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Legal Proceedings | 6 Months Ended
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Sep. 30, 2019
Legal Proceedings [Abstract] |
Legal Proceedings | (11) Legal Proceedings Samuel Masucci III and Bernard Karol, principals of the Sponsor, are defendants, along with certain affiliates of the Sponsor, in an action filed May 2, 2017 in the Superior Court of New Jersey captioned PureShares, LLC d/b/a PureFunds et al. v. ETF Managers Group, LLC et al., Docket No. C-63-17 (the "PureShares Action"). The PureShares Action alleges claims based on disputes arising out of contractual relationships with ETF Managers Group LLC, an affiliate of the Sponsor. The action seeks damages in unspecified amounts and injunctive relief based on breach of contract, wrongful termination, and several other theories. Samuel Masucci III, a principal of the Sponsor, was a defendant, along with certain affiliates of the Sponsor, in a case filed on October 26, 2017 in the United States District Court for the Southern District of New York by NASDAQ, Inc. captioned Nasdaq, Inc. v. Exchange Traded Managers Group, LLC et al., Case 1:17-cv-08252 (the "Nasdaq Action"). This action arose out of the same facts and circumstances as the PureShares Action and asserts claims for breach of contract, conversion and certain other claims with respect to the same exchange traded funds as in the PureShares Action. Mr. Masucci was dismissed as a defendant pursuant to a motion to dismiss in August 2018. The matter was the subject of a bench trial in May 2019, and on December 20, 2019, the Court issued an Opinion and Order awarding compensatory damages to Plaintiff in the amount of $78,403,172.36, plus prejudgment interest. The Court also denied Plaintiff's requests for punitive damages and equitable relief. The Adviser filed a notice of appeal from the judgment on January 19, 2020. The Sponsor believes that this judgment will not affect its ability to continue to act as CPO and Sponsor for the Funds.

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