53 unchanged sentences
Results of Operations
−Removed: The Quarter Ended June 30, 2025
−Removed: The Trust’s net asset value decreased from $1,053,139,808 at March 31, 2025 to $959,404,265 at June 30, 2025.
−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 46,300,000 Shares at March 31, 2025 to 43,500,000 Shares at June 30, 2025, a consequence of 5,200,000 Shares (104 Baskets) being created and 8,000,000 Shares (160 Baskets) being redeemed during the quarter.
−Removed: The decrease in the Trust’s net asset value was also affected by a net decrease in net assets resulting from operations.
−Removed: The 3.03% decrease in the NAV from $22.75 at March 31, 2025 to $22.06 at June 30, 2025 is directly related to the 3.85% decrease in the settlement price for the Index Futures.
−Removed: The NAV decreased less than the settlement price for the Index Futures on a percentage basis due to the interest income from U.S.
+Added: The Quarter Ended September 30, 2025
+Added: The Trust’s net asset value increased from $959,404,265 at June 30, 2025 to $994,070,222 at September 30, 2025.
+Added: The increase in the Trust’s net asset value resulted primarily from a net increase in net assets resulting from operations.
+Added: The increase in the Trust’s net asset value was partially offset by a net decrease in the number of outstanding Shares, which fell from 43,500,000 Shares at June 30, 2025 to 43,400,000 Shares at September 30, 2025, a consequence of 3,650,000 Shares (73 Baskets) being created and 3,750,000 Shares (75 Baskets) being redeemed during the quarter.
+Added: The 3.81% increase in the NAV from $22.06 at June 30, 2025 to $22.90 at September 30, 2025 is directly related to the 2.98% 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.
Treasury bills.
−Removed: The net decrease in net assets resulting from operations for the quarter ended June 30, 2025 was $36,143,954, resulting from a net realized and unrealized loss of $44,078,228 and a net investment income of $7,934,274.
−Removed: For the quarter ended June 30, 2025, the Trust had a net realized and unrealized gain of $36,533 on short-term investments and a net realized and unrealized loss of $44,114,761 on futures contracts.
+Added: The net increase in net assets resulting from operations for the quarter ended September 30, 2025 was $38,642,473, resulting from a net realized and unrealized gain of $29,859,648 and a net investment income of $8,782,825.
+Added: For the quarter ended September 30, 2025, the Trust had a net realized and unrealized gain of $64,024 on short-term investments and a net realized and unrealized gain of $29,795,624 on futures contracts.
Other than the Sponsor’s fees of $1,905,877 and brokerage commissions and fees of $147,798, the Trust had no expenses during the quarter.
−Removed: The Six-Month Period Ended June 30, 2025
−Removed: The Trust’s net asset value decreased from $967,549,530 at December 31, 2024 to $959,404,265 at June 30, 2025.
−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 44,500,000 Shares at December 31, 2024 to 43,500,000 Shares at June 30, 2025, a consequence of 8,600,000 Shares (172 Baskets) being created and 9,600,000 Shares (192 Baskets) being redeemed during the period.
−Removed: The decrease in the Trust’s net asset value was partially offset by a net increase in net assets resulting from operations.
−Removed: The Trust’s NAV increased by 1.47% from $21.74 at December 31, 2024 to $22.06 at June 30, 2025 despite a 0.21% decrease in the settlement price for the Index Futures due to the interest income from U.S.
+Added: The Nine-Month Period Ended September 30, 2025
+Added: The Trust’s net asset value increased from $967,549,530 at December 31, 2024 to $994,070,222 at September 30, 2025.
+Added: The increase in the Trust’s net asset value resulted primarily from a net increase in net assets resulting from operations.
+Added: The increase in the Trust’s net asset value was partially offset by a net decrease in the number of outstanding Shares, which fell from 44,500,000 Shares at December 31, 2024 to 43,400,000 Shares at September 30, 2025, a consequence of 12,250,000 Shares (245 Baskets) being created and 13,350,000 Shares (267 Baskets) being redeemed during the period.
+Added: The 5.34% increase in the NAV from $21.74 at December 31, 2024 to $22.90 at September 30, 2025 is directly related to the 2.76% 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.
Treasury bills.
−Removed: The net increase in net assets resulting from operations for the period ended June 30, 2025 was $9,414,990, resulting from a net realized and unrealized loss of $7,542,918, and a net investment income of $16,957,908.
−Removed: For the six months ended June 30, 2025, the Trust had a net realized and unrealized loss of $224,244 on short-term investments and a net realized and unrealized loss of $7,318,674 on futures contracts.
+Added: The net increase in net assets resulting from operations for the nine months ended September 30, 2025 was $48,057,463, resulting from a net realized and unrealized gain of $22,316,730, and a net investment income of $25,740,733.
+Added: For the nine months ended September 30, 2025, the Trust had a net realized and unrealized loss of $160,220 on short-term investments and a net realized and unrealized gain of $22,476,950 on futures contracts.
Other than the Sponsor’s fees of $5,563,724 and brokerage commissions and fees of $510,481, the Trust had no expenses during the period.
Liquidity and Capital Resources
−Removed: The Trust’s assets as of June 30, 2025 consist of Index Futures and Collateral Assets used to satisfy applicable margin requirements for those Index Futures positions.
+Added: The Trust’s assets as of September 30, 2025 consist of Index Futures and Collateral Assets used to satisfy applicable margin requirements for those Index Futures positions.
The Trust does not anticipate any further need for liquidity, because creations and redemptions of Shares generally occur in-kind and ordinary expenses are met by cash on hand.
2 unchanged sentences
In the case of an extraordinary expense and/or insufficient interest income to cover ordinary expenses, however, the Trust could be forced to liquidate its positions in Index Futures and Collateral Assets to pay such expenses.
−Removed: As of June 30, 2025, the market for Index Futures had not developed significant liquidity and the Trust represented substantially all of the long-side open interest in Index Futures.
+Added: As of September 30, 2025, the market for Index Futures had not developed significant liquidity and the Trust represented substantially all of the long-side open interest in Index Futures.
In addition, it is expected that Goldman Sachs & Co.
22 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.