD and NAGS in December 2014. |
Fair Value Measurements (Weat)
Fair Value Measurements (Weat) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Wheat Fund [Member] | |
Fair Value Measurements | Note 4 – Fair Value Measurements The Fund's assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Fund's significant accounting policies in Note 3. The following table presents information about the Fund's assets and liabilities measured at fair value as of December 31, 2015 and December 31, 2014: December 31, 2015 Balance as of Assets: Level 1 Level 2 Level 3 December 31, 2015 Cash equivalents $ 1,179,336 $ - $ - $ 1,179,336 Balance as of Liabilities: Level 1 Level 2 Level 3 December 31, 2015 Wheat futures contracts $ 1,924,464 $ - $ - $ 1,924,464 December 31, 2014 Balance as of Assets: Level 1 Level 2 Level 3 December 31, 2014 Cash equivalents $ 21,568,368 $ - $ - $ 21,568,368 Wheat futures contracts 729,626 - - 729,626 Total $ 22,297,994 $ - $ - $ 22,297,994 Balance as of Liabilities: Level 1 Level 2 Level 3 December 31, 2014 Wheat futures contracts $ 13,125 $ - $ - $ 13,125 Transfers into and out of each level of the fair value hierarchy for the DEC15 Wheat Contracts, for the period from January 1, 2015 through December 31, 2015 were as follows: Transfers Transfers Transfers Transfers Transfers Transfers into out of into out of into out of Level 1 Level 1 Level 2 Level 2 Level 3 Level 3 Assets (at fair value) Derivative contracts Wheat future contracts $ 1,178,088 $ 1,178,088 $ 1,178,088 $ 1,178,088 $ - $ - Transfers into and out of each level of the fair value hierarchy for the DEC14 Wheat Contracts, for the period from January 1, 2014 through December 31, 2014 were as follows: Transfers Transfers Transfers Transfers Transfers Transfers into out of into out of into out of Level 1 Level 1 Level 2 Level 2 Level 3 Level 3 Liabilities (at fair value) Derivative contracts Wheat future contracts $ 2,437,725 $ 2,437,725 $ 2,437,725 $ 2,437,725 $ - $ - See the Fair Value - Definition and Hierarchy |
Derivative Instruments and H131
Derivative Instruments and Hedging Activities (Weat) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Wheat Fund [Member] | |
Derivative Instruments and Hedging Activities | Note 5 – Derivative Instruments and Hedging Activities In the normal course of business, the Fund utilizes derivative contracts in connection with its proprietary trading activities. Investments in derivative contracts are subject to additional risks that can result in a loss of all or part of an investment. The Fund's derivative activities and exposure to derivative contracts are classified by the following primary underlying risks: interest rate, credit, commodity price, and equity price risks. In addition to its primary underlying risks, the Fund is also subject to additional counterparty risk due to inability of its counterparties to meet the terms of their contracts. For the years ending December 31, 2015 and 2014, the Fund invested only in commodity futures contracts. Futures Contracts The Fund is subject to commodity price risk in the normal course of pursuing its investment objectives. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. The purchase and sale of futures contracts requires margin deposits with a FCM. Subsequent payments (variation margin) are made or received by the Fund each day, depending on the daily fluctuations in the value of the contract, and are recorded as unrealized gains or losses by the Fund. Futures contracts may reduce the Fund's exposure to counterparty risk since futures contracts are exchange-traded; and the exchange's clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures against default. The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM's proprietary activities. A customer's cash and other equity deposited with an FCM are considered commingled with all other customer funds subject to the FCM's segregation requirements. In the event of an FCM's insolvency, recovery may be limited to the Fund's pro rata share of segregated customer funds available. It is possible that the recovery amount could be less than the total of cash and other equity deposited. The following table discloses information about offsetting assets and liabilities presented in the statements of assets and liabilities to enable users of these financial statements to evaluate the effect or potential effect of netting arrangements for recognized assets and liabilities. These recognized assets and liabilities are presented as defined in FASB ASU No. 2011-11 “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities” and subsequently clarified in FASB ASU 2013-01 “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” The following table also identifies the fair value am ounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk and held by the FCM, ED&F Man as of December 31, 2015 and Newedge as of December 31, 2014. Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2015 (i) (ii) (iii) = (i) – (ii) (iv) (v) = (iii) – (iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker Net Amount Commodity price Wheat futures contracts $ 1,924,464 $ - $ 1,924,464 $ - $ 1,924,464 $ - Offsetting of Financial Assets and Derivative Assets as of December 31, 2014 (i) (ii) (iii) = (i) – (ii) (iv) (v) = (iii) – (iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due to Broker Net Amount Commodity price Wheat futures contracts $ 729,626 $ - $ 729,626 $ 13,125 $ 60,805 $ 655,696 Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2014 (i) (ii) (iii) = (i) – (ii) (iv) (v) = (iii) – (iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker Net Amount Commodity price Wheat futures contracts $ 13,125 $ - $ 13,125 $ 13,125 $ - $ - The following is a summary of realized and net change in unrealized gains (losses) of the derivative instruments utilized by the Fund: Year ended December 31, 2015 Net Change in Unrealized Realized Loss on Appreciation or Depreciation on Commodity Futures Contracts Commodity Futures Contacts Commodity Price Wheat futures contracts $ (4,559,863 ) $ (2,640,963) Year ended December 31, 2014 Net Change in Unrealized Realized Loss on Appreciation or Depreciation on Commodity Futures Contracts Commodity Futures Contacts Commodity Price Wheat futures contracts $ (2,486,162 ) $ 1,415,175 Year ended December 31, 2013 Net Change in Unrealized Realized Loss on Appreciation or Depreciation on Commodity Futures Contracts Commodity Futures Contacts Commodity Price Wheat futures contracts $ (1,554,250 ) $ (507,587) Volume of Derivative Activities The average notional market value categorized by primary underlying risk for all futures contracts held was $ 26.6 22.5 6.2 |
Financial Highlights (Weat)
Financial Highlights (Weat) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Wheat Fund [Member] | |
Financial Highlights | Note 6 – Financial Highlights The following table presents per share performance data and other supplemental financial data for the years ended December 31, 2015, 2014 and 2013. This information has been derived from information presented in the financial statements and is presented with total expenses gross of expenses waived by the Sponsor and with total expenses net of expenses waived by the Sponsor, as appropriate. Per Share Operation Performance Year ended December 31, 2015 Year ended December 31, 2014 Year ended December 31, 2013 Net asset value at beginning of period $ 12.72 $ 14.84 21.25 From investment operations: Investment income 0.02 0.01 0.01 Net realized and unrealized loss on commodity futures contracts (3.19 ) (1.64 ) (5.40 ) Total net expenses (0.40 ) (0.49 ) (1.02 ) Net decrease in net asset value (3.57 ) (2.12 ) (6.41 ) Net asset value at end of period $ 9.15 $ 12.72 14.84 Total Return (28.07 )% (14.29 )% (30.16 )% Ratios to Average Net Assets Total expenses 4.40 % 3.66 % 6.12 % Total expense, net 3.89 % 3.74 % 5.85 % Net investment loss (3.67 )% (3.69 )% (5.81 )% Effective in the third quarter 2015, the financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses. In prior periods, the financial highlights per share data are calculated using the average of the daily shares outstanding for the reporting period, which is inclusive of the last day of the period. Any change in methodology was not material to the ratios presented. |
Quarterly Financial Data (Un133
Quarterly Financial Data (Unaudited) (Weat) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Wheat Fund [Member] | |
Quarterly Financial Data (Unaudited) | Note 7 – Quarterly Financial Data (Unaudited) The following summarized quarterly financial information presents the results of operations for the Teucrium Wheat Fund and other data for three-month periods ended March 31, June 30, September 30 and December 31, 2015 and 2014. First Second Third Fourth Quarter 2015 Quarter 2015 Quarter 2015 Quarter 2015 Total (Loss) Income $ (2,895,379 ) $ 3,883,225 $ (5,771,360 ) $ (2,363,203 ) Total Expenses $ 186,713 $ 253,786 $ 307,481 $ 373,724 Total Expenses, net $ 172,413 $ 236,786 $ 296,607 $ 285,182 Net (Loss) Income $ (3,067,792 ) $ 3,646,439 $ (6,067,967 ) $ (2,648,385 ) Net (Loss) Income per share $ (1.81 ) $ 1.30 $ (2.13 ) $ (0.93 ) First Second Third Fourth Quarter 2014 Quarter 2014 Quarter 2014 Quarter 2014 Total Income (Loss) $ 1,718,269 $ ( 2,250,565 ) $ ( 5,533,838 ) $ 5,004,211 Total Expenses $ 94,277 $ 113,860 $ 205,601 $ 257,769 Total Expenses, net $ 122,994 $ 130,110 $ 206,936 $ 226,072 Net Income (Loss) $ 1,595,275 $ ( 2,380,675 ) $ ( 5,740,774 ) $ 4,778,139 Net Income (Loss) per share $ 1.74 $ ( 2.81 ) $ ( 2.96 ) $ 1.91 |
Organizational and Offering 134
Organizational and Offering Costs (Weat) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Wheat Fund [Member] | |
Organizational and Offering Costs | Note 8 – Organizational and Offering Costs Expenses incurred in organizing of the Trust and the initial offering of the Shares of the Fund, including applicable SEC registration fees, were borne directly by the Sponsor. The Fund will not be obligated to reimburse the Sponsor. |
Subsequent Events (Weat)
Subsequent Events (Weat) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Wheat Fund [Member] | |
Subsequent Events | Note 9 – Subsequent Events Management has evaluated the financial statements for the year-ended December 31, 2015 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund other than those noted below: Effective January 1, 2016, ED&F Man, the FCM for the Fund, increased the per round-term charge for futures contracts commission to $ 9.00 8.00 On February 18, 2016, the remaining cash that had been held in custody at The Bank of New York Mellon was transferred to the Fund's account at U.S. Bank. 0 |
Summary of Significant Accou136
Summary of Significant Accounting Policies (Weat) (Policy) - Teucrium Wheat Fund [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as detailed in the Financial Accounting Standards Board's Accounting Standards Codification. |
Revenue Recognition | Revenue Recognition Commodity futures contracts are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized appreciation or depreciation on commodity futures contracts are reflected in the statements of assets and liabilities as the difference between the original contract amount and the fair market value as of the last business day of the year or as of the last date of the financial statements. Changes in the appreciation or depreciation between periods are reflected in the statements of operations. Interest on cash equivalents and deposits with the Futures Commission Merchant are recognized on the accrual basis. The Fund earns interest on its assets denominated in U.S. dollars on deposit with the Futures Commission Merchant. In addition, the Fund earns interest on funds held at the custodian at prevailing market rates for such investments. |
Brokerage Commissions | Brokerage Commissions Brokerage commissions on all open commodity futures contracts are accrued on the trade date and on a full-turn basis. |
Income Taxes | Income Taxes For tax purposes, the Fund will be treated as a partnership. The Fund does not record a provision for income taxes because the shareholders report their share of the Fund's income or loss on their income tax returns. The financial statements reflect the Fund's transactions without adjustment, if any, required for income tax purposes. The Fund is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund files an income tax return in the U.S. federal jurisdiction, and may file income tax returns in various U.S. states and foreign jurisdictions. For all tax years 2012 to 2015, the Fund remains subject to income tax examinations by major taxing authorities. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized results in the Fund recording a tax liability that reduces net assets. Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of and for the years ended December 31, 2015, 2014, 2013 and 2012. However, the Fund's conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof. The Fund recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the years ended December 31, 2015, 2014 and 2013. The Fund may be subject to potential examination by U.S. federal, U.S. state, or foreign jurisdictional authorities in the area of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions, and compliance with U.S. federal, U.S. state and foreign tax laws. The Fund's management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. |
Creations and Redemptions | Creations and Redemptions Authorized Purchasers may purchase Creation Baskets consisting of 25,000 Authorized Purchasers may redeem shares from the Fund only in blocks of 25,000 The Fund receives or pays the proceeds from shares sold or redeemed within three business days after the trade date of the purchase or redemption. The amounts due from Authorized Purchasers are reflected in the Fund's statements of assets and liabilities as receivable for shares sold. Amounts payable to Authorized Purchasers upon redemption are reflected in the Fund's statements of assets and liabilities as payable for shares redeemed. As outlined in the most recent Form S-1 filing, 50,000 two |
