Derivative Instruments and Hedging Activities

9 Months Ended

Sep. 30, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities Disclosure [Text Block]

(10)       Derivative Instruments and Hedging Activities

The Trust does not utilize “hedge accounting” and instead “marks-to-market” any derivatives through operations.

Derivatives not designated as hedging instruments:

As of September 30, 2017
	Asset		Liability
Type of	Derivatives		Derivatives			Net
Futures Contracts	Fair Value		Fair Value			Fair Value
Agriculture	$	11,634	$	(623	)	$	11,011
Currency		10,112		(6,295	)		3,817
Energy		5,427		(1,897	)		3,530
Indices		54,259		(8,735	)		45,524
Interest rates		18,806		(389	)		18,417
Metals		14,445		-			14,445
	$	114,683	$	(17,939	)	$	96,744

As of December 31, 2016, the Trust held no assets or liabilities reported at fair value.  The above reported fair values are included in equity in commodity trading accounts – net unrealized gain on open contracts and in purchased options on futures and written options on futures contracts in the Consolidated Statement of Financial Condition as of September 30, 2017. 

Trading gain (loss) for the following periods:

	Nine Months Ended September 30,
Type of Futures Contracts	2017			2016
Agriculture	$	(155,812	)	$	222,679
Currency		135,347			(14,698	)
Energy		(346,956	)		(66,462	)
Indices		387,174			115,184
Interest rates		(353,769	)		334,005
Metals		(10,258	)		(23,315	)
	$	(344,274	)	$	567,393

	Three Months Ended September 30,
Type of Futures Contracts	2017			2016
Agriculture	$	(147,178	)	$	88,163
Currency		21,531			(78,068	)
Energy		(46,378	)		(1,999	)
Indices		25,029			124,288
Interest rates		(20,829	)		(207,307	)
Metals		42,157			(51,916	)
	$	(125,668	)	$	(126,839	)

See Note (5) for additional information on the trading of derivatives not designed as hedging instruments and the related risks.