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Derivative Instruments and Hedging Activities (Teucrium WTI Crude Oil Fund [Member]) | 3 Months Ended
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Mar. 31, 2013
Teucrium WTI Crude Oil 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 three months ended March 31, 2013 and 2012, the Fund invested only in commodity futures contracts. Futures Contracts The Fund is subject to commodity price risk in the normal course of pursuing its investment objectives. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. The purchase and sale of futures contracts requires margin deposits with a Futures Commission Merchant ("FCM"). Subsequent payments (variation margin) are made or received by the Fund each day, depending on the daily fluctuations in the value of the contract, and are recorded as unrealized gains or losses by the Fund. Futures contracts may reduce the Fund's exposure to counterparty risk since futures contracts are exchange-traded; and the exchange's clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures against default. The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM's proprietary activities. A customer's cash and other equity deposited with an FCM are considered commingled with all other customer funds subject to the FCM's segregation requirements. In the event of an FCM's insolvency, recovery may be limited to the Fund's pro rata share of segregated customer funds available. It is possible that the recovery amount could be less than the total of cash and other equity deposited. The following 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 March 31, 2013 and December 31, 2012. 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 three months ended March 31, 2013 and 2012. As of March 31, 2013:
|  | Gross Amounts Not Offset in the Statements of Assets and Liabilities |
Primary Underlying Risk - Assets |  | Commodity Futures Contracts |  | Collateral, Due from Broker |
Commodity price |  | $ | 59,032 |  |  | $ | 64,263 |  |
|  | Gross Amounts Not Offset in the Statements of Assets and Liabilities |
Primary Underlying Risk - Liabilities |  | Commodity Futures Contracts |  | Collateral, Due to Broker |
Commodity price |  | $ | 19,640 |  |  | $ | - |  |
As of December 31, 2012:
|  | Gross Amounts Not Offset in the Statements of Assets and Liabilities |
Primary Underlying Risk - Assets |  | Commodity Futures Contracts |  | Collateral, Due from Broker |
Commodity price |  | $ | 44,872 |  |  | $ | 137,328 |  |
|  | Gross Amounts Not Offset in the Statements of Assets and Liabilities |
Primary Underlying Risk - Liabilities |  | Commodity Futures Contracts |  | Collateral, Due to Broker |
Commodity price |  | $ | 58,090 |  |  | $ | - |  |
The following is a summary of realized and unrealized gains and losses of the derivative instruments utilized by the Fund: Three months ended March 31, 2013
|  | Realized Loss on |  | Net Change in Unrealized Gain
Primary Underlying Risk |  | Derivative Instruments |  | on Derivative Instruments
Commodity price |  |  |  |  |  |
Commodity futures contracts |  | $ | (9,320) |  | $ | 52,610
Three months ended March 31, 2012
|  | Realized Gain on |  | Net Change in Unrealized Gain
Primary Underlying Risk |  | Derivative Instruments |  | on Derivative Instruments
Commodity price |  |  |  |  |  |
Commodity futures contracts |  | $ | 5,610 |  | $ | 224,520
Volume of Derivative Activities At March 31, 2013, the notional amounts and number of contracts, categorized by primary underlying risk, were as follows:
|  | Long Exposure |
|  | Notional |  |  | Number |
Primary Underlying Risk |  | Amounts |  |  | of Contracts |
Commodity price |  |  |  |  |  |  |  |
Commodity futures contracts |  | $ | 1,989,850 |  |  |  | 21 |
At December 31, 2012, the notional amounts and number of contracts, categorized by primary underlying risk, were as follows:
|  | Long Exposure |
|  | Notional |  |  | Number |
Primary Underlying Risk |  | Amounts |  |  | of Contracts |
Commodity price |  |  |  |  |  |  |  |
Commodity futures contracts |  | $ | 2,041,180 |  |  |  | 22 |

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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. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. 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