Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 13, 2017 | Jun. 30, 2016 | |
Entity Registrant Name | Teucrium Commodity Trust | ||
Entity Central Index Key | 1,471,824 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 124,903,250 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,016 | ||
Teucrium Corn Fund [Member] | |||
Entity Public Float | 66,625,000 | ||
Entity Shares Outstanding | 3,675,000 | ||
Teucrium Sugar Fund [Member] | |||
Entity Public Float | 7,128,000 | ||
Entity Shares Outstanding | 475,000 | ||
Teucrium Soybean Fund [Member] | |||
Entity Public Float | 12,804,000 | ||
Entity Shares Outstanding | 650,000 | ||
Teucrium Wheat Fund [Member] | |||
Entity Public Float | 36,918,750 | ||
Entity Shares Outstanding | 9,400,000 | ||
Teucrium Agricultural Fund [Member] | |||
Entity Public Float | $ 1,427,500 | ||
Entity Shares Outstanding | 50,000 |
STATEMENTS OF ASSETS AND LIABIL
STATEMENTS OF ASSETS AND LIABILITIES - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Teucrium Commodity Trust - Combined [Member] | ||
Assets | ||
Cash and cash equivalents | $ 145,323,469 | $ 92,561,610 |
Interest receivable | 708 | 776 |
Restricted cash | 151,684 | 307,683 |
Other assets | 27,135 | 723,450 |
Equity in trading accounts: | ||
Commodity futures contracts | 542,647 | 380,231 |
Due from broker | 13,782,616 | 11,790,423 |
Total equity in trading accounts | 14,325,263 | 12,170,654 |
Total assets | 159,828,259 | 105,764,173 |
Liabilities | ||
Management fee payable to Sponsor | 129,201 | 82,863 |
Other liabilities | 15,916 | 8,147 |
Equity in trading accounts: | ||
Commodity futures contracts | 5,725,955 | 6,071,676 |
Total liabilities | 5,871,072 | 6,162,686 |
Net assets | 153,957,187 | 99,601,487 |
Teucrium Corn Fund [Member] | ||
Assets | ||
Cash and cash equivalents | 69,072,284 | 57,110,089 |
Interest receivable | 339 | 379 |
Other assets | 10,451 | 505,352 |
Equity in trading accounts: | ||
Due from broker | 5,664,656 | 7,405,938 |
Total assets | 74,747,730 | 65,021,758 |
Liabilities | ||
Management fee payable to Sponsor | 65,165 | 53,729 |
Other liabilities | 8,224 | 3,256 |
Equity in trading accounts: | ||
Commodity futures contracts | 1,460,800 | 3,908,550 |
Total liabilities | 1,534,189 | 3,965,535 |
Net assets | $ 73,213,541 | $ 61,056,223 |
Shares outstanding | 3,900,004 | 2,875,004 |
Net asset value per share | $ 18.77 | $ 21.24 |
Market value per share | $ 18.71 | $ 21.22 |
Teucrium Soybean Fund [Member] | ||
Assets | ||
Cash and cash equivalents | $ 12,300,383 | $ 5,937,824 |
Interest receivable | 38 | 51 |
Restricted cash | 77,616 | 142,616 |
Other assets | 4,104 | 49,618 |
Equity in trading accounts: | ||
Commodity futures contracts | 357,500 | 16,175 |
Due from broker | 170,973 | 604,666 |
Total equity in trading accounts | 528,473 | 620,841 |
Total assets | 12,910,614 | 6,750,950 |
Liabilities | ||
Management fee payable to Sponsor | 11,891 | 5,908 |
Other liabilities | 4,598 | 3,828 |
Equity in trading accounts: | ||
Commodity futures contracts | 12,025 | 238,662 |
Total liabilities | 28,514 | 248,398 |
Net assets | $ 12,882,100 | $ 6,502,552 |
Shares outstanding | 675,004 | 375,004 |
Net asset value per share | $ 19.08 | $ 17.34 |
Market value per share | $ 19.10 | $ 17.33 |
Teucrium Sugar Fund [Member] | ||
Assets | ||
Cash and cash equivalents | $ 5,016,531 | $ 4,932,791 |
Interest receivable | 51 | 49 |
Restricted cash | 74,068 | 142,457 |
Other assets | 4,435 | 11,942 |
Equity in trading accounts: | ||
Commodity futures contracts | 185,147 | 364,056 |
Due from broker | 565,281 | 58,431 |
Total equity in trading accounts | 750,428 | 422,487 |
Total assets | 5,845,513 | 5,509,726 |
Liabilities | ||
Other liabilities | 1,063 | |
Equity in trading accounts: | ||
Commodity futures contracts | 331,542 | |
Total liabilities | 331,542 | 1,063 |
Net assets | $ 5,513,971 | $ 5,508,663 |
Shares outstanding | 425,004 | 550,004 |
Net asset value per share | $ 12.97 | $ 10.02 |
Market value per share | $ 13 | $ 10.06 |
Teucrium Wheat Fund [Member] | ||
Assets | ||
Cash and cash equivalents | $ 58,931,911 | $ 24,579,091 |
Interest receivable | 279 | 297 |
Restricted cash | 22,610 | |
Other assets | 7,637 | 153,564 |
Equity in trading accounts: | ||
Due from broker | 7,381,706 | 3,721,388 |
Total assets | 66,321,533 | 28,476,950 |
Liabilities | ||
Management fee payable to Sponsor | 52,145 | 23,226 |
Other liabilities | 3,041 | |
Equity in trading accounts: | ||
Commodity futures contracts | 3,921,588 | 1,924,464 |
Total liabilities | 3,976,774 | 1,947,690 |
Net assets | $ 62,344,759 | $ 26,529,260 |
Shares outstanding | 9,050,004 | 2,900,004 |
Net asset value per share | $ 6.89 | $ 9.15 |
Market value per share | $ 6.88 | $ 9.14 |
Teucrium Agricultural Fund [Member] | ||
Assets | ||
Cash and cash equivalents | $ 2,360 | $ 1,815 |
Interest receivable | 1 | |
Other assets | 508 | 2,974 |
Equity in trading accounts: | ||
Investments in securities, at fair value (cost $2,033,919 and $2,126,379 as of December 31, 2016 and December 31, 2015, respectively) | 1,313,554 | 1,324,601 |
Total assets | 1,316,423 | 1,329,390 |
Liabilities | ||
Other liabilities | 53 | |
Equity in trading accounts: | ||
Net assets | $ 1,316,370 | $ 1,329,390 |
Shares outstanding | 50,002 | 50,002 |
Net asset value per share | $ 26.33 | $ 26.59 |
Market value per share | $ 25.68 | $ 26.47 |
STATEMENTS OF ASSETS AND LIABI3
STATEMENTS OF ASSETS AND LIABILITIES (Parenthetical) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Teucrium Agricultural Fund [Member] | ||
Investments at cost | $ 2,033,919 | $ 2,126,379 |
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | |
Teucrium Commodity Trust - Combined [Member] | Derivative Assets [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 542,647 | $ 380,231 | |
Percentage of Net Assets | 0.35% | 0.38% | |
Notional Amount | $ 10,954,381 | $ 7,462,116 | |
Teucrium Commodity Trust - Combined [Member] | Derivative Assets [Member] | CBOT Soybean Futures One [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 16,175 | ||
Percentage of Net Assets | 0.02% | ||
Notional Amount | $ 1,956,375 | ||
Teucrium Commodity Trust - Combined [Member] | Derivative Assets [Member] | CBOT Soybean Futures Two [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 107,125 | ||
Percentage of Net Assets | 0.07% | ||
Notional Amount | $ 4,518,000 | ||
Teucrium Commodity Trust - Combined [Member] | Derivative Assets [Member] | CBOT Soybean Futures Three [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 250,375 | ||
Percentage of Net Assets | 0.16% | ||
Notional Amount | $ 4,501,088 | ||
Teucrium Commodity Trust - Combined [Member] | Derivative Assets [Member] | ICE Sugar Futures One [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 151,973 | ||
Percentage of Net Assets | 0.15% | ||
Notional Amount | $ 1,921,696 | ||
Teucrium Commodity Trust - Combined [Member] | Derivative Assets [Member] | ICE Sugar Futures Two [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 199,517 | ||
Percentage of Net Assets | 0.20% | ||
Notional Amount | $ 1,656,077 | ||
Teucrium Commodity Trust - Combined [Member] | Derivative Assets [Member] | ICE Sugar Futures Three [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 12,566 | ||
Percentage of Net Assets | 0.01% | ||
Notional Amount | $ 1,927,968 | ||
Teucrium Commodity Trust - Combined [Member] | Derivative Assets [Member] | ICE Sugar Futures Four [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 185,147 | ||
Percentage of Net Assets | 0.12% | ||
Notional Amount | $ 1,935,293 | ||
Teucrium Commodity Trust - Combined [Member] | Fidelity Institutional Money Market Funds - Government Portfolio [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 1,412,423 | ||
Percentage of Net Assets | 0.92% | ||
Shares | 1,412,423 | ||
Teucrium Commodity Trust - Combined [Member] | 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 | ||
Teucrium Commodity Trust - Combined [Member] | Derivative Liabilities [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 5,725,955 | $ 6,071,676 | |
Percentage of Net Assets | 3.72% | 6.10% | |
Notional Amount | $ 143,043,064 | $ 92,147,775 | |
Teucrium Commodity Trust - Combined [Member] | Derivative Liabilities [Member] | CBOT Soybean Futures One [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 30,075 | ||
Percentage of Net Assets | 0.03% | ||
Notional Amount | $ 2,247,050 | ||
Teucrium Commodity Trust - Combined [Member] | Derivative Liabilities [Member] | CBOT Soybean Futures Two [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 208,587 | ||
Percentage of Net Assets | 0.21% | ||
Notional Amount | $ 2,295,150 | ||
Teucrium Commodity Trust - Combined [Member] | Derivative Liabilities [Member] | CBOT Soybean Futures Three [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 12,025 | ||
Percentage of Net Assets | 0.01% | ||
Notional Amount | $ 3,847,500 | ||
Teucrium Commodity Trust - Combined [Member] | Derivative Liabilities [Member] | CBOT Corn Futures One [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 1,910,013 | ||
Percentage of Net Assets | 1.92% | ||
Notional Amount | $ 21,359,700 | ||
Teucrium Commodity Trust - Combined [Member] | 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 | ||
Teucrium Commodity Trust - Combined [Member] | 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 | ||
Teucrium Commodity Trust - Combined [Member] | Derivative Liabilities [Member] | Cbot Corn Futures Four [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 50,713 | ||
Percentage of Net Assets | 0.03% | ||
Notional Amount | $ 25,704,250 | ||
Teucrium Commodity Trust - Combined [Member] | Derivative Liabilities [Member] | Cbot Corn Futures Five [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 576,650 | ||
Percentage of Net Assets | 0.37% | ||
Notional Amount | $ 21,982,488 | ||
Teucrium Commodity Trust - Combined [Member] | Derivative Liabilities [Member] | Cbot Corn Futures Six [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 833,437 | ||
Percentage of Net Assets | 0.54% | ||
Notional Amount | $ 25,593,000 | ||
Teucrium Commodity Trust - Combined [Member] | Derivative Liabilities [Member] | ICE Sugar Futures Five [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 105,829 | ||
Percentage of Net Assets | 0.07% | ||
Notional Amount | $ 1,918,840 | ||
Teucrium Commodity Trust - Combined [Member] | Derivative Liabilities [Member] | ICE Sugar Futures Six [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 225,713 | ||
Percentage of Net Assets | 0.15% | ||
Notional Amount | $ 1,667,848 | ||
Teucrium Commodity Trust - Combined [Member] | Derivative Liabilities [Member] | CBOT Wheat Futures One [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 379,713 | ||
Percentage of Net Assets | 0.38% | ||
Notional Amount | $ 9,291,750 | ||
Teucrium Commodity Trust - Combined [Member] | 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 | ||
Teucrium Commodity Trust - Combined [Member] | 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 | ||
Teucrium Commodity Trust - Combined [Member] | Derivative Liabilities [Member] | CBOT Wheat Futures Four [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 1,011,350 | ||
Percentage of Net Assets | 0.66% | ||
Notional Amount | $ 21,802,925 | ||
Teucrium Commodity Trust - Combined [Member] | Derivative Liabilities [Member] | CBOT Wheat Futures Five [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 213,963 | ||
Percentage of Net Assets | 0.14% | ||
Notional Amount | $ 18,694,463 | ||
Teucrium Commodity Trust - Combined [Member] | Derivative Liabilities [Member] | CBOT Wheat Futures Six [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 2,696,275 | ||
Percentage of Net Assets | 1.75% | ||
Notional Amount | $ 21,831,750 | ||
Teucrium Commodity Trust - Combined [Member] | Exchange Traded Funds [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | [1] | $ 1,313,554 | $ 1,324,601 |
Percentage of Net Assets | [1] | 0.85% | 1.33% |
Teucrium Commodity Trust - Combined [Member] | Exchange Traded Funds [Member] | ETF Teucrium Corn Fund [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | [1] | $ 323,979 | $ 326,157 |
Percentage of Net Assets | [1] | 0.21% | 0.33% |
Shares | [1] | 17,258 | 15,358 |
Teucrium Commodity Trust - Combined [Member] | Exchange Traded Funds [Member] | ETF Teucrium Soybean Fund [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | [1] | $ 315,486 | $ 331,730 |
Percentage of Net Assets | [1] | 0.20% | 0.33% |
Shares | [1] | 16,531 | 19,131 |
Teucrium Commodity Trust - Combined [Member] | Exchange Traded Funds [Member] | ETF Teucrium Sugar Fund [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | [1] | $ 342,822 | $ 345,281 |
Percentage of Net Assets | [1] | 0.22% | 0.35% |
Shares | [1] | 26,424 | 34,474 |
Teucrium Commodity Trust - Combined [Member] | Exchange Traded Funds [Member] | ETF Teucrium Wheat Fund [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | [1] | $ 331,267 | $ 321,433 |
Percentage of Net Assets | [1] | 0.22% | 0.32% |
Shares | [1] | 48,087 | 35,137 |
Teucrium Corn Fund [Member] | Fidelity Institutional Money Market Funds - Government Portfolio [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 692,293 | ||
Percentage of Net Assets | 0.95% | ||
Shares | 692,293 | ||
Teucrium Corn Fund [Member] | 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 | ||
Teucrium Corn Fund [Member] | Derivative Liabilities [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 1,460,800 | $ 3,908,550 | |
Percentage of Net Assets | 2.00% | 6.41% | |
Notional Amount | $ 73,279,738 | $ 61,052,950 | |
Teucrium Corn Fund [Member] | 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 | ||
Teucrium Corn Fund [Member] | 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 | ||
Teucrium Corn Fund [Member] | Derivative Liabilities [Member] | Cbot Corn Futures Three [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 1,072,787 | ||
Percentage of Net Assets | 1.76% | ||
Notional Amount | $ 21,390,550 | ||
Teucrium Corn Fund [Member] | Derivative Liabilities [Member] | Cbot Corn Futures Four [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 50,713 | ||
Percentage of Net Assets | 0.07% | ||
Notional Amount | $ 25,704,250 | ||
Teucrium Corn Fund [Member] | Derivative Liabilities [Member] | Cbot Corn Futures Five [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 576,650 | ||
Percentage of Net Assets | 0.79% | ||
Notional Amount | $ 21,982,488 | ||
Teucrium Corn Fund [Member] | Derivative Liabilities [Member] | Cbot Corn Futures Six [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 833,437 | ||
Percentage of Net Assets | 1.14% | ||
Notional Amount | $ 25,593,000 | ||
Teucrium Soybean Fund [Member] | Derivative Assets [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 357,500 | ||
Percentage of Net Assets | 2.78% | ||
Notional Amount | $ 9,019,088 | ||
Teucrium Soybean Fund [Member] | 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 | ||
Teucrium Soybean Fund [Member] | Derivative Assets [Member] | CBOT Soybean Futures Two [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 107,125 | ||
Percentage of Net Assets | 0.83% | ||
Notional Amount | $ 4,518,000 | ||
Teucrium Soybean Fund [Member] | Derivative Assets [Member] | CBOT Soybean Futures Three [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 250,375 | ||
Percentage of Net Assets | 1.95% | ||
Notional Amount | $ 4,501,088 | ||
Teucrium Soybean Fund [Member] | Fidelity Institutional Money Market Funds - Government Portfolio [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 185,661 | ||
Percentage of Net Assets | 1.44% | ||
Shares | 185,661 | ||
Teucrium Soybean Fund [Member] | 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 | ||
Teucrium Soybean Fund [Member] | Derivative Liabilities [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 238,662 | ||
Percentage of Net Assets | 3.67% | ||
Notional Amount | $ 4,542,200 | ||
Teucrium Soybean Fund [Member] | Derivative Liabilities [Member] | CBOT Soybean Futures One [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 30,075 | ||
Percentage of Net Assets | 0.46% | ||
Notional Amount | $ 2,247,050 | ||
Teucrium Soybean Fund [Member] | Derivative Liabilities [Member] | CBOT Soybean Futures Two [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 208,587 | ||
Percentage of Net Assets | 3.21% | ||
Notional Amount | $ 2,295,150 | ||
Teucrium Soybean Fund [Member] | Derivative Liabilities [Member] | CBOT Soybean Futures Three [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 12,025 | ||
Percentage of Net Assets | 0.09% | ||
Notional Amount | $ 3,847,500 | ||
Teucrium Sugar Fund [Member] | Derivative Assets [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 364,056 | ||
Percentage of Net Assets | 6.61% | ||
Notional Amount | $ 5,505,741 | ||
Teucrium Sugar Fund [Member] | 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 | ||
Teucrium Sugar Fund [Member] | 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 | ||
Teucrium Sugar Fund [Member] | 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 | ||
Teucrium Sugar Fund [Member] | Derivative Assets [Member] | ICE Sugar Futures Four [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 185,147 | ||
Percentage of Net Assets | 3.36% | ||
Shares | 1,935,293 | ||
Teucrium Sugar Fund [Member] | Fidelity Institutional Money Market Funds - Government Portfolio [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 125,182 | ||
Percentage of Net Assets | 2.27% | ||
Shares | 125,182 | ||
Teucrium Sugar Fund [Member] | 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 | ||
Teucrium Sugar Fund [Member] | Derivative Liabilities [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 331,542 | ||
Percentage of Net Assets | 6.01% | ||
Shares | 3,586,688 | ||
Teucrium Sugar Fund [Member] | Derivative Liabilities [Member] | ICE Sugar Futures Five [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 105,829 | ||
Percentage of Net Assets | 1.92% | ||
Shares | 1,918,840 | ||
Teucrium Sugar Fund [Member] | Derivative Liabilities [Member] | ICE Sugar Futures Six [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 225,713 | ||
Percentage of Net Assets | 4.09% | ||
Shares | 1,667,848 | ||
Teucrium Wheat Fund [Member] | Fidelity Institutional Money Market Funds - Government Portfolio [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 406,927 | ||
Percentage of Net Assets | 0.65% | ||
Shares | 406,927 | ||
Teucrium Wheat Fund [Member] | 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 | ||
Teucrium Wheat Fund [Member] | Derivative Liabilities [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 3,921,588 | $ 1,924,464 | |
Percentage of Net Assets | 6.29% | 7.25% | |
Notional Amount | $ 62,329,138 | $ 26,552,625 | |
Teucrium Wheat Fund [Member] | 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 | ||
Teucrium Wheat Fund [Member] | 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 | ||
Teucrium Wheat Fund [Member] | Derivative Liabilities [Member] | CBOT Wheat Futures Three [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 1,213,438 | ||
Percentage of Net Assets | 4.57% | ||
Notional Amount | $ 9,287,250 | ||
Teucrium Wheat Fund [Member] | Derivative Liabilities [Member] | CBOT Wheat Futures Four [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 1,011,350 | ||
Percentage of Net Assets | 1.62% | ||
Notional Amount | $ 21,802,925 | ||
Teucrium Wheat Fund [Member] | Derivative Liabilities [Member] | CBOT Wheat Futures Five [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 213,963 | ||
Percentage of Net Assets | 0.34% | ||
Notional Amount | $ 18,694,463 | ||
Teucrium Wheat Fund [Member] | Derivative Liabilities [Member] | CBOT Wheat Futures Six [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 2,696,275 | ||
Percentage of Net Assets | 4.33% | ||
Notional Amount | $ 21,831,750 | ||
Teucrium Agricultural Fund [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | 1,313,554 | 1,324,601 | |
Teucrium Agricultural Fund [Member] | Fidelity Institutional Money Market Funds - Government Portfolio [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 2,360 | ||
Percentage of Net Assets | 0.18% | ||
Shares | 2,360 | ||
Teucrium Agricultural Fund [Member] | 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 | ||
Teucrium Agricultural Fund [Member] | Exchange Traded Funds [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 1,313,554 | $ 1,324,601 | |
Percentage of Net Assets | 99.79% | 99.63% | |
Teucrium Agricultural Fund [Member] | Exchange Traded Funds [Member] | ETF Teucrium Corn Fund [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 323,979 | $ 326,157 | |
Percentage of Net Assets | 24.61% | 24.53% | |
Shares | 17,258 | 15,358 | |
Teucrium Agricultural Fund [Member] | Exchange Traded Funds [Member] | ETF Teucrium Soybean Fund [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 315,486 | $ 331,730 | |
Percentage of Net Assets | 23.97% | 24.95% | |
Shares | 16,531 | 19,131 | |
Teucrium Agricultural Fund [Member] | Exchange Traded Funds [Member] | ETF Teucrium Sugar Fund [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 342,822 | $ 345,281 | |
Percentage of Net Assets | 26.04% | 25.97% | |
Shares | 26,424 | 34,474 | |
Teucrium Agricultural Fund [Member] | Exchange Traded Funds [Member] | ETF Teucrium Wheat Fund [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 331,267 | $ 321,433 | |
Percentage of Net Assets | 25.17% | 24.18% | |
Shares | 48,087 | 35,137 | |
[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) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Teucrium Commodity Trust - Combined [Member] | Fidelity Institutional Prime Money Market Portfolio [Member] | |||
Investment at cost | $ 2,539,642 | ||
Teucrium Commodity Trust - Combined [Member] | Derivative Assets [Member] | CBOT Soybean Futures One [Member] | |||
Number of contracts | 45 | ||
Teucrium Commodity Trust - Combined [Member] | Derivative Assets [Member] | ICE Sugar Futures One [Member] | |||
Number of contracts | 115 | ||
Teucrium Commodity Trust - Combined [Member] | Derivative Assets [Member] | ICE Sugar Futures Two [Member] | |||
Number of contracts | 101 | ||
Teucrium Commodity Trust - Combined [Member] | Derivative Assets [Member] | ICE Sugar Futures Three [Member] | |||
Number of contracts | 114 | ||
Teucrium Commodity Trust - Combined [Member] | Derivative Assets [Member] | CBOT Soybean Futures Two [Member] | |||
Number of contracts | 90 | ||
Teucrium Commodity Trust - Combined [Member] | Derivative Assets [Member] | CBOT Soybean Futures Three [Member] | |||
Number of contracts | 91 | ||
Teucrium Commodity Trust - Combined [Member] | Derivative Assets [Member] | ICE Sugar Futures Four [Member] | |||
Number of contracts | 93 | ||
Teucrium Commodity Trust - Combined [Member] | Derivative Liabilities [Member] | CBOT Soybean Futures One [Member] | |||
Number of contracts | 52 | ||
Teucrium Commodity Trust - Combined [Member] | Derivative Liabilities [Member] | CBOT Corn Futures One [Member] | |||
Number of contracts | 1,172 | ||
Teucrium Commodity Trust - Combined [Member] | Derivative Liabilities [Member] | CBOT Corn Futures Two [Member] | |||
Number of contracts | 988 | ||
Teucrium Commodity Trust - Combined [Member] | Derivative Liabilities [Member] | Cbot Corn Futures Three [Member] | |||
Number of contracts | 1,117 | ||
Teucrium Commodity Trust - Combined [Member] | Derivative Liabilities [Member] | CBOT Soybean Futures Two [Member] | |||
Number of contracts | 52 | ||
Teucrium Commodity Trust - Combined [Member] | Derivative Liabilities [Member] | CBOT Wheat Futures One [Member] | |||
Number of contracts | 390 | ||
Teucrium Commodity Trust - Combined [Member] | Derivative Liabilities [Member] | CBOT Wheat Futures Two [Member] | |||
Number of contracts | 330 | ||
Teucrium Commodity Trust - Combined [Member] | Derivative Liabilities [Member] | CBOT Wheat Futures Three [Member] | |||
Number of contracts | 366 | ||
Teucrium Commodity Trust - Combined [Member] | Derivative Liabilities [Member] | CBOT Soybean Futures Three [Member] | |||
Number of contracts | 76 | ||
Teucrium Commodity Trust - Combined [Member] | Derivative Liabilities [Member] | CBOT Wheat Futures Four [Member] | |||
Number of contracts | 1,037 | ||
Teucrium Commodity Trust - Combined [Member] | Derivative Liabilities [Member] | Cbot Corn Futures Five [Member] | |||
Number of contracts | 1,207 | ||
Teucrium Commodity Trust - Combined [Member] | Derivative Liabilities [Member] | Cbot Corn Futures Six [Member] | |||
Number of contracts | 1,347 | ||
Teucrium Commodity Trust - Combined [Member] | Derivative Liabilities [Member] | ICE Sugar Futures Five [Member] | |||
Number of contracts | 89 | ||
Teucrium Commodity Trust - Combined [Member] | Derivative Liabilities [Member] | ICE Sugar Futures Six [Member] | |||
Number of contracts | 79 | ||
Teucrium Commodity Trust - Combined [Member] | Derivative Liabilities [Member] | CBOT Wheat Futures Five [Member] | |||
Number of contracts | 861 | ||
Teucrium Commodity Trust - Combined [Member] | Derivative Liabilities [Member] | CBOT Wheat Futures Six [Member] | |||
Number of contracts | 939 | ||
Teucrium Commodity Trust - Combined [Member] | Derivative Liabilities [Member] | Cbot Corn Futures Four [Member] | |||
Number of contracts | 1,438 | ||
Teucrium Commodity Trust - Combined [Member] | Exchange Traded Funds [Member] | |||
Investment at cost | $ 2,033,919 | $ 2,126,379 | [1] |
Teucrium Commodity Trust - Combined [Member] | Fidelity Institutional Money Market Funds - Government Portfolio [Member] | |||
Investment at cost | $ 1,412,423 | ||
Teucrium Corn Fund [Member] | Fidelity Institutional Prime Money Market Portfolio [Member] | |||
Investment at cost | $ 899,313 | ||
Teucrium Corn Fund [Member] | Derivative Liabilities [Member] | CBOT Corn Futures One [Member] | |||
Number of contracts | 1,172 | ||
Teucrium Corn Fund [Member] | Derivative Liabilities [Member] | CBOT Corn Futures Two [Member] | |||
Number of contracts | 988 | ||
Teucrium Corn Fund [Member] | Derivative Liabilities [Member] | Cbot Corn Futures Three [Member] | |||
Number of contracts | 1,117 | ||
Teucrium Corn Fund [Member] | Derivative Liabilities [Member] | CBOT Wheat Futures Four [Member] | |||
Number of contracts | 1,438 | ||
Teucrium Corn Fund [Member] | Derivative Liabilities [Member] | Cbot Corn Futures Five [Member] | |||
Number of contracts | 1,207 | ||
Teucrium Corn Fund [Member] | Derivative Liabilities [Member] | Cbot Corn Futures Six [Member] | |||
Number of contracts | 1,347 | ||
Teucrium Corn Fund [Member] | Fidelity Institutional Money Market Funds - Government Portfolio [Member] | |||
Investment at cost | $ 692,293 | ||
Teucrium Soybean Fund [Member] | Fidelity Institutional Prime Money Market Portfolio [Member] | |||
Investment at cost | $ 161,718 | ||
Teucrium Soybean Fund [Member] | Derivative Assets [Member] | CBOT Soybean Futures One [Member] | |||
Number of contracts | 45 | ||
Teucrium Soybean Fund [Member] | Derivative Assets [Member] | CBOT Soybean Futures Two [Member] | |||
Number of contracts | 90 | ||
Teucrium Soybean Fund [Member] | Derivative Assets [Member] | CBOT Soybean Futures Three [Member] | |||
Number of contracts | 91 | ||
Teucrium Soybean Fund [Member] | Derivative Liabilities [Member] | CBOT Soybean Futures One [Member] | |||
Number of contracts | 52 | ||
Teucrium Soybean Fund [Member] | Derivative Liabilities [Member] | CBOT Soybean Futures Two [Member] | |||
Number of contracts | 52 | ||
Teucrium Soybean Fund [Member] | Derivative Liabilities [Member] | CBOT Soybean Futures Three [Member] | |||
Number of contracts | 76 | ||
Teucrium Soybean Fund [Member] | Fidelity Institutional Money Market Funds - Government Portfolio [Member] | |||
Investment at cost | $ 185,661 | ||
Teucrium Sugar Fund [Member] | Fidelity Institutional Prime Money Market Portfolio [Member] | |||
Investment at cost | $ 297,460 | ||
Teucrium Sugar Fund [Member] | Derivative Assets [Member] | ICE Sugar Futures One [Member] | |||
Number of contracts | 115 | ||
Teucrium Sugar Fund [Member] | Derivative Assets [Member] | ICE Sugar Futures Two [Member] | |||
Number of contracts | 101 | ||
Teucrium Sugar Fund [Member] | Derivative Assets [Member] | ICE Sugar Futures Three [Member] | |||
Number of contracts | 114 | ||
Teucrium Sugar Fund [Member] | Derivative Assets [Member] | ICE Sugar Futures Four [Member] | |||
Number of contracts | 93 | ||
Teucrium Sugar Fund [Member] | Derivative Liabilities [Member] | ICE Sugar Futures Five [Member] | |||
Number of contracts | 89 | ||
Teucrium Sugar Fund [Member] | Derivative Liabilities [Member] | ICE Sugar Futures Six [Member] | |||
Number of contracts | 79 | ||
Teucrium Sugar Fund [Member] | Fidelity Institutional Money Market Funds - Government Portfolio [Member] | |||
Investment at cost | $ 125,182 | ||
Teucrium Wheat Fund [Member] | Fidelity Institutional Prime Money Market Portfolio [Member] | |||
Investment at cost | $ 1,179,366 | ||
Teucrium Wheat Fund [Member] | Derivative Liabilities [Member] | CBOT Wheat Futures One [Member] | |||
Number of contracts | 390 | ||
Teucrium Wheat Fund [Member] | Derivative Liabilities [Member] | CBOT Wheat Futures Two [Member] | |||
Number of contracts | 330 | ||
Teucrium Wheat Fund [Member] | Derivative Liabilities [Member] | CBOT Wheat Futures Three [Member] | |||
Number of contracts | 366 | ||
Teucrium Wheat Fund [Member] | Derivative Liabilities [Member] | CBOT Wheat Futures Four [Member] | |||
Number of contracts | 1,037 | ||
Teucrium Wheat Fund [Member] | Derivative Liabilities [Member] | CBOT Wheat Futures Five [Member] | |||
Number of contracts | 861 | ||
Teucrium Wheat Fund [Member] | Derivative Liabilities [Member] | CBOT Wheat Futures Six [Member] | |||
Number of contracts | 939 | ||
Teucrium Wheat Fund [Member] | Fidelity Institutional Money Market Funds - Government Portfolio [Member] | |||
Investment at cost | $ 406,927 | ||
Teucrium Agricultural Fund [Member] | |||
Investment at cost | 2,033,919 | $ 2,126,379 | |
Teucrium Agricultural Fund [Member] | Fidelity Institutional Prime Money Market Portfolio [Member] | |||
Investment at cost | 1,815 | ||
Teucrium Agricultural Fund [Member] | Exchange Traded Funds [Member] | |||
Investment at cost | 2,033,919 | $ 2,126,379 | |
Teucrium Agricultural Fund [Member] | Fidelity Institutional Money Market Funds - Government Portfolio [Member] | |||
Investment at cost | $ 2,360 | ||
[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
STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Teucrium Commodity Trust - Combined [Member] | |||
Income | |||
Realized income (loss) on commodity futures contracts | $ (16,163,531) | $ (15,729,142) | $ (14,566,828) |
Net change in unrealized appreciation or depreciation on commodity futures contracts | 508,136 | (7,378,689) | 7,476,470 |
Interest income (loss) | 725,493 | 221,809 | 48,353 |
Total income (loss) | (14,929,902) | (22,886,022) | (7,042,005) |
Expenses | |||
Management fees | 1,309,046 | 1,143,253 | 1,287,226 |
Professional fees | 1,540,639 | 1,197,938 | 1,044,808 |
Distribution and marketing fees | 2,287,894 | 1,763,168 | 1,656,797 |
Custodian fees and expenses | 359,937 | 779,473 | 158,963 |
Business permits and licenses fees | 104,956 | 88,529 | 161,525 |
General and administrative expenses | 286,251 | 311,620 | 250,198 |
Brokerage commissions | 155,345 | 71,854 | 171,561 |
Other expenses | 102,591 | 60,809 | 83,821 |
Total expenses | 6,146,659 | 5,416,644 | 4,814,899 |
Expenses waived by the Sponsor | (838,015) | (980,683) | (640,328) |
Reimbursement of expenses previously waived | 379,753 | ||
Total expenses, net | 5,308,644 | 4,435,961 | 4,554,324 |
Net income (loss) | (20,238,546) | (27,321,983) | (11,596,329) |
Teucrium Corn Fund [Member] | |||
Income | |||
Realized income (loss) on commodity futures contracts | (9,438,913) | (8,533,650) | (11,085,713) |
Net change in unrealized appreciation or depreciation on commodity futures contracts | 2,447,750 | (5,660,263) | 6,636,500 |
Interest income (loss) | 396,679 | 146,905 | 35,595 |
Total income (loss) | (6,594,484) | (14,047,008) | (4,413,618) |
Expenses | |||
Management fees | 719,183 | 779,808 | 986,771 |
Professional fees | 1,049,134 | 745,650 | 549,545 |
Distribution and marketing fees | 1,160,864 | 1,199,576 | 1,248,005 |
Custodian fees and expenses | 183,452 | 187,264 | 129,195 |
Business permits and licenses fees | 16,887 | 26,852 | 30,584 |
General and administrative expenses | 142,932 | 206,490 | 175,207 |
Brokerage commissions | 96,725 | 41,250 | 150,086 |
Other expenses | 42,739 | 45,642 | 61,011 |
Total expenses | 3,411,916 | 3,232,532 | 3,330,404 |
Expenses waived by the Sponsor | (442,333) | (96,068) | (105,270) |
