Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 14, 2018 | Jun. 30, 2017 | |
Entity Registrant Name | Teucrium Commodity Trust | ||
Entity Central Index Key | 1,471,824 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
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 | $ 165,350,268 | ||
Entity Shares Outstanding | 16,625,018 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,017 | ||
Teucrium Corn Fund [Member] | |||
Entity Public Float | 66,675,076 | ||
Entity Shares Outstanding | 4,025,004 | ||
Teucrium Sugar Fund [Member] | |||
Entity Public Float | 8,185,539 | ||
Entity Shares Outstanding | 925,004 | ||
Teucrium Soybean Fund [Member] | |||
Entity Public Float | 11,732,572 | ||
Entity Shares Outstanding | 850,004 | ||
Teucrium Wheat Fund [Member] | |||
Entity Public Float | 77,517,031 | ||
Entity Shares Outstanding | 10,775,004 | ||
Teucrium Agricultural Fund [Member] | |||
Entity Public Float | $ 1,240,050 | ||
Entity Shares Outstanding | 50,002 |
STATEMENTS OF ASSETS AND LIABIL
STATEMENTS OF ASSETS AND LIABILITIES - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Teucrium Commodity Trust - Combined [Member] | ||
Assets | ||
Cash and cash equivalents | $ 137,945,626 | $ 145,323,469 |
Restricted cash | 0 | 151,684 |
Interest receivable | 255 | 708 |
Other assets | 6,748 | 27,135 |
Equity in trading accounts: | ||
Commodity futures contracts | 909,281 | 542,647 |
Due from broker | 9,987,671 | 13,782,616 |
Total equity in trading accounts | 10,896,952 | 14,325,263 |
Total assets | 148,849,581 | 159,828,259 |
Liabilities | ||
Management fee payable to Sponsor | 125,149 | 129,201 |
Other liabilities | 99,909 | 15,916 |
Equity in trading accounts: | ||
Commodity futures contracts | 5,677,771 | 5,725,955 |
Total liabilities | 5,902,829 | 5,871,072 |
Net assets | 142,946,752 | 153,957,187 |
Teucrium Corn Fund [Member] | ||
Assets | ||
Cash and cash equivalents | 63,139,461 | 69,072,284 |
Interest receivable | 73 | 339 |
Other assets | 2,772 | 10,451 |
Equity in trading accounts: | ||
Commodity futures contracts | 120,487 | 0 |
Due from broker | 3,703,896 | 5,664,656 |
Total equity in trading accounts | 3,824,383 | 5,664,656 |
Total assets | 66,966,689 | 74,747,730 |
Liabilities | ||
Management fee payable to Sponsor | 55,432 | 65,165 |
Other liabilities | 47,728 | 8,224 |
Equity in trading accounts: | ||
Commodity futures contracts | 1,962,050 | 1,460,800 |
Total liabilities | 2,065,210 | 1,534,189 |
Net assets | $ 64,901,479 | $ 73,213,541 |
Shares outstanding | 3,875,004 | 3,900,004 |
Net asset value per share | $ 16.75 | $ 18.77 |
Market value per share | $ 16.77 | $ 18.71 |
Teucrium Soybean Fund [Member] | ||
Assets | ||
Cash and cash equivalents | $ 9,942,185 | $ 12,300,383 |
Restricted cash | 0 | 77,616 |
Interest receivable | 22 | 38 |
Other assets | 1,839 | 4,104 |
Equity in trading accounts: | ||
Commodity futures contracts | 0 | 357,500 |
Due from broker | 789,636 | 170,973 |
Total equity in trading accounts | 789,636 | 528,473 |
Total assets | 10,733,682 | 12,910,614 |
Liabilities | ||
Management fee payable to Sponsor | 12,111 | 11,891 |
Other liabilities | 9,483 | 4,598 |
Equity in trading accounts: | ||
Commodity futures contracts | 448,063 | 12,025 |
Total liabilities | 469,657 | 28,514 |
Net assets | $ 10,264,025 | $ 12,882,100 |
Shares outstanding | 575,004 | 675,004 |
Net asset value per share | $ 17.85 | $ 19.08 |
Market value per share | $ 17.88 | $ 19.10 |
Teucrium Sugar Fund [Member] | ||
Assets | ||
Cash and cash equivalents | $ 5,929,275 | $ 5,016,531 |
Restricted cash | 0 | 74,068 |
Interest receivable | 47 | 51 |
Other assets | 276 | 4,435 |
Equity in trading accounts: | ||
Commodity futures contracts | 184,319 | 185,147 |
Due from broker | 327,885 | 565,281 |
Total equity in trading accounts | 512,204 | 750,428 |
Total assets | 6,441,802 | 5,845,513 |
Liabilities | ||
Management fee payable to Sponsor | 5,632 | 0 |
Other liabilities | 5,327 | 0 |
Equity in trading accounts: | ||
Commodity futures contracts | 67,133 | 331,542 |
Total liabilities | 78,092 | 331,542 |
Net assets | $ 6,363,710 | $ 5,513,971 |
Shares outstanding | 650,004 | 425,004 |
Net asset value per share | $ 9.79 | $ 12.97 |
Market value per share | $ 9.78 | $ 13 |
Teucrium Wheat Fund [Member] | ||
Assets | ||
Cash and cash equivalents | $ 58,932,231 | $ 58,931,911 |
Restricted cash | 0 | 0 |
Interest receivable | 111 | 279 |
Other assets | 1,861 | 7,637 |
Equity in trading accounts: | ||
Commodity futures contracts | 604,475 | 0 |
Due from broker | 5,166,254 | 7,381,706 |
Total equity in trading accounts | 5,770,729 | 7,381,706 |
Total assets | 64,704,932 | 66,321,533 |
Liabilities | ||
Management fee payable to Sponsor | 51,974 | 52,145 |
Other liabilities | 36,414 | 3,041 |
Equity in trading accounts: | ||
Commodity futures contracts | 3,200,525 | 3,921,588 |
Total liabilities | 3,288,913 | 3,976,774 |
Net assets | $ 61,416,019 | $ 62,344,759 |
Shares outstanding | 10,250,004 | 9,050,004 |
Net asset value per share | $ 5.99 | $ 6.89 |
Market value per share | $ 6 | $ 6.88 |
Teucrium Agricultural Fund [Member] | ||
Assets | ||
Cash and cash equivalents | $ 2,474 | $ 2,360 |
Interest receivable | 2 | 1 |
Other assets | 0 | 508 |
Equity in trading accounts: | ||
Investments in securities, at fair value (cost $1,790,621 and $2,033,919 as of December 31, 2017 and December 31, 2016, respectively) | 1,136,120 | 1,313,554 |
Total assets | 1,138,596 | 1,316,423 |
Liabilities | ||
Other liabilities | 957 | 53 |
Equity in trading accounts: | ||
Net assets | $ 1,137,639 | $ 1,316,370 |
Shares outstanding | 50,002 | 50,002 |
Net asset value per share | $ 22.75 | $ 26.33 |
Market value per share | $ 22.10 | $ 25.68 |
STATEMENTS OF ASSETS AND LIABI3
STATEMENTS OF ASSETS AND LIABILITIES (Parenthetical) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Teucrium Agricultural Fund [Member] | ||
Investments at cost | $ 1,790,621 | $ 2,033,919 |
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | |
Teucrium Commodity Trust - Combined [Member] | Money market funds [Member] | |||
Fair Value | $ 3,014 | ||
Percentage of Net Assets | 0.00% | ||
Teucrium Commodity Trust - Combined [Member] | Money market funds [Member] | Fidelity Institutional Money Market Funds - Government Portfolio [Member] | |||
Fair Value | $ 2,874 | $ 1,412,423 | |
Percentage of Net Assets | 0.00% | 0.92% | |
Shares | 2,874 | 1,412,423 | |
Teucrium Commodity Trust - Combined [Member] | Money market funds [Member] | Blackrock FedFund - Institutional Class [Member] | |||
Fair Value | $ 140 | ||
Percentage of Net Assets | 0.00% | ||
Shares | 140 | ||
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | |||
Fair Value | $ 49,929,746 | ||
Percentage of Net Assets | 34.94% | ||
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | Boston Scientific Corporation [Member] | |||
Fair Value | $ 4,996,458 | ||
Percentage of Net Assets | 3.50% | ||
Principal Amount | $ 5,000,000 | ||
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | Canadian Natural Resources Limited [Member] | |||
Fair Value | $ 4,992,708 | ||
Percentage of Net Assets | 3.49% | ||
Principal Amount | $ 5,000,000 | ||
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | E. I. du Pont de Nemours and Company [Member] | |||
Fair Value | $ 4,985,474 | ||
Percentage of Net Assets | 3.49% | ||
Principal Amount | $ 5,000,000 | ||
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | Enbridge Energy Partners, L.P. [Member] | |||
Fair Value | $ 4,980,918 | ||
Percentage of Net Assets | 3.48% | ||
Principal Amount | $ 5,000,000 | ||
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | Equifax Inc. [Member] | |||
Fair Value | $ 4,999,056 | ||
Percentage of Net Assets | 3.50% | ||
Principal Amount | $ 5,000,000 | ||
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | Ford Motor Credit Company LLC [Member] | |||
Fair Value | $ 4,998,250 | ||
Percentage of Net Assets | 3.50% | ||
Principal Amount | $ 5,000,000 | ||
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | Glencore Funding LLC [Member] | |||
Fair Value | $ 4,996,854 | ||
Percentage of Net Assets | 3.50% | ||
Principal Amount | $ 5,000,000 | ||
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | HP Inc. [Member] | |||
Fair Value | $ 4,995,216 | ||
Percentage of Net Assets | 3.49% | ||
Principal Amount | $ 5,000,000 | ||
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | Oneok, Inc. [Member] | |||
Fair Value | $ 4,999,034 | ||
Percentage of Net Assets | 3.50% | ||
Principal Amount | $ 5,000,000 | ||
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | VW Credit, Inc. [Member] | |||
Fair Value | $ 4,985,778 | ||
Percentage of Net Assets | 3.49% | ||
Principal Amount | $ 5,000,000 | ||
Teucrium Commodity Trust - Combined [Member] | Total Cash Equivalents [Member] | |||
Fair Value | $ 49,932,760 | ||
Percentage of Net Assets | 34.94% | ||
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts (Assets) [Member] | |||
Fair Value | $ 909,281 | $ 542,647 | |
Percentage of Net Assets | 0.63% | 0.35% | |
Notional Amount | $ 42,046,549 | $ 10,954,381 | |
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts (Assets) [Member] | CBOT Corn Futures One [Member] | |||
Fair Value | $ 120,487 | ||
Percentage of Net Assets | 0.08% | ||
Notional Amount | $ 19,464,250 | ||
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts (Assets) [Member] | ICE Sugar Futures One [Member] | |||
Fair Value | $ 94,539 | $ 185,147 | |
Percentage of Net Assets | 0.07% | 0.12% | |
Notional Amount | $ 2,237,379 | $ 1,935,293 | |
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts (Assets) [Member] | ICE Sugar Futures Two [Member] | |||
Fair Value | $ 89,780 | ||
Percentage of Net Assets | 0.06% | ||
Notional Amount | $ 1,920,307 | ||
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts (Assets) [Member] | CBOT Wheat Futures One [Member] | |||
Fair Value | $ 604,475 | ||
Percentage of Net Assets | 0.42% | ||
Notional Amount | $ 18,424,613 | ||
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts (Assets) [Member] | CBOT Soybean Futures One [Member] | |||
Fair Value | $ 107,125 | ||
Percentage of Net Assets | 0.07% | ||
Notional Amount | $ 4,518,000 | ||
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts (Assets) [Member] | CBOT Soybean Futures Two [Member] | |||
Fair Value | $ 250,375 | ||
Percentage of Net Assets | 0.16% | ||
Notional Amount | $ 4,501,088 | ||
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts (Liabilities) [Member] | |||
Fair Value | $ 5,677,771 | $ 5,725,955 | |
Percentage of Net Assets | 3.98% | 3.72% | |
Notional Amount | $ 100,941,011 | $ 143,043,064 | |
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts (Liabilities) [Member] | CBOT Corn Futures One [Member] | |||
Fair Value | $ 821,825 | $ 50,713 | |
Percentage of Net Assets | 0.57% | 0.03% | |
Notional Amount | $ 22,706,750 | $ 25,704,250 | |
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts (Liabilities) [Member] | ICE Sugar Futures One [Member] | |||
Fair Value | $ 67,133 | $ 105,829 | |
Percentage of Net Assets | 0.05% | 0.07% | |
Notional Amount | $ 2,214,173 | $ 1,918,840 | |
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts (Liabilities) [Member] | ICE Sugar Futures Two [Member] | |||
Fair Value | $ 225,713 | ||
Percentage of Net Assets | 0.15% | ||
Notional Amount | $ 1,667,848 | ||
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts (Liabilities) [Member] | CBOT Wheat Futures One [Member] | |||
Fair Value | $ 1,182,225 | $ 1,011,350 | |
Percentage of Net Assets | 0.83% | 0.66% | |
Notional Amount | $ 21,484,200 | $ 21,802,925 | |
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts (Liabilities) [Member] | CBOT Corn Futures Two [Member] | |||
Fair Value | $ 1,140,225 | $ 576,650 | |
Percentage of Net Assets | 0.80% | 0.37% | |
Notional Amount | $ 22,732,800 | $ 21,982,488 | |
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts (Liabilities) [Member] | CBOT Soybean Futures One [Member] | |||
Fair Value | $ 174,063 | $ 12,025 | |
Percentage of Net Assets | 0.12% | 0.01% | |
Notional Amount | $ 3,606,563 | $ 3,847,500 | |
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts (Liabilities) [Member] | CBOT Soybean Futures Two [Member] | |||
Fair Value | $ 152,338 | ||
Percentage of Net Assets | 0.11% | ||
Notional Amount | $ 3,064,950 | ||
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts (Liabilities) [Member] | CBOT Soybean Futures Three [Member] | |||
Fair Value | $ 121,662 | ||
Percentage of Net Assets | 0.09% | ||
Notional Amount | $ 3,610,275 | ||
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts (Liabilities) [Member] | CBOT Wheat Futures Two [Member] | |||
Fair Value | $ 2,018,300 | $ 213,963 | |
Percentage of Net Assets | 1.41% | 0.14% | |
Notional Amount | $ 21,521,300 | $ 18,694,463 | |
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts (Liabilities) [Member] | CBOT Corn Futures Three [Member] | |||
Fair Value | $ 833,437 | ||
Percentage of Net Assets | 0.54% | ||
Notional Amount | $ 25,593,000 | ||
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts (Liabilities) [Member] | CBOT Wheat Futures Three [Member] | |||
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] | |||
Fair Value | [1] | $ 1,136,120 | $ 1,313,554 |
Percentage of Net Assets | [1] | 0.79% | 0.85% |
Teucrium Commodity Trust - Combined [Member] | Exchange Traded Funds [Member] | Teucrium Corn Fund [Member] | |||
Fair Value | [1] | $ 287,376 | $ 323,979 |
Percentage of Net Assets | [1] | 0.20% | 0.21% |
Shares | [1] | 17,158 | 17,258 |
Teucrium Commodity Trust - Combined [Member] | Exchange Traded Funds [Member] | Teucrium Soybean Fund [Member] | |||
Fair Value | [1] | $ 273,664 | $ 315,486 |
Percentage of Net Assets | [1] | 0.19% | 0.20% |
Shares | [1] | 15,331 | 16,531 |
Teucrium Commodity Trust - Combined [Member] | Exchange Traded Funds [Member] | Teucrium Sugar Fund [Member] | |||
Fair Value | [1] | $ 289,049 | $ 342,822 |
Percentage of Net Assets | [1] | 0.20% | 0.22% |
Shares | [1] | 29,524 | 26,424 |
Teucrium Commodity Trust - Combined [Member] | Exchange Traded Funds [Member] | Teucrium Wheat Fund [Member] | |||
Fair Value | [1] | $ 286,031 | $ 331,267 |
Percentage of Net Assets | [1] | 0.20% | 0.22% |
Shares | [1] | 47,737 | 48,087 |
Teucrium Corn Fund [Member] | Money market funds [Member] | |||
Fair Value | $ 170 | ||
Percentage of Net Assets | 0.00% | ||
Teucrium Corn Fund [Member] | Money market funds [Member] | Fidelity Institutional Money Market Funds - Government Portfolio [Member] | |||
Fair Value | $ 100 | $ 692,293 | |
Percentage of Net Assets | 0.00% | 0.95% | |
Shares | 100 | 692,293 | |
Teucrium Corn Fund [Member] | Money market funds [Member] | Blackrock FedFund - Institutional Class [Member] | |||
Fair Value | $ 70 | ||
Percentage of Net Assets | 0.00% | ||
Shares | 70 | ||
Teucrium Corn Fund [Member] | Commercial Paper [Member] | |||
Fair Value | $ 24,964,873 | ||
Percentage of Net Assets | 38.47% | ||
Teucrium Corn Fund [Member] | Commercial Paper [Member] | Boston Scientific Corporation [Member] | |||
Fair Value | $ 2,498,229 | ||
Percentage of Net Assets | 3.85% | ||
Principal Amount | $ 2,500,000 | ||
Teucrium Corn Fund [Member] | Commercial Paper [Member] | Canadian Natural Resources Limited [Member] | |||
Fair Value | $ 2,496,354 | ||
Percentage of Net Assets | 3.85% | ||
Principal Amount | $ 2,500,000 | ||
Teucrium Corn Fund [Member] | Commercial Paper [Member] | E. I. du Pont de Nemours and Company [Member] | |||
Fair Value | $ 2,492,737 | ||
Percentage of Net Assets | 3.84% | ||
Principal Amount | $ 2,500,000 | ||
Teucrium Corn Fund [Member] | Commercial Paper [Member] | Enbridge Energy Partners, L.P. [Member] | |||
Fair Value | $ 2,490,459 | ||
Percentage of Net Assets | 3.84% | ||
Principal Amount | $ 2,500,000 | ||
Teucrium Corn Fund [Member] | Commercial Paper [Member] | Equifax Inc. [Member] | |||
Fair Value | $ 2,499,528 | ||
Percentage of Net Assets | 3.85% | ||
Principal Amount | $ 2,500,000 | ||
Teucrium Corn Fund [Member] | Commercial Paper [Member] | Ford Motor Credit Company LLC [Member] | |||
Fair Value | $ 2,499,125 | ||
Percentage of Net Assets | 3.85% | ||
Principal Amount | $ 2,500,000 | ||
Teucrium Corn Fund [Member] | Commercial Paper [Member] | Glencore Funding LLC [Member] | |||
Fair Value | $ 2,498,427 | ||
Percentage of Net Assets | 3.85% | ||
Principal Amount | $ 2,500,000 | ||
Teucrium Corn Fund [Member] | Commercial Paper [Member] | HP Inc. [Member] | |||
Fair Value | $ 2,497,608 | ||
Percentage of Net Assets | 3.85% | ||
Principal Amount | $ 2,500,000 | ||
Teucrium Corn Fund [Member] | Commercial Paper [Member] | Oneok, Inc. [Member] | |||
Fair Value | $ 2,499,517 | ||
Percentage of Net Assets | 3.85% | ||
Principal Amount | $ 2,500,000 | ||
Teucrium Corn Fund [Member] | Commercial Paper [Member] | VW Credit, Inc. [Member] | |||
Fair Value | $ 2,492,889 | ||
Percentage of Net Assets | 3.84% | ||
Principal Amount | $ 2,500,000 | ||
Teucrium Corn Fund [Member] | Total Cash Equivalents [Member] | |||
Fair Value | $ 24,965,043 | ||
Percentage of Net Assets | 38.47% | ||
Teucrium Corn Fund [Member] | Commodity Futures Contracts (Assets) [Member] | CBOT Corn Futures One [Member] | |||
Fair Value | $ 120,487 | ||
Percentage of Net Assets | 0.19% | ||
Notional Amount | $ 19,464,250 | ||
Teucrium Corn Fund [Member] | Commodity Futures Contracts (Liabilities) [Member] | |||
Fair Value | $ 1,962,050 | $ 1,460,800 | |
Percentage of Net Assets | 3.03% | 2.00% | |
Notional Amount | $ 45,439,550 | $ 73,279,738 | |
Teucrium Corn Fund [Member] | Commodity Futures Contracts (Liabilities) [Member] | CBOT Corn Futures One [Member] | |||
Fair Value | $ 821,825 | $ 50,713 | |
Percentage of Net Assets | 1.27% | 0.07% | |
Notional Amount | $ 22,706,750 | $ 25,704,250 | |
Teucrium Corn Fund [Member] | Commodity Futures Contracts (Liabilities) [Member] | CBOT Corn Futures Two [Member] | |||
Fair Value | $ 1,140,225 | $ 576,650 | |
Percentage of Net Assets | 1.76% | 0.79% | |
Notional Amount | $ 22,732,800 | $ 21,982,488 | |
Teucrium Corn Fund [Member] | Commodity Futures Contracts (Liabilities) [Member] | CBOT Corn Futures Three [Member] | |||
Fair Value | $ 833,437 | ||
Percentage of Net Assets | 1.14% | ||
Notional Amount | $ 25,593,000 | ||
Teucrium Soybean Fund [Member] | Money market funds [Member] | Fidelity Institutional Money Market Funds - Government Portfolio [Member] | |||
Fair Value | $ 100 | $ 185,661 | |
Percentage of Net Assets | 0.00% | 0.00% | |
Shares | 100 | 185,661 | |
Teucrium Soybean Fund [Member] | Commodity Futures Contracts (Assets) [Member] | |||
Fair Value | $ 357,500 | ||
Percentage of Net Assets | 2.78% | ||
Notional Amount | $ 9,019,088 | ||
Teucrium Soybean Fund [Member] | Commodity Futures Contracts (Assets) [Member] | CBOT Soybean Futures One [Member] | |||
Fair Value | $ 107,125 | ||
Percentage of Net Assets | 0.83% | ||
Notional Amount | $ 4,518,000 | ||
Teucrium Soybean Fund [Member] | Commodity Futures Contracts (Assets) [Member] | CBOT Soybean Futures Two [Member] | |||
Fair Value | $ 250,375 | ||
Percentage of Net Assets | 1.95% | ||
Notional Amount | $ 4,501,088 | ||
Teucrium Soybean Fund [Member] | Commodity Futures Contracts (Liabilities) [Member] | |||
Fair Value | $ 448,063 | ||
Percentage of Net Assets | 4.37% | ||
Notional Amount | $ 10,281,788 | ||
Teucrium Soybean Fund [Member] | Commodity Futures Contracts (Liabilities) [Member] | CBOT Soybean Futures One [Member] | |||
Fair Value | $ 174,063 | $ 12,025 | |
Percentage of Net Assets | 1.70% | 0.09% | |
Notional Amount | $ 3,606,563 | $ 3,847,500 | |
Teucrium Soybean Fund [Member] | Commodity Futures Contracts (Liabilities) [Member] | CBOT Soybean Futures Two [Member] | |||
Fair Value | $ 152,338 | ||
Percentage of Net Assets | 1.48% | ||
Notional Amount | $ 3,064,950 | ||
Teucrium Soybean Fund [Member] | Commodity Futures Contracts (Liabilities) [Member] | CBOT Soybean Futures Three [Member] | |||
Fair Value | $ 121,662 | ||
Percentage of Net Assets | 1.19% | ||
Notional Amount | $ 3,610,275 | ||
Teucrium Sugar Fund [Member] | Money market funds [Member] | Fidelity Institutional Money Market Funds - Government Portfolio [Member] | |||
Fair Value | $ 100 | $ 125,182 | |
Percentage of Net Assets | 0.00% | 2.27% | |
Shares | 100 | 125,182 | |
Teucrium Sugar Fund [Member] | Commodity Futures Contracts (Assets) [Member] | |||
Fair Value | $ 184,319 | ||
Percentage of Net Assets | 2.90% | ||
Notional Amount | $ 4,157,686 | ||
Teucrium Sugar Fund [Member] | Commodity Futures Contracts (Assets) [Member] | ICE Sugar Futures One [Member] | |||
Fair Value | $ 94,539 | $ 185,147 | |
Percentage of Net Assets | 1.49% | 0.36% | |
Notional Amount | $ 2,237,379 | $ 1,935,293 | |
Teucrium Sugar Fund [Member] | Commodity Futures Contracts (Assets) [Member] | ICE Sugar Futures Two [Member] | |||
Fair Value | $ 89,780 | ||
Percentage of Net Assets | 1.41% | ||
Notional Amount | $ 1,920,307 | ||
Teucrium Sugar Fund [Member] | Commodity Futures Contracts (Liabilities) [Member] | |||
Fair Value | $ 331,542 | ||
Percentage of Net Assets | 6.01% | ||
Notional Amount | $ 3,586,688 | ||
Teucrium Sugar Fund [Member] | Commodity Futures Contracts (Liabilities) [Member] | ICE Sugar Futures One [Member] | |||
Fair Value | $ 67,133 | $ 105,829 | |
Percentage of Net Assets | 1.05% | 1.92% | |
Notional Amount | $ 2,214,173 | $ 1,918,840 | |
Teucrium Sugar Fund [Member] | Commodity Futures Contracts (Liabilities) [Member] | ICE Sugar Futures Two [Member] | |||
Fair Value | $ 225,713 | ||
Percentage of Net Assets | 4.09% | ||
Notional Amount | $ 1,667,848 | ||
Teucrium Wheat Fund [Member] | Money market funds [Member] | |||
Fair Value | $ 170 | ||
Percentage of Net Assets | 0.00% | ||
Teucrium Wheat Fund [Member] | Money market funds [Member] | Fidelity Institutional Money Market Funds - Government Portfolio [Member] | |||
Fair Value | $ 100 | $ 406,927 | |
Percentage of Net Assets | 0.00% | 0.65% | |
Shares | 100 | 406,927 | |
Teucrium Wheat Fund [Member] | Money market funds [Member] | Blackrock FedFund - Institutional Class [Member] | |||
Fair Value | $ 70 | ||
Percentage of Net Assets | 0.00% | ||
Shares | 70 | ||
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | |||
Fair Value | $ 24,964,873 | ||
Percentage of Net Assets | 40.66% | ||
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | Boston Scientific Corporation [Member] | |||
Fair Value | $ 2,498,229 | ||
Percentage of Net Assets | 4.07% | ||
Principal Amount | $ 2,500,000 | ||
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | Canadian Natural Resources Limited [Member] | |||
Fair Value | $ 2,496,354 | ||
Percentage of Net Assets | 4.06% | ||
Principal Amount | $ 2,500,000 | ||
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | E. I. du Pont de Nemours and Company [Member] | |||
Fair Value | $ 2,492,737 | ||
Percentage of Net Assets | 4.06% | ||
Principal Amount | $ 2,500,000 | ||
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | Enbridge Energy Partners, L.P. [Member] | |||
Fair Value | $ 2,490,459 | ||
Percentage of Net Assets | 4.06% | ||
Principal Amount | $ 2,500,000 | ||
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | Equifax Inc. [Member] | |||
Fair Value | $ 2,499,528 | ||
Percentage of Net Assets | 4.07% | ||
Principal Amount | $ 2,500,000 | ||
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | Ford Motor Credit Company LLC [Member] | |||
Fair Value | $ 2,499,125 | ||
Percentage of Net Assets | 4.07% | ||
Principal Amount | $ 2,500,000 | ||
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | Glencore Funding LLC [Member] | |||
Fair Value | $ 2,498,427 | ||
Percentage of Net Assets | 4.07% | ||
Principal Amount | $ 2,500,000 | ||
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | HP Inc. [Member] | |||
Fair Value | $ 2,497,608 | ||
Percentage of Net Assets | 4.07% | ||
Principal Amount | $ 2,500,000 | ||
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | Oneok, Inc. [Member] | |||
Fair Value | $ 2,499,517 | ||
Percentage of Net Assets | 4.07% | ||
Principal Amount | $ 2,500,000 | ||
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | VW Credit, Inc. [Member] | |||
Fair Value | $ 2,492,889 | ||
Percentage of Net Assets | 4.06% | ||
Principal Amount | $ 2,500,000 | ||
Teucrium Wheat Fund [Member] | Total Cash Equivalents [Member] | |||
Fair Value | $ 24,965,043 | ||
Percentage of Net Assets | 40.66% | ||
Teucrium Wheat Fund [Member] | Commodity Futures Contracts (Assets) [Member] | CBOT Wheat Futures One [Member] | |||
Fair Value | $ 604,475 | ||
Percentage of Net Assets | 0.98% | ||
Notional Amount | $ 18,424,613 | ||
Teucrium Wheat Fund [Member] | Commodity Futures Contracts (Liabilities) [Member] | |||
Fair Value | $ 3,200,525 | $ 3,921,588 | |
Percentage of Net Assets | 5.21% | 6.29% | |
Notional Amount | $ 43,005,500 | $ 62,329,138 | |
Teucrium Wheat Fund [Member] | Commodity Futures Contracts (Liabilities) [Member] | CBOT Wheat Futures One [Member] | |||
Fair Value | $ 1,182,225 | $ 1,011,350 | |
Percentage of Net Assets | 1.92% | 1.62% | |
Notional Amount | $ 21,484,200 | $ 21,802,925 | |
Teucrium Wheat Fund [Member] | Commodity Futures Contracts (Liabilities) [Member] | CBOT Wheat Futures Two [Member] | |||
Fair Value | $ 2,018,300 | $ 213,963 | |
Percentage of Net Assets | 3.29% | 0.34% | |
Notional Amount | $ 21,521,300 | $ 18,694,463 | |
Teucrium Wheat Fund [Member] | Commodity Futures Contracts (Liabilities) [Member] | CBOT Wheat Futures Three [Member] | |||
Fair Value | $ 2,696,275 | ||
Percentage of Net Assets | 4.33% | ||
Notional Amount | $ 21,831,750 | ||
Teucrium Agricultural Fund [Member] | |||
Fair Value | 1,136,120 | 1,313,554 | |
Teucrium Agricultural Fund [Member] | Money market funds [Member] | Fidelity Institutional Money Market Funds - Government Portfolio [Member] | |||
Fair Value | $ 2,474 | $ 2,360 | |
Percentage of Net Assets | 0.22% | 0.18% | |
Shares | 2,474 | 2,360 | |
Teucrium Agricultural Fund [Member] | Exchange Traded Funds [Member] | |||
Fair Value | $ 1,136,120 | $ 1,313,554 | |
Percentage of Net Assets | 99.87% | 99.79% | |
Teucrium Agricultural Fund [Member] | Exchange Traded Funds [Member] | Teucrium Corn Fund [Member] | |||
Fair Value | $ 287,376 | $ 323,979 | |
Percentage of Net Assets | 25.26% | 24.61% | |
Shares | 17,158 | 17,258 | |
Teucrium Agricultural Fund [Member] | Exchange Traded Funds [Member] | Teucrium Soybean Fund [Member] | |||
Fair Value | $ 273,664 | $ 315,486 | |
Percentage of Net Assets | 24.06% | 23.97% | |
Shares | 15,331 | 16,531 | |
Teucrium Agricultural Fund [Member] | Exchange Traded Funds [Member] | Teucrium Sugar Fund [Member] | |||
Fair Value | $ 289,049 | $ 342,822 | |
Percentage of Net Assets | 25.41% | 26.04% | |
Shares | 29,524 | 26,424 | |
Teucrium Agricultural Fund [Member] | Exchange Traded Funds [Member] | Teucrium Wheat Fund [Member] | |||
Fair Value | $ 286,031 | $ 331,267 | |
Percentage of Net Assets | 25.14% | 25.17% | |
Shares | 47,737 | 48,087 | |
[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) | 12 Months Ended | ||
Dec. 31, 2017USD ($)item | Dec. 31, 2016USD ($)item | Dec. 31, 2015item | |
Teucrium Commodity Trust - Combined [Member] | Money market funds [Member] | Fidelity Institutional Money Market Funds - Government Portfolio [Member] | |||
Investment at cost | $ 2,874 | $ 1,412,423 | |
Teucrium Commodity Trust - Combined [Member] | Money market funds [Member] | Blackrock FedFund - Institutional Class [Member] | |||
Investment at cost | 140 | ||
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | |||
Investment at cost | $ 49,860,444 | ||
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | Boston Scientific Corporation [Member] | |||
Investment interest rate | 1.709% | ||
Investment at cost | $ 4,992,208 | ||
Investment maturity date | Jan. 16, 2018 | ||
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | Canadian Natural Resources Limited [Member] | |||
Investment interest rate | 1.759% | ||
Investment at cost | $ 4,990,034 | ||
Investment maturity date | Jan. 31, 2018 | ||
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | E. I. du Pont de Nemours and Company [Member] | |||
Investment interest rate | 1.67% | ||
Investment at cost | $ 4,981,556 | ||
Investment maturity date | Mar. 5, 2108 | ||
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | Enbridge Energy Partners, L.P. [Member] | |||
Investment interest rate | 2.198% | ||
Investment at cost | $ 4,976,980 | ||
Investment maturity date | Mar. 5, 2018 | ||
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | Equifax Inc. [Member] | |||
Investment interest rate | 1.709% | ||
Investment at cost | $ 4,987,958 | ||
Investment maturity date | Jan. 5, 2018 | ||
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | Ford Motor Credit Company LLC [Member] | |||
Investment interest rate | 1.407% | ||
Investment at cost | $ 4,982,500 | ||
Investment maturity date | Jan. 10, 2018 | ||
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | Glencore Funding LLC [Member] | |||
Investment interest rate | 1.424% | ||
Investment at cost | $ 4,982,496 | ||
Investment maturity date | Jan. 17, 2018 | ||
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | HP Inc. [Member] | |||
Investment interest rate | 1.648% | ||
Investment at cost | $ 4,992,028 | ||
Investment maturity date | Jan. 22, 2018 | ||
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | Oneok, Inc. [Member] | |||
Investment interest rate | 1.749% | ||
Investment at cost | $ 4,994,684 | ||
Investment maturity date | Jan. 5, 2018 | ||
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | VW Credit, Inc. [Member] | |||
Investment interest rate | 1.61% | ||
Investment at cost | $ 4,980,000 | ||
Investment maturity date | Mar. 6, 2018 | ||
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts (Assets) [Member] | CBOT Corn Futures One [Member] | |||
Number of contracts | item | 1,060 | ||
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts (Assets) [Member] | ICE Sugar Futures One [Member] | |||
Number of contracts | item | 133 | 93 | |
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts (Assets) [Member] | ICE Sugar Futures Two [Member] | |||
Number of contracts | item | 114 | ||
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts (Assets) [Member] | CBOT Wheat Futures One [Member] | |||
Number of contracts | item | 813 | ||
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts (Assets) [Member] | CBOT Soybean Futures One [Member] | |||
Number of contracts | item | 90 | ||
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts (Assets) [Member] | CBOT Soybean Futures Two [Member] | |||
Number of contracts | item | 91 | ||
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts (Liabilities) [Member] | CBOT Corn Futures One [Member] | |||
Number of contracts | item | 1,265 | 1,438 | |
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts (Liabilities) [Member] | ICE Sugar Futures One [Member] | |||
Number of contracts | item | 126 | 89 | |
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts (Liabilities) [Member] | ICE Sugar Futures Two [Member] | |||
Number of contracts | item | 79 | ||
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts (Liabilities) [Member] | CBOT Wheat Futures One [Member] | |||
Number of contracts | item | 976 | 1,037 | |
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts (Liabilities) [Member] | CBOT Corn Futures Two [Member] | |||
Number of contracts | item | 1,184 | 1,207 | |
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts (Liabilities) [Member] | CBOT Soybean Futures One [Member] | |||
