iSHARES COMMODITY OPTIMIZED TRUST 10-Q 7 Nov 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	9 Months Ended
	Sep. 30, 2016shares
Document Information [Line Items]
Entity Registrant Name	iShares Commodity Optimized Trust
Entity Central Index Key	1,535,365
Trading Symbol	cmdt
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)	300,000
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false

Statements of Assets and Liabil

Statements of Assets and Liabilities (Unaudited) - USD ($)		Sep. 30, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents		$ 1,154,140	$ 2,067,355
Cash and cash equivalents held at brokers (restricted)		447,000	225,000
Short-term investments		8,998,202	2,499,782	[1]
Receivable for variation margin on open futures contracts (Note 9)		24,304	29,000
Total Assets		10,623,646	4,821,137
Liabilities
Sponsor’s fees payable		6,421	4,138
Total Liabilities		6,421	4,138
Commitments and contingent liabilities (Note 7)		0	0
Net Assets		$ 10,617,225	$ 4,816,999
Shares issued and outstanding (in shares)	[2]	300,000	150,000
Net asset value per Share (Note 2G) (in dollars per share)		$ 35.39	$ 32.11
[1]	Cost of short-term investments: $8,998,505 and $2,499,967, respectively.
[2]	No par value, unlimited amount authorized.

Statements of Assets and Liabi3

Statements of Assets and Liabilities (Unaudited) (Parentheticals) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Cost of short-term investments	$ 8,998,505	$ 2,499,967
Shares, outstanding (in shares)	300,000	150,000
Shares, par value (in dollars per share)	$ 0	$ 0

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Investment Income
Interest	$ 6,076	$ 1,036	$ 11,982	$ 3,362
Total investment income	6,076	1,036	11,982	3,362
Expenses
Sponsor's fees	19,915	29,129	45,645	109,536
Brokerage commissions and fees	2,976	4,992	7,864	18,801
Total expenses	22,891	34,121	53,509	128,337
Net investment loss	(16,815)	(33,085)	(41,527)	(124,975)
Net Realized and Unrealized Gain (Loss)
Short-term investments	0	(105)	0	221
Futures contracts	(564,713)	(2,622,549)	479,517	(3,921,056)
Net realized gain (loss)	(564,713)	(2,622,654)	479,517	(3,920,835)
Net change in unrealized appreciation/depreciation on:
Short-term investments	(842)	(807)	(118)	(84)
Futures contracts	252,729	(298,741)	265,456	696,160
Net change in unrealized appreciation/depreciation	251,887	(299,548)	265,338	696,076
Net realized and unrealized gain (loss)	(312,826)	(2,922,202)	744,855	(3,224,759)
Net increase (decrease) in net assets resulting from operations	$ (329,641)	$ (2,955,287)	$ 703,328	$ (3,349,734)
Net increase (decrease) in net assets per Share (in dollars per share)	$ (1.10)	$ (7.39)	$ 2.94	$ (6.90)
Weighted-average Shares outstanding (in shares)	300,000	400,000	238,869	485,348

Statements of Changes in Net As

Statements of Changes in Net Assets (Unaudited) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Net Assets, Beginning of Period	$ 4,816,999	$ 14,787,750
Operations:
Net investment loss	(41,527)	(145,027)
Net realized gain (loss)	479,517	(5,002,875)
Net change in unrealized appreciation/depreciation	265,338	816,463
Net increase (decrease) in net assets resulting from operations	703,328	(4,331,439)
Capital Share Transactions:
Contributions for Shares issued	5,096,898	22,228,586
Distributions for Shares redeemed	0	(27,867,898)
Net increase (decrease) in net assets from capital share transactions	5,096,898	(5,639,312)
Increase (decrease) in net assets	5,800,226	(9,970,751)
Net Assets, End of Period	$ 10,617,225	$ 4,816,999
Shares issued and redeemed
Shares issued (in shares)	150,000	550,000
Shares redeemed (in shares)	0	(750,000)
Net increase (decrease) in Shares issued and outstanding (in shares)	150,000	(200,000)