Reimbursement of expenses previously waived | 308,312 | ||
Total expenses, net | 2,969,583 | 3,136,464 | 3,533,446 |
Net income (loss) | $ (9,564,067) | $ (17,183,472) | $ (7,947,064) |
Net income (loss) per share (in dollars per share) | $ (2.47) | $ (5.38) | $ (4.02) |
Net income (loss) per weighted average share (in dollars per share) | $ (2.66) | $ (5.30) | $ (2.30) |
Weighted average shares outstanding (in shares) | 3,598,843 | 3,243,223 | 3,460,141 |
Teucrium Soybean Fund [Member] | |||
Income | |||
Realized income (loss) on commodity futures contracts | $ 939,088 | $ (1,355,738) | $ (278,763) |
Net change in unrealized appreciation or depreciation on commodity futures contracts | 567,962 | 54,526 | (88,150) |
Interest income (loss) | 65,157 | 13,129 | 1,938 |
Total income (loss) | 1,572,207 | (1,288,083) | (364,975) |
Expenses | |||
Management fees | 118,439 | 73,362 | 55,964 |
Professional fees | 113,387 | 148,286 | 92,777 |
Distribution and marketing fees | 218,086 | 117,180 | 61,258 |
Custodian fees and expenses | 34,515 | 146,752 | 5,811 |
Business permits and licenses fees | 18,288 | 16,608 | 22,120 |
General and administrative expenses | 32,260 | 21,654 | 10,923 |
Brokerage commissions | 1,507 | 6,043 | 2,376 |
Other expenses | 10,111 | 4,465 | 6,679 |
Total expenses | 546,593 | 534,350 | 257,908 |
Expenses waived by the Sponsor | (68,914) | (304,609) | (65,617) |
Reimbursement of expenses previously waived | 25,139 | ||
Total expenses, net | 477,679 | 229,741 | 217,430 |
Net income (loss) | $ 1,094,528 | $ (1,517,824) | $ (582,405) |
Net income (loss) per share (in dollars per share) | $ 1.74 | $ (3.45) | $ (2.16) |
Net income (loss) per weighted average share (in dollars per share) | $ 1.76 | $ (3.93) | $ (2.31) |
Weighted average shares outstanding (in shares) | 623,023 | 386,237 | 251,648 |
Teucrium Sugar Fund [Member] | |||
Income | |||
Realized income (loss) on commodity futures contracts | $ 1,967,694 | $ (1,279,891) | $ (131,410) |
Net change in unrealized appreciation or depreciation on commodity futures contracts | (510,451) | 868,011 | (320,555) |
Interest income (loss) | 32,048 | 7,670 | 813 |
Total income (loss) | 1,489,291 | (404,210) | (451,152) |
Expenses | |||
Management fees | 56,277 | 35,486 | 27,285 |
Professional fees | 46,951 | 65,660 | 71,226 |
Distribution and marketing fees | 115,498 | 55,723 | 37,936 |
Custodian fees and expenses | 18,575 | 139,745 | 3,965 |
Business permits and licenses fees | 18,524 | 15,726 | 13,066 |
General and administrative expenses | 17,542 | 8,732 | 12,278 |
Brokerage commissions | 8,681 | 4,000 | 3,000 |
Other expenses | 6,261 | 2,751 | 2,350 |
Total expenses | 288,309 | 327,823 | 171,106 |
Expenses waived by the Sponsor | (148,281) | (256,227) | (119,696) |
Total expenses, net | 140,028 | 71,596 | 51,410 |
Net income (loss) | $ 1,349,263 | $ (475,806) | $ (502,562) |
Net income (loss) per share (in dollars per share) | $ 2.95 | $ (1.81) | $ (2.27) |
Net income (loss) per weighted average share (in dollars per share) | $ 2.66 | $ (1.28) | $ (2.56) |
Weighted average shares outstanding (in shares) | 507,654 | 373,018 | 195,963 |
Teucrium Wheat Fund [Member] | |||
Income | |||
Realized income (loss) on commodity futures contracts | $ (9,631,400) | $ (4,559,863) | $ (2,486,162) |
Net change in unrealized appreciation or depreciation on commodity futures contracts | (1,997,125) | (2,640,963) | 1,415,175 |
Interest income (loss) | 231,598 | 54,109 | 9,064 |
Total income (loss) | (11,396,927) | (7,146,717) | (1,061,923) |
Expenses | |||
Management fees | 415,147 | 254,597 | 183,042 |
Professional fees | 319,007 | 213,241 | 161,791 |
Distribution and marketing fees | 777,708 | 374,436 | 237,457 |
Custodian fees and expenses | 120,829 | 171,747 | 11,175 |
Business permits and licenses fees | 39,116 | 13,803 | 26,622 |
General and administrative expenses | 91,644 | 66,012 | 24,564 |
Brokerage commissions | 48,209 | 20,561 | 15,896 |
Other expenses | 42,922 | 7,307 | 10,960 |
Total expenses | 1,854,582 | 1,121,704 | 671,507 |
Expenses waived by the Sponsor | (140,028) | (130,716) | (31,697) |
Reimbursement of expenses previously waived | 46,302 | ||
Total expenses, net | 1,714,554 | 990,988 | 686,112 |
Net income (loss) | $ (13,111,481) | $ (8,137,705) | $ (1,748,035) |
Net income (loss) per share (in dollars per share) | $ (2.26) | $ (3.57) | $ (2.12) |
Net income (loss) per weighted average share (in dollars per share) | $ (2.45) | $ (3.29) | $ (1.24) |
Weighted average shares outstanding (in shares) | 5,340,851 | 2,470,483 | 1,408,223 |
Teucrium Agricultural Fund [Member] | |||
Income | |||
Realized loss on securities | $ (87,644) | $ (266,180) | $ (183,067) |
Net change in unrealized appreciation or depreciation on securities | 81,413 | (50,002) | (51,434) |
Interest income (loss) | 11 | (4) | (8) |
Total income (loss) | (6,220) | (316,186) | (234,509) |
Expenses | |||
Professional fees | 12,160 | 25,101 | 34,828 |
Distribution and marketing fees | 15,738 | 16,253 | 20,981 |
Custodian fees and expenses | 2,566 | 133,965 | 1,506 |
Business permits and licenses fees | 12,141 | 15,540 | 19,036 |
General and administrative expenses | 1,873 | 8,732 | 9,092 |
Brokerage commissions | 223 | ||
Other expenses | 558 | 645 | 854 |
Total expenses | 45,259 | 200,236 | 86,297 |
Expenses waived by the Sponsor | (38,459) | (193,063) | (77,113) |
Total expenses, net | 6,800 | 7,173 | 9,184 |
Net income (loss) | $ (13,020) | $ (323,359) | $ (243,693) |
Net income (loss) per share (in dollars per share) | $ (0.26) | $ (6.46) | $ (4.88) |
Net income (loss) per weighted average share (in dollars per share) | $ (0.26) | $ (6.47) | $ (4.87) |
Weighted average shares outstanding (in shares) | 50,002 | 50,002 | 50,002 |
STATEMENTS OF CHANGES IN NET AS
STATEMENTS OF CHANGES IN NET ASSETS - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Teucrium Commodity Trust - Combined [Member] | |||
Operations | |||
Net income (loss) | $ (20,238,546) | $ (27,321,983) | $ (11,596,329) |
Capital transactions | |||
Issuance of Shares | 121,278,251 | 32,803,944 | 194,483,531 |
Redemption of Shares | (46,688,821) | (51,232,764) | (102,411,535) |
Net change in the cost of the Underlying Funds | 4,816 | 318 | 9,395 |
Total capital transactions | 74,594,246 | (18,428,502) | 92,081,391 |
Net change in net assets | 54,355,700 | (45,750,485) | 80,485,062 |
Net assets, beginning of period | 99,601,487 | 145,351,972 | 64,866,910 |
Net assets, end of period | 153,957,187 | 99,601,487 | 145,351,972 |
Teucrium Corn Fund [Member] | |||
Operations | |||
Net income (loss) | (9,564,067) | (17,183,472) | (7,947,064) |
Capital transactions | |||
Issuance of Shares | 57,591,933 | 8,538,198 | 146,789,763 |
Redemption of Shares | (35,870,548) | (38,758,010) | (77,882,812) |
Total capital transactions | 21,721,385 | (30,219,812) | 68,906,951 |
Net change in net assets | 12,157,318 | (47,403,284) | 60,959,887 |
Net assets, beginning of period | 61,056,223 | 108,459,507 | 47,499,620 |
Net assets, end of period | $ 73,213,541 | $ 61,056,223 | $ 108,459,507 |
Net asset value per share at beginning of period | $ 21.24 | $ 26.62 | $ 30.64 |
Net asset value per share at end of period | $ 18.77 | $ 21.24 | $ 26.62 |
Creation of Shares | 2,875,000 | 350,000 | 5,050,000 |
Redemption of Shares | 1,850,000 | 1,550,000 | 2,525,000 |
Teucrium Soybean Fund [Member] | |||
Operations | |||
Net income (loss) | $ 1,094,528 | $ (1,517,824) | $ (582,405) |
Capital transactions | |||
Issuance of Shares | 9,190,140 | 2,478,439 | 10,769,361 |
Redemption of Shares | (3,905,120) | (6,414,212) | (2,247,779) |
Total capital transactions | 5,285,020 | (3,935,773) | 8,521,582 |
Net change in net assets | 6,379,548 | (5,453,597) | 7,939,177 |
Net assets, beginning of period | 6,502,552 | 11,956,149 | 4,016,972 |
Net assets, end of period | $ 12,882,100 | $ 6,502,552 | $ 11,956,149 |
Net asset value per share at beginning of period | $ 17.34 | $ 20.79 | $ 22.95 |
Net asset value per share at end of period | $ 19.08 | $ 17.34 | $ 20.79 |
Creation of Shares | 500,000 | 125,000 | 500,000 |
Redemption of Shares | 200,000 | 325,000 | 100,000 |
Teucrium Sugar Fund [Member] | |||
Operations | |||
Net income (loss) | $ 1,349,263 | $ (475,806) | $ (502,562) |
Capital transactions | |||
Issuance of Shares | 2,805,578 | 3,767,602 | 1,067,083 |
Redemption of Shares | (4,149,533) | (444,345) | (371,712) |
Total capital transactions | (1,343,955) | 3,323,257 | 695,371 |
Net change in net assets | 5,308 | 2,847,451 | 192,809 |
Net assets, beginning of period | 5,508,663 | 2,661,212 | 2,468,403 |
Net assets, end of period | $ 5,513,971 | $ 5,508,663 | $ 2,661,212 |
Net asset value per share at beginning of period | $ 10.02 | $ 11.83 | $ 14.10 |
Net asset value per share at end of period | $ 12.97 | $ 10.02 | $ 11.83 |
Creation of Shares | 250,000 | 375,000 | 75,000 |
Redemption of Shares | 375,000 | 50,000 | 25,000 |
Teucrium Wheat Fund [Member] | |||
Operations | |||
Net income (loss) | $ (13,111,481) | $ (8,137,705) | $ (1,748,035) |
Capital transactions | |||
Issuance of Shares | 51,690,600 | 18,019,705 | 34,552,580 |
Redemption of Shares | (2,763,620) | (5,616,197) | (17,589,175) |
Total capital transactions | 48,926,980 | 12,403,508 | 16,963,405 |
Net change in net assets | 35,815,499 | 4,265,803 | 15,215,370 |
Net assets, beginning of period | 26,529,260 | 22,263,457 | 7,048,087 |
Net assets, end of period | $ 62,344,759 | $ 26,529,260 | $ 22,263,457 |
Net asset value per share at beginning of period | $ 9.15 | $ 12.72 | $ 14.84 |
Net asset value per share at end of period | $ 6.89 | $ 9.15 | $ 12.72 |
Creation of Shares | 6,475,000 | 1,675,000 | 2,575,000 |
Redemption of Shares | 325,000 | 525,000 | 1,300,000 |
Teucrium Agricultural Fund [Member] | |||
Operations | |||
Net income (loss) | $ (13,020) | $ (323,359) | $ (243,693) |
Capital transactions | |||
Net change in net assets | (13,020) | (323,359) | (243,693) |
Net assets, beginning of period | 1,329,390 | 1,652,749 | 1,896,442 |
Net assets, end of period | $ 1,316,370 | $ 1,329,390 | $ 1,652,749 |
Net asset value per share at beginning of period | $ 26.59 | $ 33.05 | $ 37.93 |
Net asset value per share at end of period | $ 26.33 | $ 26.59 | $ 33.05 |
Creation of Shares | |||
Redemption of Shares |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Teucrium Commodity Trust - Combined [Member] | |||
Cash flows from operating activities: | |||
Net income (loss) | $ (20,238,546) | $ (27,321,983) | $ (11,596,329) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Net change in unrealized appreciation or depreciation on commodity futures contracts | (508,136) | 7,378,689 | (7,476,470) |
Changes in operating assets and liabilities: | |||
Due from broker | (1,992,193) | (8,824,417) | 8,802,314 |
Interest receivable | 67 | 9,219 | (5,895) |
Restricted cash | 155,999 | (307,683) | |
Other assets | 696,315 | (130,874) | (210,031) |
Due to broker | (60,805) | (36,797) | |
Management fee payable to Sponsor | 46,338 | (48,962) | 78,727 |
Other liabilities | 7,769 | (130,524) | 83,297 |
Net cash provided by (used in) operating activities | (21,832,387) | (29,437,340) | (10,361,184) |
Cash flows from financing activities: | |||
Proceeds from sale of Shares | 121,278,251 | 32,803,944 | 194,483,531 |
Redemption of Shares | (46,688,821) | (53,228,949) | (100,415,350) |
Net change in cost of the Underlying Funds | 4,816 | 318 | 9,395 |
Net cash provided by (used in) financing activities | 74,594,246 | (20,424,687) | 94,077,576 |
Net change in cash and cash equivalents | 52,761,859 | (49,862,027) | 83,716,392 |
Cash and cash equivalents, beginning of period | 92,561,610 | 142,423,637 | 58,707,245 |
Cash and cash equivalents, end of period | 145,323,469 | 92,561,610 | 142,423,637 |
Teucrium Corn Fund [Member] | |||
Cash flows from operating activities: | |||
Net income (loss) | (9,564,067) | (17,183,472) | (7,947,064) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Net change in unrealized appreciation or depreciation on commodity futures contracts | (2,447,750) | 5,660,263 | (6,636,500) |
Changes in operating assets and liabilities: | |||
Due from broker | 1,741,282 | (5,792,163) | 8,238,438 |
Interest receivable | 40 | 6,950 | (4,353) |
Other assets | 494,901 | (67,356) | (223,365) |
Management fee payable to Sponsor | 11,436 | (45,069) | 56,952 |
Other liabilities | 4,968 | (111,563) | 66,032 |
Net cash provided by (used in) operating activities | (9,759,190) | (17,532,410) | (6,449,860) |
Cash flows from financing activities: | |||
Proceeds from sale of Shares | 57,591,933 | 8,538,198 | 146,789,763 |
Redemption of Shares | (35,870,548) | (40,754,195) | (75,886,627) |
Net cash provided by (used in) financing activities | 21,721,385 | (32,215,997) | 70,903,136 |
Net change in cash and cash equivalents | 11,962,195 | (49,748,407) | 64,453,276 |
Cash and cash equivalents, beginning of period | 57,110,089 | 106,858,496 | 42,405,220 |
Cash and cash equivalents, end of period | 69,072,284 | 57,110,089 | 106,858,496 |
Teucrium Soybean Fund [Member] | |||
Cash flows from operating activities: | |||
Net income (loss) | 1,094,528 | (1,517,824) | (582,405) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Net change in unrealized appreciation or depreciation on commodity futures contracts | (567,962) | (54,526) | 88,150 |
Changes in operating assets and liabilities: | |||
Due from broker | 433,693 | 97,434 | (301,348) |
Interest receivable | 13 | 735 | (528) |
Restricted cash | 65,000 | (142,616) | |
Other assets | 45,514 | (7,806) | 3,688 |
Management fee payable to Sponsor | 5,983 | (4,538) | 6,955 |
Other liabilities | 770 | (3,050) | 3,903 |
Net cash provided by (used in) operating activities | 1,077,539 | (1,632,191) | (781,585) |
Cash flows from financing activities: | |||
Proceeds from sale of Shares | 9,190,140 | 2,478,439 | 10,769,361 |
Redemption of Shares | (3,905,120) | (6,414,212) | (2,247,779) |
Net cash provided by (used in) financing activities | 5,285,020 | (3,935,773) | 8,521,582 |
Net change in cash and cash equivalents | 6,362,559 | (5,567,964) | 7,739,997 |
Cash and cash equivalents, beginning of period | 5,937,824 | 11,505,788 | 3,765,791 |
Cash and cash equivalents, end of period | 12,300,383 | 5,937,824 | 11,505,788 |
Teucrium Sugar Fund [Member] | |||
Cash flows from operating activities: | |||
Net income (loss) | 1,349,263 | (475,806) | (502,562) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Net change in unrealized appreciation or depreciation on commodity futures contracts | 510,451 | (868,011) | 320,555 |
Changes in operating assets and liabilities: | |||
Due from broker | (506,850) | 591,700 | (388,444) |
Interest receivable | (2) | 124 | (14) |
Restricted cash | 68,389 | (142,457) | |
Other assets | 7,507 | 14,077 | (2,376) |
Other liabilities | (1,063) | 569 | 431 |
Net cash provided by (used in) operating activities | 1,427,695 | (879,804) | (572,410) |
Cash flows from financing activities: | |||
Proceeds from sale of Shares | 2,805,578 | 3,767,602 | 1,067,083 |
Redemption of Shares | (4,149,533) | (444,345) | (371,712) |
Net cash provided by (used in) financing activities | (1,343,955) | 3,323,257 | 695,371 |
Net change in cash and cash equivalents | 83,740 | 2,443,453 | 122,961 |
Cash and cash equivalents, beginning of period | 4,932,791 | 2,489,338 | 2,366,377 |
Cash and cash equivalents, end of period | 5,016,531 | 4,932,791 | 2,489,338 |
Teucrium Wheat Fund [Member] | |||
Cash flows from operating activities: | |||
Net income (loss) | (13,111,481) | (8,137,705) | (1,748,035) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Net change in unrealized appreciation or depreciation on commodity futures contracts | 1,997,125 | 2,640,963 | (1,415,175) |
Changes in operating assets and liabilities: | |||
Due from broker | (3,660,318) | (3,721,388) | 1,253,668 |
Interest receivable | 17 | 1,410 | (1,257) |
Restricted cash | 22,610 | (22,610) | |
Other assets | 145,927 | (76,816) | (26,188) |
Due to broker | (60,805) | 60,805 | |
Management fee payable to Sponsor | 28,919 | 645 | 16,491 |
Other liabilities | 3,041 | (16,479) | 13,015 |
Net cash provided by (used in) operating activities | (14,574,160) | (9,392,785) | (1,846,676) |
Cash flows from financing activities: | |||
Proceeds from sale of Shares | 51,690,600 | 18,019,705 | 34,552,580 |
Redemption of Shares | (2,763,620) | (5,616,197) | (17,589,175) |
Net cash provided by (used in) financing activities | 48,926,980 | 12,403,508 | 16,963,405 |
Net change in cash and cash equivalents | 34,352,820 | 3,010,723 | 15,116,729 |
Cash and cash equivalents, beginning of period | 24,579,091 | 21,568,368 | 6,451,639 |
Cash and cash equivalents, end of period | 58,931,911 | 24,579,091 | 21,568,368 |
Teucrium Agricultural Fund [Member] | |||
Cash flows from operating activities: | |||
Net income (loss) | (13,020) | (323,359) | (243,693) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Net change in unrealized appreciation or depreciation on securities | (81,413) | 50,002 | 51,434 |
Changes in operating assets and liabilities: | |||
Net sale of investments in securities | 92,460 | 266,498 | 192,461 |
Interest receivable | (1) | ||
Other assets | 2,466 | 7,027 | (1,435) |
Other liabilities | 53 | ||
Net cash provided by (used in) operating activities | 545 | 168 | (1,233) |
Cash flows from financing activities: | |||
Net change in cash and cash equivalents | 545 | 168 | (1,233) |
Cash and cash equivalents, beginning of period | 1,815 | 1,647 | 2,880 |
Cash and cash equivalents, end of period | $ 2,360 | $ 1,815 | $ 1,647 |
Organization and Operation
Organization and Operation | 12 Months Ended |
Dec. 31, 2016 | |
Teucrium Commodity Trust - Combined [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 additional series, the Teucrium Natural Gas Fund (“NAGS”) and the Teucrium WTI Crude Oil Fund (“CRUD”) commenced operations in 2011; these, however, ceased trading and were deregistered effective with the close of trading on December 18, 2014. Liquidation of NAGS and CRUD was completed prior to December 31, 2014 and the Form 15 was filed on January 9, 2015. 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 Creation Baskets for CORN were issued representing 200,000 shares and $5,000,000. CORN began trading on the New York Stock Exchange (“NYSE”) Arca on June 9, 2010. On April 29, 2016, a second subsequent registration statement for CORN was declared effective by the SEC. 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 Creation Baskets were issued for each Fund, representing 100,000 shares and $2,500,000, for CANE, SOYB, and WEAT. On September 19, 2011, CANE, SOYB, and WEAT started trading on the NYSE Arca. On June 30, 2014, subsequent registration statements for CANE, SOYB and WEAT were declared effective by the SEC. On July 15, 2016, a subsequent registration statement for WEAT was declared effective. This registration statement for WEAT registered an additional 24,050,000 shares. On February 10, 2012, the initial Form S-1 for TAGS was declared effective by the SEC. On March 27, 2012, six Creation Baskets for TAGS were issued representing 300,000 shares and $15,000,000. TAGS began trading on the NYSE Arca on March 28, 2012. On April 30, 2015, a subsequent registration statement for TAGS was declared effective by the SEC. 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% to each Underlying Fund, and the Fund’s assets will be rebalanced to maintain the approximate 25% allocation to each Underlying Fund. 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. |
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 Shares at their Net Asset Value (“NAV”) to “Authorized Purchasers” through Foreside Fund Services, LLC, which is the distributor for the Fund (the “Distributor”). Authorized Purchasers sell such Shares, which are listed on the New York Stock Exchange (“NYSE”) Arca under the symbol “CORN,” to the public at per-Share offering prices that reflect, among other factors, the trading price of the Shares on the NYSE Arca, the NAV of the Fund at the time the Authorized Purchaser purchased the Creation Baskets and the NAV at the time of the offer of the Shares to the public, the supply of and demand for Shares at the time of sale, and the liquidity of the markets for corn interests. The Fund’s Shares trade in the secondary market on the NYSE Arca at prices that are lower or higher than their NAV per Share. 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%, (2) the third-to-expire CBOT Corn Futures Contract, weighted 30%, and (3) the CBOT Corn Futures Contract expiring in the December following the expiration month of the third-to-expire contract, weighted 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 shares on Form S-1 was declared effective by the U.S. Securities and Exchange Commission (“SEC”). On June 9, 2010, the Fund listed its shares on the NYSE Arca under the ticker symbol “CORN.” On the day prior to that, the Fund issued 200,000 shares in exchange for $5,000,000 at the Fund’s initial NAV of $25 per share. The Fund also commenced investment operations on June 9, 2010 by purchasing commodity futures contracts traded on the CBOT. On April 29, 2016, a second subsequent registration statement for CORN was declared effective by the SEC. 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. |
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 Shares at their Net Asset Value (“NAV”) to “Authorized Purchasers” through Foreside Fund Services, LLC, which is the distributor for the Fund (the “Distributor”). Authorized Purchasers sell such Shares, which are listed on the New York Stock Exchange (“NYSE”) Arca under the symbol “SOYB,” to the public at per-Share offering prices that reflect, among other factors, the trading price of the Shares on the NYSE Arca, the NAV of the Fund at the time the Authorized Purchaser purchased the Creation Baskets and the NAV at the time of the offer of the Shares to the public, the supply of and demand for Shares at the time of sale, and the liquidity of the markets for soybean interests. The Fund’s Shares trade in the secondary market on the NYSE Arca at prices that are lower or higher than their NAV per Share. 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%, (2) the third-to-expire CBOT Soybean Futures Contract, weighted 30%, and (3) the CBOT Soybean Futures Contract expiring in the November following the expiration month of the third-to-expire contract, weighted 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 shares on Form S-1 was declared effective by the SEC. On September 19, 2011, the Fund listed its shares on the NYSE Arca under the ticker symbol “SOYB.” On the business day prior to that, the Fund issued 100,000 shares in exchange for $2,500,000 at the Fund’s initial NAV of $25 per share. The Fund also commenced investment operations on September 19, 2011 by purchasing soybean commodity futures contracts traded on the CBOT. On December 31, 2010, the Fund had four shares outstanding, which were owned by the Sponsor. On June 30, 2014, a subsequent registration statement for SOYB was declared effective by the SEC. 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. |
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 Shares at their Net Asset Value (“NAV”) to “Authorized Purchasers” through Foreside Fund Services, LLC, which is the distributor for the Fund (the “Distributor”). Authorized Purchasers sell such Shares, which are listed on the New York Stock Exchange (“NYSE”) Arca under the symbol “CANE,” to the public at per-Share offering prices that reflect, among other factors, the trading price of the Shares on the NYSE Arca, the NAV of the Fund at the time the Authorized Purchaser purchased the Creation Baskets and the NAV at the time of the offer of the Shares to the public, the supply of and demand for Shares at the time of sale, and the liquidity of the markets for sugar interests. The Fund’s Shares trade in the secondary market on the NYSE Arca at prices that are lower or higher than their NAV per Share. 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%, (2) the third-to-expire Sugar No. 11 Futures Contract, weighted 30%, and (3) the Sugar No. 11 Futures Contract expiring in the March following the expiration month of the third-to-expire contract, weighted 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 shares on Form S-1 was declared effective by the U.S. Securities and Exchange Commission (“SEC”). On September 19, 2011, the Fund listed its shares on the NYSE Arca under the ticker symbol “CANE.” On the business day prior to that, the Fund issued 100,000 shares in exchange for $2,500,000 at the Fund’s initial NAV of $25 per share. The Fund also commenced investment operations on September 19, 2011 by purchasing commodity futures contracts traded on ICE. On December 31, 2010, the Fund had four shares outstanding, which were owned by the Sponsor. On June 30, 2014, a subsequent registration statement for CANE was declared effective by the SEC. 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. |
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 Shares at their Net Asset Value (“NAV”) to “Authorized Purchasers” through Foreside Fund Services, LLC, which is the distributor for the Fund (the “Distributor”). Authorized Purchasers sell such Shares, which are listed on the New York Stock Exchange (“NYSE”) Arca under the symbol “WEAT,” to the public at per-Share offering prices that reflect, among other factors, the trading price of the Shares on the NYSE Arca, the NAV of the Fund at the time the Authorized Purchaser purchased the Creation Baskets and the NAV at the time of the offer of the Shares to the public, the supply of and demand for Shares at the time of sale, and the liquidity of the markets for wheat interests. The Fund’s Shares trade in the secondary market on the NYSE Arca at prices that are lower or higher than their NAV per Share. 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%, (2) the third-to-expire CBOT Wheat Futures Contract, weighted 30%, and (3) the CBOT Wheat Futures Contract expiring in the December following the expiration month of the third-to-expire contract, weighted 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 shares on Form S-1 was declared effective by the SEC. On September 19, 2011, the Fund listed its shares on the NYSE Arca under the ticker symbol “WEAT.” On the business day prior to that, the Fund issued 100,000 shares in exchange for $2,500,000 at the Fund’s initial NAV of $25 per share. The Fund also commenced investment operations on September 19, 2011 by purchasing commodity futures contracts traded on the CBOT. On December 31, 2010, the Fund had four shares outstanding, which were owned by the Sponsor. On June 30, 2014, a subsequent registration statement for WEAT was declared effective by the SEC. On July 15, 2016, a subsequent registration statement for WEAT was declared effective. This registration statement for WEAT registered an additional 24,050,000 shares. 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. |
Teucrium Agricultural Fund [Member] | |
Organization and Operation | 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 shares on Form S-1 was declared effective by the SEC. On March 28, 2012, the Fund listed its shares on the NYSE Arca under the ticker symbol “TAGS.” On the business day prior to that, the Fund issued 300,000 shares in exchange for $15,000,000 at the Fund’s initial NAV of $50 per share. The Fund also commenced investment operations on March 28, 2012 by purchasing shares of the Underlying Funds. On December 31, 2011, the Fund had two shares outstanding, which were owned by the Sponsor. On April 30, 2015, a subsequent registration statement for TAGS was declared effective by the SEC. 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 other commodity pools that are series of the Trust and are sponsored by the Sponsor: the Teucrium Corn Fund, the Teucrium Wheat Fund, the Teucrium Soybean Fund and the Teucrium Sugar Fund (collectively, the “Underlying Funds”). The Underlying Fund Average will have a weighting of 25% to each Underlying Fund, and the Fund’s assets will be rebalanced, generally on a daily basis, to maintain the approximate 25% allocation to each Underlying Fund. 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%, (2) the third-to-expire CBOT corn Futures Contract, weighted 30%, and (3) the CBOT corn Futures Contract expiring in the December following the expiration month of the third-to-expire contract, weighted 35%. The Teucrium Wheat Fund’s Benchmark is: (1) the second-to-expire CBOT wheat Futures Contract, weighted 35%, (2) the third-to-expire CBOT wheat Futures Contract, weighted 30%, and (3) the CBOT wheat Futures Contract expiring in the December following the expiration month of the third-to-expire contract, weighted 35%. The Teucrium Soybean Fund’s Benchmark is: (1) the second-to-expire CBOT soybean Futures Contract, weighted 35%, (2) the third-to-expire CBOT soybean Futures Contract, weighted 30%, and (3) the CBOT soybean Futures Contract expiring in the November following the expiration month of the third-to-expire contract, weighted 35%, except that CBOT soybean Futures Contracts expiring in August and September will not be part of the Teucrium Soybean Fund’s Benchmark because of the less liquid market for these Futures Contracts. The Teucrium Sugar Fund’s Benchmark is: (1) the second-to-expire Sugar No. 11 Futures Contract traded on ICE Futures US (“ICE Futures”), weighted 35%, (2) the third-to-expire ICE Futures Sugar No. 11 Futures Contract, weighted 30%, and (3) the ICE Futures Sugar No. 11 Futures Contract expiring in the March following the expiration month of the third-to-expire contract, weighted 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. 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
Liquidation of Funds | 12 Months Ended |
Dec. 31, 2016 | |
Teucrium Commodity Trust - Combined [Member] | |
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 in subscriptions and $2,008,553 in redemptions, including the shares redeemed as part of the liquidation. During 2014, NAGS had $576,142 in subscriptions and $2,311,504 in redemptions, including the shares redeemed as part of the liquidation. There were zero assets and liabilities as of December 31, 2014. The Form 15 was filed with the SEC on January 9, 2015. 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 the year ended December 31, 2014. Year ended December 31, 2014 Total Loss $ (16,003 ) Total Expenses $ 131,501 Total Expenses, net $ 21,890 Net Loss $ (37,893 ) 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 the year ended December 31, 2014. Year ended December 31, 2014 Total Loss $ (734,326 ) Total Expenses $ 166,176 Total Expenses, net $ 34,852 Net Loss $ (769,178 ) |
Principal Contracts and Agreeme
Principal Contracts and Agreements | 12 Months Ended |
Dec. 31, 2016 | |
Teucrium Commodity Trust - Combined [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, LLC (“USBFS”) is 777 East Wisconsin Avenue, Milwaukee, WI, 53202. In addition, effective on the Conversion Date, 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 will receive an asset-based fee, subject to a minimum annual fee. 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. For custody services, the Funds will pay to U.S. Bank N.A. 0.0075% of average gross assets up to $1 billion, and .0050% of average gross assets over $1 billion, annually, plus certain per-transaction charges. For Transfer Agency, Fund Accounting and Fund Administration services, which are based on the total assets for all the Funds in the Trust, the Funds will pay to USBFS 0.06% of average gross assets on the first $250 million, 0.05% on the next $250 million, 0.04% on the next $500 million and 0.03% on the balance over $1 billion annually. A combined minimum annual fee of up to $64,500 for custody, transfer agency, accounting and administrative 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. For the years ended December 31, the Funds recognized $359,937 in 2016, $779,473 in 2015 and $158,963 in 2014, respectively, for these services, which is recorded in custodian fees and expenses on the combined statements of operations; of these expenses $61,735 in 2016, $538,688 in 2015 and $13,924 in 2014 were waived by the Sponsor. The Sponsor employs Foreside Fund Services, LLC (“Foreside” or the “Distributor”) as the Distributor for the Funds. The Distribution Services Agreement among the Distributor and the Sponsor 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. For the years ended December 31, the Funds recognized $147,940 in 2016, $149,080 in 2015 and $154,761 in 2014, respectively, for these services, which is recorded in distribution and marketing fees on the combined statements of operations; of these expenses $19,815 in 2016, $10,251 in 2015 and $10,311 in 2014 were waived by the Sponsor. For the year ended December 31, 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. 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. For Corn, Soybean, Sugar and Wheat Futures Contracts ED&F Man, Jefferies and SG were paid $8.00 per round turn in 2015 and 2014. Effective January 1, 2016, ED&F Man, increased the per round-term charge for futures contracts commission to $9.00. For the years ended December 31, the Funds recognized $155,345 in 2016, $71,854 in 2015 and $171,561 in 2014, respectively, for these services, which is recorded in brokerage commissions on the combined statement of operations; of these expenses $0 in 2016, $30,000 in 2015 and $0 in 2014 was waived by the Sponsor. 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 from the Trust. The Funds recognized $3,300 for these services in 2016, 2015 and 2014, which is recorded in business permits and licenses fees on the combined statements of operations; of this expense $3,039 in 2016, $557 in 2015 and $81 in 2014 were waived by the Sponsor. |