Number of contracts | item | 75 | 76 | |
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts (Liabilities) [Member] | CBOT Soybean Futures Two [Member] | |||
Number of contracts | item | 63 | ||
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts (Liabilities) [Member] | CBOT Soybean Futures Three [Member] | |||
Number of contracts | item | 74 | ||
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts (Liabilities) [Member] | CBOT Wheat Futures Two [Member] | |||
Number of contracts | item | 893 | 861 | |
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts (Liabilities) [Member] | CBOT Corn Futures Three [Member] | |||
Number of contracts | item | 1,347 | ||
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts (Liabilities) [Member] | CBOT Wheat Futures Three [Member] | |||
Number of contracts | item | 939 | ||
Teucrium Commodity Trust - Combined [Member] | Exchange Traded Funds [Member] | |||
Investment at cost | $ 1,790,621 | $ 2,033,919 | |
Teucrium Corn Fund [Member] | Money market funds [Member] | Fidelity Institutional Money Market Funds - Government Portfolio [Member] | |||
Investment at cost | 100 | 692,293 | |
Teucrium Corn Fund [Member] | Money market funds [Member] | Blackrock FedFund - Institutional Class [Member] | |||
Investment at cost | 70 | ||
Teucrium Corn Fund [Member] | Commercial Paper [Member] | |||
Investment at cost | $ 24,930,222 | ||
Teucrium Corn Fund [Member] | Commercial Paper [Member] | Boston Scientific Corporation [Member] | |||
Investment interest rate | 1.709% | ||
Investment at cost | $ 2,496,104 | ||
Investment maturity date | Jan. 16, 2018 | ||
Teucrium Corn Fund [Member] | Commercial Paper [Member] | Canadian Natural Resources Limited [Member] | |||
Investment interest rate | 1.759% | ||
Investment at cost | $ 2,495,017 | ||
Investment maturity date | Jan. 31, 2018 | ||
Teucrium Corn Fund [Member] | Commercial Paper [Member] | E. I. du Pont de Nemours and Company [Member] | |||
Investment interest rate | 1.67% | ||
Investment at cost | $ 2,490,778 | ||
Investment maturity date | Mar. 5, 2018 | ||
Teucrium Corn Fund [Member] | Commercial Paper [Member] | Enbridge Energy Partners, L.P. [Member] | |||
Investment interest rate | 2.198% | ||
Investment at cost | $ 2,488,490 | ||
Investment maturity date | Mar. 5, 2018 | ||
Teucrium Corn Fund [Member] | Commercial Paper [Member] | Equifax Inc. [Member] | |||
Investment interest rate | 1.709% | ||
Investment at cost | $ 2,493,979 | ||
Investment maturity date | Jan. 5, 2018 | ||
Teucrium Corn Fund [Member] | Commercial Paper [Member] | Ford Motor Credit Company LLC [Member] | |||
Investment interest rate | 1.407% | ||
Investment at cost | $ 2,491,250 | ||
Investment maturity date | Jan. 10, 2018 | ||
Teucrium Corn Fund [Member] | Commercial Paper [Member] | Glencore Funding LLC [Member] | |||
Investment interest rate | 1.424% | ||
Investment at cost | $ 2,491,248 | ||
Investment maturity date | Jan. 17, 2018 | ||
Teucrium Corn Fund [Member] | Commercial Paper [Member] | HP Inc. [Member] | |||
Investment interest rate | 1.648% | ||
Investment at cost | $ 2,496,014 | ||
Investment maturity date | Jan. 22, 2018 | ||
Teucrium Corn Fund [Member] | Commercial Paper [Member] | Oneok, Inc. [Member] | |||
Investment interest rate | 1.749% | ||
Investment at cost | $ 2,497,342 | ||
Investment maturity date | Jan. 5, 2018 | ||
Teucrium Corn Fund [Member] | Commercial Paper [Member] | VW Credit, Inc. [Member] | |||
Investment interest rate | 1.61% | ||
Investment at cost | $ 2,490,000 | ||
Investment maturity date | Mar. 6, 2018 | ||
Teucrium Corn Fund [Member] | Commodity Futures Contracts (Assets) [Member] | CBOT Corn Futures One [Member] | |||
Number of contracts | item | 1,060 | ||
Teucrium Corn Fund [Member] | Commodity Futures Contracts (Liabilities) [Member] | CBOT Corn Futures One [Member] | |||
Number of contracts | item | 1,265 | 1,438 | |
Teucrium Corn Fund [Member] | Commodity Futures Contracts (Liabilities) [Member] | CBOT Corn Futures Two [Member] | |||
Number of contracts | item | 1,184 | 1,207 | |
Teucrium Corn Fund [Member] | Commodity Futures Contracts (Liabilities) [Member] | CBOT Corn Futures Three [Member] | |||
Number of contracts | item | 1,347 | ||
Teucrium Soybean Fund [Member] | Money market funds [Member] | Fidelity Institutional Money Market Funds - Government Portfolio [Member] | |||
Investment at cost | $ 100 | $ 185,661 | |
Teucrium Soybean Fund [Member] | Commodity Futures Contracts (Assets) [Member] | CBOT Soybean Futures One [Member] | |||
Number of contracts | item | 90 | ||
Teucrium Soybean Fund [Member] | Commodity Futures Contracts (Assets) [Member] | CBOT Soybean Futures Two [Member] | |||
Number of contracts | item | 91 | ||
Teucrium Soybean Fund [Member] | Commodity Futures Contracts (Liabilities) [Member] | CBOT Soybean Futures One [Member] | |||
Number of contracts | item | 75 | 76 | |
Teucrium Soybean Fund [Member] | Commodity Futures Contracts (Liabilities) [Member] | CBOT Soybean Futures Two [Member] | |||
Number of contracts | item | 63 | ||
Teucrium Soybean Fund [Member] | Commodity Futures Contracts (Liabilities) [Member] | CBOT Soybean Futures Three [Member] | |||
Number of contracts | item | 74 | ||
Teucrium Sugar Fund [Member] | Money market funds [Member] | Fidelity Institutional Money Market Funds - Government Portfolio [Member] | |||
Investment at cost | $ 100 | $ 125,182 | |
Teucrium Sugar Fund [Member] | Commodity Futures Contracts (Assets) [Member] | ICE Sugar Futures One [Member] | |||
Number of contracts | item | 133 | 93 | |
Teucrium Sugar Fund [Member] | Commodity Futures Contracts (Assets) [Member] | ICE Sugar Futures Two [Member] | |||
Number of contracts | item | 114 | ||
Teucrium Sugar Fund [Member] | Commodity Futures Contracts (Liabilities) [Member] | ICE Sugar Futures One [Member] | |||
Number of contracts | item | 126 | 89 | |
Teucrium Sugar Fund [Member] | Commodity Futures Contracts (Liabilities) [Member] | ICE Sugar Futures Two [Member] | |||
Number of contracts | item | 79 | ||
Teucrium Wheat Fund [Member] | Money market funds [Member] | Fidelity Institutional Money Market Funds - Government Portfolio [Member] | |||
Investment at cost | $ 100 | $ 406,927 | |
Teucrium Wheat Fund [Member] | Money market funds [Member] | Blackrock FedFund - Institutional Class [Member] | |||
Investment at cost | 70 | ||
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | |||
Investment at cost | $ 24,930,222 | ||
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | Boston Scientific Corporation [Member] | |||
Investment interest rate | 1.709% | ||
Investment at cost | $ 2,496,104 | ||
Investment maturity date | Jan. 16, 2018 | ||
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | Canadian Natural Resources Limited [Member] | |||
Investment interest rate | 1.759% | ||
Investment at cost | $ 2,495,017 | ||
Investment maturity date | Jan. 31, 2018 | ||
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | E. I. du Pont de Nemours and Company [Member] | |||
Investment interest rate | 1.67% | ||
Investment at cost | $ 2,490,778 | ||
Investment maturity date | Mar. 5, 2018 | ||
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | Enbridge Energy Partners, L.P. [Member] | |||
Investment interest rate | 2.198% | ||
Investment at cost | $ 2,488,490 | ||
Investment maturity date | Mar. 5, 2018 | ||
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | Equifax Inc. [Member] | |||
Investment interest rate | 1.709% | ||
Investment at cost | $ 2,493,979 | ||
Investment maturity date | Jan. 5, 2018 | ||
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | Ford Motor Credit Company LLC [Member] | |||
Investment interest rate | 1.407% | ||
Investment at cost | $ 2,491,250 | ||
Investment maturity date | Jan. 10, 2018 | ||
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | Glencore Funding LLC [Member] | |||
Investment interest rate | 1.424% | ||
Investment at cost | $ 2,491,248 | ||
Investment maturity date | Jan. 17, 2018 | ||
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | HP Inc. [Member] | |||
Investment interest rate | 1.648% | ||
Investment at cost | $ 2,496,014 | ||
Investment maturity date | Jan. 22, 2018 | ||
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | Oneok, Inc. [Member] | |||
Investment interest rate | 1.749% | ||
Investment at cost | $ 2,497,342 | ||
Investment maturity date | Jan. 5, 2018 | ||
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | VW Credit, Inc. [Member] | |||
Investment interest rate | 1.61% | ||
Investment at cost | $ 2,490,000 | ||
Investment maturity date | Mar. 6, 2018 | ||
Teucrium Wheat Fund [Member] | Commodity Futures Contracts (Assets) [Member] | CBOT Wheat Futures One [Member] | |||
Number of contracts | item | 813 | ||
Teucrium Wheat Fund [Member] | Commodity Futures Contracts (Liabilities) [Member] | CBOT Wheat Futures One [Member] | |||
Number of contracts | item | 976 | 1,037 | |
Teucrium Wheat Fund [Member] | Commodity Futures Contracts (Liabilities) [Member] | CBOT Wheat Futures Two [Member] | |||
Number of contracts | item | 893 | 861 | |
Teucrium Wheat Fund [Member] | Commodity Futures Contracts (Liabilities) [Member] | CBOT Wheat Futures Three [Member] | |||
Number of contracts | item | 939 | ||
Teucrium Agricultural Fund [Member] | |||
Investment at cost | $ 1,790,621 | $ 2,033,919 | |
Teucrium Agricultural Fund [Member] | Money market funds [Member] | Fidelity Institutional Money Market Funds - Government Portfolio [Member] | |||
Investment at cost | 2,474 | 2,360 | |
Teucrium Agricultural Fund [Member] | Exchange Traded Funds [Member] | |||
Investment at cost | $ 1,790,621 | $ 2,033,919 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Teucrium Commodity Trust - Combined [Member] | |||
Income | |||
Realized (loss) gain on commodity futures contracts | $ (13,335,506) | $ (16,163,531) | $ (15,729,142) |
Net change in unrealized appreciation or depreciation on commodity futures contracts | 414,818 | 508,136 | (7,378,689) |
Interest income (loss) | 1,755,765 | 725,493 | 221,809 |
Total (loss) income | (11,164,923) | (14,929,902) | (22,886,022) |
Expenses | |||
Management fees | 1,540,701 | 1,309,046 | 1,143,253 |
Professional fees | 1,476,719 | 1,540,639 | 1,197,938 |
Distribution and marketing fees | 2,598,296 | 2,287,894 | 1,763,168 |
Custodian fees and expenses | 346,295 | 359,937 | 779,473 |
Business permits and licenses fees | 93,026 | 104,956 | 88,529 |
General and administrative expenses | 273,423 | 286,251 | 311,620 |
Brokerage commissions | 158,207 | 155,345 | 71,854 |
Other expenses | 94,051 | 102,591 | 60,809 |
Total expenses | 6,580,718 | 6,146,659 | 5,416,644 |
Expenses waived by the Sponsor | (1,028,899) | (838,015) | (980,683) |
Total expenses, net | 5,551,819 | 5,308,644 | 4,435,961 |
Net (loss) income | (16,716,742) | (20,238,546) | (27,321,983) |
Teucrium Corn Fund [Member] | |||
Income | |||
Realized (loss) gain on commodity futures contracts | (5,603,513) | (9,438,913) | (8,533,650) |
Net change in unrealized appreciation or depreciation on commodity futures contracts | (380,763) | 2,447,750 | (5,660,263) |
Interest income (loss) | 778,560 | 396,679 | 146,905 |
Total (loss) income | (5,205,716) | (6,594,484) | (14,047,008) |
Expenses | |||
Management fees | 682,674 | 719,183 | 779,808 |
Professional fees | 633,381 | 1,049,134 | 745,650 |
Distribution and marketing fees | 1,177,003 | 1,160,864 | 1,199,576 |
Custodian fees and expenses | 153,987 | 183,452 | 187,264 |
Business permits and licenses fees | 25,251 | 16,887 | 26,852 |
General and administrative expenses | 125,534 | 142,932 | 206,490 |
Brokerage commissions | 79,700 | 96,725 | 41,250 |
Other expenses | 41,406 | 42,739 | 45,642 |
Total expenses | 2,918,936 | 3,411,916 | 3,232,532 |
Expenses waived by the Sponsor | (409,562) | (442,333) | (96,068) |
Total expenses, net | 2,509,374 | 2,969,583 | 3,136,464 |
Net (loss) income | $ (7,715,090) | $ (9,564,067) | $ (17,183,472) |
Net (loss) income per share | $ (2.02) | $ (2.47) | $ (5.38) |
Net (loss) income per weighted average share | $ (2.08) | $ (2.66) | $ (5.30) |
Weighted average shares outstanding | 3,714,045 | 3,598,843 | 3,243,223 |
Teucrium Soybean Fund [Member] | |||
Income | |||
Realized (loss) gain on commodity futures contracts | $ 8,425 | $ 939,088 | $ (1,355,738) |
Net change in unrealized appreciation or depreciation on commodity futures contracts | (793,538) | 567,962 | 54,526 |
Interest income (loss) | 152,945 | 65,157 | 13,129 |
Total (loss) income | (632,168) | 1,572,207 | (1,288,083) |
Expenses | |||
Management fees | 133,058 | 118,439 | 73,362 |
Professional fees | 179,081 | 113,387 | 148,286 |
Distribution and marketing fees | 209,915 | 218,086 | 117,180 |
Custodian fees and expenses | 28,109 | 34,515 | 146,752 |
Business permits and licenses fees | 17,505 | 18,288 | 16,608 |
General and administrative expenses | 24,282 | 32,260 | 21,654 |
Brokerage commissions | 8,462 | 1,507 | 6,043 |
Other expenses | 9,689 | 10,111 | 4,465 |
Total expenses | 610,101 | 546,593 | 534,350 |
Expenses waived by the Sponsor | (126,489) | (68,914) | (304,609) |
Total expenses, net | 483,612 | 477,679 | 229,741 |
Net (loss) income | $ (1,115,780) | $ 1,094,528 | $ (1,517,824) |
Net (loss) income per share | $ (1.23) | $ 1.74 | $ (3.45) |
Net (loss) income per weighted average share | $ (1.55) | $ 1.76 | $ (3.93) |
Weighted average shares outstanding | 717,607 | 623,023 | 386,237 |
Teucrium Sugar Fund [Member] | |||
Income | |||
Realized (loss) gain on commodity futures contracts | $ (2,435,305) | $ 1,967,694 | $ (1,279,891) |
Net change in unrealized appreciation or depreciation on commodity futures contracts | 263,581 | (510,451) | 868,011 |
Interest income (loss) | 78,889 | 32,048 | 7,670 |
Total (loss) income | (2,092,835) | 1,489,291 | (404,210) |
Expenses | |||
Management fees | 70,762 | 56,277 | 35,486 |
Professional fees | 63,308 | 46,951 | 65,660 |
Distribution and marketing fees | 126,152 | 115,498 | 55,723 |
Custodian fees and expenses | 19,038 | 18,575 | 139,745 |
Business permits and licenses fees | 17,342 | 18,524 | 15,726 |
General and administrative expenses | 14,512 | 17,542 | 8,732 |
Brokerage commissions | 10,525 | 8,681 | 4,000 |
Other expenses | 4,948 | 6,261 | 2,751 |
Total expenses | 326,587 | 288,309 | 327,823 |
Expenses waived by the Sponsor | (129,334) | (148,281) | (256,227) |
Total expenses, net | 197,253 | 140,028 | 71,596 |
Net (loss) income | $ (2,290,088) | $ 1,349,263 | $ (475,806) |
Net (loss) income per share | $ (3.18) | $ 2.95 | $ (1.81) |
Net (loss) income per weighted average share | $ (3.40) | $ 2.66 | $ (1.28) |
Weighted average shares outstanding | 674,456 | 507,654 | 373,018 |
Teucrium Wheat Fund [Member] | |||
Income | |||
Realized (loss) gain on commodity futures contracts | $ (5,305,113) | $ (9,631,400) | $ (4,559,863) |
Net change in unrealized appreciation or depreciation on commodity futures contracts | 1,325,538 | (1,997,125) | (2,640,963) |
Interest income (loss) | 745,357 | 231,598 | 54,109 |
Total (loss) income | (3,234,218) | (11,396,927) | (7,146,717) |
Expenses | |||
Management fees | 654,207 | 415,147 | 254,597 |
Professional fees | 585,774 | 319,007 | 213,241 |
Distribution and marketing fees | 1,070,569 | 777,708 | 374,436 |
Custodian fees and expenses | 143,071 | 120,829 | 171,747 |
Business permits and licenses fees | 20,733 | 39,116 | 13,803 |
General and administrative expenses | 107,357 | 91,644 | 66,012 |
Brokerage commissions | 59,520 | 48,209 | 20,561 |
Other expenses | 37,382 | 42,922 | 7,307 |
Total expenses | 2,678,613 | 1,854,582 | 1,121,704 |
Expenses waived by the Sponsor | (323,244) | (140,028) | (130,716) |
Total expenses, net | 2,355,369 | 1,714,554 | 990,988 |
Net (loss) income | $ (5,589,587) | $ (13,111,481) | $ (8,137,705) |
Net (loss) income per share | $ (0.90) | $ (2.26) | $ (3.57) |
Net (loss) income per weighted average share | $ (0.58) | $ (2.45) | $ (3.29) |
Weighted average shares outstanding | 9,594,936 | 5,340,851 | 2,470,483 |
Teucrium Agricultural Fund [Member] | |||
Income | |||
Realized loss on securities | $ (238,398) | $ (87,644) | $ (266,180) |
Net change in unrealized appreciation or depreciation on securities | 65,864 | 81,413 | (50,002) |
Interest income (loss) | 14 | 11 | (4) |
Total (loss) income | (172,520) | (6,220) | (316,186) |
Expenses | |||
Professional fees | 15,175 | 12,160 | 25,101 |
Distribution and marketing fees | 14,657 | 15,738 | 16,253 |
Custodian fees and expenses | 2,090 | 2,566 | 133,965 |
Business permits and licenses fees | 12,195 | 12,141 | 15,540 |
General and administrative expenses | 1,739 | 1,873 | 8,732 |
Brokerage commissions | 0 | 223 | 0 |
Other expenses | 625 | 558 | 645 |
Total expenses | 46,481 | 45,259 | 200,236 |
Expenses waived by the Sponsor | (40,270) | (38,459) | (193,063) |
Total expenses, net | 6,211 | 6,800 | 7,173 |
Net (loss) income | $ (178,731) | $ (13,020) | $ (323,359) |
Net (loss) income per share | $ (3.58) | $ (0.26) | $ (6.46) |
Net (loss) income per weighted average share | $ (3.57) | $ (0.26) | $ (6.47) |
Weighted average shares outstanding | 50,002 | 50,002 | 50,002 |
STATEMENTS OF CHANGES IN NET AS
STATEMENTS OF CHANGES IN NET ASSETS - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Teucrium Commodity Trust - Combined [Member] | |||
Operations | |||
Net (loss) income | $ (16,716,742) | $ (20,238,546) | $ (27,321,983) |
Capital transactions | |||
Issuance of Shares | 91,549,498 | 121,278,251 | 32,803,944 |
Redemption of Shares | (85,848,091) | (46,688,821) | (51,232,764) |
Net change in the cost of the Underlying Funds | 4,900 | 4,816 | 318 |
Total capital transactions | 5,706,307 | 74,594,246 | (18,428,502) |
Net change in net assets | (11,010,435) | 54,355,700 | (45,750,485) |
Net assets, beginning of period | 153,957,187 | 99,601,487 | 145,351,972 |
Net assets, end of period | 142,946,752 | 153,957,187 | 99,601,487 |
Teucrium Corn Fund [Member] | |||
Operations | |||
Net (loss) income | (7,715,090) | (9,564,067) | (17,183,472) |
Capital transactions | |||
Issuance of Shares | 25,173,968 | 57,591,933 | 8,538,198 |
Redemption of Shares | (25,770,940) | (35,870,548) | (38,758,010) |
Total capital transactions | (596,972) | 21,721,385 | (30,219,812) |
Net change in net assets | (8,312,062) | 12,157,318 | (47,403,284) |
Net assets, beginning of period | 73,213,541 | 61,056,223 | 108,459,507 |
Net assets, end of period | $ 64,901,479 | $ 73,213,541 | $ 61,056,223 |
Net asset value per share at beginning of period | $ 18.77 | $ 21.24 | $ 26.62 |
Net asset value per share at end of period | $ 16.75 | $ 18.77 | $ 21.24 |
Creation of Shares | 1,325,000 | 2,875,000 | 350,000 |
Redemption of Shares | 1,350,000 | 1,850,000 | 1,550,000 |
Teucrium Soybean Fund [Member] | |||
Operations | |||
Net (loss) income | $ (1,115,780) | $ 1,094,528 | $ (1,517,824) |
Capital transactions | |||
Issuance of Shares | 20,374,923 | 9,190,140 | 2,478,439 |
Redemption of Shares | (21,877,218) | (3,905,120) | (6,414,212) |
Total capital transactions | (1,502,295) | 5,285,020 | (3,935,773) |
Net change in net assets | (2,618,075) | 6,379,548 | (5,453,597) |
Net assets, beginning of period | 12,882,100 | 6,502,552 | 11,956,149 |
Net assets, end of period | $ 10,264,025 | $ 12,882,100 | $ 6,502,552 |
Net asset value per share at beginning of period | $ 19.08 | $ 17.34 | $ 20.79 |
Net asset value per share at end of period | $ 17.85 | $ 19.08 | $ 17.34 |
Creation of Shares | 1,100,000 | 500,000 | 125,000 |
Redemption of Shares | 1,200,000 | 200,000 | 325,000 |
Teucrium Sugar Fund [Member] | |||
Operations | |||
Net (loss) income | $ (2,290,088) | $ 1,349,263 | $ (475,806) |
Capital transactions | |||
Issuance of Shares | 10,190,950 | 2,805,578 | 3,767,602 |
Redemption of Shares | (7,051,123) | (4,149,533) | (444,345) |
Total capital transactions | 3,139,827 | (1,343,955) | 3,323,257 |
Net change in net assets | 849,739 | 5,308 | 2,847,451 |
Net assets, beginning of period | 5,513,971 | 5,508,663 | 2,661,212 |
Net assets, end of period | $ 6,363,710 | $ 5,513,971 | $ 5,508,663 |
Net asset value per share at beginning of period | $ 12.97 | $ 10.02 | $ 11.83 |
Net asset value per share at end of period | $ 9.79 | $ 12.97 | $ 10.02 |
Creation of Shares | 925,000 | 250,000 | 375,000 |
Redemption of Shares | 700,000 | 375,000 | 50,000 |
Teucrium Wheat Fund [Member] | |||
Operations | |||
Net (loss) income | $ (5,589,587) | $ (13,111,481) | $ (8,137,705) |
Capital transactions | |||
Issuance of Shares | 35,809,657 | 51,690,600 | 18,019,705 |
Redemption of Shares | (31,148,810) | (2,763,620) | (5,616,197) |
Total capital transactions | 4,660,847 | 48,926,980 | 12,403,508 |
Net change in net assets | (928,740) | 35,815,499 | 4,265,803 |
Net assets, beginning of period | 62,344,759 | 26,529,260 | 22,263,457 |
Net assets, end of period | $ 61,416,019 | $ 62,344,759 | $ 26,529,260 |
Net asset value per share at beginning of period | $ 6.89 | $ 9.15 | $ 12.72 |
Net asset value per share at end of period | $ 5.99 | $ 6.89 | $ 9.15 |
Creation of Shares | 5,375,000 | 6,475,000 | 1,675,000 |
Redemption of Shares | 4,175,000 | 325,000 | 525,000 |
Teucrium Agricultural Fund [Member] | |||
Operations | |||
Net (loss) income | $ (178,731) | $ (13,020) | $ (323,359) |
Capital transactions | |||
Net change in net assets | (178,731) | (13,020) | (323,359) |
Net assets, beginning of period | 1,316,370 | 1,329,390 | 1,652,749 |
Net assets, end of period | $ 1,137,639 | $ 1,316,370 | $ 1,329,390 |
Net asset value per share at beginning of period | $ 26.33 | $ 26.59 | $ 33.05 |
Net asset value per share at end of period | $ 22.75 | $ 26.33 | $ 26.59 |
Creation of Shares | 0 | 0 | 0 |
Redemption of Shares | 0 | 0 | 0 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Teucrium Commodity Trust - Combined [Member] | |||
Cash flows from operating activities: | |||
Net (loss) income | $ (16,716,742) | $ (20,238,546) | $ (27,321,983) |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||
Net change in unrealized appreciation or depreciation on commodity futures contracts | (414,818) | (508,136) | 7,378,689 |
Changes in operating assets and liabilities: | |||
Due from broker | 3,794,945 | (1,992,193) | (8,824,417) |
Interest receivable | 453 | 68 | 9,219 |
Other assets | 20,387 | 696,315 | (130,874) |
Due to broker | 0 | 0 | (60,805) |
Management fee payable to Sponsor | (4,052) | 46,338 | (48,962) |
Other liabilities | 83,993 | 7,767 | (130,524) |
Net cash (used in) provided by operating activities | (13,235,834) | (21,988,387) | (29,129,657) |
Cash flows from financing activities: | |||
Proceeds from sale of Shares | 91,549,498 | 121,278,251 | 32,803,944 |
Redemption of Shares | (85,848,091) | (46,688,821) | (53,228,949) |
Net change in cost of the Underlying Funds | 4,900 | 4,816 | 318 |
Net cash provided by (used in) financing activities | 5,706,307 | 74,594,246 | (20,424,687) |
Net change in cash, cash equivalents, and restricted cash | (7,529,527) | 52,605,859 | (49,554,344) |
Cash, cash equivalents, and restricted cash, beginning of period | 145,475,153 | 92,869,293 | 142,423,637 |
Cash, cash equivalents, and restricted cash end of period | 137,945,626 | 145,475,153 | 92,869,293 |
Cash and cash equivalents, beginning of period | 145,323,469 | 92,561,610 | |
Cash and cash equivalents, end of period | 137,945,626 | 145,323,469 | 92,561,610 |
Teucrium Corn Fund [Member] | |||
Cash flows from operating activities: | |||
Net (loss) income | (7,715,090) | (9,564,067) | (17,183,472) |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||
Net change in unrealized appreciation or depreciation on commodity futures contracts | 380,763 | (2,447,750) | 5,660,263 |
Changes in operating assets and liabilities: | |||
Due from broker | 1,960,760 | 1,741,282 | (5,792,163) |
Interest receivable | 266 | 40 | 6,950 |
Other assets | 7,679 | 494,901 | (67,356) |
Management fee payable to Sponsor | (9,733) | 11,436 | (45,069) |
Other liabilities | 39,504 | 4,968 | (111,563) |
Net cash (used in) provided by operating activities | (5,335,851) | (9,759,190) | (17,532,410) |
Cash flows from financing activities: | |||
Proceeds from sale of Shares | 25,173,968 | 57,591,933 | 8,538,198 |
Redemption of Shares | (25,770,940) | (35,870,548) | (40,754,195) |
Net cash provided by (used in) financing activities | (596,972) | 21,721,385 | (32,215,997) |
Net change in cash, cash equivalents, and restricted cash | (5,932,823) | 11,962,195 | (49,748,407) |
Cash and cash equivalents, beginning of period | 69,072,284 | 57,110,089 | 106,858,496 |
Cash and cash equivalents, end of period | 63,139,461 | 69,072,284 | 57,110,089 |
Teucrium Soybean Fund [Member] | |||
Cash flows from operating activities: | |||
Net (loss) income | (1,115,780) | 1,094,528 | (1,517,824) |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||
Net change in unrealized appreciation or depreciation on commodity futures contracts | 793,538 | (567,962) | (54,526) |
Changes in operating assets and liabilities: | |||
Due from broker | (618,663) | 433,693 | 97,434 |
Interest receivable | 16 | 13 | 735 |
Other assets | 2,265 | 45,514 | (7,806) |
Management fee payable to Sponsor | 220 | 5,983 | (4,538) |
Other liabilities | 4,885 | 770 | (3,050) |
Net cash (used in) provided by operating activities | (933,519) | 1,012,539 | (1,489,575) |
Cash flows from financing activities: | |||
Proceeds from sale of Shares | 20,374,923 | 9,190,140 | 2,478,439 |
Redemption of Shares | (21,877,218) | (3,905,120) | (6,414,212) |
Net cash provided by (used in) financing activities | (1,502,295) | 5,285,020 | (3,935,773) |
Net change in cash, cash equivalents, and restricted cash | (2,435,814) | 6,297,559 | (5,425,348) |
Cash, cash equivalents, and restricted cash, beginning of period | 12,377,999 | 6,080,440 | 11,505,788 |
Cash, cash equivalents, and restricted cash end of period | 9,942,185 | 12,377,999 | 6,080,440 |
Cash and cash equivalents, beginning of period | 12,300,383 | 5,937,824 | |
Cash and cash equivalents, end of period | 9,942,185 | 12,300,383 | 5,937,824 |
Teucrium Sugar Fund [Member] | |||
Cash flows from operating activities: | |||
Net (loss) income | (2,290,088) | 1,349,263 | (475,806) |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||
Net change in unrealized appreciation or depreciation on commodity futures contracts | (263,581) | 510,451 | (868,011) |
Changes in operating assets and liabilities: | |||
Due from broker | 237,396 | (506,850) | 591,700 |
Interest receivable | 4 | (2) | 124 |
Other assets | 4,159 | 7,507 | 14,077 |
Management fee payable to Sponsor | 5,632 | 0 | 0 |
Other liabilities | 5,327 | (1,063) | 569 |
Net cash (used in) provided by operating activities | (2,301,151) | 1,359,306 | (737,347) |
Cash flows from financing activities: | |||
Proceeds from sale of Shares | 10,190,950 | 2,805,578 | 3,767,602 |
Redemption of Shares | (7,051,123) | (4,149,533) | (444,345) |
Net cash provided by (used in) financing activities | 3,139,827 | (1,343,955) | 3,323,257 |
Net change in cash, cash equivalents, and restricted cash | 838,676 | 15,351 | 2,585,910 |
Cash, cash equivalents, and restricted cash, beginning of period | 5,090,599 | 5,075,248 | 2,489,338 |
Cash, cash equivalents, and restricted cash end of period | 5,929,275 | 5,090,599 | 5,075,248 |
Cash and cash equivalents, beginning of period | 5,016,531 | 4,932,791 | |
Cash and cash equivalents, end of period | 5,929,275 | 5,016,531 | 4,932,791 |
Teucrium Wheat Fund [Member] | |||
Cash flows from operating activities: | |||
Net (loss) income | (5,589,587) | (13,111,481) | (8,137,705) |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||
Net change in unrealized appreciation or depreciation on commodity futures contracts | (1,325,538) | 1,997,125 | 2,640,963 |
Changes in operating assets and liabilities: | |||
Due from broker | 2,215,452 | (3,660,318) | (3,721,388) |
Interest receivable | 168 | 17 | 1,410 |
Other assets | 5,776 | 145,927 | (76,816) |
Due to broker | 0 | 0 | (60,805) |
Management fee payable to Sponsor | (171) | 28,919 | 645 |
Other liabilities | 33,373 | 3,041 | (16,479) |
Net cash (used in) provided by operating activities | (4,660,527) | (14,596,770) | (9,370,175) |
Cash flows from financing activities: | |||
Proceeds from sale of Shares | 35,809,657 | 51,690,600 | 18,019,705 |
Redemption of Shares | (31,148,810) | (2,763,620) | (5,616,197) |
Net cash provided by (used in) financing activities | 4,660,847 | 48,926,980 | 12,403,508 |
Net change in cash, cash equivalents, and restricted cash | 320 | 34,330,210 | 3,033,333 |
Cash, cash equivalents, and restricted cash, beginning of period | 58,931,911 | 24,601,701 | 21,568,368 |
Cash, cash equivalents, and restricted cash end of period | 58,932,231 | 58,931,911 | 24,601,701 |
Cash and cash equivalents, beginning of period | 58,931,911 | 24,601,701 | 21,568,368 |
Cash and cash equivalents, end of period | 58,932,231 | 58,931,911 | 24,601,701 |
Teucrium Agricultural Fund [Member] | |||
Cash flows from operating activities: | |||
Net (loss) income | (178,731) | (13,020) | (323,359) |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||
Net change in unrealized appreciation or depreciation on securities | (65,864) | (81,413) | 50,002 |
Changes in operating assets and liabilities: | |||
Net sale of investments in securities | 243,298 | 92,460 | 266,498 |
Interest receivable | (1) | (1) | 0 |
Other assets | 508 | 2,466 | 7,027 |
Other liabilities | 904 | 53 | 0 |
Net cash (used in) provided by operating activities | 114 | 545 | 168 |
Cash flows from financing activities: | |||
Net change in cash, cash equivalents, and restricted cash | 114 | 545 | 168 |
Cash and cash equivalents, beginning of period | 2,360 | 1,815 | 1,647 |
Cash and cash equivalents, end of period | $ 2,474 | $ 2,360 | $ 1,815 |
Organization and Operation
Organization and Operation | 12 Months Ended |
Dec. 31, 2017 | |
Teucrium Commodity Trust - Combined [Member] | |
