10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2016

or

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File Numbers: 001-36840

WISDOMTREE COAL FUND

(Registrant)

(Exact name of Registrant as specified in its charter)

Delaware	90-6214629
(State or Other Jurisdiction of Incorporation or Organization)	(IRS Employer Identification No.)

c/o WisdomTree Coal Services, LLC 245 Park Avenue 35th Floor New York, NY	10167
(Address of Principal Executive Offices)	(Zip Code)

1-866-909-9473

(Telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one:)

Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	¨	Smaller reporting company	x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of June 30, 2016: 25,050 Shares outstanding

WisdomTree Coal Fund

Table of Contents

PART I – FINANCIAL INFORMATION		1
Item 1.	Financial Statements	1
	Statements of Financial Condition June 30, 2016 (unaudited) and December 31, 2015	1
	Unaudited Schedule of Investments June 30, 2016	2
	Schedule of Investments December 31, 2015	3
	Unaudited Statements of Income and Expenses For the Three Months, Six Months or Period Ended June 30, 2016 and 2015	4
	Unaudited Statement of Changes in Shareholders’ Equity For the Six Months Ended June 30, 2016	5
	Unaudited Statements of Cash Flows For the Six Months or Period Ended June 30, 2016 and 2015	6
	Notes to Financial Statements June 30, 2016	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operation	14
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	19
Item 4.	Controls and Procedures	19
PART II - OTHER INFORMATION		20
Item 1.	Legal Proceedings	20
Item 1A.	Risk Factors	20
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	20
Item 3.	Defaults Upon Senior Securities	20
Item 4.	Mine Safety Disclosures	20
Item 5.	Other Information	20
Item 6.	Exhibits	20
SIGNATURES		21

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PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

WisdomTree Coal Fund

Statements of Financial Condition

June 30, 2016 (unaudited) and December 31, 2015

	June 30, 2016 (unaudited)			December 31, 2015
Assets:
Cash	$	643,167		$	—
Cash held by broker for futures contracts (Note 3)		324,585			786,836
Unrealized appreciation on futures contracts		56,100			—
Prepaid brokerage fees and expenses		379			979
Total Assets		1,024,231			787,815
Liabilities and shareholders’ equity:
Unrealized depreciation on futures contracts		—			1,550
Management fee payable to related party		764			635
Total Liabilities		764			2,185
Shareholders’ equity:
Paid in capital - 25,050 and 25,050 redeemable shares issued and outstanding as of June 30, 2016 and December 31, 2015, respectively		1,304,975			1,304,975
Accumulated deficit		(281,508	)		(519,345	)
Total shareholders’ equity		1,023,467			785,630
Total liabilities and shareholders’ equity	$	1,024,231		$	787,815
Net asset value per share	$	40.86		$	31.36

See accompanying notes to unaudited financial statements

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WisdomTree Coal Fund

Unaudited Schedule of Investments

June 30, 2016

Description	Contracts		Unrealized Appreciation/ (Depreciation) Percentage of Net Assets			Unrealized Appreciation/ (Depreciation)		Notional Value
Futures Contracts Long
CME Rotterdam Coal Futures
expiration date 10/28/16		6		1.93	%	$	19,800	$	345,000
expiration date 11/25/16		6		1.93			19,800		345,000
expiration date 12/23/16		5		1.61			16,500		287,500
Total				5.47	%	$	56,100	$	977,500

See accompanying notes to unaudited financial statements

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WisdomTree Coal Fund

Schedule of Investments

December 31, 2015

Description	Contracts		Unrealized Appreciation/ (Depreciation) Percentage of Net Assets			Unrealized Appreciation/ (Depreciation)			Notional Value
Futures Contracts Long
CME Rotterdam Coal Futures
expiration date 4/29/16		6		(0.09	)%	$	(700	)	$	262,800
expiration date 5/27/16		6		(0.05	)		(400	)		262,800
expiration date 6/24/16		5		(0.06	)		(450	)		219,000
Total				(0.20	)%	$	(1,550	)	$	744,600

See accompanying notes to unaudited financial statements

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WisdomTree Coal Fund

Unaudited Statements of Income and Expenses

For the Three Months, Six Months or Period Ended June 30, 2016 and 2015

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015*
Income:
Interest income	$	—		$	—		$	—		$	—
Expenses:
Management fee to related party		2,125			5,169			3,962			11,282
Brokerage fees and expenses		671			1,632			1,251			3,562
Total expenses		2,796			6,801			5,213			14,844
Net investment loss		(2,796	)		(6,801	)		(5,213	)		(14,844	)
Realized and Net Change in Unrealized Gain (Loss) on Future Contracts:
Net Realized Gain (Loss) from:
Futures Contracts		175,800			(169,950	)		185,400			(337,450	)
Net Realized Gain (Loss)		175,800			(169,950	)		185,400			(337,450	)
Net Change in Unrealized Gain from:
Futures Contracts		32,700			142,100			57,650			42,500
Net Change in Unrealized Gain		32,700			142,100			57,650			42,500
Net Realized and Unrealized Gain (Loss) from Futures Contracts		208,500			(27,850	)		243,050			(294,950	)
Net Gain (Loss)	$	205,704		$	(34,651	)	$	237,837		$	(309,794	)

* Commenced trading operations on the NYSE Arca on February 20, 2015.

See accompanying notes to unaudited financial statements

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WisdomTree Coal Fund

Unaudited Statement of Changes in Shareholders’ Equity

For the Six Months Ended June 30, 2016

	Paid In				Accumulated			Total Shareholders’
	Units		Capital		Deficit			Equity
Balance at December 31, 2015		25,050	$	1,304,975	$	(519,345	)	$	785,630
Creation of Limited Units		—		—		—			—
Redemption of Limited Units		—		—		—			—
Net Gain (Loss):
Net Investment Loss		—		—		(5,213	)		(5,213	)
Net Realized Gain from Futures Contracts		—		—		185,400			185,400
Net Change in Unrealized Gain from Futures Contracts		—		—		57,650			57,650
Net Gain		—		—		237,837			237,837
Balance at June 30, 2016		25,050	$	1,304,975	$	(281,508	)	$	1,023,467

See accompanying notes to unaudited financial statements

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WisdomTree Coal Fund

Unaudited Statements of Cash Flows

For the Six Months or Period Ended June 30, 2016 and 2015

	2016			2015*
Cash flows from operating activities
Net Gain (Loss)	$	237,837		$	(309,794	)
Adjustments to reconcile net gain (loss) to net cash provided by (used for) operating activities:
Changes in assets and liabilities
(Increase)/Decrease in assets:
Unrealized appreciation on future contracts		(56,100	)		(42,500	)
Prepaid brokerage fees and expenses		600			(1,683	)
Increase/(Decrease) in liabilities:
Unrealized depreciation on futures contracts		(1,550	)		—
Management fee payable to related party		129			755
Net cash provided by (used for) operating activities		180,916			(353,222	)
Cash flows from financing activities
Proceeds from creation of Limited Units		—			6,000,000
Additional capital contribution		—			500
Redemption of Limited Units		—			(4,697,025	)
Net cash provided by financing activities		—			1,303,475
Net increase in cash		180,916			950,253
Cash** at beginning of period		786,836			1,500
Cash** at end of period	$	967,752		$	951,753

* Commenced trading operations on the NYSE Arca on February 20, 2015.

** Includes cash held by the broker for futures contracts.

See accompanying notes to unaudited financial statements

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WisdomTree Coal Fund

Notes to Financial Statements

June 30, 2016

(1) Organization

WisdomTree Coal Fund (the “Fund”), formerly GreenHaven Coal Fund, was formed as a Delaware statutory trust on June 18, 2012 and commenced operations on February 19, 2015. WisdomTree Coal Services, LLC (the “Sponsor”) serves as the Fund’s commodity pool operator and sponsor under the Fund’s trust agreement, and is responsible for the day-to-day operations of the Fund. Shares representing units of fractional undivided beneficial interest in and ownership of the Fund are listed on the NYSE Arca under the symbol “TONS”.

Effective January 1, 2016, in accordance with the terms of a Unit Purchase Agreement dated October 29, 2015, GreenHaven Group LLC sold 100% of the issued and outstanding membership interest in the Sponsor to WisdomTree Investments Inc. Following the sale, the name of the Fund was changed from “GreenHaven Coal Fund” to “WisdomTree Coal Fund” and the name of the Sponsor was changed from “GreenHaven Coal Services, LLC” to “WisdomTree Coal Services, LLC.”

As of January 1, 2016, the Fund’s Sub-Advisor and commodity trading advisor is GreenHaven Advisors LLC.

The Fund’s investment objective is to provide its investors with exposure to daily changes in the price of coal futures contracts, before Fund liabilities and expenses. The Fund pursues this objective by investing substantially all of its assets in Rotterdam coal futures contracts (“Coal Futures”) traded on the Chicago Mercantile Exchange (“CME”). The Fund will invest in Coal Futures on a non-discretionary basis (i.e., without regard to whether the value of the Fund is rising or falling over any particular period). The Fund may also invest a portion of its net assets in U.S. Treasuries and other high quality short-term fixed income securities for deposit with the Fund’s commodity brokers as margin. Additional specifications for CME Coal Futures can be found at the CME’s website.

The Fund continuously offers, and redeems baskets of 25,000 Shares (“Baskets”) to authorized participants (“Authorized Participants”) at a price based on the Fund’s net asset value (“NAV”) per Share. Authorized Participants, in turn, may offer such Shares to the public at a per Share offering price that varies, depending on, among other factors, the trading price of the Shares, the NAV, and the supply of and demand for the Shares at the time of the offer.

The Sponsor and the Fund retain the services of third party service providers to the extent necessary to operate the ongoing operations of the Fund. (See Note (2)).

In accordance with Accounting Standard Update (“ASU”) 2013-08, Financial Services-Investment Companies, the Fund qualifies as an investment company and is applying the accounting and reporting guidance for investment companies.

Unaudited Interim Financial Information

The financial statements as of June 30, 2016 and for the three-months, six-months or period ended June 30, 2016 and 2015 included herein are unaudited. In the opinion of the Sponsor, the unaudited financial statements have been prepared on the same basis as the annual financial statements and include all adjustments, which are of the normal recurring nature, necessary for a fair statement of the Fund’s financial position, investments, results of operations and its cash flows. Interim results are not necessarily indicative of the results that will be achieved for the year or for any other interim period or for any future year. Past performance of the Fund is not necessarily indicative of future performance.

(2) Service Providers and Related Party Agreements

(a) “Trustee” – Christiana Trust is the sole Trustee for the Fund. The Trustee is a division of Wilmington Saving Fund Society, FSB, and is headquartered in Wilmington, Delaware.

(b) “Sponsor” – WisdomTree Coal Services, LLC (f/k/a GreenHaven Coal Services, LLC) is the commodity pool operator and Sponsor of the Fund, responsible for the day to day operations of the Fund. The Sponsor charges the Fund a management fee for its services. The Sponsor is a Georgia limited liability company with operations in New York, New York.

(c) “Administrator” — State Street Bank and Trust Company is the Fund’s Administrator. The Administrator performs or supervises the services necessary for the operation and administration of the Fund (other than making investment decisions) in accordance with various services agreements entered into with the Fund. These services include calculating the daily NAV of the Fund, accounting and other Fund administrative services. As the Fund’s transfer agent, the Administrator processes creations and redemptions of Shares. These transactions

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are processed on Depository Trust Company’s (“DTC”) book entry system. The Administrator retains certain financial books and records, including: Basket creation and redemption books and records, fund accounting records, ledgers with respect to assets, liabilities, capital, income and expenses, the registrar, transfer journals and related details and trading and related documents received from futures commission merchants. State Street Bank and Trust Company has an office in Boston, Massachusetts.

(d) “Commodity Broker” — Morgan Stanley & Co. LLC (“MS&Co.”) is the Fund’s Commodity Broker. In its capacity as the Commodity Broker, it executes and clears each of the Fund’s futures transactions and performs certain administrative services for the Fund. MS&Co. is based in New York, New York.

(e) “Execution Broker” — TFS Energy Futures LLC (“TEF”) is the Fund’s Execution Broker. The Execution Broker executes certain of the Fund’s over-the-counter transactions and performs certain administrative services for the Fund. TEF is based in New York, New York.