Allocation of Shareholder Income and Losses | Allocation of Shareholder Income and Losses Profit or loss is allocated among the shareholders of the Fund in proportion to the number of shares each shareholder holds as of the close of each month. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents are highly-liquid investments with maturity dates of 90 days or less when acquired. The Fund reported its cash equivalents in the statements of assets and liabilities at market value, or at carrying amounts that approximate fair value, because of their highly-liquid nature and short-term maturities. The Fund has these balances of its assets on deposit with banks. The Fund had a balance of $ 1,179,336 21,568,368 Effective in the second quarter 2015, the Sponsor invested a portion of the available cash for the Fund in alternative demand-deposit savings accounts, which is classified as cash and not as a cash equivalent. The Fund had a balance of $ 23,399,755 |
Restricted Cash | Restricted Cash On August 17, 2015 (the “Conversion Date”), U.S. Bank N.A. replaced The Bank of New York Mellon as the Custodian for the Funds. Per the amended agreement between the Sponsor and The Bank of New York Mellon dated August 14, 2015, certain cash amounts for each Fund, except in the case of TAGS, are to remain at The Bank of New York Mellon until amounts for services and early termination fees are paid. The amended agreement allows for payments for such amounts owed to be made through December 31, 2017. Cash balances that are held in custody at The Bank of New York Mellon under this amended agreement are reflected on the statements of assets and liabilities of the Fund and the Trust as restricted cash. |
Due from/to Broker | Due from/to Broker The amount recorded by the Fund for the amount due from and to the clearing broker includes, but is not limited to, cash held by the broker, amounts payable to the clearing broker related to open transactions and payables for commodities futures accounts liquidating to an equity balance on the clearing broker's records. Margin is the minimum amount of funds that must be deposited by a commodity interest trader with the trader's broker to initiate and maintain an open position in futures contracts. A margin deposit acts to assure the trader's performance of the futures contracts purchased or sold. Futures contracts are customarily bought and sold on initial margin that represents a very small percentage of the aggregate purchase or sales price of the contract. Because of such low margin requirements, price fluctuations occurring in the futures markets may create profits and losses that, in relation to the amount invested, are greater than are customary in other forms of investment or speculation. As discussed below, adverse price changes in the futures contract may result in margin requirements that greatly exceed the initial margin. In addition, the amount of margin required in connection with a particular futures contract is set from time to time by the exchange on which the contract is traded and may be modified from time to time by the exchange during the term of the contract. Brokerage firms, such as the Fund's clearing brokers, carrying accounts for traders in commodity interest contracts generally require higher amounts of margin as a matter of policy to further protect themselves. Over-the-counter trading generally involves the extension of credit between counterparties, so the counterparties may agree to require the posting of collateral by one or both parties to address credit exposure. When a trader purchases an option, there is no margin requirement; however, the option premium must be paid in full. When a trader sells an option, on the other hand, he or she is required to deposit margin in an amount determined by the margin requirements established for the underlying interest and, in addition, an amount substantially equal to the current premium for the option. The margin requirements imposed on the selling of options, although adjusted to reflect the probability that out-of-the-money options will not be exercised, can in fact be higher than those imposed in dealing in the futures markets directly. Complicated margin requirements apply to spreads and conversions, which are complex trading strategies in which a trader acquires a mixture of options positions and positions in the underlying interest. Ongoing or “maintenance” margin requirements are computed each day by a trader's clearing broker. When the market value of a particular open futures contract changes to a point where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the broker. If the margin call is not met within a reasonable time, the broker may close out the trader's position. With respect to the Fund's trading, the Fund (and not its shareholders personally) is subject to margin calls. Finally, many major U.S. exchanges have passed certain cross margining arrangements involving procedures pursuant to which the futures and options positions held in an account would, in the case of some accounts, be aggregated and margin requirements would be assessed on a portfolio basis, measuring the total risk of the combined positions. |
Calculation of Net Asset Value | Calculation of Net Asset Value The Fund's NAV is calculated by: Taking the current market value of its total assets and Subtracting any liabilities. The administrator, USBFS, calculates the NAV of the Fund once each trading day. It calculates the NAV as of the earlier of the close of the NYSE or 4:00 p.m. New York time. The NAV for a particular trading day is released after 4:15 p.m. New York time. In determining the value of Wheat Futures Contracts, the administrator uses the CBOT closing price. The administrator determines the value of all other Fund investments as of the earlier of the close of the NYSE or 4:00 p.m. New York time. The value of over-the-counter wheat interests is determined based on the value of the commodity or futures contract underlying such wheat interest, except that a fair value may be determined if the Sponsor believes that the Fund is subject to significant credit risk relating to the counterparty to such wheat interest. For purposes of financial statements and reports, the Sponsor will recalculate the NAV where necessary to reflect the “fair value” of a Futures Contract when the Futures Contract closes at its price fluctuation limit for the day. Treasury securities held by the Fund are valued by the administrator using values received from recognized third-party vendors and dealer quotes. NAV includes any unrealized profit or loss on open wheat interests and any other income or expense accruing to the Fund but unpaid or not received by the Fund. |
Sponsor Fee, Allocation of Expenses and Related Party Transactions | Sponsor Fee, Allocation of Expenses and Related Party Transactions The Sponsor is responsible for investing the assets of the Fund in accordance with the objectives and policies of the Fund. In addition, the Sponsor arranges for one or more third parties to provide administrative, custodial, accounting, transfer agency and other necessary services to the Trust and the Funds. In addition, the Sponsor elected not to outsource services directly attributable to the Trust and the Funds such as accounting, financial reporting, regulatory compliance and trading activities. In addition, the Fund is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00 The Fund generally pays for all brokerage fees, taxes and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the SEC, FINRA, formerly the National Association of Securities Dealers, or any other regulatory agency in connection with the offer and sale of subsequent Shares after its initial registration and all legal, accounting, printing and other expenses associated therewith. The Fund also pays its portion of the fees and expenses associated with the Trust's tax accounting and reporting requirements. Certain aggregate expenses common to all Funds within the Trust are allocated by the Sponsor to the respective funds based on activity drivers deemed most appropriate by the Sponsor for such expenses, including but not limited to relative assets under management and creation and redeem order activity. These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax-preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Distributor, which are included in the related line item in the statements of operations. A portion of these aggregate common expenses are related to the Sponsor or related parties of principals of the Sponsor; these are necessary services to the Funds, which are primarily the cost of performing accounting and financial reporting, regulatory compliance, and trading activities that are directly attributable to the Fund. For the period ended December 31, such expenses, which are primarily included as distribution and marketing fees, totaled $ 382,178 193,111 104,432 22,364 5,100 280 For the year ended December 31, 2015 there were $ 130,716 31,697 of expenses that were identified on the statements of operations of the Fund as expenses that were waived by the Sponsor. The Sponsor has determined that there would be no recovery sought for these amounts in any future period. For the year ended December 31, 2013, there were $ o f expenses that were identified on the statements of operations of the Fund as expenses that were waived by the Sponsor. For the year ended December 31, 2013, there were $ 69,416 46,302 For the year ended December 31, 2012, there were $ 101,790 51,467 |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Fair Value - Definition and Hierarchy | Fair Value - Definition and Hierarchy In accordance with U.S. GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, the Fund uses various valuation approaches. In accordance with U.S. GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows: Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 financial instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these financial instruments does not entail a significant degree of judgment. Level 2 - Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The availability of valuation techniques and observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the financial instruments existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for financial instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy, within which the fair value measurement in its entirety falls, is determined based on the lowest level input that is significant to the fair value measurement. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Fund's own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. The Fund uses prices and inputs that are current as of the measurement date, including periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many financial instruments. This condition could cause a financial instrument to be reclassified to a lower level within the fair value hierarchy. When such a situation exists on a quarter close, the Sponsor will calculate the NAV on a particular day using the Level 1 valuation, but will later recalculate the NAV for the impacted Fund based upon the valuation inputs from these alternative verifiable sources (Level 2 or Level 3) and will report such NAV in its applicable financial statements and reports. The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period. In making the determination of a Level 1 or Level 2 transfer, the Fund considers the average volume of the specific underlying futures contracts traded on the relevant exchange for the three months being reported. On December 31, 2015 and 2014, in the opinion of the Trust and the Fund, the reported value of the Wheat Futures Contracts traded on the CBOT fairly reflected the value of the Wheat Futures Contracts held by the Fund, and no adjustments were necessary. The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period. In making the determin ation of a Level 1 or Level 2 transfer, the Fund considers the average volume of the specific underlying futures contracts traded on the relevant exchange for the three and nine months being reported. For the quarter ended June 30, 2015, Wheat Futures Contracts traded on the CBOT due to settle on December 14, 2016 (the "DEC16 Wheat Contracts") did not, in the opinion of the Trust and WEAT, trade in an actively traded futures market as defined in the policy of the Trust and WEAT for the entire period during which they were held. Accordingly, the Trust and WEAT classified these as a Level 2 asset, The DEC16 Wheat Contracts were, in the opinion of the Trust and WEAT, fairly valued at settlement on June 30, 2015. The value of the contracts were $ 1,178,088 The Wheat Futures Contracts traded on the CBOT due to settle on December 14, 2015 (the “DEC15 Wheat Contracts”) did not, in the opinion of the Trust and WEAT, trade in an actively traded futures market as defined in the policy of the Trust and WEAT for portions of the three months ended June 30, 2014. Accordingly, the Trust and WEAT classified these as a Level 2 liability as of June 30, 2014. The DEC15 Wheat Contracts were, in the opinion of the Trust and WEAT, fairly valued at settlement on June 30, 2014. In addition, for portions of the three months ended September 30, 2014, the DEC15 Wheat Contracts did not, in the opinion of the Trust and WEAT, trade in an actively traded futures market as defined in the policy of the Trust and WEAT. Accordingly, the Trust and WEAT classified these as a Level 2 liability as of September 30, 2014. The DEC15 Wheat Contracts were, in the opinion of the Trust and WEAT, fairly valued at settlement on September 30, 2014. The value of the contracts were $ 2,437,725 The Fund records its derivative activities at fair value. Gains and losses from derivative contracts are included in the statements of operations. Derivative contracts include futures contracts related to commodity prices. Futures, which are listed on a national securities exchange, such as the CBOT and the ICE, or reported on another national market, are generally categorized in Level 1 of the fair value hierarchy. OTC derivatives contracts (such as forward and swap contracts) which may be valued using models, depending on whether significant inputs are observable or unobservable, are categorized in Levels 2 or 3 of the fair value hierarchy. |