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 Fund. 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, LLC (“USBFS”) is 777 East Wisconsin Avenue, Milwaukee, WI, 53202. In addition, effective on the Conversion Date, 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 will receive an asset-based fee, subject to a minimum annual fee. 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. For custody services, the Funds will pay to U.S. Bank N.A. 0.0075% of average gross assets up to $1 billion, and .0050% of average gross assets over $1 billion, annually, plus certain per-transaction charges. For Transfer Agency, Fund Accounting and Fund Administration services, which are based on the total assets for all the Funds in the Trust, the Funds will pay to USBFS 0.06% of average gross assets on the first $250 million, 0.05% on the next $250 million, 0.04% on the next $500 million and 0.03% on the balance over $1 billion annually. A combined minimum annual fee of up to $64,500 for custody, transfer agency, accounting and administrative services is assessed per Fund. For the years ended December 31, the Fund recognized $183,452 in 2016, $187,264 in 2015 and $129,195 in 2014, respectively, for these services, which is recorded in custodian fees and expenses on the combined statements of operations; of this expense $44,442 in 2016, $57,714 in 2015 and $0 in 2014 were waived by the Sponsor. The Sponsor employs Foreside Fund Services, LLC (“Foreside” or the “Distributor”) as the Distributor for the Funds. The Distribution Services Agreement among the Distributor and the Sponsor 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. For the years ended December 31, the Fund recognized $76,491 in 2016, $95,978 in 2015 and $118,508 in 2014, respectively, for these services, which is recorded in distribution and marketing fees on the statements of operations; of this expense $12,779 in 2016 and $0 in 2015 and $0 2014 were waived by the Sponsor. For the year ended December 31, 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. 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. For Corn, Soybean, Sugar and Wheat Futures Contracts ED&F Man, Jefferies and SG were paid $8.00 per round turn in 2015 and 2014. Effective January 1, 2016, ED&F Man, increased the per round-term charge for futures contracts commission to $9.00. For the years ended December 31, the Fund recognized $96,725 in 2016, $41,250 in 2015 and $150,086 in 2014, respectively, for these services, which is recorded in brokerage commission on the statements of operations; of this expense $0 in 2016, $18,000 in 2015 and $0 in 2014 were waived by the Sponsor. 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 from the Trust. For the years ended December 31, the Fund recognized $1,550 in 2016, $1,560 in 2015 and $2,350 in 2014, respectively, for these services, which is recorded in business permits and licenses fees on the statements of operations; of this expense $1,550 in 2016, $0 in 2015 and $0 in 2014 were waived by the Sponsor. |
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 Fund. 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, LLC (“USBFS”), is 777 East Wisconsin Avenue, Milwaukee, WI, 53202. In addition, effective on the Conversion Date, 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 will receive an asset-based fee, subject to a minimum annual fee. 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. For custody services, the Funds will pay to U.S. Bank N.A. 0.0075% of average gross assets up to $1 billion, and .0050% of average gross assets over $1 billion, annually, plus certain per-transaction charges. For Transfer Agency, Fund Accounting and Fund Administration services, which are based on the total assets for all the Funds in the Trust, the Funds will pay to USBFS 0.06% of average gross assets on the first $250 million, 0.05% on the next $250 million, 0.04% on the next $500 million and 0.03% on the balance over $1 billion annually. A combined minimum annual fee of up to $64,500 for custody, transfer agency, accounting and administrative 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. For the years ended December 31, the Fund recognized $34,515 in 2016, $146,752 in 2015 and $5,811 in 2014, respectively, for these services, which is recorded in custodian fees and expenses on the statements of operations; of this expense $0 in 2016, $146,752 in 2015 and $1,140 in 2014 were waived by the Sponsor. 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. For the years ended December 31, the Fund recognized $13,720 in 2016, $11,704 in 2015 and $5,621 in 2014, respectively, for these services, which is recorded in distribution and marketing fees on the statements of operations; of this expense $0 in 2016, $6,242 in 2015 and $1,943 in 2014 were waived by the Sponsor. For the year ended December 31, 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. 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. For Corn, Soybean, Sugar and Wheat Futures Contracts ED&F Man, Jefferies and SG were paid $8.00 per round turn in 2015 and 2014. Effective January 1, 2016, ED&F Man, increased the per round-term charge for futures contracts commission to $9.00. For the years ended December 31, the Fund recognized $1,507 in 2016, $6,043 in 2015 and $2,376 in 2014, respectively, for these services, which is recorded in brokerage commissions on the statements of operations and was paid 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 from the Trust. For the years ended December 31, the Fund recognized $257 in 2016, $403 in 2015 and $104 in 2014, respectively, for these services, which is recorded in business permits and licenses fees on the statements of operations; of this expense $257 in 2016, $403 in 2015 and $0 in 2014 was waived by the Sponsor. |
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 Fund. 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, LLC (“USBFS”), is 777 East Wisconsin Avenue, Milwaukee, WI, 53202. In addition, effective on the Conversion Date, 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 will receive an asset-based fee, subject to a minimum annual fee. 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. For custody services, the Funds will pay to U.S. Bank N.A. 0.0075% of average gross assets up to $1 billion, and .0050% of average gross assets over $1 billion, annually, plus certain per-transaction charges. For Transfer Agency, Fund Accounting and Fund Administration services, which are based on the total assets for all the Funds in the Trust, the Funds will pay to USBFS 0.06% of average gross assets on the first $250 million, 0.05% on the next $250 million, 0.04% on the next $500 million and 0.03% on the balance over $1 billion annually. A combined minimum annual fee of up to $64,500 for custody, transfer agency, accounting and administrative 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. For the years ended December 31, the Fund recognized $18,575 in 2016, $139,745 in 2015 and $3,965 in 2014, respectively, for these services, which is recorded in custodian fees and expenses on the statements of operations; of this expense $13,118 in 2016, $139,745 in 2015 and $3,965 in 2014 was waived by the Sponsor. 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% 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. For the years ended December 31, the Fund recognized $8,094 in 2016, $4,354 in 2015 and $2,842 in 2014, respectively, for these services, which is recorded in distribution and marketing fees on the statements of operations; of this expense $5,535 in 2016, $2,770 in 2015 and $2,842 in 2014 was waived by the Sponsor. For the year ended December 31, 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. 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. For Corn, Soybean, Sugar and Wheat Futures Contracts ED&F Man, Jefferies and SG were paid $8.00 per round turn in 2015 and 2014. Effective January 1, 2016, ED&F Man, increased the per round-term charge for futures contracts commission to $9.00. For the years ended December 31, the Fund recognized $8,681 in 2016, $4,000 in 2015 and $3,000 in 2014, respectively, for these services, which is recorded in brokerage commissions on the statements of operations; of this expense $0 in 2016, $4,000 in 2015 and $0 in 2014 was waived by the Sponsor. 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 from the Trust. For the years ended December 31, the Fund recognized $133 in 2016, $130 in 2015 and $52 in 2014, respectively, for these services, which is recorded in business permits and licenses fees on the statements of operations; this expense was waived by the Sponsor for all years presented. |
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 Fund. 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, LLC (“USBFS”), is 777 East Wisconsin Avenue, Milwaukee, WI, 53202. In addition, effective on the Conversion Date, 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 will receive an asset-based fee, subject to a minimum annual fee. 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. For custody services, the Funds will pay to U.S. Bank N.A. 0.0075% of average gross assets up to $1 billion, and .0050% of average gross assets over $1 billion, annually, plus certain per-transaction charges. For Transfer Agency, Fund Accounting and Fund Administration services, which are based on the total assets for all the Funds in the Trust, the Funds will pay to USBFS 0.06% of average gross assets on the first $250 million, 0.05% on the next $250 million, 0.04% on the next $500 million and 0.03% on the balance over $1 billion annually. A combined minimum annual fee of up to $64,500 for custody, transfer agency, accounting and administrative 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. For the years ended December 31, the Fund recognized $120,829 in 2016, $171,747 in 2015 and $11,175 in 2014, respectively, for these services, which is recorded in custodian fees and expenses on the statements of operations; of this expense $2,000 in 2016, $60,512 in 2015 and $0 in 2014 was waived by the Sponsor. 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% 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. For the years ended December 31, the Fund recognized $48,516 in 2016, $35,804 in 2015 and $22,146 in 2014, respectively, for these services, which is recorded in distribution and marketing fees on the statements of operations; of this expense $570 in 2016, $0 in 2015 and $0 in 2014 was waived by the Sponsor. For the year ended December 31, 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. 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. For Corn, Soybean, Sugar and Wheat Futures Contracts ED&F Man, Jefferies and SG were paid $8.00 per round turn in 2015 and 2014. Effective January 1, 2016, ED&F Man, increased the per round-term charge for futures contracts commission to $9.00. For the years ended December 31, the Fund recognized $48,209 in 2016, $20,561 in 2015 and $15,896 in 2014, respectively, for these services, which is recorded in brokerage commissions on the statements of operations; of this expense $0 in 2016, $4,000 in 2015 and $0 in 2014 was waived by the Sponsor. 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 from the Trust. For the years ended December 31, the Fund recognized $1,078 in 2016, $885 in 2015 and $687 in 2014, respectively, for these services, which is recorded in business permits and licenses fees on the statements of operations; of this expense $1,078 in 2016, $0 in 2015 and $0 in 2014 were waived by the Sponsor. |
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 Fund. 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, LLC (“USBFS”), is 777 East Wisconsin Avenue, Milwaukee, Wi, 53202. In addition, effective on the Conversion Date, 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 will receive an asset-based fee, subject to a minimum annual fee. 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. For custody services, the Funds will pay to U.S. Bank N.A. 0.0075% of average gross assets up to $1 billion, and .0050% of average gross assets over $1 billion, annually, plus certain per-transaction charges. For Transfer Agency, Fund Accounting and Fund Administration services, which are based on the total assets for all the Funds in the Trust, the Funds will pay to USBFS 0.06% of average gross assets on the first $250 million, 0.05% on the next $250 million, 0.04% on the next $500 million and 0.03% on the balance over $1 billion annually. A combined minimum annual fee of up to $64,500 for custody, transfer agency, accounting and administrative services is assessed per Fund. For the years ended December 31, 2015, such expenses include both the fees for the Bank of New York Mellon and U.S. Bank. For the years ended December 31, the Fund recognized $2,566 in 2016, $133,965 in 2015 and $1,506 in 2014, respectively, for these services, which is recorded in custodian fees and expenses on the statements of operations; of this expense $2,175 in 2016, $133,965 in 2015 and $1,506 in 2014 was waived by the Sponsor. 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. For the years ended December 31, the Fund recognized $1,119 in 2016, $1,240 in 2015 and $1,850 in 2014, respectively, for these services, which is recorded in distribution and marketing fees on the statements of operations; of this expense $931 in 2016, $1,240 in 2015 and $1,850 in 2015 was waived by the Sponsor. For the year ended December 31, 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. 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. For Corn, Soybean, Sugar and Wheat Futures Contracts ED&F Man, Jefferies and SG were paid $8.00 per round turn in 2015 and 2014. Effective January 1, 2016, ED&F Man, increased the per round-term charge for futures contracts commission to $9.00. The Bank of New York Mellon serves as the broker for the Fund. For the years ended December 31, the Fund recognized $223 in 2016, $0 in 2015 and $0 in 2014, respectively, for these services, which is recorded in brokerage commissions on the statements 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 from the Trust. For the years ended December 31, the Fund recognized $21 in 2016, $24 in 2015 and $29 in 2014, respectively, for these services, which is recorded in business permits and licenses fees on the statements of operations; the total expense recognized in each year was waived by the Sponsor. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Teucrium Commodity Trust - Combined [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. 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 Underlying Funds. The Trust eliminates the shares of the other series of the Trust owned by the Teucrium Agricultural Fund from its combined statements of assets and liabilities. The Trust eliminates the net change in unrealized appreciation or depreciation on securities owned by the Teucrium Agricultural Fund from its combined statements of operations. The combined statements of changes in net assets and cash flows present a net presentation of the purchases and sales of the Underlying Funds of TAGS. 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 2013 to 2016, 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, 2016, 2015, 2014 and 2013. 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, 2016, 2015 and 2014. 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 shares representing 2 baskets 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 $1,412,423 and $2,539,642 in money market funds at December 31, 2016 and December 31, 2015, respectively; these balances are included in cash and cash equivalents on the combined statements of assets and liabilities. Effective in the second quarter 2015, the Sponsor invested a portion of the available cash for the Funds in alternative demand-deposit savings accounts, which is classified as cash and not as cash equivalents. The Funds had a balance of $143,915,277 in demand-deposit savings accounts on December 31, 2016. This change resulted in a reduction in the balance held in money market funds. 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, 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% per annum. 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, the Funds recognized $1,825,552 in 2016, $1,601,237 in 2015 and $1,365,214 in 2014, respectively, for these services, which are primarily recorded in distribution and marketing fees on the combined statements of operations, of these expenses, $457,658 in 2016, $138,262 in 2015 and $113,224 in 2014 were waived by the Sponsor. All asset-based fees and expenses for the Funds are calculated on the prior day’s net assets. 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, 2016, there were $838,015 of expenses that were on the combined statements of operations of the Trust as expenses that were waived by the Sponsor. These were specifically: $442,333 for CORN, $68,914 for SOYB, $148,281 for CANE, $140,028 for WEAT, and $38,459 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, 2015 there were $980,683 of expenses that were on the combined statements of operations of the Trust as expenses that were waived by the Sponsor. These were specifically: $96,068 for CORN, $304,609 for SOYB, $256,227 for CANE, $130,716 for WEAT, and $193,063 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, 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 for NAGS, $131,324 for CRUD, $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 $590,000 of expenses recorded in the financial statements of the Sponsor which were subject to reimbursement by the Funds in 2014. At that time, the Sponsor had determined that recovery of the expense amounts was not probable. For the year ended December 31, 2014, asset growth and other changes experienced by certain Funds enabled the Sponsor to claim reimbursement of $379,753 from those Funds, specifically, $308,312 from CORN, $25,139 from SOYB and $46,302 from WEAT. These amounts are reflected in the combined statements of operations for the year ended December 31, 2014 as a reimbursement of a previously waived expense for the Funds from which there was recovery in 2014. There was no recovery of amounts from the other Funds. 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. 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 Chicago Board of Trade (“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 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, 2016 and 2015, 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 year ended December 31, 2016, the Funds did not have any significant transfers between any of the levels of the fair value hierarchy. 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 balance transferred back to a Level 1 asset for the quarter ended September 30, 2015 as shown in Note 5. 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”) 2016-19, “Technical Corrections and Improvements”. The amendments in this update represent changes to clarify, correct errors, or make minor improvements to the Accounting Standards Codification. The amendments make the Accounting Standards Codification easier to understand and easier to apply by eliminating inconsistencies and providing clarifications. The amendments are effective for fiscal years, and interim periods with those fiscal years, for all entities beginning after December 15, 2016. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds. The FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230)”. The amendments in this update require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. This update is not expected to have a material impact on the financial statements and disclosures of the Trust or the Funds. The Sponsor believes there will be a change in presentation of restricted cash on the statements of cash flows. The FASB issued ASU 2016-17, “Consolidation (Topic 810): Interests Held through Related Parties That are under Common Control”. The amendments in this update alters how a decision maker needs to consider indirect interests in a variable interest entity (VIE) held through an entity under common control. The new guidance amends ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, issued in February 2015. The amendments are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments”. The amendments provide cash flow statement classification guidance. The amendments in this update are effective for fiscal years beginning after December 15, 2017. The Trust and the Funds are currently evaluating the impact on the financial statements and disclosures. The Trust and the Funds do not expect to adopt the guidance until the effective date. The FASB issued ASU 2014-09 in May 2014, “Revenue from Contracts with Customers (Topic 606),” which replaces the revenue recognition requirements of “Revenue Recognition (Topic 605).” This ASU is based on the principle that revenue is recognized to depict the transfer of goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU provides new and more detailed guidance on specific topics and expands and improves disclosures about revenue. In August 2015, the FASB issued ASU 2015-14 which defers the effective date of ASU 2014-09 by one year to fiscal years beginning after December 15, 2017. ASU 2015-14 also permits early adoption of ASU 2014-09, but not before the original effective date, which was for fiscal years beginning after December 15, 2016. The Trust and the Funds record income or loss from the recognition and measurement of futures contracts and from interest income under Subtopic 825-10. Revenue from financial instruments which are valued under Subtopic 825 will not be subject to the application of ASU 2014-09 and 2015-14. Therefore, these standards will not apply or have a material impact on the financial statements and disclosures of the Trust or the Funds. The FASB issued ASU 2016-11, “Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting”. The amendments make targeted improvements to clarify the principal versus agent assessment and are intended to make the guidance more operable and lead to more consistent application. The Trust and the Funds record income or loss from the recognition and measurement of futures contracts and from interest income under Subtopic 825-10. Revenue from financial instruments which are valued under Subtopic 825 will not be subject to the application of ASU 2016-11. Therefore, this standard will not apply or have a material impact on the financial statements and disclosures of the Trust or the Funds. The FASB issued ASU 2016-02, “Leases (Topic 842).” The amendments in this update increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The amendments in this update are effective for fiscal years beginning after December 15, 2018. This update is not expected to have a material impact on the financial statements and disclosures of the Trust or the Funds. The FASB issued 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 Trust and the Fund are currently evaluating the impact on the financial statements and disclosures; but based on our review to date we do not expect the update will have a material impact on the financial statements and disclosures of the Trust or 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds. 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds. The FASB issued ASU 2015-06, “Earnings per Share (Topic 260): Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transact |
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 2013 to 2016, 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, 2016, 2015, 2014 and 2013. 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, 2016, 2015 and 2014. 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 shares from CORN. 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 the Fund only in blocks of 25,000 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. 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 shares represents two Redemption Baskets for the Fund and a minimum level of shares. 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 $692,293 and $899,313 in money market funds at December 31, 2016 and December 31, 2015, respectively; these balances are included in cash and cash equivalents on the statements of assets and liabilities. 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 $68,382,027 in demand-deposit savings accounts on December 31, 2016. This change resulted in a reduction in the balance held in money market funds. 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% per annum. 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, the Fund recognized $936,695 in 2016, $1,034,163 in 2015 and $1,047,648 in 2014, respectively, for these expenses, which are primarily recorded in distribution and marketing fees on the statements of operations; of these amounts $275,884 in 2016, $20,000 in 2015 and $20,312 in 2014 were waived by the Sponsor. All asset-based fees and expenses for the Funds are calculated on the prior day’s net assets. For the year ended December 31, 2016 there were $442,333 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, 2015 there were $96,068 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, 2014 there were $105,270 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 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. 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 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 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, 2016 and 2015, 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, 2016 and 2015, the Fund 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”) 2016-19, “Technical Corrections and Improvements”. The amendments in this update represent changes to clarify, correct errors, or make minor improvements to the Accounting Standards Codification. The amendments make the Accounting Standards Codification easier to understand and easier to apply by eliminating inconsistencies and providing clarifications. The amendments are effective for fiscal years, and interim periods with those fiscal years, for all entities beginning after December 15, 2016. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230)”. The amendments in this update require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. This update is not expected to have a material impact on the financial statements and disclosures of the Trust or the Fund. The Sponsor believes there will be a change in presentation of restricted cash on the statements of cash flows. The FASB issued ASU 2016-17, “Consolidation (Topic 810): Interests Held through Related Parties That are under Common Control”. The amendments in this update alters how a decision maker needs to consider indirect interests in a variable interest entity (VIE) held through an entity under common control. The new guidance amends ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, issued in February 2015. The amendments are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments”. The amendments provide cash flow statement classification guidance. The amendments in this update are effective for fiscal years beginning after December 15, 2017. The Trust and the Fund are currently evaluating the impact on the financial statements and disclosures. The Trust and the Fund do not expect to adopt the guidance until the effective date. The FASB issued ASU 2014-09 in May 2014, “Revenue from Contracts with Customers (Topic 606),” which replaces the revenue recognition requirements of “Revenue Recognition (Topic 605).” This ASU is based on the principle that revenue is recognized to depict the transfer of goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU provides new and more detailed guidance on specific topics and expands and improves disclosures about revenue. In August 2015, the FASB issued ASU 2015-14 which defers the effective date of ASU 2014-09 by one year to fiscal years beginning after December 15, 2017. ASU 2015-14 also permits early adoption of ASU 2014-09, but not before the original effective date, which was for fiscal years beginning after December 15, 2016. The Trust and the Fund record income or loss from the recognition and measurement of futures contracts and from interest income under Subtopic 825-10. Revenue from financial instruments which are valued under Subtopic 825 will not be subject to the application of ASU 2014-09 and 2015-14. Therefore, these standards will not apply or have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-11, “Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting”. The amendments make targeted improvements to clarify the principal versus agent assessment and are intended to make the guidance more operable and lead to more consistent application. The Trust and the Fund record income or loss from the recognition and measurement of futures contracts and from interest income under Subtopic 825-10. Revenue from financial instruments which are valued under Subtopic 825 will not be subject to the application of ASU 2016-11. Therefore, this standard will not apply or have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-02, “Leases (Topic 842).” The amendments in this update increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The amendments in this update are effective for fiscal years beginning after December 15, 2018. This update is not expected to have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued 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 Trust and the Fund are currently evaluating the impact on the financial statements and disclosures; but based on our review to date we do not expect the update will have a material impact on the financial statements and disclosures of the Trust or the Fund. 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. 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, the adoption did not have a significant impact on the financial statements and disclosures of the Fund. |
