Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 08, 2022 | |
Document Information Line Items | ||
Entity Registrant Name | Teucrium Commodity Trust | |
Entity Central Index Key | 0001471824 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Sep. 30, 2022 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Entity Common Stock Shares Outstanding | 7,800,004 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-34765 | |
Entity Incorporation State Country Code | DE | |
Entity Tax Identification Number | 27-0724963 | |
Entity Interactive Data Current | Yes | |
Entity Address Address Line 1 | Three Main Street | |
Entity Address Address Line 2 | Suite 215 | |
Entity Address City Or Town | Burlington | |
Entity Address State Or Province | VT | |
Entity Address Postal Zip Code | 05401 | |
City Area Code | 802 | |
Local Phone Number | 540-0019 | |
Teucrium Sugar Fund [Member] | ||
Document Information Line Items | ||
Entity Common Stock Shares Outstanding | 2,875,004 | |
Teucrium Soybean Fund [Member] | ||
Document Information Line Items | ||
Entity Common Stock Shares Outstanding | 2,475,004 | |
Teucrium Wheat Fund [Member] | ||
Document Information Line Items | ||
Entity Common Stock Shares Outstanding | 39,775,004 | |
Teucrium Agricultural Fund [Member] | ||
Document Information Line Items | ||
Entity Common Stock Shares Outstanding | 1,425,502 | |
Hashdex Bitcoin Futures ETF [Member] | ||
Document Information Line Items | ||
Entity Common Stock Shares Outstanding | 100,004 |
STATEMENTS OF ASSETS AND LIABIL
STATEMENTS OF ASSETS AND LIABILITIES - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Teucrium Sugar Fund [Member] | ||
Cash and cash equivalents | $ 24,085,192 | $ 21,332,902 |
Interest receivable | 21,528 | 1,444 |
Other assets | 396 | 0 |
Due from broker | 2,739,693 | 535,983 |
Total equity in trading accounts 1 | 2,739,693 | 1,615,209 |
Total assets | 26,846,809 | 22,949,555 |
Management fee payable to Sponsor | 21,766 | 19,490 |
Other liabilities | 7,425 | 14,895 |
Total liabilities | 1,311,842 | 114,891 |
Net Assets | 25,534,967 | 22,834,664 |
Commodity futures contracts | 0 | 1,079,226 |
Commodity futures contracts 1 | $ 1,282,651 | $ 80,506 |
Shares outstanding | 2,925,004 | 2,475,004 |
Shares Authorized | 21,450,000 | |
Net asset value per share | $ 8.73 | $ 9.23 |
Market value per share | $ 8.68 | $ 9.20 |
Teucrium Soybean Fund [Member] | ||
Cash and cash equivalents | $ 64,901,730 | $ 43,019,884 |
Interest receivable | 52,268 | 1,928 |
Due from broker | 5,445,820 | 0 |
Total equity in trading accounts 1 | 5,445,820 | 2,684,851 |
Total assets | 70,399,818 | 45,706,663 |
Management fee payable to Sponsor | 59,840 | 36,457 |
Other liabilities | 12,151 | 22,412 |
Due to broker | 0 | 675,169 |
Total equity in trading accounts | 3,083,849 | 675,169 |
Total liabilities | 3,155,840 | 734,038 |
Net Assets | 67,243,978 | 44,972,625 |
Commodity futures contracts | 0 | 2,684,851 |
Commodity futures contracts 1 | $ 3,083,849 | $ 0 |
Shares outstanding | 2,575,004 | 1,975,004 |
Shares Authorized | 15,875,000 | |
Net asset value per share | $ 26.11 | $ 22.77 |
Market value per share | $ 26.11 | $ 22.75 |
Teucrium Wheat Fund [Member] | ||
Cash and cash equivalents | $ 342,244,784 | $ 72,841,616 |
Interest receivable | 209,304 | 4,993 |
Other assets | 1,550 | 970 |
Due from broker | 36,616,154 | 0 |
Total equity in trading accounts 1 | 54,833,704 | 3,714,672 |
Total assets | 397,289,342 | 76,562,251 |
Management fee payable to Sponsor | 301,191 | 67,745 |
Other liabilities | 50,621 | 4,242 |
Due to broker | 0 | 213,708 |
Total equity in trading accounts | 18,948,559 | 868,677 |
Total liabilities | 19,300,371 | 940,664 |
Net Assets | 377,988,971 | 75,621,587 |
Commodity futures contracts | 18,217,550 | 3,714,672 |
Commodity futures contracts 1 | $ 18,948,559 | $ 654,969 |
Shares outstanding | 41,250,004 | 10,250,004 |
Shares Authorized | 33,600,000 | |
Net asset value per share | $ 9.16 | $ 7.38 |
Market value per share | $ 9.15 | $ 7.39 |
Teucrium Agricultural Fund [Member] | ||
Cash and cash equivalents | $ 6,417 | $ 4,801 |
Interest receivable | 20 | 3 |
Other assets | 622 | 30 |
Total assets | 46,223,328 | 14,182,853 |
Other liabilities | 3,611 | 3,198 |
Net Assets | $ 46,219,717 | $ 14,179,655 |
Shares outstanding | 1,487,502 | 525,002 |
Shares Authorized | 4,075,000 | |
Net asset value per share | $ 31.07 | $ 27.01 |
Market value per share | $ 31.09 | $ 26.94 |
Investments in securities, at fair value (cost $46,624,323 and $12,799,498 as of September 30, 2022 and December 31, 2021, respectively) | $ 46,216,269 | $ 14,178,019 |
Hashdex Bitcoin Futures ETF [Member] | ||
Cash and cash equivalents | 894,998 | |
Interest receivable | 1,073 | |
Due from broker | 349,160 | |
Total assets | 1,245,231 | |
Management fee payable to Sponsor | 377 | |
Total liabilities | 14,749 | |
Net Assets | $ 1,230,482 | |
Shares outstanding | 50,004 | |
Net asset value per share | $ 24.61 | |
Market value per share | $ 24.68 | |
Commodity and Cryptocurrency Futures Contracts | $ 14,372 | |
Teucrium Commodity Trust - Combined [Member] | ||
Cash and cash equivalents | 629,514,898 | 252,211,943 |
Interest receivable | 418,273 | 16,982 |
Other assets | 2,568 | 1,000 |
Commodity and cryptocurrency futures contracts 1 | 24,791,493 | 13,415,301 |
Due from broker | 60,590,852 | 613,126 |
Total equity in trading accounts 1 | 85,382,345 | 14,028,427 |
Total assets | 715,318,084 | 266,258,352 |
Management fee payable to Sponsor | 562,179 | 227,779 |
Other liabilities | 116,369 | 129,453 |
Commodity and cryptocurrency futures contracts | 27,665,254 | 735,475 |
Due to broker | 0 | 888,877 |
Total equity in trading accounts | 27,665,254 | 1,624,352 |
Total liabilities | 28,343,802 | 1,981,584 |
Net Assets | 686,974,282 | 264,276,768 |
Teucrium Corn Fund [Member] | ||
Cash and cash equivalents | 197,381,777 | 115,012,740 |
Interest receivable | 134,080 | 8,614 |
Due from broker | 15,440,025 | 77,143 |
Total equity in trading accounts 1 | 22,013,968 | 6,013,695 |
Total assets | 219,529,825 | 121,035,049 |
Management fee payable to Sponsor | 179,005 | 104,087 |
Other liabilities | 42,561 | 84,706 |
Total liabilities | 4,557,389 | 188,793 |
Net Assets | 214,972,436 | 120,846,256 |
Commodity futures contracts | 6,573,943 | 5,936,552 |
Commodity futures contracts 1 | $ 4,335,823 | $ 0 |
Shares outstanding | 7,950,004 | 5,600,004 |
Shares Authorized | 22,425,000 | |
Net asset value per share | $ 27.04 | $ 21.58 |
Market value per share | $ 27.04 | $ 21.54 |
STATEMENTS OF ASSETS AND LIAB_2
STATEMENTS OF ASSETS AND LIABILITIES (Parenthetical) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Teucrium Agricultural Fund [Member] | ||
Investments At Cost | $ 46,624,323 | $ 12,799,498 |
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Teucrium Commodity Trust - Combined [Member] | Exchange Traded Fund [Member] | ||
Percentage Of Net Assets | 6.73% | 5.37% |
Fair Value | $ 46,216,269 | $ 14,178,019 |
Teucrium Commodity Trust - Combined [Member] | Exchange Traded Fund [Member] | Teucrium Corns Funds [Member] | ||
Percentage Of Net Assets | 1.69% | 1.34% |
Fair Value | $ 11,605,566 | $ 3,537,560 |
Fair value shares | 429,192 | 163,930 |
Teucrium Commodity Trust - Combined [Member] | Teucrium Soybean Funds [Member] | Exchange Traded Fund [Member] | ||
Percentage Of Net Assets | 1.62% | 1.34% |
Fair Value | $ 11,158,920 | $ 3,538,006 |
Fair value shares | 427,314 | 155,374 |
Teucrium Commodity Trust - Combined [Member] | Teucrium Sugar Funds [Member] | Exchange Traded Fund [Member] | ||
Percentage Of Net Assets | 1.69% | 1.36% |
Fair Value | $ 11,589,798 | $ 3,591,878 |
Fair value shares | 1,327,598 | 389,317 |
Teucrium Commodity Trust - Combined [Member] | Teucrium Wheat Funds [Member] | Exchange Traded Fund [Member] | ||
Percentage Of Net Assets | 1.73% | 1.33% |
Fair Value | $ 11,861,985 | $ 3,510,575 |
Fair value shares | 1,294,496 | 475,836 |
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | ||
Percentage Of Net Assets | 41.03% | 45.38% |
Fair Value | $ 281,813,731 | $ 119,980,366 |
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | AT&T Inc [Member] | ||
Percentage Of Net Assets | 2.17% | |
Fair Value | $ 14,921,700 | |
Principal Amount | $ 15,000,000 | |
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | Harley Davidson Financial Services [Member] | ||
Percentage Of Net Assets | 0.97% | 3.78% |
Fair Value | $ 6,697,767 | $ 9,999,444 |
Principal Amount | $ 6,700,000 | $ 10,000,000 |
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | Jabil Inc [Member] | ||
Percentage Of Net Assets | 1.09% | 0.95% |
Fair Value | $ 7,489,833 | $ 2,499,670 |
Principal Amount | $ 7,500,000 | $ 2,500,000 |
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | Jabil Inc One [Member] | ||
Percentage Of Net Assets | 1.82% | 2.84% |
Fair Value | $ 12,478,471 | $ 7,497,625 |
Principal Amount | $ 12,500,000 | $ 7,500,000 |
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | American Electric Power Company Inc [Member] | ||
Percentage Of Net Assets | 1.81% | |
Fair Value | $ 12,460,700 | |
Principal Amount | $ 12,500,000 | |
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | Brookfield Infrastructure Holdings [Member] | ||
Percentage Of Net Assets | 2.90% | 0.95% |
Fair Value | $ 19,912,501 | $ 2,499,717 |
Principal Amount | $ 20,000,000 | $ 2,500,000 |
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | Albemarle Corporation [Member] | ||
Percentage Of Net Assets | 3.78% | |
Fair Value | $ 9,998,489 | |
Principal Amount | $ 10,000,000 | |
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | Albemarle Corporation One [Member] | ||
Percentage Of Net Assets | 1.89% | |
Fair Value | $ 4,999,722 | |
Principal Amount | $ 5,000,000 | |
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | Crown Castle Inc [Member] | ||
Percentage Of Net Assets | 1.09% | |
Fair Value | $ 7,473,333 | |
Principal Amount | $ 7,500,000 | |
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | Crown Castle Inc One Member [Member] | ||
Percentage Of Net Assets | 0.66% | |
Fair Value | $ 4,504,924 | |
Principal Amount | $ 4,530,000 | |
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | E. I. du Pont de Nemours and Company [Member] | ||
Percentage Of Net Assets | 2.17% | |
Fair Value | $ 14,929,877 | |
Principal Amount | $ 15,000,000 | |
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | Entergy Corporation [Member] | ||
Percentage Of Net Assets | 1.09% | |
Fair Value | $ 7,472,499 | |
Principal Amount | $ 7,500,000 | |
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | Entergy Corporation One [Member] | ||
Percentage Of Net Assets | 1.81% | |
Fair Value | $ 12,437,041 | |
Principal Amount | $ 12,500,000 | |
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | Fortune Brands Home & Security, Inc. [Member] | ||
Percentage Of Net Assets | 0.73% | |
Fair Value | $ 4,991,638 | |
Principal Amount | $ 5,000,000 | |
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | Fortune Brands Home & Security, Inc. One [Member] | ||
Percentage Of Net Assets | 0.43% | |
Fair Value | $ 2,985,160 | |
Principal Amount | $ 3,000,000 | |
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | General Motors Financial Company [Member] | ||
Percentage Of Net Assets | 1.09% | 1.89% |
Fair Value | $ 7,492,146 | $ 4,999,889 |
Principal Amount | $ 7,500,000 | $ 5,000,000 |
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | General Motors Financial Company One [Member] | ||
Percentage Of Net Assets | 0.73% | 3.78% |
Fair Value | $ 4,993,666 | $ 9,998,333 |
Principal Amount | $ 5,000,000 | $ 10,000,000 |
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | General Motors Financial Company Two [Member] | ||
Percentage Of Net Assets | 1.09% | 1.89% |
Fair Value | $ 7,476,171 | $ 4,999,956 |
Principal Amount | $ 7,500,000 | $ 5,000,000 |
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | Conagra Brands Inc [Member] | ||
Percentage Of Net Assets | 2.84% | |
Fair Value | $ 7,499,867 | |
Principal Amount | $ 7,500,000 | |
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | Conagra Brands Inc One [Member] | ||
Percentage Of Net Assets | 1.89% | |
Fair Value | $ 4,999,646 | |
Principal Amount | $ 5,000,000 | |
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | Glencore Funding LLC [Member] | ||
Percentage Of Net Assets | 0.73% | |
Fair Value | $ 4,999,214 | |
Principal Amount | $ 5,000,000 | |
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | Glencore Funding LLC One [Member] | ||
Percentage Of Net Assets | 2.18% | |
Fair Value | $ 14,979,671 | |
Principal Amount | $ 15,000,000 | |
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | Harley Davidson Financial Services One [Member] | ||
Percentage Of Net Assets | 0.51% | 1.89% |
Fair Value | $ 3,495,372 | $ 4,999,268 |
Principal Amount | $ 3,500,000 | $ 5,000,000 |
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | Harley Davidson Financial Services Two [Member] | ||
Percentage Of Net Assets | 1.42% | 1.89% |
Fair Value | $ 9,769,008 | $ 4,997,918 |
Principal Amount | $ 9,800,000 | $ 5,000,000 |
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | Humana Inc [Member] | ||
Percentage Of Net Assets | 1.09% | 1.89% |
Fair Value | $ 7,498,959 | $ 4,999,883 |
Principal Amount | $ 7,500,000 | $ 5,000,000 |
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | ITT Inc. [Member] | ||
Percentage Of Net Assets | 2.18% | |
Fair Value | $ 14,988,459 | |
Principal Amount | $ 15,000,000 | |
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | ITT Inc. One [Member] | ||
Percentage Of Net Assets | 0.73% | |
Fair Value | $ 4,991,502 | |
Principal Amount | $ 5,000,000 | |
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | Jabil Inc Two [Member] | ||
Percentage Of Net Assets | 1.89% | |
Fair Value | $ 4,997,632 | |
Principal Amount | $ 5,000,000 | |
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | ONEOK, Inc. [Member] | ||
Percentage Of Net Assets | 1.09% | |
Fair Value | $ 7,491,523 | |
Principal Amount | $ 7,500,000 | |
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | ONEOK, Inc. One [Member] | ||
Percentage Of Net Assets | 1.82% | |
Fair Value | $ 12,485,872 | |
Principal Amount | $ 12,500,000 | |
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | PVH Corp. [Member] | ||
Percentage Of Net Assets | 1.09% | |
Fair Value | $ 7,486,875 | |
Principal Amount | $ 7,500,000 | |
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | PVH Corp. One [Member] | ||
Percentage Of Net Assets | 1.82% | |
Fair Value | $ 12,476,389 | |
Principal Amount | $ 12,500,000 | |
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | V.F. Corporation [Member] | ||
Percentage Of Net Assets | 1.09% | |
Fair Value | $ 7,494,750 | |
Principal Amount | $ 7,500,000 | |
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | V.F. Corporation One [Member] | ||
Percentage Of Net Assets | 1.45% | |
Fair Value | $ 9,972,015 | |
Principal Amount | $ 10,000,000 | |
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | V.F. Corporation Two [Member] | ||
Percentage Of Net Assets | 0.36% | |
Fair Value | $ 2,482,223 | |
Principal Amount | $ 2,500,000 | |
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | Viatris Inc [Member] | ||
Percentage Of Net Assets | 1.82% | 1.89% |
Fair Value | $ 12,484,472 | $ 4,998,577 |
Principal Amount | $ 12,500,000 | $ 5,000,000 |
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | Viatris Inc One [Member] | ||
Percentage Of Net Assets | 1.89% | |
Fair Value | $ 4,998,292 | |
Principal Amount | $ 5,000,000 | |
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | Viatris Inc Two [Member] | ||
Percentage Of Net Assets | 1.89% | |
Fair Value | $ 4,997,460 | |
Principal Amount | $ 5,000,000 | |
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | Viatris Inc Three [Member] | ||
Percentage Of Net Assets | 1.89% | |
Fair Value | $ 4,999,444 | |
Principal Amount | $ 5,000,000 | |
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | WGL Holdings, Inc. [Member] | ||
Percentage Of Net Assets | 1.89% | |
Fair Value | $ 4,999,664 | |
Principal Amount | $ 5,000,000 | |
Teucrium Commodity Trust - Combined [Member] | Commercial Paper [Member] | WGL Holdings, Inc. One [Member] | ||
Percentage Of Net Assets | 1.89% | |
Fair Value | $ 4,999,870 | |
Principal Amount | $ 5,000,000 | |
Teucrium Commodity Trust - Combined [Member] | Cash and Cash Equipment [Member] | Commercial Paper [Member] | ||
Percentage Of Net Assets | 84.99% | 57.86% |
Fair Value | $ 583,813,859 | $ 152,949,199 |
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts [Member] | ||
Percentage Of Net Assets | 3.61% | 5.07% |
Fair Value | $ 24,791,493 | $ 13,415,301 |
Notional Amount | $ (322,290,925) | $ (234,855,437) |
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts [Member] | Liabilities [Member] | ||
Percentage Of Net Assets | 0.28% | |
Fair Value | $ 735,475 | |
Notional Amount | $ (29,484,966) | |
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts [Member] | C B O T Corn Futures March Twenty Three [Member] | ||
Percentage Of Net Assets | 0.96% | |
Fair Value | $ 6,573,943 | |
Notional Amount | $ (75,479,400) | |
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts [Member] | C B O T Wheat Future March Twenty Three [Member] | ||
Percentage Of Net Assets | 1.76% | |
Fair Value | $ 12,115,954 | |
Notional Amount | $ (132,996,400) | |
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts [Member] | C B O T Wheat Futures May Twenty Three [Member] | ||
Percentage Of Net Assets | 0.89% | |
Fair Value | $ 6,101,596 | |
Notional Amount | $ (113,815,125) | |
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts [Member] | C B O T Corn Futures May Twenty Two [Member] | ||
Percentage Of Net Assets | 1.43% | |
Fair Value | $ 3,767,282 | |
Notional Amount | $ (42,185,500) | |
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts [Member] | C B O T Corn Futures July Twenty Two [Member] | ||
Percentage Of Net Assets | 0.07% | |
Fair Value | $ 196,244 | |
Notional Amount | $ (36,144,150) | |
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts [Member] | C B O T Corn Futures Dec Twenty Two [Member] | ||
Percentage Of Net Assets | 0.75% | |
Fair Value | $ 1,973,026 | |
Notional Amount | $ (42,533,400) | |
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts [Member] | C B O T Soybean Futures March Twenty Two [Member] | ||
Percentage Of Net Assets | 0.22% | |
Fair Value | $ 591,547 | |
Notional Amount | $ (15,669,225) | |
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts [Member] | C B O T Soybean Futures May Twenty Two [Member] | ||
Percentage Of Net Assets | 0.38% | |
Fair Value | $ 1,008,504 | |
Notional Amount | $ (13,422,550) | |
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts [Member] | C B O T Soybean Futures Nov Twenty Two [Member] | ||
Percentage Of Net Assets | 0.41% | |
Fair Value | $ 1,084,800 | |
Notional Amount | $ (15,865,625) | |
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts [Member] | I C E Sugar Futures May Twenty Two [Member] | ||
Percentage Of Net Assets | 0.09% | |
Fair Value | $ 225,299 | |
Notional Amount | $ (7,936,992) | |
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts [Member] | I C E Sugar Futures March Twenty Three [Member] | ||
Percentage Of Net Assets | 0.32% | |
Fair Value | $ 853,927 | |
Notional Amount | $ (8,091,507) | |
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts [Member] | CBOT Wheat Futures MAY22 [Member] | ||
Percentage Of Net Assets | 0.68% | |
Fair Value | $ 1,809,796 | |
Notional Amount | $ (26,595,488) | |
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts [Member] | C B O T Wheat Futures Dec Twenty Two [Member] | ||
Percentage Of Net Assets | 0.72% | |
Fair Value | $ 1,904,876 | |
Notional Amount | $ (26,411,000) | |
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts [Member] | I C E Sugar Futures July Twenty Two [Member] | Liabilities [Member] | ||
Percentage Of Net Assets | 0.03% | |
Fair Value | $ 80,506 | |
Notional Amount | $ (6,817,541) | |
Teucrium Commodity Trust - Combined [Member] | Commodity Futures Contracts [Member] | C B O T Wheat Future July Twenty Two [Member] | Liabilities [Member] | ||
Percentage Of Net Assets | 0.25% | |
Fair Value | $ 654,969 | |
Notional Amount | $ (22,667,425) | |
Teucrium Commodity Trust - Combined [Member] | Commodity and Cryptocurrency Futures Contracts [Member] | Liabilities [Member] | ||
Percentage Of Net Assets | 4.03% | |
Fair Value | $ 27,665,254 | |
Notional Amount | $ (364,598,376) | |
Teucrium Commodity Trust - Combined [Member] | Commodity and Cryptocurrency Futures Contracts [Member] | C B O T Corn Futures May Twenty Three [Member] | Liabilities [Member] | ||
Percentage Of Net Assets | 0.18% | |
Fair Value | $ 1,236,813 | |
Notional Amount | $ (64,651,025) | |
Teucrium Commodity Trust - Combined [Member] | Commodity and Cryptocurrency Futures Contracts [Member] | C B O T Corn Futures December Twenty Three [Member] | Liabilities [Member] | ||
Percentage Of Net Assets | 0.45% | |
Fair Value | $ 3,099,010 | |
Notional Amount | $ (74,811,775) | |
Teucrium Commodity Trust - Combined [Member] | Commodity and Cryptocurrency Futures Contracts [Member] | C B O T Soybean Futures Jan Twenty Three [Member] | Liabilities [Member] | ||
Percentage Of Net Assets | 0.24% | |
Fair Value | $ 1,626,608 | |
Notional Amount | $ (23,314,725) | |
Teucrium Commodity Trust - Combined [Member] | Commodity and Cryptocurrency Futures Contracts [Member] | C B O T Soybean Futures March Twenty Two [Member] | Liabilities [Member] | ||
Percentage Of Net Assets | 0.21% | |
Fair Value | $ 1,453,840 | |
Notional Amount | $ (20,057,125) | |
Teucrium Commodity Trust - Combined [Member] | Commodity and Cryptocurrency Futures Contracts [Member] | C B O T Soybean Futures Nov Twenty Three [Member] | Liabilities [Member] | ||
Percentage Of Net Assets | 0% | |
Fair Value | $ 3,401 | |
Notional Amount | $ (23,869,800) | |
Teucrium Commodity Trust - Combined [Member] | Commodity and Cryptocurrency Futures Contracts [Member] | I C E Sugar Futures May Twenty Three [Member] | Liabilities [Member] | ||
Percentage Of Net Assets | 0.08% | |
Fair Value | $ 560,518 | |
Notional Amount | $ (8,936,189) | |
Teucrium Commodity Trust - Combined [Member] | Commodity and Cryptocurrency Futures Contracts [Member] | I C E Sugar Futures July Twenty Three [Member] | Liabilities [Member] | ||
Percentage Of Net Assets | 0% | |
Fair Value | $ 17,706 | |
Notional Amount | $ (7,669,267) | |
Teucrium Commodity Trust - Combined [Member] | Commodity and Cryptocurrency Futures Contracts [Member] | I C E Sugar Futures March Twenty Four [Member] | Liabilities [Member] | ||
Percentage Of Net Assets | 0.10% | |
Fair Value | $ 704,427 | |
Notional Amount | $ (8,942,920) | |
Teucrium Commodity Trust - Combined [Member] | Commodity and Cryptocurrency Futures Contracts [Member] | C B O T Wheat Futures Dec Twenty Three [Member] | Liabilities [Member] | ||
Percentage Of Net Assets | 2.76% | |
Fair Value | $ 18,948,559 | |
Notional Amount | $ (131,179,750) | |
Teucrium Commodity Trust - Combined [Member] | Commodity and Cryptocurrency Futures Contracts [Member] | CME Bitcoin Futures Oct Twenty Two [Member] | Liabilities [Member] | ||
Percentage Of Net Assets | 0% | |
Fair Value | $ 9,576 | |
Notional Amount | $ (582,750) | |
Teucrium Commodity Trust - Combined [Member] | Commodity and Cryptocurrency Futures Contracts [Member] | C B O T Corn Futures Nov Twenty Three [Member] | Liabilities [Member] | ||
Percentage Of Net Assets | 0% | |
Fair Value | $ 4,796 | |
Notional Amount | $ (583,050) | |
Teucrium Commodity Trust - Combined [Member] | Money Market Fund [Member] | ||
Percentage Of Net Assets | 43.96% | 12.48% |
Fair Value | $ 302,000,128 | $ 32,968,833 |
Teucrium Commodity Trust - Combined [Member] | Money Market Fund [Member] | First American Government Obligations Fund [Member] | ||
Fair Value | $ 148,187,971 | $ 30,443,449 |
Percentage Of Net Assets | 21.57% | 11.52% |
Fair value shares | 148,187,971 | 30,443,449 |
Teucrium Commodity Trust - Combined [Member] | Money Market Fund [Member] | Goldman Sachs Financial Square Government Fund [Member] | ||
Percentage Of Net Assets | 22.39% | 0.96% |
Fair Value | $ 153,812,157 | $ 2,525,384 |
Fair value shares | 153,812,157 | 2,525,384 |
Teucrium Sugar Fund [Member] | Commercial Paper [Member] | ||
Percentage Of Net Assets | 48.07% | 32.84% |
Fair Value | $ 12,273,660 | $ 7,499,540 |
Teucrium Sugar Fund [Member] | Commercial Paper [Member] | Harley Davidson Financial Services [Member] | ||
Percentage Of Net Assets | 8.98% | |
Fair Value | $ 2,292,726 | |
Principal Amount | $ 2,300,000 | |
Teucrium Sugar Fund [Member] | Commercial Paper [Member] | Jabil Inc [Member] | ||
Percentage Of Net Assets | 9.78% | 10.95% |
Fair Value | $ 2,496,611 | $ 2,499,670 |
Principal Amount | $ 2,500,000 | $ 2,500,000 |
Teucrium Sugar Fund [Member] | Commercial Paper [Member] | Jabil Inc One [Member] | ||
Percentage Of Net Assets | 9.77% | |
Fair Value | $ 2,495,694 | |
Principal Amount | $ 2,500,000 | |
Teucrium Sugar Fund [Member] | Commercial Paper [Member] | PVH Corp. [Member] | ||
Percentage Of Net Assets | 9.77% | |
Fair Value | $ 2,495,625 | |
Principal Amount | $ 2,500,000 | |
Teucrium Sugar Fund [Member] | Commercial Paper [Member] | V.F. Corporation [Member] | ||
Percentage Of Net Assets | 9.77% | |
Fair Value | $ 2,493,004 | |
Principal Amount | $ 2,500,000 | |
Teucrium Sugar Fund [Member] | Commercial Paper [Member] | WGL Holdings, Inc. [Member] | ||
Percentage Of Net Assets | 21.89% | |
Fair Value | $ 4,999,870 | |
Principal Amount | $ 5,000,000 | |
Teucrium Sugar Fund [Member] | Cash and Cash Equipment [Member] | Commercial Paper [Member] | ||
Percentage Of Net Assets | 82.40% | 53.94% |
Fair Value | $ 21,039,558 | $ 12,316,423 |
Teucrium Sugar Fund [Member] | Commodity Futures Contracts [Member] | ||
Percentage Of Net Assets | 4.73% | |
Fair Value | $ 1,079,226 | |
Notional Amount | $ (16,028,499) | |
Teucrium Sugar Fund [Member] | Commodity Futures Contracts [Member] | Liabilities [Member] | ||
Percentage Of Net Assets | 5.02% | |
Fair Value | $ 1,282,651 | |
Notional Amount | $ (25,548,376) | |
Teucrium Sugar Fund [Member] | Commodity Futures Contracts [Member] | I C E Sugar Futures May Twenty Three [Member] | Liabilities [Member] | ||
Percentage Of Net Assets | 2.20% | |
Fair Value | $ 560,518 | |
Notional Amount | $ (8,936,189) | |
Teucrium Sugar Fund [Member] | Commodity Futures Contracts [Member] | I C E Sugar Futures May Twenty Two [Member] | ||
Percentage Of Net Assets | 0.99% | |
Fair Value | $ 225,299 | |
Notional Amount | $ (7,936,992) | |
Teucrium Sugar Fund [Member] | Commodity Futures Contracts [Member] | ICE Sugar Futures JUL23 [Member] | Liabilities [Member] | ||
Percentage Of Net Assets | 0.07% | |
Fair Value | $ 17,706 | |
Notional Amount | $ (7,669,267) | |
Teucrium Sugar Fund [Member] | Commodity Futures Contracts [Member] | ICE Sugar Futures MAR24 [Member] | Liabilities [Member] | ||
Percentage Of Net Assets | 2.75% | |
Fair Value | $ 704,427 | |
Notional Amount | $ (8,942,920) | |
Teucrium Sugar Fund [Member] | Commodity Futures Contracts [Member] | ICE Sugar Futures JUL22 [Member] | Liabilities [Member] | ||
Percentage Of Net Assets | 0.35% | |
Fair Value | $ 80,506 | |
Notional Amount | $ (6,817,541) | |
Teucrium Sugar Fund [Member] | Commodity Futures Contracts [Member] | ICE Sugar Futures MAR23 [Member] | ||
Percentage Of Net Assets | 3.74% | |
Fair Value | $ 853,927 | |
Notional Amount | $ (8,091,507) | |
Teucrium Sugar Fund [Member] | Money Market Fund [Member] | ||
Percentage Of Net Assets | 34.33% | 21.10% |
Fair Value | $ 8,765,898 | $ 4,816,883 |
Teucrium Sugar Fund [Member] | Money Market Fund [Member] | First American Government Obligations Fund [Member] | ||
Percentage Of Net Assets | 27.05% | 21.06% |
Fair Value | $ 6,907,992 | $ 4,808,415 |
Fair value shares | 6,907,992 | 4,808,415 |
Teucrium Sugar Fund [Member] | Money Market Fund [Member] | Goldman Sachs Financial Square Government Fund [Member] | ||
Percentage Of Net Assets | 7.28% | 0.04% |
Fair Value | $ 1,857,906 | $ 8,468 |
Fair value shares | 1,857,906 | 8,468 |
Teucrium Corn Fund [Member] | Commercial Paper [Member] | ||
Percentage Of Net Assets | 45.70% | 44.26% |
Fair Value | $ 98,235,952 | $ 53,490,781 |
Teucrium Corn Fund [Member] | Commercial Paper [Member] | Cash Equivalents [Member] | ||
Percentage Of Net Assets | 80.03% | 53.69% |
Fair Value | $ 172,043,146 | |
Teucrium Corn Fund [Member] | Commercial Paper [Member] | Jabil Inc One [Member] | ||
Percentage Of Net Assets | 2.07% | |
Fair Value | $ 2,498,816 | |
Principal Amount | 2,500,000 | |
Teucrium Corn Fund [Member] | Commercial Paper [Member] | General Motors Financial Company Two [Member] | ||
Fair Value | 2,499,978 | |
Principal Amount | $ 2,500,000 | |
Teucrium Corn Fund [Member] | Commercial Paper [Member] | General Motors Financial Company, Inc. 0.160% [Member] | ||
Percentage Of Net Assets | 2.07% | |
Fair Value | $ 2,499,944 | |
Fair value shares | 2,500,000 | |
Teucrium Corn Fund [Member] | Commercial Paper [Member] | Conagra Brands, Inc. 0.150% [Member] | ||
Percentage Of Net Assets | 2.07% | |
Fair Value | $ 2,499,823 | |
Fair value shares | 2,500,000 | |
Teucrium Corn Fund [Member] | Commercial Paper [Member] | American Electric Power Company, Inc. 3.465% [Member] | ||
Percentage Of Net Assets | 2.32% | |
Fair Value | $ 4,984,280 | |
Fair value shares | 5,000,000 | |
Teucrium Corn Fund [Member] | Commercial Paper [Member] | AT&T Inc. 3.277% [Member] | ||
Percentage Of Net Assets | 3.47% | |
Fair Value | $ 7,460,850 | |
Fair value shares | 7,500,000 | 7,500,000 |
Teucrium Corn Fund [Member] | Commercial Paper [Member] | Brookfield Infrastructure Holdings (Canada) Inc. 3.540% [Member] | ||
Percentage Of Net Assets | 3.47% | |
Fair Value | $ 7,467,188 | |
Fair value shares | 7,500,000 | |
Teucrium Corn Fund [Member] | Commercial Paper [Member] | Crown Castle Inc. 3.234% [Member] | ||
Percentage Of Net Assets | 1.16% | |
Fair Value | $ 2,491,111 | |
Fair value shares | 2,500,000 | 2,500,000 |
Teucrium Corn Fund [Member] | Commercial Paper [Member] | Crown Castle Inc. 3.806% [Member] | ||
Percentage Of Net Assets | 1.16% | |
Fair Value | $ 2,486,161 | |
Fair value shares | 2,500,000 | |
Teucrium Corn Fund [Member] | Commercial Paper [Member] | E. I. du Pont de Nemours and Company 3.336% [Member] | ||
Percentage Of Net Assets | 1.16% | |
Fair Value | $ 2,488,313 | |
Fair value shares | 2,500,000 | |
Teucrium Corn Fund [Member] | Commercial Paper [Member] | Entergy Corporation 3.030% [Member] | ||
Percentage Of Net Assets | 1.16% | |
Fair Value | $ 2,490,833 | |
Fair value shares | 2,500,000 | |
Teucrium Corn Fund [Member] | Commercial Paper [Member] | Entergy Corporation 3.163% [Member] | ||
Percentage Of Net Assets | 1.16% | |
Fair Value | $ 2,487,408 | |
Fair value shares | 2,500,000 | |
Teucrium Corn Fund [Member] | Commercial Paper [Member] | Fortune Brands Home & Security, Inc. 3.040% [Member] | ||
Percentage Of Net Assets | 1.16% | |
Fair Value | $ 2,495,819 | |
Fair value shares | 2,500,000 | |
Teucrium Corn Fund [Member] | Commercial Paper [Member] | General Motors Financial Company, Inc. 2.878% [Member] | ||
Percentage Of Net Assets | 1.16% | |
Fair Value | $ 2,496,833 | |
Fair value shares | 2,500,000 | |
Teucrium Corn Fund [Member] | Commercial Paper [Member] | General Motors Financial Company, Inc. 3.042% [Member] | ||
Percentage Of Net Assets | 1.16% | |
Fair Value | $ 2,492,057 | |
Fair value shares | 2,500,000 | |
Teucrium Corn Fund [Member] | Commercial Paper [Member] | Glencore Funding LLC 2.898% [Member] | ||
Percentage Of Net Assets | 4.65% | |
Fair Value | $ 9,986,447 | |
Fair value shares | 10,000,000 | |
Teucrium Corn Fund [Member] | Commercial Paper [Member] | Harley-Davidson Financial Services, Inc. 2.824% [Member] | ||
Percentage Of Net Assets | 0.47% | |
Fair Value | $ 998,678 | |
Fair value shares | 1,000,000 | |
Teucrium Corn Fund [Member] | Commercial Paper [Member] | Harley-Davidson Financial Services, Inc. 3.487% [Member] | ||
Percentage Of Net Assets | 1.16% | |
Fair Value | $ 2,492,094 | |
Fair value shares | 2,500,000 | |
Teucrium Corn Fund [Member] | Commercial Paper [Member] | Humana Inc. 2.518% [Member] | ||
Percentage Of Net Assets | 1.16% | |
Fair Value | $ 2,499,653 | |
Fair value shares | 2,500,000 | |
Teucrium Corn Fund [Member] | Commercial Paper [Member] | ITT Inc. 2.795% [Member] | ||
Percentage Of Net Assets | 2.32% | |
Fair Value | $ 4,996,153 | |
Fair value shares | 5,000,000 | |
Teucrium Corn Fund [Member] | Commercial Paper [Member] | ITT Inc. 2.683% [Member] | ||
Percentage Of Net Assets | 1.16% | |
Fair Value | $ 2,495,751 | |
Fair value shares | 2,500,000 | |
Teucrium Corn Fund [Member] | Commercial Paper [Member] | Jabil Inc. 3.129% [Member] | ||
Percentage Of Net Assets | 1.16% | |
Fair Value | $ 2,495,694 | |
Fair value shares | 2,500,000 | |
Teucrium Corn Fund [Member] | Commercial Paper [Member] | ONEOK, Inc. 3.159% [Member] | ||
Percentage Of Net Assets | 1.16% | |
Fair Value | $ 2,497,174 | |
Fair value shares | 2,500,000 | |
Teucrium Corn Fund [Member] | Commercial Paper [Member] | ONEOK, Inc. 3.158% [Member] | ||
Percentage Of Net Assets | 2.32% | |
Fair Value | $ 4,994,349 | |
Fair value shares | 5,000,000 | |
Teucrium Corn Fund [Member] | Commercial Paper [Member] | PVH Corp. 3.434% [Member] | ||
Percentage Of Net Assets | 3.49% | |
Fair Value | $ 7,485,833 | |
Fair value shares | 7,500,000 | |
Teucrium Corn Fund [Member] | Commercial Paper [Member] | V.F. Corporation 2.539% [Member] | ||
Percentage Of Net Assets | 1.16% | |
Fair Value | $ 2,498,250 | |
Fair value shares | 2,500,000 | |
Teucrium Corn Fund [Member] | Commercial Paper [Member] | V.F. Corporation 3.282% [Member] | ||
Percentage Of Net Assets | 3.48% | |
Fair Value | $ 7,479,011 | |
Fair value shares | 7,500,000 | |
Teucrium Corn Fund [Member] | Commercial Paper [Member] | V.F. Corporation 3.759% [Member] | ||
Percentage Of Net Assets | 1.15% | |
Fair Value | $ 2,482,223 | |
Fair value shares | 2,500,000 | |
Teucrium Corn Fund [Member] | Commercial Paper [Member] | Viatris Inc. 3.473% [Member] | ||
Percentage Of Net Assets | 2.32% | |
Fair Value | $ 4,993,789 | |
Fair value shares | 5,000,000 | |
Teucrium Corn Fund [Member] | Commercial Paper [Member] | Albemarle Corporation 0.181% [Member] | ||
Percentage Of Net Assets | 6.20% | |
Fair Value | $ 7,498,867 | |
Fair value shares | 7,500,000 | |
Teucrium Corn Fund [Member] | Commercial Paper [Member] | Conagra Brands, Inc. 0.160% [Member] | ||
Percentage Of Net Assets | 2.07% | |
Fair Value | $ 2,499,955 | |
Fair value shares | 2,500,000 | |
Teucrium Corn Fund [Member] | Commercial Paper [Member] | General Motors Financial Company, Inc. 0.200% [Member] | ||
Percentage Of Net Assets | 2.89% | |
Fair Value | $ 3,499,417 | |
Fair value shares | 3,500,000 | |
Teucrium Corn Fund [Member] | Commercial Paper [Member] | Harley-Davidson Financial Services, Inc. 0.167% [Member] | ||
Percentage Of Net Assets | 6.20% | |
Fair Value | $ 7,499,583 | |
Fair value shares | 7,500,000 | |
Teucrium Corn Fund [Member] | Commercial Paper [Member] | Harley-Davidson Financial Services, Inc. 0.250% [Member] | ||
Percentage Of Net Assets | 2.07% | |
Fair Value | $ 2,498,959 | |
Fair value shares | 2,500,000 | |
Teucrium Corn Fund [Member] | Commercial Paper [Member] | Humana Inc. 0.140% [Member] | ||
Percentage Of Net Assets | 4.14% | |
Fair Value | $ 4,999,883 | |
Fair value shares | 5,000,000 | |
Teucrium Corn Fund [Member] | Commercial Paper [Member] | Jabil Inc. 0.300% [Member] | ||
Percentage Of Net Assets | 4.13% | |
Fair Value | $ 4,998,417 | |
Fair value shares | 5,000,000 | |
Teucrium Corn Fund [Member] | Commercial Paper [Member] | TwoFiveZero [Member] | ||
Percentage Of Net Assets | 4.14% | |
Fair Value | $ 4,998,577 | |
Fair value shares | 5,000,000 | |
Teucrium Corn Fund [Member] | Commercial Paper [Member] | Viatris Inc. 0.310% [Member] | ||
Percentage Of Net Assets | 2.07% | |
Fair Value | $ 2,498,730 | |
Fair value shares | 2,500,000 | |
Teucrium Corn Fund [Member] | Commercial Paper [Member] | WGL Holdings, Inc. 0.220% [Member] | ||
Percentage Of Net Assets | 2.07% | |
Fair Value | $ 2,499,832 | |
Fair value shares | 2,500,000 | |
Teucrium Corn Fund [Member] | Cash and Cash Equipment [Member] | Commercial Paper [Member] | ||
Fair Value | $ 64,890,443 | |
Teucrium Corn Fund [Member] | Commodity Futures Contracts [Member] | ||
Percentage Of Net Assets | 2.02% | 4.91% |
Fair Value | $ 4,335,823 | $ 5,936,552 |
Notional Amount | $ (139,462,800) | $ (120,863,050) |
Teucrium Corn Fund [Member] | Commodity Futures Contracts [Member] | CBOT Corn Futures MAR23 (2,207 Contracts) [Member] | ||
Percentage Of Net Assets | 3.06% | |
Fair Value | $ 6,573,943 | |
Notional Amount | $ (75,479,400) | |
Teucrium Corn Fund [Member] | Commodity Futures Contracts [Member] | CBOT corn futures MAY23 (1,889 contracts) [Member] | ||
Percentage Of Net Assets | 0.58% | |
Fair Value | $ 1,236,813 | |
Notional Amount | $ (64,651,025) | |
Teucrium Corn Fund [Member] | Commodity Futures Contracts [Member] | CBOT corn futures DEC23 (2,426 contracts) [Member] | ||
Percentage Of Net Assets | 1.44% | |
Fair Value | $ 3,099,010 | |
Notional Amount | $ (74,811,775) | |
Teucrium Corn Fund [Member] | Commodity Futures Contracts [Member] | CBOT corn futures MAY22 (1,418 contracts) [Member] | ||
Percentage Of Net Assets | 3.12% | |
Fair Value | $ 3,767,282 | |
Notional Amount | $ (42,185,500) | |
Teucrium Corn Fund [Member] | Commodity Futures Contracts [Member] | CBOT corn futures JUL22 (1,218 contracts) [Member] | ||
Percentage Of Net Assets | 0.16% | |
Fair Value | $ 196,244 | |
Notional Amount | $ (36,144,150) | |
Teucrium Corn Fund [Member] | Commodity Futures Contracts [Member] | CBOT corn futures DEC22 (1,558 contracts) [Member] | ||
Percentage Of Net Assets | 1.63% | |
Fair Value | $ 1,973,026 | |
Notional Amount | $ (42,533,400) | |
Teucrium Corn Fund [Member] | Commodity Futures Contracts [Member] | CBOT Soybean Futures MAR23 (290 contracts) [Member] | ||
Percentage Of Net Assets | 2.16% | |
Fair Value | $ 1,453,840 | |
Notional Amount | $ (20,057,125) | |
Teucrium Corn Fund [Member] | Money Market Fund [Member] | ||
Percentage Of Net Assets | 34.33% | 9.43% |
Fair Value | $ 73,807,194 | $ 11,399,662 |
Teucrium Corn Fund [Member] | Money Market Fund [Member] | First American Governemnt Obligations Fund - Class X [Member] | ||
Percentage Of Net Assets | 15.09% | 9.43% |
Fair Value | $ 32,434,029 | |
Fair value shares | 11,397,154 | |
Teucrium Corn Fund [Member] | Money Market Fund [Member] | First American Government Obligations Fund [Member] | ||
Fair Value | $ 11,397,154 | |
Fair value shares | 32,434,029 | |
Teucrium Corn Fund [Member] | Money Market Fund [Member] | Goldman Sachs Financial Square Government Fund [Member] | ||
Fair Value | $ 2,508 | |
Fair value shares | 41,373,165 | |
Teucrium Corn Fund [Member] | Money Market Fund [Member] | Goldman Sachs Financial Square Government Fund - Institutional Class [Member] | ||
Percentage Of Net Assets | 19.24% | 0% |
Fair Value | $ 41,373,165 | |
Fair value shares | 2,508 | |
Teucrium Soybean Fund [Member] | Commercial Paper [Member] | ||
Percentage Of Net Assets | 47.04% | 47.80% |
Fair Value | $ 31,628,863 | $ 21,497,453 |
Teucrium Soybean Fund [Member] | Commercial Paper [Member] | Viatris Inc. 0.200% [Member] | ||
Percentage Of Net Assets | 5.56% | |
Fair Value | $ 2,499,722 | |
Principal Amount | $ 2,500,000 | |
Teucrium Soybean Fund [Member] | Commercial Paper [Member] | Viatris Inc. 0.300% [Member] | ||
Percentage Of Net Assets | 5.55% | |
Fair Value | $ 2,499,146 | |
Principal Amount | $ 2,500,000 | |
Teucrium Soybean Fund [Member] | Commercial Paper [Member] | Harley-Davidson Financial Services, Inc. 0.170% [Member] | ||
Percentage Of Net Assets | 5.56% | |
Fair Value | $ 2,499,634 | |
Principal Amount | $ 2,500,000 | |
Teucrium Soybean Fund [Member] | Commercial Paper [Member] | General Motors Financial Company, Inc. 0.160% [Member] | ||
Percentage Of Net Assets | 5.56% | |
Fair Value | $ 2,499,978 | |
Principal Amount | $ 2,500,000 | |
Teucrium Soybean Fund [Member] | Commercial Paper [Member] | General Motors Financial Company, Inc. 0.200% [Member] | ||
Percentage Of Net Assets | 8.89% | |
Fair Value | $ 3,999,333 | |
Principal Amount | $ 4,000,000 | |
Teucrium Soybean Fund [Member] | Commercial Paper [Member] | Conagra Brands, Inc. 0.150% [Member] | ||
Percentage Of Net Assets | 5.56% | |
Fair Value | $ 2,499,823 | |
Principal Amount | $ 2,500,000 | |
Teucrium Soybean Fund [Member] | Commercial Paper [Member] | Conagra Brands, Inc. 0.160% [Member] | ||
Percentage Of Net Assets | 5.56% | |
Fair Value | $ 2,499,956 | |
Principal Amount | $ 2,500,000 | |
Teucrium Soybean Fund [Member] | Commercial Paper [Member] | Brookfield Infrastructure Holdings (Canada) Inc. 3.540% [Member] | ||
Percentage Of Net Assets | 7.40% | |
Fair Value | $ 4,978,125 | |
Principal Amount | $ 5,000,000 | |
Teucrium Soybean Fund [Member] | Commercial Paper [Member] | Crown Castle Inc. 3.234% [Member] | ||
Percentage Of Net Assets | 3.71% | |
Fair Value | $ 2,491,111 | |
Principal Amount | $ 2,500,000 | |
Teucrium Soybean Fund [Member] | Commercial Paper [Member] | Entergy Corporation 3.030% [Member] | ||
Percentage Of Net Assets | 3.71% | |
Fair Value | $ 2,490,833 | |
Principal Amount | $ 2,500,000 | |
Teucrium Soybean Fund [Member] | Commercial Paper [Member] | Glencore Funding LLC 2.898% [Member] | ||
Percentage Of Net Assets | 3.71% | |
Fair Value | $ 2,496,612 | |
Principal Amount | $ 2,500,000 | |
Teucrium Soybean Fund [Member] | Commercial Paper [Member] | Harley-Davidson Financial Services, Inc. 3.487% [Member] | ||
Percentage Of Net Assets | 3.71% | |
Fair Value | $ 2,492,094 | |
Principal Amount | $ 2,500,000 | |
Teucrium Soybean Fund [Member] | Commercial Paper [Member] | American Electric Power Company, Inc. 3.465% [Member] | ||
Percentage Of Net Assets | 3.71% | |
Fair Value | $ 2,492,140 | |
Fair value shares | 2,500,000 | 2,500,000 |
Principal Amount | $ 2,500,000 | |
Teucrium Soybean Fund [Member] | Commercial Paper [Member] | General Motors Financial Company, Inc. 2.929% [Member] | ||
Percentage Of Net Assets | 3.71% | |
Fair Value | $ 2,497,382 | |
Principal Amount | $ 2,500,000 | |
Teucrium Soybean Fund [Member] | Commercial Paper [Member] | Harley-Davidson Financial Services, Inc. 3.029% [Member] | ||
Percentage Of Net Assets | 9.96% | |
Fair Value | $ 6,697,767 | |
Principal Amount | $ 6,700,000 | |
Teucrium Soybean Fund [Member] | Commercial Paper [Member] | ONEOK, Inc. 3.158% [Member] | ||
Percentage Of Net Assets | 3.71% | |
Fair Value | $ 2,497,174 | |
Principal Amount | $ 2,500,000 | |
Teucrium Soybean Fund [Member] | Commercial Paper [Member] | PVH Corp. 3.535% [Member] | ||
Percentage Of Net Assets | 3.71% | |
Fair Value | $ 2,495,625 | |
Principal Amount | $ 2,500,000 | |
Teucrium Soybean Fund [Member] | Commercial Paper [Member] | Total Cash Equivalents [Member] | ||
Percentage Of Net Assets | 88.93% | 73.29% |
Fair Value | $ 59,798,522 | $ 32,959,947 |
Teucrium Soybean Fund [Member] | Commercial Paper [Member] | Albemarle Corporation 0.200% [Member] | ||
Percentage Of Net Assets | 5.56% | |
Fair Value | $ 2,499,861 | |
Principal Amount | $ 2,500,000 | |
Teucrium Soybean Fund [Member] | Commodity Futures Contracts [Member] | ||
Percentage Of Net Assets | 4.59% | 5.97% |
Fair Value | $ 3,083,849 | $ 2,684,851 |
Principal Amount | 67,241,650 | |
Notional Amount | $ (67,241,650) | $ (44,957,400) |
Teucrium Soybean Fund [Member] | Commodity Futures Contracts [Member] | CBOT corn futures MAY22 (1,418 contracts) [Member] | ||
Percentage Of Net Assets | 2.16% | |
Fair Value | $ 1,453,840 | |
Principal Amount | $ 20,057,125 | |
Teucrium Soybean Fund [Member] | Commodity Futures Contracts [Member] | CBOT Corn Soyabean Futures JAN23 (339 Contracts) [Member] | ||
Percentage Of Net Assets | 2.42% | |
Fair Value | $ 1,626,608 | |
Notional Amount | $ (23,314,725) | |
Teucrium Soybean Fund [Member] | Commodity Futures Contracts [Member] | CBOT Soybean Futures NOV23 (356 contracts) [Member] | ||
Percentage Of Net Assets | 0.01% | |
Fair Value | $ 3,401 | |
Principal Amount | 23,869,800 | |
Notional Amount | $ (23,869,800) | |
Teucrium Soybean Fund [Member] | Commodity Futures Contracts [Member] | CBOT Soybean Futures MAR22 (234 contracts) [Member] | ||
Percentage Of Net Assets | 1.32% | |
Fair Value | $ 591,547 | |
Principal Amount | 15,669,225 | |
Notional Amount | $ (15,669,225) | |
Teucrium Soybean Fund [Member] | Commodity Futures Contracts [Member] | CBOT Soybean Futures MAY22 (199 contracts) [Member] | ||
Percentage Of Net Assets | 2.24% | |
Fair Value | $ 1,008,504 | |
Notional Amount | $ (13,422,550) | |
Teucrium Soybean Fund [Member] | Commodity Futures Contracts [Member] | CBOT Soybean Futures NOV22 (250 contracts) [Member] | ||
Percentage Of Net Assets | 2.41% | |
Fair Value | $ 1,084,800 | |
Notional Amount | $ (15,865,625) | |
Teucrium Soybean Fund [Member] | Money Market Fund [Member] | ||
Percentage Of Net Assets | 41.89% | 25.49% |
Fair Value | $ 28,169,659 | $ 11,462,494 |
Principal Amount | $ 2,500,000 | |
Teucrium Soybean Fund [Member] | Money Market Fund [Member] | First American Governemnt Obligations Fund - Class X [Member] | ||
Percentage Of Net Assets | 25.92% | 19.91% |
Fair Value | $ 17,432,839 | $ 8,951,314 |
Fair value shares | 17,432,839 | 8,951,314 |
Teucrium Soybean Fund [Member] | Money Market Fund [Member] | Goldman Sachs Financial Square Government Fund - Institutional Class [Member] | ||
Percentage Of Net Assets | 15.97% | 5.58% |
Fair Value | $ 10,736,820 | |
Fair value shares | 10,736,820 | 2,511,180 |
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | ||
Percentage Of Net Assets | 36.95% | 49.58% |
Fair Value | $ 139,675,256 | $ 37,492,592 |
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | AT&T Inc [Member] | ||
Percentage Of Net Assets | 1.97% | |
Fair Value | $ 7,460,850 | |
Principal Amount | $ 7,500,000 | |
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | Harley Davidson Financial Services [Member] | ||
Percentage Of Net Assets | 0.66% | 3.31% |
Fair Value | $ 2,496,694 | $ 2,499,861 |
Principal Amount | $ 2,500,000 | $ 2,500,000 |
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | Jabil Inc [Member] | ||
Percentage Of Net Assets | 1.32% | 3.30% |
Fair Value | $ 4,993,222 | $ 2,499,208 |
Principal Amount | $ 5,000,000 | $ 2,500,000 |
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | Jabil Inc One [Member] | ||
Percentage Of Net Assets | 1.98% | 3.30% |
Fair Value | $ 7,487,083 | $ 2,498,816 |
Principal Amount | $ 7,500,000 | $ 2,500,000 |
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | American Electric Power Company Inc [Member] | ||
Percentage Of Net Assets | 1.32% | |
Fair Value | $ 4,984,280 | |
Principal Amount | $ 5,000,000 | |
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | Brookfield Infrastructure Holdings [Member] | ||
Percentage Of Net Assets | 1.98% | 3.31% |
Fair Value | $ 7,467,188 | $ 2,499,717 |
Principal Amount | $ 7,500,000 | $ 2,500,000 |
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | Albemarle Corporation [Member] | ||
Percentage Of Net Assets | 3.30% | |
Fair Value | $ 2,499,622 | |
Principal Amount | $ 2,500,000 | |
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | Albemarle Corporation One [Member] | ||
Percentage Of Net Assets | 3.31% | |
Fair Value | $ 2,499,861 | |
Principal Amount | $ 2,500,000 | |
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | E. I. du Pont de Nemours and Company [Member] | ||
Percentage Of Net Assets | 3.30% | |
Fair Value | $ 12,441,564 | |
Principal Amount | $ 12,500,000 | |
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | Entergy Corporation [Member] | ||
Percentage Of Net Assets | 0.66% | |
Fair Value | $ 2,490,833 | |
Principal Amount | $ 2,500,000 | |
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | Entergy Corporation One [Member] | ||
Percentage Of Net Assets | 2.63% | |
Fair Value | $ 9,949,633 | |
Principal Amount | $ 10,000,000 | |
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | Fortune Brands Home & Security, Inc. [Member] | ||
Percentage Of Net Assets | 0.66% | |
Fair Value | $ 2,495,819 | |
Principal Amount | $ 2,500,000 | |
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | Fortune Brands Home & Security, Inc. One [Member] | ||
Percentage Of Net Assets | 0.79% | |
Fair Value | $ 2,985,160 | |
Principal Amount | $ 3,000,000 | |
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | General Motors Financial Company [Member] | ||
Percentage Of Net Assets | 1.32% | 3.31% |
Fair Value | $ 4,994,764 | $ 2,499,945 |
Principal Amount | $ 5,000,000 | $ 2,500,000 |
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | General Motors Financial Company One [Member] | ||
Percentage Of Net Assets | 0.66% | 3.30% |
Fair Value | $ 2,496,833 | $ 2,499,583 |
Principal Amount | $ 2,500,000 | $ 2,500,000 |
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | General Motors Financial Company Two [Member] | ||
Percentage Of Net Assets | 1.32% | |
Fair Value | $ 4,984,114 | |
Principal Amount | $ 5,000,000 | |
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | Conagra Brands Inc [Member] | ||
Percentage Of Net Assets | 3.31% | |
Fair Value | $ 2,499,956 | |
Principal Amount | $ 2,500,000 | |
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | Glencore Funding LLC [Member] | ||
Percentage Of Net Assets | 1.32% | |
Fair Value | $ 4,999,214 | |
Principal Amount | $ 5,000,000 | |
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | Glencore Funding LLC One [Member] | ||
Percentage Of Net Assets | 0.66% | |
Fair Value | $ 2,496,612 | |
Principal Amount | $ 2,500,000 | |
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | Harley Davidson Financial Services One [Member] | ||
Percentage Of Net Assets | 0.66% | 3.31% |
Fair Value | $ 2,492,094 | $ 2,499,634 |
Principal Amount | $ 2,500,000 | $ 2,500,000 |
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | Harley Davidson Financial Services Two [Member] | ||
Percentage Of Net Assets | 3.30% | |
Fair Value | $ 2,498,959 | |
Principal Amount | $ 2,500,000 | |
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | Humana Inc [Member] | ||
Percentage Of Net Assets | 1.32% | |
Fair Value | $ 4,999,306 | |
Principal Amount | $ 5,000,000 | |
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | ITT Inc. [Member] | ||
Percentage Of Net Assets | 2.64% | |
Fair Value | $ 9,992,306 | |
Principal Amount | $ 10,000,000 | |
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | ITT Inc. One [Member] | ||
Percentage Of Net Assets | 0.66% | |
Fair Value | $ 2,495,751 | |
Principal Amount | $ 2,500,000 | |
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | ONEOK, Inc. [Member] | ||
Percentage Of Net Assets | 1.32% | |
Fair Value | $ 4,994,349 | |
Principal Amount | $ 5,000,000 | |
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | ONEOK, Inc. One [Member] | ||
Percentage Of Net Assets | 1.32% | |
Fair Value | $ 4,994,349 | |
Principal Amount | $ 5,000,000 | |
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | PVH Corp. [Member] | ||
Percentage Of Net Assets | 0.66% | |
Fair Value | $ 2,495,625 | |
Principal Amount | $ 2,500,000 | |
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | PVH Corp. One [Member] | ||
Percentage Of Net Assets | 1.32% | |
Fair Value | $ 4,990,556 | |
Principal Amount | $ 5,000,000 | |
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | V.F. Corporation [Member] | ||
Percentage Of Net Assets | 1.32% | |
Fair Value | $ 4,996,500 | |
Principal Amount | $ 5,000,000 | |
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | Viatris Inc [Member] | ||
Percentage Of Net Assets | 1.98% | 3.30% |
Fair Value | $ 7,490,683 | $ 2,499,146 |
Principal Amount | 7,500,000 | $ 2,500,000 |
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | Viatris Inc One [Member] | ||
Percentage Of Net Assets | 3.31% | |
Fair Value | $ 2,499,722 | |
Principal Amount | $ 2,500,000 | |
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | Viatris Inc Two [Member] | ||
Percentage Of Net Assets | 3.30% | |
Fair Value | $ 2,498,730 | |
Principal Amount | $ 2,500,000 | |
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | WGL Holdings, Inc. [Member] | ||
Percentage Of Net Assets | 3.31% | |
Fair Value | $ 2,499,832 | $ 2,499,832 |
Principal Amount | $ 2,500,000 | |
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | Crown Castle International Corp. [Member] | ||
Percentage Of Net Assets | 0.67% | |
Fair Value | $ 2,491,111 | |
Principal Amount | $ 2,500,000 | |
Teucrium Wheat Fund [Member] | Commercial Paper [Member] | Crown Castle International Corp One [Member] | ||
Percentage Of Net Assets | 0.53% | |
Fair Value | $ 2,018,763 | |
Principal Amount | $ 2,030,000 | |
Teucrium Wheat Fund [Member] | Cash and Cash Equipment [Member] | Commercial Paper [Member] | ||
Percentage Of Net Assets | 87.31% | 56.57% |
Fair Value | $ 330,031,218 | $ 42,777,585 |
Teucrium Wheat Fund [Member] | Commodity Futures Contracts [Member] | ||
Percentage Of Net Assets | 4.82% | 4.91% |
Fair Value | $ 18,217,550 | $ 3,714,672 |
Notional Amount | $ (246,811,525) | $ (53,006,488) |
Teucrium Wheat Fund [Member] | Commodity Futures Contracts [Member] | CBOT Wheat Futures MAY22 [Member] | ||
