What changed in this filing

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Item 9A. Controls and Procedures

2026-02-27 compared with 2025-02-19 · 102 added, 95 removed, 667 unchanged (23% of the section changed)

1 unchanged sentence

Disclosure Controls and Procedures

The duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, with the participation of the Trustee, have evaluated the effectiveness of the Trust’s disclosure controls and procedures, and have concluded that the disclosure controls and procedures of the Trust were effective as of the end of the period covered by this report to provide reasonable assurance that information required to be disclosed in the reports that the Trust files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the applicable rules and forms, and that it is accumulated and communicated to the duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, as appropriate to allow timely decisions regarding required disclosure.

The duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, with the participation of the Trustee, have evaluated the effectiveness of the Trust’s disclosure controls and procedures, and have concluded that the disclosure controls and procedures of the Trust were effective as of December 31, 2025, the end of the period covered by this report, to provide reasonable assurance that information required to be disclosed in the reports that the Trust files or submits under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported, within the time periods specified in the applicable rules and forms, and that it is accumulated and communicated to the duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, as appropriate to allow timely decisions regarding required disclosure.

There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures.

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Based on their assessment and those criteria, the Sponsor’s management concluded that the Trust maintained effective internal control over financial reporting as of December 31, 2025.

The effectiveness of the Trust’s internal control over financial reporting as of December 31, 2024 has been audited by PricewaterhouseCoopers LLP, the independent registered public accounting firm that audited and reported on the financial statements included in this Form 10-K, as stated in their report which is included herein.

The effectiveness of the Trust’s internal control over financial reporting as of December 31, 2025 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which is included herein.

Changes in Internal Control over Financial Reporting

There were no changes in the Trust’s internal control over financial reporting that occurred during the Trust’s fourth fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting.

There were no changes in the Trust’s internal control over financial reporting that occurred during the quarter ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting.

Other Information.

Not applicable.

Section 13 (r) Disclosure

Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, which added Section 13 (r) of the Exchange Act, the Trust hereby incorporates by reference herein Exhibit 99.1 of this report, which includes disclosures regarding activities at Malaysia Airport Holdings Berhad, in which certain funds and entities affiliated with Global Infrastructure Management, LLC, a consolidated subsidiary of BlackRock, Inc., obtained a minority non-controlling interest.

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.

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Shannon Ghia , 49, has served as a Director of the Sponsor since March 2022 and became a principal of the Sponsor on May 19, 2023.

Ghia is a Managing Director of BlackRock and has served as Global Co-Head of ETF Markets since January 1, 2022.

ETF Markets encompasses the Global Markets and Product Engineering teams within EII Markets and Investments (“the Engine”) of BlackRock’s ETF and Index Investing organization.

The Engine teams drive investment integrity and market quality in BlackRock’s ETF and index portfolios.

Global Markets and Product Engineering together strive to safeguard ETF trading, evolve the ETF ecosystem and develop best-in-class products with enduring integrity that promote clients’ financial wellbeing.

Ghia is a Managing Director of BlackRock, Inc.

She has served as Global Head of ETF Engineering within BlackRock Global Markets & Index Investments since February 1, 2024.

ETF Engineering encompasses the Product Engineering, Platform and Primary Offering functions.

From January 1, 2022 to January 31, 2024, Ms.

Ghia served as the Global Co-Head of ETF Markets for the Global Markets and Product Engineering teams, driving investment integrity and market quality in BlackRock’s ETF and index portfolios.

From January 1, 2016 to December 31, 2021, Ms.

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She also worked closely with exchanges, ETF service providers and liquidity providers to promote ETF market quality.

Ghia’s service with BlackRock or its affiliates dates to 2002, including her years with Barclays Global Investors.

Ms.Ghia's service with BlackRock or its affiliates dates to 2002, including her years with Barclays Global Investors.

Ghia earned a BA degree in Business / Economics with an emphasis in Accounting from the University of California, Santa Barbara.

Bryan Bowers, 49 , has been employed by BlackRock or its affiliates since September 6, 2011, performing supervisory and managerial functions.

From September 1, 2014 to the present, Mr.

Bowers has served as a Director of BlackRock.

Bowers became a principal of the Sponsor on August 26, 2022.

Since October 4, 2021, Mr.

Bowers has managed the Product Oversight and Governance team within BlackRock’s Global Accounting and Product Services (“GAAPS”) function.

In that capacity, Mr.

Bowers oversees fund accounting operations, strategic product initiatives, fund certifications, accounting policies and provides support to the Audit Committee of the Board for iShares Trust, iShares, Inc.

