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Note 5 - Derivative Instruments and Hedging Activities - Teucrium Corn Fund | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 5 - Derivative Instruments and Hedging Activities In the normal course of business, the Funds utilize 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 Funds’ 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 Funds are also subject to additional counterparty risk due to inability of its counterparties to meet the terms of their contracts. For the years ended December 31, 2024 and 2023, the Funds invested only in commodity and cryptocurrency futures contracts specifically related to each Fund. Futures Contracts The Funds are subject to commodity and cryptocurrency price risk in the normal course of pursuing their 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. In 2024, the Funds were only subject to commodity price risk; in 2023 the Funds were subject to commodity and cryptocurrency price risk. The purchase and sale of futures contracts requires margin deposits with an FCM. Subsequent payments (variation margin) are made or received by each Fund each day, depending on the daily fluctuations in the value of the contract, and are recorded as unrealized gains or losses by each Fund. Futures contracts may reduce the Funds’ 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 each 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 table discloses information about offsetting assets and liabilities presented in the statements of assets and liabilities to enable users of these financial statements to evaluate the effect or potential effect of netting arrangements for recognized assets and liabilities. These recognized assets and liabilities are presented as defined in FASB Topic 210: Balance Sheet. The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk and held by the FCMs, Marex and StoneX as of December 31, 2024 and 2023. *The amount of collateral presented in Collateral, Due from Broker, is limited to the liability for the futures contracts and accordingly does not include the excess collateral pledged. Offsetting of Financial Assets and Derivative Assets as of December 31, 2024
|  | (i) |  |  | (ii) |  |  | (iii) = (i-ii) |  |  | (iv) |  |  | (v) = (iii)-(iv) |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Gross Amount Not Offset in the Statement of Assets and Liabilities |  |  |  |  |
Description |  | Gross Amount of Recognized Assets |  |  | Gross Amount Offset in the Statement of Assets and Liabilities |  |  | Net Amount Presented in the Statement of Assets and Liabilities |  |  | Futures Contracts Available for Offset |  |  | Collateral, Due to Broker |  |  | Net Amount |
Commodity Price |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corn futures contracts |  | $ | 1,936,572 |  |  | $ | - |  |  | $ | 1,936,572 |  |  | $ | 1,936,572 |  |  | $ | - |  |  | $ | - |
Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2024
|  | (i) |  |  | (ii) |  |  | (iii) = (i-ii) |  |  | (iv) |  |  | (v) = (iii)-(iv) |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Gross Amount Not Offset in the Statement of Assets and Liabilities |  |  |  |  |
Description |  | Gross Amount of Recognized Liabilities |  |  | Gross Amount Offset in the Statement of Assets and Liabilities |  |  | Net Amount Presented in the Statement of Assets and Liabilities |  |  | Futures Contracts Available for Offset |  |  | Collateral, Due from Broker* |  |  | Net Amount |
Commodity Price |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corn futures contracts |  | $ | 1,955,417 |  |  | $ | - |  |  | $ | 1,955,417 |  |  | $ | 1,936,572 |  |  | $ | 18,845 |  |  | $ | - |
Soybean futures contracts |  | $ | 1,321,026 |  |  | $ | - |  |  | $ | 1,321,026 |  |  | $ | - |  |  | $ | 1,321,026 |  |  | $ | - |
Sugar futures contracts |  | $ | 1,560,295 |  |  | $ | - |  |  | $ | 1,560,295 |  |  | $ | - |  |  | $ | 1,560,295 |  |  | $ | - |
Wheat futures contracts |  | $ | 11,974,384 |  |  | $ | - |  |  | $ | 11,974,384 |  |  | $ | - |  |  | $ | 11,974,384 |  |  | $ | - |
Offsetting of Financial Assets and Derivative Assets as of December 31, 2023
|  | (i) |  |  | (ii) |  |  | (iii) = (i-ii) |  |  | (iv) |  |  | (v) = (iii)-(iv) |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Gross Amount Not Offset in the Statement of Assets and Liabilities |  |  |  |  |