Percentage Of Net Assets | 2.39% | |
Fair Value | $ 1,809,796 | |
Notional Amount | $ (26,595,488) | |
Teucrium Wheat Fund [Member] | Commodity Futures Contracts [Member] | CBOT Wheat Futures MAR23 | ||
Percentage Of Net Assets | 3.21% | |
Fair Value | $ 12,115,954 | |
Notional Amount | $ (132,996,400) | |
Teucrium Wheat Fund [Member] | Commodity Futures Contracts [Member] | CBOT Wheat Futures MAY23 [Member] | ||
Percentage Of Net Assets | 1.61% | |
Fair Value | $ 6,101,596 | |
Notional Amount | $ (113,815,125) | |
Teucrium Wheat Fund [Member] | Commodity Futures Contracts [Member] | CBOT Wheat Futures DEC22 [Member] | ||
Percentage Of Net Assets | 2.52% | |
Fair Value | $ 1,904,876 | |
Notional Amount | $ (26,411,000) | |
Teucrium Wheat Fund [Member] | Commodity Futures Contracts [Member] | CBOT Wheat Futures DEC23 [Member] | Liabilities [Member] | ||
Percentage Of Net Assets | 5.01% | |
Fair Value | $ 18,948,559 | |
Notional Amount | $ (131,179,750) | |
Teucrium Wheat Fund [Member] | Commodity Futures Contracts [Member] | CBOT Wheat Futures JUL22 [Member] | Liabilities [Member] | ||
Percentage Of Net Assets | 0.87% | |
Fair Value | $ 654,969 | |
Notional Amount | $ (22,667,425) | |
Teucrium Wheat Fund [Member] | Money Market Fund [Member] | ||
Percentage Of Net Assets | 50.36% | 6.99% |
Fair Value | $ 190,355,962 | $ 5,284,993 |
Teucrium Wheat Fund [Member] | Money Market Fund [Member] | First American Government Obligations Fund [Member] | ||
Percentage Of Net Assets | 23.95% | 6.99% |
Fair Value | $ 90,511,696 | $ 5,281,765 |
Fair value shares | 90,511,696 | 5,281,765 |
Teucrium Wheat Fund [Member] | Money Market Fund [Member] | Goldman Sachs Financial Square Government Fund [Member] | ||
Percentage Of Net Assets | 26.41% | 0% |
Fair Value | $ 99,844,266 | $ 3,228 |
Fair value shares | 99,844,266 | 3,228 |
Teucrium Agricultural Fund [Member] | Exchange Traded Fund [Member] | ||
Percentage Of Net Assets | 99.99% | 100% |
Fair Value | $ 46,216,269 | $ 14,178,019 |
Teucrium Agricultural Fund [Member] | Exchange Traded Fund [Member] | Teucrium Corns Funds [Member] | ||
Percentage Of Net Assets | 25.11% | 24.95% |
Fair Value | $ 11,605,566 | $ 3,537,560 |
Fair value shares | 429,192 | 163,930 |
Teucrium Agricultural Fund [Member] | Teucrium Soybean Funds [Member] | Exchange Traded Fund [Member] | ||
Percentage Of Net Assets | 24.14% | 24.96% |
Fair Value | $ 11,158,920 | $ 3,538,006 |
Fair value shares | 427,314 | 155,374 |
Teucrium Agricultural Fund [Member] | Teucrium Sugar Funds [Member] | Exchange Traded Fund [Member] | ||
Percentage Of Net Assets | 25.08% | 25.33% |
Fair Value | $ 11,589,798 | $ 3,591,878 |
Fair value shares | 1,327,598 | 389,317 |
Teucrium Agricultural Fund [Member] | Teucrium Wheat Funds [Member] | Exchange Traded Fund [Member] | ||
Percentage Of Net Assets | 25.66% | 24.76% |
Fair Value | $ 11,861,985 | $ 3,510,575 |
Fair value shares | 1,294,496 | 475,836 |
Teucrium Agricultural Fund [Member] | Money Market Fund [Member] | First American Government Obligations Fund [Member] | ||
Percentage Of Net Assets | 0.01% | 0.03% |
Fair Value | $ 6,417 | $ 4,801 |
Fair value shares | 6,417 | 4,801 |
Hashdex Bitcoin Futures ETF [Member] | Cryptocurrency Futures Contracts [Member] | ||
Percentage Of Net Assets | 1.17% | |
Fair Value | $ 14,372 | |
Notional Amount | $ (1,165,800) | |
Hashdex Bitcoin Futures ETF [Member] | Cryptocurrency Futures Contracts [Member] | CME Bitcoin Futures Oct Twenty Two [Member] | Liabilities [Member] | ||
Percentage Of Net Assets | 0.78% | |
Fair Value | $ 9,576 | |
Notional Amount | $ (582,750) | |
Hashdex Bitcoin Futures ETF [Member] | Cryptocurrency Futures Contracts [Member] | C B O T Corn Futures Nov Twenty Three [Member] | ||
Percentage Of Net Assets | 0.39% | |
Fair Value | $ 4,796 | |
Notional Amount | $ (583,050) | |
Hashdex Bitcoin Futures ETF [Member] | Money Market Fund [Member] | First American Government Obligations Fund [Member] | ||
Percentage Of Net Assets | 72.74% | |
Fair value shares | 894,998 | |
Fair Value | $ 894,998 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Teucrium Sugar Fund [Member] | |||||
Realized (loss) gain on commodity and cryptocurrency futures contracts | $ (948,329) | $ 2,536,459 | $ (476,906) | $ 5,802,090 | |
Net change in unrealized (depreciation)/appreciation on commodity and cryptocurrency futures contracts | (1,014,429) | 289,834 | (2,281,371) | 846,951 | |
Interest income | 149,944 | 7,425 | 222,434 | 19,515 | |
Total income (loss) | (1,812,814) | 2,833,718 | (2,535,843) | 6,668,556 | |
Management fees | 71,572 | 59,875 | 214,003 | 142,487 | |
Professional fees | 8,123 | 15,069 | 49,908 | 47,381 | |
Distribution and marketing fees | 41,123 | 52,768 | 133,178 | 115,107 | |
Custodian fees and expenses | 5,101 | 3,407 | 10,335 | 11,673 | |
Business permits and licenses fees | 1,088 | 1,449 | 26,099 | 22,646 | |
General and administrative expenses | 2,863 | 3,917 | 19,391 | 19,913 | |
Other expenses | 0 | 8 | 0 | 8 | |
Total expenses | 129,870 | 136,493 | 452,914 | 359,215 | |
Expenses waived by the Sponsor | 0 | (29,699) | (78,237) | (87,738) | |
Total expenses, net | 129,870 | 106,794 | 374,677 | 271,477 | |
Net income (loss) | $ (1,942,684) | $ 2,726,924 | $ (2,910,520) | $ 6,397,079 | |
Net (loss) gain per share | $ (0.59) | $ 1.09 | $ (0.50) | $ 2.85 | |
Net income (loss) per weighted average share | $ (0.61) | $ 1.04 | $ (0.95) | $ 2.75 | |
Weighted average shares outstanding | 3,159,243 | 2,618,482 | 3,077,751 | 2,329,583 | |
Net change in unrealized depreciation on cryptocurrency futures contracts | $ (2,281,371) | $ 846,951 | |||
Teucrium Soybean Fund [Member] | |||||
Realized (loss) gain on commodity and cryptocurrency futures contracts | $ 977,658 | $ 3,421,173 | 10,675,505 | 29,238,888 | |
Net change in unrealized (depreciation)/appreciation on commodity and cryptocurrency futures contracts | (3,855,440) | (7,754,543) | (5,768,700) | (15,794,481) | |
Interest income | 365,454 | 20,624 | 549,818 | 105,253 | |
Total income (loss) | (2,512,328) | (4,312,746) | 5,456,623 | 13,549,660 | |
Management fees | 176,250 | 149,464 | 513,916 | 610,715 | |
Professional fees | 14,623 | 34,456 | 100,174 | 241,217 | |
Distribution and marketing fees | 94,938 | 212,480 | 294,524 | 672,427 | |
Custodian fees and expenses | 13,002 | 24,956 | 24,008 | 77,396 | |
Business permits and licenses fees | 1,762 | 631 | 15,833 | 20,995 | |
General and administrative expenses | 3,525 | 12,111 | 39,922 | 72,161 | |
Total expenses | 304,100 | 434,098 | 988,377 | 1,694,911 | |
Expenses waived by the Sponsor | 0 | (173,635) | (89,562) | (479,631) | |
Total expenses, net | 304,100 | 260,463 | 898,815 | 1,215,280 | |
Net income (loss) | $ (2,816,428) | $ (4,573,209) | $ 4,557,808 | $ 12,334,380 | |
Net (loss) gain per share | $ (0.96) | $ (1.80) | $ 3.34 | $ 2.50 | |
Net income (loss) per weighted average share | $ (1.06) | $ (1.77) | $ 1.78 | $ 3.31 | |
Weighted average shares outstanding | 2,646,471 | 2,590,221 | 2,553,850 | 3,724,546 | |
Net change in unrealized depreciation on cryptocurrency futures contracts | $ (5,768,700) | $ (15,794,481) | |||
Teucrium Wheat Fund [Member] | |||||
Realized (loss) gain on commodity and cryptocurrency futures contracts | $ (92,957,415) | $ 3,422,476 | (53,537,910) | 13,502,592 | |
Net change in unrealized (depreciation)/appreciation on commodity and cryptocurrency futures contracts | 93,269,812 | 605,294 | (3,790,712) | (1,199,756) | |
Interest income | 1,807,040 | 29,826 | 2,931,373 | 99,342 | |
Total income (loss) | 2,119,437 | 4,057,596 | (54,397,249) | 12,402,178 | |
Management fees | 892,696 | 197,683 | 2,764,259 | 609,012 | |
Professional fees | 116,706 | 46,025 | 486,917 | 176,099 | |
Distribution and marketing fees | 675,323 | 191,833 | 1,562,788 | 490,513 | |
Custodian fees and expenses | 83,198 | 19,798 | 156,575 | 54,420 | |
Business permits and licenses fees | 6,024 | 1,977 | 32,738 | 23,578 | |
General and administrative expenses | 26,299 | 13,088 | 89,344 | 50,730 | |
Total expenses | 1,800,246 | 470,404 | 5,092,621 | 1,404,352 | |
Expenses waived by the Sponsor | 0 | (104,989) | (425,164) | (229,640) | |
Total expenses, net | 1,800,246 | 365,415 | 4,667,457 | 1,174,712 | |
Net income (loss) | $ 319,191 | $ 3,692,181 | $ (59,064,706) | $ 11,227,466 | |
Net (loss) gain per share | $ 0.13 | $ 0.32 | $ 1.78 | $ 0.91 | |
Net income (loss) per weighted average share | $ 0.01 | $ 0.32 | $ (1.55) | $ 0.91 | |
Weighted average shares outstanding | 41,945,384 | 11,380,982 | 38,111,726 | 12,387,275 | |
Net change in unrealized depreciation on cryptocurrency futures contracts | $ (3,790,712) | $ (1,199,756) | |||
Teucrium Agricultural Fund [Member] | |||||
Interest income | $ 302 | $ 0 | 352 | 5 | |
Total income (loss) | 7,533 | 146,125 | (1,296,480) | 1,226,474 | |
Professional fees | 14,817 | 6,870 | 44,710 | 15,573 | |
Distribution and marketing fees | 51,970 | 19,254 | 134,119 | 39,339 | |
Custodian fees and expenses | 7,455 | 2,533 | 12,324 | 4,258 | |
Business permits and licenses fees | 1,000 | 3,309 | 11,721 | 12,228 | |
General and administrative expenses | 2,026 | 1,181 | 9,987 | 3,241 | |
Other expenses | 21 | 9 | 26 | 9 | |
Total expenses | 77,289 | 33,156 | 212,887 | 74,648 | |
Expenses waived by the Sponsor | (62,059) | (28,946) | (176,222) | (64,541) | |
Total expenses, net | 15,230 | 4,210 | 36,665 | 10,107 | |
Net income (loss) | $ (7,697) | $ 141,915 | $ (1,333,145) | $ 1,216,367 | |
Net (loss) gain per share | $ (0.02) | $ 0.22 | $ 4.06 | $ 5.16 | |
Net income (loss) per weighted average share | $ (0.01) | $ 0.40 | $ (1.19) | $ 4.22 | |
Weighted average shares outstanding | 1,537,230 | 356,931 | 1,120,973 | 288,326 | |
Realized (loss) gain on securities | $ (172,369) | $ 76,653 | $ 489,743 | $ 16,223 | |
Net change in unrealized appreciation on securities | 179,600 | 69,472 | (1,786,575) | 1,210,246 | |
Net change in unrealized depreciation on cryptocurrency futures contracts | (1,786,575) | 1,210,246 | |||
Hashdex Bitcoin Futures ETF [Member] | |||||
Realized (loss) gain on commodity and cryptocurrency futures contracts | $ (5,942) | ||||
Interest income | 1,073 | ||||
Total income (loss) | (19,241) | ||||
Management fees | 377 | ||||
Business permits and licenses fees | 550 | ||||
Total expenses | 927 | ||||
Expenses waived by the Sponsor | (550) | ||||
Total expenses, net | 377 | ||||
Net income (loss) | $ (19,618) | (19,618) | |||
Net (loss) gain per share | $ (0.39) | ||||
Net income (loss) per weighted average share | $ (0.49) | ||||
Weighted average shares outstanding | 40,003 | ||||
Net change in unrealized depreciation on cryptocurrency futures contracts | $ (14,372) | (14,372) | |||
Teucrium Commodity Trust - Combined [Member] | |||||
Realized (loss) gain on commodity and cryptocurrency futures contracts | (103,278,313) | 15,419,113 | (14,666,473) | 109,828,706 | |
Net change in unrealized (depreciation)/appreciation on commodity and cryptocurrency futures contracts | 112,241,847 | (23,501,922) | (15,553,587) | (34,410,727) | |
Interest income | 3,411,665 | 113,104 | 5,411,206 | 430,283 | |
Total income (loss) | 12,375,199 | (7,969,705) | (24,808,854) | 75,848,262 | |
Management fees | 1,666,788 | 749,229 | 5,121,250 | 2,549,948 | |
Professional fees | 202,539 | 219,475 | 1,012,066 | 928,149 | |
Distribution and marketing fees | 1,170,838 | 920,861 | 3,058,779 | 2,509,136 | |
Custodian fees and expenses | 151,161 | 99,410 | 280,651 | 280,651 | |
Business permits and licenses fees | 17,473 | 11,051 | 114,848 | 107,406 | |
General and administrative expenses | 46,910 | 58,673 | 257,025 | 263,366 | |
Other expenses | 21 | 17 | 26 | 17 | |
Total expenses | 3,255,730 | 2,058,716 | 9,844,645 | 6,638,673 | |
Expenses waived by the Sponsor | (62,609) | (684,792) | (1,115,590) | (1,650,854) | |
Total expenses, net | 3,193,121 | 1,373,924 | 8,729,055 | 4,987,819 | |
Net income (loss) | 9,182,078 | (9,343,629) | (33,537,909) | 70,860,443 | |
Net change in unrealized appreciation on securities | 112,241,847 | 23,501,922 | 15,553,587 | 34,410,727 | |
Net change in unrealized depreciation on cryptocurrency futures contracts | (15,553,587) | (34,410,727) | |||
Teucrium Corn Fund [Member] | |||||
Realized (loss) gain on commodity and cryptocurrency futures contracts | (10,344,285) | 6,039,005 | 28,678,780 | 61,285,136 | |
Net change in unrealized (depreciation)/appreciation on commodity and cryptocurrency futures contracts | 23,856,276 | (16,642,507) | (3,698,432) | (18,263,441) | |
Interest income | 1,087,852 | 55,229 | 1,706,156 | 206,168 | |
Total income (loss) | 14,599,843 | (10,548,273) | 26,686,504 | 43,227,863 | |
Management fees | 525,893 | 342,207 | 1,628,695 | 1,187,734 | |
Professional fees | 48,270 | 117,055 | 330,357 | 447,879 | |
Distribution and marketing fees | 307,484 | 444,526 | 934,170 | 1,191,750 | |
Custodian fees and expenses | 42,405 | 48,716 | 77,409 | 132,904 | |
Business permits and licenses fees | 7,049 | 3,685 | 27,907 | 27,959 | |
General and administrative expenses | 12,197 | 28,376 | 98,381 | 117,321 | |
Total expenses | 943,298 | 984,565 | 3,096,919 | 3,105,547 | |
Expenses waived by the Sponsor | 0 | (347,523) | (345,855) | (789,304) | |
Total expenses, net | 943,298 | 637,042 | 2,751,064 | 2,316,243 | |
Net income (loss) | $ 13,656,545 | $ (11,185,315) | $ 23,935,440 | $ 40,911,620 | |
Net (loss) gain per share | $ 1.98 | $ (1.12) | $ 5.46 | $ 4.69 | |
Net income (loss) per weighted average share | $ 1.67 | $ (1.67) | $ 2.90 | $ 4.87 | |
Weighted average shares outstanding | 8,188,863 | 6,704,352 | 8,240,663 | 8,402,293 | |
Net change in unrealized depreciation on cryptocurrency futures contracts | $ (3,698,432) | $ (18,263,441) |
STATEMENTS OF CHANGES IN NET AS
STATEMENTS OF CHANGES IN NET ASSETS - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Teucrium Sugar Fund [Member] | |||||
Net (loss) income | $ (1,942,684) | $ 2,726,924 | $ (2,910,520) | $ 6,397,079 | |
Issuance of Shares | 26,012,883 | 12,364,868 | |||
Redemption of Shares | (20,402,060) | (5,460,028) | |||
Total capital transactions | 5,610,823 | 6,904,840 | |||
Net change in net assets | 2,700,303 | 13,301,919 | |||
Net assets, beginning of period | 22,834,664 | 12,766,091 | |||
Net assets, end of period | $ 25,534,967 | $ 25,534,967 | $ 26,068,010 | $ 25,534,967 | $ 26,068,010 |
Net asset value per share at beginning of period | $ 9.23 | $ 6.72 | |||
Net asset value per share at end of period | $ 8.73 | $ 8.73 | $ 9.57 | $ 8.73 | $ 9.57 |
Creation of Shares | 2,675,000 | 1,450,000 | |||
Redemption of Shares 1 | 2,225,000 | 625,000 | |||
Teucrium Soybean Fund [Member] | |||||
Net (loss) income | $ (2,816,428) | $ (4,573,209) | $ 4,557,808 | $ 12,334,380 | |
Issuance of Shares | 53,625,065 | 22,195,355 | |||
Redemption of Shares | (35,911,520) | (76,423,890) | |||
Total capital transactions | 17,713,545 | (54,228,535) | |||
Net change in net assets | 22,271,353 | (41,894,155) | |||
Net assets, beginning of period | 44,972,625 | 89,178,862 | |||
Net assets, end of period | $ 67,243,978 | $ 67,243,978 | $ 47,284,707 | $ 67,243,978 | $ 47,284,707 |
Net asset value per share at beginning of period | $ 22.77 | $ 19.49 | |||
Net asset value per share at end of period | $ 26.11 | $ 26.11 | $ 21.99 | $ 26.11 | $ 21.99 |
Creation of Shares | 1,950,000 | 1,050,000 | |||
Redemption of Shares 1 | 1,350,000 | 3,475,000 | |||
Teucrium Wheat Fund [Member] | |||||
Net (loss) income | $ 319,191 | $ 3,692,181 | $ (59,064,706) | $ 11,227,466 | |
Issuance of Shares | 885,427,575 | 22,187,673 | |||
Redemption of Shares | (523,995,485) | (29,995,638) | |||
Total capital transactions | 361,432,090 | (7,807,965) | |||
Net change in net assets | 302,367,384 | 3,419,501 | |||
Net assets, beginning of period | 75,621,587 | 69,876,578 | |||
Net assets, end of period | $ 377,988,971 | $ 377,988,971 | $ 73,296,079 | $ 377,988,971 | $ 73,296,079 |
Net asset value per share at beginning of period | $ 7.38 | $ 6.16 | |||
Net asset value per share at end of period | $ 9.16 | $ 9.16 | $ 7.06 | $ 9.16 | $ 7.06 |
Creation of Shares | 84,050,000 | 3,500,000 | |||
Redemption of Shares 1 | 53,050,000 | 4,475,000 | |||
Teucrium Agricultural Fund [Member] | |||||
Net (loss) income | $ (7,697) | $ 141,915 | $ (1,333,145) | $ 1,216,367 | |
Issuance of Shares | 45,566,391 | 8,007,179 | |||
Redemption of Shares | (12,193,184) | (2,267,271) | |||
Total capital transactions | 33,373,207 | 5,739,908 | |||
Net change in net assets | 32,040,062 | 6,956,275 | |||
Net assets, beginning of period | 14,179,655 | 1,584,388 | |||
Net assets, end of period | $ 46,219,717 | $ 46,219,717 | $ 8,540,663 | $ 46,219,717 | $ 8,540,663 |
Net asset value per share at beginning of period | $ 27.01 | $ 21.12 | |||
Net asset value per share at end of period | $ 31.07 | $ 31.07 | $ 26.28 | $ 31.07 | $ 26.28 |
Creation of Shares | 1,362,500 | 337,500 | |||
Redemption of Shares 1 | 400,000 | 87,500 | |||
Hashdex Bitcoin Futures ETF [Member] | |||||
Net (loss) income | $ (19,618) | $ (19,618) | |||
Issuance of Shares | 1,250,100 | ||||
Redemption of Shares | 0 | ||||
Total capital transactions | 1,250,100 | ||||
Net change in net assets | 1,230,482 | ||||
Net assets, beginning of period | 0 | ||||
Net assets, end of period | $ 1,230,482 | $ 1,230,482 | $ 1,230,482 | ||
Net asset value per share at beginning of period | $ 25 | ||||
Net asset value per share at end of period | $ 24.61 | $ 24.61 | $ 24.61 | ||
Creation of Shares | 50,004 | ||||
Redemption of Shares 1 | 0 | ||||
Teucrium Commodity Trust - Combined [Member] | |||||
Net (loss) income | $ 9,182,078 | $ (9,343,629) | $ (33,537,909) | $ 70,860,443 | |
Issuance of Shares | 1,216,204,797 | 134,705,493 | |||
Redemption of Shares | (726,634,292) | (242,902,007) | |||
Net change in the cost of the Underlying Funds | (33,335,082) | (5,732,374) | |||
Total capital transactions | 456,235,423 | (113,928,888) | |||
Net change in net assets | 422,697,514 | (43,068,445) | |||
Net assets, beginning of period | 264,276,768 | 310,113,194 | |||
Net assets, end of period | $ 686,974,282 | 686,974,282 | 267,044,749 | 686,974,282 | 267,044,749 |
Teucrium Corn Fund [Member] | |||||
Net (loss) income | 13,656,545 | (11,185,315) | 23,935,440 | 40,911,620 | |
Issuance of Shares | 204,322,783 | 69,950,418 | |||
Redemption of Shares | (134,132,043) | (128,755,180) | |||
Total capital transactions | 70,190,740 | (58,804,762) | |||
Net change in net assets | 94,126,180 | (17,893,142) | |||
Net assets, beginning of period | 120,846,256 | 138,289,537 | |||
Net assets, end of period | $ 214,972,436 | $ 214,972,436 | $ 120,396,395 | $ 214,972,436 | $ 120,396,395 |
Net asset value per share at beginning of period | $ 21.58 | $ 15.54 | |||
Net asset value per share at end of period | $ 27.04 | $ 27.04 | $ 20.23 | $ 27.04 | $ 20.23 |
Creation of Shares | 7,500,000 | 3,775,000 | |||
Redemption of Shares 1 | 5,150,000 | 6,725,000 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Teucrium Sugar Fund [Member] | ||
Net (loss) income | $ (2,910,520) | $ 6,397,079 |
Net change in unrealized appreciation on commodity and cryptocurrency futures contracts | 2,281,371 | (846,951) |
Due from broker | (2,203,710) | 0 |
Interest receivable | (20,084) | (546) |
Other assets | (396) | (30) |
Due to broker | 0 | (128,995) |
Management fee payable to Sponsor | 2,276 | 11,082 |
Other liabilities | (7,470) | 15,719 |
Net cash (used in) provided by operating activities | (2,858,533) | 5,447,358 |
Proceeds from sale of Shares | 26,012,883 | 12,364,868 |
Redemption of Shares | (20,402,060) | (5,460,028) |
Net cash provided by (used in) financing activities | 5,610,823 | 6,904,840 |
Net change in cash and cash equivalents | 2,752,290 | 12,352,198 |
Cash and cash equivalents beginning of period | 21,332,902 | 11,849,332 |
Cash and cash equivalents end of period | 24,085,192 | 24,201,530 |
Teucrium Soybean Fund [Member] | ||
Net (loss) income | 4,557,808 | 12,334,380 |
Net change in unrealized appreciation on commodity and cryptocurrency futures contracts | 5,768,700 | 15,794,481 |
Due from broker | (5,445,820) | (3,451,445) |
Interest receivable | (50,340) | 2,243 |
Other assets | 0 | 37 |
Due to broker | (675,169) | (11,257,566) |
Management fee payable to Sponsor | 23,383 | (30,230) |
Payable for purchases of commercial paper | 0 | (4,997,451) |
Other liabilities | (10,261) | 32,840 |
Net cash (used in) provided by operating activities | 4,168,301 | 8,427,289 |
Proceeds from sale of Shares | 53,625,065 | 22,195,355 |
Redemption of Shares | (35,911,520) | (76,423,890) |
Net cash provided by (used in) financing activities | 17,713,545 | (54,228,535) |
Net change in cash and cash equivalents | 21,881,846 | (45,801,246) |
Cash and cash equivalents beginning of period | 43,019,884 | 90,398,391 |
Cash and cash equivalents end of period | 64,901,730 | 44,597,145 |
Teucrium Wheat Fund [Member] | ||
Net (loss) income | (59,064,706) | 11,227,466 |
Net change in unrealized appreciation on commodity and cryptocurrency futures contracts | 3,790,712 | 1,199,756 |
Due from broker | (36,616,154) | (919,985) |
Interest receivable | (204,311) | (1,789) |
Other assets | (580) | 0 |
Due to broker | (213,708) | (2,571,103) |
Management fee payable to Sponsor | 233,446 | (677) |
Payable for purchases of commercial paper | 0 | 2,498,755 |
Other liabilities | 46,379 | 31,842 |
Net cash (used in) provided by operating activities | (92,028,922) | 11,464,265 |
Proceeds from sale of Shares | 885,427,575 | 22,495,503 |
Redemption of Shares | (523,995,485) | (32,458,278) |
Net cash provided by (used in) financing activities | 361,432,090 | (9,962,775) |
Net change in cash and cash equivalents | 269,403,168 | 1,501,490 |
Cash and cash equivalents beginning of period | 72,841,616 | 68,946,725 |
Cash and cash equivalents end of period | 342,244,784 | 70,448,215 |
Teucrium Agricultural Fund [Member] | ||
Net (loss) income | (1,333,145) | 1,216,367 |
Net change in unrealized appreciation on commodity and cryptocurrency futures contracts | 1,786,575 | (1,210,246) |
Interest receivable | (17) | 0 |
Other assets | (592) | 1 |
Other liabilities | 413 | 4,535 |
Net cash (used in) provided by operating activities | (33,371,591) | (5,737,940) |
Proceeds from sale of Shares | 45,566,391 | 8,007,179 |
Redemption of Shares | (12,193,184) | (2,267,271) |
Net cash provided by (used in) financing activities | 33,373,207 | 5,739,908 |
Net change in cash and cash equivalents | 1,616 | 1,968 |
Cash and cash equivalents beginning of period | 4,801 | 2,786 |
Cash and cash equivalents end of period | 6,417 | 4,754 |
Net (purchase) sale of investments in securities | 33,824,825 | 5,748,597 |
Hashdex Bitcoin Futures ETF [Member] | ||
Net (loss) income | (19,618) | |
Net change in unrealized appreciation on commodity and cryptocurrency futures contracts | 14,372 | |
Due from broker | (349,160) | |
Interest receivable | (1,073) | |
Management fee payable to Sponsor | 377 | |
Net cash (used in) provided by operating activities | (355,102) | |
Proceeds from sale of Shares | 1,250,100 | |
Net cash provided by (used in) financing activities | 1,250,100 | |
Net change in cash and cash equivalents | 894,998 | |
Cash and cash equivalents beginning of period | 0 | |
Cash and cash equivalents end of period | 894,998 | |
Teucrium Commodity Trust - Combined [Member] | ||
Net (loss) income | (33,537,909) | 70,860,443 |
Net change in unrealized appreciation on commodity and cryptocurrency futures contracts | 15,553,587 | 34,410,727 |
Due from broker | (59,977,726) | (10,577,745) |
Interest receivable | (401,291) | (1,602) |
Other assets | (1,568) | 8 |
Due to broker | (888,877) | (26,931,492) |
Management fee payable to Sponsor | 334,400 | (39,199) |
Payable for purchases of commercial paper | 0 | (4,997,788) |
Other liabilities | (13,084) | 224,500 |
Net cash (used in) provided by operating activities | (78,932,468) | 62,947,852 |
Proceeds from sale of Shares | 1,216,204,797 | 135,013,323 |
Redemption of Shares | (726,634,292) | (247,306,922) |
Net change in cost of the Underlying Funds | (33,335,082) | (5,732,374) |
Net cash provided by (used in) financing activities | 456,235,423 | (118,025,973) |
Net change in cash and cash equivalents | 377,302,955 | (55,078,121) |
Cash and cash equivalents beginning of period | 252,211,943 | 309,378,295 |
Cash and cash equivalents end of period | 629,514,898 | 254,300,174 |
Teucrium Corn Fund [Member] | ||
Net (loss) income | 23,935,440 | 40,911,620 |
Net change in unrealized appreciation on commodity and cryptocurrency futures contracts | 3,698,432 | 18,263,441 |
Due from broker | (15,362,882) | (6,206,315) |
Interest receivable | (125,466) | (1,510) |
Due to broker | 0 | (12,973,828) |
Management fee payable to Sponsor | 74,918 | (19,374) |
Payable for purchases of commercial paper | 0 | (2,499,092) |
Other liabilities | (42,145) | 139,564 |
Net cash (used in) provided by operating activities | 12,178,297 | 37,614,506 |
Proceeds from sale of Shares | 204,322,783 | 69,950,418 |
Redemption of Shares | (134,132,043) | (130,697,455) |
Net cash provided by (used in) financing activities | 70,190,740 | (60,747,037) |
Net change in cash and cash equivalents | 82,369,037 | (23,132,531) |
Cash and cash equivalents beginning of period | 115,012,740 | 138,181,061 |
Cash and cash equivalents end of period | $ 197,381,777 | $ 115,048,530 |
Organization and Operation
Organization and Operation | 9 Months Ended |
Sep. 30, 2022 | |
Teucrium Sugar Fund [Member] | |
Note 1 - Organization And Operation | Note 1 – Organization and Operation Teucrium Sugar Fund (referred to herein as “CANE” or the “Fund”) is a commodity pool that is a series of Teucrium Commodity Trust (“Trust”), a Delaware statutory trust formed on September 11, 2009. The Fund issues common units, called the “Shares,” representing fractional undivided beneficial interests in the Fund. The Fund continuously offers Creation Baskets consisting of 25,000 Shares at their Net Asset Value (“NAV”) to “Authorized Purchasers” through Foreside Fund Services, LLC, which is the distributor for the Fund (the “Distributor”). Authorized Purchasers sell such Shares, which are listed on the New York Stock Exchange (“NYSE”) Arca under the symbol “CANE,” to the public at per-Share offering prices that reflect, among other factors, the trading price of the Shares on the NYSE Arca, the NAV of the Fund at the time the Authorized Purchaser purchased the Creation Baskets and the NAV at the time of the offer of the Shares to the public, the supply of and demand for Shares at the time of sale, and the liquidity of the markets for sugar interests. The Fund’s Shares trade in the secondary market on the NYSE Arca at prices that are lower or higher than their NAV per Share. The investment objective of CANE is to have the daily changes in the NAV of the Fund’s Shares reflect the daily changes in the sugar market for future delivery as measured by the Benchmark. The Benchmark is 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”): 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 registered as a commodity pool operator (“CPO”) and a commodity trading adviser (“CTA”) with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures Association (“NFA”). 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 statement for CANE was declared effective by the SEC on April 7, 2022. This registration statement for CANE registered an indeterminate number of shares. The accompanying unaudited financial statements have been prepared in accordance with Rule 10-01 of Regulation S-X promulgated by the SEC and, therefore, do not include all information and footnote disclosures required under accounting principles generally accepted in the United States of America (“GAAP”). The financial information included herein is unaudited; however, such financial information reflects all adjustments which are, in the opinion of management, necessary for the fair presentation of the Fund’s financial statements for the interim period. It is suggested that these interim financial statements be read in conjunction with the financial statements and related notes included in the Trust’s Annual Report on Form 10-K, as well as the most recent Form S-1 filing, as applicable. The operating results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022. Subject to the terms of the Trust Agreement, Teucrium Trading, LLC, in its capacity as the Sponsor (“Sponsor”), may terminate a Fund at any time, regardless of whether the Fund has incurred losses, including, for instance, if it determines that the Fund’s aggregate net assets in relation to its operating expenses make the continued operation of the Fund unreasonable or imprudent. However, no level of losses will require the Sponsor to terminate a Fund. |
Teucrium Soybean Fund [Member] | |
Note 1 - Organization And Operation | Note 1 – Organization and Operation Teucrium Soybean Fund (referred to herein as “SOYB” or the “Fund”) is a commodity pool that is a series of Teucrium Commodity Trust (“Trust”), a Delaware statutory trust formed on September 11, 2009. The Fund issues common units, called the “Shares,” representing fractional undivided beneficial interests in the Fund. The Fund continuously offers Creation Baskets consisting of 25,000 Shares at their Net Asset Value (“NAV”) to “Authorized Purchasers” through Foreside Fund Services, LLC, which is the distributor for the Fund (the “Distributor”). Authorized Purchasers sell such Shares, which are listed on the New York Stock Exchange (“NYSE”) Arca under the symbol “SOYB,” to the public at per Share offering prices that reflect, among other factors, the trading price of the Shares on the NYSE Arca, the NAV of the Fund at the time the Authorized Purchaser purchased the Creation Baskets and the NAV at the time of the offer of the Shares to the public, the supply of and demand for Shares at the time of sale, and the liquidity of the markets for soybean interests. The Fund’s Shares trade in the secondary market on the NYSE Arca at prices that are lower or higher than their NAV per Share. The investment objective of SOYB is to have the daily changes in the NAV of the Fund’s Shares reflect the daily changes in the soybean market for future delivery as measured by the Benchmark. The Benchmark is a weighted average of the closing settlement prices for three futures contracts for soybeans (“Soybean Futures Contracts”) that are traded on the Chicago Board of Trade (“CBOT”): SOYB Benchmark CBOT Soybean 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 registered as a commodity pool operator (“CPO”) and a commodity trading adviser (“CTA”) with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures Association (“NFA”). 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 statement for SOYB was declared effective by the SEC on April 7, 2022. This registration statement for SOYB registered an indeterminate number of shares. The accompanying unaudited financial statements have been prepared in accordance with Rule 10-01 of Regulation S-X promulgated by the SEC and, therefore, do not include all information and footnote disclosures required under accounting principles generally accepted in the United States of America (“GAAP”). The financial information included herein is unaudited; however, such financial information reflects all adjustments which are, in the opinion of management, necessary for the fair presentation of the Fund’s financial statements for the interim period. It is suggested that these interim financial statements be read in conjunction with the financial statements and related notes included in the Trust’s Annual Report on Form 10-K, as well as the most recent Form S-1 filing, as applicable. The operating results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022. Subject to the terms of the Trust Agreement, Teucrium Trading, LLC, in its capacity as the Sponsor (“Sponsor”), may terminate a Fund at any time, regardless of whether the Fund has incurred losses, including, for instance, if it determines that the Fund’s aggregate net assets in relation to its operating expenses make the continued operation of the Fund unreasonable or imprudent. However, no level of losses will require the Sponsor to terminate a Fund. |
Teucrium Wheat Fund [Member] | |
Note 1 - Organization And Operation | Note 1 – Organization and Operation Teucrium Wheat Fund (referred to herein as “WEAT” or the “Fund”) is a commodity pool that is a series of Teucrium Commodity Trust (“Trust”), a Delaware statutory trust formed on September 11, 2009. The Fund issues common units, called the “Shares,” representing fractional undivided beneficial interests in the Fund. The Fund continuously offers Creation Baskets consisting of 25,000 Shares at their Net Asset Value (“NAV”) to “Authorized Purchasers” through Foreside Fund Services, LLC, which is the distributor for the Fund (the “Distributor”). Authorized Purchasers sell such Shares, which are listed on the New York Stock Exchange (“NYSE”) Arca under the symbol “WEAT,” to the public at per-Share offering prices that reflect, among other factors, the trading price of the Shares on the NYSE Arca, the NAV of the Fund at the time the Authorized Purchaser purchased the Creation Baskets and the NAV at the time of the offer of the Shares to the public, the supply of and demand for Shares at the time of sale, and the liquidity of the markets for wheat interests. The Fund’s Shares trade in the secondary market on the NYSE Arca at prices that are lower or higher than their NAV per Share. The investment objective of WEAT is to have the daily changes in the NAV of the Fund’s Shares reflect the daily changes in the wheat market for future delivery as measured by the Benchmark. The Benchmark is 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 registered as a commodity pool operator (“CPO”) and a commodity trading adviser (“CTA”) with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures Association (“NFA”). 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 March 9, 2022. This registration statement for WEAT registered an indeterminate number of shares. The accompanying unaudited financial statements have been prepared in accordance with Rule 10-01 of Regulation S-X promulgated by the SEC and, therefore, do not include all information and footnote disclosures required under accounting principles generally accepted in the United States of America (“GAAP”). The financial information included herein is unaudited; however, such financial information reflects all adjustments which are, in the opinion of management, necessary for the fair presentation of the Fund’s financial statements for the interim period. It is suggested that these interim financial statements be read in conjunction with the financial statements and related notes included in the Trust’s Annual Report on Form 10-K, as well as the most recent Form S-1 filing, as applicable. The operating results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022. Subject to the terms of the Trust Agreement, Teucrium Trading, LLC, in its capacity as the Sponsor (“Sponsor”), may terminate a Fund at any time, regardless of whether the Fund has incurred losses, including, for instance, if it determines that the Fund’s aggregate net assets in relation to its operating expenses make the continued operation of the Fund unreasonable or imprudent. However, no level of losses will require the Sponsor to terminate a Fund. |
Teucrium Agricultural Fund [Member] | |
Note 1 - Organization And Operation | Note 1 – 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 Fifth 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. The Sponsor is registered as a commodity pool operator (“CPO”) and a commodity trading adviser (“CTA”) with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures Association (“NFA”). On April 22, 2011, a registration statement was filed with the Securities and Exchange Commission (“SEC”). On February 10, 2012, the Fund’s initial registration of 5,000,000 shares on Form S-1 was declared effective by the SEC. On March 28, 2012, the Fund listed its shares on the NYSE Arca under the ticker symbol “TAGS.” On the business day prior to that, the Fund issued 300,000 shares in exchange for $15,000,000 at the Fund’s initial NAV of $50 per share. The Fund also commenced investment operations on March 28, 2012 by purchasing shares of the Underlying Funds. On December 31, 2011, the Fund had two shares outstanding, which were owned by the Sponsor. The current registration statement for TAGS was declared effective on April 7, 2022. This registration statement for TAGS registered an indeterminate number of shares. 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 Fund seeks to provide daily investment results that reflect the combined daily performance of the Underlying Funds. Under normal market conditions, the Fund seeks to achieve its investment objective generally by investing equally in shares of each Underlying Fund and, to a lesser extent, cash equivalents. The Fund’s investments in shares of the Underlying Funds is rebalanced, generally on a daily basis, in order to maintain approximately a 25% allocation of the Fund’s assets to each Underlying Fund. (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 short term Treasury Securities or cash equivalents, and/or merely hold such assets in cash. Therefore, the focus of the Sponsor in managing the Underlying Funds is investing in Commodity Interests and in cash and/or cash equivalents. The Fund and Underlying Funds will seek to earn interest income from the short-term Treasury Securities and/or cash equivalents that it purchases, and, on the cash, it holds through the Fund’s custodian. The accompanying unaudited financial statements have been prepared in accordance with Rule 10-01 of Regulation S-X promulgated by the SEC and, therefore, do not include all information and footnote disclosures required under accounting principles generally accepted in the United States of America (“GAAP”). The financial information included herein is unaudited; however, such financial information reflects all adjustments which are, in the opinion of management, necessary for the fair presentation of the Fund’s financial statements for the interim period. It is suggested that these interim financial statements be read in conjunction with the financial statements and related notes included in the Trust’s Annual Report on Form 10-K, as well as the most recent Form S-1 filing, as applicable. The operating results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022. 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. |
Hashdex Bitcoin Futures ETF [Member] | |
Note 1 - Organization And Operation | Note 1 – Organization and Operation Hashdex Bitcoin Futures ETF (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 Fifth Amended and Restated Declaration of Trust and Trust Agreement ("Trust Agreement"), dated April 26, 2019. The Trust Agreement may be found on the SEC’s EDGAR filing database at https://www.sec.gov/Archives/edgar/data/1471824/000165495419004865/ex31.htm. The Fund was formed and is managed and controlled by the Sponsor, a limited liability company formed in Delaware on July 28, 2009. The Sponsor is registered as a commodity pool operator (“CPO”) and a commodity trading adviser (“CTA”) with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures Association (“NFA”). The Fund intends to be treated as a partnership for U.S. federal income tax purposes. On September 14, 2022, the Fund’s initial registration of an indeterminate number of shares on Form S-1 was declared effective by the SEC. On September 16, 2022, the Fund listed it’s shares on the NYSE Arca under the ticker symbol “DEFI”. On the business day prior to that, the Fund issued 50,000 shares in exchange for $1,250,000 at the Fund’s initial NAV of $25 per share. The Fund’s investment objective is for changes in the Shares’ NAV to reflect the daily changes of the price of a specified benchmark (the “Benchmark”), less expenses from the Fund’s operations. The Benchmark currently is the average of the closing settlement prices for the first to expire and second to expire bitcoin futures contracts (“Bitcoin Futures Contracts”) listed on the CME. These futures contracts are the Benchmark Component Futures Contracts. The CME currently offers two Bitcoin Futures Contracts, one contract representing 5 bitcoin (“BTC Contracts”) and another contract representing 0.10 bitcoin (“MBT Contracts”). The Fund will invest in BTC Contracts and MBT Contracts to the extent necessary to achieve maximum exposure to the bitcoin futures market. DEFI Benchmark CME Bitcoin Futures Contracts Weighting First to expire 50 % Second to expire 50 % The accompanying unaudited financial statements have been prepared in accordance with Rule 10-01 of Regulation S-X promulgated by the SEC and, therefore, do not include all information and footnote disclosures required under accounting principles generally accepted in the United States of America (“GAAP”). The financial information included herein is unaudited; however, such financial information reflects all adjustments which are, in the opinion of management, necessary for the fair presentation of the Fund’s financial statements for the interim period. It is suggested that these interim financial statements be read in conjunction with the financial statements and related notes included in the Trust’s Annual Report on Form 10-K, as well as the most recent Form S-1 filing, as applicable. The operating results from commencement of operations (September 15, 2022) through September 30, 2022 are not necessarily indicative of the results to be expected from the commencement of operations (September 15, 2022) through December 31, 2022. 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 Commodity Trust - Combined [Member] | |
Note 1 - Organization And Operation | Note 1 – Organization and Operation Teucrium Commodity Trust (“Trust”), a Delaware statutory trust organized on September 11, 2009, is a series trust consisting of six series: Teucrium Corn Fund (“CORN”), Teucrium Sugar Fund (“CANE”), Teucrium Soybean Fund (“SOYB”), Teucrium Wheat Fund (“WEAT”), Teucrium Agricultural Fund (“TAGS”) and Hashdex Bitcoin Futures ETF (“DEFI”). All of these series of the Trust are collectively referred to as the “Funds” and singularly as the “Fund.” Collectively, CORN, CANE, SOYB, and WEAT are referred to as the “Agricultural Funds”. 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. Effective as of April 29, 2019, 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. The current registration statement for CORN was declared effective by the SEC on April 7, 2022. This registration statement for CORN registered an indeterminate number of shares. 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 7, 2022. The registration statements for SOYB and CANE registered an indeterminate number of shares each. The current registration statement for WEAT was declared effective on March 9, 2022. This registration statement for WEAT registered an indeterminate number of 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 7, 2022. This registration statement for TAGS registered an indeterminate number of shares. On September 14, 2022, the Form S-1 for DEFI was declared effective by the SEC. This registration statement for DEFI registered an indeterminate number of shares. On September 15, 2022, five Creation Baskets for DEFI were issued representing 50,000 shares and $1,250,000. DEFI began trading on the NYSE Arca on September 16, 2022. Teucrium Trading, LLC is the sponsor (“Sponsor”) of the Trust. 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 accompanying unaudited financial statements have been prepared in accordance with Rule 10-01 of Regulation S-X promulgated by the SEC and, therefore, do not include all information and footnote disclosures required under accounting principles generally accepted in the United States of America (“GAAP”). The financial information included herein is unaudited; however, such financial information reflects all adjustments which are, in the opinion of management, necessary for the fair presentation of the Trust’s financial statements for the interim period. It is suggested that these interim financial statements be read in conjunction with the audited financial statements and related notes included in the Trust’s Annual Report on Form 10-K, as well as the most recent Form S-1 filing, as applicable. The operating results for the three and nine months ended September 30, 2022, are not necessarily indicative of the results to be expected for the full year ending December 31, 2022. Subject to the terms of the Trust Agreement, Teucrium Trading, LLC in its capacity as the Sponsor of the Trust may terminate a Fund at any time, regardless of whether the Fund has incurred losses, including, for instance, if it determines that the Fund’s aggregate net assets in relation to its operating expenses make the continued operation of the Fund unreasonable or imprudent. However, no level of losses will require the Sponsor to terminate a Fund. |
Teucrium Corn Fund [Member] | |
Note 1 - Organization And Operation | Note 1 – Organization and Operation Teucrium Corn Fund (referred to herein as “CORN,” or the “Fund”) is a commodity pool that is a series of Teucrium Commodity Trust (“Trust”), a Delaware statutory trust formed on September 11, 2009. The Fund issues common units, called the “Shares,” representing fractional undivided beneficial interests in the Fund. The Fund continuously offers Creation Baskets consisting of 25,000 Shares at their Net Asset Value (“NAV”) to “Authorized Purchasers” through Foreside Fund Services, LLC, which is the distributor for the Fund (the “Distributor”). Authorized Purchasers sell such Shares, which are listed on the New York Stock Exchange (“NYSE”) Arca under the symbol “CORN,” to the public at per-Share offering prices that reflect, among other factors, the trading price of the Shares on the NYSE Arca, the NAV of the Fund at the time the Authorized Purchaser purchased the Creation Baskets and the NAV at the time of the offer of the Shares to the public, the supply of and demand for Shares at the time of sale, and the liquidity of the markets for corn interests. The Fund’s Shares trade in the secondary market on the NYSE Arca at prices that are lower or higher than their NAV per Share. The investment objective of CORN is to have the daily changes in the NAV of the Fund’s Shares reflect the daily changes in the corn market for future delivery as measured by the Benchmark. The Benchmark is 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 registered as a commodity pool operator (“CPO”) and a commodity trading adviser (“CTA”) with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures Association (“NFA”). 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 7, 2022. This registration statement for CORN registered an indeterminate number of shares. The accompanying unaudited financial statements have been prepared in accordance with Rule 10-01 of Regulation S-X promulgated by the SEC and, therefore, do not include all information and footnote disclosures required under accounting principles generally accepted in the United States of America (“GAAP”). The financial information included herein is unaudited; however, such financial information reflects all adjustments which are, in the opinion of management, necessary for the fair presentation of the Fund’s financial statements for the interim period. It is suggested that these interim financial statements be read in conjunction with the financial statements and related notes included in the Trust’s Annual Report on Form 10-K, as well as the most recent Form S-1 filing, as applicable. The operating results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022. 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 | 9 Months Ended |
Sep. 30, 2022 | |
Teucrium Sugar Fund [Member] | |
Note 2 - Principal Contracts And Agreements | Note 2 – Principal Contracts and Agreements The Sponsor employs U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Global Fund Services”), for Transfer Agency, Fund Accounting and Fund Administration services. The principal address for Global Fund Services is 615 E. Michigan Street, Milwaukee, WI 53202. 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 Global Fund Services 0.05% of average gross assets on the first $500 million, 0.04% on the next $500 million, 0.03% on the next $2 billion and 0.02% on the balance over $3 billion annually. A combined minimum annual fee of up to $47,000 for custody, transfer agency, accounting and administrative services is assessed per Fund. These services are recorded as 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 each Fund’s average daily net assets and an aggregate annual fee of $100,000 for all 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 as 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 Sponsor. E D & F Man Capital Markets, Inc. (“E D & F Man”) and StoneX Financial Inc. (“StoneX”) serve as the Funds’ clearing brokers to execute and clear the futures contracts and provide other brokerage-related services. E D & F Man and StoneX are each registered as futures commission merchants (“FCM”) with the U.S. CFTC and are members of the NFA. The clearing brokers are registered as broker-dealers with the SEC and are each a member of FINRA. ED & F Man and StoneX are each clearing members 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 E D & F Man is paid $11.00 per round turn. StoneX is paid $2.50 per round turn exclusive of pass-through fees for the exchange and the NFA. These expenses are 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 Thales Capital Partners LLC (“Thales”) for distribution and solicitation-related services. Thales is registered as a Broker-Dealer with the SEC and a member of FINRA and the Securities Investor Protection Corporation (“SIPC”). Thales receives a quarterly fee of the higher of $18,750 or 0.10% of new assets raised in referred accounts for distribution and solicitation-related services. This fee based on new assets raised is determined by an agreed upon level of assets at the time of signing the contract. These services are recorded in distribution and marketing fees on the statements of operations. A summary of these expenses is included below: Three months ended September 30, 2022 Three months ended September 30, 2021 Nine months ended September 30, 2022 Nine months ended September 30, 2021 Amount Recognized for Custody Services $ 5,101 $ 3,407 $ 10,335 $ 11,673 Amount of Custody Services Waived $ - $ 2,209 $ 1,068 $ 4,544 Amount Recognized for Distribution Services $ 2,098 $ 2,359 $ 6,834 $ 5,967 Amount of Distribution Services Waived $ - $ 742 $ 3,331 $ 1,958 Amount Recognized for Wilmington Trust $ 550 $ 252 $ 550 $ 252 Amount of Wilmington Trust Waived $ - $ 252 $ - $ 252 Amount Recognized for Thales $ 1,943 $ 4,991 $ 10,642 $ 11,299 Amount of Thales Waived $ - $ 4,991 $ 4,427 $ 5,859 |
Teucrium Soybean Fund [Member] | |
Note 2 - Principal Contracts And Agreements | Note 2 – Principal Contracts and Agreements The Sponsor employs U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Global Fund Services”), for Transfer Agency, Fund Accounting and Fund Administration services. The principal address for Global Fund Services is 615 E. Michigan Street, Milwaukee, WI 53202. 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 Global Fund Services 0.05% of average gross assets on the first $500 million, 0.04% on the next $500 million, 0.03% on the next $2 billion and 0.02% on the balance over $3 billion annually. A combined minimum annual fee of up to $47,000 for custody, transfer agency, accounting and administrative services is assessed per Fund. These services are recorded as 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 each Fund’s average daily net assets and an aggregate annual fee of $100,000 for all 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 as 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 Sponsor. E D & F Man Capital Markets, Inc. (“E D & F Man”) and StoneX Financial Inc. (“StoneX”) serve as the Funds’ clearing brokers to execute and clear futures contracts and provide other brokerage-related services. E D & F Man and StoneX are each registered as futures commission merchants (“FCM”) with the U.S. CFTC and are members of the NFA. The clearing brokers are registered as broker-dealers with the SEC and are each a member of FINRA. ED & F Man and StoneX are each clearing members 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 E D & F Man is paid $11.00 per round turn. StoneX is paid $2.50 per round turn exclusive of pass-through fees for the exchange and the NFA. These expenses are 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 Thales Capital Partners LLC (“Thales”) for distribution and solicitation-related services. Thales is registered as a Broker-Dealer with the SEC and a member of FINRA and the Securities Investor Protection Corporation (“SIPC”). Thales receives a quarterly fee of the higher of $18,750 or 0.10% of new assets raised in referred accounts for distribution and solicitation-related services. This fee based on new assets raised is determined by an agreed upon level of assets at the time of signing the contract. These services are recorded in distribution and marketing fees on the statements of operations. A summary of these expenses is included below: Three months ended September 30, 2022 Three months ended September 30, 2021 Nine months ended September 30, 2022 Nine months ended September 30, 2021 Amount Recognized for Custody Services $ 13,002 $ 24,956 $ 24,008 $ 77,396 Amount of Custody Services Waived $ - $ 14,494 $ 4,000 $ 22,311 Amount Recognized for Distribution Services $ 4,476 $ 9,804 $ 14,860 $ 36,491 Amount of Distribution Services Waived $ - $ 6,268 $ 3,962 $ 20,164 Amount Recognized for Wilmington Trust $ 550 $ 631 $ 550 $ 631 Amount of Wilmington Trust Waived $ - $ 631 $ - $ 631 Amount Recognized for Thales $ 4,543 $ 22,937 $ 22,314 $ 70,896 Amount of Thales Waived $ - $ 22,937 $ - $ 28,236 |