Bryan Bowers , 51, became a principal of the Sponsor on August 26, 2022.

He has been employed by BlackRock or its affiliates since September 6, 2011, performing supervisory and managerial functions.

Bowers is a Managing Director of BlackRock Inc.

and since October 4, 2021 has managed the Product Governance & Reporting Team within BlackRock’s Global Accounting and Product Services (“GAAPS”) function.

Bowers serves as the Chief Trust Officer of BlackRock Institutional Trust Company and the Chief Financial Officer for each of iShares Trust, iShares, Inc.

and iShares U.S.

From September 1, 2014 to

October 3, 2021, Mr.

Bowers worked in Global Financial Reporting on the Business Operations & Technology team within BlackRock’s GAAPS function.

ETF Trust (the “iDTS Trusts”).

From 2021 to 2025, Mr.

Bowers oversaw fund accounting operations, strategic product initiatives, fund certifications, accounting policies and provides support to the audit committee of the board for each of the iDTS Trusts.

From September 1, 2014 to October 3, 2021, Mr.

Bowers served as a Global Financial Reporting manager on the Business Operations & Technology team within BlackRock's GAAPS function.

From September 6, 2011 to August 31, 2014, Mr.

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degree in accounting from Stockton University.

Erin Armstrong , 43, became a principal of the Sponsor on July 23, 2025 and jointly responsible for the trading decisions with respect to the Trust's account as of June 30, 2025.

She became a principal of the Advisor on July 28, 2025.

Armstrong is a Director of BlackRock, Inc.

and performs supervisory and managerial functions.

Since January 2024, she has been a Senior Portfolio Manager in Derivatives and Digital Assets Portfolio Management within BlackRock's Global Markets & Index Investments Group (“BGM”).

In that capacity, she is responsible for managing complex derivatives-based strategies, including outcome ETFs, commodities ETFs, currency-hedged and digital assets ETFs, and institutional currency-hedged and equity overlays.

From November 2014 to January 2024, Ms.

Armstrong was a Portfolio Manager on the ETF and Index Investments team within BGM.

Previously, she was a Project Manager on BlackRock's Business Operations team.

Armstrong earned her Bachelor of Arts in economics from the University of California at Santa Cruz.

Belinda Ng Castaneda , 43, became a principal of the Sponsor on June 20, 2019.

Castaneda became a principal of BlackRock Institutional Trust Company, N.A.

on June 19, 2019 and of BFA on June 20, 2019.

on June 19, 2019 and of the Advisor on June 20, 2019.

Castaneda serves as a listed principal for each of the foregoing entities, performing supervisory and managerial functions on such entities’ Business Continuity Management Program Operations Team.

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Castaneda earned a Bachelor of Science in Business Administration from San Jose State University, in 2005.

Matthew DeCicco , 36, became a principal of the Sponsor and jointly responsible for the trading decisions with respect to the Trust’s account as of January 21, 2025.

DeCicco is a Director of BlackRock, Inc.

and performs supervisory and managerial functions.

Since March 2024, he has managed the Derivatives ETF Portfolio Management Team within BlackRock’s Global Markets & Index Investments Group.

In that capacity, Mr.

DeCicco oversees product operations and the continued development of complex and derivatives-based products.

From May 2022 to March 2024, Mr.

DeCicco was Global Head of Commodities, Carbon Emissions, and Digital Assets Trading within BlackRock Global Markets.

In this role, he was responsible for overseeing BlackRock’s traditional commodity trading platform as well as building out trading capabilities and thought leadership in the emerging sectors of carbon emissions and digital assets trading.

From August 2010 to May 2022, Mr.

DeCicco was the Head of North American Rates Trading with oversight for all U.S.

Treasury, Treasury Inflation Protected Securities, agency mortgage-backed securities, derivatives and futures trading on behalf of BlackRock’s investment platform.

DeCicco earned his Bachelor of Science in finance from Babson College.

Ann Frechette , CPA, 57, became a principal of the Sponsor on April 13, 2020.

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Frechette graduated with honors from Drexel University with a Bachelor of Science in accounting in 1991 and was initially licensed as a certified public accountant in 1993.

Lindsey Haswell , 46, is a member of the Sponsor’s audit committee.

Haswell is the Chief Legal and Administrative Officer of MoonPay, a web3 and crypto payments company that she joined in February 2023.

She served in the same capacity for crypto-asset firm Blockchain.com from May 2021 to February 2023.

Lindsey Haswell , 47, became a principal of the Sponsor on May 2, 2024 and is a member of the Sponsor’s audit committee.

