8 unchanged sentences
The following quantitative disclosures regarding the Fund’s market risk exposures contain “forward-looking statements” within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act and Section 21E of the Exchange Act).
−Removed: All quantitative disclosures in this section are deemed to be forward-looking statements for purposes of the safe harbor, except for statements of historical fact (such as the dollar amount of maintenance margin required for market risk sensitive instruments held at the end of the reporting period).
+Added: All quantitative disclosures in this section are deemed to be forward-looking statements for purposes of the safe harbor, except for statements of historical fact (such as the U.S.
+Added: dollar amount of maintenance margin required for market risk sensitive instruments held at the end of the reporting period).
Value at Risk (“VaR”) is a statistical measure of the value of losses that would not be expected to be exceeded over a given time horizon and at a given probability level arising from movement of underlying risk factors.
5 unchanged sentences
The Fund calculates VaR using the actual historical market movements of the Fund’s net assets.
−Removed: The following table indicates the trading VaR associated with the Fund’s net assets as of September 30, 2024.
−Removed: For the Nine Months Ended
−Removed: September 30, 2024
+Added: The following table indicates the trading VaR associated with the Fund’s net assets as of March 31, 2025.
+Added: For the Three Months Ended
+Added: March 31, 2025
Daily Volatility
21 unchanged sentences
Investors may lose all or substantially all of their investment in the Fund.
−Removed: The following were the primary trading risk exposures of the Fund as of September 30, 2024 by market sector:
+Added: The following were the primary trading risk exposures of the Fund as of March 31, 2025 by market sector:
The price of cocoa is volatile.
39 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.