(f) “Distributor” — Foreside Fund Services LLC (“FFS”) is the Fund’s Distributor. The Fund’s Distributor assists the Sponsor and the Administrator with certain functions and duties relating to the creation and redemption of Baskets, including receiving and processing orders from Authorized Participants to create and redeem Baskets, coordinating the processing of such orders and related functions and duties. FFS has an office in Portland, Maine.

(g) “Authorized Participant” — Authorized Participants are the only persons that may place orders to create or redeem Baskets. Each Authorized Participant must (1) be a registered broker-dealer or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer to engage in securities transactions, (2) be a participant in the DTC, and (3) have entered into a Participant Agreement with the Fund. The Participant Agreement sets forth the procedures for the creation and redemption of Baskets of Shares and for the delivery of cash required for such creations or redemptions. A list of the current Authorized Participants can be obtained from the Sponsor.

(3) Summary of Significant Accounting Policies

(a) Use of Estimates

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the amounts of reported income and expenses during the period. Actual results could differ from those estimates.

(b) Recently Issued Accounting Standards

No recently promulgated accounting standards are expected to have an effect on the Fund’s financial statements.

(c) Cash Held by Broker

Cash held in segregated accounts at MS&Co. is for the purpose of meeting the initial and subsequent variation margin requirements on open futures contracts held by the Fund. The cash held by MS&Co. is restricted cash and is not insured by the Federal Deposit Insurance Corporation.

(d) U. S. Treasury Obligations

The Fund records purchases and sales of U.S. Treasuries on a trade date basis. These holdings are marked to market based on quotations from broker-dealers or independent service providers. The Fund may hold U.S. Treasuries for deposit with the Commodity Broker as margin for trading and holding against initial margin of the open futures contracts. Interest income is recognized on an accrual basis when earned. Premiums and discounts are amortized or accreted over the life of the U.S. Treasury Obligations. As of June 30, 2016 and December 31, 2015, there were no U.S. Treasuries held by the Fund.

(e) Income Taxes

The Fund is classified as a partnership, for U.S. federal income tax purposes. Accordingly, the Fund is not subject to U.S. federal, state, or local income taxes. Accordingly, no provision for federal, state, or local income taxes has been made in the accompanying financial statements, as investors are individually liable for income taxes, if any, on their allocable share of the Fund’s income, gain, loss, deductions and other items.

The Fund accounts for uncertainty in income taxes pursuant to the applicable accounting standard, which provides measurement, presentation and disclosure guidance, related to uncertain tax positions. The guidance addresses how tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under this topic, the Fund may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution.

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(f) Futures Contracts

The Fund purchases and holds Coal Futures for investment purposes. These contracts are recorded on a trade date basis and open contracts are valued daily at settlement prices provided by the relevant exchanges. In the Statements of Financial Condition, Coal Futures are presented at their published settlement prices on the last business day of the period, in accordance with the fair value accounting standard. Since these contracts are actively traded in markets that are directly observable and which provide readily available price quotes, their market value is deemed to be their fair value under the fair value accounting standard. (See Note 4 — Fair Value Measurements). However, when market closing prices are not available, the Sponsor may value an asset of the Fund pursuant to such other principles as the Sponsor deems fair and equitable provided such principles are consistent with the fair value accounting standard. Realized gains (losses) and changes in unrealized appreciation (depreciation) on open positions are determined on a specific identification basis and recognized in the Statements of Income and Expenses in the period in which the contract is closed or the changes occur, respectively.

(g) Subsequent Events

For purposes of disclosure in the financial statements, the Fund has evaluated events occurring between the period ended June 30, 2016 and when the financial statements were issued. During the period, no Shares were created or redeemed. The evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments.

(4) Fair Value Measurements

The existing guidance for fair value measurements establishes the authoritative definition for fair value, sets out a framework for measuring fair value and outlines the required disclosures regarding fair value measurements. Fair value is the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The Fund uses a three-tier fair value hierarchy based upon observable and unobservable inputs as follows:

Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that the

reporting entity can access at the measurement date.

Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or

liability, either directly or indirectly.

Level 3 — Unobservable inputs for the asset or liability.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The assets of the Fund are either exchange-traded securities that are valued at the official closing price on the exchange where they are principally traded or U.S. government securities that are valued using dealer and broker quotations or other inputs that are observable or can be corroborated by observable market data. A summary of the Fund’s assets and liabilities at fair value as of June 30, 2016, classified according to the levels used to value them, is as follows:

Assets	Quoted Prices in Active Market (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Totals
Unrealized appreciation on futures contracts	$	56,100	$	—	$	—	$	56,100

There were no transfers between Level 1 and Level 2 for the Fund during the six months ended June 30, 2016. The Fund did not hold any Level 3 securities during the six months ended June 30, 2016.

A summary of the Fund’s assets and liabilities at fair value as of December 31, 2015, classified according to the levels used to value them, is as follows:

Liabilities	Quoted Prices in Active Market (Level 1)			Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Totals
Unrealized depreciation on futures contracts	$	(1,550	)	$	—	$	—	$	(1,550	)

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There were no transfers between Level 1 and Level 2 for the Fund during the year ended December 31, 2015. The Fund did not hold any Level 3 securities during the year ended December 31, 2015.

(5) Derivative Instruments and Hedging Activities

The Fund uses derivative instruments as part of its principal investment strategy to achieve its investment objective. As of June 30, 2016, the Fund was invested in coal futures. For the six months ended June 30, 2016 and year ended December 31, 2015, the volumes of derivative activity (based on average month-end notional amounts) were $819,993 and $1,693,021, respectively.

The fair value of derivative instruments at June 30, 2016 and December 31, 2015, were as follows:

Period	Derivative Instruments	Asset Derivatives (i)		Liability Derivatives (ii)
June 30, 2016	Coal Futures	$	56,100		—
December 31, 2015	Coal Futures		—	$	1,550

(i) Values are disclosed on the Consolidated Statements of Financial Condition under Net unrealized appreciation on futures contracts.

(ii) Values are disclosed on the Consolidated Statements of Financial Condition under Net unrealized depreciation on futures contracts.

The following is a summary of the realized and unrealized gains and losses of the derivative instruments utilized by the Fund for the three months and six months ended June 30, 2016 and 2015:

Period	Derivative Instruments	Realized Gain (Loss) on Derivative Instruments (i)			Net Change in Unrealized Gain (Loss) on Derivative Instruments (ii)
Three months ended June 30, 2016	Coal Futures	$	175,800		$	32,700
Three months ended June 30, 2015	Coal Futures		(169,950	)		142,100
Six months ended June 30, 2016	Coal Futures		185,400			57,650
Six-month period ended June 30, 2015*	Coal Futures		(337,450	)		42,500

* Commenced trading operations on the NYSE Arca on February 20, 2015.

(i) Values are disclosed on the Consolidated Statements of Income and Expenses under Net realized gain (loss) from futures contracts.

(ii) Values are disclosed on the Consolidated Statements of Income and Expenses under Net change in unrealized gain (loss) from futures contracts.

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(6) Financial Instrument Risk

Market Risk

Trading in Coal Futures will involve the Fund entering into contractual commitments to purchase or sell specific amounts of instruments at a specified date in the future. The gross or face amount of the contracts is expected to significantly exceed the future cash requirements of the Fund, however, the Fund intends to close out any open positions prior to the contractual expiration date. As a result, the Fund’s market risk is the risk of loss arising from the decline in value of the contracts, not from the need to make delivery under the contracts. The Fund considers the “fair value” of derivative instruments to be the unrealized gain or loss on the contracts. The market risk associated with the commitment by the Fund to purchase a specific contract will be limited to the aggregate face amount of the contacts held.

The exposure of the Fund to market risk will depend on a number of factors including the markets for the specific instrument, the volatility of interest rates and foreign exchange rates, the liquidity of the instrument-specific interest market and the relationships among the contracts held by the Fund.

Market risk is the potential for changes in the value of the financial instruments traded by the Fund due to market changes, including fluctuations in commodity price. In entering into these contracts, there exists a market risk that such contracts may be significantly influenced by conditions, resulting in such contracts being less valuable. If the markets should move against all of the futures interest positions at the same time, and the Sponsor was unable to offset such positions, the Fund could experience substantial losses.

Credit Risk

When the Fund enters into Coal Futures, it will be exposed to the credit risk that the counterparty will not be able to meet its obligations. As the Fund initially plans to trade its investments primarily on CME ClearPort, the Fund executes trades of Block Traded Coal Futures via CME ClearPort by placing purchase orders with an Execution Broker. The Execution Broker identifies a selling counterparty, and simultaneously with completion of the transaction, the Block Traded Coal Futures are entered into CME ClearPort by the Execution Broker, thereby completing the transaction and creating a cleared futures transaction. If the CME does not accept the transaction for any reason, the transaction is considered null and void and of no legal effect. As a result, all of the Fund’s positions in Coal Futures, whether traded on the CME ClearPort Block Trade entry systems or on CME Globex, will be cleared by CME clearing member firms, thereby reducing counterparty risk. There can be no assurance that any counterparty, clearinghouse, or their financial backers will satisfy their obligations to the Fund.

Credit risk is the possibility that a loss may occur due to the failure of an exchange clearinghouse to perform according to the terms of a contract. Credit risk with respect to exchange-traded instruments is reduced to the extent that an exchange or clearing organization acts as counterparty to the transactions. The Fund’s risk of loss in the event of counterparty default is typically limited to the amounts recognized in the Statement of Financial Condition and not represented by the contract or notional amounts of the instruments.

The Commodity Exchange Act (“CEA”) requires all Futures Commission Merchants (“FCMs”), such as the Fund’s current Commodity Broker, to meet and maintain specified fitness and financial requirements, to segregate customer funds from proprietary funds and account separately for all customers’ funds and positions, and to maintain specified books and records open to inspection by the staff of the Commodity Futures Trading Commission (“CFTC”). The CFTC has similar authority over introducing brokers, or persons who solicit or accept orders for commodity interest trades but who do not accept margin deposits for the execution of trades. The CEA authorizes the CFTC to regulate trading by FCMs and by their officers and directors, permits the CFTC to require action by exchanges in the event of market emergencies, and establishes an administrative procedure under which customers may institute complaints for damages arising from alleged violations of the CEA. The CEA also gives the states powers to enforce its provisions and the regulations of the CFTC.

The CFTC has adopted regulations that require enhanced customer protections, risk management programs, internal monitoring and controls, capital and liquidity standards, customer disclosures and auditing and examination programs for FCMs. The rules are intended to afford greater assurances to market participants that customer segregated funds and secured amounts are protected, customers are provided with appropriate notice of the risks of futures trading and of the FCMs with which they may choose to do business, FCMs are monitoring and managing risks in a robust manner, the capital and liquidity of FCMs are strengthened to safeguard the continued operations and the auditing and examination programs of the CFTC and the self-regulatory organizations are monitoring the activities of FCMs in a thorough manner.

Off-Balance Sheet Risk

The Fund does not use and is not expected to use special purpose entities to facilitate off-balance sheet financing arrangements. The Fund does not have and is not expected to have loan guarantee arrangements or other off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions related to certain risks service providers undertake in performing services that are in the interest of the Fund. While the Fund’s exposure under such indemnification provisions cannot be estimated, these general business indemnifications are not expected to have a material impact on the Fund’s financial position. In the normal course of its business, the Fund may be party to financial instruments with off-balance sheet risk. The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the statements of financial condition,

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may result in a future obligation or loss. The financial instruments used by the Fund are coal futures, whose values are based upon an underlying asset and generally represent future commitments which have a reasonable possibility to be settled in cash or through physical delivery. These instruments are traded on an exchange and are standardized contracts.

(7) Share Creations and Redemptions

As described in the Item 1 of this quarterly report, the creation and redemption procedures allow only Authorized Participants to create and redeem Shares directly from the Fund. Proceeds from sales of shares of the Fund are invested directly in the Fund. Retail investors seeking to purchase or sell Shares on any day are expected to execute such transactions in the secondary market, on the NYSE Arca, at the market price per Share, rather than in connection with the creation or redemption of Baskets.