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Cash Flows from Operating Activities
Net increase (decrease) in net assets resulting from operations	$ (329,641)	$ (2,955,287)	$ 703,328	$ (3,349,734)	$ (4,331,439)
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			(82,387,091)	(90,342,485)
Sales/maturities of short-term investments			75,900,000	95,084,248
Accretion of discount			(11,447)	(3,361)
Net realized (gain) loss on short-term investments	0	105	0	(221)
Net change in unrealized appreciation/depreciation on short-term investments	842	807	118	84
Change in operating assets and liabilities:
Cash and cash equivalents held at brokers (restricted)			(222,000)	59,000
Receivable for variation margin on open futures contracts			4,696	(39,500)
Payable for variation margin on open futures contracts			0	(226,379)
Sponsor's fees payable			2,283	(3,254)
Net cash provided by (used in) operating activities			(6,010,113)	1,178,398
Cash Flows from Financing Activities
Contributions for Shares issued			5,096,898	20,618,554
Distributions for Shares redeemed			0	(21,415,448)
Net cash provided by (used in) financing activities			5,096,898	(796,894)
Net increase (decrease) in cash and cash equivalents			(913,215)	381,504
Cash and Cash Equivalents
Beginning of period			2,067,355	50,606	50,606
End of period	$ 1,154,140	$ 432,110	$ 1,154,140	$ 432,110	$ 2,067,355

Schedules of Investments (Unaud

Schedules of Investments (Unaudited)	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Investment Holdings, Schedule of Investments [Text Block]	iShares Commodity Optimized Trust Schedule s of Investments (Unaudited) At September 30, 2016 and December 31, 2015 September 30, 2016 Security Description Face Amount Fair Value United States Treasury bills (a) 0.28% due 11/03/16 $ 2,000,000 $ 1,999,658 0.13% due 11/10/16 7,000,000 6,998,544 Total United States Treasury bills (cost: $8,998,505) 8,998,202 Total Investments – 84.75% 8,998,202 Other Assets, Less Liabilities – 15.25% 1,619,023 Net Assets – 100.00% $ 10,617,225 (a) Rates shown are discount rates paid at the time of purchase. As of September 30, 2016, the open Bloomberg Roll Select CI futures contracts were as follows: Number of Contracts Expiration Date Current Notional Amount Net Unrealized Appreciation (Depreciation) 496 December 2016 $ 10,580,672 $ 240,536 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) Rate 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 Appreciation ( Depreciation ) 250 March 2016 $ 4,806,000 $ (24,920 )

Note 1 - Organization

Note 1 - Organization	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
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 accompanying unaudited financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). In the opinion of management, all material adjustments, consisting only of normal recurring adjustments considered necessary for a fair statement of the interim period financial statements have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Trust’s financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2015, as filed with the SEC on February 29, 2016. 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	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Significant Accounting Policies [Text Block]	2 - 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 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. 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, 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 Futures 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 September 30, 2016 and December 31, 2015, the Trust had cash and cash equivalents held at brokers of $447,000 and $225,000, respectively, which were posted as margin for the Trust’s Index Futures 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 and Income Recognition Securities transactions are accounted for on the trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Interest Income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily 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 September 30, 2016, 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	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
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	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
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 SEC, (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	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
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	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
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	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
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	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Financial Highlights [Text Block]	8 - Financial Highlights The following financial highlights relate to investment performance and operations for a Share outstanding for the three months and nine months ended September 30, 2016 and 2015. Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Net asset value per Share, beginning of period $ 36.49 $ 41.10 $ 32.11 $ 42.25 Net investment loss (a) (0.06 ) (0.08 ) (0.17 ) (0.26 ) Net realized and unrealized gain (loss) (b) (1.04 ) (5.55 ) 3.45 (6.52 ) Net increase (decrease) in net assets from operations (1.10 ) (5.63 ) 3.28 (6.78 ) Net asset value per Share, end of period $ 35.39 $ 35.47 $ 35.39 $ 35.47 Total return, at net asset value (c)(d) (3.01 ) % (13.70 ) % 10.21 % (16.05 ) % Ratio to average net assets: Net investment loss (e) (0.63 ) % (0.86 ) % (0.68 ) % (0.86 ) % Expenses (e) 0.86 % 0.89 % 0.88 % 0.88 % (a) Based on average Shares outstanding during the 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 the period. (d) Percentage is not annualized. (e) Percentage is annualized.

