195 unchanged sentences
Brokerage Commissions
−Removed: Expenses waived by the Sponsor
Total gross expense ratio
−Removed: Total expense ratio net of expenses waived by the Sponsor
Net investment gain (loss)
54 unchanged sentences
Closing Price
−Removed: Total net assets for the Fund decreased year over year by 13%, driven by a combination of an increase in the NAV per share of $5.56 or 21% and an increase in the Shares outstanding of 100,000 Shares or 9%.
−Removed: This change year over year, in the opinion of management, was generally due to a combination of depreciation of commodity prices and investor out-flows.
−Removed: The net assets for the Fund decreased by 57% when comparing 2024 to 2022.
+Added: Total net assets for the Fund increased year over year by 54%, driven by a combination of an increase in the NAV per share of $.42 or 2% and an increase in the Shares outstanding of 599,996 Shares or 51%.
+Added: This change year over year, in the opinion of management, was generally due to a combination of appreciation of commodity prices and investor inflows.
+Added: The net assets for the Fund increased by 34% when comparing 2025 to 2023.
December 31, 2025
10 unchanged sentences
Brokerage Commissions
−Removed: Expenses waived by the Sponsor
Total gross expense ratio
−Removed: Total expense ratio net of expenses waived by the Sponsor
Net investment gain (loss)
11 unchanged sentences
These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven even point.
−Removed: The decrease in management fee paid to the Sponsor compared to the years ending 2023 and 2022 was a result of lower average net assets.
+Added: The increase/decrease in management fees paid to the Sponsor compared to the years ending 2024 and 2023 was a result of higher/lower average net assets.
The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets.
4 unchanged sentences
The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
−Removed: The decrease in total gross fees and other expenses excluding management fees for the year ended December 31, 2024, compared to 2023 was generally due to the decrease in average assets under management relative to the other Funds.
+Added: The increase/decrease in total gross fees and other expenses excluding management fees for the year ended December 31, 2025, compared to 2024 was generally due to the increase/decrease in average assets under management relative to the other Funds.
The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee.
1 unchanged sentence
The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.
−Removed: The decrease in total brokerage commissions for the year ended December 31, 2024, compared to the year ended December 31, 2023, was primarily due to a decrease in contracts purchased, liquidated, and rolled.
+Added: The increase in total brokerage commissions for the year ended December 31, 2025, compared to the year ended December 31, 2024, was primarily due to an increase in contracts purchased, liquidated, and rolled.
The graph below shows the actual Shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to December 31, 2025 and serves to illustrate the relative changes of these components.
30 unchanged sentences
Closing Price
−Removed: Total net assets for the Fund decreased year over year by 29%, driven by a combination of a decrease in total Shares outstanding of 325,000 or 23% and a decrease in the NAV per share of $1.03 or 8%.
+Added: Total net assets for the Fund increased year over year by 17%, driven by a combination of an increase in total Shares outstanding of 399,996 or 36% and a decrease in the NAV per share of $1.61 or 14%.
The net assets for the Fund decreased by 17% when comparing 2025 to 2023.
−Removed: This change was, in the opinion of management, was generally due to a combination of depreciation of commodity prices and investor out-flows.
+Added: This change was, in the opinion of management, was generally due to a combination of depreciation of commodity prices and investor inflows.
December 31, 2025
10 unchanged sentences
Brokerage Commissions
−Removed: Expenses waived by the Sponsor
Total gross expense ratio
−Removed: Total expense ratio net of expenses waived by the Sponsor
Net investment gain (loss)
6 unchanged sentences
The Sponsor has a static benchmark as described above and trades futures contracts to adhere to that benchmark and to adjust for the creation or redemption of Shares.
−Removed: The decrease in interest and other income year over year was due to a decrease in average net assets.
+Added: The decrease in interest and other income year over year was due to a decrease in Federal Fund Rates.
As a result, the amount of interest income earned as a percentage of average daily total net assets was lower during the year ended December 31, 2025, compared to the years ending 2024 and 2023.
13 unchanged sentences
The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.
−Removed: The decrease in total brokerage commissions for the year ended December 31, 2024, compared to the years ended December 31, 2023 and 2022, was primarily due to a decrease in contracts purchased, liquidated, and rolled.
+Added: The increase/decrease in total brokerage commissions for the year ended December 31, 2025, compared to the years ended December 31, 2024 and 2023, was primarily due to an increase/decrease in contracts purchased, liquidated, and rolled.
The graph below shows the actual Shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to December 31, 2025 and serves to illustrate the relative changes of these components.
29 unchanged sentences
Closing Price
−Removed: Total net assets for the Fund decreased year over year by 34%, driven by a combination of a decrease in total Shares outstanding of 5,500,000 or 18% and a decrease in the NAV per share of $1.15 or 19%.
+Added: Total net assets for the Fund decreased year over year by 7%, driven by a combination of an increase in total Shares outstanding of 6,160,001 or 12% and a decrease in the NAV per share of $4.15 or 17%.
The net assets for the Fund decreased by 39% when comparing 2025 to 2023.
This change year over year, in the opinion of management, was generally due to a combination of depreciation of commodity prices and investor outflows.
+Added: *During the year ended December 31, 2025, the Fund effected the following reverse stock split:
+Added: November 25, 2025, 1 for 5.
+Added: The per share information for prior periods have been retroactively adjusted to reflect this reverse stock split.
December 31, 2025
10 unchanged sentences
Brokerage Commissions
−Removed: Expenses waived by the Sponsor
Total gross expense ratio
−Removed: Total expense ratio net of expenses waived by the Sponsor
Net investment gain (loss)
11 unchanged sentences
These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven even point.
−Removed: The decrease/increase in management fee paid to the Sponsor is a result of higher/lower average net assets.
+Added: The decrease in management fee paid to the Sponsor is a result of lower average net assets.
The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets.
4 unchanged sentences
The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations.
−Removed: The decrease/increase in total gross fees and other expenses excluding management fees for the year ended December 31, 2024, compared to 2023 and 2022 was generally due to the decrease/increase in average assets under management relative to the other Funds.
+Added: The decrease in total gross fees and other expenses excluding management fees for the year ended December 31, 2025, compared to 2024 and 2023 was generally due to the decrease in average assets under management relative to the other Funds.
The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee.
50 unchanged sentences
Total gross fees and other expenses
−Removed: Brokerage Commissions
Expenses waived by the Sponsor
113 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.