(a) Creation of Shares

General. On any business day, an Authorized Participant may place an order with the Distributor to create one or more Baskets. Creation orders are accepted only on a “business day” during which the NYSE Arca is open for regular trading. Purchase orders must be placed no later than 10:00 a.m., New York time, on each business day the NYSE Arca is open for regular trading. The day on which the Distributor receives a valid purchase order is the purchase order date. Purchase orders are irrevocable. By placing a purchase order, and prior to delivery of the applicable Baskets, an Authorized Participant’s DTC account will be charged the non-refundable transaction fee due for the purchase order.

Determination of Required Payment. The total payment required to create each Basket is the NAV of 25,000 Shares on the purchase order date, but only if the required payment is timely received. To calculate the NAV, the Administrator will use the CME settlement price (typically determined after 5:00 p.m. New York time) for the Coal Futures traded on the CME.

Delivery of Required Payment. An Authorized Participant who places a purchase order must transfer to the Administrator the required amount of U.S. Treasuries and/or cash by the end of the next business day following the purchase order date. Upon receipt of the deposit amount, the Administrator will direct DTC to credit the number of Baskets ordered to the Authorized Participant’s DTC account on the next business day following the purchase order date.

Suspension of Purchase Orders. The Sponsor acting by itself or through the Administrator or the Fund’s Distributor may suspend the right of purchase, or postpone the purchase settlement date, for any period during which the NYSE Arca or other exchange on which the shares are listed is closed, other than for customary holidays or weekends, or when trading is restricted or suspended. None of the Sponsor, the Distributor or the Administrator will be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.

Rejection of Purchase Orders. The Sponsor acting by itself or through the Administrator or the Distributor may reject a purchase order if (i) it determines that the purchase order is not in proper form, (ii) circumstances outside the control of the Sponsor make it, for all practical purposes, not feasible to process creations of Baskets, such as during force majeure events, or (iii) the Sponsor believes that it or the Fund would be in violation of any securities or commodities rules or regulations regarding position limits or otherwise by accepting a creation. None of the Administrator, the Distributor or the Sponsor will be liable for the rejection of any purchase order.

(b) Redemption of Shares

General. The approved procedures by which an Authorized Participant can redeem one or more Baskets mirror in reverse the procedures for the creation of Baskets. On any business day, an Authorized Participant may place an order with the Distributor to redeem one or more Baskets. Redemption orders must be placed no later than 10:00 a.m., New York time, on each business day. The day on which the Distributor receives a valid redemption order is the redemption order date.

By placing a redemption order, an Authorized Participant agrees to deliver the Baskets to be redeemed through DTC’s book-entry system to the Fund not later than 12:00 p.m., New York time, on the business day immediately following the redemption order date. By placing a redemption order, and prior to receipt of the redemption distribution, an Authorized Participant’s DTC account will be charged the non-refundable transaction fee due for the redemption order.

Determination of Redemption Proceeds. The redemption proceeds from the Fund consists of the cash redemption amount equal to the NAV of the number of Baskets requested in the Authorized Participant’s redemption order on the redemption order date. To calculate the NAV, the Administrator will use the CME settlement price (typically determined after 5:00 p.m. New York time) for the Coal Futures traded on the CME.

Delivery of Redemption Proceeds. The redemption proceeds due from the Fund is delivered to the Authorized Participant at 12:00 p.m., New York time, on the business day immediately following the redemption order date if, by such time, the Fund’s DTC account has been credited with the Baskets to be redeemed. If the Fund’s DTC account has not been credited with all of the Baskets to be redeemed by such time, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the

12

next business day to the extent of remaining whole Baskets received if the Administrator receives the fee applicable to the extension of the redemption distribution date which the Sponsor may, from time to time, determine and the remaining Baskets to be redeemed are credited to the Fund’s DTC account by 12:00 p.m., New York time, on such next business day. Any further outstanding amount of the redemption order shall be cancelled. The Sponsor may cause the redemption distribution to be delivered notwithstanding that the Baskets to be redeemed are not credited to the Fund’s DTC account by 12:00 p.m., New York time, on the next business day immediately following the redemption order date if the Authorized Participant has collateralized its obligation to deliver the Baskets through DTC’s book entry system on such terms as the Administrator and the Sponsor may from time to time determine.

Suspension of Redemption Orders. The Sponsor acting by itself or through the Administrator or the Distributor may suspend the right of redemption, or postpone the redemption settlement date, (i) for any period during which the NYSE Arca is closed, other than customary weekend or holiday closings, or for any period when trading on the NYSE Arca is suspended, (ii) for any period during which an emergency exists as a result of which the redemption distribution is not reasonably practicable, or (iii) in the event any price limits imposed by the CME or the CFTC are reached and the Sponsor believes that permitting redemptions under such circumstances may adversely impact investors. None of the Sponsor, the Distributor or the Administrator will be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.

Rejection of Redemption Orders. The Sponsor acting by itself or through the Distributor or the Administrator may reject a redemption order if the order is not in proper form as described in the Participant Agreement or if the fulfillment of the order, in the opinion of the Sponsor’s counsel, might be unlawful. None of the Administrator, the Distributor or the Sponsor will be liable for the rejection of any redemption order.

(8) Operating Expenses

(a) Sponsor Fee

The Fund pays the Sponsor a fee equal to 0.95% of the average daily NAV. The Sponsor’s fee incurred for the three months ended June 30, 2016 and 2015 were $2,125 and $5,169 and for the six months or period ended June 30, 2016 and 2015 were $3,962 and $11,282, respectively. In addition, the Fund will pay its brokerage fees and expenses, and certain other operational fees, as described below.

(b) Organization and Offering Expenses

The fees and expenses incurred in connection with the organization of the Fund and the offering of the Shares were paid by the Sponsor. The Sponsor, under certain circumstances, may be reimbursed by the Fund in the future in connection with the payment of the organizational and offering fees and expenses.

(c) Brokerage Commissions, Fees, and Routine Operational, Administrative, and Other Ordinary Expenses

The Sponsor currently does not expect brokerage commissions and fees as well as routine operational, administrative and other ordinary expenses for which the Fund is responsible, including, but not limited to, the fees and expenses of the Trustee, legal and accounting fees and expenses, tax preparation expenses, filing fees, and printing, mailing and duplication costs, to exceed 0.30% of the NAV of the Fund in any year, although the actual amount of such fees and expenses in any year may be greater. The Fund’s brokerage commissions and fees and routine operational, administrative and other ordinary expenses are accrued at a rate of 0.30% per annum in the aggregate. Of the amounts so accrued, the Fund first pays brokerage commissions and fees, and secondly from the remainder of the amounts so accrued, reimburses the Sponsor for first, the Fund’s ongoing operational, administrative, professional and other ordinary fees and expenses (other than any marketing-related fees and expenses), and second, the Fund’s organizational and offering fees and expenses.

Brokerage commissions and fees are charged against the Fund’s assets on a per transaction basis. The brokerage commissions, trading fees and routine operational, administrative, and other ordinary expenses incurred for the three months ended June 30, 2016 and 2015 were $671 and $1,632 and for the six months or period ended June 30, 2016 and 2015 were $1,251 and $3,562, respectively.

(9) Termination

The term of the Fund is perpetual, but the Fund may be dissolved at any time and for any reason, or for no reason at all, by the Sponsor with written notice to the Shareholders. Any termination of the Fund will result in the compulsory redemption of all outstanding Shares.

(10) Profit and Loss Allocations and Distributions

The Sponsor and the Shareholders share in any profits and losses of the Fund attributable to the Fund in proportion to the percentage interest owned by each. Distributions may be made at the sole discretion of the Sponsor on a pro-rata basis in accordance with the respective capital balances of the Shareholders, but the Fund is under no obligation to make periodic distributions to Shareholders. The Fund made no distributions to its Shareholders during the six months ended June 30, 2016.

13

(11) Commitments and Contingencies

The Sponsor, either in its own capacity or in its capacity as the Sponsor and on behalf of the Fund, has entered into various service agreements that contain a variety of representations, or provide indemnification provisions related to certain risks service providers undertake in performing services which are in the best interest of the Fund. As of June 30, 2016, no claims had been received by the Fund and it was therefore not possible to estimate the Fund’s potential future exposure under such indemnification provisions.

(12) Net Asset Value and Financial Highlights

The Fund is presenting the following NAV and financial highlights related to investment performance and operations for a Share outstanding for the three months, six months or period ended June 30, 2016 and 2015. The total return at NAV is based on the change in NAV of the Shares during the period. An individual investor’s return and ratios may vary based on the timing of capital transactions.

	Three Months Ended June 30, 2016			Three Months Ended June 30, 2015			Six Months Ended June 30, 2016			Six Months Ended June 30, 2015*
Net Asset Value
Net asset value per Share, beginning of period	$	32.65		$	38.17		$	31.36		$	30.00
Capital contribution on original units		—			—			—			10.00
Net asset value per Share, beginning of period		32.65			38.17			31.36			40.00
Net realized and change in unrealized gain (loss)		8.32			1.68			9.71			(0.09	)
Net investment loss(1)		(0.11	)		(0.12	)		(0.21	)		(0.18	)
Net increase (decrease) in net assets from operations		8.21			1.56			9.50			(0.27	)
Net asset value per Share, end of period	$	40.86		$	39.73		$	40.86		$	39.73
Ratio to average Net Assets(2)
Net investment loss		(1.25	)%		(1.29	)%		(1.25	)%		(1.27	)%
Total expenses		1.25	%		1.29	%		1.25	%		1.27	%
Total Return, at net asset value(3)		25.15	%		4.09	%		30.29	%		(0.68	)%

* Commenced trading operations on the NYSE Arca on February 20, 2015.

⁽¹⁾  Based on average shares outstanding.

⁽²⁾  Annualized.

⁽³⁾  Total return calculated for a period of less than one year is not annualized.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operation.

The following discussion should be read in conjunction with the Fund’s Financial Statements and the related Notes to the Fund’s Financial Statements included elsewhere in this Quarterly Report.

This Quarterly Report, including this “Management’s Discussion and Analysis of Financial Condition and Results of Operation,” contains forward-looking statements regarding the plans and objectives of management for future operations. This information may involve known and unknown risks, uncertainties and other factors that may cause the Fund’s actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by any forward-looking statements. Forward-looking statements, which involve assumptions and describe the Fund’s future plans, strategies and expectations, are generally identifiable by use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend” or “project,” the negative of these words, other variations on these words or comparable terminology. These forward-looking statements are based on assumptions that may be incorrect, and the Fund cannot assure investors that these projections included in these forward-looking statements will come to pass. The Fund’s actual results could differ materially from those expressed or implied by the forward-looking statements as a result of various factors.

The Fund has based the forward-looking statements included in this Quarterly Report on information available to it as close to the filing date of this Quarterly Report as reasonably practicable, and the Fund assumes no obligation to update any such forward-looking statements except as required by the federal securities laws. Investors are advised to review any additional disclosures that the Fund may make directly to them or through reports that the Fund files in the future with the SEC, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

14

Overview/Introduction

The WisdomTree Coal Fund is a commodity pool that was organized as a Delaware statutory trust on June 18, 2012. The Fund’s commodity pool operator is WisdomTree Coal Services, LLC (the “Sponsor”). The Fund’s Trustee is Christiana Trust, a division of Wilmington Savings Fund Society, FSB. Shares representing units of fractional undivided beneficial interest in and ownership of the Fund are listed on the NYSE Arca under the symbol “TONS.”

Effective January 1, 2016, in accordance with the terms of a Unit Purchase Agreement dated October 29, 2015; GreenHaven Group LLC sold 100% of the issued and outstanding membership interest in the Sponsor to WisdomTree Investments Inc. Following the sale, the name of the Fund was changed from “GreenHaven Coal Fund” to “WisdomTree Coal Fund” and the name of the Sponsor was changed from “GreenHaven Coal Services, LLC” to “WisdomTree Coal Services, LLC.”

As of January 1, 2016, the Fund’s commodity trading advisor is GreenHaven Advisors LLC (the “Sub-Advisor”).

The Fund’s investment objective is to provide investors with exposure to daily changes in the price of coal futures contracts, before Fund liabilities and expenses. The Fund pursues this objective by investing substantially all of its assets in Rotterdam coal futures contracts (“Coal Futures”) traded on the Chicago Mercantile Exchange. The Fund also may realize interest income from its holdings in U.S. Treasuries.

