Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | iShares Commodity Optimized Trust | |
Trading Symbol | cmdt | |
Document Type | 10-K | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 150,000 | |
Entity Public Float | $ 28,854,000 | |
Amendment Flag | false | |
Entity Central Index Key | 1,535,365 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | Dec. 31, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | FY |
Statements of Assets and Liabil
Statements of Assets and Liabilities - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | [1] | |
Assets | ||||
Cash and cash equivalents | $ 2,067,355 | $ 50,606 | ||
Cash and cash equivalents held at brokers (restricted) | 225,000 | 535,000 | ||
Short-term investments(b) | [2] | 2,499,782 | 14,438,380 | |
Receivable for variation margin on open futures contracts (Note 9) | 29,000 | 0 | ||
Total Assets | 4,821,137 | 15,023,986 | ||
Liabilities | ||||
Payable for variation margin on open futures contracts (Note 9) | 0 | 226,379 | ||
Sponsor's fees payable | 4,138 | 9,857 | ||
Total Liabilities | $ 4,138 | $ 236,236 | ||
Commitments and contingent liabilities (Note 7) | ||||
Net Assets | $ 4,816,999 | $ 14,787,750 | [3] | |
Shares issued and outstanding(c) (in Shares) | [4] | 150,000 | 350,000 | |
Net Asset Value per Share (Note 2G) (in Dollars per share) | $ 32.11 | $ 42.25 | ||
[1] | Previously reported as "Statements of Financial Condition." Please refer to Note 2A. | |||
[2] | Cost of short-term investments: $2,499,967 and $14,437,897, respectively. | |||
[3] | Previously reported as "Statements of Changes in Shareholders' Capital." Please refer to Note 2A. | |||
[4] | No par value, unlimited amount authorized. |
Statements of Assets and Liabi3
Statements of Assets and Liabilities (Parentheticals) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | [1] |
Cost of Short-term investments | $ 2,499,967 | $ 14,437,897 | |
Shares, outstanding | 150,000 | 350,000 | |
Shares, par value | $ 0 | $ 0 | |
[1] | Previously reported as "Statements of Financial Condition." Please refer to Note 2A. |
Statements of Operations
Statements of Operations - USD ($) | 5 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Investment Income | |||||
Interest | $ 957 | $ 3,819 | $ 6,267 | ||
Total investment income | 957 | 3,819 | 6,267 | ||
Expenses | |||||
Sponsor's fees | 19,456 | 126,802 | 108,570 | ||
Brokerage commissions and fees | 3,828 | 22,044 | 11,889 | ||
Total expenses | 23,284 | 148,846 | 120,459 | ||
Net investment loss | (22,327) | [1] | (145,027) | (114,192) | [1] |
Net realized gain (loss) from: | |||||
Short-term investments | 187 | (734) | 171 | ||
Futures contracts | 174,717 | (5,002,141) | (1,971,431) | ||
Net realized gain (loss) | 174,904 | [1] | (5,002,875) | (1,971,260) | [1] |
Net change in unrealized appreciation/depreciation on: | |||||
Short-term investments | (668) | 483 | |||
Futures contracts | (25,016) | 817,131 | (817,035) | ||
Net change in unrealized appreciation/depreciation | (25,016) | [1] | 816,463 | (816,552) | [1] |
Net realized and unrealized gain (loss) | 149,888 | (4,186,412) | (2,787,812) | ||
Net increase (decrease) in net assets resulting from operations | $ 127,561 | [1] | $ (4,331,439) | $ (2,902,004) | [1] |
Net increase (decrease) in net assets per Share (in Dollars per share) | $ 0.98 | $ (10.08) | $ (10.06) | ||
Weighted-average Shares outstanding (in Shares) | 130,479 | 429,726 | 288,493 | ||
[1] | Previously reported as "Statements of Changes in Shareholders' Capital." Please refer to Note 2A. |
Statements of Changes in Net As
Statements of Changes in Net Assets - USD ($) | 5 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |||||
Net Assets, Beginning of Period | [1] | $ 0 | $ 14,787,750 | [2] | $ 12,594,593 | ||
Operations: | |||||||
Net investment loss | (22,327) | [1] | (145,027) | (114,192) | [1] | ||
Net realized gain (loss) | 174,904 | [1] | (5,002,875) | (1,971,260) | [1] | ||
Net change in unrealized appreciation/depreciation | (25,016) | [1] | 816,463 | (816,552) | [1] | ||
Net increase (decrease) in net assets resulting from operations | 127,561 | [1] | (4,331,439) | (2,902,004) | [1] | ||
Capital Share Transactions: | |||||||
Contributions for Shares issued | 12,467,032 | [1] | 22,228,586 | 5,095,161 | [1] | ||
Distributions for Shares redeemed | 0 | [1] | (27,867,898) | 0 | [1] | ||
Net increase (decrease) in net assets from capital share transactions | 12,467,032 | [1] | (5,639,312) | 5,095,161 | [1] | ||
Increase (decrease) in net assets | 0 | [1] | (9,970,751) | 2,193,157 | [1] | ||
Net Assets, End of Period | $ 12,594,593 | [1] | $ 4,816,999 | $ 14,787,750 | [1],[2] | ||
Shares issued and redeemed | |||||||
Shares issued (in Shares) | 250,000 | [1] | 550,000 | 100,000 | [1] | ||
Shares redeemed (in Shares) | 0 | [1] | (750,000) | 0 | [1] | ||
Net increase (decrease) in Shares issued and outstanding (in Shares) | 250,000 | [1] | (200,000) | 100,000 | [1] | ||
[1] | Previously reported as "Statements of Changes in Shareholders' Capital." Please refer to Note 2A. | ||||||
[2] | Previously reported as "Statements of Financial Condition." Please refer to Note 2A. |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 5 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Cash Flows from Operating Activities | |||||
Net increase (decrease) in net assets resulting from operations | $ 127,561 | [1] | $ (4,331,439) | $ (2,902,004) | [1] |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | |||||
Purchases of short-term investments | (22,172,760) | (100,450,218) | (65,526,042) | ||
Sales/maturities of short-term investments | 9,949,894 | 112,391,232 | 63,318,593 | ||
Accretion of discount | (957) | (3,819) | (6,267) | ||
Net realized (gain) loss on short-term investments | (187) | 734 | (171) | ||
Net change in unrealized appreciation/depreciation on short-term investments | 668 | (483) | |||
Change in operating assets and liabilities: | |||||
Cash and cash equivalents held at brokers (restricted) | (445,000) | 310,000 | (90,000) | ||
Receivable for variation margin on open futures contracts | (29,000) | 0 | |||
