Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 09, 2020 | Jun. 30, 2019 | |
Entity Registrant Name | Teucrium Commodity Trust | ||
Entity Central Index Key | 0001471824 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
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 Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Shell Company | false | ||
Entity Interactive Data Current | Yes | ||
Entity Incorporation, State or Country Code | DE | ||
Entity File Number | 001-34765 | ||
Entity Public Float | $ 199,499,970 | ||
Entity Shares Outstanding | 16,525,018 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 | ||
Teucrium Corn Fund | |||
Entity Public Float | 96,585,066 | ||
Entity Shares Outstanding | 4,775,004 | ||
Teucrium Sugar Fund | |||
Entity Public Float | 9,926,028 | ||
Entity Shares Outstanding | 1,725,004 | ||
Teucrium Soybean Fund | |||
Entity Public Float | 33,033,063 | ||
Entity Shares Outstanding | 1,350,004 | ||
Teucrium Wheat Fund | |||
Entity Public Float | 58,446,023 | ||
Entity Shares Outstanding | 8,600,004 | ||
Teucrium Agricultural Fund | |||
Entity Public Float | $ 1,509,790 | ||
Entity Shares Outstanding | 75,002 |
STATEMENTS OF ASSETS AND LIABIL
STATEMENTS OF ASSETS AND LIABILITIES - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Teucrium Commodity Trust - Combined | ||
Assets | ||
Cash and cash equivalents | $ 166,081,885 | $ 159,250,322 |
Interest receivable | 250 | 113 |
Other assets | 9,719 | 24,455 |
Equity in trading accounts: | ||
Commodity futures contracts | 7,712,856 | 569,742 |
Due from broker | 4,252 | 10,972,275 |
Total equity in trading accounts | 7,717,108 | 11,542,017 |
Total assets | 173,808,962 | 170,816,907 |
Liabilities | ||
Management fee payable to Sponsor | 141,898 | 135,263 |
Payable for purchases of commercial paper | 0 | 14,951,548 |
Other liabilities | 38,767 | 109,342 |
Equity in trading accounts: | ||
Commodity futures contracts | 581,574 | 5,369,594 |
Due to broker | 5,140,126 | 0 |
Total equity in trading accounts | 5,721,700 | 5,369,594 |
Total liabilities | 5,902,365 | 20,565,747 |
Net assets | 167,906,597 | 150,251,160 |
Teucrium Corn Fund | ||
Assets | ||
Cash and cash equivalents | 74,521,123 | 58,910,133 |
Interest receivable | 106 | 7 |
Other assets | 0 | 6,380 |
Equity in trading accounts: | ||
Commodity futures contracts | 1,365,055 | 107,363 |
Due from broker | 4,252 | 3,730,196 |
Total equity in trading accounts | 1,369,307 | 3,837,559 |
Total assets | 75,890,536 | 62,754,079 |
Liabilities | ||
Management fee payable to Sponsor | 65,233 | 51,822 |
Payable for purchases of commercial paper | 0 | 4,981,957 |
Other liabilities | 23,539 | 43,955 |
Equity in trading accounts: | ||
Commodity futures contracts | 581,574 | 1,297,288 |
Total liabilities | 670,346 | 6,375,022 |
Net assets | $ 75,220,190 | $ 56,379,057 |
Shares outstanding | 5,075,004 | 3,500,004 |
Shares authorized | 10,125,000 | 12,800,000 |
Net asset value per share | $ 14.82 | $ 16.11 |
Market value per share | $ 14.80 | $ 16.05 |
Teucrium Soybean Fund | ||
Assets | ||
Cash and cash equivalents | $ 27,874,691 | $ 26,774,939 |
Interest receivable | 42 | 4 |
Other assets | 4,370 | 0 |
Equity in trading accounts: | ||
Commodity futures contracts | 931,896 | 228,400 |
Due from broker | 0 | 1,022,182 |
Total equity in trading accounts | 931,896 | 1,250,582 |
Total assets | 28,810,999 | 28,025,525 |
Liabilities | ||
Management fee payable to Sponsor | 23,139 | 24,973 |
Other liabilities | 8,921 | 19,285 |
Equity in trading accounts: | ||
Commodity futures contracts | 0 | 39,250 |
Due to broker | 643,808 | 0 |
Total equity in trading accounts | 643,808 | 39,250 |
Total liabilities | 675,868 | 83,508 |
Net assets | $ 28,135,131 | $ 27,942,017 |
Shares outstanding | 1,775,004 | 1,725,004 |
Shares authorized | 9,700,000 | 10,350,000 |
Net asset value per share | $ 15.85 | $ 16.20 |
Market value per share | $ 15.83 | $ 16.18 |
Teucrium Sugar Fund | ||
Assets | ||
Cash and cash equivalents | $ 12,215,795 | $ 10,261,941 |
Interest receivable | 28 | 90 |
Other assets | 1,140 | 4,621 |
Equity in trading accounts: | ||
Commodity futures contracts | 347,429 | 233,979 |
Due from broker | 0 | 351,972 |
Total equity in trading accounts | 347,429 | 585,951 |
Total assets | 12,564,392 | 10,852,603 |
Liabilities | ||
Management fee payable to Sponsor | 10,609 | 9,918 |
Other liabilities | 2,695 | 16,290 |
Equity in trading accounts: | ||
Commodity futures contracts | 0 | 47,656 |
Due to broker | 237,908 | 0 |
Total equity in trading accounts | 237,908 | 47,656 |
Total liabilities | 251,212 | 73,864 |
Net assets | $ 12,313,180 | $ 10,778,739 |
Shares outstanding | 1,750,004 | 1,525,004 |
Shares authorized | 9,725,000 | 10,525,000 |
Net asset value per share | $ 7.04 | $ 7.07 |
Market value per share | $ 7.02 | $ 7.09 |
Teucrium Wheat Fund | ||
Assets | ||
Cash and cash equivalents | $ 51,467,643 | $ 63,300,447 |
Interest receivable | 71 | 7 |
Other assets | 4,209 | 13,454 |
Equity in trading accounts: | ||
Commodity futures contracts | 5,068,476 | 0 |
Due from broker | 0 | 5,867,925 |
Total equity in trading accounts | 5,068,476 | 5,867,925 |
Total assets | 56,540,399 | 69,181,833 |
Liabilities | ||
Management fee payable to Sponsor | 42,917 | 48,550 |
Payable for purchases of commercial paper | 0 | 9,969,591 |
Other liabilities | 2,876 | 28,419 |
Equity in trading accounts: | ||
Commodity futures contracts | 0 | 3,985,400 |
Due to broker | 4,258,410 | 0 |
Total equity in trading accounts | 4,258,410 | 3,985,400 |
Total liabilities | 4,304,203 | 14,031,960 |
Net assets | $ 52,236,196 | $ 55,149,873 |
Shares outstanding | 8,950,004 | 9,275,004 |
Shares authorized | 43,000,000 | 15,175,000 |
Net asset value per share | $ 5.84 | $ 5.95 |
Market value per share | $ 5.85 | $ 5.93 |
Teucrium Agricultural Fund | ||
Assets | ||
Cash and cash equivalents | $ 2,633 | $ 2,862 |
Interest receivable | 3 | 5 |
Equity in trading accounts: | ||
Investments in securities, at fair value (cost $1,908,649 and $2,021,172 as of December 31, 2019 and December 31, 2018, respectively) | 1,476,880 | 1,523,286 |
Total assets | 1,479,516 | 1,526,153 |
Liabilities | ||
Other liabilities | 736 | 1,393 |
Equity in trading accounts: | ||
Net assets | $ 1,478,780 | $ 1,524,760 |
Shares outstanding | 75,002 | 75,002 |
Shares authorized | 4,625,000 | 4,625,000 |
Net asset value per share | $ 19.72 | $ 20.33 |
Market value per share | $ 19.60 | $ 20.53 |
STATEMENTS OF ASSETS AND LIAB_2
STATEMENTS OF ASSETS AND LIABILITIES (Parenthetical) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Teucrium Agricultural Fund | ||
Investments at cost | $ 1,908,649 | $ 2,021,172 |
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | |
Teucrium Commodity Trust - Combined | Money Market Funds | Fidelity Institutional Money Market Funds - Government Portfolio | |||
Fair value | $ 3,060 | $ 3,262 | |
Percentage of net assets | 0.00% | 0.00% | |
Shares | 3,060 | 3,262 | |
Teucrium Commodity Trust - Combined | U.S. Treasury Obligations | U.S. Treasury Bills | |||
Fair value | [1],[2] | $ 6,611,271 | |
Percentage of net assets | [1],[2] | 3.94% | |
Principal amount | [1],[2] | $ 6,619,000 | |
Teucrium Commodity Trust - Combined | Commercial Paper | |||
Fair value | $ 69,915,031 | $ 87,348,180 | |
Percentage of net assets | 41.65% | 58.13% | |
Teucrium Commodity Trust - Combined | Commercial Paper | Broadcom Inc | |||
Fair value | $ 4,997,778 | ||
Percentage of net assets | 2.98% | ||
Principal amount | $ 5,000,000 | ||
Teucrium Commodity Trust - Combined | Commercial Paper | CNH Industrial Capital LLC One | |||
Fair value | $ 4,997,375 | ||
Percentage of net assets | 2.98% | ||
Principal amount | $ 5,000,000 | ||
Teucrium Commodity Trust - Combined | Commercial Paper | CNH Industrial Capital LLC Two | |||
Fair value | $ 4,998,716 | ||
Percentage of net assets | 2.98% | ||
Principal amount | $ 5,000,000 | ||
Teucrium Commodity Trust - Combined | Commercial Paper | Energy Transfer Operating, L.P. | |||
Fair value | $ 4,991,750 | ||
Percentage of net assets | 2.97% | ||
Principal amount | $ 5,000,000 | ||
Teucrium Commodity Trust - Combined | Commercial Paper | FMC Technologies, Inc. One | |||
Fair value | $ 12,477,333 | ||
Percentage of net assets | 7.43% | ||
Principal amount | $ 12,500,000 | ||
Teucrium Commodity Trust - Combined | Commercial Paper | FMC Technologies, Inc. Two | |||
Fair value | $ 4,981,945 | ||
Percentage of net assets | 2.97% | ||
Principal amount | $ 5,000,000 | ||
Teucrium Commodity Trust - Combined | Commercial Paper | FMC Technologies, Inc. Three | |||
Fair value | $ 2,499,872 | ||
Percentage of net assets | 1.49% | ||
Principal amount | $ 2,500,000 | ||
Teucrium Commodity Trust - Combined | Commercial Paper | General Motors Financial Company, Inc. One | |||
Fair value | $ 2,499,851 | ||
Percentage of net assets | 1.49% | ||
Principal amount | $ 2,500,000 | ||
Teucrium Commodity Trust - Combined | Commercial Paper | General Motors Financial Company, Inc. Two | |||
Fair value | $ 7,497,782 | ||
Percentage of net assets | 4.47% | ||
Principal amount | $ 7,500,000 | ||
Teucrium Commodity Trust - Combined | Commercial Paper | General Motors Financial Company, Inc. Three | |||
Fair value | $ 9,991,678 | ||
Percentage of net assets | 5.95% | ||
Principal amount | $ 10,000,000 | ||
Teucrium Commodity Trust - Combined | Commercial Paper | Jabil Inc. One | |||
Fair value | $ 2,491,421 | ||
Percentage of net assets | 1.48% | ||
Principal amount | $ 2,500,000 | ||
Teucrium Commodity Trust - Combined | Commercial Paper | Jabil Inc. Two | |||
Fair value | $ 2,491,864 | ||
Percentage of net assets | 1.48% | ||
Principal amount | $ 2,500,000 | ||
Teucrium Commodity Trust - Combined | Commercial Paper | Royal Caribbean Cruises Ltd. | |||
Fair value | $ 4,997,666 | ||
Percentage of net assets | 2.98% | ||
Principal amount | $ 5,000,000 | ||
Teucrium Commodity Trust - Combined | Commercial Paper | CNH Industrial Capital LLC | |||
Fair value | $ 9,993,500 | ||
Percentage of net assets | 6.65% | ||
Principal amount | $ 10,000,000 | ||
Teucrium Commodity Trust - Combined | Commercial Paper | General Motors Financial Company, Inc. | |||
Fair value | $ 4,976,278 | ||
Percentage of net assets | 3.31% | ||
Principal amount | $ 5,000,000 | ||
Teucrium Commodity Trust - Combined | Commercial Paper | Enable Midstream Partners, LP One | |||
Fair value | $ 2,498,056 | ||
Percentage of net assets | 1.66% | ||
Principal amount | $ 2,500,000 | ||
Teucrium Commodity Trust - Combined | Commercial Paper | Enable Midstream Partners, LP Two | |||
Fair value | $ 2,496,927 | ||
Percentage of net assets | 1.66% | ||
Principal amount | $ 2,500,000 | ||
Teucrium Commodity Trust - Combined | Commercial Paper | Enable Midstream Partners, LP Three | |||
Fair value | $ 4,996,588 | ||
Percentage of net assets | 3.33% | ||
Principal amount | $ 5,000,000 | ||
Teucrium Commodity Trust - Combined | Commercial Paper | Enable Midstream Partners, LP Four | |||
Fair value | $ 9,951,570 | ||
Percentage of net assets | 6.62% | ||
Principal amount | $ 10,000,000 | ||
Teucrium Commodity Trust - Combined | Commercial Paper | Enbridge Energy Partners, L.P. One | |||
Fair value | $ 2,498,169 | ||
Percentage of net assets | 1.66% | ||
Principal amount | $ 2,500,000 | ||
Teucrium Commodity Trust - Combined | Commercial Paper | Enbridge Energy Partners, L.P. Two | |||
Fair value | $ 4,994,264 | ||
Percentage of net assets | 3.32% | ||
Principal amount | $ 5,000,000 | ||
Teucrium Commodity Trust - Combined | Commercial Paper | Energy Transfer Operating, L.P. One | |||
Fair value | $ 4,998,842 | ||
Percentage of net assets | 3.33% | ||
Principal amount | $ 5,000,000 | ||
Teucrium Commodity Trust - Combined | Commercial Paper | Energy Transfer Operating, L.P. Two | |||
Fair value | $ 9,975,269 | ||
Percentage of net assets | 6.64% | ||
Principal amount | $ 10,000,000 | ||
Teucrium Commodity Trust - Combined | Commercial Paper | Ford Motor Credit Company LLC One | |||
Fair value | $ 4,999,278 | ||
Percentage of net assets | 3.33% | ||
Principal amount | $ 5,000,000 | ||
Teucrium Commodity Trust - Combined | Commercial Paper | Ford Motor Credit Company LLC Two | |||
Fair value | $ 4,993,744 | ||
Percentage of net assets | 3.32% | ||
Principal amount | $ 5,000,000 | ||
Teucrium Commodity Trust - Combined | Commercial Paper | Ford Motor Credit Company LLC Three | |||
Fair value | $ 2,493,050 | ||
Percentage of net assets | 1.66% | ||
Principal amount | $ 2,500,000 | ||
Teucrium Commodity Trust - Combined | Commercial Paper | Humana Inc. | |||
Fair value | $ 4,983,600 | ||
Percentage of net assets | 3.32% | ||
Principal amount | $ 5,000,000 | ||
Teucrium Commodity Trust - Combined | Commercial Paper | Royal Caribbean Cruises Ltd. One | |||
Fair value | $ 7,499,427 | ||
Percentage of net assets | 4.99% | ||
Principal amount | $ 7,500,000 | ||
Teucrium Commodity Trust - Combined | Commercial Paper | Royal Caribbean Cruises Ltd. Two | |||
Fair value | $ 4,999,618 | ||
Percentage of net assets | 3.33% | ||
Principal amount | $ 5,000,000 | ||
Teucrium Commodity Trust - Combined | Total Cash Equivalents | |||
Fair value | $ 76,529,362 | $ 87,351,442 | |
Percentage of net assets | 45.59% | 58.13% | |
Teucrium Commodity Trust - Combined | Commodity Futures Contracts (Assets) | |||
Fair value | $ 7,712,856 | $ 569,742 | |
Percentage of net assets | 4.60% | 0.38% | |
Notional amount | $ 141,606,674 | $ 36,469,024 | |
Teucrium Commodity Trust - Combined | Commodity Futures Contracts (Assets) | CBOT Corn Futures One | |||
Fair value | $ 583,610 | $ 107,363 | |
Percentage of net assets | 0.35% | 0.07% | |
Notional amount | $ 26,329,825 | $ 19,724,500 | |
Teucrium Commodity Trust - Combined | Commodity Futures Contracts (Assets) | CBOT Corn Futures Two | |||
Fair value | $ 781,445 | ||
Percentage of net assets | 0.47% | ||
Notional amount | $ 22,576,300 | ||
Teucrium Commodity Trust - Combined | Commodity Futures Contracts (Assets) | CBOT Soybean Futures One | |||
Fair value | $ 345,319 | $ 228,400 | |
Percentage of net assets | 0.21% | 0.15% | |
Notional amount | $ 9,889,425 | $ 9,755,500 | |
Teucrium Commodity Trust - Combined | Commodity Futures Contracts (Assets) | CBOT Soybean Futures Two | |||
Fair value | $ 247,987 | ||
Percentage of net assets | 0.15% | ||
Notional amount | $ 8,476,563 | ||
Teucrium Commodity Trust - Combined | Commodity Futures Contracts (Assets) | CBOT Soybean Futures Three | |||
Fair value | $ 338,590 | ||
Percentage of net assets | 0.20% | ||
Notional amount | $ 9,787,500 | ||
Teucrium Commodity Trust - Combined | Commodity Futures Contracts (Assets) | ICE Sugar Futures One | |||
Fair value | $ 88,865 | $ 29,254 | |
Percentage of net assets | 0.05% | 0.02% | |
Notional amount | $ 4,306,803 | $ 3,767,456 | |
Teucrium Commodity Trust - Combined | Commodity Futures Contracts (Assets) | ICE Sugar Futures Two | |||
Fair value | $ 223,677 | $ 204,725 | |
Percentage of net assets | 0.13% | 0.14% | |
Notional amount | $ 3,687,107 | $ 3,221,568 | |
Teucrium Commodity Trust - Combined | Commodity Futures Contracts (Assets) | ICE Sugar Futures Three | |||
Fair value | $ 34,887 | ||
Percentage of net assets | 0.02% | ||
Notional amount | $ 4,316,301 | ||
Teucrium Commodity Trust - Combined | Commodity Futures Contracts (Assets) | CBOT Wheat Futures One | |||
Fair value | $ 2,113,350 | ||
Percentage of net assets | 1.26% | ||
Notional amount | $ 18,256,875 | ||
Teucrium Commodity Trust - Combined | Commodity Futures Contracts (Assets) | CBOT Wheat Futures Two | |||
Fair value | $ 892,498 | ||
Percentage of net assets | 0.53% | ||
Notional amount | $ 15,665,300 | ||
Teucrium Commodity Trust - Combined | Commodity Futures Contracts (Assets) | CBOT Wheat Futures Three | |||
Fair value | $ 2,062,628 | ||
Percentage of net assets | 1.23% | ||
Notional amount | $ 18,314,675 | ||
Teucrium Commodity Trust - Combined | Commodity Futures Contracts (Liabilities) | |||
Fair value | $ 5,369,594 | ||
Percentage of net assets | 3.56% | ||
Notional amount | $ 113,761,747 | ||
Teucrium Commodity Trust - Combined | Commodity Futures Contracts (Liabilities) | CBOT Corn Futures One | |||
Fair value | $ 581,574 | $ 348,200 | |
Percentage of net assets | 0.35% | 0.23% | |
Notional amount | $ 26,323,500 | $ 16,919,475 | |
Teucrium Commodity Trust - Combined | Commodity Futures Contracts (Liabilities) | CBOT Corn Futures Two | |||
Fair value | $ 949,088 | ||
Percentage of net assets | 0.63% | ||
Notional amount | $ 19,735,875 | ||
Teucrium Commodity Trust - Combined | Commodity Futures Contracts (Liabilities) | CBOT Soybean Futures One | |||
Fair value | $ 35,688 | ||
Percentage of net assets | 0.02% | ||
Notional amount | $ 8,396,688 | ||
Teucrium Commodity Trust - Combined | Commodity Futures Contracts (Liabilities) | CBOT Soybean Futures Two | |||
Fair value | $ 3,562 | ||
Percentage of net assets | 0.00% | ||
Notional amount | $ 9,773,363 | ||
Teucrium Commodity Trust - Combined | Commodity Futures Contracts (Liabilities) | ICE Sugar Futures One | |||
Fair value | $ 47,656 | ||
Percentage of net assets | 0.03% | ||
Notional amount | $ 3,785,096 | ||
Teucrium Commodity Trust - Combined | Commodity Futures Contracts (Liabilities) | CBOT Wheat Futures One | |||
Fair value | $ 1,367,838 | ||
Percentage of net assets | 0.91% | ||
Notional amount | $ 19,296,900 | ||
Teucrium Commodity Trust - Combined | Commodity Futures Contracts (Liabilities) | CBOT Wheat Futures Two | |||
Fair value | $ 544,812 | ||
Percentage of net assets | 0.36% | ||
Notional amount | $ 16,514,225 | ||
Teucrium Commodity Trust - Combined | Commodity Futures Contracts (Liabilities) | CBOT Wheat Futures Three | |||
Fair value | $ 2,072,750 | ||
Percentage of net assets | 1.38% | ||
Notional amount | $ 19,340,125 | ||
Teucrium Commodity Trust - Combined | Exchange Traded Funds | |||
Fair value | $ 1,476,880 | $ 1,523,286 | |
Percentage of net assets | 0.87% | 1.02% | |
Teucrium Commodity Trust - Combined | Exchange Traded Funds | Teucrium Corn Fund | |||
Fair value | $ 360,286 | $ 383,506 | |
Percentage of net assets | 0.21% | 0.26% | |
Shares | [3] | 24,308 | 23,808 |
Teucrium Commodity Trust - Combined | Exchange Traded Funds | Teucrium Soybean Fund | |||
Fair value | $ 371,397 | $ 381,970 | |
Percentage of net assets | 0.22% | 0.25% | |
Shares | [3] | 23,431 | 23,581 |
Teucrium Commodity Trust - Combined | Exchange Traded Funds | Teucrium Sugar Fund | |||
Fair value | $ 373,786 | $ 374,067 | |
Percentage of net assets | 0.22% | 0.25% | |
Shares | [3] | 53,124 | 52,924 |
Teucrium Commodity Trust - Combined | Exchange Traded Funds | Teucrium Wheat Fund | |||
Fair value | $ 371,411 | $ 383,743 | |
Percentage of net assets | 0.22% | 0.26% | |
Shares | [3] | 63,637 | 64,537 |
Teucrium Corn Fund | Money Market Funds | Fidelity Institutional Money Market Funds - Government Portfolio | |||
Fair value | $ 102 | $ 100 | |
Percentage of net assets | 0.00% | 0.00% | |
Shares | 102 | 100 | |
Teucrium Corn Fund | U.S. Treasury Obligations | U.S. Treasury Bills | |||
Fair value | [1],[2] | $ 3,264,182 | |
Percentage of net assets | [1],[2] | 4.34% | |
Principal amount | [1],[2] | $ 3,268,000 | |
Teucrium Corn Fund | Commercial Paper | |||
Fair value | $ 34,953,236 | $ 34,935,697 | |
Percentage of net assets | 46.47% | 61.97% | |
Teucrium Corn Fund | Commercial Paper | Broadcom Inc | |||
Fair value | $ 4,997,778 | ||
Percentage of net assets | 6.65% | ||
Principal amount | $ 5,000,000 | ||
Teucrium Corn Fund | Commercial Paper | Energy Transfer Operating, L.P. | |||
Fair value | $ 2,493,817 | ||
Percentage of net assets | 4.42% | ||
Principal amount | $ 2,500,000 | ||
Teucrium Corn Fund | Commercial Paper | FMC Technologies, Inc. One | |||
Fair value | $ 4,990,933 | ||
Percentage of net assets | 6.64% | ||
Principal amount | $ 5,000,000 | ||
Teucrium Corn Fund | Commercial Paper | FMC Technologies, Inc. Two | |||
Fair value | $ 4,981,945 | ||
Percentage of net assets | 6.62% | ||
Principal amount | $ 5,000,000 | ||
Teucrium Corn Fund | Commercial Paper | General Motors Financial Company, Inc. One | |||
Fair value | $ 2,499,851 | ||
Percentage of net assets | 3.32% | ||
Principal amount | $ 2,500,000 | ||
Teucrium Corn Fund | Commercial Paper | General Motors Financial Company, Inc. Two | |||
Fair value | $ 2,499,261 | ||
Percentage of net assets | 3.32% | ||
Principal amount | $ 2,500,000 | ||
Teucrium Corn Fund | Commercial Paper | General Motors Financial Company, Inc. Three | |||
Fair value | $ 4,995,839 | ||
Percentage of net assets | 6.64% | ||
Principal amount | $ 5,000,000 | ||
Teucrium Corn Fund | Commercial Paper | Royal Caribbean Cruises Ltd. | |||
Fair value | $ 2,498,833 | ||
Percentage of net assets | 3.32% | ||
Principal amount | $ 2,500,000 | ||
Teucrium Corn Fund | Commercial Paper | CNH Industrial Capital LLC | |||
Fair value | $ 4,997,375 | $ 4,996,750 | |
Percentage of net assets | 6.65% | 8.86% | |
Principal amount | $ 5,000,000 | $ 5,000,000 | |
Teucrium Corn Fund | Commercial Paper | Jabil Inc. | |||
Fair value | $ 2,491,421 | ||
Percentage of net assets | 3.31% | ||
Principal amount | $ 2,500,000 | ||
Teucrium Corn Fund | Commercial Paper | General Motors Financial Company, Inc. | |||
Fair value | $ 2,488,139 | ||
Percentage of net assets | 4.41% | ||
Principal amount | $ 2,500,000 | ||
Teucrium Corn Fund | Commercial Paper | Enable Midstream Partners, LP One | |||
Fair value | $ 2,498,056 | ||
Percentage of net assets | 4.43% | ||
Principal amount | $ 2,500,000 | ||
Teucrium Corn Fund | Commercial Paper | Enable Midstream Partners, LP Two | |||
Fair value | $ 2,496,927 | ||
Percentage of net assets | 4.43% | ||
Principal amount | $ 2,500,000 | ||
Teucrium Corn Fund | Commercial Paper | Enable Midstream Partners, LP Three | |||
Fair value | $ 2,498,294 | ||
Percentage of net assets | 4.43% | ||
Principal amount | $ 2,500,000 | ||
Teucrium Corn Fund | Commercial Paper | Enable Midstream Partners, LP Four | |||
Fair value | $ 4,975,785 | ||
Percentage of net assets | 8.83% | ||
Principal amount | $ 5,000,000 | ||
Teucrium Corn Fund | Commercial Paper | Ford Motor Credit Company LLC One | |||
Fair value | $ 2,499,639 | ||
Percentage of net assets | 4.43% | ||
Principal amount | $ 2,500,000 | ||
Teucrium Corn Fund | Commercial Paper | Ford Motor Credit Company LLC Two | |||
Fair value | $ 2,496,872 | ||
Percentage of net assets | 4.43% | ||
Principal amount | $ 2,500,000 | ||
Teucrium Corn Fund | Commercial Paper | Humana Inc. | |||
Fair value | $ 2,491,800 | ||
Percentage of net assets | 4.42% | ||
Principal amount | $ 2,500,000 | ||
Teucrium Corn Fund | Commercial Paper | Royal Caribbean Cruises Ltd. One | |||
Fair value | $ 2,499,809 | ||
Percentage of net assets | 4.44% | ||
Principal amount | $ 2,500,000 | ||
Teucrium Corn Fund | Commercial Paper | Royal Caribbean Cruises Ltd. Two | |||
Fair value | $ 2,499,809 | ||
Percentage of net assets | 4.44% | ||
Principal amount | $ 2,500,000 | ||
Teucrium Corn Fund | Total Cash Equivalents | |||
Fair value | $ 38,217,520 | $ 34,935,797 | |
Percentage of net assets | 50.81% | 61.97% | |
Teucrium Corn Fund | Commodity Futures Contracts (Assets) | |||
Fair value | $ 1,365,055 | ||
Percentage of net assets | 1.81% | ||
Notional amount | $ 48,906,125 | ||
Teucrium Corn Fund | Commodity Futures Contracts (Assets) | CBOT Corn Futures One | |||
Fair value | $ 583,610 | $ 107,363 | |
Percentage of net assets | 0.77% | 0.19% | |
Notional amount | $ 26,329,825 | $ 19,724,500 | |
Teucrium Corn Fund | Commodity Futures Contracts (Assets) | CBOT Corn Futures Two | |||
Fair value | $ 781,445 | ||
Percentage of net assets | 1.04% | ||
Notional amount | $ 22,576,300 | ||
Teucrium Corn Fund | Commodity Futures Contracts (Liabilities) | |||
Fair value | $ 1,297,288 | ||
Percentage of net assets | 2.30% | ||
Notional amount | $ 36,655,350 | ||
Teucrium Corn Fund | Commodity Futures Contracts (Liabilities) | CBOT Corn Futures One | |||
Fair value | $ 581,574 | $ 348,200 | |
Percentage of net assets | 0.77% | 0.62% | |
Notional amount | $ 26,323,500 | $ 16,919,475 | |
Teucrium Corn Fund | Commodity Futures Contracts (Liabilities) | CBOT Corn Futures Two | |||
Fair value | $ 949,088 | ||
Percentage of net assets | 1.68% | ||
Notional amount | $ 19,735,875 | ||
Teucrium Soybean Fund | Money Market Funds | Fidelity Institutional Money Market Funds - Government Portfolio | |||
Fair value | $ 103 | $ 100 | |
Percentage of net assets | 0.00% | 0.00% | |
Shares | 103 | 100 | |
Teucrium Soybean Fund | U.S. Treasury Obligations | U.S. Treasury Bills | |||
Fair value | [1],[2] | $ 715,165 | |
Percentage of net assets | [1],[2] | 2.54% | |
Principal amount | [1],[2] | $ 716,000 | |
Teucrium Soybean Fund | Commercial Paper | |||
Fair value | $ 12,481,824 | $ 12,492,518 | |
Percentage of net assets | 44.37% | 44.71% | |
Teucrium Soybean Fund | Commercial Paper | Energy Transfer Operating, L.P. | |||
Fair value | $ 2,495,875 | ||
Percentage of net assets | 8.87% | ||
Principal amount | $ 2,500,000 | ||
Teucrium Soybean Fund | Commercial Paper | CNH Industrial Capital LLC | |||
Fair value | $ 2,499,358 | $ 2,498,375 | |
Percentage of net assets | 8.89% | 8.94% | |
Principal amount | $ 2,500,000 | $ 2,500,000 | |
Teucrium Soybean Fund | Commercial Paper | Jabil Inc. | |||
Fair value | $ 2,491,864 | ||
Percentage of net assets | 8.86% | ||
Principal amount | $ 2,500,000 | ||
Teucrium Soybean Fund | Commercial Paper | General Motors Financial Company, Inc. | |||
Fair value | $ 2,499,260 | ||
Percentage of net assets | 8.88% | ||
Principal amount | $ 2,500,000 | ||
Teucrium Soybean Fund | Commercial Paper | FMC Technologies, Inc. | |||
Fair value | $ 2,495,467 | ||
Percentage of net assets | 8.87% | ||
Principal amount | $ 2,500,000 | ||
Teucrium Soybean Fund | Commercial Paper | Enbridge Energy Partners, L.P. Two | |||
Fair value | $ 2,497,132 | ||
Percentage of net assets | 8.94% | ||
Principal amount | $ 2,500,000 | ||
Teucrium Soybean Fund | Commercial Paper | Energy Transfer Operating, L.P. One | |||
Fair value | $ 4,998,842 | ||
Percentage of net assets | 17.89% | ||
Principal amount | $ 5,000,000 | ||
Teucrium Soybean Fund | Commercial Paper | Enbridge Energy Partners, L.P. | |||
Fair value | $ 2,498,169 | ||
Percentage of net assets | 8.94% | ||
Principal amount | $ 2,500,000 | ||
Teucrium Soybean Fund | Total Cash Equivalents | |||
Fair value | $ 13,197,092 | $ 12,492,618 | |
Percentage of net assets | 46.91% | 44.71% | |
Teucrium Soybean Fund | Commodity Futures Contracts (Assets) | |||
Fair value | $ 931,896 | ||
Percentage of net assets | 3.31% | ||
Notional amount | $ 28,153,488 | ||
Teucrium Soybean Fund | Commodity Futures Contracts (Assets) | CBOT Soybean Futures One | |||
Fair value | $ 345,319 | $ 228,400 | |
Percentage of net assets | 1.23% | 0.82% | |
Notional amount | $ 9,889,425 | $ 9,755,500 | |
Teucrium Soybean Fund | Commodity Futures Contracts (Assets) | CBOT Soybean Futures Two | |||
Fair value | $ 247,987 | ||
Percentage of net assets | 0.88% | ||
Notional amount | $ 8,476,563 | ||
Teucrium Soybean Fund | Commodity Futures Contracts (Assets) | CBOT Soybean Futures Three | |||
Fair value | $ 338,590 | ||
Percentage of net assets | 1.20% | ||
Notional amount | $ 9,787,500 | ||
Teucrium Soybean Fund | Commodity Futures Contracts (Liabilities) | |||
Fair value | $ 39,250 | ||
Percentage of net assets | 0.14% | ||
Notional amount | $ 18,170,051 | ||
Teucrium Soybean Fund | Commodity Futures Contracts (Liabilities) | CBOT Soybean Futures One | |||
Fair value | $ 35,688 | ||
Percentage of net assets | 0.13% | ||
Notional amount | $ 8,396,688 | ||
Teucrium Soybean Fund | Commodity Futures Contracts (Liabilities) | CBOT Soybean Futures Two | |||
Fair value | $ 3,562 | ||
Percentage of net assets | 0.01% | ||
Notional amount | $ 9,773,363 | ||
Teucrium Sugar Fund | Money Market Funds | Fidelity Institutional Money Market Funds - Government Portfolio | |||
Fair value | $ 103 | $ 100 | |
Percentage of net assets | 0.00% | 0.00% | |
Shares | 103 | 100 | |
Teucrium Sugar Fund | U.S. Treasury Obligations | U.S. Treasury Bills | |||
Fair value | [1],[2] | $ 683,196 | |
Percentage of net assets | [1],[2] | 5.55% | |
Principal amount | [1],[2] | $ 684,000 | |
Teucrium Sugar Fund | Commercial Paper | FMC Technologies, Inc. | |||
Fair value | $ 2,499,872 | ||
Percentage of net assets | 20.30% | ||
Principal amount | $ 2,500,000 | ||
Teucrium Sugar Fund | Commercial Paper | Enbridge Energy Partners, L.P. | |||
Fair value | $ 2,497,132 | ||
Percentage of net assets | 23.17% | ||
Principal amount | $ 2,500,000 | ||
Teucrium Sugar Fund | Total Cash Equivalents | |||
Fair value | $ 3,183,171 | $ 2,497,232 | |
Percentage of net assets | 25.85% | 23.17% | |
Teucrium Sugar Fund | Commodity Futures Contracts (Assets) | |||
Fair value | $ 347,429 | $ 233,979 | |
Percentage of net assets | 2.82% | 2.17% | |
Notional amount | $ 12,310,211 | $ 6,989,024 | |
Teucrium Sugar Fund | Commodity Futures Contracts (Assets) | ICE Sugar Futures One | |||
Fair value | $ 88,865 | $ 29,254 | |
Percentage of net assets | 0.72% | 0.27% | |
Notional amount | $ 4,306,803 | $ 3,221,568 | |
Teucrium Sugar Fund | Commodity Futures Contracts (Assets) | ICE Sugar Futures Two | |||
Fair value | $ 223,677 | $ 204,725 | |
Percentage of net assets | 1.82% | 1.90% | |
Notional amount | $ 3,687,107 | $ 3,221,568 | |
Teucrium Sugar Fund | Commodity Futures Contracts (Assets) | ICE Sugar Futures Three | |||
Fair value | $ 34,887 | ||
Percentage of net assets | 0.28% | ||
Notional amount | $ 4,316,301 | ||
Teucrium Sugar Fund | Commodity Futures Contracts (Liabilities) | ICE Sugar Futures One | |||
Fair value | $ 47,656 | ||
Percentage of net assets | 0.44% | ||
Notional amount | $ 3,785,096 | ||
Teucrium Wheat Fund | Money Market Funds | Fidelity Institutional Money Market Funds - Government Portfolio | |||
Fair value | $ 119 | $ 100 | |
Percentage of net assets | 0.00% | 0.00% | |
Shares | 119 | 100 | |
Teucrium Wheat Fund | U.S. Treasury Obligations | U.S. Treasury Bills | |||
Fair value | [1],[2] | $ 1,948,728 | |
Percentage of net assets | [1],[2] | 3.73% | |
Principal amount | [1],[2] | $ 1,951,000 | |
Teucrium Wheat Fund | Commercial Paper | |||
Fair value | $ 19,980,099 | $ 37,422,833 | |
Percentage of net assets | 38.25% | 67.86% | |
Teucrium Wheat Fund | Commercial Paper | Energy Transfer Operating, L.P. | |||
Fair value | $ 2,495,875 | $ 7,481,452 | |
Percentage of net assets | 4.78% | 13.57% | |
Principal amount | $ 2,500,000 | $ 7,500,000 | |
Teucrium Wheat Fund | Commercial Paper | General Motors Financial Company, Inc. One | |||
Fair value | $ 2,499,261 | ||
Percentage of net assets | 4.78% | ||
Principal amount | $ 2,500,000 | ||
Teucrium Wheat Fund | Commercial Paper | General Motors Financial Company, Inc. Two | |||
Fair value | $ 4,995,839 | ||
Percentage of net assets | 9.56% | ||
Principal amount | $ 5,000,000 | ||
Teucrium Wheat Fund | Commercial Paper | Royal Caribbean Cruises Ltd. | |||
Fair value | $ 2,498,833 | ||
Percentage of net assets | 4.78% | ||
Principal amount | $ 2,500,000 | ||
Teucrium Wheat Fund | Commercial Paper | CNH Industrial Capital LLC | |||
Fair value | $ 2,499,358 | $ 2,498,375 | |
Percentage of net assets | 4.79% | 4.53% | |
Principal amount | $ 2,500,000 | $ 2,500,000 | |
Teucrium Wheat Fund | Commercial Paper | General Motors Financial Company, Inc. | |||
Fair value | $ 2,488,139 | ||
Percentage of net assets | 4.51% | ||
Principal amount | $ 2,500,000 | ||
Teucrium Wheat Fund | Commercial Paper | FMC Technologies, Inc. | |||
Fair value | $ 4,990,933 | ||
Percentage of net assets | 9.56% | ||
Principal amount | $ 5,000,000 | ||
Teucrium Wheat Fund | Commercial Paper | Enable Midstream Partners, LP One | |||
Fair value | $ 2,498,294 | ||
Percentage of net assets | 4.53% | ||
Principal amount | $ 2,500,000 | ||
Teucrium Wheat Fund | Commercial Paper | Enable Midstream Partners, LP Two | |||
Fair value | $ 4,975,785 | ||
Percentage of net assets | 9.02% | ||
Principal amount | $ 5,000,000 | ||
Teucrium Wheat Fund | Commercial Paper | Ford Motor Credit Company LLC One | |||
Fair value | $ 2,499,639 | ||
Percentage of net assets | 4.53% | ||
Principal amount | $ 2,500,000 | ||
Teucrium Wheat Fund | Commercial Paper | Ford Motor Credit Company LLC Two | |||
Fair value | $ 2,496,872 | ||
Percentage of net assets | 4.53% | ||
Principal amount | $ 2,500,000 | ||
Teucrium Wheat Fund | Commercial Paper | Ford Motor Credit Company LLC Three | |||
Fair value | $ 2,493,050 | ||
Percentage of net assets | 4.52% | ||
Principal amount | $ 2,500,000 | ||
Teucrium Wheat Fund | Commercial Paper | Humana Inc. | |||
Fair value | $ 2,491,800 | ||
Percentage of net assets | 4.52% | ||
Principal amount | $ 2,500,000 | ||
Teucrium Wheat Fund | Commercial Paper | Royal Caribbean Cruises Ltd. One | |||
Fair value | $ 4,999,618 | ||
Percentage of net assets | 9.07% | ||
Principal amount | $ 5,000,000 | ||
Teucrium Wheat Fund | Commercial Paper | Royal Caribbean Cruises Ltd. Two | |||
Fair value | $ 2,499,809 | ||
Percentage of net assets | 4.53% | ||
Principal amount | $ 2,500,000 | ||
Teucrium Wheat Fund | Total Cash Equivalents | |||
Fair value | $ 21,928,946 | $ 37,422,933 | |
Percentage of net assets | 41.98% | 67.86% | |
Teucrium Wheat Fund | Commodity Futures Contracts (Assets) | |||
Fair value | $ 5,068,476 | ||
Percentage of net assets | 9.70% | ||
Notional amount | $ 52,236,850 | ||
Teucrium Wheat Fund | Commodity Futures Contracts (Assets) | CBOT Wheat Futures One | |||
Fair value | $ 2,113,350 | ||
Percentage of net assets | 4.04% | ||
Notional amount | $ 18,256,875 | ||
Teucrium Wheat Fund | Commodity Futures Contracts (Assets) | CBOT Wheat Futures Two | |||
Fair value | $ 892,498 | ||
Percentage of net assets | 1.71% | ||
Notional amount | $ 15,665,300 | ||
Teucrium Wheat Fund | Commodity Futures Contracts (Assets) | CBOT Wheat Futures Three | |||
Fair value | $ 2,062,628 | ||
Percentage of net assets | 3.95% | ||
Notional amount | $ 18,314,675 | ||
Teucrium Wheat Fund | Commodity Futures Contracts (Liabilities) | |||
Fair value | $ 3,985,400 | ||
Percentage of net assets | 7.23% | ||
Notional amount | $ 55,151,250 | ||
Teucrium Wheat Fund | Commodity Futures Contracts (Liabilities) | CBOT Wheat Futures One | |||
Fair value | $ 1,367,838 | ||
Percentage of net assets | 2.48% | ||
Notional amount | $ 19,296,900 | ||
Teucrium Wheat Fund | Commodity Futures Contracts (Liabilities) | CBOT Wheat Futures Two | |||
Fair value | $ 544,812 | ||
Percentage of net assets | 0.99% | ||
Notional amount | $ 16,514,225 | ||
Teucrium Wheat Fund | Commodity Futures Contracts (Liabilities) | CBOT Wheat Futures Three | |||
Fair value | $ 2,072,750 | ||
Percentage of net assets | 3.76% | ||
Notional amount | $ 19,340,125 | ||
Teucrium Agricultural Fund | |||
Fair value | 1,476,880 | 1,523,286 | |
Teucrium Agricultural Fund | Money Market Funds | Fidelity Institutional Money Market Funds - Government Portfolio | |||
Fair value | $ 2,633 | $ 2,862 | |
Percentage of net assets | 0.18% | 0.19% | |
Shares | 2,633 | 2,862 | |
Teucrium Agricultural Fund | Exchange Traded Funds | |||
Fair value | $ 1,476,880 | $ 1,523,286 | |
Percentage of net assets | 99.87% | 99.90% | |
Teucrium Agricultural Fund | Exchange Traded Funds | Teucrium Corn Fund | |||
Fair value | $ 360,286 | $ 383,506 | |
Percentage of net assets | 24.36% | 25.15% | |
Shares | 24,308 | 23,808 | |
Teucrium Agricultural Fund | Exchange Traded Funds | Teucrium Soybean Fund | |||
Fair value | $ 371,397 | $ 381,970 | |
Percentage of net assets | 25.11% | 25.05% | |
Shares | 23,431 | 23,581 | |
Teucrium Agricultural Fund | Exchange Traded Funds | Teucrium Sugar Fund | |||
Fair value | $ 373,786 | $ 374,067 | |
Percentage of net assets | 25.28% | 24.53% | |
Shares | 53,124 | 52,924 | |
Teucrium Agricultural Fund | Exchange Traded Funds | Teucrium Wheat Fund | |||
Fair value | $ 371,411 | $ 383,743 | |
Percentage of net assets | 25.12% | 25.17% | |
Shares | 63,637 | 64,537 | |
[1] | Discount yield at the time of purchase inclusive of collateral fees. | ||
[2] | The security is held by the broker as collateral for open futures contracts. | ||
[3] | The Trust eliminates the shares owned by the Teucrium Agricultural Fund from its combined statements of assets and liabilities due to the fact that these represent holdings of the Underlying Funds owned by the Teucrium Agricultural Fund, which are included as shares outstanding of the Underlying Funds. |
SCHEDULE OF INVESTMENTS (Parent
SCHEDULE OF INVESTMENTS (Parenthetical) | Dec. 31, 2019USD ($)Contracts | Dec. 31, 2018USD ($)Contracts |
Teucrium Commodity Trust - Combined | Money Market Funds | Fidelity Institutional Money Market Funds - Government Portfolio | ||
Investment interest rate | 1.50% | 2.24% |
Investment at cost | $ 3,060 | $ 3,262 |
Teucrium Commodity Trust - Combined | U.S. Treasury Obligations | U.S. Treasury Bills | ||
Investment interest rate | 1.53% | |
Investment at cost | $ 6,609,673 | |
Investment maturity date | Jan. 30, 2020 | |
Teucrium Commodity Trust - Combined | Commercial Paper | ||
Investment at cost | $ 69,697,514 | $ 87,092,665 |
Teucrium Commodity Trust - Combined | Commercial Paper | Broadcom Inc | ||
Investment interest rate | 2.01% | |
Investment at cost | $ 4,984,445 | |
Investment maturity date | Jan. 9, 2020 | |
Teucrium Commodity Trust - Combined | Commercial Paper | CNH Industrial Capital LLC One | ||
Investment interest rate | 2.12% | |
Investment at cost | $ 4,975,210 | |
Investment maturity date | Jan. 10, 2020 | |
Teucrium Commodity Trust - Combined | Commercial Paper | CNH Industrial Capital LLC Two | ||
Investment interest rate | 1.86% | |
Investment at cost | $ 4,987,924 | |
Investment maturity date | Jan. 6, 2020 | |
Teucrium Commodity Trust - Combined | Commercial Paper | Energy Transfer Operating, L.P. | ||
Investment interest rate | 1.99% | |
Investment at cost | $ 4,987,626 | |
Investment maturity date | Jan. 31, 2020 | |
Teucrium Commodity Trust - Combined | Commercial Paper | FMC Technologies, Inc. One | ||
Investment interest rate | 1.93% | |
Investment at cost | $ 12,440,666 | |
Investment maturity date | Feb. 4, 2020 | |
Teucrium Commodity Trust - Combined | Commercial Paper | FMC Technologies, Inc. Two | ||
Investment interest rate | 2.01% | |
Investment at cost | $ 4,977,779 | |
Investment maturity date | Mar. 6, 2020 | |
Teucrium Commodity Trust - Combined | Commercial Paper | FMC Technologies, Inc. Three | ||
Investment interest rate | 1.86% | |
Investment at cost | $ 2,494,476 | |
Investment maturity date | Jan. 2, 2020 | |
Teucrium Commodity Trust - Combined | Commercial Paper | General Motors Financial Company, Inc. One | ||
Investment interest rate | 2.17% | |
Investment at cost | $ 2,486,562 | |
Investment maturity date | Jan. 2, 2020 | |
Teucrium Commodity Trust - Combined | Commercial Paper | General Motors Financial Company, Inc. Two | ||
Investment interest rate | 2.15% | |
Investment at cost | $ 7,461,393 | |
Investment maturity date | Jan. 6, 2020 | |
Teucrium Commodity Trust - Combined | Commercial Paper | General Motors Financial Company, Inc. Three | ||
Investment interest rate | 2.16% | |
Investment at cost | $ 9,947,094 | |
Investment maturity date | Jan. 15, 2020 | |
Teucrium Commodity Trust - Combined | Commercial Paper | Jabil Inc. One | ||
Investment interest rate | 2.15% | |
Investment at cost | $ 2,489,202 | |
Investment maturity date | Feb. 28, 2020 | |
Teucrium Commodity Trust - Combined | Commercial Paper | Jabil Inc. Two | ||
Investment interest rate | 2.03% | |
Investment at cost | $ 2,488,637 | |
Investment maturity date | Feb. 28, 2020 | |
Teucrium Commodity Trust - Combined | Commercial Paper | Royal Caribbean Cruises Ltd. | ||
Investment interest rate | 2.12% | |
Investment at cost | $ 4,975,500 | |
Investment maturity date | Jan. 9, 2020 | |
Teucrium Commodity Trust - Combined | Commercial Paper | CNH Industrial Capital LLC | ||