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 May 1, 2017, a subsequent registration statement for SOYB and CANE was declared effective by the SEC. 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 Sponsor is a member of the National Futures Association (the "NFA") and became a commodity pool operator ("CPO") registered with the Commodity Futures Trading Commission (the "CFTC") effective November 10, 2009. The Sponsor registered as a Commodity Trading Advisor ("CTA") with the NFA effective September 8, 2017. 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 | 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’ Net Asset Value (“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”): CORN Benchmark CBOT Corn Futures Contract Weighting Second to expire 35 % Third to expire 30 % December following the third to expire 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 ("CPO") registered with the Commodity Futures Trading Commission (the "CFTC") effective November 10, 2009. The Sponsor registered as a Commodity Trading Advisor ("CTA") with the NFA effective September 8, 2017. 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 | 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’ Net Asset Value (“NAV”) reflect the daily changes in percentage terms of a weighted average of the closing settlement prices for three futures contracts for soybeans (“Soybeans Futures Contracts”) that are traded on the Chicago Board of Trade (“CBOT”): SOYB Benchmark CBOT Soybeans Futures Contract Weighting Second to expire (excluding August & September) 35 % Third to expire (excluding August & September) 30 % Expiring in the November following the expiration of the third-to-expire contract 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. The Sponsor registered as a Commodity Trading Advisor ("CTA") with the NFA effective September 8, 2017. 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. On May 1, 2017, 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 | 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. CANE Benchmark ICE Sugar Futures Contract Weighting Second to expire 35 % Third to expire 30 % Expiring in the March following the expiration of the third-to-expire contract 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. The Sponsor registered as a Commodity Trading Advisor ("CTA") with the NFA effective September 8, 2017. 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. On May 1, 2017, 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 | 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’ Net Asset Value (“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 Chicago Board of Trade (“CBOT”): WEAT Benchmark CBOT Wheat Futures Contract Weighting Second to expire 35 % Third to expire 30 % December following the third-to-expire 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. The Sponsor registred as a Commodity Trading Advisor ("CTA") with the NFA effective September 8, 2017. 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 | 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”). The Sponsor registered as a Commodity Trading Advisor ("CTA") with the NFA effective September 8, 2017. 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: TAGS Benchmark Underlying Fund Weighting CORN 25 % SOYB 25 % CANE 25 % WEAT 25 % The investment objective of each Underlying Fund is to have the daily changes in percentage terms of its shares’ NAV reflect the daily changes in percentage terms of a weighted average of the closing settlement prices for certain Futures Contracts for the commodity specified in the Underlying Fund’s name. (This weighted average is referred to herein as the Underlying Fund’s “Benchmark,” the Futures Contracts that at any given time make up an Underlying Fund’s Benchmark are referred to herein as the Underlying Fund’s “Benchmark Component Futures Contracts,” and the commodity specified in the Underlying Fund’s name is referred to herein as its “Specified Commodity.”) Specifically, the Teucrium Corn Fund’s Benchmark is: (1) the second-to-expire Futures Contract for corn traded on the Chicago Board of Trade (“CBOT”), weighted 35%, (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. |
Principal Contracts and Agreeme
Principal Contracts and Agreements | 12 Months Ended |
Dec. 31, 2017 | |
Teucrium Commodity Trust - Combined [Member] | |
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 615 E. Michigan Street, 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 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 $346,295 in 2017, $359,937 in 2016, and $779,473 in 2015, respectively, for these services, which is recorded in custodian fees and expenses on the combined statements of operations; of these expenses $43,464 in 2017, $61,735 in 2016, and $538,688 in 2015 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 $184,118 in 2017, $147,940 in 2016, and $149,080 in 2015, respectively, for these services, which is recorded in distribution and marketing fees on the combined statements of operations; of these expenses $48,147 in 2017, $19,815 in 2016, and $10,251 in 2015 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. On January 2, 2015, Newedge USA, LLC (“Newedge USA”) merged with and into SG Americas Securities, LLC (“SG”), with the latter as the surviving entity. On February 6, 2015 Jefferies LLC (“Jefferies”) became the Funds’ FCM and primary clearing broker. All futures contracts held by SG were transferred to Jefferies on that date. As of February 23, 2015 all residual cash balances held at SG had been transferred to Jefferies and the balance in all SG accounts was $0. Effective June 3, 2015, ED&F Man Capital Markets Inc. (“ED&F Man”) replaced Jefferies as the Underlying Funds’ FCM and the clearing broker to execute and clear the Underlying Fund’s futures and provide other brokerage-related services. As of June 4, 2015 all futures contracts and residual cash balances held at Jefferies had been transferred to ED&F Man and the balance in all Jefferies accounts was $0. Currently, ED&F Man serves as the Underlying Funds’ clearing broker to execute and clear the Underlying Funds’ futures and provide other brokerage-related services. ED&F Man is registered as a FCM with the U.S. CFTC and is a member of the NFA. ED&F Man is also registered as a broker/dealer with the U.S. Securities and Exchange Commission and is a member of the FINRA. ED&F Man is a clearing member of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges. For Corn, Soybean, Sugar and Wheat Futures Contracts ED&F Man, Jefferies and SG were paid $8.00 per round turn in 2015. 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 $158,207 in 2017, $155,345 in 2016, and $71,854 in 2015, respectively, for these services, which is recorded in brokerage commissions on the combined statement of operations; of these expenses $0 in 2017, $0 in 2016, and $30,000 in 2015 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. The Funds recognized $3,072 for these services in 2017, $3,039 in 2016 and $3,002 in 2015, which is recorded in business permits and licenses fees on the combined statements of operations; of this expense $1,515 in 2017, $3,039 in 2016, and $557 in 2015 were waived by the Sponsor. |
Teucrium Corn Fund [Member] | |
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 615 E. Michigan Street, 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 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 $153,987 in 2017, $183,452 in 2016, and $187,264 in 2015, respectively, for these services, which is recorded in custodian fees and expenses on the statements of operations; of this expense $11,607 in 2017, $44,442 in 2016, and $57,714 in 2015 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 $81,940 in 2017, $76,491 in 2016, and $95,978 in 2015, respectively, for these services, which is recorded in distribution and marketing fees on the statements of operations; of this expense $20,150 in 2017, $12,779 in 2016 and $0 in 2015 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. On January 2, 2015, Newedge USA, LLC (“Newedge USA”) merged with and into SG Americas Securities, LLC (“SG”), with the latter as the surviving entity. On February 6, 2015 Jefferies LLC (“Jefferies”) became the Funds’ FCM and primary clearing broker. All futures contracts held by SG were transferred to Jefferies on that date. As of February 23, 2015 all residual cash balances held at SG had been transferred to Jefferies and the balance in all SG accounts was $0. Effective June 3, 2015, ED&F Man Capital Markets Inc. (“ED&F Man”) replaced Jefferies as the Underlying Funds’ FCM and the clearing broker to execute and clear the Underlying Fund’s futures and provide other brokerage-related services. As of June 4, 2015 all futures contracts and residual cash balances held at Jefferies had been transferred to ED&F Man and the balance in all Jefferies accounts was $0. Currently, ED&F Man serves as the Underlying Funds’ clearing broker to execute and clear the Underlying Funds’ futures and provide other brokerage-related services. ED&F Man is registered as a FCM with the U.S. CFTC and is a member of the NFA. ED&F Man is also registered as a broker/dealer with the U.S. Securities and Exchange Commission and is a member of the FINRA. ED&F Man is a clearing member of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges. For Corn, Soybean, Sugar and Wheat Futures Contracts ED&F Man, Jefferies and SG were paid $8.00 per round turn in 2015. 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 $79,700 in 2017, $96,725 in 2016, and $41,250 in 2015, respectively, for these services, which is recorded in brokerage commission on the statements of operations; of this expense $0 in 2017, $0 in 2016, and $18,000 in 2015 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. For the years ended December 31, the Fund recognized $1,311 in 2017, $1,550 in 2016, and $1,560 in 2015, respectively, for these services, which is recorded in business permits and licenses fees on the statements of operations; of this expense $1,311 in 2017, $1,550 in 2016, and $0 in 2015 were waived by the Sponsor. |
Teucrium Soybean Fund [Member] | |
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 615 E. Michigan Street, 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 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 $28,109 in 2017, $34,515 in 2016, and $146,752 in 2015, respectively, for these services, which is recorded in custodian fees and expenses on the statements of operations; of this expense $4,574 in 2017, $0 in 2016, and $146,752 in 2015 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 $15,730 in 2017, $13,720 in 2016, and $11,704 in 2015, respectively, for these services, which is recorded in distribution and marketing fees on the statements of operations; of this expense $6,932 in 2017, $0 in 2016, and $6,242 in 2015 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. On January 2, 2015, Newedge USA, LLC (“Newedge USA”) merged with and into SG Americas Securities, LLC (“SG”), with the latter as the surviving entity. On February 6, 2015 Jefferies LLC (“Jefferies”) became the Funds’ FCM and primary clearing broker. All futures contracts held by SG were transferred to Jefferies on that date. As of February 23, 2015 all residual cash balances held at SG had been transferred to Jefferies and the balance in all SG accounts was $0. Effective June 3, 2015, ED&F Man Capital Markets Inc. (“ED&F Man”) replaced Jefferies as the Underlying Funds’ FCM and the clearing broker to execute and clear the Underlying Fund’s futures and provide other brokerage-related services. As of June 4, 2015 all futures contracts and residual cash balances held at Jefferies had been transferred to ED&F Man and the balance in all Jefferies accounts was $0. Currently, ED&F Man serves as the Underlying Funds’ clearing broker to execute and clear the Underlying Funds’ futures and provide other brokerage-related services. ED&F Man is registered as a FCM with the U.S. CFTC and is a member of the NFA. ED&F Man is also registered as a broker/dealer with the U.S. Securities and Exchange Commission and is a member of the FINRA. ED&F Man is a clearing member of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges. For Corn, Soybean, Sugar and Wheat Futures Contracts ED&F Man, Jefferies and SG were paid $8.00 per round turn in 2015. 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 $8,462 in 2017, $1,507 in 2016, and $6,043 in 2015, 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. For the years ended December 31, the Fund recognized $204 in 2017, $257 in 2016, and $403 in 2015, respectively, for these services, which is recorded in business permits and licenses fees on the statements of operations; of this expense $204 in 2017, $257 in 2016, and $403 in 2015 was waived by the Sponsor. |
Teucrium Sugar Fund [Member] | |
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 615 E. Michigan Street, 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 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 $19,038 in 2017, $18,575 in 2016, and $139,745 in 2015, respectively, for these services, which is recorded in custodian fees and expenses on the statements of operations; of this expense $13,246 in 2017, $13,118 in 2016, and $139,745 in 2015 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 $9,947 in 2017, $8,094 in 2016, and $4,354 in 2015, respectively, for these services, which is recorded in distribution and marketing fees on the statements of operations; of this expense $5,473 in 2017, $5,535 in 2016, and $2,770 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. On January 2, 2015, Newedge USA, LLC (“Newedge USA”) merged with and into SG Americas Securities, LLC (“SG”), with the latter as the surviving entity. On February 6, 2015 Jefferies LLC (“Jefferies”) became the Funds’ FCM and primary clearing broker. All futures contracts held by SG were transferred to Jefferies on that date. As of February 23, 2015 all residual cash balances held at SG had been transferred to Jefferies and the balance in all SG accounts was $0. Effective June 3, 2015, ED&F Man Capital Markets Inc. (“ED&F Man”) replaced Jefferies as the Underlying Funds’ FCM and the clearing broker to execute and clear the Underlying Fund’s futures and provide other brokerage-related services. As of June 4, 2015 all futures contracts and residual cash balances held at Jefferies had been transferred to ED&F Man and the balance in all Jefferies accounts was $0. Currently, ED&F Man serves as the Underlying Funds’ clearing broker to execute and clear the Underlying Funds’ futures and provide other brokerage-related services. ED&F Man is registered as a FCM with the U.S. CFTC and is a member of the NFA. ED&F Man is also registered as a broker/dealer with the U.S. Securities and Exchange Commission and is a member of the FINRA. ED&F Man is a clearing member of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges. 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 $10,525 in 2017, $8,681 in 2016, and $4,000 in 2015, respectively, for these services, which is recorded in brokerage commissions on the statements of operations; of this expense $0 in 2017, $0 in 2016, and $4,000 in 2015 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. For the years ended December 31, the Fund recognized $192 in 2017, $133 in 2016, and $130 in 2015, respectively, for these services, which is recorded in business permits and licenses fees on the statements of operations; this expense was paid for by the Fund in 2017 and waived by the Sponsor in 2016 and 2015. |
Teucrium Wheat Fund [Member] | |
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 615 E. Michigan Street, 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 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 $143,071 in 2017, $120,829 in 2016, and $171,747 in 2015, respectively, for these services, which is recorded in custodian fees and expenses on the statements of operations; of this expense $12,241 in 2017, $2,000 in 2016, and $60,512 in 2015 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 $75,469 in 2017, $48,516 in 2016, and $35,804 in 2015, respectively, for these services, which is recorded in distribution and marketing fees on the statements of operations; of this expense $14,910 in 2017, $570 in 2016, and $0 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. On January 2, 2015, Newedge USA, LLC (“Newedge USA”) merged with and into SG Americas Securities, LLC (“SG”), with the latter as the surviving entity. On February 6, 2015 Jefferies LLC (“Jefferies”) became the Funds’ FCM and primary clearing broker. All futures contracts held by SG were transferred to Jefferies on that date. As of February 23, 2015 all residual cash balances held at SG had been transferred to Jefferies and the balance in all SG accounts was $0. Effective June 3, 2015, ED&F Man Capital Markets Inc. (“ED&F Man”) replaced Jefferies as the Underlying Funds’ FCM and the clearing broker to execute and clear the Underlying Fund’s futures and provide other brokerage-related services. As of June 4, 2015 all futures contracts and residual cash balances held at Jefferies had been transferred to ED&F Man and the balance in all Jefferies accounts was $0. Currently, ED&F Man serves as the Underlying Funds’ clearing broker to execute and clear the Underlying Funds’ futures and provide other brokerage-related services. ED&F Man is registered as a FCM with the U.S. CFTC and is a member of the NFA. ED&F Man is also registered as a broker/dealer with the U.S. Securities and Exchange Commission and is a member of the FINRA. ED&F Man is a clearing member of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges. For Corn, Soybean, Sugar and Wheat Futures Contracts ED&F Man, Jefferies and SG were paid $8.00 per round turn in 2015. 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 $59,520 in 2017, $48,209 in 2016, and $20,561 in 2015, respectively, for these services, which is recorded in brokerage commissions on the statements of operations; of this expense $0 in 2017, $0 in 2016, and $4,000 in 2015 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. For the years ended December 31, the Fund recognized $1,349 in 2017, $1,078 in 2016, and $885 in 2015, respectively, for these services, which is recorded in business permits and licenses fees on the statements of operations; of this expense $0 in 2017, $1,078 in 2016, and $0 in 2015 were waived by the Sponsor. |
Teucrium Agricultural Fund [Member] | |
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 615 E. Michigan Street, 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 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 $2,090 in 2017, $2,566 in 2016, and $133,965 in 2015, respectively, for these services, which is recorded in custodian fees and expenses on the statements of operations; of this expense $1,796 in 2017, $2,175 in 2016, and $133,965 in 2015 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 $1,032 in 2017, $1,119 in 2016, and $1,240 in 2015, respectively, for these services, which is recorded in distribution and marketing fees on the statements of operations; of this expense $682 in 2017, $931 in 2016, and $1,240 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. On January 2, 2015, Newedge USA, LLC (“Newedge USA”) merged with and into SG Americas Securities, LLC (“SG”), with the latter as the surviving entity. On February 6, 2015 Jefferies LLC (“Jefferies”) became the Funds’ FCM and primary clearing broker. All futures contracts held by SG were transferred to Jefferies on that date. As of February 23, 2015 all residual cash balances held at SG had been transferred to Jefferies and the balance in all SG accounts was $0. Effective June 3, 2015, ED&F Man Capital Markets Inc. (“ED&F Man”) replaced Jefferies as the Underlying Funds’ FCM and the clearing broker to execute and clear the Underlying Fund’s futures and provide other brokerage-related services. As of June 4, 2015 all futures contracts and residual cash balances of the Underlying Funds held at Jefferies had been transferred to ED&F Man and the balance in all Jefferies accounts was $0. Currently, ED&F Man serves as the Underlying Funds’ clearing broker to execute and clear the Underlying Funds’ futures and provide other brokerage-related services. ED&F Man is registered as a FCM with the U.S. CFTC and is a member of the NFA. ED&F Man is also registered as a broker/dealer with the U.S. Securities and Exchange Commission and is a member of the FINRA. ED&F Man is a clearing member of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges. For Corn, Soybean, Sugar and Wheat Futures Contracts ED&F Man, Jefferies and SG were paid $8.00 per round turn in 2015. 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 $0 in 2017, $223 in 2016, and $0 in 2015, 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. For the years ended December 31, the Fund recognized $16 in 2017, $21 in 2016, and $24 in 2015, respectively, for these services, which is recorded in business permits and licenses fees on the statements of operations; of this expense $0 in 2017, $21 in 2016, and $24 in 2015 was waived by the Sponsor. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Teucrium Commodity Trust - Combined [Member] | |
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. In accordance with ASU 2016-18 issued by the Financial Accounting Standards Board ("FASB"), the presentation of cash and cash equivalents and restricted cash is disaggregated by line item on the combined statements of assets and liabilities and sum to the total amount of cash, cash equivalents, and restricted cash at the end of the corresponding period shown on the combined statements of cash flows. This update in presentation did not have a material impact on the financial statements and disclosures of the Trust and the Funds. 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. 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. Beginning in October 2017, the Sponsor began investing a portion of cash in commercial paper, which is deemed a cash equivalent based on the rating and duration of contracts as described in the notes to the financial statements and reflected in cash and cash equivalents on the combined statements of assets and liabilities and in cash, cash equivalents and restricted cash on the combined statements of cash flows. Accretion on these investments are recognized using the effective interest method in U.S. dollars and included in interest income on the combined statements of operations. 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 United States federal income 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 2014 to 2017, 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, 2017, 2016, 2015, and 2014. 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 will recognize interest accrued related to any unrecognized tax benefits and penalties in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the years ended December 31, 2017, 2016 and 2015. 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. In the opinion of the Sponsor, the 2017 Tax Cuts and Jobs Act, will not have a significant impact on the Trust or the Funds and did not have a significant impact on the financial statements of the Trust and the Funds. 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 SOYB: 50,000 shares representing 2 baskets CANE: 50,000 shares representing 2 baskets WEAT: 50,000 shares representing 2 baskets TAGS: 50,000 shares representing 2 baskets (at minimum level as of December 31, 2017, 2016 and 2015) Cash, Cash Equivalents, and Restricted Cash 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 cash equivalents on deposit with financial institutions. The Trust had a balance of $3,014 and $1,412,423 in money market funds at December 31, 2017 and December 31, 2016, 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 $88,013,073 and $143,915,277 in demand-deposit savings accounts on December 31, 2017 and December 31, 2016, respectively. Assets deposited with the bank may, at times, exceed federally insured limits. Effective in the fourth quarter 2017, the Sponsor invested a portion of the available cash for the Funds in investment grade commercial paper with durations of 90 days or less, which is classified as a cash equivalent and is not FDIC insured. The Funds had a balance of $49,929,746 in commercial paper contracts on December 31, 2017. The above changes resulted in a reduction in the balance held in money market and demand-deposit savings accounts, respectively. 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 as restricted cash on the financial statements of the Trust and Funds. The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the combined statements of assets and liabilities that sum to the total of the same such amounts shown in the combined statements of cash flows. Year ended Year ended Year ended December 31, 2017 December 31, 2016 December 31, 2015 Cash and cash equivalents $ 137,945,626 $ 145,323,469 $ 92,561,610 Restricted cash — 151,684 307,683 Total cash, cash equivalents, and restricted cash shown in the combined statements of cash flows $ 137,945,626 $ 145,475,153 $ 92,869,293 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, certain aspects of 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 $2,196,388 in 2017, $1,825,552 in 2016, and $1,601,237 in 2015, respectively, for these services, which are primarily recorded in distribution and marketing fees on the combined statements of operations, of these expenses, $453,736 in 2017, $457,658 in 2016, and $138,262 in 2015 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, 2017 there were $1,028,899 of expenses that were on the combined statements of operations of the Trust as expenses that were waived by the Sponsor. These were specifically: $409,562 for CORN, $126,489 for SOYB, $129,334 for CANE, $323,244 for WEAT, and $40,270 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, 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. 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, 2017 and 2016, 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 years ended December 31, 2017 and 2016, the Funds did not have any significant transfers between any of the levels of the fair value hierarchy. 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”) 2017-13, “Revenue Recognition (Topic 605), Leases (Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20,2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments”. The amendment amends the early adoption date option for certain companies related to adoption of ASU No. 2014-09 and ASU No. 2016-02. The SEC staff stated the SEC would not object to a public business entity that otherwise would not meet the definition of a public business entity except for a requirement to include or the inclusion of its financial statements or financial information in another entity’s filing with the SEC adopting ASC Topic 842 for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. This amendment is not expected to have a material impact on the financial statements and disclosures of the Trust or the Funds. The FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities”. These amendments refine and expand hedge accounting for both financial (e.g., interest rate) and commodity risks. Its provisions create more transparency around how economic results are presented, both on the face of the financial statements and in the footnotes. It also makes certain targeted improvements to simplify the application of hedge accounting guidance. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds. The FASB issued ASU 2017-03, “Accounting Changes and Error Corrections (Topic 250) and Investments – Equity Method and Joint Ventures (Topic 323)”. These amendments require disclosure of the impact that recently issued accounting standards will have on the financial statements of a registrant when such standards are adopted in a future period. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds. The FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business”. The amendments are intended to help companies and other organizations evaluate whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments are effective for public companies for annual periods beginning after December 15, 2017, including interim periods within those periods. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds. The FASB issued ASU 2016-19, “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. The Sponsor elected to early adopt ASU 2016-18 for the year ending December 31, 2017 and the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds. The FASB issued ASU 2016-17, “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 Funds. 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 Sponsor elected to early adopt ASU 2016-15 for the year ending December 31, 2017 and the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds. The FASB issued ASU 2014-09 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 are not expected to 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 |
Teucrium Corn Fund [Member] | |
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 United States federal income 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 2014 to 2017, 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, 2017, 2016, 2015, and 2014. 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 will recognize interest accrued related to any unrecognized tax benefits and penalties in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the years ended December 31, 2017, 2016, and 2015. 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. In the opinion of the Sponsor, the 2017 Tax Cuts and Jobs Act, will not have a significant impact on the Fund and did not have a significant impact on the financial statements of the Fund. 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-3 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 cash equivalents on deposit with banks. The Fund had a balance of $170 and $692,293 in money market funds at December 31, 2017 and December 31, 2016, 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 $38,174,688 and $68,382,027 in demand-deposit savings accounts on December 31, 2017 and December 31, 2016 respectively. Assets deposited with the bank may, at times, exceed federally insured limits. Effective in the fourth quarter 2017, the Sponsor invested a portion of the available cash for the Funds in investment grade commercial paper with durations of 90 days or less, which is classified as a cash equivalent and is not FDIC insured; these balances are included in cash and cash equivalents on the statements of assets and liabilities. The Fund had a balance of $24,964,873 in commercial paper contracts on December 31, 2017. The above changes resulted in a reduction in the balance held in money market funds and demand-deposit savings accounts, respectively. 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 certain aspects of 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 $998,194 in 2017, $936,695 in 2016, and $1,034,163 in 2015, respectively, for these expenses, which are primarily recorded in distribution and marketing fees on the statements of operations; of these amounts $215,815 in 2017, $275,884 in 2016, and $20,000 in 2015 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, 2017 there were $409,562 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, 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. 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, 2017 and 2016, 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, 2017 and 2016, 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”) 2017-13, “Revenue Recognition (Topic 605), Leases (Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20,2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments”. The amendment amends the early adoption date option for certain companies related to adoption of ASU No. 2014-09 and ASU No. 2016-02. The SEC staff stated the SEC would not object to a public business entity that otherwise would not meet the definition of a public business entity except for a requirement to include or the inclusion of its financial statements or financial information in another entity’s filing with the SEC adopting ASC Topic 842 for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. This amendment is not expected to have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities”. These amendments refine and expand hedge accounting for both financial (e.g., interest rate) and commodity risks. Its provisions create more transparency around how economic results are presented, both on the face of the financial statements and in the footnotes. It also makes certain targeted improvements to simplify the application of hedge accounting guidance. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-03, “Accounting Changes and Error Corrections (Topic 250) and Investments – Equity Method and Joint Ventures (Topic 323)”. These amendments require disclosure of the impact that recently issued accounting standards will have on the financial statements of a registrant when such standards are adopted in a future period. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business”. The amendments are intended to help companies and other organizations evaluate whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments are effective for public companies for annual periods beginning after December 15, 2017, including interim periods within those periods. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-19, “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. The Sponsor elected to early adopt ASU 2016-18 for the year ending December 31, 2017 and the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-17, “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 Sponsor elected to early adopt ASU 2016-15 for the year ending December 31, 2017 and the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2014-09 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 are not expected to 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 did not 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 standard 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 adoption did not 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 applie |