Description |  | Gross Amount of Recognized Assets |  |  | Gross Amount Offset in the Statement of Assets and Liabilities |  |  | Net Amount Presented in the Statement of Assets and Liabilities |  |  | Futures Contracts Available for Offset |  |  | Collateral, Due to Broker |  |  | Net Amount |
Commodity and Cryptocurrency Price |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wheat futures contracts |  | $ | 2,237,493 |  |  | $ | - |  |  | $ | 2,237,493 |  |  | $ | 2,237,493 |  |  | $ | - |  |  | $ | - |
Bitcoin futures contracts |  | $ | 129,519 |  |  | $ | - |  |  | $ | 129,519 |  |  | $ | 51,376 |  |  | $ | - |  |  | $ | 78,143 |
Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2023
|  | (i) |  |  | (ii) |  |  | (iii) = (i-ii) |  |  | (iv) |  |  | (v) = (iii)-(iv) |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Gross Amount Not Offset in the Statement of Assets and Liabilities |  |  |  |  |
Description |  | Gross Amount of Recognized Liabilities |  |  | Gross Amount Offset in the Statement of Assets and Liabilities |  |  | Net Amount Presented in the Statement of Assets and Liabilities |  |  | Futures Contracts Available for Offset |  |  | Collateral, Due from Broker* |  |  | Net Amount |
Commodity and Cryptocurrency Price |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corn futures contracts |  | $ | 2,182,141 |  |  | $ | - |  |  | $ | 2,182,141 |  |  | $ | - |  |  | $ | 2,182,141 |  |  | $ | - |
Soybean futures contracts |  | $ | 1,391,661 |  |  | $ | - |  |  | $ | 1,391,661 |  |  | $ | - |  |  | $ | 1,391,661 |  |  | $ | - |
Sugar futures contracts |  | $ | 2,687,998 |  |  | $ | - |  |  | $ | 2,687,998 |  |  | $ | - |  |  | $ | 2,687,998 |  |  | $ | - |
Wheat futures contracts |  | $ | 4,575,666 |  |  | $ | - |  |  | $ | 4,575,666 |  |  | $ | 2,237,493 |  |  | $ | 2,338,173 |  |  | $ | - |
Bitcoin futures contracts |  | $ | 51,376 |  |  | $ | - |  |  | $ | 51,376 |  |  | $ | 51,376 |  |  | $ | - |  |  | $ | - |
The following is a summary of realized and net change in unrealized gains (losses) of the derivative instruments utilized by the Trust: Year ended December 31, 2024
|  | Realized Loss on Commodity and Cryptocurrency Futures Contracts |  |  | Net Change in Unrealized Appreciation (Depreciation) on Commodity and Cryptocurrency Futures Contracts |
Commodity and Cryptocurrency Price |  |  |  |  |  |  |  |
Corn futures contracts |  | $ | (13,556,155 | ) |  | $ | 2,163,296 |
Soybean futures contracts |  |  | (6,891,609 | ) |  |  | 70,635 |
Sugar futures contracts |  |  | (2,500,209 | ) |  |  | 1,127,703 |
Wheat futures contracts |  |  | (23,202,055 | ) |  |  | (9,636,211 | )
Bitcoin futures contracts |  |  | (78,143 | ) |  |  | 114,383 |
Total commodity and cryptocurrency futures contracts |  | $ | (46,228,171 | ) |  | $ | (6,160,194 | )
Year ended December 31, 2023
|  | Realized (Loss) Gain on Commodity and Cryptocurrency Futures Contracts |  |  | Net Change in Unrealized (Depreciation) Appreciation on Commodity and Cryptocurrency Futures Contracts |
Commodity and Cryptocurrency Price |  |  |  |  |  |  |  |
Corn futures contracts |  | $ | (26,707,038 | ) |  | $ | (800,836 | )
Soybean futures contracts |  |  | 940,552 |  |  |  | (3,912,031 | )
Sugar futures contracts |  |  | 11,398,276 |  |  |  | (3,514,199 | )
Wheat futures contracts |  |  | (81,189,435 | ) |  |  | 20,881,933 |
Bitcoin futures contracts |  |  | 1,308,803 |  |  |  | 48,991 |
Total commodity and cryptocurrency futures contracts |  | $ | (94,248,842 | ) |  | $ | 12,703,858 |
Year ended December 31, 2022
|  | Realized Gain (Loss) on Commodity and Cryptocurrency Futures Contracts |  |  | Net Change in Unrealized (Depreciation) Appreciation on Commodity and Cryptocurrency Futures Contracts |
Commodity and Cryptocurrency Price |  |  |  |  |  |  |  |
Corn futures contracts |  | $ | 28,784,977 |  |  | $ | (7,317,857 | )
Soybean futures contracts |  |  | 10,362,032 |  |  |  | (164,481 | )
Sugar futures contracts |  |  | (442,477 | ) |  |  | (172,519 | )
Wheat futures contracts |  |  | (81,457,408 | ) |  |  | (26,279,809 | )
Bitcoin futures contracts |  |  | (423,794 | ) |  |  | 29,152 |
Total commodity and cryptocurrency futures contracts |  | $ | (43,176,670 | ) |  | $ | (33,905,514 | )
Volume of Derivative Activities The average notional market value categorized by primary underlying risk for all futures contracts held was $251.0 million in 2024, $348.7 million in 2023, and $653.8 million in 2022.