Teucrium Wheat Fund [Member] | |
Note 2 - Principal Contracts And Agreements | Note 2 – Principal Contracts and Agreements The Sponsor employs U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Global Fund Services”), for Transfer Agency, Fund Accounting and Fund Administration services. The principal address for Global Fund Services is 615 E. Michigan Street, Milwaukee, WI 53202. 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 Global Fund Services 0.05% of average gross assets on the first $500 million, 0.04% on the next $500 million, 0.03% on the next $2 billion and 0.02% on the balance over $3 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 as 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 each Fund’s average daily net assets and an aggregate annual fee of $100,000 for all 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 as 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 Sponsor. E D & F Man Capital Markets, Inc. (“E D & F Man”) and StoneX Financial Inc. (“StoneX”) serve as the Funds’ clearing brokers to execute and clear futures contracts and provide other brokerage-related services. E D & F Man and StoneX are each registered as futures commission merchants (“FCM”) with the U.S. CFTC and are members of the NFA. The clearing brokers are registered as broker-dealers with the SEC and are each a member of FINRA. ED & F Man and StoneX are each clearing members 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 E D & F Man is paid $11.00 per round turn. StoneX is paid $2.50 per round turn exclusive of pass-through fees for the exchange and the NFA. These expenses are 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 Thales Capital Partners LLC (“Thales”) for distribution and solicitation-related services. Thales is registered as a Broker-Dealer with the SEC and a member of FINRA and the Securities Investor Protection Corporation (“SIPC”). Thales receives a quarterly fee of the higher of $18,750 or 0.10% of new assets raised in referred accounts for distribution and solicitation-related services. This fee based on new assets raised is determined by an agreed upon level of assets at the time of signing the contract. These services are recorded in distribution and marketing fees on the statements of operations. A summary of these expenses is included below: Three months ended September 30, 2022 Three months ended September 30, 2021 Nine months ended September 30, 2022 Nine months ended September 30, 2021 Amount Recognized for Custody Services $ 83,198 $ 19,798 $ 156,575 $ 54,420 Amount of Custody Services Waived $ - $ 5,960 $ 14,164 $ 5,960 Amount Recognized for Distribution Services $ 30,177 $ 8,584 $ 72,723 $ 26,000 Amount of Distribution Services Waived $ - $ 8,584 $ 14,931 $ 16,804 Amount Recognized for Wilmington Trust $ 550 $ 789 $ 550 $ 789 Amount of Wilmington Trust Waived $ - $ - $ - $ - Amount Recognized for Thales $ 31,037 $ 19,008 $ 97,518 $ 49,674 Amount of Thales Waived $ - $ 19,008 $ 66,481 $ 22,741 |
Teucrium Agricultural Fund [Member] | |
Note 2 - Principal Contracts And Agreements | Note 2 – Principal Contracts and Agreements The Sponsor employs U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Global Fund Services”), for Transfer Agency, Fund Accounting and Fund Administration services. The principal address for Global Fund Services is 615 E. Michigan Street, Milwaukee, WI 53202. 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 Global Fund Services 0.05% of average gross assets on the first $500 million, 0.04% on the next $500 million, 0.03% on the next $2 billion and 0.02% on the balance over $3 billion annually. A combined minimum annual fee of up to $47,000 for custody, transfer agency, accounting and administrative services is assessed per Fund. These services are recorded as 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 each Fund’s average daily net assets and an aggregate annual fee of $100,000 for all 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 as 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 Sponsor. E D & F Man Capital Markets, Inc. (“E D & F Man”) and StoneX Financial Inc. (“StoneX”) serve as the Underlying Funds’ clearing brokers to execute and clear the Underlying Funds’ futures and provide other brokerage-related services. E D & F Man and StoneX are each registered as futures commission merchants (“FCM”) with the U.S. CFTC and are members of the NFA. The clearing brokers are registered as broker-dealers with the SEC and are each a member of FINRA. ED & F Man and StoneX are each clearing members 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 E D & F Man is paid $11.00 per round turn. StoneX is paid $2.50 per round turn exclusive of pass-through fees for the exchange and the NFA. These expenses are 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 Thales Capital Partners LLC (“Thales”) for distribution and solicitation-related services. Thales is registered as a Broker-Dealer with the SEC and a member of FINRA and the Securities Investor Protection Corporation (“SIPC”). Thales receives a quarterly fee of the higher of $18,750 or 0.10% of new assets raised in referred accounts for distribution and solicitation-related services. This fee based on new assets raised is determined by an agreed upon level of assets at the time of signing the contract. These services are recorded in distribution and marketing fees on the statements of operations. A summary of these expenses is included below: Three months ended September 30, 2022 Three months ended September 30, 2021 Nine months ended September 30, 2022 Nine months ended September 30, 2021 Amount Recognized for Custody Services $ 7,455 $ 2,533 $ 12,324 $ 4,258 Amount of Custody Services Waived $ 7,455 $ 2,299 $ 12,324 $ 4,024 Amount Recognized for Distribution Services $ 2,739 $ 1,016 $ 6,499 $ 2,043 Amount of Distribution Services Waived $ 2,739 $ 1,016 $ 6,499 $ 1,885 Amount Recognized for Wilmington Trust $ 550 $ 108 $ 550 $ 108 Amount of Wilmington Trust Waived $ - $ 108 $ - $ 108 Amount Recognized for Thales $ 2,745 $ 2,196 $ 9,000 $ 3,954 Amount of Thales Waived $ 2,605 $ 2,196 $ 5,295 $ 3,954 |
Hashdex Bitcoin Futures ETF [Member] | |
Note 2 - Principal Contracts And Agreements | Note 2 – Principal Contracts and Agreements The Sponsor employs U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Global Fund Services”), for Transfer Agency, Fund Accounting and Fund Administration services. The principal address for Global Fund Services is 615 E. Michigan Street, Milwaukee, WI 53202. 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 Global Fund Services 0.05% of average gross assets on the first $500 million, 0.04% on the next $500 million, 0.03% on the next $2 billion and 0.02% on the balance over $3 billion annually. A combined minimum annual fee of up to $47,000 for custody, transfer agency, accounting and administrative services is assessed per Fund. These services are recorded as 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. For its services as the Distributor, Foreside receives a fee of 0.01% of each Fund’s average daily net assets and an aggregate annual fee of $100,000 for all Funds, along with certain expense reimbursements. These services are recorded as 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. StoneX Financial Inc. (“StoneX”) and Phillip Capital Inc. (“Phillip Capital”) serve as the Fund’s clearing brokers to execute futures contracts and provide other brokerage-related services. StoneX and Phillip Capital are each registered as futures commission merchants (“FCM”) with the U.S. CFTC and are members of the NFA. The clearing brokers are registered as broker-dealers with the SEC and are each a member of FINRA. StoneX and Phillip Capital are each clearing members 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. StoneX is paid 10.00 -$25.00 per half-turn exclusive of pass through fees for the exchange, and the NFA. Phillip Capital is paid $35.00 - $45.00 per half-turn exclusive of pass through fees for the exchange, the NFA, execution fees and platform and exchange data fees. 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. From the commencement of operations (September 15, 2022) through September 30, 2022 Amount Recognized for Wilmington Trust $ 550 Amount of Wilmington Trust Waived $ 550 |
Teucrium Commodity Trust - Combined [Member] | |
Note 2 - Principal Contracts And Agreements | Note 2 – Principal Contracts and Agreements The Sponsor employs U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Global Fund Services”), for Transfer Agency, Fund Accounting and Fund Administration services. The principal address for Global Fund Services is 615 E. Michigan Street, Milwaukee, WI 53202. 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 Global Fund Services 0.05% of average gross assets on the first $500 million, 0.04% on the next $500 million, 0.03% on the next $2 billion and 0.02% on the balance over $3 billion annually. A combined minimum annual fee of up to $47,000 for custody, transfer agency, accounting and administrative services is assessed per Fund. These services are recorded as 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 each Fund’s average daily net assets and an aggregate annual fee of $100,000 for all 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 as 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 Sponsor. E D & F Man Capital Markets, Inc. (“E D & F Man”), StoneX Financial Inc. (“StoneX”) and Phillip Capital Inc. (“Phillip Capital”) serve as the Funds’ clearing brokers to execute and clear futures contracts and provide other brokerage-related services. E D & F Man, StoneX and Phillip Capital are each registered as futures commission merchants (“FCM”) with the U.S. CFTC and are members of the NFA. The clearing brokers are registered as broker-dealers with the SEC and are each a member of FINRA. E D & F Man, StoneX and Phillip Capital are each clearing members 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, E D & F Man is paid $11.00 per round turn. StoneX is paid $2.50 per round turn exclusive of pass-through fees for the exchange and the NFA. Additionally, if the monthly commissions paid by each Fund does not equal or exceed 20% return on the StoneX Capital Requirement at 9.6% of the Exchange Maintenance Margin, each Fund will pay a true up to meet that return at the end of each month. These expenses are recognized on a per-trade basis. The half-turn is recognized as an unrealized loss on the combined statements of operations, and a full turn is recognized as a realized loss on the combined statements of operations when a contract is sold. For Bitcoin futures contracts, StoneX is paid $10.00 - $25.00 per half-turn exclusive of pass through fees for the exchange and NFA. Phillip Capital is paid $35.00 - $45.00 per half-turn exclusive of pass through fees for the exchange, NFA, execution fees and platform and exchange data fees. 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 Thales Capital Partners LLC (“Thales”) for distribution and solicitation-related services. Thales is registered as a Broker-Dealer with the SEC and a member of FINRA and the Securities Investor Protection Corporation (“SIPC”). Thales receives a quarterly fee of the higher of $18,750 or 0.10% of new assets raised in referred accounts for distribution and solicitation-related services. This fee based on new assets raised is determined by an agreed upon level of assets at the time of signing the contract. These services are recorded in distribution and marketing fees on the combined statements of operations. A summary of these expenses is included below: Three months ended September 30, 2022 (1) Three months ended September 30, 2021 Nine months ended September 30, 2022 (1) Nine months ended September 30, 2021 Amount Recognized for Custody Services $ 151,161 $ 99,410 $ 280,651 $ 280,651 Amount of Custody Services Waived $ 7,455 $ 53,146 $ 35,556 $ 79,955 Amount Recognized for Distribution Services $ 53,835 $ 41,306 147,890 $ 132,621 Amount of Distribution Services Waived $ 2,739 $ 36,153 45,733 $ 60,354 Amount Recognized for Wilmington Trust $ 3,300 $ 3,300 $ 3,300 $ 3,300 Amount of Wilmington Trust Waived $ 550 $ 991 $ 550 $ 991 Amount Recognized for Thales $ 54,755 $ 92,386 $ 212,879 $ 253,154 Amount of Thales Waived $ 2,605 $ 92,386 $ 103,396 $ 134,064 (1) The Hashdex Bitcoin Futures ETF commenced operations on September 15, 2022. |
Teucrium Corn Fund [Member] | |
Note 2 - Principal Contracts And Agreements | Note 2 – Principal Contracts and Agreements The Sponsor employs U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Global Fund Services”), for Transfer Agency, Fund Accounting and Fund Administration services. The principal address for Global Fund Services is 615 E. Michigan Street, Milwaukee, WI 53202. 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 Global Fund Services 0.05% of average gross assets on the first $500 million, 0.04% on the next $500 million, 0.03% on the next $2 billion and 0.02% on the balance over $3 billion annually. A combined minimum annual fee of up to $47,000 for custody, transfer agency, accounting and administrative services is assessed per Fund. These services are recorded as 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 each Fund’s average daily net assets and an aggregate annual fee of $100,000 for all 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 as 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 Sponsor. E D & F Man Capital Markets, Inc. (“E D & F Man”) and StoneX Financial Inc (“StoneX”) serve as the Funds’ clearing brokers to execute and clear futures contracts and provide other brokerage-related services. E D & F Man and StoneX are each registered as futures commission merchants (“FCM”) with the U.S. CFTC and are members of the NFA. The clearing brokers are registered as broker-dealers with the SEC and are each a member of FINRA. ED & F Man and StoneX are each clearing members 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, E D & F Man is paid $11.00 per round turn. StoneX is paid $2.50 per round turn exclusive of pass-through fees for the exchange and the NFA. Additionally, if the monthly commissions paid by each Fund does not equal or exceed 20% return on the StoneX Capital Requirement at 9.6% of the Exchange Maintenance Margin, each Fund will pay a true up to meet that return at the end of each month. These expenses are 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 Thales Capital Partners LLC (“Thales”) for distribution and solicitation-related services. Thales is registered as a Broker-Dealer with the SEC and a member of FINRA and the Securities Investor Protection Corporation (“SIPC”). Thales receives a quarterly fee of the higher of $18,750 or 0.10% of new assets raised in referred accounts for distribution and solicitation-related services. This fee based on new assets raised is determined by an agreed upon level of assets at the time of signing the contract. These services are recorded in distribution and marketing fees on the statements of operations. A summary of these expenses is included below: Three months ended September 30, 2022 Three months ended September 30, 2021 Nine months ended September 30, 2022 Nine months ended September 30, 2021 Amount Recognized for Custody Services $ 42,405 $ 48,716 $ 77,409 $ 132,904 Amount of Custody Services Waived $ - $ 28,184 $ 4,000 $ 43,116 Amount Recognized for Distribution Services $ 14,345 $ 19,543 $ 46,974 $ 62,120 Amount of Distribution Services Waived $ - $ 19,543 $ 17,010 $ 19,543 Amount Recognized for Wilmington Trust $ 550 $ 1,520 $ 550 $ 1,520 Amount of Wilmington Trust Waived $ - $ - $ - $ - Amount Recognized for Thales $ 14,487 $ 43,254 $ 73,405 $ 117,331 Amount of Thales Waived $ - $ 43,254 $ 27,193 $ 73,274 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Teucrium Sugar Fund [Member] | |
Note 3 - Summary Of Significant Accounting Policies | Note 3 – Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as detailed in the Financial Accounting Standards Board’s Accounting Standards Codification. Revenue Recognition Commodity futures contracts are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized appreciation or depreciation on commodity futures contracts are reflected in the statements of 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 Fund seeks to earn interest on funds held at the custodian and other financial institutions at prevailing market rates for such investments. The Sponsor invests 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 on the statements of cash flows. Accretion on these investments is recognized using the effective interest method in U.S. dollars and included in interest income on the statements of operations. The Sponsor invests a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts. Accretion on these investments is recognized using the effective interest method in U.S. dollars and included in interest income on the statements of operations. Brokerage Commissions The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis. The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and nine months ended September 30, 2022. CANE Three Months Ended September 30, 2022 $ 5,436 Three Months Ended September 30, 2021 $ 6,613 Nine Months Ended September 30, 2022 $ 31,972 Nine Months Ended September 30, 2021 $ 19,047 Income Taxes For federal income tax purposes, the Fund will be treated as a publicly traded partnership. A publicly traded partnership is generally treated as a corporation for federal income tax purposes unless 90% or more of the publicly traded partnership’s gross income for each taxable year of its existence consists of qualifying income as defined in section 7704(d) of the Internal Revenue Code of 1986, as amended. Qualifying income is defined as generally including, in pertinent part, interest (other than from a financial business), dividends, and gains from the sale or disposition of capital assets held for the production of interest or dividends. In the case of a partnership of which a principal activity is the buying and selling of commodities, other than as inventory, or of futures, forwards and options with respect to commodities, qualifying income also includes income and gains from commodities and from futures, forwards, options with respect to commodities and, provided the partnership is a trader or investor with respect to such assets, swaps and other notional principal contracts with respect to commodities. The Fund expects that at least 90% of the Fund’s gross income for each taxable year will consist of qualifying income and that the Fund will be taxed as a partnership for federal income tax purposes. The Fund does not record a provision for income taxes because the shareholders report their share of the Fund’s income or loss on their income tax returns. The financial statements reflect the Fund’s transactions without adjustment, if any, required for income tax purposes. The Fund is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states and foreign jurisdictions. For all tax years 2019 to 2021, 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 September 30, 2022 and for the years ended December 31, 2021, 2020, and 2019. However, the Fund’s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof. The Fund recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the three and nine months ended September 30, 2022 and 2021. 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. (ET) on the day the order to create the basket is received in good order. 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. (ET) on the day the order to redeem the basket is received in good order. 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 capital shares receivable. 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 maturity dates of 90 days or less when acquired. The Trust 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 Fund holds a balance in money market funds that is included in cash and cash equivalents on the statements of assets and liabilities. The Sponsor invests 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. The Sponsor invests a portion of the available cash for the Funds in investment grade commercial paper with durations of 90 days or less, which is classified as a cash equivalent and is not FDIC insured. The Sponsor may invest 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. September 30, 2022 December 31, 2021 Money Market Funds $ 8,765,898 $ 4,816,883 Demand Deposit Savings Accounts 3,045,634 9,016,479 Commercial Paper 12,273,660 7,499,540 Total cash and cash equivalents as presented on the Statement of Assets and Liabilities $ 24,085,192 $ 21,332,902 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, payables for commodities futures accounts liquidating to an equity balance on the clearing broker’s records, and amounts of brokerage commissions paid and recognized as unrealized losses. 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 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. (ET). The NAV for a particular trading day is released after 4:15 p.m. (ET). 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. (ET). 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. Short term 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 has elected not to outsource services directly attributable to the Trust and the Funds such as accounting, financial reporting, regulatory compliance, and trading activities, which the Sponsor performs itself. In addition, the Fund is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00% per annum. The Fund generally pays for all brokerage fees, taxes, and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the SEC, FINRA, or any other regulatory agency in connection with the offer and sale of subsequent Shares after its initial registration and all legal, accounting, printing and other expenses associated therewith. The Fund also pays its portion of the fees and expenses associated with the Trust’s tax accounting and reporting requirements. Certain aggregate expenses common to all Funds within the Trust are allocated by the Sponsor to the respective 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 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 in the financial statements of each Fund. Three months ended September 30, 2022 Three months ended September 30, 2021 Nine months ended September 30, 2022 Nine months ended September 30, 2021 Recognized Related Party Transactions $ 24,638 $ 30,226 $ 96,060 $ 77,995 Waived Related Party Transactions $ - $ 10,632 $ 25,739 $ 29,830 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 will be no recovery sought for the amounts below in any future period: CANE Three months ended September 30, 2022 $ - Three months ended September 30, 2021 $ 29,699 Nine months ended September 30, 2022 $ 78,237 Nine months ended September 30, 2021 $ 87,738 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 September 30, 2022 and December 31, 2021, 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 periods being reported. For the three and nine months ended September 30, 2022 and year ended December 31, 2021, 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 units outstanding was computed for purposes of disclosing net income (loss) per weighted average unit. The weighted average units are equal to the number of units outstanding at the end of the period, adjusted proportionately for units created or redeemed based on the amount of time the units were outstanding during such period. New Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-03, related to fair value measurement (Topic 820) of equity securities subject to contractual sale restrictions. Under the clarified guidance, contractual restrictions on the sale of an equity security are not considered part of the unit of account of the equity security and, therefore, are not considered in measuring fair value, however they do require disclosures. The amendment was early adopted for the quarter ended June 30, 2022; the early adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2021-05: “Leases (Topic 842).” Under the amended guidance, a lessor should classify and account for a lease with variable lease payments that don’t depend on an index or a rate as an operating lease if the lease would’ve been classified as a sales-type lease or a direct financing lease in accordance with the lease classification guidance in Topic 842 and the lessor would’ve otherwise recognized a day-one loss. The amendment was adopted early for the quarter ended September 30, 2021; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2020-10: “Codification Improvements.” The amendment improves the disclosure guidance in appropriate Disclosure Sections, without resulting in changes to current GAAP. The amendment is effective for annual periods beginning after December 15, 2020. The amendment was adopted for the quarter ended March 31, 2021; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued 2020-02: “Financial Instruments Credit Losses (Topic 326) and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842). The amendment updates and adds language to ASU 2016-02. The amendments were adopted for the quarter ended March 31, 2020; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2020-01: Investments Equity Securities (Topic 321), Investments Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. The amendments clarify the treatment of transactions that require a company to apply or discontinue the equity method of accounting. The amendments were adopted early for the quarter ended March 31, 2020; 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 201712. 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 were adopted for the quarter ended September 30, 2020; 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 were adopted for the quarter ended March 31, 2020; 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 adopted for the quarter ended September 30, 2020; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. |
Teucrium Soybean Fund [Member] | |
Note 3 - Summary Of Significant Accounting Policies | Note 3 – Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as detailed in the Financial Accounting Standards Board’s Accounting Standards Codification. Revenue Recognition Commodity futures contracts are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized appreciation or depreciation on commodity futures contracts are reflected in the statements of 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. The Fund seeks to earn interest on its assets denominated in U.S. dollars on deposits with the Futures Commission Merchant. In addition, the Fund seeks to earn interest on funds held at the custodian and other financial institutions at prevailing market rates for such investments. The Sponsor invests 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 on the statements of cash flows. Accretion on these investments is recognized using the effective interest method in U.S. dollars and included in interest income on the statements of operations. The Sponsor invests a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts. Accretion on these investments is recognized using the effective interest method in U.S. dollars and included in interest income on the statements of operations. Brokerage Commissions the Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis. The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and nine months ended September 30, 2022. SOYB Three Months Ended September 30, 2022 $ 6,432 Three Months Ended September 30, 2021 $ 4,833 Nine Months Ended September 30, 2022 $ 21,638 Nine Months Ended September 30, 2021 $ 26,568 Income Taxes For federal income tax purposes, each Fund will be treated as a publicly traded partnership. A publicly traded partnership is generally treated as a corporation for federal income tax purposes unless 90% or more of the publicly traded partnership’s gross income for each taxable year of its existence consists of qualifying income as defined in section 7704(d) of the Internal Revenue Code of 1986, as amended. Qualifying income is defined as generally including, in pertinent part, interest (other than from a financial business), dividends, and gains from the sale or disposition of capital assets held for the production of interest or dividends. In the case of a partnership of which a principal activity is the buying and selling of commodities, other than as inventory, or of futures, forwards and options with respect to commodities, qualifying income also includes income and gains from commodities and from futures, forwards, options with respect to commodities and, provided the partnership is a trader or investor with respect to such assets, swaps and other notional principal contracts with respect to commodities. The Fund expects that at least 90% of the Fund’s gross income for each taxable year will consist of qualifying income and that the Fund will be taxed as a partnership for federal income tax purposes. The Fund does not record a provision for income taxes because the shareholders report their share of the Fund’s income or loss on their income tax returns. The financial statements reflect the Fund’s transactions without adjustment, if any, required for income tax purposes. The Fund is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states and foreign jurisdictions. For all tax years 2019 to 2021, 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 September 30, 2022 and for the years ended December 31, 2021, 2020, and 2019. However, the Fund’s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof. The Fund recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the three and nine months ended September 30, 2022 and 2021. 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. (ET) on the day the order to create the basket is received in good order. 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. (ET) on the day the order to redeem the basket is received in good order. 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 capital shares receivable. 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 represent 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 maturity dates of 90 days or less when acquired. The Trust 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 Fund holds a balance in money market funds that is included in cash and cash equivalents on the statements of assets and liabilities. The Sponsor invests 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. The Sponsor invests a portion of the available cash for the Funds in investment grade commercial paper with durations of 90 days or less, which is classified as a cash equivalent and is not FDIC insured. The Sponsor may invest a portion of the cash held by the FCM in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured. September 30, 2022 December 31, 2021 Money Market Funds $ 28,169,659 $ 11,462,494 Demand Deposit Savings Accounts 5,103,208 10,059,937 Commercial Paper 31,628,863 21,497,453 Total cash and cash equivalents as presented on the Statement of Assets and Liabilities $ 64,901,730 $ 43,019,884 Payable for Purchases of Commercial Paper The amount recorded by the Fund for commercial paper transactions awaiting settlement, 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, payables for commodities futures accounts liquidating to an equity balance on the clearing broker’s records and amounts of brokerage commissions paid and recognized as unrealized losses. 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 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. (ET). The NAV for a particular trading day is released after 4:15 p.m. (ET). 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. (ET). 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. Short term 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 has elected not to outsource services directly attributable to the Trust and the Funds such as accounting, financial reporting, regulatory compliance, and trading activities, which the Sponsor performs itself. In addition, the Fund is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00% per annum. The Fund pays for all brokerage fees, taxes, and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the SEC, FINRA, or any other regulatory agency in connection with the offer and sale of subsequent Shares after its initial registration and all legal, accounting, printing and other expenses associated therewith. The Fund also pays its portion of the fees and expenses associated with the Trust’s tax accounting and reporting requirements. Certain aggregate expenses common to all Funds within the Trust are allocated by the Sponsor to the respective 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 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 in the financial statements of each Fund. Three months ended September 30, 2022 Three months ended September 30, 2021 Nine months ended September 30, 2022 Nine months ended September 30, 2021 Recognized Related Party Transactions $ 53,104 $ 122,021 $ 205,250 $ 461,318 Waived Related Party Transactions $ - $ 93,643 $ 32,056 $ 231,207 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 will be no recovery sought for the amounts below in any future period: SOYB Three months ended September 30, 2022 $ - Three months ended September 30, 2021 $ 173,635 Nine months ended September 30, 2022 $ 89,562 Nine months ended September 30, 2021 $ 479,631 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 September 30, 2022 and December 31, 2021, in the opinion of the Trust and the Fund, 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 Fund considers the average volume of the specific underlying futures contracts traded on the relevant exchange for the periods being reported. For the quarter ended March 31, 2021, Soybean Futures Contracts for JUL21 CBOT soybean futures, and the Nov21 CBOT soybean futures settled in a “limit up” condition. Accordingly, the Trust and SOYB classified these as Level 2 assets. The adjustment in SOYB resulted in a $279,750 increase in the unrealized change in commodity futures contracts in excess of reported CBOT values. These contracts transferred back to a Level 1 asset for the quarter ended June 30, 2021. 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”) 2022-03, related to fair value measurement (Topic 820) of equity securities subject to contractual sale restrictions. Under the clarified guidance, contractual restrictions on the sale of an equity security are not considered part of the unit of account of the equity security and, therefore, are not considered in measuring fair value, however they do require disclosures. The amendment was early adopted for the quarter ended June 30, 2022; the early adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2021-05: “Leases (Topic 842).” Under the amended guidance, a lessor should classify and account for a lease with variable lease payments that don’t depend on an index or a rate as an operating lease if the lease would’ve been classified as a sales-type lease or a direct financing lease in accordance with the lease classification guidance in Topic 842 and the lessor would’ve otherwise recognized a day-one loss. The amendment was adopted early for the quarter ended September 30, 2021; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2020-10: “Codification Improvements.” The amendment improves the disclosure guidance in appropriate Disclosure Sections, without resulting in changes to current GAAP. The amendment is effective for annual periods beginning after December 15, 2020. The amendment was adopted for the quarter ended March 31, 2021; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued 2020-02: “Financial Instruments Credit Losses (Topic 326) and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842). The amendment updates and adds language to ASU 2016-02. The amendments were adopted for the quarter ended March 31, 2020; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2020-01: Investments Equity Securities (Topic 321), Investments Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. The amendments clarify the treatment of transactions that require a company to apply or discontinue the equity method of accounting. The amendments were adopted early for the quarter ended March 31, 2020; 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 201712. 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 were adopted for the quarter ended September 30, 2020; 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 were adopted for the quarter ended March 31, 2020; 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 adopted for the quarter ended September 30, 2020; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. |
Teucrium Wheat Fund [Member] | |
Note 3 - Summary Of Significant Accounting Policies | Note 3 – Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as detailed in the Financial Accounting Standards Board’s Accounting Standards Codification. Revenue Recognition Commodity futures contracts are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized appreciation or depreciation on commodity futures contracts are reflected in the statements of 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 Fund seeks to earn interest on funds held at the custodian and other financial institutions at prevailing market rates for such investments. The Sponsor invests 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 on the statements of cash flows. Accretion on these investments is recognized using the effective interest method in U.S. dollars and included in interest income on the statements of operations. The Sponsor invests a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts. Accretion on these investments is recognized using the effective interest method in U.S. dollars and included in interest income on the statements of operations. Brokerage Commissions The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis. The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and nine months ended September 30, 2022. WEAT Three Months Ended September 30, 2022 $ 75,136 Three Months Ended September 30, 2021 $ 17,330 Nine Months Ended September 30, 2022 $ 354,679 Nine Months Ended September 30, 2021 $ 39,852 Income Taxes For federal income tax purposes, the Fund will be treated as a publicly traded partnership. A publicly traded partnership is generally treated as a corporation for federal income tax purposes unless 90% or more of the publicly traded partnership’s gross income for each taxable year of its existence consists of qualifying income as defined in section 7704(d) of the Internal Revenue Code of 1986, as amended. Qualifying income is defined as generally including, in pertinent part, interest (other than from a financial business), dividends, and gains from the sale or disposition of capital assets held for the production of interest or dividends. In the case of a partnership of which a principal activity is the buying and selling of commodities, other than as inventory, or of futures, forwards and options with respect to commodities, qualifying income also includes income and gains from commodities and from futures, forwards, options with respect to commodities and, provided the partnership is a trader or investor with respect to such assets, swaps and other notional principal contracts with respect to commodities. The Fund expects that at least 90% of the Fund’s gross income for each taxable year will consist of qualifying income and that the Fund will be taxed as a partnership for federal income tax purposes. The Fund does not record a provision for income taxes because the shareholders report their share of the Fund’s income or loss on their income tax returns. The financial statements reflect the Fund’s transactions without adjustment, if any, required for income tax purposes. The Fund is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states and foreign jurisdictions. For all tax years 2019 to 2021, 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 September 30, 2022 and for the years ended December 31, 2021, 2020 and 2019. However, the Fund’s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof. The Fund recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the three and nine months ended September 30, 2022 and 2021. 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.(ET) 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. (ET) 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 capital shares receivable. 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 represent 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 maturity dates of 90 days or less when acquired. The Trust 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 Fund holds a balance in money market funds that is included in cash and cash equivalents on the statements of assets and liabilities. The Sponsor invests 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. The Sponsor invests a portion of the available cash for the Funds in investment grade commercial paper with durations of 90 days or less, which is classified as a cash equivalent and is not FDIC insured. The Sponsor may invest 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. September 30, 2022 December 31, 2021 Money Market Funds $ 190,355,962 $ 5,284,993 Demand Deposit Savings Accounts 12,213,566 30,064,031 Commercial Paper 139,675,256 37,492,592 Total cash and cash equivalents as presented on the Statement of Assets and Liabilities $ 342,244,784 $ 72,841,616 Payable for Purchases of Commercial Paper The amount recorded by the Fund for commercial paper transactions awaiting settlement, 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, payables for commodities futures accounts liquidating to an equity balance on the clearing broker’s records and amounts of brokerage commissions paid and recognized as unrealized losses. 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 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. (ET). The NAV for a particular trading day is released after 4:15 p.m. (ET). 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. (ET). 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. Short term 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, which the Sponsor performs itself. In addition, the Fund is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00% per annum. The Fund generally pays for all brokerage fees, taxes, and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the SEC, FINRA, or any other regulatory agency in connection with the offer and sale of subsequent Shares after its initial registration and all legal, accounting, printing and other expenses associated therewith. The Fund also pays its portion of the fees and expenses associated with the Trust’s tax accounting and reporting requirements. Certain aggregate expenses common to all Funds within the Trust are allocated by the Sponsor to the respective 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 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 in the financial statements of each Fund. Three months ended September 30, 2022 Three months ended September 30, 2021 Nine months ended September 30, 2022 Nine months ended September 30, 2021 Recognized Related Party Transactions $ 358,130 $ 110,381 $ 1,011,184 $ 336,850 Waived Related Party Transactions $ - $ 15,941 $ 224,587 $ 79,800 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 will be no recovery sought for the amounts below in any future period: WEAT Three months ended September 30, 2022 $ - Three months ended September 30, 2021 $ 104,989 Nine months ended September 30, 2022 $ 425,164 Nine months ended September 30, 2021 $ 229,640 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 September 30, 2022 and December 31, 2021, 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 periods being reported. 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 units outstanding was computed for purposes of disclosing net income (loss) per weighted average unit. The weighted average units are equal to the number of units outstanding at the end of the period, adjusted proportionately for units created or redeemed based on the amount of time the units were outstanding during such period. New Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-03, related to fair value measurement (Topic 820) of equity securities subject to contractual sale restrictions. Under the clarified guidance, contractual restrictions on the sale of an equity security are not considered part of the unit of account of the equity security and, therefore, are not considered in measuring fair value, however they do require disclosures. The amendment was early adopted for the quarter ended June 30, 2022; the early adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2021-05: “Leases (Topic 842).” Under the amended guidance, a lessor should classify and account for a lease with variable lease payments that don’t depend on an index or a rate as an operating lease if the lease would’ve been classified as a sales-type lease or a direct financing lease in accordance with the lease classification guidance in Topic 842 and the lessor would’ve otherwise recognized a day-one loss. The amendment was adopted early for the quarter ended September 30, 2021; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2020-10: “Codification Improvements.” The amendment improves the disclosure guidance in appropriate Disclosure Sections, without resulting in changes to current GAAP. The amendment is effective for annual periods beginning after December 15, 2020. The amendment was adopted for the quarter ended March 31, 2021; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued 2020-02: “Financial Instruments Credit Losses (Topic 326) and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842). The amendment updates and adds language to ASU 2016-02. The amendments were adopted for the quarter ended March 31, 2020; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2020-01: Investments Equity Securities (Topic 321), Investments Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. The amendments clarify the treatment of transactions that require a company to apply or discontinue the equity method of accounting. The amendments were adopted early for the quarter ended March 31, 2020; 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 201712. 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 were adopted for the quarter ended September 30, 2020; 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 were adopted for the quarter ended March 31, 2020; 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 adopted for the quarter ended September 30, 2020; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. |
Teucrium Agricultural Fund [Member] | |