Expenses | Expenses Expenses are recorded using the accrual method of accounting. |
Net Income (Loss) per Share | Net Income (Loss) per Share Net income (loss) per Share is the difference between the NAV per unit at the beginning of each period and at the end of each period. The weighted average number of Shares outstanding was computed for purposes of disclosing net income (loss) per weighted average Share. The weighted average Shares are equal to the number of Shares outstanding at the end of the period, adjusted proportionately for Shares created or redeemed based on the amount of time the Shares were outstanding during such period. |
New Accounting Pronouncements | New Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-01, “Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in this update are intended to improve the recognitions measurement and disclosure of financial instruments. The amendments to this update are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. These amendments are required to be applied prospectively. The company is currently evaluating the impact on the financial statements and disclosures of the Trust and the Funds. The FASB issued ASU 2015-10, “Technical Corrections and Improvements.” The amendments in this update represent changes to clarify the Codification, correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. The amendments are effective for fiscal years beginning after December 15, 2015. The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2015-07, “Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).” The ASU amends ASC 820 to create a practical expedient to measure the fair value of investments in certain entities that do not have a quoted market price but calculate net asset value per share or its equivalent. In addition, the amendments to ASC 820 provide guidance on classifying investments that are measured using the practical expedient in the fair value hierarchy and require specific disclosures for eligible investments, regardless of whether the practical expedient has been applied. The amendments in this Update are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. These amendments are required to be applied retrospectively to all periods presented The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2015-06, “Earnings per Share (Topic 260): Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions.” The amendments specify how earnings (losses) of a transferred business before the date of a dropdown transaction should be allocated to the various interest holders in a master limited partnership for purposes of calculating earning per unit under the two-class method. The amendments to this update are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The amendments are required to be applied retrospectively for all periods presented. The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis.” The amendments are intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures. The amendments to this update are effective for periods beginning after December 15, 2015. These amendments are required to be applied retrospectively for all periods presented. The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” The amendments in this update change the requirements for reporting discontinued operations in Subtopic 2015-20. A significant provision of ASU 2014-08 calls for reporting as discontinued operations only those disposals that represent a strategic shift or have a major impact on the entity's financial results and operations. The Company elected to early adopt this ASU for the year ended December 31, 2014 and the adoption did not have a significant impact on the financial statements and disclosures of the Trust or the Funds, even with the liquidation of CRUD and NAGS in December 2014. |
Fair Value Measurements (Weat)
Fair Value Measurements (Weat) (Tables) - Teucrium Wheat Fund [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Assets and Liabilities Measured at Fair Value | December 31, 2015 Balance as of Assets: Level 1 Level 2 Level 3 December 31, 2015 Cash equivalents $ 1,179,336 $ - $ - $ 1,179,336 Balance as of Liabilities: Level 1 Level 2 Level 3 December 31, 2015 Wheat futures contracts $ 1,924,464 $ - $ - $ 1,924,464 December 31, 2014 Balance as of Assets: Level 1 Level 2 Level 3 December 31, 2014 Cash equivalents $ 21,568,368 $ - $ - $ 21,568,368 Wheat futures contracts 729,626 - - 729,626 Total $ 22,297,994 $ - $ - $ 22,297,994 Balance as of Liabilities: Level 1 Level 2 Level 3 December 31, 2014 Wheat futures contracts $ 13,125 $ - $ - $ 13,125 |
Schedule of Transfers by Fair Value Hierarchy | Transfers Transfers Transfers Transfers Transfers Transfers into out of into out of into out of Level 1 Level 1 Level 2 Level 2 Level 3 Level 3 Assets (at fair value) Derivative contracts Wheat future contracts $ 1,178,088 $ 1,178,088 $ 1,178,088 $ 1,178,088 $ - $ - Transfers Transfers Transfers Transfers Transfers Transfers into out of into out of into out of Level 1 Level 1 Level 2 Level 2 Level 3 Level 3 Liabilities (at fair value) Derivative contracts Wheat future contracts $ 2,437,725 $ 2,437,725 $ 2,437,725 $ 2,437,725 $ - $ - |
Derivative Instruments and H138
Derivative Instruments and Hedging Activities (Weat) (Tables) - Teucrium Wheat Fund [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Fair Value of Derivative Instruments | Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2015 (i) (ii) (iii) = (i) – (ii) (iv) (v) = (iii) – (iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker Net Amount Commodity price Wheat futures contracts $ 1,924,464 $ - $ 1,924,464 $ - $ 1,924,464 $ - Offsetting of Financial Assets and Derivative Assets as of December 31, 2014 (i) (ii) (iii) = (i) – (ii) (iv) (v) = (iii) – (iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due to Broker Net Amount Commodity price Wheat futures contracts $ 729,626 $ - $ 729,626 $ 13,125 $ 60,805 $ 655,696 Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2014 (i) (ii) (iii) = (i) – (ii) (iv) (v) = (iii) – (iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker Net Amount Commodity price Wheat futures contracts $ 13,125 $ - $ 13,125 $ 13,125 $ - $ - |
Summary of Realized and Net Change in Unrealized Gains (Losses) of the Derivative Instruments | Year ended December 31, 2015 Net Change in Unrealized Realized Loss on Appreciation or Depreciation on Commodity Futures Contracts Commodity Futures Contacts Commodity Price Wheat futures contracts $ (4,559,863 ) $ (2,640,963) Year ended December 31, 2014 Net Change in Unrealized Realized Loss on Appreciation or Depreciation on Commodity Futures Contracts Commodity Futures Contacts Commodity Price Wheat futures contracts $ (2,486,162 ) $ 1,415,175 Year ended December 31, 2013 Net Change in Unrealized Realized Loss on Appreciation or Depreciation on Commodity Futures Contracts Commodity Futures Contacts Commodity Price Wheat futures contracts $ (1,554,250 ) $ (507,587) |
Financial Highlights (Weat) (Ta
Financial Highlights (Weat) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Wheat Fund [Member] | |
Schedule of Financial Highlights | Per Share Operation Performance Year ended December 31, 2015 Year ended December 31, 2014 Year ended December 31, 2013 Net asset value at beginning of period $ 12.72 $ 14.84 21.25 From investment operations: Investment income 0.02 0.01 0.01 Net realized and unrealized loss on commodity futures contracts (3.19 ) (1.64 ) (5.40 ) Total net expenses (0.40 ) (0.49 ) (1.02 ) Net decrease in net asset value (3.57 ) (2.12 ) (6.41 ) Net asset value at end of period $ 9.15 $ 12.72 14.84 Total Return (28.07 )% (14.29 )% (30.16 )% Ratios to Average Net Assets Total expenses 4.40 % 3.66 % 6.12 % Total expense, net 3.89 % 3.74 % 5.85 % Net investment loss (3.67 )% (3.69 )% (5.81 )% |
Quarterly Financial Data (Un140
Quarterly Financial Data (Unaudited) (Weat) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Wheat Fund [Member] | |
Summary of quarterly financial information | First Second Third Fourth Quarter 2015 Quarter 2015 Quarter 2015 Quarter 2015 Total (Loss) Income $ (2,895,379 ) $ 3,883,225 $ (5,771,360 ) $ (2,363,203 ) Total Expenses $ 186,713 $ 253,786 $ 307,481 $ 373,724 Total Expenses, net $ 172,413 $ 236,786 $ 296,607 $ 285,182 Net (Loss) Income $ (3,067,792 ) $ 3,646,439 $ (6,067,967 ) $ (2,648,385 ) Net (Loss) Income per share $ (1.81 ) $ 1.30 $ (2.13 ) $ (0.93 ) First Second Third Fourth Quarter 2014 Quarter 2014 Quarter 2014 Quarter 2014 Total Income (Loss) $ 1,718,269 $ ( 2,250,565 ) $ ( 5,533,838 ) $ 5,004,211 Total Expenses $ 94,277 $ 113,860 $ 205,601 $ 257,769 Total Expenses, net $ 122,994 $ 130,110 $ 206,936 $ 226,072 Net Income (Loss) $ 1,595,275 $ ( 2,380,675 ) $ ( 5,740,774 ) $ 4,778,139 Net Income (Loss) per share $ 1.74 $ ( 2.81 ) $ ( 2.96 ) $ 1.91 |
Organization and Operation (141
Organization and Operation (Weat) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Sep. 16, 2011 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 17, 2011 | Dec. 31, 2010 | |
Shares outstanding | 4 | ||||||
Teucrium Wheat Fund [Member] | |||||||
Common units per Creation Basket | 25,000 | ||||||
Common units registered | 10,000,000 | ||||||
Number of shares issued | 100,000 | ||||||
Value of shares issued | $ 2,500,000 | $ 18,019,705 | $ 34,552,580 | $ 7,532,514 | |||
Net asset value per share | $ 25 | $ 9.15 | $ 12.72 | $ 14.84 | $ 21.25 | ||
Shares outstanding | 2,900,004 | 1,750,004 | 4 | ||||
Teucrium Wheat Fund [Member] | Second to Expire CBOT Wheat Futures Contract [Member] | |||||||
Benchmark percent | 35.00% | ||||||
Teucrium Wheat Fund [Member] | Third to Expire CBOT Wheat Futures Contract [Member] | |||||||
Benchmark percent | 30.00% | ||||||
Teucrium Wheat Fund [Member] | CBOT Wheat Futures Contract Expiring in December Following Expiration Month of Third to Expire Contract [Member] | |||||||
Benchmark percent | 35.00% |
Principal Contracts and Agre142
Principal Contracts and Agreements (Weat) (Details) - Teucrium Wheat Fund [Member] - USD ($) | Jun. 04, 2015 | Feb. 23, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Principal Contracts and Agreements [Line Items] | |||||
Amount of custody, transfer agency and administrative services fees recognized | $ 171,747 | $ 11,175 | $ 7,473 | ||
Amount of distribution fees recognized | 374,436 | 237,457 | 141,282 | ||
Brokerage commissions | 20,561 | 15,896 | 4,300 | ||
Fees for service of legal process | $ 13,803 | 26,622 | 18,118 | ||
Bank of New York Mellon [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Amount of custody, transfer agency and administrative services fees recognized | 11,175 | 7,473 | |||
Amount of custody, transfer agency and administrative services fees waived by the Sponsor | 0 | 0 | |||
Foreside Fund Services, LLC [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Distribution fees as percentage of average daily net assets | 0.01% | ||||
Aggregate annual distribution fee for all funds | $ 100,000 | ||||
Fees per registered representative | 5,000 | ||||
Fees per registered location | 1,000 | ||||
Amount of distribution fees recognized | 35,804 | 22,146 | 13,845 | ||
Wilmington Trust Company [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Annual fee received by trustee | 3,300 | ||||
Fees for service of legal process | 885 | 687 | 396 | ||
U.S. Bank [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Combined minimum annual fee for custody, transfer agency and administrative services per Fund | $ 64,500 | ||||
U.S. Bank [Member] | Average gross assets up to $1 billion [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Custody services fees as percentage of annual average gross assets | 0.0075% | ||||
Transfer agency, fund accounting and fund administration services fees as percentage of annual average gross assets | 0.04% | ||||
U.S. Bank [Member] | Average gross assets over $1 billion [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Custody services fees as percentage of annual average gross assets | 0.005% | ||||
Transfer agency, fund accounting and fund administration services fees as percentage of annual average gross assets | 0.03% | ||||
U.S. Bank [Member] | Average gross assets up to $250 million [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Transfer agency, fund accounting and fund administration services fees as percentage of annual average gross assets | 0.06% | ||||
U.S. Bank [Member] | Average gross assets between $250 million and $500 million [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Transfer agency, fund accounting and fund administration services fees as percentage of annual average gross assets | 0.05% | ||||
Bank of New York Mellon and US Bank National Association [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Amount of custody, transfer agency and administrative services fees recognized | $ 171,747 | ||||
Amount of custody, transfer agency and administrative services fees waived by the Sponsor | 60,512 | ||||
SG Americas Securities LLC [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Amount outstanding with Fund's FCM and primary clearing broker | $ 0 | ||||
Jefferies [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Amount outstanding with Fund's FCM and primary clearing broker | $ 0 | ||||