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 2013 to 2016, 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, 2016, 2015, 2014 and 2013. 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, 2016, 2015 and 2014. 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 shares from the 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 the Fund only in blocks of 25,000 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. 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 shares represents two Redemption Baskets for the Fund and a minimum level of shares. 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 $185,661 and $161,718 in money market funds at December 31, 2016 and December 31, 2015, respectively; these balances are included in cash and cash equivalents on the statements of assets and liabilities. 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 $12,115,082 in demand-deposit savings accounts as of December 31, 2016. This change resulted in a reduction in the balance held in money market funds. 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 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% per annum. 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, the Fund recognized $169,614 in 2016, $124,331 in 2015 and $49,492 in 2014, respectively, such expenses, which are primarily included as distribution and marketing fees on the statements of operations; of these amounts $10,720 in 2016, $49,086 in 2015 and $12,915 in 2014 were waived by the Sponsor. All asset-based fees and expenses for the Funds are calculated on the prior day’s net assets. For the year ended December 31, 2016, there were $68,914 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, 2015, there were $304,609 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, 2014, there were $65,617 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 $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. 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 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 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, 2016 and 2015, 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 years ended December 31, 2016 and 2015, the Fund 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”) 2016-19, “Technical Corrections and Improvements”. The amendments in this update represent changes to clarify, correct errors, or make minor improvements to the Accounting Standards Codification. The amendments make the Accounting Standards Codification easier to understand and easier to apply by eliminating inconsistencies and providing clarifications. The amendments are effective for fiscal years, and interim periods with those fiscal years, for all entities beginning after December 15, 2016. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230)”. The amendments in this update require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. This update is not expected to have a material impact on the financial statements and disclosures of the Trust or the Fund. The Sponsor believes there will be a change in presentation of restricted cash on the statements of cash flows. The FASB issued ASU 2016-17, “Consolidation (Topic 810): Interests Held through Related Parties That are under Common Control”. The amendments in this update alters how a decision maker needs to consider indirect interests in a variable interest entity (VIE) held through an entity under common control. The new guidance amends ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, issued in February 2015. The amendments are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments”. The amendments provide cash flow statement classification guidance. The amendments in this update are effective for fiscal years beginning after December 15, 2017. The Trust and the Funds are currently evaluating the impact on the financial statements and disclosures. The Trust and the Fund do not expect to adopt the guidance until the effective date. The FASB issued ASU 2014-09 in May 2014, “Revenue from Contracts with Customers (Topic 606),” which replaces the revenue recognition requirements of “Revenue Recognition (Topic 605).” This ASU is based on the principle that revenue is recognized to depict the transfer of goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU provides new and more detailed guidance on specific topics and expands and improves disclosures about revenue. In August 2015, the FASB issued ASU 2015-14 which defers the effective date of ASU 2014-09 by one year to fiscal years beginning after December 15, 2017. ASU 2015-14 also permits early adoption of ASU 2014-09, but not before the original effective date, which was for fiscal years beginning after December 15, 2016. The Trust and the Fund record income or loss from the recognition and measurement of futures contracts and from interest income under Subtopic 825-10. Revenue from financial instruments which are valued under Subtopic 825 will not be subject to the application of ASU 2014-09 and 2015-14. Therefore, these standards will not apply or have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-11, “Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting”. The amendments make targeted improvements to clarify the principal versus agent assessment and are intended to make the guidance more operable and lead to more consistent application. The Trust and the Fund record income or loss from the recognition and measurement of futures contracts and from interest income under Subtopic 825-10. Revenue from financial instruments which are valued under Subtopic 825 will not be subject to the application of ASU 2016-11. Therefore, this standard will not apply or have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-02, “Leases (Topic 842).” The amendments in this update increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The amendments in this update are effective for fiscal years beginning after December 15, 2018. This update is not expected to have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued 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 Trust and the Fund are currently evaluating the impact on the financial statements and disclosures; but based on our review to date we do not expect the update will have a material impact on the financial statements and disclosures of the Trust or the Fund. 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. 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, the adoption did not have a significant impact on the financial statements and disclosures of the Fund. |
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 2013 to 2016, 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, 2016, 2015, 2014 and 2013. 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, 2016, 2015 and 2014. 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 shares from the 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 the Fund only in blocks of 25,000 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. 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 shares represents two Redemption Baskets for the Fund and a minimum level of shares. 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 $125,182 and $297,460 in money market funds at December 31, 2016 and December 31, 2015, respectively; these balances are included in cash and cash equivalents on the statements of assets and liabilities. 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 $4,891,490 in a demand-deposit savings account on December 31, 2016. This change resulted in a reduction in the balance held in money market funds. Assets deposited with financial institutions, 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 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% per annum. 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, the Fund recognized $102,601 in 2016, $47,236 in 2015 and $25,911 in 2014, respectively, such expenses, which are primarily included as distribution and marketing fees on the statements of operations; of these amounts, $71,311 in 2016, $33,483 in 2015 and $25,845 in 2014 were waived by the Sponsor. All asset-based fees and expenses for the Funds are calculated on the prior day’s net assets. For the year ended December 31, 2016, there were $148,281 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, 2015, there were $256,227 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, 2014, there were $119,696 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 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 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, 2016 and 2015, 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 years ended December 31, 2016 and 2015, the Fund 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”) 2016-19, “Technical Corrections and Improvements”. The amendments in this update represent changes to clarify, correct errors, or make minor improvements to the Accounting Standards Codification. The amendments make the Accounting Standards Codification easier to understand and easier to apply by eliminating inconsistencies and providing clarifications. The amendments are effective for fiscal years, and interim periods with those fiscal years, for all entities beginning after December 15, 2016. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230)”. The amendments in this update require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. This update is not expected to have a material impact on the financial statements and disclosures of the Trust or the Fund. The Sponsor believes there will be a change in presentation of restricted cash on the statements of cash flows. The FASB issued ASU 2016-17, “Consolidation (Topic 810): Interests Held through Related Parties That are under Common Control”. The amendments in this update alters how a decision maker needs to consider indirect interests in a variable interest entity (VIE) held through an entity under common control. The new guidance amends ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, issued in February 2015. The amendments are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments”. The amendments provide cash flow statement classification guidance. The amendments in this update are effective for fiscal years beginning after December 15, 2017. The Trust and the Funds are currently evaluating the impact on the financial statements and disclosures. The Trust and the Fund do not expect to adopt the guidance until the effective date. The FASB issued ASU 2014-09 in May 2014, “Revenue from Contracts with Customers (Topic 606),” which replaces the revenue recognition requirements of “Revenue Recognition (Topic 605).” This ASU is based on the principle that revenue is recognized to depict the transfer of goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU provides new and more detailed guidance on specific topics and expands and improves disclosures about revenue. In August 2015, the FASB issued ASU 2015-14 which defers the effective date of ASU 2014-09 by one year to fiscal years beginning after December 15, 2017. ASU 2015-14 also permits early adoption of ASU 2014-09, but not before the original effective date, which was for fiscal years beginning after December 15, 2016. The Trust and the Fund record income or loss from the recognition and measurement of futures contracts and from interest income under Subtopic 825-10. Revenue from financial instruments which are valued under Subtopic 825 will not be subject to the application of ASU 2014-09 and 2015-14. Therefore, these standards will not apply or have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-11, “Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting”. The amendments make targeted improvements to clarify the principal versus agent assessment and are intended to make the guidance more operable and lead to more consistent application. The Trust and the Fund record income or loss from the recognition and measurement of futures contracts and from interest income under Subtopic 825-10. Revenue from financial instruments which are valued under Subtopic 825 will not be subject to the application of ASU 2016-11. Therefore, this standard will not apply or have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-02, “Leases (Topic 842).” The amendments in this update increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The amendments in this update are effective for fiscal years beginning after December 15, 2018. This update is not expected to have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued 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 Trust and the Fund are currently evaluating the impact on the financial statements and disclosures; but based on our review to date we do not expect the update will have a material impact on the financial statements and disclosures of the Trust or the Fund. 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. 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, the adoption did not have a significant impact on the financial statements and disclosures of the Fund. |
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 2013 to 2016, 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, 2016, 2015, 2014 and 2013. 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, 2016, 2015 and 2014. 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 shares from the 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 the Fund only in blocks of 25,000 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. 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 shares represents two Redemption Baskets for the Fund and a minimum level of shares. 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 $406,927 and $1,179,336 in money market funds at December 31, 2016 and December 31, 2015, respectively; these balances are included in cash and cash equivalents on the statements of assets and liabilities. 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 $58,526,678 in a demand-deposit savings account on December 31, 2016. This change resulted in a reduction in the balance held in money market funds. Assets deposited with financial institutions, 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 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% per annum. 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, the Fund recognized $602,637 in 2016, $382,178 in 2015 and $193,111 in 2014, respectively, such expenses, which are primarily recorded in distribution and marketing fees on the statements of operations; of these amounts $87,767 in 2016, $22,364 in 2015 and $5,100 in 2014 were waived by the Sponsor. All asset-based fees and expenses for the Funds are calculated on the prior day’s net assets. For the year ended December 31, 2016, there were $140,028 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, 2015 there were $130,716 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, 2014, there were $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 $69,416 of expenses recorded in the financial statements of the Sponsor which were subject to reimbursement by WEAT 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 WEAT enabled the Sponsor to claim reimbursement of $46,302 from the Fund. This amount is reflected in the statements of operations as a reimbursement of previously waived expenses. 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 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 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 years being reported. On December 31, 2016 and 2015, 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 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, 2016, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy. 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 balance transferred back to a Level 1 asset for the quarter ended September 30, 2015. 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”) 2016-19, “Technical Corrections and Improvements”. The amendments in this update represent changes to clarify, correct errors, or make minor improvements to the Accounting Standards Codification. The amendments make the Accounting Standards Codification easier to understand and easier to apply by eliminating inconsistencies and providing clarifications. The amendments are effective for fiscal years, and interim periods with those fiscal years, for all entities beginning after December 15, 2016. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230)”. The amendments in this update require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. This update is not expected to have a material impact on the financial statements and disclosures of the Trust or the Fund. The Sponsor believes there will be a change in presentation of restricted cash on the statements of cash flows. The FASB issued ASU 2016-17, “Consolidation (Topic 810): Interests Held through Related Parties That are under Common Control”. The amendments in this update alters how a decision maker needs to consider indirect interests in a variable interest entity (VIE) held through an entity under common control. The new guidance amends ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, issued in February 2015. The amendments are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments”. The amendments provide cash flow statement classification guidance. The amendments in this update are effective for fiscal years beginning after December 15, 2017. The Trust and the Fund are currently evaluating the impact on the financial statements and disclosures. The Trust and the Fund do not expect to adopt the guidance until the effective date. The FASB issued ASU 2014-09 in May 2014, “Revenue from Contracts with Customers (Topic 606),” which replaces the revenue recognition requirements of “Revenue Recognition (Topic 605).” This ASU is based on the principle that revenue is recognized to depict the transfer of goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU provides new and more detailed guidance on specific topics and expands and improves disclosures about revenue. In August 2015, the FASB issued ASU 2015-14 which defers the effective date of ASU 2014-09 by one year to fiscal years beginning after December 15, 2017. ASU 2015-14 also permits early adoption of ASU 2014-09, but not before the original effective date, which was for fiscal years beginning after December 15, 2016. The Trust and the Fund record income or loss from the recognition and measurement of futures contracts and from interest income under Subtopic 825-10. Revenue from financial instruments which are valued under Subtopic 825 will not be subject to the application of ASU 2014-09 and 2015-14. Therefore, these standards will not apply or have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-11, “Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting”. The amendments make targeted improvements to clarify the principal versus agent assessment and are intended to make the guidance more operable and lead to more consistent application. The Trust and the Fund record income or loss from the recognition and measurement of futures contracts and from interest income under Subtopic 825-10. Revenue from financial instruments which are valued under Subtopic 825 will not be subject to the application of ASU 2016-11. Therefore, this standard will not apply or have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-02, “Leases (Topic 842).” The amendments in this update increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The amendments in this update are effective for fiscal years beginning after December 15, 2018. This update is not expected to have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued 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 Trust and the Fund are currently evaluating the impact on the financial statements and disclosures; but based on our review to date we do not expect the update will have a material impact on the financial statements and disclosures of the Trust or the Fund. 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. 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 |
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 2013 to 2016, 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, 2016, 2015, 2014 and 2013. 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, 2016, 2015 and 2014. 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 shares from the 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 the Fund only in blocks of 25,000 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. 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 shares represents two Redemption Baskets for the Fund and a minimum level of shares. Effective August 2, 2012, the Fund was at 50,002 shares outstanding which represents a minimum number of shares and there can be no further redemptions until additional shares are created. 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 $2,360 and $1,815 in money market funds at December 31, 2016 and December 31, 2015, respectively; these balances are included in cash equivalents on the statements of assets and liabilities. 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% per annum; these fees are recognized in the statements contained in this Form 10-K for each of the Underlying Funds. The Fund 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 for services directly attributable to the Fund such as accounting, financial reporting, regulatory compliance and trading activities, which the Sponsor elected not to outsource. The Sponsor may, at its discretion waive the payment by the Fund of certain expenses. This election is subject to change by the Sponsor, at its discretion. 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. 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, the Fund recognized $14,004 in 2016, $13,329 in 2015 and $16,234 in 2014, respectively, such expenses, which are primarily recorded in distribution and marketing fees on the statements of operations; of these amounts $11,975 in 2016, $13,329 in 2015 and $16,234 in 2014 were waived by the Sponsor. All asset-based fees and expenses for the Funds are calculated on the prior day’s net assets. The Sponsor can elect to adjust the daily expense accruals at its discretion. For the year ended December 31, 2016, there were $38,459 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, 2015, there were $193,063 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, 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. 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”) 2016-19, “Technical Corrections and Improvements”. The amendments in this update represent changes to clarify, correct errors, or make minor improvements to the Accounting Standards Codification. The amendments make the Accounting Standards Codification easier to understand and easier to apply by eliminating inconsistencies and providing clarifications. The amendments are effective for fiscal years, and interim periods with those fiscal years, for all entities beginning after December 15, 2016. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230)”. The amendments in this update require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. This update is not expected to have a material impact on the financial statements and disclosures of the Trust or the Fund. The Sponsor believes there will be a change in presentation of restricted cash on the statements of cash flows. The FASB issued ASU 2016-17, “Consolidation (Topic 810): Interests Held through Related Parties That are under Common Control”. The amendments in this update alters how a decision maker needs to consider indirect interests in a variable interest entity (VIE) held through an entity under common control. The new guidance amends ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, issued in February 2015. The amendments are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments”. The amendments provide cash flow statement classification guidance. The amendments in this update are effective for fiscal years beginning after December 15, 2017. The Trust and the Funds are currently evaluating the impact on the financial statements and disclosures. The Trust and the Fund do not expect to adopt the guidance until the effective date. The FASB issued ASU 2014-09 in May 2014, “Revenue from Contracts with Customers (Topic 606),” which replaces the revenue recognition requirements of “Revenue Recognition (Topic 605).” This ASU is based on the principle that revenue is recognized to depict the transfer of goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU provides new and more detailed guidance on specific topics and expands and improves disclosures about revenue. In August 2015, the FASB issued ASU 2015-14 which defers the effective date of ASU 2014-09 by one year to fiscal years beginning after December 15, 2017. ASU 2015-14 also permits early adoption of ASU 2014-09, but not before the original effective date, which was for fiscal years beginning after December 15, 2016. The Fund records income or loss from the recognition and measurement based on the change in the shares held by the Underlying Funds and from interest income under Subtopic 825-10. Revenue from financial instruments which are valued under Subtopic 825 will not be subject to the application of ASU 2014-09 and 2015-14. Therefore, these standards will not apply or have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-11, “Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting”. The amendments make targeted improvements to clarify the principal versus agent assessment and are intended to make the guidance more operable and lead to more consistent application. The Fund records income or loss from the recognition and measurement based on the change in the shares held by the Underlying Funds and from interest income under Subtopic 825-10. Revenue from financial instruments which are valued under Subtopic 825 will not be subject to the application of ASU 2014-09 and 2015-14. Therefore, these standards will not apply or have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-02, “Leases (Topic 842).” The amendments in this update increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The amendments in this update are effective for fiscal years beginning after December 15, 2018. This update is not expected to have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued 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 Trust and the Fund are currently evaluating the impact on the financial statements and disclosures; but based on our review to date we do not expect the update will have a material impact on the financial statements and disclosures of the Trust or the Fund. 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. 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, the adoption did not have a significant impact on the financial statements and disclosures of the Fund. 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 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 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 years 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
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Teucrium Commodity Trust - Combined [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, 2016 and December 31, 2015: December 31, 2016 Balance as of Assets: Level 1 Level 2 Level 3 December 31, 2016 Cash equivalents $ 1,412,423 $ — $ — $ 1,412,423 Commodity futures contracts Soybean futures contracts 357,500 — — 357,500 Sugar futures contracts 185,147 — — 185,147 Total $ 1,955,070 $ — $ — $ 1,955,070 Balance as of Liabilities: Level 1 Level 2 Level 3 December 31, 2016 Commodity futures contracts Corn futures contracts $ 1,460,800 $ — $ — $ 1,460,800 Soybean futures contracts 12,025 — — 12,025 Sugar futures contracts 331,542 — — 331,542 Wheat futures contracts 3,921,588 — — 3,921,588 Total $ 5,725,955 $ — $ — $ 5,725,955 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 For the period from January 1, 2016 through December 31, 2016, the Funds 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 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 $ — $ — See the Fair Value - Definition and Hierarchy |
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, 2016 and December 31, 2015: December 31, 2016 Balance as of Assets: Level 1 Level 2 Level 3 December 31, 2016 Cash equivalents $ 692,293 $ — $ — $ 692,293 Liabilities: Level 1 Level 2 Level 3 Balance as of Corn futures contracts $ 1,460,800 $ — $ — $ 1,460,800 December 31, 2015 Balance as of Assets: Level 1 Level 2 Level 3 December 31, 2015 Cash equivalents $ 899,313 $ — $ — $ 899,313 Liabilities: Level 1 Level 2 Level 3 Balance as of Corn futures contracts $ 3,908,550 $ — $ — $ 3,908,550 For the years ended December 31, 2016 and 2015, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy. |
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, 2016 and December 31, 2015: December 31, 2016 Balance as of Assets: Level 1 Level 2 Level 3 December 31, 2016 Cash equivalents $ 185,661 $ — $ — $ 185,661 Soybean futures contracts 357,500 — — 357,500 Total $ 543,161 $ — $ — $ 543,161 Balance as of Liabilities: Level 1 Level 2 Level 3 December 31, 2016 Soybean futures contracts $ 12,025 $ — $ — $ 12,025 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 For the years ended December 31, 2016 and 2015, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy. |
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, 2016 and December 31, 2015. December 31, 2016 Assets: Level 1 Level 2 Level 3 Balance as of Cash equivalents $ 125,182 $ — $ — $ 125,182 Sugar futures contracts 185,147 — — 185,147 Total $ 310,329 $ — $ — $ 310,329 Liabilities: Level 1 Level 2 Level 3 Balance as of Sugar futures contracts $ 331,542 $ — $ — $ 331,542 December 31, 2015 Assets: Level 1 Level 2 Level 3 Balance as of Cash equivalents $ 297,460 $ — $ — $ 297,460 Sugar futures contracts 364,056 — — 364,056 Total $ 661,516 $ — $ — $ 661,516 For the years ended December 31, 2016 and 2015, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy. |
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, 2016 and December 31, 2015: December 31, 2016 Balance as of Assets: Level 1 Level 2 Level 3 December 31, 2016 Cash equivalents $ 406,927 $ — $ — $ 406,927 Balance as of Liabilities: Level 1 Level 2 Level 3 December 31, 2016 Wheat futures contracts $ 3,921,588 $ — $ — $ 3,921,588 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 For the year ended December 31, 2016, the Fund did not have any transfers between any of the level of the fair value hierarchy. 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 $ — $ — See the Fair Value - Definition and Hierarchy |
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, 2016 and December 31, 2015: December 31, 2016 Assets: Level 1 Level 2 Level 3 Balance as of Exchange-traded funds $ 1,313,554 $ — $ — $ 1,313,554 Cash equivalents 2,360 — — 2,360 Total $ 1,315,914 $ — $ — $ 1,315,914 December 31, 2015 Assets: Level 1 Level 2 Level 3 Balance as of Exchange-traded funds $ 1,324,601 $ — $ — $ 1,324,601 Cash equivalents 1,815 — — 1,815 Total $ 1,326,416 $ — $ — $ 1,326,416 For the years ended December 31, 2016 and 2015, the Fund did not have any transfers between any of the level of the fair value hierarchy. See the Fair Value - Definition and Hierarchy |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2016 | |
Teucrium Commodity Trust - Combined [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, 2016 and 2015, 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, 2016 and 2015. Offsetting of Financial Assets and Derivative Assets as of December 31, 2016 (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 $ 357,500 $ — $ 357,500 $ 12,025 $ — $ 345,475 Sugar futures contracts 185,147 — 185,147 185,147 — — Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2016 (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 $ 1,460,800 $ — $ 1,460,800 $ — $ 1,460,800 $ — Soybean futures contracts 12,025 — 12,025 12,025 — — Sugar futures contracts 331,542 — 331,542 185,147 146,395 — Wheat futures contracts 3,921,588 — 3,921,588 — 3,921,588 — 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 — 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, 2016 Realized (Loss) Gain on Net Change in Unrealized Primary Underlying Risk Commodity Futures Contracts Commodity Futures Contacts Commodity price Corn futures contracts $ (9,438,913 ) $ 2,447,750 Soybean futures contracts 939,088 567,962 Sugar futures contracts 1,967,694 (510,451 ) Wheat futures contracts (9,631,400 ) (1,997,125 ) Total commodity futures contracts $ (16,163,531 ) $ 508,136 Year ended December 31, 2015 Realized Loss on Net Change in Unrealized 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 ) Year ended December 31, 2014 Realized (Loss) Gain on Net Change in Unrealized 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 Volume of Derivative Activities The average notional market value categorized by primary underlying risk for all futures contracts held was $132.4 million in 2016, $108.8 million in 2015 and $142.9 million in 2014. |
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 the years ended December 31, 2016 and 2015, 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, categorized by primary underlying risk and held by the FCM, ED&F Man as of December 31, 2016 and 2015. Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2016 (i) (ii) (iii) = (i) – (ii) (iv) (v) = (iii) – (iv) Gross Amount Not Offset in the Description Gross Amount Gross Net Amount Futures Collateral, Due Net Amount Commodity price Corn futures contracts $ 1,460,800 $ — $ 1,460,800 $ — $ 1,460,800 $ — 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 Description Gross Amount Gross Amount Net Amount Futures Contracts Available for Offset Collateral, Due Net Amount Commodity price Corn futures contracts $ 3,908,550 $ — $ 3,908,550 $ — $ 3,908,550 $ — 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, 2016 Net Change in Unrealized Realized Loss on Appreciation or Depreciation on Commodity Futures Contracts Commodity Futures Contacts Commodity Price Corn futures contracts $ (9,438,913 ) $ 2,447,750 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 Volume of Derivative Activities The average notional market value categorized by primary underlying risk for all futures contracts held was $71.6 million in 2016, $71 million in 2015 and $106.4 million in 2014. |