Payable for variation margin on open futures contracts | 118,719 | (226,379) | 107,660 | ||
Sponsor's fees payable | 7,543 | (5,718) | 2,314 | ||
Net cash provided by (used in) operating activities | (12,415,187) | 7,656,061 | (5,096,400) | ||
Cash Flows from Financing Activities | |||||
Contributions for Shares issued | 12,467,032 | 22,228,586 | 5,095,161 | ||
Distributions for Shares redeemed | (27,867,898) | 0 | |||
Net cash provided by (used in) financing activities | 12,467,032 | (5,639,312) | 5,095,161 | ||
Net increase (decrease) in cash and cash equivalents | 51,845 | 2,016,749 | (1,239) | ||
Cash and Cash Equivalents | |||||
Beginning of period | 50,606 | 51,845 | |||
End of period | $ 51,845 | $ 2,067,355 | $ 50,606 | ||
[1] | Previously reported as "Statements of Changes in Shareholders' Capital." Please refer to Note 2A. |
Schedules of Investments
Schedules of Investments | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Investments [Abstract] | |
Investment Holdings, Schedule of Investments [Text Block] | Schedules of Investments At December 31, 2015 and 2014 December 31, 2015 Security Description Face Amount Fair Value United States Treasury bills (a) 0.02% due 01/28/16 $ 2,500,000 $ 2,499,782 Total United States Treasury bills (cost: $2,499,967) 2,499,782 Total Investments – 51.90% 2,499,782 Other Assets, Less Liabilities – 48.10% 2,317,217 Net Assets – 100.00% $ 4,816,999 (a) Rates shown is discount rate paid at the time of purchase. As of December 31, 2015, the open Bloomberg Roll Select CI futures contracts were as follows: Number of Contracts Expiration Date Current Notional Amount Net Unrealized Depreciation 250 March 2016 $ 4,806,000 $ 24,920 December 31, 2014 Security Description Face Amount Fair Value United States Treasury bills (a) 0.02% due 01/15/15 $ 76,000 $ 75,999 0.02% due 01/22/15 2,103,000 2,102,965 0.02% due 02/05/15 78,000 77,998 0.02% - 0.03% due 02/19/15 2,082,000 2,081,952 0.03% due 03/05/15 200,000 199,994 0.05% due 03/12/15 7,600,000 7,599,635 0.05% due 03/19/15 2,000,000 1,999,916 0.07% due 05/28/15 300,000 299,921 Total United States Treasury bills (cost: $14,437,897) 14,438,380 Total Investments – 97.64% 14,438,380 Other Assets, Less Liabilities – 2.36% 349,370 Net Assets – 100.00% $ 14,787,750 (a) Rates shown are discount rates paid at the time of purchase. As of December 31, 2014, the open Bloomberg Roll Select CI futures contracts were as follows: Number of Contracts Expiration Date Current Notional Amount Net Unrealized Depreciation 588 March 2015 $ 14,774,088 $ 842,051 |
Note 1 - Organization
Note 1 - Organization | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Business Description and Basis of Presentation [Text Block] | 1 - Organization The iShares Commodity Optimized Trust (the “Trust”) is a Delaware statutory trust that was organized under the laws of the State of Delaware on December 7, 2011 and commenced operations on August 8, 2013. iShares Delaware Trust Sponsor LLC, a Delaware limited liability company, is the sponsor of the Trust (the “Sponsor”). The sole member and manager of the Sponsor is BlackRock Asset Management International Inc., a Delaware corporation. BlackRock Institutional Trust Company, N.A. is the “Trustee” of the Trust. The Trust is governed by the Amended and Restated Trust Agreement, dated as of July 1, 2014 (the “Trust Agreement”), among the Sponsor, the Trustee and Wilmington Trust, National Association (the “Delaware Trustee”). The Trust issues units of beneficial interest (“Shares”) representing fractional undivided beneficial interests in its net assets. The Trust holds long positions in exchange-traded index futures contracts of various expirations, or “Index Futures” on the Bloomberg Roll Select Commodity Index (the “Bloomberg Roll Select CI”). In order to collateralize its Index Futures positions and to reflect the U.S. Treasury component of the Bloomberg Roll Select Commodity Total Return Index (the “Index”), the Trust also holds “Collateral Assets,” which consist of cash, U.S. Treasury securities or other short-term securities and similar securities that are eligible as margin deposits for those Index Futures positions. The Index Futures held by the Trust are listed on the Chicago Mercantile Exchange (the “CME”). The Trust seeks to track the results of a fully collateralized investment in futures contracts on an index composed of a diversified group of commodities futures which attempts to minimize contango and maximize backwardation. The Trust seeks to track the investment returns of the Index before payment of the Trust’s expenses and liabilities. The Trust is a commodity pool, as defined in the Commodity Exchange Act (the “CEA”) and the applicable regulations of the Commodity Futures Trading Commission (the “CFTC”), and is operated by the Sponsor, a commodity pool operator registered with the CFTC. The Sponsor is an indirect subsidiary of BlackRock, Inc. BlackRock Fund Advisors (the “Advisor”), an indirect subsidiary of BlackRock, Inc., serves as the commodity trading advisor of the Trust and is registered with the CFTC. The Trust qualifies as an investment company for accounting purposes and follows the accounting and reporting guidance under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 2 - Summary of Significant Accounting Policies A. Basis of Accounting The following significant accounting policies are consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Certain statements and captions in the financial statements for the prior year have been changed to conform to the current financial statement presentation. Certain amounts in the financial statements for the prior years have been reclassified to conform to the current financial statement presentation. B. Investment in Index Futures The Trust seeks to track the results of a fully collateralized investment in futures contracts on an index composed of a diversified group of commodities futures, including energy commodities, precious and industrial metal commodities, agricultural commodities and livestock commodities, which attempts to minimize contango and