Investment interest rate | 2.63% | |
Investment at cost | $ 9,939,333 | |
Investment maturity date | Jan. 10, 2019 | |
Teucrium Commodity Trust - Combined | Commercial Paper | General Motors Financial Company, Inc. | ||
Investment interest rate | 2.83% | |
Investment at cost | $ 4,976,278 | |
Investment maturity date | Mar. 5, 2019 | |
Teucrium Commodity Trust - Combined | Commercial Paper | Enable Midstream Partners, LP One | ||
Investment interest rate | 2.83% | |
Investment at cost | $ 2,484,445 | |
Investment maturity date | Jan. 11, 2019 | |
Teucrium Commodity Trust - Combined | Commercial Paper | Enable Midstream Partners, LP Two | ||
Investment interest rate | 2.98% | |
Investment at cost | $ 2,488,528 | |
Investment maturity date | Jan. 16, 2019 | |
Teucrium Commodity Trust - Combined | Commercial Paper | Enable Midstream Partners, LP Three | ||
Investment interest rate | 2.75% | |
Investment at cost | $ 4,982,938 | |
Investment maturity date | Jan. 10, 2019 | |
Teucrium Commodity Trust - Combined | Commercial Paper | Enable Midstream Partners, LP Four | ||
Investment interest rate | 3.04% | |
Investment at cost | $ 9,924,850 | |
Investment maturity date | Feb. 28, 2019 | |
Teucrium Commodity Trust - Combined | Commercial Paper | Enbridge Energy Partners, L.P. One | ||
Investment interest rate | 2.96% | |
Investment at cost | $ 2,490,844 | |
Investment maturity date | Jan. 10, 2019 | |
Teucrium Commodity Trust - Combined | Commercial Paper | Enbridge Energy Partners, L.P. Two | ||
Investment interest rate | 2.98% | |
Investment at cost | $ 4,983,612 | |
Investment maturity date | Jan. 15, 2019 | |
Teucrium Commodity Trust - Combined | Commercial Paper | Energy Transfer Operating, L.P. One | ||
Investment interest rate | 2.80% | |
Investment at cost | $ 4,986,486 | |
Investment maturity date | Jan. 4, 2019 | |
Teucrium Commodity Trust - Combined | Commercial Paper | Energy Transfer Operating, L.P. Two | ||
Investment interest rate | 3.10% | |
Investment at cost | $ 9,975,269 | |
Investment maturity date | Jan. 31, 2019 | |
Teucrium Commodity Trust - Combined | Commercial Paper | Ford Motor Credit Company LLC One | ||
Investment interest rate | 2.63% | |
Investment at cost | $ 4,967,500 | |
Investment maturity date | Jan. 3, 2019 | |
Teucrium Commodity Trust - Combined | Commercial Paper | Ford Motor Credit Company LLC Two | ||
Investment interest rate | 2.68% | |
Investment at cost | $ 4,967,612 | |
Investment maturity date | Jan. 18, 2019 | |
Teucrium Commodity Trust - Combined | Commercial Paper | Ford Motor Credit Company LLC Three | ||
Investment interest rate | 2.81% | |
Investment at cost | $ 2,483,783 | |
Investment maturity date | Feb. 6, 2019 | |
Teucrium Commodity Trust - Combined | Commercial Paper | Humana Inc. | ||
Investment interest rate | 2.91% | |
Investment at cost | $ 4,969,200 | |
Investment maturity date | Feb. 11, 2019 | |
Teucrium Commodity Trust - Combined | Commercial Paper | Royal Caribbean Cruises Ltd. One | ||
Investment interest rate | 2.73% | |
Investment at cost | $ 7,483,063 | |
Investment maturity date | Jan. 2, 2019 | |
Teucrium Commodity Trust - Combined | Commercial Paper | Royal Caribbean Cruises Ltd. Two | ||
Investment interest rate | 2.77% | |
Investment at cost | $ 4,988,927 | |
Investment maturity date | Jan. 2, 2019 | |
Teucrium Commodity Trust - Combined | Commodity Futures Contracts (Assets) | CBOT Corn Futures One | ||
Number of contracts | Contracts | 1,334 | 1,030 |
Teucrium Commodity Trust - Combined | Commodity Futures Contracts (Assets) | CBOT Corn Futures Two | ||
Number of contracts | Contracts | 1,126 | |
Teucrium Commodity Trust - Combined | Commodity Futures Contracts (Assets) | CBOT Soybean Futures One | ||
Number of contracts | Contracts | 207 | 218 |
Teucrium Commodity Trust - Combined | Commodity Futures Contracts (Assets) | CBOT Soybean Futures Two | ||
Number of contracts | Contracts | 175 | |
Teucrium Commodity Trust - Combined | Commodity Futures Contracts (Assets) | CBOT Soybean Futures Three | ||
Number of contracts | Contracts | 200 | |
Teucrium Commodity Trust - Combined | Commodity Futures Contracts (Assets) | ICE Sugar Futures One | ||
Number of contracts | Contracts | 284 | 278 |
Teucrium Commodity Trust - Combined | Commodity Futures Contracts (Assets) | ICE Sugar Futures Two | ||
Number of contracts | Contracts | 241 | 235 |
Teucrium Commodity Trust - Combined | Commodity Futures Contracts (Assets) | ICE Sugar Futures Three | ||
Number of contracts | Contracts | 268 | |
Teucrium Commodity Trust - Combined | Commodity Futures Contracts (Assets) | CBOT Wheat Futures One | ||
Number of contracts | Contracts | 650 | |
Teucrium Commodity Trust - Combined | Commodity Futures Contracts (Assets) | CBOT Wheat Futures Two | ||
Number of contracts | Contracts | 556 | |
Teucrium Commodity Trust - Combined | Commodity Futures Contracts (Assets) | CBOT Wheat Futures Three | ||
Number of contracts | Contracts | 634 | |
Teucrium Commodity Trust - Combined | Commodity Futures Contracts (Liabilities) | CBOT Corn Futures One | ||
Number of contracts | Contracts | 1,308 | 866 |
Teucrium Commodity Trust - Combined | Commodity Futures Contracts (Liabilities) | CBOT Corn Futures Two | ||
Number of contracts | Contracts | 993 | |
Teucrium Commodity Trust - Combined | Commodity Futures Contracts (Liabilities) | CBOT Soybean Futures One | ||
Number of contracts | Contracts | 185 | |
Teucrium Commodity Trust - Combined | Commodity Futures Contracts (Liabilities) | CBOT Soybean Futures Two | ||
Number of contracts | Contracts | 209 | |
Teucrium Commodity Trust - Combined | Commodity Futures Contracts (Liabilities) | ICE Sugar Futures One | ||
Number of contracts | Contracts | 257 | |
Teucrium Commodity Trust - Combined | Commodity Futures Contracts (Liabilities) | CBOT Wheat Futures One | ||
Number of contracts | Contracts | 756 | |
Teucrium Commodity Trust - Combined | Commodity Futures Contracts (Liabilities) | CBOT Wheat Futures Two | ||
Number of contracts | Contracts | 637 | |
Teucrium Commodity Trust - Combined | Commodity Futures Contracts (Liabilities) | CBOT Wheat Futures Three | ||
Number of contracts | Contracts | 713 | |
Teucrium Commodity Trust - Combined | Exchange Traded Funds | ||
Investment at cost | $ 1,908,649 | $ 2,021,172 |
Teucrium Corn Fund | Money Market Funds | Fidelity Institutional Money Market Funds - Government Portfolio | ||
Investment interest rate | 1.50% | 2.24% |
Investment at cost | $ 102 | $ 100 |
Teucrium Corn Fund | U.S. Treasury Obligations | U.S. Treasury Bills | ||
Investment interest rate | 1.53% | |
Investment at cost | $ 3,263,392 | |
Investment maturity date | Jan. 30, 2020 | |
Teucrium Corn Fund | Commercial Paper | ||
Investment at cost | $ 34,837,893 | $ 34,819,462 |
Teucrium Corn Fund | Commercial Paper | Broadcom Inc | ||
Investment interest rate | 2.01% | |
Investment at cost | $ 4,984,445 | |
Investment maturity date | Jan. 9, 2020 | |
Teucrium Corn Fund | Commercial Paper | Energy Transfer Operating, L.P. | ||
Investment interest rate | 3.10% | |
Investment at cost | $ 2,493,817 | |
Investment maturity date | Jan. 31, 2019 | |
Teucrium Corn Fund | Commercial Paper | FMC Technologies, Inc. One | ||
Investment interest rate | 1.93% | |
Investment at cost | $ 4,976,267 | |
Investment maturity date | Feb. 4, 2020 | |
Teucrium Corn Fund | Commercial Paper | FMC Technologies, Inc. Two | ||
Investment interest rate | 2.01% | |
Investment at cost | $ 4,977,779 | |
Investment maturity date | Mar. 6, 2020 | |
Teucrium Corn Fund | Commercial Paper | General Motors Financial Company, Inc. One | ||
Investment interest rate | 2.17% | |
Investment at cost | $ 2,486,562 | |
Investment maturity date | Jan. 2, 2020 | |
Teucrium Corn Fund | Commercial Paper | General Motors Financial Company, Inc. Two | ||
Investment interest rate | 2.15% | |
Investment at cost | $ 2,487,131 | |
Investment maturity date | Jan. 6, 2020 | |
Teucrium Corn Fund | Commercial Paper | General Motors Financial Company, Inc. Three | ||
Investment interest rate | 2.16% | |
Investment at cost | $ 4,973,547 | |
Investment maturity date | Jan. 15, 2020 | |
Teucrium Corn Fund | Commercial Paper | Royal Caribbean Cruises Ltd. | ||
Investment interest rate | 2.12% | |
Investment at cost | $ 2,487,750 | |
Investment maturity date | Jan. 9, 2020 | |
Teucrium Corn Fund | Commercial Paper | CNH Industrial Capital LLC | ||
Investment interest rate | 2.12% | 2.62% |
Investment at cost | $ 4,975,210 | $ 4,969,667 |
Investment maturity date | Jan. 10, 2020 | Jan. 10, 2019 |
Teucrium Corn Fund | Commercial Paper | Jabil Inc. | ||
Investment interest rate | 2.15% | |
Investment at cost | $ 2,489,202 | |
Investment maturity date | Feb. 28, 2020 | |
Teucrium Corn Fund | Commercial Paper | General Motors Financial Company, Inc. | ||
Investment interest rate | 2.83% | |
Investment at cost | $ 2,488,139 | |
Investment maturity date | Mar. 5, 2019 | |
Teucrium Corn Fund | Commercial Paper | Enable Midstream Partners, LP One | ||
Investment interest rate | 2.83% | |
Investment at cost | $ 2,484,445 | |
Investment maturity date | Jan. 11, 2019 | |
Teucrium Corn Fund | Commercial Paper | Enable Midstream Partners, LP Two | ||
Investment interest rate | 2.98% | |
Investment at cost | $ 2,488,528 | |
Investment maturity date | Jan. 16, 2019 | |
Teucrium Corn Fund | Commercial Paper | Enable Midstream Partners, LP Three | ||
Investment interest rate | 2.75% | |
Investment at cost | $ 2,491,469 | |
Investment maturity date | Jan. 10, 2019 | |
Teucrium Corn Fund | Commercial Paper | Enable Midstream Partners, LP Four | ||
Investment interest rate | 3.04% | |
Investment at cost | $ 4,962,425 | |
Investment maturity date | Feb. 28, 2019 | |
Teucrium Corn Fund | Commercial Paper | Ford Motor Credit Company LLC One | ||
Investment interest rate | 2.63% | |
Investment at cost | $ 2,483,750 | |
Investment maturity date | Jan. 3, 2019 | |
Teucrium Corn Fund | Commercial Paper | Ford Motor Credit Company LLC Two | ||
Investment interest rate | 2.68% | |
Investment at cost | $ 2,483,806 | |
Investment maturity date | Jan. 18, 2019 | |
Teucrium Corn Fund | Commercial Paper | Humana Inc. | ||
Investment interest rate | 2.91% | |
Investment at cost | $ 2,484,600 | |
Investment maturity date | Feb. 11, 2019 | |
Teucrium Corn Fund | Commercial Paper | Royal Caribbean Cruises Ltd. One | ||
Investment interest rate | 2.73% | |
Investment at cost | $ 2,494,354 | |
Investment maturity date | Jan. 2, 2019 | |
Teucrium Corn Fund | Commercial Paper | Royal Caribbean Cruises Ltd. Two | ||
Investment interest rate | 2.77% | |
Investment at cost | $ 3,494,462 | |
Investment maturity date | Jan. 2, 2019 | |
Teucrium Corn Fund | Commodity Futures Contracts (Assets) | CBOT Corn Futures One | ||
Number of contracts | Contracts | 1,334 | 1,030 |
Teucrium Corn Fund | Commodity Futures Contracts (Assets) | CBOT Corn Futures Two | ||
Number of contracts | Contracts | 1,126 | |
Teucrium Corn Fund | Commodity Futures Contracts (Liabilities) | CBOT Corn Futures One | ||
Number of contracts | Contracts | 1,308 | 866 |
Teucrium Corn Fund | Commodity Futures Contracts (Liabilities) | CBOT Corn Futures Two | ||
Number of contracts | Contracts | 993 | |
Teucrium Soybean Fund | Money Market Funds | Fidelity Institutional Money Market Funds - Government Portfolio | ||
Investment interest rate | 1.50% | 2.24% |
Investment at cost | $ 103 | $ 100 |
Teucrium Soybean Fund | U.S. Treasury Obligations | U.S. Treasury Bills | ||
Investment interest rate | 1.53% | |
Investment at cost | $ 714,992 | |
Investment maturity date | Jan. 30, 2020 | |
Teucrium Soybean Fund | Commercial Paper | ||
Investment at cost | $ 12,451,676 | $ 12,453,969 |
Teucrium Soybean Fund | Commercial Paper | Energy Transfer Operating, L.P. | ||
Investment interest rate | 1.99% | |
Investment at cost | $ 2,493,813 | |
Investment maturity date | Jan. 31, 2020 | |
Teucrium Soybean Fund | Commercial Paper | CNH Industrial Capital LLC | ||
Investment interest rate | 1.86% | 2.63% |
Investment at cost | $ 2,493,962 | $ 2,484,833 |
Investment maturity date | Jan. 6, 2020 | Jan. 10, 2019 |
Teucrium Soybean Fund | Commercial Paper | Jabil Inc. | ||
Investment interest rate | 2.03% | |
Investment at cost | $ 2,488,637 | |
Investment maturity date | Feb. 28, 2020 | |
Teucrium Soybean Fund | Commercial Paper | General Motors Financial Company, Inc. | ||
Investment interest rate | 2.15% | |
Investment at cost | $ 2,487,131 | |
Investment maturity date | Jan. 6, 2020 | |
Teucrium Soybean Fund | Commercial Paper | FMC Technologies, Inc. | ||
Investment interest rate | 1.93% | |
Investment at cost | $ 2,488,133 | |
Investment maturity date | Feb. 4, 2020 | |
Teucrium Soybean Fund | Commercial Paper | Enbridge Energy Partners, L.P. Two | ||
Investment interest rate | 2.98% | |
Investment at cost | $ 2,491,806 | |
Investment maturity date | Jan. 15, 2019 | |
Teucrium Soybean Fund | Commercial Paper | Energy Transfer Operating, L.P. One | ||
Investment interest rate | 2.80% | |
Investment at cost | $ 4,986,486 | |
Investment maturity date | Jan. 4, 2019 | |
Teucrium Soybean Fund | Commercial Paper | Enbridge Energy Partners, L.P. | ||
Investment interest rate | 2.96% | |
Investment at cost | $ 2,490,844 | |
Investment maturity date | Jan. 10, 2019 | |
Teucrium Soybean Fund | Commodity Futures Contracts (Assets) | CBOT Soybean Futures One | ||
Number of contracts | Contracts | 207 | 218 |
Teucrium Soybean Fund | Commodity Futures Contracts (Assets) | CBOT Soybean Futures Two | ||
Number of contracts | Contracts | 175 | |
Teucrium Soybean Fund | Commodity Futures Contracts (Assets) | CBOT Soybean Futures Three | ||
Number of contracts | Contracts | 200 | |
Teucrium Soybean Fund | Commodity Futures Contracts (Liabilities) | CBOT Soybean Futures One | ||
Number of contracts | Contracts | 185 | |
Teucrium Soybean Fund | Commodity Futures Contracts (Liabilities) | CBOT Soybean Futures Two | ||
Number of contracts | Contracts | 209 | |
Teucrium Sugar Fund | Money Market Funds | Fidelity Institutional Money Market Funds - Government Portfolio | ||
Investment interest rate | 1.50% | 2.24% |
Investment at cost | $ 103 | $ 100 |
Teucrium Sugar Fund | U.S. Treasury Obligations | U.S. Treasury Bills | ||
Investment interest rate | 1.53% | |
Investment at cost | $ 683,030 | |
Investment maturity date | Jan. 30, 2020 | |
Teucrium Sugar Fund | Commercial Paper | FMC Technologies, Inc. | ||
Investment interest rate | 1.86% | |
Investment at cost | $ 2,494,476 | |
Investment maturity date | Jan. 2, 2020 | |
Teucrium Sugar Fund | Commercial Paper | Enbridge Energy Partners, L.P. | ||
Investment interest rate | 2.98% | |
Investment at cost | $ 2,491,806 | |
Investment maturity date | Jan. 15, 2019 | |
Teucrium Sugar Fund | Commodity Futures Contracts (Assets) | ICE Sugar Futures One | ||
Number of contracts | Contracts | 284 | 278 |
Teucrium Sugar Fund | Commodity Futures Contracts (Assets) | ICE Sugar Futures Two | ||
Number of contracts | Contracts | 241 | 235 |
Teucrium Sugar Fund | Commodity Futures Contracts (Assets) | ICE Sugar Futures Three | ||
Number of contracts | Contracts | 268 | |
Teucrium Sugar Fund | Commodity Futures Contracts (Liabilities) | ICE Sugar Futures One | ||
Number of contracts | Contracts | 257 | |
Teucrium Wheat Fund | Money Market Funds | Fidelity Institutional Money Market Funds - Government Portfolio | ||
Investment interest rate | 1.50% | 2.24% |
Investment at cost | $ 119 | $ 100 |
Teucrium Wheat Fund | U.S. Treasury Obligations | U.S. Treasury Bills | ||
Investment interest rate | 1.53% | |
Investment at cost | $ 1,948,259 | |
Investment maturity date | Jan. 30, 2020 | |
Teucrium Wheat Fund | Commercial Paper | ||
Investment at cost | $ 19,912,469 | $ 37,327,428 |
Teucrium Wheat Fund | Commercial Paper | Energy Transfer Operating, L.P. | ||
Investment interest rate | 1.99% | 3.10% |
Investment at cost | $ 2,493,813 | $ 7,481,452 |
Investment maturity date | Jan. 31, 2020 | Jan. 31, 2019 |
Teucrium Wheat Fund | Commercial Paper | General Motors Financial Company, Inc. One | ||
Investment interest rate | 2.15% | |
Investment at cost | $ 2,487,131 | |
Investment maturity date | Jan. 6, 2020 | |
Teucrium Wheat Fund | Commercial Paper | General Motors Financial Company, Inc. Two | ||
Investment interest rate | 2.16% | |
Investment at cost | $ 4,973,547 | |
Investment maturity date | Jan. 15, 2020 | |
Teucrium Wheat Fund | Commercial Paper | Royal Caribbean Cruises Ltd. | ||
Investment interest rate | 2.12% | |
Investment at cost | $ 2,487,750 | |
Investment maturity date | Jan. 9, 2020 | |
Teucrium Wheat Fund | Commercial Paper | CNH Industrial Capital LLC | ||
Investment interest rate | 1.86% | 2.62% |
Investment at cost | $ 2,493,962 | $ 2,484,833 |
Investment maturity date | Jan. 6, 2020 | Jan. 10, 2019 |
Teucrium Wheat Fund | Commercial Paper | General Motors Financial Company, Inc. | ||
Investment interest rate | 2.83% | |
Investment at cost | $ 2,488,139 | |
Investment maturity date | Mar. 5, 2019 | |
Teucrium Wheat Fund | Commercial Paper | FMC Technologies, Inc. | ||
Investment interest rate | 1.93% | |
Investment at cost | $ 4,976,266 | |
Investment maturity date | Feb. 4, 2020 | |
Teucrium Wheat Fund | Commercial Paper | Enable Midstream Partners, LP One | ||
Investment interest rate | 2.75% | |
Investment at cost | $ 2,491,469 | |
Investment maturity date | Jan. 10, 2019 | |
Teucrium Wheat Fund | Commercial Paper | Enable Midstream Partners, LP Two | ||
Investment interest rate | 3.04% | |
Investment at cost | $ 4,962,425 | |
Investment maturity date | Feb. 28, 2019 | |
Teucrium Wheat Fund | Commercial Paper | Ford Motor Credit Company LLC One | ||
Investment interest rate | 2.63% | |
Investment at cost | $ 2,483,750 | |
Investment maturity date | Jan. 3, 2019 | |
Teucrium Wheat Fund | Commercial Paper | Ford Motor Credit Company LLC Two | ||
Investment interest rate | 2.68% | |
Investment at cost | $ 2,483,806 | |
Investment maturity date | Jan. 18, 2019 | |
Teucrium Wheat Fund | Commercial Paper | Ford Motor Credit Company LLC Three | ||
Investment interest rate | 2.81% | |
Investment at cost | $ 2,483,783 | |
Investment maturity date | Feb. 6, 2019 | |
Teucrium Wheat Fund | Commercial Paper | Humana Inc. | ||
Investment interest rate | 2.91% | |
Investment at cost | $ 2,484,600 | |
Investment maturity date | Feb. 11, 2019 | |
Teucrium Wheat Fund | Commercial Paper | Royal Caribbean Cruises Ltd. One | ||
Investment interest rate | 2.73% | |
Investment at cost | $ 4,988,709 | |
Investment maturity date | Jan. 2, 2019 | |
Teucrium Wheat Fund | Commercial Paper | Royal Caribbean Cruises Ltd. Two | ||
Investment interest rate | 2.77% | |
Investment at cost | $ 2,494,462 | |
Investment maturity date | Jan. 2, 2019 | |
Teucrium Wheat Fund | Commodity Futures Contracts (Assets) | CBOT Wheat Futures One | ||
Number of contracts | Contracts | 650 | |
Teucrium Wheat Fund | Commodity Futures Contracts (Assets) | CBOT Wheat Futures Two | ||
Number of contracts | Contracts | 556 | |
Teucrium Wheat Fund | Commodity Futures Contracts (Assets) | CBOT Wheat Futures Three | ||
Number of contracts | Contracts | 634 | |
Teucrium Wheat Fund | Commodity Futures Contracts (Liabilities) | CBOT Wheat Futures One | ||
Number of contracts | Contracts | 756 | |
Teucrium Wheat Fund | Commodity Futures Contracts (Liabilities) | CBOT Wheat Futures Two | ||
Number of contracts | Contracts | 637 | |
Teucrium Wheat Fund | Commodity Futures Contracts (Liabilities) | CBOT Wheat Futures Three | ||
Number of contracts | Contracts | 713 | |
Teucrium Agricultural Fund | ||
Investment at cost | $ 1,908,649 | $ 2,021,172 |
Teucrium Agricultural Fund | Money Market Funds | Fidelity Institutional Money Market Funds - Government Portfolio | ||
Investment interest rate | 1.50% | 2.24% |
Investment at cost | $ 2,633 | $ 2,862 |
Teucrium Agricultural Fund | Exchange Traded Funds | ||
Investment at cost | $ 1,908,649 | $ 2,021,172 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Teucrium Commodity Trust - Combined | |||
Income | |||
Realized (loss) gain on commodity futures contracts | $ (19,460,504) | $ (4,923,623) | $ (13,335,506) |
Net change in unrealized appreciation (depreciation) on commodity futures contracts | 11,931,134 | (31,362) | 414,818 |
Interest income | 4,081,233 | 3,533,687 | 1,755,765 |
Total (loss) income | (3,448,137) | (1,421,298) | (11,164,923) |
Expenses | |||
Management fees | 1,674,357 | 1,687,082 | 1,540,701 |
Professional fees | 1,191,133 | 1,589,673 | 1,476,719 |
Distribution and marketing fees | 2,632,221 | 3,073,481 | 2,598,296 |
Custodian fees and expenses | 351,514 | 350,361 | 346,295 |
Business permits and licenses fees | 103,438 | 115,126 | 93,026 |
General and administrative expenses | 250,644 | 281,007 | 273,423 |
Brokerage commissions | 41,273 | 194,554 | 158,207 |
Other expenses | 24,204 | 120,697 | 94,051 |
Total expenses | 6,268,784 | 7,411,981 | 6,580,718 |
Expenses waived by the Sponsor | (326,705) | (1,227,430) | (1,028,899) |
Total expenses, net | 5,942,079 | 6,184,551 | 5,551,819 |
Net (loss) income | (9,390,216) | (7,605,849) | (16,716,742) |
Teucrium Corn Fund | |||
Income | |||
Realized (loss) gain on commodity futures contracts | (9,512,148) | (3,025,313) | (5,603,513) |
Net change in unrealized appreciation (depreciation) on commodity futures contracts | 1,973,406 | 651,638 | (380,763) |
Interest income | 1,843,431 | 1,480,822 | 778,560 |
Total (loss) income | (5,695,311) | (892,853) | (5,205,716) |
Expenses | |||
Management fees | 758,195 | 704,004 | 682,674 |
Professional fees | 521,193 | 540,101 | 633,381 |
Distribution and marketing fees | 1,148,456 | 1,164,066 | 1,177,003 |
Custodian fees and expenses | 156,364 | 127,477 | 153,987 |
Business permits and licenses fees | 20,150 | 22,661 | 25,251 |
General and administrative expenses | 103,076 | 108,248 | 125,534 |
Brokerage commissions | 18,768 | 91,065 | 79,700 |
Other expenses | 11,023 | 43,739 | 41,406 |
Total expenses | 2,737,225 | 2,801,361 | 2,918,936 |
Expenses waived by the Sponsor | (15,639) | (280,817) | (409,562) |
Total expenses, net | 2,721,586 | 2,520,544 | 2,509,374 |
Net (loss) income | $ (8,416,897) | $ (3,413,397) | $ (7,715,090) |
Net (loss) income per share | $ (1.29) | $ (0.64) | $ (2.02) |
Net (loss) income per weighted average share | $ (1.72) | $ (0.82) | $ (2.08) |
Weighted average shares outstanding | 4,882,196 | 4,169,662 | 3,714,045 |
Teucrium Soybean Fund | |||
Income | |||
Realized (loss) gain on commodity futures contracts | $ (438,468) | $ (2,085,438) | $ 8,425 |
Net change in unrealized appreciation (depreciation) on commodity futures contracts | 742,746 | 637,213 | (793,538) |
Interest income | 677,163 | 460,170 | 152,945 |
Total (loss) income | 981,441 | (988,055) | (632,168) |
Expenses | |||
Management fees | 278,152 | 212,287 | 133,058 |
Professional fees | 193,574 | 271,612 | 179,081 |
Distribution and marketing fees | 492,175 | 516,337 | 209,915 |
Custodian fees and expenses | 66,109 | 60,879 | 28,109 |
Business permits and licenses fees | 19,578 | 30,179 | 17,505 |
General and administrative expenses | 48,352 | 42,615 | 24,282 |
Brokerage commissions | 4,193 | 15,780 | 8,462 |
Other expenses | 2,812 | 21,704 | 9,689 |
Total expenses | 1,104,945 | 1,171,393 | 610,101 |
Expenses waived by the Sponsor | (96,303) | (394,591) | (126,489) |
Total expenses, net | 1,008,642 | 776,802 | 483,612 |
Net (loss) income | $ (27,201) | $ (1,764,857) | $ (1,115,780) |
Net (loss) income per share | $ (0.35) | $ (1.65) | $ (1.23) |
Net (loss) income per weighted average share | $ (0.02) | $ (1.40) | $ (1.55) |
Weighted average shares outstanding | 1,784,251 | 1,261,579 | 717,607 |
Teucrium Sugar Fund | |||
Income | |||
Realized (loss) gain on commodity futures contracts | $ 113,747 | $ (2,314,984) | $ (2,435,305) |
Net change in unrealized appreciation (depreciation) on commodity futures contracts | 161,106 | 69,137 | 263,581 |
Interest income | 240,634 | 249,417 | 78,889 |
Total (loss) income | 515,487 | (1,996,430) | (2,092,835) |
Expenses | |||
Management fees | 103,160 | 122,198 | 70,762 |
Professional fees | 116,404 | 186,127 | 63,308 |
Distribution and marketing fees | 239,069 | 277,033 | 126,152 |
Custodian fees and expenses | 29,935 | 33,901 | 19,038 |
Business permits and licenses fees | 19,207 | 29,289 | 17,342 |
General and administrative expenses | 25,290 | 24,228 | 14,512 |
Brokerage commissions | 3,471 | 24,030 | 10,525 |
Other expenses | 2,151 | 11,470 | 4,948 |
Total expenses | 538,687 | 708,276 | 326,587 |
Expenses waived by the Sponsor | (171,746) | (268,920) | (129,334) |
Total expenses, net | 366,941 | 439,356 | 197,253 |
Net (loss) income | $ 148,546 | $ (2,435,786) | $ (2,290,088) |
Net (loss) income per share | $ (0.03) | $ (2.72) | $ (3.18) |
Net (loss) income per weighted average share | $ .10 | $ (1.50) | $ (3.40) |
Weighted average shares outstanding | 1,477,196 | 1,620,415 | 674,456 |
Teucrium Wheat Fund | |||
Income | |||
Realized (loss) gain on commodity futures contracts | $ (9,623,635) | $ 2,502,112 | $ (5,305,113) |
Net change in unrealized appreciation (depreciation) on commodity futures contracts | 9,053,876 | (1,389,350) | 1,325,538 |
Interest income | 1,319,942 | 1,343,227 | 745,357 |
Total (loss) income | 750,183 | 2,455,989 | (3,234,218) |
Expenses | |||
Management fees | 534,850 | 648,593 | 654,207 |
Professional fees | 349,582 | 575,124 | 585,774 |
Distribution and marketing fees | 735,336 | 1,094,984 | 1,070,569 |
Custodian fees and expenses | 96,947 | 125,550 | 143,071 |
Business permits and licenses fees | 32,473 | 20,759 | 20,733 |
General and administrative expenses | 72,435 | 103,842 | 107,357 |
Brokerage commissions | 14,841 | 63,679 | 59,520 |
Other expenses | 8,164 | 42,950 | 37,382 |
Total expenses | 1,844,628 | 2,675,481 | 2,678,613 |
Expenses waived by the Sponsor | (2,500) | (234,736) | (323,244) |
Total expenses, net | 1,842,128 | 2,440,745 | 2,355,369 |
Net (loss) income | $ (1,091,945) | $ 15,244 | $ (5,589,587) |
Net (loss) income per share | $ (0.11) | $ (0.04) | $ (0.90) |
Net (loss) income per weighted average share | $ (0.11) | $ 0 | $ (0.58) |
Weighted average shares outstanding | 9,768,840 | 10,111,031 | 9,594,936 |
Teucrium Agricultural Fund | |||
Income | |||
Realized loss on securities | $ (109,378) | $ (341,548) | $ (238,398) |
Net change in unrealized appreciation or depreciation on securities | 66,117 | 156,615 | 65,864 |
Interest income | 63 | 51 | 14 |
Total (loss) income | (43,198) | (184,882) | (172,520) |
Expenses | |||
Professional fees | 10,380 | 16,709 | 15,175 |
Distribution and marketing fees | 17,185 | 21,061 | 14,657 |
Custodian fees and expenses | 2,159 | 2,554 | 2,090 |
Business permits and licenses fees | 12,030 | 12,238 | 12,195 |
General and administrative expenses | 1,491 | 2,074 | 1,739 |
Other expenses | 54 | 834 | 625 |
Total expenses | 43,299 | 55,470 | 46,481 |
Expenses waived by the Sponsor | (40,517) | (48,366) | (40,270) |
Total expenses, net | 2,782 | 7,104 | 6,211 |
Net (loss) income | $ (45,980) | $ (191,986) | $ (178,731) |
Net (loss) income per share | $ (0.61) | $ (2.42) | $ (3.58) |
Net (loss) income per weighted average share | $ (0.61) | $ (2.82) | $ (3.57) |
Weighted average shares outstanding | 75,002 | 68,153 | 50,002 |
STATEMENTS OF CHANGES IN NET AS
STATEMENTS OF CHANGES IN NET ASSETS - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Teucrium Commodity Trust - Combined | |||||||
Operations | |||||||
Net (loss) income | $ (9,390,216) | $ (7,605,849) | $ (16,716,742) | ||||
Capital transactions | |||||||
Issuance of shares | 70,773,761 | 85,028,352 | 91,549,498 | ||||
Redemption of shares | (43,731,253) | (69,545,996) | (85,848,091) | ||||
Net change in the cost of the underlying funds | 3,145 | (572,099) | 4,900 | ||||
Total capital transactions | 27,045,653 | 14,910,257 | 5,706,307 | ||||
Net change in net assets | 17,655,437 | 7,304,408 | (11,010,435) | ||||
Net assets, beginning of period | $ 150,251,160 | $ 142,946,752 | 150,251,160 | 142,946,752 | 153,957,187 | ||
Net assets, end of period | $ 167,906,597 | $ 150,251,160 | 167,906,597 | 150,251,160 | 142,946,752 | ||
Teucrium Corn Fund | |||||||
Operations | |||||||
Net (loss) income | (2,296,861) | (3,146,381) | 1,210,330 | 4,877,008 | (8,416,897) | (3,413,397) | (7,715,090) |
Capital transactions | |||||||
Issuance of shares | 43,738,918 | 26,460,193 | 25,173,968 | ||||
Redemption of shares | (16,480,888) | (31,569,218) | (25,770,940) | ||||
Total capital transactions | 27,258,030 | (5,109,025) | (596,972) | ||||
Net change in net assets | 18,841,133 | (8,522,422) | (8,312,062) | ||||
Net assets, beginning of period | $ 56,379,057 | $ 64,901,479 | 56,379,057 | 64,901,479 | 73,213,541 | ||
Net assets, end of period | $ 75,220,190 | $ 56,379,057 | $ 75,220,190 | $ 56,379,057 | $ 64,901,479 | ||
Net asset value per share at beginning of period | $ 16.11 | $ 16.75 | $ 16.11 | $ 16.75 | $ 18.77 | ||
Net asset value per share at end of period | $ 14.82 | $ 16.11 | $ 14.82 | $ 16.11 | $ 16.75 | ||
Creation of shares | 2,675,000 | 1,525,000 | 1,325,000 | ||||
Redemption of shares | 1,100,000 | 1,900,000 | 1,350,000 | ||||
Teucrium Soybean Fund | |||||||
Operations | |||||||
Net (loss) income | $ 604,239 | $ (529,172) | $ 584,276 | $ 738,844 | $ (27,201) | $ (1,764,857) | $ (1,115,780) |
Capital transactions | |||||||
Issuance of shares | 9,627,010 | 26,403,162 | 20,374,923 | ||||
Redemption of shares | (9,406,695) | (6,960,313) | (21,877,218) | ||||
Total capital transactions | 220,315 | 19,442,849 | (1,502,295) | ||||
Net change in net assets | 193,114 | 17,677,992 | (2,618,075) | ||||
Net assets, beginning of period | $ 27,942,017 | $ 10,264,025 | 27,942,017 | 10,264,025 | 12,882,100 | ||
Net assets, end of period | $ 28,135,131 | $ 27,942,017 | $ 28,135,131 | $ 27,942,017 | $ 10,264,025 | ||
Net asset value per share at beginning of period | $ 16.20 | $ 17.85 | $ 16.20 | $ 17.85 | $ 19.08 | ||
Net asset value per share at end of period | $ 15.85 | $ 16.20 | $ 15.85 | $ 16.20 | $ 17.85 | ||
Creation of shares | 650,000 | 1,575,000 | 1,100,000 | ||||
Redemption of shares | 600,000 | 425,000 | 1,200,000 | ||||
Teucrium Sugar Fund | |||||||
Operations | |||||||
Net (loss) income | $ 687,417 | $ 394,468 | $ 1,558,273 | $ (1,189,219) | $ 148,546 | $ (2,435,786) | $ (2,290,088) |
Capital transactions | |||||||
Issuance of shares | 5,467,420 | 18,588,300 | 10,190,950 | ||||
Redemption of shares | (4,081,525) | (11,737,485) | (7,051,123) | ||||
Total capital transactions | 1,385,895 | 6,850,815 | 3,139,827 | ||||
Net change in net assets | 1,534,441 | 4,415,029 | 849,739 | ||||
Net assets, beginning of period | $ 10,778,739 | $ 6,363,710 | 10,778,739 | 6,363,710 | 5,513,971 | ||
Net assets, end of period | $ 12,313,180 | $ 10,778,739 | $ 12,313,180 | $ 10,778,739 | $ 6,363,710 | ||
Net asset value per share at beginning of period | $ 7.07 | $ 9.79 | $ 7.07 | $ 9.79 | $ 12.97 | ||
Net asset value per share at end of period | $ 7.04 | $ 7.07 | $ 7.04 | $ 7.07 | $ 9.79 | ||
Creation of shares | 800,000 | 2,450,000 | 925,000 | ||||
Redemption of shares | 575,000 | 1,575,000 | 700,000 | ||||
Teucrium Wheat Fund | |||||||
Operations | |||||||
Net (loss) income | $ 4,790,612 | $ (6,332,550) | $ (2,788,858) | $ 2,063,869 | $ (1,091,945) | $ 15,244 | $ (5,589,587) |
Capital transactions | |||||||
Issuance of shares | 11,940,413 | 12,997,590 | 35,809,657 | ||||
Redemption of shares | (13,762,145) | (19,278,980) | (31,148,810) | ||||
Total capital transactions | (1,821,732) | (6,281,390) | 4,660,847 | ||||
Net change in net assets | (2,913,677) | (6,266,146) | (928,740) | ||||
Net assets, beginning of period | $ 55,149,873 | $ 61,416,019 | 55,149,873 | 61,416,019 | 62,344,759 | ||
Net assets, end of period | $ 52,236,196 | $ 55,149,873 | $ 52,236,196 | $ 55,149,873 | $ 61,416,019 | ||
Net asset value per share at beginning of period | $ 5.95 | $ 5.99 | $ 5.95 | $ 5.99 | $ 6.89 | ||
Net asset value per share at end of period | $ 5.84 | $ 5.95 | $ 5.84 | $ 5.95 | $ 5.99 | ||
Creation of shares | 2,175,000 | 2,000,000 | 5,375,000 | ||||
Redemption of shares | 2,500,000 | 2,975,000 | 4,175,000 | ||||
Teucrium Agricultural Fund | |||||||
Operations | |||||||
Net (loss) income | $ 53,464 | $ (61,273) | $ 24,322 | $ 2,030 | $ (45,980) | $ (191,986) | $ (178,731) |
Capital transactions | |||||||
Issuance of shares | 0 | 579,107 | 0 | ||||
Total capital transactions | 0 | 579,107 | 0 | ||||
Net change in net assets | (45,980) | 387,121 | (178,731) | ||||
Net assets, beginning of period | $ 1,524,760 | $ 1,137,639 | 1,524,760 | 1,137,639 | 1,316,370 | ||
Net assets, end of period | $ 1,478,780 | $ 1,524,760 | $ 1,478,780 | $ 1,524,760 | $ 1,137,639 | ||
Net asset value per share at beginning of period | $ 20.33 | $ 22.75 | $ 20.33 | $ 22.75 | $ 26.33 | ||
Net asset value per share at end of period | $ 19.72 | $ 20.33 | $ 19.72 | $ 20.33 | $ 22.75 | ||
Creation of shares | 0 | 25,000 | 0 | ||||
Redemption of shares | 0 | 0 | 0 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Teucrium Commodity Trust - Combined | |||
Cash flows from operating activities: | |||
Net (loss) income | $ (9,390,216) | $ (7,605,849) | $ (16,716,742) |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||
Net change in unrealized (appreciation) depreciation on commodity futures contracts | (11,931,134) | 31,362 | (414,818) |
Changes in operating assets and liabilities: | |||
Due from broker | 10,968,023 | (984,604) | 3,794,945 |
Interest receivable | (137) | 142 | 453 |
Other assets | 14,736 | (17,707) | 20,387 |
Due to broker | 5,140,126 | 0 | 0 |
Management fee payable to Sponsor | 6,635 | 10,114 | (4,052) |
Payable for purchases of commercial paper | (14,951,548) | 14,951,548 | 0 |
Other liabilities | (70,575) | 9,433 | 83,993 |
Net cash (used in) provided by operating activities | (20,214,090) | 6,394,439 | (13,235,834) |
Cash flows from financing activities: | |||
Proceeds from sale of shares | 70,773,761 | 85,028,352 | 91,549,498 |
Redemption of shares | (43,731,253) | (69,545,996) | (85,848,091) |
Net change in cost of the underlying funds | 3,145 | (572,099) | 4,900 |
Net cash provided by (used in) financing activities | 27,045,653 | 14,910,257 | 5,706,307 |
Net change in cash and cash equivalents | 6,831,563 | 21,304,696 | (7,529,527) |
Cash and cash equivalents, beginning of period | 159,250,322 | 137,945,626 | 145,475,153 |
Cash and cash equivalents, end of period | 166,081,885 | 159,250,322 | 137,945,626 |
Teucrium Corn Fund | |||
Cash flows from operating activities: | |||
Net (loss) income | (8,416,897) | (3,413,397) | (7,715,090) |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||
Net change in unrealized (appreciation) depreciation on commodity futures contracts | (1,973,406) | (651,638) | 380,763 |
Changes in operating assets and liabilities: | |||
Due from broker | 3,725,944 | (26,300) | 1,960,760 |
Interest receivable | (99) | 66 | 266 |
Other assets | 6,380 | (3,608) | 7,679 |
Management fee payable to Sponsor | 13,411 | (3,610) | (9,733) |
Payable for purchases of commercial paper | (4,981,957) | 4,981,957 | 0 |
Other liabilities | (20,416) | (3,773) | 39,504 |
Net cash (used in) provided by operating activities | (11,647,040) | 879,697 | (5,335,851) |
Cash flows from financing activities: | |||
Proceeds from sale of shares | 43,738,918 | 26,460,193 | 25,173,968 |
Redemption of shares | (16,480,888) | (31,569,218) | (25,770,940) |
Net cash provided by (used in) financing activities | 27,258,030 | (5,109,025) | (596,972) |
Net change in cash and cash equivalents | 15,610,990 | (4,229,328) | (5,932,823) |
Cash and cash equivalents, beginning of period | 58,910,133 | 63,139,461 | 69,072,284 |
Cash and cash equivalents, end of period | 74,521,123 | 58,910,133 | 63,139,461 |
Teucrium Soybean Fund | |||
Cash flows from operating activities: | |||
Net (loss) income | (27,201) | (1,764,857) | (1,115,780) |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||
Net change in unrealized (appreciation) depreciation on commodity futures contracts | (742,746) | (637,213) | 793,538 |
Changes in operating assets and liabilities: | |||
Due from broker | 1,022,182 | (232,546) | (618,663) |
Interest receivable | (38) | 18 | 16 |
Other assets | (4,370) | 1,839 | 2,265 |
Due to broker | 643,808 | 0 | 0 |
Management fee payable to Sponsor | (1,834) | 12,862 | 220 |
Other liabilities | (10,364) | 9,802 | 4,885 |
Net cash (used in) provided by operating activities | 879,437 | (2,610,095) | (933,519) |
Cash flows from financing activities: | |||
Proceeds from sale of shares | 9,627,010 | 26,403,162 | 20,374,923 |
Redemption of shares | (9,406,695) | (6,960,313) | (21,877,218) |
Net cash provided by (used in) financing activities | 220,315 | 19,442,849 | (1,502,295) |
Net change in cash and cash equivalents | 1,099,752 | 16,832,754 | (2,435,814) |
Cash and cash equivalents, beginning of period | 26,774,939 | 9,942,185 | 12,377,999 |
Cash and cash equivalents, end of period | 27,874,691 | 26,774,939 | 9,942,185 |
Teucrium Sugar Fund | |||
Cash flows from operating activities: | |||
Net (loss) income | 148,546 | (2,435,786) | (2,290,088) |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||
Net change in unrealized (appreciation) depreciation on commodity futures contracts | (161,106) | (69,137) | (263,581) |
Changes in operating assets and liabilities: | |||
Due from broker | 351,972 | (24,087) | 237,396 |
Interest receivable | 62 | (43) | 4 |
Other assets | 3,481 | (4,345) | 4,159 |
Due to broker | 237,908 | 0 | 0 |
Management fee payable to Sponsor | 691 | 4,286 | 5,632 |
Other liabilities | (13,595) | 10,963 | 5,327 |
Net cash (used in) provided by operating activities | 567,959 | (2,518,149) | (2,301,151) |
Cash flows from financing activities: | |||
Proceeds from sale of shares | 5,467,420 | 18,588,300 | 10,190,950 |
Redemption of shares | (4,081,525) | (11,737,485) | (7,051,123) |
Net cash provided by (used in) financing activities | 1,385,895 | 6,850,815 | 3,139,827 |
Net change in cash and cash equivalents | 1,953,854 | 4,332,666 | 838,676 |
Cash and cash equivalents, beginning of period | 10,261,941 | 5,929,275 | 5,090,599 |
Cash and cash equivalents, end of period | 12,215,795 | 10,261,941 | 5,929,275 |
Teucrium Wheat Fund | |||
Cash flows from operating activities: | |||
Net (loss) income | (1,091,945) | 15,244 | (5,589,587) |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||
Net change in unrealized (appreciation) depreciation on commodity futures contracts | (9,053,876) | 1,389,350 | (1,325,538) |
Changes in operating assets and liabilities: | |||
Due from broker | 5,867,925 | (701,671) | 2,215,452 |
Interest receivable | (64) | 104 | 168 |
Other assets | 9,245 | (11,593) | 5,776 |
Due to broker | 4,258,410 | 0 | 0 |
Management fee payable to Sponsor | (5,633) | (3,424) | (171) |
Payable for purchases of commercial paper | (9,969,591) | 9,969,591 | 0 |
Other liabilities | (25,543) | (7,995) | 33,373 |
Net cash (used in) provided by operating activities | (10,011,072) | 10,649,606 | (4,660,527) |
Cash flows from financing activities: | |||
Proceeds from sale of shares | 11,940,413 | 12,997,590 | 35,809,657 |
Redemption of shares | (13,762,145) | (19,278,980) | (31,148,810) |
Net cash provided by (used in) financing activities | (1,821,732) | (6,281,390) | 4,660,847 |
Net change in cash and cash equivalents | (11,832,804) | 4,368,216 | 320 |
Cash and cash equivalents, beginning of period | 63,300,447 | 58,932,231 | 58,931,911 |
Cash and cash equivalents, end of period | 51,467,643 | 63,300,447 | 58,932,231 |
Teucrium Agricultural Fund | |||
Cash flows from operating activities: | |||
Net (loss) income | (45,980) | (191,986) | (178,731) |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||
Net change in unrealized appreciation or depreciation on securities | (66,117) | (156,615) | (65,864) |