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, 2016 and 2015, 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, categorized by primary underlying risk and held by the FCM, ED&F Man as of December 31, 2016 and 2015. Offsetting of Financial Assets and Derivative Assets as of December 31, 2016 (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 Contracts Available for Offset Collateral, Due to Broker Net Amount Commodity price Soybean futures contracts $ 357,500 $ — $ 357,500 $ 12,025 $ — $ 345,475 Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2016 (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 Soybean futures contracts $ 12,025 $ — $ 12,025 $ 12,025 $ — $ — 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 Assets 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 Soybean futures contracts $ 16,175 $ — $ 16,175 $ 16,175 $ — $ — 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 Soybean futures contracts $ 238,662 $ — $ 238,662 $ 16,175 $ 222,487 $ — 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, 2016 Net Change in Unrealized Realized Gain on Appreciation or Depreciation on Commodity Futures Contracts Commodity Futures Contacts Commodity Price Soybean futures contracts $ 939,088 $ 567,962 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) Volume of Derivative Activities The average notional market value categorized by primary underlying risk for all futures contracts held was $12.1 million in 2016, $7.1 million in 2015 and $7.9 million in 2014. |
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, 2016 and 2015, 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, categorized by primary underlying risk and held by the FCM, ED&F Man as of December 31, 2016 and 2015. Offsetting of Financial Assets and Derivative Assets as of December 31, 2016 (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 Contracts Available for Offset Collateral, Due to Broker Net Amount Commodity price Sugar futures contracts $ 185,147 $ — $ 185,147 $ 185,147 $ — $ — Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2016 (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 $ 331,542 $ — $ 331,542 $ 185,147 $ 146,395 $ — 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 Assets 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 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, 2016 Realized Gain on Commodity Futures Contracts Net Change in Unrealized Appreciation or Depreciation on Commodity Futures Contacts Commodity Price Sugar futures contracts $ 1,967,694 $ (510,451 ) Year ended December 31, 2015 Realized Loss on Commodity Futures Contracts Net Change in Unrealized Appreciation or Depreciation on Commodity Futures Contacts Commodity Price Sugar futures contracts $ (1,279,891 ) $ 868,011 Year ended December 31, 2014 Realized Loss on Commodity Futures Contracts Net Change in Unrealized Appreciation or Depreciation on Commodity Futures Contacts Commodity Price Sugar futures contracts $ (131,410 ) $ (320,555 ) Volume of Derivative Activities The average notional market value categorized by primary underlying risk for all futures contracts held was $6.1 million in 2016, $4.1 million in 2015 and $2.7 million in 2014. |
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 ended December 31, 2016 and 2015, 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, categorized by primary underlying risk and held by the FCM, ED&F Man as of December 31, 2016 and 2015. Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2016 (i) (ii) (iii) = (i) – (ii) (iv) (v) = (iii) – (iv) Gross Amount Not Offset in the Description Gross Amount Gross Amount Net Amount Futures Collateral, Due Net Amount Commodity price Wheat futures contracts $ 3,921,588 $ — $ 3,921,588 $ — $ 3,921,588 $ — 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 Description Gross Amount Gross Amount Net Amount Futures Contracts Available for Offset Collateral, Due Net Amount Commodity price Wheat futures contracts $ 1,924,464 $ — $ 1,924,464 $ — $ 1,924,464 $ — 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, 2016 Net Change in Unrealized Realized Loss on Appreciation or Depreciation on Commodity Futures Contracts Commodity Futures Contacts Commodity Price Wheat futures contracts $ (9,631,400) $ (1,997,125) 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 Volume of Derivative Activities The average notional market value categorized by primary underlying risk for all futures contracts held was $42.5 million in 2016, $26.6 million in 2015 and $22.5 million in 2014. |
Organizational and Offering Cos
Organizational and Offering Costs | 12 Months Ended |
Dec. 31, 2016 | |
Teucrium Commodity Trust - Combined [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. |
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. |
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. |
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. |
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. |
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. |
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 | 12 Months Ended |
Dec. 31, 2016 | |
Teucrium Commodity Trust - Combined [Member] | |
Detail of the net assets and shares outstanding of the Funds that are a series of the Trust | 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, 2016 Outstanding Shares Net Assets Teucrium Corn Fund 3,900,004 $ 73,213,541 Teucrium Soybean Fund 675,004 12,882,100 Teucrium Sugar Fund 425,004 5,513,971 Teucrium Wheat Fund 9,050,004 62,344,759 Teucrium Agricultural Fund: Net assets including the investment in the Underlying Funds 50,002 1,316,370 Less: Investment in the Underlying Funds (1,313,554 ) Net for the Fund in the combined net assets of the Trust 2,816 Total $ 153,957,187 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 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. |
Financial Highlights
Financial Highlights | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016, 2015 and 2014. 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 Year ended December 31, 2015 Year ended December 31, 2014 Net asset value at beginning of period $ 21.24 $ 26.62 $ 30.64 From investment operations: Investment income 0.11 0.05 0.01 Net realized and unrealized loss on commodity futures contracts (1.75 ) (4.46 ) (3.01 ) Total net expenses (0.83 ) (0.97 ) (1.02 ) Net decrease in net asset value (2.47 ) (5.38 ) (4.02 ) Net asset value at end of period $ 18.77 $ 21.24 $ 26.62 Total Return (11.63 )% (20.21 )% (13.12 )% Ratios to Average Net Assets Total expenses 4.74 % 4.15 % 3.37 % Total expense, net 4.13 % 4.03 % 3.57 % Net investment loss (3.58 )% (3.84 )% (3.54 )% 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. |
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, 2016, 2015 and 2014. 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 Year ended Year ended Net asset value at beginning of period $ 17.34 $ 20.79 $ 22.95 From investment operations: Investment income 0.10 0.03 0.01 Net realized and unrealized gain (loss) on commodity futures contracts 2.41 (2.89 ) (1.31 ) Total net expenses (0.77 ) (0.59 ) (0.86 ) Net increase (decrease) in net asset value 1.74 (3.45 ) (2.16 ) Net asset value at end of period $ 19.08 $ 17.34 $ 20.79 Total Return 10.03 % (16.59 )% (9.41 )% Ratios to Average Net Assets Total expenses 4.61 % 7.31 % 4.59 % Total expense, net 4.03 % 3.14 % 3.87 % Net investment loss (3.48 )% (2.96 )% (3.83 )% 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. |
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, 2016, 2015 and 2014. 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 Year ended December 31, 2015 Year ended December 31, 2014 Net asset value at beginning of period $ 10.02 $ 11.83 $ 14.10 From investment operations: Investment income 0.06 0.02 — Net realized and unrealized gain (loss) on commodity futures contracts 3.17 (1.64 ) (2.01 ) Total net expenses (0.28 ) (0.19 ) (0.26 ) Net increase (decrease) in net asset value 2.95 (1.81 ) (2.27 ) Net asset value at end of period $ 12.97 $ 10.02 $ 11.83 Total Return 29.44 % (15.30 )% (16.10 )% Ratios to Average Net Assets Total expenses 4.72 % 9.16 % 6.26 % Total expense, net 2.29 % 2.00 % 1.88 % Net investment loss (1.77 )% (1.79 )% (1.85 )% 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. |
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, 2016, 2015 and 2014. 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 Year ended December 31, 2015 Year ended December 31, 2014 Net asset value at beginning of period $ 9.15 $ 12.72 14.84 From investment operations: Investment income 0.04 0.02 0.01 Net realized and unrealized loss on commodity futures contracts (1.98 ) (3.19 ) (1.64 ) Total net expenses (0.32 ) (0.40 ) (0.49 ) Net decrease in net asset value (2.26 ) (3.57 ) (2.12 ) Net asset value at end of period $ 6.89 $ 9.15 12.72 Total Return (24.70 )% (28.07 )% (14.29 )% Ratios to Average Net Assets Total expenses 4.47 % 4.40 % 3.66 % Total expense, net 4.13 % 3.89 % 3.74 % Net investment loss (3.57 )% (3.67 )% (3.69 )% 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. |
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, 2016, 2015 and 2014. 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 Year ended December 31, 2015 Year ended Net asset value at beginning of period $ 26.59 $ 33.05 $ 37.93 From investment operations: Net realized and unrealized loss on securities (0.12 ) (6.32 ) (4.70 ) Total net expenses (0.14 ) (0.14 ) (0.18 ) Net decrease in net asset value (0.26 ) (6.46 ) (4.88 ) Net asset value at end of period $ 26.33 $ 26.59 $ 33.05 Total Return (0.98 )% (19.55 )% (12.87 )% Ratios to Average Net Assets (Annualized) Total expenses 3.33 % 13.97 % 4.70 % 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 (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015. First Second Third Fourth Quarter 2016 Quarter 2016 Quarter 2016 Quarter 2016 Total Income (Loss) $ (2,166,864 ) $ 190,068 $ (5,440,285 ) $ 822,596 Total Expenses $ 773,352 $ 700,320 $ 878,103 $ 1,060,142 Total Expenses, net $ 773,352 $ 700,320 $ 743,942 $ 751,970 Net Income (Loss) $ (2,940,216 ) $ (510,252 ) $ (6,184,227 ) $ 70,626 Net Income (Loss) per share $ (1.05 ) $ 0.15 $ (1.63 ) $ 0.06 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 ) |
Teucrium Soybean 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 Soybean Fund and other data for three-month periods ended March 31, June 30, September 30 and December 31, 2016 and 2015. First Second Third Fourth Quarter 2016 Quarter 2016 Quarter 2016 Quarter 2016 Total Income (Loss) $ 456,077 $ 2,124,042 $ (1,566,866 ) $ 558,954 Total Expenses $ 86,484 $ 122,710 $ 189,647 $ 147,752 Total Expenses, net $ 86,484 $ 122,710 $ 126,534 $ 141,951 Net Income (Loss) $ 369,593 $ 2,001,332 $ (1,693,400 ) $ 417,003 Net Income (Loss) per share $ 0.68 $ 3.35 $ (2.84 ) $ 0.55 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 ) |
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, 2016 and 2015. First Second Third Fourth Quarter 2016 Quarter 2016 Quarter 2016 Quarter 2016 Total Income (Loss) $ 1,628 $ 1,344,301 $ 939,912 $ (796,550 ) Total Expenses $ 42,333 $ 93,020 $ 88,916 $ 64,040 Total Expenses, net $ 27,353 $ 34,614 $ 40,873 $ 37,188 Net (Loss) Income $ (25,725 ) $ 1,309,687 $ 899,039 $ (833,738 ) Net Income (Loss) per share $ 0.51 $ 2.39 $ 1.73 $ (1.68 ) 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 |
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, 2016 and 2015. First Second Third Fourth Quarter 2016 Quarter 2016 Quarter 2016 Quarter 2016 Total Loss $ (139,504 ) $ (2,771,883 ) $ (6,298,223 ) $ (2,187,317 ) Total Expenses $ 265,750 $ 309,403 $ 608,506 $ 670,923 Total Expenses, net $ 265,750 $ 309,403 $ 558,990 $ 580,411 Net Loss $ (405,254 ) $ (3,081,286 ) $ (6,857,213 ) $ (2,767,728 ) Net Loss per share $ (0.14 ) $ (0.79 ) $ (1.03 ) $ (0.30 ) 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 ) |
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, 2016 and 2015. First Second Third Fourth Quarter 2016 Quarter 2016 Quarter 2016 Quarter 2016 Total Income (Loss) $ 9,249 $ 104,911 $ (78,441 ) $ (41,939 ) Total Expenses $ 21,991 $ 6,573 $ 11,603 $ 5,092 Total Expenses, net $ 1,634 $ 1,760 $ 1,710 $ 1,696 Net Income (Loss) $ 7,615 $ 103,151 $ (80,151 ) $ (43,635 ) Net Income (Loss) per share $ 0.15 $ 2.06 $ (1.60 ) $ (0.87 ) 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 ) |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Teucrium Commodity Trust - Combined [Member] | |
Subsequent Events | Note 9 – Subsequent Events Management has evaluated the financial statements for the period-ended December 31, 2016 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: Nothing to Report SOYB: As of this filing, $13,000 of 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. The balance for Restricted Cash is $61,068 as of this filing. CANE: As of this filing, $14,000 of 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. The balance for Restricted Cash is $63,616 as of this filing. WEAT: Nothing to Report TAGS: Nothing to Report |
Teucrium Corn Fund [Member] | |
Subsequent Events | Note 9 – Subsequent Events Management has evaluated the financial statements for the year-ended December 31, 2016 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. |
Teucrium Soybean Fund [Member] | |
Subsequent Events | Note 9 – Subsequent Events Management has evaluated the financial statements for the period-ended December 31, 2016 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: As of this filing, $13,000 of 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. The balance for Restricted Cash is $61,068 as of this filing. |
Teucrium Sugar Fund [Member] | |
Subsequent Events | Note 9 – Subsequent Events Management has evaluated the financial statements for the period-ended December 31, 2016 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: As of this filing, $14,000 of 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. The balance for Restricted Cash is $63,616 as of this filing. |
Teucrium Wheat Fund [Member] | |
Subsequent Events | Note 9 – Subsequent Events Management has evaluated the financial statements for the year-ended December 31, 2016 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. |
Teucrium Agricultural Fund [Member] | |
Subsequent Events | Note 8 – Subsequent Events Management has evaluated the financial statements for the year-ended December 31, 2016 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. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Teucrium Commodity Trust - Combined [Member] | |
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. 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 Underlying Funds. The Trust eliminates the shares of the other series of the Trust owned by the Teucrium Agricultural Fund from its combined statements of assets and liabilities. The Trust eliminates the net change in unrealized appreciation or depreciation on securities owned by the Teucrium Agricultural Fund from its combined statements of operations. The combined statements of changes in net assets and cash flows present a net presentation of the purchases and sales of the Underlying Funds of TAGS. |
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 2013 to 2016, 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, 2016, 2015, 2014 and 2013. 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, 2016, 2015 and 2014. 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 shares representing 2 baskets |
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 $1,412,423 and $2,539,642 in money market funds at December 31, 2016 and December 31, 2015, respectively; these balances are included in cash and cash equivalents on the combined statements of assets and liabilities. Effective in the second quarter 2015, the Sponsor invested a portion of the available cash for the Funds in alternative demand-deposit savings accounts, which is classified as cash and not as cash equivalents. The Funds had a balance of $143,915,277 in demand-deposit savings accounts on December 31, 2016. This change resulted in a reduction in the balance held in money market funds. 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, 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% per annum. 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, the Funds recognized $1,825,552 in 2016, $1,601,237 in 2015 and $1,365,214 in 2014, respectively, for these services, which are primarily recorded in distribution and marketing fees on the combined statements of operations, of these expenses, $457,658 in 2016, $138,262 in 2015 and $113,224 in 2014 were waived by the Sponsor. All asset-based fees and expenses for the Funds are calculated on the prior day’s net assets. 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, 2016, there were $838,015 of expenses that were on the combined statements of operations of the Trust as expenses that were waived by the Sponsor. These were specifically: $442,333 for CORN, $68,914 for SOYB, $148,281 for CANE, $140,028 for WEAT, and $38,459 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, 2015 there were $980,683 of expenses that were on the combined statements of operations of the Trust as expenses that were waived by the Sponsor. These were specifically: $96,068 for CORN, $304,609 for SOYB, $256,227 for CANE, $130,716 for WEAT, and $193,063 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, 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 for NAGS, $131,324 for CRUD, $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 $590,000 of expenses recorded in the financial statements of the Sponsor which were subject to reimbursement by the Funds in 2014. At that time, the Sponsor had determined that recovery of the expense amounts was not probable. For the year ended December 31, 2014, asset growth and other changes experienced by certain Funds enabled the Sponsor to claim reimbursement of $379,753 from those Funds, specifically, $308,312 from CORN, $25,139 from SOYB and $46,302 from WEAT. These amounts are reflected in the combined statements of operations for the year ended December 31, 2014 as a reimbursement of a previously waived expense for the Funds from which there was recovery in 2014. There was no recovery of amounts from the other Funds. |
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. 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 Chicago Board of Trade (“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 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, 2016 and 2015, 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 year ended December 31, 2016, the Funds did not have any significant transfers between any of the levels of the fair value hierarchy. 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 balance transferred back to a Level 1 asset for the quarter ended September 30, 2015 as shown in Note 5. 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”) 2016-19, “Technical Corrections and Improvements”. The amendments in this update represent changes to clarify, correct errors, or make minor improvements to the Accounting Standards Codification. The amendments make the Accounting Standards Codification easier to understand and easier to apply by eliminating inconsistencies and providing clarifications. The amendments are effective for fiscal years, and interim periods with those fiscal years, for all entities beginning after December 15, 2016. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds. The FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230)”. The amendments in this update require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. This update is not expected to have a material impact on the financial statements and disclosures of the Trust or the Funds. The Sponsor believes there will be a change in presentation of restricted cash on the statements of cash flows. The FASB issued ASU 2016-17, “Consolidation (Topic 810): Interests Held through Related Parties That are under Common Control”. The amendments in this update alters how a decision maker needs to consider indirect interests in a variable interest entity (VIE) held through an entity under common control. The new guidance amends ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, issued in February 2015. The amendments are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments”. The amendments provide cash flow statement classification guidance. The amendments in this update are effective for fiscal years beginning after December 15, 2017. The Trust and the Funds are currently evaluating the impact on the financial statements and disclosures. The Trust and the Funds do not expect to adopt the guidance until the effective date. The FASB issued ASU 2014-09 in May 2014, “Revenue from Contracts with Customers (Topic 606),” which replaces the revenue recognition requirements of “Revenue Recognition (Topic 605).” This ASU is based on the principle that revenue is recognized to depict the transfer of goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU provides new and more detailed guidance on specific topics and expands and improves disclosures about revenue. In August 2015, the FASB issued ASU 2015-14 which defers the effective date of ASU 2014-09 by one year to fiscal years beginning after December 15, 2017. ASU 2015-14 also permits early adoption of ASU 2014-09, but not before the original effective date, which was for fiscal years beginning after December 15, 2016. T The FASB issued ASU 2016-11, “Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting”. The amendments make targeted improvements to clarify the principal versus agent assessment and are intended to make the guidance more operable and lead to more consistent application. T The FASB issued ASU 2016-02, “Leases (Topic 842).” The amendments in this update increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The amendments in this update are effective for fiscal years beginning after December 15, 2018. This update is not expected to have a material impact on the financial statements and disclosures of the Trust or the Funds. The FASB issued 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 Trust and the Fund are currently evaluating the impact on the financial statements and disclosures; but based on our review to date we do not expect the update will have a material impact on the financial statements and disclosures of the Trust or 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds. 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds. 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds. 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds. 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, the adoption did not have a significant impact on the financial statements and disclosures of the Funds. |
Teucrium Corn Fund [Member] | |
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 2013 to 2016, 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, 2016, 2015, 2014 and 2013. 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, 2016, 2015 and 2014. 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 shares from CORN. 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 the Fund only in blocks of 25,000 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. 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 shares represents two Redemption Baskets for the Fund and a minimum level of shares. |
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 $692,293 and $899,313 in money market funds at December 31, 2016 and December 31, 2015, respectively; these balances are included in cash and cash equivalents on the statements of assets and liabilities. 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 $68,382,027 in demand-deposit savings accounts on December 31, 2016. This change resulted in a reduction in the balance held in money market funds. 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% per annum. 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, the Fund recognized $936,695 in 2016, $1,034,163 in 2015 and $1,047,648 in 2014, respectively, for these expenses, which are primarily recorded in distribution and marketing fees on the statements of operations; of these amounts $275,884 in 2016, $20,000 in 2015 and $20,312 in 2014 were waived by the Sponsor. All asset-based fees and expenses for the Funds are calculated on the prior day’s net assets. For the year ended December 31, 2016 there were $442,333 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, 2015 there were $96,068 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, 2014 there were $105,270 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 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. |
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 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 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, 2016 and 2015, 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, 2016 and 2015, the Fund 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”) 2016-19, “Technical Corrections and Improvements”. The amendments in this update represent changes to clarify, correct errors, or make minor improvements to the Accounting Standards Codification. The amendments make the Accounting Standards Codification easier to understand and easier to apply by eliminating inconsistencies and providing clarifications. The amendments are effective for fiscal years, and interim periods with those fiscal years, for all entities beginning after December 15, 2016. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230)”. The amendments in this update require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. This update is not expected to have a material impact on the financial statements and disclosures of the Trust or the Fund. The Sponsor believes there will be a change in presentation of restricted cash on the statements of cash flows. The FASB issued ASU 2016-17, “Consolidation (Topic 810): Interests Held through Related Parties That are under Common Control”. The amendments in this update alters how a decision maker needs to consider indirect interests in a variable interest entity (VIE) held through an entity under common control. The new guidance amends ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, issued in February 2015. The amendments are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments”. The amendments provide cash flow statement classification guidance. The amendments in this update are effective for fiscal years beginning after December 15, 2017. The Trust and the Fund are currently evaluating the impact on the financial statements and disclosures. The Trust and the Fund do not expect to adopt the guidance until the effective date. The FASB issued ASU 2014-09 in May 2014, “Revenue from Contracts with Customers (Topic 606),” which replaces the revenue recognition requirements of “Revenue Recognition (Topic 605).” This ASU is based on the principle that revenue is recognized to depict the transfer of goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU provides new and more detailed guidance on specific topics and expands and improves disclosures about revenue. In August 2015, the FASB issued ASU 2015-14 which defers the effective date of ASU 2014-09 by one year to fiscal years beginning after December 15, 2017. ASU 2015-14 also permits early adoption of ASU 2014-09, but not before the original effective date, which was for fiscal years beginning after December 15, 2016. The Trust and the Fund record income or loss from the recognition and measurement of futures contracts and from interest income under Subtopic 825-10. Revenue from financial instruments which are valued under Subtopic 825 will not be subject to the application of ASU 2014-09 and 2015-14. Therefore, these standards will not apply or have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-11, “Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting”. The amendments make targeted improvements to clarify the principal versus agent assessment and are intended to make the guidance more operable and lead to more consistent application. The Trust and the Fund record income or loss from the recognition and measurement of futures contracts and from interest income under Subtopic 825-10. Revenue from financial instruments which are valued under Subtopic 825 will not be subject to the application of ASU 2016-11. Therefore, this standard will not apply or have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-02, “Leases (Topic 842).” The amendments in this update increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The amendments in this update are effective for fiscal years beginning after December 15, 2018. This update is not expected to have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued 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 Trust and the Fund are currently evaluating the impact on the financial statements and disclosures; but based on our review to date we do not expect the update will have a material impact on the financial statements and disclosures of the Trust or the Fund. 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. 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, the adoption did not have a significant impact on the financial statements and disclosures of the Fund. |
Teucrium Soybean Fund [Member] | |
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 2013 to 2016, 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, 2016, 2015, 2014 and 2013. 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, 2016, 2015 and 2014. 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 shares from the 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 the Fund only in blocks of 25,000 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. 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 shares represents two Redemption Baskets for the Fund and a minimum level of shares. |
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 $185,661 and $161,718 in money market funds at December 31, 2016 and December 31, 2015, respectively; these balances are included in cash and cash equivalents on the statements of assets and liabilities. 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 $12,115,082 in demand-deposit savings accounts as of December 31, 2016. This change resulted in a reduction in the balance held in money market funds. 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 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% per annum. 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, the Fund recognized $169,614 in 2016, $124,331 in 2015 and $49,492 in 2014, respectively, such expenses, which are primarily included as distribution and marketing fees on the statements of operations; of these amounts $10,720 in 2016, $49,086 in 2015 and $12,915 in 2014 were waived by the Sponsor. All asset-based fees and expenses for the Funds are calculated on the prior day’s net assets. For the year ended December 31, 2016, there were $68,914 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, 2015, there were $304,609 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, 2014, there were $65,617 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 $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. |