maximize backwardation. The Trust seeks to track the investment returns of the Index before payment of the Trust’s expenses and liabilities. The assets of the Trust consist of Index Futures and cash or other Collateral Assets used to satisfy applicable margin requirements for those Index Futures positions. Index Futures are exchange-traded index futures contracts on the Bloomberg Roll Select CI, and are expected to include contracts of different terms and expirations. The Trust is expected to roll out of existing positions in Index Futures and establish new positions in Index Futures on an ongoing basis. When establishing positions in Index Futures, the Trust is required to deposit cash or other Collateral Assets with the broker as “initial margin.” On a daily basis, the Trust is obligated to pay, or entitled to receive, cash in an amount equal to the change in the daily settlement level of its Index Futures positions. Such payments or receipts are known as variation margin and recorded as unrealized appreciation or depreciation. When an Index Futures contract is closed, the Trust records a realized gain or loss based on the difference between the value of the Index Futures contract at the time it was opened and the value at the time it was closed. Index Futures are derivative instruments valued at fair value, which the Trustee has determined to be that day’s announced CME settlement price. If there is no announced settlement price for a particular Index Future contract on that day, the Trustee will use the most recently announced CME settlement price unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate as a basis for valuation. The Trust’s derivatives are not designated as hedges, and all changes in the fair value are reflected in the statements of operations. For futures contracts, counterparty credit risk is mitigated because futures contracts are exchange-traded and the exchange’s clearing house acts as central counterparty to all exchange-traded futures contracts (although customers continue to have credit exposure to the clearing member who holds their account). Please refer to Note 9 for additional disclosures regarding the Trust’s investments in futures contracts. C. Cash and Cash Equivalents The Trust considers cash and cash equivalents to be highly liquid investments with original maturities of three months or less. As of December 31, 2015 and 2014, the Trust had cash and cash equivalents held at brokers of $225,000 and $535,000, respectively, which were posted as margin for the Trust’s Index Future positions. D. Short-Term Investments Short-term investments on the Statements of Assets and Liabilities consist principally of short-term fixed income securities with original maturities of one year or less. These investments are valued at fair value. E. Securities Transactions, Income and Expense Recognition Securities transactions are accounted for on the trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Other income and expenses are recognized on the accrual basis. F. Income Taxes The Trust is treated as a partnership for federal, state and local income tax purposes. No provision for federal, state, and local income taxes has been made in the accompanying financial statements because the Trust is not subject to income taxes. Shareholders are individually responsible for their own tax payments on their proportionate share of income, gain, loss, deduction, expense and credit. The Sponsor has reviewed the tax positions as of December 31, 2015, inclusive of the open tax return years, and has determined that no provision for income tax is required in the Trust’s financial statements. G. Calculation of Net Asset Value The net asset value of the Trust on any given day is obtained by subtracting the Trust’s accrued expenses and other liabilities on that day from the value of (1) the Trust’s Index Futures positions and Collateral Assets on that day, (2) the interest earned on those assets by the Trust and (3) any other assets of the Trust, as of 4:00 p.m. (New York time) that day. The Trustee determines the net asset value per Share (the “NAV”) by dividing the net asset value of the Trust on a given day by the number of Shares outstanding at the time the calculation is made. The NAV is calculated each day on which NYSE Arca, Inc. (“NYSE Arca”) is open for regular trading, as soon as practicable after 4:00 p.m. (New York time). H. Distributions Interest and distributions received by the Trust on its assets may be used to acquire additional Index Futures and Collateral Assets or, in the discretion of the Sponsor, distributed to shareholders. The Trust is under no obligation to make periodic distributions to shareholders. |
Note 3 - Offering of the Shares
Note 3 - Offering of the Shares | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 3 - Offering of the Shares Shares are issued and redeemed continuously in one or more blocks of 50,000 Shares in exchange for Index Futures and cash (or, in the discretion of the Sponsor, other Collateral Assets in lieu of cash). Individual investors that are not Authorized Participants cannot purchase or redeem Shares in direct transactions with the Trust. The Trust transacts only with registered broker-dealers that have entered into a contractual arrangement with the Trust and the Sponsor governing, among other matters, the creation and redemption of Shares (such authorized broker-dealers are the “Authorized Participants”). Authorized Participants may redeem their Shares (as well as Shares on behalf of other investors) at any time before 2:40 p.m. (New York time) on any business day in one or more blocks of 50,000 Shares. Redemptions of Shares in exchange for baskets of Index Futures and cash (or, in the discretion of the Sponsor, other Collateral Assets in lieu of cash) are treated as sales for financial statement purposes. |
Note 4 - Trust Expenses
Note 4 - Trust Expenses | 12 Months Ended |
Dec. 31, 2015 | |
Expenses [Abstract] | |