Note 3 - Summary Of Significant Accounting Policies | Note 3 – Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as detailed in the Financial Accounting Standards Board’s Accounting Standards Codification. Revenue Recognition 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 operations as the difference between the original amount and the fair market value as of the last business day of the year or as of the last date of the financial statements. Changes in the appreciation or depreciation between periods are reflected in the statements of operations. Brokerage Commissions The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis. Income Taxes For federal income tax purposes, the Fund will be treated as a publicly traded partnership. A publicly traded partnership is generally treated as a corporation for federal income tax purposes unless 90% or more of the publicly traded partnership’s gross income for each taxable year of its existence consists of qualifying income as defined in section 7704(d) of the Internal Revenue Code of 1986, as amended. Qualifying income is defined as generally including, in pertinent part, interest (other than from a financial business), dividends, and gains from the sale or disposition of capital assets held for the production of interest or dividends. In the case of a partnership of which a principal activity is the buying and selling of commodities, other than as inventory, or of futures, forwards and options with respect to commodities, qualifying income also includes income and gains from commodities and from futures, forwards, options with respect to commodities and, provided the partnership is a trader or investor with respect to such assets, swaps and other notional principal contracts with respect to commodities. The Fund expects that at least 90% of the Fund’s gross income for each taxable year will consist of qualifying income and that the Fund will be taxed as a partnership for federal income tax purposes. The Fund does not record a provision for income taxes because the shareholders report their share of the Fund’s income or loss on their income tax returns. The financial statements reflect the Fund’s transactions without adjustment, if any, required for income tax purposes. The Fund is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states and foreign jurisdictions. For all tax years 2019 to 2021, 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 September 30, 2022 and for the years ended December 31, 2021, 2020 and 2019. However, the Fund’s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof. The Fund recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the three and nine months ended September 30, 2022 and 2021. 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. (ET) on the day the order to create the basket is received in good order. 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. (ET) on the day the order to redeem the basket is received in good order. 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 capital shares receivable. 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 represent 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 Equivalents Cash equivalents are highly liquid investments with maturity dates of 90 days or less when acquired. The Fund reported its cash equivalents in the statements of assets and liabilities at market value, or at carrying amounts that approximate fair value, because of their highly liquid nature and short term maturities. The Fund has these balances of its assets on deposit with banks. Assets deposited with a financial institution may, at times, exceed federally insured limits. TAGS had a balance of $6,417 and $4,801 in money market funds at September 30, 2022 and December 31, 2021, 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 Fund 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. (ET). The NAV for a particular trading day will be released after 4:15 p.m. (ET). For purposes of 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 Funds and Underlying Fund investments as of the earlier of the close of the New York Stock Exchange or 4:00 p.m. (ET), 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 the Underlying Fund closes at its price fluctuation limit for the day. Short term 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. The Sponsor does not receive a management fee from the Fund. The Sponsor receives a management fee from each Underlying Fund at the annual rate of 1.00% of such Underlying Fund’s average daily net assets, payable monthly. The Sponsor can elect to waive the payment of this fee for any Underlying Fund in any amount at its sole discretion, at any time and from time to time, in order to reduce the Fund’s expenses or for any other purpose. The Fund generally pays for all brokerage fees, taxes, and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the SEC, FINRA, or any other regulatory agency in connection with the offer and sale of subsequent Shares after its initial registration and all legal, accounting, printing and other expenses associated therewith. The Fund also pays its portion of the fees and expenses associated with the Trust’s tax accounting and reporting requirements. Certain aggregate expenses common to all Funds within the Trust are allocated by the Sponsor to the respective Funds based on activity drivers deemed most appropriate by the Sponsor for such expenses, including but not limited to relative assets under management and creation order activity. These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax-preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Distributor, which are included in the related line item in the statements of operations. A portion of these aggregate common expenses are related to the Sponsor or related parties of principals of the Sponsor; these are necessary services to the Funds, which are primarily the cost of performing accounting and financial reporting, regulatory compliance, and trading activities that are directly attributable to the Fund. 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. Three months ended September 30, 2022 Three months ended September 30, 2021 Nine months ended September 30, 2022 Nine months ended September 30, 2021 Recognized Related Party Transactions $ 32,419 $ 13,353 $ 90,610 $ 28,460 Waived Related Party Transactions $ 19,090 $ 13,353 $ 66,068 $ 24,406 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 will be no recovery sought for the amounts below in any future period: TAGS Three months ended September 30, 2022 $ 62,059 Three months ended September 30, 2021 $ 28,946 Nine months ended September 30, 2022 $ 176,222 Nine months ended September 30, 2021 $ 64,541 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”) 2022-03, related to fair value measurement (Topic 820) of equity securities subject to contractual sale restrictions. Under the clarified guidance, contractual restrictions on the sale of an equity security are not considered part of the unit of account of the equity security and, therefore, are not considered in measuring fair value, however they do require disclosures. The amendment was early adopted for the quarter ended June 30, 2022; the early adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2021-05: “Leases (Topic 842).” Under the amended guidance, a lessor should classify and account for a lease with variable lease payments that don’t depend on an index or a rate as an operating lease if the lease would’ve been classified as a sales-type lease or a direct financing lease in accordance with the lease classification guidance in Topic 842 and the lessor would’ve otherwise recognized a day-one loss. The amendment was adopted early for the quarter ended September 30, 2021; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2020-10: “Codification Improvements.” The amendment improves the disclosure guidance in appropriate Disclosure Sections, without resulting in changes to current GAAP. The amendment is effective for annual periods beginning after December 15, 2020. The amendment was adopted for the quarter ended March 31, 2021; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued 2020-02: “Financial Instruments Credit Losses (Topic 326) and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842). The amendment updates and adds language to ASU 2016-02. The amendments were adopted for the quarter ended March 31, 2020; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2020-01: Investments Equity Securities (Topic 321), Investments Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. The amendments clarify the treatment of transactions that require a company to apply or discontinue the equity method of accounting. The amendments were adopted early for the quarter ended March 31, 2020; 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 201712. 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 were adopted for the quarter ended September 30, 2020; 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 were adopted for the quarter ended March 31, 2020; 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 adopted for the quarter ended September 30, 2020; 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. On September 30, 2022 and December 31, 2021, the reported value at the close of the market for each commodity futures contract of the Underlying Funds fairly reflected the value of the futures and no alternative valuations were required. For the quarter ended March 31, 2021 Corn Futures Contracts for JUL21 CBOT corn futures, SEP21 CBOT corn futures, DEC21 CBOT corn futures, and Soybean Futures Contracts for JUL21 CBOT soybean futures, and the NOV21 CBOT soybean futures, settled in a “limit up” condition. Accordingly, the Trust, CORN, and SOYB classified these as Level 2 assets. The financial statements of these Funds including TAGS, due to the NAV adjustment for each of these Underlying Funds, were adjusted accordingly. The adjustment in CORN and SOYB resulted in a $30,191 increase in the investment in the Underlying Funds, which were classified as a Level 2 asset for the period ended March 31, 2021. For the period ended June 30, 2021, the SOYB shares were classified as a Level 1 asset. For the quarter ended June 30, 2021, Corn Futures Contracts for the SEP21 and DEC21 CBOT corn futures contracts, settled in a “limit up” condition on June 30, 2021. Therefore, the Trust and CORN have used alternative verifiable sources to value these contracts on June 30, 2021, and the financial statements of these Funds including TAGS, due to the NAV adjustments for the Underlying Fund, were adjusted accordingly. The adjustment in CORN resulted in a $10,393 increase in the investment in the Underlying Funds which were classified as a Level 2 asset for the period ended June 30, 2021. For the period ended September 30, 2021, the CORN shares were classified as a Level 1 asset. 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 units outstanding was computed for purposes of disclosing net income (loss) per weighted average unit. The weighted average units are equal to the number of units outstanding at the end of the period, adjusted proportionately for units created or redeemed based on the amount of time the units were outstanding during such period. |
Hashdex Bitcoin Futures ETF [Member] | |
Note 3 - Summary Of Significant Accounting Policies | Note 3 – Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as detailed in the Financial Accounting Standards Board’s Accounting Standards Codification. Revenue Recognition 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 operations as the difference between the original amount and the fair market value as of the last business day of the year or as of the last date of the financial statements. Changes in the appreciation or depreciation between periods are reflected in the statements of operations. Brokerage Commissions The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis. The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss from the commencement of operations (September 15, 2022) through September 30, 2022. DEFI From the commencement of operations (September 15, 2022) through September 30, 2022 $ 949 Income Taxes For federal income tax purposes, the Fund will be treated as a publicly traded partnership. A publicly traded partnership is generally treated as a corporation for federal income tax purposes unless 90% or more of the publicly traded partnership’s gross income for each taxable year of its existence consists of qualifying income as defined in section 7704(d) of the Internal Revenue Code of 1986, as amended. Qualifying income is defined as generally including, in pertinent part, interest (other than from a financial business), dividends, and gains from the sale or disposition of capital assets held for the production of interest or dividends. In the case of a partnership of which a principal activity is the buying and selling of commodities, other than as inventory, or of futures, forwards and options with respect to commodities, qualifying income also includes income and gains from commodities and from futures, forwards, options with respect to commodities and, provided the partnership is a trader or investor with respect to such assets, swaps and other notional principal contracts with respect to commodities. The Fund expects that at least 90% of the Fund’s gross income for each taxable year will consist of qualifying income and that the Fund will be taxed as a partnership for federal income tax purposes. The Fund does not record a provision for income taxes because the shareholders report their share of the Fund’s income or loss on their income tax returns. The financial statements reflect the Fund’s transactions without adjustment, if any, required for income tax purposes. There is very limited authority on the U.S. federal income tax treatment of bitcoin and no direct authority on bitcoin derivatives, such as Bitcoin Futures Contracts. Bitcoin Futures Contracts more likely than not will be considered futures with respect to commodities for purposes of the qualifying income exception under section 7704 of the Code. Based on a CFTC determination that treats bitcoin as a commodity under the CEA, the Fund intends to take the position that Bitcoin Futures Contracts consist of futures on commodities for purposes of the qualifying income exception under section 7704 of the Code. Shareholders should be aware that the Fund’s position is not binding on the IRS, and no assurance can be given that the IRS will not challenge the Fund’s position, or that the IRS or a court will not ultimately reach a contrary conclusion, which would result in the material adverse consequences to Shareholders and the Fund. The Fund recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and from the commencement of operations (September 15, 2022) through September 30, 2022. 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 10,000 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. (ET) on the day the order to create the basket is received in good order. Authorized Purchasers may redeem shares from the Fund only in blocks of 10,000 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. (ET) on the day the order to redeem the basket is received in good order. 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 capital shares receivable. 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 represent five 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 Equivalents Cash equivalents are highly liquid investments with maturity dates of 90 days or less when acquired. The Fund reported its cash equivalents in the statements of assets and liabilities at market value, or at carrying amounts that approximate fair value, because of their highly liquid nature and short-term maturities. The Fund has these balances of its assets on deposit with banks. Assets deposited with a financial institution may, at times, exceed federally insured limits. DEFI had a balance of $894,998 in money market funds at September 30, 2022; these balances are included in cash equivalents on the statements of assets and liabilities. 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, payables for cryptocurrency futures accounts liquidating to an equity balance on the clearing broker’s records and amounts of brokerage commissions paid and recognized as unrealized losses. Margin is the minimum amount of funds that must be deposited by a cryptocurrency 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 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, 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. (ET). The NAV for a particular trading day will be released after 4:15 p.m. (ET). In determining the value of Bitcoin Futures Contracts, the Administrator uses the settlement price for the Benchmark Component Futures Contracts, as reported on the CME. CME Group staff determines the daily settlements for the Benchmark Component Futures Contracts based on trading activity on CME Globex exchange between 14:59:00 and 15:00:00 Central Time (CT), the settlement period, except that the “fair value” of Bitcoin Futures Contracts (as described in more detail below) may be used when Bitcoin Futures Contracts close at their price fluctuation limit for the day. The Administrator determines the value of all investments as of the earlier of the close of the New York Stock Exchange or 4:00 p.m. (ET), in accordance with the current Services Agreement between the Administrator and the Trust. NAV includes any unrealized profit or loss on open bitcoin 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. DEFI is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 0.94% per annum. From the Management Fee, the Sponsor pays all of the routine operational, administrative and other ordinary expenses of the Fund, generally as determined by the Sponsor, including but not limited to, fees and expenses of the Administrator, Custodian, Distributor, Transfer Agent, licensors, accounting and audit fees expenses, tax preparation expenses, legal fees, ongoing SEC registration fees, individual Schedule K-1 preparation and mailing fees, and report preparation and mailing expenses. These fees and expenses are not included in the breakeven table because they are paid for by the Sponsor through the proceeds from the Management Fee. The Fund pays all of its non-recurring and unusual fees and expenses, if any, as determined by the Sponsor. Non-recurring and unusual fees and expenses are unexpected or unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses. Extraordinary fees and expenses also include material expenses which are not currently anticipated obligations of the Fund. Routine operational, administrative, and other ordinary expenses are not deemed extraordinary expenses. 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 will be no recovery sought for the amounts below in any future period: DEFI From the commencement of operations (September 15, 2022) through September 30, 2022 $ 550 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”) 2022-03, related to fair value measurement (Topic 820) of equity securities subject to contractual sale restrictions. Under the clarified guidance, contractual restrictions on the sale of an equity security are not considered part of the unit of account of the equity security and, therefore, are not considered in measuring fair value, however they do require disclosures. The amendment was early adopted for the quarter ended September 30, 2022; the early 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. On September 30, 2022 and December 31, 2021, the reported value at the close of the market for each cryptocurrency contract fairly reflected the value of the futures and no alternative valuations were required. 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 units outstanding was computed for purposes of disclosing net income (loss) per weighted average unit. The weighted average units are equal to the number of units outstanding at the end of the period, adjusted proportionately for units created or redeemed based on the amount of time the units were outstanding during such period. |
Teucrium Commodity Trust - Combined [Member] | |
Note 3 - Summary Of Significant Accounting Policies | Note 3 – 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, TAGS and DEFI. Refer to the accompanying separate financial statements for each Fund for more detailed information. The periods represented by the financial statements herein contain the results of CORN, SOYB, CANE, WEAT, TAGS and DEFI for the months during which each Fund was in operation, except for eliminations for TAGS as explained below. 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 Agricultural Funds. The Trust eliminates the shares of the other series of the Trust owned by TAGS from its combined statements of assets and liabilities. The Trust eliminates the net change in unrealized appreciation or depreciation on securities owned by TAGS 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 by TAGS. Revenue Recognition Commodity and cryptocurrency 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 and cryptocurrency futures contracts are reflected in the combined 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 combined 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. The Sponsor invests 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 combined financial statements and reflected in cash and cash equivalents on the combined statements of assets and liabilities and on the combined statements of cash flows. Accretion on these investments is recognized using the effective interest method in U.S. dollars and included in interest income on the combined statements of operations. The Sponsor invests a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts. Accretion on these investments is recognized using the effective interest method in U.S. dollars and included in interest income on the combined statements of operations. Brokerage Commissions The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis. The below table shows the amounts included on the combined statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and nine months ended September 30, 2022. CORN SOYB CANE WEAT TAGS DEFI TRUST Three Months Ended September 30, 2022 (1) $ 54,746 $ 6,432 $ 5,436 $ 75,136 $ - $ 949 $ 142,699 Three Months Ended September 30, 2021 $ 43,677 $ 4,833 $ 6,613 $ 17,330 $ - $ - $ 72,453 Nine Months Ended September 30, 2022 (1) $ 188,321 $ 21,638 $ 31,972 $ 354,679 $ - $ 949 $ 597,559 Nine Months Ended September 30, 2021 $ 118,868 $ 26,568 $ 19,047 $ 39,852 $ - $ - $ 204,335 (1) The Hashdex Bitcoin Futures ETF commenced operations on September 15, 2022. Income Taxes The Trust is organized and will be operated as a Delaware statutory trust. For federal income tax purposes, each Fund will be treated as a publicly traded partnership. A publicly traded partnership is generally treated as a corporation for federal income tax purposes unless 90% or more of the publicly traded partnership’s gross income for each taxable year of its existence consists of qualifying income as defined in section 7704(d) of the Internal Revenue Code of 1986, as amended. Qualifying income is defined as generally including, in pertinent part, interest (other than from a financial business), dividends, and gains from the sale or disposition of capital assets held for the production of interest or dividends. In the case of a partnership of which a principal activity is the buying and selling of commodities, other than as inventory, or of futures, forwards and options with respect to commodities, qualifying income also includes income and gains from commodities and from futures, forwards, options with respect to commodities and, provided the partnership is a trader or investor with respect to such assets, swaps and other notional principal contracts with respect to commodities. Each Fund expects that at least 90% of the Fund’s gross income for each taxable year will consist of qualifying income and that the Fund will be taxed as a partnership for federal income tax purposes. 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 2019 to 2021, 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 September 30, 2022, and for the years ended December 31, 2021, 2020 and 2019. 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. There is very limited authority on the U.S. federal income tax treatment of bitcoin and no direct authority on bitcoin derivatives, such as Bitcoin Futures Contracts. Bitcoin Futures Contracts more likely than not will be considered futures with respect to commodities for purposes of the qualifying income exception under section 7704 of the Code. Based on a CFTC determination that treats bitcoin as a commodity under the CEA, the Fund intends to take the position that Bitcoin Futures Contracts consist of futures on commodities for purposes of the qualifying income exception under section 7704 of the Code. Shareholders should be aware that the Fund’s position is not binding on the IRS, and no assurance can be given that the IRS will not challenge the Fund’s position, or that the IRS or a court will not ultimately reach a contrary conclusion, which would result in the material adverse consequences to Shareholders and the Fund. The Funds recognize interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the three and nine months ended September 30, 2022 and 2021. 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. (ET) time on the day the order to create the basket is received in good order. 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. (ET) on the day the order to redeem the basket is received in good order. 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 capital shares receivable. 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. If a 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. 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 DEFI: 50,000 shares representing 5 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. The Sponsor invests a portion of the available cash for the Funds in alternative demand deposit savings accounts, which are classified as cash and not as cash equivalents. Assets deposited with the bank may, at times, exceed federally insured limits. The Sponsor invests a portion of the available cash for the Funds in investment grade commercial paper with durations of 90 days or less, which is classified as a cash equivalent and is not FDIC insured. The Sponsor may invest 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. September 30, 2022 December 31, 2021 Money Market Funds $ 302,000,128 $ 32,968,833 Demand Deposit Savings Accounts 45,701,039 99,262,744 Commercial Paper 281,813,731 119,980,366 Total cash and cash equivalents as presented on the combined Statement of Assets and Liabilities $ 629,514,898 $ 252,211,943 Payable for Purchases of Commercial Paper The amount recorded by the Trust for commercial paper transactions awaiting settlement 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, payables for commodities futures accounts liquidating to an equity balance on the clearing broker’s records, and amounts of brokerage commissions paid and recognized as unrealized losses. 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 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. 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 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, compliance, and other necessary services to the Fund, including services directly attributable to the Fund such as accounting, financial reporting, regulatory compliance, and trading activities. In some cases, at its discretion, the Sponsor may elect not to outsource certain of these expenses. In addition, the Agricultural 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 Agricultural Funds generally 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, the Financial Industry Regulatory Authority (“FINRA”), 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. Each Fund also pays its portion of the fees and expenses associated with the Trust’s tax accounting and reporting requirements. Certain aggregate expenses common to all Funds within the Trust are allocated by the Sponsor to the respective Funds based on activity drivers deemed most appropriate by the Sponsor for such expenses, including but not limited to relative assets under management and creation order activity. These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax-preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Distributor, which are included in the related line item in the statements of operations. A portion of these aggregate common expenses are related to services provided by 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 Funds and are, primarily, included as distribution and marketing fees on the statements of operations. These amounts, for the Trust and for each Fund, are detailed in the notes to the financial statements included in Part I of this filing. DEFI is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 0.94% per annum. From the Management Fee, the Sponsor pays all of the routine operational, administrative and other ordinary expenses of the Fund, generally as determined by the Sponsor, including but not limited to, fees and expenses of the Administrator, Custodian, Distributor, Transfer Agent, licensors, accounting and audit fees expenses, tax preparation expenses, legal fees, ongoing SEC registration fees, individual Schedule K-1 preparation and mailing fees, and report preparation and mailing expenses. These fees and expenses are not included in the breakeven table because they are paid for by the Sponsor through the proceeds from the Management Fee. The Fund pays all of its non-recurring and unusual fees and expenses, if any, as determined by the Sponsor. Non-recurring and unusual fees and expenses are unexpected or unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses. Extraordinary fees and expenses also include material expenses which are not currently anticipated obligations of the Fund. Routine operational, administrative, and other ordinary expenses are not deemed extraordinary expenses. Three months ended September 30, 2022 (1) Three months ended September 30, 2021 Nine months ended September 30, 2022 (1) Nine months ended September 30, 2021 Recognized Related Party Transactions $ 638,361 $ 518,894 $ 2,055,991 $ 1,702,621 Waived Related Party Transactions $ 19,090 $ 284,739 $ 498,171 $ 735,851 (1) The Hashdex Bitcoin Futures ETF commenced operations on September 15, 2022. 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 will be no recovery sought for the amounts below in any future period. CORN SOYB CANE WEAT TAGS DEFI TRUST Three months ended September 30, 2022 (1) $ - $ - $ - $ - $ 62,059 $ 550 $ 62,609 Three months ended September 30, 2021 $ 347,523 $ 173,635 $ 29,699 $ 104,989 $ 28,946 $ - $ 684,792 Nine months ended September 30, 2022 (1) $ 345,855 $ 89,562 $ 78,237 $ 425,164 $ 176,222 $ 550 $ 1,115,590 Nine months ended September 30, 2021 $ 789,304 $ 479,631 $ 87,738 $ 229,640 $ 64,541 $ - $ 1,650,854 (1) The Hashdex Bitcoin Futures ETF commenced operations on September 15, 2022. 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 amounts 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 daily 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 September 30, 2022 and December 31, 2021, in the opinion of the Trust, the reported value at the close of the market for each commodity and cryptocurrency contract fairly reflected the value of the futures and no alternative valuations were required. For the quarter ended March 31, 2021, Corn Futures Contracts for the JUL21 CBOT corn futures, SEP21 CBOT corn futures, DEC21 CBOT corn futures, JUL21 CBOT soybean futures, and the NOV21 CBOT soybean futures, settled in a “limit up” condition. Accordingly, the Trust, CORN, and SOYB classified these as Level 2 assets. The financial statements of these Funds including TAGS, due to the NAV adjustment for each of these Underlying Funds, were adjusted accordingly. The adjustment resulted in an increase in the unrealized change in commodity futures contracts in excess of reported CBOT values of $3,371,513 for CORN and $279,750 for SOYB. The Soybean futures contracts transferred back to a Level 1 asset for the period ended June 30, 2021, and the SEP21 and DEC21 corn futures contracts remained a Level 2 asset as described below and transferred back to a Level 1 asset for the period ended September 30, 2021. For the quarter ended June 30, 2021, Corn Futures Contracts for the SEP21 CBOT corn futures and the DEC21 CBOT corn futures, settled in a “limit up” condition. Accordingly, the Trust, CORN and TAGS classified these as level 2 assets. The financial statements of CORN including TAGS, due to the NAV adjustment for the Underlying CORN holdings, were adjusted accordingly. The adjustment resulted in an increase in the unrealized change in commodity futures contracts in excess of reported CBOT values of $711,275 for CORN. The Corn futures contracts transferred back to a Level 1 asset for the period ended September 30, 2021. 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”) 2022-03, related to fair value measurement (Topic 820) of equity securities subject to contractual sale restrictions. Under the clarified guidance, contractual restrictions on the sale of an equity security are not considered part of the unit of account of the equity security and, therefore, are not considered in measuring fair value, however they do require disclosures. The amendment was early adopted for the quarter ended June 30, 2022; the early adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds. The FASB issued ASU 2021-05: “Leases (Topic 842).” Under the amended guidance, a lessor should classify and account for a lease with variable lease payments that don’t depend on an index or a rate as an operating lease if the lease would’ve been classified as a sales-type lease or a direct financing lease in accordance with the lease classification guidance in Topic 842 and the lessor would’ve otherwise recognized a day-one loss. The amendment was adopted early for the quarter ended September 30, 2021; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds. The FASB issued ASU 2020-10: “Codification Improvements.” The amendment improves the disclosure guidance in appropriate Disclosure Sections, without resulting in changes to current GAAP. The amendment was adopted for the quarter ended March 31, 2021; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds. The FASB issued ASU 2020-02: “Financial Instruments Credit Losses (Topic 326) and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842). The amendment updates and adds language to ASU 2016-02. The amendments were adopted for the quarter ended March 31, 2020; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds. The FASB issued ASU 2020-01: Investments Equity Securities (Topic 321), Investments Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. The amendments clarify the treatment of transactions that require a company to apply or discontinue the equity method of accounting. The amendments were adopted early for the quarter ended March 31, 2020; 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 were adopted for the quarter ended September 30, 2020; 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 were adopted for the quarter ended March 31, 2020; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds. The FASB issued |
Teucrium Corn Fund [Member] | |
Note 3 - Summary Of Significant Accounting Policies | Note 3 – Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as detailed in the Financial Accounting Standards Board’s Accounting Standards Codification. Revenue Recognition Commodity futures contracts are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized appreciation or depreciation on commodity futures contracts are reflected in the statements of 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. The Fund seeks to earn interest on its assets denominated in U.S. dollars on deposits 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. The Sponsor invests 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 statements of cash flows. Accretion on these investments is recognized using the effective interest method in U.S. dollars and included in interest income on the statements of operations. The Sponsor invests a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts. Accretion on these investments is recognized using the effective interest method in U.S. dollars and included in interest income on the statements of operations. Brokerage Commissions The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis. The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and nine months ended September 30, 2022. CORN Three Months Ended September 30, 2022 $ 54,746 Three Months Ended September 30, 2021 $ 43,677 Nine Months Ended September 30, 2022 $ 188,321 Nine Months Ended September 30, 2021 $ 118,868 Income Taxes For federal income tax purposes, the Fund will be treated as a publicly traded partnership. A publicly traded partnership is generally treated as a corporation for federal income tax purposes unless 90% or more of the publicly traded partnership’s gross income for each taxable year of its existence consists of qualifying income as defined in section 7704(d) of the Internal Revenue Code of 1986, as amended. Qualifying income is defined as generally including, in pertinent part, interest (other than from a financial business), dividends, and gains from the sale or disposition of capital assets held for the production of interest or dividends. In the case of a partnership of which a principal activity is the buying and selling of commodities, other than as inventory, or of futures, forwards and options with respect to commodities, qualifying income also includes income and gains from commodities and from futures, forwards, options with respect to commodities and, provided the partnership is a trader or investor with respect to such assets, swaps and other notional principal contracts with respect to commodities. The Fund expects that at least 90% of the Fund’s gross income for each taxable year will consist of qualifying income and that the Fund will be taxed as a partnership for federal income tax purposes. The Fund does not record a provision for income taxes because the shareholders report their share of the Fund’s income or loss on their income tax returns. The financial statements reflect the Fund’s transactions without adjustment, if any, required for income tax purposes. The Fund is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states and foreign jurisdictions. For all tax years 2019 to 2021, 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 September 30, 2022 and for the years ended December 31, 2021, 2020, and 2019. However, the Fund’s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof. The Fund recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the three and nine months ended September 30, 2022 and 2021. 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. (ET) on the day the order to create the basket is received in good order. 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. (ET) on the day the order to redeem the basket is received in good order. 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 capital shares receivable. 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 represent 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 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 Fund holds a balance in money market funds that is included in cash and cash equivalents on the statements of assets and liabilities. The Sponsor invests 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. The Sponsor invests a portion of the available cash for the Funds in investment grade commercial paper with durations of 90 days or less, which is classified as a cash equivalent and is not FDIC insured. The Sponsor may invest 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. September 30, 2022 December 31, 2021 Money Market Funds $ 73,807,194 $ 11,399,662 Demand Deposit Savings Accounts 25,338,631 50,122,297 Commercial Paper 98,235,952 53,490,781 Total cash and cash equivalents as presented on the Statement of Assets and Liabilities $ 197,381,777 $ 115,012,740 Payable for Purchases of Commercial Paper The amount recorded by the Fund for commercial paper transactions awaiting settlement, 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, payables for commodities futures accounts liquidating to an equity balance on the clearing broker’s records and amounts of brokerage commissions paid and recognized as unrealized losses. 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 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. (ET). The NAV for a particular trading day is released after 4:15 p.m. (ET). 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. (ET). 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. Short term 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 has elected not to outsource services directly attributable to the Trust and the Funds such as accounting, financial reporting, regulatory compliance, and trading activities, which the Sponsor performs itself. In addition, the Fund is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00% per annum. The Fund generally pays for all brokerage fees, taxes, and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the SEC, FINRA, or any other regulatory agency in connection with the offer and sale of subsequent Shares after its initial registration and all legal, accounting, printing and other expenses associated therewith. The Fund also pays its portion of the fees and expenses associated with the Trust’s tax accounting and reporting requirements. Certain aggregate expenses common to all Funds within the Trust are allocated by the Sponsor to the respective 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 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 in the financial statements of each Fund. Three months ended September 30, 2022 Three months ended September 30, 2021 Nine months ended September 30, 2022 Nine months ended September 30, 2021 Recognized Related Party Transactions $ 170,070 $ 242,913 $ 652,887 $ 797,998 Waived Related Party Transactions $ - $ 151,170 $ 149,721 $ 370,338 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 will be no recovery sought for the amounts below in any future period: CORN Three months ended September 30, 2022 $ - Three months ended September 30, 2021 $ 347,523 Nine months ended September 30, 2022 $ 345,855 Nine months ended September 30, 2021 $ 789,304 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 daily 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 September 30, 2022 and December 31, 2021, in the opinion of the Trust and the Fund, 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 Fund considers the average volume of the specific underlying futures contracts traded on the relevant exchange for the periods being reported. For the quarter ended March 31, 2021, Corn Futures Contracts for the JUL21 CBOT corn futures, SEP21 CBOT corn futures, and DEC21 CBOT corn futures settled in a “limit up” condition. Accordingly, the Trust and CORN classified these as Level 2 assets. The financial statements of CORN were adjusted accordingly. The adjustment resulted in an increase in the unrealized change in commodity futures contracts in excess of reported CBOT values of $3,371,513. The JUL21 corn futures contracts transferred back to a Level 1 asset, and the SEP21 and DEC21 corn futures contracts remained a Level 2 asset as described below for the period ended June 30, 2021. For the quarter ended June 30, 2021, Corn Futures Contracts for the SEP21 CBOT corn futures and the DEC21 CBOT corn futures, settled in a “limit up” condition. Accordingly, the Trust and CORN classified these as level 2 assets. The financial statements of CORN were adjusted accordingly. The adjustment resulted in an increase in the unrealized change in commodity futures contracts in excess of reported CBOT values of $711,275 for CORN. The Corn futures contracts transferred back to a Level 1 asset for the period ended September 30, 2021. 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 units outstanding was computed for purposes of disclosing net income (loss) per weighted average unit. The weighted average units are equal to the number of units outstanding at the end of the period, adjusted proportionately for units created or redeemed based on the amount of time the units were outstanding during such period. New Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-03, related to fair value measurement (Topic 820) of equity securities subject to contractual sale restrictions. Under the clarified guidance, contractual restrictions on the sale of an equity security are not considered part of the unit of account of the equity security and, therefore, are not considered in measuring fair value, however they do require disclosures. The amendment was early adopted for the quarter ended June 30, 2022; the early adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2021-05: “Leases (Topic 842).” Under the amended guidance, a lessor should classify and account for a lease with variable lease payments that don’t depend on an index or a rate as an operating lease if the lease would’ve been classified as a sales-type lease or a direct financing lease in accordance with the lease classification guidance in Topic 842 and the lessor would’ve otherwise recognized a day-one loss. The amendment was adopted early for the quarter ended September 30, 2021; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2020-10: “Codification Improvements.” The amendment improves the disclosure guidance in appropriate Disclosure Sections, without resulting in changes to current GAAP. The amendment is effective for annual periods beginning after December 15, 2020. The amendment was adopted for the quarter ended March 31, 2021; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued 2020-02: “Financial Instruments Credit Losses (Topic 326) and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842). The amendment updates and adds language to ASU 2016-02. The amendments were adopted for the quarter ended March 31, 2020; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2020-01: Investments Equity Securities (Topic 321), Investments Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. The amendments clarify the treatment of transactions that require a company to apply or discontinue the equity method of accounting. The amendments were adopted early for the quarter ended March 31, 2020; 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 201712. 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 were adopted for the quarter ended September 30, 2020; 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 were adopted for the quarter ended March 31, 2020; 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 adopted for the quarter ended September 30, 2020; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Teucrium Sugar Fund [Member] | |
Note 4 - Fair Value Measurements | Note 4 – Fair Value Measurements The Fund’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Fund’s significant accounting policies in Note 3. The following table presents information about the Fund’s assets and liabilities measured at fair value as of September 30, 2022 and December 31, 2021: September 30, 2022 Assets: Level 1 Level 2 Level 3 Balance as of September 30, 2022 Cash Equivalents $ 21,039,558 $ - $ - $ 21,039,558 Liabilities Level 1 Level 2 Level 3 Balance as of September 30, 2022 Commodity Futures Contracts Sugar futures contracts $ 1,282,651 $ - $ - $ 1,282,651 December 31, 2021 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2021 Cash Equivalents $ 12,316,423 $ - $ - $ 12,316,423 Commodity Futures Contracts Sugar futures contracts 1,079,226 - - 1,079,226 Total $ 13,395,649 $ - $ - $ 13,395,649 Liabilities Level 1 Level 2 Level 3 Balance as of December 31, 2021 Sugar futures contracts $ 80,506 $ - $ - $ 80,506 For the three and nine months ended September 30, 2022 and year ended December 31, 2021, 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 |
Teucrium Soybean Fund [Member] | |
Note 4 - Fair Value Measurements | Note 4 – Fair Value Measurements The Fund’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Fund’s significant accounting policies in Note 3. The following table presents information about the Fund’s assets and liabilities measured at fair value as of September 30, 2022 and December 31, 2021: September 30, 2022 Assets: Level 1 Level 2 Level 3 Balance as of September 30, 2022 Cash Equivalents $ 59,798,522 $ - $ - $ 59,798,522 Liabilities Level 1 Level 2 Level 3 Balance as of September 30, 2022 Commodity Futures Contracts Soybean futures contracts $ 3,083,849 $ - $ - $ 3,083,849 December 31, 2021 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2021 Cash Equivalents $ 32,959,947 $ - $ - $ 32,959,947 Commodity Futures Contracts Soybean futures contracts 2,684,851 - - 2,684,851 Total $ 35,644,798 $ - $ - $ 35,644,798 For the three and nine months ended September 30, 2022 and year ended December 31, 2021, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy, except for the JUL21 CBOT soybean futures, and the Nov21 CBOT soybean futures, were reflected as a Level 2 asset for the period ended March 31, 2021 due to a “limit up” condition. These Soybean contracts transferred back to a Level 1 asset for the period ended June 30, 2021. See the Fair Value - Definition and Hierarchy |
Teucrium Wheat Fund [Member] | |
Note 4 - Fair Value Measurements | Note 4 – Fair Value Measurements The Fund’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Fund’s significant accounting policies in Note 3. The following table presents information about the Fund’s assets and liabilities measured at fair value as of September 30, 2022 and December 31, 2021: September 30, 2022 Assets: Level 1 Level 2 Level 3 Balance as of September 30, 2022 Cash Equivalents $ 330,031,218 $ - $ - $ 330,031,218 Commodity Futures Contracts Wheat futures contracts 18,217,550 - - 18,217,550 Total $ 348,248,768 $ - $ - $ 348,248,768 Liabilities Level 1 Level 2 Level 3 Balance as of September 30, 2022 Commodity Futures Contracts Wheat futures contracts $ 18,948,559 $ - $ - $ 18,948,559 December 31, 2021 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2021 Cash Equivalents $ 42,777,585 $ - $ - $ 42,777,585 Commodity Futures Contracts Wheat futures contracts 3,714,672 - - 3,714,672 Total $ 46,492,257 $ - $ - $ 46,492,257 Liabilities Level 1 Level 2 Level 3 Balance as of December 31, 2021 Wheat futures contracts $ 654,955 $ - $ - $ 654,955 For the three and nine months ended September 30, 2022 and year ended December 31, 2021, 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 |
Teucrium Agricultural Fund [Member] | |
Note 4 - Fair Value Measurements | Note 4 – Fair Value Measurements The Fund’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Fund’s significant accounting policies in Note 3. The following table presents information about the Fund’s assets and liabilities measured at fair value as of September 30, 2022 and December 31, 2021: September 30, 2022 Assets: Level 1 Level 2 Level 3 Balance as of September 30, 2022 Exchange Traded Funds $ 46,216,269 $ - $ - $ 46,216,269 Cash Equivalents 6,417 - - 6,417 Total $ 46,222,686 $ - $ - $ 46,222,686 December 31, 2021 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2021 Exchange Traded Funds $ 14,178,019 $ - $ - $ 14,178,019 Cash Equivalents 4,801 - - 4,801 Total $ 14,182,820 $ - $ - $ 14,182,820 For the three and nine months ended September 30, 2022 and year ended December 31, 2021, 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 |
Hashdex Bitcoin Futures ETF [Member] | |
Note 4 - Fair Value Measurements | Note 4 – Fair Value Measurements The Fund’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Fund’s significant accounting policies in Note 3. The following table presents information about the Fund’s assets and liabilities measured at fair value as of September 30, 2022 and December 31, 2021: September 30, 2022 Assets: Level 1 Level 2 Level 3 Balance as of September 30, 2022 Cash Equivalents $ 894,998 $ - $ - $ 894,998 Liabilities Level 1 Level 2 Level 3 Balance as of September 30, 2022 Cryptocurrency Futures Contracts Bitcoin futures contracts $ 14,372 $ - $ - $ 14,372 From the commencement of operations (September 15, 2022) through September 30, 2022, 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 |
Teucrium Commodity Trust - Combined [Member] | |
Note 4 - Fair Value Measurements | Note 4 – 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 September 30, 2022 and December 31, 2021: Assets: Level 1 Level 2 Level 3 Balance as of September 30, 2022 Cash Equivalents $ 583,813,859 $ - $ - $ 583,813,859 Commodity and Cryptocurrency Futures Contracts Corn futures contracts 6,573,943 - - 6,573,943 Wheat futures contracts 18,217,550 - - 18,217,550 Total $ 608,605,352 $ - $ - $ 608,605,352 Liabilities Level 1 Level 2 Level 3 Balance as of September 30, 2022 Commodity and Cryptocurrency Futures Contracts Corn futures contracts $ 4,335,823 $ - $ - $ 4,335,823 Soybean futures contracts 3,083,849 - - 3,083,849 Sugar futures contracts 1,282,651 - - 1,282,651 Wheat futures contracts 18,948,559 - - 18,948,559 Bitcoin futures contracts 14,372 14,372 Total $ 27,665,254 $ - $ - $ 27,665,254 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2021 Cash Equivalents $ 152,949,199 $ - $ - $ 152,949,199 Commodity and Cryptocurrency Futures Contracts Corn futures contracts 5,936,552 - - 5,936,552 Soybean futures contracts 2,684,851 - - 2,684,851 Sugar futures contracts 1,079,226 - - 1,079,226 Wheat futures contracts 3,714,672 - - 3,714,672 Total $ 166,364,500 $ - $ - $ 166,364,500 Liabilities Level 1 Level 2 Level 3 Balance as of December 31, 2021 Commodity and Cryptocurrency Futures Contracts Sugar futures contracts 80,506 - - $ 80,506 Wheat futures contracts 654,969 - - 654,969 Total $ 735,475 $ - $ - $ 735,475 For the three and nine months ended September 30, 2022 and year ended December 31, 2021, the Funds did not have any significant transfers between any of the levels of the fair value hierarchy. 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 periods being reported. See the Fair Value - Definition and Hierarchy |
Teucrium Corn Fund [Member] | |
Note 4 - Fair Value Measurements | Note 4 – Fair Value Measurements The Fund’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Fund’s significant accounting policies in Note 3. The following table presents information about the Fund’s assets and liabilities measured at fair value as of September 30, 2022 and December 31, 2021: September 30, 2022 Assets: Level 1 Level 2 Level 3 Balance as of September 30, 2022 Cash Equivalents $ 172,043,146 $ - $ - $ 172,043,146 Commodity Futures Contracts Corn futures contracts 6,573,943 - - $ 6,573,943 Total $ 178,617,089 $ - $ - $ 178,617,089 Liabilities Level 1 Level 2 Level 3 Balance as of September 30, 2020 Commodity Futures Contracts Corn futures contracts $ 4,335,823 $ - $ - $ 4,335,823 December 31, 2021 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2021 Cash Equivalents $ 64,890,443 $ - $ - $ 64,890,443 Commodity Futures Contracts Corn futures contracts 5,936,552 - - $ 5,936,552 Total $ 70,826,995 $ - $ - $ 70,826,995 For the three and nine months ended September 30, 2022 and year ended December 31, 2021, 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 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2022 | |
Teucrium Sugar Fund [Member] | |
Note 5 - Derivative Instruments And Hedging Activities | Note 5 – Derivative Instruments and Hedging Activities In the normal course of business, the Fund utilizes derivative contracts in connection with its proprietary trading activities. Investments in derivative contracts are subject to additional risks that can result in a loss of all or part of an investment. The Fund’s derivative activities and exposure to derivative contracts are classified by the following primary underlying risks: interest rate, credit, commodity price, and equity price risks. In addition to its primary underlying risks, the Fund is also subject to additional counterparty risk due to inability of its counterparties to meet the terms of their contracts. For the three and nine months ended September 30, 2022 and year ended December 31, 2021, 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 an 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 FCMs, E D & F Man and StoneX as of September 30, 2022, and December 31, 2021. *The amount of collateral presented in Collateral, Due from Broker, is limited to the liability for the futures contracts and accordingly does not include the excess collateral pledged. Offsetting of Financial Liabilities and Derivative Liabilities as of September 30, 2022 (i) (ii) (iii) = (i)-(ii) (iv) (v)=(iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker* Net Amount Commodity Price Sugar futures contracts $ 1,282,651 $ - $ 1,282,651 $ - $ 1,282,651 $ - Offsetting of Financial Assets and Derivative Assets as of December 31, 2021 (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 $ 1,079,226 $ - $ 1,079,226 $ 80,506 $ - $ 998,720 Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2021 (i) (ii) (iii) = (i)-(ii) (iv) (v)=(iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker* Net Amount Commodity Price Sugar futures contracts $ 80,506 $ - $ 80,506 $ 80,506 $ - $ - The following tables identify the net gain and loss amounts included in the statements of operations as realized and unrealized gains and losses on trading of commodity futures contracts categorized by primary underlying risk: Three months ended September 30, 2022 Realized Loss on Commodity Futures Contracts Net Change in Unrealized Depreciation on Commodity Futures Contracts Commodity Price Sugar futures contracts $ (948,329 ) $ (1,014,429 ) Three months ended September 30, 2021 Realized Gain on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contracts Commodity Price Sugar futures contracts $ 2,536,459 $ 289,834 Nine months ended September 30, 2022 Realized Loss on Commodity Futures Contracts Net Change in Unrealized Depreciation on Commodity Futures Contracts Commodity Price Sugar futures contracts $ (476,906 ) $ (2,281,371 ) Nine months ended September 30, 2021 Realized Gain on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contracts Commodity Price Sugar futures contracts $ 5,802,090 $ 846,951 Volume of Derivative Activities The average notional market value categorized by primary underlying risk for all futures contracts held were $27.2 million and $25.6 million respectively for the three and nine months ended September 30, 2022 and $24.4 million and $18.9 million for the three and nine months ended September 30, 2021, respectively. |