Changes in operating assets and liabilities: | |||
Net sale of investments in securities | 112,523 | (230,551) | 243,298 |
Interest receivable | 2 | (3) | (1) |
Other assets | 0 | 0 | 508 |
Other liabilities | (657) | 436 | 904 |
Net cash (used in) provided by operating activities | (229) | (578,719) | 114 |
Cash flows from financing activities: | |||
Proceeds from sale of shares | 0 | 579,107 | 0 |
Net cash provided by (used in) financing activities | 0 | 579,107 | 0 |
Net change in cash and cash equivalents | (229) | 388 | 114 |
Cash and cash equivalents, beginning of period | 2,862 | 2,474 | 2,360 |
Cash and cash equivalents, end of period | $ 2,633 | $ 2,862 | $ 2,474 |
Organization and Operation
Organization and Operation | 12 Months Ended |
Dec. 31, 2019 | |
Teucrium Commodity Trust - Combined | |
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 Fifth Amended and Restated Declaration of Trust and Trust Agreement (the “Trust Agreement”). On June 7, 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. As of December 31, 2019, CORN offered its shares pursuant to a registration statement that was declared effective on April 29, 2019. On June 13, 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. The current registration statements for CANE and SOYB were declared effective by the SEC on April 30, 2018. The registration statements for SOYB and CANE registered an additional 5,000,000 shares each. The current registration statement for WEAT was declared effective on April 29, 2019. This registration statement for WEAT registered an additional 30,000,000 shares. On February 10, 2012, the 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. The current registration statement for TAGS was declared effective by the SEC on April 30, 2018. 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 CFTC 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 10K 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 | |
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 CFTC effective September 8, 2017. On June 7, 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. The current registration statement for CORN was declared effective by the SEC on April 29, 2019. 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 | |
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 CFTC effective September 8, 2017. On June 13, 2011, the initial Form S-1 for SOYB was declared effective by the SEC. On September 16, 2011, two Creation Baskets were issued representing 100,000 shares and $2,500,000. On September 19, 2011, SOYB started trading on the NYSE Arca. The current registration statements for SOYB was declared effective by the SEC on April 30, 2018. The registration statements for SOYB registered an additional 5,000,000 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 Sugar Fund | |
Organization and Operation | Teucrium Sugar Fund (referred to herein as “CANE” or the “Fund”) is a commodity pool that is a series of Teucrium Commodity Trust (“Trust”), a Delaware statutory trust formed on September 11, 2009. The Fund issues common units, called the “Shares,” representing fractional undivided beneficial interests in the Fund. The Fund continuously offers Creation Baskets consisting of 25,000 Shares at their Net Asset Value (“NAV”) to “Authorized Purchasers” through Foreside Fund Services, LLC, which is the distributor for the Fund (the “Distributor”). Authorized Purchasers sell such Shares, which are listed on the New York Stock Exchange (“NYSE”) Arca under the symbol “CANE,” to the public at per-Share offering prices that reflect, among other factors, the trading price of the Shares on the NYSE Arca, the NAV of the Fund at the time the Authorized Purchaser purchased the Creation Baskets and the NAV at the time of the offer of the Shares to the public, the supply of and demand for Shares at the time of sale, and the liquidity of the markets for sugar interests. The Fund’s Shares trade in the secondary market on the NYSE Arca at prices that are lower or higher than their NAV per Share. The investment objective of CANE is to have the daily changes in percentage terms of the Shares’ 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 No. 11 sugar (“Sugar Futures Contracts”) that are traded on the ICE Futures US (“ICE Futures”): 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 CFTC effective September 8, 2017. On June 13, 2011, the initial Form S-1 for CANE was declared effective by the SEC. On September 16, 2011, two Creation Baskets were issued representing 100,000 shares and $2,500,000. On September 19, 2011, CANE started trading on the NYSE Arca. The current registration statements for CANE was declared effective by the SEC on April 30, 2018. The registration statements for CANE registered an additional 5,000,000 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 Wheat Fund | |
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 registered as a Commodity Trading Advisor ("CTA") with the CFTC effective September 8, 2017. On June 13, 2011, the Fund’s initial registration of 10,000,000 shares on Form S1 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. The current registration statement for WEAT was declared effective on April 29, 2019. This registration statement for WEAT registered an additional 30,000,000 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 | |
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 Third 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 CFTC 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. The current registration statement for TAGS was declared effective on April 30, 2018. 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, in Treasury Securities, and cash and cash equivalents. The Fund and Underlying Funds will earn interest income from the Treasury Securities and cash equivalents that it purchases and on the cash it holds through the Fund’s custodian and other financial institutions. 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, 2019 | |
Teucrium Commodity Trust - Combined | |
Principal Contracts and Agreements | The Sponsor employs U.S. Bank N.A. 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 doing business as U.S. Bank Global Fund Services ("Global Fund Services") is 615 E. Michigan Street, Milwaukee, WI 53202. In addition, effective on the Conversion Date, Global Fund Services, 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 Global Fund Services will receive an asset based fee, subject to a minimum annual fee. For custody services, the Funds will pay to U.S. Bank N.A. 0.0075% of average gross assets up to $1 billion, and .0050% of average gross assets over $1 billion, annually, plus certain per-transaction charges. For Transfer Agency, Fund Accounting and Fund Administration services, which are based on the total assets for all the Funds in the Trust, the Funds will pay to U.S. Bank N.A. 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. These services are recorded in custodian fees and expenses on the combined statements of operations. A summary of these expenses is included below. 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. These services are recorded in distribution and marketing fees on the combined statements of operations. A summary of these expenses is included below. Pursuant to a Consulting Services Agreement, Foreside Consulting Services, LLC, performs certain consulting support services for the Trust's Sponsor. Additionally, Foreside Distributors, LLC performs certain distribution consulting services pursuant to a Distribution Consulting Agreement with the Trust's Sponsor. ED&F Man Capital Markets, Inc. (“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 is paid $9.00 per round turn. Prior to August 21, 2019, these expenses were recorded in brokerage commissions on the combined statements of operations. Beginning on August 21, 2019, these expenses were recognized on a per-trade basis. The half-turn is recognized as an unrealized loss on the combined statements of operations for contracts that have been purchased since the change in recognition, and a full turn is recognized as a realized loss on the combined statements of operations when a contract is sold. A summary of these expenses is included below. The sole Trustee of the Trust is Wilmington Trust Company, a Delaware banking corporation. The Trustee will accept service of legal process on the Trust in the State of Delaware and will make certain filings under the Delaware Statutory Trust Act. For its services, the Trustee receives an annual fee of $3,300 from the Trust. These services are recorded in business permits and licenses fees on the combined statements of operations. A summary of these expenses is included below. The Sponsor employs Exchange Traded Concepts, LLC ("ETC") as the Marketing Agent, providing certain marketing consulting services in connection with the content strategy and e-mail marketing for the Funds. For its services as the Marketing Agent, ETC receives $2,500 a month and 0.02% of the Fund's average daily net assets, when assets are above the combined amount of $160 million. These services are recorded in distribution and marketing fees on the combined statements of the operations. A summary of these expenses is included below: Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Amount Recognized for Custody Services $ 351,514 $ 350,361 $ 346,295 Amount of Custody Services Waived $ 24,397 $ 82,390 $ 43,464 Amount Recognized for Distribution Services $ 161,317 $ 172,684 $ 184,118 Amount of Distribution Services Waived $ 7,770 $ 47,021 $ 48,147 Amount Recognized for Brokerage Commissions $ 41,273 $ 188,705 $ 158,207 Amount of Brokerage Commissions Waived $ - $ - $ - Amount Recognized for Wilmington Trust $ 3,300 $ 3,160 $ 3,072 Amount of Wilmington Trust Waived $ 243 $ 24 $ 1,515 Amount Recognized for ETC $ 52,850 $ - $ - Amount of ETC Waived $ 1,954 $ - $ - |
Teucrium Corn Fund | |
Principal Contracts and Agreements | The Sponsor employs U.S. Bank N.A. 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 doing business as U.S. Bank Global Fund Services ("Global Fund Services") is 615 E. Michigan Street, Milwaukee, WI 53202. In addition, effective on the Conversion Date, Global Fund Services, 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 Global Fund Services will receive an asset based fee, subject to a minimum annual fee. For custody services, the Funds will pay to U.S. Bank N.A. 0.0075% of average gross assets up to $1 billion, and .0050% of average gross assets over $1 billion, annually, plus certain per-transaction charges. For Transfer Agency, Fund Accounting and Fund Administration services, which are based on the total assets for all the Funds in the Trust, the Funds will pay to U.S. Bank N.A. 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. These services are recorded in custodian fees and expenses on the statements of operations. A summary of these expenses is included below. 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. These services are recorded in distribution and marketing fees on the statements of operations. A summary of these expenses is included below. Pursuant to a Consulting Services Agreement, Foreside Consulting Services, LLC, performs certain consulting support services for the Trust's Sponsor. Additionally, Foreside Distributors, LLC performs certain distribution consulting services pursuant to a Distribution Consulting Agreement with the Trust's Sponsor. ED&F Man Capital Markets, Inc. (“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 is paid $9.00 per round turn. Prior to August 21, 2019, these expenses were recorded in brokerage commissions on the statements of operations. Beginning on August 21, 2019, these expenses were recognized on a per-trade basis. The half-turn is recognized as an unrealized loss on the statements of operations for contracts that have been purchased since the change in recognition, and a full turn is recognized as a realized loss on the statements of operations when a contract is sold. A summary of these expenses is included below. The sole Trustee of the Trust is Wilmington Trust Company, a Delaware banking corporation. The Trustee will accept service of legal process on the Trust in the State of Delaware and will make certain filings under the Delaware Statutory Trust Act. For its services, the Trustee receives an annual fee of $3,300 from the Trust. These services are recorded in business permits and licenses fees on the statements of operations. A summary of these expenses is included below. The Sponsor employs Exchange Traded Concepts, LLC ("ETC") as the Marketing Agent, providing certain marketing consulting services in connection with the content strategy and e-mail marketing for the Funds. For its services as the Marketing Agent, ETC receives $2,500 a month and 0.02% of the Fund's average daily net assets, when assets are above the combined amount of $160 million. These services are recorded in distribution and marketing fees on the statements of the operations. A summary of these expenses is included below: Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Amount Recognized for Custody Services $ 156,364 $ 127,477 $ 153,987 Amount of Custody Services Waived $ - $ 762 $ 11,607 Amount Recognized for Distribution Services $ 71,723 $ 64,527 $ 81,940 Amount of Distribution Services Waived $ - $ 12,840 $ 20,150 Amount Recognized for Brokerage Commissions $ 18,768 $ 91,065 $ 79,700 Amount of Brokerage Commissions Waived $ - $ - $ - Amount Recognized for Wilmington Trust $ 1,688 $ 1,124 $ 1,311 Amount of Wilmington Trust Waived $ - $ - $ 1,311 Amount Recognized for ETC $ 25,517 $ - $ - Amount of ETC Waived $ - $ - $ - |
Teucrium Soybean Fund | |
Principal Contracts and Agreements | The Sponsor employs U.S. Bank N.A. 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 doing business as U.S. Bank Global Fund Services ("Global Fund Services") is 615 E. Michigan Street, Milwaukee, WI 53202. In addition, effective on the Conversion Date, Global Fund Services, 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 Global Fund Services will receive an asset based fee, subject to a minimum annual fee. For custody services, the Funds will pay to U.S. Bank N.A. 0.0075% of average gross assets up to $1 billion, and .0050% of average gross assets over $1 billion, annually, plus certain per-transaction charges. For Transfer Agency, Fund Accounting and Fund Administration services, which are based on the total assets for all the Funds in the Trust, the Funds will pay to U.S. Bank N.A. 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. These services are recorded in custodian fees and expenses on the statements of operations. A summary of these expenses is included below. 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. These services are recorded in distribution and marketing fees on the statements of operations. A summary of these expenses is included below. Pursuant to a Consulting Services Agreement, Foreside Consulting Services, LLC, performs certain consulting support services for the Trust's Sponsor. Additionally, Foreside Distributors, LLC performs certain distribution consulting services pursuant to a Distribution Consulting Agreement with the Trust's Sponsor. ED&F Man Capital Markets, Inc. (“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 is paid $9.00 per round turn. Prior to August 21, 2019, these expenses were recorded in brokerage commissions on the statements of operations. Beginning on August 21, 2019, these expenses were recognized on a per-trade basis. The half-turn is recognized as an unrealized loss on the statements of operations for contracts that have been purchased since the change in recognition, and a full turn is recognized as a realized loss on the statements of operations when a contract is sold. A summary of these expenses is included below. The sole Trustee of the Trust is Wilmington Trust Company, a Delaware banking corporation. The Trustee will accept service of legal process on the Trust in the State of Delaware and will make certain filings under the Delaware Statutory Trust Act. For its services, the Trustee receives an annual fee of $3,300 from the Trust. These services are recorded in business permits and licenses fees on the statements of operations. A summary of these expenses is included below. The Sponsor employs Exchange Traded Concepts, LLC ("ETC") as the Marketing Agent, providing certain marketing consulting services in connection with the content strategy and e-mail marketing for the Funds. For its services as the Marketing Agent, ETC receives $2,500 a month and 0.02% of the Fund's average daily net assets, when assets are above the combined amount of $160 million. These services are recorded in distribution and marketing fees on the statements of the operations. A summary of these expenses is included below: Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Amount Recognized for Custody Services $ 66,109 $ 60,879 $ 28,109 Amount of Custody Services Waived $ 12,828 $ 28,904 $ 4,574 Amount Recognized for Distribution Services $ 30,189 $ 29,079 $ 15,730 Amount of Distribution Services Waived $ - $ 14,542 $ 6,932 Amount Recognized for Brokerage Commissions $ 4,193 $ 15,780 $ 8,462 Amount of Brokerage Commissions Waived $ - $ - $ - Amount Recognized for Wilmington Trust $ 533 $ 711 $ 204 Amount of Wilmington Trust Waived $ - $ - $ 204 Amount Recognized for ETC $ 9,385 $ - $ - Amount of ETC Waived $ - $ - $ - |
Teucrium Sugar Fund | |
Principal Contracts and Agreements | The Sponsor employs U.S. Bank N.A. 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 doing business as U.S. Bank Global Fund Services ("Global Fund Services") is 615 E. Michigan Street, Milwaukee, WI 53202. In addition, effective on the Conversion Date, Global Fund Services, 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 Global Fund Services will receive an asset based fee, subject to a minimum annual fee. For custody services, the Funds will pay to U.S. Bank N.A. 0.0075% of average gross assets up to $1 billion, and .0050% of average gross assets over $1 billion, annually, plus certain per-transaction charges. For Transfer Agency, Fund Accounting and Fund Administration services, which are based on the total assets for all the Funds in the Trust, the Funds will pay to U.S. Bank N.A. 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. These services are recorded in custodian fees and expenses on the statements of operations. A summary of these expenses is included below. 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. These services are recorded in distribution and marketing fees on the statements of operations. A summary of these expenses is included below. Pursuant to a Consulting Services Agreement, Foreside Consulting Services, LLC, performs certain consulting support services for the Trust's Sponsor. Additionally, Foreside Distributors, LLC performs certain distribution consulting services pursuant to a Distribution Consulting Agreement with the Trust's Sponsor. ED&F Man Capital Markets, Inc. (“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 is paid $9.00 per round turn. Prior to August 21, 2019, these expenses were recorded in brokerage commissions on the statements of operations. Beginning on August 21, 2019, these expenses were recognized on a per-trade basis. The half-turn is recognized as an unrealized loss on the statements of operations for contracts that have been purchased since the change in recognition, and a full turn is recognized as a realized loss on the statements of operations when a contract is sold. A summary of these expenses is included below. The sole Trustee of the Trust is Wilmington Trust Company, a Delaware banking corporation. The Trustee will accept service of legal process on the Trust in the State of Delaware and will make certain filings under the Delaware Statutory Trust Act. For its services, the Trustee receives an annual fee of $3,300 from the Trust. These services are recorded in business permits and licenses fees on the statements of operations. A summary of these expenses is included below. The Sponsor employs Exchange Traded Concepts, LLC ("ETC") as the Marketing Agent, providing certain marketing consulting services in connection with the content strategy and e-mail marketing for the Funds. For its services as the Marketing Agent, ETC receives $2,500 a month and 0.02% of the Fund's average daily net assets, when assets are above the combined amount of $160 million. These services are recorded in distribution and marketing fees on the statements of the operations. A summary of these expenses is included below: Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Amount Recognized for Custody Services $ 29,935 $ 33,901 $ 19,038 Amount of Custody Services Waived $ 9,410 $ 18,786 $ 13,246 Amount Recognized for Distribution Services $ 13,940 $ 15,840 $ 9,947 Amount of Distribution Services Waived $ 6,891 $ 9,155 $ 5,473 Amount Recognized for Brokerage Commissions $ 3,471 $ 18,182 $ 10,525 Amount of Brokerage Commissions Waived $ - $ - $ - Amount Recognized for Wilmington Trust $ 224 $ 334 $ 192 Amount of Wilmington Trust Waived $ 224 $ - $ - Amount Recognized for ETC $ 3,837 $ - $ - Amount of ETC Waived $ 1,941 $ - $ - |
Teucrium Wheat Fund | |
Principal Contracts and Agreements | The Sponsor employs U.S. Bank N.A. 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 doing business as U.S. Bank Global Fund Services ("Global Fund Services") is 615 E. Michigan Street, Milwaukee, WI 53202. In addition, effective on the Conversion Date, Global Fund Services, 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 Global Fund Services will receive an asset based fee, subject to a minimum annual fee. For custody services, the Funds will pay to U.S. Bank N.A. 0.0075% of average gross assets up to $1 billion, and .0050% of average gross assets over $1 billion, annually, plus certain per-transaction charges. For Transfer Agency, Fund Accounting and Fund Administration services, which are based on the total assets for all the Funds in the Trust, the Funds will pay to U.S. Bank N.A. 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. These services are recorded in custodian fees and expenses on the statements of operations. A summary of these expenses is included below. 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. These services are recorded in distribution and marketing fees on the statements of operations. A summary of these expenses is included below. Pursuant to a Consulting Services Agreement, Foreside Consulting Services, LLC, performs certain consulting support services for the Trust's Sponsor. Additionally, Foreside Distributors, LLC performs certain distribution consulting services pursuant to a Distribution Consulting Agreement with the Trust's Sponsor. ED&F Man Capital Markets, Inc. (“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 is paid $9.00 per round turn. Prior to August 21, 2019, these expenses were recorded in brokerage commissions on the statements of operations. Beginning on August 21, 2019, these expenses were recognized on a per-trade basis. The half-turn is recognized as an unrealized loss on the statements of operations for contracts that have been purchased since the change in recognition, and a full turn is recognized as a realized loss on the statements of operations when a contract is sold. A summary of these expenses is included below. The sole Trustee of the Trust is Wilmington Trust Company, a Delaware banking corporation. The Trustee will accept service of legal process on the Trust in the State of Delaware and will make certain filings under the Delaware Statutory Trust Act. For its services, the Trustee receives an annual fee of $3,300 from the Trust. These services are recorded in business permits and licenses fees on the statements of operations. A summary of these expenses is included below. The Sponsor employs Exchange Traded Concepts, LLC ("ETC") as the Marketing Agent, providing certain marketing consulting services in connection with the content strategy and e-mail marketing for the Funds. For its services as the Marketing Agent, ETC receives $2,500 a month and 0.02% of the Fund's average daily net assets, when assets are above the combined amount of $160 million. These services are recorded in distribution and marketing fees on the statements of the operations. A summary of these expenses is included below: Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Amount Recognized for Custody Services $ 96,947 $ 125,550 $ 143,071 Amount of Custody Services Waived $ - $ 31,513 $ 12,241 Amount Recognized for Distribution Services $ 44,421 $ 62,031 $ 75,469 Amount of Distribution Services Waived $ - $ 9,354 $ 14,910 Amount Recognized for Brokerage Commissions $ 14,841 $ 63,678 $ 59,520 Amount of Brokerage Commissions Waived $ - $ - $ - Amount Recognized for Wilmington Trust $ 837 $ 967 $ 1,349 Amount of Wilmington Trust Waived $ - $ - $ - Amount Recognized for ETC $ 13,810 $ - $ - Amount of ETC Waived $ - $ - $ - |
Teucrium Agricultural Fund | |
Principal Contracts and Agreements | The Sponsor employs U.S. Bank N.A. 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 doing business as U.S. Bank Global Fund Services ("Global Fund Services") is 615 E. Michigan Street, Milwaukee, WI 53202. In addition, effective on the Conversion Date, Global Fund Services, 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 Global Fund Services will receive an asset based fee, subject to a minimum annual fee. For custody services, the Funds will pay to U.S. Bank N.A. 0.0075% of average gross assets up to $1 billion, and .0050% of average gross assets over $1 billion, annually, plus certain per-transaction charges. For Transfer Agency, Fund Accounting and Fund Administration services, which are based on the total assets for all the Funds in the Trust, the Funds will pay to U.S. Bank N.A. 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. These services are recorded in custodian fees and expenses on the statements of operations. A summary of these expenses is included below. 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. These services are recorded in distribution and marketing fees on the statements of operations. A summary of these expenses is included below. Pursuant to a Consulting Services Agreement, Foreside Consulting Services, LLC, performs certain consulting support services for the Trust's Sponsor. Additionally, Foreside Distributors, LLC performs certain distribution consulting services pursuant to a Distribution Consulting Agreement with the Trust's Sponsor. ED&F Man Capital Markets, Inc. (“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 is paid $9.00 per round turn. Prior to August 21, 2019, these expenses were recorded in brokerage commissions on the statements of operations. Beginning on August 21, 2019, these expenses were recognized on a per-trade basis. The half-turn is recognized as an unrealized loss on the statements of operations for contracts that have been purchased since the change in recognition, and a full turn is recognized as a realized loss on the statements of operations when a contract is sold. A summary of these expenses is included in the disclosure of the underlying Funds. The sole Trustee of the Trust is Wilmington Trust Company, a Delaware banking corporation. The Trustee will accept service of legal process on the Trust in the State of Delaware and will make certain filings under the Delaware Statutory Trust Act. For its services, the Trustee receives an annual fee of $3,300 from the Trust. These services are recorded in business permits and licenses fees on the statements of operations. A summary of these expenses is included below. The Sponsor employs Exchange Traded Concepts, LLC ("ETC") as the Marketing Agent, providing certain marketing consulting services in connection with the content strategy and e-mail marketing for the Funds. For its services as the Marketing Agent, ETC receives $2,500 a month and 0.02% of the Fund's average daily net assets, when assets are above the combined amount of $160 million. These services are recorded in distribution and marketing fees on the statements of the operations. A summary of these expenses is included below: Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Amount Recognized for Custody Services $ 2,159 $ 2,554 $ 2,090 Amount of Custody Services Waived $ 2,159 $ 2,425 $ 1,796 Amount Recognized for Distribution Services $ 1,045 $ 1,207 $ 1,032 Amount of Distribution Services Waived $ 879 $ 1,130 $ 682 Amount Recognized for Wilmington Trust $ 18 $ 24 $ 16 Amount of Wilmington Trust Waived $ 18 $ 24 $ - Amount Recognized for ETC $ 301 $ - $ - Amount of ETC Waived $ 261 $ - $ - |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Teucrium Commodity Trust - Combined | |
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, SOYB, CANE, WEAT, and TAGS except for eliminations for TAGS as explained below for the months during which each Fund was in operation. 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 and at other financial institutions 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 and cash equivalents 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. Beginning in February of 2019, the Sponsor began investing a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts. 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. The Sponsor adopted ASC 606, Revenue from Contracts With Customers Brokerage Commissions Beginning on August 21, 2019, the Sponsor began recognizing the expense for brokerage commissions for futures contract trades on a per-trade basis. Prior to the change, brokerage commissions on all open commodity futures contracts were accrued on the trade date and on a full-turn basis. The below table shows the amounts included on the combined statements of operations as unrealized losses attributed to brokerage commissions as of December 31, 2019, as well as total brokerage commissions paid in 2019 inclusive of this unrealized loss. CORN SOYB CANE WEAT TAGS TRUST Unrealized Loss Attributed to Brokerage Commissions $ 11,457 $ 1,742 $ 1,944 $ 5,612 $ - $ 20,755 Total Brokerage Commissions paid including unrealized loss $ 81,568 $ 12,219 $ 12,776 $ 41,004 $ 1 $ 147,568 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 2016 to 2019, 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, 2019, 2018, and 2017. However, the Funds’ conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof. The Funds recognize interest accrued related to 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, 2019, 2018 and 2017. 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. 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. (EST) 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. (EST) 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 4 baskets Cash and Cash Equivalents Cash equivalents are highly liquid investments with original 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 holds a balance in money market funds that is 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. 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. Effective February 2019, the Sponsor began investing a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured. Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Money Market Funds $ 3,060 $ 3,262 $ 3,014 Demand Deposit Savings Accounts 89,552,523 71,898,880 88,012,866 Commercial Paper 69,915,031 87,348,180 49,929,746 Treasury Bills 6,611,271 - - Total cash and cash equivalents as presented on the combined Statement of Assets and Liabilities $ 166,081,885 $ 159,250,322 $ 137,945,626 Payable for Purchases of Commercial Paper The amount recorded by the Trust for commercial paper transactions awaiting settlement, which represents the amount payable for contracts purchased but not yet settled as of the reporting date. The value of the contract is included in cash and cash equivalents, and the payable amount is included as a liability. 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. From inception through September 11, 2019, the principal broker through which the Trust and TAGS can execute securities transactions for TAGS was the Bank of New York Mellon Capital Markets. Effective September 11, 2019, the principal broker through which the Trust and TAGS can execute securities transactions for TAGS is U.S. Bank N.A. 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 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. Such expenses are primarily included as distribution and marketing fees. Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Recognized Related Party Transactions $ 1,992,524 $ 2,674,984 $ 2,196,388 Waived Related Party Transactions $ 137,711 $ 556,063 $ 453,736 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. The Sponsor has determined that there would be no recovery sought for the amounts below in any future period. CORN SOYB CANE WEAT TAGS Trust Year Ended December 31, 2019 $ 15,639 $ 96,303 $ 171,746 $ 2,500 $ 40,517 $ 326,705 Year Ended December 31, 2018 $ 280,817 $ 394,591 $ 268,920 $ 234,736 $ 48,366 $ 1,227,430 Year Ended December 31, 2017 $ 409,562 $ 126,489 $ 129,334 $ 323,244 $ 40,270 $ 1,028,899 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, 2019 and 2018, 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, 2019 and 2018, 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”) 2019-07: “Codification Updates to SEC Sections: Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates.” The amendments improve, update, and simplify the SEC’s regulations on financial reporting and disclosure. The amendments were adopted for the quarter ended September 30, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds. The FASB issued ASU 2019-04: “Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and hedging, and Topic 825, Financial Instruments.” The amendments clarify and improve areas of guidance related to the recently issued standards on credit losses, hedging, and recognition and measurement, specifically relating to ASU 2017-12. The amendments were early adopted for the quarter ended June 30, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds. The FASB issued ASU 2019-01: "Leases (Topic 842): Codification Improvements. These amendments align the guidance for fair value of underlying assets by lessors that are not manufacturers or dealers in Topic 842 with that of existing guidance. The amendments will be effective for fiscal years and interim periods beginning after December 15, 2019 and may be adopted early. The amendments were early adopted for the year ended December 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds. The FASB issued ASU 2018-13: “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. These amendments modify public and private company fair value disclosure requirements. While some disclosures were removed or modified, others were added. The guidance is a result of the FASB’s test of the principals developed to improve the effectiveness of disclosures in the notes to the financial statements. The amendments will be effective for fiscal years and interim periods beginning after December 15, 2019 and may be adopted early. The amendments were early adopted for the year ended December 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds. The FASB issued ASU 2018-05, “Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118." These amendments add guidance to the FASB Accounting Standards Codification regarding the Tax Cuts and Jobs Act (Act). The amendments were adopted for the quarter ended March 31, 2018; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds. The FASB issued ASU 2017-13, “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. The amendments were early adopted for the year ended December 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds. The FASB issued ASU 2017-12, “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 amendments were adopted for the quarter ended March 31, 2019; 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 amendments were adopted for the quarter ended March 31, 2017; 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 2016-18, “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 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. The Sponsor elected to adopt the amendments for the fiscal year ending December 31, 2017. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds. The FASB issued ASU 2016-11, “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 int |
Teucrium Corn Fund | |