Expenses [Text Block] | 4 - Trust Expenses The Trust is responsible for paying any applicable brokerage commissions and similar transaction fees out of its assets in connection with the roll of Index Futures held by the Trust. These expenses are recorded as brokerage commissions and fees in the Statements of Operations as incurred. The Sponsor pays the amounts that would otherwise be considered the ordinary operating expenses, if any, of the Trust. In return, the Sponsor receives an allocation from the Trust that accrues daily at an annualized rate equal to 0.75% of the net asset value of the Trust, as calculated before deducting fees and expenses based on the value of the Trust’s assets. The Sponsor has agreed under the Trust Agreement to pay the following administrative, operational and marketing expenses: (1) the fees of the Trustee, the Delaware Trustee, the Advisor and their respective agents, (2) NYSE Arca listing fees, (3) printing and mailing costs, (4) audit fees, (5) fees for registration of the Shares with the Securities and Exchange Commission, (6) tax reporting costs, (7) license fees and (8) legal expenses relating to the Trust of up to $100,000 annually. |
Note 5 - Related Parties
Note 5 - Related Parties | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 5 - Related Parties The Sponsor, the Trustee and the Advisor are considered to be related parties to the Trust. The Trustee’s and Advisor’s fees are paid by the Sponsor and are not a separate expense of the Trust. |
Note 6 - Indemnification
Note 6 - Indemnification | 12 Months Ended |
Dec. 31, 2015 | |
Indemnification [Abstract] | |
Indemnification [Text Block] | 6 - Indemnification The Trust Agreement provides that the Sponsor and its shareholders, directors, officers, employees, affiliates (as such term is defined under the Securities Act of 1933, as amended) and subsidiaries and agents shall be indemnified from the Trust and held harmless against any loss, liability, claim, cost, expense or judgment of any kind whatsoever (including the reasonable fees and expenses of counsel) arising out of or in connection with the performance of their obligations under the Trust Agreement or any actions taken in accordance with the provisions of the Trust Agreement and incurred without their (1) negligence, bad faith or willful misconduct or (2) reckless disregard of their obligations and duties under the Trust Agreement. The Investment Advisory Agreement between the Trust and the Advisor provides that the Advisor and its shareholders, directors, officers, employees, affiliates (as such term is defined in Rule 405 under the Securities Act of 1933, as amended) and subsidiaries shall be indemnified from the Trust and held harmless against any loss, liability, cost, expense or judgment (including the reasonable fees and expenses of counsel) arising out of or in connection with the performance of its obligations under the Investment Advisory Agreement or any actions taken in accordance with the provisions of the Investment Advisory Agreement and incurred without their (1) negligence, bad faith or willful misconduct or (2) reckless disregard of their obligations and duties under the Investment Advisory Agreement. |
Note 7 - Commitments and Contin
Note 7 - Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 7 - Commitments and Contingent Liabilities In the normal course of business, the Trust may enter into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. |
Note 8 - Financial Highlights
Note 8 - Financial Highlights | 12 Months Ended |
Dec. 31, 2015 | |
Financial Highlights [Abstract] | |
Financial Highlights [Text Block] | 8 - Financial Highlights The following financial highlights relate to investment performance and operations for a Share outstanding for the years ended December 31, 2015 and 2014 and period from August 8, 2013 (commencement of operations) to December 31, 2013. Years Ended December 31, Period from August 8, 2013 (commencement of operations) to December 31, 2015 2014 2013 Net asset value per Share, beginning of period $ 42.25 $ 50.38 $ 50.00 Net investment loss (a) (0.34 ) (0.40 ) (0.17 ) Net realized and unrealized gain (loss) (b) (9.80 ) (7.73 ) 0.55 Net increase (decrease) in net assets from operations (10.14 ) (8.13 ) 0.38 Net asset value per Share, end of period $ 32.11 $ 42.25 $ 50.38 Total return, at net asset value (c) (24.00 )% (16.14 )% 0.76% (d) Ratio to average net assets: Net investment loss (e) (0.86 )% (0.79 )% (0.85 )% Expenses (e) 0.88 % 0.83 % 0.89 % (a) Based on average Shares outstanding during each period. (b) The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investments for the period due to the timing of Trust Share transactions in relation to the fluctuating fair values of the Trust's underlying investments. (c) Based on the change in net asset value of a Share during each period. (d) Percentage is not annualized. (e) Percentage is annualized. |
Note 9 - Investing in Index Fut
Note 9 - Investing in Index Futures | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 9 - Investing in Index Futures Substantially all of the Trust’s assets are invested in Index Futures. The Index Futures’ settlement value at expiration is based on the value of Bloomberg Roll Select CI at that time. Therefore, the value of the Trust will fluctuate based upon the value of the Bloomberg Roll Select CI and the prices of futures contracts and commodities underlying the Bloomberg Roll Select CI. The commodities markets have historically been extremely volatile. For the years ended December 31, 2015 and 2014, the average month-end notional amounts of open Index Futures were $15,463,265 and $14,351,951, respectively. The following table shows the variation margin on open futures contracts, by risk exposure category, on the statements of assets and liabilities as of December 31, 2015 and 2014: Asset Derivatives Fair Value Liability Derivatives Fair Value December 31, 2015 Commodity contracts Receivable for variation margin on open futures contracts $ 29,000 Payable for variation margin on open futures contracts $ — December 31, 2014 Commodity contracts Receivable for variation margin on open futures contracts $ — Payable for variation margin on open futures contracts $ 226,379 The