Note 9 - Investing in Index Fut

Note 9 - Investing in Index Futures	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
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 the 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 nine months ended September 30, 2016 and the year ended December 31, 2015, the average month-end notional amounts of open Index Futures were $8,012,008 and $15,463,265, 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 September 30, 2016 and December 31, 2015: Asset Derivatives Fair Value Liability Derivatives Fair Value September 30, 2016 Commodity contracts Receivable for variation margin on open futures contracts $ 24,304 Payable for variation margin on open futures contracts $ — December 31, 2015 Commodity contracts Receivable for variation margin on open futures contracts $ 29,000 Payable for variation margin on open futures contracts $ — The following table shows the effect of the open futures contracts, by risk exposure category, on the statements of operations for the three months and nine months ended September 30, 2016 and 2015: Statements of Net Realized Gain (Loss) Net Change in Unrealized Three Months Ended September 30, 2016 Commodity contracts Net realized gain (loss) from futures contracts $ (564,713 ) $ — Net change in unrealized appreciation/depreciation on futures contracts — 252,729 Three Months Ended September 30, 2015 Commodity contracts Net realized gain (loss) from futures contracts $ (2,622,549 ) $ — Net change in unrealized appreciation/depreciation on futures contracts — (298,741 ) Nine Months Ended September 30, 2016 Commodity contracts Net realized gain (loss) from futures contracts $ 479,517 $ — Net change in unrealized appreciation/depreciation on futures contracts — 265,456 Nine Months Ended September 30, 2015 Commodity contracts Net realized gain (loss) from futures contracts $ (3,921,056 ) $ — Net change in unrealized appreciation/depreciation on futures contracts — 696,160

Note 10 - Investment Valuation

Note 10 - Investment Valuation	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Fair Value Disclosures [Text Block]	10 - Investment Valuation FASB Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures 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 September 30, 2016 and December 31, 2015: Level 1 Level 2 Level 3 Total September 30, 2016 Futures contracts (a) $ 240,536 $ — $ — $ 240,536 U.S. Treasury bills — 8,998,202 — 8,998,202 December 31, 2015 Futures contracts (a) $ (24,920 ) $ — $ — $ (24,920 ) U.S. Treasury bills — 2,499,782 — 2,499,782 (a) Shown at the unrealized appreciation (depreciation) on the contracts.

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
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 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.
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, whi ch attempts to minimize contango and maximize backwardation. The Trust seeks to track the investment 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 Futures 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 September 30, 2016 and December 31, 2015, the Trust had cash and cash equivalents held at brokers of $447,000 and $225,000, respectively, which were posted as margin for the Trust’s Index Futures 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 and Income Recognition Securities transactions are accounted for on the trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Interest Income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily 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 September 30, 2016, 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 (Una19

Schedules of Investments (Unaudited) (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Investment [Table Text Block]	Security Description Face Amount Fair Value United States Treasury bills (a) 0.28% due 11/03/16 $ 2,000,000 $ 1,999,658 0.13% due 11/10/16 7,000,000 6,998,544 Total United States Treasury bills (cost: $8,998,505) 8,998,202 Total Investments – 84.75% 8,998,202 Other Assets, Less Liabilities – 15.25% 1,619,023 Net Assets – 100.00% $ 10,617,225 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
Schedule of Derivative Instruments [Table Text Block]	Number of Contracts Expiration Date Current Notional Amount Net Unrealized Appreciation (Depreciation) 496 December 2016 $ 10,580,672 $ 240,536 Number of Contracts Expiration Date Current Notional Amount Net Unrealized Appreciation ( Depreciation ) 250 March 2016 $ 4,806,000 $ (24,920 )

Note 8 - Financial Highlights (

Note 8 - Financial Highlights (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Financial Highlights [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Net asset value per Share, beginning of period $ 36.49 $ 41.10 $ 32.11 $ 42.25 Net investment loss (a) (0.06 ) (0.08 ) (0.17 ) (0.26 ) Net realized and unrealized gain (loss) (b) (1.04 ) (5.55 ) 3.45 (6.52 ) Net increase (decrease) in net assets from operations (1.10 ) (5.63 ) 3.28 (6.78 ) Net asset value per Share, end of period $ 35.39 $ 35.47 $ 35.39 $ 35.47 Total return, at net asset value (c)(d) (3.01 ) % (13.70 ) % 10.21 % (16.05 ) % Ratio to average net assets: Net investment loss (e) (0.63 ) % (0.86 ) % (0.68 ) % (0.86 ) % Expenses (e) 0.86 % 0.89 % 0.88 % 0.88 %