Teucrium Corn Fund [Member] |
Notes to Financial Statements |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 5 - 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 years ended December 31, 2024 and 2023, 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 an 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 table discloses information about offsetting assets and liabilities presented in the statements of assets and liabilities to enable users of these financial statements to evaluate the effect or potential effect of netting arrangements for recognized assets and liabilities. These recognized assets and liabilities are presented as defined in FASB Topic 210: Balance Sheet. The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk and held by the FCMs, Marex and StoneX as of December 31, 2024 and 2023. *The amount of collateral presented in Collateral, Due from Broker, is limited to the liability for the futures contracts and accordingly does not include the excess collateral pledged. Offsetting of Financial Assets and Derivative Assets as of December 31, 2024
|  | (i) |  |  | (ii) |  |  | (iii) = (i-ii) |  |  | (iv) |  |  | (v) = (iii)-(iv) |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Gross Amount Not Offset in the Statement of Assets and Liabilities |  |  |  |  |
Description |  | Gross Amount of Recognized Assets |  |  | Gross Amount Offset in the Statement of Assets and Liabilities |  |  | Net Amount Presented in the Statement of Assets and Liabilities |  |  | Futures Contracts Available for Offset |  |  | Collateral, Due to Broker |  |  | Net Amount |
Commodity Price |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corn futures contracts |  | $ | 1,936,572 |  |  | $ | - |  |  | $ | 1,936,572 |  |  | $ | 1,936,572 |  |  | $ | - |  |  | $ | - |
Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2024
|  | (i) |  |  | (ii) |  |  | (iii) = (i-ii) |  |  | (iv) |  |  | (v) = (iii)-(iv) |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Gross Amount Not Offset in the Statement of Assets and Liabilities |  |  |  |  |
Description |  | Gross Amount of Recognized Liabilities |  |  | Gross Amount Offset in the Statement of Assets and Liabilities |  |  | Net Amount Presented in the Statement of Assets and Liabilities |  |  | Futures Contracts Available for Offset |  |  | Collateral, Due from Broker* |  |  | Net Amount |
Commodity Price |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corn futures contracts |  | $ | 1,955,417 |  |  | $ | - |  |  | $ | 1,955,417 |  |  | $ | 1,936,572 |  |  | $ | 18,845 |  |  | $ | - |
Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2023
|  | (i) |  |  | (ii) |  |  | (iii) = (i-ii) |  |  | (iv) |  |  | (v) = (iii)-(iv) |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Gross Amount Not Offset in the Statement of Assets and Liabilities |  |  |  |  |
Description |  | Gross Amount of Recognized Liabilities |  |  | Gross Amount Offset in the Statement of Assets and Liabilities |  |  | Net Amount Presented in the Statement of Assets and Liabilities |  |  | Futures Contracts Available for Offset |  |  | Collateral, Due from Broker* |  |  | Net Amount |
Commodity Price |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corn futures contracts |  | $ | 2,182,141 |  |  | $ | - |  |  | $ | 2,182,141 |  |  | $ | - |  |  | $ | 2,182,141 |  |  | $ | - |
The following is a summary of realized and net change in unrealized gains (losses) of the derivative instruments utilized by the Fund: Year ended December 31, 2024
|  | Realized Loss on Commodity Futures Contracts |  |  | Net Change in Unrealized Appreciation on Commodity Futures Contracts |
Commodity Price |  |  |  |  |  |  |  |
Corn futures contracts |  | $ | (13,556,155 | ) |  | $ | 2,163,296 |
Year ended December 31, 2023
|  | Realized Loss on Commodity Futures Contracts |  |  | Net Change in Unrealized Depreciation on Commodity Futures Contracts |
Commodity Price |  |  |  |  |  |  |  |
Corn futures contracts |  | $ | (26,707,038 | ) |  | $ | (800,836 | )
Year ended December 31, 2022
|  | Realized Gain on Commodity Futures Contracts |  |  | Net Change in Unrealized Depreciation on Commodity Futures Contracts |
Commodity Price |  |  |  |  |  |  |  |
Corn futures contracts |  | $ | 28,784,977 |  |  | $ | (7,317,857 | )
Volume of Derivative Activities The average notional market value categorized by primary underlying risk for all futures contracts held was $65.2 million in 2024, $101.5 million in 2023, and $212.2 million in 2022.

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