following table shows the effect of the futures contracts, by risk exposure category, on the statements of operations for the years ended December 31, 2015 and 2014 and the period from August 8, 2013 (commencement of operations) to December 31, 2013: Statement of Operations Location Net Realized Gain (Loss) Net Change in Unrealized Appreciation/Depreciation December 31, 2015 Commodity contracts Net realized gain (loss) from futures contracts $ (5,002,141 ) $ — Net change in unrealized appreciation/depreciation on futures contracts — 817,131 December 31, 2014 Commodity contracts Net realized gain (loss) from futures contracts $ (1,971,431 ) $ — Net change in unrealized appreciation/depreciation on futures contracts — (817,035 ) December 31, 2013 Commodity contracts Net realized gain (loss) from futures contracts $ 174,717 $ — Net change in unrealized appreciation/depreciation on futures contracts — (25,016 ) |
Note 10 - Investment Valuation
Note 10 - Investment Valuation | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 10 - Investment Valuation FASB Accounting Standards Codification Topic 820, F a i r V a l ue M e a s u r e m e n t s and D i s c l o s u r e s Investments in Index Futures are measured at fair value using the last reported CME settlement price for Index Futures. U.S. Treasury bills are valued at the last available bid price received from independent pricing services. In determining the value of a fixed income investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measures. Various inputs are used in determining the fair value of financial instruments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are as follows: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and Level 3 – Unobservable inputs that are unobservable for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments. Fair value pricing could result in a difference between the prices used to calculate the Trust’s net asset value and the prices used by the Trust’s underlying index, which in turn could result in a difference between the Trust’s performance and the performance of the Trust’s underlying index. The following table summarizes the value of each of the Trust’s investments by the fair value hierarchy levels as of December 31, 2015 and 2014: Level 1 Level 2 Level 3 Total December 31, 2015 Futures contracts (a) $ (24,920 ) $ — $ — $ (24,920 ) U.S. Treasury bills — 2,499,782 — 2,499,782 December 31, 2014 Futures contracts (a) $ (842,051 ) $ — $ — $ (842,051 ) U.S. Treasury bills — 14,438,380 — 14,438,380 (a) Shown at the unrealized appreciation (depreciation) on the contracts. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | A. Basis of Accounting The following significant accounting policies are consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Certain statements and captions in the financial statements for the prior year have been changed to conform to the current financial statement presentation. Certain amounts in the financial statements for the prior years have been reclassified to conform to the current financial statement presentation. |
Derivatives, Methods of Accounting, Derivatives Not Designated or Qualifying as Hedges [Policy Text Block] | B. Investment in Index Futures The Trust seeks to track the results of a fully collateralized investment in futures contracts on an index composed of a diversified group of commodities futures, including energy commodities, precious and industrial metal commodities, agricultural commodities and livestock commodities, which attempts to minimize contango and maximize backwardation. The Trust seeks to track the investment returns of the Index before payment of the Trust’s expenses and liabilities. The assets of the Trust consist of Index Futures and cash or other Collateral Assets used to satisfy applicable margin requirements for those Index Futures positions. Index Futures are exchange-traded index futures contracts on the Bloomberg Roll Select CI, and are expected to include contracts of different terms and expirations. The Trust is expected to roll out of existing positions in Index Futures and establish new positions in Index Futures on an ongoing basis. When establishing positions in Index Futures, the Trust is required to deposit cash or other Collateral Assets with the broker as “initial margin.” On a daily basis, the Trust is obligated to pay, or entitled to receive, cash in an amount equal to the change in the daily settlement level of its Index Futures positions. Such payments or receipts are known as variation margin and recorded as unrealized appreciation or depreciation. When an Index Futures contract is closed, the Trust records a realized gain or loss based on the difference between the value of the Index Futures contract at the time it was opened and the value at the time it was closed. Index Futures are derivative instruments valued at fair value, which the Trustee has determined to be that day’s announced CME settlement price. If there is no announced settlement price for a particular Index Future contract on that day, the Trustee will use the most recently announced CME settlement price unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate as a basis for valuation. The Trust’s derivatives are not designated as hedges, and all changes in the fair value are reflected in the statements of operations. For futures contracts, counterparty credit risk is mitigated because futures contracts are exchange-traded and the exchange’s clearing house acts as central counterparty to all exchange-traded futures contracts (although customers continue to have credit exposure to the clearing member who holds their account). Please refer to Note 9 for additional disclosures regarding the Trust’s investments in futures contracts. |
Cash and Cash Equivalents, Policy [Policy Text Block] | C. Cash and Cash Equivalents The Trust considers cash and cash equivalents to be highly liquid investments with original maturities of three months or less. As of December 31, 2015 and 2014, the Trust had cash and cash equivalents held at brokers of $225,000 and $535,000, respectively, which were posted as margin for the Trust’s Index Future positions. |