The Fund continuously offers and redeems baskets of 25,000 Share Baskets (“Baskets”) to authorized participants (“Authorized Participants”) at a price based on the Fund’s net asset value (“NAV”) per Share. Authorized Participants, in turn, may offer such Shares to the public at a per Share offering price that varies depending on, among other factors, the trading price of the Shares, the NAV, and the supply of and demand for the Shares at the time of the offer.

Performance Summary

Performance of the Fund is detailed below in “Results of Operations.”

Net Asset Value

The Fund’s Net Asset Value (“NAV”) equals the market value of the Fund’s total assets less total liabilities calculated in accordance with generally accepted accounting principles in the United States. The Fund’s Administrator calculates the NAV once each NYSE Arca trading day. The Administrator uses the CME settlement price (typically determined after 5:00 p.m. New York time) for the contracts traded on the CME Facilities. The NAV for a particular trading day is released after 5:00 p.m. New York time and effective January 1, 2016, will be posted at www.wisdomtree.com.

Critical Accounting Policies

Critical accounting policies for the Fund are as follows:

Preparation of the financial statements and related disclosures in conformity with U.S. generally accepted accounting principles requires the application of appropriate accounting rules and guidance, as well as the use of estimates, and requires the Sponsor to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expense and related disclosure of contingent assets and liabilities during the reporting period of the financial statements and accompanying notes. The Fund applies these policies that involve judgments and actual results may differ from the estimates used.

When market closing prices are not available, the Sponsor may value an asset of the Fund pursuant to policies the Sponsor has adopted, which are consistent with normal industry standards.

Interest income on U.S. Treasuries is recognized on an accrual basis when earned. Discounts and premiums are amortized or accreted over the life of the U.S. Treasuries.

Realized gains (losses) and changes in unrealized gain (loss) on open positions are determined on a specific identification basis and recognized in the statement of income and expenses in the period in which the contract is closed or the changes occur, respectively.

Market Risk

Trading in Coal Futures involves the Fund entering into contractual commitments to purchase or sell specific amounts of instruments at a specified date in the future. The gross or face amount of the contracts is expected to significantly exceed the future cash requirements of the Fund, however, the Fund intends to close out any open positions prior to the contractual expiration date. As a result, the Fund’s market risk is the risk of loss arising from the decline in value of the contracts, not from the need to make delivery under the contracts. The Fund considers the “fair value” of derivative instruments to be the unrealized gain or loss on the contracts. The market risk associated with the commitment by the Fund to purchase a specific contract is limited to the aggregate face amount of the contracts held.

15

The exposure of the Fund to market risk depends on a number of factors including the markets for the specific instrument, the volatility of interest rates and foreign exchange rates, the liquidity of the instrument-specific interest market and the relationships among the contracts held by the Fund.

Credit Risk

When the Fund enters into Coal Futures, it will be exposed to the credit risk that the counterparty will not be able to meet its obligations. As the Fund trades its investments primarily on CME ClearPort, the Fund executes trades of Block Traded Coal Futures via CME ClearPort by placing purchase orders with an Execution Broker. The Execution Broker identifies a selling counterparty, and simultaneously with completion of the transaction, the Block Traded Coal Futures are entered into CME ClearPort by the Execution Broker, thereby completing the transaction and creating a cleared futures transaction. If the CME does not accept the transaction for any reason, the transaction is considered null and void and of no legal effect. As a result, all of the Fund’s positions in Coal Futures, whether traded on the CME ClearPort Block Trade entry systems or on CME Globex, will be cleared by CME clearing member firms, thereby reducing counterparty risk. There can be no assurance that any counterparty, clearinghouse, or their financial backers will satisfy their obligations to the Fund.

The Commodity Exchange Act (“CEA”) requires all FCMs, such as the Fund’s current Commodity Broker, to meet and maintain specified fitness and financial requirements, to segregate customer funds from proprietary funds and account separately for all customers’ funds and positions, and to maintain specified books and records open to inspection by the staff of the CFTC. The CFTC has similar authority over introducing brokers, or persons who solicit or accept orders for commodity interest trades but who do not accept margin deposits for the execution of trades. The CEA authorizes the CFTC to regulate trading by FCMs and by their officers and directors, permits the CFTC to require action by exchanges in the event of market emergencies, and establishes an administrative procedure under which customers may institute complaints for damages arising from alleged violations of the CEA. The CEA also gives the states powers to enforce its provisions and the regulations of the CFTC.

On November 14, 2013, the CFTC published final regulations that require enhanced customer protections, risk management programs, internal monitoring and controls, capital and liquidity standards, customer disclosures and auditing and examination programs for FCMs. The rules are intended to afford greater assurances to market participants that customer segregated funds and secured amounts are protected, customers are provided with appropriate notice of the risks of futures trading and of the FCMs with which they may choose to do business, FCMs are monitoring and managing risks in a robust manner, the capital and liquidity of FCMs are strengthened to safeguard the continued operations and the auditing and examination programs of the CFTC and the self-regulatory organizations are monitoring the activities of FCMs in a thorough manner.

Liquidity and Capital Resources

The Fund does not anticipate making use of borrowings or other lines of credit to meet its obligations. The Fund meets its liquidity needs in the normal course of business from the proceeds of the sale of its investments or from the cash, cash equivalents and/or the collateralizing U.S. Treasuries that it holds. The Fund’s liquidity needs include: redeeming its Shares, providing margin deposits for existing Coal Futures, the purchase of additional Coal Futures and paying expenses.

The Fund generates cash primarily from (i) the sale of creation Baskets and (ii) interest earned on cash, cash equivalents and investments in collateralizing U.S. Treasuries. Substantially all of the net assets of the Fund are allocated to trading in Coal Futures. Most of the assets of the Fund are held in U.S. Treasuries, cash and/or cash equivalents that could or are used as margin or collateral for trading in Coal Futures. The percentage that such assets bear to the total net assets varies from period to period as the market values of the Coal Futures change. Interest earned on interest-bearing assets of the Fund is paid to the Fund.

The Fund’s investments in Coal Futures could be subject to periods of illiquidity because of market conditions, regulatory considerations and other reasons. Such conditions could prevent the Fund from promptly liquidating a position in Coal Futures.

Off-Balance Sheet Risk

The Fund does not use and is not expected to use special purpose entities to facilitate off-balance sheet financing arrangements. The Fund does not have and is not expected to have loan guarantee arrangements or other off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions related to certain risks service providers undertake in performing services that are in the interest of the Fund. While the Fund’s exposure under such indemnification provisions cannot be estimated, these general business indemnifications are not expected to have a material impact on the Fund’s financial position.

16

Results of Operations

FOR THE PERIOD FROM COMMENCEMENT OF OPERATIONS TO JUNE 30, 2016

The Fund commenced operations on February 19, 2015 at $40.00 per share and the Fund’s shares began secondary market trading on the NYSE Arca on February 20, 2015.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

Date	NAV Per Share		Total Shares		Net Assets		1 Month Return			3 Month Return			Year to Date Return			Cumulative Return Since Inception
2/19/2015	$	40.00		150,050	$	6,002,000		N/A			N/A			N/A			N/A
2/28/2015	$	41.36		150,050	$	6,206,242		N/A			N/A			N/A			3.40	%
3/31/2015	$	38.17		150,050	$	5,726,857		(7.71	)%		N/A			N/A			(4.58	)%
4/30/2015	$	38.58		150,050	$	5,789,246		1.07	%		N/A			N/A			(3.55	)%
5/31/2015	$	38.29		25,050	$	959,274		(0.75	)%		(7.42	)%		N/A			(4.28	)%
6/30/2015	$	39.73		25,050	$	995,181		3.76	%		4.09	%		N/A			(0.68	)%
7/31/2015	$	36.91		25,050	$	924,561		(7.10	)%		(4.33	)%		N/A			(7.73	)%
8/31/2015	$	35.70		25,050	$	894,401		(3.28	)%		(6.76	)%		N/A			(10.75	)%
9/30/2015	$	33.19		25,050	$	831,507		(7.03	)%		(16.46	)%		N/A			(17.03	)%
10/31/2015	$	33.73		25,050	$	845,021		1.63	%		(8.62	)%		N/A			(15.68	)%
11/30/2015	$	32.78		25,050	$	821,066		(2.82	)%		(8.18	)%		N/A			(18.05	)%
12/31/2015	$	31.36		25,050	$	785,630		(4.33	)%		(5.51	)%		N/A			(21.60	)%
1/31/2016	$	30.79		25,050	$	771,214		(1.82	)%		(8.72	)%		(1.82	)%		(23.03	)%
2/29/2016	$	30.85		25,050	$	772,710		0.19	%		(5.89	)%		(1.63	)%		(22.88	)%
3/31/2016	$	32.65		25,050	$	817,763		5.83	%		4.11	%		4.11	%		(18.38	)%
4/30/2016	$	34.12		25,050	$	854,710		4.50	%		10.82	%		10.82	%		(14.70	)%
5/31/2016	$	37.18		25,050	$	931,473		8.97	%		20.52	%		18.56	%		(7.05	)%
6/30/2016	$	40.86		25,050	$	1,023,467		9.90	%		25.15	%		30.29	%		2.15	%

17

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

18

The Fund seeks to provide investors with exposure to the daily change in the price of Coal Futures, before expenses and liabilities of the Fund. For the six-months ended June 30, 2016 and the period ended June 30, 2015, the Fund’s NAV returned 30.29% and -0.68% respectively.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Not required for smaller reporting companies.

Item 4. Controls and Procedures.

Disclosure controls and procedures

The duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Fund would perform if the Fund had any officers have evaluated the effectiveness of the Fund’s disclosure controls and procedures, and have concluded that the disclosure controls and procedures of the Fund were effective as of the end of the period covered by this report to provide reasonable assurance that information required to be disclosed in the reports that the Fund files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the applicable rules and forms, and that it is accumulated and communicated to the duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Fund would perform if the Fund had any officers, as appropriate to allow timely decisions regarding required disclosure.

There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures.

Changes in Internal Control over Financial Reporting

During the three months ended June 30, 2016, the Fund made no changes to its internal control over financial reporting that materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.

19

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

Not Applicable.

Item 1A. Risk Factors.

There are no material changes from risk factors as previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2015, filed with the Securities and Exchange Commission on March 29, 2016.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

(a) None.

(b) For the three-months ended June 30, 2016, no Shares were redeemed and no Shares were created. On June 30, 2016, 25,050 Shares of the Fund were outstanding for a market capitalization of $1,023,293, based on the last closing price of $40.85 on the NYSE Arca as of June 30, 2016.

(c) There were no Shares redeemed (purchased back by the Fund, or “Issuer”) from Authorized Participants during the quarter ended June 30, 2016.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

None.

Item 5. Other Information

None.

Item 6. Exhibits.

Exhibit No.	Description of Document
31.1	Certification by Principal Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended (1)
31.2	Certification by Principal Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended(1)
32.1	Certification by Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002(1)
32.2	Certification by Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002(1)
101.INS	XBRL Instance Document.
101.SCH	XBRL Taxonomy Extension Schema Document.
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB	XBRL Taxonomy Extension Label Linkbase Document.
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document.

¹  Filed herewith.

