Document And Entity Information
Document And Entity Information | 6 Months Ended |
Jun. 30, 2017shares | |
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) | 650,000 |
Document Type | 10-Q |
Document Period End Date | Jun. 30, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
Statements of Assets and Liabil
Statements of Assets and Liabilities (Unaudited) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 | |
Assets | |||
Cash and cash equivalents | $ 2,829,667 | $ 1,544,745 | |
Cash and cash equivalents held at brokers (restricted) | 541,000 | 791,000 | |
Short-term investments | [1] | 18,989,607 | 19,489,168 |
Receivable for variation margin on open futures contracts (Note 9) | 344,540 | 0 | |
Total Assets | 22,704,814 | 21,824,913 | |
Liabilities | |||
Payable for variation margin on open futures contracts (Note 9) | 0 | 6,916 | |
Sponsor’s fees payable | 13,774 | 12,016 | |
Total Liabilities | 13,774 | 18,932 | |
Commitments and contingent liabilities (Note 7) | 0 | 0 | |
Net Assets | $ 22,691,040 | $ 21,805,981 | |
Shares issued and outstanding (in shares) | [2] | 650,000 | 600,000 |
Net asset value per Share (Note 2G) (in dollars per share) | $ 34.91 | $ 36.34 | |
[1] | Cost of short-term investments: $18,988,062 and $19,487,955, respectively. | ||
[2] | No par value, unlimited amount authorized. |
Statements of Assets and Liabi3
Statements of Assets and Liabilities (Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Cost of short-term investments | $ 18,988,062 | $ 19,487,955 |
Shares, outstanding (in shares) | 650,000 | 600,000 |
Shares, par value (in dollars per share) | $ 0 | $ 0 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Investment Income | ||||
Interest | $ 41,568 | $ 3,619 | $ 70,366 | $ 5,906 |
Total investment income | 41,568 | 3,619 | 70,366 | 5,906 |
Expenses | ||||
Sponsor’s fees | 42,792 | 15,213 | 86,947 | 25,730 |
Brokerage commissions and fees | 7,490 | 2,730 | 14,980 | 4,888 |
Total expenses | 50,282 | 17,943 | 101,927 | 30,618 |
Net investment loss | (8,714) | (14,324) | (31,561) | (24,712) |
Net Realized and Unrealized Gain (Loss) | ||||
Short-term investments | 0 | 0 | 73 | 0 |
Futures contracts | (918,167) | 965,746 | (1,098,905) | 1,044,230 |
Net realized gain (loss) | (918,167) | 965,746 | (1,098,832) | 1,044,230 |
Net change in unrealized appreciation/depreciation on: | ||||
Short-term investments | (383) | 472 | 332 | 724 |
Futures contracts | 254,767 | (33,093) | 192,635 | 12,727 |
Net change in unrealized appreciation/depreciation | 254,384 | (32,621) | 192,967 | 13,451 |
Net realized and unrealized gain (loss) | (663,783) | 933,125 | (905,865) | 1,057,681 |
Net increase (decrease) in net assets resulting from operations | $ (672,497) | $ 918,801 | $ (937,426) | $ 1,032,969 |
Net increase (decrease) in net assets per Share (in dollars per share) | $ (1.03) | $ 3.88 | $ (1.44) | $ 4.97 |
Statements of Changes in Net As
Statements of Changes in Net Assets (Unaudited) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Net Assets, Beginning of Period | $ 21,805,981 | $ 4,816,999 |
Operations: | ||
Net investment loss | (31,561) | (65,783) |
Net realized gain (loss) | (1,098,832) | 1,255,793 |
Net change in unrealized appreciation/depreciation | 192,967 | (116,562) |
Net increase (decrease) in net assets resulting from operations | (937,426) | 1,073,448 |
Capital Share Transactions: | ||
Contributions for Shares issued | 3,696,258 | 15,915,534 |
Distributions for Shares redeemed | (1,873,773) | 0 |
Net increase in net assets from capital share transactions | 1,822,485 | 15,915,534 |
Increase in net assets | 885,059 | 16,988,982 |
Net Assets, End of Period | $ 22,691,040 | $ 21,805,981 |
Shares issued and redeemed | ||
Shares issued (in shares) | 100,000 | 450,000 |
Shares redeemed (in shares) | (50,000) | 0 |
Net increase in Shares issued and outstanding (in shares) | 50,000 | 450,000 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Cash Flows from Operating Activities | |||||
Net increase (decrease) in net assets resulting from operations | $ (672,497) | $ 918,801 | $ (937,426) | $ 1,032,969 | $ 1,073,448 |
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 | (80,530,187) | (71,890,039) | |||