Note 9 - Investing in Index F21

Note 9 - Investing in Index Futures (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	Asset Derivatives Fair Value Liability Derivatives Fair Value September 30, 2016 Commodity contracts Receivable for variation margin on open futures contracts $ 24,304 Payable for variation margin on open futures contracts $ — December 31, 2015 Commodity contracts Receivable for variation margin on open futures contracts $ 29,000 Payable for variation margin on open futures contracts $ —
Derivative Instruments, Gain (Loss) [Table Text Block]	Statements of Net Realized Gain (Loss) Net Change in Unrealized Three Months Ended September 30, 2016 Commodity contracts Net realized gain (loss) from futures contracts $ (564,713 ) $ — Net change in unrealized appreciation/depreciation on futures contracts — 252,729 Three Months Ended September 30, 2015 Commodity contracts Net realized gain (loss) from futures contracts $ (2,622,549 ) $ — Net change in unrealized appreciation/depreciation on futures contracts — (298,741 ) Nine Months Ended September 30, 2016 Commodity contracts Net realized gain (loss) from futures contracts $ 479,517 $ — Net change in unrealized appreciation/depreciation on futures contracts — 265,456 Nine Months Ended September 30, 2015 Commodity contracts Net realized gain (loss) from futures contracts $ (3,921,056 ) $ — Net change in unrealized appreciation/depreciation on futures contracts — 696,160

Note 10 - Investment Valuation

Note 10 - Investment Valuation (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table Text Block]	Level 1 Level 2 Level 3 Total September 30, 2016 Futures contracts (a) $ 240,536 $ — $ — $ 240,536 U.S. Treasury bills — 8,998,202 — 8,998,202 December 31, 2015 Futures contracts (a) $ (24,920 ) $ — $ — $ (24,920 ) U.S. Treasury bills — 2,499,782 — 2,499,782

Schedules of Investments (Una23

Schedules of Investments (Unaudited) - Investments (Details) - USD ($)		Sep. 30, 2016	Dec. 31, 2015	Dec. 31, 2014
United States Treasury Bills 0.28% Due 11/03/16 [Member]
United States Treasury bills, face amount	[1]	$ 2,000,000
United States Treasury bills, fair value	[1]	1,999,658
United States Treasury Bills 0.02% Due 01/28/16 [Member]
United States Treasury bills, face amount	[1]		$ 2,500,000
United States Treasury bills, fair value	[1]		2,499,782
United States Treasury Bills 0.13% Due 11/10/16 [Member]
United States Treasury bills, face amount	[1]	7,000,000
United States Treasury bills, fair value	[1]	6,998,544
US Treasury Bill Securities [Member]
United States Treasury bills, fair value		8,998,202	2,499,782
United States Treasury bills, fair value		8,998,202	2,499,782
Other Assets, Less Liabilities		1,619,023	2,317,217
Net Assets		$ 10,617,225	$ 4,816,999	$ 14,787,750
[1]	Rate shown are discount rates paid at the time of purchase.

Schedules of Investments (Una24

Schedules of Investments (Unaudited) - Investments (Details) (Parentheticals) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
United States Treasury Bills 0.28% Due 11/03/16 [Member]
United States Treasury bills, effective rate	0.28%
United States Treasury bills, due date	Nov. 3, 2016
United States Treasury Bills 0.02% Due 01/28/16 [Member]
United States Treasury bills, effective rate		0.02%
United States Treasury bills, due date		Jan. 28, 2016
United States Treasury Bills 0.13% Due 11/10/16 [Member]
United States Treasury bills, effective rate	0.13%
United States Treasury bills, due date	Nov. 10, 2016
US Treasury Bill Securities [Member]
Cost of short-term investments	$ 8,998,505	$ 2,499,967
Cost of short-term investments	$ 8,998,505	$ 2,499,967
Percentage of net asset value	84.75%	51.90%
Liabilities percentage of net asset value	15.25%	48.10%
Total percentage of net asset value	100.00%	100.00%

Schedules of Investments (Una25

Schedules of Investments (Unaudited) - Open Bloomberg Roll Select Commodity Index Futures Contracts (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Number of Contracts	496	250
Expiration Date	December 2,016	March 2,016
Current Notional Amount	$ 10,580,672	$ 4,806,000
Net Unrealized Appreciation	$ 240,536	$ (24,920)

Note 2 - Significant Accounti26

Note 2 - Significant Accounting Policies (Details Textual) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Margin Deposit Assets	$ 447,000	$ 225,000

Note 3 - Offering of the Shar27

Note 3 - Offering of the Shares (Details Textual)	Sep. 30, 2016shares
Shares Prescribed Aggregation	50,000