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 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 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, 2016 and 2015, 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 years ended December 31, 2016 and 2015, the Fund 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”) 2016-19, “Technical Corrections and Improvements”. The amendments in this update represent changes to clarify, correct errors, or make minor improvements to the Accounting Standards Codification. The amendments make the Accounting Standards Codification easier to understand and easier to apply by eliminating inconsistencies and providing clarifications. The amendments are effective for fiscal years, and interim periods with those fiscal years, for all entities beginning after December 15, 2016. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230)”. The amendments in this update require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. This update is not expected to have a material impact on the financial statements and disclosures of the Trust or the Fund. The Sponsor believes there will be a change in presentation of restricted cash on the statements of cash flows. The FASB issued ASU 2016-17, “Consolidation (Topic 810): Interests Held through Related Parties That are under Common Control”. The amendments in this update alters how a decision maker needs to consider indirect interests in a variable interest entity (VIE) held through an entity under common control. The new guidance amends ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, issued in February 2015. The amendments are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments”. The amendments provide cash flow statement classification guidance. The amendments in this update are effective for fiscal years beginning after December 15, 2017. The Trust and the Funds are currently evaluating the impact on the financial statements and disclosures. The Trust and the Fund do not expect to adopt the guidance until the effective date. The FASB issued ASU 2014-09 in May 2014, “Revenue from Contracts with Customers (Topic 606),” which replaces the revenue recognition requirements of “Revenue Recognition (Topic 605).” This ASU is based on the principle that revenue is recognized to depict the transfer of goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU provides new and more detailed guidance on specific topics and expands and improves disclosures about revenue. In August 2015, the FASB issued ASU 2015-14 which defers the effective date of ASU 2014-09 by one year to fiscal years beginning after December 15, 2017. ASU 2015-14 also permits early adoption of ASU 2014-09, but not before the original effective date, which was for fiscal years beginning after December 15, 2016. The Trust and the Fund record income or loss from the recognition and measurement of futures contracts and from interest income under Subtopic 825-10. Revenue from financial instruments which are valued under Subtopic 825 will not be subject to the application of ASU 2014-09 and 2015-14. Therefore, these standards will not apply or have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-11, “Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting”. The amendments make targeted improvements to clarify the principal versus agent assessment and are intended to make the guidance more operable and lead to more consistent application. The Trust and the Fund record income or loss from the recognition and measurement of futures contracts and from interest income under Subtopic 825-10. Revenue from financial instruments which are valued under Subtopic 825 will not be subject to the application of ASU 2016-11. Therefore, this standard will not apply or have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-02, “Leases (Topic 842).” The amendments in this update increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The amendments in this update are effective for fiscal years beginning after December 15, 2018. This update is not expected to have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued 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 Trust and the Fund are currently evaluating the impact on the financial statements and disclosures; but based on our review to date we do not expect the update will have a material impact on the financial statements and disclosures of the Trust or the Fund. 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. 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, the adoption did not have a significant impact on the financial statements and disclosures of the Fund. |
Teucrium Sugar Fund [Member] | |
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 | 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 2013 to 2016, 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, 2016, 2015, 2014 and 2013. 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, 2016, 2015 and 2014. 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 shares from the 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 the Fund only in blocks of 25,000 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. 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 shares represents two Redemption Baskets for the Fund and a minimum level of shares. |
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 $125,182 and $297,460 in money market funds at December 31, 2016 and December 31, 2015, respectively; these balances are included in cash and cash equivalents on the statements of assets and liabilities. 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 $4,891,490 in a demand-deposit savings account on December 31, 2016. This change resulted in a reduction in the balance held in money market funds. Assets deposited with financial institutions, 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 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 and Allocation of Expenses | 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% per annum. 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, the Fund recognized $102,601 in 2016, $47,236 in 2015 and $25,911 in 2014, respectively, such expenses, which are primarily included as distribution and marketing fees on the statements of operations; of these amounts, $71,311 in 2016, $33,483 in 2015 and $25,845 in 2014 were waived by the Sponsor. All asset-based fees and expenses for the Funds are calculated on the prior day’s net assets. For the year ended December 31, 2016, there were $148,281 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, 2015, there were $256,227 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, 2014, there were $119,696 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 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 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, 2016 and 2015, 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 years ended December 31, 2016 and 2015, the Fund 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”) 2016-19, “Technical Corrections and Improvements”. The amendments in this update represent changes to clarify, correct errors, or make minor improvements to the Accounting Standards Codification. The amendments make the Accounting Standards Codification easier to understand and easier to apply by eliminating inconsistencies and providing clarifications. The amendments are effective for fiscal years, and interim periods with those fiscal years, for all entities beginning after December 15, 2016. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230)”. The amendments in this update require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. This update is not expected to have a material impact on the financial statements and disclosures of the Trust or the Fund. The Sponsor believes there will be a change in presentation of restricted cash on the statements of cash flows. The FASB issued ASU 2016-17, “Consolidation (Topic 810): Interests Held through Related Parties That are under Common Control”. The amendments in this update alters how a decision maker needs to consider indirect interests in a variable interest entity (VIE) held through an entity under common control. The new guidance amends ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, issued in February 2015. The amendments are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments”. The amendments provide cash flow statement classification guidance. The amendments in this update are effective for fiscal years beginning after December 15, 2017. The Trust and the Funds are currently evaluating the impact on the financial statements and disclosures. The Trust and the Fund do not expect to adopt the guidance until the effective date. The FASB issued ASU 2014-09 in May 2014, “Revenue from Contracts with Customers (Topic 606),” which replaces the revenue recognition requirements of “Revenue Recognition (Topic 605).” This ASU is based on the principle that revenue is recognized to depict the transfer of goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU provides new and more detailed guidance on specific topics and expands and improves disclosures about revenue. In August 2015, the FASB issued ASU 2015-14 which defers the effective date of ASU 2014-09 by one year to fiscal years beginning after December 15, 2017. ASU 2015-14 also permits early adoption of ASU 2014-09, but not before the original effective date, which was for fiscal years beginning after December 15, 2016. The Trust and the Fund record income or loss from the recognition and measurement of futures contracts and from interest income under Subtopic 825-10. Revenue from financial instruments which are valued under Subtopic 825 will not be subject to the application of ASU 2014-09 and 2015-14. Therefore, these standards will not apply or have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-02, “Leases (Topic 842).” The amendments in this update increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The amendments in this update are effective for fiscal years beginning after December 15, 2018. This update is not expected to have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued 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 Trust and the Fund are currently evaluating the impact on the financial statements and disclosures; but based on our review to date we do not expect the update will have a material impact on the financial statements and disclosures of the Trust or the Fund. 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. 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, the adoption did not have a significant impact on the financial statements and disclosures of the Fund. |
Teucrium Wheat Fund [Member] | |
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 | 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 2013 to 2016, 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, 2016, 2015, 2014 and 2013. 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, 2016, 2015 and 2014. 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 shares from the 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 the Fund only in blocks of 25,000 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. 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 shares represents two Redemption Baskets for the Fund and a minimum level of shares. |
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 $406,927 and $1,179,336 in money market funds at December 31, 2016 and December 31, 2015, respectively; these balances are included in cash and cash equivalents on the statements of assets and liabilities. 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 $58,526,678 in a demand-deposit savings account on December 31, 2016. This change resulted in a reduction in the balance held in money market funds. Assets deposited with financial institutions, 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 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% per annum. 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, the Fund recognized $602,637 in 2016, $382,178 in 2015 and $193,111 in 2014, respectively, such expenses, which are primarily recorded in distribution and marketing fees on the statements of operations; of these amounts $87,767 in 2016, $22,364 in 2015 and $5,100 in 2014 were waived by the Sponsor. All asset-based fees and expenses for the Funds are calculated on the prior day’s net assets. For the year ended December 31, 2016, there were $140,028 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, 2015 there were $130,716 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, 2014, there were $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 $69,416 of expenses recorded in the financial statements of the Sponsor which were subject to reimbursement by WEAT 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 WEAT enabled the Sponsor to claim reimbursement of $46,302 from the Fund. This amount is reflected in the statements of operations as a reimbursement of previously waived expenses. |
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 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 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 years being reported. On December 31, 2016 and 2015, 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 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, 2016, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy. 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 balance transferred back to a Level 1 asset for the quarter ended September 30, 2015. 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”) 2016-19, “Technical Corrections and Improvements”. The amendments in this update represent changes to clarify, correct errors, or make minor improvements to the Accounting Standards Codification. The amendments make the Accounting Standards Codification easier to understand and easier to apply by eliminating inconsistencies and providing clarifications. The amendments are effective for fiscal years, and interim periods with those fiscal years, for all entities beginning after December 15, 2016. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230)”. The amendments in this update require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. This update is not expected to have a material impact on the financial statements and disclosures of the Trust or the Fund. The Sponsor believes there will be a change in presentation of restricted cash on the statements of cash flows. The FASB issued ASU 2016-17, “Consolidation (Topic 810): Interests Held through Related Parties That are under Common Control”. The amendments in this update alters how a decision maker needs to consider indirect interests in a variable interest entity (VIE) held through an entity under common control. The new guidance amends ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, issued in February 2015. The amendments are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments”. The amendments provide cash flow statement classification guidance. The amendments in this update are effective for fiscal years beginning after December 15, 2017. The Trust and the Fund are currently evaluating the impact on the financial statements and disclosures. The Trust and the Fund do not expect to adopt the guidance until the effective date. The FASB issued ASU 2014-09 in May 2014, “Revenue from Contracts with Customers (Topic 606),” which replaces the revenue recognition requirements of “Revenue Recognition (Topic 605).” This ASU is based on the principle that revenue is recognized to depict the transfer of goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU provides new and more detailed guidance on specific topics and expands and improves disclosures about revenue. In August 2015, the FASB issued ASU 2015-14 which defers the effective date of ASU 2014-09 by one year to fiscal years beginning after December 15, 2017. ASU 2015-14 also permits early adoption of ASU 2014-09, but not before the original effective date, which was for fiscal years beginning after December 15, 2016. The Trust and the Fund record income or loss from the recognition and measurement of futures contracts and from interest income under Subtopic 825-10. Revenue from financial instruments which are valued under Subtopic 825 will not be subject to the application of ASU 2014-09 and 2015-14. Therefore, these standards will not apply or have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-11, “Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting”. The amendments make targeted improvements to clarify the principal versus agent assessment and are intended to make the guidance more operable and lead to more consistent application. The Trust and the Fund record income or loss from the recognition and measurement of futures contracts and from interest income under Subtopic 825-10. Revenue from financial instruments which are valued under Subtopic 825 will not be subject to the application of ASU 2016-11. Therefore, this standard will not apply or have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-02, “Leases (Topic 842).” The amendments in this update increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The amendments in this update are effective for fiscal years beginning after December 15, 2018. This update is not expected to have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued 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 Trust and the Fund are currently evaluating the impact on the financial statements and disclosures; but based on our review to date we do not expect the update will have a material impact on the financial statements and disclosures of the Trust or the Fund. 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. 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, the adoption did not have a significant impact on the financial statements and disclosures of the Fund. |
Teucrium Agricultural Fund [Member] | |
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 2013 to 2016, 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, 2016, 2015, 2014 and 2013. 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, 2016, 2015 and 2014. 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 shares from the 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 the Fund only in blocks of 25,000 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. 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 shares represents two Redemption Baskets for the Fund and a minimum level of shares. Effective August 2, 2012, the Fund was at 50,002 shares outstanding which represents a minimum number of shares and there can be no further redemptions until additional shares are created. |
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 $2,360 and $1,815 in money market funds at December 31, 2016 and December 31, 2015, respectively; these balances are included in cash equivalents on the statements of assets and liabilities. |
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. |
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. |
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% per annum; these fees are recognized in the statements contained in this Form 10-K for each of the Underlying Funds. The Fund 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 for services directly attributable to the Fund such as accounting, financial reporting, regulatory compliance and trading activities, which the Sponsor elected not to outsource. The Sponsor may, at its discretion waive the payment by the Fund of certain expenses. This election is subject to change by the Sponsor, at its discretion. 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. 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, the Fund recognized $14,004 in 2016, $13,329 in 2015 and $16,234 in 2014, respectively, such expenses, which are primarily recorded in distribution and marketing fees on the statements of operations; of these amounts $11,975 in 2016, $13,329 in 2015 and $16,234 in 2014 were waived by the Sponsor. All asset-based fees and expenses for the Funds are calculated on the prior day’s net assets. The Sponsor can elect to adjust the daily expense accruals at its discretion. For the year ended December 31, 2016, there were $38,459 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, 2015, there were $193,063 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, 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. |
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. |
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 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 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 years 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. |
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”) 2016-19, “Technical Corrections and Improvements”. The amendments in this update represent changes to clarify, correct errors, or make minor improvements to the Accounting Standards Codification. The amendments make the Accounting Standards Codification easier to understand and easier to apply by eliminating inconsistencies and providing clarifications. The amendments are effective for fiscal years, and interim periods with those fiscal years, for all entities beginning after December 15, 2016. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230)”. The amendments in this update require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. This update is not expected to have a material impact on the financial statements and disclosures of the Trust or the Fund. The Sponsor believes there will be a change in presentation of restricted cash on the statements of cash flows. The FASB issued ASU 2016-17, “Consolidation (Topic 810): Interests Held through Related Parties That are under Common Control”. The amendments in this update alters how a decision maker needs to consider indirect interests in a variable interest entity (VIE) held through an entity under common control. The new guidance amends ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, issued in February 2015. The amendments are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments”. The amendments provide cash flow statement classification guidance. The amendments in this update are effective for fiscal years beginning after December 15, 2017. The Trust and the Funds are currently evaluating the impact on the financial statements and disclosures. The Trust and the Fund do not expect to adopt the guidance until the effective date. The FASB issued ASU 2014-09 in May 2014, “Revenue from Contracts with Customers (Topic 606),” which replaces the revenue recognition requirements of “Revenue Recognition (Topic 605).” This ASU is based on the principle that revenue is recognized to depict the transfer of goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU provides new and more detailed guidance on specific topics and expands and improves disclosures about revenue. In August 2015, the FASB issued ASU 2015-14 which defers the effective date of ASU 2014-09 by one year to fiscal years beginning after December 15, 2017. ASU 2015-14 also permits early adoption of ASU 2014-09, but not before the original effective date, which was for fiscal years beginning after December 15, 2016. The Fund records income or loss from the recognition and measurement based on the change in the shares held by the Underlying Funds and from interest income under Subtopic 825-10. Revenue from financial instruments which are valued under Subtopic 825 will not be subject to the application of ASU 2014-09 and 2015-14. Therefore, these standards will not apply or have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-11, “Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting”. The amendments make targeted improvements to clarify the principal versus agent assessment and are intended to make the guidance more operable and lead to more consistent application. The Fund records income or loss from the recognition and measurement based on the change in the shares held by the Underlying Funds and from interest income under Subtopic 825-10. Revenue from financial instruments which are valued under Subtopic 825 will not be subject to the application of ASU 2014-09 and 2015-14. Therefore, these standards will not apply or have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-02, “Leases (Topic 842).” The amendments in this update increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The amendments in this update are effective for fiscal years beginning after December 15, 2018. This update is not expected to have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued 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 Trust and the Fund are currently evaluating the impact on the financial statements and disclosures; but based on our review to date we do not expect the update will have a material impact on the financial statements and disclosures of the Trust or the Fund. 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. 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 adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. 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, the adoption did not have a significant impact on the financial statements and disclosures of the Fund. |
Liquidation of Funds (Tables)
Liquidation of Funds (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Teucrium Commodity Trust - Combined [Member] | |
Schedule of results of operations and other data | 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 the year ended December 31, 2014. Year ended December 31, 2014 Total Loss $ (16,003 ) Total Expenses $ 131,501 Total Expenses, net $ 21,890 Net Loss $ (37,893 ) 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 the year ended December 31, 2014. Year ended December 31, 2014 Total Loss $ (734,326 ) Total Expenses $ 166,176 Total Expenses, net $ 34,852 Net Loss $ (769,178 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Teucrium Commodity Trust - Combined [Member] | |
Schedule of Assets and Liabilities Measured at Fair Value | The following table presents information about the Trust’s assets and liabilities measured at fair value as of December 31, 2016 and December 31, 2015: December 31, 2016 Balance as of Assets: Level 1 Level 2 Level 3 December 31, 2016 Cash equivalents $ 1,412,423 $ — $ — $ 1,412,423 Commodity futures contracts Soybean futures contracts 357,500 — — 357,500 Sugar futures contracts 185,147 — — 185,147 Total $ 1,955,070 $ — $ — $ 1,955,070 Balance as of Liabilities: Level 1 Level 2 Level 3 December 31, 2016 Commodity futures contracts Corn futures contracts $ 1,460,800 $ — $ — $ 1,460,800 Soybean futures contracts 12,025 — — 12,025 Sugar futures contracts 331,542 — — 331,542 Wheat futures contracts 3,921,588 — — 3,921,588 Total $ 5,725,955 $ — $ — $ 5,725,955 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 |
Schedule of Transfers by Fair Value Hierarchy | 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 $ — $ — |
Teucrium Corn Fund [Member] | |
Schedule of Assets and Liabilities Measured at Fair Value | 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, 2016 and December 31, 2015: December 31, 2016 Balance as of Assets: Level 1 Level 2 Level 3 December 31, 2016 Cash equivalents $ 692,293 $ — $ — $ 692,293 Liabilities: Level 1 Level 2 Level 3 Balance as of Corn futures contracts $ 1,460,800 $ — $ — $ 1,460,800 December 31, 2015 Balance as of Assets: Level 1 Level 2 Level 3 December 31, 2015 Cash equivalents $ 899,313 $ — $ — $ 899,313 Liabilities: Level 1 Level 2 Level 3 Balance as of Corn futures contracts $ 3,908,550 $ — $ — $ 3,908,550 |
Teucrium Soybean Fund [Member] | |
Schedule of Assets and Liabilities Measured at Fair Value | The following table presents information about the Fund’s assets and liabilities measured at fair value as of December 31, 2016 and December 31, 2015: December 31, 2016 Balance as of Assets: Level 1 Level 2 Level 3 December 31, 2016 Cash equivalents $ 185,661 $ — $ — $ 185,661 Soybean futures contracts 357,500 — — 357,500 Total $ 543,161 $ — $ — $ 543,161 Balance as of Liabilities: Level 1 Level 2 Level 3 December 31, 2016 Soybean futures contracts $ 12,025 $ — $ — $ 12,025 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 |
Teucrium Sugar Fund [Member] | |
Schedule of Assets and Liabilities Measured at Fair Value | The following table presents information about the Fund’s assets and liabilities measured at fair value as of December 31, 2016 and December 31, 2015. December 31, 2016 Assets: Level 1 Level 2 Level 3 Balance as of Cash equivalents $ 125,182 $ — $ — $ 125,182 Sugar futures contracts 185,147 — — 185,147 Total $ 310,329 $ — $ — $ 310,329 Liabilities: Level 1 Level 2 Level 3 Balance as of Sugar futures contracts $ 331,542 $ — $ — $ 331,542 December 31, 2015 Assets: Level 1 Level 2 Level 3 Balance as of Cash equivalents $ 297,460 $ — $ — $ 297,460 Sugar futures contracts 364,056 — — 364,056 Total $ 661,516 $ — $ — $ 661,516 |
Teucrium Wheat Fund [Member] | |
Schedule of Assets and Liabilities Measured at Fair Value | The following table presents information about the Fund’s assets and liabilities measured at fair value as of December 31, 2016 and December 31, 2015: December 31, 2016 Balance as of Assets: Level 1 Level 2 Level 3 December 31, 2016 Cash equivalents $ 406,927 $ — $ — $ 406,927 Balance as of Liabilities: Level 1 Level 2 Level 3 December 31, 2016 Wheat futures contracts $ 3,921,588 $ — $ — $ 3,921,588 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 |
Schedule of Transfers by Fair Value Hierarchy | 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 $ — $ — |
Teucrium Agricultural Fund [Member] | |
Schedule of Assets and Liabilities Measured at Fair Value | The following table presents information about the Fund’s assets and liabilities measured at fair value as of December 31, 2016 and December 31, 2015: December 31, 2016 Assets: Level 1 Level 2 Level 3 Balance as of Exchange-traded funds $ 1,313,554 $ — $ — $ 1,313,554 Cash equivalents 2,360 — — 2,360 Total $ 1,315,914 $ — $ — $ 1,315,914 December 31, 2015 Assets: Level 1 Level 2 Level 3 Balance as of Exchange-traded funds $ 1,324,601 $ — $ — $ 1,324,601 Cash equivalents 1,815 — — 1,815 Total $ 1,326,416 $ — $ — $ 1,326,416 |
Derivative Instruments and He23
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Teucrium Commodity Trust - Combined [Member] | |
Schedule of Fair Value of Derivative Instruments | 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, 2016 and 2015. Offsetting of Financial Assets and Derivative Assets as of December 31, 2016 (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 $ 357,500 $ — $ 357,500 $ 12,025 $ — $ 345,475 Sugar futures contracts 185,147 — 185,147 185,147 — — Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2016 (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 $ 1,460,800 $ — $ 1,460,800 $ — $ 1,460,800 $ — Soybean futures contracts 12,025 — 12,025 12,025 — — Sugar futures contracts 331,542 — 331,542 185,147 146,395 — Wheat futures contracts 3,921,588 — 3,921,588 — 3,921,588 — 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 — |
Summary of Realized and Unrealized Gains (Losses) of the Derivative Instruments | 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, 2016 Realized (Loss) Gain on Net Change in Unrealized Primary Underlying Risk Commodity Futures Contracts Commodity Futures Contacts Commodity price Corn futures contracts $ (9,438,913 ) $ 2,447,750 Soybean futures contracts 939,088 567,962 Sugar futures contracts 1,967,694 (510,451 ) Wheat futures contracts (9,631,400 ) (1,997,125 ) Total commodity futures contracts $ (16,163,531 ) $ 508,136 Year ended December 31, 2015 Realized Loss on Net Change in Unrealized 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 ) Year ended December 31, 2014 Realized (Loss) Gain on Net Change in Unrealized 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 |
Teucrium Corn Fund [Member] | |
Schedule of Fair Value of Derivative Instruments | 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, 2016 and 2015. Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2016 (i) (ii) (iii) = (i) – (ii) (iv) (v) = (iii) – (iv) Gross Amount Not Offset in the Description Gross Amount Gross Net Amount Futures Collateral, Due Net Amount Commodity price Corn futures contracts $ 1,460,800 $ — $ 1,460,800 $ — $ 1,460,800 $ — 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 Description Gross Amount Gross Amount Net Amount Futures Contracts Available for Offset Collateral, Due Net Amount Commodity price Corn futures contracts $ 3,908,550 $ — $ 3,908,550 $ — $ 3,908,550 $ — |
Summary of Realized and Unrealized Gains (Losses) of the Derivative Instruments | 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, 2016 Net Change in Unrealized Realized Loss on Appreciation or Depreciation on Commodity Futures Contracts Commodity Futures Contacts Commodity Price Corn futures contracts $ (9,438,913 ) $ 2,447,750 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 |
Teucrium Soybean Fund [Member] | |
