11 unchanged sentences
2,100,000 Shares (42 Baskets) were redeemed during the fourth quarter of the year ended December 31, 2025.
−Removed: Total Number of Shares
−Removed: Average Price
+Added: Total Number of Shares Redeemed
+Added: Average Price Per Share
10/01/25 to 10/31/25
21 unchanged sentences
The Year Ended December 31, 2025
+Added: The Trust’s net asset value increased from $967,549,530 at December 31, 2024 to $1,081,674,701 at December 31, 2025.
+Added: The increase in the Trust’s net asset value resulted primarily from a net increase in the number of outstanding Shares, which rose from 44,500,000 Shares at December 31, 2024 to 46,850,000 Shares at December 31, 2025, a consequence of 17,800,000 Shares (356 Baskets) being created and 15,450,000 Shares (309 Baskets) being redeemed during the year.
+Added: The increase in the Trust’s net asset value also benefited from a net increase in net assets resulting from operations.
+Added: The 6.21% increase in the NAV from $21.74 at December 31, 2024 to $23.09 at December 31, 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.
+Added: Treasury bills.
+Added: The net increase in net assets resulting from operations for the year ended December 31, 2025 was $56,966,505, resulting from a net investment income of $34,251,853 and a net realized and unrealized gain of $22,714,652.
+Added: For the year ended December 31, 2025, the Trust had a net realized and unrealized gain of $33,580 on short-term investments and a net realized and unrealized gain of $22,681,072 on futures contracts.
+Added: Other than the Sponsor’s Fees of $7,596,948 and brokerage commissions and fees of $694,933, the Trust had no expenses during the year.
+Added: The Year Ended December 31, 2024
The Trust’s net asset value decreased from $968,051,679 at December 31, 2023 to $967,549,530 at December 31, 2024.
4 unchanged sentences
Treasury bills.
−Removed: 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: The net increase in net assets resulting from operations for the year ended December 31, 2024 was $69,991,022, resulting from a net investment income of $43,134,541 and a net realized and unrealized gain of $26,856,481.
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.
10 unchanged sentences
Other than the Sponsor’s Fees of $8,046,692 and brokerage commissions and fees of $863,130, the Trust had no expenses during the year.
−Removed: The Year Ended December 31, 2022
−Removed: 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.
−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 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.
−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 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.
−Removed: 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.
−Removed: Treasury bills.
−Removed: 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.
−Removed: 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.
−Removed: 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.
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.