Sales/maturities of short-term investments | 81,099,379 | 67,400,000 | |||
Accretion of discount | (69,226) | (5,689) | |||
Net realized (gain) loss on short-term investments | 0 | 0 | (73) | 0 | |
Net change in unrealized appreciation/depreciation on short-term investments | 383 | (472) | (332) | (724) | |
Change in operating assets and liabilities: | |||||
Cash and cash equivalents held at brokers (restricted) | 250,000 | (222,000) | |||
Receivable for variation margin on open futures contracts | (344,540) | 29,000 | |||
Payable for variation margin on open futures contracts | (6,916) | 53,568 | |||
Sponsor’s fees payable | 1,758 | 1,668 | |||
Net cash provided by (used in) operating activities | (537,563) | (3,601,247) | |||
Cash Flows from Financing Activities | |||||
Contributions for Shares issued | 3,696,258 | 5,096,898 | |||
Distributions for Shares redeemed | (1,873,773) | 0 | |||
Net cash provided by (used in) financing activities | 1,822,485 | 5,096,898 | |||
Net increase in cash and cash equivalents | 1,284,922 | 1,495,651 | |||
Cash and Cash Equivalents | |||||
Beginning of period | 1,544,745 | 2,067,355 | 2,067,355 | ||
End of period | $ 2,829,667 | $ 3,563,006 | $ 2,829,667 | $ 3,563,006 | $ 1,544,745 |
Schedules of Investments
Schedules of Investments | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Investment Holdings, Schedule of Investments [Text Block] | iShares Commodity Optimized Trust Schedules of Investments (Unaudited) At June 30, 2017 December 31, 2016 June 30, 2017 Security Description Face Amount Fair Value U.S. Treasury bills (a) 0.87% due 07/27/17 $ 19,000,000 $ 18,989,607 Total U.S. Treasury bills (Cost: $18,988,062) 18,989,607 Total Investments – 83.69% 18,989,607 Other Assets, Less Liabilities – 16.31% 3,701,433 Net Assets – 100.00% $ 22,691,040 (a) Rate shown is discount rate paid at the time of purchase. As of June 30, 2017, Number of Contracts Expiration Date Current Notional Amount Net Unrealized Appreciation (Depreciation) 1,070 September 2017 $ 22,602,680 $ 49,755 December 31, 2016 Security Description Face Amount Fair Value U.S. Treasury bills (a) 0.37% – 0.48% due 01/12/17 $ 6,500,000 $ 6,499,350 0.42% due 02/09/17 7,000,000 6,996,780 0.51% due 03/23/17 2,000,000 1,997,806 0.56% due 03/30/17 4,000,000 3,995,232 Total U.S. Treasury bills (Cost: $19,487,955) 19,489,168 Total Investments – 89.38% 19,489,168 Other Assets, Less Liabilities – 10.62% 2,316,813 Net Assets – 100.00% $ 21,805,981 (a) Rates shown are discount rates paid at the time of purchase. As of December 31, 2016, Number of Contracts Expiration Date Current Notional Amount Net Unrealized Appreciation (Depreciation) 988 March 2017 $ 21,674,744 $ (142,880 ) |
Note 1 - Organization
Note 1 - Organization | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1 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 August 8, 2013. July 1, 2014 ( 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”). BlackRock Fund Advisors (the “Advisor”), an indirect subsidiary of BlackRock, 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 generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for Form 10 not 10 December 31, 2016, February 24, 2017. 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 not not 1940, |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2 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, 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 not 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 C. Cash and Cash Equivalents The Trust considers cash and cash equivalents to be highly liquid investments with original maturities of three As of June 30, 2017 December 31, 2016, $541,000 $791,000, 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 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 not The Sponsor has reviewed the tax positions as of June 30, 2017, no 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 2 3 4:00 4:00 H. Distributions Interest and distributions received by the Trust on its assets may no |
Note 3 - Offering of the Shares
Note 3 - Offering of the Shares | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 3 Shares are issued and redeemed continuously in one 50,000 may not may 2:40 one |
Note 4 - Trust Expenses