Teucrium Soybean Fund [Member] | |
Note 5 - Derivative Instruments And Hedging Activities | Note 5 – Derivative Instruments and Hedging Activities In the normal course of business, the Fund utilizes derivative contracts in connection with its proprietary trading activities. Investments in derivative contracts are subject to additional risks that can result in a loss of all or part of an investment. The Fund’s derivative activities and exposure to derivative contracts are classified by the following primary underlying risks: interest rate, credit, commodity price, and equity price risks. In addition to its primary underlying risks, the Fund is also subject to additional counterparty risk due to inability of its counterparties to meet the terms of their contracts. For the three and nine months ended September 30, 2022 and year ended December 31, 2021, 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 an 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 FCMs, E D & F Man and StoneX as of September 30, 2022, and December 31, 2021. *The amount of collateral presented in Collateral, Due from Broker, is limited to the liability for the futures contracts and accordingly does not include the excess collateral pledged. Offsetting of Financial Liabilities and Derivative Liabilities as of September 30, 2022 (i) (ii) (iii) = (i)-(ii) (iv) (v)=(iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker* Net Amount Commodity Price Soybean futures contracts $ 3,083,849 $ - $ 3,083,849 $ - $ 3,083,849 $ - Offsetting of Financial Assets and Derivative Assets as of December 31, 2021 (i) (ii) (iii) = (i)-(ii) (iv) (v)=(iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Assets Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due to Broker Net Amount Commodity Price Soybean futures contracts $ 2,684,851 $ - $ 2,684,851 $ - $ 675,169 $ 2,009,682 The following is a summary of realized and unrealized gains and losses of the derivative instruments utilized by the Fund: Three months ended September 30, 2022 Realized Gain on Commodity Futures Contracts Net Change in Unrealized Depreciation on Commodity Futures Contracts Commodity Price Soybean futures contracts $ 977,658 $ (3,855,440 ) Three months ended September 30, 2021 Realized Gain on Commodity Futures Contracts Net Change in Unrealized Depreciation on Commodity Futures Contracts Commodity Price Soybean futures contracts $ 3,421,173 $ (7,754,543 ) Nine months ended September 30, 2022 Realized Gain on Commodity Futures Contracts Net Change in Unrealized Depreciation on Commodity Futures Contracts Commodity Price Soybean futures contracts $ 10,675,505 $ (5,768,700 ) Nine months ended September 30, 2021 Realized Gain on Commodity Futures Contracts Net Change in Unrealized Depreciation on Commodity Futures Contracts Commodity Price Soybean futures contracts $ 29,238,888 $ (15,794,481 ) Volume of Derivative Activities The average notional market value categorized by primary underlying risk for all futures contracts held was $68.6 million and $64.6 million respectively for the three and nine months ended September 30, 2022 and $54.6 million and $80.7 million for the three and nine months ended September 30, 2021, respectively. |
Teucrium Wheat Fund [Member] | |
Note 5 - Derivative Instruments And Hedging Activities | Note 5 – Derivative Instruments and Hedging Activities In the normal course of business, the Fund utilizes derivative contracts in connection with its proprietary trading activities. Investments in derivative contracts are subject to additional risks that can result in a loss of all or part of an investment. The Fund’s derivative activities and exposure to derivative contracts are classified by the following primary underlying risks: interest rate, credit, commodity price, and equity price risks. In addition to its primary underlying risks, the Fund is also subject to additional counterparty risk due to inability of its counterparties to meet the terms of their contracts. For the three and nine months ended September 30, 2022 and for the year ended December 31, 2021, 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 Futures Commission Merchant (“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 the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (“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 FCMs, E D & F Man and StoneX as of September 30, 2022 and December 31, 2021. *The amount of collateral presented in Collateral, Due from Broker, is limited to the liability for the futures contracts and accordingly does not include the excess collateral pledged. Offsetting of Financial Assets and Derivative Assets as of September 30, 2022 (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 Wheat futures contracts $ 18,217,550 $ - $ 18,217,550 $ 18,217,550 $ - $ - Offsetting of Financial Liabilities and Derivative Liabilities as of September 30, 2022 (i) (ii) (iii) = (i)-(ii) (iv) (v)=(iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker* Net Amount Commodity Price Wheat futures contracts $ 18,948,559 $ - $ 18,948,559 $ 18,217,550 $ 731,009 $ - Offsetting of Financial Assets and Derivative Assets as of December 31, 2021 (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 Wheat futures contracts $ 3,714,672 $ - $ 3,714,672 $ 654,969 $ 213,708 $ 2,845,995 Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2021 (i) (ii) (iii) = (i)-(ii) (iv) (v)=(iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker* Net Amount Commodity Price Wheat futures contracts $ 654,969 $ - $ 654,969 $ 654,969 $ - $ - The following tables identify the net gain and loss amounts included in the statements of operations as realized and unrealized gains and losses on trading of commodity futures contracts categorized by primary underlying risk: Three months ended September 30, 2022 Realized Loss on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contracts Commodity Price Wheat futures contracts $ (92,957,415 ) $ 93,269,812 Three months ended September 30, 2021 Realized Gain on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contracts Commodity Price Wheat futures contracts $ 3,422,476 $ 605,294 Nine months ended September 30, 2022 Realized Loss on Commodity Futures Contracts Net Change in Unrealized Depreciation on Commodity Futures Contracts Commodity Price Wheat futures contracts $ (53,537,910 ) $ (3,790,712 ) Nine months ended September 30, 2021 Realized Gain on Commodity Futures Contracts Net Change in Unrealized Depreciation on Commodity Futures Contracts Commodity Price Wheat futures contracts $ 13,502,592 $ (1,199,756 ) Volume of Derivative Activities The average notional market value categorized by primary underlying risk for all futures contracts held was $356.1 million and $318.9 million respectively, for the three and nine months ended September 30, 2022 and $76.0 million and $80.3 million for the three and nine months ended September 30, 2021. |
Hashdex Bitcoin Futures ETF [Member] | |
Note 5 - Derivative Instruments And Hedging Activities | Note 5 – Derivative Instruments and Hedging Activities In the normal course of business, the Fund utilizes derivative contracts in connection with its proprietary trading activities. Investments in derivative contracts are subject to additional risks that can result in a loss of all or part of an investment. The Fund’s derivative activities and exposure to derivative contracts are classified by the following primary underlying risks: interest rate, credit, commodity price, and equity price risks. In addition to its primary underlying risks, the Fund is also subject to additional counterparty risk due to inability of its counterparties to meet the terms of their contracts. For the commencement of operations (September 15, 2022) through September 30, 2022, the Fund invested only in cryptocurrency futures contracts. Futures Contracts The Fund is subject to cryptocurrency 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 Futures Commission Merchant (“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 the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (“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 FCMs, StoneX as of September 30, 2022. *The amount of collateral presented in Collateral, Due from Broker, is limited to the liability for the futures contracts and accordingly does not include the excess collateral pledged. Offsetting of Financial Liabilities and Derivative Liabilities as of September 30, 2022 (i) (ii) (iii) = (i)-(ii) (iv) (v)=(iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker* Net Amount Cryptocurrency Price Bitcoin futures contracts $ 14,372 $ - $ 14,372 $ - $ 14,372 $ - The following tables identify the net gain and loss amounts included in the statements of operations as realized and unrealized gains and losses on trading of cryptocurrency futures contracts categorized by primary underlying risk: From the commencement of operations (September 15, 2022) through September 30, 2022 Realized Loss on Cryptocurrency Futures Contracts Net Change in Unrealized Depreciation on Cryptocurrency Futures Contracts Cryptocurrency Price Bitcoin futures Contracts $ (5,942 ) $ (14,372 ) Volume of Derivative Activities The average notional market value categorized by primary underlying risk for all futures contracts held was $1.2 million from the commencement of operations (September 15, 2022) through September 30, 2022. |
Teucrium Commodity Trust - Combined [Member] | |
Note 5 - Derivative Instruments And Hedging Activities | Note 5 – 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 three and nine months ended September 30, 2022 and year ended December 31, 2021, the Funds invested only in commodity and cryptocurrency futures contracts specifically related to each Fund. Futures Contracts The Funds are subject to commodity and cryptocurrency 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 an 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 combined 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 the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (“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 combined statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, E D & F Man, and StoneX as of September 30, 2022, and December 31, 2021. The DEFI Fund has an account open at Phillip Capital with no contracts held as of September 30, 2022. *The amount of collateral presented in Collateral, Due from Broker, is limited to the liability for the futures contracts and accordingly does not include the excess collateral pledged. Offsetting of Financial Assets and Derivative Assets as of September 30, 2022 (i) (ii) (iii) = (i)-(ii) (iv) (v)=(iii)-(iv) Gross Amount Not Offset in the Combined Statement of Assets and Liabilities Description Gross Amount of Recognized Assets Gross Amount Offset in the Combined Statement of Assets and Liabilities Net Amount Presented in the Combined Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due to Broker Net Amount Commodity and Cryptocurrency Price Corn futures contracts $ 6,573,943 $ - $ 6,573,943 $ 4,335,823 $ - $ 2,238,120 Wheat futures contracts $ 18,217,550 $ - $ 18,217,550 $ 18,217,550 $ - $ - Offsetting of Financial Liabilities and Derivative Liabilities as of September 30, 2022 (i) (ii) (iii) = (i)-(ii) (iv) (v)=(iii)-(iv) Gross Amount Not Offset in the Combined Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Combined Statement of Assets and Liabilities Net Amount Presented in the Combined Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker* Net Amount Commodity and Cryptocurrency Price Corn futures contracts $ 4,335,823 $ - $ 4,335,823 $ 4,335,823 $ - $ - Soybean futures contracts $ 3,083,849 $ - $ 3,083,849 $ - $ 3,083,849 $ - Sugar futures contracts $ 1,282,651 $ - $ 1,282,651 $ - $ 1,282,651 $ - Wheat futures contracts $ 18,948,559 $ - $ 18,948,559 $ 18,217,550 $ 731,009 $ - Bitcoin futures contracts $ 14,372 $ - $ 14,372 $ - $ 14,372 $ - Offsetting of Financial Assets and Derivative Assets as of December 31, 2021 (i) (ii) (iii) = (i)-(ii) (iv) (v)=(iii)-(iv) Gross Amount Not Offset in the Combined Statement of Assets and Liabilities Description Gross Amount of Recognized Assets Gross Amount Offset in the Combined Statement of Assets and Liabilities Net Amount Presented in the Combined Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due to Broker Net Amount Commodity Price Corn futures contracts $ 5,936,552 $ - $ 5,936,552 $ - $ - $ 5,936,552 Soybean futures contracts $ 2,684,851 $ - $ 2,684,851 $ - $ 675,169 $ 2,009,682 Sugar futures contracts $ 1,079,226 $ - $ 1,079,226 $ 80,506 $ - $ 998,720 Wheat futures contracts $ 3,714,672 $ - $ 3,714,672 $ 654,969 $ 213,708 $ 2,845,995 Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2021 (i) (ii) (iii) = (i)-(ii) (iv) (v)=(iii)-(iv) Gross Amount Not Offset in the Combined Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Combined Statement of Assets and Liabilities Net Amount Presented in the Combined Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker* Net Amount Commodity Price Sugar futures contracts $ 80,506 $ - $ 80,506 $ 80,506 $ - $ - Wheat futures contracts $ 654,969 $ - $ 654,969 $ 654,969 $ - $ - The following is a summary of realized and unrealized gains (losses) of the derivative instruments utilized by the Trust: Three months ended September 30, 2022 (1) Realized (Loss) Gain on Commodity and Cryptocurrency Futures Contracts Net Change in Unrealized Appreciation (Depreciation) on Commodity and Cryptocurrency Futures Contracts Commodity Price Corn futures contracts $ (10,344,285 ) $ 23,856,276 Soybean futures contracts 977,658 (3,855,440 ) Sugar futures contracts (948,329 ) (1,014,429 ) Wheat futures contracts (92,957,415 ) 93,269,812 Bitcoin futures Contracts (5,942 ) (14,372 ) Total commodity and cryptocurrency futures contracts $ (103,278,313 ) $ 112,241,847 Three months ended September 30, 2021 Realized Gain on Commodity Futures Contracts Net Change in Unrealized (Depreciation) Appreciation on Commodity Futures Contracts Commodity Price Corn futures contracts $ 6,039,005 $ (16,642,507 ) Soybean futures contracts 3,421,173 (7,754,543 ) Sugar futures contracts 2,536,459 289,834 Wheat futures contracts 3,422,476 605,294 Total commodity and cryptocurrency futures contracts $ 15,419,113 $ (23,501,922 ) Nine months ended September 30, 2022 (1) Realized Gain (Loss) on Commodity and Cryptocurrency Futures Contracts Net Change in Unrealized Depreciation on Commodity and Cryptocurrency Futures Contracts Commodity Price Corn futures contracts $ 28,678,780 $ (3,698,432 ) Soybean futures contracts 10,675,505 (5,768,700 ) Sugar futures contracts (476,906 ) (2,281,371 ) Wheat futures contracts (53,537,910 ) (3,790,712 ) Bitcoin futures Contracts (5,942 ) (14,372 ) Total commodity and cryptocurrency futures contracts $ (14,666,473 ) $ (15,553,587 ) Nine months ended September 30, 2021 Realized Gain on Commodity Futures Contracts Net Change in Unrealized (Depreciation) Appreciation on Commodity Futures Contracts Commodity Price Corn futures contracts $ 61,285,136 $ (18,263,441 ) Soybean futures contracts 29,238,888 (15,794,481 ) Sugar futures contracts 5,802,090 846,951 Wheat futures contracts 13,502,592 (1,199,756 ) Total commodity and cryptocurrency futures contracts $ 109,828,706 $ (34,410,727 ) (1) The Hashdex Bitcoin Futures ETF commenced operations on September 15, 2022. Volume of Derivative Activities The average notional market value categorized by primary underlying risk for the futures contracts held was $662.8 million and $611.7 million respectively for the three and nine months ended September 30, 2022 and $281.7 million and $334.0 million for the three and nine months ended September 30, 2021, respectively. |
Teucrium Corn Fund [Member] | |
Note 5 - Derivative Instruments And Hedging Activities | Note 5 – Derivative Instruments and Hedging Activities In the normal course of business, the Fund utilizes derivative contracts in connection with its proprietary trading activities. Investments in derivative contracts are subject to additional risks that can result in a loss of all or part of an investment. The Fund’s derivative activities and exposure to derivative contracts are classified by the following primary underlying risks: interest rate, credit, commodity price, and equity price risks. In addition to its primary underlying risks, the Fund is also subject to additional counterparty risk due to inability of its counterparties to meet the terms of their contracts. For the three and nine months ended September 30, 2022 and year ended December 31, 2021, 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 an 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 FCMs, E D & F Man and StoneX as of September 30, 2022, and December 31, 2021. *The amount of collateral presented in Collateral, Due from Broker, is limited to the liability for the futures contracts and accordingly does not include the excess collateral pledged. Offsetting of Financial Assets and Derivative Assets as of September 30, 2022 (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 $ 6,573,943 $ - $ 6,573,943 $ 4,335,823 $ - $ 2,238,120 Offsetting of Financial Liabilities and Derivative Liabilities as of September 30, 2022 (i) (ii) (iii) = (i)-(ii) (iv) (v)=(iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker* Net Amount Commodity Price Corn futures contracts $ 4,335,823 $ - $ 4,335,823 $ 4,335,823 $ - $ - Offsetting of Financial Assets and Derivative Assets as of December 31, 2021 (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 $ 5,936,552 $ - $ 5,936,552 $ - $ - $ 5,936,552 The following tables identify the net gain and loss amounts included in the statements of operations as realized and unrealized gains and losses on trading of commodity futures contracts categorized by primary underlying risk: Three months ended September 30, 2022 Realized Loss on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contracts Commodity Price Corn futures contracts $ (10,344,285 ) $ 23,856,276 Three months ended September 30, 2021 Realized Gain on Commodity Futures Contracts Net Change in Unrealized Depreciation on Commodity Futures Contracts Commodity Price Corn futures contracts $ 6,039,005 $ (16,642,507 ) Nine months ended September 30, 2022 Realized Gain on Commodity Futures Contracts Net Change in Unrealized Depreciation on Commodity Futures Contracts Commodity Price Corn futures contracts $ 28,678,780 $ (3,698,432 ) Nine months ended September 30, 2021 Realized Gain on Commodity Futures Contracts Net Change in Unrealized Depreciation on Commodity Futures Contracts Commodity Price Corn futures contracts $ 61,285,136 $ (18,263,441 ) Volume of Derivative Activities The average notional market value categorized by primary underlying risk for the futures contracts held was $209.7 million and $201.4 million respectively for the three and nine months ended September 30, 2022 and $126.7 million and $154.1 million for the three and nine months ended September 30, 2021, respectively. |
Organizational and Offering Cos
Organizational and Offering Costs | 9 Months Ended |
Sep. 30, 2022 | |
Teucrium Sugar Fund [Member] | |
Note 6 - Organizational And Offering Costs | Note 7 – Organizational and Offering Costs Expenses incurred in organizing of the Trust and the initial offering of the Shares of the Fund, including applicable SEC registration fees, were borne directly by the Sponsor. The Fund will not be obligated to reimburse the Sponsor. |
Teucrium Soybean Fund [Member] | |
Note 6 - Organizational And Offering Costs | Note 7 – Organizational and Offering Costs Expenses incurred in organizing of the Trust and the initial offering of the Shares of the Fund, including applicable SEC registration fees were borne directly by the Sponsor. The Fund will not be obligated to reimburse the Sponsor. |
Teucrium Wheat Fund [Member] | |
Note 6 - Organizational And Offering Costs | Note 7 – Organizational and Offering Costs Expenses incurred in organizing of the Trust and the initial offering of the Shares of the Fund, including applicable SEC registration fees, were borne directly by the Sponsor. The Fund will not be obligated to reimburse the Sponsor. |
Teucrium Agricultural Fund [Member] | |
Note 6 - Organizational And Offering Costs | Note 6 – Organizational and Offering Costs Expenses incurred in organizing of the Trust and the initial offering of the Shares of the Fund, including applicable SEC registration fees, were borne directly by the Sponsor. The Fund will not be obligated to reimburse the Sponsor. |
Hashdex Bitcoin Futures ETF [Member] | |
Note 6 - Organizational And Offering Costs | Note 7 – Organizational and Offering Costs Expenses incurred in organizing of the Trust and the initial offering of the Shares of the Fund, including applicable SEC registration fees, were borne directly by the Sponsor. The Fund will not be obligated to reimburse the Sponsor. |
Teucrium Commodity Trust - Combined [Member] | |
Note 6 - Organizational And Offering Costs | Note 6 - Organizational and Offering Costs Expenses incurred in organizing of the Trust and the initial offering of the shares of the Funds, including applicable SEC registration fees, were borne directly by the Sponsor for the Funds, and will be borne directly by the Sponsor for any series of the Trust which is not yet operating or will be issued in the future. The Trust will not be obligated to reimburse the Sponsor. |
Teucrium Corn Fund [Member] | |
Note 6 - Organizational And Offering Costs | Note 7 – Organizational and Offering Costs Expenses incurred in organizing of the Trust and the initial offering of the Shares of the Fund, including applicable SEC registration fees were borne directly by the Sponsor. The Fund will not be obligated to reimburse the Sponsor. |
Detail of the net assets and sh
Detail of the net assets and shares outstanding of the Funds that are a series of the Trust | 9 Months Ended |
Sep. 30, 2022 | |
Teucrium Commodity Trust - Combined [Member] | |
Note 7 - Detail Of The Net Assets And Shares Outstanding Of The Funds That Are A Series Of The Trust | Note 7 – 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: September 30, 2022 Outstanding Shares Net Assets Teucrium Corn Fund 7,950,004 $ 214,972,436 Teucrium Soybean Fund 2,575,004 67,243,978 Teucrium Sugar Fund 2,925,004 25,534,967 Teucrium Wheat Fund 41,250,004 377,988,971 Hashdex Bitcoin Futures ETF 50,004 1,230,482 Teucrium Agricultural Fund: Net assets including the investment in the Underlying Funds 1,487,502 46,219,717 Less: Investment in the Underlying Funds (46,216,269 ) Net for the Fund in the combined net assets of the Trust 3,448 Total $ 686,974,282 December 31, 2021 Outstanding Shares Net Assets Teucrium Corn Fund 5,600,004 $ 120,846,256 Teucrium Soybean Fund 1,975,004 44,972,625 Teucrium Sugar Fund 2,475,004 22,834,664 Teucrium Wheat Fund 10,250,004 75,621,587 Teucrium Agricultural Fund: Net assets including the investment in the Underlying Funds 525,002 14,179,655 Less: Investment in the Underlying Funds (14,178,019 ) Net for the Fund in the combined net assets of the Trust 1,636 Total $ 264,276,768 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 | 9 Months Ended |
Sep. 30, 2022 | |
Teucrium Sugar Fund [Member] | |
Note 8 - Subsequent Events | Note 8 – Subsequent Events Management has evaluated the financial statements for the quarter-ended September 30, 2022 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund. |
Teucrium Soybean Fund [Member] | |
Note 8 - Subsequent Events | Note 8 – Subsequent Events Management has evaluated the financial statements for the quarter-ended September 30, 2022 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 Wheat Fund [Member] | |
Note 8 - Subsequent Events | Note 8 – Subsequent Events Management has evaluated the financial statements for the quarter-ended September 30, 2022 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund |
Teucrium Agricultural Fund [Member] | |
Note 8 - Subsequent Events | Note 7 – Subsequent Events Management has evaluated the financial statements for the quarter-ended September 30, 2022 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. |
Hashdex Bitcoin Futures ETF [Member] | |
Note 8 - Subsequent Events | Note 8 – Subsequent Events Management has evaluated the financial statements for the quarter-ended September 30, 2022 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 increased by $1,058,752, or 86%, for the period September 30, 2022 to November 8, 2022. This was driven by a 100% increase in the shares outstanding and partially offset by a 7% decrease in the NAV/share. . |
Teucrium Commodity Trust - Combined [Member] | |
Note 8 - Subsequent Events | Note 8 – Subsequent Events Management has evaluated the financial statements for the quarter-ended September 30, 2022 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: Trust: Nothing to report. CORN: Nothing to report. SOYB: Nothing to report. CANE: Nothing to report. WEAT: Nothing to report. TAGS: Nothing to report. DEFI: The total net assets of the Fund increased by $1,058,752, or 86%, for the period September 30, 2022 to November 8, 2022. This was driven by a 100% increase in the shares outstanding and partially offset by a 7% decrease in the NAV/share. |
Teucrium Corn Fund [Member] | |
Note 8 - Subsequent Events | Note 8 – Subsequent Events Management has evaluated the financial statements for the quarter-ended September 30, 2022 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. |
Financial Highlights
Financial Highlights | 9 Months Ended |
Sep. 30, 2022 | |
Teucrium Sugar Fund [Member] | |
Note 7 - Financial Highlights | Note 6 – Financial Highlights The following table presents per unit performance data and other supplemental financial data for the three and nine months ended September 30, 2022 and 2021. 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. Three months ended Three months ended Nine months ended Nine months ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Per Share Operation Performance Net asset value at beginning of period $ 9.32 $ 8.48 $ 9.23 $ 6.72 Income (loss) from investment operations: Investment income 0.05 - 0.07 0.01 Net realized and unrealized (loss) gain on commodity futures contracts (0.60 ) 1.13 (0.45 ) 2.96 Total expenses, net (0.04 ) (0.04 ) (0.12 ) (0.12 ) Net (decrease) increase in net asset value (0.59 ) 1.09 (0.50 ) 2.85 Net asset value at end of period $ 8.73 $ 9.57 $ 8.73 $ 9.57 Total Return (6.34 )% 12.80 % (5.38 )% 42.38 % Ratios to Average Net Assets (Annualized) Total expenses 1.81 % 2.28 % 2.12 % 2.52 % Total expenses, net 1.81 % 1.78 % 1.75 % 1.91 % Net investment income (loss) 0.28 % (1.66 )% (0.71 )% (1.77 )% The financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses. |
Teucrium Soybean Fund [Member] | |
Note 7 - Financial Highlights | Note 6 – Financial Highlights The following tables present per unit performance data and other supplemental financial data for the three and nine months ended September 30, 2022 and 2021. 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. Three months ended Three months ended Nine months ended Nine months ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Per Share Operation Performance Net asset value at beginning of period $ 27.07 $ 23.79 $ 22.77 $ 19.49 Income from investment operations: Investment income 0.13 0.01 0.21 0.03 Net realized and unrealized (loss) gain on commodity futures contracts -0.98 -1.71 3.48 2.80 Total expenses, net -0.11 -0.10 -0.35 -0.33 Net (decrease) increase in net asset value (0.96 ) (1.80 ) 3.34 2.50 Net asset value at end of period $ 26.11 $ 21.99 $ 26.11 $ 21.99 Total Return -3.52 % -7.56 % 14.68 % 12.83 % Ratios to Average Net Assets (Annualized) Total expenses 1.73 % 2.90 % 1.92 % 2.78 % Total expenses, net 1.73 % 1.74 % 1.75 % 1.99 % Net investment income (loss) 0.34 % (1.60 )% (0.68 )% (1.82 )% The financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses. |
Teucrium Wheat Fund [Member] | |
Note 7 - Financial Highlights | Note 6 – Financial Highlights The following tables present per unit performance data and other supplemental financial data for the three and nine months ended September 30, 2022 and 2021. 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. Three months ended Three months ended Nine months ended Nine months ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Per Share Operation Performance Net asset value at beginning of period $ 9.03 $ 6.75 $ 7.38 $ 6.16 Income (loss) from investment operations: Investment income 0.04 - 0.07 0.01 Net realized and unrealized gain on commodity futures contracts 0.13 0.35 1.83 1.00 Total expenses, net (0.04 ) (0.03 ) (0.12 ) (0.10 ) Net increase in net asset value 0.13 0.32 1.78 0.91 Net asset value at end of period $ 9.16 $ 7.06 $ 9.16 $ 7.06 Total Return 1.44 % 4.72 % 24.20 % 14.75 % Ratios to Average Net Assets (Annualized) Total expenses 2.02 % 2.38 % 1.84 % 2.31 % Total expenses, net 2.02 % 1.85 % 1.69 % 1.93 % Net investment income (loss) 0.01 % (1.70 )% (0.63 )% (1.77 )% The financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses. |
Teucrium Agricultural Fund [Member] | |
Note 7 - Financial Highlights | Note 5 – Financial Highlights The following table presents per unit performance data and other supplemental financial data for the three and nine months ended September 30, 2022 and 2021. 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. Three months ended Three months ended Nine months ended Nine months ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Per Share Operation Performance Net asset value at beginning of period $ 31.09 $ 26.06 $ 27.01 $ 21.12 Income (loss) from investment operations: Net realized and unrealized (loss) gain on investment transactions (0.01 ) 0.23 4.09 5.19 Total expenses, net (0.01 ) (0.01 ) (0.03 ) (0.03 ) Net (decrease) increase in net asset value (0.02 ) 0.22 4.06 5.16 Net asset value at end of period $ 31.07 $ 26.28 $ 31.07 $ 26.28 Total Return (0.05 )% 0.84 % 15.04 % 24.40 % Ratios to Average Net Assets (Annualized) Total expenses 0.66 % 1.42 % 0.80 % 1.39 % Total expenses, net 0.13 % 0.18 % 0.14 % 0.19 % Net investment loss (0.13 )% (0.18 )% (0.14 )% (0.19 )% The financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses. |
Hashdex Bitcoin Futures ETF [Member] | |
Note 7 - Financial Highlights | Note 6 – Financial Highlights The following table presents per unit performance data and other supplemental financial data from the commencement of operations (September 15, 2022) through September 30, 2022. 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. From the commencement of operations (September 15, 2022) through September 30, 2022 Per Share Operation Performance Net asset value at beginning of period $ 25.00 Income (loss) from investment operations: Investment income 0.03 Net realized and unrealized (loss) gain on cryptocurrency futures contracts (0.41 ) Total expenses, net (0.01 ) Net decrease in net asset value (0.39 ) Net asset value at end of period $ 24.61 Total Return (1.57 )% Ratios to Average Net Assets (Annualized) Total expenses 2.31 % Total expenses, net 0.94 % Net investment income 1.74 % The financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses. |
Teucrium Corn Fund [Member] | |
Note 7 - Financial Highlights | Note 6 – Financial Highlights The following tables present per unit performance data and other supplemental financial data for the three and nine months ended September 30, 2022 and 2021. 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. Three months ended Three months ended Nine months ended Nine months ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Per Share Operation Performance Net asset value at beginning of period $ 25.06 $ 21.44 $ 21.58 $ 15.54 Income from investment operations: Investment income 0.13 0.01 0.21 0.02 Net realized and unrealized gain on commodity futures contracts 1.96 1.12 5.58 4.94 Total expenses, net (0.11 ) (0.10 ) (0.33 ) (0.27 ) Net increase (decrease) in net asset value 1.98 (1.21 ) 5.46 4.69 Net asset value at end of period $ 27.04 $ 20.23 $ 27.04 $ 20.23 Total Return 7.89 % (5.62 )% 25.30 % 30.23 % Ratios to Average Net Assets (Annualized) Total expenses 1.79 % 2.88 % 1.90 % 2.61 % Total expenses, net 1.79 % 1.86 % 1.69 % 1.95 % Net investment income (loss) 0.27 % (1.70 )% (0.64 )% (1.78 )% The financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Teucrium Sugar Fund [Member] | |
Basis Of Presentation | The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as detailed in the Financial Accounting Standards Board’s Accounting Standards Codification. |
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 Fund seeks to earn interest on funds held at the custodian and other financial institutions at prevailing market rates for such investments. The Sponsor invests 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 on the statements of cash flows. Accretion on these investments is recognized using the effective interest method in U.S. dollars and included in interest income on the statements of operations. The Sponsor invests a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts. Accretion on these investments is recognized using the effective interest method in U.S. dollars and included in interest income on the statements of operations. |
Brokerage Commissions | The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis. The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and nine months ended September 30, 2022. CANE Three Months Ended September 30, 2022 $ 5,436 Three Months Ended September 30, 2021 $ 6,613 Nine Months Ended September 30, 2022 $ 31,972 Nine Months Ended September 30, 2021 $ 19,047 |
Income Taxes | For federal income tax purposes, the Fund will be treated as a publicly traded partnership. A publicly traded partnership is generally treated as a corporation for federal income tax purposes unless 90% or more of the publicly traded partnership’s gross income for each taxable year of its existence consists of qualifying income as defined in section 7704(d) of the Internal Revenue Code of 1986, as amended. Qualifying income is defined as generally including, in pertinent part, interest (other than from a financial business), dividends, and gains from the sale or disposition of capital assets held for the production of interest or dividends. In the case of a partnership of which a principal activity is the buying and selling of commodities, other than as inventory, or of futures, forwards and options with respect to commodities, qualifying income also includes income and gains from commodities and from futures, forwards, options with respect to commodities and, provided the partnership is a trader or investor with respect to such assets, swaps and other notional principal contracts with respect to commodities. The Fund expects that at least 90% of the Fund’s gross income for each taxable year will consist of qualifying income and that the Fund will be taxed as a partnership for federal income tax purposes. The Fund does not record a provision for income taxes because the shareholders report their share of the Fund’s income or loss on their income tax returns. The financial statements reflect the Fund’s transactions without adjustment, if any, required for income tax purposes. The Fund is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states and foreign jurisdictions. For all tax years 2019 to 2021, 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 September 30, 2022 and for the years ended December 31, 2021, 2020, and 2019. However, the Fund’s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof. The Fund recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the three and nine months ended September 30, 2022 and 2021. 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. (ET) on the day the order to create the basket is received in good order. 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. (ET) on the day the order to redeem the basket is received in good order. 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 capital shares receivable. 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. |
Cash And Cash Equivalents | Cash equivalents are highly liquid investments with maturity dates of 90 days or less when acquired. The Trust reported its cash equivalents in the 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 Fund holds a balance in money market funds that is included in cash and cash equivalents on the statements of assets and liabilities. The Sponsor invests 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. The Sponsor invests a portion of the available cash for the Funds in investment grade commercial paper with durations of 90 days or less, which is classified as a cash equivalent and is not FDIC insured. The Sponsor may invest 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. September 30, 2022 December 31, 2021 Money Market Funds $ 8,765,898 $ 4,816,883 Demand Deposit Savings Accounts 3,045,634 9,016,479 Commercial Paper 12,273,660 7,499,540 Total cash and cash equivalents as presented on the Statement of Assets and Liabilities $ 24,085,192 $ 21,332,902 |
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, payables for commodities futures accounts liquidating to an equity balance on the clearing broker’s records, and amounts of brokerage commissions paid and recognized as unrealized losses. 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 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. |
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 has elected not to outsource services directly attributable to the Trust and the Funds such as accounting, financial reporting, regulatory compliance, and trading activities, which the Sponsor performs itself. In addition, the Fund is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00% per annum. The Fund generally pays for all brokerage fees, taxes, and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the SEC, FINRA, or any other regulatory agency in connection with the offer and sale of subsequent Shares after its initial registration and all legal, accounting, printing and other expenses associated therewith. The Fund also pays its portion of the fees and expenses associated with the Trust’s tax accounting and reporting requirements. Certain aggregate expenses common to all Funds within the Trust are allocated by the Sponsor to the respective 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 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 in the financial statements of each Fund. Three months ended September 30, 2022 Three months ended September 30, 2021 Nine months ended September 30, 2022 Nine months ended September 30, 2021 Recognized Related Party Transactions $ 24,638 $ 30,226 $ 96,060 $ 77,995 Waived Related Party Transactions $ - $ 10,632 $ 25,739 $ 29,830 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 will be no recovery sought for the amounts below in any future period: CANE Three months ended September 30, 2022 $ - Three months ended September 30, 2021 $ 29,699 Nine months ended September 30, 2022 $ 78,237 Nine months ended September 30, 2021 $ 87,738 |
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 September 30, 2022 and December 31, 2021, 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 periods being reported. For the three and nine months ended September 30, 2022 and year ended December 31, 2021, 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. |
New Accounting Pronouncements | The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-03, related to fair value measurement (Topic 820) of equity securities subject to contractual sale restrictions. Under the clarified guidance, contractual restrictions on the sale of an equity security are not considered part of the unit of account of the equity security and, therefore, are not considered in measuring fair value, however they do require disclosures. The amendment was early adopted for the quarter ended June 30, 2022; the early adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2021-05: “Leases (Topic 842).” Under the amended guidance, a lessor should classify and account for a lease with variable lease payments that don’t depend on an index or a rate as an operating lease if the lease would’ve been classified as a sales-type lease or a direct financing lease in accordance with the lease classification guidance in Topic 842 and the lessor would’ve otherwise recognized a day-one loss. The amendment was adopted early for the quarter ended September 30, 2021; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2020-10: “Codification Improvements.” The amendment improves the disclosure guidance in appropriate Disclosure Sections, without resulting in changes to current GAAP. The amendment is effective for annual periods beginning after December 15, 2020. The amendment was adopted for the quarter ended March 31, 2021; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued 2020-02: “Financial Instruments Credit Losses (Topic 326) and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842). The amendment updates and adds language to ASU 2016-02. The amendments were adopted for the quarter ended March 31, 2020; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2020-01: Investments Equity Securities (Topic 321), Investments Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. The amendments clarify the treatment of transactions that require a company to apply or discontinue the equity method of accounting. The amendments were adopted early for the quarter ended March 31, 2020; 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 201712. 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 were adopted for the quarter ended September 30, 2020; 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 were adopted for the quarter ended March 31, 2020; 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 adopted for the quarter ended September 30, 2020; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. |
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. 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. |
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. (ET). The NAV for a particular trading day is released after 4:15 p.m. (ET). 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. (ET). 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. Short term 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. |
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 units outstanding was computed for purposes of disclosing net income (loss) per weighted average unit. The weighted average units are equal to the number of units outstanding at the end of the period, adjusted proportionately for units created or redeemed based on the amount of time the units were outstanding during such period. |
Teucrium Soybean Fund [Member] | |
Basis Of Presentation | The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as detailed in the Financial Accounting Standards Board’s Accounting Standards Codification. |
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. The Fund seeks to earn interest on its assets denominated in U.S. dollars on deposits with the Futures Commission Merchant. In addition, the Fund seeks to earn interest on funds held at the custodian and other financial institutions at prevailing market rates for such investments. The Sponsor invests 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 on the statements of cash flows. Accretion on these investments is recognized using the effective interest method in U.S. dollars and included in interest income on the statements of operations. The Sponsor invests a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts. Accretion on these investments is recognized using the effective interest method in U.S. dollars and included in interest income on the statements of operations. |
Brokerage Commissions | the Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis. The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and nine months ended September 30, 2022. SOYB Three Months Ended September 30, 2022 $ 6,432 Three Months Ended September 30, 2021 $ 4,833 Nine Months Ended September 30, 2022 $ 21,638 Nine Months Ended September 30, 2021 $ 26,568 |
Income Taxes | For federal income tax purposes, each Fund will be treated as a publicly traded partnership. A publicly traded partnership is generally treated as a corporation for federal income tax purposes unless 90% or more of the publicly traded partnership’s gross income for each taxable year of its existence consists of qualifying income as defined in section 7704(d) of the Internal Revenue Code of 1986, as amended. Qualifying income is defined as generally including, in pertinent part, interest (other than from a financial business), dividends, and gains from the sale or disposition of capital assets held for the production of interest or dividends. In the case of a partnership of which a principal activity is the buying and selling of commodities, other than as inventory, or of futures, forwards and options with respect to commodities, qualifying income also includes income and gains from commodities and from futures, forwards, options with respect to commodities and, provided the partnership is a trader or investor with respect to such assets, swaps and other notional principal contracts with respect to commodities. The Fund expects that at least 90% of the Fund’s gross income for each taxable year will consist of qualifying income and that the Fund will be taxed as a partnership for federal income tax purposes. The Fund does not record a provision for income taxes because the shareholders report their share of the Fund’s income or loss on their income tax returns. The financial statements reflect the Fund’s transactions without adjustment, if any, required for income tax purposes. The Fund is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states and foreign jurisdictions. For all tax years 2019 to 2021, 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 September 30, 2022 and for the years ended December 31, 2021, 2020, and 2019. However, the Fund’s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof. The Fund recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the three and nine months ended September 30, 2022 and 2021. 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. (ET) on the day the order to create the basket is received in good order. 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. (ET) on the day the order to redeem the basket is received in good order. 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 capital shares receivable. 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 represent 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. |
Cash And Cash Equivalents | Cash equivalents are highly liquid investments with maturity dates of 90 days or less when acquired. The Trust reported its cash equivalents in the 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 Fund holds a balance in money market funds that is included in cash and cash equivalents on the statements of assets and liabilities. The Sponsor invests 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. The Sponsor invests a portion of the available cash for the Funds in investment grade commercial paper with durations of 90 days or less, which is classified as a cash equivalent and is not FDIC insured. The Sponsor may invest a portion of the cash held by the FCM in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured. September 30, 2022 December 31, 2021 Money Market Funds $ 28,169,659 $ 11,462,494 Demand Deposit Savings Accounts 5,103,208 10,059,937 Commercial Paper 31,628,863 21,497,453 Total cash and cash equivalents as presented on the Statement of Assets and Liabilities $ 64,901,730 $ 43,019,884 |
Payable For Purchases Of Commercial Paper | The amount recorded by the Fund for commercial paper transactions awaiting settlement, 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, payables for commodities futures accounts liquidating to an equity balance on the clearing broker’s records and amounts of brokerage commissions paid and recognized as unrealized losses. 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 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. |
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 has elected not to outsource services directly attributable to the Trust and the Funds such as accounting, financial reporting, regulatory compliance, and trading activities, which the Sponsor performs itself. In addition, the Fund is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00% per annum. The Fund pays for all brokerage fees, taxes, and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the SEC, FINRA, or any other regulatory agency in connection with the offer and sale of subsequent Shares after its initial registration and all legal, accounting, printing and other expenses associated therewith. The Fund also pays its portion of the fees and expenses associated with the Trust’s tax accounting and reporting requirements. Certain aggregate expenses common to all Funds within the Trust are allocated by the Sponsor to the respective 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 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 in the financial statements of each Fund. Three months ended September 30, 2022 Three months ended September 30, 2021 Nine months ended September 30, 2022 Nine months ended September 30, 2021 Recognized Related Party Transactions $ 53,104 $ 122,021 $ 205,250 $ 461,318 Waived Related Party Transactions $ - $ 93,643 $ 32,056 $ 231,207 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 will be no recovery sought for the amounts below in any future period: SOYB Three months ended September 30, 2022 $ - Three months ended September 30, 2021 $ 173,635 Nine months ended September 30, 2022 $ 89,562 Nine months ended September 30, 2021 $ 479,631 |
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 September 30, 2022 and December 31, 2021, in the opinion of the Trust and the Fund, 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 Fund considers the average volume of the specific underlying futures contracts traded on the relevant exchange for the periods being reported. For the quarter ended March 31, 2021, Soybean Futures Contracts for JUL21 CBOT soybean futures, and the Nov21 CBOT soybean futures settled in a “limit up” condition. Accordingly, the Trust and SOYB classified these as Level 2 assets. The adjustment in SOYB resulted in a $279,750 increase in the unrealized change in commodity futures contracts in excess of reported CBOT values. These contracts transferred back to a Level 1 asset for the quarter ended June 30, 2021. 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. |
New Accounting Pronouncements | The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-03, related to fair value measurement (Topic 820) of equity securities subject to contractual sale restrictions. Under the clarified guidance, contractual restrictions on the sale of an equity security are not considered part of the unit of account of the equity security and, therefore, are not considered in measuring fair value, however they do require disclosures. The amendment was early adopted for the quarter ended June 30, 2022; the early adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2021-05: “Leases (Topic 842).” Under the amended guidance, a lessor should classify and account for a lease with variable lease payments that don’t depend on an index or a rate as an operating lease if the lease would’ve been classified as a sales-type lease or a direct financing lease in accordance with the lease classification guidance in Topic 842 and the lessor would’ve otherwise recognized a day-one loss. The amendment was adopted early for the quarter ended September 30, 2021; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2020-10: “Codification Improvements.” The amendment improves the disclosure guidance in appropriate Disclosure Sections, without resulting in changes to current GAAP. The amendment is effective for annual periods beginning after December 15, 2020. The amendment was adopted for the quarter ended March 31, 2021; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued 2020-02: “Financial Instruments Credit Losses (Topic 326) and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842). The amendment updates and adds language to ASU 2016-02. The amendments were adopted for the quarter ended March 31, 2020; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2020-01: Investments Equity Securities (Topic 321), Investments Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. The amendments clarify the treatment of transactions that require a company to apply or discontinue the equity method of accounting. The amendments were adopted early for the quarter ended March 31, 2020; 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 201712. 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 were adopted for the quarter ended September 30, 2020; 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 were adopted for the quarter ended March 31, 2020; 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 adopted for the quarter ended September 30, 2020; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. |