Newedge, SG, Jefferies and ED&F Man [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Brokerage commissions | 20,561 | 15,896 | 4,300 | ||
Brokerage Commissions Waived by the Sponsor | 4,000 | $ 0 | $ 0 | ||
Newedge, SG, Jefferies and ED&F Man [Member] | Wheat Futures Contracts [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Clearing fees paid per round turn | $ 8 |
Summary of Significant Accou143
Summary of Significant Accounting Policies (Weat) (Details) - Teucrium Wheat Fund [Member] | 12 Months Ended | ||||
Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Sep. 30, 2015USD ($) | |
Creations and Redemptions | |||||
Common units per Creation Basket | shares | 25,000 | ||||
Common units per Redemption Basket | shares | 25,000 | ||||
Minimum level of shares per Redemption Basket minimum level | shares | 50,000 | ||||
Minimum number of Redemption Baskets | 2 | ||||
Cash and Cash Equivalents | |||||
Money market funds | $ 1,179,336 | $ 21,568,368 | |||
Demand-deposit savings accounts | $ 23,399,755 | ||||
Sponsor Fee Allocation of Expenses and Related Party Transactions [Abstract] | |||||
Annual sponsor fee | 1.00% | ||||
Performing accounting and financial reporting, regulatory compliance, and trading activities cost | $ 382,178 | 193,111 | $ 104,432 | ||
Performing Accounting and Financial Reporting Regulatory Compliance and Trading Activities Costs Waived by Sponsor | 22,364 | 5,100 | 280 | ||
Expenses waived by the Sponsor | $ 130,716 | 31,697 | 69,416 | ||
Expenses subject to reimbursement | 31,697 | 69,416 | $ 101,790 | ||
Reimbursement of expenses previously waived | 46,302 | $ 51,467 | |||
Derivative Assets [Member] | CBOT Wheat Futures One [Member] | |||||
Sponsor Fee Allocation of Expenses and Related Party Transactions [Abstract] | |||||
Transfers into Level 1 | $ 1,178,088 | ||||
Derivative Liabilities [Member] | CBOT Wheat Futures One [Member] | |||||
Sponsor Fee Allocation of Expenses and Related Party Transactions [Abstract] | |||||
Transfers into Level 1 | $ 1,178,088 | 2,437,725 | |||
Derivative Liabilities [Member] | CBOT Wheat Futures Two [Member] | |||||
Sponsor Fee Allocation of Expenses and Related Party Transactions [Abstract] | |||||
Transfers into Level 1 | $ 2,437,725 |
Fair Value Measurements (Wea144
Fair Value Measurements (Weat) (Schedule of Assets and Liabilities Measured at Fair Value) (Details) - Teucrium Wheat Fund [Member] - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Cash equivalents | $ 1,179,336 | $ 21,568,368 |
Derivative assets | 729,626 | |
Total | 22,297,994 | |
Liabilities: | ||
Commodity futures contracts | $ 1,924,464 | 13,125 |
Wheat Futures Contracts [Member] | ||
Assets: | ||
Derivative assets | 729,626 | |
Liabilities: | ||
Commodity futures contracts | 1,924,464 | 13,125 |
Level 1 [Member] | ||
Assets: | ||
Cash equivalents | 1,179,336 | 21,568,368 |
Total | 22,297,994 | |
Level 1 [Member] | Wheat Futures Contracts [Member] | ||
Assets: | ||
Derivative assets | 729,626 | |
Liabilities: | ||
Commodity futures contracts | $ 1,924,464 | $ 13,125 |
Level 2 [Member] | ||
Assets: | ||
Cash equivalents | ||
Total | ||
Level 2 [Member] | Wheat Futures Contracts [Member] | ||
Assets: | ||
Derivative assets | ||
Liabilities: | ||
Commodity futures contracts | ||
Level 3 [Member] | ||
Assets: | ||
Cash equivalents | ||
Total | ||
Level 3 [Member] | Wheat Futures Contracts [Member] | ||
Assets: | ||
Derivative assets | ||
Liabilities: | ||
Commodity futures contracts |
Fair Value Measurements (Wea145
Fair Value Measurements (Weat) (Schedule of Transfers by Fair Value Hierarchy) (Details) - Teucrium Wheat Fund [Member] - CBOT Wheat Futures One [Member] - Derivative Liabilities [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Transfers into Level 1 | $ 1,178,088 | $ 2,437,725 |
Transfers out of Level 1 | 1,178,088 | 2,437,725 |
Transfers into Level 2 | 1,178,088 | 2,437,725 |
Transfers out of Level 2 | $ 1,178,088 | $ 2,437,725 |
Transfers into/out of Level 3 |
Derivative Instruments and H146
Derivative Instruments and Hedging Activities (Weat) (Schedule of Fair Value of Derivative Instruments) (Details) - Teucrium Wheat Fund [Member] - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Commodity price | ||
Derivative assets | $ 729,626 | |
Derivative liabilities | $ 1,924,464 | 13,125 |
Gross Amount Of Recognized Assets Or Liabilities [Member] | ||
Commodity price | ||
Derivative assets | 729,626 | |
Derivative liabilities | $ 1,924,464 | $ 13,125 |
Gross Amount Offset In The Statement Of Assets And Liabilities [Member] | ||
Commodity price | ||
Derivative assets | ||
Derivative liabilities | ||
Net Amount Presented In The Statement Of Assets And Liabilities [Member] | ||
Commodity price | ||
Derivative assets | $ 729,626 | |
Derivative liabilities | $ 1,924,464 | 13,125 |
Net Amount [Member] | ||
Commodity price | ||
Derivative assets | $ 655,696 | |
Derivative liabilities | ||
Collateral Due from Broker [Member] | ||
Commodity price | ||
Derivative liabilities | $ 1,924,464 | |
Futures Contracts Available for Offset [Member] | ||
Commodity price | ||
Derivative assets | $ 13,125 | |
Derivative liabilities | 13,125 | |
Collateral, Due to Broker [Member] | ||
Commodity price | ||
Derivative assets | $ 60,805 |
Derivative Instruments and H147
Derivative Instruments and Hedging Activities (Weat) (Summary of Realized and Net Change in Unrealized Gains (Losses) of the Derivative Instruments) (Details) - Teucrium Wheat Fund [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized (Loss) Gain on Commodity Futures Contracts | $ (4,559,863) | $ (2,486,162) | $ (1,554,250) |
Net Change in Unrealized Appreciation or Depreciation on Commodity Futures Contracts | (2,640,963) | 1,415,175 | (507,587) |
Average notional market value categorized by primary underlying risk for the futures contract | 26,600,000 | 22,500,000 | 6,200,000 |
Wheat Futures Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized (Loss) Gain on Commodity Futures Contracts | (4,559,863) | (2,486,162) | (1,554,250) |
Net Change in Unrealized Appreciation or Depreciation on Commodity Futures Contracts | $ (2,640,963) | $ 1,415,175 | $ (507,587) |
Financial Highlights (Weat) (De
Financial Highlights (Weat) (Details) - Teucrium Wheat Fund [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net asset value per share at beginning of period | $ 12.72 | $ 14.84 | $ 21.25 |
Investment income | 0.02 | 0.01 | 0.01 |
Net realized and unrealized loss on commodity futures contracts | (3.19) | (1.64) | (5.40) |
Total expenses | (0.40) | (0.49) | (1.02) |
Net decrease in net asset value | (3.57) | (2.12) | (6.41) |
Net asset value at end of period | $ 9.15 | $ 12.72 | $ 14.84 |
Total return | (28.07%) | (14.29%) | (30.16%) |
Total expenses | 4.40% | 3.66% | 6.12% |
Total expense, net | 3.89% | 3.74% | 5.85% |
Net investment gain (loss) | (3.67%) | (3.69%) | (5.81%) |
Quarterly Financial Data (Un149
Quarterly Financial Data (Unaudited) (Weat) (Details) - Teucrium Wheat Fund [Member] - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Total Income (Loss) | $ (2,363,203) | $ (5,771,360) | $ 3,883,225 | $ (2,895,379) | $ 5,004,211 | $ (5,533,838) | $ (2,250,565) | $ 1,718,269 | $ (7,146,717) | $ (1,061,923) | $ (2,058,821) |
Total Expenses | 373,724 | 307,481 | 253,786 | 186,713 | 257,769 | 205,601 | 113,860 | 94,277 | 1,121,704 | 671,507 | 406,706 |
Total Expenses, net | 285,182 | 296,607 | 236,786 | 172,413 | 226,072 | 206,936 | 130,110 | 122,994 | 990,988 | 686,112 | 388,757 |
Net income (loss) | $ (2,648,385) | $ (6,067,967) | $ 3,646,439 | $ (3,067,792) | $ 4,778,139 | $ (5,740,774) | $ (2,380,675) | $ 1,595,275 | $ (8,137,705) | $ (1,748,035) | $ (2,447,578) |
Net (loss) income per share | $ (0.93) | $ (2.13) | $ 1.30 | $ (1.81) | $ 1.91 | $ (2.96) | $ (2.81) | $ 1.74 | $ (3.57) | $ (2.12) | $ (6.41) |
Subsequent Events (Weat) (Detai
Subsequent Events (Weat) (Details) - Teucrium Wheat Fund [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 15, 2016 | Dec. 31, 2014 | |
Subsequent Event [Line Items] | |||
Restricted cash | $ 22,610 | ||
ED&F Man [Member] | |||
Subsequent Event [Line Items] | |||
Clearing fees paid per round turn | 8 | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Restricted cash | $ 0 | ||
Subsequent Event [Member] | ED&F Man [Member] | |||
Subsequent Event [Line Items] | |||
Clearing fees paid per round turn | $ 9 |
STATEMENTS OF ASSETS AND LIA151
STATEMENTS OF ASSETS AND LIABILITIES (Tags) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Teucrium Agricultural Fund [Member] | ||
Assets | ||
Cash and cash equivalents | $ 1,815 | $ 1,647 |
Other assets | 2,974 | 10,000 |
Equity in trading accounts: | ||
Investments in securities, at fair value (cost $2,126,379 and $2,392,877 as of December 31, 2015 and December 31, 2014, respectively) | 1,324,601 | 1,641,102 |
Total assets | 1,329,390 | 1,652,749 |
Net Assets | $ 1,329,390 | $ 1,652,749 |
Shares outstanding | 50,002 | 50,002 |
Net asset value per share | $ 26.59 | $ 33.05 |
Market value per share | $ 26.47 | $ 33.05 |
STATEMENTS OF ASSETS AND LIA152
STATEMENTS OF ASSETS AND LIABILITIES (Parenthetical) (Tags) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Teucrium Agricultural Fund [Member] | ||
Investments at cost | $ 2,126,379 | $ 2,392,877 |
SCHEDULE OF INVESTMENTS (Tags)
SCHEDULE OF INVESTMENTS (Tags) - Teucrium Agricultural Fund [Member] - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Investments [Line Items] | ||
Fair Value | $ 1,324,601 | $ 1,641,102 |
Dreyfus Cash Management Institutional [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 1,647 | |
Percentage of Net Assets | 0.10% | |
Shares | 1,647 | |
Exchange Traded Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 1,324,601 | $ 1,641,102 |
Percentage of Net Assets | 99.63% | 99.29% |
Fidelity Institutional Prime Money Market Portfolio [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 1,815 | |
Percentage of Net Assets | 0.14% | |
Shares | 1,815 | |
ETF Teucrium Corn Fund [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 326,157 | $ 413,423 |
Percentage of Net Assets | 24.53% | 25.01% |
Shares | 15,358 | 15,533 |
ETF Teucrium Soybean Fund [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 331,730 | $ 418,586 |
Percentage of Net Assets | 24.95% | 25.33% |
Shares | 19,131 | 20,131 |
ETF Teucrium Sugar Fund [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 345,281 | $ 414,243 |
Percentage of Net Assets | 25.97% | 25.06% |
Shares | 34,474 | 35,024 |
ETF Teucrium Wheat Fund [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 321,433 | $ 394,850 |
Percentage of Net Assets | 24.18% | 23.89% |
Shares | 35,137 | 31,037 |
SCHEDULE OF INVESTMENTS (Par154
SCHEDULE OF INVESTMENTS (Parenthetical) (Tags) - Teucrium Agricultural Fund [Member] - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Investments [Line Items] | ||
Investments at cost | $ 2,126,379 | $ 2,392,877 |
Dreyfus Cash Management Institutional [Member] | ||
Schedule of Investments [Line Items] | ||
Investments at cost | 1,647 | |
Exchange Traded Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Investments at cost | 2,126,379 | $ 2,392,877 |
Fidelity Institutional Prime Money Market Portfolio [Member] | ||
Schedule of Investments [Line Items] | ||
Investments at cost | $ 1,815 |
STATEMENTS OF OPERATIONS (Tags)
STATEMENTS OF OPERATIONS (Tags) - Teucrium Agricultural Fund [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income | |||
Realized loss on securities | $ (266,180) | $ (183,067) | $ (82,323) |
Net change in unrealized appreciation or depreciation on securities | (50,002) | (51,434) | (447,149) |
Interest loss | (4) | (8) | (7) |
Total loss | (316,186) | (234,509) | (529,479) |
Expenses | |||
Professional fees | 25,101 | 34,828 | 20,492 |
Distribution and marketing fees | 16,253 | 20,981 | 33,155 |
Custodian fees and expenses | 133,965 | 1,506 | (16) |
Business permits and licenses fees | 15,540 | 19,036 | 12,427 |
General and administrative expenses | $ 8,732 | $ 9,092 | 4,846 |
Brokerage commissions | 122 | ||
Other expenses | $ 645 | $ 854 | 1,313 |
Total expenses | 200,236 | 86,297 | 72,339 |
Expenses waived by the Sponsor | (193,063) | (77,113) | (61,539) |
Total expenses, net | 7,173 | 9,184 | 10,800 |
Net loss | $ (323,359) | $ (243,693) | $ (540,279) |
Net loss per share | $ (6.46) | $ (4.88) | $ (10.80) |
Net loss per weighted average share | $ (6.47) | $ (4.87) | $ (10.80) |
Weighted average shares outstanding | 50,002 | 50,002 | 50,002 |
STATEMENTS OF CHANGES IN NET156
STATEMENTS OF CHANGES IN NET ASSETS (Tags) - Teucrium Agricultural Fund [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operations | |||
Net loss | $ (323,359) | $ (243,693) | $ (540,279) |
Capital transactions | |||
Net change in net assets | (323,359) | (243,693) | (540,279) |
Net assets, beginning of period | 1,652,749 | 1,896,442 | 2,436,721 |
Net assets, end of period | $ 1,329,390 | $ 1,652,749 | $ 1,896,442 |
Net asset value per share at beginning of period | $ 33.05 | $ 37.93 | $ 48.73 |
Net asset value at end of period | $ 26.59 | $ 33.05 | $ 37.93 |
Creation of Shares | |||
Redemption of Shares |
STATEMENTS OF CASH FLOWS (Tags)
STATEMENTS OF CASH FLOWS (Tags) - Teucrium Agricultural Fund [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net loss | $ (323,359) | $ (243,693) | $ (540,279) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Net change in unrealized appreciation on securities | 50,002 | 51,434 | 447,149 |
Changes in operating assets and liabilities: | |||
Net sale of investments in securities | 266,498 | 192,461 | 94,041 |
Other assets | $ 7,027 | $ (1,435) | (3,576) |
Other liabilities | (874) | ||
Net cash used in operating activities | $ 168 | $ (1,233) | (3,539) |
Cash flows from financing activities: | |||
Net change in cash and cash equivalents | 168 | (1,233) | (3,539) |
Cash and cash equivalents, beginning of period | 1,647 | 2,880 | 6,419 |
Cash and cash equivalents, end of period | $ 1,815 | $ 1,647 | $ 2,880 |