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 and at other financial institutions at prevailing market rates for such investments. Beginning in February of 2019, the Sponsor began investing a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts. Accretion on these investments are recognized using the effective interest method in U.S. dollars and included in interest income on the statements of operations. The Sponsor adopted ASC 606, Revenue from Contracts With Customers Brokerage Commissions Beginning on August 21, 2019, the Sponsor began recognizing the expense for brokerage commissions for futures contract trades on a per-trade basis. Prior to the change, brokerage commissions on all open commodity futures contracts were accrued on the trade date and on a full-turn basis. The below table shows the amounts included on the statements of operations as unrealized losses attributed to brokerage commissions as of December 31, 2019, as well as total brokerage commissions paid in 2019 inclusive of this unrealized loss. CORN Unrealized Loss Attributed to Brokerage Commissions $ 11,457 Total Brokerage Commissions paid including unrealized loss $ 81,568 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 2016 to 2019, 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, 2019, 2018, and 2017. 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, 2019, 2018, and 2017. 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. 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. (EST) 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. (EST) 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. If the Fund experienced redemptions that caused the number of Shares outstanding to decrease to the minimum level of Shares required to be outstanding, until the minimum number of Shares is again exceeded through the purchase of a new Creation Basket, there can be no more redemptions by an Authorized Purchaser. 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 original 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. Each Fund that is a series of the Trust has the balance of its cash equivalents on deposit with financial institutions. The Trust holds a balance in money market funds that is 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 Funds in alternative demand deposit savings accounts, which is classified as cash and not as cash equivalents. 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. Effective February 2019, the Sponsor began investing a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured. December 31, 2019 December 31, 2018 December 31, 2017 Money Market Funds $ 102 $ 100 $ 170 Demand Deposit Savings Accounts 36,303,603 23,974,336 38,174,418 Commercial Paper 34,953,236 34,935,697 24,964,873 Treasury Bills 3,264,182 - - Total cash and cash equivalents as presented on the Statement of Assets and Liabilities $ 74,521,123 $ 58,910,133 $ 63,139,461 Payable for Purchases of Commercial Paper The amount recorded by the Fund for commercial paper transactions awaiting settlement, which represents the amount payable for contracts purchased but not yet settled as of the reporting date. The value of the contract is included in cash and cash equivalents, and the payable amount is included as a liability. 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, Global Fund Services, 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. (EST). The NAV for a particular trading day is released after 4:15 p.m. (EST). 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. (EST). The value of over-the-counter corn interests is determined based on the value of the commodity or futures contract underlying such corn interest, except that a fair value may be determined if the Sponsor believes that the Fund is subject to significant credit risk relating to the counterparty to such corn interest. For purposes of financial statements and reports, the Sponsor will recalculate the NAV where necessary to reflect the “fair value” of a Futures Contract when the Futures Contract closes at its price fluctuation limit for the day. Treasury securities held by the Fund are valued by the administrator using values received from recognized third-party vendors and dealer quotes. NAV includes any unrealized profit or loss on open corn interests and any other income or expense accruing to the Fund but unpaid or not received by the Fund. Sponsor Fee, Allocation of Expenses and Related Party Transactions The Sponsor is responsible for investing the assets of the Fund in accordance with the objectives and policies of the Fund. In addition, the Sponsor arranges for one or more third parties to provide administrative, custodial, accounting, transfer agency and other necessary services to the Trust and the Funds. In addition, the Sponsor elected not to outsource services directly attributable to the Trust and the Funds such as accounting, financial reporting, regulatory compliance and trading activities. In addition, the Fund is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00% per annum. 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. Such expenses are primarily recorded as distribution and marketing fees on the statement of operations. All asset-based fees and expenses for the Funds are calculated on the prior day’s net assets. Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Recognized Related Party Transactions $ 858,901 $ 1,004,019 $ 998,194 Waived Related Party Transactions $ 14,500 $ 157,258 $ 215,815 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. The Sponsor has determined that there would be no recovery sought for the amounts below in any future period: CORN Year Ended December 31, 2019 $ 15,639 Year Ended December 31, 2018 $ 280,817 Year Ended December 31, 2017 $ 409,562 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, 2019 and 2018, 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, 2019 and 2018, 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”) 2019-07: “Codification Updates to SEC Sections: Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates.” The amendments improve, update, and simplify the SEC’s regulations on financial reporting and disclosure. The amendments were adopted for the quarter ended September 30, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2019-04: “Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and hedging, and Topic 825, Financial Instruments.” The amendments clarify and improve areas of guidance related to the recently issued standards on credit losses, hedging, and recognition and measurement, specifically relating to ASU 2017-12. The amendments were early adopted for the quarter ended June 30, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2019-01: "Leases (Topic 842): Codification Improvements. These amendments align the guidance for fair value of underlying assets by lessors that are not manufacturers or dealers in Topic 842 with that of existing guidance. The amendments will be effective for fiscal years and interim periods beginning after December 15, 2019 and may be adopted early. The amendments were early adopted for the year ended December 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2018-13: “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. These amendments modify public and private company fair value disclosure requirements. While some disclosures were removed or modified, others were added. The guidance is a result of the FASB’s test of the principals developed to improve the effectiveness of disclosures in the notes to the financial statements. The amendments will be effective for fiscal years and interim periods beginning after December 15, 2019 and may be adopted early. The amendments were early adopted for the year ended December 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2018-05, “Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118." These amendments add guidance to the FASB Accounting Standards Codification regarding the Tax Cuts and Jobs Act (Act). The amendments were adopted for the quarter ended March 31, 2018; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-13, “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. The amendments were early adopted for the year ended December 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-12, “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 amendments were adopted for the quarter ended March 31, 2019; 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 amendments were adopted for the quarter ended March 31, 2017; 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 2016-18, “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 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. The Sponsor elected to adopt the amendments for the fiscal year ending December 31, 2017. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-11, “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. The Sponsor elected to adopt ASU 2016-11 for the year ending December 31, 2017. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-02, “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 were adopted for the quarter ended March 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-01, “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. |
Teucrium Soybean Fund | |
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 operations 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 with financial institutions are recognized on the accrual basis. The Funds earn interest on funds held at the custodian and other financial institutions at prevailing market rates for such investments. Beginning in February 2018, 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 statements of assets and liabilities and in cash and cash equivalents on the 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 statements of operations. Beginning in February of 2019, the Sponsor began investing a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts. Accretion on these investments are recognized using the effective interest method in U.S. dollars and included in interest income on the statements of operations. The Sponsor adopted ASC 606, Revenue from Contracts With Customers Brokerage Commissions Beginning on August 21, 2019, the Sponsor began recognizing the expense for brokerage commissions for futures contract trades on a per-trade basis. Prior to the change, brokerage commissions on all open commodity futures contracts were accrued on the trade date and on a full-turn basis. The below table shows the amounts included on the statements of operations as unrealized losses attributed to brokerage commissions as of December 31, 2019, as well as total brokerage commissions paid in 2019 inclusive of this unrealized loss. SOYB Unrealized Loss Attributed to Brokerage Commissions $ 1,742 Total Brokerage Commissions paid including unrealized loss $ 12,219 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 2016 to 2019, 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, 2019, 2018, and 2017. 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, 2019, 2018 and 2017. 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. 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. (EST) 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. (EST) 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. If the Fund experienced redemptions that caused the number of Shares outstanding to decrease to the minimum level of Shares required to be outstanding, until the minimum number of Shares is again exceeded through the purchase of a new Creation Basket, there can be no more redemptions by an Authorized Purchaser. 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 original 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. Each Fund that is a series of the Trust has the balance of its cash equivalents on deposit with financial institutions. The Trust holds a balance in money market funds that is 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 Funds in alternative demand deposit savings accounts, which is classified as cash and not as cash equivalents. Assets deposited with the bank may, at times, exceed federally insured limits. Effective in the first quarter 2018, 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. Effective February 2019, the Sponsor began investing a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured. December 31, 2019 December 31, 2018 December 31, 2017 Money Market Funds $ 103 $ 100 $ 100 Demand Deposit Savings Accounts 14,677,599 14,282,321 9,942,085 Commercial Paper 12,481,824 12,492,518 - Treasury Bills 715,165 - - Total cash and cash equivalents as presented on the Statement of Assets and Liabilities $ 27,874,691 $ 26,774,939 $ 9,942,185 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, Fund Services, 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. (EST). The NAV for a particular trading day is released after 4:15 p.m. (EST). 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. (EST). The value of over-the-counter soybean interests is determined based on the value of the commodity or futures contract underlying such soybean interest, except that a fair value may be determined if the Sponsor believes that the Fund is subject to significant credit risk relating to the counterparty to such soybean interest. For purposes of financial statements and reports, the Sponsor will recalculate the NAV where necessary to reflect the “fair value” of a Futures Contract when the Futures Contract closes at its price fluctuation limit for the day. Treasury securities held by the Fund are valued by the administrator using values received from recognized third-party vendors and dealer quotes. NAV includes any unrealized profit or loss on open soybean interests and any other income or expense accruing to the Fund but unpaid or not received by the Fund. Sponsor Fee, Allocation of Expenses and Related Party Transactions The Sponsor is responsible for investing the assets of the Fund in accordance with the objectives and policies of the Fund. In addition, the Sponsor arranges for one or more third parties to provide administrative, custodial, accounting, transfer agency and other necessary services to the Trust and the Funds. In addition, the Sponsor elected not to outsource services directly attributable to the Trust and the Funds such as accounting, financial reporting, regulatory compliance and trading activities. In addition, the Fund is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00% per annum. 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. Such expenses are primarily recorded as distribution and marketing fees on the statement of operations. All asset-based fees and expenses for the Funds are calculated on the prior day’s net assets. Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Recognized Related Party Transactions $ 379,031 $ 444,365 $ 183,076 Waived Related Party Transactions $ 31,537 $ 192,822 $ 45,597 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. The Sponsor has determined that there would be no recovery sought for the amounts below in any future period: SOYB Year Ended December 31, 2019 $ 96,303 Year Ended December 31, 2018 $ 394,591 Year Ended December 31, 2017 $ 126,489 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, 2019 and 2018, 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, 2019 and 2018, 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”) 2019-07: “Codification Updates to SEC Sections: Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates.” The amendments improve, update, and simplify the SEC’s regulations on financial reporting and disclosure. The amendments were adopted for the quarter ended September 30, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2019-04: “Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and hedging, and Topic 825, Financial Instruments.” The amendments clarify and improve areas of guidance related to the recently issued standards on credit losses, hedging, and recognition and measurement, specifically relating to ASU 2017-12. The amendments were early adopted for the quarter ended June 30, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2019-01: "Leases (Topic 842): Codification Improvements. These amendments align the guidance for fair value of underlying assets by lessors that are not manufacturers or dealers in Topic 842 with that of existing guidance. The amendments will be effective for fiscal years and interim periods beginning after December 15, 2019 and may be adopted early. The amendments were early adopted for the year ended December 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2018-13: “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. These amendments modify public and private company fair value disclosure requirements. While some disclosures were removed or modified, others were added. The guidance is a result of the FASB’s test of the principals developed to improve the effectiveness of disclosures in the notes to the financial statements. The amendments will be effective for fiscal years and interim periods beginning after December 15, 2019 and may be adopted early. The amendments were early adopted for the year ended December 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2018-05, “Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118." These amendments add guidance to the FASB Accounting Standards Codification regarding the Tax Cuts and Jobs Act (Act). The amendments were adopted for the quarter ended March 31, 2018; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-13, “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. The amendments were early adopted for the year ended December 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-12, “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 amendments were adopted for the quarter ended March 31, 2019; 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 amendments were adopted for the quarter ended March 31, 2017; 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 2016-18, “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 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. The Sponsor elected to adopt the amendments for the fiscal year ending December 31, 2017. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-11, “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. The Sponsor elected to adopt ASU 2016-11 for the year ending December 31, 2017. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-02, “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 were adopted for the quarter ended March 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-01, “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. |
Teucrium Sugar Fund | |
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 operations 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 with financial institutions are recognized on the accrual basis. The Funds earn interest on funds held at the custodian and other financial institutions at prevailing market rates for such investments. Beginning in February 2018, 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 statements of assets and liabilities and in cash and cash equivalents on the 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 statements of operations. Beginning in February of 2019, the Sponsor began investing a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts. Accretion on these investments are recognized using the effective interest method in U.S. dollars and included in interest income on the statements of operations. The Sponsor adopted ASC 606, Revenue from Contracts With Customers Brokerage Commissions Beginning on August 21, 2019, the Sponsor began recognizing the expense for brokerage commissions for futures contract trades on a per-trade basis. Prior to the change, brokerage commissions on all open commodity futures contracts were accrued on the trade date and on a full-turn basis. The below table shows the amounts included on the statements of operations as unrealized losses attributed to brokerage commissions as of December 31, 2019, as well as total brokerage commissions paid in 2019 inclusive of this unrealized loss. CANE Unrealized Loss Attributed to Brokerage Commissions $ 1,944 Total Brokerage Commissions paid including unrealized loss $ 12,776 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 2016 to 2019, 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, 2019, 2018, and 2017. 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, 2019, 2018 and 2017. 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. 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. (EST) 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. (EST) 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. If the Fund experienced redemptions that caused the number of Shares outstanding to decrease to the minimum level of Shares required to be outstanding, until the minimum number of Shares is again exceeded through the purchase of a new Creation Basket, there can be no more redemptions by an Authorized Purchaser. 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 original 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. Each Fund that is a series of the Trust has the balance of its cash equivalents on deposit with financial institutions. The Trust holds a balance in money market funds that is 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 Funds in alternative demand deposit savings accounts, which is classified as cash and not as cash equivalents. Assets deposited with the bank may, at times, exceed federally insured limits. Effective in the first quarter 2018, 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. Effective February 2019, the Sponsor began investing a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured. Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Money Market Funds $ 103 $ 100 $ 100 Demand Deposit Savings Accounts 9,032,624 7,764,709 5,929,175 Commercial Paper 2,499,872 2,497,132 - Treasury Bills 683,196 - - Total cash and cash equivalents as presented on the Statement of Assets and Liabilities $ 12,215,795 $ 10,261,941 $ 5,929,275 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, Global Fund Services, 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. (EST). The NAV for a particular trading day is released after 4:15 p.m. (EST). 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. (EST). The value of over-the-counter sugar interests is determined based on the value of the commodity or futures contract underlying such sugar interest, except that a fair value may be determined if the Sponsor believes that the Fund is subject to significant credit risk relating to the counterparty to such sugar interest. For purposes of financial statements and reports, the Sponsor will recalculate the NAV where necessary to reflect the “fair value” of a Futures Contract when the Futures Contract closes at its price fluctuation limit for the day. Treasury securities held by the Fund are valued by the administrator using values received from recognized third-party vendors and dealer quotes. NAV includes any unrealized profit or loss on open sugar interests and any other income or expense accruing to the Fund but unpaid or not received by the Fund. Sponsor Fee, Allocation of Expenses and Related Party Transactions The Sponsor is responsible for investing the assets of the Fund in accordance with the objectives and policies of the Fund. In addition, the Sponsor arranges for one or more third parties to provide administrative, custodial, accounting, transfer agency and other necessary services to the Trust and the Funds. In addition, the Sponsor elected not to outsource services directly attributable to the Trust and the Funds such as accounting, financial reporting, regulatory compliance and trading activities. In addition, the Fund is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00% per annum. 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. Such expenses are primarily recorded as distribution and marketing fees on the statement of operations. All asset-based fees and expenses for the Funds are calculated on the prior day’s net assets. Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Recognized Related Party Transactions $ 183,750 $ 242,126 $ 109,266 Waived Related Party Transactions $ 77,532 $ 93,112 $ 57,667 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. The Sponsor has determined that there would be no recovery sought for the amounts below in any future period: CANE Year Ended December 31, 2019 $ 171,746 Year Ended December 31, 2018 $ 268,920 Year Ended December 31, 2017 $ 129,334 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, 2019 and 2018, 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, 2019 and 2018, 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”) 2019-07: “Codification Updates to SEC Sections: Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates.” The amendments improve, update, and simplify the SEC’s regulations on financial reporting and disclosure. The amendments were adopted for the quarter ended September 30, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2019-04: “Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and hedging, and Topic 825, Financial Instruments.” The amendments clarify and improve areas of guidance related to the recently issued standards on credit losses, hedging, and recognition and measurement, specifically relating to ASU 2017-12. The amendments were early adopted for the quarter ended June 30, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2019-01: "Leases (Topic 842): Codification Improvements. These amendments align the guidance for fair value of underlying assets by lessors that are not manufacturers or dealers in Topic 842 with that of existing guidance. The amendments will be effective for fiscal years and interim periods beginning after December 15, 2019 and may be adopted early. The amendments were early adopted for the year ended December 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2018-13: “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. These amendments modify public and private company fair value disclosure requirements. While some disclosures were removed or modified, others were added. The guidance is a result of the FASB’s test of the principals developed to improve the effectiveness of disclosures in the notes to the financial statements. The amendments will be effective for fiscal years and interim periods beginning after December 15, 2019 and may be adopted early. The amendments were early adopted for the year ended December 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2018-05, “Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118." These amendments add guidance to the FASB Accounting Standards Codification regarding the Tax Cuts and Jobs Act (Act). The amendments were adopted for the quarter ended March 31, 2018; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-13, “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. The amendments were early adopted for the year ended December 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-12, “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 amendments were adopted for the quarter ended March 31, 2019; 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 amendments were adopted for the quarter ended March 31, 2017; 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 2016-18, “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 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. The Sponsor elected to adopt the amendments for the fiscal year ending December 31, 2017. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-11, “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. The Sponsor elected to adopt ASU 2016-11 for the year ending December 31, 2017. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-02, “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 were adopted for the quarter ended March 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-01, “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. |
Teucrium Wheat Fund | |
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 and at other financial institutions at prevailing market rates for such investments. Beginning in February of 2019, the Sponsor began investing a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts. Accretion on these investments are recognized using the effective interest method in U.S. dollars and included in interest income on the statements of operations. The Sponsor adopted ASC 606, Revenue from Contracts With Customers Brokerage Commissions Beginning on August 21, 2019, the Sponsor began recognizing the expense for brokerage commissions for futures contract trades on a per-trade basis. Prior to the change, brokerage commissions on all open commodity futures contracts were accrued on the trade date and on a full-turn basis. The below table shows the amounts included on the statements of operations as unrealized losses attributed to brokerage commissions as of December 31, 2019 as well as total brokerage commissions paid in 2019 inclusive of this unrealized loss. WEAT Unrealized Loss Attributed to Brokerage Commissions $ 5,612 Total Brokerage Commissions paid including unrealized loss $ 41,004 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 2016 to 2019, 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, 2019, 2018, and 2017. 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, 2019, 2018 and 2017. 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. 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. (EST) 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. (EST) 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. If the Fund experienced redemptions that caused the number of Shares outstanding to decrease to the minimum level of Shares required to be outstanding, until the minimum number of Shares is again exceeded through the purchase of a new Creation Basket, there can be no more redemptions by an Authorized Purchaser. 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 original 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. Each Fund that is a series of the Trust has the balance of its cash equivalents on deposit with financial institutions. The Trust holds a balance in money market funds that is 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 Funds in alternative demand deposit savings accounts, which is classified as cash and not as cash equivalents. 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. Effective February 2019, the Sponsor began investing a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured. Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Money Market Funds $ 119 $ 100 $ 170 Demand Deposit Savings Accounts 29,538,697 25,877,514 33,967,188 Commercial Paper 19,980,099 37,422,833 24,964,873 Treasury Bills 1,948,728 - - Total cash and cash equivalents as presented on the Statement of Assets and Liabilities $ 51,467,643 $ 63,300,447 $ 58,932,231 Payable for Purchases of Commercial Paper The amount recorded by the Fund for commercial paper transactions awaiting settlement, which represents the amount payable for contracts purchased but not yet settled as of the reporting date. The value of the contract is included in cash and cash equivalents, and the payable amount is included as a liability. 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, Global Fund Services, 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. (EST). The NAV for a particular trading day is released after 4:15 p.m. (EST). 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. (EST). The value of over-the-counter wheat interests is determined based on the value of the commodity or futures contract underlying such wheat interest, except that a fair value may be determined if the Sponsor believes that the Fund is subject to significant credit risk relating to the counterparty to such wheat interest. For purposes of financial statements and reports, the Sponsor will recalculate the NAV where necessary to reflect the “fair value” of a Futures Contract when the Futures Contract closes at its price fluctuation limit for the day. Treasury securities held by the Fund are valued by the administrator using values received from recognized third-party vendors and dealer quotes. NAV includes any unrealized profit or loss on open wheat interests and any other income or expense accruing to the Fund but unpaid or not received by the Fund. Sponsor Fee, Allocation of Expenses and Related Party Transactions The Sponsor is responsible for investing the assets of the Fund in accordance with the objectives and policies of the Fund. In addition, the Sponsor arranges for one or more third parties to provide administrative, custodial, accounting, transfer agency and other necessary services to the Trust and the Funds. In addition, the Sponsor elected not to outsource services directly attributable to the Trust and the Funds such as accounting, financial reporting, regulatory compliance and trading activities. In addition, the Fund is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00% per annum. 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. Such expenses are primarily recorded as distribution and marketing fees on the statement of operations. All asset-based fees and expenses for the Funds are calculated on the prior day’s net assets. Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Recognized Related Party Transactions $ 557,131 $ 966,288 $ 893,340 Waived Related Party Transactions $ 2,500 $ 99,345 $ 125,219 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. The Sponsor has determined that there would be no recovery sought for the amounts below in any future period: WEAT Year Ended December 31, 2019 $ 2,500 Year Ended December 31, 2018 $ 234,736 Year Ended December 31, 2017 $ 323,244 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, 2019 and 2018, 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, 2019 and 2018, 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”) 2019-07: “Codification Updates to SEC Sections: Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates.” The amendments improve, update, and simplify the SEC’s regulations on financial reporting and disclosure. The amendments were adopted for the quarter ended September 30, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2019-04: “Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and hedging, and Topic 825, Financial Instruments.” The amendments clarify and improve areas of guidance related to the recently issued standards on credit losses, hedging, and recognition and measurement, specifically relating to ASU 2017-12. The amendments were early adopted for the quarter ended June 30, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2019-01: "Leases (Topic 842): Codification Improvements. These amendments align the guidance for fair value of underlying assets by lessors that are not manufacturers or dealers in Topic 842 with that of existing guidance. The amendments will be effective for fiscal years and interim periods beginning after December 15, 2019 and may be adopted early. The amendments were early adopted for the year ended December 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2018-13: “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. These amendments modify public and private company fair value disclosure requirements. While some disclosures were removed or modified, others were added. The guidance is a result of the FASB’s test of the principals developed to improve the effectiveness of disclosures in the notes to the financial statements. The amendments will be effective for fiscal years and interim periods beginning after December 15, 2019 and may be adopted early. The amendments were early adopted for the year ended December 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2018-05, “Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118." These amendments add guidance to the FASB Accounting Standards Codification regarding the Tax Cuts and Jobs Act (Act). The amendments were adopted for the quarter ended March 31, 2018; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-13, “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. The amendments were early adopted for the year ended December 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-12, “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 amendments were adopted for the quarter ended March 31, 2019; 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 amendments were adopted for the quarter ended March 31, 2017; 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 2016-18, “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 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. The Sponsor elected to adopt the amendments for the fiscal year ending December 31, 2017. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-11, “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. The Sponsor elected to adopt ASU 2016-11 for the year ending December 31, 2017. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-02, “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 were adopted for the quarter ended March 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-01, “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. |
Teucrium Agricultural Fund | |
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. Beginning on August 21, 2019, brokerage commission expenses were recognized on a per-trade basis. The half-turn is recognized as an unrealized loss on the statements of operations for contracts that have been purchased since the change in recognition, and a full turn is recognized as a realized loss on the statements of operations when a contract is sold. Changes in the appreciation or depreciation between periods are reflected in the statements of operations. The Sponsor adopted ASC 606, Revenue from Contracts With Customers 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 2016 to 2019, 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, 2019, 2018, and 2017. 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, 2019, 2018 and 2017. 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. Creations and Redemptions Effective August 28, 2018, the Sponsor filed a prospectus supplement updating the Creation and Redemption Basket size to 12,500 shares. Prior to this prospectus supplement, the basket size for Creations and Redemptions was 25,000 shares. Authorized Purchasers may purchase Creation Baskets consisting of 12,500 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. (EST) on the day the order to create the basket is properly received. Authorized Purchasers may redeem shares from the Fund only in blocks of 12,500 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. (EST) 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 four Redemption Baskets for the Fund and a minimum level of shares. If the Fund experienced redemptions that caused the number of Shares outstanding to decrease to the minimum level of Shares required to be outstanding, until the minimum number of Shares is again exceeded through the purchase of a new Creation Basket, there can be no more redemptions by an Authorized Purchaser. 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 original 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 $2,633 and $2,862 in money market funds at December 31, 2019 and December 31, 2018, 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, Global Fund Services, 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. (EST). The NAV for a particular trading day will be released after 4:15 p.m. (EST). 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. (EST), 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 Sponsor is responsible for investing the assets of the Fund in accordance with the objectives and policies of the Fund. In addition, the Sponsor arranges for one or more third parties to provide administrative, custodial, accounting, transfer agency and other necessary services to the Trust and the Funds. In addition, the Sponsor elected not to outsource services directly attributable to the Trust and the Funds such as accounting, financial reporting, regulatory compliance and trading activities. In addition, the Fund is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00% per annum. 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. Such expenses are primarily recorded as distribution and marketing fees on the statement of operations. All asset-based fees and expenses for the Funds are calculated on the prior day’s net assets. Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Recognized Related Party Transactions $ 13,711 $ 18,186 $ 12,512 Waived Related Party Transactions $ 11,641 $ 13,526 $ 9,438 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. The Sponsor has determined that there would be no recovery sought for the amounts below in any future period: TAGS Year Ended December 31, 2019 $ 40,517 Year Ended December 31, 2018 $ 48,366 Year Ended December 31, 2017 $ 40,270 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”) 2019-07: “Codification Updates to SEC Sections: Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates.” The amendments improve, update, and simplify the SEC’s regulations on financial reporting and disclosure. The amendments were adopted for the quarter ended September 30, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2019-04: “Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and hedging, and Topic 825, Financial Instruments.” The amendments clarify and improve areas of guidance related to the recently issued standards on credit losses, hedging, and recognition and measurement, specifically relating to ASU 2017-12. The amendments were early adopted for the quarter ended June 30, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2019-01: "Leases (Topic 842): Codification Improvements. These amendments align the guidance for fair value of underlying assets by lessors that are not manufacturers or dealers in Topic 842 with that of existing guidance. The amendments will be effective for fiscal years and interim periods beginning after December 15, 2019 and may be adopted early. The amendments were early adopted for the year ended December 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2018-13: “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. These amendments modify public and private company fair value disclosure requirements. While some disclosures were removed or modified, others were added. The guidance is a result of the FASB’s test of the principals developed to improve the effectiveness of disclosures in the notes to the financial statements. The amendments will be effective for fiscal years and interim periods beginning after December 15, 2019 and may be adopted early. The amendments were early adopted for the year ended December 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2018-05, “Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118." These amendments add guidance to the FASB Accounting Standards Codification regarding the Tax Cuts and Jobs Act (Act). The amendments were adopted for the quarter ended March 31, 2018; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-13, “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. The amendments were early adopted for the year ended December 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-12, “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 amendments were adopted for the quarter ended March 31, 2019; 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 amendments were adopted for the quarter ended March 31, 2017; 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 2016-18, “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 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. The Sponsor elected to adopt the amendments for the fiscal year ending December 31, 2017. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-11, “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. The Sponsor elected to adopt ASU 2016-11 for the year ending December 31, 2017. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-02, “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 were adopted for the quarter ended March 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-01, “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. 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, 2019 | |
