12 unchanged sentences
12,900,000 Shares (258 Baskets) were redeemed during the fourth quarter of the year ended December 31, 2022.
−Removed:                   
Total Number of Shares Redeemed
26 unchanged sentences
During the period beginning July 10, 2006 (commencement of operations) and ending on December 31, 2022 (the Trust’s most recent fiscal year-end), the Trust’s net asset value grew from $7,358,911 at July 10, 2006 to $1,221,109,857 at December 31, 2022.
−Removed: Outstanding Shares in the Trust grew from 150,000 Shares at July 10, 2006 to 83,750,000 Shares at December 31, 2021.
+Added: Outstanding Shares in the Trust grew from 150,000 Shares at July 10, 2006 to 57,550,000 Shares at December 31, 2022.
As described in Part I above, the Trust seeks to track the results of a fully collateralized investment in futures contracts on an index composed of a diversified group of commodity futures.
6 unchanged sentences
The Year Ended December 31, 2022
+Added: The Trust’s net asset value decreased from $1,431,810,115 at December 31, 2021 to $1,221,109,857 at December 31, 2022.
+Added: The decrease in the Trust’s net asset value resulted primarily from a net decrease in the number of outstanding Shares, which fell from 83,750,000 Shares at December 31, 2021 to 57,550,000 Shares at December 31, 2022, a consequence of 22,900,000 Shares (458 Baskets) being created and 49,100,000 Shares (982 Baskets) being redeemed during the year.
+Added: The decrease in the Trust’s net asset value was partially offset by a net increase in net assets resulting from operations.
+Added: The 24.09% increase in the NAV from $17.10 at December 31, 2021 to $21.22 at December 31, 2022 is directly related to the 23.44% increase in the settlement price for the Index Futures.
+Added: The NAV increased slightly more than the settlement price for the Index Futures on a percentage basis due to the interest income from U.S.
+Added: Treasury bills.
+Added: The net increase in net assets resulting from operations for the year ended December 31, 2022 was $390,808,622, resulting from a net investment income of $7,523,923 and a net realized and unrealized gain of $383,284,699.
+Added: For the year ended December 31, 2022, the Trust had a net realized and unrealized gain of $315,841 on short-term investments and a net realized and unrealized gain of $382,968,858 on futures contracts.
+Added: Other than the Sponsor’s fees of $13,482,545 and brokerage commissions and fees of $1,299,610, the Trust had no expenses during the year.
+Added: The Year Ended December 31, 2021
The Trust’s net asset value increased from $827,346,620 at December 31, 2020 to $1,431,810,115 at December 31, 2021.
2 unchanged sentences
The 39.02% increase in the NAV from $12.30 at December 31, 2020 to $17.10 at December 31, 2021 is directly related to the 40.29% increase in the settlement price for the Index Futures.
−Removed: The NAV increased slightly less than the settlement price for the Index Futures on a percentage basis due to the Sponsor’s fees and brokerage commissions.
+Added: The NAV increased slightly less than the settlement price for the Index Futures on a percentage basis due to the Sponsor’s fees and brokerage commissions.
The net increase in net assets resulting from operations for the year ended December 31, 2021 was $366,008,957, resulting from a net investment loss of $10,385,215 and a net investment gain of $376,394,172.
5 unchanged sentences
The increase in the Trust’s net asset value was partially offset by a net decrease in net assets resulting from operations.
−Removed: The 24.26% decrease in the NAV from $16.24 at December 31, 2019 to $12.30 at December 31, 2020 is directly related to the 24.02% decrease in the settlement price for the Index Futures.
−Removed: The NAV decreased slightly more than the settlement price for the Index Futures on a percentage basis due to the Sponsor’s fees and brokerage commissions.
+Added: The 24.26% decrease in the NAV from $16.24 at December 31, 2019 to $12.30 at December 31, 2020 is directly related to the 24.02% decrease in the settlement price for the Index Futures.
+Added: The NAV decreased slightly more than the settlement price for the Index Futures on a percentage basis due to the Sponsor’s fees and brokerage commissions.
The net decrease in net assets resulting from operations for the year ended December 31, 2020 was $183,615,251, resulting from a net realized and unrealized loss of $181,338,900 and by a net investment loss of $2,276,351.
1 unchanged sentence
Other than the Sponsor’s Fees of $5,005,767 and brokerage commissions and fees of $1,013,439, the Trust had no expenses during the year.
−Removed: The Year Ended December 31, 2019
−Removed: The Trust’s net asset value decreased from $1,209,866,609 at December 31, 2018 to $775,343,105 at December 31, 2019.
−Removed: The decrease in the Trust’s net asset value resulted primarily from a net decrease in the number of outstanding Shares, which fell from 86,500,000 Shares at December 31, 2018 to 47,750,000 Shares at December 31, 2019, a consequence of 11,950,000 Shares (239 Baskets) being created and 50,700,000 Shares (1,014 Baskets) being redeemed during the year.
−Removed: The decrease in the Trust’s net asset value was partially offset by an increase in net assets resulting from operations.
−Removed: The 16.08% increase in the NAV from $13.99 at December 31, 2018 to $16.24 at December 31, 2019 is directly related to the 14.76% increase in the settlement price for the Index Futures.
−Removed: The NAV increased slightly more than the settlement price for the Index Futures on a percentage basis due to interest income from U.S.
−Removed: Treasury bills.
−Removed: The net increase in net assets resulting from operations for the year ended December 31, 2019 was $174,936,959, resulting from a net realized and unrealized gain of $161,911,117 and by a net investment income of $13,025,842.
−Removed: For the year ended December 31, 2019, the Trust had a net realized and unrealized gain of $135,283 on short-term investments and a net realized and unrealized gain of $161,775,834 on futures contracts.
−Removed: Other than the Sponsor’s Fees of $7,353,186 and brokerage commissions and fees of $1,015,967, the Trust had no expenses during the year.
Liquidity and Capital Resources
17 unchanged sentences
The Trust’s exposure to market risk will be influenced by a number of factors, including the lack of liquidity of the Index Futures market and activities of other market participants.
−Removed: When the Trust purchases or holds Index Futures, it is exposed to the credit risk of a default by the CME’s clearing house, which serves as the counterparty to each Index Futures position, and of a default by its futures commission merchant, or Clearing FCM.
+Added: When the Trust purchases or holds Index Futures, it is exposed to the credit risk of a default by the CME’s clearing house, which serves as the counterparty to each Index Futures position, and of a default by its FCM or Clearing FCM.
In the case of such a default, the Trust may be unable to recover amounts due to it on its Index Futures positions and Collateral Assets posted as margin.
11 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.