20

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

WisdomTree Coal Services, LLC,
Sponsor of the WisdomTree Coal Fund (registrant)
By:	/s/ Gregory Barton
Gregory Barton
Chief Executive Officer
(Principal Executive Officer)
Date: August 5, 2016
By:	/s/ David Castano
David Castano
Chief Financial Officer
(Principal Financial Officer)
Date: August 5, 2016

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Gregory Barton, Chief Executive Officer of WisdomTree Coal Services, LLC, the Sponsor of the WisdomTree Coal Fund (the “Fund”), certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of the Fund;

2. based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. the registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant is made known to me by others within those entities, particularly during the period in which this report is being prepared;

b. designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 5, 2016	/s/ Gregory Barton
	Gregory Barton
	Chief Executive Officer
	(Principal Executive Officer)

Exhibit 31.1

EX-31.2

Exhibit 31.2

CERTIFICATION

I, David Castano, Chief Financial Officer of WisdomTree Coal Services, LLC, the Sponsor of the WisdomTree Coal Fund (the “Fund”), certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of the Fund;

2. based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. the registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant is made known to me by others within those entities, particularly during the period in which this report is being prepared;

b. designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 5, 2016	/s/ David Castano
	David Castano
	Chief Financial Officer
	(Principal Financial Officer)

Exhibit 31.2

EX-32.1

Exhibit 32.1

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

The undersigned, Gregory Barton, Chief Executive Officer of WisdomTree Coal Services, LLC, the Sponsor of the WisdomTree Coal Fund (the “Fund”), hereby certifies pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Fund’s Quarterly Report on Form 10-Q for the period ended June 30, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund

Date: August 5, 2016	/s/ Gregory Barton
	Gregory Barton
	Chief Executive Officer
	(Principal Executive Officer)

Exhibit 32.1

EX-32.2

Exhibit 32.2

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

The undersigned, David Castano, Chief Financial Officer of WisdomTree Coal Services, LLC, the Sponsor of the WisdomTree Coal Fund (the “Fund”), hereby certifies pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Fund’s Quarterly Report on Form 10-Q for the period ended June 30, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund

Date: August 5, 2016	/s/ David Castano
	David Castano
	Chief Financial Officer
	(Principal Financial Officer)

Exhibit 32.2

XML

Document and Entity Information	6 Months Ended
	Jun. 30, 2016 shares
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q2
Trading Symbol	tons
Entity Registrant Name	WisdomTree Coal Fund
Entity Central Index Key	0001552700
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding	25,050

XML

Statements of Financial Condition - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Assets:
Cash	$ 643,167
Cash held by broker for futures contracts (Note 3)	324,585	$ 786,836
Unrealized appreciation on futures contracts	56,100
Prepaid brokerage fees and expenses	379	979
Total Assets	1,024,231	787,815
Liabilities and shareholders' equity:
Unrealized depreciation on futures contracts		1,550
Management fee payable to related party	764	635
Total Liabilities	764	2,185
Shareholders' equity:
Paid in capital - 25,050 and 25,050 redeemable shares issued and outstanding as of June 30, 2016 and December 31, 2015, respectively	1,304,975	1,304,975
Accumulated deficit	(281,508)	(519,345)
Total shareholders' equity	1,023,467	785,630
Total liabilities and shareholders' equity	$ 1,024,231	$ 787,815
Net asset value per share	$ 40.86	$ 31.36

XML

Statements of Financial Condition (Parenthetical) - shares	Jun. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Paid in capital redeemable shares issued	25,050	25,050
Paid in capital redeemable shares outstanding	25,050	25,050

XML

Unaudited Schedule of Investments - Futures Contracts [Member]	Jun. 30, 2016 USD ($) Contract	Dec. 31, 2015 USD ($) Contract
Schedule of Investments [Line Items]
Unrealized Appreciation/(Depreciation) Percentage of Net Assets	5.47%	(0.20%)
Unrealized Appreciation/(Depreciation)	$ 56,100	$ (1,550)
Notional Value	$ 977,500	$ 744,600
CME Rotterdam Coal Futures Expiration Date 10/28/16 [Member]
Schedule of Investments [Line Items]
Contracts | Contract	6
Unrealized Appreciation/(Depreciation) Percentage of Net Assets	1.93%
Unrealized Appreciation/(Depreciation)	$ 19,800
Notional Value	$ 345,000
CME Rotterdam Coal Futures Expiration Date 11/25/16 [Member]
Schedule of Investments [Line Items]
Contracts | Contract	6
Unrealized Appreciation/(Depreciation) Percentage of Net Assets	1.93%
Unrealized Appreciation/(Depreciation)	$ 19,800
Notional Value	$ 345,000
CME Rotterdam Coal Futures Expiration Date 12/23/16 [Member]
Schedule of Investments [Line Items]
Contracts | Contract	5
Unrealized Appreciation/(Depreciation) Percentage of Net Assets	1.61%
Unrealized Appreciation/(Depreciation)	$ 16,500
Notional Value	$ 287,500
CME Rotterdam Coal Futures Expiration Date 4/29/16 [Member]
Schedule of Investments [Line Items]
Contracts | Contract		6
Unrealized Appreciation/(Depreciation) Percentage of Net Assets		(0.09%)
Unrealized Appreciation/(Depreciation)		$ (700)
Notional Value		$ 262,800
CME Rotterdam Coal Futures Expiration Date 5/27/16 [Member]
Schedule of Investments [Line Items]
Contracts | Contract		6
Unrealized Appreciation/(Depreciation) Percentage of Net Assets		(0.05%)
Unrealized Appreciation/(Depreciation)		$ (400)
Notional Value		$ 262,800
CME Rotterdam Coal Futures Expiration Date 6/24/16 [Member]
Schedule of Investments [Line Items]
Contracts | Contract		5
Unrealized Appreciation/(Depreciation) Percentage of Net Assets		(0.06%)
Unrealized Appreciation/(Depreciation)		$ (450)
Notional Value		$ 219,000

XML

Unaudited Schedule of Investments (Parenthetical) - Futures Contracts [Member]	Jun. 30, 2016	Dec. 31, 2015
CME Rotterdam Coal Futures Expiration Date 10/28/16 [Member]
Schedule of Investments [Line Items]
Expiration date	Oct. 28, 2016
CME Rotterdam Coal Futures Expiration Date 11/25/16 [Member]
Schedule of Investments [Line Items]
Expiration date	Nov. 25, 2016
CME Rotterdam Coal Futures Expiration Date 12/23/16 [Member]
Schedule of Investments [Line Items]
Expiration date	Dec. 23, 2016
CME Rotterdam Coal Futures Expiration Date 4/29/16 [Member]
Schedule of Investments [Line Items]
Expiration date		Apr. 29, 2016
CME Rotterdam Coal Futures Expiration Date 5/27/16 [Member]
Schedule of Investments [Line Items]
Expiration date		May 27, 2016
CME Rotterdam Coal Futures Expiration Date 6/24/16 [Member]
Schedule of Investments [Line Items]
Expiration date		Jun. 24, 2016

XML

Unaudited Statements of Income and Expenses - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	[1]
Income:
Interest income	$ 0	$ 0	$ 0	$ 0
Expenses:
Management fee to related party	2,125	5,169	3,962	11,282
Brokerage fees and expenses	671	1,632	1,251	3,562
Total expenses	2,796	6,801	5,213	14,844
Net investment loss	(2,796)	(6,801)	(5,213)	(14,844)
Net Realized Gain (Loss) from:
Futures Contracts	175,800	(169,950)	185,400	(337,450)
Net Realized Gain (Loss)	175,800	(169,950)	185,400	(337,450)
Net Change in Unrealized Gain from:
Futures Contracts	32,700	142,100	57,650	42,500
Net Change in Unrealized Gain	32,700	142,100	57,650	42,500
Net Realized and Unrealized Gain (Loss) from Futures Contracts	208,500	(27,850)	243,050	(294,950)
Net Gain (Loss)	$ 205,704	$ (34,651)	$ 237,837	$ (309,794)

[1] Commenced trading operations on the NYSE Arca on February 20, 2015.

XML

Unaudited Statement of Changes in Shareholders' Equity - 6 months ended Jun. 30, 2016 - USD ($)	Total	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]
Beginning Balance at Dec. 31, 2015	$ 785,630	$ 1,304,975	$ (519,345)
Beginning Balance (in units) at Dec. 31, 2015		25,050
Creation of Limited Units	$ 0	$ 0	$ 0
Creation of Limited Units (in units)	0	0	0
Redemption of Limited Units	$ 0	$ 0	$ 0
Redemption of Limited Units (in units)	0	0	0
Net Gain (Loss):
Net Investment Loss	$ (5,213)		$ (5,213)
Net Realized Gain from Futures Contracts	185,400		185,400
Net Change in Unrealized Gain from Futures Contracts	57,650		57,650
Net Gain (Loss)	237,837		237,837
Ending Balance at Jun. 30, 2016	$ 1,023,467	$ 1,304,975	$ (281,508)
Ending Balance (in units) at Jun. 30, 2016		25,050

XML

Unaudited Statements of Cash Flows - USD ($)		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	[1]
Cash flows from operating activities
Net Gain (Loss)		$ 237,837	$ (309,794)
(Increase)/Decrease in assets:
Unrealized appreciation on future contracts		(56,100)	(42,500)
Prepaid brokerage fees and expenses		600	(1,683)
Increase/(Decrease) in liabilities:
Unrealized depreciation on futures contracts		(1,550)
Management fee payable to related party		129	755
Net cash provided by (used for) operating activities		180,916	(353,222)
Cash flows from financing activities
Proceeds from creation of Limited Units			6,000,000
Additional capital contribution			500
Redemption of Limited Units			(4,697,025)
Net cash provided by financing activities			1,303,475
Net increase in cash		180,916	950,253
Cash at beginning of period	[2]	786,836	1,500
Cash at end of period	[2]	$ 967,752	$ 951,753

[1] Commenced trading operations on the NYSE Arca on February 20, 2015.

[2] Includes cash held by the broker for futures contracts.

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Organization

6 Months Ended

Jun. 30, 2016

Text Block [Abstract]

Organization

(1) Organization

WisdomTree Coal Fund (the “Fund”), formerly GreenHaven Coal Fund, was formed as a Delaware statutory trust on June 18, 2012 and commenced operations on February 19, 2015. WisdomTree Coal Services, LLC (the “Sponsor”) serves as the Fund’s commodity pool operator and sponsor under the Fund’s trust agreement, and is responsible for the day-to-day operations of the Fund. Shares representing units of fractional undivided beneficial interest in and ownership of the Fund are listed on the NYSE Arca under the symbol “TONS”.

Effective January 1, 2016, in accordance with the terms of a Unit Purchase Agreement dated October 29, 2015, GreenHaven Group LLC sold 100% of the issued and outstanding membership interest in the Sponsor to WisdomTree Investments Inc. Following the sale, the name of the Fund was changed from “GreenHaven Coal Fund” to “WisdomTree Coal Fund” and the name of the Sponsor was changed from “GreenHaven Coal Services, LLC” to “WisdomTree Coal Services, LLC.”

As of January 1, 2016, the Fund’s Sub-Advisor and commodity trading advisor is GreenHaven Advisors LLC.

The Fund’s investment objective is to provide its investors with exposure to daily changes in the price of coal futures contracts, before Fund liabilities and expenses. The Fund pursues this objective by investing substantially all of its assets in Rotterdam coal futures contracts (“Coal Futures”) traded on the Chicago Mercantile Exchange (“CME”). The Fund will invest in Coal Futures on a non-discretionary basis (i.e., without regard to whether the value of the Fund is rising or falling over any particular period). The Fund may also invest a portion of its net assets in U.S. Treasuries and other high quality short-term fixed income securities for deposit with the Fund’s commodity brokers as margin. Additional specifications for CME Coal Futures can be found at the CME’s website.

The Fund continuously offers, and redeems baskets of 25,000 Shares (“Baskets”) to authorized participants (“Authorized Participants”) at a price based on the Fund’s net asset value (“NAV”) per Share. Authorized Participants, in turn, may offer such Shares to the public at a per Share offering price that varies, depending on, among other factors, the trading price of the Shares, the NAV, and the supply of and demand for the Shares at the time of the offer.

The Sponsor and the Fund retain the services of third party service providers to the extent necessary to operate the ongoing operations of the Fund. (See Note (2)).

In accordance with Accounting Standard Update (“ASU”) 2013-08, Financial Services-Investment Companies, the Fund qualifies as an investment company and is applying the accounting and reporting guidance for investment companies.

Unaudited Interim Financial Information

The financial statements as of June 30, 2016 and for the three-months, six-months or period ended June 30, 2016 and 2015 included herein are unaudited. In the opinion of the Sponsor, the unaudited financial statements have been prepared on the same basis as the annual financial statements and include all adjustments, which are of the normal recurring nature, necessary for a fair statement of the Fund’s financial position, investments, results of operations and its cash flows. Interim results are not necessarily indicative of the results that will be achieved for the year or for any other interim period or for any future year. Past performance of the Fund is not necessarily indicative of future performance.