Haswell is the Chief Legal Officer of Tempo Labs, a layer-one blockchain designed specifically for payments that was incubated by Stripe and Paradigm that she joined in August 2025.

She is also on the board of ProCap Acquisition Corp., a fintech-focused special purpose acquisition company.

She served as the Chief Legal and Administrative Officer for crypto payments firm MoonPay from February 2023 to August 2025, and the Chief Legal and Administrative Officer for crypto-asset firm Blockchain.com from May 2021 to February 2023.

Since July 2022, she also has served on the founding team of the Core blockchain network, a Bitcoin-powered layer-one blockchain.

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Haswell earned a degree in Political Science and Journalism from the University of Southern California and a law degree from the University of Southern California.

Philip Jensen , 66, became a principal of the Sponsor in September 2009 and is Chairman of the Sponsor’s audit committee.

Philip Jensen , 67, became a principal of the Sponsor on September 15, 2009 and is Chairman of the Sponsor’s audit committee.

In June 2001, Mr.

Jensen joined Paul Capital Partners, an investment firm focusing on the secondary private equity and healthcare markets, for which he presently serves as Partner and Chief Operating Officer.

Jensen received his Bachelor of Science from San Francisco State University and is a certified public accountant (inactive).

Jensen joined Paul Capital Partners, an investment firm focusing on the secondary private equity and healthcare markets, for which he presently serves as Partner and previously served as Chief Operating Officer from 2002 to 2020.

Jensen received his Bachelor of Science from San Francisco State University and practiced as a California Certified Public Accountant through 1992.

Timothy Kane, 45, became a principal of the Sponsor on June 28, 2019.

Kane became a principal of BlackRock Financial Management, Inc.

on June 27, 2019 and of BlackRock Advisors, LLC, BFA and BlackRock Institutional Trust Company, N.A.

on June 27, 2019 and of BlackRock Advisors, LLC, the Advisor and BlackRock Institutional Trust Company, N.A.

on June 28, 2019.

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Kane has served as a Director of BlackRock, Inc.

and each of the foregoing entities, all of which are affiliates of BlackRock, Inc., performing supervisory and managerial functions in his capacity as the Global Head of Enterprise Resilience, including Business Continuity, Crisis Management and Disaster Recovery in Technology and Enterprise Services on a team that team is responsible for ensuring recoverability and resiliency when faced with crisis situations.

Prior to joining BlackRock, Inc., Mr.

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Kane earned a Bachelor of Science in Geographic Information Science from Salisbury University in 2002.

Peter Landini , 73, became a principal of the Sponsor in September 2009 and is a member of the Sponsor’s audit committee.

Peter Landini , 74, became a principal of the Sponsor on September 14, 2009 and is a member of the Sponsor’s audit committee.

In January 2003, Mr.

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Landini is a certified financial planner and is a member of the Financial Planning Association.

Orlando Montalvo , 57, became a principal of the Sponsor and jointly responsible for the trading decisions with respect to the Trust’s account as of January 21, 2025.

Since December 2009, Mr.

Montalvo has served as a Managing Director of BlackRock, Inc.

Orlando Montalvo , 58, became a principal of the Sponsor on January 15, 2025, and is jointly responsible for the trading decisions with respect to the Trust’s account as of January 21, 2025.

Montalvo became a principal of the Advisor on February 3, 2025.

Montalvo is a Managing Director of BlackRock, Inc.

and performs supervisory and managerial functions.

Since January 15, 2025, Mr.

Montalvo has managed the Digital Currency and Currency Overlay Portfolio Management Team within BlackRock’s Global Markets & Index Investments Group.

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Montalvo earned his Bachelor of Science in finance from San Francisco State University.

Charles Park , 57, became a principal of the Advisor in December 2012 and has served as Chief Compliance Officer for the Advisor since August 2006.

Park became a principal of BlackRock Advisors, LLC, a commodity pool operator and commodity trading advisor registered with the CFTC, in June 2014 and has served as its Chief Compliance Officer since June 2014.

Park became a principal of BlackRock Financial Management, Inc., an investment management company, in September 2016 and has served as Chief Compliance Officer of BlackRock Financial Management, Inc.

Charles Park , 58, has been a principal of the Sponsor since August 4, 2016 and previously was a principal of the Sponsor from December 17, 2012 to April 27, 2015, in each case performing supervisory and managerial functions.

He became a principal of the Advisor on December 31, 2012 and has served as Chief Compliance Officer for the Advisor since August 2006.

Park became a principal of BlackRock Advisors, LLC, a commodity pool operator and commodity trading advisor registered with the CFTC, on June 26, 2014 and has served as its Chief Compliance Officer since June 2014.