Schedule of Fair Value of Derivative Instruments | 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, 2016 and 2015. Offsetting of Financial Assets and Derivative Assets as of December 31, 2016 (i) (ii) (iii) = (i) – (ii) (iv) (v) = (iii) – (iv) Gross Amount Not Offset in the Description Gross Amount Gross Amount Net Amount Futures Contracts Collateral, Due Net Amount Commodity price Soybean futures contracts $ 357,500 $ — $ 357,500 $ 12,025 $ — $ 345,475 Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2016 (i) (ii) (iii) = (i) – (ii) (iv) (v) = (iii) – (iv) Gross Amount Not Offset in the Description Gross Amount Gross Amount Net Amount Futures Contracts Collateral, Due Net Amount Commodity price Soybean futures contracts $ 12,025 $ — $ 12,025 $ 12,025 $ — $ — 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 Description Gross Amount Gross Amount Net Amount Futures Contracts Collateral, Due Net Amount Commodity price Soybean futures contracts $ 16,175 $ — $ 16,175 $ 16,175 $ — $ — 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 Description Gross Amount Gross Amount Net Amount Futures Contracts Collateral, Due Net Amount Commodity price Soybean futures contracts $ 238,662 $ — $ 238,662 $ 16,175 $ 222,487 $ — |
Summary of Realized and Unrealized Gains (Losses) of the Derivative Instruments | 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, 2016 Net Change in Unrealized Realized Gain on Appreciation or Depreciation on Commodity Futures Contracts Commodity Futures Contacts Commodity Price Soybean futures contracts $ 939,088 $ 567,962 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) |
Teucrium Sugar Fund [Member] | |
Schedule of Fair Value of Derivative Instruments | 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, 2016 and 2015. Offsetting of Financial Assets and Derivative Assets as of December 31, 2016 (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 Contracts Available for Offset Collateral, Due to Broker Net Amount Commodity price Sugar futures contracts $ 185,147 $ — $ 185,147 $ 185,147 $ — $ — Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2016 (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 $ 331,542 $ — $ 331,542 $ 185,147 $ 146,395 $ — 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 Assets 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 |
Summary of Realized and Unrealized Gains (Losses) of the Derivative Instruments | 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, 2016 Realized Gain on Net Change in Unrealized Appreciation or Depreciation on Commodity Futures Contacts Commodity Price Sugar futures contracts $ 1,967,694 $ (510,451 ) Year ended December 31, 2015 Realized Loss on Net Change in Unrealized Appreciation or Depreciation on Commodity Futures Contacts Commodity Price Sugar futures contracts $ (1,279,891 ) $ 868,011 Year ended December 31, 2014 Realized Loss on Net Change in Unrealized Appreciation or Depreciation on Commodity Futures Contacts Commodity Price Sugar futures contracts $ (131,410 ) $ (320,555 ) |
Teucrium Wheat Fund [Member] | |
Schedule of Fair Value of Derivative Instruments | 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, 2016 and 2015. Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2016 (i) (ii) (iii) = (i) – (ii) (iv) (v) = (iii) – (iv) Gross Amount Not Offset in the Description Gross Amount Gross Amount Net Amount Futures Collateral, Due Net Amount Commodity price Wheat futures contracts $ 3,921,588 $ — $ 3,921,588 $ — $ 3,921,588 $ — 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 Description Gross Amount Gross Amount Net Amount Futures Contracts Available for Offset Collateral, Due Net Amount Commodity price Wheat futures contracts $ 1,924,464 $ — $ 1,924,464 $ — $ 1,924,464 $ — |
Summary of Realized and Unrealized Gains (Losses) of the Derivative Instruments | 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, 2016 Net Change in Unrealized Realized Loss on Appreciation or Depreciation on Commodity Futures Contracts Commodity Futures Contacts Commodity Price Wheat futures contracts $ (9,631,400) $ (1,997,125) 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 |
Detail of the net assets and 24
Detail of the net assets and shares outstanding of the Funds that are a series of the Trust (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Teucrium Commodity Trust - Combined [Member] | |
Net assets and shares outstanding of the Funds | 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, 2016 Outstanding Shares Net Assets Teucrium Corn Fund 3,900,004 $ 73,213,541 Teucrium Soybean Fund 675,004 12,882,100 Teucrium Sugar Fund 425,004 5,513,971 Teucrium Wheat Fund 9,050,004 62,344,759 Teucrium Agricultural Fund: Net assets including the investment in the Underlying Funds 50,002 1,316,370 Less: Investment in the Underlying Funds (1,313,554 ) Net for the Fund in the combined net assets of the Trust 2,816 Total $ 153,957,187 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 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Teucrium Corn Fund [Member] | |
Schedule of Financial Highlights | The following table presents per share performance data and other supplemental financial data for the years ended December 31, 2016, 2015 and 2014. 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, 2016 Year ended December 31, 2015 Year ended December 31, 2014 Net asset value at beginning of period $ 21.24 $ 26.62 $ 30.64 From investment operations: Investment income 0.11 0.05 0.01 Net realized and unrealized loss on commodity futures contracts (1.75 ) (4.46 ) (3.01 ) Total net expenses (0.83 ) (0.97 ) (1.02 ) Net decrease in net asset value (2.47 ) (5.38 ) (4.02 ) Net asset value at end of period $ 18.77 $ 21.24 $ 26.62 Total Return (11.63 )% (20.21 )% (13.12 )% Ratios to Average Net Assets Total expenses 4.74 % 4.15 % 3.37 % Total expense, net 4.13 % 4.03 % 3.57 % Net investment loss (3.58 )% (3.84 )% (3.54 )% |
Teucrium Soybean Fund [Member] | |
Schedule of Financial Highlights | The following table presents per share performance data and other supplemental financial data for the years ended December 31, 2016, 2015 and 2014. 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, 2016 Year ended December 31, 2015 Year ended December 31, 2014 Net asset value at beginning of period $ 17.34 $ 20.79 $ 22.95 From investment operations: Investment income 0.10 0.03 0.01 Net realized and unrealized gain (loss) on commodity futures contracts 2.41 (2.89 ) (1.31 ) Total net expenses (0.77 ) (0.59 ) (0.86 ) Net increase (decrease) in net asset value 1.74 (3.45 ) (2.16 ) Net asset value at end of period $ 19.08 $ 17.34 $ 20.79 Total Return 10.03 % (16.59 )% (9.41 )% Ratios to Average Net Assets Total expenses 4.61 % 7.31 % 4.59 % Total expense, net 4.03 % 3.14 % 3.87 % Net investment loss (3.48 )% (2.96 )% (3.83 )% |
Teucrium Sugar Fund [Member] | |
Schedule of Financial Highlights | The following table presents per share performance data and other supplemental financial data for the years ended December 31, 2016, 2015 and 2014. 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, 2016 Year ended December 31, 2015 Year ended December 31, 2014 Net asset value at beginning of period $ 10.02 $ 11.83 $ 14.10 From investment operations: Investment income 0.06 0.02 — Net realized and unrealized gain (loss) on commodity futures contracts 3.17 (1.64 ) (2.01 ) Total net expenses (0.28 ) (0.19 ) (0.26 ) Net increase (decrease) in net asset value 2.95 (1.81 ) (2.27 ) Net asset value at end of period $ 12.97 $ 10.02 $ 11.83 Total Return 29.44 % (15.30 )% (16.10 )% Ratios to Average Net Assets Total expenses 4.72 % 9.16 % 6.26 % Total expense, net 2.29 % 2.00 % 1.88 % Net investment loss (1.77 )% (1.79 )% (1.85 )% |
Teucrium Wheat Fund [Member] | |
Schedule of Financial Highlights | The following table presents per share performance data and other supplemental financial data for the years ended December 31, 2016, 2015 and 2014. 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, 2016 Year ended December 31, 2015 Year ended December 31, 2014 Net asset value at beginning of period $ 9.15 $ 12.72 14.84 From investment operations: Investment income 0.04 0.02 0.01 Net realized and unrealized loss on commodity futures contracts (1.98 ) (3.19 ) (1.64 ) Total net expenses (0.32 ) (0.40 ) (0.49 ) Net decrease in net asset value (2.26 ) (3.57 ) (2.12 ) Net asset value at end of period $ 6.89 $ 9.15 12.72 Total Return (24.70 )% (28.07 )% (14.29 )% Ratios to Average Net Assets Total expenses 4.47 % 4.40 % 3.66 % Total expense, net 4.13 % 3.89 % 3.74 % Net investment loss (3.57 )% (3.67 )% (3.69 )% |
Teucrium Agricultural Fund [Member] | |
Schedule of Financial Highlights | The following table presents per share performance data and other supplemental financial data for the years ended December 31, 2016, 2015 and 2014. 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, 2016 Year ended December 31, 2015 Year ended December 31, 2014 Net asset value at beginning of period $ 26.59 $ 33.05 $ 37.93 From investment operations: Net realized and unrealized loss on securities (0.12 ) (6.32 ) (4.70 ) Total net expenses (0.14 ) (0.14 ) (0.18 ) Net decrease in net asset value (0.26 ) (6.46 ) (4.88 ) Net asset value at end of period $ 26.33 $ 26.59 $ 33.05 Total Return (0.98 )% (19.55 )% (12.87 )% Ratios to Average Net Assets (Annualized) Total expenses 3.33 % 13.97 % 4.70 % Total expense, net 0.50 % 0.50 % 0.50 % Net investment loss (0.50 )% (0.50 )% (0.50 )% |
Quarterly Financial Data (Una26
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Teucrium Corn Fund [Member] | |
Summary of quarterly financial information | 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, 2016 and 2015. First Second Third Fourth Quarter 2016 Quarter 2016 Quarter 2016 Quarter 2016 Total Income (Loss) $ (2,166,864 ) $ 190,068 $ (5,440,285 ) $ 822,596 Total Expenses $ 773,352 $ 700,320 $ 878,103 $ 1,060,142 Total Expenses, net $ 773,352 $ 700,320 $ 743,942 $ 751,970 Net Income (Loss) $ (2,940,216 ) $ (510,252 ) $ (6,184,227 ) $ 70,626 Net Income (Loss) per share $ (1.05 ) $ 0.15 $ (1.63 ) $ 0.06 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 ) |
Teucrium Soybean Fund [Member] | |
Summary of quarterly financial information | 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, 2016 and 2015. First Second Third Fourth Quarter 2016 Quarter 2016 Quarter 2016 Quarter 2016 Total Income (Loss) $ 456,077 $ 2,124,042 $ (1,566,866 ) $ 558,954 Total Expenses $ 86,484 $ 122,710 $ 189,647 $ 147,752 Total Expenses, net $ 86,484 $ 122,710 $ 126,534 $ 141,951 Net Income (Loss) $ 369,593 $ 2,001,332 $ (1,693,400 ) $ 417,003 Net Income (Loss) per share $ 0.68 $ 3.35 $ (2.84 ) $ 0.55 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 ) |
Teucrium Sugar Fund [Member] | |
Summary of quarterly financial information | 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, 2016 and 2015. First Second Third Fourth Quarter 2016 Quarter 2016 Quarter 2016 Quarter 2016 Total Income (Loss) $ 1,628 $ 1,344,301 $ 939,912 $ (796,550 ) Total Expenses $ 42,333 $ 93,020 $ 88,916 $ 64,040 Total Expenses, net $ 27,353 $ 34,614 $ 40,873 $ 37,188 Net (Loss) Income $ (25,725 ) $ 1,309,687 $ 899,039 $ (833,738 ) Net Income (Loss) per share $ 0.51 $ 2.39 $ 1.73 $ (1.68 ) 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 |
Teucrium Wheat Fund [Member] | |
Summary of quarterly financial information | 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, 2016 and 2015. First Second Third Fourth Quarter 2016 Quarter 2016 Quarter 2016 Quarter 2016 Total Loss $ (139,504 ) $ (2,771,883 ) $ (6,298,223 ) $ (2,187,317 ) Total Expenses $ 265,750 $ 309,403 $ 608,506 $ 670,923 Total Expenses, net $ 265,750 $ 309,403 $ 558,990 $ 580,411 Net Loss $ (405,254 ) $ (3,081,286 ) $ (6,857,213 ) $ (2,767,728 ) Net Loss per share $ (0.14 ) $ (0.79 ) $ (1.03 ) $ (0.30 ) 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 ) |
Teucrium Agricultural Fund [Member] | |
Summary of quarterly financial information | 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, 2016 and 2015. First Second Third Fourth Quarter 2016 Quarter 2016 Quarter 2016 Quarter 2016 Total Income (Loss) $ 9,249 $ 104,911 $ (78,441 ) $ (41,939 ) Total Expenses $ 21,991 $ 6,573 $ 11,603 $ 5,092 Total Expenses, net $ 1,634 $ 1,760 $ 1,710 $ 1,696 Net Income (Loss) $ 7,615 $ 103,151 $ (80,151 ) $ (43,635 ) Net Income (Loss) per share $ 0.15 $ 2.06 $ (1.60 ) $ (0.87 ) 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 ) |
Organization and Operation (Det
Organization and Operation (Details Narrative) | 1 Months Ended | 12 Months Ended | ||||||||||
Mar. 27, 2012USD ($)$ / sharesshares | Sep. 16, 2011USD ($)$ / sharesshares | Jun. 08, 2010USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($)$ / shares | Dec. 31, 2011 | Jul. 15, 2016shares | Dec. 31, 2013$ / shares | Feb. 10, 2012shares | Jun. 17, 2011shares | Jun. 05, 2010shares | |
Teucrium Commodity Trust - Combined [Member] | ||||||||||||
Value of shares issued | $ | $ 121,278,251 | $ 32,803,944 | $ 194,483,531 | |||||||||
Underlying fund average weighting | 25.00% | |||||||||||
Number of additional series | 2 | |||||||||||
Teucrium Corn Fund [Member] | ||||||||||||
Common units registered | 30,000,000 | |||||||||||
Number of shares issued | 200,000 | |||||||||||
Value of shares issued | $ | $ 5,000,000 | $ 57,591,933 | $ 8,538,198 | $ 146,789,763 | ||||||||
Net asset value per share | $ / shares | $ 25 | $ 18.77 | $ 21.24 | $ 26.62 | $ 30.64 | |||||||
Number of creation baskets issued | 4 | |||||||||||
Common units per Creation Basket | 25,000 | |||||||||||
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 Soybean Fund [Member] | ||||||||||||
Common units registered | 10,000,000 | |||||||||||
Number of shares issued | 100,000 | |||||||||||
Value of shares issued | $ | $ 2,500,000 | $ 9,190,140 | $ 2,478,439 | $ 10,769,361 | ||||||||
Net asset value per share | $ / shares | $ 25 | $ 19.08 | $ 17.34 | $ 20.79 | 22.95 | |||||||
Number of creation baskets issued | 2 | |||||||||||
Common units per Creation Basket | 25,000 | |||||||||||
Teucrium Soybean Fund [Member] | CBOT Soybean Futures Contract Expiring November Following Third To Expire Contract [Member] | ||||||||||||
Benchmark percent | 35.00% | |||||||||||
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 Sugar Fund [Member] | ||||||||||||
Common units registered | 10,000,000 | |||||||||||
Number of shares issued | 100,000 | |||||||||||
Value of shares issued | $ | $ 2,500,000 | $ 2,805,578 | $ 3,767,602 | $ 1,067,083 | ||||||||
Net asset value per share | $ / shares | $ 25 | $ 12.97 | $ 10.02 | $ 11.83 | 14.10 | |||||||
Number of creation baskets issued | 2 | |||||||||||
Common units per Creation Basket | 25,000 | |||||||||||
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% | |||||||||||
Teucrium Sugar Fund [Member] | Second to Expire ICE Sugar Futures 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 | $ 51,690,600 | $ 18,019,705 | $ 34,552,580 | ||||||||
Net asset value per share | $ / shares | $ 25 | $ 6.89 | $ 9.15 | $ 12.72 | 14.84 | |||||||
Number of creation baskets issued | 2 | |||||||||||
Number of additional shares registered | 24,050,000 | |||||||||||
Common units per Creation Basket | 25,000 | |||||||||||
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 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 | $ / shares | $ 50 | $ 26.33 | $ 26.59 | $ 33.05 | $ 37.93 | |||||||
Underlying fund average weighting | 25.00% | |||||||||||
Number of creation baskets issued | 6 | |||||||||||
Common units per Creation Basket | 25,000 |
Liquidation of Funds (Details)
Liquidation of Funds (Details) - Teucrium Commodity Trust - Combined [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Total Loss | $ (14,929,902) | $ (22,886,022) | $ (7,042,005) |
Total Expenses | 6,146,659 | 5,416,644 | 4,814,899 |
Total Expenses, net | 5,308,644 | 4,435,961 | 4,554,324 |
Net loss | $ (20,238,546) | $ (27,321,983) | (11,596,329) |
Teucrium Natural Gas Fund [Member] | |||
Total Loss | (16,003) | ||
Total Expenses | 131,501 | ||
Total Expenses, net | 21,890 | ||
Net loss | (37,893) | ||
Teucrium WTI Crude Oil Fund [Member] | |||
Total Loss | (734,326) | ||
Total Expenses | 166,176 | ||
Total Expenses, net | 34,852 | ||
Net loss | $ (769,178) |
Liquidation of Funds (Details N
Liquidation of Funds (Details Narrative) - Teucrium Commodity Trust - Combined [Member] | Dec. 31, 2014USD ($) |
Teucrium WTI Crude Oil Fund [Member] | |
Subscription amount of shares | $ 728,663 |
Redemption amount of shares | 2,008,553 |
Teucrium Natural Gas Fund [Member] | |
Subscription amount of shares | 576,142 |
Redemption amount of shares | $ 2,311,504 |
Principal Contracts and Agree30
Principal Contracts and Agreements (Details Narrative) - USD ($) | Jun. 04, 2015 | Feb. 23, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Teucrium Commodity Trust - Combined [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Amount of custody, transfer agency and administrative services fees recognized | $ 359,937 | $ 779,473 | $ 158,963 | ||
Amount of custody, transfer agency and administrative services fees waived by the Sponsor | 61,735 | 538,688 | 13,924 | ||
Amount of distribution fees recognized | 2,287,894 | 1,763,168 | 1,656,797 | ||
Brokerage commissions | 155,345 | 71,854 | 171,561 | ||
Fees for service of legal process | 104,956 | 88,529 | 161,525 | ||
Teucrium Commodity Trust - Combined [Member] | 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 | ||||
Teucrium Commodity Trust - Combined [Member] | 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% | ||||
Teucrium Commodity Trust - Combined [Member] | 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% | ||||
Teucrium Commodity Trust - Combined [Member] | 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% | ||||
Teucrium Commodity Trust - Combined [Member] | 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% | ||||
Teucrium Commodity Trust - Combined [Member] | U.S. Bank [Member] | Average gross assets up to $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 | 0.04% | ||||
Teucrium Commodity Trust - Combined [Member] | 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 | 147,940 | 149,080 | 154,761 | ||
Amount of distribution and marketing fees waived by the Sponsor | 19,815 | 10,251 | 10,311 | ||
Teucrium Commodity Trust - Combined [Member] | SG Americas Securities LLC [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Amount outstanding with Fund's FCM and primary clearing broker | $ 0 | ||||
Teucrium Commodity Trust - Combined [Member] | Jefferies [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Amount outstanding with Fund's FCM and primary clearing broker | $ 0 | ||||
Teucrium Commodity Trust - Combined [Member] | Newedge, SG, Jefferies and ED&F Man [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Brokerage commissions | 155,345 | 71,854 | 171,561 | ||
Brokerage Commissions Waived by the Sponsor | 0 | 30,000 | 0 | ||
Teucrium Commodity Trust - Combined [Member] | 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 | 8 | |||
Teucrium Commodity Trust - Combined [Member] | 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 | 8 | |||
Teucrium Commodity Trust - Combined [Member] | 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 | 8 | |||
Teucrium Commodity Trust - Combined [Member] | 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 | 8 | |||
Teucrium Commodity Trust - Combined [Member] | ED&F Man [Member] | Corn Futures Contracts [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Clearing fees paid per round turn | 9 | ||||
Teucrium Commodity Trust - Combined [Member] | ED&F Man [Member] | Soybean Futures Contracts [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Clearing fees paid per round turn | 9 | ||||
Teucrium Commodity Trust - Combined [Member] | ED&F Man [Member] | Sugar Futures Contracts [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Clearing fees paid per round turn | 9 | ||||
Teucrium Commodity Trust - Combined [Member] | ED&F Man [Member] | Wheat Futures Contracts [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Clearing fees paid per round turn | 9 | ||||
Teucrium Commodity Trust - Combined [Member] | Wilmington Trust Company [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Annual fee received by trustee | 3,300 | 3,300 | 3,300 | ||
Annual fee received by trustee waived by sponsor | 3,039 | 557 | 81 | ||
Teucrium Corn Fund [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Amount of custody, transfer agency and administrative services fees recognized | 183,452 | 187,264 | 129,195 | ||
Amount of custody, transfer agency and administrative services fees waived by the Sponsor | 44,442 | 57,714 | 0 | ||
Amount of distribution fees recognized | 1,160,864 | 1,199,576 | 1,248,005 | ||
Brokerage commissions | 96,725 | 41,250 | 150,086 | ||
Annual fee received by trustee | 1,550 | 1,560 | 2,350 | ||
Fees for service of legal process | 16,887 | 26,852 | 30,584 | ||
Annual fee received by trustee waived by sponsor | 1,550 | 0 | 0 | ||
Teucrium Corn Fund [Member] | 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 | ||||
Teucrium Corn Fund [Member] | 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% | ||||
Teucrium Corn Fund [Member] | 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% | ||||
Teucrium Corn Fund [Member] | 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% | ||||
Teucrium Corn Fund [Member] | 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% | ||||
Teucrium Corn Fund [Member] | 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 | 76,491 | 95,978 | 118,508 | ||
Amount of distribution and marketing fees waived by the Sponsor | 12,779 | 0 | 0 | ||
Teucrium Corn Fund [Member] | SG Americas Securities LLC [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Amount outstanding with Fund's FCM and primary clearing broker | 0 | ||||
Teucrium Corn Fund [Member] | Jefferies [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Amount outstanding with Fund's FCM and primary clearing broker | 0 | ||||
Teucrium Corn Fund [Member] | Newedge, SG, Jefferies and ED&F Man [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Brokerage commissions | 96,725 | 41,250 | 150,086 | ||
Brokerage Commissions Waived by the Sponsor | 0 | 18,000 | 0 | ||
Teucrium Corn Fund [Member] | 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 | 8 | |||
Teucrium Corn Fund [Member] | 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 | 8 | |||
Teucrium Corn Fund [Member] | 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 | 8 | |||
Teucrium Corn Fund [Member] | 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 | 8 | |||
Teucrium Corn Fund [Member] | ED&F Man [Member] | Corn Futures Contracts [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Clearing fees paid per round turn | 9 | ||||
Teucrium Corn Fund [Member] | ED&F Man [Member] | Soybean Futures Contracts [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Clearing fees paid per round turn | 9 | ||||
Teucrium Corn Fund [Member] | ED&F Man [Member] | Sugar Futures Contracts [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Clearing fees paid per round turn | 9 | ||||
Teucrium Corn Fund [Member] | ED&F Man [Member] | Wheat Futures Contracts [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Clearing fees paid per round turn | 9 | ||||
Teucrium Corn Fund [Member] | Wilmington Trust Company [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Annual fee received by trustee | 3,300 | ||||
Teucrium Soybean Fund [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Amount of custody, transfer agency and administrative services fees recognized | 34,515 | 146,752 | 5,811 | ||
Amount of custody, transfer agency and administrative services fees waived by the Sponsor | 0 | 146,752 | 1,140 | ||
Amount of distribution fees recognized | 218,086 | 117,180 | 61,258 | ||
Brokerage commissions | 1,507 | 6,043 | 2,376 | ||
Annual fee received by trustee | 257 | 403 | 104 | ||
Fees for service of legal process | 18,288 | 16,608 | 22,120 | ||
Annual fee received by trustee waived by sponsor | 257 | 403 | 0 | ||
Teucrium Soybean Fund [Member] | 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 | ||||
Teucrium Soybean Fund [Member] | 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% | ||||
Teucrium Soybean Fund [Member] | 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% | ||||
Teucrium Soybean Fund [Member] | 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% | ||||
Teucrium Soybean Fund [Member] | 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% | ||||
Teucrium Soybean Fund [Member] | 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 | 13,720 | 11,704 | 5,621 | ||
Amount of distribution and marketing fees waived by the Sponsor | 0 | 6,242 | 1,943 | ||
Teucrium Soybean Fund [Member] | SG Americas Securities LLC [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Amount outstanding with Fund's FCM and primary clearing broker | 0 | ||||
Teucrium Soybean Fund [Member] | Jefferies [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Amount outstanding with Fund's FCM and primary clearing broker | 0 | ||||
Teucrium Soybean Fund [Member] | Newedge, SG, Jefferies and ED&F Man [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Brokerage Commissions Waived by the Sponsor | 1,507 | 6,043 | 2,376 | ||
Teucrium Soybean Fund [Member] | 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 | 8 | |||
Teucrium Soybean Fund [Member] | 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 | 8 | |||
Teucrium Soybean Fund [Member] | 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 | 8 | |||
Teucrium Soybean Fund [Member] | 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 | 8 | |||
Teucrium Soybean Fund [Member] | ED&F Man [Member] | Corn Futures Contracts [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Clearing fees paid per round turn | 9 | ||||
Teucrium Soybean Fund [Member] | ED&F Man [Member] | Soybean Futures Contracts [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Clearing fees paid per round turn | 9 | ||||
Teucrium Soybean Fund [Member] | ED&F Man [Member] | Sugar Futures Contracts [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Clearing fees paid per round turn | 9 | ||||
Teucrium Soybean Fund [Member] | ED&F Man [Member] | Wheat Futures Contracts [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Clearing fees paid per round turn | 9 | ||||
Teucrium Soybean Fund [Member] | Wilmington Trust Company [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Annual fee received by trustee | 3,300 | ||||
Teucrium Sugar Fund [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Amount of custody, transfer agency and administrative services fees recognized | 18,575 | 139,745 | 3,965 | ||
Amount of custody, transfer agency and administrative services fees waived by the Sponsor | 13,118 | 139,745 | 3,965 | ||
Amount of distribution fees recognized | 115,498 | 55,723 | 37,936 | ||
Brokerage commissions | 8,681 | 4,000 | 3,000 | ||
Fees for service of legal process | 18,524 | 15,726 | 13,066 | ||
Annual fee received by trustee waived by sponsor | 133 | 130 | 52 | ||
Teucrium Sugar Fund [Member] | 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 | ||||
Teucrium Sugar Fund [Member] | 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% | ||||
Teucrium Sugar Fund [Member] | 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% | ||||
Teucrium Sugar Fund [Member] | 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% | ||||
Teucrium Sugar Fund [Member] | 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% | ||||
Teucrium Sugar Fund [Member] | 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 | 8,094 | 4,354 | 2,842 | ||
Amount of distribution and marketing fees waived by the Sponsor | 5,535 | 2,770 | 2,842 | ||
Teucrium Sugar Fund [Member] | SG Americas Securities LLC [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Amount outstanding with Fund's FCM and primary clearing broker | 0 | ||||
Teucrium Sugar Fund [Member] | Jefferies [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Amount outstanding with Fund's FCM and primary clearing broker | 0 | ||||
Teucrium Sugar Fund [Member] | Newedge, SG, Jefferies and ED&F Man [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Brokerage commissions | 8,681 | 4,000 | 3,000 | ||
Brokerage Commissions Waived by the Sponsor | 0 | 4,000 | 0 | ||
Teucrium Sugar Fund [Member] | 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 | 8 | |||
Teucrium Sugar Fund [Member] | 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 | 8 | |||
Teucrium Sugar Fund [Member] | 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 | 8 | |||
Teucrium Sugar Fund [Member] | 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 | 8 | |||
Teucrium Sugar Fund [Member] | ED&F Man [Member] | Corn Futures Contracts [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Clearing fees paid per round turn | 9 | ||||
Teucrium Sugar Fund [Member] | ED&F Man [Member] | Soybean Futures Contracts [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Clearing fees paid per round turn | 9 | ||||
Teucrium Sugar Fund [Member] | ED&F Man [Member] | Sugar Futures Contracts [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Clearing fees paid per round turn | 9 | ||||
Teucrium Sugar Fund [Member] | ED&F Man [Member] | Wheat Futures Contracts [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Clearing fees paid per round turn | 9 | ||||
Teucrium Sugar Fund [Member] | Wilmington Trust Company [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Annual fee received by trustee | 3,300 | ||||
Teucrium Wheat Fund [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Amount of custody, transfer agency and administrative services fees recognized | 120,829 | 171,747 | 11,175 | ||
Amount of custody, transfer agency and administrative services fees waived by the Sponsor | 2,000 | 60,512 | 0 | ||
Amount of distribution fees recognized | 777,708 | 374,436 | 237,457 | ||
Brokerage commissions | 48,209 | 20,561 | 15,896 | ||
Annual fee received by trustee | 1,078 | 885 | 687 | ||
Fees for service of legal process | 39,116 | 13,803 | 26,622 | ||
Annual fee received by trustee waived by sponsor | 1,078 | 0 | 0 | ||
Teucrium Wheat Fund [Member] | 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 | ||||
Teucrium Wheat Fund [Member] | 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% | ||||
Teucrium Wheat Fund [Member] | 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% | ||||
Teucrium Wheat Fund [Member] | 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% | ||||
Teucrium Wheat Fund [Member] | 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% | ||||
Teucrium Wheat Fund [Member] | 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 | 48,516 | 35,804 | 22,146 | ||
Amount of distribution and marketing fees waived by the Sponsor | 570 | 0 | 0 | ||
Teucrium Wheat Fund [Member] | SG Americas Securities LLC [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Amount outstanding with Fund's FCM and primary clearing broker | 0 | ||||
Teucrium Wheat Fund [Member] | Jefferies [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Amount outstanding with Fund's FCM and primary clearing broker | 0 | ||||
Teucrium Wheat Fund [Member] | Newedge, SG, Jefferies and ED&F Man [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Brokerage commissions | 48,209 | 20,561 | 15,896 | ||
Brokerage Commissions Waived by the Sponsor | 0 | 4,000 | 0 | ||
Teucrium Wheat Fund [Member] | 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 | 8 | |||
Teucrium Wheat Fund [Member] | 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 | 8 | |||
Teucrium Wheat Fund [Member] | 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 | 8 | |||
Teucrium Wheat Fund [Member] | 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 | 8 | |||
Teucrium Wheat Fund [Member] | ED&F Man [Member] | Corn Futures Contracts [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Clearing fees paid per round turn | 9 | ||||
Teucrium Wheat Fund [Member] | ED&F Man [Member] | Soybean Futures Contracts [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Clearing fees paid per round turn | 9 | ||||
Teucrium Wheat Fund [Member] | ED&F Man [Member] | Sugar Futures Contracts [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Clearing fees paid per round turn | 9 | ||||
Teucrium Wheat Fund [Member] | ED&F Man [Member] | Wheat Futures Contracts [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Clearing fees paid per round turn | 9 | ||||
Teucrium Wheat Fund [Member] | Wilmington Trust Company [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Annual fee received by trustee | 3,300 | ||||
Teucrium Agricultural Fund [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Amount of custody, transfer agency and administrative services fees recognized | 2,566 | 133,965 | 1,506 | ||
Amount of custody, transfer agency and administrative services fees waived by the Sponsor | 2,175 | 133,965 | 1,506 | ||
Amount of distribution fees recognized | 15,738 | 16,253 | 20,981 | ||
Brokerage commissions | 223 | ||||
