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 2021 and 2020.
 
 
 
Three Months Ended (Unaudited)
 
 
 
March 31,
2021
 
 
June 30,
2021
 
 
September 30,
2021
 
 
December 31,
2021
 
Investment Income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest
 
$
143,437
 
 
$
52,562
 
 
$
94,407
 
 
$
135,628
 
Total investment income
 
 
143,437
 
 
 
52,562
 
 
 
94,407
 
 
 
135,628
 
Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sponsor’s fees
 
 
1,893,497
 
 
 
2,407,468
 
 
 
2,482,274
 
 
 
2,681,898
 
Brokerage commissions and fees
 
 
330,285
 
 
 
347,506
 
 
 
322,517
 
 
 
345,804
 
Total expenses
 
 
2,223,782
 
 
 
2,754,974
 
 
 
2,804,791
 
 
 
3,027,702
 
Net investment loss
 
 
(2,080,345
)
 
 
(2,702,412
)
 
 
(2,710,384
)
 
 
(2,892,074
)
Net Realized and Unrealized Gain (Loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term investments
 
 
267
 
 
 
359
 
 
 
(1,506
)
 
 
1,952
 
Futures contracts
 
 
202,940,665
 
 
 
119,959,860
 
 
 
10,796,107
 
 
 
48,138,344
 
Net realized gain
 
 
202,940,932
 
 
 
119,960,219
 
 
 
10,794,601
 
 
 
48,140,296
 
Net change in unrealized appreciation/depreciation on:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term investments
 
 
(2,227
)
 
 
(69,406
)
 
 
51,000
 
 
 
24,408
 
Futures contracts
 
 
(87,559,310
)
 
 
62,102,165
 
 
 
51,987,409
 
 
 
(31,975,915
)
Net change in unrealized appreciation/depreciation
 
 
(87,561,537
)
 
 
62,032,759
 
 
 
52,038,409
 
 
 
(31,951,507
)
Net realized and unrealized gain
 
 
115,379,395
 
 
 
181,992,978
 
 
 
62,833,010
 
 
 
16,188,789
 
Net increase in net assets resulting from operations
 
$
113,299,050
 
 
$
179,290,566
 
 
$
60,122,626
 
 
$
13,296,715
 
Net increase in net assets per Share
 
$
1.51
 
 
$
2.11
 
 
$
0.73
 
 
$
0.16
 
 
30
Table of Contents
 
 
 
Three Months Ended (Unaudited)
 
 
 
March 31,
2020
 
 
June 30,
2020
 
 
September 30,
2020
 
 
December 31,
2020
 
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
 
 
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, 2021.
 
 
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.