Park became a principal of BlackRock Financial Management, Inc., an investment management company, on September 28, 2016, has served as Chief Compliance Officer of BlackRock Financial Management, Inc.

since September 2016 and performs supervisory and managerial functions.

He became a principal of BlackRock Investment Management, LLC, an investment management company, in September 2016 and has served as Chief Compliance Officer of BlackRock Investment Management, LLC since September 2016 and performs supervisory and managerial functions.

Park was a principal of BlackRock Asset Management International Inc., a former commodity pool operator that withdrew its commodity pool operator registration in February 2014, from December 2012 to February 2014, performing supervisory and managerial functions.

Park joined BlackRock Institutional Trust Company, N.A., a commodity pool operator and commodity trading advisor registered with the CFTC, in August 2006, and performs supervisory and managerial functions.

Park has also served as the Chief Compliance Officer of the iShares business since August 2006 and of BlackRock SEC-registered funds since June 2014.

Park was a principal of the Sponsor from December 2012 to April 2015 and since August 4, 2016, performing supervisory and managerial functions.

Prior to joining BlackRock Institutional Trust Company, N.A., in August 2006, Mr.

He became a principal of BlackRock Investment Management, LLC, an investment management company, on September 28, 2016, has served as Chief Compliance Officer of BlackRock Investment Management, LLC since September 2016 and performs supervisory and managerial functions.

From December 31, 2012 to February 13, 2014, Mr.

Park has served as Global Head of Investment Advisory Compliance and Head of Americas Compliance for BlackRock, Inc.

since July 2023.

Park served as the Chief Compliance Officer of the iShares business from August 2006 through June 2023 and of the BlackRock SEC-registered funds from June 2014 through June 2023.

In August 2006, Mr.

Park joined BlackRock Institutional Trust Company, N.A., a commodity pool operator and commodity trading advisor registered with the CFTC, as the chief compliance officer for its SEC-registered subsidiaries; in his current role, he supervises and manages employees who serve in compliance roles at that entity.

Prior to joining BlackRock Institutional Trust Company, N.A., Mr.

Park served as Chief Compliance Officer of American Century Investment Management, Inc., an exempt commodity pool operator and an exempt commodity trading advisor, from October 1995 to July 2006.

Park earned a Bachelor of Arts in economics from the University of Michigan in 1989 and a Juris Doctor from the University of Michigan in 1992.

Charles Pulsfort , 44, has served as Global Head of Financial Reporting for BlackRock, Inc.

Charles Pulsfort , 45, became a principal of the Sponsor, BFA, BlackRock Advisors, LLC, BlackRock Financial Management, Inc., BlackRock Institutional Trust Company, N.A., and BlackRock Investment Management, LLC on February 24, 2025.

Pulsfort became a principal of BlackRock International Limited on February 26, 2025.

He performs supervisory and managerial functions for each of the foregoing entities.

He has served as Global Head of Financial Reporting for BlackRock, Inc.

since February 1, 2025.

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Pulsfort leads the design and enhancement of BlackRock’s financial and regulatory reporting operating environment across multiple jurisdictions.

Pulsfort has served as a Managing Director since March 2016.

From March 28, 2016 to January 31, 2025, Mr.

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Philip Vasan , 65, became a principal of the Sponsor and the Advisor on August 24, 2022 and performs supervisory and managerial functions.

Vasan has been a Branch Manager of the Advisor and the Sponsor since December 5, 2024 and a swap associated person of the Advisor since November 29, 2024.

Vasan has been a principal of BlackRock International Limited, performing supervisory and managerial functions, since August 24, 2022, an NFA associate member and an associated person since April 5, 2023, and a swap associated person since April 6, 2023.

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and BlackRock Investment Management LLC, performing supervisory and managerial functions for each entity.

Vasan has been an associated person and an NFA associate member of the Sponsor, the Advisor, BlackRock Investment Management LLC, BlackRock Institutional Trust Company, N.A.

and BlackRock Advisors LLC since September 27, 2024.

With respect to BlackRock Financial Management Inc., Mr.

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The Code of Ethics is available by writing the Sponsor at 400 Howard Street, San Francisco, CA 94105 or calling the Sponsor at (415) 670-2000.

The Sponsor’s Code of Ethics is intended to be a codification of the business and ethical principles that guide the Sponsor, deter wrongdoing, and promote (1) honest and ethical conduct (including the ethical handling of actual or apparent conflicts of interest), (2) full, fair, accurate, timely and understandable disclosure in public reports, documents and communications, (3) compliance with applicable laws and governmental rules and regulations, (4) the prompt internal reporting of violations of the Code of Ethics and (5) accountability for adherence to the Code of Ethics.

