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Except as expressly required by the Federal securities laws, the Sponsor undertakes no obligation to publicly update or revise any forward-looking statements or the risks, uncertainties or other factors described in this Report, as a result of new information, future events or changed circumstances or for any other reason after the date of this Report.
−Removed: Trading in Commodity or Cryptocurrency Interests such as Futures Contracts will involve the Funds entering into contractual commitments to purchase or sell specific amounts of commodities or cryptocurrencies at a specified date in the future.
+Added: Trading in Commodity Interests such as Futures Contracts will involve the Funds entering into contractual commitments to purchase or sell specific amounts of commodities 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 each Fund as each Fund intends to close out any open positions prior to the contractual expiration date.
2 unchanged sentences
The market risk associated with the commitment by the Funds to purchase a specific commodity will be limited to the aggregate face amount of the contacts held.
−Removed: The exposure of the Funds to market risk will depend primarily on the market price of the specific commodities or cryptocurrency held by the Fund.
−Removed: The market price of the commodities or cryptocurrency depends in part on the volatility of interest rates and foreign exchange rates and the liquidity of the commodity or cryptocurrency specific markets.
+Added: The exposure of the Funds to market risk will depend primarily on the market price of the specific commodities held by the Fund.
+Added: The market price of the commodities depends in part on the volatility of interest rates and foreign exchange rates and the liquidity of the commodity specific markets.
TAGS is subject to the risks of the commodity specific futures contracts of the Underlying Funds as the fair value of its holdings is based on the NAV of each of the Underlying Funds, each of which is directly impacted by the factors discussed above.
−Removed: The tables below present a quantitative analysis of hypothetical impact of price decreases and increases in each of the commodity or cryptocurrency futures contracts held by each of the Funds, or the Underlying Funds in the case of TAGS, on the actual holdings and NAV per share as of December 31, 2022.
+Added: The tables below present a quantitative analysis of hypothetical impact of price decreases and increases in each of the commodity futures contracts held by each of the Funds, or the Underlying Funds in the case of TAGS, on the actual holdings and NAV per share as of December 31, 2024.
For purposes of this analysis, all futures contracts held by the Funds and the Underlying Funds are assumed to change by the same percentage.
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Percent Change in the Net Asset Value per Share
−Removed: December 31, 2023 as Reported
−Removed: Holdings as of December 31, 2023
−Removed: Number of Contracts Held
−Removed: Closing Price
−Removed: Notional Amount
−Removed: Notional Amount
−Removed: Notional Amount
−Removed: Notional Amount
−Removed: Notional Amount
−Removed: Notional Amount
−Removed: Notional Amount
−Removed: CME Bitcoin Futures JAN24
−Removed: CME Bitcoin Futures FEB24
−Removed: Total CME Bitcoin Futures
−Removed: Shares outstanding
−Removed: Net Asset Value per Share attributable directly to CME Bitcoin Futures
−Removed: Total Net Asset Value per Share as reported
−Removed: Change in the Net Asset Value per Share
−Removed: Percent Change in the Net Asset Value per Share
Qualitative Risk Analysis
−Removed: Margin is the minimum amount of funds that must be deposited by a commodity or cryptocurrency interest trader with the trader’s broker to initiate and maintain an open position in futures contracts.
+Added: Margin is the minimum amount of funds that must be deposited by a commodity interest trader with the trader’s broker to initiate and maintain an open position in futures contracts.
A margin deposit acts to assure the trader’s performance of the futures contracts purchased or sold.
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In addition, the amount of margin required in connection with a particular futures contract is set from time to time by the exchange on which the contract is traded and may be modified from time to time by the exchange during the term of the contract.
−Removed: Brokerage firms, such as the Funds’ clearing brokers, carrying accounts for traders in commodity or cryptocurrency interest contracts generally require higher amounts of margin as a matter of policy to further protect themselves.
+Added: Brokerage firms, such as the Funds’ clearing brokers, carrying accounts for traders in commodity interest contracts generally require higher amounts of margin as a matter of policy to further protect themselves.
Over-the-counter trading generally involves the extension of credit between counterparties, so the counterparties may agree to require the posting of collateral by one or both parties to address credit exposure.
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The Fund reports all activity related to EFRP transactions under the procedures and guidelines of the CFTC and the exchanges on which the futures are traded.
−Removed: The Funds, other than TAGS and DEFI, will generally retain cash positions of approximately 95% of total net assets;
+Added: The Funds, other than TAGS, will generally retain cash positions of approximately 95% of total net assets;
this balance represents the total net assets less the initial margin requirements held by the FCM.
−Removed: DEFI will generally retain cash positions of approximately 70% of total net assets.
These cash assets are either:
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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.