Investment, Policy [Policy Text Block] | D. Short-Term Investments Short-term investments on the Statements of Assets and Liabilities consist principally of short-term fixed income securities with original maturities of one year or less. These investments are valued at fair value. |
Securities Transactions Income and Expense Recognition [Policy Text Block] | E. Securities Transactions, Income and Expense Recognition Securities transactions are accounted for on the trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Other income and expenses are recognized on the accrual basis. |
Income Tax, Policy [Policy Text Block] | F. Income Taxes The Trust is treated as a partnership for federal, state and local income tax purposes. No provision for federal, state, and local income taxes has been made in the accompanying financial statements because the Trust is not subject to income taxes. Shareholders are individually responsible for their own tax payments on their proportionate share of income, gain, loss, deduction, expense and credit. The Sponsor has reviewed the tax positions as of December 31, 2015, inclusive of the open tax return years, and has determined that no provision for income tax is required in the Trust’s financial statements. |
Calculation of Net Asset Value [Policy Text Block] | G. Calculation of Net Asset Value The net asset value of the Trust on any given day is obtained by subtracting the Trust’s accrued expenses and other liabilities on that day from the value of (1) the Trust’s Index Futures positions and Collateral Assets on that day, (2) the interest earned on those assets by the Trust and (3) any other assets of the Trust, as of 4:00 p.m. (New York time) that day. The Trustee determines the net asset value per Share (the “NAV”) by dividing the net asset value of the Trust on a given day by the number of Shares outstanding at the time the calculation is made. The NAV is calculated each day on which NYSE Arca, Inc. (“NYSE Arca”) is open for regular trading, as soon as practicable after 4:00 p.m. (New York time). |
Distributions [Policy Text Block] | H. Distributions Interest and distributions received by the Trust on its assets may be used to acquire additional Index Futures and Collateral Assets or, in the discretion of the Sponsor, distributed to shareholders. The Trust is under no obligation to make periodic distributions to shareholders. |
Schedules of Investments (Table
Schedules of Investments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Investments [Abstract] | |
Investment [Table Text Block] | Security Description Face Amount Fair Value United States Treasury bills (a) 0.02% due 01/28/16 $ 2,500,000 $ 2,499,782 Total United States Treasury bills (cost: $2,499,967) 2,499,782 Total Investments – 51.90% 2,499,782 Other Assets, Less Liabilities – 48.10% 2,317,217 Net Assets – 100.00% $ 4,816,999 Security Description Face Amount Fair Value United States Treasury bills (a) 0.02% due 01/15/15 $ 76,000 $ 75,999 0.02% due 01/22/15 2,103,000 2,102,965 0.02% due 02/05/15 78,000 77,998 0.02% - 0.03% due 02/19/15 2,082,000 2,081,952 0.03% due 03/05/15 200,000 199,994 0.05% due 03/12/15 7,600,000 7,599,635 0.05% due 03/19/15 2,000,000 1,999,916 0.07% due 05/28/15 300,000 299,921 Total United States Treasury bills (cost: $14,437,897) 14,438,380 Total Investments – 97.64% 14,438,380 Other Assets, Less Liabilities – 2.36% 349,370 Net Assets – 100.00% $ 14,787,750 |
Schedule of Derivative Instruments [Table Text Block] | Number of Contracts Expiration Date Current Notional Amount Net Unrealized Depreciation 250 March 2016 $ 4,806,000 $ 24,920 Number of Contracts Expiration Date Current Notional Amount Net Unrealized Depreciation 588 March 2015 $ 14,774,088 $ 842,051 |
Note 8 - Financial Highlights (
Note 8 - Financial Highlights (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Financial Highlights [Abstract] | |
Financial Highlights [Table Text Block] | Years Ended December 31, Period from August 8, 2013 (commencement of operations) to December 31, 2015 2014 2013 Net asset value per Share, beginning of period $ 42.25 $ 50.38 $ 50.00 Net investment loss (a) (0.34 ) (0.40 ) (0.17 ) Net realized and unrealized gain (loss) (b) (9.80 ) (7.73 ) 0.55 Net increase (decrease) in net assets from operations (10.14 ) (8.13 ) 0.38 Net asset value per Share, end of period $ 32.11 $ 42.25 $ 50.38 Total return, at net asset value (c) (24.00 )% (16.14 )% 0.76% (d) Ratio to average net assets: Net investment loss (e) (0.86 )% (0.79 )% (0.85 )% Expenses (e) 0.88 % 0.83 % 0.89 % |
Note 9 - Investing in Index F21
Note 9 - Investing in Index Futures (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Asset Derivatives Fair Value Liability Derivatives Fair Value December 31, 2015 Commodity contracts Receivable for variation margin on open futures contracts $ 29,000 Payable for variation margin on open futures contracts $ — December 31, 2014 Commodity contracts Receivable for variation margin on open futures contracts $ — Payable for variation margin on open futures contracts $ 226,379 |
Derivative Instruments, Gain (Loss) [Table Text Block] | Statement of Operations Location Net Realized Gain (Loss) Net Change in Unrealized Appreciation/Depreciation December 31, 2015 Commodity contracts Net realized gain (loss) from futures contracts $ (5,002,141 ) $ — Net change in unrealized appreciation/depreciation on futures contracts — 817,131 December 31, 2014 Commodity contracts Net realized gain (loss) from futures contracts $ (1,971,431 ) $ — Net change in unrealized appreciation/depreciation on futures contracts — (817,035 ) December 31, 2013 Commodity contracts Net realized gain (loss) from futures contracts $ 174,717 $ — Net change in unrealized appreciation/depreciation on futures contracts — (25,016 ) |
Note 10 - Investment Valuation
Note 10 - Investment Valuation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table Text Block] | Level 1 Level 2 Level 3 Total December 31, 2015 Futures contracts (a) $ (24,920 ) $ — $ — $ (24,920 ) U.S. Treasury bills — 2,499,782 — 2,499,782 December 31, 2014 Futures contracts (a) $ (842,051 ) $ — $ — $ (842,051 ) U.S. Treasury bills — 14,438,380 — 14,438,380 |