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Service Providers and Related Party Agreements

6 Months Ended

Jun. 30, 2016

Related Party Transactions [Abstract]

Service Providers and Related Party Agreements

(2) Service Providers and Related Party Agreements

(a) “Trustee” – Christiana Trust is the sole Trustee for the Fund. The Trustee is a division of Wilmington Saving Fund Society, FSB, and is headquartered in Wilmington, Delaware.

(b) “Sponsor” – WisdomTree Coal Services, LLC (f/k/a GreenHaven Coal Services, LLC) is the commodity pool operator and Sponsor of the Fund, responsible for the day to day operations of the Fund. The Sponsor charges the Fund a management fee for its services. The Sponsor is a Georgia limited liability company with operations in New York, New York.

(c) “Administrator” — State Street Bank and Trust Company is the Fund’s Administrator. The Administrator performs or supervises the services necessary for the operation and administration of the Fund (other than making investment decisions) in accordance with various services agreements entered into with the Fund. These services include calculating the daily NAV of the Fund, accounting and other Fund administrative services. As the Fund’s transfer agent, the Administrator processes creations and redemptions of Shares. These transactions are processed on Depository Trust Company’s (“DTC”) book entry system. The Administrator retains certain financial books and records, including: Basket creation and redemption books and records, fund accounting records, ledgers with respect to assets, liabilities, capital, income and expenses, the registrar, transfer journals and related details and trading and related documents received from futures commission merchants. State Street Bank and Trust Company has an office in Boston, Massachusetts.

(d) “Commodity Broker” — Morgan Stanley & Co. LLC (“MS&Co.”) is the Fund’s Commodity Broker. In its capacity as the Commodity Broker, it executes and clears each of the Fund’s futures transactions and performs certain administrative services for the Fund. MS&Co. is based in New York, New York.

(e) “Execution Broker” — TFS Energy Futures LLC (“TEF”) is the Fund’s Execution Broker. The Execution Broker executes certain of the Fund’s over-the-counter transactions and performs certain administrative services for the Fund. TEF is based in New York, New York.

(f) “Distributor” — Foreside Fund Services LLC (“FFS”) is the Fund’s Distributor. The Fund’s Distributor assists the Sponsor and the Administrator with certain functions and duties relating to the creation and redemption of Baskets, including receiving and processing orders from Authorized Participants to create and redeem Baskets, coordinating the processing of such orders and related functions and duties. FFS has an office in Portland, Maine.

(g) “Authorized Participant” — Authorized Participants are the only persons that may place orders to create or redeem Baskets. Each Authorized Participant must (1) be a registered broker-dealer or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer to engage in securities transactions, (2) be a participant in the DTC, and (3) have entered into a Participant Agreement with the Fund. The Participant Agreement sets forth the procedures for the creation and redemption of Baskets of Shares and for the delivery of cash required for such creations or redemptions. A list of the current Authorized Participants can be obtained from the Sponsor.

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Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2016

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

(3) Summary of Significant Accounting Policies

(a) Use of Estimates

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the amounts of reported income and expenses during the period. Actual results could differ from those estimates.

(b) Recently Issued Accounting Standards

No recently promulgated accounting standards are expected to have an effect on the Fund’s financial statements.

(c) Cash Held by Broker

Cash held in segregated accounts at MS&Co. is for the purpose of meeting the initial and subsequent variation margin requirements on open futures contracts held by the Fund. The cash held by MS&Co. is restricted cash and is not insured by the Federal Deposit Insurance Corporation.

(d) U. S. Treasury Obligations

The Fund records purchases and sales of U.S. Treasuries on a trade date basis. These holdings are marked to market based on quotations from broker-dealers or independent service providers. The Fund may hold U.S. Treasuries for deposit with the Commodity Broker as margin for trading and holding against initial margin of the open futures contracts. Interest income is recognized on an accrual basis when earned. Premiums and discounts are amortized or accreted over the life of the U.S. Treasury Obligations. As of June 30, 2016 and December 31, 2015, there were no U.S. Treasuries held by the Fund.

(e) Income Taxes

The Fund is classified as a partnership, for U.S. federal income tax purposes. Accordingly, the Fund is not subject to U.S. federal, state, or local income taxes. Accordingly, no provision for federal, state, or local income taxes has been made in the accompanying financial statements, as investors are individually liable for income taxes, if any, on their allocable share of the Fund’s income, gain, loss, deductions and other items.

The Fund accounts for uncertainty in income taxes pursuant to the applicable accounting standard, which provides measurement, presentation and disclosure guidance, related to uncertain tax positions. The guidance addresses how tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under this topic, the Fund may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution.

(f) Futures Contracts

The Fund purchases and holds Coal Futures for investment purposes. These contracts are recorded on a trade date basis and open contracts are valued daily at settlement prices provided by the relevant exchanges. In the Statements of Financial Condition, Coal Futures are presented at their published settlement prices on the last business day of the period, in accordance with the fair value accounting standard. Since these contracts are actively traded in markets that are directly observable and which provide readily available price quotes, their market value is deemed to be their fair value under the fair value accounting standard. (See Note 4 — Fair Value Measurements). However, when market closing prices are not available, the Sponsor may value an asset of the Fund pursuant to such other principles as the Sponsor deems fair and equitable provided such principles are consistent with the fair value accounting standard. Realized gains (losses) and changes in unrealized appreciation (depreciation) on open positions are determined on a specific identification basis and recognized in the Statements of Income and Expenses in the period in which the contract is closed or the changes occur, respectively.

(g) Subsequent Events

For purposes of disclosure in the financial statements, the Fund has evaluated events occurring between the period ended June 30, 2016 and when the financial statements were issued. During the period, no Shares were created or redeemed. The evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments.

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Fair Value Measurements

6 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

Fair Value Measurements

(4) Fair Value Measurements

The existing guidance for fair value measurements establishes the authoritative definition for fair value, sets out a framework for measuring fair value and outlines the required disclosures regarding fair value measurements. Fair value is the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The Fund uses a three-tier fair value hierarchy based upon observable and unobservable inputs as follows:

Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that the

reporting entity can access at the measurement date.

Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or

liability, either directly or indirectly.

Level 3 — Unobservable inputs for the asset or liability.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The assets of the Fund are either exchange-traded securities that are valued at the official closing price on the exchange where they are principally traded or U.S. government securities that are valued using dealer and broker quotations or other inputs that are observable or can be corroborated by observable market data. A summary of the Fund’s assets and liabilities at fair value as of June 30, 2016, classified according to the levels used to value them, is as follows:

Assets	Quoted Prices in Active Market (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Totals
Unrealized appreciation on futures contracts	$	56,100	$	—	$	—	$	56,100

There were no transfers between Level 1 and Level 2 for the Fund during the six months ended June 30, 2016. The Fund did not hold any Level 3 securities during the six months ended June 30, 2016.

A summary of the Fund’s assets and liabilities at fair value as of December 31, 2015, classified according to the levels used to value them, is as follows:

Liabilities	Quoted Prices in Active Market (Level 1)			Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Totals
Unrealized depreciation on futures contracts	$	(1,550	)	$	—	$	—	$	(1,550	)

There were no transfers between Level 1 and Level 2 for the Fund during the year ended December 31, 2015. The Fund did not hold any Level 3 securities during the year ended December 31, 2015.

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Derivative Instruments and Hedging Activities

6 Months Ended

Jun. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

(5) Derivative Instruments and Hedging Activities

The Fund uses derivative instruments as part of its principal investment strategy to achieve its investment objective. As of June 30, 2016, the Fund was invested in coal futures. For the six months ended June 30, 2016 and year ended December 31, 2015, the volumes of derivative activity (based on average month-end notional amounts) were $819,993 and $1,693,021, respectively.

The fair value of derivative instruments at June 30, 2016 and December 31, 2015, were as follows:

Period	Derivative Instruments	Asset Derivatives (i)		Liability Derivatives (ii)
June 30, 2016	Coal Futures	$	56,100		—
December 31, 2015	Coal Futures		—	$	1,550

(i) Values are disclosed on the Consolidated Statements of Financial Condition under Net unrealized appreciation on futures contracts.

(ii) Values are disclosed on the Consolidated Statements of Financial Condition under Net unrealized depreciation on futures contracts.

The following is a summary of the realized and unrealized gains and losses of the derivative instruments utilized by the Fund for the three months and six months ended June 30, 2016 and 2015:

Period	Derivative Instruments	Realized Gain (Loss) on Derivative Instruments (i)			Net Change in Unrealized Gain (Loss) on Derivative Instruments (ii)
Three months ended June 30, 2016	Coal Futures	$	175,800		$	32,700
Three months ended June 30, 2015	Coal Futures		(169,950	)		142,100
Six months ended June 30, 2016	Coal Futures		185,400			57,650
Six-month period ended June 30, 2015*	Coal Futures		(337,450	)		42,500

* Commenced trading operations on the NYSE Arca on February 20, 2015.

(i) Values are disclosed on the Consolidated Statements of Income and Expenses under Net realized gain (loss) from futures contracts.

(ii) Values are disclosed on the Consolidated Statements of Income and Expenses under Net change in unrealized gain (loss) from futures contracts.

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Financial Instrument Risk

6 Months Ended

Jun. 30, 2016

Investments, All Other Investments [Abstract]

Financial Instrument Risk

(6) Financial Instrument Risk

Market Risk

Trading in Coal Futures will involve the Fund entering into contractual commitments to purchase or sell specific amounts of instruments at a specified date in the future. The gross or face amount of the contracts is expected to significantly exceed the future cash requirements of the Fund, however, the Fund intends to close out any open positions prior to the contractual expiration date. As a result, the Fund’s market risk is the risk of loss arising from the decline in value of the contracts, not from the need to make delivery under the contracts. The Fund considers the “fair value” of derivative instruments to be the unrealized gain or loss on the contracts. The market risk associated with the commitment by the Fund to purchase a specific contract will be limited to the aggregate face amount of the contacts held.

The exposure of the Fund to market risk will depend on a number of factors including the markets for the specific instrument, the volatility of interest rates and foreign exchange rates, the liquidity of the instrument-specific interest market and the relationships among the contracts held by the Fund.

Market risk is the potential for changes in the value of the financial instruments traded by the Fund due to market changes, including fluctuations in commodity price. In entering into these contracts, there exists a market risk that such contracts may be significantly influenced by conditions, resulting in such contracts being less valuable. If the markets should move against all of the futures interest positions at the same time, and the Sponsor was unable to offset such positions, the Fund could experience substantial losses.

Credit Risk

When the Fund enters into Coal Futures, it will be exposed to the credit risk that the counterparty will not be able to meet its obligations. As the Fund initially plans to trade its investments primarily on CME ClearPort, the Fund executes trades of Block Traded Coal Futures via CME ClearPort by placing purchase orders with an Execution Broker. The Execution Broker identifies a selling counterparty, and simultaneously with completion of the transaction, the Block Traded Coal Futures are entered into CME ClearPort by the Execution Broker, thereby completing the transaction and creating a cleared futures transaction. If the CME does not accept the transaction for any reason, the transaction is considered null and void and of no legal effect. As a result, all of the Fund’s positions in Coal Futures, whether traded on the CME ClearPort Block Trade entry systems or on CME Globex, will be cleared by CME clearing member firms, thereby reducing counterparty risk. There can be no assurance that any counterparty, clearinghouse, or their financial backers will satisfy their obligations to the Fund.

Credit risk is the possibility that a loss may occur due to the failure of an exchange clearinghouse to perform according to the terms of a contract. Credit risk with respect to exchange-traded instruments is reduced to the extent that an exchange or clearing organization acts as counterparty to the transactions. The Fund’s risk of loss in the event of counterparty default is typically limited to the amounts recognized in the Statement of Financial Condition and not represented by the contract or notional amounts of the instruments.

The Commodity Exchange Act (“CEA”) requires all Futures Commission Merchants (“FCMs”), such as the Fund’s current Commodity Broker, to meet and maintain specified fitness and financial requirements, to segregate customer funds from proprietary funds and account separately for all customers’ funds and positions, and to maintain specified books and records open to inspection by the staff of the Commodity Futures Trading Commission (“CFTC”). The CFTC has similar authority over introducing brokers, or persons who solicit or accept orders for commodity interest trades but who do not accept margin deposits for the execution of trades. The CEA authorizes the CFTC to regulate trading by FCMs and by their officers and directors, permits the CFTC to require action by exchanges in the event of market emergencies, and establishes an administrative procedure under which customers may institute complaints for damages arising from alleged violations of the CEA. The CEA also gives the states powers to enforce its provisions and the regulations of the CFTC.