Teucrium Soybean Fund [Member] | |
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. In accordance with ASU 2016-18 issued by the FASB, the presentation of cash and cash equivalents and restricted cash is disaggregated by line item on the statements of assets and liabilities and sum to the total amount of cash, cash equivalents, and restricted cash at the end of the corresponding period shown in the statements of cash flows. This update in presentation did not have a material impact on the financial statements and disclosures of the Fund. 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 United States federal income 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 2014 to 2017, 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, 2017, 2016, 2015, and 2014. 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 will recognize interest accrued related to any unrecognized tax benefits and penalties in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the years ended December 31, 2017, 2016 and 2015. 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. In the opinion of the Sponsor, the 2017 Tax Cuts and Jobs Act, will not have a significant impact on the Fund and did not have a significant impact on the financial statements of the Fund. 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, Cash Equivalents, and Restricted Cash 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 cash equivalents on deposit with banks. The Fund had a balance of $100 and $185,661 in money market funds at December 31, 2017 and December 31, 2016, 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 $9,942,111 and $12,115,082 in demand-deposit savings accounts as of December 31, 2017 and 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. 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 as restricted cash on the financial statements of the Fund. The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the statements of assets and liabilities that sum to the total of the same such amounts shown in the statements of cash flows. Year ended Year ended Year ended December 31, 2017 December 31, 2016 December 31, 2015 Cash and cash equivalents $ 9,942,185 $ 12,300,383 $ 5,937,824 Restricted cash — 77,616 142,616 Total cash, cash equivalents, and restricted cash shown in the combined statements of cash flows $ 9,942,185 $ 12,377,999 $ 6,080,440 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 certain aspects of 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 $183,076 in 2017, $169,614 in 2016, and $124,331 in 2015, respectively, such expenses, which are primarily included as distribution and marketing fees on the statements of operations; of these amounts $45,597 in 2017, $10,720 in 2016, and $49,086 in 2015 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, 2017, there were $126,489 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, 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. 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, 2017 and 2016, 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, 2017 and 2016, 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”) 2017-13, “Revenue Recognition (Topic 605), Leases (Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20,2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments”. The amendment amends the early adoption date option for certain companies related to adoption of ASU No. 2014-09 and ASU No. 2016-02. The SEC staff stated the SEC would not object to a public business entity that otherwise would not meet the definition of a public business entity except for a requirement to include or the inclusion of its financial statements or financial information in another entity’s filing with the SEC adopting ASC Topic 842 for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. This amendment is not expected to have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities”. These amendments refine and expand hedge accounting for both financial (e.g., interest rate) and commodity risks. Its provisions create more transparency around how economic results are presented, both on the face of the financial statements and in the footnotes. It also makes certain targeted improvements to simplify the application of hedge accounting guidance. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-03, “Accounting Changes and Error Corrections (Topic 250) and Investments – Equity Method and Joint Ventures (Topic 323)”. These amendments require disclosure of the impact that recently issued accounting standards will have on the financial statements of a registrant when such standards are adopted in a future period. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business”. The amendments are intended to help companies and other organizations evaluate whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments are effective for public companies for annual periods beginning after December 15, 2017, including interim periods within those periods. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-19, “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. The Sponsor elected to early adopt ASU 2016-18 for the year ending December 31, 2017 and the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-17, “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 Sponsor elected to early adopt ASU 2016-15 for the year ending December 31, 2017 and the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2014-09 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 are not expected to 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 did not 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 standard 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 adoption did not 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 fisca |
Teucrium Sugar Fund [Member] | |
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. In accordance with ASU 2016-18 issued by the FASB, the presentation of cash, cash equivalents and restricted cash is disaggregated by line item on the statements of assets and liabilities and sum to the total amount of cash, cash equivalents, and restricted cash at the end of the corresponding period shown in the statements of cash flows. This update in presentation did not have a material impact on the financial statements and disclosures of the Fund. 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 United States federal income 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 2014 to 2017, 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, 2017, 2016, 2015, and 2014. 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 will recognize interest accrued related to any unrecognized tax benefits and penalties in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the years ended December 31, 2017, 2016 and 2015. 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. In the opinion of the Sponsor, the 2017 Tax Cuts and Jobs Act, will not have a significant impact on the Fund and did not have a significant impact on the financial statements of the Fund. 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, Cash Equivalents, and Restricted Cash 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 cash equivalents on deposit with banks. The Fund had a balance of $100 and $125,182 in money market funds at December 31, 2017 and December 31, 2016, 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 $5,929,221 and $4,891,490 in a demand-deposit savings account on December 31, 2017 and 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. 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 as restricted cash on the financial statements of the Fund. The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the statements of assets and liabilities that sum to the total of the same such amounts shown in the statements of cash flows. Year ended Year ended Year ended December 31, 2017 December 31, 2016 December 31, 2015 Cash and cash equivalents $ 5,929,275 $ 5,016,531 $ 4,932,791 Restricted cash — 74,068 142,457 Total cash, cash equivalents, and restricted cash shown in the combined statements of cash flows $ 5,929,275 $ 5,090,599 $ 5,075,248 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 certain aspects of 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 $109,266 in 2017, $102,601 in 2016, and $47,236 in 2015, respectively, such expenses, which are primarily included as distribution and marketing fees on the statements of operations; of these amounts, $57,667 in 2017, $71,311 in 2016, and $33,483 in 2015 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, 2017, there were $129,334 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, 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. 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, 2017 and 2016, 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, 2017 and 2016, 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”) 2017-13, “Revenue Recognition (Topic 605), Leases (Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20,2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments”. The amendment amends the early adoption date option for certain companies related to adoption of ASU No. 2014-09 and ASU No. 2016-02. The SEC staff stated the SEC would not object to a public business entity that otherwise would not meet the definition of a public business entity except for a requirement to include or the inclusion of its financial statements or financial information in another entity’s filing with the SEC adopting ASC Topic 842 for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. This amendment is not expected to have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities”. These amendments refine and expand hedge accounting for both financial (e.g., interest rate) and commodity risks. Its provisions create more transparency around how economic results are presented, both on the face of the financial statements and in the footnotes. It also makes certain targeted improvements to simplify the application of hedge accounting guidance. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-03, “Accounting Changes and Error Corrections (Topic 250) and Investments – Equity Method and Joint Ventures (Topic 323)”. These amendments require disclosure of the impact that recently issued accounting standards will have on the financial statements of a registrant when such standards are adopted in a future period. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business”. The amendments are intended to help companies and other organizations evaluate whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments are effective for public companies for annual periods beginning after December 15, 2017, including interim periods within those periods. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-19, “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. The Sponsor elected to early adopt ASU 2016-18 for the year ending December 31, 2017 and the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-17, “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 Sponsor elected to early adopt ASU 2016-15 for the year ending December 31, 2017 and the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2014-09 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 are not expected to 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 did not 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 standard 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 adoption did not 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 require |
Teucrium Wheat Fund [Member] | |
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. In accordance with ASU 2016-18 issued by the FASB, the presentation of cash and cash equivalents and restricted cash is disaggregated by line item on the statements of assets and liabilities and sum to the total amount of cash, cash equivalents, and restricted cash at the end of the corresponding period shown on the combined statements of cash flows. This update in presentation did not have a material impact on the financial statements and disclosures of the Trust and the Funds. 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 United States federal income 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 2014 to 2017, 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, 2017, 2016, 2015, and 2014. 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 will recognize interest accrued related to any unrecognized tax benefits and penalties in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the years ended December 31, 2017, 2016 and 2015. 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. In the opinion of the Sponsor, the 2017 Tax Cuts and Jobs Act, will not have a significant impact on the Fund and did not have a significant impact on the financial statements of the Fund. 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, Cash Equivalents, and Restricted Cash 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 cash equivalents on deposit with banks. The Fund had a balance of $170 and $406,927 in money market funds at December 31, 2017 and December 31, 2016, 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 $33,967,053 and $58,526,678 in a demand-deposit savings account on December 31, 2017 and December 31, 2016. Assets deposited with financial institutions, at times, exceed federally insured limits. Effective in the fourth quarter 2017, the Sponsor invested a portion of the available cash for the Funds in investment grade commercial paper with durations of 90 days or less, which is classified as a cash equivalent; these balances are included in cash and cash equivalents on the statements of assets and liabilities. The Fund had a balance of $24,964,873 in commercial paper contracts on December 31, 2017. The above changes resulted in a reduction in the balance held in money market funds and demand-deposit savings accounts, respectively. 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 as restricted cash on the financial statements of the Fund. The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the statements of assets and liabilities that sum to the total of the same such amounts shown in the statements of cash flows. Year ended Year ended Year ended December 31, 2017 December 31, 2016 December 31, 2015 Cash and cash equivalents $ 58,932,231 $ 58,931,911 $ 24,579,091 Restricted cash — — 22,610 Total cash, cash equivalents, and restricted cash shown in the combined statements of cash flows $ 58,932,231 $ 58,931,911 $ 24,601,701 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 certain aspects of 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 $893,340 in 2017, $602,637 in 2016, and $382,178 in 2015, respectively, such expenses, which are primarily recorded in distribution and marketing fees on the statements of operations; of these amounts $125,219 in 2017, $87,767 in 2016, and $22,364 in 2015 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, 2017, there were $323,244 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, 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. 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, 2017 and 2016, 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 years ended December 31, 2017 and 2016, 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”) 2017-13, “Revenue Recognition (Topic 605), Leases (Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20,2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments”. The amendment amends the early adoption date option for certain companies related to adoption of ASU No. 2014-09 and ASU No. 2016-02. The SEC staff stated the SEC would not object to a public business entity that otherwise would not meet the definition of a public business entity except for a requirement to include or the inclusion of its financial statements or financial information in another entity’s filing with the SEC adopting ASC Topic 842 for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. This amendment is not expected to have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities”. These amendments refine and expand hedge accounting for both financial (e.g., interest rate) and commodity risks. Its provisions create more transparency around how economic results are presented, both on the face of the financial statements and in the footnotes. It also makes certain targeted improvements to simplify the application of hedge accounting guidance. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-03, “Accounting Changes and Error Corrections (Topic 250) and Investments – Equity Method and Joint Ventures (Topic 323)”. These amendments require disclosure of the impact that recently issued accounting standards will have on the financial statements of a registrant when such standards are adopted in a future period. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business”. The amendments are intended to help companies and other organizations evaluate whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments are effective for public companies for annual periods beginning after December 15, 2017, including interim periods within those periods. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-19, “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. The Sponsor elected to early adopt ASU 2016-18 for the year ending December 31, 2017 and the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-17, “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 Sponsor elected to early adopt ASU 2016-15 for the year ending December 31, 2017 and the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2014-09 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 are not expected to 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 did not 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 standard 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 adoption did not 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. Th |
Teucrium Agricultural Fund [Member] | |
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 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 For United States federal income 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 2014 to 2017, 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, 2017, 2016, 2015, and 2014. 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 will recognize interest accrued related to any unrecognized tax benefits and penalties in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the years ended December 31, 2017, 2016 and 2015. 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. In the opinion of the Sponsor, the 2017 Tax Cuts and Jobs Act, will not have a significant impact on the Fund and did not have a significant impact on the financial statements of the Fund. 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 cash equivalents on deposit with banks. Assets deposited with the bank may, at times, exceed federally insured limits. TAGS had a balance of $2,474 and $2,360 in money market funds at December 31, 2017 and December 31, 2016, 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 certain aspects of 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 $12,512 in 2017, $14,004 in 2016, and $13,329 in 2015, respectively, such expenses, which are primarily recorded in distribution and marketing fees on the statements of operations; of these amounts $9,438 in 2017, $11,975 in 2016, and $13,329 in 2015 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, 2017, there were $40,270 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, 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. 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”) 2017-13, “Revenue Recognition (Topic 605), Leases (Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20,2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments”. The amendment amends the early adoption date option for certain companies related to adoption of ASU No. 2014-09 and ASU No. 2016-02. The SEC staff stated the SEC would not object to a public business entity that otherwise would not meet the definition of a public business entity except for a requirement to include or the inclusion of its financial statements or financial information in another entity’s filing with the SEC adopting ASC Topic 842 for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. This amendment is not expected to have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities”. These amendments refine and expand hedge accounting for both financial (e.g., interest rate) and commodity risks. Its provisions create more transparency around how economic results are presented, both on the face of the financial statements and in the footnotes. It also makes certain targeted improvements to simplify the application of hedge accounting guidance. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-03, “Accounting Changes and Error Corrections (Topic 250) and Investments – Equity Method and Joint Ventures (Topic 323)”. These amendments require disclosure of the impact that recently issued accounting standards will have on the financial statements of a registrant when such standards are adopted in a future period. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business”. The amendments are intended to help companies and other organizations evaluate whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments are effective for public companies for annual periods beginning after December 15, 2017, including interim periods within those periods. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-19, “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. The Sponsor elected to early adopt ASU 2016-18 for the year ending December 31, 2017 and the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-17, “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 Sponsor elected to early adopt ASU 2016-15 for the year ending December 31, 2017 and the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2014-09 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 held by the underlying Funds and that could be held by the Fund, 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 are not expected to 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 did not 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 standard 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 adoption did not 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. 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, 2017 | |
Teucrium Commodity Trust - Combined [Member] | |
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, 2017 and December 31, 2016: December 31, 2017 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2017 Cash Equivalents $ 49,932,760 $ — $ — $ 49,932,760 Commodity Futures Contracts Corn futures contracts 120,487 — — 120,487 Sugar futures contracts 184,319 — — 184,319 Wheat futures contracts 604,475 — — 604,475 Total $ 50,842,041 $ — $ — $ 50,842,041 Liabilities: Level 1 Level 2 Level 3 Balance as of December 31, 2017 Commodity Futures Contracts Corn futures contracts $ 1,962,050 $ — $ — $ 1,962,050 Soybeans futures contracts 448,063 — — 448,063 Sugar futures contracts 67,133 — — 67,133 Wheat futures contracts 3,200,525 — — 3,200,525 Total $ 5,677,771 $ — $ — $ 5,677,771 December 31, 2016 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2016 Cash Equivalents $ 1,412,423 $ — $ — $ 1,412,423 Commodity Futures Contracts Soybeans futures contracts 357,500 — — 357,500 Sugar futures contracts 185,147 — — 185,147 Total $ 1,955,070 $ — $ — $ 1,955,070 Liabilities: Level 1 Level 2 Level 3 Balance as of December 31, 2016 Commodity Futures Contracts Corn futures contracts $ 1,460,800 $ — $ — $ 1,460,800 Soybeans 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 For the years ended December 31, 2017 and 2016, the Funds did not have any significant transfers between any of the levels of the fair value hierarchy. See the Fair Value - Definition and Hierarchy |
Teucrium Corn Fund [Member] | |
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, 2017 and December 31, 2016: December 31, 2017 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2017 Cash Equivalents $ 24,965,043 $ — $ — $ 24,965,043 Corn Futures Contracts 120,487 — — 120,487 Total $ 25,085,530 $ — $ — $ 25,085,530 Liabilities: Level 1 Level 2 Level 3 Balance as of December 31, 2017 Corn Futures Contracts $ 1,962,050 $ — $ — $ 1,962,050 December 31, 2016 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2016 Cash equivalents $ 692,293 $ — $ — $ 692,293 Liabilities: Level 1 Level 2 Level 3 Balance as of December 31, 2016 Corn futures contracts $ 1,460,800 $ — $ — $ 1,460,800 For the years ended December 31, 2017 and 2016, 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 | 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, 2017 and December 31, 2016: December 31, 2017 Assets: Level 1 Level 2 Level 3 Balance as of Cash Equivalents $ 100 $ — $ — $ 100 Liabilities: Level 1 Level 2 Level 3 Balance as of Soybeans futures contracts $ 448,063 $ — $ — $ 448,063 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 For the years ended December 31, 2017 and 2016, 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 | 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, 2017 and December 31, 2016. December 31, 2017 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2017 Cash Equivalents $ 100 $ — $ — $ 100 Sugar Futures Contracts 184,319 — — 184,319 Total $ 184,419 $ — $ — $ 184,419 Liabilities: Level 1 Level 2 Level 3 Balance as of December 31, 2017 Sugar Futures Contracts $ 67,133 $ — $ — $ 67,133 December 31, 2016 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2016 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 December 31, 2016 Sugar Futures Contracts $ 331,542 $ — $ — $ 331,542 For the years ended December 31, 2017 and 2016, 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 | 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, 2017 and December 31, 2016: December 31, 2017 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2017 Cash Equivalents $ 24,965,043 $ — $ — $ 24,965,043 Wheat Futures contracts 604,475 — — 604,475 Total $ 25,569,518 $ — $ — $ 25,569,518 Liabilities: Level 1 Level 2 Level 3 Balance as of December 31, 2017 Wheat Futures contracts $ 3,200,525 $ — $ — $ 3,200,525 December 31, 2016 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2016 Cash Equivalents $ 406,927 $ — $ — $ 406,927 Liabilities: Level 1 Level 2 Level 3 Balance as of December 31, 2016 Wheat Futures contracts $ 3,921,588 $ — $ — $ 3,921,588 For the years ended December 31, 2017 and 2016, the Fund did not have any transfers between any of the level of the fair value hierarchy. See the Fair Value - Definition and Hierarchy |
Teucrium Agricultural Fund [Member] | |
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, 2017 and December 31, 2016: December 31, 2017 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2017 Exchange Traded Funds $ 1,136,120 $ — $ — $ 1,136,120 Cash Equivalents 2,474 — — 2,474 Total $ 1,138,594 $ — $ — $ 1,138,594 December 31, 2016 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2016 Exchange Traded Funds $ 1,313,554 $ — $ — $ 1,313,554 Cash Equivalents 2,360 — — 2,360 Total $ 1,315,914 $ — $ — $ 1,315,914 For the years ended December 31, 2017 and 2016, 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, 2017 | |
Teucrium Commodity Trust - Combined [Member] | |
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, 2017 and 2016, 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, 2017 and 2016. Offsetting of Financial Assets and Derivative Assets as of December 31, 2017 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 Corn futures contracts $ 120,487 $ — $ 120,487 $ 120,487 $ — $ — Sugar futures contracts $ 184,319 $ — $ 184,319 $ 67,133 $ — $ 117,186 Wheat futures contracts $ 604,475 $ — $ 604,475 $ 604,475 $ — $ — Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2017 Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker Net Amount Commodity Price Corn futures contracts $ 1,962,050 $ — $ 1,962,050 $ 120,487 $ 1,841,563 $ — Soybeans futures contracts $ 448,063 $ — $ 448,063 $ — $ — Sugar futures contracts $ 67,133 $ — $ 67,133 $ 67,133 $ — $ — Wheat futures contracts $ 3,200,525 $ — $ 3,200,525 $ 604,475 $ 2,596,050 $ — Offsetting of Financial Assets and Derivative Assets as of December 31, 2016 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 Soybeans 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 Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker Net Amount Commodity Price Corn futures contracts $ 1,460,800 $ — $ 1,460,800 $ — $ 1,460,800 $ — Soybeans 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 $ — 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, 2017 Primary Underlying Risk Realized (Loss) Gain on Commodity Futures Contracts Net Change in Unrealized Depreciation or Appreciation on Commodity Futures Contracts Commodity Price Corn futures contracts $ (5,603,513 ) $ (380,763 ) Soybeans futures contracts 8,425 (793,538 ) Sugar futures contracts (2,435,305 ) 263,581 Wheat futures contracts (5,305,113 ) 1,325,538 Total commodity futures contracts $ (13,335,506 ) $ 414,818 Year ended December 31, 2016 Primary Underlying Risk Realized (Loss) Gain on Commodity Futures Contracts Net Change in Unrealized Appreciation or Depreciation on 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 Primary Underlying Risk Realized Loss on Commodity Futures Contracts Net Change in Unrealized Appreciation or Depreciation on 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 ) Volume of Derivative Activities The average notional market value categorized by primary underlying risk for all futures contracts held was $153.9 million in 2017, $132.4 million in 2016, and $108.8 million in 2015. |
Teucrium Corn Fund [Member] | |
