38 unchanged sentences
The decrease in the Trust’s net asset value resulted primarily from a net decrease in the number of outstanding Shares, which fell from 48,200,000 Shares at December 31, 2023 to 44,500,000 Shares at December 31, 2024, a consequence of 10,950,000 Shares (219 Baskets) being created and 14,650,000 Shares (293 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 8.27% increase in the NAV from $20.08 at December 31, 2023 to $21.74 at December 31, 2024 is directly related to the 3.79% increase in the settlement price for the Index Futures.
+Added: The NAV increased 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, 2024 was $69,991,022, resulting from a net realized and unrealized gain of $26,856,481.
+Added: For the year ended December 31, 2024, the Trust had a net realized and unrealized loss of $183,791 on short-term investments and a net realized and unrealized gain of $27,040,272 on futures contracts.
+Added: Other than the Sponsor’s Fees of $7,367,043 and brokerage commissions and fees of $749,551, the Trust had no expenses during the year.
+Added: The Year Ended December 31, 2023
+Added: The Trust’s net asset value decreased from $1,221,109,857 at December 31, 2022 to $968,051,679 at December 31, 2023.
+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 57,550,000 Shares at December 31, 2022 to 48,200,000 Shares at December 31, 2023, a consequence of 7,750,000 Shares (155 Baskets) being created and 17,100,000 Shares (342 Baskets) being redeemed during the year.
The decrease in the Trust’s net asset value was also affected by a net decrease in net assets resulting from operations.
15 unchanged sentences
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.
−Removed: The Year Ended December 31, 2021
−Removed: The Trust’s net asset value increased from $827,346,620 at December 31, 2020 to $1,431,810,115 at December 31, 2021.
−Removed: The increase in the Trust’s net asset value resulted primarily from a net increase in net assets resulting from operations.
−Removed: The Trust’s net asset value also benefitted from an increase in the number of outstanding Shares, which rose from 67,250,000 Shares at December 31, 2020 to 83,750,000 Shares at December 31, 2021, a consequence of 34,750,000 Shares (695 Baskets) being created and 18,250,000 Shares (365 Baskets) being redeemed during the year.
−Removed: 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.
−Removed: 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.
−Removed: For the year ended December 31, 2021, the Trust had a net realized and unrealized gain of $4,847 on short-term investments and a net realized and unrealized gain of $376,389,325 on futures contracts.
−Removed: Other than the Sponsor’s Fees of $9,465,137 and brokerage commissions and fees of $1,346,112, the Trust had no expenses during the year.
Liquidity and Capital Resources
31 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.