Note 4 - Trust Expenses | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Expenses [Text Block] | 4 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% The Sponsor has agreed under the Trust Agreement to pay the following administrative, operational and marketing expenses: ( 1 2 3 4 5 6 7 8 $100,000 |
Note 5 - Related Parties
Note 5 - Related Parties | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 5 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 |
Note 6 - Indemnification
Note 6 - Indemnification | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Indemnification [Text Block] | 6 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, 1 2 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 1933, 1 2 |
Note 7 - Commitments and Contin
Note 7 - Commitments and Contingent Liabilities | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 7 In the normal course of business, the Trust may may not |
Note 8 - Financial Highlights
Note 8 - Financial Highlights | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Financial Highlights [Text Block] | 8 The following financial highlights relate to investment performance and operations for a Share outstanding for the three six June 30, 2017 2016. Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Net asset value per Share, beginning of period $ 35.94 $ 32.52 $ 36.34 $ 32.11 Net investment loss (a) (0.01 ) (0.06 ) (0.05 ) (0.12 ) Net realized and unrealized gain (loss) (b) (1.02 ) 4.03 (1.38 ) 4.50 Net increase (decrease) in net assets from operations (1.03 ) 3.97 (1.43 ) 4.38 Net asset value per Share, end of period $ 34.91 $ 36.49 $ 34.91 $ 36.49 Total return, at net asset value (c)(d) (2.87 ) % 12.21 % (3.94 ) % 13.64 % Ratio to average net assets: Net investment loss (e) (0.15 ) % (0.70 ) % (0.27 ) % (0.72 ) % Expenses (e) 0.88 % 0.88 % 0.88 % 0.89 % (a) Based on average Shares outstanding during the period. (b) The amounts reported for a Share outstanding may not (c) Based on the change in net asset value of a Share during the period. (d) Percentage is not (e) Percentage is annualized. |
Note 9 - Investing in Index Fut
Note 9 - Investing in Index Futures | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 9 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 six June 30, 2017 December 31, 2016, $23,211,759 $10,006,087, The following table shows the variation margin on open futures contracts, by risk exposure category, on the statements of assets and liabilities as of June 30, 2017 December 31, 2016 : Asset Derivatives Fair Value Liability Derivatives Fair Value June 3 0 , 2017 Commodity contracts Receivable for variation margin on open futures contracts $ 344,540 Payable for variation margin on open futures contracts $ — December 31, 2016 Commodity contracts Receivable for variation margin on open futures contracts $ — Payable for variation margin on open futures contracts $ 6,916 The following table shows the effect of the open futures contracts, by risk exposure category, on the statements of operations for the three six June 30, 2017 2016: Statements of Net Realized Gain (Loss) Net Change in Unrealized Three Months Ended June 30, 2017 Commodity contracts Net realized gain (loss) from futures contracts $ (918,167 ) $ — Net change in unrealized appreciation/depreciation on futures contracts — 254,767 Three Months Ended June 30, 2016 Commodity contracts Net realized gain (loss) from futures contracts $ 965,746 $ — Net change in unrealized appreciation/depreciation on futures contracts — (33,093 ) Six Months Ended June 30, 2017 Commodity contracts Net realized gain (loss) from futures contracts $ (1,098,905 ) $ — Net change in unrealized appreciation/depreciation on futures contracts — 192,635 Six Months Ended June 30, 2016 Commodity contracts Net realized gain (loss) from futures contracts $ 1,044,230 $ — Net change in unrealized appreciation/depreciation on futures contracts — 12,727 |
Note 10 - Investment Valuation