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, 2017 and 2016, 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, 2017 and 2016. Offsetting of Financial Assets and Derivative Assets as of December 31, 2017 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 Corn Futures Contracts $ 120,487 $ - $ 120,487 $ 120,487 $ - $ - Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2017 Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker Net Amount Commodity Price Corn Futures Contracts $ 1,962,050 $ - $ 1,962,050 $ 120,487 $ 1,841,563 $ - Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2016 Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker Net Amount Commodity Price Corn Futures Contracts $ 1,460,800 $ — $ 1,460,800 $ — $ — $ — 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, 2017 Net Change in Unrealized Realized Loss on Appreciation or Depreciation on Commodity Futures Contracts Commodity Futures Contacts Commodity Price Corn futures contracts $ (5,603,513 ) $ (380,763 ) 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 ) Volume of Derivative Activities The average notional market value categorized by primary underlying risk for all futures contracts held was $67.5 million in 2017, $71.6 million in 2016, and $71 million in 2015. |
Teucrium Soybean Fund [Member] | |
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, 2017 and 2016, 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, 2017 and 2016. Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2017 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 $ 448,063 $ - $ 448,063 $ - $ - $ - Offsetting of Financial Assets and Derivative Assets as of December 31, 2016 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 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 $ - $ - 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, 2017 Net Change in Unrealized Realized Gain on Appreciation or Depreciation on Commodity Futures Contracts Commodity Futures Contacts Commodity Price Soybean futures contracts $ 8,425 $ (793,538 ) 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 Volume of Derivative Activities The average notional market value categorized by primary underlying risk for all futures contracts held was $13.2 million in 2017, $12.1 million in 2016, and $7.1 million in 2015. |
Teucrium Sugar Fund [Member] | |
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, 2017 and 2016, 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, 2017 and 2016. Offsetting of Financial Assets and Derivative Assets as of December 31, 2017 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 $ 184,319 $ - $ 184,319 $ 67,133 $ - $ 117,186 Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2017 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 $ 67,133 $ - $ 67,133 $ 67,133 $ - $ - Offsetting of Financial Assets and Derivative Assets as of December 31, 2016 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 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 $ - 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, 2017 Realized Loss on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contacts Commodity Price Sugar futures contracts $ (2,435,305 ) $ 263,581 Year ended December 31, 2016 Realized Gain on Commodity Futures Contracts Net Change in Unrealized 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 on Commodity Futures Contacts Commodity Price Sugar futures contracts $ (1,279,891 ) $ 868,011 Volume of Derivative Activities The average notional market value categorized by primary underlying risk for all futures contracts held was $7.1 million in 2017, $6.1 million in 2016, and $4.1 million in 2015. |
Teucrium Wheat Fund [Member] | |
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, 2017 and 2016, 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, 2017 and 2016. Offsetting of Financial Assets and Derivative Assets as of December 31, 2017 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 Wheat Futures Contracts $ 604,475 $ - $ 604,475 $ 604,475 $ - $ - Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2017 Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker Net Amount Commodity Price Wheat Futures Contracts $ 3,200,525 $ - $ 3,200,525 $ 604,475 $ 2,596,050 $ - Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2016 Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker Net Amount Commodity Price Wheat Futures Contracts $ 3,921,588 $ - $ 3,921,588 $ - $ 3,921,588 $ - 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, 2017 Net Change in Unrealized Realized Loss on Appreciation on Commodity Futures Contracts Commodity Futures Contacts Commodity Price Wheat futures contracts $ (5,305,113 ) $ 1,325,538 Year ended December 31, 2016 Net Change in Unrealized Realized Loss on 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 Depreciation on Commodity Futures Contracts Commodity Futures Contacts Commodity Price Wheat futures contracts $ (4,559,863 ) $ (2,640,963 ) Volume of Derivative Activities The average notional market value categorized by primary underlying risk for all futures contracts held was $66.0 million in 2017, $42.5 million in 2016, and $26.6 million in 2015. |
Financial Highlights
Financial Highlights | 12 Months Ended |
Dec. 31, 2017 | |
Teucrium Corn Fund [Member] | |
Financial Highlights | The following table presents per share performance data and other supplemental financial data for the years ended December 31, 2017, 2016 and 2015. 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. Year ended Year ended Year ended December 31, 2017 December 31, 2016 December 31, 2015 Per Share Operation Performance Net asset value at beginning of period $ 18.77 $ 21.24 $ 26.62 Income (loss) from investment operations: Investment income 0.21 0.11 0.05 Net realized and unrealized loss on commodity futures contracts (1.55 ) (1.75 ) (4.46 ) Total expenses, net (0.68 ) (0.83 ) (0.97 ) Net decrease in net asset value (2.02 ) (2.47 ) (5.38 ) Net asset value at end of period $ 16.75 $ 18.77 $ 21.24 Total Return (10.76 )% (11.63 )% (20.21 )% Ratios to Average Net Assets (Annualized) Total expenses 4.28 % 4.74 % 4.15 % Total expenses, net 3.68 % 4.13 % 4.03 % Net investment loss (2.54 )% (3.58 )% (3.84 )% 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 | The following table presents per share performance data and other supplemental financial data for the years ended December 31, 2017, 2016 and 2015. 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. Year ended Year ended Year ended December 31, 2017 December 31, 2016 December 31, 2015 Per Share Operation Performance Net asset value at beginning of period $ 19.08 $ 17.34 $ 20.79 Income (loss) from investment operations: Investment income 0.21 0.10 0.03 Net realized and unrealized (loss) gain on commodity futures contracts (0.77 ) 2.41 (2.89 ) Total expenses, net (0.67 ) (0.77 ) (0.59 ) Net (decrease) increase in net asset value (1.23 ) 1.74 (3.45 ) Net asset value at end of period $ 17.85 $ 19.08 $ 17.34 Total Return (6.45 )% 10.03 % (16.59 )% Ratios to Average Net Assets (Annualized) Total expenses 4.59 % 4.61 % 7.31 % Total expenses, net 3.63 % 4.03 % 3.14 % Net investment loss (2.48 )% (3.48 )% (2.96 )% Effective in the third quarter 2015, the financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses. In prior periods, the financial highlights per share data are calculated using the average of the daily shares outstanding for the reporting period, which is inclusive of the last day of the period. Any change in methodology was not material to the ratios presented. |
Teucrium Sugar Fund [Member] | |
Financial Highlights | The following table presents per share performance data and other supplemental financial data for the years ended December 31, 2017, 2016 and 2015. 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. Year ended Year ended Year ended December 31, 2017 December 31, 2016 December 31, 2015 Per Share Operation Performance Net asset value at beginning of period $ 12.97 $ 10.02 $ 11.83 Income (loss) from investment operations: Investment income 0.12 0.06 0.02 Net realized and unrealized (loss) gain on commodity futures contracts (3.01 ) 3.17 (1.64 ) Total expenses, net (0.29 ) (0.28 ) (0.19 ) Net (decrease) increase in net asset value (3.18 ) 2.95 (1.81 ) Net asset value at end of period $ 9.79 $ 12.97 $ 10.02 Total Return (24.52 )% 29.44 % (15.30 )% Ratios to Average Net Assets (Annualized) Total expenses 4.62 % 4.72 % 9.16 % Total expenses, net 2.79 % 2.29 % 2.00 % Net investment loss (1.68 )% (1.77 )% (1.79 )% 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 | The following table presents per share performance data and other supplemental financial data for the years ended December 31, 2017, 2016 and 2015. 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. Year ended Year ended Year ended December 31, 2017 December 31, 2016 December 31, 2015 Per Share Operation Performance Net asset value at beginning of period $ 6.89 $ 9.15 $ 12.72 Income (loss) from investment operations: Investment income 0.08 0.04 0.02 Net realized and unrealized loss on commodity futures contracts (0.73 ) (1.98 ) (3.19 ) Total expenses, net (0.25 ) (0.32 ) (0.40 ) Net decrease in net asset value (0.90 ) (2.26 ) (3.57 ) Net asset value at end of period $ 5.99 $ 6.89 $ 9.15 Total Return (13.06 )% (24.70 )% (28.07 )% Ratios to Average Net Assets (Annualized) Total expenses 4.09 % 4.47 % 4.40 % Total expenses, net 3.60 % 4.13 % 3.89 % Net investment loss (2.46 )% (3.57 )% (3.67 )% 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 | The following table presents per share performance data and other supplemental financial data for the years ended December 31, 2017, 2016 and 2015. 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. Year ended Year ended Year ended December 31, 2017 December 31, 2016 December 31, 2015 Per Share Operation Performance Net asset value at beginning of period $ 26.33 $ 26.59 $ 33.05 Income (loss) from investment operations: Net realized and unrealized loss on investment transactions (3.46 ) (0.12 ) (6.32 ) Total expenses, net (0.12 ) (0.14 ) (0.14 ) Net decrease in net asset value (3.58 ) (0.26 ) (6.46 ) Net asset value at end of period $ 22.75 $ 26.33 $ 26.59 Total Return (13.60 )% (0.98 )% (19.55 )% Ratios to Average Net Assets (Annualized) Total expenses 3.74 % 3.33 % 13.97 % Total expenses, 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, 2017 | |
Teucrium Corn Fund [Member] | |
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, 2017 and 2016. Three months ended March 31, 2017 Three months ended June 30, 2017 Three months ended September 30, 2017 Three months ended December 31, 2017 Total Income (Loss) $ 1,369,398 $ 910,237 $ (4,763,833 ) $ (2,721,518 ) Total Expenses 724,668 762,626 729,672 701,970 Total Expenses, net 689,668 628,806 633,836 557,064 Net Income (Loss) 679,730 281,431 (5,397,669 ) (3,278,582 ) Net Income (Loss) per share $ 0.24 $ 0.08 $ (1.49 ) $ (0.85 ) Three months ended March 31, 2016 Three months ended June 30, 2016 Three months ended September 30, 2016 Three months ended December 31, 2016 Total (Loss) Income $ (2,166,864 ) $ 190,068 $ (5,440,285 ) $ 822,595 Total Expenses 773,352 700,320 878,103 1,060,142 Total Expenses, net 773,352 700,320 743,942 751,969 Net (Loss) Income (2,940,216 ) (510,252 ) (6,184,227 ) 70,626 Net (Loss) Income per share $ (1.05 ) $ 0.15 $ (1.63 ) $ 0.06 |
Teucrium Soybean Fund [Member] | |
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, 2017 and 2016. Three months ended March 31, 2017 Three months ended June 30, 2017 Three months ended September 30, 2017 Three months ended December 31, 2017 Total (Loss) Income $ (462,474 ) $ 98,980 $ 257,072 $ (525,746 ) Total Expenses 126,800 118,451 147,452 217,398 Total Expenses, net 111,800 106,342 116,104 149,366 Net (Loss) Income (574,274 ) (7,362 ) 140,968 (675,112 ) Net (Loss) Income per share $ (0.97 ) $ (0.01 ) $ 0.23 $ (0.48 ) Three months ended March 31, 2016 Three months ended June 30, 2016 Three months ended September 30, 2016 Three months ended December 31, 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 |
Teucrium Sugar Fund [Member] | |
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, 2017 and 2016. Three months ended March 31, 2017 Three months ended June 30, 2017 Three months ended September 30, 2017 Three months ended December 31, 2017 Total (Loss) Income $ (572,243 ) $ (1,575,978 ) $ (120,913 ) $ 176,299 Total Expenses 49,635 79,000 102,485 95,467 Total Expenses, net 36,557 53,714 57,299 49,683 Net (Loss) Income (608,800 ) (1,629,692 ) (178,212 ) 126,616 Net (Loss) Income per share $ (1.18 ) $ (2.15 ) $ (0.21 ) $ 0.36 Three months ended March 31, 2016 Three months ended June 30, 2016 Three months ended September 30, 2016 Three months ended December 31, 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 ) |
Teucrium Wheat Fund [Member] | |
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, 2017 and 2016. Three months ended March 31, 2017 Three months ended June 30, 2017 Three months ended September 30, 2017 Three months ended December 31, 2017 Total Income (Loss) $ 924,694 $ 10,004,367 $ (8,961,538 ) $ (5,201,741 ) Total Expenses 594,271 615,698 714,365 754,279 Total Expenses, net 594,271 615,698 608,423 536,977 Net Income (Loss) 330,423 9,388,669 (9,569,961 ) (5,738,718 ) Net Income (Loss) per share $ 0.04 $ 0.91 $ (1.27 ) $ (0.58 ) Three months ended March 31, 2016 Three months ended June 30, 2016 Three months ended September 30, 2016 Three months ended December 31, 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 ) |
Teucrium Agricultural Fund [Member] | |
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, 2017 and 2016. Three months ended March 31, 2017 Three months ended June 30, 2017 Three months ended September 30, 2017 Three months ended December 31, 2017 Total Loss $ (39,152 ) $ (19,522 ) $ (76,451 ) $ (37,395 ) Total Expenses 23,355 7,036 7,525 8,565 Total Expenses, net 1,672 1,547 1,538 1,454 Net Loss (40,824 ) (21,069 ) (77,989 ) (38,849 ) Net Loss per share $ (0.82 ) $ (0.42 ) $ (1.56 ) $ (0.78 ) Three months ended March 31, 2016 Three months ended June 30, 2016 Three months ended September 30, 2016 Three months ended December 31, 2016 Total Income (Loss) $ 9,249 $ 104,911 $ (78,441 ) $ (41,940 ) 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 ) (43,636 ) Net Income (Loss) per share $ 0.15 $ 2.06 $ (1.60 ) $ (0.87 ) |
Organizational and Offering Cos
Organizational and Offering Costs | 12 Months Ended |
Dec. 31, 2017 | |
Teucrium Commodity Trust - Combined [Member] | |
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 | 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 is not obligated to reimburse these costs to the Sponsor. |
Teucrium Soybean Fund [Member] | |
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 is not obligated to reimburse these costs to the Sponsor. |
Teucrium Sugar Fund [Member] | |
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 is not obligated to reimburse these costs to the Sponsor. |
Teucrium Wheat Fund [Member] | |
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 is not obligated to reimburse these costs to the Sponsor. |
Teucrium Agricultural Fund [Member] | |
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 is not obligated to reimburse these costs to 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, 2017 | |
Teucrium Commodity Trust - Combined [Member] | |
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, 2017 Outstanding Shares Net Assets Teucrium Corn Fund 3,875,004 $ 64,901,479 Teucrium Soybean Fund 575,004 10,264,025 Teucrium Sugar Fund 650,004 6,363,710 Teucrium Wheat Fund 10,250,004 61,416,019 Teucrium Agricultural Fund: Net assets including the investment in the Underlying Funds 50,002 1,137,639 Less: Investment in the Underlying Funds (1,136,120 ) Net for the Fund in the combined net assets of the Trust 1,519 Total $ 142,946,752 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 The detailed information for the subscriptions and redemptions, and other financial information for each Fund that is a series of the Trust are included in the accompanying financial statements of each Fund. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Teucrium Commodity Trust - Combined [Member] | |
Subsequent Events | Management has evaluated the financial statements for the period-ended December 31, 2017 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Trust and Funds other than those noted below: CORN: Effective January 2, 2018, the Sponsor established a demand deposit account for CORN at Mascoma Savings Bank. SOYB: Effective January 2, 2018, the Sponsor established a demand deposit account for SOYB at Mascoma Savings Bank. Beginning in the first quarter on 2018, the Sponsor established an account at Morgan Stanley for SOYB for the purposes of investing a portion of available assets in commercial paper as described in the prospectus supplement dated January 16, 2018. The total net assets of the Fund increased by $5,744,847 or 56% the period from December 31, 2017 through March 14, 2018. This was driven by a 48% increase in the shares outstanding and a 5% increase in the net asset value per share. CANE: Effective January 2, 2018, the Sponsor established a demand deposit account for CANE at Mascoma Savings Bank. Beginning in the first quarter on 2018, the Sponsor established an account at Morgan Stanley for CANE for the purposes of investing a portion of available assets in commercial paper as described in the prospectus supplement dated January 16, 2018. The total net assets of the Fund increased by $1,523,512 or 24% the period from December 31, 2017 through March 14, 2018. This was driven by a 42% increase in the shares outstanding and a 13% decrease in the net asset value per share. WEAT: Effective January 2, 2018, the Sponsor established a demand deposit account for WEAT at Mascoma Savings Bank. TAGS: Nothing to Report |
Teucrium Corn Fund [Member] | |
Subsequent Events | Management has evaluated the financial statements for the year-ended December 31, 2017 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund other than those noted below: Effective January 2, 2018, the Sponsor established a demand deposit account for CORN at Mascoma Savings Bank. |
Teucrium Soybean Fund [Member] | |
Subsequent Events | Management has evaluated the financial statements for the period-ended December 31, 2017 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund other than those noted below: Effective January 2, 2018, the Sponsor established a demand deposit account for SOYB at Mascoma Savings Bank. Beginning in the first quarter on 2018, the Sponsor established an account at Morgan Stanley for SOYB for the purpose of investing a portion of available assets in commercial paper as described in the prospectus supplement dated January 16, 2018. The total net assets of the Fund increased by $5,744,847 or 56% the period from December 31, 2017 through March 14, 2018. This was driven by a 48% increase in the shares outstanding and a 5% increase in the net asset value per share. |
Teucrium Sugar Fund [Member] | |
Subsequent Events | Management has evaluated the financial statements for the period-ended December 31, 2017 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund other than those noted below: Effective January 2, 2018, the Sponsor established a demand deposit account for CANE at Mascoma Savings Bank. Beginning in the first quarter on 2018, the Sponsor established an account at Morgan Stanley for CANE for the purposes of investing a portion of available assets in commercial paper as described in the prospectus supplement dated January 16, 2018. The total net assets of the Fund increased by $1,523,512 or 24% the period from December 31, 2017 through March 14, 2018. This was driven by a 42% increase in the shares outstanding and a 13% decrease in the net asset value per share. |
Teucrium Wheat Fund [Member] | |
Subsequent Events | Management has evaluated the financial statements for the period-ended December 31, 2017 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund other than those noted below: Effective January 2, 2018, the Sponsor established a demand deposit account for WEAT at Mascoma Savings Bank. |
Teucrium Agricultural Fund [Member] | |
Subsequent Events | Management has evaluated the financial statements for the year-ended December 31, 2017 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 Accoun19
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Teucrium Commodity Trust - Combined [Member] | |
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. In accordance with ASU 2016-18 issued by the Financial Accounting Standards Board ("FASB"), the presentation of cash and cash equivalents and restricted cash is disaggregated by line item on the combined statements of assets and liabilities and sum to the total amount of cash, cash equivalents, and restricted cash at the end of the corresponding period shown on the combined statements of cash flows. This update in presentation did not have a material impact on the financial statements and disclosures of the Trust and the Funds. 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. |
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. Beginning in October 2017, the Sponsor began investing a portion of cash in commercial paper, which is deemed a cash equivalent based on the rating and duration of contracts as described in the notes to the financial statements and reflected in cash and cash equivalents on the combined statements of assets and liabilities and in cash, cash equivalents and restricted cash on the combined statements of cash flows. Accretion on these investments are recognized using the effective interest method in U.S. dollars and included in interest income on the combined statements of operations. |
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 United States federal income 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 2014 to 2017, 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, 2017, 2016, 2015, and 2014. 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 will recognize interest accrued related to any unrecognized tax benefits and penalties in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the years ended December 31, 2017, 2016 and 2015. 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. In the opinion of the Sponsor, the 2017 Tax Cuts and Jobs Act, will not have a significant impact on the Trust or the Funds and did not have a significant impact on the financial statements of the Trust and the Funds. |
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 SOYB: 50,000 shares representing 2 baskets CANE: 50,000 shares representing 2 baskets WEAT: 50,000 shares representing 2 baskets TAGS: 50,000 shares representing 2 baskets (at minimum level as of December 31, 2017, 2016 and 2015) |
Cash, Cash Equivalents, and Restricted Cash | 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 cash equivalents on deposit with financial institutions. The Trust had a balance of $3,014 and $1,412,423 in money market funds at December 31, 2017 and December 31, 2016, 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 $88,013,073 and $143,915,277 in demand-deposit savings accounts on December 31, 2017 and December 31, 2016, respectively. Assets deposited with the bank may, at times, exceed federally insured limits. Effective in the fourth quarter 2017, the Sponsor invested a portion of the available cash for the Funds in investment grade commercial paper with durations of 90 days or less, which is classified as a cash equivalent and is not FDIC insured. The Funds had a balance of $49,929,746 in commercial paper contracts on December 31, 2017. The above changes resulted in a reduction in the balance held in money market and demand-deposit savings accounts, respectively. 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 as restricted cash on the financial statements of the Trust and Funds. The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the combined statements of assets and liabilities that sum to the total of the same such amounts shown in the combined statements of cash flows. Year ended Year ended Year ended December 31, 2017 December 31, 2016 December 31, 2015 Cash and cash equivalents $ 137,945,626 $ 145,323,469 $ 92,561,610 Restricted cash — 151,684 307,683 Total cash, cash equivalents, and restricted cash shown in the combined statements of cash flows $ 137,945,626 $ 145,475,153 $ 92,869,293 |
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, certain aspects of 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 $2,196,388 in 2017, $1,825,552 in 2016, and $1,601,237 in 2015, respectively, for these services, which are primarily recorded in distribution and marketing fees on the combined statements of operations, of these expenses, $453,736 in 2017, $457,658 in 2016, and $138,262 in 2015 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, 2017 there were $1,028,899 of expenses that were on the combined statements of operations of the Trust as expenses that were waived by the Sponsor. These were specifically: $409,562 for CORN, $126,489 for SOYB, $129,334 for CANE, $323,244 for WEAT, and $40,270 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, 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. |
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, 2017 and 2016, 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 years ended December 31, 2017 and 2016, the Funds did not have any significant transfers between any of the levels of the fair value hierarchy. 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”) 2017-13, “Revenue Recognition (Topic 605), Leases (Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20,2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments”. The amendment amends the early adoption date option for certain companies related to adoption of ASU No. 2014-09 and ASU No. 2016-02. The SEC staff stated the SEC would not object to a public business entity that otherwise would not meet the definition of a public business entity except for a requirement to include or the inclusion of its financial statements or financial information in another entity’s filing with the SEC adopting ASC Topic 842 for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. This amendment is not expected to have a material impact on the financial statements and disclosures of the Trust or the Funds. The FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities”. These amendments refine and expand hedge accounting for both financial (e.g., interest rate) and commodity risks. Its provisions create more transparency around how economic results are presented, both on the face of the financial statements and in the footnotes. It also makes certain targeted improvements to simplify the application of hedge accounting guidance. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds. The FASB issued ASU 2017-03, “Accounting Changes and Error Corrections (Topic 250) and Investments – Equity Method and Joint Ventures (Topic 323)”. These amendments require disclosure of the impact that recently issued accounting standards will have on the financial statements of a registrant when such standards are adopted in a future period. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds. The FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business”. The amendments are intended to help companies and other organizations evaluate whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments are effective for public companies for annual periods beginning after December 15, 2017, including interim periods within those periods. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds. The FASB issued ASU 2016-19, “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. The Sponsor elected to early adopt ASU 2016-18 for the year ending December 31, 2017 and the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds. The FASB issued ASU 2016-17, “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 Funds. 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 Sponsor elected to early adopt ASU 2016-15 for the year ending December 31, 2017 and the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds. The FASB issued ASU 2014-09 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 are not expected to 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 did not 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 standard 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 adoption did not 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. |
Teucrium Corn Fund [Member] | |
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 United States federal income 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 2014 to 2017, 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, 2017, 2016, 2015, and 2014. 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 will recognize interest accrued related to any unrecognized tax benefits and penalties in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the years ended December 31, 2017, 2016, and 2015. 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. In the opinion of the Sponsor, the 2017 Tax Cuts and Jobs Act, will not have a significant impact on the Fund and did not have a significant impact on the financial statements of the Fund. |
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-3 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 cash equivalents on deposit with banks. The Fund had a balance of $170 and $692,293 in money market funds at December 31, 2017 and December 31, 2016, 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 $38,174,688 and $68,382,027 in demand-deposit savings accounts on December 31, 2017 and December 31, 2016 respectively. Assets deposited with the bank may, at times, exceed federally insured limits. Effective in the fourth quarter 2017, the Sponsor invested a portion of the available cash for the Funds in investment grade commercial paper with durations of 90 days or less, which is classified as a cash equivalent and is not FDIC insured; these balances are included in cash and cash equivalents on the statements of assets and liabilities. The Fund had a balance of $24,964,873 in commercial paper contracts on December 31, 2017. The above changes resulted in a reduction in the balance held in money market funds and demand-deposit savings accounts, respectively. |
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 certain aspects of 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 $998,194 in 2017, $936,695 in 2016, and $1,034,163 in 2015, respectively, for these expenses, which are primarily recorded in distribution and marketing fees on the statements of operations; of these amounts $215,815 in 2017, $275,884 in 2016, and $20,000 in 2015 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, 2017 there were $409,562 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, 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. |