Teucrium Commodity Trust - Combined | |
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, 2019 and December 31, 2018: December 31, 2019 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2019 Cash Equivalents $ 76,529,362 $ - $ - $ 76,529,362 Commodity Futures Contracts Corn futures contracts 1,365,055 - - 1,365,055 Soybeans futures contracts 931,896 - - 931,896 Sugar futures contracts 347,429 - - 347,429 Wheat futures contracts 5,068,476 - - 5,068,476 Total $ 84,242,218 $ - $ - $ 84,242,218 Liabilities: Level 1 Level 2 Level 3 Balance as of December 31, 2019 Commodity Futures Contracts Corn futures contracts $ 581,574 $ - $ - $ 581,574 December 31, 2018 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2018 Cash Equivalents $ 87,351,442 $ - $ - $ 87,351,442 Commodity Futures Contracts Corn futures contracts 107,363 - - 107,363 Soybeans futures contracts 228,400 - - 228,400 Sugar futures contracts 233,979 - - 233,979 Total $ 87,921,184 $ - $ - $ 87,921,184 Liabilities: Level 1 Level 2 Level 3 Balance as of December 31, 2018 Commodity Futures Contracts Corn futures contracts $ 1,297,288 $ - $ - $ 1,297,288 Soybeans futures contracts 39,250 - - 39,250 Sugar futures contracts 47,656 - - 47,656 Wheat futures contracts 3,985,400 - - 3,985,400 Total $ 5,369,594 $ - $ - $ 5,369,594 For the years ended December 31, 2019 and 2018, 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 | |
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, 2019 and December 31, 2018: December 31, 2019 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2019 Cash Equivalents $ 38,217,520 $ - $ - $ 38,217,520 Corn Futures Contracts 1,365,055 - - 1,365,055 Total $ 39,582,575 $ - $ - $ 39,582,575 Liabilities: Level 1 Level 2 Level 3 Balance as of December 31, 2019 Corn Futures Contracts $ 581,574 $ - $ - $ 581,574 December 31, 2018 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2018 Cash Equivalents $ 34,935,797 $ - $ - $ 34,935,797 Corn Futures Contracts 107,363 - - 107,363 Total $ 35,043,160 $ - $ - $ 35,043,160 Liabilities: Level 1 Level 2 Level 3 Balance as of December 31, 2018 Corn Futures Contracts $ 1,297,288 $ - $ - $ 1,297,288 For the years ended December 31, 2019 and 2018, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy. See the Fair Value - Definition and Hierarchy section in Note 3 above for an explanation of the transfers into and out of each level of the fair value hierarchy |
Teucrium Soybean Fund | |
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, 2019 and December 31, 2018: December 31, 2019 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2019 Cash Equivalents $ 13,197,092 $ - $ - $ 13,197,092 Soybeans futures contracts 931,896 - - 931,896 Total $ 14,128,988 $ - $ - $ 14,128,988 December 31, 2018 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2018 Cash Equivalents $ 12,492,618 $ - $ - $ 12,492,618 Soybeans futures contracts 228,400 - - 228,400 Total $ 12,721,018 $ - $ - $ 12,721,018 Liabilities: Level 1 Level 2 Level 3 Balance as of December 31, 2018 Soybeans futures contracts $ 39,250 $ - $ - $ 39,250 For the years ended December 31, 2019 and 2018, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy. |
Teucrium Sugar Fund | |
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, 2019 and December 31, 2018. December 31, 2019 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2019 Cash Equivalents $ 3,183,171 $ - $ - $ 3,183,171 Sugar Futures Contracts 347,429 - - 347,429 Total $ 3,530,600 $ - $ - $ 3,530,600 December 31, 2018 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2018 Cash Equivalents $ 2,497,232 $ - $ - $ 2,497,232 Sugar futures contracts 233,979 - - 233,979 Total $ 2,731,211 $ - $ - $ 2,731,211 Liabilities: Level 1 Level 2 Level 3 Balance as of December 31, 2018 Commodity Futures Contracts Sugar futures contracts $ 47,656 $ - $ - $ 47,656 For the years ended December 31, 2019 and 2018, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy. |
Teucrium Wheat Fund | |
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, 2019 and December 31, 2018: December 31, 2019 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2019 Cash Equivalents $ 21,928,946 $ - $ - $ 21,928,946 Wheat Futures contracts 5,068,476 - - 5,068,476 Total $ 26,997,422 $ - $ - $ 26,997,422 December 31, 2018 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2018 Cash Equivalents $ 37,422,933 $ - $ - $ 37,422,933 Liabilities: Level 1 Level 2 Level 3 Balance as of December 31, 2018 Wheat Futures contracts $ 3,985,400 $ - $ - $ 3,985,400 For the years ended December 31, 2019 and 2018, 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 | |
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, 2019 and December 31, 2018: December 31, 2019 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2019 Exchange Traded Funds $ 1,476,880 $ - $ - $ 1,476,880 Cash Equivalents 2,633 - - 2,633 Total $ 1,479,513 $ - $ - $ 1,479,513 December 31, 2018 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2018 Exchange Traded Funds $ 1,523,286 $ - $ - $ 1,523,286 Cash Equivalents $ 2,862 $ - $ - $ 2,862 Total $ 1,526,148 $ - $ - $ 1,526,148 For the years ended December 31, 2019 and 2018, 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, 2019 | |
Teucrium Commodity Trust - Combined | |
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, 2019 and 2018, 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, 2019 and 2018. Offsetting of Financial Assets and Derivative Assets as of December 31, 2019 (i) (ii) (iii) = (i-ii) (iv) (v) = (iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Assets Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due to Broker Net Amount Commodity Price Corn futures contracts $ 1,365,055 $ - $ 1,365,055 $ 581,574 $ - $ 783,481 Soybeans futures contracts $ 931,896 $ - $ 931,896 $ - $ 643,808 $ 288,088 Sugar futures contracts $ 347,429 $ - $ 347,429 $ - $ 237,908 $ 109,521 Wheat futures contracts $ 5,068,476 $ - $ 5,068,476 $ - $ 4,258,410 $ 810,066 Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2019 (i) (ii) (iii) = (i-ii) (iv) (v) = (iii)-(iv) Gross Amount Not Offset in the 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 $ 581,574 $ - $ 581,574 $ 581,574 $ - $ - Offsetting of Financial Assets and Derivative Assets as of December 31, 2018 (i) (ii) (iii) - (i-ii) (iv) (v) = (iii)-(iv) Gross Amount Not Offset in the Statement 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 $ 107,363 $ - $ 107,363 $ 107,363 $ - $ - Soybeans futures contracts $ 228,400 $ - $ 228,400 $ 39,250 $ - $ 189,150 Sugar futures contracts $ 233,979 $ - $ 233,979 $ 47,656 $ - $ 186,323 Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2018 (i) (ii) (iii) = (i-ii) (iv) (v) = (iii)-(iv) Gross Amount Not 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 $ 1,297,288 $ - $ 1,297,288 $ 107,363 $ 1,189,925 $ - Soybeans futures contracts $ 39,250 $ - $ 39,250 $ 39,250 $ - $ - Sugar futures contracts $ 47,656 $ - $ 47,656 $ 47,656 $ - $ - Wheat futures contracts $ 3,985,400 $ - $ 3,985,400 $ - $ 3,985,400 $ - 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, 2019 Primary Underlying Risk Realized (Loss) Gain on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contracts Commodity Price Corn futures contracts $ (9,512,148 ) $ 1,973,406 Soybeans futures contracts (438,468 ) 742,746 Sugar futures contracts 113,747 161,106 Wheat futures contracts (9,623,635 ) 9,053,876 Total commodity futures contracts $ (19,460,504 ) $ 11,931,134 Year ended December 31, 2018 Primary Underlying Risk Realized (Loss) Gain on Commodity Futures Contracts Net Change in Unrealized Appreciation or (Depreciation) on Commodity Futures Contracts Commodity Price Corn futures contracts $ (3,025,313 ) $ 651,638 Soybeans futures contracts (2,085,438 ) 637,213 Sugar futures contracts (2,314,984 ) 69,137 Wheat futures contracts 2,502,112 (1,389,350 ) Total commodity futures contracts $ (4,923,623 ) $ (31,362 ) 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 Volume of Derivative Activities The average notional market value categorized by primary underlying risk for all futures contracts held was $167.2 million in 2019, $169.0 million in 2018, and $153.9 million in 2017. |
Teucrium Corn Fund | |
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, 2019 and 2018, 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, 2019 and 2018. Offsetting of Financial Assets and Derivative Assets as of December 31, 2019 (i) (ii) (iii) = (i-ii) (iv) (v) = (iii)-(iv) Gross Amount Not 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 $ 1,365,055 $ - $ 1,365,055 $ 581,574 $ - $ 783,481 Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2019 (i) (ii) (iii) = (i-ii) (iv) (v) = (iii)-(iv) Gross Amount Not 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 $ 581,574 $ - $ 581,574 $ 581,574 $ - $ - Offsetting of Financial Assets and Derivative Assets as of December 31, 2018 (i) (ii) (iii) = (i-ii) (iv) (v) = (iii)-(iv) Gross Amount Not 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 $ 107,363 $ - $ 107,363 $ 107,363 - $ - Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2018 (i) (ii) (iii) = (i-ii) (iv) (v) = (iii)-(iv) Gross Amount Not 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 $ 1,297,288 $ - $ 1,297,288 $ 107,363 1,189,925 $ - The following is a summary of realized and net change in unrealized gains (losses) of the derivative instruments utilized by the Fund: Year ended December 31, 2019 Realized Loss on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contracts Commodity Price Corn futures contracts $ (9,512,148 ) $ 1,973,406 Year ended December 31, 2018 Realized Loss on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contracts Commodity Price Corn futures contracts $ (3,025,313 ) $ 651,638 Year ended December 31, 2017 Realized Loss on Commodity Futures Contracts Net Change in Unrealized Depreciation on Commodity Futures Contracts Commodity Price Corn futures contracts $ (5,603,513 ) $ (380,763 ) Volume of Derivative Activities The average notional market value categorized by primary underlying risk for all futures contracts held was $76.3 million in 2019, $69.7 million in 2018, and $67.5 million in 2017. |
Teucrium Soybean Fund | |
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, 2019 and 2018, 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, 2019 and 2018. Offsetting of Financial Assets and Derivative Assets as of December 31, 2019 (i) (ii) (iii) = (i-ii) (iv) (v) = (iii)-(iv) Gross Amount Not 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 $ 931,896 $ - $ 931,896 $ - $ 643,808 $ 288,088 Offsetting of Financial Assets and Derivative Assets as of December 31, 2018 (i) (ii) (iii) = (i-ii) (iv) (v) = (iii)-(iv) Gross Amount Not 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 $ 228,400 $ - $ 228,400 $ 39,250 $ - $ 189,150 Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2018 (i) (ii) (iii) = (i)-(ii) (iv) (v) = (iii)-(iv) Gross Amount Not 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 Soybeans futures contracts $ 39,250 $ - $ 39,250 $ 39,250 $ - $ - 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, 2019 Realized Loss on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contracts Commodity Price Soybeans futures contracts $ (438,468 ) $ 742,746 Year ended December 31, 2018 Primary Underlying Risk Realized Loss on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contracts Commodity Price Soybeans futures contracts $ (2,085,438 ) $ 637,213 Year ended December 31, 2017 Realized Gain on Commodity Futures Contracts Net Change in Unrealized Depreciation on Commodity Futures Contracts Commodity Price Soybeans futures contracts $ 8,425 $ (793,538 ) Volume of Derivative Activities The average notional market value categorized by primary underlying risk for all futures contracts held was $27.5 million in 2019, $21.9 million in 2018, and $13.2 million in 2017. |
Teucrium Sugar Fund | |
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, 2019 and 2018, 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, 2019 and 2018. Offsetting of Financial Assets and Derivative Assets as of December 31, 2019 (i) (ii) (iii) = (i-ii) (iv) (v) = (iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Assets Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due to Broker Net Amount Commodity Price Sugar futures contracts $ 347,429 $ - $ 347,429 $ - $ 237,908 $ 109,521 Offsetting of Financial Assets and Derivative Assets as of December 31, 2018 (i) (ii) (iii) = (i)-(ii) (iv) (v) = (iii)-(iv) Gross Amount Not 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 $ 233,979 $ - $ 233,979 $ 47,656 $ - $ 186,323 Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2018 (i) (ii) (iii) = (i-ii) (iv) (v) = (iii)-(iv) Gross Amount Not 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 $ 47,656 $ - $ 47,656 $ 47,656 $ - $ - 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, 2019 Realized Gain on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contracts Commodity Price Sugar futures contracts $ 113,747 $ 161,106 Year ended December 31, 2018 Realized Loss on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contracts Commodity Price Sugar futures contracts $ (2,314,984 ) $ 69,137 Year ended December 31, 2017 Realized Loss on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contracts Commodity Price Sugar futures contracts $ (2,435,305 ) $ 263,581 Volume of Derivative Activities The average notional market value categorized by primary underlying risk for all futures contracts held was $10.4 million in 2019, $12.3 million in 2018, and $7.1 million in 2017. |
Teucrium Wheat Fund | |
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, 2019 and 2018, 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, 2019 and 2018. Offsetting of Financial Assets and Derivative Assets as of December 31, 2019 (i) (ii) (iii) = (i-ii) (iv) (v) = (iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Assets Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities a Futures Contracts Available for Offset Collateral, Due to Broker Net Amount Commodity Price Wheat futures contracts $ 5,068,476 $ - $ 5,068,476 $ - $ 4,258,410 $ 810,066 Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2018 (i) (ii) (iii) = (i-ii) (iv) (v) = (iii)-(iv) Gross Amount Not 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 $ 3,985,400 $ - $ 3,985,400 $ - $ 3,985,400 $ - 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, 2019 Realized Loss on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contracts Commodity Price Wheat futures contracts $ (9,623,635 ) $ 9,053,876 Year ended December 31, 2018 Realized Gain on Commodity Futures Contracts Net Change in Unrealized Depreciation on Commodity Futures Contracts Commodity Price Wheat futures contracts $ 2,502,112 $ (1,389,350 ) Year ended December 31, 2017 Realized Loss on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contracts Commodity Price Wheat futures contracts $ (5,305,113 ) $ 1,325,538 Volume of Derivative Activities The average notional market value categorized by primary underlying risk for all futures contracts held was $53.1 million in 2019, $65.0 million in 2018, and $66.0 million in 2017. |
Financial Highlights
Financial Highlights | 12 Months Ended |
Dec. 31, 2019 | |
Teucrium Corn Fund | |
Financial Highlights | The following table presents per share performance data and other supplemental financial data for the years ended December 31, 2019, 2018 and 2017. 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, 2019 December 31, 2018 December 31, 2017 Per Share Operation Performance Net asset value at beginning of period $ 16.11 $ 16.75 $ 18.77 Income (loss) from investment operations: Investment income 0.38 0.35 0.21 Net realized and unrealized loss on commodity futures contracts (1.11 ) (0.39 ) (1.55 ) Total expenses, net (0.56 ) (0.60 ) (0.68 ) Net decrease in net asset value (1.29 ) (0.64 ) (2.02 ) Net asset value at end of period $ 14.82 $ 16.11 $ 16.75 Total Return (7.99 )% (3.82 )% (10.76 )% Ratios to Average Net Assets (Annualized) Total expenses 3.61 % 3.98 % 4.28 % Total expenses, net 3.59 % 3.58 % 3.68 % Net investment loss (1.16 )% (1.48 )% (2.54 )% The financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses. |
Teucrium Soybean Fund | |
Financial Highlights | The following table presents per share performance data and other supplemental financial data for the years ended December 31, 2019, 2018 and 2017. 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, 2019 December 31, 2018 December 31, 2017 Per Share Operation Performance Net asset value at beginning of period $ 16.20 $ 17.85 $ 19.08 Income (loss) from investment operations: Investment income 0.38 0.37 0.21 Net realized and unrealized loss on commodity futures contracts (0.16 ) (1.40 ) (0.77 ) Total expenses, net (0.57 ) (0.62 ) (0.67 ) Net decreases in net asset value (0.35 ) (1.65 ) (1.23 ) Net asset value at end of period $ 15.85 $ 16.20 $ 17.85 Total Return (2.15 )% (9.24 )% (6.45 )% Ratios to Average Net Assets (Annualized) Total expenses 3.97 % 5.52 % 4.59 % Total expenses, net 3.63 % 3.66 % 3.63 % Net investment loss (1.20 )% (1.49 )% (2.48 )% The financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses. |
Teucrium Sugar Fund | |
Financial Highlights | The following table presents per share performance data and other supplemental financial data for the years ended December 31, 2019, 2018 and 2017. 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, 2019 December 31, 2018 December 31, 2017 Per Share Operation Performance Net asset value at beginning of period $ 7.07 $ 9.79 $ 12.97 Income (loss) from investment operations: Investment income 0.16 0.15 0.12 Net realized and unrealized gain (loss) on commodity futures contracts 0.06 (2.60 ) (3.01 ) Total expenses, net (0.25 ) (0.27 ) (0.29 ) Net decrease in net asset value (0.03 ) (2.72 ) (3.18 ) Net asset value at end of period $ 7.04 $ 7.07 $ 9.79 Total Return (0.45 )% (27.78 )% (24.52 )% Ratios to Average Net Assets (Annualized) Total expenses 5.22 % 5.80 % 4.62 % Total expenses, net 3.56 % 3.60 % 2.79 % Net investment loss (1.23 )% (1.56 )% (1.68 )% The financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses. |
Teucrium Wheat Fund | |
Financial Highlights | The following table presents per share performance data and other supplemental financial data for the years ended December 31, 2019, 2018 and 2017. 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, 2019 December 31, 2018 December 31, 2017 Per Share Operation Performance Net asset value at beginning of period $ 5.95 $ 5.99 $ 6.89 Income (loss) from investment operations: Investment income 0.14 0.13 0.08 Net realized and unrealized (loss) gain on commodity futures contracts (0.06 ) 0.07 (0.73 ) Total expenses, net (0.19 ) (0.24 ) (0.25 ) Net decrease in net asset value (0.11 ) (0.04 ) (0.90 ) Net asset value at end of period $ 5.84 $ 5.95 $ 5.99 Total Return (1.84 )% (0.67 )% (13.06 )% Ratios to Average Net Assets (Annualized) Total expenses 3.45 % 4.13 % 4.09 % Total expenses, net 3.44 % 3.76 % 3.60 % Net investment loss (0.97 )% (1.69 )% (2.46 )% The financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses |
Teucrium Agricultural Fund | |
Financial Highlights | The following table presents per share performance data and other supplemental financial data for the years ended December 31, 2019, 2018 and 2017. 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, 2019 December 31, 2018 December 31, 2017 Per Share Operation Performance Net asset value at beginning of period $ 20.33 $ 22.75 $ 26.33 Income (loss) from investment operations: Net realized and unrealized loss on investment transactions (0.57 ) (2.32 ) (3.46 ) Total expenses, net (0.04 ) (0.10 ) (0.12 ) Net decrease in net asset value (0.61 ) (2.42 ) (3.58 ) Net asset value at end of period $ 19.72 $ 20.33 $ 22.75 Total Return (3.02 )% (10.64 )% (13.60 )% Ratios to Average Net Assets (Annualized) Total expenses 2.96 % 3.77 % 3.74 % Total expenses, net 0.19 % 0.48 % 0.50 % Net investment loss (0.19 )% (0.48 )% (0.50 )% The financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Teucrium Corn Fund | |
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, 2019 and 2018. Three months ended Three months ended Three months ended Three months ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Total Income (Loss) $ (2,641,781 ) $ 4,818,848 $ (6,305,081 ) $ (1,567,297 ) Total Expenses 510,239 682,968 814,454 729,564 Total Expenses, net 504,600 682,968 804,454 729,564 Net Income (Loss) $ (3,146,381 ) $ 4,135,880 $ (7,109,535 ) $ (2,296,861 ) Net Income (Loss) per share $ (0.89 ) $ 1.18 $ (1.18 ) $ (0.40 ) Three months ended Three months ended Three months ended Three months ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Total Income (Loss) $ 5,507,209 $ (6,465,079 ) $ (1,727,463 ) $ 1,792,478 Total Expenses 670,883 754,733 683,626 692,119 Total Expenses, net 630,201 656,692 651,503 582,148 Net Income (Loss) $ 4,877,008 $ (7,121,771 ) $ (2,378,966 ) $ 1,210,330 Net Income (Loss) per share $ 1.24 $ (1.56 ) $ (0.59 ) $ (1.49 ) |
Teucrium Soybean Fund | |
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, 2019 and 2018. Three months ended Three months ended Three months ended Three months ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Total (Loss) Income $ (303,245 ) $ 744,160 $ (305,701 ) $ 846,227 Total Expenses 288,839 303,108 271,010 241,988 Total Expenses, net 225,927 269,717 271,010 241,988 Net Income (Loss) $ (529,172 ) $ 474,443 $ (576,711 ) $ 604,239 Net Income (Loss) per share $ (0.41 ) $ (0.07 ) $ (0.21 ) $ 0.34 Three months ended Three months ended Three months ended Three months ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Total (Loss) Income $ 854,752 $ (2,378,109 ) $ (292,647 ) $ 827,947 Total Expenses 215,850 240,283 424,902 290,357 Total Expenses, net 115,908 155,798 261,424 243,671 Net Income (Loss) $ 738,844 $ (2,533,907 ) $ (554,071 ) $ 584,276 Net Income (Loss) per share $ 1.19 $ (2.82 ) $ (0.39 ) $ 0.37 |
Teucrium Sugar Fund | |
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, 2019 and 2018. Three months ended Three months ended Three months ended Three months ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Total Income (Loss) $ 488,023 $ (271,558 ) $ (486,975 ) $ 785,997 Total Expenses 135,037 151,926 118,027 133,697 Total Expenses, net 93,555 93,972 80,834 98,580 Net Income (Loss) $ 394,468 $ (365,530 ) $ (567,809 ) $ 687,417 Net Income (Loss) per share $ 0.23 $ (0.20 ) $ (0.45 ) $ 0.39 Three months ended Three months ended Three months ended Three months ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Total Income (Loss) $ (1,127,935 ) $ (689,717 ) $ (1,857,077 ) $ 1,678,297 Total Expenses 141,974 182,157 213,470 170,674 Total Expenses, net 61,284 115,948 142,099 120,024 Net Income (Loss) $ (1,189,219 ) $ (805,665 ) $ (1,999,176 ) $ 1,558,273 Net Income (Loss) per share $ (1.50 ) $ (0.67 ) $ (0.99 ) $ 0.44 |
Teucrium Wheat Fund | |
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, 2019 and 2018. Three months ended Three months ended Three months ended Three months ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Total Income (Loss) $ (5,839,784 ) $ 5,372,766 $ (3,968,920 ) $ 5,186,121 Total Expenses 495,266 544,200 409,653 395,509 Total Expenses, net 492,766 544,200 409,653 395,509 Net Income (Loss) $ (6,332,550 ) $ 4,828,566 $ (4,378,573 ) $ 4,790,612 Net Income (Loss) per share $ (0.65 ) $ 0.45 $ (0.44 ) $ 0.53 Three months ended Three months ended Three months ended Three months ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Total Income (Loss) $ 2,696,228 $ 2,560,956 $ (533,797 ) $ (2,267,398 ) Total Expenses 656,128 772,566 679,205 567,581 Total Expenses, net 632,359 651,551 635,374 521,460 Net Income (Loss) $ 2,063,869 $ 1,909,405 $ (1,169,171 ) $ (2,788,858 ) Net Income (Loss) per share $ 0.20 $ 0.18 $ (0.13 ) $ (0.29 ) |
Teucrium Agricultural Fund | |
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, 2019 and 2018. Three months ended Three months ended Three months ended Three months ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Total (Loss) Income $ (60,556 ) $ 47,570 $ (84,363 ) $ 54,151 Total Expenses 22,301 7,876 4,686 8,436 Total Expenses, net 717 695 683 687 Net (Loss) Income $ (61,273 ) $ 46,875 $ (85,046 ) $ 53,464 Net (Loss) Income per share $ (0.82 ) $ 0.63 $ (1.14 ) $ 0.72 Three months ended Three months ended Three months ended Three months ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Total Income (Loss) $ 3,444 $ (133,431 ) $ (80,986 ) $ 26,092 Total Expenses 18,629 12,096 10,539 14,207 Total Expenses, net 1,414 2,010 1,911 1,770 Net Income (Loss) $ 2,030 $ (135,441 ) $ (82,897 ) $ 24,322 Net Income (Loss) per share $ 0.04 $ (1.68 ) $ (1.10 ) $ 0.32 |
Organizational and Offering Cos
Organizational and Offering Costs | 12 Months Ended |
Dec. 31, 2019 | |
Teucrium Commodity Trust - Combined | |
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. The Funds bear their own costs incurred in connection with the registration and offering of additional shares, which include registration fees, legal fees, underwriting fees, and other similar costs. |
Teucrium Corn Fund | |
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. The Fund bears its own costs incurred in connection with the registration and offering of additional shares, which include registration fees, legal fees, underwriting fees and other similar costs. |
Teucrium Soybean Fund | |
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. The Fund bears its own costs incurred in connection with the registration and offering of additional shares, which include registration fees, legal fees, underwriting fees and other similar costs. |
Teucrium Sugar Fund | |
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. The Fund bears its own costs incurred in connection with the registration and offering of additional shares, which include registration fees, legal fees, underwriting fees and other similar costs. |
Teucrium Wheat Fund | |
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. The Fund bears its own costs incurred in connection with the registration and offering of additional shares, which include registration fees, legal fees, underwriting fees and other similar costs. |
Teucrium Agricultural Fund | |
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. The Fund bears its own costs incurred in connection with the registration and offering of additional shares, which include registration fees, legal fees, underwriting fees and other similar costs. |
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, 2019 | |
Teucrium Commodity Trust - Combined | |
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, 2019 Outstanding Shares Net Assets Teucrium Corn Fund 5,075,004 $ 75,220,190 Teucrium Soybean Fund 1,775,004 28,135,131 Teucrium Sugar Fund 1,750,004 12,313,180 Teucrium Wheat Fund 8,950,004 52,236,196 Teucrium Agricultural Fund: 75,002 Net assets including the investment in the Underlying Funds 1,478,780 Less: Investment in the Underlying Funds (1,476,880 ) Net for the Fund in the combined net assets of the Trust 1,900 Total $ 167,906,597 December 31, 2018 Outstanding Shares Net Assets Teucrium Corn Fund 3,500,004 $ 56,379,057 Teucrium Soybean Fund 1,725,004 27,942,017 Teucrium Sugar Fund 1,525,004 10,778,739 Teucrium Wheat Fund 9,275,004 55,149,873 Teucrium Agricultural Fund: Net assets including the investment in the Underlying Funds 75,002 1,524,760 Less: Investment in the Underlying Funds (1,523,286 ) Net for the Fund in the combined net assets of the Trust 1,474 Total $ 150,251,160 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, 2019 | |
Teucrium Commodity Trust - Combined | |
Subsequent Events | Management has evaluated the financial statements for the year-ended December 31, 2019 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: SOYB: CANE: WEAT: TAGS: |
Teucrium Corn Fund | |
Subsequent Events | Management has evaluated the financial statements for the year ended December 31, 2019 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. |
Teucrium Soybean Fund | |
Subsequent Events | Management has evaluated the financial statements for the year ended December 31, 2019 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund. |
Teucrium Sugar Fund | |
Subsequent Events | Management has evaluated the financial statements for the year ended December 31, 2019 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: The total net assets of the Fund decreased by $3,517,548 or 29% for the period from December 31, 2019 through March 9, 2020. This was driven by a 23% decrease in the shares outstanding and a 7% decrease in the net asset value per share. |
Teucrium Wheat Fund | |
Subsequent Events | Management has evaluated the financial statements for the year ended December 31, 2019 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund. |
Teucrium Agricultural Fund | |
Subsequent Events | Management has evaluated the financial statements for the year ended December 31, 2019 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 Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Teucrium Commodity Trust - Combined | |
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, SOYB, CANE, WEAT, and TAGS except for eliminations for TAGS as explained below for the months during which each Fund was in operation. 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 and at other financial institutions 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 and cash equivalents 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. Beginning in February of 2019, the Sponsor began investing a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts. 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. The Sponsor adopted ASC 606, Revenue from Contracts With Customers |
Brokerage Commissions | Beginning on August 21, 2019, the Sponsor began recognizing the expense for brokerage commissions for futures contract trades on a per-trade basis. Prior to the change, brokerage commissions on all open commodity futures contracts were accrued on the trade date and on a full-turn basis. The below table shows the amounts included on the combined statements of operations as unrealized losses attributed to brokerage commissions as of December 31, 2019, as well as total brokerage commissions paid in 2019 inclusive of this unrealized loss. CORN SOYB CANE WEAT TAGS TRUST Unrealized Loss Attributed to Brokerage Commissions $ 11,457 $ 1,742 $ 1,944 $ 5,612 $ - $ 20,755 Total Brokerage Commissions paid including unrealized loss $ 81,568 $ 12,219 $ 12,776 $ 41,004 $ 1 $ 147,568 |
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 2016 to 2019, 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, 2019, 2018, and 2017. However, the Funds’ conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof. The Funds recognize interest accrued related to 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, 2019, 2018 and 2017. 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. |
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. (EST) 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. (EST) 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 4 baskets |
Cash and Cash Equivalents | Cash equivalents are highly liquid investments with original 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 holds a balance in money market funds that is 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. 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. Effective February 2019, the Sponsor began investing a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured. Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Money Market Funds $ 3,060 $ 3,262 $ 3,014 Demand Deposit Savings Accounts 89,552,523 71,898,880 88,012,866 Commercial Paper 69,915,031 87,348,180 49,929,746 Treasury Bills 6,611,271 - - Total cash and cash equivalents as presented on the combined Statement of Assets and Liabilities $ 166,081,885 $ 159,250,322 $ 137,945,626 |
Payable for Purchases of Commercial Paper | The amount recorded by the Trust for commercial paper transactions awaiting settlement, which represents the amount payable for contracts purchased but not yet settled as of the reporting date. The value of the contract is included in cash and cash equivalents, and the payable amount is included as a liability. |
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. From inception through September 11, 2019, the principal broker through which the Trust and TAGS can execute securities transactions for TAGS was the Bank of New York Mellon Capital Markets. Effective September 11, 2019, the principal broker through which the Trust and TAGS can execute securities transactions for TAGS is U.S. Bank N.A. |
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 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. Such expenses are primarily included as distribution and marketing fees. Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Recognized Related Party Transactions $ 1,992,524 $ 2,674,984 $ 2,196,388 Waived Related Party Transactions $ 137,711 $ 556,063 $ 453,736 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. The Sponsor has determined that there would be no recovery sought for the amounts below in any future period. CORN SOYB CANE WEAT TAGS Trust Year Ended December 31, 2019 $ 15,639 $ 96,303 $ 171,746 $ 2,500 $ 40,517 $ 326,705 Year Ended December 31, 2018 $ 280,817 $ 394,591 $ 268,920 $ 234,736 $ 48,366 $ 1,227,430 Year Ended December 31, 2017 $ 409,562 $ 126,489 $ 129,334 $ 323,244 $ 40,270 $ 1,028,899 |
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, 2019 and 2018, 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, 2019 and 2018, 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”) 2019-07: “Codification Updates to SEC Sections: Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates.” The amendments improve, update, and simplify the SEC’s regulations on financial reporting and disclosure. The amendments were adopted for the quarter ended September 30, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds. The FASB issued ASU 2019-04: “Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and hedging, and Topic 825, Financial Instruments.” The amendments clarify and improve areas of guidance related to the recently issued standards on credit losses, hedging, and recognition and measurement, specifically relating to ASU 2017-12. The amendments were early adopted for the quarter ended June 30, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds. The FASB issued ASU 2019-01: "Leases (Topic 842): Codification Improvements. These amendments align the guidance for fair value of underlying assets by lessors that are not manufacturers or dealers in Topic 842 with that of existing guidance. The amendments will be effective for fiscal years and interim periods beginning after December 15, 2019 and may be adopted early. The amendments were early adopted for the year ended December 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds. The FASB issued ASU 2018-13: “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. These amendments modify public and private company fair value disclosure requirements. While some disclosures were removed or modified, others were added. The guidance is a result of the FASB’s test of the principals developed to improve the effectiveness of disclosures in the notes to the financial statements. The amendments will be effective for fiscal years and interim periods beginning after December 15, 2019 and may be adopted early. The amendments were early adopted for the year ended December 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds. The FASB issued ASU 2018-05, “Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118." These amendments add guidance to the FASB Accounting Standards Codification regarding the Tax Cuts and Jobs Act (Act). The amendments were adopted for the quarter ended March 31, 2018; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds. The FASB issued ASU 2017-13, “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. The amendments were early adopted for the year ended December 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds. The FASB issued ASU 2017-12, “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 amendments were adopted for the quarter ended March 31, 2019; 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 amendments were adopted for the quarter ended March 31, 2017; 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 2016-18, “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 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. The Sponsor elected to adopt the amendments for the fiscal year ending December 31, 2017. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds. The FASB issued ASU 2016-11, “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. The Sponsor elected to adopt ASU 2016-11 for the year ending December 31, 2017. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds. The FASB issued ASU 2016-02, “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 were adopted for the quarter ended March 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds. The FASB issued ASU 2016-01, “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. |
Teucrium Corn Fund | |
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 and at other financial institutions at prevailing market rates for such investments. Beginning in February of 2019, the Sponsor began investing a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts. Accretion on these investments are recognized using the effective interest method in U.S. dollars and included in interest income on the statements of operations. The Sponsor adopted ASC 606, Revenue from Contracts With Customers |
Brokerage Commissions | Beginning on August 21, 2019, the Sponsor began recognizing the expense for brokerage commissions for futures contract trades on a per-trade basis. Prior to the change, brokerage commissions on all open commodity futures contracts were accrued on the trade date and on a full-turn basis. The below table shows the amounts included on the statements of operations as unrealized losses attributed to brokerage commissions as of December 31, 2019, as well as total brokerage commissions paid in 2019 inclusive of this unrealized loss. CORN Unrealized Loss Attributed to Brokerage Commissions $ 11,457 Total Brokerage Commissions paid including unrealized loss $ 81,568 |