Organization and Business (Tags
Organization and Business (Tags) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Agricultural Fund [Member] | |
Organization and Business | Note 1 — Organization and Business Teucrium Agricultural Fund (referred to herein as “TAGS” or the “Fund”) is a series of Teucrium Commodity Trust (“Trust”), a Delaware statutory trust organized on September 11, 2009. The Fund operates pursuant to the Trust's Second Amended and Restated Declaration of Trust and Trust Agreement (the “Trust Agreement”). The Fund was formed on March 29, 2011 and is managed and controlled by Teucrium Trading, LLC (the “Sponsor”). The Sponsor is a limited liability company formed in Delaware on July 28, 2009 that is registered as a commodity pool operator (“CPO”) with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures Association (“NFA”). On April 22, 2011, a registration statement was filed with the Securities and Exchange Commission (“SEC”). On February 10, 2012, the Fund's initial registration of 5,000,000 300,000 15,000,000 50 two The investment objective of the TAGS is to have the daily changes in percentage terms of the NAV of its Shares reflect the daily changes in percentage terms of a weighted average (the “Underlying Fund Average”) of the NAVs per share of four 25 The investment objective of each Underlying Fund is to have the daily changes in percentage terms of its shares' NAV reflect the daily changes in percentage terms of a weighted average of the closing settlement prices for certain Futures Contracts for the commodity specified in the Underlying Fund's name. (This weighted average is referred to herein as the Underlying Fund's “Benchmark,” the Futures Contracts that at any given time make up an Underlying Fund's Benchmark are referred to herein as the Underlying Fund's “Benchmark Component Futures Contracts,” and the commodity specified in the Underlying Fund's name is referred to herein as its “Specified Commodity.”) Specifically, the Teucrium Corn Fund's Benchmark is: (1) the second-to-expire Futures Contract for corn traded on the Chicago Board of Trade (“CBOT”), weighted 35 30 35 35 30 35 35 30 35 35 30 35 While the Fund expects to maintain substantially all of its assets in shares of the Underlying Funds at all times, the Fund may hold some residual amount of assets in obligations of the United States government (“Treasury Securities”) or cash equivalents, and/or merely hold such assets in cash (generally in interest-bearing accounts). The Underlying Funds invest in Commodity Interests to the fullest extent possible without being leveraged or unable to satisfy their expected current or potential margin or collateral obligations with respect to their investments in Commodity Interests. After fulfilling such margin and collateral requirements, the Underlying Funds will invest the remainder of the proceeds from the sale of baskets in Treasury Securities or cash equivalents, and/or merely hold such assets in cash. Therefore, the focus of the Sponsor in managing the Underlying Funds is investing in Commodity Interests and in Treasury Securities, cash and/or cash equivalents. The Fund and Underlying Funds will earn interest income from the Treasury Securities and/or cash equivalents that it purchases and on the cash it holds through the Fund's custodian, the Bank of New York Mellon (the “Custodian”). Subject to the terms of the Trust Agreement, Teucrium Trading, LLC, in its capacity as the Sponsor (“Sponsor”), |
Principal Contracts and Agre159
Principal Contracts and Agreements (Tags) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Agricultural Fund [Member] | |
Principal Contracts and Agreements | Note 2 – Principal Contracts and Agreements On August 17, 2015 (the “Conversion Date”), U.S. Bank N.A. replaced The Bank of New York Mellon as the Custodian for the Funds. The principal business address for U.S. Bank N.A. is 1555 North Rivercenter U.S. Bancorp Fund Services, LLC (“ USBFS ”), USBFS , a wholly owned subsidiary of U.S. Bank, commenced serving as administrator for each Fund, performing certain administrative and accounting services and preparing certain SEC reports on behalf of the Funds, and also became the registrar and transfer agent for each Fund's Shares. For such services, U.S. Bank and USBFS USBFS and U.S. Bank . Given this conversion, the Sponsor has, for the year-ended December 31, 2015, reflected an expense, before and after fees waived by the Sponsor, for fees associated with Custodian, Fund Administration and Transfer Agent services (“Custodian Fees”) that have or will be paid to the Bank of New York Mellon by a Fund or by the Sponsor on behalf of a Fund. The Custodian Fees reflected in the financial statements through December 31, 2015, net of expenses waived by the Sponsor, are generally as had been presented in prior periods of 2015. For custody services, the Funds will pay to U.S. Bank N.A. 0.0075 .0050 0.06 0.05 0.04 0.03 64,500 For the year ended December 31, 2015, such expenses include both the fees for the Bank of New York Mellon and U.S. Bank. The Funds recognized $ 133,965 1,506 (16) The Sponsor and the Trust employ Foreside Fund Services, LLC (“Foreside” or the “Distributor”) as the Distributor for the Funds. The Distribution Services Agreement among the Distributor, the Sponsor and the Trust calls for the Distributor to work with the Custodian in connection with the receipt and processing of orders for Creation Baskets and Redemption Baskets and the review and approval of all Fund sales literature and advertising materials. The Distributor and the Sponsor have also entered into a Securities Activities and Service Agreement (the “SASA”) under which certain employees and officers of the Sponsor are licensed as registered representatives or registered principals of the Distributor, under Financial Industry Regulatory Authority (“FINRA”) rules. For its services as the Distributor, Foreside receives a fee of 0.01% of the Fund's average daily net assets and an aggregate annual fee of $100,000 for all Teucrium Funds, along with certain expense reimbursements. For its services under the SASA, Foreside receives a fee of $5,000 per registered representative and $1,000 per registered location. 1,240 1,850 2,415 In 2014 and 2013, Newedge USA, LLC (“Newedge USA”) served as the Funds' futures commission merchant (“FCM”) and primary clearing broker to execute and clear the Funds' futures transactions and provide other brokerage-related services. In 2014, the Funds introduced the use of Jefferies LLC (“Jefferies”), for the execution and clearing of the Funds' futures and options, if any, on futures transactions. tracts held by SG were transferred to Jefferies on that date. As of February 23, 2015 all residual cash balances held at SG had been transferred to Jefferies and the balance in all SG accounts was $ 0 0 . ED&F Man is registered as a FCM with the U.S. CFTC and is a member of the NFA. ED&F Man is also registered as a broker/dealer with the U.S. Securities and Exchange Commission and is a member of the FINRA. ED&F Man is a clearing member of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchange s . The Bank of New York Mellon serves as the primary clearing broker for the Fund in activity related to shares of the Underlying Funds. The Fund did not recognize any expense for these services for the year ended December 31, 2015 a nd 2014. The Fund recognized $122 in 2013 for these services, which was recorded in brokerage commissions on the statement of operations and was paid for by the Fund. The sole Trustee of the Trust is Wilmington Trust Company, a Delaware banking corporation. The Trustee will accept service of legal process on the Trust in the State of Delaware and will make certain filings under the Delaware Statutory Trust Act. For its services, the Trustee receives an annual fee of $ 3,300 24 29 17 |
Summary of Significant Accou160
Summary of Significant Accounting Policies (Tags) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Agricultural Fund [Member] | |
Summary of Significant Accounting Policies | Note 3 – Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as detailed in the Financial Accounting Standards Board's Accounting Standards Codification. Reclassifications Certain amounts in prior periods have been reclassified to conform to current period presentation. Revenue Recognition Investment transactions are accounted for on a trade-date basis. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized appreciation or depreciation on investments are reflected in the statements of assets and liabilities as the difference between the original amount and the fair market value as of the last business day of the year or as of the last date of the financial statements. Changes in the appreciation or depreciation between periods are reflected in the statements of operations. Brokerage Commissions Brokerage commissions are accrued on the trade date and on a full-turn basis. Income Taxes The Fund will be treated as a partnership for United States federal income tax purposes. The Fund does not record a provision for income taxes because the shareholders report their share of the Fund's income or loss on their income tax returns. The financial statements reflect the Fund's transactions without adjustment, if any, required for income tax purposes. The Fund is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund files an income tax return in the U.S. federal jurisdiction, and may file income tax returns in various U.S. states and foreign jurisdictions. For all tax years 2012 to 2015, the Fund remains subject to income tax examinations by major taxing authorities. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized results in the Fund recording a tax liability that reduces net assets. This policy has been applied to all existing tax positions upon the Fund's initial adoption. Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of and for the years ended December 31, 2015, 2014, 2013 and 2012. However, the Fund's conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof. The Fund recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the years ended December 31, 2015, 2014 and 2013. The Fund may be subject to potential examination by U.S. federal, U.S. state, or foreign jurisdictional authorities in the area of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions, and compliance with U.S. federal, U.S. state and foreign tax laws. The Fund's management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. Creations and Redemptions Authorized Purchasers may purchase Creation Baskets consisting of 25,000 Authorized Purchasers may redeem shares from the Fund only in blocks of 25,000 The Fund will receive the proceeds from shares sold or will pay for redeemed shares within three business days after the trade date of the purchase or redemption, respectively. The amounts due from Authorized Purchasers will be reflected in the Fund's statements of assets and liabilities as receivable for shares sold. Amounts payable to Authorized Purchasers upon redemption will be reflected in the Fund's statements of assets and liabilities as payable for shares redeemed. As outlined in the most recent Form S-1 filing, 50,000 two Effective August 2, 2012, the Fund was at 50,002 Allocation of Shareholder Income and Losses Profit or loss is allocated among the shareholders of the Fund in proportion to the number of shares each shareholder holds as of the close of each month. Cash Equivalents Cash equivalents are highly-liquid investments with maturity dates of 90 days or less when acquired. The Fund reported its cash equivalents in the statements of assets and liabilities at market value, or at carrying amounts that approximate fair value, because of their highly-liquid nature and short-term maturities. The Fund has these balances of its assets on deposit with banks. Assets deposited with the bank may, at times, exceed federally insured limits. TAGS had a balance of $ 1,815 1,647 Payable/Receivable for Securities Purchased/Sold Due from/to broker for investments in securities are securities transactions pending settlement. The Fund is subject to credit risk to the extent any broker with whom it conducts business is unable to fulfill contractual obligations on its behalf. The management of the Funds monitors the financial condition of such brokers and does not anticipate any losses from these counterparties. Calculation of Net Asset Value The Fund's NAV is calculated by: Taking the current market value of its total assets and Subtracting any liabilities. The administrator, USBFS, will calculate the NAV of the Fund once each trading day. It will calculate the NAV as of the earlier of the close of the New York Stock Exchange or 4:00 p.m. New York time. The NAV for a particular trading day will be released after 4:15 p.m. New York time. For purposes of the determining the Fund's NAV, the Fund's investments in the Underlying Funds will be valued based on the Underlying Funds' NAVs. In turn, in determining the value of the Futures Contracts held by the Underlying Funds, the Administrator will use the closing price on the exchange on which they are traded. The Administrator will determine the value of all other Fund and Underlying Fund investments as of the earlier of the close of the New York Stock Exchange or 4:00 p.m. New York time, in accordance with the current Services Agreement between the Administrator and the Trust. The value of over-the-counter Commodity Interests will be determined based on the value of the commodity or Futures Contract underlying such Commodity Interest, except that a fair value may be determined if the Sponsor believes that the Underlying Fund is subject to significant credit risk relating to the counterparty to such Commodity Interest. For purposes of financial statements and reports, the Sponsor will recalculate the NAV of an Underlying Fund where necessary