Note 10 - Investment Valuation | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 10 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 Various inputs are used in determining the fair value of financial instruments. Inputs may may three three Level 1 Level 2 1 not Level 3 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 June 30, 2017 December 31, 2016: Level 1 Level 2 Level 3 Total June 30, 2017 Futures contracts (a) $ 49,755 $ — $ — $ 49,755 U.S. Treasury bills — 18,989,607 — 18,989,607 December 31, 2016 Futures contracts (a) $ (142,880 ) $ — $ — $ (142,880 ) U.S. Treasury bills — 19,489,168 — 19,489,168 (a) Shown at the unrealized appreciation (depreciation) on the contracts. |
Note 11 - Recent Accounting Sta
Note 11 - Recent Accounting Standard | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 11 In November 2016, Statement of Cash Flows (Topic 230 December 15, 2017 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
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, 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 not 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 |
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 As of June 30, 2017 December 31, 2016, $541,000 $791,000, |
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 |
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 not The Sponsor has reviewed the tax positions as of June 30, 2017, no |
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 2 3 4:00 4:00 |
Distributions [Policy Text Block] | H. Distributions Interest and distributions received by the Trust on its assets may no |
Schedules of Investments (Table
Schedules of Investments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Investment [Table Text Block] | Security Description Face Amount Fair Value U.S. Treasury bills (a) 0.87% due 07/27/17 $ 19,000,000 $ 18,989,607 Total U.S. Treasury bills (Cost: $18,988,062) 18,989,607 Total Investments – 83.69% 18,989,607 Other Assets, Less Liabilities – 16.31% 3,701,433 Net Assets – 100.00% $ 22,691,040 Security Description Face Amount Fair Value U.S. Treasury bills (a) 0.37% – 0.48% due 01/12/17 $ 6,500,000 $ 6,499,350 0.42% due 02/09/17 7,000,000 6,996,780 0.51% due 03/23/17 2,000,000 1,997,806 0.56% due 03/30/17 4,000,000 3,995,232 Total U.S. Treasury bills (Cost: $19,487,955) 19,489,168 Total Investments – 89.38% 19,489,168 Other Assets, Less Liabilities – 10.62% 2,316,813 Net Assets – 100.00% $ 21,805,981 |
Schedule of Derivative Instruments [Table Text Block] | Number of Contracts Expiration Date Current Notional Amount Net Unrealized Appreciation (Depreciation) 1,070 September 2017 $ 22,602,680 $ 49,755 Number of Contracts Expiration Date Current Notional Amount Net Unrealized Appreciation (Depreciation) 988 March 2017 $ 21,674,744 $ (142,880 ) |
Note 8 - Financial Highlights (
Note 8 - Financial Highlights (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Financial Highlights [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Net asset value per Share, beginning of period $ 35.94 $ 32.52 $ 36.34 $ 32.11 Net investment loss (a) (0.01 ) (0.06 ) (0.05 ) (0.12 ) Net realized and unrealized gain (loss) (b) (1.02 ) 4.03 (1.38 ) 4.50 Net increase (decrease) in net assets from operations (1.03 ) 3.97 (1.43 ) 4.38 Net asset value per Share, end of period $ 34.91 $ 36.49 $ 34.91 $ 36.49 Total return, at net asset value (c)(d) (2.87 ) % 12.21 % (3.94 ) % 13.64 % Ratio to average net assets: Net investment loss (e) (0.15 ) % (0.70 ) % (0.27 ) % (0.72 ) % Expenses (e) 0.88 % 0.88 % 0.88 % 0.89 % |
Note 9 - Investing in Index F22
Note 9 - Investing in Index Futures (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Asset Derivatives Fair Value Liability Derivatives Fair Value June 3 0 , 2017 Commodity contracts Receivable for variation margin on open futures contracts $ 344,540 Payable for variation margin on open futures contracts $ — December 31, 2016 Commodity contracts Receivable for variation margin on open futures contracts $ — Payable for variation margin on open futures contracts $ 6,916 |