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 2016 to 2019, 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, 2019, 2018, and 2017. 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, 2019, 2018, and 2017. 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. |
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. (EST) 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. (EST) 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. If the Fund experienced redemptions that caused the number of Shares outstanding to decrease to the minimum level of Shares required to be outstanding, until the minimum number of Shares is again exceeded through the purchase of a new Creation Basket, there can be no more redemptions by an Authorized Purchaser. |
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 original 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. Each Fund that is a series of the Trust has the balance of its cash equivalents on deposit with financial institutions. The Trust holds a balance in money market funds that is 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 Funds in alternative demand deposit savings accounts, which is classified as cash and not as cash equivalents. 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. Effective February 2019, the Sponsor began investing a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured. December 31, 2019 December 31, 2018 December 31, 2017 Money Market Funds $ 102 $ 100 $ 170 Demand Deposit Savings Accounts 36,303,603 23,974,336 38,174,418 Commercial Paper 34,953,236 34,935,697 24,964,873 Treasury Bills 3,264,182 - - Total cash and cash equivalents as presented on the Statement of Assets and Liabilities $ 74,521,123 $ 58,910,133 $ 63,139,461 |
Payable for Purchases of Commercial Paper | The amount recorded by the Fund for commercial paper transactions awaiting settlement, which represents the amount payable for contracts purchased but not yet settled as of the reporting date. The value of the contract is included in cash and cash equivalents, and the payable amount is included as a liability. |
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, Global Fund Services, 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. (EST). The NAV for a particular trading day is released after 4:15 p.m. (EST). 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. (EST). The value of over-the-counter corn interests is determined based on the value of the commodity or futures contract underlying such corn interest, except that a fair value may be determined if the Sponsor believes that the Fund is subject to significant credit risk relating to the counterparty to such corn interest. For purposes of financial statements and reports, the Sponsor will recalculate the NAV where necessary to reflect the “fair value” of a Futures Contract when the Futures Contract closes at its price fluctuation limit for the day. Treasury securities held by the Fund are valued by the administrator using values received from recognized third-party vendors and dealer quotes. NAV includes any unrealized profit or loss on open corn interests and any other income or expense accruing to the Fund but unpaid or not received by the Fund. |
Sponsor Fee, Allocation of Expenses and Related Party Transactions | The Sponsor is responsible for investing the assets of the Fund in accordance with the objectives and policies of the Fund. In addition, the Sponsor arranges for one or more third parties to provide administrative, custodial, accounting, transfer agency and other necessary services to the Trust and the Funds. In addition, the Sponsor elected not to outsource services directly attributable to the Trust and the Funds such as accounting, financial reporting, regulatory compliance and trading activities. In addition, the Fund is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00% per annum. 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. Such expenses are primarily recorded as distribution and marketing fees on the statement of operations. All asset-based fees and expenses for the Funds are calculated on the prior day’s net assets. Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Recognized Related Party Transactions $ 858,901 $ 1,004,019 $ 998,194 Waived Related Party Transactions $ 14,500 $ 157,258 $ 215,815 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. The Sponsor has determined that there would be no recovery sought for the amounts below in any future period: CORN Year Ended December 31, 2019 $ 15,639 Year Ended December 31, 2018 $ 280,817 Year Ended December 31, 2017 $ 409,562 |
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, 2019 and 2018, 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, 2019 and 2018, 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”) 2019-07: “Codification Updates to SEC Sections: Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates.” The amendments improve, update, and simplify the SEC’s regulations on financial reporting and disclosure. The amendments were adopted for the quarter ended September 30, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2019-04: “Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and hedging, and Topic 825, Financial Instruments.” The amendments clarify and improve areas of guidance related to the recently issued standards on credit losses, hedging, and recognition and measurement, specifically relating to ASU 2017-12. The amendments were early adopted for the quarter ended June 30, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2019-01: "Leases (Topic 842): Codification Improvements. These amendments align the guidance for fair value of underlying assets by lessors that are not manufacturers or dealers in Topic 842 with that of existing guidance. The amendments will be effective for fiscal years and interim periods beginning after December 15, 2019 and may be adopted early. The amendments were early adopted for the year ended December 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2018-13: “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. These amendments modify public and private company fair value disclosure requirements. While some disclosures were removed or modified, others were added. The guidance is a result of the FASB’s test of the principals developed to improve the effectiveness of disclosures in the notes to the financial statements. The amendments will be effective for fiscal years and interim periods beginning after December 15, 2019 and may be adopted early. The amendments were early adopted for the year ended December 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2018-05, “Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118." These amendments add guidance to the FASB Accounting Standards Codification regarding the Tax Cuts and Jobs Act (Act). The amendments were adopted for the quarter ended March 31, 2018; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-13, “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. The amendments were early adopted for the year ended December 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-12, “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 amendments were adopted for the quarter ended March 31, 2019; 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 amendments were adopted for the quarter ended March 31, 2017; 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 2016-18, “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 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. The Sponsor elected to adopt the amendments for the fiscal year ending December 31, 2017. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-11, “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. The Sponsor elected to adopt ASU 2016-11 for the year ending December 31, 2017. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-02, “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 were adopted for the quarter ended March 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-01, “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. |
Teucrium Soybean Fund | |
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 operations 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 with financial institutions are recognized on the accrual basis. The Funds earn interest on funds held at the custodian and other financial institutions at prevailing market rates for such investments. Beginning in February 2018, 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 statements of assets and liabilities and in cash and cash equivalents on the 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 statements of operations. Beginning in February of 2019, the Sponsor began investing a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts. Accretion on these investments are recognized using the effective interest method in U.S. dollars and included in interest income on the statements of operations. The Sponsor adopted ASC 606, Revenue from Contracts With Customers |
Brokerage Commissions | Beginning on August 21, 2019, the Sponsor began recognizing the expense for brokerage commissions for futures contract trades on a per-trade basis. Prior to the change, brokerage commissions on all open commodity futures contracts were accrued on the trade date and on a full-turn basis. The below table shows the amounts included on the statements of operations as unrealized losses attributed to brokerage commissions as of December 31, 2019, as well as total brokerage commissions paid in 2019 inclusive of this unrealized loss. SOYB Unrealized Loss Attributed to Brokerage Commissions $ 1,742 Total Brokerage Commissions paid including unrealized loss $ 12,219 |
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 2016 to 2019, 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, 2019, 2018, and 2017. 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, 2019, 2018 and 2017. 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. |
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. (EST) 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. (EST) 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. If the Fund experienced redemptions that caused the number of Shares outstanding to decrease to the minimum level of Shares required to be outstanding, until the minimum number of Shares is again exceeded through the purchase of a new Creation Basket, there can be no more redemptions by an Authorized Purchaser. |
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 original 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. Each Fund that is a series of the Trust has the balance of its cash equivalents on deposit with financial institutions. The Trust holds a balance in money market funds that is 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 Funds in alternative demand deposit savings accounts, which is classified as cash and not as cash equivalents. Assets deposited with the bank may, at times, exceed federally insured limits. Effective in the first quarter 2018, 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. Effective February 2019, the Sponsor began investing a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured. December 31, 2019 December 31, 2018 December 31, 2017 Money Market Funds $ 103 $ 100 $ 100 Demand Deposit Savings Accounts 14,677,599 14,282,321 9,942,085 Commercial Paper 12,481,824 12,492,518 - Treasury Bills 715,165 - - Total cash and cash equivalents as presented on the Statement of Assets and Liabilities $ 27,874,691 $ 26,774,939 $ 9,942,185 |
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, Fund Services, 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. (EST). The NAV for a particular trading day is released after 4:15 p.m. (EST). 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. (EST). The value of over-the-counter soybean interests is determined based on the value of the commodity or futures contract underlying such soybean interest, except that a fair value may be determined if the Sponsor believes that the Fund is subject to significant credit risk relating to the counterparty to such soybean interest. For purposes of financial statements and reports, the Sponsor will recalculate the NAV where necessary to reflect the “fair value” of a Futures Contract when the Futures Contract closes at its price fluctuation limit for the day. Treasury securities held by the Fund are valued by the administrator using values received from recognized third-party vendors and dealer quotes. NAV includes any unrealized profit or loss on open soybean interests and any other income or expense accruing to the Fund but unpaid or not received by the Fund. |
Sponsor Fee, Allocation of Expenses and Related Party Transactions | The Sponsor is responsible for investing the assets of the Fund in accordance with the objectives and policies of the Fund. In addition, the Sponsor arranges for one or more third parties to provide administrative, custodial, accounting, transfer agency and other necessary services to the Trust and the Funds. In addition, the Sponsor elected not to outsource services directly attributable to the Trust and the Funds such as accounting, financial reporting, regulatory compliance and trading activities. In addition, the Fund is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00% per annum. 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. Such expenses are primarily recorded as distribution and marketing fees on the statement of operations. All asset-based fees and expenses for the Funds are calculated on the prior day’s net assets. Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Recognized Related Party Transactions $ 379,031 $ 444,365 $ 183,076 Waived Related Party Transactions $ 31,537 $ 192,822 $ 45,597 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. The Sponsor has determined that there would be no recovery sought for the amounts below in any future period: SOYB Year Ended December 31, 2019 $ 96,303 Year Ended December 31, 2018 $ 394,591 Year Ended December 31, 2017 $ 126,489 |
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, 2019 and 2018, 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, 2019 and 2018, 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”) 2019-07: “Codification Updates to SEC Sections: Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates.” The amendments improve, update, and simplify the SEC’s regulations on financial reporting and disclosure. The amendments were adopted for the quarter ended September 30, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2019-04: “Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and hedging, and Topic 825, Financial Instruments.” The amendments clarify and improve areas of guidance related to the recently issued standards on credit losses, hedging, and recognition and measurement, specifically relating to ASU 2017-12. The amendments were early adopted for the quarter ended June 30, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2019-01: "Leases (Topic 842): Codification Improvements. These amendments align the guidance for fair value of underlying assets by lessors that are not manufacturers or dealers in Topic 842 with that of existing guidance. The amendments will be effective for fiscal years and interim periods beginning after December 15, 2019 and may be adopted early. The amendments were early adopted for the year ended December 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2018-13: “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. These amendments modify public and private company fair value disclosure requirements. While some disclosures were removed or modified, others were added. The guidance is a result of the FASB’s test of the principals developed to improve the effectiveness of disclosures in the notes to the financial statements. The amendments will be effective for fiscal years and interim periods beginning after December 15, 2019 and may be adopted early. The amendments were early adopted for the year ended December 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2018-05, “Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118." These amendments add guidance to the FASB Accounting Standards Codification regarding the Tax Cuts and Jobs Act (Act). The amendments were adopted for the quarter ended March 31, 2018; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-13, “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. The amendments were early adopted for the year ended December 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-12, “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 amendments were adopted for the quarter ended March 31, 2019; 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 amendments were adopted for the quarter ended March 31, 2017; 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 2016-18, “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 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. The Sponsor elected to adopt the amendments for the fiscal year ending December 31, 2017. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-11, “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. The Sponsor elected to adopt ASU 2016-11 for the year ending December 31, 2017. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-02, “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 were adopted for the quarter ended March 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-01, “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. |
Teucrium Sugar Fund | |
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 operations 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 with financial institutions are recognized on the accrual basis. The Funds earn interest on funds held at the custodian and other financial institutions at prevailing market rates for such investments. Beginning in February 2018, 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 statements of assets and liabilities and in cash and cash equivalents on the 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 statements of operations. Beginning in February of 2019, the Sponsor began investing a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts. Accretion on these investments are recognized using the effective interest method in U.S. dollars and included in interest income on the statements of operations. The Sponsor adopted ASC 606, Revenue from Contracts With Customers |
Brokerage Commissions | Beginning on August 21, 2019, the Sponsor began recognizing the expense for brokerage commissions for futures contract trades on a per-trade basis. Prior to the change, brokerage commissions on all open commodity futures contracts were accrued on the trade date and on a full-turn basis. The below table shows the amounts included on the statements of operations as unrealized losses attributed to brokerage commissions as of December 31, 2019, as well as total brokerage commissions paid in 2019 inclusive of this unrealized loss. CANE Unrealized Loss Attributed to Brokerage Commissions $ 1,944 Total Brokerage Commissions paid including unrealized loss $ 12,776 |
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 2016 to 2019, 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, 2019, 2018, and 2017. 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, 2019, 2018 and 2017. 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. |
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. (EST) 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. (EST) 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. If the Fund experienced redemptions that caused the number of Shares outstanding to decrease to the minimum level of Shares required to be outstanding, until the minimum number of Shares is again exceeded through the purchase of a new Creation Basket, there can be no more redemptions by an Authorized Purchaser. |
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 original 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. Each Fund that is a series of the Trust has the balance of its cash equivalents on deposit with financial institutions. The Trust holds a balance in money market funds that is 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 Funds in alternative demand deposit savings accounts, which is classified as cash and not as cash equivalents. Assets deposited with the bank may, at times, exceed federally insured limits. Effective in the first quarter 2018, 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. Effective February 2019, the Sponsor began investing a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured. Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Money Market Funds $ 103 $ 100 $ 100 Demand Deposit Savings Accounts 9,032,624 7,764,709 5,929,175 Commercial Paper 2,499,872 2,497,132 - Treasury Bills 683,196 - - Total cash and cash equivalents as presented on the Statement of Assets and Liabilities $ 12,215,795 $ 10,261,941 $ 5,929,275 |
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, Global Fund Services, 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. (EST). The NAV for a particular trading day is released after 4:15 p.m. (EST). 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. (EST). The value of over-the-counter sugar interests is determined based on the value of the commodity or futures contract underlying such sugar interest, except that a fair value may be determined if the Sponsor believes that the Fund is subject to significant credit risk relating to the counterparty to such sugar interest. For purposes of financial statements and reports, the Sponsor will recalculate the NAV where necessary to reflect the “fair value” of a Futures Contract when the Futures Contract closes at its price fluctuation limit for the day. Treasury securities held by the Fund are valued by the administrator using values received from recognized third-party vendors and dealer quotes. NAV includes any unrealized profit or loss on open sugar interests and any other income or expense accruing to the Fund but unpaid or not received by the Fund. |
Sponsor Fee, Allocation of Expenses and Related Party Transactions | The Sponsor is responsible for investing the assets of the Fund in accordance with the objectives and policies of the Fund. In addition, the Sponsor arranges for one or more third parties to provide administrative, custodial, accounting, transfer agency and other necessary services to the Trust and the Funds. In addition, the Sponsor elected not to outsource services directly attributable to the Trust and the Funds such as accounting, financial reporting, regulatory compliance and trading activities. In addition, the Fund is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00% per annum. 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. Such expenses are primarily recorded as distribution and marketing fees on the statement of operations. All asset-based fees and expenses for the Funds are calculated on the prior day’s net assets. Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Recognized Related Party Transactions $ 183,750 $ 242,126 $ 109,266 Waived Related Party Transactions $ 77,532 $ 93,112 $ 57,667 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. The Sponsor has determined that there would be no recovery sought for the amounts below in any future period: CANE Year Ended December 31, 2019 $ 171,746 Year Ended December 31, 2018 $ 268,920 Year Ended December 31, 2017 $ 129,334 |
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, 2019 and 2018, 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, 2019 and 2018, 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”) 2019-07: “Codification Updates to SEC Sections: Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates.” The amendments improve, update, and simplify the SEC’s regulations on financial reporting and disclosure. The amendments were adopted for the quarter ended September 30, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2019-04: “Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and hedging, and Topic 825, Financial Instruments.” The amendments clarify and improve areas of guidance related to the recently issued standards on credit losses, hedging, and recognition and measurement, specifically relating to ASU 2017-12. The amendments were early adopted for the quarter ended June 30, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2019-01: "Leases (Topic 842): Codification Improvements. These amendments align the guidance for fair value of underlying assets by lessors that are not manufacturers or dealers in Topic 842 with that of existing guidance. The amendments will be effective for fiscal years and interim periods beginning after December 15, 2019 and may be adopted early. The amendments were early adopted for the year ended December 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2018-13: “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. These amendments modify public and private company fair value disclosure requirements. While some disclosures were removed or modified, others were added. The guidance is a result of the FASB’s test of the principals developed to improve the effectiveness of disclosures in the notes to the financial statements. The amendments will be effective for fiscal years and interim periods beginning after December 15, 2019 and may be adopted early. The amendments were early adopted for the year ended December 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2018-05, “Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118." These amendments add guidance to the FASB Accounting Standards Codification regarding the Tax Cuts and Jobs Act (Act). The amendments were adopted for the quarter ended March 31, 2018; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-13, “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. The amendments were early adopted for the year ended December 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-12, “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 amendments were adopted for the quarter ended March 31, 2019; 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 amendments were adopted for the quarter ended March 31, 2017; 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 2016-18, “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 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. The Sponsor elected to adopt the amendments for the fiscal year ending December 31, 2017. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-11, “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. The Sponsor elected to adopt ASU 2016-11 for the year ending December 31, 2017. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-02, “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 were adopted for the quarter ended March 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-01, “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. |
Teucrium Wheat Fund | |
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 and at other financial institutions at prevailing market rates for such investments. Beginning in February of 2019, the Sponsor began investing a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts. Accretion on these investments are recognized using the effective interest method in U.S. dollars and included in interest income on the statements of operations. The Sponsor adopted ASC 606, Revenue from Contracts With Customers |
Brokerage Commissions | Beginning on August 21, 2019, the Sponsor began recognizing the expense for brokerage commissions for futures contract trades on a per-trade basis. Prior to the change, brokerage commissions on all open commodity futures contracts were accrued on the trade date and on a full-turn basis. The below table shows the amounts included on the statements of operations as unrealized losses attributed to brokerage commissions as of December 31, 2019 as well as total brokerage commissions paid in 2019 inclusive of this unrealized loss. WEAT Unrealized Loss Attributed to Brokerage Commissions $ 5,612 Total Brokerage Commissions paid including unrealized loss $ 41,004 |
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 2016 to 2019, 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, 2019, 2018, and 2017. 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, 2019, 2018 and 2017. 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. |
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. (EST) 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. (EST) 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. If the Fund experienced redemptions that caused the number of Shares outstanding to decrease to the minimum level of Shares required to be outstanding, until the minimum number of Shares is again exceeded through the purchase of a new Creation Basket, there can be no more redemptions by an Authorized Purchaser. |
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 original 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. Each Fund that is a series of the Trust has the balance of its cash equivalents on deposit with financial institutions. The Trust holds a balance in money market funds that is 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 Funds in alternative demand deposit savings accounts, which is classified as cash and not as cash equivalents. 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. Effective February 2019, the Sponsor began investing a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured. Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Money Market Funds $ 119 $ 100 $ 170 Demand Deposit Savings Accounts 29,538,697 25,877,514 33,967,188 Commercial Paper 19,980,099 37,422,833 24,964,873 Treasury Bills 1,948,728 - - Total cash and cash equivalents as presented on the Statement of Assets and Liabilities $ 51,467,643 $ 63,300,447 $ 58,932,231 |
Payable for Purchases of Commercial Paper | The amount recorded by the Fund for commercial paper transactions awaiting settlement, which represents the amount payable for contracts purchased but not yet settled as of the reporting date. The value of the contract is included in cash and cash equivalents, and the payable amount is included as a liability. |
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, Global Fund Services, 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. (EST). The NAV for a particular trading day is released after 4:15 p.m. (EST). 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. (EST). The value of over-the-counter wheat interests is determined based on the value of the commodity or futures contract underlying such wheat interest, except that a fair value may be determined if the Sponsor believes that the Fund is subject to significant credit risk relating to the counterparty to such wheat interest. For purposes of financial statements and reports, the Sponsor will recalculate the NAV where necessary to reflect the “fair value” of a Futures Contract when the Futures Contract closes at its price fluctuation limit for the day. Treasury securities held by the Fund are valued by the administrator using values received from recognized third-party vendors and dealer quotes. NAV includes any unrealized profit or loss on open wheat interests and any other income or expense accruing to the Fund but unpaid or not received by the Fund. |
Sponsor Fee, Allocation of Expenses and Related Party Transactions | The Sponsor is responsible for investing the assets of the Fund in accordance with the objectives and policies of the Fund. In addition, the Sponsor arranges for one or more third parties to provide administrative, custodial, accounting, transfer agency and other necessary services to the Trust and the Funds. In addition, the Sponsor elected not to outsource services directly attributable to the Trust and the Funds such as accounting, financial reporting, regulatory compliance and trading activities. In addition, the Fund is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00% per annum. 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. Such expenses are primarily recorded as distribution and marketing fees on the statement of operations. All asset-based fees and expenses for the Funds are calculated on the prior day’s net assets. Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Recognized Related Party Transactions $ 557,131 $ 966,288 $ 893,340 Waived Related Party Transactions $ 2,500 $ 99,345 $ 125,219 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. The Sponsor has determined that there would be no recovery sought for the amounts below in any future period: WEAT Year Ended December 31, 2019 $ 2,500 Year Ended December 31, 2018 $ 234,736 Year Ended December 31, 2017 $ 323,244 |
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, 2019 and 2018, 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, 2019 and 2018, 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”) 2019-07: “Codification Updates to SEC Sections: Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates.” The amendments improve, update, and simplify the SEC’s regulations on financial reporting and disclosure. The amendments were adopted for the quarter ended September 30, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2019-04: “Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and hedging, and Topic 825, Financial Instruments.” The amendments clarify and improve areas of guidance related to the recently issued standards on credit losses, hedging, and recognition and measurement, specifically relating to ASU 2017-12. The amendments were early adopted for the quarter ended June 30, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2019-01: "Leases (Topic 842): Codification Improvements. These amendments align the guidance for fair value of underlying assets by lessors that are not manufacturers or dealers in Topic 842 with that of existing guidance. The amendments will be effective for fiscal years and interim periods beginning after December 15, 2019 and may be adopted early. The amendments were early adopted for the year ended December 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2018-13: “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. These amendments modify public and private company fair value disclosure requirements. While some disclosures were removed or modified, others were added. The guidance is a result of the FASB’s test of the principals developed to improve the effectiveness of disclosures in the notes to the financial statements. The amendments will be effective for fiscal years and interim periods beginning after December 15, 2019 and may be adopted early. The amendments were early adopted for the year ended December 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2018-05, “Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118." These amendments add guidance to the FASB Accounting Standards Codification regarding the Tax Cuts and Jobs Act (Act). The amendments were adopted for the quarter ended March 31, 2018; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-13, “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. The amendments were early adopted for the year ended December 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-12, “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 amendments were adopted for the quarter ended March 31, 2019; 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 amendments were adopted for the quarter ended March 31, 2017; 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 2016-18, “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 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. The Sponsor elected to adopt the amendments for the fiscal year ending December 31, 2017. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-11, “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. The Sponsor elected to adopt ASU 2016-11 for the year ending December 31, 2017. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-02, “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 were adopted for the quarter ended March 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-01, “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. |
Teucrium Agricultural Fund | |
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. Beginning on August 21, 2019, brokerage commission expenses were recognized on a per-trade basis. The half-turn is recognized as an unrealized loss on the statements of operations for contracts that have been purchased since the change in recognition, and a full turn is recognized as a realized loss on the statements of operations when a contract is sold. Changes in the appreciation or depreciation between periods are reflected in the statements of operations. The Sponsor adopted ASC 606, Revenue from Contracts With Customers |
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 2016 to 2019, 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, 2019, 2018, and 2017. 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, 2019, 2018 and 2017. 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. |
Creations and Redemptions | Effective August 28, 2018, the Sponsor filed a prospectus supplement updating the Creation and Redemption Basket size to 12,500 shares. Prior to this prospectus supplement, the basket size for Creations and Redemptions was 25,000 shares. Authorized Purchasers may purchase Creation Baskets consisting of 12,500 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. (EST) on the day the order to create the basket is properly received. Authorized Purchasers may redeem shares from the Fund only in blocks of 12,500 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. (EST) 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 four Redemption Baskets for the Fund and a minimum level of shares. If the Fund experienced redemptions that caused the number of Shares outstanding to decrease to the minimum level of Shares required to be outstanding, until the minimum number of Shares is again exceeded through the purchase of a new Creation Basket, there can be no more redemptions by an Authorized Purchaser. |
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 original 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 $2,633 and $2,862 in money market funds at December 31, 2019 and December 31, 2018, 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, Global Fund Services, 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. (EST). The NAV for a particular trading day will be released after 4:15 p.m. (EST). 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. (EST), 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 Sponsor is responsible for investing the assets of the Fund in accordance with the objectives and policies of the Fund. In addition, the Sponsor arranges for one or more third parties to provide administrative, custodial, accounting, transfer agency and other necessary services to the Trust and the Funds. In addition, the Sponsor elected not to outsource services directly attributable to the Trust and the Funds such as accounting, financial reporting, regulatory compliance and trading activities. In addition, the Fund is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00% per annum. 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. Such expenses are primarily recorded as distribution and marketing fees on the statement of operations. All asset-based fees and expenses for the Funds are calculated on the prior day’s net assets. Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Recognized Related Party Transactions $ 13,711 $ 18,186 $ 12,512 Waived Related Party Transactions $ 11,641 $ 13,526 $ 9,438 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. The Sponsor has determined that there would be no recovery sought for the amounts below in any future period: TAGS Year Ended December 31, 2019 $ 40,517 Year Ended December 31, 2018 $ 48,366 Year Ended December 31, 2017 $ 40,270 |