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, 2017 and 2016, 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, 2017 and 2016, 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”) 2017-13, “Revenue Recognition (Topic 605), Leases (Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20,2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments”. The amendment amends the early adoption date option for certain companies related to adoption of ASU No. 2014-09 and ASU No. 2016-02. The SEC staff stated the SEC would not object to a public business entity that otherwise would not meet the definition of a public business entity except for a requirement to include or the inclusion of its financial statements or financial information in another entity’s filing with the SEC adopting ASC Topic 842 for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. This amendment is not expected to have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities”. These amendments refine and expand hedge accounting for both financial (e.g., interest rate) and commodity risks. Its provisions create more transparency around how economic results are presented, both on the face of the financial statements and in the footnotes. It also makes certain targeted improvements to simplify the application of hedge accounting guidance. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-03, “Accounting Changes and Error Corrections (Topic 250) and Investments – Equity Method and Joint Ventures (Topic 323)”. These amendments require disclosure of the impact that recently issued accounting standards will have on the financial statements of a registrant when such standards are adopted in a future period. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business”. The amendments are intended to help companies and other organizations evaluate whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments are effective for public companies for annual periods beginning after December 15, 2017, including interim periods within those periods. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-19, “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. The Sponsor elected to early adopt ASU 2016-18 for the year ending December 31, 2017 and the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-17, “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 Sponsor elected to early adopt ASU 2016-15 for the year ending December 31, 2017 and the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2014-09 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 are not expected to 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 did not 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 standard 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 adoption did not 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. |
Teucrium Soybean Fund [Member] | |
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. In accordance with ASU 2016-18 issued by the FASB, the presentation of cash and cash equivalents and restricted cash is disaggregated by line item on the statements of assets and liabilities and sum to the total amount of cash, cash equivalents, and restricted cash at the end of the corresponding period shown in the statements of cash flows. This update in presentation did not have a material impact on the financial statements and disclosures of the Fund. |
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 United States federal income 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 2014 to 2017, 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, 2017, 2016, 2015, and 2014. 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 will recognize interest accrued related to any unrecognized tax benefits and penalties in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the years ended December 31, 2017, 2016 and 2015. 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. In the opinion of the Sponsor, the 2017 Tax Cuts and Jobs Act, will not have a significant impact on the Fund and did not have a significant impact on the financial statements of the Fund. |
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, Cash Equivalents, and Restricted Cash | 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 cash equivalents on deposit with banks. The Fund had a balance of $100 and $185,661 in money market funds at December 31, 2017 and December 31, 2016, 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 $9,942,111 and $12,115,082 in demand-deposit savings accounts as of December 31, 2017 and 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. 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 as restricted cash on the financial statements of the Fund. The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the statements of assets and liabilities that sum to the total of the same such amounts shown in the statements of cash flows. Year ended Year ended Year ended December 31, 2017 December 31, 2016 December 31, 2015 Cash and cash equivalents $ 9,942,185 $ 12,300,383 $ 5,937,824 Restricted cash — 77,616 142,616 Total cash, cash equivalents, and restricted cash shown in the combined statements of cash flows $ 9,942,185 $ 12,377,999 $ 6,080,440 |
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 certain aspects of 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 $183,076 in 2017, $169,614 in 2016, and $124,331 in 2015, respectively, such expenses, which are primarily included as distribution and marketing fees on the statements of operations; of these amounts $45,597 in 2017, $10,720 in 2016, and $49,086 in 2015 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, 2017, there were $126,489 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, 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. |
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, 2017 and 2016, 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, 2017 and 2016, 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”) 2017-13, “Revenue Recognition (Topic 605), Leases (Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20,2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments”. The amendment amends the early adoption date option for certain companies related to adoption of ASU No. 2014-09 and ASU No. 2016-02. The SEC staff stated the SEC would not object to a public business entity that otherwise would not meet the definition of a public business entity except for a requirement to include or the inclusion of its financial statements or financial information in another entity’s filing with the SEC adopting ASC Topic 842 for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. This amendment is not expected to have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities”. These amendments refine and expand hedge accounting for both financial (e.g., interest rate) and commodity risks. Its provisions create more transparency around how economic results are presented, both on the face of the financial statements and in the footnotes. It also makes certain targeted improvements to simplify the application of hedge accounting guidance. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-03, “Accounting Changes and Error Corrections (Topic 250) and Investments – Equity Method and Joint Ventures (Topic 323)”. These amendments require disclosure of the impact that recently issued accounting standards will have on the financial statements of a registrant when such standards are adopted in a future period. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business”. The amendments are intended to help companies and other organizations evaluate whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments are effective for public companies for annual periods beginning after December 15, 2017, including interim periods within those periods. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-19, “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. The Sponsor elected to early adopt ASU 2016-18 for the year ending December 31, 2017 and the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-17, “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 Sponsor elected to early adopt ASU 2016-15 for the year ending December 31, 2017 and the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2014-09 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 are not expected to 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 did not 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 standard 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 adoption did not 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. |
Teucrium Sugar Fund [Member] | |
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. In accordance with ASU 2016-18 issued by the FASB, the presentation of cash and cash equivalents and restricted cash is disaggregated by line item on the statements of assets and liabilities and sum to the total amount of cash, cash equivalents, and restricted cash at the end of the corresponding period shown in the statements of cash flows. This update in presentation did not have a material impact on the financial statements and disclosures of the Fund. |
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 United States federal income 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 2014 to 2017, 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, 2017, 2016, 2015, and 2014. 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 will recognize interest accrued related to any unrecognized tax benefits and penalties in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the years ended December 31, 2017, 2016 and 2015. 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. In the opinion of the Sponsor, the 2017 Tax Cuts and Jobs Act, will not have a significant impact on the Fund and did not have a significant impact on the financial statements of the Fund. |
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, Cash Equivalents, and Restricted Cash | 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 cash equivalents on deposit with banks. The Fund had a balance of $100 and $125,182 in money market funds at December 31, 2017 and December 31, 2016, 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 $5,929,221 and $4,891,490 in a demand-deposit savings account on December 31, 2017 and 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. 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 as restricted cash on the financial statements of the Fund. The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the statements of assets and liabilities that sum to the total of the same such amounts shown in the statements of cash flows. Year ended Year ended Year ended December 31, 2017 December 31, 2016 December 31, 2015 Cash and cash equivalents $ 5,929,275 $ 5,016,531 $ 4,932,791 Restricted cash — 74,068 142,457 Total cash, cash equivalents, and restricted cash shown in the combined statements of cash flows $ 5,929,275 $ 5,090,599 $ 5,075,248 |
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 certain aspects of 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 $109,266 in 2017, $102,601 in 2016, and $47,236 in 2015, respectively, such expenses, which are primarily included as distribution and marketing fees on the statements of operations; of these amounts, $57,667 in 2017, $71,311 in 2016, and $33,483 in 2015 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, 2017, there were $129,334 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, 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. |
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, 2017 and 2016, 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, 2017 and 2016, 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”) 2017-13, “Revenue Recognition (Topic 605), Leases (Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20,2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments”. The amendment amends the early adoption date option for certain companies related to adoption of ASU No. 2014-09 and ASU No. 2016-02. The SEC staff stated the SEC would not object to a public business entity that otherwise would not meet the definition of a public business entity except for a requirement to include or the inclusion of its financial statements or financial information in another entity’s filing with the SEC adopting ASC Topic 842 for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. This amendment is not expected to have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities”. These amendments refine and expand hedge accounting for both financial (e.g., interest rate) and commodity risks. Its provisions create more transparency around how economic results are presented, both on the face of the financial statements and in the footnotes. It also makes certain targeted improvements to simplify the application of hedge accounting guidance. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-03, “Accounting Changes and Error Corrections (Topic 250) and Investments – Equity Method and Joint Ventures (Topic 323)”. These amendments require disclosure of the impact that recently issued accounting standards will have on the financial statements of a registrant when such standards are adopted in a future period. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business”. The amendments are intended to help companies and other organizations evaluate whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments are effective for public companies for annual periods beginning after December 15, 2017, including interim periods within those periods. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-19, “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. The Sponsor elected to early adopt ASU 2016-18 for the year ending December 31, 2017 and the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-17, “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 Sponsor elected to early adopt ASU 2016-15 for the year ending December 31, 2017 and the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2014-09 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 are not expected to 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 did not 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 standard 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 adoption did not 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. |
Teucrium Wheat Fund [Member] | |
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. In accordance with ASU 2016-18 issued by the FASB, the presentation of cash and cash equivalents and restricted cash is disaggregated by line item on the statements of assets and liabilities and sum to the total amount of cash, cash equivalents, and restricted cash at the end of the corresponding period shown on the combined statements of cash flows. This update in presentation did not have a material impact on the financial statements and disclosures of the Trust and the Funds. |
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 United States federal income 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 2014 to 2017, 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, 2017, 2016, 2015, and 2014. 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 will recognize interest accrued related to any unrecognized tax benefits and penalties in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the years ended December 31, 2017, 2016 and 2015. 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. In the opinion of the Sponsor, the 2017 Tax Cuts and Jobs Act, will not have a significant impact on the Fund and did not have a significant impact on the financial statements of the Fund. |
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, Cash Equivalents, and Restricted Cash | 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 cash equivalents on deposit with banks. The Fund had a balance of $170 and $406,927 in money market funds at December 31, 2017 and December 31, 2016, 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 $33,967,053 and $58,526,678 in a demand-deposit savings account on December 31, 2017 and December 31, 2016. Assets deposited with financial institutions, at times, exceed federally insured limits. Effective in the fourth quarter 2017, the Sponsor invested a portion of the available cash for the Funds in investment grade commercial paper with durations of 90 days or less, which is classified as a cash equivalent; these balances are included in cash and cash equivalents on the statements of assets and liabilities. The Fund had a balance of $24,964,873 in commercial paper contracts on December 31, 2017. The above changes resulted in a reduction in the balance held in money market funds and demand-deposit savings accounts, respectively. 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 as restricted cash on the financial statements of the Fund. The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the statements of assets and liabilities that sum to the total of the same such amounts shown in the statements of cash flows. Year ended Year ended Year ended December 31, 2017 December 31, 2016 December 31, 2015 Cash and cash equivalents $ 58,932,231 $ 58,931,911 $ 24,579,091 Restricted cash — — 22,610 Total cash, cash equivalents, and restricted cash shown in the combined statements of cash flows $ 58,932,231 $ 58,931,911 $ 24,601,701 |
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 certain aspects of 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 $893,340 in 2017, $602,637 in 2016, and $382,178 in 2015, respectively, such expenses, which are primarily recorded in distribution and marketing fees on the statements of operations; of these amounts $125,219 in 2017, $87,767 in 2016, and $22,364 in 2015 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, 2017, there were $323,244 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, 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. |
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, 2017 and 2016, 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 years ended December 31, 2017 and 2016, 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”) 2017-13, “Revenue Recognition (Topic 605), Leases (Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20,2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments”. The amendment amends the early adoption date option for certain companies related to adoption of ASU No. 2014-09 and ASU No. 2016-02. The SEC staff stated the SEC would not object to a public business entity that otherwise would not meet the definition of a public business entity except for a requirement to include or the inclusion of its financial statements or financial information in another entity’s filing with the SEC adopting ASC Topic 842 for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. This amendment is not expected to have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities”. These amendments refine and expand hedge accounting for both financial (e.g., interest rate) and commodity risks. Its provisions create more transparency around how economic results are presented, both on the face of the financial statements and in the footnotes. It also makes certain targeted improvements to simplify the application of hedge accounting guidance. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-03, “Accounting Changes and Error Corrections (Topic 250) and Investments – Equity Method and Joint Ventures (Topic 323)”. These amendments require disclosure of the impact that recently issued accounting standards will have on the financial statements of a registrant when such standards are adopted in a future period. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business”. The amendments are intended to help companies and other organizations evaluate whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments are effective for public companies for annual periods beginning after December 15, 2017, including interim periods within those periods. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-19, “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. The Sponsor elected to early adopt ASU 2016-18 for the year ending December 31, 2017 and the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-17, “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 Sponsor elected to early adopt ASU 2016-15 for the year ending December 31, 2017 and the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2014-09 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 are not expected to 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 did not 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 standard 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 adoption did not 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. |
Teucrium Agricultural Fund [Member] | |
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 | 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 | For United States federal income 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 2014 to 2017, 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, 2017, 2016, 2015, and 2014. 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 will recognize interest accrued related to any unrecognized tax benefits and penalties in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the years ended December 31, 2017, 2016 and 2015. 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. In the opinion of the Sponsor, the 2017 Tax Cuts and Jobs Act, will not have a significant impact on the Fund and did not have a significant impact on the financial statements of the Fund. |
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 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 cash equivalents on deposit with banks. Assets deposited with the bank may, at times, exceed federally insured limits. TAGS had a balance of $2,474 and $2,360 in money market funds at December 31, 2017 and December 31, 2016, respectively; these balances are included in cash equivalents on the statements of assets and liabilities. |
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 | 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 | 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 certain aspects of 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 $12,512 in 2017, $14,004 in 2016, and $13,329 in 2015, respectively, such expenses, which are primarily recorded in distribution and marketing fees on the statements of operations; of these amounts $9,438 in 2017, $11,975 in 2016, and $13,329 in 2015 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, 2017, there were $40,270 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, 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. |
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 | 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 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”) 2017-13, “Revenue Recognition (Topic 605), Leases (Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20,2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments”. The amendment amends the early adoption date option for certain companies related to adoption of ASU No. 2014-09 and ASU No. 2016-02. The SEC staff stated the SEC would not object to a public business entity that otherwise would not meet the definition of a public business entity except for a requirement to include or the inclusion of its financial statements or financial information in another entity’s filing with the SEC adopting ASC Topic 842 for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. This amendment is not expected to have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities”. These amendments refine and expand hedge accounting for both financial (e.g., interest rate) and commodity risks. Its provisions create more transparency around how economic results are presented, both on the face of the financial statements and in the footnotes. It also makes certain targeted improvements to simplify the application of hedge accounting guidance. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-03, “Accounting Changes and Error Corrections (Topic 250) and Investments – Equity Method and Joint Ventures (Topic 323)”. These amendments require disclosure of the impact that recently issued accounting standards will have on the financial statements of a registrant when such standards are adopted in a future period. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business”. The amendments are intended to help companies and other organizations evaluate whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments are effective for public companies for annual periods beginning after December 15, 2017, including interim periods within those periods. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-19, “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. The Sponsor elected to early adopt ASU 2016-18 for the year ending December 31, 2017 and the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-17, “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 Sponsor elected to early adopt ASU 2016-15 for the year ending December 31, 2017 and the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2014-09 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 held by the underlying Funds and that could be held by the Fund, 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 are not expected to 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 did not 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 standard 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 adoption did not 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. |
Organization and Operation (Tab
Organization and Operation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Teucrium Corn Fund [Member] | |
Schedule of Benchmark Percentages | CORN Benchmark CBOT Corn Futures Contract Weighting Second to expire 35 % Third to expire 30 % December following the third to expire 35 % |
Teucrium Soybean Fund [Member] | |
Schedule of Benchmark Percentages | SOYB Benchmark CBOT Soybeans Futures Contract Weighting Second to expire (excluding August & September) 35 % Third to expire (excluding August & September) 30 % Expiring in the November following the expiration of the third-to-expire contract 35 % |
Teucrium Sugar Fund [Member] | |
Schedule of Benchmark Percentages | CANE Benchmark ICE Sugar Futures Contract Weighting Second to expire 35 % Third to expire 30 % Expiring in the March following the expiration of the third-to-expire contract 35 % |
Teucrium Wheat Fund [Member] | |
Schedule of Benchmark Percentages | WEAT Benchmark CBOT Wheat Futures Contract Weighting Second to expire 35 % Third to expire 30 % December following the third-to-expire 35 % |
Teucrium Agricultural Fund [Member] | |
Schedule of Benchmark Percentages | TAGS Benchmark Underlying Fund Weighting CORN 25 % SOYB 25 % CANE 25 % WEAT 25 % |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Teucrium Commodity Trust - Combined [Member] | |
Schedule of Cash, Cash Equivalents, and Restricted Cash | Year ended Year ended Year ended December 31, 2017 December 31, 2016 December 31, 2015 Cash and cash equivalents $ 137,945,626 $ 145,323,469 $ 92,561,610 Restricted cash — 151,684 307,683 Total cash, cash equivalents, and restricted cash shown in the combined statements of cash flows $ 137,945,626 $ 145,475,153 $ 92,869,293 |
Teucrium Soybean Fund [Member] | |
Schedule of Cash, Cash Equivalents, and Restricted Cash | Year ended Year ended Year ended December 31, 2017 December 31, 2016 December 31, 2015 Cash and cash equivalents $ 9,942,185 $ 12,300,383 $ 5,937,824 Restricted cash — 77,616 142,616 Total cash, cash equivalents, and restricted cash shown in the combined statements of cash flows $ 9,942,185 $ 12,377,999 $ 6,080,440 |
Teucrium Sugar Fund [Member] | |
Schedule of Cash, Cash Equivalents, and Restricted Cash | Year ended Year ended Year ended December 31, 2017 December 31, 2016 December 31, 2015 Cash and cash equivalents $ 5,929,275 $ 5,016,531 $ 4,932,791 Restricted cash — 74,068 142,457 Total cash, cash equivalents, and restricted cash shown in the combined statements of cash flows $ 5,929,275 $ 5,090,599 $ 5,075,248 |
Teucrium Wheat Fund [Member] | |
Schedule of Cash, Cash Equivalents, and Restricted Cash | Year ended Year ended Year ended December 31, 2017 December 31, 2016 December 31, 2015 Cash and cash equivalents $ 58,932,231 $ 58,931,911 $ 24,579,091 Restricted cash — — 22,610 Total cash, cash equivalents, and restricted cash shown in the combined statements of cash flows $ 58,932,231 $ 58,931,911 $ 24,601,701 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Teucrium Commodity Trust - Combined [Member] | |
Schedule of Assets and Liabilities Measured at Fair Value | December 31, 2017 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2017 Cash Equivalents $ 49,932,760 $ — $ — $ 49,932,760 Commodity Futures Contracts Corn futures contracts 120,487 — — 120,487 Sugar futures contracts 184,319 — — 184,319 Wheat futures contracts 604,475 — — 604,475 Total $ 50,842,041 $ — $ — $ 50,842,041 Liabilities: Level 1 Level 2 Level 3 Balance as of December 31, 2017 Commodity Futures Contracts Corn futures contracts $ 1,962,050 $ — $ — $ 1,962,050 Soybeans futures contracts 448,063 — — 448,063 Sugar futures contracts 67,133 — — 67,133 Wheat futures contracts 3,200,525 — — 3,200,525 Total $ 5,677,771 $ — $ — $ 5,677,771 December 31, 2016 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2016 Cash Equivalents $ 1,412,423 $ — $ — $ 1,412,423 Commodity Futures Contracts Soybeans futures contracts 357,500 — — 357,500 Sugar futures contracts 185,147 — — 185,147 Total $ 1,955,070 $ — $ — $ 1,955,070 Liabilities: Level 1 Level 2 Level 3 Balance as of December 31, 2016 Commodity Futures Contracts Corn futures contracts $ 1,460,800 $ — $ — $ 1,460,800 Soybeans 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 |
Teucrium Corn Fund [Member] | |
Schedule of Assets and Liabilities Measured at Fair Value | December 31, 2017 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2017 Cash Equivalents $ 24,965,043 $ — $ — $ 24,965,043 Corn Futures Contracts 120,487 — — 120,487 Total $ 25,085,530 $ — $ — $ 25,085,530 Liabilities: Level 1 Level 2 Level 3 Balance as of December 31, 2017 Corn Futures Contracts $ 1,962,050 $ — $ — $ 1,962,050 December 31, 2016 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2016 Cash equivalents $ 692,293 $ — $ — $ 692,293 Liabilities: Level 1 Level 2 Level 3 Balance as of December 31, 2016 Corn futures contracts $ 1,460,800 $ — $ — $ 1,460,800 |
Teucrium Soybean Fund [Member] | |
Schedule of Assets and Liabilities Measured at Fair Value | December 31, 2017 Assets: Level 1 Level 2 Level 3 Balance as of Cash Equivalents $ 100 $ — $ — $ 100 Liabilities: Level 1 Level 2 Level 3 Balance as of Soybeans futures contracts $ 448,063 $ — $ — $ 448,063 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 |
Teucrium Sugar Fund [Member] | |
Schedule of Assets and Liabilities Measured at Fair Value | December 31, 2017 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2017 Cash Equivalents $ 100 $ — $ — $ 100 Sugar Futures Contracts 184,319 — — 184,319 Total $ 184,419 $ — $ — $ 184,419 Liabilities: Level 1 Level 2 Level 3 Balance as of December 31, 2017 Sugar Futures Contracts $ 67,133 $ — $ — $ 67,133 December 31, 2016 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2016 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 December 31, 2016 Sugar Futures Contracts $ 331,542 $ — $ — $ 331,542 |
Teucrium Wheat Fund [Member] | |
Schedule of Assets and Liabilities Measured at Fair Value | December 31, 2017 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2017 Cash Equivalents $ 24,965,043 $ — $ — $ 24,965,043 Wheat Futures contracts 604,475 — — 604,475 Total $ 25,569,518 $ — $ — $ 25,569,518 Liabilities: Level 1 Level 2 Level 3 Balance as of December 31, 2017 Wheat Futures contracts $ 3,200,525 $ — $ — $ 3,200,525 December 31, 2016 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2016 Cash Equivalents $ 406,927 $ — $ — $ 406,927 Liabilities: Level 1 Level 2 Level 3 Balance as of December 31, 2016 Wheat Futures contracts $ 3,921,588 $ — $ — $ 3,921,588 |
Teucrium Agricultural Fund [Member] | |