to reflect the “fair value” of a Futures Contract held by an Underlying Fund when a Futures Contract held by an Underlying Fund closes at its price fluctuation limit for the day. Treasury Securities held by the Fund or Underlying Funds will be valued by the Administrator using values received from recognized third-party vendors (such as Reuters) and dealer quotes. NAV will include any unrealized profit or loss on open Commodity Interests and any other credit or debit accruing to the Fund but unpaid or not received by the Fund. Sponsor Fee, Allocation of Expenses and Related Party Transactions The Fund pays no direct management fees to the Sponsor. The Underlying Funds are contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00 These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax-preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Distributor, which are included in the related line item in the statements of operations. A portion of these aggregate common expenses are related to the Sponsor or related parties of principals of the Sponsor; these are necessary services to the Funds, which are primarily the cost of performing accounting and financial reporting, regulatory compliance, and trading activities that are directly attributable to the Fund. The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund. This election is subject to change by the Sponsor, at its discretion. For the years ended December 31, such expenses, which are primarily included as distribution and marketing fees, totaled $ 13,329 16,234 20,773 0.5 For the year ended December 31, 2015, there were $ 193,063 For the year ended December 31, 2014, there were $ 77,113 of expenses that were identified on the statements of operations of the Fund as expenses that were waived by the Sponsor. The Sponsor has determined that there would be no recovery sought for these amounts in any future period. For the year ended December 31, 2013, there were $ 61,539 of expenses recorded in the financial statements of the Sponsor which were subject to reimbursement by the Fund in 2014. At that time, the Sponsor had determined that recovery of the expense amounts was not probable. The Sponsor has determined that there would be no recovery sought for these amounts in any future period. Expenses Expenses are recorded using the accrual method of accounting. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during the reporting period. Actual results could differ from those estimates. New Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-01, “Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in this update are intended to improve the recognitions measurement and disclosure of financial instruments. The amendments to this update are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. These amendments are required to be applied prospectively. The company is currently evaluating the impact on the financial statements and disclosures of the Trust and the Funds. The FASB issued ASU 2015-10, “Technical Corrections and Improvements.” The amendments in this update represent changes to clarify the Codification, correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. The amendments are effective for fiscal years beginning after December 15, 2015. The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2015-07, “Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).” The ASU amends ASC 820 to create a practical expedient to measure the fair value of investments in certain entities that do not have a quoted market price but calculate net asset value per share or its equivalent. In addition, the amendments to ASC 820 provide guidance on classifying investments that are measured using the practical expedient in the fair value hierarchy and require specific disclosures for eligible investments, regardless of whether the practical expedient has been applied. The amendments in this Update are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. These amendments are required to be applied retrospectively to all periods presented The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2015-06, “Earnings per Share (Topic 260): Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions.” The amendments specify how earnings (losses) of a transferred business before the date of a dropdown transaction should be allocated to the various interest holders in a master limited partnership for purposes of calculating earning per unit under the two-class method. The amendments to this update are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The amendments are required to be applied retrospectively for all periods presented. The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis.” The amendments are intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures. The amendments to this update are effective for periods beginning after December 15, 2015. These amendments are required to be applied retrospectively for all periods presented. The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” The amendments in this update change the requirements for reporting discontinued operations in Subtopic 2015-20. A significant provision of ASU 2014-08 calls for reporting as discontinued operations only those disposals that represent a strategic shift or have a major impact on the entity's financial results and operations. The Company elected to early adopt this ASU for the year ended December 31, 2014 and the adoption did not have a significant impact on the financial statements and disclosures of the Trust or the Funds, even with the liquidation of CRUD and NAGS in December 2014. Fair Value - Definition and Hierarchy In accordance with GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, the Fund uses various valuation approaches. In accordance with GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows: Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 financial instruments of the Underlying Funds and securities of the Fund, together the “financial instruments”. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these financial instruments does not entail a significant degree of judgment. Level 2 - Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The availability of valuation techniques and observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the financial instruments existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for financial instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy, within which the fair value measurement in its entirety falls, is determined based on the lowest level input that is significant to the fair value measurement. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Fund's own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. The Fund uses prices and inputs that are current as of the measurement date, including periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many financial instruments. This condition could cause a financial instrument to be reclassified to a lower level within the fair value hierarchy. When such a situation exists on a quarter close, the Sponsor will calculate the Net Asset Value (“NAV”) on a particular day using the Level 1 valuation, but will later recalculate the NAV for the impacted Fund based upon the valuation inputs from these alternative verifiable sources (Level 2 or Level 3) and will report such NAV in its applicable financial statements and reports. The determination is made as of the settlement of the underlying futures contracts on the last day of trading for the reporting period. In making the determination of a Level 1 or Level 2 transfer, the Fund considers the average volume of the underlying futures contracts traded on the relevant exchange for the three months being reported. Investments in the financial instruments of the Underlying Funds are freely tradable and listed on the NYSE Arca. These investments are valued at the NAV of the Underlying Fund as of the valuation date as calculated by the administrator based on the exchange-quoted prices of the commodity futures contracts held by the Underlying Funds. Net Income (Loss) per Share Net income (loss) per Share is the difference between the NAV per unit at the beginning of each period and at the end of each period. The weighted average number of Shares outstanding was computed for purposes of disclosing net income (loss) per weighted average Share. The weighted average Shares are equal to the number of Shares outstanding at the end of the period, adjusted proportionately for Shares created or redeemed based on the amount of time the Shares were outstanding during such period. |
Fair Value Measurements (Tags)
Fair Value Measurements (Tags) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Agricultural Fund [Member] | |
Fair Value Measurements | Note 4 – Fair Value Measurements The Fund's assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Fund's significant accounting policies in Note 3. The following table presents information about the Fund's assets and liabilities measured at fair value as of December 31, 2015 and December 31, 2014: December 31, 2015 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2015 Exchange-traded funds $ 1,324,601 $ - $ - $ 1,324,601 Cash equivalents 1,815 - - 1,815 Total $ 1,326,416 $ - $ - $ 1,326,416 December 31, 2014 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2014 Exchange-traded funds $ 1,641,102 $ - $ - $ 1,641,102 Cash equivalents 1,647 - - 1,647 Total $ 1,642,749 $ - $ - $ 1,642,749 For the years ended December 31, 2015 and 2014, the Fund did not have any transfers between any of the level of the fair value hierarchy. See the Fair Value - Definition and Hierarchy |
Financial Highlights (Tags)
Financial Highlights (Tags) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Agricultural Fund [Member] | |
Financial Highlights | Note 5 - Financial Highlights The following table presents per share performance data and other supplemental financial data for the years ended December 31, 2015, 2014 and 2013. This information has been derived from information presented in the financial statements and is presented with total expenses gross of expenses waived by the Sponsor and with total expenses net of expenses waived by the Sponsor, as appropriate. Per Share Operation Performance Year ended December 31, 2015 Year ended December 31, 2014 Year ended Net asset value at beginning of period $ 33.05 $ 37.93 $ 48.73 From investment operations: Investment income - - - Net realized and unrealized loss on securities (6.32 ) ( 4.70 ) (10.58 ) Total net expenses (0.14 ) (0.18 ) (0.22 ) Net decrease in net asset value (6.46 ) (4.88 ) (10.80 ) Net asset value at end of period $ 26.59 $ 33.05 $ 37.93 Total Return (19.55 )% (12.87 )% (22.16 )% Ratios to Average Net Assets (Annualized) Total expenses 13.97 % 4.70 % 3.36 % Total expense, net 0.50 % 0.50 % 0.50 % Net investment loss (0.50 )% (0.50 )% (0.50 )% Effective in the third quarter 2015, the financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses. In prior periods, the financial highlights per share data are calculated using the average of the daily shares outstanding for the reporting period, which is inclusive of the last day of the period. Any change in methodology was not material to the ratios presented. |
Quarterly Financial Data (Un163
Quarterly Financial Data (Unaudited) (Tags) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Agricultural Fund [Member] | |
Quarterly Financial Data (Unaudited) | Note 6 – Quarterly Financial Data (Unaudited) The following summarized quarterly financial information presents the results of operations for the Teucrium Agricultural Fund and other data for three-month periods ended March 31, June 30, September 30 and December 31, 2015 and 2014. First Second Third Fourth Quarter 2015 Quarter 2015 Quarter 2015 Quarter 2015 Total (Loss) Income $ (184,220) $ 78,385 $ (179,166 ) $ (31,185) Total Expenses $ 22,615 $ 59,576 $ 104,995 $ 13,050 Total Expenses, net $ 1,925 $ 1,796 $ 1,738 $ 1,714 Net (Loss) Income $ (186,145) $ 76,589 $ (180,904 ) $ (32,899) Net (Loss) Income per share $ (3.72) $ 1.53 $ (3.62 ) $ (0.65) First Second Third Fourth Quarter 2014 Quarter 2014 Quarter 2014 Quarter 2014 Total Income (Loss) $ 193,597 $ ( 183,325 ) $ ( 362,602 ) $ 117,821 Total Expenses $ 27,147 $ 21,384 $ 31,648 $ 6,118 Total Expenses, net $ 2,378 $ 2,550 $ 2,178 $ 2,078 Net Income (Loss) $ 191,219 $ ( 185,875 ) $ ( 364,780 ) $ 115,743 Net Income (Loss) per share $ 3.82 $ ( 3.72 ) $ ( 7.29 ) $ 2.31 |
Organizational and Offering 164
Organizational and Offering Costs (Tags) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Agricultural Fund [Member] | |
Organizational and Offering Costs | Note 7 – Organizational and Offering Costs Expenses incurred in organizing of the Trust and the initial offering of the Shares of the Fund, including applicable SEC registration fees, were borne directly by the Sponsor. The Fund will not be obligated to reimburse the Sponsor. |
Subsequent Events (Tags)
Subsequent Events (Tags) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Agricultural Fund [Member] | |
Subsequent Events | Note 8 – Subsequent Events Management has evaluated the financial statements for the year-ended December 31, 2015 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund other than those noted below: Effective January 1, 2016, ED&F Man, the FCM for the Underlying Funds, increased the per round-term charge for futures contracts commission to $ 9.00 8.00 |
Summary of Significant Accou166
Summary of Significant Accounting Policies (Tags) (Policy) - Teucrium Agricultural Fund [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as detailed in the Financial Accounting Standards Board's Accounting Standards Codification. |
Reclassifications | Reclassifications Certain amounts in prior periods have been reclassified to conform to current period presentation. |