Fees for service of legal process | 12,141 | 15,540 | 19,036 | ||
Annual fee received by trustee waived by sponsor | 21 | 24 | 29 | ||
Teucrium Agricultural Fund [Member] | 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 | ||||
Teucrium Agricultural Fund [Member] | 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% | ||||
Teucrium Agricultural Fund [Member] | 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% | ||||
Teucrium Agricultural Fund [Member] | 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% | ||||
Teucrium Agricultural Fund [Member] | 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% | ||||
Teucrium Agricultural Fund [Member] | 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 | 1,119 | 1,240 | 1,850 | ||
Amount of distribution and marketing fees waived by the Sponsor | 931 | 1,240 | 1,850 | ||
Teucrium Agricultural Fund [Member] | SG Americas Securities LLC [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Amount outstanding with Fund's FCM and primary clearing broker | $ 0 | ||||
Teucrium Agricultural Fund [Member] | Jefferies [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Amount outstanding with Fund's FCM and primary clearing broker | $ 0 | ||||
Teucrium Agricultural Fund [Member] | Newedge, SG, Jefferies and ED&F Man [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Brokerage commissions | 223 | 0 | 0 | ||
Teucrium Agricultural Fund [Member] | 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 | 8 | |||
Teucrium Agricultural Fund [Member] | 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 | 8 | |||
Teucrium Agricultural Fund [Member] | 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 | 8 | |||
Teucrium Agricultural Fund [Member] | 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 | $ 8 | |||
Teucrium Agricultural Fund [Member] | ED&F Man [Member] | Corn Futures Contracts [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Clearing fees paid per round turn | 9 | ||||
Teucrium Agricultural Fund [Member] | ED&F Man [Member] | Soybean Futures Contracts [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Clearing fees paid per round turn | 9 | ||||
Teucrium Agricultural Fund [Member] | ED&F Man [Member] | Sugar Futures Contracts [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Clearing fees paid per round turn | 9 | ||||
Teucrium Agricultural Fund [Member] | ED&F Man [Member] | Wheat Futures Contracts [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Clearing fees paid per round turn | 9 | ||||
Teucrium Agricultural Fund [Member] | Wilmington Trust Company [Member] | |||||
Principal Contracts and Agreements [Line Items] | |||||
Annual fee received by trustee | $ 3,300 |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Details Narrative) | 12 Months Ended | |||||
Dec. 31, 2016USD ($)itemshares | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Sep. 30, 2015USD ($) | Aug. 02, 2012shares | |
Teucrium Commodity Trust - Combined [Member] | ||||||
Cash Equivalents | ||||||
Money market funds | $ 1,412,423 | $ 2,539,642 | ||||
Demand-deposit savings accounts | 143,915,277 | |||||
Sponsor Fee Allocation of Expenses and Related Party Transactions [Abstract] | ||||||
Performing accounting and financial reporting, regulatory compliance, and trading activities cost | 1,825,552 | 1,601,237 | $ 1,365,214 | |||
Performing Accounting and Financial Reporting Regulatory Compliance and Trading Activities Costs Waived by Sponsor | 457,658 | 138,262 | 113,224 | |||
Expenses waived by the Sponsor | 838,015 | 980,683 | 640,328 | |||
Expenses subject to reimbursement | $ 590,000 | |||||
Reimbursement of expenses previously waived | 379,753 | |||||
Teucrium Commodity Trust - Combined [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 Commodity Trust - Combined [Member] | Teucrium WTI Crude Oil Fund [Member] | ||||||
Sponsor Fee Allocation of Expenses and Related Party Transactions [Abstract] | ||||||
Expenses waived by the Sponsor | 131,324 | |||||
Teucrium Commodity Trust - Combined [Member] | Teucrium Natural Gas Fund [Member] | ||||||
Sponsor Fee Allocation of Expenses and Related Party Transactions [Abstract] | ||||||
Expenses waived by the Sponsor | 109,611 | |||||
Teucrium Corn 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 | |||||
Minimum number of Redemption Baskets | item | 2 | |||||
Cash Equivalents | ||||||
Money market funds | $ 692,293 | 899,313 | ||||
Demand-deposit savings accounts | $ 68,382,027 | |||||
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 | $ 936,695 | 1,034,163 | 1,047,648 | |||
Performing Accounting and Financial Reporting Regulatory Compliance and Trading Activities Costs Waived by Sponsor | 275,884 | 20,000 | 20,312 | |||
Expenses waived by the Sponsor | 442,333 | 96,068 | 105,270 | 426,248 | ||
Reimbursement of expenses previously waived | 308,312 | |||||
Teucrium Soybean 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 | |||||
Minimum number of Redemption Baskets | item | 2 | |||||
Cash Equivalents | ||||||
Money market funds | $ 185,661 | 161,718 | ||||
Demand-deposit savings accounts | $ 12,115,082 | |||||
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 | $ 169,614 | 124,331 | 49,492 | |||
Performing Accounting and Financial Reporting Regulatory Compliance and Trading Activities Costs Waived by Sponsor | 10,720 | 49,086 | 12,915 | |||
Expenses waived by the Sponsor | 68,914 | 304,609 | 65,617 | 68,857 | ||
Reimbursement of expenses previously waived | 25,139 | |||||
Teucrium Sugar 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 | |||||
Minimum number of Redemption Baskets | item | 2 | |||||
Cash Equivalents | ||||||
Money market funds | $ 125,182 | 297,460 | ||||
Demand-deposit savings accounts | $ 4,891,490 | |||||
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 | $ 102,601 | 47,236 | 25,911 | |||
Performing Accounting and Financial Reporting Regulatory Compliance and Trading Activities Costs Waived by Sponsor | 71,311 | 33,483 | 25,845 | |||
Expenses waived by the Sponsor | $ 148,281 | 256,227 | 119,696 | |||
Teucrium Wheat 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 | |||||
Minimum number of Redemption Baskets | item | 2 | |||||
Cash Equivalents | ||||||
Money market funds | $ 406,927 | 1,179,336 | ||||
Demand-deposit savings accounts | $ 58,526,678 | |||||
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 | $ 602,637 | 382,178 | 193,111 | |||
Performing Accounting and Financial Reporting Regulatory Compliance and Trading Activities Costs Waived by Sponsor | 87,767 | 22,364 | 5,100 | |||
Expenses waived by the Sponsor | 140,028 | 130,716 | 31,697 | $ 69,416 | ||
Reimbursement of expenses previously waived | 46,302 | |||||
Teucrium Wheat Fund [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 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 | |||||
Minimum number of Redemption Baskets | item | 2 | |||||
Cash Equivalents | ||||||
Money market funds | $ 2,360 | 1,815 | ||||
Sponsor Fee Allocation of Expenses and Related Party Transactions [Abstract] | ||||||
Performing accounting and financial reporting, regulatory compliance, and trading activities cost | 14,004 | 13,329 | 16,234 | |||
Performing Accounting and Financial Reporting Regulatory Compliance and Trading Activities Costs Waived by Sponsor | 11,975 | 13,329 | 16,234 | |||
Expenses waived by the Sponsor | $ 38,459 | $ 193,063 | $ 77,113 | |||
Common Stock, shares outstanding | shares | 50,002 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Teucrium Commodity Trust - Combined [Member] | ||
Assets: | ||
Cash equivalents | $ 1,412,423 | $ 2,539,641 |
Derivative assets | 542,647 | 380,231 |
Total | 1,955,070 | 2,919,872 |
Liabilities: | ||
Commodity futures contracts | 5,725,955 | 6,071,676 |
Total | 5,725,955 | 6,071,676 |
Teucrium Commodity Trust - Combined [Member] | Level 1 [Member] | ||
Assets: | ||
Cash equivalents | 1,412,423 | 2,539,641 |
Total | 1,955,070 | 2,919,872 |
Liabilities: | ||
Total | 5,725,955 | 6,071,676 |
Teucrium Commodity Trust - Combined [Member] | Wheat Futures Contracts [Member] | ||
Liabilities: | ||
Commodity futures contracts | 3,921,588 | 1,924,464 |
Teucrium Commodity Trust - Combined [Member] | Wheat Futures Contracts [Member] | Level 1 [Member] | ||
Liabilities: | ||
Commodity futures contracts | 3,921,588 | 1,924,464 |
Teucrium Commodity Trust - Combined [Member] | Corn Futures Contracts [Member] | ||
Liabilities: | ||
Commodity futures contracts | 1,460,800 | 3,908,550 |
Teucrium Commodity Trust - Combined [Member] | Corn Futures Contracts [Member] | Level 1 [Member] | ||
Liabilities: | ||
Commodity futures contracts | 1,460,800 | 3,908,550 |
Teucrium Commodity Trust - Combined [Member] | Soybean Futures Contracts [Member] | ||
Assets: | ||
Derivative assets | 357,500 | 16,175 |
Liabilities: | ||
Commodity futures contracts | 12,025 | 238,662 |
Teucrium Commodity Trust - Combined [Member] | Soybean Futures Contracts [Member] | Level 1 [Member] | ||
Assets: | ||
Derivative assets | 357,500 | 16,175 |
Liabilities: | ||
Commodity futures contracts | 12,025 | 238,662 |
Teucrium Commodity Trust - Combined [Member] | Sugar Futures Contracts [Member] | ||
Assets: | ||
Derivative assets | 185,147 | 364,056 |
Liabilities: | ||
Commodity futures contracts | 331,542 | |
Teucrium Commodity Trust - Combined [Member] | Sugar Futures Contracts [Member] | Level 1 [Member] | ||
Assets: | ||
Derivative assets | 185,147 | 364,056 |
Liabilities: | ||
Commodity futures contracts | 331,542 | |
Teucrium Corn Fund [Member] | ||
Assets: | ||
Cash equivalents | 692,293 | 899,313 |
Liabilities: | ||
Commodity futures contracts | 1,460,800 | 3,908,550 |
Teucrium Corn Fund [Member] | Level 1 [Member] | ||
Assets: | ||
Cash equivalents | 692,293 | 899,313 |
Teucrium Corn Fund [Member] | Corn Futures Contracts [Member] | ||
Liabilities: | ||
Commodity futures contracts | 1,460,800 | 3,908,550 |
Teucrium Corn Fund [Member] | Corn Futures Contracts [Member] | Level 1 [Member] | ||
Liabilities: | ||
Commodity futures contracts | 1,460,800 | 3,908,550 |
Teucrium Soybean Fund [Member] | ||
Assets: | ||
Cash equivalents | 185,661 | 161,718 |
Derivative assets | 357,500 | 16,175 |
Total | 543,161 | 177,893 |
Liabilities: | ||
Commodity futures contracts | 12,025 | 238,662 |
Teucrium Soybean Fund [Member] | Level 1 [Member] | ||
Assets: | ||
Cash equivalents | 185,661 | 161,718 |
Total | 543,161 | 177,893 |
Teucrium Soybean Fund [Member] | Soybean Futures Contracts [Member] | ||
Assets: | ||
Derivative assets | 357,500 | 16,175 |
Liabilities: | ||
Commodity futures contracts | 12,025 | 238,662 |
Teucrium Soybean Fund [Member] | Soybean Futures Contracts [Member] | Level 1 [Member] | ||
Assets: | ||
Derivative assets | 357,500 | 16,175 |
Liabilities: | ||
Commodity futures contracts | 12,025 | 238,662 |
Teucrium Sugar Fund [Member] | ||
Assets: | ||
Cash equivalents | 125,182 | 297,460 |
Derivative assets | 185,147 | 364,056 |
Total | 310,329 | 661,516 |
Liabilities: | ||
Commodity futures contracts | 331,542 | |
Teucrium Sugar Fund [Member] | Level 1 [Member] | ||
Assets: | ||
Cash equivalents | 125,182 | 297,460 |
Total | 310,329 | 661,516 |
Teucrium Sugar Fund [Member] | Sugar Futures Contracts [Member] | ||
Assets: | ||
Derivative assets | 185,147 | 364,056 |
Liabilities: | ||
Commodity futures contracts | 331,542 | |
Teucrium Sugar Fund [Member] | Sugar Futures Contracts [Member] | Level 1 [Member] | ||
Assets: | ||
Derivative assets | 185,147 | 364,056 |
Liabilities: | ||
Commodity futures contracts | 331,542 | |
Teucrium Wheat Fund [Member] | ||
Assets: | ||
Cash equivalents | 406,927 | 1,179,336 |
Liabilities: | ||
Commodity futures contracts | 3,921,588 | 1,924,464 |
Teucrium Wheat Fund [Member] | Level 1 [Member] | ||
Assets: | ||
Cash equivalents | 406,927 | 1,179,336 |
Teucrium Wheat Fund [Member] | Wheat Futures Contracts [Member] | ||
Liabilities: | ||
Commodity futures contracts | 3,921,588 | 1,924,464 |
Teucrium Wheat Fund [Member] | Wheat Futures Contracts [Member] | Level 1 [Member] | ||
Liabilities: | ||
Commodity futures contracts | 3,921,588 | 1,924,464 |
Teucrium Agricultural Fund [Member] | ||
Assets: | ||
Exchange-traded funds | 1,313,554 | 1,324,601 |
Cash equivalents | 2,360 | 1,815 |
Total | 1,315,914 | 1,326,416 |
Teucrium Agricultural Fund [Member] | Level 1 [Member] | ||
Assets: | ||
Exchange-traded funds | 1,313,554 | 1,324,601 |
Cash equivalents | 2,360 | 1,815 |
Total | $ 1,315,914 | $ 1,326,416 |
Fair Value Measurements (Deta33
Fair Value Measurements (Details 1) - Derivative Assets [Member] - CBOT Wheat Futures One [Member] - USD ($) | Dec. 31, 2015 | Sep. 30, 2015 |
Teucrium Commodity Trust - Combined [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 | |
Teucrium Wheat Fund [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 |
Derivative Instruments and He34
Derivative Instruments and Hedging Activities (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Teucrium Commodity Trust - Combined [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 542,647 | $ 380,231 |
Derivative liabilities | 5,725,955 | 6,071,676 |
Teucrium Commodity Trust - Combined [Member] | Gross Amount Of Recognized Assets Or Liabilities [Member] | Soybean Futures Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 357,500 | 16,175 |
Derivative liabilities | 12,025 | 238,662 |
Teucrium Commodity Trust - Combined [Member] | Gross Amount Of Recognized Assets Or Liabilities [Member] | Sugar Futures Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 185,147 | 364,056 |
Derivative liabilities | 331,542 | |
Teucrium Commodity Trust - Combined [Member] | Gross Amount Of Recognized Assets Or Liabilities [Member] | Corn Futures Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 1,460,800 | 3,908,550 |
Teucrium Commodity Trust - Combined [Member] | Gross Amount Of Recognized Assets Or Liabilities [Member] | Wheat Futures Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 3,921,588 | 1,924,464 |
Teucrium Commodity Trust - Combined [Member] | Net Amount Presented In the Statement Of Assets And Liabilities [Member] | Soybean Futures Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 357,500 | 16,175 |
Derivative liabilities | 12,025 | 238,662 |
Teucrium Commodity Trust - Combined [Member] | Net Amount Presented In the Statement Of Assets And Liabilities [Member] | Sugar Futures Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 185,147 | 364,056 |
Derivative liabilities | 331,542 | |
Teucrium Commodity Trust - Combined [Member] | Net Amount Presented In the Statement Of Assets And Liabilities [Member] | Corn Futures Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 1,460,800 | 3,908,550 |
Teucrium Commodity Trust - Combined [Member] | Net Amount Presented In the Statement Of Assets And Liabilities [Member] | Wheat Futures Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 3,921,588 | 1,924,464 |
Teucrium Commodity Trust - Combined [Member] | Futures Contracts Available for Offset [Member] | Soybean Futures Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 12,025 | 16,175 |
Derivative liabilities | 12,025 | 16,175 |
Teucrium Commodity Trust - Combined [Member] | Futures Contracts Available for Offset [Member] | Sugar Futures Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 185,147 | |
Derivative liabilities | 185,147 | |
Teucrium Commodity Trust - Combined [Member] | Collateral, Due from Broker [Member] | Soybean Futures Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 222,487 | |
Teucrium Commodity Trust - Combined [Member] | Collateral, Due from Broker [Member] | Sugar Futures Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 146,395 | |
Teucrium Commodity Trust - Combined [Member] | Collateral, Due from Broker [Member] | Corn Futures Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 1,460,800 | 3,908,550 |
Teucrium Commodity Trust - Combined [Member] | Collateral, Due from Broker [Member] | Wheat Futures Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 3,921,588 | 1,924,464 |
Teucrium Commodity Trust - Combined [Member] | Net Amount [Member] | Soybean Futures Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 345,475 | |
Teucrium Commodity Trust - Combined [Member] | Net Amount [Member] | Sugar Futures Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 364,056 | |
Teucrium Corn Fund [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 1,460,800 | 3,908,550 |
Teucrium Corn Fund [Member] | Gross Amount Of Recognized Assets Or Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 1,460,800 | 3,908,550 |
Teucrium Corn Fund [Member] | Net Amount Presented In the Statement Of Assets And Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 1,460,800 | 3,908,550 |
Teucrium Corn Fund [Member] | Collateral, Due from Broker [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 1,460,800 | 3,908,550 |
Teucrium Soybean Fund [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 357,500 | 16,175 |
Derivative liabilities | 12,025 | 238,662 |
Teucrium Soybean Fund [Member] | Gross Amount Of Recognized Assets Or Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 357,500 | 16,175 |
Derivative liabilities | 12,025 | 238,662 |
Teucrium Soybean Fund [Member] | Net Amount Presented In the Statement Of Assets And Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 357,500 | 16,175 |
Derivative liabilities | 12,025 | 238,662 |
Teucrium Soybean Fund [Member] | Futures Contracts Available for Offset [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 12,025 | 16,175 |
Derivative liabilities | 12,025 | 16,175 |
Teucrium Soybean Fund [Member] | Collateral, Due from Broker [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 222,487 | |
Teucrium Soybean Fund [Member] | Net Amount [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 345,475 | |
Teucrium Sugar Fund [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 185,147 | 364,056 |
Derivative liabilities | 331,542 | |
Teucrium Sugar Fund [Member] | Gross Amount Of Recognized Assets Or Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 185,147 | 364,056 |
Derivative liabilities | 331,542 | |
Teucrium Sugar Fund [Member] | Net Amount Presented In the Statement Of Assets And Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 185,147 | 364,056 |
Derivative liabilities | 331,542 | |
Teucrium Sugar Fund [Member] | Futures Contracts Available for Offset [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 185,147 | |
Derivative liabilities | 185,147 | |
Teucrium Sugar Fund [Member] | Collateral, Due from Broker [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 146,395 | |
Teucrium Sugar Fund [Member] | Net Amount [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 364,056 | |
Teucrium Wheat Fund [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 3,921,588 | 1,924,464 |
Teucrium Wheat Fund [Member] | Gross Amount Of Recognized Assets Or Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 3,921,588 | 1,924,464 |
Teucrium Wheat Fund [Member] | Net Amount Presented In the Statement Of Assets And Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 3,921,588 | 1,924,464 |
Teucrium Wheat Fund [Member] | Collateral, Due from Broker [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | $ 3,921,588 | $ 1,924,464 |
Derivative Instruments and He35
Derivative Instruments and Hedging Activities (Details 1) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Teucrium Commodity Trust - Combined [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized (Loss) Gain on Commodity Futures Contracts | $ (16,163,531) | $ (15,729,142) | $ (14,566,828) |
Net Change in Unrealized Appreciation or Depreciation on Commodity Futures Contracts | 508,136 | (7,378,689) | 7,476,470 |
Derivative Average Notional Amount | 132,400,000 | 108,800,000 | 142,900,000 |
Teucrium Commodity Trust - Combined [Member] | Corn Futures Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized (Loss) Gain on Commodity Futures Contracts | (9,438,913) | (8,533,650) | (11,085,713) |
Net Change in Unrealized Appreciation or Depreciation on Commodity Futures Contracts | 2,447,750 | (5,660,263) | 6,636,500 |
Teucrium Commodity Trust - Combined [Member] | Soybean Futures Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized (Loss) Gain on Commodity Futures Contracts | 939,088 | (1,355,738) | (278,763) |
Net Change in Unrealized Appreciation or Depreciation on Commodity Futures Contracts | 567,962 | 54,526 | (88,150) |
Teucrium Commodity Trust - Combined [Member] | Sugar Futures Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized (Loss) Gain on Commodity Futures Contracts | 1,967,694 | (1,279,891) | (131,410) |
Net Change in Unrealized Appreciation or Depreciation on Commodity Futures Contracts | (510,451) | 868,011 | (320,555) |
Teucrium Commodity Trust - Combined [Member] | Wheat Futures Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized (Loss) Gain on Commodity Futures Contracts | (9,631,400) | (4,559,863) | (2,486,162) |
Net Change in Unrealized Appreciation or Depreciation on Commodity Futures Contracts | (1,997,125) | (2,640,963) | 1,415,175 |
Teucrium Commodity Trust - Combined [Member] | Natural Gas Futures Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized (Loss) Gain on Commodity Futures Contracts | 67,650 | ||
Net Change in Unrealized Appreciation or Depreciation on Commodity Futures Contracts | (84,050) | ||
Teucrium Commodity Trust - Combined [Member] | WTI Crude Oil Futures Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized (Loss) Gain on Commodity Futures Contracts | (652,430) | ||
Net Change in Unrealized Appreciation or Depreciation on Commodity Futures Contracts | (82,450) | ||
Teucrium Corn Fund [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized (Loss) Gain on Commodity Futures Contracts | (9,438,913) | (8,533,650) | (11,085,713) |
Net Change in Unrealized Appreciation or Depreciation on Commodity Futures Contracts | 2,447,750 | (5,660,263) | 6,636,500 |
Derivative Average Notional Amount | 71,600,000 | 71,000,000 | 106,400,000 |
Teucrium Soybean Fund [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized (Loss) Gain on Commodity Futures Contracts | 939,088 | (1,355,738) | (278,763) |
Net Change in Unrealized Appreciation or Depreciation on Commodity Futures Contracts | 567,962 | 54,526 | (88,150) |
Derivative Average Notional Amount | 12,100,000 | 7,100,000 | 7,900,000 |
Teucrium Sugar Fund [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized (Loss) Gain on Commodity Futures Contracts | 1,967,694 | (1,279,891) | (131,410) |
Net Change in Unrealized Appreciation or Depreciation on Commodity Futures Contracts | (510,451) | 868,011 | (320,555) |
Derivative Average Notional Amount | 6,100,000 | 4,100,000 | 2,700,000 |
Teucrium Wheat Fund [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized (Loss) Gain on Commodity Futures Contracts | (9,631,400) | (4,559,863) | (2,486,162) |
Net Change in Unrealized Appreciation or Depreciation on Commodity Futures Contracts | (1,997,125) | (2,640,963) | 1,415,175 |
Derivative Average Notional Amount | $ 42,500,000 | $ 26,600,000 | $ 22,500,000 |
Detail of the net assets and 36
Detail of the net assets and shares outstanding of the Funds that are a series of the Trust (Details) - Teucrium Commodity Trust - Combined [Member] - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Net Assets and Shares Outstanding of the Funds [Line Items] | ||||
Net assets | $ 153,957,187 | $ 99,601,487 | $ 145,351,972 | $ 64,866,910 |
Teucrium Corn Fund [Member] | ||||
Net Assets and Shares Outstanding of the Funds [Line Items] | ||||
Outstanding Shares | 3,900,004 | 2,875,004 | ||
Net Assets | $ 73,213,541 | $ 61,056,223 | ||
Teucrium Soybean Fund [Member] | ||||
Net Assets and Shares Outstanding of the Funds [Line Items] | ||||
Outstanding Shares | 675,004 | 375,004 | ||
Net Assets | $ 12,882,100 | $ 6,502,552 | ||
Teucrium Sugar Fund [Member] | ||||
Net Assets and Shares Outstanding of the Funds [Line Items] | ||||
Outstanding Shares | 425,004 | 550,004 | ||
Net Assets | $ 5,513,971 | $ 5,508,663 | ||
Teucrium Wheat Fund [Member] | ||||
Net Assets and Shares Outstanding of the Funds [Line Items] | ||||
Outstanding Shares | 9,050,004 | 2,900,004 | ||
Net Assets | $ 62,344,759 | $ 26,529,260 | ||
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 | $ 1,316,370 | $ 1,329,390 | ||
Less: Investment in the Underlying Funds | (1,313,554) | (1,324,601) | ||
Net for the Fund in the combined net assets of the Trust | $ 2,816 | $ 4,789 |
Financial Highlights (Details)
Financial Highlights (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Teucrium Corn Fund [Member] | |||
Net asset value per share at beginning of period | $ 21.24 | $ 26.62 | $ 30.64 |
Investment income | 0.11 | 0.05 | 0.01 |
Net realized and unrealized gain (loss) on commodity futures contracts | (1.75) | (4.46) | (3.01) |
Total net expenses | (0.83) | (0.97) | (1.02) |
Net increase (decrease) in net asset value | (2.47) | (5.38) | (4.02) |
Net asset value per share at end of period | $ 18.77 | $ 21.24 | $ 26.62 |
Total Return | (11.63%) | (20.21%) | (13.12%) |
Total expenses | 4.74% | 4.15% | 3.37% |
Total expense, net | 4.13% | 4.03% | 3.57% |
Net investment loss | (3.58%) | (3.84%) | (3.54%) |
Teucrium Soybean Fund [Member] | |||
Net asset value per share at beginning of period | $ 17.34 | $ 20.79 | $ 22.95 |
Investment income | 0.10 | 0.03 | 0.01 |
Net realized and unrealized gain (loss) on commodity futures contracts | 2.41 | (2.89) | (1.31) |
Total net expenses | (0.77) | (0.59) | (0.86) |
Net increase (decrease) in net asset value | 1.74 | (3.45) | (2.16) |
Net asset value per share at end of period | $ 19.08 | $ 17.34 | $ 20.79 |
Total Return | 10.03% | (16.59%) | (9.41%) |
Total expenses | 4.61% | 7.31% | 4.59% |
Total expense, net | 4.03% | 3.14% | 3.87% |
Net investment loss | (3.48%) | (2.96%) | (3.83%) |
Teucrium Sugar Fund [Member] | |||
Net asset value per share at beginning of period | $ 10.02 | $ 11.83 | $ 14.10 |
Investment income | 0.06 | 0.02 | |
Net realized and unrealized gain (loss) on commodity futures contracts | 3.17 | (1.64) | (2.01) |
Total net expenses | (0.28) | (0.19) | (0.26) |
Net increase (decrease) in net asset value | 2.95 | (1.81) | (2.27) |
Net asset value per share at end of period | $ 12.97 | $ 10.02 | $ 11.83 |
Total Return | 29.44% | (15.30%) | (16.10%) |
Total expenses | 4.72% | 9.16% | 6.26% |
Total expense, net | 2.29% | 2.00% | 1.88% |
Net investment loss | (1.77%) | (1.79%) | (1.85%) |
Teucrium Wheat Fund [Member] | |||
Net asset value per share at beginning of period | $ 9.15 | $ 12.72 | $ 14.84 |
Investment income | 0.04 | 0.02 | 0.01 |
Net realized and unrealized gain (loss) on commodity futures contracts | (1.98) | (3.19) | (1.64) |
Total net expenses | (0.32) | (0.40) | (0.49) |
Net increase (decrease) in net asset value | (2.26) | (3.57) | (2.12) |
Net asset value per share at end of period | $ 6.89 | $ 9.15 | $ 12.72 |
Total Return | (24.70%) | (28.07%) | (14.29%) |
Total expenses | 4.47% | 4.40% | 3.66% |
Total expense, net | 4.13% | 3.89% | 3.74% |
Net investment loss | (3.57%) | (3.67%) | (3.69%) |
Teucrium Agricultural Fund [Member] | |||
Net asset value per share at beginning of period | $ 26.59 | $ 33.05 | $ 37.93 |
Net realized and unrealized gain (loss) on commodity futures contracts | (0.12) | (6.32) | (4.70) |
Total net expenses | (0.14) | (0.14) | (0.18) |
Net increase (decrease) in net asset value | (0.26) | (6.46) | (4.88) |
Net asset value per share at end of period | $ 26.33 | $ 26.59 | $ 33.05 |
Total Return | (0.98%) | (19.55%) | (12.87%) |
Total expenses | 3.33% | 13.97% | 4.70% |
Total expense, net | 0.50% | 0.50% | 0.50% |
Net investment loss | (0.50%) | (0.50%) | (0.50%) |
Quarterly Financial Data (Una38
Quarterly Financial Data (Unaudited) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Teucrium Corn Fund [Member] | |||||||||||
Summary of quarterly financial information | |||||||||||
Total Income (Loss) | $ 822,596 | $ (5,440,285) | $ 190,068 | $ (2,166,864) | $ (5,925,283) | $ (7,309,990) | $ 4,832,415 | $ (5,644,150) | $ (6,594,484) | $ (14,047,008) | $ (4,413,618) |
Total Expenses | 1,060,142 | 878,103 | 700,320 | 773,352 | 862,174 | 830,024 | 767,280 | 773,054 | 3,411,916 | 3,232,532 | 3,330,404 |
Total Expenses, net | 751,970 | 743,942 | 700,320 | 773,352 | 782,690 | 813,440 | 767,280 | 773,054 | 2,969,583 | 3,136,464 | 3,533,446 |
Net Income (Loss) | $ 70,626 | $ (6,184,227) | $ (510,252) | $ (2,940,216) | $ (6,707,973) | $ (8,123,430) | $ 4,065,135 | $ (6,417,204) | $ (9,564,067) | $ (17,183,472) | $ (7,947,064) |
Net Income (Loss) per share | $ 0.06 | $ (1.63) | $ 0.15 | $ (1.05) | $ (2.30) | $ (2.34) | $ 1.13 | $ (1.87) | $ (2.47) | $ (5.38) | $ (4.02) |
Teucrium Soybean Fund [Member] | |||||||||||
Summary of quarterly financial information | |||||||||||
Total Income (Loss) | $ 558,954 | $ (1,566,866) | $ 2,124,042 | $ 456,077 | $ (175,741) | $ (974,019) | $ 387,766 | $ (526,088) | $ 1,572,207 | $ (1,288,083) | $ (364,975) |
Total Expenses | 147,752 | 189,647 | 122,710 | 86,484 | 129,385 | 199,526 | 112,600 | 92,839 | 546,593 | 534,350 | 257,908 |
Total Expenses, net | 141,951 | 126,534 | 122,710 | 86,484 | 68,499 | 69,975 | 47,578 | 43,689 | 477,679 | 229,741 | 217,430 |
Net Income (Loss) | $ 417,003 | $ (1,693,400) | $ 2,001,332 | $ 369,593 | $ (244,241) | $ (1,043,994) | $ 340,188 | $ (569,777) | $ 1,094,528 | $ (1,517,824) | $ (582,405) |
Net Income (Loss) per share | $ 0.55 | $ (2.84) | $ 3.35 | $ 0.68 | $ (0.64) | $ (2.62) | $ 0.98 | $ (1.17) | $ 1.74 | $ (3.45) | $ (2.16) |
Teucrium Sugar Fund [Member] | |||||||||||
Summary of quarterly financial information | |||||||||||
Total Income (Loss) | $ (796,550) | $ 939,912 | $ 1,344,301 | $ 1,628 | $ 565,955 | $ (328,266) | $ (90,123) | $ (551,776) | $ 1,489,291 | $ (404,210) | $ (451,152) |
Total Expenses | 64,040 | 88,916 | 93,020 | 42,333 | 83,542 | 128,825 | 86,939 | 28,517 | 288,309 | 327,823 | 171,106 |
Total Expenses, net | 37,188 | 40,873 | 34,614 | 27,353 | 24,493 | 19,472 | 15,530 | 12,101 | 140,028 | 71,596 | 51,410 |
Net Income (Loss) | $ (833,738) | $ 899,039 | $ 1,309,687 | $ (25,725) | $ 541,462 | $ (347,738) | $ (105,653) | $ (563,877) | $ 1,349,263 | $ (475,806) | $ (502,562) |
Net Income (Loss) per share | $ (1.68) | $ 1.73 | $ 2.39 | $ 0.51 | $ 1.27 | $ (0.74) | $ (0.07) | $ (2.27) | $ 2.95 | $ (1.81) | $ (2.27) |
Teucrium Wheat Fund [Member] | |||||||||||
Summary of quarterly financial information | |||||||||||
Total Income (Loss) | $ (2,187,317) | $ (6,298,223) | $ (2,771,883) | $ (139,504) | $ (2,363,203) | $ (5,771,360) | $ 3,883,225 | $ (2,895,379) | $ (11,396,927) | $ (7,146,717) | $ (1,061,923) |
Total Expenses | 670,923 | 608,506 | 309,403 | 265,750 | 373,724 | 307,481 | 253,786 | 186,713 | 1,854,582 | 1,121,704 | 671,507 |
Total Expenses, net | 580,411 | 558,990 | 309,403 | 265,750 | 285,182 | 296,607 | 236,786 | 172,413 | 1,714,554 | 990,988 | 686,112 |
Net Income (Loss) | $ (2,767,728) | $ (6,857,213) | $ (3,081,286) | $ (405,254) | $ (2,648,385) | $ (6,067,967) | $ 3,646,439 | $ (3,067,792) | $ (13,111,481) | $ (8,137,705) | $ (1,748,035) |
Net Income (Loss) per share | $ (0.30) | $ (1.03) | $ (0.79) | $ (0.14) | $ (0.93) | $ (2.13) | $ 1.30 | $ (1.81) | $ (2.26) | $ (3.57) | $ (2.12) |
Teucrium Agricultural Fund [Member] | |||||||||||
Summary of quarterly financial information | |||||||||||
Total Income (Loss) | $ (41,939) | $ (78,441) | $ 104,911 | $ 9,249 | $ (31,185) | $ (179,166) | $ 78,385 | $ (184,220) | $ (6,220) | $ (316,186) | $ (234,509) |
Total Expenses | 5,092 | 11,603 | 6,573 | 21,991 | 13,050 | 104,995 | 59,576 | 22,615 | 45,259 | 200,236 | 86,297 |
Total Expenses, net | 1,696 | 1,710 | 1,760 | 1,634 | 1,714 | 1,738 | 1,796 | 1,925 | 6,800 | 7,173 | 9,184 |
Net Income (Loss) | $ (43,635) | $ (80,151) | $ 103,151 | $ 7,615 | $ (32,899) | $ (180,904) | $ 76,589 | $ (186,145) | $ (13,020) | $ (323,359) | $ (243,693) |
Net Income (Loss) per share | $ (0.87) | $ (1.60) | $ 2.06 | $ 0.15 | $ (0.65) | $ (3.62) | $ 1.53 | $ (3.72) | $ (0.26) | $ (6.46) | $ (4.88) |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | 2 Months Ended | 12 Months Ended | ||
Mar. 13, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Teucrium Soybean Fund [Member] | ||||
Restricted cash transferred | $ (65,000) | $ 142,616 | ||
Restricted cash | 77,616 | 142,616 | ||
Teucrium Soybean Fund [Member] | Subsequent Event [Member] | ||||
Restricted cash transferred | $ (13,000) | |||
Restricted cash | 61,068 | |||
Teucrium Sugar Fund [Member] | ||||
Restricted cash transferred | (68,389) | 142,457 | ||
Restricted cash | $ 74,068 | $ 142,457 | ||
Teucrium Sugar Fund [Member] | Subsequent Event [Member] | ||||
Restricted cash transferred | (14,000) | |||
Restricted cash | $ 63,616 |