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Derivative Instruments and Hedging Activities (Teucrium Corn Fund [Member]) | 12 Months Ended
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Dec. 31, 2012
Teucrium Corn Fund [Member] |
Derivative Instruments and Hedging Activities | Note 4 -Derivative Instruments and Hedging Activities In the normal course of business, the Fund utilizes derivative contracts in connection with its proprietary trading activities. Investments in derivative contracts are subject to additional risks that can result in a loss of all or part of an investment. The Fund's derivative activities and exposure to derivative contracts are classified by the following primary underlying risks: interest rate, credit, commodity price, and equity price risks. In addition to its primary underlying risks, the Fund is also subject to additional counterparty risk due to inability of its counterparties to meet the terms of their contracts. For the year ended December 31, 2012 and 2011, and for the period from the commencement of operations (June 9, 2010) through December 31, 2010, the Fund invested only in commodity futures contracts and Cleared Corn Swaps specifically related to the Fund. Cleared Corn Swaps have standardized terms similar to, and are priced by reference to, the corresponding Benchmark Component Futures Contract. Additionally, Other Corn Interests that do not have standardized terms and are not exchange-traded, referred to as "over-the-counter" Corn Interests, can generally be structured as the parties to the Corn Interest contract desire. Therefore, the Fund might enter into multiple Cleared Swaps and/or over-the-counter Interests intended to exactly replicate the performance of the Benchmark Component Futures Contracts for the Fund, or a single over-the-counter Interest designed to replicate the performance of the Benchmark as a whole. Assuming that there is no default by a counterparty to an over-the-counter Interest, the performance of the Interest will not necessarily correlate exactly with the performance of the Benchmark or the applicable Benchmark Component Futures Contract. Futures Contracts The Fund is subject to commodity price risk in the normal course of pursuing its investment objectives. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. The purchase and sale of futures contracts requires margin deposits with a Futures Commission Merchant ("FCM"). Subsequent payments (variation margin) are made or received by the Fund each day, depending on the daily fluctuations in the value of the contract, and are recorded as unrealized gains or losses by the Fund. Futures contracts may reduce the Fund's exposure to counterparty risk since futures contracts are exchange-traded; and the exchange's clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures against default. The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM's proprietary activities. A customer's cash and other equity deposited with an FCM are considered commingled with all other customer funds subject to the FCM's segregation requirements. In the event of an FCM's insolvency, recovery may be limited to the Fund's pro rata share of segregated customer funds available. It is possible that the recovery amount could be less than the total of cash and other equity deposited. The following tables identify the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, at December 31, 2012 and December 31, 2011. Balances are presented on a gross basis, prior to the application of the impact of counterparty and collateral netting. The following tables also identify the net gain and loss amounts included in the statements of operations as realized and unrealized gains and losses on trading of commodity futures contracts, categorized by primary underlying risk, for the years ended December 31, 2012 and 2011, and for the period from the commencement of operations (June 9, 2010) through December 31, 2010. The fair value of derivative instruments was as follows: At December 31, 2012
Primary Underlying Risk |  | Asset Derivatives |  |  | Liability Derivatives |  | Net Derivatives
Commodity price |  |  |  |  |  |  |
Commodity futures contracts |  | $ | - |  |  | $ | (2,213,775 | ) | $ | (2,213,775)
At December 31, 2011
Primary Underlying Risk |  | Asset Derivatives |  |  | Liability Derivatives |  | Net Derivatives
Commodity price |  |  |  |  |  |  |
Commodity futures contracts |  | $ | 1,928,408 |  |  | $ | (2,711,523 | ) | $ | (783,115)
The following is a summary of realized and unrealized gains and losses of the derivative instruments utilized by the Corn Fund: For the year ended December 31, 2012
|  | Realized Gain on |  |  | Net Change in Unrealized Loss |
Primary Underlying Risk |  | Derivative Instruments |  |  | on Derivative Instruments |
Commodity Price |  |  |  |  |  |
Commodity futures contracts |  | $ | 11,440,433 |  |  | $ | (1,430,660 | )
For the year ended December 31, 2011
|  | Realized Gain on |  |  | Net Change in Unrealized Loss |
Primary Underlying Risk |  | Derivative Instruments |  |  | on Derivative Instruments |
Commodity Price |  |  |  |  |  |
Commodity futures contracts |  | $ | 7,937,425 |  |  | $ | (5,961,334 | )
From the commencement of operations (June 9, 2010) through December 31, 2010
|  | Realized Gain on |  |  | Net Change in Unrealized Gain |
Primary Underlying Risk |  | Derivative Instruments |  |  | on Derivative Instruments |
Commodity Price |  |  |  |  |  |
Commodity futures contracts |  | $ | 3,693,752 |  |  | $ | 5,178,219 |
Volume of Derivative Activities The notional amounts and number of contracts, categorized by primary underlying risk, were as follows: At December 31, 2012
|  | Long Exposure |
|  | Notional |  |  | Number |
Primary Underlying Risk |  | Amounts |  |  | of Contracts |
Commodity price |  |  |  |  |  |
Commodity futures contracts |  | $ | 37,724,525 |  |  |  | 1,142 |
At December 31, 2011
|  | Long Exposure |
|  | Notional |  |  | Number |
Primary Underlying Risk |  | Amounts |  |  | of Contracts |
Commodity price |  |  |  |  |  |
Commodity futures contracts |  | $ | 71,289,525 |  |  |  | 2,260 |

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- Definition The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7668309&loc=d3e80784-113994 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624181-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4K -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5708775-113959 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579245-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41641-113959 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579240-113959 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41638-113959 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41635-113959 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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