Item 8. Financial Statements and Supplementary Data
Item 8. Financial Statements and Supplementary Data.
 
The following tables show the Trust’s quarterly financial information for each of the four quarters of 2020 and 2019.
 
 
 
Three Months Ended (Unaudited)
 
 
 
March 31,
20 20
 
 
June 30,
20 20
 
 
September 30,
20 20
 
 
December 31,
20 20
 
Investment Income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest
 
$
2,573,287
 
 
$
802,960
 
 
$
204,222
 
 
$
162,386
 
Total investment income
 
 
2,573,287
 
 
 
802,960
 
 
 
204,222
 
 
 
162,386
 
Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sponsor’s fees
 
 
1,315,406
 
 
 
984,873
 
 
 
1,309,010
 
 
 
1,396,478
 
Brokerage commissions and fees
 
 
229,626
 
 
 
237,503
 
 
 
274,439
 
 
 
271,871
 
Total expenses
 
 
1,545,032
 
 
 
1,222,376
 
 
 
1,583,449
 
 
 
1,668,349
 
Net investment income (loss)
 
 
1,028,255
 
 
 
(419,416
)
 
 
(1,379,227
)
 
 
(1,505,963
)
Net Realized and Unrealized Gain (Loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term investments
 
 
31,929
 
 
 
29,175
 
 
 
16
 
 
 
992
 
Futures contracts
 
 
(224,199,265
)
 
 
(82,733,584
)
 
 
31,519,147
 
 
 
71,276,335
 
Net realized gain (loss)
 
 
(224,167,336
)
 
 
(82,704,409
)
 
 
31,519,163
 
 
 
71,277,327
 
Net change in unrealized appreciation/depreciation on:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term investments
 
 
630,155
 
 
 
(715,749
)
 
 
(11,385
)
 
 
15,413
 
Futures contracts
 
 
(145,592,464
)
 
 
141,549,159
 
 
 
(3,320,408
)
 
 
30,181,634
 
Net change in unrealized appreciation/depreciation
 
 
(144,962,309
)
 
 
140,833,410
 
 
 
(3,331,793
)
 
 
30,197,047
 
Net realized and unrealized gain (loss)
 
 
(369,129,645
)
 
 
58,129,001
 
 
 
28,187,370
 
 
 
101,474,374
 
Net increase (decrease) in net assets resulting from operations
 
$
(368,101,390
)
 
$
57,709,585
 
 
$
26,808,143
 
 
$
99,968,411
 
Net increase (decrease) in net assets per Share
 
$
(7.10
)
 
$
1.04
 
 
$
0.42
 
 
$
1.52
 
 
29
Table of Contents
 
 
 
Three Months Ended (Unaudited)
 
 
 
March 31,
2019
 
 
June 30,
2019
 
 
September 30,
2019
 
 
December 31,
2019
 
Investment Income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest
 
$
7,210,614
 
 
$
6,522,254
 
 
$
4,581,353
 
 
$
3,080,774
 
Total investment income
 
 
7,210,614
 
 
 
6,522,254
 
 
 
4,581,353
 
 
 
3,080,774
 
Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sponsor’s fees
 
 
2,382,431
 
 
 
2,074,766
 
 
 
1,580,894
 
 
 
1,315,095
 
Brokerage commissions and fees
 
 
337,146
 
 
 
259,443
 
 
 
230,142
 
 
 
189,236
 
Total expenses
 
 
2,719,577
 
 
 
2,334,209
 
 
 
1,811,036
 
 
 
1,504,331
 
Net investment income
 
 
4,491,037
 
 
 
4,188,045
 
 
 
2,770,317
 
 
 
1,576,443
 
Net Realized and Unrealized Gain (Loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term investments
 
 
101
 
 
 
8,155
 
 
 
84,416
 
 
 
3,695
 
Futures contracts
 
 
1,925,231
 
 
 
(12,341,801
)
 
 
19,053,123
 
 
 
16,981,381
 
Net realized gain (loss)
 
 
1,925,332
 
 
 
(12,333,646
)
 
 
19,137,539
 
 
 
16,985,076
 
Net change in unrealized appreciation/depreciation on:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term investments
 
 
138,118
 
 
 
215,459
 
 
 
(238,588
)
 
 
(76,073
)
Futures contracts
 
 
163,758,363
 
 
 
(7,677,541
)
 
 
(55,899,683
)
 
 
35,976,761
 
Net change in unrealized appreciation/depreciation
 
 
163,896,481
 
 
 
(7,462,082
)
 
 
(56,138,271
)
 
 
35,900,688
 
Net realized and unrealized gain (loss)
 
 
165,821,813
 
 
 
(19,795,728
)
 
 
(37,000,732
)
 
 
52,885,764
 
Net increase (decrease) in net assets resulting from operations
 
$
170,312,850
 
 
$
(15,607,683
)
 
$
(34,230,415
)
 
$
54,462,207
 
Net increase (decrease) in net assets per Share
 
$
2.04
 
 
$
(0.23
)
 
$
(0.63
)
 
$
1.22
 
  
See Index to Financial Statements on page F-1 for a list of the financial statements being filed herein.
 
 
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
 
There have been no changes in accountants and no disagreements with accountants during the year ended December 31, 2020.
 
 
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.