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”) 2019-07: “Codification Updates to SEC Sections: Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates.” The amendments improve, update, and simplify the SEC’s regulations on financial reporting and disclosure. The amendments were adopted for the quarter ended September 30, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2019-04: “Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and hedging, and Topic 825, Financial Instruments.” The amendments clarify and improve areas of guidance related to the recently issued standards on credit losses, hedging, and recognition and measurement, specifically relating to ASU 2017-12. The amendments were early adopted for the quarter ended June 30, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2019-01: "Leases (Topic 842): Codification Improvements. These amendments align the guidance for fair value of underlying assets by lessors that are not manufacturers or dealers in Topic 842 with that of existing guidance. The amendments will be effective for fiscal years and interim periods beginning after December 15, 2019 and may be adopted early. The amendments were early adopted for the year ended December 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2018-13: “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. These amendments modify public and private company fair value disclosure requirements. While some disclosures were removed or modified, others were added. The guidance is a result of the FASB’s test of the principals developed to improve the effectiveness of disclosures in the notes to the financial statements. The amendments will be effective for fiscal years and interim periods beginning after December 15, 2019 and may be adopted early. The amendments were early adopted for the year ended December 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2018-05, “Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118." These amendments add guidance to the FASB Accounting Standards Codification regarding the Tax Cuts and Jobs Act (Act). The amendments were adopted for the quarter ended March 31, 2018; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-13, “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. The amendments were early adopted for the year ended December 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2017-12, “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 amendments were adopted for the quarter ended March 31, 2019; 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 amendments were adopted for the quarter ended March 31, 2017; 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 2016-18, “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 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. The Sponsor elected to adopt the amendments for the fiscal year ending December 31, 2017. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-11, “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. The Sponsor elected to adopt ASU 2016-11 for the year ending December 31, 2017. The adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-02, “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 were adopted for the quarter ended March 31, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2016-01, “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. |
Organization and Operation (Tab
Organization and Operation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Teucrium Corn Fund | |
Schedule of benchmark percentages | CBOT Corn Futures Contract Weighting Second to expire 35% Third to expire 30% December following the third to expire 35% |
Teucrium Soybean Fund | |
Schedule of benchmark percentages | 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 | |
Schedule of benchmark percentages | 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 | |
Schedule of benchmark percentages | CBOT Wheat Futures Contract Weighting Second to expire 35% Third to expire 30% December following the third-to-expire 35% |
Teucrium Agricultural Fund | |
Schedule of benchmark percentages | Underlying Fund Weighting CORN 25% SOYB 25% CANE 25% WEAT 25% |
Principal Contracts and Agree_2
Principal Contracts and Agreements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Teucrium Commodity Trust - Combined | |
Summary of expenses | Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Amount Recognized for Custody Services $ 351,514 $ 350,361 $ 346,295 Amount of Custody Services Waived $ 24,397 $ 82,390 $ 43,464 Amount Recognized for Distribution Services $ 161,317 $ 172,684 $ 184,118 Amount of Distribution Services Waived $ 7,770 $ 47,021 $ 48,147 Amount Recognized for Brokerage Commissions $ 41,273 $ 188,705 $ 158,207 Amount of Brokerage Commissions Waived $ - $ - $ - Amount Recognized for Wilmington Trust $ 3,300 $ 3,160 $ 3,072 Amount of Wilmington Trust Waived $ 243 $ 24 $ 1,515 Amount Recognized for ETC $ 52,850 $ - $ - Amount of ETC Waived $ 1,954 $ - $ - |
Teucrium Corn Fund | |
Summary of expenses | Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Amount Recognized for Custody Services $ 156,364 $ 127,477 $ 153,987 Amount of Custody Services Waived $ - $ 762 $ 11,607 Amount Recognized for Distribution Services $ 71,723 $ 64,527 $ 81,940 Amount of Distribution Services Waived $ - $ 12,840 $ 20,150 Amount Recognized for Brokerage Commissions $ 18,768 $ 91,065 $ 79,700 Amount of Brokerage Commissions Waived $ - $ - $ - Amount Recognized for Wilmington Trust $ 1,688 $ 1,124 $ 1,311 Amount of Wilmington Trust Waived $ - $ - $ 1,311 Amount Recognized for ETC $ 25,517 $ - $ - Amount of ETC Waived $ - $ - $ - |
Teucrium Soybean Fund | |
Summary of expenses | Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Amount Recognized for Custody Services $ 66,109 $ 60,879 $ 28,109 Amount of Custody Services Waived $ 12,828 $ 28,904 $ 4,574 Amount Recognized for Distribution Services $ 30,189 $ 29,079 $ 15,730 Amount of Distribution Services Waived $ - $ 14,542 $ 6,932 Amount Recognized for Brokerage Commissions $ 4,193 $ 15,780 $ 8,462 Amount of Brokerage Commissions Waived $ - $ - $ - Amount Recognized for Wilmington Trust $ 533 $ 711 $ 204 Amount of Wilmington Trust Waived $ - $ - $ 204 Amount Recognized for ETC $ 9,385 $ - $ - Amount of ETC Waived $ - $ - $ - |
Teucrium Sugar Fund | |
Summary of expenses | Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Amount Recognized for Custody Services $ 29,935 $ 33,901 $ 19,038 Amount of Custody Services Waived $ 9,410 $ 18,786 $ 13,246 Amount Recognized for Distribution Services $ 13,940 $ 15,840 $ 9,947 Amount of Distribution Services Waived $ 6,891 $ 9,155 $ 5,473 Amount Recognized for Brokerage Commissions $ 3,471 $ 18,182 $ 10,525 Amount of Brokerage Commissions Waived $ - $ - $ - Amount Recognized for Wilmington Trust $ 224 $ 334 $ 192 Amount of Wilmington Trust Waived $ 224 $ - $ - Amount Recognized for ETC $ 3,837 $ - $ - Amount of ETC Waived $ 1,941 $ - $ - |
Teucrium Wheat Fund | |
Summary of expenses | Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Amount Recognized for Custody Services $ 96,947 $ 125,550 $ 143,071 Amount of Custody Services Waived $ - $ 31,513 $ 12,241 Amount Recognized for Distribution Services $ 44,421 $ 62,031 $ 75,469 Amount of Distribution Services Waived $ - $ 9,354 $ 14,910 Amount Recognized for Brokerage Commissions $ 14,841 $ 63,678 $ 59,520 Amount of Brokerage Commissions Waived $ - $ - $ - Amount Recognized for Wilmington Trust $ 837 $ 967 $ 1,349 Amount of Wilmington Trust Waived $ - $ - $ - Amount Recognized for ETC $ 13,810 $ - $ - Amount of ETC Waived $ - $ - $ - |
Teucrium Agricultural Fund | |
Summary of expenses | Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Amount Recognized for Custody Services $ 2,159 $ 2,554 $ 2,090 Amount of Custody Services Waived $ 2,159 $ 2,425 $ 1,796 Amount Recognized for Distribution Services $ 1,045 $ 1,207 $ 1,032 Amount of Distribution Services Waived $ 879 $ 1,130 $ 682 Amount Recognized for Wilmington Trust $ 18 $ 24 $ 16 Amount of Wilmington Trust Waived $ 18 $ 24 $ - Amount Recognized for ETC $ 301 $ - $ - Amount of ETC Waived $ 261 $ - $ - |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Teucrium Commodity Trust - Combined | |
Brokerage commissions | CORN SOYB CANE WEAT TAGS TRUST Unrealized Loss Attributed to Brokerage Commissions $ 11,457 $ 1,742 $ 1,944 $ 5,612 $ - $ 20,755 Total Brokerage Commissions paid including unrealized loss $ 81,568 $ 12,219 $ 12,776 $ 41,004 $ 1 $ 147,568 |
Summary of cash investments | Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Money Market Funds $ 3,060 $ 3,262 $ 3,014 Demand Deposit Savings Accounts 89,552,523 71,898,880 88,012,866 Commercial Paper 69,915,031 87,348,180 49,929,746 Treasury Bills 6,611,271 - - Total cash and cash equivalents as presented on the combined Statement of Assets and Liabilities $ 166,081,885 $ 159,250,322 $ 137,945,626 |
Related party transactions | Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Recognized Related Party Transactions $ 1,992,524 $ 2,674,984 $ 2,196,388 Waived Related Party Transactions $ 137,711 $ 556,063 $ 453,736 |
Expenses waived by the Sponsor | CORN SOYB CANE WEAT TAGS Trust Year Ended December 31, 2019 $ 15,639 $ 96,303 $ 171,746 $ 2,500 $ 40,517 $ 326,705 Year Ended December 31, 2018 $ 280,817 $ 394,591 $ 268,920 $ 234,736 $ 48,366 $ 1,227,430 Year Ended December 31, 2017 $ 409,562 $ 126,489 $ 129,334 $ 323,244 $ 40,270 $ 1,028,899 |
Teucrium Corn Fund | |
Brokerage commissions | CORN Unrealized Loss Attributed to Brokerage Commissions $ 11,457 Total Brokerage Commissions paid including unrealized loss $ 81,568 |
Summary of cash investments | December 31, 2019 December 31, 2018 December 31, 2017 Money Market Funds $ 102 $ 100 $ 170 Demand Deposit Savings Accounts 36,303,603 23,974,336 38,174,418 Commercial Paper 34,953,236 34,935,697 24,964,873 Treasury Bills 3,264,182 - - Total cash and cash equivalents as presented on the Statement of Assets and Liabilities $ 74,521,123 $ 58,910,133 $ 63,139,461 |
Related party transactions | Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Recognized Related Party Transactions $ 858,901 $ 1,004,019 $ 998,194 Waived Related Party Transactions $ 14,500 $ 157,258 $ 215,815 |
Expenses waived by the Sponsor | CORN Year Ended December 31, 2019 $ 15,639 Year Ended December 31, 2018 $ 280,817 Year Ended December 31, 2017 $ 409,562 |
Teucrium Soybean Fund | |
Brokerage commissions | SOYB Unrealized Loss Attributed to Brokerage Commissions $ 1,742 Total Brokerage Commissions paid including unrealized loss $ 12,219 |
Summary of cash investments | December 31, 2019 December 31, 2018 December 31, 2017 Money Market Funds $ 103 $ 100 $ 100 Demand Deposit Savings Accounts 14,677,599 14,282,321 9,942,085 Commercial Paper 12,481,824 12,492,518 - Treasury Bills 715,165 - - Total cash and cash equivalents as presented on the Statement of Assets and Liabilities $ 27,874,691 $ 26,774,939 $ 9,942,185 |
Related party transactions | Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Recognized Related Party Transactions $ 379,031 $ 444,365 $ 183,076 Waived Related Party Transactions $ 31,537 $ 192,822 $ 45,597 |
Expenses waived by the Sponsor | SOYB Year Ended December 31, 2019 $ 96,303 Year Ended December 31, 2018 $ 394,591 Year Ended December 31, 2017 $ 126,489 |
Teucrium Sugar Fund | |
Brokerage commissions | CANE Unrealized Loss Attributed to Brokerage Commissions $ 1,944 Total Brokerage Commissions paid including unrealized loss $ 12,776 |
Summary of cash investments | Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Money Market Funds $ 103 $ 100 $ 100 Demand Deposit Savings Accounts 9,032,624 7,764,709 5,929,175 Commercial Paper 2,499,872 2,497,132 - Treasury Bills 683,196 - - Total cash and cash equivalents as presented on the Statement of Assets and Liabilities $ 12,215,795 $ 10,261,941 $ 5,929,275 |
Related party transactions | Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Recognized Related Party Transactions $ 183,750 $ 242,126 $ 109,266 Waived Related Party Transactions $ 77,532 $ 93,112 $ 57,667 |
Expenses waived by the Sponsor | CANE Year Ended December 31, 2019 $ 171,746 Year Ended December 31, 2018 $ 268,920 Year Ended December 31, 2017 $ 129,334 |
Teucrium Wheat Fund | |
Brokerage commissions | WEAT Unrealized Loss Attributed to Brokerage Commissions $ 5,612 Total Brokerage Commissions paid including unrealized loss $ 41,004 |
Summary of cash investments | Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Money Market Funds $ 119 $ 100 $ 170 Demand Deposit Savings Accounts 29,538,697 25,877,514 33,967,188 Commercial Paper 19,980,099 37,422,833 24,964,873 Treasury Bills 1,948,728 - - Total cash and cash equivalents as presented on the Statement of Assets and Liabilities $ 51,467,643 $ 63,300,447 $ 58,932,231 |
Related party transactions | Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Recognized Related Party Transactions $ 557,131 $ 966,288 $ 893,340 Waived Related Party Transactions $ 2,500 $ 99,345 $ 125,219 |
Expenses waived by the Sponsor | WEAT Year Ended December 31, 2019 $ 2,500 Year Ended December 31, 2018 $ 234,736 Year Ended December 31, 2017 $ 323,244 |
Teucrium Agricultural Fund | |
Related party transactions | Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Recognized Related Party Transactions $ 13,711 $ 18,186 $ 12,512 Waived Related Party Transactions $ 11,641 $ 13,526 $ 9,438 |
Expenses waived by the Sponsor | TAGS Year Ended December 31, 2019 $ 40,517 Year Ended December 31, 2018 $ 48,366 Year Ended December 31, 2017 $ 40,270 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Teucrium Commodity Trust - Combined | |
Schedule of assets and liabilities measured at fair value | December 31, 2019 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2019 Cash Equivalents $ 76,529,362 $ - $ - $ 76,529,362 Commodity Futures Contracts Corn futures contracts 1,365,055 - - 1,365,055 Soybeans futures contracts 931,896 - - 931,896 Sugar futures contracts 347,429 - - 347,429 Wheat futures contracts 5,068,476 - - 5,068,476 Total $ 84,242,218 $ - $ - $ 84,242,218 Liabilities: Level 1 Level 2 Level 3 Balance as of December 31, 2019 Commodity Futures Contracts Corn futures contracts $ 581,574 $ - $ - $ 581,574 December 31, 2018 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2018 Cash Equivalents $ 87,351,442 $ - $ - $ 87,351,442 Commodity Futures Contracts Corn futures contracts 107,363 - - 107,363 Soybeans futures contracts 228,400 - - 228,400 Sugar futures contracts 233,979 - - 233,979 Total $ 87,921,184 $ - $ - $ 87,921,184 Liabilities: Level 1 Level 2 Level 3 Balance as of December 31, 2018 Commodity Futures Contracts Corn futures contracts $ 1,297,288 $ - $ - $ 1,297,288 Soybeans futures contracts 39,250 - - 39,250 Sugar futures contracts 47,656 - - 47,656 Wheat futures contracts 3,985,400 - - 3,985,400 Total $ 5,369,594 $ - $ - $ 5,369,594 |
Teucrium Corn Fund | |
Schedule of assets and liabilities measured at fair value | December 31, 2019 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2019 Cash Equivalents $ 38,217,520 $ - $ - $ 38,217,520 Corn Futures Contracts 1,365,055 - - 1,365,055 Total $ 39,582,575 $ - $ - $ 39,582,575 Liabilities: Level 1 Level 2 Level 3 Balance as of December 31, 2019 Corn Futures Contracts $ 581,574 $ - $ - $ 581,574 December 31, 2018 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2018 Cash Equivalents $ 34,935,797 $ - $ - $ 34,935,797 Corn Futures Contracts 107,363 - - 107,363 Total $ 35,043,160 $ - $ - $ 35,043,160 Liabilities: Level 1 Level 2 Level 3 Balance as of December 31, 2018 Corn Futures Contracts $ 1,297,288 $ - $ - $ 1,297,288 |
Teucrium Soybean Fund | |
Schedule of assets and liabilities measured at fair value | December 31, 2019 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2019 Cash Equivalents $ 13,197,092 $ - $ - $ 13,197,092 Soybeans futures contracts 931,896 - - 931,896 Total $ 14,128,988 $ - $ - $ 14,128,988 December 31, 2018 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2018 Cash Equivalents $ 12,492,618 $ - $ - $ 12,492,618 Soybeans futures contracts 228,400 - - 228,400 Total $ 12,721,018 $ - $ - $ 12,721,018 Liabilities: Level 1 Level 2 Level 3 Balance as of December 31, 2018 Soybeans futures contracts $ 39,250 $ - $ - $ 39,250 |
Teucrium Sugar Fund | |
Schedule of assets and liabilities measured at fair value | December 31, 2019 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2019 Cash Equivalents $ 3,183,171 $ - $ - $ 3,183,171 Sugar Futures Contracts 347,429 - - 347,429 Total $ 3,530,600 $ - $ - $ 3,530,600 December 31, 2018 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2018 Cash Equivalents $ 2,497,232 $ - $ - $ 2,497,232 Sugar futures contracts 233,979 - - 233,979 Total $ 2,731,211 $ - $ - $ 2,731,211 Liabilities: Level 1 Level 2 Level 3 Balance as of December 31, 2018 Commodity Futures Contracts Sugar futures contracts $ 47,656 $ - $ - $ 47,656 |
Teucrium Wheat Fund | |
Schedule of assets and liabilities measured at fair value | December 31, 2019 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2019 Cash Equivalents $ 21,928,946 $ - $ - $ 21,928,946 Wheat Futures contracts 5,068,476 - - 5,068,476 Total $ 26,997,422 $ - $ - $ 26,997,422 December 31, 2018 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2018 Cash Equivalents $ 37,422,933 $ - $ - $ 37,422,933 Liabilities: Level 1 Level 2 Level 3 Balance as of December 31, 2018 Wheat Futures contracts $ 3,985,400 $ - $ - $ 3,985,400 |
Teucrium Agricultural Fund | |
Schedule of assets and liabilities measured at fair value | December 31, 2019 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2019 Exchange Traded Funds $ 1,476,880 $ - $ - $ 1,476,880 Cash Equivalents 2,633 - - 2,633 Total $ 1,479,513 $ - $ - $ 1,479,513 December 31, 2018 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2018 Exchange Traded Funds $ 1,523,286 $ - $ - $ 1,523,286 Cash Equivalents $ 2,862 $ - $ - $ 2,862 Total $ 1,526,148 $ - $ - $ 1,526,148 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Teucrium Commodity Trust - Combined | |
Schedule of fair value of derivative instruments | Offsetting of Financial Assets and Derivative Assets as of December 31, 2019 (i) (ii) (iii) = (i-ii) (iv) (v) = (iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Assets Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due to Broker Net Amount Commodity Price Corn futures contracts $ 1,365,055 $ - $ 1,365,055 $ 581,574 $ - $ 783,481 Soybeans futures contracts $ 931,896 $ - $ 931,896 $ - $ 643,808 $ 288,088 Sugar futures contracts $ 347,429 $ - $ 347,429 $ - $ 237,908 $ 109,521 Wheat futures contracts $ 5,068,476 $ - $ 5,068,476 $ - $ 4,258,410 $ 810,066 Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2019 (i) (ii) (iii) = (i-ii) (iv) (v) = (iii)-(iv) Gross Amount Not Offset in the 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 $ 581,574 $ - $ 581,574 $ 581,574 $ - $ - Offsetting of Financial Assets and Derivative Assets as of December 31, 2018 (i) (ii) (iii) - (i-ii) (iv) (v) = (iii)-(iv) Gross Amount Not Offset in the Statement 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 $ 107,363 $ - $ 107,363 $ 107,363 $ - $ - Soybeans futures contracts $ 228,400 $ - $ 228,400 $ 39,250 $ - $ 189,150 Sugar futures contracts $ 233,979 $ - $ 233,979 $ 47,656 $ - $ 186,323 Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2018 (i) (ii) (iii) = (i-ii) (iv) (v) = (iii)-(iv) Gross Amount Not 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 $ 1,297,288 $ - $ 1,297,288 $ 107,363 $ 1,189,925 $ - Soybeans futures contracts $ 39,250 $ - $ 39,250 $ 39,250 $ - $ - Sugar futures contracts $ 47,656 $ - $ 47,656 $ 47,656 $ - $ - Wheat futures contracts $ 3,985,400 $ - $ 3,985,400 $ - $ 3,985,400 $ - |
Summary of realized and unrealized gains (losses) of the derivative instruments | Year ended December 31, 2019 Primary Underlying Risk Realized (Loss) Gain on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contracts Commodity Price Corn futures contracts $ (9,512,148 ) $ 1,973,406 Soybeans futures contracts (438,468 ) 742,746 Sugar futures contracts 113,747 161,106 Wheat futures contracts (9,623,635 ) 9,053,876 Total commodity futures contracts $ (19,460,504 ) $ 11,931,134 Year ended December 31, 2018 Primary Underlying Risk Realized (Loss) Gain on Commodity Futures Contracts Net Change in Unrealized Appreciation or (Depreciation) on Commodity Futures Contracts Commodity Price Corn futures contracts $ (3,025,313 ) $ 651,638 Soybeans futures contracts (2,085,438 ) 637,213 Sugar futures contracts (2,314,984 ) 69,137 Wheat futures contracts 2,502,112 (1,389,350 ) Total commodity futures contracts $ (4,923,623 ) $ (31,362 ) 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 |
Teucrium Corn Fund | |
Schedule of fair value of derivative instruments | Offsetting of Financial Assets and Derivative Assets as of December 31, 2019 (i) (ii) (iii) = (i-ii) (iv) (v) = (iii)-(iv) Gross Amount Not 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 $ 1,365,055 $ - $ 1,365,055 $ 581,574 $ - $ 783,481 Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2019 (i) (ii) (iii) = (i-ii) (iv) (v) = (iii)-(iv) Gross Amount Not 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 $ 581,574 $ - $ 581,574 $ 581,574 $ - $ - Offsetting of Financial Assets and Derivative Assets as of December 31, 2018 (i) (ii) (iii) = (i-ii) (iv) (v) = (iii)-(iv) Gross Amount Not 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 $ 107,363 $ - $ 107,363 $ 107,363 - $ - Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2018 (i) (ii) (iii) = (i-ii) (iv) (v) = (iii)-(iv) Gross Amount Not 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 $ 1,297,288 $ - $ 1,297,288 $ 107,363 1,189,925 $ - |
Summary of realized and unrealized gains (losses) of the derivative instruments | Year ended December 31, 2019 Realized Loss on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contracts Commodity Price Corn futures contracts $ (9,512,148 ) $ 1,973,406 Year ended December 31, 2018 Realized Loss on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contracts Commodity Price Corn futures contracts $ (3,025,313 ) $ 651,638 Year ended December 31, 2017 Realized Loss on Commodity Futures Contracts Net Change in Unrealized Depreciation on Commodity Futures Contracts Commodity Price Corn futures contracts $ (5,603,513 ) $ (380,763 ) |
Teucrium Soybean Fund | |
Schedule of fair value of derivative instruments | Offsetting of Financial Assets and Derivative Assets as of December 31, 2019 (i) (ii) (iii) = (i-ii) (iv) (v) = (iii)-(iv) Gross Amount Not 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 $ 931,896 $ - $ 931,896 $ - $ 643,808 $ 288,088 Offsetting of Financial Assets and Derivative Assets as of December 31, 2018 (i) (ii) (iii) = (i-ii) (iv) (v) = (iii)-(iv) Gross Amount Not 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 $ 228,400 $ - $ 228,400 $ 39,250 $ - $ 189,150 Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2018 (i) (ii) (iii) = (i)-(ii) (iv) (v) = (iii)-(iv) Gross Amount Not 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 Soybeans futures contracts $ 39,250 $ - $ 39,250 $ 39,250 $ - $ - |
Summary of realized and unrealized gains (losses) of the derivative instruments | Year ended December 31, 2019 Realized Loss on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contracts Commodity Price Soybeans futures contracts $ (438,468 ) $ 742,746 Year ended December 31, 2018 Primary Underlying Risk Realized Loss on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contracts Commodity Price Soybeans futures contracts $ (2,085,438 ) $ 637,213 Year ended December 31, 2017 Realized Gain on Commodity Futures Contracts Net Change in Unrealized Depreciation on Commodity Futures Contracts Commodity Price Soybeans futures contracts $ 8,425 $ (793,538 ) |
Teucrium Sugar Fund | |
Schedule of fair value of derivative instruments | Offsetting of Financial Assets and Derivative Assets as of December 31, 2019 (i) (ii) (iii) = (i-ii) (iv) (v) = (iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Assets Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due to Broker Net Amount Commodity Price Sugar futures contracts $ 347,429 $ - $ 347,429 $ - $ 237,908 $ 109,521 Offsetting of Financial Assets and Derivative Assets as of December 31, 2018 (i) (ii) (iii) = (i)-(ii) (iv) (v) = (iii)-(iv) Gross Amount Not 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 $ 233,979 $ - $ 233,979 $ 47,656 $ - $ 186,323 Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2018 (i) (ii) (iii) = (i-ii) (iv) (v) = (iii)-(iv) Gross Amount Not 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 $ 47,656 $ - $ 47,656 $ 47,656 $ - $ - |
Summary of realized and unrealized gains (losses) of the derivative instruments | Year ended December 31, 2019 Realized Gain on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contracts Commodity Price Sugar futures contracts $ 113,747 $ 161,106 Year ended December 31, 2018 Realized Loss on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contracts Commodity Price Sugar futures contracts $ (2,314,984 ) $ 69,137 Year ended December 31, 2017 Realized Loss on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contracts Commodity Price Sugar futures contracts $ (2,435,305 ) $ 263,581 |
Teucrium Wheat Fund | |
Schedule of fair value of derivative instruments | Offsetting of Financial Assets and Derivative Assets as of December 31, 2019 (i) (ii) (iii) = (i-ii) (iv) (v) = (iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Assets Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities a Futures Contracts Available for Offset Collateral, Due to Broker Net Amount Commodity Price Wheat futures contracts $ 5,068,476 $ - $ 5,068,476 $ - $ 4,258,410 $ 810,066 Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2018 (i) (ii) (iii) = (i-ii) (iv) (v) = (iii)-(iv) Gross Amount Not 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 $ 3,985,400 $ - $ 3,985,400 $ - $ 3,985,400 $ - |
Summary of realized and unrealized gains (losses) of the derivative instruments | Year ended December 31, 2019 Realized Loss on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contracts Commodity Price Wheat futures contracts $ (9,623,635 ) $ 9,053,876 Year ended December 31, 2018 Realized Gain on Commodity Futures Contracts Net Change in Unrealized Depreciation on Commodity Futures Contracts Commodity Price Wheat futures contracts $ 2,502,112 $ (1,389,350 ) Year ended December 31, 2017 Realized Loss on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contracts Commodity Price Wheat futures contracts $ (5,305,113 ) $ 1,325,538 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Teucrium Corn Fund | |
Schedule of financial highlights | Year ended Year ended Year ended December 31, 2019 December 31, 2018 December 31, 2017 Per Share Operation Performance Net asset value at beginning of period $ 16.11 $ 16.75 $ 18.77 Income (loss) from investment operations: Investment income 0.38 0.35 0.21 Net realized and unrealized loss on commodity futures contracts (1.11 ) (0.39 ) (1.55 ) Total expenses, net (0.56 ) (0.60 ) (0.68 ) Net decrease in net asset value (1.29 ) (0.64 ) (2.02 ) Net asset value at end of period $ 14.82 $ 16.11 $ 16.75 Total Return (7.99 )% (3.82 )% (10.76 )% Ratios to Average Net Assets (Annualized) Total expenses 3.61 % 3.98 % 4.28 % Total expenses, net 3.59 % 3.58 % 3.68 % Net investment loss (1.16 )% (1.48 )% (2.54 )% |
Teucrium Soybean Fund | |
Schedule of financial highlights | Year ended Year ended Year ended December 31, 2019 December 31, 2018 December 31, 2017 Per Share Operation Performance Net asset value at beginning of period $ 16.20 $ 17.85 $ 19.08 Income (loss) from investment operations: Investment income 0.38 0.37 0.21 Net realized and unrealized loss on commodity futures contracts (0.16 ) (1.40 ) (0.77 ) Total expenses, net (0.57 ) (0.62 ) (0.67 ) Net decreases in net asset value (0.35 ) (1.65 ) (1.23 ) Net asset value at end of period $ 15.85 $ 16.20 $ 17.85 Total Return (2.15 )% (9.24 )% (6.45 )% Ratios to Average Net Assets (Annualized) Total expenses 3.97 % 5.52 % 4.59 % Total expenses, net 3.63 % 3.66 % 3.63 % Net investment loss (1.20 )% (1.49 )% (2.48 )% |
Teucrium Sugar Fund | |
Schedule of financial highlights | Year ended Year ended Year ended December 31, 2019 December 31, 2018 December 31, 2017 Per Share Operation Performance Net asset value at beginning of period $ 7.07 $ 9.79 $ 12.97 Income (loss) from investment operations: Investment income 0.16 0.15 0.12 Net realized and unrealized gain (loss) on commodity futures contracts 0.06 (2.60 ) (3.01 ) Total expenses, net (0.25 ) (0.27 ) (0.29 ) Net decrease in net asset value (0.03 ) (2.72 ) (3.18 ) Net asset value at end of period $ 7.04 $ 7.07 $ 9.79 Total Return (0.45 )% (27.78 )% (24.52 )% Ratios to Average Net Assets (Annualized) Total expenses 5.22 % 5.80 % 4.62 % Total expenses, net 3.56 % 3.60 % 2.79 % Net investment loss (1.23 )% (1.56 )% (1.68 )% |
Teucrium Wheat Fund | |
Schedule of financial highlights | Year ended Year ended Year ended December 31, 2019 December 31, 2018 December 31, 2017 Per Share Operation Performance Net asset value at beginning of period $ 5.95 $ 5.99 $ 6.89 Investment income 0.14 0.13 0.08 Net realized and unrealized (loss) gain on commodity futures contracts (0.06 ) 0.07 (0.73 ) Total expenses, net (0.19 ) (0.24 ) (0.25 ) Net decrease in net asset value (0.11 ) (0.04 ) (0.90 ) Net asset value at end of period $ 5.84 $ 5.95 $ 5.99 Total Return (1.84 )% (0.67 )% (13.06 )% Ratios to Average Net Assets (Annualized) Total expenses 3.45 % 4.13 % 4.09 % Total expenses, net 3.44 % 3.76 % 3.60 % Net investment loss (0.97 )% (1.69 )% (2.46 )% |
Teucrium Agricultural Fund | |
Schedule of financial highlights | Year ended Year ended Year ended December 31, 2019 December 31, 2018 December 31, 2017 Per Share Operation Performance Net asset value at beginning of period $ 20.33 $ 22.75 $ 26.33 Income (loss) from investment operations: Net realized and unrealized loss on investment transactions (0.57 ) (2.32 ) (3.46 ) Total expenses, net (0.04 ) (0.10 ) (0.12 ) Net decrease in net asset value (0.61 ) (2.42 ) (3.58 ) Net asset value at end of period $ 19.72 $ 20.33 $ 22.75 Total Return (3.02 )% (10.64 )% (13.60 )% Ratios to Average Net Assets (Annualized) Total expenses 2.96 % 3.77 % 3.74 % Total expenses, net 0.19 % 0.48 % 0.50 % Net investment loss (0.19 )% (0.48 )% (0.50 )% |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Teucrium Corn Fund | |
Summary of quarterly financial information | Three months ended Three months ended Three months ended Three months ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Total Income (Loss) $ (2,641,781 ) $ 4,818,848 $ (6,305,081 ) $ (1,567,297 ) Total Expenses 510,239 682,968 814,454 729,564 Total Expenses, net 504,600 682,968 804,454 729,564 Net Income (Loss) $ (3,146,381 ) $ 4,135,880 $ (7,109,535 ) $ (2,296,861 ) Net Income (Loss) per share $ (0.89 ) $ 1.18 $ (1.18 ) $ (0.40 ) Three months ended Three months ended Three months ended Three months ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Total Income (Loss) $ 5,507,209 $ (6,465,079 ) $ (1,727,463 ) $ 1,792,478 Total Expenses 670,883 754,733 683,626 692,119 Total Expenses, net 630,201 656,692 651,503 582,148 Net Income (Loss) $ 4,877,008 $ (7,121,771 ) $ (2,378,966 ) $ 1,210,330 Net Income (Loss) per share $ 1.24 $ (1.56 ) $ (0.59 ) $ (1.49 ) |
Teucrium Soybean Fund | |
Summary of quarterly financial information | Three months ended Three months ended Three months ended Three months ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Total (Loss) Income $ (303,245 ) $ 744,160 $ (305,701 ) $ 846,227 Total Expenses 288,839 303,108 271,010 241,988 Total Expenses, net 225,927 269,717 271,010 241,988 Net Income (Loss) $ (529,172 ) $ 474,443 $ (576,711 ) $ 604,239 Net Income (Loss) per share $ (0.41 ) $ (0.07 ) $ (0.21 ) $ 0.34 Three months ended Three months ended Three months ended Three months ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Total (Loss) Income $ 854,752 $ (2,378,109 ) $ (292,647 ) $ 827,947 Total Expenses 215,850 240,283 424,902 290,357 Total Expenses, net 115,908 155,798 261,424 243,671 Net Income (Loss) $ 738,844 $ (2,533,907 ) $ (554,071 ) $ 584,276 Net Income (Loss) per share $ 1.19 $ (2.82 ) $ (0.39 ) $ 0.37 |
Teucrium Sugar Fund | |
Summary of quarterly financial information | Three months ended Three months ended Three months ended Three months ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Total Income (Loss) $ 488,023 $ (271,558 ) $ (486,975 ) $ 785,997 Total Expenses 135,037 151,926 118,027 133,697 Total Expenses, net 93,555 93,972 80,834 98,580 Net Income (Loss) $ 394,468 $ (365,530 ) $ (567,809 ) $ 687,417 Net Income (Loss) per share $ 0.23 $ (0.20 ) $ (0.45 ) $ 0.39 Three months ended Three months ended Three months ended Three months ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Total Income (Loss) $ (1,127,935 ) $ (689,717 ) $ (1,857,077 ) $ 1,678,297 Total Expenses 141,974 182,157 213,470 170,674 Total Expenses, net 61,284 115,948 142,099 120,024 Net Income (Loss) $ (1,189,219 ) $ (805,665 ) $ (1,999,176 ) $ 1,558,273 Net Income (Loss) per share $ (1.50 ) $ (0.67 ) $ (0.99 ) $ 0.44 |
Teucrium Wheat Fund | |
Summary of quarterly financial information | Three months ended Three months ended Three months ended Three months ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Total Income (Loss) $ (5,839,784 ) $ 5,372,766 $ (3,968,920 ) $ 5,186,121 Total Expenses 495,266 544,200 409,653 395,509 Total Expenses, net 492,766 544,200 409,653 395,509 Net Income (Loss) $ (6,332,550 ) $ 4,828,566 $ (4,378,573 ) $ 4,790,612 Net Income (Loss) per share $ (0.65 ) $ 0.45 $ (0.44 ) $ 0.53 Three months ended Three months ended Three months ended Three months ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Total Income (Loss) $ 2,696,228 $ 2,560,956 $ (533,797 ) $ (2,267,398 ) Total Expenses 656,128 772,566 679,205 567,581 Total Expenses, net 632,359 651,551 635,374 521,460 Net Income (Loss) $ 2,063,869 $ 1,909,405 $ (1,169,171 ) $ (2,788,858 ) Net Income (Loss) per share $ 0.20 $ 0.18 $ (0.13 ) $ (0.29 ) |
Teucrium Agricultural Fund | |
Summary of quarterly financial information | Three months ended Three months ended Three months ended Three months ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Total (Loss) Income $ (60,556 ) $ 47,570 $ (84,363 ) $ 54,151 Total Expenses 22,301 7,876 4,686 8,436 Total Expenses, net 717 695 683 687 Net (Loss) Income $ (61,273 ) $ 46,875 $ (85,046 ) $ 53,464 Net (Loss) Income per share $ (0.82 ) $ 0.63 $ (1.14 ) $ 0.72 Three months ended Three months ended Three months ended Three months ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Total Income (Loss) $ 3,444 $ (133,431 ) $ (80,986 ) $ 26,092 Total Expenses 18,629 12,096 10,539 14,207 Total Expenses, net 1,414 2,010 1,911 1,770 Net Income (Loss) $ 2,030 $ (135,441 ) $ (82,897 ) $ 24,322 Net Income (Loss) per share $ 0.04 $ (1.68 ) $ (1.10 ) $ 0.32 |
Detail of the net assets and _2
Detail of the net assets and shares outstanding of the Funds that are a series of the Trust (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Teucrium Commodity Trust - Combined | |
Net assets and shares outstanding of the Funds | December 31, 2019 Outstanding Shares Net Assets Teucrium Corn Fund 5,075,004 $ 75,220,190 Teucrium Soybean Fund 1,775,004 28,135,131 Teucrium Sugar Fund 1,750,004 12,313,180 Teucrium Wheat Fund 8,950,004 52,236,196 Teucrium Agricultural Fund: 75,002 Net assets including the investment in the Underlying Funds 1,478,780 Less: Investment in the Underlying Funds (1,476,880 ) Net for the Fund in the combined net assets of the Trust 1,900 Total $ 167,906,597 December 31, 2018 Outstanding Shares Net Assets Teucrium Corn Fund 3,500,004 $ 56,379,057 Teucrium Soybean Fund 1,725,004 27,942,017 Teucrium Sugar Fund 1,525,004 10,778,739 Teucrium Wheat Fund 9,275,004 55,149,873 Teucrium Agricultural Fund: Net assets including the investment in the Underlying Funds 75,002 1,524,760 Less: Investment in the Underlying Funds (1,523,286 ) Net for the Fund in the combined net assets of the Trust 1,474 Total $ 150,251,160 |
Organization and Operation (Det
Organization and Operation (Details) | Dec. 31, 2019 |
Teucrium Corn Fund | Second to Expire CBOT Corn Futures Contract | |
Benchmark percent | 35.00% |
Teucrium Corn Fund | Third to Expire CBOT Corn Futures Contract | |
Benchmark percent | 30.00% |
Teucrium Corn Fund | December Following The Third To Expire CBOT Corn Futures Contract | |
Benchmark percent | 35.00% |
Teucrium Soybean Fund | Second to Expire CBOT Soybean Futures Contract | |
Benchmark percent | 35.00% |
Teucrium Soybean Fund | Third to Expire CBOT Soybean Futures Contract | |
Benchmark percent | 30.00% |
Teucrium Soybean Fund | November Following The Third To Expire CBOT Soybean Futures Contract | |
Benchmark percent | 35.00% |
Teucrium Sugar Fund | Second to Expire ICE Sugar Futures Contract | |
Benchmark percent | 35.00% |
Teucrium Sugar Fund | Third to Expire ICE Sugar Futures Contract | |
Benchmark percent | 30.00% |
Teucrium Sugar Fund | March Following The Third To Expire ICE Sugar Futures Contract | |
Benchmark percent | 35.00% |
Teucrium Wheat Fund | Second to Expire CBOT Wheat Futures Contract | |
Benchmark percent | 35.00% |
Teucrium Wheat Fund | Third to Expire CBOT Wheat Futures Contract | |
Benchmark percent | 30.00% |
Teucrium Wheat Fund | December Following The Third To Expire CBOT Wheat Futures Contract | |
Benchmark percent | 35.00% |
Teucrium Agricultural Fund | Corn Underlying Fund | |
Underlying fund average weighting | 25.00% |
Teucrium Agricultural Fund | Soybean Underlying Fund | |
Underlying fund average weighting | 25.00% |
Teucrium Agricultural Fund | Sugar Underlying Fund | |
Underlying fund average weighting | 25.00% |
Teucrium Agricultural Fund | Wheat Underlying Fund | |
Underlying fund average weighting | 25.00% |
Principal Contracts and Agree_3
Principal Contracts and Agreements (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Teucrium Commodity Trust - Combined | |||
Amount recognized for custody services | $ 351,514 | $ 350,361 | $ 346,295 |
Amount of custody services waived | 24,397 | 82,390 | 43,464 |
Amount recognized for distribution services | 161,317 | 172,684 | 184,118 |
Amount of distribution services waived | 7,770 | 47,021 | 48,147 |
Amount recognized for brokerage commissions | 41,273 | 188,705 | 158,207 |
Amount of brokerage commissions waived | 0 | 0 | 0 |
Amount recognized for Wilmington Trust | 3,300 | 3,160 | 3,072 |
Amount of Wilmington Trust waived | 243 | 24 | 1,515 |
Amount recognized for ETC | 52,850 | 0 | 0 |
Amount of ETC waived | 1,954 | 0 | 0 |
Teucrium Corn Fund | |||
Amount recognized for custody services | 156,364 | 127,477 | 153,987 |
Amount of custody services waived | 0 | 762 | 11,607 |
Amount recognized for distribution services | 71,723 | 64,527 | 81,940 |
Amount of distribution services waived | 0 | 12,840 | 20,150 |
Amount recognized for brokerage commissions | 18,768 | 91,065 | 79,700 |
Amount of brokerage commissions waived | 0 | 0 | 0 |
Amount recognized for Wilmington Trust | 1,688 | 1,124 | 1,311 |
Amount of Wilmington Trust waived | 0 | 0 | 1,311 |
Amount recognized for ETC | 25,517 | 0 | 0 |
Amount of ETC waived | 0 | 0 | 0 |
Teucrium Soybean Fund | |||
Amount recognized for custody services | 66,109 | 60,879 | 28,109 |
Amount of custody services waived | 12,828 | 28,904 | 4,574 |
Amount recognized for distribution services | 30,189 | 29,079 | 15,730 |