Derivative Instruments, Gain (Loss) [Table Text Block] | Statements of Net Realized Gain (Loss) Net Change in Unrealized Three Months Ended June 30, 2017 Commodity contracts Net realized gain (loss) from futures contracts $ (918,167 ) $ — Net change in unrealized appreciation/depreciation on futures contracts — 254,767 Three Months Ended June 30, 2016 Commodity contracts Net realized gain (loss) from futures contracts $ 965,746 $ — Net change in unrealized appreciation/depreciation on futures contracts — (33,093 ) Six Months Ended June 30, 2017 Commodity contracts Net realized gain (loss) from futures contracts $ (1,098,905 ) $ — Net change in unrealized appreciation/depreciation on futures contracts — 192,635 Six Months Ended June 30, 2016 Commodity contracts Net realized gain (loss) from futures contracts $ 1,044,230 $ — Net change in unrealized appreciation/depreciation on futures contracts — 12,727 |
Note 10 - Investment Valuation
Note 10 - Investment Valuation (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table Text Block] | Level 1 Level 2 Level 3 Total June 30, 2017 Futures contracts (a) $ 49,755 $ — $ — $ 49,755 U.S. Treasury bills — 18,989,607 — 18,989,607 December 31, 2016 Futures contracts (a) $ (142,880 ) $ — $ — $ (142,880 ) U.S. Treasury bills — 19,489,168 — 19,489,168 |
Schedules of Investments (Unaud
Schedules of Investments (Unaudited) - Investments (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Other Assets, Less Liabilities | $ 3,701,433 | $ 2,316,813 | ||||
Net Assets | 22,691,040 | 21,805,981 | $ 4,816,999 | |||
U.S. Treasury bills, fair value | 18,989,607 | 19,489,168 | ||||
United States Treasury Bills 0.87% Due 07/27/17 [Member] | ||||||
U.S. Treasury bills, face amount | [1] | 19,000,000 | ||||
U.S. Treasury bills, fair value | [1] | 18,989,607 | ||||
United States Treasury Bills 0.37% - 0.48% Due 01/12/17 [Member] | ||||||
U.S. Treasury bills, face amount | [2] | 6,500,000 | ||||
U.S. Treasury bills, fair value | [2] | 6,499,350 | ||||
United States Treasury Bills 0.42% Due 02/09/17 [Member] | ||||||
U.S. Treasury bills, face amount | [2] | 7,000,000 | ||||
U.S. Treasury bills, fair value | [2] | 6,996,780 | ||||
United States Treasury Bills 0.51% Due 03/23/17 [Member] | ||||||
U.S. Treasury bills, face amount | [2] | 2,000,000 | ||||
U.S. Treasury bills, fair value | [2] | 1,997,806 | ||||
United States Treasury Bills 0.56% Due 03/30/17 [Member] | ||||||
U.S. Treasury bills, face amount | [2] | 4,000,000 | ||||
U.S. Treasury bills, fair value | [2] | 3,995,232 | ||||
US Treasury Bill Securities [Member] | ||||||
U.S. Treasury bills, fair value | $ 18,989,607 | [1] | $ 19,489,168 | [2] | ||
[1] | Rate shown is discount rate paid at the time of purchase. | |||||
[2] | Rates shown are discount rates paid at the time of purchase. |
Schedules of Investments (Una25
Schedules of Investments (Unaudited) - Investments (Details) (Parentheticals) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Cost of short-term investments | $ 18,988,062 | $ 19,487,955 |
Percentage of net asset value | 83.69% | 89.38% |
Liabilities percentage of net asset value | 16.31% | 10.62% |
Total percentage of net asset value | 100.00% | 100.00% |
United States Treasury Bills 0.87% Due 07/27/17 [Member] | ||
U.S. Treasury bills, due date | Jul. 27, 2017 | |
U.S. Treasury bills, effective rate | 0.87% | |
United States Treasury Bills 0.37% - 0.48% Due 01/12/17 [Member] | ||
U.S. Treasury bills, due date | Jan. 12, 2017 | |
United States Treasury Bills 0.37% - 0.48% Due 01/12/17 [Member] | Minimum [Member] | ||
U.S. Treasury bills, effective rate | 0.37% | |
United States Treasury Bills 0.37% - 0.48% Due 01/12/17 [Member] | Maximum [Member] | ||
U.S. Treasury bills, effective rate | 0.48% | |
United States Treasury Bills 0.42% Due 02/09/17 [Member] | ||
U.S. Treasury bills, due date | Feb. 9, 2017 | |
U.S. Treasury bills, effective rate | 0.42% | |
United States Treasury Bills 0.51% Due 03/23/17 [Member] | ||
U.S. Treasury bills, due date | Mar. 23, 2017 | |
U.S. Treasury bills, effective rate | 0.51% | |
United States Treasury Bills 0.56% Due 03/30/17 [Member] | ||
U.S. Treasury bills, due date | Mar. 30, 2017 | |
U.S. Treasury bills, effective rate | 0.56% | |
US Treasury Bill Securities [Member] | ||
Cost of short-term investments | $ 18,988,062 | $ 19,487,955 |
Schedules of Investments (Una26
Schedules of Investments (Unaudited) - Open Bloomberg Roll Select Commodity Index Futures Contracts (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) | |
Number of contracts | 1,070 | 988 |
Expiration date | September 2,017 | March 2,017 |
Current notional amount | $ 22,602,680 | $ 21,674,744 |