Note 4 - Trust Expenses (Detail

Note 4 - Trust Expenses (Details Textual)	9 Months Ended
	Sep. 30, 2016USD ($)
Maximum [Member]
Legal Fees Per Year	$ 100,000
Sponsors Fee Annualized Accrual Rate Based on Net Asset Value of Trust	0.75%

Note 8 - Financial Highlights -

Note 8 - Financial Highlights - Net Asset Value and Financial Highlights (Details) - $ / shares		3 Months Ended		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Net asset value per Share, beginning of period (in dollars per share)		$ 36.49	$ 41.10	$ 32.11	$ 42.25
Net investment loss (in dollars per share)	[1]	(0.06)	(0.08)	(0.17)	(0.26)
Net realized and unrealized gain (loss) (in dollars per share)	[2]	(1.04)	(5.55)	3.45	(6.52)
Net increase (decrease) in net assets from operations (in dollars per share)		(1.10)	(5.63)	3.28	(6.78)
Net asset value per Share, end of period (in dollars per share)		$ 35.39	$ 35.47	$ 35.39	$ 35.47
Total return, at net asset value	[3],[4]	(3.01%)	(13.70%)	10.21%	(16.05%)
Net investment loss	[5]	(0.63%)	(0.86%)	(0.68%)	(0.86%)
Expenses	[5]	0.86%	0.89%	0.88%	0.88%
[1]	Based on average Shares outstanding during the period.
[2]	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.
[3]	Based on the change in net asset value of a Share during the period.
[4]	Percentage is not annualized.
[5]	Percentage is annualized.

Note 9 - Investing in Index F30

Note 9 - Investing in Index Futures (Details Textual) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Average Month-End Notional Amount of Derivative Contracts	$ 8,012,008	$ 15,463,265

Note 9 - Investing in Index F31

Note 9 - Investing in Index Futures - Effect of the Futures Contracts, by Risk Exposure Category, on the Statements of Financial Condition (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Commodity Contract [Member] | Receivable for Variation Margin on Open Futures Contracts [Member]
Receivable for variation margin on open futures contracts (Note 9)	$ 24,304	$ 29,000
Commodity Contract [Member] | Payable for Variation Margin on Open Futures Contracts [Member]
Payable for variation margin on open futures contracts	0	0
Receivable for variation margin on open futures contracts (Note 9)	$ 24,304	$ 29,000

Note 9 - Investing in Index F32

Note 9 - Investing in Index Futures - Effect of the Futures Contracts, by Risk Exposure Category, on the Statements of Operations (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Commodity Contract [Member] | Net Realized Gain on Futures Contracts [Member]
Net realized gain (loss) from futures contracts	$ (564,713)	$ (2,622,549)	$ 479,517	$ (3,921,056)
Net change in unrealized appreciation/depreciation on futures contracts	0	0	0	0
Commodity Contract [Member] | Net Change in Unrealized Appreciation/Depreciation on Futures Contracts [Member]
Net realized gain (loss) from futures contracts	0	0	0	0
Net change in unrealized appreciation/depreciation on futures contracts	252,729	(298,741)	265,456	696,160
Net realized gain (loss) from futures contracts	(564,713)	(2,622,549)	479,517	(3,921,056)
Net change in unrealized appreciation/depreciation on futures contracts	$ 252,729	$ (298,741)	$ 265,456	$ 696,160

Note 10 - Investment Valuatio33

Note 10 - Investment Valuation - Valuation of the Trust's Investments by the Fair Value Hierarchy (Details) - USD ($)		Sep. 30, 2016	Dec. 31, 2015
Futures [Member] | Fair Value, Inputs, Level 1 [Member]
Investment, fair value	[1]	$ 240,536	$ (24,920)
Futures [Member] | Fair Value, Inputs, Level 2 [Member]
Investment, fair value	[1]	0	0
Futures [Member] | Fair Value, Inputs, Level 3 [Member]
Investment, fair value	[1]	0	0
Futures [Member]
Investment, fair value	[1]	240,536	(24,920)
US Treasury Bill Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Investment, fair value		0	0
US Treasury Bill Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Investment, fair value		8,998,202	2,499,782
US Treasury Bill Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Investment, fair value		0	0
US Treasury Bill Securities [Member]
Investment, fair value		$ 8,998,202	$ 2,499,782
[1]	Shown at the unrealized appreciation (depreciation) on the contracts.