Amount of distribution services waived | 0 | 14,542 | 6,932 |
Amount recognized for brokerage commissions | 4,193 | 15,780 | 8,462 |
Amount of brokerage commissions waived | 0 | 0 | 0 |
Amount recognized for Wilmington Trust | 533 | 711 | 204 |
Amount of Wilmington Trust waived | 0 | 0 | 204 |
Amount recognized for ETC | 9,385 | 0 | 0 |
Amount of ETC waived | 0 | 0 | 0 |
Teucrium Sugar Fund | |||
Amount recognized for custody services | 29,935 | 33,901 | 19,038 |
Amount of custody services waived | 9,410 | 18,786 | 13,246 |
Amount recognized for distribution services | 13,940 | 15,840 | 9,947 |
Amount of distribution services waived | 6,891 | 9,155 | 5,473 |
Amount recognized for brokerage commissions | 3,471 | 18,182 | 10,525 |
Amount of brokerage commissions waived | 0 | 0 | 0 |
Amount recognized for Wilmington Trust | 224 | 334 | 192 |
Amount of Wilmington Trust waived | 224 | 0 | 0 |
Amount recognized for ETC | 3,837 | 0 | 0 |
Amount of ETC waived | 1,941 | 0 | 0 |
Teucrium Wheat Fund | |||
Amount recognized for custody services | 96,947 | 125,550 | 143,071 |
Amount of custody services waived | 0 | 31,513 | 12,241 |
Amount recognized for distribution services | 44,421 | 62,031 | 75,469 |
Amount of distribution services waived | 0 | 9,354 | 14,910 |
Amount recognized for brokerage commissions | 14,841 | 63,678 | 59,520 |
Amount of brokerage commissions waived | 0 | 0 | 0 |
Amount recognized for Wilmington Trust | 837 | 967 | 1,349 |
Amount of Wilmington Trust waived | 0 | 0 | 0 |
Amount recognized for ETC | 13,810 | 0 | 0 |
Amount of ETC waived | 0 | 0 | 0 |
Teucrium Agricultural Fund | |||
Amount recognized for custody services | 2,159 | 2,554 | 2,090 |
Amount of custody services waived | 2,159 | 2,425 | 1,796 |
Amount recognized for distribution services | 1,045 | 1,207 | 1,032 |
Amount of distribution services waived | 879 | 1,130 | 682 |
Amount recognized for Wilmington Trust | 18 | 24 | 16 |
Amount of Wilmington Trust waived | 18 | 24 | 0 |
Amount recognized for ETC | 301 | 0 | 0 |
Amount of ETC waived | $ 261 | $ 0 | $ 0 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Teucrium Corn Fund | |
Unrealized loss attributed to brokerage commissions | $ 11,457 |
Total brokerage commissions paid including unrealized loss | 81,568 |
Teucrium Soybean Fund | |
Unrealized loss attributed to brokerage commissions | 1,742 |
Total brokerage commissions paid including unrealized loss | 12,219 |
Teucrium Sugar Fund | |
Unrealized loss attributed to brokerage commissions | 1,944 |
Total brokerage commissions paid including unrealized loss | 12,776 |
Teucrium Wheat Fund | |
Unrealized loss attributed to brokerage commissions | 5,612 |
Total brokerage commissions paid including unrealized loss | 41,004 |
Teucrium Agricultural Fund | |
Unrealized loss attributed to brokerage commissions | 0 |
Total brokerage commissions paid including unrealized loss | 1 |
Teucrium Commodity Trust - Combined | |
Unrealized loss attributed to brokerage commissions | 20,755 |
Total brokerage commissions paid including unrealized loss | $ 147,568 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details 1) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Teucrium Commodity Trust - Combined | |||
Money market funds | $ 3,060 | $ 3,262 | $ 3,014 |
Demand-deposit savings accounts | 89,552,523 | 71,898,880 | 88,012,866 |
Commercial paper | 69,915,031 | 87,348,180 | 49,929,746 |
Treasury bills | 6,611,271 | 0 | 0 |
Total cash and cash equivalents as presented on the statement of assets and liabilities | 166,081,885 | 159,250,322 | 137,945,626 |
Teucrium Corn Fund | |||
Money market funds | 102 | 100 | 170 |
Demand-deposit savings accounts | 36,303,603 | 23,974,336 | 38,174,418 |
Commercial paper | 34,953,236 | 34,935,697 | 24,964,873 |
Treasury bills | 3,264,182 | 0 | 0 |
Total cash and cash equivalents as presented on the statement of assets and liabilities | 74,521,123 | 58,910,133 | 63,139,461 |
Teucrium Soybean Fund | |||
Money market funds | 103 | 100 | 100 |
Demand-deposit savings accounts | 14,677,599 | 14,282,321 | 9,942,085 |
Commercial paper | 12,481,824 | 12,492,518 | 0 |
Treasury bills | 715,165 | 0 | 0 |
Total cash and cash equivalents as presented on the statement of assets and liabilities | 27,874,691 | 26,774,939 | 9,942,185 |
Teucrium Sugar Fund | |||
Money market funds | 103 | 100 | 100 |
Demand-deposit savings accounts | 9,032,624 | 7,764,709 | 5,929,175 |
Commercial paper | 2,499,872 | 2,497,132 | 0 |
Treasury bills | 683,196 | 0 | 0 |
Total cash and cash equivalents as presented on the statement of assets and liabilities | 12,215,795 | 10,261,941 | 5,929,275 |
Teucrium Wheat Fund | |||
Money market funds | 119 | 100 | 170 |
Demand-deposit savings accounts | 29,538,697 | 25,877,514 | 33,967,188 |
Commercial paper | 19,980,099 | 37,422,833 | 24,964,873 |
Treasury bills | 1,948,728 | 0 | 0 |
Total cash and cash equivalents as presented on the statement of assets and liabilities | $ 51,467,643 | $ 63,300,447 | $ 58,932,231 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Details 2) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Teucrium Commodity Trust - Combined | |||
Recognized related party transactions | $ 1,992,524 | $ 2,674,984 | $ 2,196,388 |
Waived related party transactions | 137,711 | 556,063 | 453,736 |
Teucrium Corn Fund | |||
Recognized related party transactions | 858,901 | 1,004,019 | 998,194 |
Waived related party transactions | 14,500 | 157,258 | 215,815 |
Teucrium Soybean Fund | |||
Recognized related party transactions | 379,031 | 444,365 | 183,076 |
Waived related party transactions | 31,537 | 192,822 | 45,597 |
Teucrium Sugar Fund | |||
Recognized related party transactions | 183,750 | 242,126 | 109,266 |
Waived related party transactions | 77,532 | 93,112 | 57,667 |
Teucrium Wheat Fund | |||
Recognized related party transactions | 557,131 | 966,288 | 893,340 |
Waived related party transactions | 2,500 | 99,345 | 125,219 |
Teucrium Agricultural Fund | |||
Recognized related party transactions | 13,711 | 18,186 | 12,512 |
Waived related party transactions | $ 11,641 | $ 13,526 | $ 9,438 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Details 3) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Teucrium Commodity Trust - Combined | |||
Expenses waived | $ 326,705 | $ 1,227,430 | $ 1,028,899 |
Teucrium Corn Fund | |||
Expenses waived | 15,639 | 280,817 | 409,562 |
Teucrium Soybean Fund | |||
Expenses waived | 96,303 | 394,591 | 126,489 |
Teucrium Sugar Fund | |||
Expenses waived | 171,746 | 268,920 | 129,334 |
Teucrium Wheat Fund | |||
Expenses waived | 2,500 | 234,736 | 323,244 |
Teucrium Agricultural Fund | |||
Expenses waived | $ 40,517 | $ 48,366 | $ 40,270 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Details Narrative) | Dec. 31, 2019Basketsshares | Dec. 31, 2018Basketsshares | Dec. 31, 2017Basketsshares |
Teucrium Corn Fund | |||
Creations and Redemptions | |||
Minimum level of shares per redemption basket minimum level | shares | 50,000 | 50,000 | 50,000 |
Minimum number of redemption baskets | Baskets | 2 | 2 | 2 |
Teucrium Soybean Fund | |||
Creations and Redemptions | |||
Minimum level of shares per redemption basket minimum level | shares | 50,000 | 50,000 | 50,000 |
Minimum number of redemption baskets | Baskets | 2 | 2 | 2 |
Teucrium Sugar Fund | |||
Creations and Redemptions | |||
Minimum level of shares per redemption basket minimum level | shares | 50,000 | 50,000 | 50,000 |
Minimum number of redemption baskets | Baskets | 2 | 2 | 2 |
Teucrium Wheat Fund | |||
Creations and Redemptions | |||
Minimum level of shares per redemption basket minimum level | shares | 50,000 | 50,000 | 50,000 |
Minimum number of redemption baskets | Baskets | 2 | 2 | 2 |
Teucrium Agricultural Fund | |||
Creations and Redemptions | |||
Minimum level of shares per redemption basket minimum level | shares | 50,000 | 50,000 | 50,000 |
Minimum number of redemption baskets | Baskets | 4 | 4 | 4 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Teucrium Commodity Trust - Combined | |||
Assets: | |||
Cash equivalents | $ 76,529,362 | $ 87,351,442 | |
Commodity futures contracts | 7,712,856 | 569,742 | |
Total | 84,242,218 | 87,921,184 | |
Liabilities: | |||
Commodity futures contracts | 581,574 | 5,369,594 | |
Total | 581,574 | 5,369,594 | |
Teucrium Commodity Trust - Combined | Corn Futures Contracts | |||
Assets: | |||
Commodity futures contracts | 1,365,055 | 107,363 | |
Liabilities: | |||
Commodity futures contracts | 581,574 | 1,297,288 | |
Teucrium Commodity Trust - Combined | Soybean Futures Contracts | |||
Assets: | |||
Commodity futures contracts | 931,896 | 228,400 | |
Liabilities: | |||
Commodity futures contracts | 39,250 | ||
Teucrium Commodity Trust - Combined | Sugar Futures Contracts | |||
Assets: | |||
Commodity futures contracts | 347,429 | 233,979 | |
Liabilities: | |||
Commodity futures contracts | 47,656 | ||
Teucrium Commodity Trust - Combined | Wheat Futures Contracts | |||
Assets: | |||
Commodity futures contracts | 5,068,476 | ||
Liabilities: | |||
Commodity futures contracts | 3,985,400 | ||
Teucrium Commodity Trust - Combined | Level 1 | |||
Assets: | |||
Cash equivalents | 76,529,362 | 87,351,442 | |
Commodity futures contracts | 7,712,856 | 569,742 | |
Total | 84,242,218 | 87,921,184 | |
Liabilities: | |||
Commodity futures contracts | 581,574 | 5,369,594 | |
Total | 581,574 | 5,369,594 | |
Teucrium Commodity Trust - Combined | Level 1 | Corn Futures Contracts | |||
Assets: | |||
Commodity futures contracts | 1,365,055 | 107,363 | |
Liabilities: | |||
Commodity futures contracts | 581,574 | 1,297,288 | |
Teucrium Commodity Trust - Combined | Level 1 | Soybean Futures Contracts | |||
Assets: | |||
Commodity futures contracts | 931,896 | 228,400 | |
Liabilities: | |||
Commodity futures contracts | 39,250 | ||
Teucrium Commodity Trust - Combined | Level 1 | Sugar Futures Contracts | |||
Assets: | |||
Commodity futures contracts | 347,429 | $ 233,979 | |
Liabilities: | |||
Commodity futures contracts | $ 47,656 | ||
Teucrium Commodity Trust - Combined | Level 1 | Wheat Futures Contracts | |||
Assets: | |||
Commodity futures contracts | 5,068,476 | ||
Liabilities: | |||
Commodity futures contracts | 3,985,400 | ||
Teucrium Commodity Trust - Combined | Level 2 | |||
Assets: | |||
Cash equivalents | 0 | 0 | |
Commodity futures contracts | 0 | 0 | |
Total | 0 | 0 | |
Liabilities: | |||
Commodity futures contracts | 0 | 0 | |
Total | 0 | 0 | |
Teucrium Commodity Trust - Combined | Level 2 | Corn Futures Contracts | |||
Assets: | |||
Commodity futures contracts | 0 | 0 | |
Liabilities: | |||
Commodity futures contracts | 0 | 0 | |
Teucrium Commodity Trust - Combined | Level 2 | Soybean Futures Contracts | |||
Assets: | |||
Commodity futures contracts | 0 | 0 | |
Liabilities: | |||
Commodity futures contracts | 0 | ||
Teucrium Commodity Trust - Combined | Level 2 | Sugar Futures Contracts | |||
Assets: | |||
Commodity futures contracts | 0 | 0 | |
Liabilities: | |||
Commodity futures contracts | 0 | ||
Teucrium Commodity Trust - Combined | Level 2 | Wheat Futures Contracts | |||
Assets: | |||
Commodity futures contracts | 0 | ||
Liabilities: | |||
Commodity futures contracts | 0 | ||
Teucrium Commodity Trust - Combined | Level 3 | |||
Assets: | |||
Cash equivalents | 0 | 0 | |
Commodity futures contracts | 0 | 0 | |
Total | 0 | 0 | |
Liabilities: | |||
Commodity futures contracts | 0 | 0 | |
Total | 0 | 0 | |
Teucrium Commodity Trust - Combined | Level 3 | Corn Futures Contracts | |||
Assets: | |||
Commodity futures contracts | 0 | 0 | |
Liabilities: | |||
Commodity futures contracts | 0 | 0 | |
Teucrium Commodity Trust - Combined | Level 3 | Soybean Futures Contracts | |||
Assets: | |||
Commodity futures contracts | 0 | 0 | |
Liabilities: | |||
Commodity futures contracts | 0 | ||
Teucrium Commodity Trust - Combined | Level 3 | Sugar Futures Contracts | |||
Assets: | |||
Commodity futures contracts | 0 | 0 | |
Liabilities: | |||
Commodity futures contracts | 0 | ||
Teucrium Commodity Trust - Combined | Level 3 | Wheat Futures Contracts | |||
Assets: | |||
Commodity futures contracts | 0 | ||
Liabilities: | |||
Commodity futures contracts | 0 | ||
Teucrium Corn Fund | |||
Assets: | |||
Cash equivalents | 38,217,520 | 34,935,797 | |
Commodity futures contracts | 1,365,055 | 107,363 | |
Total | 39,582,575 | 35,043,160 | |
Liabilities: | |||
Commodity futures contracts | 581,574 | 1,297,288 | |
Total | 581,574 | 1,297,288 | |
Teucrium Corn Fund | Corn Futures Contracts | |||
Assets: | |||
Commodity futures contracts | 1,365,055 | 107,363 | |
Liabilities: | |||
Commodity futures contracts | 1,297,288 | ||
Teucrium Corn Fund | Level 1 | |||
Assets: | |||
Cash equivalents | 38,217,520 | 34,935,797 | |
Commodity futures contracts | 1,365,055 | 107,363 | |
Total | 39,582,575 | 35,043,160 | |
Liabilities: | |||
Commodity futures contracts | 581,574 | 1,297,288 | |
Total | 581,574 | 1,297,288 | |
Teucrium Corn Fund | Level 1 | Corn Futures Contracts | |||
Assets: | |||
Commodity futures contracts | 1,365,055 | 107,363 | |
Liabilities: | |||
Commodity futures contracts | 1,297,288 | ||
Teucrium Corn Fund | Level 2 | |||
Assets: | |||
Cash equivalents | 0 | 0 | |
Commodity futures contracts | 0 | 0 | |
Total | 0 | 0 | |
Liabilities: | |||
Commodity futures contracts | 0 | 0 | |
Total | 0 | 0 | |
Teucrium Corn Fund | Level 2 | Corn Futures Contracts | |||
Assets: | |||
Commodity futures contracts | 0 | 0 | |
Liabilities: | |||
Commodity futures contracts | 0 | ||
Teucrium Corn Fund | Level 3 | |||
Assets: | |||
Cash equivalents | 0 | 0 | |
Commodity futures contracts | 0 | 0 | |
Total | 0 | 0 | |
Liabilities: | |||
Commodity futures contracts | 0 | 0 | |
Total | 0 | 0 | |
Teucrium Corn Fund | Level 3 | Corn Futures Contracts | |||
Assets: | |||
Commodity futures contracts | 0 | 0 | |
Liabilities: | |||
Commodity futures contracts | 0 | ||
Teucrium Soybean Fund | |||
Assets: | |||
Cash equivalents | 13,197,092 | 12,492,618 | |
Commodity futures contracts | 931,896 | 228,400 | |
Total | 14,128,988 | 12,721,018 | |
Liabilities: | |||
Commodity futures contracts | 0 | 39,250 | |
Total | 0 | 39,250 | |
Teucrium Soybean Fund | Soybean Futures Contracts | |||
Assets: | |||
Commodity futures contracts | 931,896 | 228,400 | |
Liabilities: | |||
Commodity futures contracts | 39,250 | ||
Teucrium Soybean Fund | Level 1 | |||
Assets: | |||
Cash equivalents | 13,197,092 | 12,492,618 | |
Commodity futures contracts | 931,896 | 228,400 | |
Total | 14,128,988 | 12,721,018 | |
Liabilities: | |||
Commodity futures contracts | 0 | 39,250 | |
Total | 0 | 39,250 | |
Teucrium Soybean Fund | Level 1 | Soybean Futures Contracts | |||
Assets: | |||
Commodity futures contracts | 931,896 | 228,400 | |
Liabilities: | |||
Commodity futures contracts | 39,250 | ||
Teucrium Soybean Fund | Level 2 | |||
Assets: | |||
Cash equivalents | 0 | 0 | |
Commodity futures contracts | 0 | 0 | |
Total | 0 | 0 | |
Liabilities: | |||
Commodity futures contracts | 0 | 0 | |
Total | 0 | 0 | |
Teucrium Soybean Fund | Level 2 | Soybean Futures Contracts | |||
Assets: | |||
Commodity futures contracts | 0 | 0 | |
Liabilities: | |||
Commodity futures contracts | 0 | ||
Teucrium Soybean Fund | Level 3 | |||
Assets: | |||
Cash equivalents | 0 | 0 | |
Commodity futures contracts | 0 | 0 | |
Total | 0 | 0 | |
Liabilities: | |||
Commodity futures contracts | 0 | 0 | |
Total | 0 | 0 | |
Teucrium Soybean Fund | Level 3 | Soybean Futures Contracts | |||
Assets: | |||
Commodity futures contracts | 0 | 0 | |
Liabilities: | |||
Commodity futures contracts | 0 | ||
Teucrium Sugar Fund | |||
Assets: | |||
Cash equivalents | 3,183,171 | 2,497,232 | |
Commodity futures contracts | 347,429 | 233,979 | |
Total | 3,530,600 | 2,731,211 | |
Liabilities: | |||
Commodity futures contracts | 0 | 47,656 | |
Total | 0 | 47,656 | |
Teucrium Sugar Fund | Sugar Futures Contracts | |||
Assets: | |||
Commodity futures contracts | 347,429 | 233,979 | |
Liabilities: | |||
Commodity futures contracts | 47,656 | ||
Teucrium Sugar Fund | Level 1 | |||
Assets: | |||
Cash equivalents | 3,183,171 | 2,497,232 | |
Commodity futures contracts | 347,429 | 233,979 | |
Total | 3,530,600 | 2,731,211 | |
Liabilities: | |||
Commodity futures contracts | 0 | 47,656 | |
Total | 0 | 47,656 | |
Teucrium Sugar Fund | Level 1 | Sugar Futures Contracts | |||
Assets: | |||
Commodity futures contracts | 347,429 | 233,979 | |
Liabilities: | |||
Commodity futures contracts | 47,656 | ||
Teucrium Sugar Fund | Level 2 | |||
Assets: | |||
Cash equivalents | 0 | 0 | |
Commodity futures contracts | 0 | 0 | |
Total | 0 | 0 | |
Liabilities: | |||
Commodity futures contracts | 0 | 0 | |
Total | 0 | 0 | |
Teucrium Sugar Fund | Level 2 | Sugar Futures Contracts | |||
Assets: | |||
Commodity futures contracts | 0 | 0 | |
Liabilities: | |||
Commodity futures contracts | 0 | ||
Teucrium Sugar Fund | Level 3 | |||
Assets: | |||
Cash equivalents | 0 | 0 | |
Commodity futures contracts | 0 | 0 | |
Total | 0 | 0 | |
Liabilities: | |||
Commodity futures contracts | 0 | 0 | |
Total | 0 | 0 | |
Teucrium Sugar Fund | Level 3 | Sugar Futures Contracts | |||
Assets: | |||
Commodity futures contracts | 0 | 0 | |
Liabilities: | |||
Commodity futures contracts | 0 | ||
Teucrium Wheat Fund | |||
Assets: | |||
Cash equivalents | 21,928,946 | 37,422,933 | |
Commodity futures contracts | 5,068,476 | 0 | |
Total | 26,997,422 | ||
Liabilities: | |||
Commodity futures contracts | 0 | 3,985,400 | |
Total | 0 | 3,985,400 | |
Teucrium Wheat Fund | Wheat Futures Contracts | |||
Assets: | |||
Commodity futures contracts | 5,068,476 | ||
Liabilities: | |||
Commodity futures contracts | 3,985,400 | ||
Teucrium Wheat Fund | Level 1 | |||
Assets: | |||
Cash equivalents | 21,928,946 | 37,422,933 | |
Commodity futures contracts | 5,068,476 | 0 | |
Total | 26,997,422 | ||
Liabilities: | |||
Commodity futures contracts | 0 | 3,985,400 | |
Total | 0 | 3,985,400 | |
Teucrium Wheat Fund | Level 1 | Wheat Futures Contracts | |||
Assets: | |||
Commodity futures contracts | 5,068,476 | ||
Liabilities: | |||
Commodity futures contracts | 3,985,400 | ||
Teucrium Wheat Fund | Level 2 | |||
Assets: | |||
Cash equivalents | 0 | 0 | |
Commodity futures contracts | 0 | 0 | |
Total | 0 | ||
Liabilities: | |||
Commodity futures contracts | 0 | 0 | |
Total | 0 | 0 | |
Teucrium Wheat Fund | Level 2 | Wheat Futures Contracts | |||
Assets: | |||
Commodity futures contracts | 0 | ||
Liabilities: | |||
Commodity futures contracts | 0 | ||
Teucrium Wheat Fund | Level 3 | |||
Assets: | |||
Cash equivalents | 0 | 0 | |
Commodity futures contracts | 0 | 0 | |
Total | 0 | ||
Liabilities: | |||
Commodity futures contracts | 0 | 0 | |
Total | 0 | 0 | |
Teucrium Wheat Fund | Level 3 | Wheat Futures Contracts | |||
Assets: | |||
Commodity futures contracts | 0 | ||
Liabilities: | |||
Commodity futures contracts | 0 | ||
Teucrium Agricultural Fund | |||
Assets: | |||
Cash equivalents | 2,633 | 2,862 | |
Exchange-traded funds | 1,476,880 | 1,523,286 | |
Total | 1,479,513 | 1,526,148 | |
Teucrium Agricultural Fund | Level 1 | |||
Assets: | |||
Cash equivalents | 2,633 | 2,862 | |
Exchange-traded funds | 1,476,880 | 1,523,286 | |
Total | 1,479,513 | 1,526,148 | |
Teucrium Agricultural Fund | Level 2 | |||
Assets: | |||
Cash equivalents | 0 | 0 | |
Exchange-traded funds | 0 | 0 | |
Total | 0 | 0 | |
Teucrium Agricultural Fund | Level 3 | |||
Assets: | |||
Cash equivalents | 0 | 0 | |
Exchange-traded funds | 0 | 0 | |
Total | $ 0 | $ 0 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Teucrium Commodity Trust - Combined | ||
Derivative assets | $ 7,712,856 | $ 569,742 |
Derivative liabilities | 581,574 | 5,369,594 |
Teucrium Commodity Trust - Combined | Corn Futures Contracts | ||
Derivative assets | 783,481 | 0 |
Derivative liabilities | 0 | 0 |
Teucrium Commodity Trust - Combined | Soybean Futures Contracts | ||
Derivative assets | 288,088 | 189,150 |
Derivative liabilities | 0 | |
Teucrium Commodity Trust - Combined | Sugar Futures Contracts | ||
Derivative assets | 109,521 | 186,323 |
Derivative liabilities | 0 | |
Teucrium Commodity Trust - Combined | Wheat Futures Contracts | ||
Derivative assets | 810,066 | 0 |
Derivative liabilities | 0 | |
Teucrium Commodity Trust - Combined | Gross Amount Of Recognized Assets Or Liabilities | Corn Futures Contracts | ||
Derivative assets | 1,365,055 | 107,363 |
Derivative liabilities | 581,574 | 1,297,288 |
Teucrium Commodity Trust - Combined | Gross Amount Of Recognized Assets Or Liabilities | Soybean Futures Contracts | ||
Derivative assets | 931,896 | 228,400 |
Derivative liabilities | 39,250 | |
Teucrium Commodity Trust - Combined | Gross Amount Of Recognized Assets Or Liabilities | Sugar Futures Contracts | ||
Derivative assets | 347,429 | 233,979 |
Derivative liabilities | 47,656 | |
Teucrium Commodity Trust - Combined | Gross Amount Of Recognized Assets Or Liabilities | Wheat Futures Contracts | ||
Derivative assets | 5,068,476 | 0 |
Derivative liabilities | 3,985,400 | |
Teucrium Commodity Trust - Combined | Gross Amount Offset In The Statement Of Assets And Liabilities | Corn Futures Contracts | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Teucrium Commodity Trust - Combined | Gross Amount Offset In The Statement Of Assets And Liabilities | Soybean Futures Contracts | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | |
Teucrium Commodity Trust - Combined | Gross Amount Offset In The Statement Of Assets And Liabilities | Sugar Futures Contracts | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | |
Teucrium Commodity Trust - Combined | Gross Amount Offset In The Statement Of Assets And Liabilities | Wheat Futures Contracts | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | |
Teucrium Commodity Trust - Combined | Net Amount Presented In the Statement Of Assets And Liabilities | Corn Futures Contracts | ||
Derivative assets | 1,365,055 | 107,363 |
Derivative liabilities | 581,574 | 1,297,288 |
Teucrium Commodity Trust - Combined | Net Amount Presented In the Statement Of Assets And Liabilities | Soybean Futures Contracts | ||
Derivative assets | 931,896 | 228,400 |
Derivative liabilities | 39,250 | |
Teucrium Commodity Trust - Combined | Net Amount Presented In the Statement Of Assets And Liabilities | Sugar Futures Contracts | ||
Derivative assets | 347,429 | 233,979 |
Derivative liabilities | 47,656 | |
Teucrium Commodity Trust - Combined | Net Amount Presented In the Statement Of Assets And Liabilities | Wheat Futures Contracts | ||
Derivative assets | 5,068,476 | 0 |
Derivative liabilities | 3,985,400 | |
Teucrium Commodity Trust - Combined | Futures Contracts Available for Offset | Corn Futures Contracts | ||
Derivative assets | 581,574 | 107,363 |
Derivative liabilities | 581,574 | 107,363 |
Teucrium Commodity Trust - Combined | Futures Contracts Available for Offset | Soybean Futures Contracts | ||
Derivative assets | 0 | 39,250 |
Derivative liabilities | 39,250 | |
Teucrium Commodity Trust - Combined | Futures Contracts Available for Offset | Sugar Futures Contracts | ||
Derivative assets | 0 | 47,656 |
Derivative liabilities | 47,656 | |
Teucrium Commodity Trust - Combined | Futures Contracts Available for Offset | Wheat Futures Contracts | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | |
Teucrium Commodity Trust - Combined | Collateral, Due To Broker | Corn Futures Contracts | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 1,189,925 |
Teucrium Commodity Trust - Combined | Collateral, Due To Broker | Soybean Futures Contracts | ||
Derivative assets | 643,808 | 0 |
Derivative liabilities | 0 | |
Teucrium Commodity Trust - Combined | Collateral, Due To Broker | Sugar Futures Contracts | ||
Derivative assets | 237,908 | 0 |
Derivative liabilities | 0 | |
Teucrium Commodity Trust - Combined | Collateral, Due To Broker | Wheat Futures Contracts | ||
Derivative assets | 4,258,410 | 0 |
Derivative liabilities | 3,985,400 | |
Teucrium Corn Fund | ||
Derivative assets | 1,365,055 | 107,363 |
Derivative liabilities | 581,574 | 1,297,288 |
Teucrium Corn Fund | Corn Futures Contracts | ||
Derivative assets | 783,481 | 0 |
Derivative liabilities | 0 | 0 |
Teucrium Corn Fund | Gross Amount Of Recognized Assets Or Liabilities | Corn Futures Contracts | ||
Derivative assets | 1,365,055 | 107,363 |
Derivative liabilities | 581,574 | 1,297,288 |
Teucrium Corn Fund | Gross Amount Offset In The Statement Of Assets And Liabilities | Corn Futures Contracts | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Teucrium Corn Fund | Net Amount Presented In the Statement Of Assets And Liabilities | Corn Futures Contracts | ||
Derivative assets | 1,365,055 | 107,363 |
Derivative liabilities | 581,574 | 1,297,288 |
Teucrium Corn Fund | Futures Contracts Available for Offset | Corn Futures Contracts | ||
Derivative assets | 581,574 | 107,363 |
Derivative liabilities | 581,574 | 107,363 |
Teucrium Corn Fund | Collateral, Due To Broker | Corn Futures Contracts | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 1,189,925 |
Teucrium Soybean Fund | ||
Derivative assets | 931,896 | 228,400 |
Derivative liabilities | 0 | 39,250 |
Teucrium Soybean Fund | Soybean Futures Contracts | ||
Derivative assets | 288,088 | 189,150 |
Derivative liabilities | 0 | |
Teucrium Soybean Fund | Gross Amount Of Recognized Assets Or Liabilities | Soybean Futures Contracts | ||
Derivative assets | 931,896 | 228,400 |
Derivative liabilities | 39,250 | |
Teucrium Soybean Fund | Gross Amount Offset In The Statement Of Assets And Liabilities | Soybean Futures Contracts | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | |
Teucrium Soybean Fund | Net Amount Presented In the Statement Of Assets And Liabilities | Soybean Futures Contracts | ||
Derivative assets | 931,896 | 228,400 |
Derivative liabilities | 39,250 | |
Teucrium Soybean Fund | Futures Contracts Available for Offset | Soybean Futures Contracts | ||
Derivative assets | 0 | 39,250 |
Derivative liabilities | 39,250 | |
Teucrium Soybean Fund | Collateral, Due To Broker | Soybean Futures Contracts | ||
Derivative assets | 643,808 | 0 |
Derivative liabilities | 0 | |
Teucrium Sugar Fund | ||
Derivative assets | 347,429 | 233,979 |
Derivative liabilities | 0 | 47,656 |
Teucrium Sugar Fund | Sugar Futures Contracts | ||
Derivative assets | 109,521 | 0 |
Derivative liabilities | 0 | |
Teucrium Sugar Fund | Gross Amount Of Recognized Assets Or Liabilities | Sugar Futures Contracts | ||
Derivative assets | 347,429 | 233,979 |
Derivative liabilities | 47,656 | |
Teucrium Sugar Fund | Gross Amount Offset In The Statement Of Assets And Liabilities | Sugar Futures Contracts | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | |
Teucrium Sugar Fund | Net Amount Presented In the Statement Of Assets And Liabilities | Sugar Futures Contracts | ||
Derivative assets | 347,429 | 233,979 |
Derivative liabilities | 47,656 | |
Teucrium Sugar Fund | Futures Contracts Available for Offset | Sugar Futures Contracts | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 47,656 | |
Teucrium Sugar Fund | Collateral, Due To Broker | Sugar Futures Contracts | ||
Derivative assets | 237,908 | 186,323 |
Derivative liabilities | 0 | |
Teucrium Wheat Fund | ||
Derivative assets | 5,068,476 | 0 |
Derivative liabilities | 0 | 3,985,400 |
Teucrium Wheat Fund | Wheat Futures Contracts | ||
Derivative assets | 810,066 | |
Derivative liabilities | 0 | |
Teucrium Wheat Fund | Gross Amount Of Recognized Assets Or Liabilities | Wheat Futures Contracts | ||
Derivative assets | 5,068,476 | |
Derivative liabilities | 3,985,400 | |
Teucrium Wheat Fund | Gross Amount Offset In The Statement Of Assets And Liabilities | Wheat Futures Contracts | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | |
Teucrium Wheat Fund | Net Amount Presented In the Statement Of Assets And Liabilities | Wheat Futures Contracts | ||
Derivative assets | 5,068,476 | |
Derivative liabilities | 3,985,400 | |
Teucrium Wheat Fund | Futures Contracts Available for Offset | Wheat Futures Contracts | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | |
Teucrium Wheat Fund | Collateral, Due To Broker | Wheat Futures Contracts | ||
Derivative assets | $ 4,258,410 | |
Derivative liabilities | $ 3,985,400 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities (Details 1) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Teucrium Commodity Trust - Combined | |||
Realized (loss) gain on commodity futures contracts | $ (19,460,504) | $ (4,923,623) | $ (13,335,506) |
Net change in unrealized appreciation or depreciation on commodity futures contracts | 11,931,134 | (31,362) | 414,818 |
Teucrium Commodity Trust - Combined | Corn Futures Contracts | |||
Realized (loss) gain on commodity futures contracts | (9,512,148) | (3,025,313) | (5,603,513) |
Net change in unrealized appreciation or depreciation on commodity futures contracts | 1,973,406 | 651,638 | (380,763) |
Teucrium Commodity Trust - Combined | Soybean Futures Contracts | |||
Realized (loss) gain on commodity futures contracts | (438,468) | (2,085,438) | 8,425 |
Net change in unrealized appreciation or depreciation on commodity futures contracts | 742,746 | 637,213 | (793,538) |
Teucrium Commodity Trust - Combined | Sugar Futures Contracts | |||
Realized (loss) gain on commodity futures contracts | 113,747 | (2,314,984) | (2,435,305) |
Net change in unrealized appreciation or depreciation on commodity futures contracts | 161,106 | 69,137 | 263,581 |
Teucrium Commodity Trust - Combined | Wheat Futures Contracts | |||
Realized (loss) gain on commodity futures contracts | (9,623,635) | 2,502,112 | (5,305,113) |
Net change in unrealized appreciation or depreciation on commodity futures contracts | 9,053,876 | (1,389,350) | 1,325,538 |
Teucrium Corn Fund | |||
Realized (loss) gain on commodity futures contracts | (9,512,148) | (3,025,313) | (5,603,513) |
Net change in unrealized appreciation or depreciation on commodity futures contracts | 1,973,406 | 651,638 | (380,763) |
Teucrium Soybean Fund | |||
Realized (loss) gain on commodity futures contracts | (438,468) | (2,085,438) | 8,425 |
Net change in unrealized appreciation or depreciation on commodity futures contracts | 742,746 | 637,213 | (793,538) |
Teucrium Sugar Fund | |||
Realized (loss) gain on commodity futures contracts | 113,747 | (2,314,984) | (2,435,305) |
Net change in unrealized appreciation or depreciation on commodity futures contracts | 161,106 | 69,137 | 263,581 |
Teucrium Wheat Fund | |||
Realized (loss) gain on commodity futures contracts | (9,623,635) | 2,502,112 | (5,305,113) |
Net change in unrealized appreciation or depreciation on commodity futures contracts | $ 9,053,876 | $ (1,389,350) | $ 1,325,538 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Teucrium Commodity Trust - Combined | |||
Derivative average notional amount | $ 167,200,000 | $ 169,000,000 | $ 153,900,000 |
Teucrium Corn Fund | |||
Derivative average notional amount | 76,300,000 | 69,700,000 | 67,500,000 |
Teucrium Soybean Fund | |||
Derivative average notional amount | 27,500,000 | 21,900,000 | 13,200,000 |
Teucrium Sugar Fund | |||
Derivative average notional amount | 10,400,000 | 12,300,000 | 7,100,000 |
Teucrium Wheat Fund | |||
Derivative average notional amount | $ 53,100,000 | $ 65,000,000 | $ 66,000,000 |
Detail of the net assets and _3
Detail of the net assets and shares outstanding of the Funds that are a series of the Trust (Details) - Teucrium Commodity Trust - Combined - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Net assets | $ 167,906,597 | $ 150,251,160 | $ 142,946,752 | $ 153,957,187 |
Teucrium Corn Fund | ||||
Outstanding shares | 5,075,004 | 3,500,004 | ||
Net assets | $ 75,220,190 | $ 56,379,057 | ||
Teucrium Soybean Fund | ||||
Outstanding shares | 1,775,004 | 1,725,004 | ||
Net assets | $ 28,135,131 | $ 27,942,017 | ||
Teucrium Sugar Fund | ||||
Outstanding shares | 1,750,004 | 1,525,004 | ||
Net assets | $ 12,313,180 | $ 10,778,739 | ||
Teucrium Wheat Fund | ||||
Outstanding shares | 8,950,004 | 9,275,004 | ||
Net assets | $ 52,236,196 | $ 55,149,873 | ||
Teucrium Agricultural Fund | ||||
Net assets including the investment in the Underlying Funds, outstanding shares | 75,002 | 75,002 | ||
Net assets including the investment in the Underlying Funds | $ 1,478,780 | $ 1,524,760 | ||
Less: investment in the Underlying Funds | (1,476,880) | (1,523,286) | ||
Net for the Fund in the combined net assets of the Trust | $ 1,900 | $ 1,474 |
Financial Highlights (Details)
Financial Highlights (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Teucrium Corn Fund | |||
Net asset value per share at beginning of period | $ 16.11 | $ 16.75 | $ 18.77 |
Investment income | .38 | 0.35 | 0.21 |
Net realized and unrealized (loss) gain on commodity futures contracts | (1.11) | (0.39) | (1.55) |
Total expenses, net | (.56) | (0.60) | (0.68) |
Net (decrease) increase in net asset value | (1.29) | (0.64) | (2.02) |
Net asset value per share at end of period | $ 14.82 | $ 16.11 | $ 16.75 |
Total return | (7.99%) | (3.82%) | (10.76%) |
Total expenses | 3.61% | 3.98% | 4.28% |
Total expense, net | 3.59% | 3.58% | 3.68% |
Net investment loss | (1.16%) | (1.48%) | (2.54%) |
Teucrium Soybean Fund | |||
Net asset value per share at beginning of period | $ 16.20 | $ 17.85 | $ 19.08 |
Investment income | .38 | 0.37 | 0.21 |
Net realized and unrealized (loss) gain on commodity futures contracts | (.16) | (1.40) | (0.77) |
Total expenses, net | (.57) | (0.62) | (0.67) |
Net (decrease) increase in net asset value | (.35) | (1.65) | (1.23) |
Net asset value per share at end of period | $ 15.85 | $ 16.20 | $ 17.85 |
Total return | (2.15%) | 9.24% | 6.45% |
Total expenses | 3.97% | 5.52% | 4.59% |
Total expense, net | 3.63% | 3.66% | 3.63% |
Net investment loss | (1.20%) | (1.49%) | (2.48%) |
Teucrium Sugar Fund | |||
Net asset value per share at beginning of period | $ 7.07 | $ 9.79 | $ 12.97 |
Investment income | .16 | 0.15 | 0.12 |
Net realized and unrealized (loss) gain on commodity futures contracts | .06 | (2.60) | (3.01) |
Total expenses, net | (.25) | (0.27) | (0.29) |
Net (decrease) increase in net asset value | (.03) | (2.72) | (3.18) |
Net asset value per share at end of period | $ 7.04 | $ 7.07 | $ 9.79 |
Total return | (0.45%) | (27.78%) | (24.52%) |
Total expenses | 5.22% | 5.80% | 4.62% |
Total expense, net | 3.56% | 3.60% | 2.79% |
Net investment loss | (1.23%) | (1.56%) | (1.68%) |
Teucrium Wheat Fund | |||
Net asset value per share at beginning of period | $ 5.95 | $ 5.99 | $ 6.89 |
Investment income | .14 | 0.13 | 0.08 |
Net realized and unrealized (loss) gain on commodity futures contracts | (.06) | 0.07 | (0.73) |
Total expenses, net | (.19) | (0.24) | (0.25) |
Net (decrease) increase in net asset value | (.11) | (0.04) | (0.90) |
Net asset value per share at end of period | $ 5.84 | $ 5.95 | $ 5.99 |
Total return | (1.84%) | (0.67%) | (13.06%) |
Total expenses | 3.45% | 4.13% | 4.09% |
Total expense, net | 3.44% | 3.76% | 3.60% |
Net investment loss | (0.97%) | (1.69%) | (2.46%) |
Teucrium Agricultural Fund | |||
Net asset value per share at beginning of period | $ 20.33 | $ 22.75 | $ 26.33 |
Net realized and unrealized (loss) gain on commodity futures contracts | (.57) | (2.32) | (3.46) |
Total expenses, net | (.04) | (0.10) | (0.12) |
Net (decrease) increase in net asset value | (.61) | (2.42) | (3.58) |
Net asset value per share at end of period | $ 19.72 | $ 20.33 | $ 22.75 |
Total return | (3.02%) | (10.64%) | (13.60%) |
Total expenses | 2.96% | 3.77% | 3.74% |
Total expense, net | 0.19% | 0.48% | 0.50% |
Net investment loss | (0.19%) | (0.48%) | (0.50%) |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Teucrium Corn Fund | |||||||||||
Summary of quarterly financial information | |||||||||||
Total income (loss) | $ (1,567,297) | $ (6,305,081) | $ 4,818,848 | $ (2,641,781) | $ 1,792,478 | $ (1,727,463) | $ (6,465,079) | $ 5,507,209 | $ (5,695,311) | $ (892,853) | $ (5,205,716) |
Total expenses | 729,564 | 814,454 | 682,968 | 510,239 | 692,119 | 683,626 | 754,733 | 670,883 | 2,737,225 | 2,801,361 | 2,918,936 |
Total expenses, net | 729,564 | 804,454 | 682,968 | 504,600 | 582,148 | 651,503 | 656,692 | 630,201 | 2,721,586 | 2,520,544 | 2,509,374 |
Net income (loss) | $ (2,296,861) | $ (7,109,535) | $ 4,135,880 | $ (3,146,381) | $ 1,210,330 | $ (2,378,966) | $ (7,121,771) | $ 4,877,008 | $ (8,416,897) | $ (3,413,397) | $ (7,715,090) |
Net income (loss) per share | $ (0.40) | $ (1.18) | $ 1.18 | $ (0.89) | $ (1.49) | $ (0.59) | $ (1.56) | $ 1.24 | $ (1.29) | $ (0.64) | $ (2.02) |
Teucrium Soybean Fund | |||||||||||
Summary of quarterly financial information | |||||||||||
Total income (loss) | $ 846,227 | $ (305,701) | $ 744,160 | $ (303,245) | $ 827,947 | $ (292,647) | $ (2,378,109) | $ 854,752 | $ 981,441 | $ (988,055) | $ (632,168) |
Total expenses | 241,988 | 271,010 | 303,108 | 288,839 | 290,357 | 424,902 | 240,283 | 215,850 | 1,104,945 | 1,171,393 | 610,101 |
Total expenses, net | 241,988 | 271,010 | 269,717 | 225,927 | 243,671 | 261,424 | 155,798 | 115,908 | 1,008,642 | 776,802 | 483,612 |
Net income (loss) | $ 604,239 | $ (576,711) | $ 474,443 | $ (529,172) | $ 584,276 | $ (554,071) | $ (2,533,907) | $ 738,844 | $ (27,201) | $ (1,764,857) | $ (1,115,780) |
Net income (loss) per share | $ 0.34 | $ (0.21) | $ (0.07) | $ (0.41) | $ 0.37 | $ (0.39) | $ (2.82) | $ 1.19 | $ (0.35) | $ (1.65) | $ (1.23) |
Teucrium Sugar Fund | |||||||||||
Summary of quarterly financial information | |||||||||||
Total income (loss) | $ 785,997 | $ (486,975) | $ (271,558) | $ 488,023 | $ 1,678,297 | $ (1,857,077) | $ (689,717) | $ (1,127,935) | $ 515,487 | $ (1,996,430) | $ (2,092,835) |
Total expenses | 133,697 | 118,027 | 151,926 | 135,037 | 170,674 | 213,470 | 182,157 | 141,974 | 538,687 | 708,276 | 326,587 |
Total expenses, net | 98,580 | 80,834 | 93,972 | 93,555 | 120,024 | 142,099 | 115,948 | 61,284 | 366,941 | 439,356 | 197,253 |
Net income (loss) | $ 687,417 | $ (567,809) | $ (365,530) | $ 394,468 | $ 1,558,273 | $ (1,999,176) | $ (805,665) | $ (1,189,219) | $ 148,546 | $ (2,435,786) | $ (2,290,088) |
Net income (loss) per share | $ 0.39 | $ (0.45) | $ (0.20) | $ 0.23 | $ 0.44 | $ (0.99) | $ (0.67) | $ (1.50) | $ (0.03) | $ (2.72) | $ (3.18) |
Teucrium Wheat Fund | |||||||||||
Summary of quarterly financial information | |||||||||||
Total income (loss) | $ 5,186,121 | $ (3,968,920) | $ 5,372,766 | $ (5,839,784) | $ (2,267,398) | $ (533,797) | $ 2,560,956 | $ 2,696,228 | $ 750,183 | $ 2,455,989 | $ (3,234,218) |
Total expenses | 395,509 | 409,653 | 544,200 | 495,266 | 567,581 | 679,205 | 772,566 | 656,128 | 1,844,628 | 2,675,481 | 2,678,613 |
Total expenses, net | 395,509 | 409,653 | 544,200 | 492,766 | 521,460 | 635,374 | 651,551 | 632,359 | 1,842,128 | 2,440,745 | 2,355,369 |
Net income (loss) | $ 4,790,612 | $ (4,378,573) | $ 4,828,566 | $ (6,332,550) | $ (2,788,858) | $ (1,169,171) | $ 1,909,405 | $ 2,063,869 | $ (1,091,945) | $ 15,244 | $ (5,589,587) |
Net income (loss) per share | $ 0.53 | $ (0.44) | $ 0.45 | $ (0.65) | $ (0.29) | $ (0.13) | $ 0.18 | $ 0.2 | $ (0.11) | $ (0.04) | $ (0.90) |
Teucrium Agricultural Fund | |||||||||||
Summary of quarterly financial information | |||||||||||
Total income (loss) | $ 54,151 | $ (84,363) | $ 47,570 | $ (60,556) | $ 26,092 | $ (80,986) | $ (133,431) | $ 3,444 | $ (43,198) | $ (184,882) | $ (172,520) |
Total expenses | 8,436 | 4,686 | 7,876 | 22,301 | 14,207 | 10,539 | 12,096 | 18,629 | 43,299 | 55,470 | 46,481 |
Total expenses, net | 687 | 683 | 695 | 717 | 1,770 | 1,911 | 2,010 | 1,414 | 2,782 | 7,104 | 6,211 |
Net income (loss) | $ 53,464 | $ (85,046) | $ 46,875 | $ (61,273) | $ 24,322 | $ (82,897) | $ (135,441) | $ 2,030 | $ (45,980) | $ (191,986) | $ (178,731) |
Net income (loss) per share | $ 0.72 | $ (1.14) | $ 0.63 | $ (0.82) | $ 0.32 | $ (1.10) | $ (1.68) | $ 0.04 | $ (0.61) | $ (2.42) | $ (3.58) |