Revenue Recognition | Revenue Recognition Investment transactions are accounted for on a trade-date basis. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized appreciation or depreciation on investments are reflected in the statements of assets and liabilities as the difference between the original amount and the fair market value as of the last business day of the year or as of the last date of the financial statements. Changes in the appreciation or depreciation between periods are reflected in the statements of operations. |
Brokerage Commissions | Brokerage Commissions Brokerage commissions are accrued on the trade date and on a full-turn basis. |
Income Taxes | Income Taxes The Fund will be treated as a partnership for United States federal income tax purposes. The Fund does not record a provision for income taxes because the shareholders report their share of the Fund's income or loss on their income tax returns. The financial statements reflect the Fund's transactions without adjustment, if any, required for income tax purposes. The Fund is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund files an income tax return in the U.S. federal jurisdiction, and may file income tax returns in various U.S. states and foreign jurisdictions. For all tax years 2012 to 2015, the Fund remains subject to income tax examinations by major taxing authorities. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized results in the Fund recording a tax liability that reduces net assets. This policy has been applied to all existing tax positions upon the Fund's initial adoption. Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of and for the years ended December 31, 2015, 2014, 2013 and 2012. However, the Fund's conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof. The Fund recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the years ended December 31, 2015, 2014 and 2013. The Fund may be subject to potential examination by U.S. federal, U.S. state, or foreign jurisdictional authorities in the area of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions, and compliance with U.S. federal, U.S. state and foreign tax laws. The Fund's management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. |
Creations and Redemptions | Creations and Redemptions Authorized Purchasers may purchase Creation Baskets consisting of 25,000 Authorized Purchasers may redeem shares from the Fund only in blocks of 25,000 The Fund will receive the proceeds from shares sold or will pay for redeemed shares within three business days after the trade date of the purchase or redemption, respectively. The amounts due from Authorized Purchasers will be reflected in the Fund's statements of assets and liabilities as receivable for shares sold. Amounts payable to Authorized Purchasers upon redemption will be reflected in the Fund's statements of assets and liabilities as payable for shares redeemed. As outlined in the most recent Form S-1 filing, 50,000 two Effective August 2, 2012, the Fund was at 50,002 |
Allocation of Shareholder Income and Losses | Allocation of Shareholder Income and Losses Profit or loss is allocated among the shareholders of the Fund in proportion to the number of shares each shareholder holds as of the close of each month. |
Cash and Cash Equivalents | Cash Equivalents Cash equivalents are highly-liquid investments with maturity dates of 90 days or less when acquired. The Fund reported its cash equivalents in the statements of assets and liabilities at market value, or at carrying amounts that approximate fair value, because of their highly-liquid nature and short-term maturities. The Fund has these balances of its assets on deposit with banks. Assets deposited with the bank may, at times, exceed federally insured limits. TAGS had a balance of $ 1,815 1,647 |
Payable/Receivable for Securities Purchased/Sold | Payable/Receivable for Securities Purchased/Sold Due from/to broker for investments in securities are securities transactions pending settlement. The Fund is subject to credit risk to the extent any broker with whom it conducts business is unable to fulfill contractual obligations on its behalf. The management of the Funds monitors the financial condition of such brokers and does not anticipate any losses from these counterparties. |
Calculation of Net Asset Value | Calculation of Net Asset Value The Fund's NAV is calculated by: Taking the current market value of its total assets and Subtracting any liabilities. The administrator, USBFS, will calculate the NAV of the Fund once each trading day. It will calculate the NAV as of the earlier of the close of the New York Stock Exchange or 4:00 p.m. New York time. The NAV for a particular trading day will be released after 4:15 p.m. New York time. For purposes of the determining the Fund's NAV, the Fund's investments in the Underlying Funds will be valued based on the Underlying Funds' NAVs. In turn, in determining the value of the Futures Contracts held by the Underlying Funds, the Administrator will use the closing price on the exchange on which they are traded. The Administrator will determine the value of all other Fund and Underlying Fund investments as of the earlier of the close of the New York Stock Exchange or 4:00 p.m. New York time, in accordance with the current Services Agreement between the Administrator and the Trust. The value of over-the-counter Commodity Interests will be determined based on the value of the commodity or Futures Contract underlying such Commodity Interest, except that a fair value may be determined if the Sponsor believes that the Underlying Fund is subject to significant credit risk relating to the counterparty to such Commodity Interest. For purposes of financial statements and reports, the Sponsor will recalculate the NAV of an Underlying Fund where necessary to reflect the “fair value” of a Futures Contract held by an Underlying Fund when a Futures Contract held by an Underlying Fund closes at its price fluctuation limit for the day. Treasury Securities held by the Fund or Underlying Funds will be valued by the Administrator using values received from recognized third-party vendors (such as Reuters) and dealer quotes. NAV will include any unrealized profit or loss on open Commodity Interests and any other credit or debit accruing to the Fund but unpaid or not received by the Fund. |
Sponsor Fee, Allocation of Expenses and Related Party Transactions | Sponsor Fee, Allocation of Expenses and Related Party Transactions The Fund pays no direct management fees to the Sponsor. The Underlying Funds are contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00 These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax-preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Distributor, which are included in the related line item in the statements of operations. A portion of these aggregate common expenses are related to the Sponsor or related parties of principals of the Sponsor; these are necessary services to the Funds, which are primarily the cost of performing accounting and financial reporting, regulatory compliance, and trading activities that are directly attributable to the Fund. The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund. This election is subject to change by the Sponsor, at its discretion. For the years ended December 31, such expenses, which are primarily included as distribution and marketing fees, totaled $ 13,329 16,234 20,773 0.5 For the year ended December 31, 2015, there were $ 193,063 For the year ended December 31, 2014, there were $ 77,113 of expenses that were identified on the statements of operations of the Fund as expenses that were waived by the Sponsor. The Sponsor has determined that there would be no recovery sought for these amounts in any future period. For the year ended December 31, 2013, there were $ 61,539 of expenses recorded in the financial statements of the Sponsor which were subject to reimbursement by the Fund in 2014. At that time, the Sponsor had determined that recovery of the expense amounts was not probable. The Sponsor has determined that there would be no recovery sought for these amounts in any future period. |
Expenses | Expenses Expenses are recorded using the accrual method of accounting. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during the reporting period. Actual results could differ from those estimates. |
New Accounting Pronouncements | New Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-01, “Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in this update are intended to improve the recognitions measurement and disclosure of financial instruments. The amendments to this update are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. These amendments are required to be applied prospectively. The company is currently evaluating the impact on the financial statements and disclosures of the Trust and the Funds. The FASB issued ASU 2015-10, “Technical Corrections and Improvements.” The amendments in this update represent changes to clarify the Codification, correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. The amendments are effective for fiscal years beginning after December 15, 2015. The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2015-07, “Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).” The ASU amends ASC 820 to create a practical expedient to measure the fair value of investments in certain entities that do not have a quoted market price but calculate net asset value per share or its equivalent. In addition, the amendments to ASC 820 provide guidance on classifying investments that are measured using the practical expedient in the fair value hierarchy and require specific disclosures for eligible investments, regardless of whether the practical expedient has been applied. The amendments in this Update are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. These amendments are required to be applied retrospectively to all periods presented The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2015-06, “Earnings per Share (Topic 260): Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions.” The amendments specify how earnings (losses) of a transferred business before the date of a dropdown transaction should be allocated to the various interest holders in a master limited partnership for purposes of calculating earning per unit under the two-class method. The amendments to this update are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The amendments are required to be applied retrospectively for all periods presented. The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis.” The amendments are intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures. The amendments to this update are effective for periods beginning after December 15, 2015. These amendments are required to be applied retrospectively for all periods presented. The Trust and the Funds do not expect the adoption of this guidance to have a material impact on the financial statements and disclosures. The FASB issued ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” The amendments in this update change the requirements for reporting discontinued operations in Subtopic 2015-20. A significant provision of ASU 2014-08 calls for reporting as discontinued operations only those disposals that represent a strategic shift or have a major impact on the entity's financial results and operations. The Company elected to early adopt this ASU for the year ended December 31, 2014 and the adoption did not have a significant impact on the financial statements and disclosures of the Trust or the Funds, even with the liquidation of CRUD and NAGS in December 2014. |
Fair Value - Definition and Hierarchy | Fair Value - Definition and Hierarchy In accordance with GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, the Fund uses various valuation approaches. In accordance with GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows: Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 financial instruments of the Underlying Funds and securities of the Fund, together the “financial instruments”. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these financial instruments does not entail a significant degree of judgment. Level 2 - Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The availability of valuation techniques and observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the financial instruments existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for financial instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy, within which the fair value measurement in its entirety falls, is determined based on the lowest level input that is significant to the fair value measurement. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Fund's own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. The Fund uses prices and inputs that are current as of the measurement date, including periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many financial instruments. This condition could cause a financial instrument to be reclassified to a lower level within the fair value hierarchy. When such a situation exists on a quarter close, the Sponsor will calculate the Net Asset Value (“NAV”) on a particular day using the Level 1 valuation, but will later recalculate the NAV for the impacted Fund based upon the valuation inputs from these alternative verifiable sources (Level 2 or Level 3) and will report such NAV in its applicable financial statements and reports. The determination is made as of the settlement of the underlying futures contracts on the last day of trading for the reporting period. In making the determination of a Level 1 or Level 2 transfer, the Fund considers the average volume of the underlying futures contracts traded on the relevant exchange for the three months being reported. Investments in the financial instruments of the Underlying Funds are freely tradable and listed on the NYSE Arca. These investments are valued at the NAV of the Underlying Fund as of the valuation date as calculated by the administrator based on the exchange-quoted prices of the commodity futures contracts held by the Underlying Funds. |
