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 2023 and 2022.
Three Months Ended (Unaudited)
March 31,
2023
June 30,
2023
September 30,
2023
December 31,
2023
Investment Income
Interest
$
12,440,489
$
11,771,724
$
14,165,520
$
14,182,155
Total investment income
12,440,489
11,771,724
14,165,520
14,182,155
Expenses
Sponsor’s fees
2,092,414
1,909,342
2,053,996
1,990,940
Brokerage commissions and fees
237,950
221,985
223,882
179,313
Total expenses
2,330,364
2,131,327
2,277,878
2,170,253
Net investment income
10,110,125
9,640,397
11,887,642
12,011,902
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Short-term investments
14,130
9,643
1,562
721
Futures contracts
(603,286
)
(62,297,247
)
133,698,141
(128,892,964
)
Net realized gain (loss)
(589,156
)
(62,287,604
)
133,699,703
(128,892,243
)
Net change in unrealized appreciation/depreciation on:
Short-term investments
(199,403
)
(36,694
)
167,444
97,058
Futures contracts
(72,663,682
)
20,139,730
8,350,484
(7,977,378
)
Net change in unrealized appreciation/depreciation
(72,863,085
)
20,103,036
8,517,928
(7,880,320
)
Net realized and unrealized gain (loss)
(73,452,241
)
(42,184,568
)
142,217,631
(136,772,563
)
Net increase (decrease) in net assets resulting from operations
$
(63,342,116
)
$
(32,544,171
)
$
154,105,273
$
(124,760,661
)
Net increase (decrease) in net assets per Share
$
(1.14
)
$
(0.63
)
$
3.04
$
(2.50
)
Three Months Ended (Unaudited)
March 31,
2022
June 30,
2022
September 30,
2022
December 31,
2022
Investment Income
Interest
$
447,870
$
2,968,486
$
7,031,116
$
11,858,606
Total investment income
447,870
2,968,486
7,031,116
11,858,606
Expenses
Sponsor’s fees
3,459,826
4,090,111
3,199,124
2,733,484
Brokerage commissions and fees
409,606
387,291
215,717
286,996
Total expenses
3,869,432
4,477,402
3,414,841
3,020,480
Net investment income
(3,421,562
)
(1,508,916
)
3,616,275
8,838,126
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Short-term investments
1,339
(4,298
)
(34,323
)
(22,199
)
Futures contracts
736,763,238
104,723,600
(394,948,409
)
(86,887,348
)
Net realized gain (loss)
736,764,577
104,719,302
(394,982,732
)
(86,909,547
)
Net change in unrealized appreciation/depreciation on:
Short-term investments
31,515
(722,311
)
717,056
349,062
Futures contracts
(224,589,428
)
(67,121,004
)
200,395,693
114,632,516
Net change in unrealized appreciation/depreciation
(224,557,913
)
(67,843,315
)
201,112,749
114,981,578
Net realized and unrealized gain (loss)
512,206,664
36,875,987
(193,869,983
)
28,072,031
Net increase (decrease) in net assets resulting from operations
$
508,785,102
$
35,367,071
$
(190,253,708
)
$
36,910,157
Net increase (decrease) in net assets per Share
$
5.58
$
0.39
$
(2.51
)
$
0.55
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, 2023.
30
Table of Contents
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.