Schedule of Assets and Liabilities Measured at Fair Value | December 31, 2017 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2017 Exchange Traded Funds $ 1,136,120 $ — $ — $ 1,136,120 Cash Equivalents 2,474 — — 2,474 Total $ 1,138,594 $ — $ — $ 1,138,594 December 31, 2016 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2016 Exchange Traded Funds $ 1,313,554 $ — $ — $ 1,313,554 Cash Equivalents 2,360 — — 2,360 Total $ 1,315,914 $ — $ — $ 1,315,914 |
Derivative Instruments and He23
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Teucrium Commodity Trust - Combined [Member] | |
Schedule of Fair Value of Derivative Instruments | Offsetting of Financial Assets and Derivative Assets as of December 31, 2017 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 Corn futures contracts $ 120,487 $ — $ 120,487 $ 120,487 $ — $ — Sugar futures contracts $ 184,319 $ — $ 184,319 $ 67,133 $ — $ 117,186 Wheat futures contracts $ 604,475 $ — $ 604,475 $ 604,475 $ — $ — Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2017 Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker Net Amount Commodity Price Corn futures contracts $ 1,962,050 $ — $ 1,962,050 $ 120,487 $ 1,841,563 $ — Soybeans futures contracts $ 448,063 $ — $ 448,063 $ — $ — Sugar futures contracts $ 67,133 $ — $ 67,133 $ 67,133 $ — $ — Wheat futures contracts $ 3,200,525 $ — $ 3,200,525 $ 604,475 $ 2,596,050 $ — Offsetting of Financial Assets and Derivative Assets as of December 31, 2016 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 Soybeans 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 Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker Net Amount Commodity Price Corn futures contracts $ 1,460,800 $ — $ 1,460,800 $ — $ 1,460,800 $ — Soybeans 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 $ — |
Summary of Realized and Unrealized Gains (Losses) of the Derivative Instruments | Year ended December 31, 2017 Primary Underlying Risk Realized (Loss) Gain on Commodity Futures Contracts Net Change in Unrealized Depreciation or Appreciation on Commodity Futures Contracts Commodity Price Corn futures contracts $ (5,603,513 ) $ (380,763 ) Soybeans futures contracts 8,425 (793,538 ) Sugar futures contracts (2,435,305 ) 263,581 Wheat futures contracts (5,305,113 ) 1,325,538 Total commodity futures contracts $ (13,335,506 ) $ 414,818 Year ended December 31, 2016 Primary Underlying Risk Realized (Loss) Gain on Commodity Futures Contracts Net Change in Unrealized Appreciation or Depreciation on 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 Primary Underlying Risk Realized Loss on Commodity Futures Contracts Net Change in Unrealized Appreciation or Depreciation on 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 ) |
Teucrium Corn Fund [Member] | |
Schedule of Fair Value of Derivative Instruments | Offsetting of Financial Assets and Derivative Assets as of December 31, 2017 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 Corn Futures Contracts $ 120,487 $ - $ 120,487 $ 120,487 $ - $ - Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2017 Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker Net Amount Commodity Price Corn Futures Contracts $ 1,962,050 $ - $ 1,962,050 $ 120,487 $ 1,841,563 $ - Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2016 Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker Net Amount Commodity Price Corn Futures Contracts $ 1,460,800 $ — $ 1,460,800 $ — $ — $ — |
Summary of Realized and Unrealized Gains (Losses) of the Derivative Instruments | Year ended December 31, 2017 Net Change in Unrealized Realized Loss on Appreciation or Depreciation on Commodity Futures Contracts Commodity Futures Contacts Commodity Price Corn futures contracts $ (5,603,513 ) $ (380,763 ) 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 ) |
Teucrium Soybean Fund [Member] | |
Schedule of Fair Value of Derivative Instruments | Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2017 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 $ 448,063 $ - $ 448,063 $ - $ - $ - Offsetting of Financial Assets and Derivative Assets as of December 31, 2016 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 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 $ - $ - |
Summary of Realized and Unrealized Gains (Losses) of the Derivative Instruments | Year ended December 31, 2017 Net Change in Unrealized Realized Gain on Appreciation or Depreciation on Commodity Futures Contracts Commodity Futures Contacts Commodity Price Soybean futures contracts $ 8,425 $ (793,538 ) 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 |
Teucrium Sugar Fund [Member] | |
Schedule of Fair Value of Derivative Instruments | Offsetting of Financial Assets and Derivative Assets as of December 31, 2017 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 $ 184,319 $ - $ 184,319 $ 67,133 $ - $ 117,186 Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2017 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 $ 67,133 $ - $ 67,133 $ 67,133 $ - $ - Offsetting of Financial Assets and Derivative Assets as of December 31, 2016 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 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 $ - |
Summary of Realized and Unrealized Gains (Losses) of the Derivative Instruments | Year ended December 31, 2017 Realized Loss on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contacts Commodity Price Sugar futures contracts $ (2,435,305 ) $ 263,581 Year ended December 31, 2016 Realized Gain on Commodity Futures Contracts Net Change in Unrealized 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 on Commodity Futures Contacts Commodity Price Sugar futures contracts $ (1,279,891 ) $ 868,011 |
Teucrium Wheat Fund [Member] | |
Schedule of Fair Value of Derivative Instruments | Offsetting of Financial Assets and Derivative Assets as of December 31, 2017 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 Wheat Futures Contracts $ 604,475 $ - $ 604,475 $ 604,475 $ - $ - Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2017 Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker Net Amount Commodity Price Wheat Futures Contracts $ 3,200,525 $ - $ 3,200,525 $ 604,475 $ 2,596,050 $ - Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2016 Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker Net Amount Commodity Price Wheat Futures Contracts $ 3,921,588 $ - $ 3,921,588 $ - $ 3,921,588 $ - |
Summary of Realized and Unrealized Gains (Losses) of the Derivative Instruments | Year ended December 31, 2017 Net Change in Unrealized Realized Loss on Appreciation on Commodity Futures Contracts Commodity Futures Contacts Commodity Price Wheat futures contracts $ (5,305,113 ) $ 1,325,538 Year ended December 31, 2016 Net Change in Unrealized Realized Loss on 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 Depreciation on Commodity Futures Contracts Commodity Futures Contacts Commodity Price Wheat futures contracts $ (4,559,863 ) $ (2,640,963 ) |
Financial Highlights (Tables)
Financial Highlights (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Teucrium Corn Fund [Member] | |
Schedule of Financial Highlights | Year ended Year ended Year ended December 31, 2017 December 31, 2016 December 31, 2015 Per Share Operation Performance Net asset value at beginning of period $ 18.77 $ 21.24 $ 26.62 Income (loss) from investment operations: Investment income 0.21 0.11 0.05 Net realized and unrealized loss on commodity futures contracts (1.55 ) (1.75 ) (4.46 ) Total expenses, net (0.68 ) (0.83 ) (0.97 ) Net decrease in net asset value (2.02 ) (2.47 ) (5.38 ) Net asset value at end of period $ 16.75 $ 18.77 $ 21.24 Total Return (10.76 )% (11.63 )% (20.21 )% Ratios to Average Net Assets (Annualized) Total expenses 4.28 % 4.74 % 4.15 % Total expenses, net 3.68 % 4.13 % 4.03 % Net investment loss (2.54 )% (3.58 )% (3.84 )% |
Teucrium Soybean Fund [Member] | |
Schedule of Financial Highlights | Year ended Year ended Year ended December 31, 2017 December 31, 2016 December 31, 2015 Per Share Operation Performance Net asset value at beginning of period $ 19.08 $ 17.34 $ 20.79 Income (loss) from investment operations: Investment income 0.21 0.10 0.03 Net realized and unrealized (loss) gain on commodity futures contracts (0.77 ) 2.41 (2.89 ) Total expenses, net (0.67 ) (0.77 ) (0.59 ) Net (decrease) increase in net asset value (1.23 ) 1.74 (3.45 ) Net asset value at end of period $ 17.85 $ 19.08 $ 17.34 Total Return (6.45 )% 10.03 % (16.59 )% Ratios to Average Net Assets (Annualized) Total expenses 4.59 % 4.61 % 7.31 % Total expenses, net 3.63 % 4.03 % 3.14 % Net investment loss (2.48 )% (3.48 )% (2.96 )% |
Teucrium Sugar Fund [Member] | |
Schedule of Financial Highlights | Year ended Year ended Year ended December 31, 2017 December 31, 2016 December 31, 2015 Per Share Operation Performance Net asset value at beginning of period $ 12.97 $ 10.02 $ 11.83 Income (loss) from investment operations: Investment income 0.12 0.06 0.02 Net realized and unrealized (loss) gain on commodity futures contracts (3.01 ) 3.17 (1.64 ) Total expenses, net (0.29 ) (0.28 ) (0.19 ) Net (decrease) increase in net asset value (3.18 ) 2.95 (1.81 ) Net asset value at end of period $ 9.79 $ 12.97 $ 10.02 Total Return (24.52 )% 29.44 % (15.30 )% Ratios to Average Net Assets (Annualized) Total expenses 4.62 % 4.72 % 9.16 % Total expenses, net 2.79 % 2.29 % 2.00 % Net investment loss (1.68 )% (1.77 )% (1.79 )% |
Teucrium Wheat Fund [Member] | |
Schedule of Financial Highlights | Year ended Year ended Year ended December 31, 2017 December 31, 2016 December 31, 2015 Per Share Operation Performance Net asset value at beginning of period $ 6.89 $ 9.15 $ 12.72 Income (loss) from investment operations: Investment income 0.08 0.04 0.02 Net realized and unrealized loss on commodity futures contracts (0.73 ) (1.98 ) (3.19 ) Total expenses, net (0.25 ) (0.32 ) (0.40 ) Net decrease in net asset value (0.90 ) (2.26 ) (3.57 ) Net asset value at end of period $ 5.99 $ 6.89 $ 9.15 Total Return (13.06 )% (24.70 )% (28.07 )% Ratios to Average Net Assets (Annualized) Total expenses 4.09 % 4.47 % 4.40 % Total expenses, net 3.60 % 4.13 % 3.89 % Net investment loss (2.46 )% (3.57 )% (3.67 )% |
Teucrium Agricultural Fund [Member] | |
Schedule of Financial Highlights | Year ended Year ended Year ended December 31, 2017 December 31, 2016 December 31, 2015 Per Share Operation Performance Net asset value at beginning of period $ 26.33 $ 26.59 $ 33.05 Income (loss) from investment operations: Net realized and unrealized loss on investment transactions (3.46 ) (0.12 ) (6.32 ) Total expenses, net (0.12 ) (0.14 ) (0.14 ) Net decrease in net asset value (3.58 ) (0.26 ) (6.46 ) Net asset value at end of period $ 22.75 $ 26.33 $ 26.59 Total Return (13.60 )% (0.98 )% (19.55 )% Ratios to Average Net Assets (Annualized) Total expenses 3.74 % 3.33 % 13.97 % Total expenses, net 0.50 % 0.50 % 0.50 % Net investment loss (0.50 )% (0.50 )% (0.50 )% |
Quarterly Financial Data (Una25
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Teucrium Corn Fund [Member] | |
Summary of quarterly financial information | Three months ended March 31, 2017 Three months ended June 30, 2017 Three months ended September 30, 2017 Three months ended December 31, 2017 Total Income (Loss) $ 1,369,398 $ 910,237 $ (4,763,833 ) $ (2,721,518 ) Total Expenses 724,668 762,626 729,672 701,970 Total Expenses, net 689,668 628,806 633,836 557,064 Net Income (Loss) 679,730 281,431 (5,397,669 ) (3,278,582 ) Net Income (Loss) per share $ 0.24 $ 0.08 $ (1.49 ) $ (0.85 ) Three months ended March 31, 2016 Three months ended June 30, 2016 Three months ended September 30, 2016 Three months ended December 31, 2016 Total (Loss) Income $ (2,166,864 ) $ 190,068 $ (5,440,285 ) $ 822,595 Total Expenses 773,352 700,320 878,103 1,060,142 Total Expenses, net 773,352 700,320 743,942 751,969 Net (Loss) Income (2,940,216 ) (510,252 ) (6,184,227 ) 70,626 Net (Loss) Income per share $ (1.05 ) $ 0.15 $ (1.63 ) $ 0.06 |
Teucrium Soybean Fund [Member] | |
Summary of quarterly financial information | Three months ended March 31, 2017 Three months ended June 30, 2017 Three months ended September 30, 2017 Three months ended December 31, 2017 Total (Loss) Income $ (462,474 ) $ 98,980 $ 257,072 $ (525,746 ) Total Expenses 126,800 118,451 147,452 217,398 Total Expenses, net 111,800 106,342 116,104 149,366 Net (Loss) Income (574,274 ) (7,362 ) 140,968 (675,112 ) Net (Loss) Income per share $ (0.97 ) $ (0.01 ) $ 0.23 $ (0.48 ) Three months ended March 31, 2016 Three months ended June 30, 2016 Three months ended September 30, 2016 Three months ended December 31, 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 |
Teucrium Sugar Fund [Member] | |
Summary of quarterly financial information | Three months ended March 31, 2017 Three months ended June 30, 2017 Three months ended September 30, 2017 Three months ended December 31, 2017 Total (Loss) Income $ (572,243 ) $ (1,575,978 ) $ (120,913 ) $ 176,299 Total Expenses 49,635 79,000 102,485 95,467 Total Expenses, net 36,557 53,714 57,299 49,683 Net (Loss) Income (608,800 ) (1,629,692 ) (178,212 ) 126,616 Net (Loss) Income per share $ (1.18 ) $ (2.15 ) $ (0.21 ) $ 0.36 Three months ended March 31, 2016 Three months ended June 30, 2016 Three months ended September 30, 2016 Three months ended December 31, 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 ) |
Teucrium Wheat Fund [Member] | |
Summary of quarterly financial information | Three months ended March 31, 2017 Three months ended June 30, 2017 Three months ended September 30, 2017 Three months ended December 31, 2017 Total Income (Loss) $ 924,694 $ 10,004,367 $ (8,961,538 ) $ (5,201,741 ) Total Expenses 594,271 615,698 714,365 754,279 Total Expenses, net 594,271 615,698 608,423 536,977 Net Income (Loss) 330,423 9,388,669 (9,569,961 ) (5,738,718 ) Net Income (Loss) per share $ 0.04 $ 0.91 $ (1.27 ) $ (0.58 ) Three months ended March 31, 2016 Three months ended June 30, 2016 Three months ended September 30, 2016 Three months ended December 31, 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 ) |
Teucrium Agricultural Fund [Member] | |
Summary of quarterly financial information | Three months ended March 31, 2017 Three months ended June 30, 2017 Three months ended September 30, 2017 Three months ended December 31, 2017 Total Loss $ (39,152 ) $ (19,522 ) $ (76,451 ) $ (37,395 ) Total Expenses 23,355 7,036 7,525 8,565 Total Expenses, net 1,672 1,547 1,538 1,454 Net Loss (40,824 ) (21,069 ) (77,989 ) (38,849 ) Net Loss per share $ (0.82 ) $ (0.42 ) $ (1.56 ) $ (0.78 ) Three months ended March 31, 2016 Three months ended June 30, 2016 Three months ended September 30, 2016 Three months ended December 31, 2016 Total Income (Loss) $ 9,249 $ 104,911 $ (78,441 ) $ (41,940 ) 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 ) (43,636 ) Net Income (Loss) per share $ 0.15 $ 2.06 $ (1.60 ) $ (0.87 ) |
Detail of the net assets and 26
Detail of the net assets and shares outstanding of the Funds that are a series of the Trust (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Teucrium Commodity Trust - Combined [Member] | |
Net assets and shares outstanding of the Funds | December 31, 2017 Outstanding Shares Net Assets Teucrium Corn Fund 3,875,004 $ 64,901,479 Teucrium Soybean Fund 575,004 10,264,025 Teucrium Sugar Fund 650,004 6,363,710 Teucrium Wheat Fund 10,250,004 61,416,019 Teucrium Agricultural Fund: Net assets including the investment in the Underlying Funds 50,002 1,137,639 Less: Investment in the Underlying Funds (1,136,120 ) Net for the Fund in the combined net assets of the Trust 1,519 Total $ 142,946,752 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 |
Organization and Operation (Det
Organization and Operation (Details) | Dec. 31, 2017 |
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] | December Following The Third To Expire CBOT Corn Futures 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 Soybean Fund [Member] | November Following The Third To Expire CBOT Soybean Futures Contract [Member] | |
Benchmark percent | 35.00% |
Teucrium Sugar Fund [Member] | Second to Expire ICE Sugar Futures Contract [Member] | |
Benchmark percent | 35.00% |
Teucrium Sugar Fund [Member] | Third to Expire ICE Sugar Futures Contract [Member] | |
Benchmark percent | 30.00% |
Teucrium Sugar Fund [Member] | March Following The Third To Expire ICE Sugar Futures Contract [Member] | |
Benchmark percent | 35.00% |
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] | December Following The Third To Expire CBOT Wheat Futures Contract [Member] | |
Benchmark percent | 35.00% |
Teucrium Agricultural Fund [Member] | Corn Underlying Fund [Member] | |
Underlying fund average weighting | 25.00% |
Teucrium Agricultural Fund [Member] | Soybean Underlying Fund [Member] | |
Underlying fund average weighting | 25.00% |
Teucrium Agricultural Fund [Member] | Sugar Underlying Fund [Member] | |
Underlying fund average weighting | 25.00% |
Teucrium Agricultural Fund [Member] | Wheat Underlying Fund [Member] | |
Underlying fund average weighting | 25.00% |
Principal Contracts and Agree28
Principal Contracts and Agreements (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Teucrium Commodity Trust - Combined [Member] | |||
Amount of custodian fees recognized | $ 346,295 | $ 359,937 | $ 779,473 |
Amount of distribution and marketing fees recognized | 2,598,296 | 2,287,894 | 1,763,168 |
Amount of brokerage commissions recognized | 158,207 | 155,345 | 71,854 |
Amount of business permits and licenses fees recognized | 93,026 | 104,956 | 88,529 |
Teucrium Commodity Trust - Combined [Member] | U.S. Bank [Member] | |||
Amount of custodian fees recognized | 346,295 | 359,937 | 779,473 |
Amount of custodian fees waived by the Sponsor | 43,464 | 61,735 | 538,688 |
Teucrium Commodity Trust - Combined [Member] | Foreside Fund Services, LLC [Member] | |||
Amount of distribution and marketing fees recognized | 184,118 | 147,940 | 149,080 |
Amount of distribution and marketing fees waived by the Sponsor | 48,147 | 19,815 | 10,251 |
Teucrium Commodity Trust - Combined [Member] | ED&F Man [Member] | |||
Amount of brokerage commissions recognized | 158,207 | 155,345 | 71,854 |
Amount of brokerage commissions waived by the Sponsor | 0 | 0 | 30,000 |
Teucrium Commodity Trust - Combined [Member] | Wilmington Trust Company [Member] | |||
Amount of business permits and licenses fees recognized | 3,072 | 3,039 | 3,002 |
Amount of business permits and licenses fees waived by the Sponsor | 1,515 | 3,039 | 557 |
Teucrium Corn Fund [Member] | |||
Amount of custodian fees recognized | 153,987 | 183,452 | 187,264 |
Amount of distribution and marketing fees recognized | 1,177,003 | 1,160,864 | 1,199,576 |
Amount of brokerage commissions recognized | 79,700 | 96,725 | 41,250 |
Amount of business permits and licenses fees recognized | 25,251 | 16,887 | 26,852 |
Teucrium Corn Fund [Member] | U.S. Bank [Member] | |||
Amount of custodian fees recognized | 153,987 | 183,452 | 187,264 |
Amount of custodian fees waived by the Sponsor | 11,607 | 44,442 | 57,714 |
Teucrium Corn Fund [Member] | Foreside Fund Services, LLC [Member] | |||
Amount of distribution and marketing fees recognized | 81,940 | 76,491 | 95,978 |
Amount of distribution and marketing fees waived by the Sponsor | 20,150 | 12,779 | 0 |
Teucrium Corn Fund [Member] | ED&F Man [Member] | |||
Amount of brokerage commissions recognized | 79,700 | 96,725 | 41,250 |
Amount of brokerage commissions waived by the Sponsor | 0 | 0 | 18,000 |
Teucrium Corn Fund [Member] | Wilmington Trust Company [Member] | |||
Amount of business permits and licenses fees recognized | 1,311 | 1,550 | 1,560 |
Amount of business permits and licenses fees waived by the Sponsor | 1,311 | 1,550 | 0 |
Teucrium Soybean Fund [Member] | |||
Amount of custodian fees recognized | 28,109 | 34,515 | 146,752 |
Amount of distribution and marketing fees recognized | 209,915 | 218,086 | 117,180 |
Amount of brokerage commissions recognized | 8,462 | 1,507 | 6,043 |
Amount of business permits and licenses fees recognized | 17,505 | 18,288 | 16,608 |
Teucrium Soybean Fund [Member] | U.S. Bank [Member] | |||
Amount of custodian fees recognized | 28,109 | 34,515 | 146,752 |
Amount of custodian fees waived by the Sponsor | 4,574 | 0 | 146,752 |
Teucrium Soybean Fund [Member] | Foreside Fund Services, LLC [Member] | |||
Amount of distribution and marketing fees recognized | 15,730 | 13,720 | 11,704 |
Amount of distribution and marketing fees waived by the Sponsor | 6,932 | 0 | 6,242 |
Teucrium Soybean Fund [Member] | ED&F Man [Member] | |||
Amount of brokerage commissions recognized | 8,462 | 1,507 | 6,043 |
Teucrium Soybean Fund [Member] | Wilmington Trust Company [Member] | |||
Amount of business permits and licenses fees recognized | 204 | 257 | 403 |
Amount of business permits and licenses fees waived by the Sponsor | 204 | 257 | 403 |
Teucrium Sugar Fund [Member] | |||
Amount of custodian fees recognized | 19,038 | 18,575 | 139,745 |
Amount of distribution and marketing fees recognized | 126,152 | 115,498 | 55,723 |
Amount of brokerage commissions recognized | 10,525 | 8,681 | 4,000 |
Amount of business permits and licenses fees recognized | 17,342 | 18,524 | 15,726 |
Teucrium Sugar Fund [Member] | U.S. Bank [Member] | |||
Amount of custodian fees recognized | 19,038 | 18,575 | 139,745 |
Amount of custodian fees waived by the Sponsor | 13,246 | 13,118 | 139,745 |
Teucrium Sugar Fund [Member] | Foreside Fund Services, LLC [Member] | |||
Amount of distribution and marketing fees recognized | 9,947 | 8,094 | 4,354 |
Amount of distribution and marketing fees waived by the Sponsor | 5,473 | 5,535 | 2,770 |
Teucrium Sugar Fund [Member] | ED&F Man [Member] | |||
Amount of brokerage commissions recognized | 10,525 | 8,681 | 4,000 |
Amount of brokerage commissions waived by the Sponsor | 0 | 0 | 4,000 |
Teucrium Sugar Fund [Member] | Wilmington Trust Company [Member] | |||
Amount of business permits and licenses fees recognized | 192 | 133 | 130 |
Amount of business permits and licenses fees waived by the Sponsor | 0 | 133 | 130 |
Teucrium Wheat Fund [Member] | |||
Amount of custodian fees recognized | 143,071 | 120,829 | 171,747 |
Amount of distribution and marketing fees recognized | 1,070,569 | 777,708 | 374,436 |
Amount of brokerage commissions recognized | 59,520 | 48,209 | 20,561 |
Amount of business permits and licenses fees recognized | 20,733 | 39,116 | 13,803 |
Teucrium Wheat Fund [Member] | U.S. Bank [Member] | |||
Amount of custodian fees recognized | 143,071 | 120,829 | 171,747 |
Amount of custodian fees waived by the Sponsor | 12,241 | 2,000 | 60,512 |
Teucrium Wheat Fund [Member] | Foreside Fund Services, LLC [Member] | |||
Amount of distribution and marketing fees recognized | 75,469 | 48,516 | 35,804 |
Amount of distribution and marketing fees waived by the Sponsor | 14,910 | 570 | 0 |
Teucrium Wheat Fund [Member] | ED&F Man [Member] | |||
Amount of brokerage commissions recognized | 59,520 | 48,209 | 20,561 |
Amount of brokerage commissions waived by the Sponsor | 0 | 0 | 4,000 |
Teucrium Wheat Fund [Member] | Wilmington Trust Company [Member] | |||
Amount of business permits and licenses fees recognized | 1,349 | 1,078 | 885 |
Amount of business permits and licenses fees waived by the Sponsor | 0 | 1,078 | 0 |
Teucrium Agricultural Fund [Member] | |||
Amount of custodian fees recognized | 2,090 | 2,566 | 133,965 |
Amount of distribution and marketing fees recognized | 14,657 | 15,738 | 16,253 |
Amount of brokerage commissions recognized | 0 | 223 | 0 |
Amount of business permits and licenses fees recognized | 12,195 | 12,141 | 15,540 |
Teucrium Agricultural Fund [Member] | U.S. Bank [Member] | |||
Amount of custodian fees recognized | 2,090 | 2,566 | 133,965 |
Amount of custodian fees waived by the Sponsor | 1,796 | 2,175 | 133,965 |
Teucrium Agricultural Fund [Member] | Foreside Fund Services, LLC [Member] | |||
Amount of distribution and marketing fees recognized | 1,032 | 1,119 | 1,240 |
Amount of distribution and marketing fees waived by the Sponsor | 682 | 931 | 1,240 |
Teucrium Agricultural Fund [Member] | ED&F Man [Member] | |||
Amount of brokerage commissions recognized | 0 | 223 | 0 |
Teucrium Agricultural Fund [Member] | Wilmington Trust Company [Member] | |||
Amount of business permits and licenses fees recognized | 16 | 21 | 24 |
Amount of business permits and licenses fees waived by the Sponsor | $ 0 | $ 21 | $ 24 |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Teucrium Commodity Trust - Combined [Member] | ||||
Cash and cash equivalents | $ 137,945,626 | $ 145,323,469 | $ 92,561,610 | |
Restricted cash | 0 | 151,684 | 307,683 | |
Total cash, cash equivalents, and restricted cash shown on the combined statements of cash flows | 137,945,626 | 145,475,153 | 92,869,293 | $ 142,423,637 |
Teucrium Soybean Fund [Member] | ||||
Cash and cash equivalents | 9,942,185 | 12,300,383 | 5,937,824 | |
Restricted cash | 0 | 77,616 | 142,616 | |
Total cash, cash equivalents, and restricted cash shown on the combined statements of cash flows | 9,942,185 | 12,377,999 | 6,080,440 | 11,505,788 |
Teucrium Sugar Fund [Member] | ||||
Cash and cash equivalents | 5,929,275 | 5,016,531 | 4,932,791 | |
Restricted cash | 0 | 74,068 | 142,457 | |
Total cash, cash equivalents, and restricted cash shown on the combined statements of cash flows | 5,929,275 | 5,090,599 | 5,075,248 | 2,489,338 |
Teucrium Wheat Fund [Member] | ||||
Cash and cash equivalents | 58,932,231 | 58,931,911 | 24,601,701 | 21,568,368 |
Restricted cash | 0 | 0 | 22,610 | |
Total cash, cash equivalents, and restricted cash shown on the combined statements of cash flows | $ 58,932,231 | $ 58,931,911 | $ 24,601,701 | $ 21,568,368 |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Details Narrative) | 12 Months Ended | ||
Dec. 31, 2017USD ($)itemshares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Teucrium Commodity Trust - Combined [Member] | |||
Creations and Redemptions | |||
Minimum level of shares per Redemption Basket minimum level | shares | 50,000 | ||
Minimum number of Redemption Baskets | item | 2 | ||
Cash and Cash Equivalents | |||
Money market funds | $ 3,014 | $ 1,412,423 | |
Demand-deposit savings accounts | 88,013,073 | 143,915,277 | |
Commercial paper contracts | 49,929,746 | ||
Sponsor Fee Allocation of Expenses and Related Party Transactions | |||
Performing accounting and financial reporting, regulatory compliance, and trading activities cost | 2,196,388 | 1,825,552 | $ 1,601,237 |
Performing Accounting and Financial Reporting Regulatory Compliance and Trading Activities Costs Waived by Sponsor | 453,736 | 457,658 | 138,262 |
Expenses waived by the Sponsor | $ 1,028,899 | 838,015 | 980,683 |
Teucrium Corn Fund [Member] | |||
Creations and Redemptions | |||
Minimum level of shares per Redemption Basket minimum level | shares | 50,000 | ||
Minimum number of Redemption Baskets | item | 2 | ||
Cash and Cash Equivalents | |||
Money market funds | $ 170 | 692,293 | |
Demand-deposit savings accounts | 38,174,688 | 68,382,027 | |
Commercial paper contracts | 24,964,873 | ||
Sponsor Fee Allocation of Expenses and Related Party Transactions | |||
Performing accounting and financial reporting, regulatory compliance, and trading activities cost | 998,194 | 936,695 | 1,034,163 |
Performing Accounting and Financial Reporting Regulatory Compliance and Trading Activities Costs Waived by Sponsor | 215,815 | 275,884 | 20,000 |
Expenses waived by the Sponsor | $ 409,562 | 442,333 | 96,068 |
Teucrium Soybean Fund [Member] | |||
Creations and Redemptions | |||
Minimum level of shares per Redemption Basket minimum level | shares | 50,000 | ||
Minimum number of Redemption Baskets | item | 2 | ||
Cash and Cash Equivalents | |||
Money market funds | $ 100 | 185,661 | |
Demand-deposit savings accounts | 9,942,111 | 12,115,082 | |
Sponsor Fee Allocation of Expenses and Related Party Transactions | |||
Performing accounting and financial reporting, regulatory compliance, and trading activities cost | 183,076 | 169,614 | 124,331 |
Performing Accounting and Financial Reporting Regulatory Compliance and Trading Activities Costs Waived by Sponsor | 45,597 | 10,720 | 49,086 |
Expenses waived by the Sponsor | $ 126,489 | 68,914 | 304,609 |
Teucrium Sugar Fund [Member] | |||
Creations and Redemptions | |||
Minimum level of shares per Redemption Basket minimum level | shares | 50,000 | ||
Minimum number of Redemption Baskets | item | 2 | ||
Cash and Cash Equivalents | |||
Money market funds | $ 100 | 125,182 | |
Demand-deposit savings accounts | 5,929,221 | 4,891,490 | |
Sponsor Fee Allocation of Expenses and Related Party Transactions | |||
Performing accounting and financial reporting, regulatory compliance, and trading activities cost | 109,266 | 102,601 | 47,236 |
Performing Accounting and Financial Reporting Regulatory Compliance and Trading Activities Costs Waived by Sponsor | 57,667 | 71,311 | 33,483 |
Expenses waived by the Sponsor | $ 129,334 | 148,281 | 256,227 |
Teucrium Wheat Fund [Member] | |||
Creations and Redemptions | |||
Minimum level of shares per Redemption Basket minimum level | shares | 50,000 | ||
Minimum number of Redemption Baskets | item | 2 | ||
Cash and Cash Equivalents | |||
Money market funds | $ 170 | 406,927 | |
Demand-deposit savings accounts | 33,967,053 | 58,526,678 | |
Commercial paper contracts | 24,964,873 | ||
Sponsor Fee Allocation of Expenses and Related Party Transactions | |||
Performing accounting and financial reporting, regulatory compliance, and trading activities cost | 893,340 | 602,637 | 382,178 |
Performing Accounting and Financial Reporting Regulatory Compliance and Trading Activities Costs Waived by Sponsor | 125,219 | 87,767 | 22,364 |
Expenses waived by the Sponsor | $ 323,244 | 140,028 | 130,716 |
Teucrium Agricultural Fund [Member] | |||
Creations and Redemptions | |||
Minimum level of shares per Redemption Basket minimum level | shares | 50,000 | ||
Minimum number of Redemption Baskets | item | 2 | ||
Cash and Cash Equivalents | |||
Money market funds | $ 2,474 | 2,360 | |
Sponsor Fee Allocation of Expenses and Related Party Transactions | |||
Performing accounting and financial reporting, regulatory compliance, and trading activities cost | 12,512 | 14,004 | 13,329 |
Performing Accounting and Financial Reporting Regulatory Compliance and Trading Activities Costs Waived by Sponsor | 9,438 | 11,975 | 13,329 |
Expenses waived by the Sponsor | $ 40,270 | $ 38,459 | $ 193,063 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Teucrium Commodity Trust - Combined [Member] | |||
Assets: | |||
Cash equivalents | $ 49,932,760 | $ 1,412,423 | |
Commodity futures contracts | 909,281 | 542,647 | |
Total | 50,842,041 | 1,955,070 | |
Liabilities: | |||
Commodity futures contracts | 5,677,771 | 5,725,955 | |
Total | 5,677,771 | 5,725,955 | |
Teucrium Commodity Trust - Combined [Member] | Corn Futures Contracts [Member] | |||
Assets: | |||
Commodity futures contracts | 120,487 | ||
Liabilities: | |||
Commodity futures contracts | 1,962,050 | 1,460,800 | |
Teucrium Commodity Trust - Combined [Member] | Soybean Futures Contracts [Member] | |||
Assets: | |||
Commodity futures contracts | 357,500 | ||
Liabilities: | |||
Commodity futures contracts | 448,063 | 12,025 | |
Teucrium Commodity Trust - Combined [Member] | Sugar Futures Contracts [Member] | |||
Assets: | |||
Commodity futures contracts | 184,319 | 185,147 | |
Liabilities: | |||
Commodity futures contracts | 67,133 | 331,542 | |
Teucrium Commodity Trust - Combined [Member] | Wheat Futures Contracts [Member] | |||
Assets: | |||
Commodity futures contracts | 604,475 | ||
Liabilities: | |||
Commodity futures contracts | 3,200,525 | 3,921,588 | |
Teucrium Commodity Trust - Combined [Member] | Level 1 [Member] | |||