Schedules of Investments (Deta
Schedules of Investments (Details) - Investments - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | [1] | Aug. 07, 2013 | [1] | |
United States Treasury bills(a): | |||||||
United States Treasury bills, fair value | $ 2,499,782 | $ 14,438,380 | |||||
Other Assets, Less Liabilities | 2,317,217 | 349,370 | |||||
Net Assets – 100% | 4,816,999 | 14,787,750 | [1],[2] | $ 12,594,593 | $ 0 | ||
US Treasury Bill Securities [Member] | |||||||
United States Treasury bills(a): | |||||||
United States Treasury bills, face amount | 2,500,000 | ||||||
United States Treasury bills, fair value | 2,499,782 | ||||||
United States Treasury bills, fair value | $ 2,499,782 | 14,438,380 | |||||
United States Treasury Bills 0.02% Due 1/15/15 [Member] | |||||||
United States Treasury bills(a): | |||||||
United States Treasury bills, face amount | 76,000 | ||||||
United States Treasury bills, fair value | 75,999 | ||||||
United States Treasury Bills 0.02% Due 1/22/15 [Member] | |||||||
United States Treasury bills(a): | |||||||
United States Treasury bills, face amount | 2,103,000 | ||||||
United States Treasury bills, fair value | 2,102,965 | ||||||
United States Treasury Bills 0.02% Due 2/05/15 [Member] | |||||||
United States Treasury bills(a): | |||||||
United States Treasury bills, face amount | 78,000 | ||||||
United States Treasury bills, fair value | 77,998 | ||||||
United States Treasury Bills 0.02% - 0.03% Due 2/19/15 [Member] | |||||||
United States Treasury bills(a): | |||||||
United States Treasury bills, face amount | 2,082,000 | ||||||
United States Treasury bills, fair value | 2,081,952 | ||||||
United States Treasury Bills 0.03% Due 3/05/15 [Member] | |||||||
United States Treasury bills(a): | |||||||
United States Treasury bills, face amount | 200,000 | ||||||
United States Treasury bills, fair value | 199,994 | ||||||
United States Treasury Bills 0.05% Due 3/12/15 [Member] | |||||||
United States Treasury bills(a): | |||||||
United States Treasury bills, face amount | 7,600,000 | ||||||
United States Treasury bills, fair value | 7,599,635 | ||||||
United States Treasury Bills 0.05% Due 3/19/15 [Member] | |||||||
United States Treasury bills(a): | |||||||
United States Treasury bills, face amount | 2,000,000 | ||||||
United States Treasury bills, fair value | 1,999,916 | ||||||
United States Treasury Bills 0.07% Due 5/28/15 [Member] | |||||||
United States Treasury bills(a): | |||||||
United States Treasury bills, face amount | 300,000 | ||||||
United States Treasury bills, fair value | $ 299,921 | ||||||
[1] | Previously reported as "Statements of Changes in Shareholders' Capital." Please refer to Note 2A. | ||||||
[2] | Previously reported as "Statements of Financial Condition." Please refer to Note 2A. |
Schedules of Investments (De24
Schedules of Investments (Details) - Investments (Parentheticals) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Schedules of Investments (Details) - Investments (Parentheticals) [Line Items] | |||
United States Treasury bills, cost (in Dollars) | $ 2,499,967 | $ 14,437,897 | [1] |
Total Investment, Percentage of Net Asset Value | 51.90% | 97.64% | |
Other Assets Less Liabilities, Percentage of Net Asset Value | 48.10% | 2.36% | |
Net Assets, Percentage of Net Asset Value | 100.00% | 100.00% | |
US Treasury Bill Securities [Member] | |||
Schedules of Investments (Details) - Investments (Parentheticals) [Line Items] | |||
United States Treasury bills, effective rate | 0.02% | ||
United States Treasury bills, due date | Jan. 28, 2016 | ||
United States Treasury bills, cost (in Dollars) | $ 2,499,967 | $ 14,437,897 | |
United States Treasury Bills 0.02% Due 1/15/15 [Member] | |||
Schedules of Investments (Details) - Investments (Parentheticals) [Line Items] | |||
United States Treasury bills, effective rate | 0.02% | ||
United States Treasury bills, due date | Jan. 15, 2015 | ||
United States Treasury Bills 0.02% Due 1/22/15 [Member] | |||
Schedules of Investments (Details) - Investments (Parentheticals) [Line Items] | |||
United States Treasury bills, effective rate | 0.02% | ||
United States Treasury bills, due date | Jan. 22, 2015 | ||
United States Treasury Bills 0.02% Due 2/05/15 [Member] | |||
Schedules of Investments (Details) - Investments (Parentheticals) [Line Items] | |||
United States Treasury bills, effective rate | 0.02% | ||
United States Treasury bills, due date | Feb. 5, 2015 | ||
United States Treasury Bills 0.02% - 0.03% Due 2/19/15 [Member] | |||
Schedules of Investments (Details) - Investments (Parentheticals) [Line Items] | |||
United States Treasury bills, due date | Feb. 19, 2015 | ||
United States Treasury Bills 0.03% Due 3/05/15 [Member] | |||
Schedules of Investments (Details) - Investments (Parentheticals) [Line Items] | |||
United States Treasury bills, effective rate | 0.03% | ||
United States Treasury bills, due date | Mar. 5, 2015 | ||
United States Treasury Bills 0.05% Due 3/12/15 [Member] | |||
Schedules of Investments (Details) - Investments (Parentheticals) [Line Items] | |||
United States Treasury bills, effective rate | 0.05% | ||
United States Treasury bills, due date | Mar. 12, 2015 | ||
United States Treasury Bills 0.05% Due 3/19/15 [Member] | |||
Schedules of Investments (Details) - Investments (Parentheticals) [Line Items] | |||
United States Treasury bills, effective rate | 0.05% | ||
United States Treasury bills, due date | Mar. 19, 2015 | ||
United States Treasury Bills 0.07% Due 5/28/15 [Member] | |||
Schedules of Investments (Details) - Investments (Parentheticals) [Line Items] | |||
United States Treasury bills, effective rate | 0.07% | ||
United States Treasury bills, due date | May 28, 2015 | ||
Minimum [Member] | United States Treasury Bills 0.02% - 0.03% Due 2/19/15 [Member] | |||
Schedules of Investments (Details) - Investments (Parentheticals) [Line Items] | |||
United States Treasury bills, effective rate | 0.02% | ||