The CFTC has adopted regulations that require enhanced customer protections, risk management programs, internal monitoring and controls, capital and liquidity standards, customer disclosures and auditing and examination programs for FCMs. The rules are intended to afford greater assurances to market participants that customer segregated funds and secured amounts are protected, customers are provided with appropriate notice of the risks of futures trading and of the FCMs with which they may choose to do business, FCMs are monitoring and managing risks in a robust manner, the capital and liquidity of FCMs are strengthened to safeguard the continued operations and the auditing and examination programs of the CFTC and the self-regulatory organizations are monitoring the activities of FCMs in a thorough manner.

Off-Balance Sheet Risk

The Fund does not use and is not expected to use special purpose entities to facilitate off-balance sheet financing arrangements. The Fund does not have and is not expected to have loan guarantee arrangements or other off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions related to certain risks service providers undertake in performing services that are in the interest of the Fund. While the Fund’s exposure under such indemnification provisions cannot be estimated, these general business indemnifications are not expected to have a material impact on the Fund’s financial position. In the normal course of its business, the Fund may be party to financial instruments with off-balance sheet risk. The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the statements of financial condition, may result in a future obligation or loss. The financial instruments used by the Fund are coal futures, whose values are based upon an underlying asset and generally represent future commitments which have a reasonable possibility to be settled in cash or through physical delivery. These instruments are traded on an exchange and are standardized contracts.

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Share Creations and Redemptions

6 Months Ended

Jun. 30, 2016

Text Block [Abstract]

Share Creations and Redemptions

(7) Share Creations and Redemptions

As described in the Item 1 of this quarterly report, the creation and redemption procedures allow only Authorized Participants to create and redeem Shares directly from the Fund. Proceeds from sales of shares of the Fund are invested directly in the Fund. Retail investors seeking to purchase or sell Shares on any day are expected to execute such transactions in the secondary market, on the NYSE Arca, at the market price per Share, rather than in connection with the creation or redemption of Baskets.

(a) Creation of Shares

General. On any business day, an Authorized Participant may place an order with the Distributor to create one or more Baskets. Creation orders are accepted only on a “business day” during which the NYSE Arca is open for regular trading. Purchase orders must be placed no later than 10:00 a.m., New York time, on each business day the NYSE Arca is open for regular trading. The day on which the Distributor receives a valid purchase order is the purchase order date. Purchase orders are irrevocable. By placing a purchase order, and prior to delivery of the applicable Baskets, an Authorized Participant’s DTC account will be charged the non-refundable transaction fee due for the purchase order.

Determination of Required Payment. The total payment required to create each Basket is the NAV of 25,000 Shares on the purchase order date, but only if the required payment is timely received. To calculate the NAV, the Administrator will use the CME settlement price (typically determined after 5:00 p.m. New York time) for the Coal Futures traded on the CME.

Delivery of Required Payment. An Authorized Participant who places a purchase order must transfer to the Administrator the required amount of U.S. Treasuries and/or cash by the end of the next business day following the purchase order date. Upon receipt of the deposit amount, the Administrator will direct DTC to credit the number of Baskets ordered to the Authorized Participant’s DTC account on the next business day following the purchase order date.

Suspension of Purchase Orders. The Sponsor acting by itself or through the Administrator or the Fund’s Distributor may suspend the right of purchase, or postpone the purchase settlement date, for any period during which the NYSE Arca or other exchange on which the shares are listed is closed, other than for customary holidays or weekends, or when trading is restricted or suspended. None of the Sponsor, the Distributor or the Administrator will be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.

Rejection of Purchase Orders. The Sponsor acting by itself or through the Administrator or the Distributor may reject a purchase order if (i) it determines that the purchase order is not in proper form, (ii) circumstances outside the control of the Sponsor make it, for all practical purposes, not feasible to process creations of Baskets, such as during force majeure events, or (iii) the Sponsor believes that it or the Fund would be in violation of any securities or commodities rules or regulations regarding position limits or otherwise by accepting a creation. None of the Administrator, the Distributor or the Sponsor will be liable for the rejection of any purchase order.

(b) Redemption of Shares

General. The approved procedures by which an Authorized Participant can redeem one or more Baskets mirror in reverse the procedures for the creation of Baskets. On any business day, an Authorized Participant may place an order with the Distributor to redeem one or more Baskets. Redemption orders must be placed no later than 10:00 a.m., New York time, on each business day. The day on which the Distributor receives a valid redemption order is the redemption order date.

By placing a redemption order, an Authorized Participant agrees to deliver the Baskets to be redeemed through DTC’s book-entry system to the Fund not later than 12:00 p.m., New York time, on the business day immediately following the redemption order date. By placing a redemption order, and prior to receipt of the redemption distribution, an Authorized Participant’s DTC account will be charged the non-refundable transaction fee due for the redemption order.

Determination of Redemption Proceeds. The redemption proceeds from the Fund consists of the cash redemption amount equal to the NAV of the number of Baskets requested in the Authorized Participant’s redemption order on the redemption order date. To calculate the NAV, the Administrator will use the CME settlement price (typically determined after 5:00 p.m. New York time) for the Coal Futures traded on the CME.

Delivery of Redemption Proceeds. The redemption proceeds due from the Fund is delivered to the Authorized Participant at 12:00 p.m., New York time, on the business day immediately following the redemption order date if, by such time, the Fund’s DTC account has been credited with the Baskets to be redeemed. If the Fund’s DTC account has not been credited with all of the Baskets to be redeemed by such time, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next business day to the extent of remaining whole Baskets received if the Administrator receives the fee applicable to the extension of the redemption distribution date which the Sponsor may, from time to time, determine and the remaining Baskets to be redeemed are credited to the Fund’s DTC account by 12:00 p.m., New York time, on such next business day. Any further outstanding amount of the redemption order shall be cancelled. The Sponsor may cause the redemption distribution to be delivered notwithstanding that the Baskets to be redeemed are not credited to the Fund’s DTC account by 12:00 p.m., New York time, on the next business day immediately following the redemption order date if the Authorized Participant has collateralized its obligation to deliver the Baskets through DTC’s book entry system on such terms as the Administrator and the Sponsor may from time to time determine.

Suspension of Redemption Orders. The Sponsor acting by itself or through the Administrator or the Distributor may suspend the right of redemption, or postpone the redemption settlement date, (i) for any period during which the NYSE Arca is closed, other than customary weekend or holiday closings, or for any period when trading on the NYSE Arca is suspended, (ii) for any period during which an emergency exists as a result of which the redemption distribution is not reasonably practicable, or (iii) in the event any price limits imposed by the CME or the CFTC are reached and the Sponsor believes that permitting redemptions under such circumstances may adversely impact investors. None of the Sponsor, the Distributor or the Administrator will be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.

Rejection of Redemption Orders. The Sponsor acting by itself or through the Distributor or the Administrator may reject a redemption order if the order is not in proper form as described in the Participant Agreement or if the fulfillment of the order, in the opinion of the Sponsor’s counsel, might be unlawful. None of the Administrator, the Distributor or the Sponsor will be liable for the rejection of any redemption order.

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Operating Expenses

6 Months Ended

Jun. 30, 2016

Text Block [Abstract]

Operating Expenses

(8) Operating Expenses

(a) Sponsor Fee

The Fund pays the Sponsor a fee equal to 0.95% of the average daily NAV. The Sponsor’s fee incurred for the three months ended June 30, 2016 and 2015 were $2,125 and $5,169 and for the six months or period ended June 30, 2016 and 2015 were $3,962 and $11,282, respectively. In addition, the Fund will pay its brokerage fees and expenses, and certain other operational fees, as described below.

(b) Organization and Offering Expenses

The fees and expenses incurred in connection with the organization of the Fund and the offering of the Shares were paid by the Sponsor. The Sponsor, under certain circumstances, may be reimbursed by the Fund in the future in connection with the payment of the organizational and offering fees and expenses.

(c) Brokerage Commissions, Fees, and Routine Operational, Administrative, and Other Ordinary Expenses

The Sponsor currently does not expect brokerage commissions and fees as well as routine operational, administrative and other ordinary expenses for which the Fund is responsible, including, but not limited to, the fees and expenses of the Trustee, legal and accounting fees and expenses, tax preparation expenses, filing fees, and printing, mailing and duplication costs, to exceed 0.30% of the NAV of the Fund in any year, although the actual amount of such fees and expenses in any year may be greater. The Fund’s brokerage commissions and fees and routine operational, administrative and other ordinary expenses are accrued at a rate of 0.30% per annum in the aggregate. Of the amounts so accrued, the Fund first pays brokerage commissions and fees, and secondly from the remainder of the amounts so accrued, reimburses the Sponsor for first, the Fund’s ongoing operational, administrative, professional and other ordinary fees and expenses (other than any marketing-related fees and expenses), and second, the Fund’s organizational and offering fees and expenses.

Brokerage commissions and fees are charged against the Fund’s assets on a per transaction basis. The brokerage commissions, trading fees and routine operational, administrative, and other ordinary expenses incurred for the three months ended June 30, 2016 and 2015 were $671 and $1,632 and for the six months or period ended June 30, 2016 and 2015 were $1,251 and $3,562, respectively.

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Termination

6 Months Ended

Jun. 30, 2016

Text Block [Abstract]

Termination

(9) Termination

The term of the Fund is perpetual, but the Fund may be dissolved at any time and for any reason, or for no reason at all, by the Sponsor with written notice to the Shareholders. Any termination of the Fund will result in the compulsory redemption of all outstanding Shares.

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Profit and Loss Allocations and Distributions

6 Months Ended

Jun. 30, 2016

Text Block [Abstract]

Profit and Loss Allocations and Distributions

(10) Profit and Loss Allocations and Distributions

The Sponsor and the Shareholders share in any profits and losses of the Fund attributable to the Fund in proportion to the percentage interest owned by each. Distributions may be made at the sole discretion of the Sponsor on a pro-rata basis in accordance with the respective capital balances of the Shareholders, but the Fund is under no obligation to make periodic distributions to Shareholders. The Fund made no distributions to its Shareholders during the six months ended June 30, 2016.

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

(11) Commitments and Contingencies

The Sponsor, either in its own capacity or in its capacity as the Sponsor and on behalf of the Fund, has entered into various service agreements that contain a variety of representations, or provide indemnification provisions related to certain risks service providers undertake in performing services which are in the best interest of the Fund. As of June 30, 2016, no claims had been received by the Fund and it was therefore not possible to estimate the Fund’s potential future exposure under such indemnification provisions.

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Net Asset Value and Financial Highlights

6 Months Ended

Jun. 30, 2016

Text Block [Abstract]

Net Asset Value and Financial Highlights

(12) Net Asset Value and Financial Highlights

The Fund is presenting the following NAV and financial highlights related to investment performance and operations for a Share outstanding for the three months, six months or period ended June 30, 2016 and 2015. The total return at NAV is based on the change in NAV of the Shares during the period. An individual investor’s return and ratios may vary based on the timing of capital transactions.

	Three Months Ended June 30, 2016			Three Months Ended June 30, 2015			Six Months Ended June 30, 2016			Six Months Ended June 30, 2015*
Net Asset Value
Net asset value per Share, beginning of period	$	32.65		$	38.17		$	31.36		$	30.00
Capital contribution on original units		—			—			—			10.00
Net asset value per Share, beginning of period		32.65			38.17			31.36			40.00
Net realized and change in unrealized gain (loss)		8.32			1.68			9.71			(0.09	)
Net investment loss(1)		(0.11	)		(0.12	)		(0.21	)		(0.18	)
Net increase (decrease) in net assets from operations		8.21			1.56			9.50			(0.27	)
Net asset value per Share, end of period	$	40.86		$	39.73		$	40.86		$	39.73
Ratio to average Net Assets(2)
Net investment loss		(1.25	)%		(1.29	)%		(1.25	)%		(1.27	)%
Total expenses		1.25	%		1.29	%		1.25	%		1.27	%
Total Return, at net asset value(3)		25.15	%		4.09	%		30.29	%		(0.68	)%

* Commenced trading operations on the NYSE Arca on February 20, 2015.