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. (ET). The NAV for a particular trading day is released after 4:15 p.m. (ET). 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. (ET). 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. Short term 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. |
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. |
Teucrium Wheat Fund [Member] | |
Basis Of Presentation | The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as detailed in the Financial Accounting Standards Board’s Accounting Standards Codification. |
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 Fund seeks to earn interest on funds held at the custodian and other financial institutions at prevailing market rates for such investments. The Sponsor invests 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 on the statements of cash flows. Accretion on these investments is recognized using the effective interest method in U.S. dollars and included in interest income on the statements of operations. The Sponsor invests a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts. Accretion on these investments is recognized using the effective interest method in U.S. dollars and included in interest income on the statements of operations. |
Brokerage Commissions | The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis. The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and nine months ended September 30, 2022. WEAT Three Months Ended September 30, 2022 $ 75,136 Three Months Ended September 30, 2021 $ 17,330 Nine Months Ended September 30, 2022 $ 354,679 Nine Months Ended September 30, 2021 $ 39,852 |
Income Taxes | For federal income tax purposes, the Fund will be treated as a publicly traded partnership. A publicly traded partnership is generally treated as a corporation for federal income tax purposes unless 90% or more of the publicly traded partnership’s gross income for each taxable year of its existence consists of qualifying income as defined in section 7704(d) of the Internal Revenue Code of 1986, as amended. Qualifying income is defined as generally including, in pertinent part, interest (other than from a financial business), dividends, and gains from the sale or disposition of capital assets held for the production of interest or dividends. In the case of a partnership of which a principal activity is the buying and selling of commodities, other than as inventory, or of futures, forwards and options with respect to commodities, qualifying income also includes income and gains from commodities and from futures, forwards, options with respect to commodities and, provided the partnership is a trader or investor with respect to such assets, swaps and other notional principal contracts with respect to commodities. The Fund expects that at least 90% of the Fund’s gross income for each taxable year will consist of qualifying income and that the Fund will be taxed as a partnership for federal income tax purposes. The Fund does not record a provision for income taxes because the shareholders report their share of the Fund’s income or loss on their income tax returns. The financial statements reflect the Fund’s transactions without adjustment, if any, required for income tax purposes. The Fund is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states and foreign jurisdictions. For all tax years 2019 to 2021, 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 September 30, 2022 and for the years ended December 31, 2021, 2020 and 2019. However, the Fund’s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof. The Fund recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the three and nine months ended September 30, 2022 and 2021. 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.(ET) 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. (ET) 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 capital shares receivable. 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 represent 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. |
Cash And Cash Equivalents | Cash equivalents are highly liquid investments with maturity dates of 90 days or less when acquired. The Trust reported its cash equivalents in the 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 Fund holds a balance in money market funds that is included in cash and cash equivalents on the statements of assets and liabilities. The Sponsor invests 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. The Sponsor invests a portion of the available cash for the Funds in investment grade commercial paper with durations of 90 days or less, which is classified as a cash equivalent and is not FDIC insured. The Sponsor may invest 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. September 30, 2022 December 31, 2021 Money Market Funds $ 190,355,962 $ 5,284,993 Demand Deposit Savings Accounts 12,213,566 30,064,031 Commercial Paper 139,675,256 37,492,592 Total cash and cash equivalents as presented on the Statement of Assets and Liabilities $ 342,244,784 $ 72,841,616 |
Payable For Purchases Of Commercial Paper | The amount recorded by the Fund for commercial paper transactions awaiting settlement, 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, payables for commodities futures accounts liquidating to an equity balance on the clearing broker’s records and amounts of brokerage commissions paid and recognized as unrealized losses. 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 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. |
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, which the Sponsor performs itself. In addition, the Fund is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00% per annum. The Fund generally pays for all brokerage fees, taxes, and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the SEC, FINRA, or any other regulatory agency in connection with the offer and sale of subsequent Shares after its initial registration and all legal, accounting, printing and other expenses associated therewith. The Fund also pays its portion of the fees and expenses associated with the Trust’s tax accounting and reporting requirements. Certain aggregate expenses common to all Funds within the Trust are allocated by the Sponsor to the respective 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 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 in the financial statements of each Fund. Three months ended September 30, 2022 Three months ended September 30, 2021 Nine months ended September 30, 2022 Nine months ended September 30, 2021 Recognized Related Party Transactions $ 358,130 $ 110,381 $ 1,011,184 $ 336,850 Waived Related Party Transactions $ - $ 15,941 $ 224,587 $ 79,800 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 will be no recovery sought for the amounts below in any future period: WEAT Three months ended September 30, 2022 $ - Three months ended September 30, 2021 $ 104,989 Nine months ended September 30, 2022 $ 425,164 Nine months ended September 30, 2021 $ 229,640 |
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 September 30, 2022 and December 31, 2021, 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 periods being reported. 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. |
New Accounting Pronouncements | The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-03, related to fair value measurement (Topic 820) of equity securities subject to contractual sale restrictions. Under the clarified guidance, contractual restrictions on the sale of an equity security are not considered part of the unit of account of the equity security and, therefore, are not considered in measuring fair value, however they do require disclosures. The amendment was early adopted for the quarter ended June 30, 2022; the early adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2021-05: “Leases (Topic 842).” Under the amended guidance, a lessor should classify and account for a lease with variable lease payments that don’t depend on an index or a rate as an operating lease if the lease would’ve been classified as a sales-type lease or a direct financing lease in accordance with the lease classification guidance in Topic 842 and the lessor would’ve otherwise recognized a day-one loss. The amendment was adopted early for the quarter ended September 30, 2021; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2020-10: “Codification Improvements.” The amendment improves the disclosure guidance in appropriate Disclosure Sections, without resulting in changes to current GAAP. The amendment is effective for annual periods beginning after December 15, 2020. The amendment was adopted for the quarter ended March 31, 2021; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued 2020-02: “Financial Instruments Credit Losses (Topic 326) and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842). The amendment updates and adds language to ASU 2016-02. The amendments were adopted for the quarter ended March 31, 2020; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2020-01: Investments Equity Securities (Topic 321), Investments Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. The amendments clarify the treatment of transactions that require a company to apply or discontinue the equity method of accounting. The amendments were adopted early for the quarter ended March 31, 2020; 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 201712. 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 were adopted for the quarter ended September 30, 2020; 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 were adopted for the quarter ended March 31, 2020; 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 adopted for the quarter ended September 30, 2020; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. |
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. |
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. (ET). The NAV for a particular trading day is released after 4:15 p.m. (ET). 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. (ET). 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. Short term 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. |
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 units outstanding was computed for purposes of disclosing net income (loss) per weighted average unit. The weighted average units are equal to the number of units outstanding at the end of the period, adjusted proportionately for units created or redeemed based on the amount of time the units were outstanding during such period. |
Teucrium Agricultural Fund [Member] | |
Basis Of Presentation | The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as detailed in the Financial Accounting Standards Board’s Accounting Standards Codification. |
Revenue Recognition | Investment transactions are accounted for on a trade-date basis. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized appreciation or depreciation on investments are reflected in the statements of operations as the difference between the original amount and the fair market value as of the last business day of the year or as of the last date of the financial statements. Changes in the appreciation or depreciation between periods are reflected in the statements of operations. |
Brokerage Commissions | The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis. |
Income Taxes | For federal income tax purposes, the Fund will be treated as a publicly traded partnership. A publicly traded partnership is generally treated as a corporation for federal income tax purposes unless 90% or more of the publicly traded partnership’s gross income for each taxable year of its existence consists of qualifying income as defined in section 7704(d) of the Internal Revenue Code of 1986, as amended. Qualifying income is defined as generally including, in pertinent part, interest (other than from a financial business), dividends, and gains from the sale or disposition of capital assets held for the production of interest or dividends. In the case of a partnership of which a principal activity is the buying and selling of commodities, other than as inventory, or of futures, forwards and options with respect to commodities, qualifying income also includes income and gains from commodities and from futures, forwards, options with respect to commodities and, provided the partnership is a trader or investor with respect to such assets, swaps and other notional principal contracts with respect to commodities. The Fund expects that at least 90% of the Fund’s gross income for each taxable year will consist of qualifying income and that the Fund will be taxed as a partnership for federal income tax purposes. The Fund does not record a provision for income taxes because the shareholders report their share of the Fund’s income or loss on their income tax returns. The financial statements reflect the Fund’s transactions without adjustment, if any, required for income tax purposes. The Fund is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states and foreign jurisdictions. For all tax years 2019 to 2021, 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 September 30, 2022 and for the years ended December 31, 2021, 2020 and 2019. However, the Fund’s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof. The Fund recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the three and nine months ended September 30, 2022 and 2021. 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. (ET) on the day the order to create the basket is received in good order. 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. (ET) on the day the order to redeem the basket is received in good order. 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 capital shares receivable. 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 represent 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. |
Cash And Cash Equivalents | Cash equivalents are highly liquid investments with maturity dates of 90 days or less when acquired. The Fund reported its cash equivalents in the statements of assets and liabilities at market value, or at carrying amounts that approximate fair value, because of their highly liquid nature and short term maturities. The Fund has these balances of its assets on deposit with banks. Assets deposited with a financial institution may, at times, exceed federally insured limits. TAGS had a balance of $6,417 and $4,801 in money market funds at September 30, 2022 and December 31, 2021, 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 Fund 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. The Sponsor does not receive a management fee from the Fund. The Sponsor receives a management fee from each Underlying Fund at the annual rate of 1.00% of such Underlying Fund’s average daily net assets, payable monthly. The Sponsor can elect to waive the payment of this fee for any Underlying Fund in any amount at its sole discretion, at any time and from time to time, in order to reduce the Fund’s expenses or for any other purpose. The Fund generally pays for all brokerage fees, taxes, and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the SEC, FINRA, or any other regulatory agency in connection with the offer and sale of subsequent Shares after its initial registration and all legal, accounting, printing and other expenses associated therewith. The Fund also pays its portion of the fees and expenses associated with the Trust’s tax accounting and reporting requirements. Certain aggregate expenses common to all Funds within the Trust are allocated by the Sponsor to the respective Funds based on activity drivers deemed most appropriate by the Sponsor for such expenses, including but not limited to relative assets under management and creation order activity. These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax-preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Distributor, which are included in the related line item in the statements of operations. A portion of these aggregate common expenses are related to the Sponsor or related parties of principals of the Sponsor; these are necessary services to the Funds, which are primarily the cost of performing accounting and financial reporting, regulatory compliance, and trading activities that are directly attributable to the Fund. 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. Three months ended September 30, 2022 Three months ended September 30, 2021 Nine months ended September 30, 2022 Nine months ended September 30, 2021 Recognized Related Party Transactions $ 32,419 $ 13,353 $ 90,610 $ 28,460 Waived Related Party Transactions $ 19,090 $ 13,353 $ 66,068 $ 24,406 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 will be no recovery sought for the amounts below in any future period: TAGS Three months ended September 30, 2022 $ 62,059 Three months ended September 30, 2021 $ 28,946 Nine months ended September 30, 2022 $ 176,222 Nine months ended September 30, 2021 $ 64,541 |
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. On September 30, 2022 and December 31, 2021, the reported value at the close of the market for each commodity futures contract of the Underlying Funds fairly reflected the value of the futures and no alternative valuations were required. For the quarter ended March 31, 2021 Corn Futures Contracts for JUL21 CBOT corn futures, SEP21 CBOT corn futures, DEC21 CBOT corn futures, and Soybean Futures Contracts for JUL21 CBOT soybean futures, and the NOV21 CBOT soybean futures, settled in a “limit up” condition. Accordingly, the Trust, CORN, and SOYB classified these as Level 2 assets. The financial statements of these Funds including TAGS, due to the NAV adjustment for each of these Underlying Funds, were adjusted accordingly. The adjustment in CORN and SOYB resulted in a $30,191 increase in the investment in the Underlying Funds, which were classified as a Level 2 asset for the period ended March 31, 2021. For the period ended June 30, 2021, the SOYB shares were classified as a Level 1 asset. For the quarter ended June 30, 2021, Corn Futures Contracts for the SEP21 and DEC21 CBOT corn futures contracts, settled in a “limit up” condition on June 30, 2021. Therefore, the Trust and CORN have used alternative verifiable sources to value these contracts on June 30, 2021, and the financial statements of these Funds including TAGS, due to the NAV adjustments for the Underlying Fund, were adjusted accordingly. The adjustment in CORN resulted in a $10,393 increase in the investment in the Underlying Funds which were classified as a Level 2 asset for the period ended June 30, 2021. For the period ended September 30, 2021, the CORN shares were classified as a Level 1 asset. |
Expenses | Expenses are recorded using the accrual method of accounting. |
New Accounting Pronouncements | The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-03, related to fair value measurement (Topic 820) of equity securities subject to contractual sale restrictions. Under the clarified guidance, contractual restrictions on the sale of an equity security are not considered part of the unit of account of the equity security and, therefore, are not considered in measuring fair value, however they do require disclosures. The amendment was early adopted for the quarter ended June 30, 2022; the early adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2021-05: “Leases (Topic 842).” Under the amended guidance, a lessor should classify and account for a lease with variable lease payments that don’t depend on an index or a rate as an operating lease if the lease would’ve been classified as a sales-type lease or a direct financing lease in accordance with the lease classification guidance in Topic 842 and the lessor would’ve otherwise recognized a day-one loss. The amendment was adopted early for the quarter ended September 30, 2021; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2020-10: “Codification Improvements.” The amendment improves the disclosure guidance in appropriate Disclosure Sections, without resulting in changes to current GAAP. The amendment is effective for annual periods beginning after December 15, 2020. The amendment was adopted for the quarter ended March 31, 2021; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued 2020-02: “Financial Instruments Credit Losses (Topic 326) and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842). The amendment updates and adds language to ASU 2016-02. The amendments were adopted for the quarter ended March 31, 2020; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2020-01: Investments Equity Securities (Topic 321), Investments Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. The amendments clarify the treatment of transactions that require a company to apply or discontinue the equity method of accounting. The amendments were adopted early for the quarter ended March 31, 2020; 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 201712. 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 were adopted for the quarter ended September 30, 2020; 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 were adopted for the quarter ended March 31, 2020; 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 adopted for the quarter ended September 30, 2020; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. |
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. |
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. (ET). The NAV for a particular trading day will be released after 4:15 p.m. (ET). For purposes of 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 Funds and Underlying Fund investments as of the earlier of the close of the New York Stock Exchange or 4:00 p.m. (ET), 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 the Underlying Fund closes at its price fluctuation limit for the day. Short term 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. |
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 units outstanding was computed for purposes of disclosing net income (loss) per weighted average unit. The weighted average units are equal to the number of units outstanding at the end of the period, adjusted proportionately for units created or redeemed based on the amount of time the units were outstanding during such period. |
Hashdex Bitcoin Futures ETF [Member] | |
Basis Of Presentation | The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as detailed in the Financial Accounting Standards Board’s Accounting Standards Codification. |
Revenue Recognition | Investment transactions are accounted for on a trade-date basis. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized appreciation or depreciation on investments are reflected in the statements of operations as the difference between the original amount and the fair market value as of the last business day of the year or as of the last date of the financial statements. Changes in the appreciation or depreciation between periods are reflected in the statements of operations. |
Brokerage Commissions | The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis. The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss from the commencement of operations (September 15, 2022) through September 30, 2022. DEFI From the commencement of operations (September 15, 2022) through September 30, 2022 $ 949 |
Income Taxes | For federal income tax purposes, the Fund will be treated as a publicly traded partnership. A publicly traded partnership is generally treated as a corporation for federal income tax purposes unless 90% or more of the publicly traded partnership’s gross income for each taxable year of its existence consists of qualifying income as defined in section 7704(d) of the Internal Revenue Code of 1986, as amended. Qualifying income is defined as generally including, in pertinent part, interest (other than from a financial business), dividends, and gains from the sale or disposition of capital assets held for the production of interest or dividends. In the case of a partnership of which a principal activity is the buying and selling of commodities, other than as inventory, or of futures, forwards and options with respect to commodities, qualifying income also includes income and gains from commodities and from futures, forwards, options with respect to commodities and, provided the partnership is a trader or investor with respect to such assets, swaps and other notional principal contracts with respect to commodities. The Fund expects that at least 90% of the Fund’s gross income for each taxable year will consist of qualifying income and that the Fund will be taxed as a partnership for federal income tax purposes. The Fund does not record a provision for income taxes because the shareholders report their share of the Fund’s income or loss on their income tax returns. The financial statements reflect the Fund’s transactions without adjustment, if any, required for income tax purposes. There is very limited authority on the U.S. federal income tax treatment of bitcoin and no direct authority on bitcoin derivatives, such as Bitcoin Futures Contracts. Bitcoin Futures Contracts more likely than not will be considered futures with respect to commodities for purposes of the qualifying income exception under section 7704 of the Code. Based on a CFTC determination that treats bitcoin as a commodity under the CEA, the Fund intends to take the position that Bitcoin Futures Contracts consist of futures on commodities for purposes of the qualifying income exception under section 7704 of the Code. Shareholders should be aware that the Fund’s position is not binding on the IRS, and no assurance can be given that the IRS will not challenge the Fund’s position, or that the IRS or a court will not ultimately reach a contrary conclusion, which would result in the material adverse consequences to Shareholders and the Fund. The Fund recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and from the commencement of operations (September 15, 2022) through September 30, 2022. 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 10,000 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. (ET) on the day the order to create the basket is received in good order. Authorized Purchasers may redeem shares from the Fund only in blocks of 10,000 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. (ET) on the day the order to redeem the basket is received in good order. 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 capital shares receivable. 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 represent five 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. |
Cash And Cash Equivalents | Cash equivalents are highly liquid investments with maturity dates of 90 days or less when acquired. The Fund reported its cash equivalents in the statements of assets and liabilities at market value, or at carrying amounts that approximate fair value, because of their highly liquid nature and short-term maturities. The Fund has these balances of its assets on deposit with banks. Assets deposited with a financial institution may, at times, exceed federally insured limits. DEFI had a balance of $894,998 in money market funds at September 30, 2022; these balances are included in cash equivalents on the statements of assets and liabilities. |
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, payables for cryptocurrency futures accounts liquidating to an equity balance on the clearing broker’s records and amounts of brokerage commissions paid and recognized as unrealized losses. Margin is the minimum amount of funds that must be deposited by a cryptocurrency 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 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. |
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. DEFI is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 0.94% per annum. From the Management Fee, the Sponsor pays all of the routine operational, administrative and other ordinary expenses of the Fund, generally as determined by the Sponsor, including but not limited to, fees and expenses of the Administrator, Custodian, Distributor, Transfer Agent, licensors, accounting and audit fees expenses, tax preparation expenses, legal fees, ongoing SEC registration fees, individual Schedule K-1 preparation and mailing fees, and report preparation and mailing expenses. These fees and expenses are not included in the breakeven table because they are paid for by the Sponsor through the proceeds from the Management Fee. The Fund pays all of its non-recurring and unusual fees and expenses, if any, as determined by the Sponsor. Non-recurring and unusual fees and expenses are unexpected or unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses. Extraordinary fees and expenses also include material expenses which are not currently anticipated obligations of the Fund. Routine operational, administrative, and other ordinary expenses are not deemed extraordinary expenses. 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 will be no recovery sought for the amounts below in any future period: DEFI From the commencement of operations (September 15, 2022) through September 30, 2022 $ 550 |
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. On September 30, 2022 and December 31, 2021, the reported value at the close of the market for each cryptocurrency contract fairly reflected the value of the futures and no alternative valuations were required. |
Expenses | Expenses are recorded using the accrual method of accounting. |
New Accounting Pronouncements | The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-03, related to fair value measurement (Topic 820) of equity securities subject to contractual sale restrictions. Under the clarified guidance, contractual restrictions on the sale of an equity security are not considered part of the unit of account of the equity security and, therefore, are not considered in measuring fair value, however they do require disclosures. The amendment was early adopted for the quarter ended September 30, 2022; the early adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. |
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. |
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. (ET). The NAV for a particular trading day will be released after 4:15 p.m. (ET). In determining the value of Bitcoin Futures Contracts, the Administrator uses the settlement price for the Benchmark Component Futures Contracts, as reported on the CME. CME Group staff determines the daily settlements for the Benchmark Component Futures Contracts based on trading activity on CME Globex exchange between 14:59:00 and 15:00:00 Central Time (CT), the settlement period, except that the “fair value” of Bitcoin Futures Contracts (as described in more detail below) may be used when Bitcoin Futures Contracts close at their price fluctuation limit for the day. The Administrator determines the value of all investments as of the earlier of the close of the New York Stock Exchange or 4:00 p.m. (ET), in accordance with the current Services Agreement between the Administrator and the Trust. NAV includes any unrealized profit or loss on open bitcoin interests and any other credit or debit accruing to the Fund but unpaid or not received by the Fund. |
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 units outstanding was computed for purposes of disclosing net income (loss) per weighted average unit. The weighted average units are equal to the number of units outstanding at the end of the period, adjusted proportionately for units created or redeemed based on the amount of time the units were outstanding during such period. |
Teucrium Commodity Trust - Combined [Member] | |
Basis Of Presentation | The accompanying financial statements have been prepared on a combined basis in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as detailed in the Financial Accounting Standards Board’s Accounting Standards Codification and include the accounts of the Trust, CORN, CANE, SOYB, WEAT, TAGS and DEFI. Refer to the accompanying separate financial statements for each Fund for more detailed information. The periods represented by the financial statements herein contain the results of CORN, SOYB, CANE, WEAT, TAGS and DEFI for the months during which each Fund was in operation, except for eliminations for TAGS as explained below. 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 Agricultural Funds. The Trust eliminates the shares of the other series of the Trust owned by TAGS from its combined statements of assets and liabilities. The Trust eliminates the net change in unrealized appreciation or depreciation on securities owned by TAGS 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 by TAGS. |
Revenue Recognition | Commodity and cryptocurrency 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 and cryptocurrency futures contracts are reflected in the combined 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 combined 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. The Sponsor invests 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 combined financial statements and reflected in cash and cash equivalents on the combined statements of assets and liabilities and on the combined statements of cash flows. Accretion on these investments is recognized using the effective interest method in U.S. dollars and included in interest income on the combined statements of operations. The Sponsor invests a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts. Accretion on these investments is recognized using the effective interest method in U.S. dollars and included in interest income on the combined statements of operations. |
Brokerage Commissions | The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis. The below table shows the amounts included on the combined statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and nine months ended September 30, 2022. CORN SOYB CANE WEAT TAGS DEFI TRUST Three Months Ended September 30, 2022 (1) $ 54,746 $ 6,432 $ 5,436 $ 75,136 $ - $ 949 $ 142,699 Three Months Ended September 30, 2021 $ 43,677 $ 4,833 $ 6,613 $ 17,330 $ - $ - $ 72,453 Nine Months Ended September 30, 2022 (1) $ 188,321 $ 21,638 $ 31,972 $ 354,679 $ - $ 949 $ 597,559 Nine Months Ended September 30, 2021 $ 118,868 $ 26,568 $ 19,047 $ 39,852 $ - $ - $ 204,335 (1) The Hashdex Bitcoin Futures ETF commenced operations on September 15, 2022. |
Income Taxes | The Trust is organized and will be operated as a Delaware statutory trust. For federal income tax purposes, each Fund will be treated as a publicly traded partnership. A publicly traded partnership is generally treated as a corporation for federal income tax purposes unless 90% or more of the publicly traded partnership’s gross income for each taxable year of its existence consists of qualifying income as defined in section 7704(d) of the Internal Revenue Code of 1986, as amended. Qualifying income is defined as generally including, in pertinent part, interest (other than from a financial business), dividends, and gains from the sale or disposition of capital assets held for the production of interest or dividends. In the case of a partnership of which a principal activity is the buying and selling of commodities, other than as inventory, or of futures, forwards and options with respect to commodities, qualifying income also includes income and gains from commodities and from futures, forwards, options with respect to commodities and, provided the partnership is a trader or investor with respect to such assets, swaps and other notional principal contracts with respect to commodities. Each Fund expects that at least 90% of the Fund’s gross income for each taxable year will consist of qualifying income and that the Fund will be taxed as a partnership for federal income tax purposes. 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 2019 to 2021, 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 September 30, 2022, and for the years ended December 31, 2021, 2020 and 2019. 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. There is very limited authority on the U.S. federal income tax treatment of bitcoin and no direct authority on bitcoin derivatives, such as Bitcoin Futures Contracts. Bitcoin Futures Contracts more likely than not will be considered futures with respect to commodities for purposes of the qualifying income exception under section 7704 of the Code. Based on a CFTC determination that treats bitcoin as a commodity under the CEA, the Fund intends to take the position that Bitcoin Futures Contracts consist of futures on commodities for purposes of the qualifying income exception under section 7704 of the Code. Shareholders should be aware that the Fund’s position is not binding on the IRS, and no assurance can be given that the IRS will not challenge the Fund’s position, or that the IRS or a court will not ultimately reach a contrary conclusion, which would result in the material adverse consequences to Shareholders and the Fund. The Funds recognize interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the three and nine months ended September 30, 2022 and 2021. 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. (ET) time on the day the order to create the basket is received in good order. 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. (ET) on the day the order to redeem the basket is received in good order. 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 capital shares receivable. 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. If a 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. 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 DEFI: 50,000 shares representing 5 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. The Sponsor invests a portion of the available cash for the Funds in alternative demand deposit savings accounts, which are classified as cash and not as cash equivalents. Assets deposited with the bank may, at times, exceed federally insured limits. The Sponsor invests a portion of the available cash for the Funds in investment grade commercial paper with durations of 90 days or less, which is classified as a cash equivalent and is not FDIC insured. The Sponsor may invest 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. September 30, 2022 December 31, 2021 Money Market Funds $ 302,000,128 $ 32,968,833 Demand Deposit Savings Accounts 45,701,039 99,262,744 Commercial Paper 281,813,731 119,980,366 Total cash and cash equivalents as presented on the combined Statement of Assets and Liabilities $ 629,514,898 $ 252,211,943 |
Payable For Purchases Of Commercial Paper | The amount recorded by the Trust for commercial paper transactions awaiting settlement 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, payables for commodities futures accounts liquidating to an equity balance on the clearing broker’s records, and amounts of brokerage commissions paid and recognized as unrealized losses. 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 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. 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 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, compliance, and other necessary services to the Fund, including services directly attributable to the Fund such as accounting, financial reporting, regulatory compliance, and trading activities. In some cases, at its discretion, the Sponsor may elect not to outsource certain of these expenses. In addition, the Agricultural 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 Agricultural Funds generally 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, the Financial Industry Regulatory Authority (“FINRA”), 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. Each Fund also pays its portion of the fees and expenses associated with the Trust’s tax accounting and reporting requirements. Certain aggregate expenses common to all Funds within the Trust are allocated by the Sponsor to the respective Funds based on activity drivers deemed most appropriate by the Sponsor for such expenses, including but not limited to relative assets under management and creation order activity. These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax-preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Distributor, which are included in the related line item in the statements of operations. A portion of these aggregate common expenses are related to services provided by 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 Funds and are, primarily, included as distribution and marketing fees on the statements of operations. These amounts, for the Trust and for each Fund, are detailed in the notes to the financial statements included in Part I of this filing. DEFI is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 0.94% per annum. From the Management Fee, the Sponsor pays all of the routine operational, administrative and other ordinary expenses of the Fund, generally as determined by the Sponsor, including but not limited to, fees and expenses of the Administrator, Custodian, Distributor, Transfer Agent, licensors, accounting and audit fees expenses, tax preparation expenses, legal fees, ongoing SEC registration fees, individual Schedule K-1 preparation and mailing fees, and report preparation and mailing expenses. These fees and expenses are not included in the breakeven table because they are paid for by the Sponsor through the proceeds from the Management Fee. The Fund pays all of its non-recurring and unusual fees and expenses, if any, as determined by the Sponsor. Non-recurring and unusual fees and expenses are unexpected or unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses. Extraordinary fees and expenses also include material expenses which are not currently anticipated obligations of the Fund. Routine operational, administrative, and other ordinary expenses are not deemed extraordinary expenses. Three months ended September 30, 2022 (1) Three months ended September 30, 2021 Nine months ended September 30, 2022 (1) Nine months ended September 30, 2021 Recognized Related Party Transactions $ 638,361 $ 518,894 $ 2,055,991 $ 1,702,621 Waived Related Party Transactions $ 19,090 $ 284,739 $ 498,171 $ 735,851 (1) The Hashdex Bitcoin Futures ETF commenced operations on September 15, 2022. 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 will be no recovery sought for the amounts below in any future period. CORN SOYB CANE WEAT TAGS DEFI TRUST Three months ended September 30, 2022 (1) $ - $ - $ - $ - $ 62,059 $ 550 $ 62,609 Three months ended September 30, 2021 $ 347,523 $ 173,635 $ 29,699 $ 104,989 $ 28,946 $ - $ 684,792 Nine months ended September 30, 2022 (1) $ 345,855 $ 89,562 $ 78,237 $ 425,164 $ 176,222 $ 550 $ 1,115,590 Nine months ended September 30, 2021 $ 789,304 $ 479,631 $ 87,738 $ 229,640 $ 64,541 $ - $ 1,650,854 (1) The Hashdex Bitcoin Futures ETF commenced operations on September 15, 2022. |
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 amounts 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 daily 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 September 30, 2022 and December 31, 2021, in the opinion of the Trust, the reported value at the close of the market for each commodity and cryptocurrency contract fairly reflected the value of the futures and no alternative valuations were required. For the quarter ended March 31, 2021, Corn Futures Contracts for the JUL21 CBOT corn futures, SEP21 CBOT corn futures, DEC21 CBOT corn futures, JUL21 CBOT soybean futures, and the NOV21 CBOT soybean futures, settled in a “limit up” condition. Accordingly, the Trust, CORN, and SOYB classified these as Level 2 assets. The financial statements of these Funds including TAGS, due to the NAV adjustment for each of these Underlying Funds, were adjusted accordingly. The adjustment resulted in an increase in the unrealized change in commodity futures contracts in excess of reported CBOT values of $3,371,513 for CORN and $279,750 for SOYB. The Soybean futures contracts transferred back to a Level 1 asset for the period ended June 30, 2021, and the SEP21 and DEC21 corn futures contracts remained a Level 2 asset as described below and transferred back to a Level 1 asset for the period ended September 30, 2021. For the quarter ended June 30, 2021, Corn Futures Contracts for the SEP21 CBOT corn futures and the DEC21 CBOT corn futures, settled in a “limit up” condition. Accordingly, the Trust, CORN and TAGS classified these as level 2 assets. The financial statements of CORN including TAGS, due to the NAV adjustment for the Underlying CORN holdings, were adjusted accordingly. The adjustment resulted in an increase in the unrealized change in commodity futures contracts in excess of reported CBOT values of $711,275 for CORN. The Corn futures contracts transferred back to a Level 1 asset for the period ended September 30, 2021. 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”) 2022-03, related to fair value measurement (Topic 820) of equity securities subject to contractual sale restrictions. Under the clarified guidance, contractual restrictions on the sale of an equity security are not considered part of the unit of account of the equity security and, therefore, are not considered in measuring fair value, however they do require disclosures. The amendment was early adopted for the quarter ended June 30, 2022; the early adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds. The FASB issued ASU 2021-05: “Leases (Topic 842).” Under the amended guidance, a lessor should classify and account for a lease with variable lease payments that don’t depend on an index or a rate as an operating lease if the lease would’ve been classified as a sales-type lease or a direct financing lease in accordance with the lease classification guidance in Topic 842 and the lessor would’ve otherwise recognized a day-one loss. The amendment was adopted early for the quarter ended September 30, 2021; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds. The FASB issued ASU 2020-10: “Codification Improvements.” The amendment improves the disclosure guidance in appropriate Disclosure Sections, without resulting in changes to current GAAP. The amendment was adopted for the quarter ended March 31, 2021; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds. The FASB issued ASU 2020-02: “Financial Instruments Credit Losses (Topic 326) and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842). The amendment updates and adds language to ASU 2016-02. The amendments were adopted for the quarter ended March 31, 2020; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds. The FASB issued ASU 2020-01: Investments Equity Securities (Topic 321), Investments Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. The amendments clarify the treatment of transactions that require a company to apply or discontinue the equity method of accounting. The amendments were adopted early for the quarter ended March 31, 2020; 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 were adopted for the quarter ended September 30, 2020; 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 were adopted for the quarter ended March 31, 2020; 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 adopted for the quarter ended September 30, 2020; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds. |
Teucrium Corn Fund [Member] | |
Basis Of Presentation | The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as detailed in the Financial Accounting Standards Board’s Accounting Standards Codification. |
Revenue Recognition | Commodity futures contracts are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized appreciation or depreciation on commodity futures contracts are reflected in the statements of 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. The Fund seeks to earn interest on its assets denominated in U.S. dollars on deposits 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. The Sponsor invests 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 statements of cash flows. Accretion on these investments is recognized using the effective interest method in U.S. dollars and included in interest income on the statements of operations. The Sponsor invests a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts. Accretion on these investments is recognized using the effective interest method in U.S. dollars and included in interest income on the statements of operations. |
Brokerage Commissions | The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis. The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and nine months ended September 30, 2022. CORN Three Months Ended September 30, 2022 $ 54,746 Three Months Ended September 30, 2021 $ 43,677 Nine Months Ended September 30, 2022 $ 188,321 Nine Months Ended September 30, 2021 $ 118,868 |
Income Taxes | For federal income tax purposes, the Fund will be treated as a publicly traded partnership. A publicly traded partnership is generally treated as a corporation for federal income tax purposes unless 90% or more of the publicly traded partnership’s gross income for each taxable year of its existence consists of qualifying income as defined in section 7704(d) of the Internal Revenue Code of 1986, as amended. Qualifying income is defined as generally including, in pertinent part, interest (other than from a financial business), dividends, and gains from the sale or disposition of capital assets held for the production of interest or dividends. In the case of a partnership of which a principal activity is the buying and selling of commodities, other than as inventory, or of futures, forwards and options with respect to commodities, qualifying income also includes income and gains from commodities and from futures, forwards, options with respect to commodities and, provided the partnership is a trader or investor with respect to such assets, swaps and other notional principal contracts with respect to commodities. The Fund expects that at least 90% of the Fund’s gross income for each taxable year will consist of qualifying income and that the Fund will be taxed as a partnership for federal income tax purposes. The Fund does not record a provision for income taxes because the shareholders report their share of the Fund’s income or loss on their income tax returns. The financial statements reflect the Fund’s transactions without adjustment, if any, required for income tax purposes. The Fund is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states and foreign jurisdictions. For all tax years 2019 to 2021, 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 September 30, 2022 and for the years ended December 31, 2021, 2020, and 2019. However, the Fund’s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof. The Fund recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the three and nine months ended September 30, 2022 and 2021. 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. (ET) on the day the order to create the basket is received in good order. 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. (ET) on the day the order to redeem the basket is received in good order. 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 capital shares receivable. 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 represent 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. |
Cash And Cash Equivalents | Cash equivalents are highly liquid investments with maturity dates of 90 days or less when acquired. The Fund reported its cash equivalents in the statements of assets and liabilities at market value, or at carrying amounts that approximate fair value, because of their highly liquid nature and short-term maturities. Each Fund that is a series of the Trust has the balance of its cash equivalents on deposit with financial institutions. The Fund holds a balance in money market funds that is included in cash and cash equivalents on the statements of assets and liabilities. The Sponsor invests 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. The Sponsor invests a portion of the available cash for the Funds in investment grade commercial paper with durations of 90 days or less, which is classified as a cash equivalent and is not FDIC insured. The Sponsor may invest 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. September 30, 2022 December 31, 2021 Money Market Funds $ 73,807,194 $ 11,399,662 Demand Deposit Savings Accounts 25,338,631 50,122,297 Commercial Paper 98,235,952 53,490,781 Total cash and cash equivalents as presented on the Statement of Assets and Liabilities $ 197,381,777 $ 115,012,740 |
Payable For Purchases Of Commercial Paper | The amount recorded by the Fund for commercial paper transactions awaiting settlement, 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, payables for commodities futures accounts liquidating to an equity balance on the clearing broker’s records and amounts of brokerage commissions paid and recognized as unrealized losses. 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 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. |