Assets: | |||
Cash equivalents | 49,932,760 | 1,412,423 | |
Total | 50,842,041 | 1,955,070 | |
Liabilities: | |||
Total | 5,677,771 | 5,725,955 | |
Teucrium Commodity Trust - Combined [Member] | Level 1 [Member] | Corn Futures Contracts [Member] | |||
Assets: | |||
Commodity futures contracts | 120,487 | ||
Liabilities: | |||
Commodity futures contracts | 1,962,050 | 1,460,800 | |
Teucrium Commodity Trust - Combined [Member] | Level 1 [Member] | Soybean Futures Contracts [Member] | |||
Assets: | |||
Commodity futures contracts | 357,500 | ||
Liabilities: | |||
Commodity futures contracts | 448,063 | 12,025 | |
Teucrium Commodity Trust - Combined [Member] | Level 1 [Member] | Sugar Futures Contracts [Member] | |||
Assets: | |||
Commodity futures contracts | 184,319 | $ 185,147 | |
Liabilities: | |||
Commodity futures contracts | 67,133 | $ 331,542 | |
Teucrium Commodity Trust - Combined [Member] | Level 1 [Member] | Wheat Futures Contracts [Member] | |||
Assets: | |||
Commodity futures contracts | 604,475 | ||
Liabilities: | |||
Commodity futures contracts | 3,200,525 | 3,921,588 | |
Teucrium Commodity Trust - Combined [Member] | Level 2 [Member] | |||
Assets: | |||
Cash equivalents | 0 | 0 | |
Total | 0 | 0 | |
Liabilities: | |||
Total | 0 | 0 | |
Teucrium Commodity Trust - Combined [Member] | Level 2 [Member] | Corn Futures Contracts [Member] | |||
Assets: | |||
Commodity futures contracts | 0 | ||
Liabilities: | |||
Commodity futures contracts | 0 | 0 | |
Teucrium Commodity Trust - Combined [Member] | Level 2 [Member] | Soybean Futures Contracts [Member] | |||
Assets: | |||
Commodity futures contracts | 0 | ||
Liabilities: | |||
Commodity futures contracts | 0 | 0 | |
Teucrium Commodity Trust - Combined [Member] | Level 2 [Member] | Sugar Futures Contracts [Member] | |||
Assets: | |||
Commodity futures contracts | 0 | 0 | |
Liabilities: | |||
Commodity futures contracts | 0 | 0 | |
Teucrium Commodity Trust - Combined [Member] | Level 2 [Member] | Wheat Futures Contracts [Member] | |||
Assets: | |||
Commodity futures contracts | 0 | ||
Liabilities: | |||
Commodity futures contracts | 0 | 0 | |
Teucrium Commodity Trust - Combined [Member] | Level 3 [Member] | |||
Assets: | |||
Cash equivalents | 0 | 0 | |
Total | 0 | 0 | |
Liabilities: | |||
Total | 0 | 0 | |
Teucrium Commodity Trust - Combined [Member] | Level 3 [Member] | Corn Futures Contracts [Member] | |||
Assets: | |||
Commodity futures contracts | 0 | ||
Liabilities: | |||
Commodity futures contracts | 0 | 0 | |
Teucrium Commodity Trust - Combined [Member] | Level 3 [Member] | Soybean Futures Contracts [Member] | |||
Assets: | |||
Commodity futures contracts | 0 | ||
Liabilities: | |||
Commodity futures contracts | 0 | 0 | |
Teucrium Commodity Trust - Combined [Member] | Level 3 [Member] | Sugar Futures Contracts [Member] | |||
Assets: | |||
Commodity futures contracts | 0 | 0 | |
Liabilities: | |||
Commodity futures contracts | 0 | 0 | |
Teucrium Commodity Trust - Combined [Member] | Level 3 [Member] | Wheat Futures Contracts [Member] | |||
Assets: | |||
Commodity futures contracts | 0 | ||
Liabilities: | |||
Commodity futures contracts | 0 | 0 | |
Teucrium Corn Fund [Member] | |||
Assets: | |||
Cash equivalents | 24,965,043 | 692,293 | |
Commodity futures contracts | 120,487 | 0 | |
Total | 25,085,530 | ||
Liabilities: | |||
Commodity futures contracts | 1,962,050 | 1,460,800 | |
Teucrium Corn Fund [Member] | Corn Futures Contracts [Member] | |||
Assets: | |||
Commodity futures contracts | 120,487 | ||
Liabilities: | |||
Commodity futures contracts | 1,962,050 | 1,460,800 | |
Teucrium Corn Fund [Member] | Level 1 [Member] | |||
Assets: | |||
Cash equivalents | 24,965,043 | 692,293 | |
Total | 25,085,530 | ||
Teucrium Corn Fund [Member] | Level 1 [Member] | Corn Futures Contracts [Member] | |||
Assets: | |||
Commodity futures contracts | 120,487 | ||
Liabilities: | |||
Commodity futures contracts | 1,962,050 | 1,460,800 | |
Teucrium Corn Fund [Member] | Level 2 [Member] | |||
Assets: | |||
Cash equivalents | 0 | 0 | |
Total | 0 | ||
Teucrium Corn Fund [Member] | Level 2 [Member] | Corn Futures Contracts [Member] | |||
Assets: | |||
Commodity futures contracts | 0 | ||
Liabilities: | |||
Commodity futures contracts | 0 | 0 | |
Teucrium Corn Fund [Member] | Level 3 [Member] | |||
Assets: | |||
Cash equivalents | 0 | 0 | |
Total | 0 | ||
Teucrium Corn Fund [Member] | Level 3 [Member] | Corn Futures Contracts [Member] | |||
Assets: | |||
Commodity futures contracts | 0 | ||
Liabilities: | |||
Commodity futures contracts | 0 | 0 | |
Teucrium Soybean Fund [Member] | |||
Assets: | |||
Cash equivalents | 100 | 185,661 | |
Commodity futures contracts | 0 | 357,500 | |
Total | 543,161 | ||
Liabilities: | |||
Commodity futures contracts | 448,063 | 12,025 | |
Teucrium Soybean Fund [Member] | Soybean Futures Contracts [Member] | |||
Assets: | |||
Commodity futures contracts | 357,500 | ||
Liabilities: | |||
Commodity futures contracts | 448,063 | 12,025 | |
Teucrium Soybean Fund [Member] | Level 1 [Member] | |||
Assets: | |||
Cash equivalents | 100 | 185,661 | |
Total | 543,161 | ||
Teucrium Soybean Fund [Member] | Level 1 [Member] | Soybean Futures Contracts [Member] | |||
Assets: | |||
Commodity futures contracts | 357,500 | ||
Liabilities: | |||
Commodity futures contracts | 448,063 | 12,025 | |
Teucrium Soybean Fund [Member] | Level 2 [Member] | |||
Assets: | |||
Cash equivalents | 0 | 0 | |
Total | 0 | ||
Teucrium Soybean Fund [Member] | Level 2 [Member] | Soybean Futures Contracts [Member] | |||
Assets: | |||
Commodity futures contracts | 0 | ||
Liabilities: | |||
Commodity futures contracts | 0 | 0 | |
Teucrium Soybean Fund [Member] | Level 3 [Member] | |||
Assets: | |||
Cash equivalents | 0 | 0 | |
Total | 0 | ||
Teucrium Soybean Fund [Member] | Level 3 [Member] | Soybean Futures Contracts [Member] | |||
Assets: | |||
Commodity futures contracts | 0 | ||
Liabilities: | |||
Commodity futures contracts | 0 | 0 | |
Teucrium Sugar Fund [Member] | |||
Assets: | |||
Cash equivalents | 100 | 125,182 | |
Commodity futures contracts | 184,319 | 185,147 | |
Total | 184,419 | 310,329 | |
Liabilities: | |||
Commodity futures contracts | 67,133 | 331,542 | |
Teucrium Sugar Fund [Member] | Sugar Futures Contracts [Member] | |||
Assets: | |||
Commodity futures contracts | 184,319 | 185,147 | |
Liabilities: | |||
Commodity futures contracts | 67,133 | 331,542 | |
Teucrium Sugar Fund [Member] | Level 1 [Member] | |||
Assets: | |||
Cash equivalents | 100 | 125,182 | |
Total | 184,419 | 310,329 | |
Teucrium Sugar Fund [Member] | Level 1 [Member] | Sugar Futures Contracts [Member] | |||
Assets: | |||
Commodity futures contracts | 184,319 | 185,147 | |
Liabilities: | |||
Commodity futures contracts | 67,133 | 331,542 | |
Teucrium Sugar Fund [Member] | Level 2 [Member] | |||
Assets: | |||
Cash equivalents | 0 | 0 | |
Total | 0 | 0 | |
Teucrium Sugar Fund [Member] | Level 2 [Member] | Sugar Futures Contracts [Member] | |||
Assets: | |||
Commodity futures contracts | 0 | 0 | |
Liabilities: | |||
Commodity futures contracts | 0 | 0 | |
Teucrium Sugar Fund [Member] | Level 3 [Member] | |||
Assets: | |||
Cash equivalents | 0 | 0 | |
Total | 0 | 0 | |
Teucrium Sugar Fund [Member] | Level 3 [Member] | Sugar Futures Contracts [Member] | |||
Assets: | |||
Commodity futures contracts | 0 | 0 | |
Liabilities: | |||
Commodity futures contracts | 0 | 0 | |
Teucrium Wheat Fund [Member] | |||
Assets: | |||
Cash equivalents | 24,965,043 | 406,927 | |
Commodity futures contracts | 604,475 | 0 | |
Total | 25,569,518 | ||
Liabilities: | |||
Commodity futures contracts | 3,200,525 | 3,921,588 | |
Teucrium Wheat Fund [Member] | Wheat Futures Contracts [Member] | |||
Assets: | |||
Commodity futures contracts | 604,475 | ||
Liabilities: | |||
Commodity futures contracts | 3,200,525 | 3,921,588 | |
Teucrium Wheat Fund [Member] | Level 1 [Member] | |||
Assets: | |||
Cash equivalents | 24,965,043 | 406,927 | |
Total | 25,569,518 | ||
Teucrium Wheat Fund [Member] | Level 1 [Member] | Wheat Futures Contracts [Member] | |||
Assets: | |||
Commodity futures contracts | 604,475 | ||
Liabilities: | |||
Commodity futures contracts | 3,200,525 | 3,921,588 | |
Teucrium Wheat Fund [Member] | Level 2 [Member] | |||
Assets: | |||
Cash equivalents | 0 | 0 | |
Total | 0 | ||
Teucrium Wheat Fund [Member] | Level 2 [Member] | Wheat Futures Contracts [Member] | |||
Assets: | |||
Commodity futures contracts | 0 | ||
Liabilities: | |||
Commodity futures contracts | 0 | 0 | |
Teucrium Wheat Fund [Member] | Level 3 [Member] | |||
Assets: | |||
Cash equivalents | 0 | 0 | |
Total | 0 | ||
Teucrium Wheat Fund [Member] | Level 3 [Member] | Wheat Futures Contracts [Member] | |||
Assets: | |||
Commodity futures contracts | 0 | ||
Liabilities: | |||
Commodity futures contracts | 0 | 0 | |
Teucrium Agricultural Fund [Member] | |||
Assets: | |||
Cash equivalents | 2,474 | 2,360 | |
Exchange-traded funds | 1,136,120 | 1,313,554 | |
Total | 1,138,594 | 1,315,914 | |
Teucrium Agricultural Fund [Member] | Level 1 [Member] | |||
Assets: | |||
Cash equivalents | 2,474 | 2,360 | |
Exchange-traded funds | 1,136,120 | 1,313,554 | |
Total | 1,138,594 | 1,315,914 | |
Teucrium Agricultural Fund [Member] | Level 2 [Member] | |||
Assets: | |||
Cash equivalents | 0 | 0 | |
Exchange-traded funds | 0 | 0 | |
Total | 0 | 0 | |
Teucrium Agricultural Fund [Member] | Level 3 [Member] | |||
Assets: | |||
Cash equivalents | 0 | 0 | |
Exchange-traded funds | 0 | 0 | |
Total | $ 0 | $ 0 |
Derivative Instruments and He32
Derivative Instruments and Hedging Activities (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Teucrium Commodity Trust - Combined [Member] | ||
Derivative assets | $ 909,281 | $ 542,647 |
Derivative liabilities | 5,677,771 | 5,725,955 |
Teucrium Commodity Trust - Combined [Member] | Corn Futures Contracts [Member] | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | 0 |
Teucrium Commodity Trust - Combined [Member] | Soybean Futures Contracts [Member] | ||
Derivative assets | 345,475 | |
Derivative liabilities | 0 | 0 |
Teucrium Commodity Trust - Combined [Member] | Sugar Futures Contracts [Member] | ||
Derivative assets | 117,186 | 0 |
Derivative liabilities | 0 | 0 |
Teucrium Commodity Trust - Combined [Member] | Wheat Futures Contracts [Member] | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | 0 |
Teucrium Commodity Trust - Combined [Member] | Gross Amount Of Recognized Assets Or Liabilities [Member] | Corn Futures Contracts [Member] | ||
Derivative assets | 120,487 | |
Derivative liabilities | 1,962,050 | 1,460,800 |
Teucrium Commodity Trust - Combined [Member] | Gross Amount Of Recognized Assets Or Liabilities [Member] | Soybean Futures Contracts [Member] | ||
Derivative assets | 357,500 | |
Derivative liabilities | 448,063 | 12,025 |
Teucrium Commodity Trust - Combined [Member] | Gross Amount Of Recognized Assets Or Liabilities [Member] | Sugar Futures Contracts [Member] | ||
Derivative assets | 184,319 | 185,147 |
Derivative liabilities | 67,133 | 331,542 |
Teucrium Commodity Trust - Combined [Member] | Gross Amount Of Recognized Assets Or Liabilities [Member] | Wheat Futures Contracts [Member] | ||
Derivative assets | 604,475 | |
Derivative liabilities | 3,200,525 | 3,921,588 |
Teucrium Commodity Trust - Combined [Member] | Gross Amount Offset In The Statement Of Assets And Liabilities [Member] | Corn Futures Contracts [Member] | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | 0 |
Teucrium Commodity Trust - Combined [Member] | Gross Amount Offset In The Statement Of Assets And Liabilities [Member] | Soybean Futures Contracts [Member] | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | 0 |
Teucrium Commodity Trust - Combined [Member] | Gross Amount Offset In The Statement Of Assets And Liabilities [Member] | Sugar Futures Contracts [Member] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Teucrium Commodity Trust - Combined [Member] | Gross Amount Offset In The Statement Of Assets And Liabilities [Member] | Wheat Futures Contracts [Member] | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | 0 |
Teucrium Commodity Trust - Combined [Member] | Net Amount Presented In the Statement Of Assets And Liabilities [Member] | Corn Futures Contracts [Member] | ||
Derivative assets | 120,487 | |
Derivative liabilities | 1,962,050 | 1,460,800 |
Teucrium Commodity Trust - Combined [Member] | Net Amount Presented In the Statement Of Assets And Liabilities [Member] | Soybean Futures Contracts [Member] | ||
Derivative assets | 357,500 | |
Derivative liabilities | 448,063 | 12,025 |
Teucrium Commodity Trust - Combined [Member] | Net Amount Presented In the Statement Of Assets And Liabilities [Member] | Sugar Futures Contracts [Member] | ||
Derivative assets | 184,319 | 185,147 |
Derivative liabilities | 67,133 | 331,542 |
Teucrium Commodity Trust - Combined [Member] | Net Amount Presented In the Statement Of Assets And Liabilities [Member] | Wheat Futures Contracts [Member] | ||
Derivative assets | 604,475 | |
Derivative liabilities | 3,200,525 | 3,921,588 |
Teucrium Commodity Trust - Combined [Member] | Futures Contracts Available for Offset [Member] | Corn Futures Contracts [Member] | ||
Derivative assets | 120,487 | |
Derivative liabilities | 120,487 | 0 |
Teucrium Commodity Trust - Combined [Member] | Futures Contracts Available for Offset [Member] | Soybean Futures Contracts [Member] | ||
Derivative assets | 12,025 | |
Derivative liabilities | 0 | 12,025 |
Teucrium Commodity Trust - Combined [Member] | Futures Contracts Available for Offset [Member] | Sugar Futures Contracts [Member] | ||
Derivative assets | 67,133 | 185,147 |
Derivative liabilities | 67,133 | 185,147 |
Teucrium Commodity Trust - Combined [Member] | Futures Contracts Available for Offset [Member] | Wheat Futures Contracts [Member] | ||
Derivative assets | 604,475 | |
Derivative liabilities | 604,475 | 0 |
Teucrium Commodity Trust - Combined [Member] | Collateral, Due To Broker [Member] | Corn Futures Contracts [Member] | ||
Derivative assets | 0 | |
Derivative liabilities | 1,841,563 | 1,460,800 |
Teucrium Commodity Trust - Combined [Member] | Collateral, Due To Broker [Member] | Soybean Futures Contracts [Member] | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | 0 |
Teucrium Commodity Trust - Combined [Member] | Collateral, Due To Broker [Member] | Sugar Futures Contracts [Member] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 146,395 |
Teucrium Commodity Trust - Combined [Member] | Collateral, Due To Broker [Member] | Wheat Futures Contracts [Member] | ||
Derivative assets | 0 | |
Derivative liabilities | 2,596,050 | 3,921,588 |
Teucrium Corn Fund [Member] | ||
Derivative assets | 120,487 | 0 |
Derivative liabilities | 1,962,050 | 1,460,800 |
Teucrium Corn Fund [Member] | Corn Futures Contracts [Member] | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | 0 |
Teucrium Corn Fund [Member] | Gross Amount Of Recognized Assets Or Liabilities [Member] | Corn Futures Contracts [Member] | ||
Derivative assets | 120,487 | |
Derivative liabilities | 1,962,050 | 1,460,800 |
Teucrium Corn Fund [Member] | Gross Amount Offset In The Statement Of Assets And Liabilities [Member] | Corn Futures Contracts [Member] | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | 0 |
Teucrium Corn Fund [Member] | Net Amount Presented In the Statement Of Assets And Liabilities [Member] | Corn Futures Contracts [Member] | ||
Derivative assets | 120,487 | |
Derivative liabilities | 1,962,050 | 1,460,800 |
Teucrium Corn Fund [Member] | Futures Contracts Available for Offset [Member] | Corn Futures Contracts [Member] | ||
Derivative assets | 120,487 | |
Derivative liabilities | 120,487 | 0 |
Teucrium Corn Fund [Member] | Collateral, Due To Broker [Member] | Corn Futures Contracts [Member] | ||
Derivative assets | 0 | |
Derivative liabilities | 1,841,563 | 0 |
Teucrium Soybean Fund [Member] | ||
Derivative assets | 0 | 357,500 |
Derivative liabilities | 448,063 | 12,025 |
Teucrium Soybean Fund [Member] | Soybean Futures Contracts [Member] | ||
Derivative assets | 345,475 | |
Derivative liabilities | 0 | 0 |
Teucrium Soybean Fund [Member] | Gross Amount Of Recognized Assets Or Liabilities [Member] | Soybean Futures Contracts [Member] | ||
Derivative assets | 357,500 | |
Derivative liabilities | 448,063 | 12,025 |
Teucrium Soybean Fund [Member] | Gross Amount Offset In The Statement Of Assets And Liabilities [Member] | Soybean Futures Contracts [Member] | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | 0 |
Teucrium Soybean Fund [Member] | Net Amount Presented In the Statement Of Assets And Liabilities [Member] | Soybean Futures Contracts [Member] | ||
Derivative assets | 357,500 | |
Derivative liabilities | 448,063 | 12,025 |
Teucrium Soybean Fund [Member] | Futures Contracts Available for Offset [Member] | Soybean Futures Contracts [Member] | ||
Derivative assets | 12,025 | |
Derivative liabilities | 0 | 12,025 |
Teucrium Soybean Fund [Member] | Collateral, Due To Broker [Member] | Soybean Futures Contracts [Member] | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | 0 |
Teucrium Sugar Fund [Member] | ||
Derivative assets | 184,319 | 185,147 |
Derivative liabilities | 67,133 | 331,542 |
Teucrium Sugar Fund [Member] | Sugar Futures Contracts [Member] | ||
Derivative assets | 117,186 | 0 |
Derivative liabilities | 0 | 0 |
Teucrium Sugar Fund [Member] | Gross Amount Of Recognized Assets Or Liabilities [Member] | Sugar Futures Contracts [Member] | ||
Derivative assets | 184,319 | 185,147 |
Derivative liabilities | 67,133 | 331,542 |
Teucrium Sugar Fund [Member] | Gross Amount Offset In The Statement Of Assets And Liabilities [Member] | Sugar Futures Contracts [Member] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Teucrium Sugar Fund [Member] | Net Amount Presented In the Statement Of Assets And Liabilities [Member] | Sugar Futures Contracts [Member] | ||
Derivative assets | 184,319 | 185,147 |
Derivative liabilities | 67,133 | 331,542 |
Teucrium Sugar Fund [Member] | Futures Contracts Available for Offset [Member] | Sugar Futures Contracts [Member] | ||
Derivative assets | 67,133 | 185,147 |
Derivative liabilities | 67,133 | 185,147 |
Teucrium Sugar Fund [Member] | Collateral, Due To Broker [Member] | Sugar Futures Contracts [Member] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 146,395 |
Teucrium Wheat Fund [Member] | ||
Derivative assets | 604,475 | 0 |
Derivative liabilities | 3,200,525 | 3,921,588 |
Teucrium Wheat Fund [Member] | Wheat Futures Contracts [Member] | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | 0 |
Teucrium Wheat Fund [Member] | Gross Amount Of Recognized Assets Or Liabilities [Member] | Wheat Futures Contracts [Member] | ||
Derivative assets | 604,475 | |
Derivative liabilities | 3,200,525 | 3,921,588 |
Teucrium Wheat Fund [Member] | Gross Amount Offset In The Statement Of Assets And Liabilities [Member] | Wheat Futures Contracts [Member] | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | 0 |
Teucrium Wheat Fund [Member] | Net Amount Presented In the Statement Of Assets And Liabilities [Member] | Wheat Futures Contracts [Member] | ||
Derivative assets | 604,475 | |
Derivative liabilities | 3,200,525 | 3,921,588 |
Teucrium Wheat Fund [Member] | Futures Contracts Available for Offset [Member] | Wheat Futures Contracts [Member] | ||
Derivative assets | 604,475 | |
Derivative liabilities | 604,475 | 0 |
Teucrium Wheat Fund [Member] | Collateral, Due To Broker [Member] | Wheat Futures Contracts [Member] | ||
Derivative assets | 0 | |
Derivative liabilities | $ 2,596,050 | $ 3,921,588 |
Derivative Instruments and He33
Derivative Instruments and Hedging Activities (Details 1) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Teucrium Commodity Trust - Combined [Member] | |||
Realized (Loss) Gain on Commodity Futures Contracts | $ (13,335,506) | $ (16,163,531) | $ (15,729,142) |
Net Change in Unrealized Appreciation or Depreciation on Commodity Futures Contracts | 414,818 | 508,136 | (7,378,689) |
Teucrium Commodity Trust - Combined [Member] | Corn Futures Contracts [Member] | |||
Realized (Loss) Gain on Commodity Futures Contracts | (5,603,513) | (9,438,913) | (8,533,650) |
Net Change in Unrealized Appreciation or Depreciation on Commodity Futures Contracts | (380,763) | 2,447,750 | (5,660,263) |
Teucrium Commodity Trust - Combined [Member] | Soybean Futures Contracts [Member] | |||
Realized (Loss) Gain on Commodity Futures Contracts | 8,425 | 939,088 | (1,355,738) |
Net Change in Unrealized Appreciation or Depreciation on Commodity Futures Contracts | (793,538) | 567,962 | 54,526 |
Teucrium Commodity Trust - Combined [Member] | Sugar Futures Contracts [Member] | |||
Realized (Loss) Gain on Commodity Futures Contracts | (2,435,305) | 1,967,694 | (1,279,891) |
Net Change in Unrealized Appreciation or Depreciation on Commodity Futures Contracts | 263,581 | (510,451) | 868,011 |
Teucrium Commodity Trust - Combined [Member] | Wheat Futures Contracts [Member] | |||
Realized (Loss) Gain on Commodity Futures Contracts | (5,305,113) | (9,631,400) | (4,559,863) |
Net Change in Unrealized Appreciation or Depreciation on Commodity Futures Contracts | 1,325,538 | (1,997,125) | (2,640,963) |
Teucrium Corn Fund [Member] | |||
Realized (Loss) Gain on Commodity Futures Contracts | (5,603,513) | (9,438,913) | (8,533,650) |
Net Change in Unrealized Appreciation or Depreciation on Commodity Futures Contracts | (380,763) | 2,447,750 | (5,660,263) |
Teucrium Soybean Fund [Member] | |||
Realized (Loss) Gain on Commodity Futures Contracts | 8,425 | 939,088 | (1,355,738) |
Net Change in Unrealized Appreciation or Depreciation on Commodity Futures Contracts | (793,538) | 567,962 | 54,526 |
Teucrium Sugar Fund [Member] | |||
Realized (Loss) Gain on Commodity Futures Contracts | (2,435,305) | 1,967,694 | (1,279,891) |
Net Change in Unrealized Appreciation or Depreciation on Commodity Futures Contracts | 263,581 | (510,451) | 868,011 |
Teucrium Wheat Fund [Member] | |||
Realized (Loss) Gain on Commodity Futures Contracts | (5,305,113) | (9,631,400) | (4,559,863) |
Net Change in Unrealized Appreciation or Depreciation on Commodity Futures Contracts | $ 1,325,538 | $ (1,997,125) | $ (2,640,963) |
Derivative Instruments and He34
Derivative Instruments and Hedging Activities (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Teucrium Commodity Trust - Combined [Member] | |||
Derivative Average Notional Amount | $ 153,900,000 | $ 132,400,000 | $ 108,800,000 |
Teucrium Corn Fund [Member] | |||
Derivative Average Notional Amount | 67,500,000 | 71,600,000 | 71,000,000 |
Teucrium Soybean Fund [Member] | |||
Derivative Average Notional Amount | 13,200,000 | 12,100,000 | 7,100,000 |
Teucrium Sugar Fund [Member] | |||
Derivative Average Notional Amount | 7,100,000 | 6,100,000 | 4,100,000 |
Teucrium Wheat Fund [Member] | |||
Derivative Average Notional Amount | $ 66,000,000 | $ 42,500,000 | $ 26,600,000 |
Detail of the net assets and 35
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Net assets | $ 142,946,752 | $ 153,957,187 | $ 99,601,487 | $ 145,351,972 |
Teucrium Corn Fund [Member] | ||||
Outstanding Shares | 3,875,004 | 3,900,004 | ||
Net Assets | $ 64,901,479 | $ 73,213,541 | ||
Teucrium Soybean Fund [Member] | ||||
Outstanding Shares | 575,004 | 675,004 | ||
Net Assets | $ 10,264,025 | $ 12,882,100 | ||
Teucrium Sugar Fund [Member] | ||||
Outstanding Shares | 650,004 | 425,004 | ||
Net Assets | $ 6,363,710 | $ 5,513,971 | ||
Teucrium Wheat Fund [Member] | ||||
Outstanding Shares | 10,250,004 | 9,050,004 | ||
Net Assets | $ 61,416,019 | $ 62,344,759 | ||
Teucrium Agricultural Fund [Member] | ||||
Net assets including the investment in the Underlying Funds, Outstanding Shares | 50,002 | 50,002 | ||
Net assets including the investment in the Underlying Funds | $ 1,137,639 | $ 1,316,370 | ||
Less: Investment in the Underlying Funds | (1,136,120) | (1,313,554) | ||
Net for the Fund in the combined net assets of the Trust | $ 1,519 | $ 2,816 |
Financial Highlights (Details)
Financial Highlights (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Teucrium Corn Fund [Member] | |||
Net asset value per share at beginning of period | $ 18.77 | $ 21.24 | $ 26.62 |
Investment income | 0.21 | 0.11 | 0.05 |
Net realized and unrealized (loss) gain on commodity futures contracts | (1.55) | (1.75) | (4.46) |
Total net expenses | (0.68) | (0.83) | (0.97) |
Net (decrease)increase in net asset value | (2.02) | (2.47) | (5.38) |
Net asset value per share at end of period | $ 16.75 | $ 18.77 | $ 21.24 |
Total Return | (10.76%) | (11.63%) | (20.21%) |
Total expenses | 4.28% | 4.74% | 4.15% |
Total expense, net | 3.68% | 4.13% | 4.03% |
Net investment loss | (2.54%) | (3.58%) | (3.84%) |
Teucrium Soybean Fund [Member] | |||
Net asset value per share at beginning of period | $ 19.08 | $ 17.34 | $ 20.79 |
Investment income | 0.21 | 0.10 | 0.03 |
Net realized and unrealized (loss) gain on commodity futures contracts | (0.77) | 2.41 | (2.89) |
Total net expenses | (0.67) | (0.77) | (0.59) |
Net (decrease)increase in net asset value | (1.23) | 1.74 | (3.45) |
Net asset value per share at end of period | $ 17.85 | $ 19.08 | $ 17.34 |
Total Return | (6.45%) | 10.03% | (16.59%) |
Total expenses | 4.59% | 4.61% | 7.31% |
Total expense, net | 3.63% | 4.03% | 3.14% |
Net investment loss | (2.48%) | (3.48%) | (2.96%) |
Teucrium Sugar Fund [Member] | |||
Net asset value per share at beginning of period | $ 12.97 | $ 10.02 | $ 11.83 |
Investment income | 0.12 | 0.06 | 0.02 |
Net realized and unrealized (loss) gain on commodity futures contracts | (3.01) | 3.17 | (1.64) |
Total net expenses | (0.29) | (0.28) | (0.19) |
Net (decrease)increase in net asset value | (3.18) | 2.95 | (1.81) |
Net asset value per share at end of period | $ 9.79 | $ 12.97 | $ 10.02 |
Total Return | (24.52%) | 29.44% | (15.30%) |
Total expenses | 4.62% | 4.72% | 9.16% |
Total expense, net | 2.79% | 2.29% | 2.00% |
Net investment loss | (1.68%) | (1.77%) | (1.79%) |
Teucrium Wheat Fund [Member] | |||
Net asset value per share at beginning of period | $ 6.89 | $ 9.15 | $ 12.72 |
Investment income | 0.08 | 0.04 | 0.02 |
Net realized and unrealized (loss) gain on commodity futures contracts | (0.73) | (1.98) | (3.19) |
Total net expenses | (0.25) | (0.32) | (0.40) |
Net (decrease)increase in net asset value | (0.90) | (2.26) | (3.57) |
Net asset value per share at end of period | $ 5.99 | $ 6.89 | $ 9.15 |
Total Return | (13.06%) | (24.70%) | (28.07%) |
Total expenses | 4.09% | 4.47% | 4.40% |
Total expense, net | 3.60% | 4.13% | 3.89% |
Net investment loss | (2.46%) | (3.57%) | (3.67%) |
Teucrium Agricultural Fund [Member] | |||
Net asset value per share at beginning of period | $ 26.33 | $ 26.59 | $ 33.05 |
Net realized and unrealized (loss) gain on commodity futures contracts | (3.46) | (0.12) | (6.32) |
Total net expenses | (0.12) | (0.14) | (0.14) |
Net (decrease)increase in net asset value | (3.58) | (0.26) | (6.46) |
Net asset value per share at end of period | $ 22.75 | $ 26.33 | $ 26.59 |
Total Return | (13.60%) | (0.98%) | (19.55%) |
Total expenses | 3.74% | 3.33% | 13.97% |
Total expense, net | 0.50% | 0.50% | 0.50% |
Net investment loss | (0.50%) | (0.50%) | (0.50%) |
Quarterly Financial Data (Una37
Quarterly Financial Data (Unaudited) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Teucrium Corn Fund [Member] | |||||||||||
Summary of quarterly financial information | |||||||||||
Total Income (Loss) | $ (2,721,518) | $ (4,763,833) | $ 910,237 | $ 1,369,398 | $ 822,595 | $ (5,440,285) | $ 190,068 | $ (2,166,864) | $ (5,205,716) | $ (6,594,484) | $ (14,047,008) |
Total Expenses | 701,970 | 729,672 | 762,626 | 724,668 | 1,060,142 | 878,103 | 700,320 | 773,352 | 2,918,936 | 3,411,916 | 3,232,532 |
Total Expenses, net | 557,064 | 633,836 | 628,806 | 689,668 | 751,969 | 743,942 | 700,320 | 773,352 | 2,509,374 | 2,969,583 | 3,136,464 |
Net Income (Loss) | $ (3,278,582) | $ (5,397,669) | $ 281,431 | $ 679,730 | $ 70,626 | $ (6,184,227) | $ (510,252) | $ (2,940,216) | $ (7,715,090) | $ (9,564,067) | $ (17,183,472) |
Net Income (Loss) per share | $ (0.85) | $ (1.49) | $ 0.08 | $ 0.24 | $ 0.06 | $ (1.63) | $ 0.15 | $ (1.05) | $ (2.02) | $ (2.47) | $ (5.38) |
Teucrium Soybean Fund [Member] | |||||||||||
Summary of quarterly financial information | |||||||||||
Total Income (Loss) | $ (525,746) | $ 257,072 | $ 98,980 | $ (462,474) | $ 558,954 | $ (1,566,866) | $ 2,124,042 | $ 456,077 | $ (632,168) | $ 1,572,207 | $ (1,288,083) |
Total Expenses | 217,398 | 147,452 | 118,451 | 126,800 | 147,752 | 189,647 | 122,710 | 86,484 | 610,101 | 546,593 | 534,350 |
Total Expenses, net | 149,366 | 116,104 | 106,342 | 111,800 | 141,951 | 126,534 | 122,710 | 86,484 | 483,612 | 477,679 | 229,741 |
Net Income (Loss) | $ (675,112) | $ 140,968 | $ (7,362) | $ (574,274) | $ 417,003 | $ (1,693,400) | $ 2,001,332 | $ 369,593 | $ (1,115,780) | $ 1,094,528 | $ (1,517,824) |
Net Income (Loss) per share | $ (0.48) | $ 0.23 | $ (0.01) | $ (0.97) | $ 0.55 | $ (2.84) | $ 3.35 | $ 0.68 | $ (1.23) | $ 1.74 | $ (3.45) |
Teucrium Sugar Fund [Member] | |||||||||||
Summary of quarterly financial information | |||||||||||
Total Income (Loss) | $ 176,299 | $ (120,913) | $ (1,575,978) | $ (572,243) | $ (796,550) | $ 939,912 | $ 1,344,301 | $ 1,628 | $ (2,092,835) | $ 1,489,291 | $ (404,210) |
Total Expenses | 95,467 | 102,485 | 79,000 | 49,635 | 64,040 | 88,916 | 93,020 | 42,333 | 326,587 | 288,309 | 327,823 |
Total Expenses, net | 49,683 | 57,299 | 53,714 | 36,557 | 37,188 | 40,873 | 34,614 | 27,353 | 197,253 | 140,028 | 71,596 |
Net Income (Loss) | $ 126,616 | $ (178,212) | $ (1,629,692) | $ (608,800) | $ (833,738) | $ 899,039 | $ 1,309,687 | $ (25,725) | $ (2,290,088) | $ 1,349,263 | $ (475,806) |
Net Income (Loss) per share | $ 0.36 | $ (0.21) | $ (2.15) | $ (1.18) | $ (1.68) | $ 1.73 | $ 2.39 | $ 0.51 | $ (3.18) | $ 2.95 | $ (1.81) |
Teucrium Wheat Fund [Member] | |||||||||||
Summary of quarterly financial information | |||||||||||
Total Income (Loss) | $ (5,201,741) | $ (8,961,538) | $ 10,004,367 | $ 924,694 | $ (2,187,317) | $ (6,298,223) | $ (2,771,883) | $ (139,504) | $ (3,234,218) | $ (11,396,927) | $ (7,146,717) |
Total Expenses | 754,279 | 714,365 | 615,698 | 594,271 | 670,923 | 608,506 | 309,403 | 265,750 | 2,678,613 | 1,854,582 | 1,121,704 |
Total Expenses, net | 536,977 | 608,423 | 615,698 | 594,271 | 580,411 | 558,990 | 309,403 | 265,750 | 2,355,369 | 1,714,554 | 990,988 |
Net Income (Loss) | $ (5,738,718) | $ (9,569,961) | $ 9,388,669 | $ 330,423 | $ (2,767,728) | $ (6,857,213) | $ (3,081,286) | $ (405,254) | $ (5,589,587) | $ (13,111,481) | $ (8,137,705) |
Net Income (Loss) per share | $ (0.58) | $ (1.27) | $ 0.91 | $ 0.04 | $ (0.30) | $ (1.03) | $ (0.79) | $ (0.14) | $ (0.90) | $ (2.26) | $ (3.57) |
Teucrium Agricultural Fund [Member] | |||||||||||
Summary of quarterly financial information | |||||||||||
Total Income (Loss) | $ (37,395) | $ (76,451) | $ (19,522) | $ (39,152) | $ (41,940) | $ (78,441) | $ 104,911 | $ 9,249 | $ (172,520) | $ (6,220) | $ (316,186) |
Total Expenses | 8,565 | 7,525 | 7,036 | 23,355 | 5,092 | 11,603 | 6,573 | 21,991 | 46,481 | 45,259 | 200,236 |
Total Expenses, net | 1,454 | 1,538 | 1,547 | 1,672 | 1,696 | 1,710 | 1,760 | 1,634 | 6,211 | 6,800 | 7,173 |
Net Income (Loss) | $ (38,849) | $ (77,989) | $ (21,069) | $ (40,824) | $ (43,636) | $ (80,151) | $ 103,151 | $ 7,615 | $ (178,731) | $ (13,020) | $ (323,359) |
Net Income (Loss) per share | $ (0.78) | $ (1.56) | $ (0.42) | $ (0.82) | $ (0.87) | $ (1.60) | $ 2.06 | $ 0.15 | $ (3.58) | $ (0.26) | $ (6.46) |