Net Income (Loss) per Share | Net Income (Loss) per Share Net income (loss) per Share is the difference between the NAV per unit at the beginning of each period and at the end of each period. The weighted average number of Shares outstanding was computed for purposes of disclosing net income (loss) per weighted average Share. The weighted average Shares are equal to the number of Shares outstanding at the end of the period, adjusted proportionately for Shares created or redeemed based on the amount of time the Shares were outstanding during such period. |
Fair Value Measurements (Tags)
Fair Value Measurements (Tags) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Agricultural Fund [Member] | |
Schedule of Assets and Liabilities Measured at Fair Value | December 31, 2015 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2015 Exchange-traded funds $ 1,324,601 $ - $ - $ 1,324,601 Cash equivalents 1,815 - - 1,815 Total $ 1,326,416 $ - $ - $ 1,326,416 December 31, 2014 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2014 Exchange-traded funds $ 1,641,102 $ - $ - $ 1,641,102 Cash equivalents 1,647 - - 1,647 Total $ 1,642,749 $ - $ - $ 1,642,749 |
Financial Highlights (Tags) (Ta
Financial Highlights (Tags) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Agricultural Fund [Member] | |
Schedule of Financial Highlights | Per Share Operation Performance Year ended December 31, 2015 Year ended December 31, 2014 Year ended Net asset value at beginning of period $ 33.05 $ 37.93 $ 48.73 From investment operations: Investment income - - - Net realized and unrealized loss on securities (6.32 ) ( 4.70 ) (10.58 ) Total net expenses (0.14 ) (0.18 ) (0.22 ) Net decrease in net asset value (6.46 ) (4.88 ) (10.80 ) Net asset value at end of period $ 26.59 $ 33.05 $ 37.93 Total Return (19.55 )% (12.87 )% (22.16 )% Ratios to Average Net Assets (Annualized) Total expenses 13.97 % 4.70 % 3.36 % Total expense, net 0.50 % 0.50 % 0.50 % Net investment loss (0.50 )% (0.50 )% (0.50 )% |
Quarterly Financial Data (Un169
Quarterly Financial Data (Unaudited) (Tags) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Teucrium Agricultural Fund [Member] | |
Summary of quarterly financial information | First Second Third Fourth Quarter 2015 Quarter 2015 Quarter 2015 Quarter 2015 Total (Loss) Income $ (184,220) $ 78,385 $ (179,166 ) $ (31,185) Total Expenses $ 22,615 $ 59,576 $ 104,995 $ 13,050 Total Expenses, net $ 1,925 $ 1,796 $ 1,738 $ 1,714 Net (Loss) Income $ (186,145) $ 76,589 $ (180,904 ) $ (32,899) Net (Loss) Income per share $ (3.72) $ 1.53 $ (3.62 ) $ (0.65) First Second Third Fourth Quarter 2014 Quarter 2014 Quarter 2014 Quarter 2014 Total Income (Loss) $ 193,597 $ ( 183,325 ) $ ( 362,602 ) $ 117,821 Total Expenses $ 27,147 $ 21,384 $ 31,648 $ 6,118 Total Expenses, net $ 2,378 $ 2,550 $ 2,178 $ 2,078 Net Income (Loss) $ 191,219 $ ( 185,875 ) $ ( 364,780 ) $ 115,743 Net Income (Loss) per share $ 3.82 $ ( 3.72 ) $ ( 7.29 ) $ 2.31 |
Organization and Business (T170
Organization and Business (Tags) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||||||
Mar. 27, 2012 | Sep. 16, 2011 | Jun. 08, 2010 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 10, 2012 | Dec. 31, 2011 | Jun. 17, 2011 | Dec. 31, 2010 | Jun. 05, 2010 | |
Shares outstanding | 4 | |||||||||||
Teucrium Agricultural Fund [Member] | ||||||||||||
Benchmark percent | 25.00% | |||||||||||
Common units registered | 5,000,000 | |||||||||||
Number of shares issued | 300,000 | |||||||||||
Value of shares issued | $ 15,000,000 | |||||||||||
Net asset value per share | $ 50 | $ 26.59 | $ 33.05 | $ 37.93 | $ 48.73 | |||||||
Shares outstanding | 50,002 | 50,002 | 2 | |||||||||
Underlying fund average weighting | 25.00% | |||||||||||
Teucrium Corn Fund [Member] | ||||||||||||
Common units registered | 30,000,000 | |||||||||||
Number of shares issued | 200,000 | |||||||||||
Value of shares issued | $ 5,000,000 | $ 8,538,198 | $ 146,789,763 | $ 59,350,451 | ||||||||
Net asset value per share | $ 25 | $ 21.24 | $ 26.62 | $ 30.64 | 44.34 | |||||||
Shares outstanding | 2,875,004 | 4,075,004 | ||||||||||
Teucrium Corn Fund [Member] | Second to Expire CBOT Corn Futures Contract [Member] | ||||||||||||
Benchmark percent | 35.00% | |||||||||||
Teucrium Corn Fund [Member] | Third to Expire CBOT Corn Futures Contract [Member] | ||||||||||||
Benchmark percent | 30.00% | |||||||||||
Teucrium Corn Fund [Member] | CBOT Corn Futures Contract Expiring in December Following Expiration Month of Third to Expire Contract [Member] | ||||||||||||
Benchmark percent | 35.00% | |||||||||||
Teucrium Wheat Fund [Member] | ||||||||||||
Common units registered | 10,000,000 | |||||||||||
Number of shares issued | 100,000 | |||||||||||
Value of shares issued | $ 2,500,000 | $ 18,019,705 | $ 34,552,580 | $ 7,532,514 | ||||||||
Net asset value per share | $ 25 | $ 9.15 | $ 12.72 | $ 14.84 | 21.25 | |||||||
Shares outstanding | 2,900,004 | 1,750,004 | 4 | |||||||||
Teucrium Wheat Fund [Member] | Second to Expire CBOT Wheat Futures Contract [Member] | ||||||||||||
Benchmark percent | 35.00% | |||||||||||
Teucrium Wheat Fund [Member] | Third to Expire CBOT Wheat Futures Contract [Member] | ||||||||||||
Benchmark percent | 30.00% | |||||||||||
Teucrium Wheat Fund [Member] | CBOT Wheat Futures Contract Expiring in December Following Expiration Month of Third to Expire Contract [Member] | ||||||||||||
Benchmark percent | 35.00% | |||||||||||
Teucrium Soybean Fund [Member] | ||||||||||||
Common units registered | 10,000,000 | |||||||||||
Number of shares issued | 100,000 | |||||||||||
Value of shares issued | $ 2,500,000 | $ 2,478,439 | $ 10,769,361 | $ 1,859,169 | ||||||||
Net asset value per share | $ 25 | $ 17.34 | $ 20.79 | $ 22.95 | 24.13 | |||||||
Shares outstanding | 375,004 | 575,004 | 4 | |||||||||
Teucrium Soybean Fund [Member] | Second to Expire CBOT Soybean Futures Contract [Member] | ||||||||||||
Benchmark percent | 35.00% | |||||||||||
Teucrium Soybean Fund [Member] | Third to Expire CBOT Soybean Futures Contract [Member] | ||||||||||||
Benchmark percent | 30.00% | |||||||||||
Teucrium Soybean Fund [Member] | CBOT Soybean Futures Contract Expiring November Following Third To Expire Contract [Member] | ||||||||||||
Benchmark percent | 35.00% | |||||||||||
Teucrium Sugar Fund [Member] | ||||||||||||
Common units registered | 10,000,000 | |||||||||||
Number of shares issued | 100,000 | |||||||||||
Value of shares issued | $ 2,500,000 | $ 3,767,602 | $ 1,067,083 | $ 784,941 | ||||||||
Net asset value per share | $ 25 | $ 10.02 | $ 11.83 | $ 14.10 | $ 17.81 | |||||||
Shares outstanding | 550,004 | 225,004 | 4 | |||||||||
Teucrium Sugar Fund [Member] | Second to Expire ICE Sugar Futures Contract [Member] | ||||||||||||
Benchmark percent | 35.00% | |||||||||||
Teucrium Sugar Fund [Member] | Third to Expire ICE Sugar Futures Contract [Member] | ||||||||||||
Benchmark percent | 30.00% | |||||||||||
Teucrium Sugar Fund [Member] | ICE Sugar Futures Contract Expiring in March Following Expiration Month of Third to Expire Contract [Member] | ||||||||||||
Benchmark percent | 35.00% |
Principal Contracts and Agre171
Principal Contracts and Agreements (Tags) (Details) - Teucrium Agricultural Fund [Member] - USD ($) | Jun. 04, 2015 | Feb. 23, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Principal Contracts and Agreements [Line Items] | |||||
Custodian fees and expenses | $ 133,965 | $ 1,506 | $ (16) | ||
Distribution and marketing fees | 16,253 | 20,981 | 33,155 | ||
Business permits and licenses fees | 15,540 | 19,036 | 12,427 | ||
US Bank National Association [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Combined minimum annual fee for custody, transfer agency and administrative services per Fund | $ 64,500 | ||||
US Bank National Association [Member] | Average gross assets up to $1 billion [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Custody services fees as percentage of annual average gross assets | 0.0075% | ||||
Transfer Agency and Fund Accounting and Fund Administration Services Fees as Percentage of Annual Average Gross Assets | 0.04% | ||||
US Bank National Association [Member] | Average gross assets over $1 billion [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Custody services fees as percentage of annual average gross assets | 0.005% | ||||
Transfer Agency and Fund Accounting and Fund Administration Services Fees as Percentage of Annual Average Gross Assets | 0.03% | ||||
US Bank National Association [Member] | Average gross assets up to $250 million [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Transfer Agency and Fund Accounting and Fund Administration Services Fees as Percentage of Annual Average Gross Assets | 0.06% | ||||
US Bank National Association [Member] | Average gross assets between $250 million and $500 million [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Transfer Agency and Fund Accounting and Fund Administration Services Fees as Percentage of Annual Average Gross Assets | 0.05% | ||||
Bank of New York Mellon and US Bank National Association [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Custodian fees and expenses | $ 133,965 | ||||
Bank of New York Mellon [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Custodian fees and expenses | 1,506 | (16) | |||
Foreside Fund Services, LLC [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Distribution and marketing fees | 1,240 | 1,850 | 2,415 | ||
SG Americas Securities LLC [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Amount outstanding with Fund's FCM and primary clearing broker | $ 0 | ||||
Jefferies LLC [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Amount outstanding with Fund's FCM and primary clearing broker | $ 0 | ||||
Wilmington Trust Company [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Annual fee received by trustee | 3,300 | ||||
Business permits and licenses fees | $ 24 | $ 29 | $ 17 |
Summary of Significant Accou172
Summary of Significant Accounting Policies (Tags) (Details) | 12 Months Ended | ||||
Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($)shares | Dec. 31, 2011shares | Dec. 31, 2010shares | |
Creations and Redemptions | |||||
Shares outstanding | shares | 4 | ||||
Teucrium Agricultural Fund [Member] | |||||
Creations and Redemptions | |||||
Common units per Creation Basket | shares | 25,000 | ||||
Common units per Redemption Basket | shares | 25,000 | ||||
Minimum level of shares per Redemption Basket minimum level | shares | 50,000 | 50,000 | 50,000 | ||
Minimum number of Redemption Baskets | 2 | 2 | 2 | ||
Shares outstanding | shares | 50,002 | 50,002 | 2 | ||
Cash and Cash Equivalents | |||||
Money market funds | $ | $ 1,815 | $ 1,647 | |||
Sponsor Fee, Allocation of Expenses and Related Party Transactions | |||||
Annual sponsor fee | 1.00% | ||||
Maximum daily expense accrual | $ | $ 0.5 | ||||
Expenses subject to reimbursement | $ | 77,113 | ||||
Performing accounting and financial reporting, regulatory compliance, and trading activities cost | $ | 13,329 | 16,234 | $ 20,773 | ||
Expenses waived by the Sponsor | $ | $ 193,063 | $ 77,113 | $ 61,539 |
Fair Value Measurements (Tag173
Fair Value Measurements (Tags) (Details) - Teucrium Agricultural Fund [Member] - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Exchange-traded funds | $ 1,324,601 | $ 1,641,102 |
Cash equivalents | 1,815 | 1,647 |
Total | 1,326,416 | 1,642,749 |
Level 1 [Member] | ||
Assets: | ||
Exchange-traded funds | 1,324,601 | 1,641,102 |
Cash equivalents | 1,815 | 1,647 |
Total | $ 1,326,416 | $ 1,642,749 |
Level 2 [Member] | ||
Assets: | ||
Exchange-traded funds | ||
Cash equivalents | ||
Total | ||
Level 3 [Member] | ||
Assets: | ||
Exchange-traded funds | ||
Cash equivalents | ||
Total |
Financial Highlights (Tags) (De
Financial Highlights (Tags) (Details) - Teucrium Agricultural Fund [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net asset value per share at beginning of period | $ 33.05 | $ 37.93 | $ 48.73 |
Investment income | |||
Net realized and unrealized loss on securities | $ (6.32) | $ (4.70) | $ (10.58) |
Total net expenses | (0.14) | (0.18) | (0.22) |
Net decrease in net asset value | (6.46) | (4.88) | (10.80) |
Net asset value at end of period | $ 26.59 | $ 33.05 | $ 37.93 |
Total return | (19.55%) | (12.87%) | (22.16%) |
Total expenses | 13.97% | 4.70% | 3.36% |
Total expense, net | 0.50% | 0.50% | 0.50% |
Net investment gain (loss) | (0.50%) | (0.50%) | (0.50%) |
Quarterly Financial Data (Un175
Quarterly Financial Data (Unaudited) (Tags) (Details) - Teucrium Agricultural Fund [Member] - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Summary of quarterly financial information | |||||||||||
Total Income (Loss) | $ (31,185) | $ (179,166) | $ 78,385 | $ (184,220) | $ 117,821 | $ (362,602) | $ (183,325) | $ 193,597 | $ (316,186) | $ (234,509) | $ (529,479) |
Total Expenses | 13,050 | 104,995 | 59,576 | 22,615 | 6,118 | 31,648 | 21,384 | 27,147 | 200,236 | 86,297 | 72,339 |
Total Expenses, net | 1,714 | 1,738 | 1,796 | 1,925 | 2,078 | 2,178 | 2,550 | 2,378 | 7,173 | 9,184 | 10,800 |
Net loss | $ (32,899) | $ (180,904) | $ 76,589 | $ (186,145) | $ 115,743 | $ (364,780) | $ (185,875) | $ 191,219 | $ (323,359) | $ (243,693) | $ (540,279) |
Net (loss) income per share | $ (0.65) | $ (3.62) | $ 1.53 | $ (3.72) | $ 2.31 | $ (7.29) | $ (3.72) | $ 3.82 | $ (6.46) | $ (4.88) | $ (10.80) |
Subsequent Events (Tags) (Detai
Subsequent Events (Tags) (Details) - Teucrium Agricultural Fund [Member] - ED&F Man [Member] | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Subsequent Event [Line Items] | |
Clearing fees paid per round turn | $ 8 |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Clearing fees paid per round turn | $ 9 |