⁽¹⁾  Based on average shares outstanding.

⁽²⁾  Annualized.

⁽³⁾  Total return calculated for a period of less than one year is not annualized.

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Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2016

Accounting Policies [Abstract]

Use of Estimates

(a) Use of Estimates

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the amounts of reported income and expenses during the period. Actual results could differ from those estimates.

Recently Issued Accounting Standards

(b) Recently Issued Accounting Standards

No recently promulgated accounting standards are expected to have an effect on the Fund’s financial statements.

Cash Held by Broker

(c) Cash Held by Broker

Cash held in segregated accounts at MS&Co. is for the purpose of meeting the initial and subsequent variation margin requirements on open futures contracts held by the Fund. The cash held by MS&Co. is restricted cash and is not insured by the Federal Deposit Insurance Corporation.

U. S. Treasury Obligations

(d) U. S. Treasury Obligations

The Fund records purchases and sales of U.S. Treasuries on a trade date basis. These holdings are marked to market based on quotations from broker-dealers or independent service providers. The Fund may hold U.S. Treasuries for deposit with the Commodity Broker as margin for trading and holding against initial margin of the open futures contracts. Interest income is recognized on an accrual basis when earned. Premiums and discounts are amortized or accreted over the life of the U.S. Treasury Obligations. As of June 30, 2016 and December 31, 2015, there were no U.S. Treasuries held by the Fund.

Income Taxes

(e) Income Taxes

The Fund is classified as a partnership, for U.S. federal income tax purposes. Accordingly, the Fund is not subject to U.S. federal, state, or local income taxes. Accordingly, no provision for federal, state, or local income taxes has been made in the accompanying financial statements, as investors are individually liable for income taxes, if any, on their allocable share of the Fund’s income, gain, loss, deductions and other items.

The Fund accounts for uncertainty in income taxes pursuant to the applicable accounting standard, which provides measurement, presentation and disclosure guidance, related to uncertain tax positions. The guidance addresses how tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under this topic, the Fund may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution.

Futures Contracts

(f) Futures Contracts

The Fund purchases and holds Coal Futures for investment purposes. These contracts are recorded on a trade date basis and open contracts are valued daily at settlement prices provided by the relevant exchanges. In the Statements of Financial Condition, Coal Futures are presented at their published settlement prices on the last business day of the period, in accordance with the fair value accounting standard. Since these contracts are actively traded in markets that are directly observable and which provide readily available price quotes, their market value is deemed to be their fair value under the fair value accounting standard. (See Note 4 — Fair Value Measurements). However, when market closing prices are not available, the Sponsor may value an asset of the Fund pursuant to such other principles as the Sponsor deems fair and equitable provided such principles are consistent with the fair value accounting standard. Realized gains (losses) and changes in unrealized appreciation (depreciation) on open positions are determined on a specific identification basis and recognized in the Statements of Income and Expenses in the period in which the contract is closed or the changes occur, respectively.

Subsequent Events

(g) Subsequent Events

For purposes of disclosure in the financial statements, the Fund has evaluated events occurring between the period ended June 30, 2016 and when the financial statements were issued. During the period, no Shares were created or redeemed. The evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments.

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

Schedule of the Summary of the Fund's Assets and Liabilities at Fair Value, Classified According to the Levels Used to Value Them

A summary of the Fund’s assets and liabilities at fair value as of June 30, 2016, classified according to the levels used to value them, is as follows:

Assets	Quoted Prices in Active Market (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Totals
Unrealized appreciation on futures contracts	$	56,100	$	—	$	—	$	56,100

A summary of the Fund’s assets and liabilities at fair value as of December 31, 2015, classified according to the levels used to value them, is as follows:

Liabilities	Quoted Prices in Active Market (Level 1)			Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Totals
Unrealized depreciation on futures contracts	$	(1,550	)	$	—	$	—	$	(1,550	)

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Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of the Fair Value of Derivative Instruments

The fair value of derivative instruments at June 30, 2016 and December 31, 2015, were as follows:

Period	Derivative Instruments	Asset Derivatives (i)		Liability Derivatives (ii)
June 30, 2016	Coal Futures	$	56,100		—
December 31, 2015	Coal Futures		—	$	1,550

(i) Values are disclosed on the Consolidated Statements of Financial Condition under Net unrealized appreciation on futures contracts.

(ii) Values are disclosed on the Consolidated Statements of Financial Condition under Net unrealized depreciation on futures contracts.

Schedule of a Summary of the Realized and Unrealized Gains and Losses of the Derivative Instruments Utilized by the Fund

The following is a summary of the realized and unrealized gains and losses of the derivative instruments utilized by the Fund for the three months and six months ended June 30, 2016 and 2015:

Period	Derivative Instruments	Realized Gain (Loss) on Derivative Instruments (i)			Net Change in Unrealized Gain (Loss) on Derivative Instruments (ii)
Three months ended June 30, 2016	Coal Futures	$	175,800		$	32,700
Three months ended June 30, 2015	Coal Futures		(169,950	)		142,100
Six months ended June 30, 2016	Coal Futures		185,400			57,650
Six-month period ended June 30, 2015*	Coal Futures		(337,450	)		42,500

* Commenced trading operations on the NYSE Arca on February 20, 2015.

(i) Values are disclosed on the Consolidated Statements of Income and Expenses under Net realized gain (loss) from futures contracts.

(ii) Values are disclosed on the Consolidated Statements of Income and Expenses under Net change in unrealized gain (loss) from futures contracts.

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Net Asset Value and Financial Highlights (Tables)

6 Months Ended

Jun. 30, 2016

Text Block [Abstract]

Schedule of Net Asset Value and Financial Highlights

	Three Months Ended June 30, 2016			Three Months Ended June 30, 2015			Six Months Ended June 30, 2016			Six Months Ended June 30, 2015*
Net Asset Value
Net asset value per Share, beginning of period	$	32.65		$	38.17		$	31.36		$	30.00
Capital contribution on original units		—			—			—			10.00
Net asset value per Share, beginning of period		32.65			38.17			31.36			40.00
Net realized and change in unrealized gain (loss)		8.32			1.68			9.71			(0.09	)
Net investment loss(1)		(0.11	)		(0.12	)		(0.21	)		(0.18	)
Net increase (decrease) in net assets from operations		8.21			1.56			9.50			(0.27	)
Net asset value per Share, end of period	$	40.86		$	39.73		$	40.86		$	39.73
Ratio to average Net Assets(2)
Net investment loss		(1.25	)%		(1.29	)%		(1.25	)%		(1.27	)%
Total expenses		1.25	%		1.29	%		1.25	%		1.27	%
Total Return, at net asset value(3)		25.15	%		4.09	%		30.29	%		(0.68	)%

* Commenced trading operations on the NYSE Arca on February 20, 2015.

⁽¹⁾  Based on average shares outstanding.

⁽²⁾  Annualized.

⁽³⁾  Total return calculated for a period of less than one year is not annualized.

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Organization - Additional Information (Detail) - shares	6 Months Ended
	Jun. 30, 2016	Jan. 01, 2016
Organization [Abstract]
Membership sold out to WisdomTree Investments Inc		100.00%
Fund will offer common units of beneficial interest in the Fund (the "Shares") in minimum blocks (in shares)	25,000

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Fair Value Measurements - Schedule of the Summary of the Fund's Assets and Liabilities at Fair Value, Classified According to the Levels Used to Value Them (Detail) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized appreciation on futures contracts	$ 56,100
Unrealized depreciation on futures contracts		$ (1,550)
Coal Futures [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized appreciation on futures contracts	56,100
Unrealized depreciation on futures contracts		(1,550)
Coal Futures [Member] | Quoted Prices in Active Market (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized appreciation on futures contracts	$ 56,100
Unrealized depreciation on futures contracts		$ (1,550)

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Derivative Instruments and Hedging Activities - Additional Information (Detail) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Average month end notional amounts of open coal futures	$ 819,993	$ 1,693,021

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Derivative Instruments and Hedging Activities - Schedule of the Fair Value of Derivative Instruments (Detail) - Coal Futures [Member] - USD ($)		Jun. 30, 2016	Dec. 31, 2015
Derivative [Line Items]
Asset Derivatives	[1]	$ 56,100
Liability Derivatives	[2]		$ 1,550

[1] Values are disclosed on the Consolidated Statements of Financial Condition under Net unrealized appreciation on futures contracts.

[2] Values are disclosed on the Consolidated Statements of Financial Condition under Net unrealized depreciation on futures contracts.

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Derivative Instruments and Hedging Activities - Schedule of a Summary of the Realized and Unrealized Gains and Losses of the Derivative Instruments Utilized by the Fund (Detail) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	[1]
Derivative [Line Items]
Realized Gain (loss) on Derivative Instruments		$ 175,800	$ (169,950)	$ 185,400	$ (337,450)
Net Change in Unrealized Gain (Loss) on Derivative Instruments		32,700	142,100	57,650	42,500
Coal Futures [Member]
Derivative [Line Items]
Realized Gain (loss) on Derivative Instruments	[2]	175,800	(169,950)	185,400	(337,450)
Net Change in Unrealized Gain (Loss) on Derivative Instruments	[3]	$ 32,700	$ 142,100	$ 57,650	$ 42,500

[1] Commenced trading operations on the NYSE Arca on February 20, 2015.

[2] Values are disclosed on the Consolidated Statements of Income and Expenses under Net realized gain (loss) from futures contracts.

[3] Values are disclosed on the Consolidated Statements of Income and Expenses under Net change in unrealized gain (loss) from futures contracts.

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Share Creations and Redemptions - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2016 shares
Share Creations And Redemptions [Abstract]
Number of shares purchased from fund by authorized participants in specified quantity	25,000
Description of calculations methodology use in NAV at time of purchase	To calculate the Net Asset Value, the Administrator will use the CME settlement price for the Coal Futures traded on the CME. The Net Asset Value and the total amount of the payment required to create a Basket could rise or fall substantially between the time an irrevocable purchase order is submitted and the time the amount of the purchase price in respect thereof is determined.
Description of calculations methodology use in NAV at time of redemption	The cash redemption amount equal to the Net Asset Value of the number of Basket(s) requested in the Authorized Participant's redemption order on the redemption order date. To calculate the NAV, the Administrator will use the CME settlement price for the Coal Futures traded on the CME.

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Operating Expenses - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	[1]
Operating Expenses Organizational And Offering Costs [Abstract]
Management fees paid to managing owner as percentage of NAV of fund	0.95%
Management fee to related party	$ 2,125	$ 5,169	$ 3,962	$ 11,282
Percentage of brokerage commissions and fees charge on NAV			0.30%
Percentage of accrued brokerage commissions and fees			0.30%
Brokerage fees and expenses	$ 671	$ 1,632	$ 1,251	$ 3,562

[1] Commenced trading operations on the NYSE Arca on February 20, 2015.

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Net Asset Value and Financial Highlights - Schedule of Net Asset Value and Financial Highlights (Detail) - $ / shares		3 Months Ended			6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015		Jun. 30, 2016	Jun. 30, 2015
Net Asset Value
Net asset value per Share, beginning of period		$ 32.65	$ 38.17		$ 31.36	$ 30.00	[1]
Capital contribution on original units	[1]					10.00
Net asset value per Share, beginning of period		32.65	38.17		31.36	40.00	[1]
Net realized and change in unrealized gain (loss)		8.32	1.68		9.71	(0.09)	[1]
Net investment loss	[2]	(0.11)	(0.12)		(0.21)	(0.18)	[1]
Net increase (decrease) in net assets from operations		8.21	1.56		9.50	(0.27)	[1]
Net asset value per Share, end of period		$ 40.86	$ 39.73	[1]	$ 40.86	$ 39.73	[1]
Ratio to average Net Assets
Net investment loss	[3]	(1.25%)	(1.29%)		(1.25%)	(1.27%)	[1]
Total expenses	[3]	1.25%	1.29%		1.25%	1.27%	[1]
Total Return, at net asset value	[4]	25.15%	4.09%		30.29%	(0.68%)	[1]

[1] Commenced trading operations on the NYSE Arca on February 20, 2015.

[2] Based on average shares outstanding.

[3] Annualized.

[4] Total return calculated for a period of less than one year is not annualized.