Maximum [Member] | United States Treasury Bills 0.02% - 0.03% Due 2/19/15 [Member] | |||
Schedules of Investments (Details) - Investments (Parentheticals) [Line Items] | |||
United States Treasury bills, effective rate | 0.03% | ||
[1] | Previously reported as "Statements of Financial Condition." Please refer to Note 2A. |
Schedules of Investments (De25
Schedules of Investments (Details) - Open Bloomberg Roll Select Commodity Index Futures Contracts - Futures [Member] | 12 Months Ended | |
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Derivative [Line Items] | ||
Number of contracts | 250 | 588 |
Expiration date | March 2,016 | March 2,015 |
Current notional amount | $ 4,806,000 | $ 14,774,088 |
Net unrealized depreciation | $ 24,920 | $ 842,051 |
Note 2 - Significant Accounti26
Note 2 - Significant Accounting Policies (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | |||
Margin Deposit Assets | $ 225,000 | $ 535,000 | [1] |
[1] | Previously reported as "Statements of Financial Condition." Please refer to Note 2A. |
Note 3 - Offering of the Shar27
Note 3 - Offering of the Shares (Details) | Dec. 31, 2015shares |
Stockholders' Equity Note [Abstract] | |
Shares Prescribed Aggregation | 50,000 |
Note 4 - Trust Expenses (Detail
Note 4 - Trust Expenses (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Note 4 - Trust Expenses (Details) [Line Items] | |
Sponsors Fee Annualized Accrual Rate Based on Net Asset Value of Trust | 0.75% |
Maximum [Member] | |
Note 4 - Trust Expenses (Details) [Line Items] | |
Legal Fees Per Year | $ 100,000 |
Note 8 - Financial Highlights29
Note 8 - Financial Highlights (Details) - Net Asset Value and Financial Highlights - $ / shares | 12 Months Ended | ||||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||
Net Asset Value and Financial Highlights [Abstract] | |||||||
Net asset value per Share, beginning of period | $ 42.25 | [1] | $ 50.38 | $ 50 | |||
Net increase (decrease) in net assets from operations | (10.14) | (8.13) | 0.38 | ||||
Net asset value per Share, end of period | $ 32.11 | $ 42.25 | [1] | $ 50.38 | |||
Total return, at net asset value (c) | [2] | (24.00%) | (16.14%) | 0.76% | [3] | ||
Ratio to average net assets: | |||||||
Net investment loss(e) | [4] | (0.86%) | (0.79%) | (0.85%) | |||
Expenses(e) | [4] | 0.88% | 0.83% | 0.89% | |||
Net investment loss(a) | [5] | $ (0.34) | $ (0.40) | $ (0.17) | |||
Net realized and unrealized gain (loss)(b) | [6] | $ (9.80) | $ (7.73) | $ 0.55 | |||
[1] | Previously reported as "Statements of Financial Condition." Please refer to Note 2A. | ||||||
[2] | Based on the change in net asset value of a Share during each period. | ||||||
[3] | Percentage is not annualized. | ||||||
[4] | Percentage is annualized. | ||||||
[5] | Based on average Shares outstanding during each period. | ||||||
[6] | The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investments for the period due to the timing of Trust Share transactions in relation to the fluctuating fair values of the Trust's underlying investments. |
Note 9 - Investing in Index F30
Note 9 - Investing in Index Futures (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Average Month End Notional Amount of Derivative Contracts | $ 15,463,265 | $ 14,351,951 |
Note 9 - Investing in Index F31
Note 9 - Investing in Index Futures (Details) - Effect of the Futures Contracts, by Risk Exposure Category, on the Statements of Financial Condition - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivatives, Fair Value [Line Items] | |||
Asset Derivatives | $ 29,000 | $ 0 | [1] |
Liability Derivatives | 0 | 226,379 | [1] |
Commodity Contract [Member] | Receivable for Variation Margin on Open Futures Contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Asset Derivatives | 29,000 | 0 | |
Commodity Contract [Member] | Payable for Variation Margin on Open Futures Contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Liability Derivatives | $ 0 | $ 226,379 | |
[1] | Previously reported as "Statements of Financial Condition." Please refer to Note 2A. |
Note 9 - Investing in Index F32
Note 9 - Investing in Index Futures (Details) - Effect of the Futures Contracts, by Risk Exposure Category, on the Statements of Operations - USD ($) | 5 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net realized gain (loss) from futures contracts | $ 174,717 | $ (5,002,141) | $ (1,971,431) |
Net change in unrealized appreciation/depreciation on futures contracts | (25,016) | 817,131 | (817,035) |
Net Realized Gain Loss from Futures Contracts [Member] | Commodity Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net realized gain (loss) from futures contracts | 174,717 | (5,002,141) | (1,971,431) |
Net Change in Unrealized Appreciation/Depreciation on Futures Contracts [Member] | Commodity Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net change in unrealized appreciation/depreciation on futures contracts | $ (25,016) | $ 817,131 | $ (817,035) |
Note 10 - Investment Valuatio33
Note 10 - Investment Valuation (Details) - Valuation of the Trust’s Investments by the Fair Value Hierarchy - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | |
Futures [Member] | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Investments, fair value | [1] | $ (24,920) | $ (842,051) |
US Treasury Bill Securities [Member] | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Investments, fair value | 2,499,782 | 14,438,380 | |
Fair Value, Inputs, Level 1 [Member] | Futures [Member] | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Investments, fair value | [1] | $ (24,920) | $ (842,051) |
Fair Value, Inputs, Level 2 [Member] | Futures [Member] | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Investments, fair value | [1] | ||
Fair Value, Inputs, Level 2 [Member] | US Treasury Bill Securities [Member] | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Investments, fair value | $ 2,499,782 | $ 14,438,380 | |
Fair Value, Inputs, Level 3 [Member] | Futures [Member] | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Investments, fair value | [1] | ||
[1] | Shown at the unrealized appreciation (depreciation) on the contracts. |