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 has elected not to outsource services directly attributable to the Trust and the Funds such as accounting, financial reporting, regulatory compliance, and trading activities, which the Sponsor performs itself. In addition, the Fund is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00% per annum. The Fund generally pays for all brokerage fees, taxes, and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the SEC, FINRA, or any other regulatory agency in connection with the offer and sale of subsequent Shares after its initial registration and all legal, accounting, printing and other expenses associated therewith. The Fund also pays its portion of the fees and expenses associated with the Trust’s tax accounting and reporting requirements. Certain aggregate expenses common to all Funds within the Trust are allocated by the Sponsor to the respective 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 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 in the financial statements of each Fund. Three months ended September 30, 2022 Three months ended September 30, 2021 Nine months ended September 30, 2022 Nine months ended September 30, 2021 Recognized Related Party Transactions $ 170,070 $ 242,913 $ 652,887 $ 797,998 Waived Related Party Transactions $ - $ 151,170 $ 149,721 $ 370,338 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 will be no recovery sought for the amounts below in any future period: CORN Three months ended September 30, 2022 $ - Three months ended September 30, 2021 $ 347,523 Nine months ended September 30, 2022 $ 345,855 Nine months ended September 30, 2021 $ 789,304 |
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 daily 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 September 30, 2022 and December 31, 2021, in the opinion of the Trust and the Fund, 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 Fund considers the average volume of the specific underlying futures contracts traded on the relevant exchange for the periods being reported. For the quarter ended March 31, 2021, Corn Futures Contracts for the JUL21 CBOT corn futures, SEP21 CBOT corn futures, and DEC21 CBOT corn futures settled in a “limit up” condition. Accordingly, the Trust and CORN classified these as Level 2 assets. The financial statements of CORN were adjusted accordingly. The adjustment resulted in an increase in the unrealized change in commodity futures contracts in excess of reported CBOT values of $3,371,513. The JUL21 corn futures contracts transferred back to a Level 1 asset, and the SEP21 and DEC21 corn futures contracts remained a Level 2 asset as described below for the period ended June 30, 2021. For the quarter ended June 30, 2021, Corn Futures Contracts for the SEP21 CBOT corn futures and the DEC21 CBOT corn futures, settled in a “limit up” condition. Accordingly, the Trust and CORN classified these as level 2 assets. The financial statements of CORN were adjusted accordingly. The adjustment resulted in an increase in the unrealized change in commodity futures contracts in excess of reported CBOT values of $711,275 for CORN. The Corn futures contracts transferred back to a Level 1 asset for the period ended September 30, 2021. 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. |
New Accounting Pronouncements | The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-03, related to fair value measurement (Topic 820) of equity securities subject to contractual sale restrictions. Under the clarified guidance, contractual restrictions on the sale of an equity security are not considered part of the unit of account of the equity security and, therefore, are not considered in measuring fair value, however they do require disclosures. The amendment was early adopted for the quarter ended June 30, 2022; the early adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2021-05: “Leases (Topic 842).” Under the amended guidance, a lessor should classify and account for a lease with variable lease payments that don’t depend on an index or a rate as an operating lease if the lease would’ve been classified as a sales-type lease or a direct financing lease in accordance with the lease classification guidance in Topic 842 and the lessor would’ve otherwise recognized a day-one loss. The amendment was adopted early for the quarter ended September 30, 2021; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2020-10: “Codification Improvements.” The amendment improves the disclosure guidance in appropriate Disclosure Sections, without resulting in changes to current GAAP. The amendment is effective for annual periods beginning after December 15, 2020. The amendment was adopted for the quarter ended March 31, 2021; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued 2020-02: “Financial Instruments Credit Losses (Topic 326) and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842). The amendment updates and adds language to ASU 2016-02. The amendments were adopted for the quarter ended March 31, 2020; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. The FASB issued ASU 2020-01: Investments Equity Securities (Topic 321), Investments Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. The amendments clarify the treatment of transactions that require a company to apply or discontinue the equity method of accounting. The amendments were adopted early for the quarter ended March 31, 2020; 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 201712. 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 were adopted for the quarter ended September 30, 2020; 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 were adopted for the quarter ended March 31, 2020; 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 adopted for the quarter ended September 30, 2020; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund. |
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. |
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. (ET). The NAV for a particular trading day is released after 4:15 p.m. (ET). 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. (ET). 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. Short term 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. |
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 units outstanding was computed for purposes of disclosing net income (loss) per weighted average unit. The weighted average units are equal to the number of units outstanding at the end of the period, adjusted proportionately for units created or redeemed based on the amount of time the units were outstanding during such period. |
Principal Contracts and Agree_2
Principal Contracts and Agreements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Teucrium Sugar Fund [Member] | |
Summary Of Expenses | Three months ended September 30, 2022 Three months ended September 30, 2021 Nine months ended September 30, 2022 Nine months ended September 30, 2021 Amount Recognized for Custody Services $ 5,101 $ 3,407 $ 10,335 $ 11,673 Amount of Custody Services Waived $ - $ 2,209 $ 1,068 $ 4,544 Amount Recognized for Distribution Services $ 2,098 $ 2,359 $ 6,834 $ 5,967 Amount of Distribution Services Waived $ - $ 742 $ 3,331 $ 1,958 Amount Recognized for Wilmington Trust $ 550 $ 252 $ 550 $ 252 Amount of Wilmington Trust Waived $ - $ 252 $ - $ 252 Amount Recognized for Thales $ 1,943 $ 4,991 $ 10,642 $ 11,299 Amount of Thales Waived $ - $ 4,991 $ 4,427 $ 5,859 |
Teucrium Soybean Fund [Member] | |
Summary Of Expenses | Three months ended September 30, 2022 Three months ended September 30, 2021 Nine months ended September 30, 2022 Nine months ended September 30, 2021 Amount Recognized for Custody Services $ 13,002 $ 24,956 $ 24,008 $ 77,396 Amount of Custody Services Waived $ - $ 14,494 $ 4,000 $ 22,311 Amount Recognized for Distribution Services $ 4,476 $ 9,804 $ 14,860 $ 36,491 Amount of Distribution Services Waived $ - $ 6,268 $ 3,962 $ 20,164 Amount Recognized for Wilmington Trust $ 550 $ 631 $ 550 $ 631 Amount of Wilmington Trust Waived $ - $ 631 $ - $ 631 Amount Recognized for Thales $ 4,543 $ 22,937 $ 22,314 $ 70,896 Amount of Thales Waived $ - $ 22,937 $ - $ 28,236 |
Teucrium Wheat Fund [Member] | |
Summary Of Expenses | Three months ended September 30, 2022 Three months ended September 30, 2021 Nine months ended September 30, 2022 Nine months ended September 30, 2021 Amount Recognized for Custody Services $ 83,198 $ 19,798 $ 156,575 $ 54,420 Amount of Custody Services Waived $ - $ 5,960 $ 14,164 $ 5,960 Amount Recognized for Distribution Services $ 30,177 $ 8,584 $ 72,723 $ 26,000 Amount of Distribution Services Waived $ - $ 8,584 $ 14,931 $ 16,804 Amount Recognized for Wilmington Trust $ 550 $ 789 $ 550 $ 789 Amount of Wilmington Trust Waived $ - $ - $ - $ - Amount Recognized for Thales $ 31,037 $ 19,008 $ 97,518 $ 49,674 Amount of Thales Waived $ - $ 19,008 $ 66,481 $ 22,741 |
Teucrium Agricultural Fund [Member] | |
Summary Of Expenses | Three months ended September 30, 2022 Three months ended September 30, 2021 Nine months ended September 30, 2022 Nine months ended September 30, 2021 Amount Recognized for Custody Services $ 7,455 $ 2,533 $ 12,324 $ 4,258 Amount of Custody Services Waived $ 7,455 $ 2,299 $ 12,324 $ 4,024 Amount Recognized for Distribution Services $ 2,739 $ 1,016 $ 6,499 $ 2,043 Amount of Distribution Services Waived $ 2,739 $ 1,016 $ 6,499 $ 1,885 Amount Recognized for Wilmington Trust $ 550 $ 108 $ 550 $ 108 Amount of Wilmington Trust Waived $ - $ 108 $ - $ 108 Amount Recognized for Thales $ 2,745 $ 2,196 $ 9,000 $ 3,954 Amount of Thales Waived $ 2,605 $ 2,196 $ 5,295 $ 3,954 |
Hashdex Bitcoin Futures ETF [Member] | |
Summary Of Expenses | From the commencement of operations (September 15, 2022) through September 30, 2022 Amount Recognized for Wilmington Trust $ 550 Amount of Wilmington Trust Waived $ 550 |
Teucrium Commodity Trust - Combined [Member] | |
Summary Of Expenses | Three months ended September 30, 2022 (1) Three months ended September 30, 2021 Nine months ended September 30, 2022 (1) Nine months ended September 30, 2021 Amount Recognized for Custody Services $ 151,161 $ 99,410 $ 280,651 $ 280,651 Amount of Custody Services Waived $ 7,455 $ 53,146 $ 35,556 $ 79,955 Amount Recognized for Distribution Services $ 53,835 $ 41,306 147,890 $ 132,621 Amount of Distribution Services Waived $ 2,739 $ 36,153 45,733 $ 60,354 Amount Recognized for Wilmington Trust $ 3,300 $ 3,300 $ 3,300 $ 3,300 Amount of Wilmington Trust Waived $ 550 $ 991 $ 550 $ 991 Amount Recognized for Thales $ 54,755 $ 92,386 $ 212,879 $ 253,154 Amount of Thales Waived $ 2,605 $ 92,386 $ 103,396 $ 134,064 |
Teucrium Corn Fund [Member] | |
Summary Of Expenses | Three months ended September 30, 2022 Three months ended September 30, 2021 Nine months ended September 30, 2022 Nine months ended September 30, 2021 Amount Recognized for Custody Services $ 42,405 $ 48,716 $ 77,409 $ 132,904 Amount of Custody Services Waived $ - $ 28,184 $ 4,000 $ 43,116 Amount Recognized for Distribution Services $ 14,345 $ 19,543 $ 46,974 $ 62,120 Amount of Distribution Services Waived $ - $ 19,543 $ 17,010 $ 19,543 Amount Recognized for Wilmington Trust $ 550 $ 1,520 $ 550 $ 1,520 Amount of Wilmington Trust Waived $ - $ - $ - $ - Amount Recognized for Thales $ 14,487 $ 43,254 $ 73,405 $ 117,331 Amount of Thales Waived $ - $ 43,254 $ 27,193 $ 73,274 |
Organization and Operation (Tab
Organization and Operation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Teucrium Sugar Fund [Member] | |
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 Soybean Fund [Member] | |
Schedule Of Benchmark Percentages | CBOT Soybean 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 Wheat Fund [Member] | |
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 [Member] | |
Schedule Of Benchmark Percentages | Underlying Fund Weighting CORN 25 % SOYB 25 % CANE 25 % WEAT 25 % |
Hashdex Bitcoin Futures ETF [Member] | |
Schedule Of Benchmark Percentages | CME Bitcoin Futures Contracts Weighting First to expire 50 % Second to expire 50 % |
Teucrium Corn Fund [Member] | |
Schedule Of Benchmark Percentages | CBOT Corn Futures Contract Weighting Second to expire 35 % Third to expire 30 % December following the third to expire 35 % |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Teucrium Sugar Fund [Member] | |
Brokerage Commissions | CANE Three Months Ended September 30, 2022 $ 5,436 Three Months Ended September 30, 2021 $ 6,613 Nine Months Ended September 30, 2022 $ 31,972 Nine Months Ended September 30, 2021 $ 19,047 |
Summary Of Cash Investments | September 30, 2022 December 31, 2021 Money Market Funds $ 8,765,898 $ 4,816,883 Demand Deposit Savings Accounts 3,045,634 9,016,479 Commercial Paper 12,273,660 7,499,540 Total cash and cash equivalents as presented on the Statement of Assets and Liabilities $ 24,085,192 $ 21,332,902 |
Related Party Transactions | Three months ended September 30, 2022 Three months ended September 30, 2021 Nine months ended September 30, 2022 Nine months ended September 30, 2021 Recognized Related Party Transactions $ 24,638 $ 30,226 $ 96,060 $ 77,995 Waived Related Party Transactions $ - $ 10,632 $ 25,739 $ 29,830 |
Expenses Waived By The Sponsor | CANE Three months ended September 30, 2022 $ - Three months ended September 30, 2021 $ 29,699 Nine months ended September 30, 2022 $ 78,237 Nine months ended September 30, 2021 $ 87,738 |
Teucrium Soybean Fund [Member] | |
Brokerage Commissions | SOYB Three Months Ended September 30, 2022 $ 6,432 Three Months Ended September 30, 2021 $ 4,833 Nine Months Ended September 30, 2022 $ 21,638 Nine Months Ended September 30, 2021 $ 26,568 |
Summary Of Cash Investments | September 30, 2022 December 31, 2021 Money Market Funds $ 28,169,659 $ 11,462,494 Demand Deposit Savings Accounts 5,103,208 10,059,937 Commercial Paper 31,628,863 21,497,453 Total cash and cash equivalents as presented on the Statement of Assets and Liabilities $ 64,901,730 $ 43,019,884 |
Related Party Transactions | Three months ended September 30, 2022 Three months ended September 30, 2021 Nine months ended September 30, 2022 Nine months ended September 30, 2021 Recognized Related Party Transactions $ 53,104 $ 122,021 $ 205,250 $ 461,318 Waived Related Party Transactions $ - $ 93,643 $ 32,056 $ 231,207 |
Expenses Waived By The Sponsor | SOYB Three months ended September 30, 2022 $ - Three months ended September 30, 2021 $ 173,635 Nine months ended September 30, 2022 $ 89,562 Nine months ended September 30, 2021 $ 479,631 |
Teucrium Wheat Fund [Member] | |
Brokerage Commissions | WEAT Three Months Ended September 30, 2022 $ 75,136 Three Months Ended September 30, 2021 $ 17,330 Nine Months Ended September 30, 2022 $ 354,679 Nine Months Ended September 30, 2021 $ 39,852 |
Summary Of Cash Investments | September 30, 2022 December 31, 2021 Money Market Funds $ 190,355,962 $ 5,284,993 Demand Deposit Savings Accounts 12,213,566 30,064,031 Commercial Paper 139,675,256 37,492,592 Total cash and cash equivalents as presented on the Statement of Assets and Liabilities $ 342,244,784 $ 72,841,616 |
Related Party Transactions | Three months ended September 30, 2022 Three months ended September 30, 2021 Nine months ended September 30, 2022 Nine months ended September 30, 2021 Recognized Related Party Transactions $ 358,130 $ 110,381 $ 1,011,184 $ 336,850 Waived Related Party Transactions $ - $ 15,941 $ 224,587 $ 79,800 |
Expenses Waived By The Sponsor | WEAT Three months ended September 30, 2022 $ - Three months ended September 30, 2021 $ 104,989 Nine months ended September 30, 2022 $ 425,164 Nine months ended September 30, 2021 $ 229,640 |
Teucrium Agricultural Fund [Member] | |
Related Party Transactions | Three months ended September 30, 2022 Three months ended September 30, 2021 Nine months ended September 30, 2022 Nine months ended September 30, 2021 Recognized Related Party Transactions $ 32,419 $ 13,353 $ 90,610 $ 28,460 Waived Related Party Transactions $ 19,090 $ 13,353 $ 66,068 $ 24,406 |
Expenses Waived By The Sponsor | TAGS Three months ended September 30, 2022 $ 62,059 Three months ended September 30, 2021 $ 28,946 Nine months ended September 30, 2022 $ 176,222 Nine months ended September 30, 2021 $ 64,541 |
Hashdex Bitcoin Futures ETF [Member] | |
Brokerage Commissions | DEFI From the commencement of operations (September 15, 2022) through September 30, 2022 $ 949 |
Expenses Waived By The Sponsor | DEFI From the commencement of operations (September 15, 2022) through September 30, 2022 $ 550 |
Teucrium Commodity Trust - Combined [Member] | |
Brokerage Commissions | CORN SOYB CANE WEAT TAGS DEFI TRUST Three Months Ended September 30, 2022 (1) $ 54,746 $ 6,432 $ 5,436 $ 75,136 $ - $ 949 $ 142,699 Three Months Ended September 30, 2021 $ 43,677 $ 4,833 $ 6,613 $ 17,330 $ - $ - $ 72,453 Nine Months Ended September 30, 2022 (1) $ 188,321 $ 21,638 $ 31,972 $ 354,679 $ - $ 949 $ 597,559 Nine Months Ended September 30, 2021 $ 118,868 $ 26,568 $ 19,047 $ 39,852 $ - $ - $ 204,335 |
Summary Of Cash Investments | September 30, 2022 December 31, 2021 Money Market Funds $ 302,000,128 $ 32,968,833 Demand Deposit Savings Accounts 45,701,039 99,262,744 Commercial Paper 281,813,731 119,980,366 Total cash and cash equivalents as presented on the combined Statement of Assets and Liabilities $ 629,514,898 $ 252,211,943 |
Related Party Transactions | Three months ended September 30, 2022 (1) Three months ended September 30, 2021 Nine months ended September 30, 2022 (1) Nine months ended September 30, 2021 Recognized Related Party Transactions $ 638,361 $ 518,894 $ 2,055,991 $ 1,702,621 Waived Related Party Transactions $ 19,090 $ 284,739 $ 498,171 $ 735,851 |
Expenses Waived By The Sponsor | CORN SOYB CANE WEAT TAGS DEFI TRUST Three months ended September 30, 2022 (1) $ - $ - $ - $ - $ 62,059 $ 550 $ 62,609 Three months ended September 30, 2021 $ 347,523 $ 173,635 $ 29,699 $ 104,989 $ 28,946 $ - $ 684,792 Nine months ended September 30, 2022 (1) $ 345,855 $ 89,562 $ 78,237 $ 425,164 $ 176,222 $ 550 $ 1,115,590 Nine months ended September 30, 2021 $ 789,304 $ 479,631 $ 87,738 $ 229,640 $ 64,541 $ - $ 1,650,854 |
Teucrium Corn Fund [Member] | |
Brokerage Commissions | CORN Three Months Ended September 30, 2022 $ 54,746 Three Months Ended September 30, 2021 $ 43,677 Nine Months Ended September 30, 2022 $ 188,321 Nine Months Ended September 30, 2021 $ 118,868 |
Summary Of Cash Investments | September 30, 2022 December 31, 2021 Money Market Funds $ 73,807,194 $ 11,399,662 Demand Deposit Savings Accounts 25,338,631 50,122,297 Commercial Paper 98,235,952 53,490,781 Total cash and cash equivalents as presented on the Statement of Assets and Liabilities $ 197,381,777 $ 115,012,740 |
Related Party Transactions | Three months ended September 30, 2022 Three months ended September 30, 2021 Nine months ended September 30, 2022 Nine months ended September 30, 2021 Recognized Related Party Transactions $ 170,070 $ 242,913 $ 652,887 $ 797,998 Waived Related Party Transactions $ - $ 151,170 $ 149,721 $ 370,338 |
Expenses Waived By The Sponsor | CORN Three months ended September 30, 2022 $ - Three months ended September 30, 2021 $ 347,523 Nine months ended September 30, 2022 $ 345,855 Nine months ended September 30, 2021 $ 789,304 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Teucrium Sugar Fund [Member] | |
Schedule Of Assets And Liabilities Measured At Fair Value | Assets: Level 1 Level 2 Level 3 Balance as of September 30, 2022 Cash Equivalents $ 21,039,558 $ - $ - $ 21,039,558 Liabilities Level 1 Level 2 Level 3 Balance as of September 30, 2022 Commodity Futures Contracts Sugar futures contracts $ 1,282,651 $ - $ - $ 1,282,651 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2021 Cash Equivalents $ 12,316,423 $ - $ - $ 12,316,423 Commodity Futures Contracts Sugar futures contracts 1,079,226 - - 1,079,226 Total $ 13,395,649 $ - $ - $ 13,395,649 Liabilities Level 1 Level 2 Level 3 Balance as of December 31, 2021 Sugar futures contracts $ 80,506 $ - $ - $ 80,506 |
Teucrium Soybean Fund [Member] | |
Schedule Of Assets And Liabilities Measured At Fair Value | Assets: Level 1 Level 2 Level 3 Balance as of September 30, 2022 Cash Equivalents $ 59,798,522 $ - $ - $ 59,798,522 Liabilities Level 1 Level 2 Level 3 Balance as of September 30, 2022 Commodity Futures Contracts Soybean futures contracts $ 3,083,849 $ - $ - $ 3,083,849 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2021 Cash Equivalents $ 32,959,947 $ - $ - $ 32,959,947 Commodity Futures Contracts Soybean futures contracts 2,684,851 - - 2,684,851 Total $ 35,644,798 $ - $ - $ 35,644,798 |
Teucrium Wheat Fund [Member] | |
Schedule Of Assets And Liabilities Measured At Fair Value | Assets: Level 1 Level 2 Level 3 Balance as of September 30, 2022 Cash Equivalents $ 330,031,218 $ - $ - $ 330,031,218 Commodity Futures Contracts Wheat futures contracts 18,217,550 - - 18,217,550 Total $ 348,248,768 $ - $ - $ 348,248,768 Liabilities Level 1 Level 2 Level 3 Balance as of September 30, 2022 Commodity Futures Contracts Wheat futures contracts $ 18,948,559 $ - $ - $ 18,948,559 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2021 Cash Equivalents $ 42,777,585 $ - $ - $ 42,777,585 Commodity Futures Contracts Wheat futures contracts 3,714,672 - - 3,714,672 Total $ 46,492,257 $ - $ - $ 46,492,257 Liabilities Level 1 Level 2 Level 3 Balance as of December 31, 2021 Wheat futures contracts $ 654,955 $ - $ - $ 654,955 |
Teucrium Agricultural Fund [Member] | |
Schedule Of Assets And Liabilities Measured At Fair Value | Assets: Level 1 Level 2 Level 3 Balance as of September 30, 2022 Exchange Traded Funds $ 46,216,269 $ - $ - $ 46,216,269 Cash Equivalents 6,417 - - 6,417 Total $ 46,222,686 $ - $ - $ 46,222,686 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2021 Exchange Traded Funds $ 14,178,019 $ - $ - $ 14,178,019 Cash Equivalents 4,801 - - 4,801 Total $ 14,182,820 $ - $ - $ 14,182,820 |
Hashdex Bitcoin Futures ETF [Member] | |
Schedule Of Assets And Liabilities Measured At Fair Value | Assets: Level 1 Level 2 Level 3 Balance as of September 30, 2022 Cash Equivalents $ 894,998 $ - $ - $ 894,998 Liabilities Level 1 Level 2 Level 3 Balance as of September 30, 2022 Cryptocurrency Futures Contracts Bitcoin futures contracts $ 14,372 $ - $ - $ 14,372 |
Teucrium Commodity Trust - Combined [Member] | |
Schedule Of Assets And Liabilities Measured At Fair Value | Assets: Level 1 Level 2 Level 3 Balance as of September 30, 2022 Cash Equivalents $ 583,813,859 $ - $ - $ 583,813,859 Commodity and Cryptocurrency Futures Contracts Corn futures contracts 6,573,943 - - 6,573,943 Wheat futures contracts 18,217,550 - - 18,217,550 Total $ 608,605,352 $ - $ - $ 608,605,352 Liabilities Level 1 Level 2 Level 3 Balance as of September 30, 2022 Commodity and Cryptocurrency Futures Contracts Corn futures contracts $ 4,335,823 $ - $ - $ 4,335,823 Soybean futures contracts 3,083,849 - - 3,083,849 Sugar futures contracts 1,282,651 - - 1,282,651 Wheat futures contracts 18,948,559 - - 18,948,559 Bitcoin futures contracts 14,372 14,372 Total $ 27,665,254 $ - $ - $ 27,665,254 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2021 Cash Equivalents $ 152,949,199 $ - $ - $ 152,949,199 Commodity and Cryptocurrency Futures Contracts Corn futures contracts 5,936,552 - - 5,936,552 Soybean futures contracts 2,684,851 - - 2,684,851 Sugar futures contracts 1,079,226 - - 1,079,226 Wheat futures contracts 3,714,672 - - 3,714,672 Total $ 166,364,500 $ - $ - $ 166,364,500 Liabilities Level 1 Level 2 Level 3 Balance as of December 31, 2021 Commodity and Cryptocurrency Futures Contracts Sugar futures contracts 80,506 - - $ 80,506 Wheat futures contracts 654,969 - - 654,969 Total $ 735,475 $ - $ - $ 735,475 |
Teucrium Corn Fund [Member] | |
Schedule Of Assets And Liabilities Measured At Fair Value | Assets: Level 1 Level 2 Level 3 Balance as of September 30, 2022 Cash Equivalents $ 172,043,146 $ - $ - $ 172,043,146 Commodity Futures Contracts Corn futures contracts 6,573,943 - - $ 6,573,943 Total $ 178,617,089 $ - $ - $ 178,617,089 Liabilities Level 1 Level 2 Level 3 Balance as of September 30, 2020 Commodity Futures Contracts Corn futures contracts $ 4,335,823 $ - $ - $ 4,335,823 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2021 Cash Equivalents $ 64,890,443 $ - $ - $ 64,890,443 Commodity Futures Contracts Corn futures contracts 5,936,552 - - $ 5,936,552 Total $ 70,826,995 $ - $ - $ 70,826,995 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Teucrium Sugar Fund [Member] | |
Schedule Of Fair Value Of Derivative Instruments | Offsetting of Financial Liabilities and Derivative Liabilities as of September 30, 2022 (i) (ii) (iii) = (i)-(ii) (iv) (v)=(iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker* Net Amount Commodity Price Sugar futures contracts $ 1,282,651 $ - $ 1,282,651 $ - $ 1,282,651 $ - Offsetting of Financial Assets and Derivative Assets as of December 31, 2021 (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 $ 1,079,226 $ - $ 1,079,226 $ 80,506 $ - $ 998,720 Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2021 (i) (ii) (iii) = (i)-(ii) (iv) (v)=(iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker* Net Amount Commodity Price Sugar futures contracts $ 80,506 $ - $ 80,506 $ 80,506 $ - $ - |
Summary Of Realized And Unrealized Gains (losses) Of The Derivative Instruments | Three months ended September 30, 2022 Realized Loss on Commodity Futures Contracts Net Change in Unrealized Depreciation on Commodity Futures Contracts Commodity Price Sugar futures contracts $ (948,329 ) $ (1,014,429 ) Three months ended September 30, 2021 Realized Gain on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contracts Commodity Price Sugar futures contracts $ 2,536,459 $ 289,834 Nine months ended September 30, 2022 Realized Loss on Commodity Futures Contracts Net Change in Unrealized Depreciation on Commodity Futures Contracts Commodity Price Sugar futures contracts $ (476,906 ) $ (2,281,371 ) Nine months ended September 30, 2021 Realized Gain on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contracts Commodity Price Sugar futures contracts $ 5,802,090 $ 846,951 |
Teucrium Soybean Fund [Member] | |
Schedule Of Fair Value Of Derivative Instruments | Offsetting of Financial Liabilities and Derivative Liabilities as of September 30, 2022 (i) (ii) (iii) = (i)-(ii) (iv) (v)=(iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker* Net Amount Commodity Price Soybean futures contracts $ 3,083,849 $ - $ 3,083,849 $ - $ 3,083,849 $ - Offsetting of Financial Assets and Derivative Assets as of December 31, 2021 (i) (ii) (iii) = (i)-(ii) (iv) (v)=(iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Assets Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due to Broker Net Amount Commodity Price Soybean futures contracts $ 2,684,851 $ - $ 2,684,851 $ - $ 675,169 $ 2,009,682 |
Summary Of Realized And Unrealized Gains (losses) Of The Derivative Instruments | Three months ended September 30, 2022 Realized Gain on Commodity Futures Contracts Net Change in Unrealized Depreciation on Commodity Futures Contracts Commodity Price Soybean futures contracts $ 977,658 $ (3,855,440 ) Three months ended September 30, 2021 Realized Gain on Commodity Futures Contracts Net Change in Unrealized Depreciation on Commodity Futures Contracts Commodity Price Soybean futures contracts $ 3,421,173 $ (7,754,543 ) Nine months ended September 30, 2022 Realized Gain on Commodity Futures Contracts Net Change in Unrealized Depreciation on Commodity Futures Contracts Commodity Price Soybean futures contracts $ 10,675,505 $ (5,768,700 ) Nine months ended September 30, 2021 Realized Gain on Commodity Futures Contracts Net Change in Unrealized Depreciation on Commodity Futures Contracts Commodity Price Soybean futures contracts $ 29,238,888 $ (15,794,481 ) |
Teucrium Wheat Fund [Member] | |
Schedule Of Fair Value Of Derivative Instruments | Offsetting of Financial Assets and Derivative Assets as of September 30, 2022 (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 Wheat futures contracts $ 18,217,550 $ - $ 18,217,550 $ 18,217,550 $ - $ - Offsetting of Financial Liabilities and Derivative Liabilities as of September 30, 2022 (i) (ii) (iii) = (i)-(ii) (iv) (v)=(iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker* Net Amount Commodity Price Wheat futures contracts $ 18,948,559 $ - $ 18,948,559 $ 18,217,550 $ 731,009 $ - Offsetting of Financial Assets and Derivative Assets as of December 31, 2021 (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 Wheat futures contracts $ 3,714,672 $ - $ 3,714,672 $ 654,969 $ 213,708 $ 2,845,995 Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2021 (i) (ii) (iii) = (i)-(ii) (iv) (v)=(iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker* Net Amount Commodity Price Wheat futures contracts $ 654,969 $ - $ 654,969 $ 654,969 $ - $ - |
Summary Of Realized And Unrealized Gains (losses) Of The Derivative Instruments | Three months ended September 30, 2022 Realized Loss on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contracts Commodity Price Wheat futures contracts $ (92,957,415 ) $ 93,269,812 Three months ended September 30, 2021 Realized Gain on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contracts Commodity Price Wheat futures contracts $ 3,422,476 $ 605,294 Nine months ended September 30, 2022 Realized Loss on Commodity Futures Contracts Net Change in Unrealized Depreciation on Commodity Futures Contracts Commodity Price Wheat futures contracts $ (53,537,910 ) $ (3,790,712 ) Nine months ended September 30, 2021 Realized Gain on Commodity Futures Contracts Net Change in Unrealized Depreciation on Commodity Futures Contracts Commodity Price Wheat futures contracts $ 13,502,592 $ (1,199,756 ) |
Hashdex Bitcoin Futures ETF [Member] | |
Schedule Of Fair Value Of Derivative Instruments | Offsetting of Financial Liabilities and Derivative Liabilities as of September 30, 2022 (i) (ii) (iii) = (i)-(ii) (iv) (v)=(iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker* Net Amount Cryptocurrency Price Bitcoin futures contracts $ 14,372 $ - $ 14,372 $ - $ 14,372 $ - |
Summary Of Realized And Unrealized Gains (losses) Of The Derivative Instruments | From the commencement of operations (September 15, 2022) through September 30, 2022 Realized Loss on Cryptocurrency Futures Contracts Net Change in Unrealized Depreciation on Cryptocurrency Futures Contracts Cryptocurrency Price Bitcoin futures Contracts $ (5,942 ) $ (14,372 ) |
Teucrium Commodity Trust - Combined [Member] | |
Schedule Of Fair Value Of Derivative Instruments | Offsetting of Financial Assets and Derivative Assets as of September 30, 2022 (i) (ii) (iii) = (i)-(ii) (iv) (v)=(iii)-(iv) Gross Amount Not Offset in the Combined Statement of Assets and Liabilities Description Gross Amount of Recognized Assets Gross Amount Offset in the Combined Statement of Assets and Liabilities Net Amount Presented in the Combined Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due to Broker Net Amount Commodity and Cryptocurrency Price Corn futures contracts $ 6,573,943 $ - $ 6,573,943 $ 4,335,823 $ - $ 2,238,120 Wheat futures contracts $ 18,217,550 $ - $ 18,217,550 $ 18,217,550 $ - $ - Offsetting of Financial Liabilities and Derivative Liabilities as of September 30, 2022 (i) (ii) (iii) = (i)-(ii) (iv) (v)=(iii)-(iv) Gross Amount Not Offset in the Combined Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Combined Statement of Assets and Liabilities Net Amount Presented in the Combined Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker* Net Amount Commodity and Cryptocurrency Price Corn futures contracts $ 4,335,823 $ - $ 4,335,823 $ 4,335,823 $ - $ - Soybean futures contracts $ 3,083,849 $ - $ 3,083,849 $ - $ 3,083,849 $ - Sugar futures contracts $ 1,282,651 $ - $ 1,282,651 $ - $ 1,282,651 $ - Wheat futures contracts $ 18,948,559 $ - $ 18,948,559 $ 18,217,550 $ 731,009 $ - Bitcoin futures contracts $ 14,372 $ - $ 14,372 $ - $ 14,372 $ - Offsetting of Financial Assets and Derivative Assets as of December 31, 2021 (i) (ii) (iii) = (i)-(ii) (iv) (v)=(iii)-(iv) Gross Amount Not Offset in the Combined Statement of Assets and Liabilities Description Gross Amount of Recognized Assets Gross Amount Offset in the Combined Statement of Assets and Liabilities Net Amount Presented in the Combined Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due to Broker Net Amount Commodity Price Corn futures contracts $ 5,936,552 $ - $ 5,936,552 $ - $ - $ 5,936,552 Soybean futures contracts $ 2,684,851 $ - $ 2,684,851 $ - $ 675,169 $ 2,009,682 Sugar futures contracts $ 1,079,226 $ - $ 1,079,226 $ 80,506 $ - $ 998,720 Wheat futures contracts $ 3,714,672 $ - $ 3,714,672 $ 654,969 $ 213,708 $ 2,845,995 Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2021 (i) (ii) (iii) = (i)-(ii) (iv) (v)=(iii)-(iv) Gross Amount Not Offset in the Combined Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Combined Statement of Assets and Liabilities Net Amount Presented in the Combined Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker* Net Amount Commodity Price Sugar futures contracts $ 80,506 $ - $ 80,506 $ 80,506 $ - $ - Wheat futures contracts $ 654,969 $ - $ 654,969 $ 654,969 $ - $ - |
Summary Of Realized And Unrealized Gains (losses) Of The Derivative Instruments | Three months ended September 30, 2022 (1) Realized (Loss) Gain on Commodity and Cryptocurrency Futures Contracts Net Change in Unrealized Appreciation (Depreciation) on Commodity and Cryptocurrency Futures Contracts Commodity Price Corn futures contracts $ (10,344,285 ) $ 23,856,276 Soybean futures contracts 977,658 (3,855,440 ) Sugar futures contracts (948,329 ) (1,014,429 ) Wheat futures contracts (92,957,415 ) 93,269,812 Bitcoin futures Contracts (5,942 ) (14,372 ) Total commodity and cryptocurrency futures contracts $ (103,278,313 ) $ 112,241,847 Three months ended September 30, 2021 Realized Gain on Commodity Futures Contracts Net Change in Unrealized (Depreciation) Appreciation on Commodity Futures Contracts Commodity Price Corn futures contracts $ 6,039,005 $ (16,642,507 ) Soybean futures contracts 3,421,173 (7,754,543 ) Sugar futures contracts 2,536,459 289,834 Wheat futures contracts 3,422,476 605,294 Total commodity and cryptocurrency futures contracts $ 15,419,113 $ (23,501,922 ) Nine months ended September 30, 2022 (1) Realized Gain (Loss) on Commodity and Cryptocurrency Futures Contracts Net Change in Unrealized Depreciation on Commodity and Cryptocurrency Futures Contracts Commodity Price Corn futures contracts $ 28,678,780 $ (3,698,432 ) Soybean futures contracts 10,675,505 (5,768,700 ) Sugar futures contracts (476,906 ) (2,281,371 ) Wheat futures contracts (53,537,910 ) (3,790,712 ) Bitcoin futures Contracts (5,942 ) (14,372 ) Total commodity and cryptocurrency futures contracts $ (14,666,473 ) $ (15,553,587 ) Nine months ended September 30, 2021 Realized Gain on Commodity Futures Contracts Net Change in Unrealized (Depreciation) Appreciation on Commodity Futures Contracts Commodity Price Corn futures contracts $ 61,285,136 $ (18,263,441 ) Soybean futures contracts 29,238,888 (15,794,481 ) Sugar futures contracts 5,802,090 846,951 Wheat futures contracts 13,502,592 (1,199,756 ) Total commodity and cryptocurrency futures contracts $ 109,828,706 $ (34,410,727 ) |
Teucrium Corn Fund [Member] | |
Schedule Of Fair Value Of Derivative Instruments | Offsetting of Financial Assets and Derivative Assets as of September 30, 2022 (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 $ 6,573,943 $ - $ 6,573,943 $ 4,335,823 $ - $ 2,238,120 Offsetting of Financial Liabilities and Derivative Liabilities as of September 30, 2022 (i) (ii) (iii) = (i)-(ii) (iv) (v)=(iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker* Net Amount Commodity Price Corn futures contracts $ 4,335,823 $ - $ 4,335,823 $ 4,335,823 $ - $ - Offsetting of Financial Assets and Derivative Assets as of December 31, 2021 (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 $ 5,936,552 $ - $ 5,936,552 $ - $ - $ 5,936,552 |
Summary Of Realized And Unrealized Gains (losses) Of The Derivative Instruments | Three months ended September 30, 2022 Realized Loss on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contracts Commodity Price Corn futures contracts $ (10,344,285 ) $ 23,856,276 Three months ended September 30, 2021 Realized Gain on Commodity Futures Contracts Net Change in Unrealized Depreciation on Commodity Futures Contracts Commodity Price Corn futures contracts $ 6,039,005 $ (16,642,507 ) Nine months ended September 30, 2022 Realized Gain on Commodity Futures Contracts Net Change in Unrealized Depreciation on Commodity Futures Contracts Commodity Price Corn futures contracts $ 28,678,780 $ (3,698,432 ) Nine months ended September 30, 2021 Realized Gain on Commodity Futures Contracts Net Change in Unrealized Depreciation on Commodity Futures Contracts Commodity Price Corn futures contracts $ 61,285,136 $ (18,263,441 ) |
Financial Highlights (Tables)
Financial Highlights (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Teucrium Sugar Fund [Member] | |
Schedule Of Financial Highlights | Three months ended Three months ended Nine months ended Nine months ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Per Share Operation Performance Net asset value at beginning of period $ 9.32 $ 8.48 $ 9.23 $ 6.72 Income (loss) from investment operations: Investment income 0.05 - 0.07 0.01 Net realized and unrealized (loss) gain on commodity futures contracts (0.60 ) 1.13 (0.45 ) 2.96 Total expenses, net (0.04 ) (0.04 ) (0.12 ) (0.12 ) Net (decrease) increase in net asset value (0.59 ) 1.09 (0.50 ) 2.85 Net asset value at end of period $ 8.73 $ 9.57 $ 8.73 $ 9.57 Total Return (6.34 )% 12.80 % (5.38 )% 42.38 % Ratios to Average Net Assets (Annualized) Total expenses 1.81 % 2.28 % 2.12 % 2.52 % Total expenses, net 1.81 % 1.78 % 1.75 % 1.91 % Net investment income (loss) 0.28 % (1.66 )% (0.71 )% (1.77 )% |
Teucrium Soybean Fund [Member] | |
Schedule Of Financial Highlights | Three months ended Three months ended Nine months ended Nine months ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Per Share Operation Performance Net asset value at beginning of period $ 27.07 $ 23.79 $ 22.77 $ 19.49 Income from investment operations: Investment income 0.13 0.01 0.21 0.03 Net realized and unrealized (loss) gain on commodity futures contracts -0.98 -1.71 3.48 2.80 Total expenses, net -0.11 -0.10 -0.35 -0.33 Net (decrease) increase in net asset value (0.96 ) (1.80 ) 3.34 2.50 Net asset value at end of period $ 26.11 $ 21.99 $ 26.11 $ 21.99 Total Return -3.52 % -7.56 % 14.68 % 12.83 % Ratios to Average Net Assets (Annualized) Total expenses 1.73 % 2.90 % 1.92 % 2.78 % Total expenses, net 1.73 % 1.74 % 1.75 % 1.99 % Net investment income (loss) 0.34 % (1.60 )% (0.68 )% (1.82 )% |
Teucrium Wheat Fund [Member] | |
Schedule Of Financial Highlights | Three months ended Three months ended Nine months ended Nine months ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Per Share Operation Performance Net asset value at beginning of period $ 9.03 $ 6.75 $ 7.38 $ 6.16 Income (loss) from investment operations: Investment income 0.04 - 0.07 0.01 Net realized and unrealized gain on commodity futures contracts 0.13 0.35 1.83 1.00 Total expenses, net (0.04 ) (0.03 ) (0.12 ) (0.10 ) Net increase in net asset value 0.13 0.32 1.78 0.91 Net asset value at end of period $ 9.16 $ 7.06 $ 9.16 $ 7.06 Total Return 1.44 % 4.72 % 24.20 % 14.75 % Ratios to Average Net Assets (Annualized) Total expenses 2.02 % 2.38 % 1.84 % 2.31 % Total expenses, net 2.02 % 1.85 % 1.69 % 1.93 % Net investment income (loss) 0.01 % (1.70 )% (0.63 )% (1.77 )% |
Teucrium Agricultural Fund [Member] | |
Schedule Of Financial Highlights | Three months ended Three months ended Nine months ended Nine months ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Per Share Operation Performance Net asset value at beginning of period $ 31.09 $ 26.06 $ 27.01 $ 21.12 Income (loss) from investment operations: Net realized and unrealized (loss) gain on investment transactions (0.01 ) 0.23 4.09 5.19 Total expenses, net (0.01 ) (0.01 ) (0.03 ) (0.03 ) Net (decrease) increase in net asset value (0.02 ) 0.22 4.06 5.16 Net asset value at end of period $ 31.07 $ 26.28 $ 31.07 $ 26.28 Total Return (0.05 )% 0.84 % 15.04 % 24.40 % Ratios to Average Net Assets (Annualized) Total expenses 0.66 % 1.42 % 0.80 % 1.39 % Total expenses, net 0.13 % 0.18 % 0.14 % 0.19 % Net investment loss (0.13 )% (0.18 )% (0.14 )% (0.19 )% |
Hashdex Bitcoin Futures ETF [Member] | |
Schedule Of Financial Highlights | From the commencement of operations (September 15, 2022) through September 30, 2022 Per Share Operation Performance Net asset value at beginning of period $ 25.00 Income (loss) from investment operations: Investment income 0.03 Net realized and unrealized (loss) gain on cryptocurrency futures contracts (0.41 ) Total expenses, net (0.01 ) Net decrease in net asset value (0.39 ) Net asset value at end of period $ 24.61 Total Return (1.57 )% Ratios to Average Net Assets (Annualized) Total expenses 2.31 % Total expenses, net 0.94 % Net investment income 1.74 % |
Teucrium Corn Fund [Member] | |
Schedule Of Financial Highlights | Three months ended Three months ended Nine months ended Nine months ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Per Share Operation Performance Net asset value at beginning of period $ 25.06 $ 21.44 $ 21.58 $ 15.54 Income from investment operations: Investment income 0.13 0.01 0.21 0.02 Net realized and unrealized gain on commodity futures contracts 1.96 1.12 5.58 4.94 Total expenses, net (0.11 ) (0.10 ) (0.33 ) (0.27 ) Net increase (decrease) in net asset value 1.98 (1.21 ) 5.46 4.69 Net asset value at end of period $ 27.04 $ 20.23 $ 27.04 $ 20.23 Total Return 7.89 % (5.62 )% 25.30 % 30.23 % Ratios to Average Net Assets (Annualized) Total expenses 1.79 % 2.88 % 1.90 % 2.61 % Total expenses, net 1.79 % 1.86 % 1.69 % 1.95 % Net investment income (loss) 0.27 % (1.70 )% (0.64 )% (1.78 )% |
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) | 9 Months Ended |
Sep. 30, 2022 | |
Teucrium Commodity Trust - Combined [Member] | |
Net Assets And Shares Outstanding Of The Funds | September 30, 2022 Outstanding Shares Net Assets Teucrium Corn Fund 7,950,004 $ 214,972,436 Teucrium Soybean Fund 2,575,004 67,243,978 Teucrium Sugar Fund 2,925,004 25,534,967 Teucrium Wheat Fund 41,250,004 377,988,971 Hashdex Bitcoin Futures ETF 50,004 1,230,482 Teucrium Agricultural Fund: Net assets including the investment in the Underlying Funds 1,487,502 46,219,717 Less: Investment in the Underlying Funds (46,216,269 ) Net for the Fund in the combined net assets of the Trust 3,448 Total $ 686,974,282 December 31, 2021 Outstanding Shares Net Assets Teucrium Corn Fund 5,600,004 $ 120,846,256 Teucrium Soybean Fund 1,975,004 44,972,625 Teucrium Sugar Fund 2,475,004 22,834,664 Teucrium Wheat Fund 10,250,004 75,621,587 Teucrium Agricultural Fund: Net assets including the investment in the Underlying Funds 525,002 14,179,655 Less: Investment in the Underlying Funds (14,178,019 ) Net for the Fund in the combined net assets of the Trust 1,636 Total $ 264,276,768 |
Organization and Operation (Det
Organization and Operation (Details) | Sep. 30, 2022 |
Teucrium Sugar Fund [Member] | |
Benchmark Percent | 25% |
Teucrium Sugar Fund [Member] | Second To Expire Cbot Sugar Futures Contract [Member] | |
Benchmark Percent | 35% |
Teucrium Sugar Fund [Member] | Third To Expire Cbot Sugar Futures Contract [Member] | |
Benchmark Percent | 30% |
Teucrium Sugar Fund [Member] | March Following The Third To Expire [Member] | |
Benchmark Percent | 35% |
Teucrium Soybean Fund [Member] | |
Benchmark Percent | 25% |
Teucrium Soybean Fund [Member] | Second To Expire Cbot Soybean Futures Contract [Member] | |
Benchmark Percent | 35% |
Teucrium Soybean Fund [Member] | Third To Expire Cbot Soybean Futures Contract [Member] | |
Benchmark Percent | 30% |
Teucrium Soybean Fund [Member] | November Following The Third To Expire [Member] | |
Benchmark Percent | 35% |
Teucrium Wheat Fund [Member] | |
Benchmark Percent | 25% |
Teucrium Wheat Fund [Member] | December Following The Third To Expire [Member] | |
Benchmark Percent | 35% |
Teucrium Wheat Fund [Member] | Second To Expire Cbot Weat Futures Contract [Member] | |
Benchmark Percent | 35% |
Teucrium Wheat Fund [Member] | Third To Expire Cbot Wheat Futures Contract [Member] | |
Benchmark Percent | 30% |
Teucrium Corn Fund [Member] | |
Benchmark Percent | 25% |
Teucrium Corn Fund [Member] | Second To Expire Cbot Corn Futures Contract [Member] | |
Benchmark Percent | 35% |
Teucrium Corn Fund [Member] | Third To Expire Cbot Corn Futures Contract [Member] | |
Benchmark Percent | 30% |
Teucrium Corn Fund [Member] | December Following The Third To Expire [Member] | |
Benchmark Percent | 35% |
Hashdex Bitcoin Futures ETF [Member] | Second To Expire Cbot Corn Futures Contract [Member] | |
Benchmark Percent | 50% |
Hashdex Bitcoin Futures ETF [Member] | Second To Expire Cbot Bitcoin Futures Contract [Member] | |
Benchmark Percent | 50% |
Organization and Operation (D_2
Organization and Operation (Details Narrative) - USD ($) | 9 Months Ended | |||||||
Sep. 30, 2022 | Sep. 15, 2022 | Mar. 27, 2012 | Feb. 10, 2012 | Sep. 18, 2011 | Sep. 16, 2011 | Jun. 13, 2011 | Jun. 08, 2010 | |
TAGS [Member] | Common Shares [Member] | ||||||||
Common Stock Shares Issued | 300,000 | |||||||
Common Stock Value | $ 15,000,000 | |||||||
CORN [Member] | Common Shares [Member] | ||||||||
Common Stock Shares Issued | 200,000 | |||||||
Common Stock Value | $ 5,000,000 | |||||||
CANE, SOYB and WEAT [Member] | Common Shares [Member] | ||||||||
Common Stock Shares Issued | 100,000 | |||||||
Common Stock Value | $ 2,500,000 | |||||||
Teucrium Commodity Trust - Combined [Member] | ||||||||
Subsidiaries List, Description | Teucrium Corn Fund (“CORN”), Teucrium Sugar Fund (“CANE”), Teucrium Soybean Fund (“SOYB”), Teucrium Wheat Fund (“WEAT”), Teucrium Agricultural Fund (“TAGS”) and Hashdex Bitcoin Futures ETF (“DEFI”). | |||||||
Teucrium Wheat Fund [Member] | Common Shares [Member] | ||||||||
Fund's Initial Registration Shares | 10,000,000 | |||||||
Common Stock Shares Issued | 100,000 | |||||||
Common Stock Value | $ 2,500,000 | |||||||
Common Stock Issued Share Price | $ 25 | |||||||
Teucrium Wheat Fund [Member] | Authorized Purchasers [Member] | ||||||||
Net Value Assets In Shares Offered To Related Party | 25,000 | |||||||
Teucrium Agricultural Fund [Member] | Benchmark Component Futures Contracts [Member] | ||||||||
Benchmark For The Funds , Description | 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%. | |||||||
Teucrium Agricultural Fund [Member] | Common Shares [Member] | ||||||||
Fund's Initial Registration Shares | 5,000,000 | |||||||
Common Stock Shares Issued | 300,000 | |||||||
Common Stock Value | $ 15,000,000 | |||||||
Teucrium Sugar Fund [Member] | Common Shares [Member] | ||||||||
Common Stock Shares Issued | 100,000 | |||||||
Common Stock Value | $ 2,500,000 | |||||||
Teucrium Sugar Fund [Member] | Authorized Purchasers [Member] | ||||||||
Net Value Assets In Shares Offered To Related Party | 25,000 | |||||||
Teucrium Soybean Fund [Member] | Common Shares [Member] | ||||||||
Common Stock Shares Issued | 100,000 | |||||||
Common Stock Value | $ 2,500,000 | |||||||
Teucrium Soybean Fund [Member] | Authorized Purchasers [Member] | ||||||||
Net Value Assets In Shares Offered To Related Party | 25,000 | |||||||
Teucrium Corn Fund [Member] | Common Shares [Member] | ||||||||
Common Stock Shares Issued | 200,000 | |||||||
Common Stock Value | $ 5,000,000 | |||||||
Teucrium Corn Fund [Member] | Authorized Purchasers [Member] | ||||||||
Net Value Assets In Shares Offered To Related Party | 25,000 | |||||||
Hashdex Bitcoin Futures ETF [Member] | Common Shares [Member] | ||||||||
Common Stock Shares Issued | 50,000 | |||||||
Common Stock Value | $ 1,250,000 | |||||||
Common Stock Issued Share Price | $ 25 |
Principal Contracts and Agree_3
Principal Contracts and Agreements (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Teucrium Sugar Fund [Member] | |||||
Amount Recognized For Custody Services | $ 5,101 | $ 3,407 | $ 10,335 | $ 11,673 | |
Amount Of Custody Services Waived | 0 | 2,209 | 1,068 | 4,544 | |
Amount Recognized For Distribution Services | 2,098 | 2,359 | 6,834 | 5,967 | |
Amount Of Distribution Services Waived | 0 | 742 | 3,331 | 1,958 | |
Amount Recognized For Wilmington Trust | 550 | 252 | 550 | 252 | |
Amount of Wilmington Trust Waived | 0 | 252 | 0 | 252 | |
Amount Recognized For Thales | 1,943 | 4,991 | 10,642 | 11,299 | |
Amount Of Thales Waived | 0 | 4,991 | 4,427 | 5,859 | |
Teucrium Soybean Fund [Member] | |||||
Amount Recognized For Custody Services | 13,002 | 24,956 | 24,008 | 77,396 | |
Amount Of Custody Services Waived | 0 | 14,494 | 4,000 | 22,311 | |
Amount Recognized For Distribution Services | 4,476 | 9,804 | 14,860 | 36,491 | |
Amount Of Distribution Services Waived | 0 | 6,268 | 3,962 | 20,164 | |
Amount Recognized For Wilmington Trust | 550 | 631 | 550 | 631 | |
Amount of Wilmington Trust Waived | 0 | 631 | 0 | 631 | |
Amount Recognized For Thales | 4,543 | 22,937 | 22,314 | 70,896 | |
Amount Of Thales Waived | 0 | 22,937 | 0 | 28,236 | |
Teucrium Wheat Fund [Member] | |||||
Amount Recognized For Custody Services | 83,198 | 19,798 | 156,575 | 54,420 | |
Amount Of Custody Services Waived | 0 | 5,960 | 14,164 | 5,960 | |
Amount Recognized For Distribution Services | 30,177 | 8,584 | 72,723 | 26,000 | |
Amount Of Distribution Services Waived | 0 | 8,584 | 14,931 | 16,804 | |
Amount Recognized For Wilmington Trust | 550 | 789 | 550 | 789 | |
Amount of Wilmington Trust Waived | 0 | 0 | 0 | 0 | |
Amount Recognized For Thales | 31,037 | 19,008 | 97,518 | 49,674 | |
Amount Of Thales Waived | 0 | 19,008 | 66,481 | 22,741 | |
Teucrium Agricultural Fund [Member] | |||||
Amount Recognized For Custody Services | 7,455 | 2,533 | 12,324 | 4,258 | |
Amount Of Custody Services Waived | 7,455 | 2,299 | 12,324 | 4,024 | |
Amount Recognized For Distribution Services | 2,739 | 1,016 | 6,499 | 2,043 | |
Amount Of Distribution Services Waived | 2,739 | 1,016 | 6,499 | 1,885 | |
Amount Recognized For Wilmington Trust | 550 | 108 | 550 | 108 | |
Amount of Wilmington Trust Waived | 0 | 108 | 0 | 108 | |
Amount Recognized For Thales | 2,745 | 2,196 | 9,000 | 3,954 | |
Amount Of Thales Waived | 2,605 | 2,196 | 5,295 | 3,954 | |
Hashdex Bitcoin Futures ETF [Member] | |||||
Amount Recognized For Wilmington Trust | $ 550 | ||||
Amount of Wilmington Trust Waived | $ 550 | ||||
Teucrium Commodity Trust - Combined [Member] | |||||
Amount Recognized For Custody Services | 151,161 | 99,410 | 280,651 | 280,651 | |
Amount Of Custody Services Waived | 7,455 | 53,146 | 35,556 | 79,955 | |
Amount Recognized For Distribution Services | 53,835 | 41,306 | 147,890 | 132,621 | |
Amount Of Distribution Services Waived | 2,739 | 36,153 | 45,733 | 60,354 | |
Amount Recognized For Wilmington Trust | 3,300 | 3,300 | 3,300 | 3,300 | |
Amount of Wilmington Trust Waived | 550 | 991 | 550 | 991 | |
Amount Recognized For Thales | 54,755 | 92,386 | 212,879 | 253,154 | |
Amount Of Thales Waived | 2,605 | 92,386 | 103,396 | 134,064 | |
Teucrium Corn Fund [Member] | |||||
Amount Recognized For Custody Services | 42,405 | 48,716 | 77,409 | 132,904 | |
Amount Of Custody Services Waived | 0 | 28,184 | 4,000 | 43,116 | |
Amount Recognized For Distribution Services | 14,345 | 19,543 | 46,974 | 62,120 | |
Amount Of Distribution Services Waived | 0 | 19,543 | 17,010 | 19,543 | |
Amount Recognized For Wilmington Trust | 550 | 1,520 | 550 | 1,520 | |
Amount of Wilmington Trust Waived | 0 | 0 | 0 | 0 | |
Amount Recognized For Thales | 14,487 | 43,254 | 73,405 | 117,331 | |
Amount Of Thales Waived | $ 0 | $ 43,254 | $ 27,193 | $ 73,274 |
Principal Contracts and Agree_4
Principal Contracts and Agreements (Details Narrative) | 9 Months Ended |
Sep. 30, 2022 | |
Thales Capital Partners L L C [Member] | |
Fees Paid For Distribution And Solicitation-related Services To Related Party | Thales is registered as a Broker-Dealer with the SEC and a member of FINRA and the Securities Investor Protection Corporation (“SIPC”). Thales receives a quarterly fee of the higher of $18,750 or 0.10% of new assets raised in referred accounts for distribution and solicitation-related services. |
E D F Man [Member] | |
Fees Paid For United States Commodity Exchanges | $11.00 per round turn |
Teucrium Commodity Trust - Combined [Member] | Service [Member] | |
Fees To Related Party For Services, Description | 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 Global Fund Services 0.05% of average gross assets on the first $500 million, 0.04% on the next $500 million, 0.03% on the next $2 billion and 0.02% on the balance over $3 billion annually. A combined minimum annual fee of up to $47,000 for custody, transfer agency, accounting and administrative services is assessed per Fund. |
Teucrium Commodity Trust - Combined [Member] | Securities Activities And Service Agreement [Member] | |
Fees To Related Party For Services, Description | For its services as the Distributor, Foreside receives a fee of 0.01% of each Fund’s average daily net assets and an aggregate annual fee of $100,000 for all 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. |
Teucrium Corn Fund [Member] | Thales Capital Partners L L C [Member] | |