Net unrealized appreciation | $ 49,755 | $ (142,880) |
Note 2 - Summary of Significa27
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Margin Deposit Assets | $ 541,000 | $ 791,000 |
Note 3 - Offering of the Shar28
Note 3 - Offering of the Shares (Details Textual) | Jun. 30, 2017shares |
Shares Prescribed Aggregation | 50,000 |
Note 4 - Trust Expenses (Detail
Note 4 - Trust Expenses (Details Textual) | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Sponsors Fee Annualized Accrual Rate Based on Net Asset Value of Trust | 0.75% |
Maximum [Member] | |
Legal Fees Per Year | $ 100,000 |
Note 8 - Financial Highlights -
Note 8 - Financial Highlights - Net Asset Value and Financial Highlights (Details) - $ / shares | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Net asset value per Share, beginning of period (in dollars per share) | $ 35.94 | $ 32.52 | $ 36.34 | $ 32.11 | |
Net investment loss (in dollars per share) | [1] | (0.01) | (0.06) | (0.05) | (0.12) |
Net realized and unrealized gain (loss) (in dollars per share) | [2] | (1.02) | 4.03 | (1.38) | 4.50 |
Net increase (decrease) in net assets from operations (in dollars per share) | (1.03) | 3.97 | (1.43) | 4.38 | |
Net asset value per Share, end of period (in dollars per share) | $ 34.91 | $ 36.49 | $ 34.91 | $ 36.49 | |
Total return, at net asset value | [3],[4] | (2.87%) | 12.21% | (3.94%) | 13.64% |
Net investment loss | [5] | (0.15%) | (0.70%) | (0.27%) | (0.72%) |
Expenses | [5] | 0.88% | 0.88% | 0.88% | 0.89% |
[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 F31
Note 9 - Investing in Index Futures (Details Textual) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Average Month-End Notional Amount of Derivative Contracts | $ 23,211,759 | $ 10,006,087 |
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 Financial Condition (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Payable for variation margin on open futures contracts (Note 9) | $ 0 | $ 6,916 |
Receivable for variation margin on open futures contracts (Note 9) | 344,540 | 0 |
Commodity Contract [Member] | Receivable for Variation Margin on Open Futures Contracts [Member] | ||
Receivable for variation margin on open futures contracts (Note 9) | 344,540 | 0 |
Commodity Contract [Member] | Payable for Variation Margin on Open Futures Contracts [Member] | ||
Payable for variation margin on open futures contracts (Note 9) | $ 0 | $ 6,916 |
Note 9 - Investing in Index F33
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 | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net realized gain (loss) from futures contracts | $ (918,167) | $ 965,746 | $ (1,098,905) | $ 1,044,230 |
Net change in unrealized appreciation/depreciation on futures contracts | 254,767 | (33,093) | 192,635 | 12,727 |
Commodity Contract [Member] | Net Realized Gain on Futures Contracts [Member] | ||||
Net realized gain (loss) from futures contracts | (918,167) | 965,746 | (1,098,905) | 1,044,230 |
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 | $ 254,767 | $ (33,093) | $ 192,635 | $ 12,727 |
Note 10 - Investment Valuatio34
Note 10 - Investment Valuation - Valuation of the Trust's Investments by the Fair Value Hierarchy (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 | |
Futures [Member] | |||
Investment, fair value | [1] | $ 49,755 | $ (142,880) |
US Treasury Bill Securities [Member] | |||
Investment, fair value | 18,989,607 | 19,489,168 | |
Fair Value, Inputs, Level 1 [Member] | Futures [Member] | |||
Investment, fair value | [1] | 49,755 | (142,880) |
Fair Value, Inputs, Level 1 [Member] | US Treasury Bill Securities [Member] | |||
Investment, fair value | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Futures [Member] | |||
Investment, fair value | [1] | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | US Treasury Bill Securities [Member] | |||
Investment, fair value | 18,989,607 | 19,489,168 | |
Fair Value, Inputs, Level 3 [Member] | Futures [Member] | |||
Investment, fair value | [1] | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | US Treasury Bill Securities [Member] | |||
Investment, fair value | $ 0 | $ 0 | |
[1] | Shown at the unrealized appreciation (depreciation) on the contracts. |