Fees Paid For Distribution And Solicitation-related Services To Related Party | Thales is registered as a Broker-Dealer with the SEC and a member of FINRA and the Securities Investor Protection Corporation (“SIPC”). Thales receives a quarterly fee of the higher of $18,750 or 0.10% of new assets raised in referred accounts for distribution and solicitation-related services. |
Teucrium Corn Fund [Member] | E D F Man [Member] | |
Fees Paid For United States Commodity Exchanges | $11.00 per round turn |
Teucrium Corn Fund [Member] | Service [Member] | |
Fees To Related Party For Services, Description | 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 Global Fund Services 0.05% of average gross assets on the first $500 million, 0.04% on the next $500 million, 0.03% on the next $2 billion and 0.02% on the balance over $3 billion annually. A combined minimum annual fee of up to $47,000 for custody, transfer agency, accounting and administrative services is assessed per Fund. |
Teucrium Corn Fund [Member] | Securities Activities And Service Agreement [Member] | |
Fees To Related Party For Services, Description | For its services as the Distributor, Foreside receives a fee of 0.01% of each Fund’s average daily net assets and an aggregate annual fee of $100,000 for all 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. |
Teucrium Soybean Fund [Member] | Thales Capital Partners L L C [Member] | |
Fees Paid For Distribution And Solicitation-related Services To Related Party | Thales is registered as a Broker-Dealer with the SEC and a member of FINRA and the Securities Investor Protection Corporation (“SIPC”). Thales receives a quarterly fee of the higher of $18,750 or 0.10% of new assets raised in referred accounts for distribution and solicitation-related services. |
Teucrium Soybean Fund [Member] | E D F Man [Member] | |
Fees Paid For United States Commodity Exchanges | $11.00 per round turn |
Teucrium Soybean Fund [Member] | Service [Member] | |
Fees To Related Party For Services, Description | 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 Global Fund Services 0.05% of average gross assets on the first $500 million, 0.04% on the next $500 million, 0.03% on the next $2 billion and 0.02% on the balance over $3 billion annually. A combined minimum annual fee of up to $47,000 for custody, transfer agency, accounting and administrative services is assessed per Fund. |
Teucrium Soybean Fund [Member] | Securities Activities And Service Agreement [Member] | |
Fees To Related Party For Services, Description | For its services as the Distributor, Foreside receives a fee of 0.01% of each Fund’s average daily net assets and an aggregate annual fee of $100,000 for all 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. |
Teucrium Sugar Fund [Member] | Thales Capital Partners L L C [Member] | |
Fees Paid For Distribution And Solicitation-related Services To Related Party | Thales is registered as a Broker-Dealer with the SEC and a member of FINRA and the Securities Investor Protection Corporation (“SIPC”). Thales receives a quarterly fee of the higher of $18,750 or 0.10% of new assets raised in referred accounts for distribution and solicitation-related services. |
Teucrium Sugar Fund [Member] | E D F Man [Member] | |
Fees Paid For United States Commodity Exchanges | $11.00 per round turn |
Teucrium Sugar Fund [Member] | Service [Member] | |
Fees To Related Party For Services, Description | 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 Global Fund Services 0.05% of average gross assets on the first $500 million, 0.04% on the next $500 million, 0.03% on the next $2 billion and 0.02% on the balance over $3 billion annually. A combined minimum annual fee of up to $47,000 for custody, transfer agency, accounting and administrative services is assessed per Fund. |
Teucrium Sugar Fund [Member] | Securities Activities And Service Agreement [Member] | |
Fees To Related Party For Services, Description | For its services as the Distributor, Foreside receives a fee of 0.01% of each Fund’s average daily net assets and an aggregate annual fee of $100,000 for all 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. |
Teucrium Wheat Fund [Member] | Thales Capital Partners L L C [Member] | |
Fees Paid For Distribution And Solicitation-related Services To Related Party | Thales is registered as a Broker-Dealer with the SEC and a member of FINRA and the Securities Investor Protection Corporation (“SIPC”). Thales receives a quarterly fee of the higher of $18,750 or 0.10% of new assets raised in referred accounts for distribution and solicitation-related services. |
Teucrium Wheat Fund [Member] | E D F Man [Member] | |
Fees Paid For United States Commodity Exchanges | $11.00 per round turn |
Teucrium Wheat Fund [Member] | Service [Member] | |
Fees To Related Party For Services, Description | 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 Global Fund Services 0.05% of average gross assets on the first $500 million, 0.04% on the next $500 million, 0.03% on the next $2 billion and 0.02% on the balance over $3 billion annually. A combined minimum annual fee of up to $64,500 for custody, transfer agency, accounting and administrative services is assessed per Fund. |
Teucrium Wheat Fund [Member] | Securities Activities And Service Agreement [Member] | |
Fees To Related Party For Services, Description | For its services as the Distributor, Foreside receives a fee of 0.01% of each Fund’s average daily net assets and an aggregate annual fee of $100,000 for all 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. |
Teucrium Agricultural Fund [Member] | Thales Capital Partners L L C [Member] | |
Fees Paid For Distribution And Solicitation-related Services To Related Party | Thales is registered as a Broker-Dealer with the SEC and a member of FINRA and the Securities Investor Protection Corporation (“SIPC”). Thales receives a quarterly fee of the higher of $18,750 or 0.10% of new assets raised in referred accounts for distribution and solicitation-related services. |
Teucrium Agricultural Fund [Member] | E D F Man [Member] | |
Fees Paid For United States Commodity Exchanges | $11.00 per round turn |
Teucrium Agricultural Fund [Member] | Service [Member] | |
Fees To Related Party For Services, Description | 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 Global Fund Services 0.05% of average gross assets on the first $500 million, 0.04% on the next $500 million, 0.03% on the next $2 billion and 0.02% on the balance over $3 billion annually. A combined minimum annual fee of up to $47,000 for custody, transfer agency, accounting and administrative services is assessed per Fund. |
Teucrium Agricultural Fund [Member] | Securities Activities And Service Agreement [Member] | |
Fees To Related Party For Services, Description | For its services as the Distributor, Foreside receives a fee of 0.01% of each Fund’s average daily net assets and an aggregate annual fee of $100,000 for all 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. |
Hashdex Bitcoin Futures ETF [Member] | Service [Member] | |
Fees To Related Party For Services, Description | 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 Global Fund Services 0.05% of average gross assets on the first $500 million, 0.04% on the next $500 million, 0.03% on the next $2 billion and 0.02% on the balance over $3 billion annually. A combined minimum annual fee of up to $47,000 for custody, transfer agency, accounting and administrative services is assessed per Fund. |
Hashdex Bitcoin Futures ETF [Member] | Securities Activities And Service Agreement [Member] | |
Fees To Related Party For Services, Description | For its services as the Distributor, Foreside receives a fee of 0.01% of each Fund’s average daily net assets and an aggregate annual fee of $100,000 for all Funds, along with certain expense reimbursements. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Teucrium Sugar Fund [Member] | ||||
Total Brokerage Commissions Paid Including Unrealized Loss | $ 5,436 | $ 6,613 | $ 31,972 | $ 19,047 |
Teucrium Soybean Fund [Member] | ||||
Total Brokerage Commissions Paid Including Unrealized Loss | 6,432 | 4,833 | 21,638 | 26,568 |
Teucrium Wheat Fund [Member] | ||||
Total Brokerage Commissions Paid Including Unrealized Loss | 75,136 | 17,330 | 354,679 | 39,852 |
Teucrium Agricultural Fund [Member] | ||||
Total Brokerage Commissions Paid Including Unrealized Loss | 0 | 0 | 0 | 0 |
Hashdex Bitcoin Futures ETF [Member] | ||||
Total Brokerage Commissions Paid Including Unrealized Loss | 949 | 0 | 949 | 0 |
Teucrium Commodity Trust - Combined [Member] | ||||
Total Brokerage Commissions Paid Including Unrealized Loss | 142,699 | 72,453 | 597,559 | 204,335 |
Teucrium Corn Fund [Member] | ||||
Total Brokerage Commissions Paid Including Unrealized Loss | $ 54,746 | $ 43,677 | $ 188,321 | $ 118,868 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details 1) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Teucrium Sugar Fund [Member] | ||||
Money Market Funds | $ 8,765,898 | $ 4,816,883 | ||
Demand Deposit Savings Accounts | 3,045,634 | 9,016,479 | ||
Commercial Paper | 12,273,660 | 7,499,540 | ||
Total Cash And Cash Equivalents As Presented On The Statement Of Assets And Liabilities | 24,085,192 | 21,332,902 | $ 24,201,530 | $ 11,849,332 |
Teucrium Soybean Fund [Member] | ||||
Money Market Funds | 28,169,659 | 11,462,494 | ||
Demand Deposit Savings Accounts | 5,103,208 | 10,059,937 | ||
Commercial Paper | 31,628,863 | 21,497,453 | ||
Total Cash And Cash Equivalents As Presented On The Statement Of Assets And Liabilities | 64,901,730 | 43,019,884 | 44,597,145 | 90,398,391 |
Teucrium Wheat Fund [Member] | ||||
Money Market Funds | 190,355,962 | 5,284,993 | ||
Demand Deposit Savings Accounts | 12,213,566 | 30,064,031 | ||
Commercial Paper | 139,675,256 | 37,492,592 | ||
Total Cash And Cash Equivalents As Presented On The Statement Of Assets And Liabilities | 342,244,784 | 72,841,616 | 70,448,215 | 68,946,725 |
Teucrium Commodity Trust - Combined [Member] | ||||
Money Market Funds | 302,000,128 | 32,968,833 | ||
Demand Deposit Savings Accounts | 45,701,039 | 99,262,744 | ||
Commercial Paper | 281,813,731 | 119,980,366 | ||
Total Cash And Cash Equivalents As Presented On The Statement Of Assets And Liabilities | 629,514,898 | 252,211,943 | 254,300,174 | 309,378,295 |
Teucrium Corn Fund [Member] | ||||
Money Market Funds | 73,807,194 | 11,399,662 | ||
Demand Deposit Savings Accounts | 25,338,631 | 50,122,297 | ||
Commercial Paper | 98,235,952 | 53,490,781 | ||
Total Cash And Cash Equivalents As Presented On The Statement Of Assets And Liabilities | $ 197,381,777 | $ 115,012,740 | $ 115,048,530 | $ 138,181,061 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Details 2) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Teucrium Sugar Fund [Member] | ||||
Recognized Related Party Transactions | $ 24,638 | $ 30,226 | $ 96,060 | $ 77,995 |
Waived Related Party Transactions | 0 | 10,632 | 25,739 | 29,830 |
Teucrium Soybean Fund [Member] | ||||
Recognized Related Party Transactions | 53,104 | 122,021 | 205,250 | 461,318 |
Waived Related Party Transactions | 0 | 93,643 | 32,056 | 231,207 |
Teucrium Wheat Fund [Member] | ||||
Recognized Related Party Transactions | 358,130 | 110,381 | 1,011,184 | 336,850 |
Waived Related Party Transactions | 0 | 15,941 | 224,587 | 79,800 |
Teucrium Agricultural Fund [Member] | ||||
Recognized Related Party Transactions | 32,419 | 13,353 | 90,610 | 28,460 |
Waived Related Party Transactions | 19,090 | 13,353 | 66,068 | 24,406 |
Teucrium Commodity Trust - Combined [Member] | ||||
Recognized Related Party Transactions | 638,361 | 518,894 | 2,055,991 | 1,702,621 |
Waived Related Party Transactions | 19,090 | 284,739 | 498,171 | 735,851 |
Teucrium Corn Fund [Member] | ||||
Recognized Related Party Transactions | 170,070 | 242,913 | 652,887 | 797,998 |
Waived Related Party Transactions | $ 0 | $ 151,170 | $ 149,721 | $ 370,338 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Details 3) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Teucrium Sugar Fund [Member] | ||||
Expenses Waived By The Sponsor | $ 0 | $ 29,699 | $ 78,237 | $ 87,738 |
Teucrium Soybean Fund [Member] | ||||
Expenses Waived By The Sponsor | 0 | 173,635 | 89,562 | 479,631 |
Teucrium Wheat Fund [Member] | ||||
Expenses Waived By The Sponsor | 0 | 104,989 | 425,164 | 229,640 |
Teucrium Agricultural Fund [Member] | ||||
Expenses Waived By The Sponsor | 62,059 | 28,946 | 176,222 | 64,541 |
Hashdex Bitcoin Futures ETF [Member] | ||||
Expenses Waived By The Sponsor | 550 | 0 | 550 | 0 |
Teucrium Commodity Trust - Combined [Member] | ||||
Expenses Waived By The Sponsor | 62,609 | 684,792 | 1,115,590 | 1,650,854 |
Teucrium Corn Fund [Member] | ||||
Expenses Waived By The Sponsor | $ 0 | $ 347,523 | $ 345,855 | $ 789,304 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Details Narrative) | 3 Months Ended | 6 Months Ended | 9 Months Ended |
Mar. 31, 2021 USD ($) | Jun. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) integer shares | |
Teucrium Sugar Fund [Member] | |||
Minimum Level Of Shares Per Redemption Basket Minimum Level | 50,000 | ||
Minimum Number Of Redemption Baskets | integer | 2 | ||
Teucrium Soybean Fund [Member] | |||
Minimum Level Of Shares Per Redemption Basket Minimum Level | 50,000 | ||
Minimum Number Of Redemption Baskets | integer | 2 | ||
Teucrium Wheat Fund [Member] | |||
Minimum Level Of Shares Per Redemption Basket Minimum Level | 50,000 | ||
Minimum Number Of Redemption Baskets | integer | 2 | ||
Teucrium Agricultural Fund [Member] | |||
Minimum Level Of Shares Per Redemption Basket Minimum Level | 50,000 | ||
Minimum Number Of Redemption Baskets | integer | 4 | ||
Change Unrealized Excess Reported Cbot Values | $ | $ 10,393 | $ 30,191 | |
Hashdex Bitcoin Futures ETF [Member] | |||
Minimum Level Of Shares Per Redemption Basket Minimum Level | 50,000 | ||
Minimum Number Of Redemption Baskets | integer | 5 | ||
Teucrium Corn Fund [Member] | |||
Minimum Level Of Shares Per Redemption Basket Minimum Level | 50,000 | ||
Minimum Number Of Redemption Baskets | integer | 2 | ||
Teucrium Corn Fund [Member] | Corn Future Contract [Member] | |||
Change Unrealized Excess Reported Cbot Values16 | $ | $ 3,371,513 | $ 711,275 | |
Teucrium Commodity Trust - Combined [Member] | Corn Future Contract [Member] | |||
Change Unrealized Excess Reported Cbot Values | $ | $ 3,371,513 | 711,275 | |
Teucrium Commodity Trust - Combined [Member] | Soyabean Futures Contracts [Member] | |||
Change Unrealized Excess Reported Cbot Values | $ | $ 279,750 | ||
Teucrium Commodity Trust - Combined [Member] | Soybean Futures Contracts [Member] | |||
Minimum Level Of Shares Per Redemption Basket Minimum Level | 279,750 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Teucrium Sugar Fund [Member] | ||
Total | $ 13,395,649 | |
Cash Equivalents | $ 21,039,558 | 12,316,423 |
Teucrium Sugar Fund [Member] | Level 1 [Member] | ||
Total | 13,395,649 | |
Cash Equivalents | 21,039,558 | 12,316,423 |
Teucrium Sugar Fund [Member] | Level 2 [Member] | ||
Total | 0 | |
Cash Equivalents | 0 | 0 |
Teucrium Sugar Fund [Member] | Level 3 [Member] | ||
Total | 0 | |
Cash Equivalents | 0 | 0 |
Teucrium Sugar Fund [Member] | Sugar Futures Contracts [Member] | ||
Commodity and Cryptocurrency Futures Contracts | 1,079,226 | |
Commodity and Cryptocurrency Futures Contracts, Liabilities | 1,282,651 | 80,506 |
Teucrium Sugar Fund [Member] | Sugar Futures Contracts [Member] | Level 1 [Member] | ||
Commodity and Cryptocurrency Futures Contracts | 1,079,226 | |
Commodity and Cryptocurrency Futures Contracts, Liabilities | 1,282,651 | 80,506 |
Teucrium Sugar Fund [Member] | Sugar Futures Contracts [Member] | Level 2 [Member] | ||
Commodity and Cryptocurrency Futures Contracts | 0 | |
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | 0 |
Teucrium Sugar Fund [Member] | Sugar Futures Contracts [Member] | Level 3 [Member] | ||
Commodity and Cryptocurrency Futures Contracts | 0 | |
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | 0 |
Teucrium Soybean Fund [Member] | ||
Total | 35,644,798 | |
Cash Equivalents | 59,798,522 | 32,959,947 |
Teucrium Soybean Fund [Member] | Level 1 [Member] | ||
Total | 35,644,798 | |
Cash Equivalents | 59,798,522 | 32,959,947 |
Teucrium Soybean Fund [Member] | Level 2 [Member] | ||
Total | 0 | |
Cash Equivalents | 0 | 0 |
Teucrium Soybean Fund [Member] | Level 3 [Member] | ||
Total | 0 | |
Cash Equivalents | 0 | 0 |
Teucrium Soybean Fund [Member] | Soyabean Futures Contracts [Member] | ||
Commodity and Cryptocurrency Futures Contracts | 2,684,851 | |
Commodity and Cryptocurrency Futures Contracts, Liabilities | 3,083,849 | |
Teucrium Soybean Fund [Member] | Soyabean Futures Contracts [Member] | Level 2 [Member] | ||
Commodity and Cryptocurrency Futures Contracts | 0 | |
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | |
Teucrium Soybean Fund [Member] | Soyabean Futures Contracts [Member] | Level 3 [Member] | ||
Commodity and Cryptocurrency Futures Contracts | 0 | |
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | |
Teucrium Soybean Fund [Member] | Soybean Futures Contracts [Member] | Level 1 [Member] | ||
Commodity and Cryptocurrency Futures Contracts | 2,684,851 | |
Commodity and Cryptocurrency Futures Contracts, Liabilities | 3,083,849 | |
Teucrium Wheat Fund [Member] | ||
Total | 348,248,768 | 46,492,257 |
Cash Equivalents | 330,031,218 | 42,777,585 |
Teucrium Wheat Fund [Member] | Level 1 [Member] | ||
Total | 348,248,768 | 46,492,257 |
Cash Equivalents | 330,031,218 | 42,777,585 |
Teucrium Wheat Fund [Member] | Level 2 [Member] | ||
Total | 0 | 0 |
Cash Equivalents | 0 | 0 |
Teucrium Wheat Fund [Member] | Level 3 [Member] | ||
Total | 0 | 0 |
Cash Equivalents | 0 | 0 |
Teucrium Wheat Fund [Member] | Wheat Future Contract [Member] | ||
Commodity and Cryptocurrency Futures Contracts | 18,217,550 | 3,714,672 |
Commodity and Cryptocurrency Futures Contracts, Liabilities | 18,948,559 | 654,955 |
Teucrium Wheat Fund [Member] | Wheat Future Contract [Member] | Level 1 [Member] | ||
Commodity and Cryptocurrency Futures Contracts | 18,217,550 | 3,714,672 |
Commodity and Cryptocurrency Futures Contracts, Liabilities | 18,948,559 | 654,955 |
Teucrium Wheat Fund [Member] | Wheat Future Contract [Member] | Level 2 [Member] | ||
Commodity and Cryptocurrency Futures Contracts | 0 | 0 |
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | 0 |
Teucrium Wheat Fund [Member] | Wheat Future Contract [Member] | Level 3 [Member] | ||
Commodity and Cryptocurrency Futures Contracts | 0 | 0 |
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | 0 |
Teucrium Agricultural Fund [Member] | ||
Total | 46,222,686 | 14,182,820 |
Cash Equivalents | 6,417 | 4,801 |
Exchange-traded Funds | 46,216,269 | 14,178,019 |
Teucrium Agricultural Fund [Member] | Level 1 [Member] | ||
Total | 46,222,686 | 14,182,820 |
Cash Equivalents | 6,417 | 4,801 |
Exchange-traded Funds | 46,216,269 | 14,178,019 |
Teucrium Agricultural Fund [Member] | Level 2 [Member] | ||
Total | 0 | 0 |
Cash Equivalents | 0 | 0 |
Exchange-traded Funds | 0 | 0 |
Teucrium Agricultural Fund [Member] | Level 3 [Member] | ||
Total | 0 | 0 |
Cash Equivalents | 0 | 0 |
Exchange-traded Funds | 0 | 0 |
Hashdex Bitcoin Futures ETF [Member] | ||
Commodity and Cryptocurrency Futures Contracts | 14,372 | |
Cash Equivalents | 894,998 | |
Hashdex Bitcoin Futures ETF [Member] | Level 1 [Member] | ||
Cash Equivalents | 894,998 | |
Hashdex Bitcoin Futures ETF [Member] | Level 2 [Member] | ||
Cash Equivalents | 0 | |
Hashdex Bitcoin Futures ETF [Member] | Level 3 [Member] | ||
Cash Equivalents | 0 | |
Hashdex Bitcoin Futures ETF [Member] | Bitcoin Futures Contracts [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 14,372 | |
Hashdex Bitcoin Futures ETF [Member] | Bitcoin Futures Contracts [Member] | Level 1 [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 14,372 | |
Hashdex Bitcoin Futures ETF [Member] | Bitcoin Futures Contracts [Member] | Level 2 [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | |
Hashdex Bitcoin Futures ETF [Member] | Bitcoin Futures Contracts [Member] | Level 3 [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | |
Teucrium Commodity Trust - Combined [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 27,665,254 | 735,475 |
Total | 608,605,352 | 166,364,500 |
Cash Equivalents | 583,813,859 | 152,949,199 |
Teucrium Commodity Trust - Combined [Member] | Level 1 [Member] | ||
Commodity and Cryptocurrency Futures Contracts | 583,813,859 | |
Commodity and Cryptocurrency Futures Contracts, Liabilities | 27,665,254 | |
Total | 608,605,352 | 166,364,500 |
Cash Equivalents | 152,949,199 | |
Teucrium Commodity Trust - Combined [Member] | Level 2 [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | |
Total | 0 | 0 |
Cash Equivalents | 0 | 0 |
Teucrium Commodity Trust - Combined [Member] | Level 3 [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | |
Total | 0 | 0 |
Cash Equivalents | 0 | 0 |
Teucrium Commodity Trust - Combined [Member] | Corn Future Contract [Member] | ||
Commodity and Cryptocurrency Futures Contracts | 6,573,943 | 5,936,552 |
Commodity and Cryptocurrency Futures Contracts, Liabilities | 4,335,823 | |
Teucrium Commodity Trust - Combined [Member] | Corn Future Contract [Member] | Level 1 [Member] | ||
Commodity and Cryptocurrency Futures Contracts | 6,573,943 | 5,936,552 |
Commodity and Cryptocurrency Futures Contracts, Liabilities | 4,335,823 | 735,475 |
Teucrium Commodity Trust - Combined [Member] | Corn Future Contract [Member] | Level 2 [Member] | ||
Commodity and Cryptocurrency Futures Contracts | 0 | 0 |
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | 0 |
Teucrium Commodity Trust - Combined [Member] | Corn Future Contract [Member] | Level 3 [Member] | ||
Commodity and Cryptocurrency Futures Contracts | 0 | 0 |
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | 0 |
Teucrium Commodity Trust - Combined [Member] | Soyabean Futures Contracts [Member] | ||
Commodity and Cryptocurrency Futures Contracts | 2,684,851 | |
Commodity and Cryptocurrency Futures Contracts, Liabilities | 3,083,849 | |
Teucrium Commodity Trust - Combined [Member] | Soyabean Futures Contracts [Member] | Level 2 [Member] | ||
Commodity and Cryptocurrency Futures Contracts | 0 | |
Teucrium Commodity Trust - Combined [Member] | Soyabean Futures Contracts [Member] | Level 3 [Member] | ||
Commodity and Cryptocurrency Futures Contracts | 0 | |
Teucrium Commodity Trust - Combined [Member] | Wheat Futures Contracts [Member] | ||
Commodity and Cryptocurrency Futures Contracts | 18,217,550 | |
Commodity and Cryptocurrency Futures Contracts, Liabilities | 18,948,559 | 654,969 |
Teucrium Commodity Trust - Combined [Member] | Wheat Futures Contracts [Member] | Level 1 [Member] | ||
Commodity and Cryptocurrency Futures Contracts | 18,217,550 | 3,714,672 |
Commodity and Cryptocurrency Futures Contracts, Liabilities | 18,948,559 | 654,969 |
Teucrium Commodity Trust - Combined [Member] | Wheat Futures Contracts [Member] | Level 2 [Member] | ||
Commodity and Cryptocurrency Futures Contracts | 0 | |
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | 0 |
Teucrium Commodity Trust - Combined [Member] | Wheat Futures Contracts [Member] | Level 3 [Member] | ||
Commodity and Cryptocurrency Futures Contracts | 0 | |
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | |
Teucrium Commodity Trust - Combined [Member] | Sugar Futures Contracts [Member] | ||
Commodity and Cryptocurrency Futures Contracts | 1,079,226 | |
Commodity and Cryptocurrency Futures Contracts, Liabilities | 1,282,651 | 80,506 |
Teucrium Commodity Trust - Combined [Member] | Sugar Futures Contracts [Member] | Level 1 [Member] | ||
Commodity and Cryptocurrency Futures Contracts | 1,079,226 | |
Commodity and Cryptocurrency Futures Contracts, Liabilities | 1,282,651 | 80,506 |
Teucrium Commodity Trust - Combined [Member] | Sugar Futures Contracts [Member] | Level 2 [Member] | ||
Commodity and Cryptocurrency Futures Contracts | 0 | |
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | 0 |
Teucrium Commodity Trust - Combined [Member] | Sugar Futures Contracts [Member] | Level 3 [Member] | ||
Commodity and Cryptocurrency Futures Contracts | 0 | |
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | 0 |
Teucrium Commodity Trust - Combined [Member] | Soybean Futures Contracts [Member] | Level 1 [Member] | ||
Commodity and Cryptocurrency Futures Contracts | 2,684,851 | |
Commodity and Cryptocurrency Futures Contracts, Liabilities | 3,083,849 | |
Teucrium Commodity Trust - Combined [Member] | Soybean Futures Contracts [Member] | Level 2 [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | |
Teucrium Commodity Trust - Combined [Member] | Soybean Futures Contracts [Member] | Level 3 [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | |
Teucrium Commodity Trust - Combined [Member] | Bitcoin Futures Contracts [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 14,372 | |
Teucrium Commodity Trust - Combined [Member] | Bitcoin Futures Contracts [Member] | Level 1 [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 14,372 | |
Teucrium Commodity Trust - Combined [Member] | Wheat Future Contract [Member] | ||
Commodity and Cryptocurrency Futures Contracts | 3,714,672 | |
Teucrium Commodity Trust - Combined [Member] | Wheat Future Contract [Member] | Level 2 [Member] | ||
Commodity and Cryptocurrency Futures Contracts | 0 | |
Teucrium Commodity Trust - Combined [Member] | Wheat Future Contract [Member] | Level 3 [Member] | ||
Commodity and Cryptocurrency Futures Contracts | 0 | |
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | |
Teucrium Corn Fund [Member] | ||
Total | 178,617,089 | 70,826,995 |
Cash Equivalents | 172,043,146 | 64,890,443 |
Teucrium Corn Fund [Member] | Level 1 [Member] | ||
Total | 178,617,089 | 70,826,995 |
Cash Equivalents | 172,043,146 | 64,890,443 |
Teucrium Corn Fund [Member] | Level 2 [Member] | ||
Total | 0 | 0 |
Cash Equivalents | 0 | 0 |
Teucrium Corn Fund [Member] | Level 3 [Member] | ||
Total | 0 | 0 |
Cash Equivalents | 0 | 0 |
Teucrium Corn Fund [Member] | Corn Futures Contracts [Member] | ||
Commodity and Cryptocurrency Futures Contracts | 6,573,943 | 5,936,552 |
Commodity and Cryptocurrency Futures Contracts, Liabilities | 4,335,823 | |
Teucrium Corn Fund [Member] | Corn Futures Contracts [Member] | Level 1 [Member] | ||
Commodity and Cryptocurrency Futures Contracts | 6,573,943 | 5,936,552 |
Commodity and Cryptocurrency Futures Contracts, Liabilities | 4,335,823 | |
Teucrium Corn Fund [Member] | Corn Futures Contracts [Member] | Level 2 [Member] | ||
Commodity and Cryptocurrency Futures Contracts | 0 | 0 |
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | |
Teucrium Corn Fund [Member] | Corn Futures Contracts [Member] | Level 3 [Member] | ||
Commodity and Cryptocurrency Futures Contracts | 0 | $ 0 |
Commodity and Cryptocurrency Futures Contracts, Liabilities | $ 0 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Teucrium Commodity Trust - Combined [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | $ 27,665,254 | $ 735,475 |
Teucrium Commodity Trust - Combined [Member] | Corn Futures Contracts [Member] | Gross Amount Of Recognized Assets Or Liabilities [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 4,335,823 | |
Derivative Assets | 6,573,943 | 5,936,552 |
Teucrium Commodity Trust - Combined [Member] | Corn Futures Contracts [Member] | Gross Amount Offset In The Statement Of Assets And Liabilities | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | |
Derivative Assets | 0 | 0 |
Teucrium Commodity Trust - Combined [Member] | Corn Futures Contracts [Member] | Net Amount Presented In the Statement Of Assets And Liabilities | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 4,335,823 | |
Derivative Assets | 6,573,943 | 5,936,552 |
Teucrium Commodity Trust - Combined [Member] | Corn Futures Contracts [Member] | Future Contract Available For Offset [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 4,335,823 | |
Derivative Assets | 4,335,823 | 0 |
Teucrium Commodity Trust - Combined [Member] | Corn Futures Contracts [Member] | Collateral Due to Broker [Member] | ||
Derivative Assets | 0 | 0 |
Teucrium Commodity Trust - Combined [Member] | Corn Futures Contracts [Member] | Net Amount [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | |
Derivative Assets | 2,238,120 | 5,936,552 |
Teucrium Commodity Trust - Combined [Member] | Corn Futures Contracts [Member] | Collateral Due From Broker [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | |
Teucrium Commodity Trust - Combined [Member] | Wheat Future Contract [Member] | Gross Amount Of Recognized Assets Or Liabilities [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 18,948,559 | 654,969 |
Derivative Assets | 18,217,550 | 3,714,672 |
Teucrium Commodity Trust - Combined [Member] | Wheat Future Contract [Member] | Gross Amount Offset In The Statement Of Assets And Liabilities | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | 0 |
Derivative Assets | 0 | 0 |
Teucrium Commodity Trust - Combined [Member] | Wheat Future Contract [Member] | Net Amount Presented In the Statement Of Assets And Liabilities | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 18,948,559 | 654,969 |
Derivative Assets | 18,217,550 | 3,714,672 |
Teucrium Commodity Trust - Combined [Member] | Wheat Future Contract [Member] | Future Contract Available For Offset [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 18,217,550 | 654,969 |
Derivative Assets | 18,217,550 | 654,969 |
Teucrium Commodity Trust - Combined [Member] | Wheat Future Contract [Member] | Collateral Due to Broker [Member] | ||
Derivative Assets | 0 | 213,708 |
Teucrium Commodity Trust - Combined [Member] | Wheat Future Contract [Member] | Net Amount [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | 0 |
Derivative Assets | 0 | 2,845,995 |
Teucrium Commodity Trust - Combined [Member] | Wheat Future Contract [Member] | Collateral Due From Broker [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 731,009 | 0 |
Teucrium Commodity Trust - Combined [Member] | Soyabean Futures Contracts [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 3,083,849 | |
Teucrium Commodity Trust - Combined [Member] | Soyabean Futures Contracts [Member] | Gross Amount Of Recognized Assets Or Liabilities [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 3,083,849 | |
Derivative Assets | 2,684,851 | |
Teucrium Commodity Trust - Combined [Member] | Soyabean Futures Contracts [Member] | Gross Amount Offset In The Statement Of Assets And Liabilities | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | |
Derivative Assets | 0 | |
Teucrium Commodity Trust - Combined [Member] | Soyabean Futures Contracts [Member] | Net Amount Presented In the Statement Of Assets And Liabilities | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 3,083,849 | |
Derivative Assets | 2,684,851 | |
Teucrium Commodity Trust - Combined [Member] | Soyabean Futures Contracts [Member] | Future Contract Available For Offset [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | |
Derivative Assets | 0 | |
Teucrium Commodity Trust - Combined [Member] | Soyabean Futures Contracts [Member] | Collateral Due to Broker [Member] | ||
Derivative Assets | 675,169 | |
Teucrium Commodity Trust - Combined [Member] | Soyabean Futures Contracts [Member] | Net Amount [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | |
Derivative Assets | 2,009,682 | |
Teucrium Commodity Trust - Combined [Member] | Soyabean Futures Contracts [Member] | Collateral Due From Broker [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 3,083,849 | |
Teucrium Commodity Trust - Combined [Member] | Sugar Futures Contracts [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 1,282,651 | 80,506 |
Teucrium Commodity Trust - Combined [Member] | Sugar Futures Contracts [Member] | Gross Amount Of Recognized Assets Or Liabilities [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 1,282,651 | 80,506 |
Derivative Assets | 1,079,226 | |
Teucrium Commodity Trust - Combined [Member] | Sugar Futures Contracts [Member] | Gross Amount Offset In The Statement Of Assets And Liabilities | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | 0 |
Derivative Assets | 0 | |
Teucrium Commodity Trust - Combined [Member] | Sugar Futures Contracts [Member] | Net Amount Presented In the Statement Of Assets And Liabilities | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 1,282,651 | 80,506 |
Derivative Assets | 1,079,226 | |
Teucrium Commodity Trust - Combined [Member] | Sugar Futures Contracts [Member] | Future Contract Available For Offset [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | 80,506 |
Derivative Assets | 80,506 | |
Teucrium Commodity Trust - Combined [Member] | Sugar Futures Contracts [Member] | Collateral Due to Broker [Member] | ||
Derivative Assets | 0 | |
Teucrium Commodity Trust - Combined [Member] | Sugar Futures Contracts [Member] | Net Amount [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | 0 |
Derivative Assets | 998,720 | |
Teucrium Commodity Trust - Combined [Member] | Sugar Futures Contracts [Member] | Collateral Due From Broker [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 1,282,651 | 0 |
Teucrium Commodity Trust - Combined [Member] | Bitcoin Futures Contracts [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 14,372 | |
Teucrium Commodity Trust - Combined [Member] | Bitcoin Futures Contracts [Member] | Gross Amount Of Recognized Assets Or Liabilities [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 14,372 | |
Teucrium Commodity Trust - Combined [Member] | Bitcoin Futures Contracts [Member] | Gross Amount Offset In The Statement Of Assets And Liabilities | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | |
Teucrium Commodity Trust - Combined [Member] | Bitcoin Futures Contracts [Member] | Net Amount Presented In the Statement Of Assets And Liabilities | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 14,372 | |
Teucrium Commodity Trust - Combined [Member] | Bitcoin Futures Contracts [Member] | Future Contract Available For Offset [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | |
Teucrium Commodity Trust - Combined [Member] | Bitcoin Futures Contracts [Member] | Net Amount [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | |
Teucrium Commodity Trust - Combined [Member] | Bitcoin Futures Contracts [Member] | Collateral Due From Broker [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 14,372 | |
Teucrium Corn Fund [Member] | Corn Futures Contracts [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 4,335,823 | |
Teucrium Corn Fund [Member] | Corn Futures Contracts [Member] | Gross Amount Of Recognized Assets Or Liabilities [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 4,335,823 | |
Derivative Assets | 6,573,943 | 5,936,552 |
Teucrium Corn Fund [Member] | Corn Futures Contracts [Member] | Gross Amount Offset In The Statement Of Assets And Liabilities | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | |
Derivative Assets | 0 | 0 |
Teucrium Corn Fund [Member] | Corn Futures Contracts [Member] | Net Amount Presented In the Statement Of Assets And Liabilities | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 4,335,823 | |
Derivative Assets | 6,573,943 | 5,936,552 |
Teucrium Corn Fund [Member] | Corn Futures Contracts [Member] | Future Contract Available For Offset [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 4,335,823 | |
Derivative Assets | 4,335,823 | 0 |
Teucrium Corn Fund [Member] | Corn Futures Contracts [Member] | Collateral Due to Broker [Member] | ||
Derivative Assets | 0 | 0 |
Teucrium Corn Fund [Member] | Corn Futures Contracts [Member] | Net Amount [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | |
Derivative Assets | 2,238,120 | 5,936,552 |
Teucrium Corn Fund [Member] | Corn Futures Contracts [Member] | Collateral Due From Broker [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | |
Teucrium Soybean Fund [Member] | Soyabean Futures Contracts [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 3,083,849 | |
Teucrium Soybean Fund [Member] | Soyabean Futures Contracts [Member] | Gross Amount Of Recognized Assets Or Liabilities [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 3,083,849 | |
Derivative Assets | 2,684,851 | |
Teucrium Soybean Fund [Member] | Soyabean Futures Contracts [Member] | Gross Amount Offset In The Statement Of Assets And Liabilities | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | |
Derivative Assets | 0 | |
Teucrium Soybean Fund [Member] | Soyabean Futures Contracts [Member] | Net Amount Presented In the Statement Of Assets And Liabilities | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 3,083,849 | |
Derivative Assets | 2,684,851 | |
Teucrium Soybean Fund [Member] | Soyabean Futures Contracts [Member] | Future Contract Available For Offset [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | |
Derivative Assets | 0 | |
Teucrium Soybean Fund [Member] | Soyabean Futures Contracts [Member] | Collateral Due to Broker [Member] | ||
Derivative Assets | 675,169 | |
Teucrium Soybean Fund [Member] | Soyabean Futures Contracts [Member] | Net Amount [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | |
Derivative Assets | 2,009,682 | |
Teucrium Soybean Fund [Member] | Soyabean Futures Contracts [Member] | Collateral Due From Broker [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 3,083,849 | |
Teucrium Sugar Fund [Member] | Sugar Futures Contracts [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 1,282,651 | 80,506 |
Teucrium Sugar Fund [Member] | Sugar Futures Contracts [Member] | Gross Amount Of Recognized Assets Or Liabilities [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 1,282,651 | 80,506 |
Derivative Assets | 1,079,226 | |
Teucrium Sugar Fund [Member] | Sugar Futures Contracts [Member] | Gross Amount Offset In The Statement Of Assets And Liabilities | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | 0 |
Derivative Assets | 0 | |
Teucrium Sugar Fund [Member] | Sugar Futures Contracts [Member] | Net Amount Presented In the Statement Of Assets And Liabilities | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 1,282,651 | 80,506 |
Derivative Assets | 1,079,226 | |
Teucrium Sugar Fund [Member] | Sugar Futures Contracts [Member] | Future Contract Available For Offset [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | 80,506 |
Derivative Assets | 80,506 | |
Teucrium Sugar Fund [Member] | Sugar Futures Contracts [Member] | Collateral Due to Broker [Member] | ||
Derivative Assets | 0 | |
Teucrium Sugar Fund [Member] | Sugar Futures Contracts [Member] | Net Amount [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | 0 |
Derivative Assets | 998,720 | |
Teucrium Sugar Fund [Member] | Sugar Futures Contracts [Member] | Collateral Due From Broker [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 1,282,651 | 0 |
Teucrium Wheat Fund [Member] | Wheat Future Contract [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 18,948,559 | 654,955 |
Teucrium Wheat Fund [Member] | Wheat Future Contract [Member] | Gross Amount Of Recognized Assets Or Liabilities [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 18,948,559 | 654,969 |
Derivative Assets | 18,217,550 | 3,714,672 |
Teucrium Wheat Fund [Member] | Wheat Future Contract [Member] | Gross Amount Offset In The Statement Of Assets And Liabilities | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | 0 |
Derivative Assets | 0 | 0 |
Teucrium Wheat Fund [Member] | Wheat Future Contract [Member] | Net Amount Presented In the Statement Of Assets And Liabilities | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 18,948,559 | 654,969 |
Derivative Assets | 18,217,550 | 3,714,672 |
Teucrium Wheat Fund [Member] | Wheat Future Contract [Member] | Future Contract Available For Offset [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 18,217,550 | 654,969 |
Derivative Assets | 18,217,550 | 654,969 |
Teucrium Wheat Fund [Member] | Wheat Future Contract [Member] | Collateral Due to Broker [Member] | ||
Derivative Assets | 0 | 213,708 |
Teucrium Wheat Fund [Member] | Wheat Future Contract [Member] | Net Amount [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | 0 |
Derivative Assets | 0 | 2,845,995 |
Teucrium Wheat Fund [Member] | Wheat Future Contract [Member] | Collateral Due From Broker [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 731,009 | $ 0 |
Hashdex Bitcoin Futures ETF [Member] | Bitcoin Futures Contracts [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 14,372 | |
Hashdex Bitcoin Futures ETF [Member] | Bitcoin Futures Contracts [Member] | Gross Amount Of Recognized Assets Or Liabilities [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 14,372 | |
Hashdex Bitcoin Futures ETF [Member] | Bitcoin Futures Contracts [Member] | Gross Amount Offset In The Statement Of Assets And Liabilities | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | |
Hashdex Bitcoin Futures ETF [Member] | Bitcoin Futures Contracts [Member] | Net Amount Presented In the Statement Of Assets And Liabilities | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 14,372 | |
Hashdex Bitcoin Futures ETF [Member] | Bitcoin Futures Contracts [Member] | Future Contract Available For Offset [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | |
Hashdex Bitcoin Futures ETF [Member] | Bitcoin Futures Contracts [Member] | Net Amount [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | 0 | |
Hashdex Bitcoin Futures ETF [Member] | Bitcoin Futures Contracts [Member] | Collateral Due From Broker [Member] | ||
Commodity and Cryptocurrency Futures Contracts, Liabilities | $ 14,372 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities (Details 1) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Teucrium Commodity Trust - Combined [Member] | |||||
Realized (loss) Gain On Commodity and Cryptocurrency Futures Contracts | $ (103,278,313) | $ 15,419,113 | $ (14,666,473) | $ 109,828,706 | |
Net Change In Unrealized (depreciation) Appreciation On Commodity and Cryptocurrency Futures Contracts | 112,241,847 | 23,501,922 | 15,553,587 | 34,410,727 | |
Teucrium Commodity Trust - Combined [Member] | Soyabean Futures Contracts [Member] | |||||
Realized (loss) Gain On Commodity and Cryptocurrency Futures Contracts | 977,658 | 3,421,173 | 10,675,505 | 29,238,888 | |
Net Change In Unrealized (depreciation) Appreciation On Commodity and Cryptocurrency Futures Contracts | 3,855,440 | 7,754,543 | 5,768,700 | 15,794,481 | |
Teucrium Commodity Trust - Combined [Member] | Sugar Futures Contracts [Member] | |||||
Realized (loss) Gain On Commodity and Cryptocurrency Futures Contracts | 948,329 | 2,536,459 | 476,906 | 5,802,090 | |
Net Change In Unrealized (depreciation) Appreciation On Commodity and Cryptocurrency Futures Contracts | 1,014,429 | 289,834 | 2,281,371 | 846,951 | |
Teucrium Commodity Trust - Combined [Member] | Bitcoin Futures Contracts [Member] | |||||
Realized (loss) Gain On Commodity and Cryptocurrency Futures Contracts | 5,942 | 5,942 | |||
Net Change In Unrealized (depreciation) Appreciation On Commodity and Cryptocurrency Futures Contracts | 14,372 | 14,372 | |||
Teucrium Commodity Trust - Combined [Member] | Wheat Future Contract [Member] | |||||
Realized (loss) Gain On Commodity and Cryptocurrency Futures Contracts | 92,957,415 | 3,422,476 | 53,537,910 | 13,502,592 | |
Net Change In Unrealized (depreciation) Appreciation On Commodity and Cryptocurrency Futures Contracts | 93,269,812 | 605,294 | 3,790,712 | 1,199,756 | |
Teucrium Commodity Trust - Combined [Member] | Corn Futures Contracts [Member] | |||||
Realized (loss) Gain On Commodity and Cryptocurrency Futures Contracts | 10,344,285 | 6,039,005 | 28,678,780 | 61,285,136 | |
Net Change In Unrealized (depreciation) Appreciation On Commodity and Cryptocurrency Futures Contracts | 23,856,276 | 16,642,507 | 3,698,432 | 18,263,441 | |
Teucrium Corn Fund [Member] | |||||
Realized (loss) Gain On Commodity and Cryptocurrency Futures Contracts | (10,344,285) | 6,039,005 | 28,678,780 | 61,285,136 | |
Teucrium Corn Fund [Member] | Corn Futures Contracts [Member] | |||||
Realized (loss) Gain On Commodity and Cryptocurrency Futures Contracts | 10,344,285 | 6,039,005 | 28,678,780 | 61,285,136 | |
Net Change In Unrealized (depreciation) Appreciation On Commodity and Cryptocurrency Futures Contracts | 23,856,276 | 16,642,507 | 3,698,432 | 18,263,441 | |
Teucrium Soybean Fund [Member] | |||||
Realized (loss) Gain On Commodity and Cryptocurrency Futures Contracts | 977,658 | 3,421,173 | 10,675,505 | 29,238,888 | |
Teucrium Soybean Fund [Member] | Soyabean Futures Contracts [Member] | |||||
Realized (loss) Gain On Commodity and Cryptocurrency Futures Contracts | 977,658 | 3,421,173 | 10,675,505 | 29,238,888 | |
Net Change In Unrealized (depreciation) Appreciation On Commodity and Cryptocurrency Futures Contracts | 3,855,440 | 7,754,543 | 5,768,700 | 15,794,481 | |
Teucrium Sugar Fund [Member] | |||||
Realized (loss) Gain On Commodity and Cryptocurrency Futures Contracts | (948,329) | 2,536,459 | (476,906) | 5,802,090 | |
Teucrium Sugar Fund [Member] | Sugar Futures Contracts [Member] | |||||
Realized (loss) Gain On Commodity and Cryptocurrency Futures Contracts | 948,329 | 2,536,459 | 476,906 | 5,802,090 | |
Net Change In Unrealized (depreciation) Appreciation On Commodity and Cryptocurrency Futures Contracts | 1,014,429 | 289,834 | 2,281,371 | 846,951 | |
Teucrium Wheat Fund [Member] | |||||
Realized (loss) Gain On Commodity and Cryptocurrency Futures Contracts | (92,957,415) | 3,422,476 | (53,537,910) | 13,502,592 | |
Teucrium Wheat Fund [Member] | Wheat Future Contract [Member] | |||||
Realized (loss) Gain On Commodity and Cryptocurrency Futures Contracts | 92,957,415 | 3,422,476 | 53,537,910 | 13,502,592 | |
Net Change In Unrealized (depreciation) Appreciation On Commodity and Cryptocurrency Futures Contracts | $ 93,269,812 | $ 605,294 | $ 3,790,712 | $ 1,199,756 | |
Hashdex Bitcoin Futures ETF [Member] | |||||
Realized (loss) Gain On Commodity and Cryptocurrency Futures Contracts | $ (5,942) | ||||
Hashdex Bitcoin Futures ETF [Member] | Bitcoin Futures Contracts [Member] | |||||
Realized (loss) Gain On Commodity and Cryptocurrency Futures Contracts | 5,942 | ||||
Net Change In Unrealized (depreciation) Appreciation On Commodity and Cryptocurrency Futures Contracts | $ 14,372 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities (Details Narrative) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Teucrium Sugar Fund [Member] | |||||
Derivative Average Notional Amount | $ 27.2 | $ 24.4 | $ 25.6 | $ 18.9 | |
Teucrium Wheat Fund [Member] | |||||
Derivative Average Notional Amount | 356.1 | 76 | 318.9 | 80.3 | |
Hashdex Bitcoin Futures ETF [Member] | |||||
Derivative Average Notional Amount | $ 1.2 | ||||
Teucrium Commodity Trust - Combined [Member] | |||||
Derivative Average Notional Amount | 662.8 | 281.7 | 611.7 | 334 | |
Teucrium Corn Fund [Member] | |||||
Derivative Average Notional Amount | 209.7 | 126.7 | 201.4 | 154.1 | |
Teucrium Soyabean Fund [Member] | |||||
Derivative Average Notional Amount | $ 68.6 | $ 54.6 | $ 64.6 | $ 80.7 |
Financial Highlights (Details)
Financial Highlights (Details) - $ / shares | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Teucrium Sugar Fund [Member] | |||||
Net Asset Value Per Share At Beginning Of Period | $ 9.32 | $ 8.48 | $ 9.23 | $ 6.72 | |
Investment Income | 0.05 | 0 | 0.07 | 0.01 | |
Net Realized And Unrealized Gain (loss) On Commodity Futures Contracts | (0.60) | 1.13 | (0.45) | 2.96 | |
Total Expenses, Net Per Share Value | (0.04) | (0.04) | (0.12) | (0.12) | |
Net Increase (decrease) In Net Asset Value | (0.59) | 1.09 | (0.50) | 2.85 | |
Net Asset Value At End Of Period | $ 8.73 | $ 9.57 | $ 8.73 | $ 9.57 | |
Total Return | (6.34%) | 12.80% | (5.38%) | 42.38% | |
Total Expenses | 1.81% | 2.28% | 2.12% | 2.52% | |
Total Expenses, Net | 1.81% | 1.78% | 1.75% | 1.91% | |
Net Investment Loss | 0.28% | (1.66%) | (0.71%) | (1.77%) | |
Teucrium Wheat Fund [Member] | |||||
Net Asset Value Per Share At Beginning Of Period | $ 9.03 | $ 6.75 | $ 7.38 | $ 6.16 | |
Investment Income | 0.04 | 0 | 0.07 | 0.01 | |
Net Realized And Unrealized Gain (loss) On Commodity Futures Contracts | 0.13 | 0.35 | 1.83 | 1 | |
Total Expenses, Net Per Share Value | (0.04) | (0.03) | (0.12) | (0.10) | |
Net Increase (decrease) In Net Asset Value | 0.13 | 0.32 | 1.78 | 0.91 | |
Net Asset Value At End Of Period | $ 9.16 | $ 7.06 | $ 9.16 | $ 7.06 | |
Total Return | 1.44% | 4.72% | 24.20% | 14.75% | |
Total Expenses | 2.02% | 2.38% | 1.84% | 2.31% | |
Total Expenses, Net | 2.02% | 1.85% | 1.69% | 1.93% | |
Net Investment Loss | 0.01% | (1.70%) | (0.63%) | (1.77%) | |
Teucrium Agricultural Fund [Member] | |||||
Net Asset Value Per Share At Beginning Of Period | $ 31.09 | $ 26.06 | $ 27.01 | $ 21.12 | |
Total Expenses, Net Per Share Value | (0.01) | (0.01) | (0.03) | (0.03) | |
Net Increase (decrease) In Net Asset Value | (0.02) | 0.22 | 4.06 | 5.16 | |
Net Asset Value At End Of Period | $ 31.07 | $ 26.28 | $ 31.07 | $ 26.28 | |
Total Return | (0.05%) | 0.84% | 15.04% | 24.40% | |
Total Expenses | 0.66% | 1.42% | 0.80% | 1.39% | |
Total Expenses, Net | 0.13% | 0.18% | 0.14% | 0.19% | |
Net Investment Loss | (0.13%) | (0.18%) | (0.14%) | 0.19% | |
Net realized and unrealized (loss) gain on investment transactions | $ (0.01) | $ 0.23 | $ 4.09 | $ 5.19 | |
Hashdex Bitcoin Futures ETF [Member] | |||||
Net Asset Value Per Share At Beginning Of Period | $ 25 | ||||
Investment Income | 0.03 | ||||
Total Expenses, Net Per Share Value | (0.01) | ||||
Net Increase (decrease) In Net Asset Value | (0.39) | ||||
Net Asset Value At End Of Period | $ 24.61 | ||||
Total Return | (1.57%) | ||||
Total Expenses | 2.31% | ||||
Total Expenses, Net | 0.94% | ||||
Net Investment Loss | 1.74% | ||||
Net realized and unrealized (loss) gain on investment transactions | $ (0.41) | ||||
Teucrium Corn Fund [Member] | |||||
Net Asset Value Per Share At Beginning Of Period | 25.06 | 21.44 | 21.58 | 15.54 | |
Investment Income | 0.13 | 0.01 | 0.21 | 0.02 | |
Net Realized And Unrealized Gain (loss) On Commodity Futures Contracts | 1.96 | 1.12 | 5.58 | 4.94 | |
Total Expenses, Net Per Share Value | (0.11) | (0.10) | (0.33) | (0.27) | |
Net Increase (decrease) In Net Asset Value | 1.98 | (1.21) | 5.46 | 4.69 | |
Net Asset Value At End Of Period | $ 27.04 | $ 20.23 | $ 27.04 | $ 20.23 | |
Total Return | 7.89% | (5.62%) | 25.30% | 30.23% | |
Total Expenses | 1.79% | 2.88% | 1.90% | 2.61% | |
Total Expenses, Net | 1.79% | 1.86% | 1.69% | 1.95% | |
Net Investment Loss | 0.27% | (1.70%) | (0.64%) | (1.78%) | |
Teucrium Soyabean Fund [Member] | |||||
Net Asset Value Per Share At Beginning Of Period | $ 27.07 | $ 23.79 | $ 22.77 | $ 19.49 | |
Investment Income | 0.13 | 0.01 | 0.21 | 0.03 | |
Net Realized And Unrealized Gain (loss) On Commodity Futures Contracts | (0.98) | (1.71) | 3.48 | 2.80 | |
Total Expenses, Net Per Share Value | (0.11) | (0.10) | (0.35) | (0.33) | |
Net Increase (decrease) In Net Asset Value | (0.96) | (1.80) | 3.34 | 2.50 | |
Net Asset Value At End Of Period | $ 26.11 | $ 21.99 | $ 26.11 | $ 21.99 | |
Total Return | (3.52%) | (7.56%) | 14.68% | 12.83% | |
Total Expenses | 1.73% | 2.90% | 1.92% | 2.78% | |
Total Expenses, Net | 1.73% | 1.74% | 1.75% | 1.99% | |
Net Investment Loss | 0.34% | (1.60%) | (0.68%) | (1.82%) |
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) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Teucrium Sugar Fund [Member] | ||
Outstanding Shares | 2,925,004 | 2,475,004 |
Net Assets of Funds | $ 25,534,967 | $ 22,834,664 |
Teucrium Soybean Fund [Member] | ||
Outstanding Shares | 2,575,004 | 1,975,004 |
Net Assets of Funds | $ 67,243,978 | $ 44,972,625 |
Teucrium Wheat Fund [Member] | ||
Outstanding Shares | 41,250,004 | 10,250,004 |
Net Assets of Funds | $ 377,988,971 | $ 75,621,587 |
Teucrium Agricultural Fund [Member] | ||
Outstanding Shares | 1,487,502 | 525,002 |
Net Assets Including The Investment In The Underlying Funds | $ 46,219,717 | $ 14,179,655 |
Less: Investment In The Underlying Funds | 46,216,269 | 14,178,019 |
Net For The Fund In The Combined Net Assets Of The Trust | $ 3,448 | 1,636 |
Hashdex Bitcoin Futures ETF [Member] | ||
Outstanding Shares | 50,004 | |
Net Assets of Funds | $ 1,230,482 | |
Teucrium Commodity Trust - Combined [Member] | ||
Net Assets of Funds | $ 686,974,282 | $ 264,276,768 |
Teucrium Corn Fund [Member] | ||
Outstanding Shares | 7,950,004 | 5,600,004 |
Net Assets of Funds | $ 214,972,436 | $ 120,846,256 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Subsequent Event [Member] | Nov. 08, 2022 USD ($) |
Teucrium Commodity Trust - Combined [Member] | |
Investment Company, Net Assets, Percentage, Period Increase (decrease) | 86% |
Investment Company, Net Assets, Period Increase (decrease) | $ 1,058,752 |
Investment Company, Nav, Period Increase (decrease) | 7% |
Investment Company, Shares Outstanding, Period Increase (decrease) | 100% |
Hashdex Bitcoin Futures ETF [Member] | |
Investment Company, Net Assets, Percentage, Period Increase (decrease) | 86% |
Investment Company, Net Assets, Period Increase (decrease) | $ 1,058,752 |
Investment Company, Nav, Period Increase (decrease) | 7% |
Investment Company, Shares Outstanding, Period Increase (decrease) | 100% |