The Sponsor’s Code of Ethics is intended to be a codification of the business and ethical principles that guide the Sponsor, deter wrongdoing, and promote (1) honest and ethical conduct (including the ethical handling of actual or apparent conflicts of interest), (2) full, fair, accurate, timely and understandable disclosure in public reports, documents and communications, (3) compliance with applicable laws and governmental rules and regulations, (4) prompt internal reporting of violations of the Code of Ethics and (5) accountability for adherence to the Code of Ethics.

BlackRock has adopted an insider trading policy governing the purchase, sale and other dispositions of BlackRock’s securities that applies to all employees of BlackRock and its subsidiaries, and BlackRock’s directors and officers, as well as BlackRock itself.

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See Item 11 above.

Principal Accounting Fees and Services.

Principal Accountant Fees and Services.

Audit and Non-Audit Fees

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Amount represents fees billed for review of the regulatory filings.

PricewaterhouseCoopers LLP provides certain tax compliance and reporting services to the Trust, including processing beneficial ownership information as it relates to the preparation of tax reporting packages and the subsequent delivery of related information to the IRS.

Services also include assistance with tax reporting and related information using a web-based tax package product developed by PricewaterhouseCoopers LLP and a toll-free tax package support help line.

PricewaterhouseCoopers LLP provides certain tax compliance and reporting services to the Trust, including the processing and delivery of certain information to the IRS, and assistance with tax reporting.

Approval of Independent Registered Public Accounting Firm Services and Fees

The audit committee of the Board of Directors of the Sponsor approved, prior to the commencement of the engagement, the engagement of and compensation to be paid to PricewaterhouseCoopers LLP as auditors of the Trust.

Exhibits, Financial Statement Schedules.

Exhibits and Financial Statement Schedules.

Financial Statements

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Executive Officer Incentive-Based Compensation Clawback Policy is incorporated by reference to Exhibit 97.1 of the Annual Report on Form 10-K filed by the Registrant on February 20, 2024

Section 13(r) Disclosure

Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

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At December 31, 2025 and 2024

$ 1,502,280 $ 2,435,084

Cash $ 458,981 $ 1,502,280

Short-term investments (a) 1,040,452,950 927,380,783

927,380,783 903,814,706

Short-term investments held at broker (restricted) (b) 52,782,806 36,229,375

36,229,375 68,298,743

Receivable for variation margin on open futures contracts (Note 9) — 3,037,571

968,150,009 974,548,533

Total Assets 1,093,694,737 968,150,009

Sponsor’s fees payable 687,144 600,479

600,479 623,642

Payable for variation margin on open futures contracts (Note 9) 11,332,892 —

Total Liabilities 12,020,036 600,479

600,479 6,496,854

Commitments and contingent liabilities (Note 7) — —

$ 967,549,530 $ 968,051,679

Net Assets $ 1,081,674,701 $ 967,549,530

Shares issued and outstanding (c) 46,850,000 44,500,000

44,500,000 48,200,000

Net asset value per Share (Note 2G) $ 23.09 $ 21.74

$ 21.74 $ 20.08

Cost of short-term investments:

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Years Ended December 31,

2025 2024 2023

Investment Income

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( 341,275,626 ) ( 307,190,380 ) ( 350,512,508 )

Net decrease in net assets from capital share transactions

Net increase (decrease) in net assets from capital share transactions

57,158,666 ( 70,493,171 ) ( 186,516,503 )

Decrease in net assets

Increase (decrease) in net assets

114,125,171 ( 502,149 ) ( 253,058,178 )

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( 15,450,000 ) ( 14,650,000 ) ( 17,100,000 )

Net decrease in Shares issued and outstanding

Net increase (decrease) in Shares issued and outstanding

2,350,000 ( 3,700,000 ) ( 9,350,000 )

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Years Ended December 31,

2025 2024 2023

Cash Flows from Operating Activities

Net increase (decrease) in net assets resulting from operations $ 56,966,505 $ 69,991,022 $ ( 66,541,675 )

$ 69,991,022 $ ( 66,541,675 ) $ 390,808,622

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:

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Payable for investment securities purchased

— — ( 89,994,437 )

Sponsor’s fees payable

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35,000,000 34,748,257

3.61 % due 3/19/26

30,000,000 29,776,646

3.70 % due 3/24/26

14,700,000 14,583,440

3.60 % due 4/07/26

34,200,000 33,881,952

Treasury bills (Cost:

$ 1,092,971,218 )

1,093,235,756

Total Investments – 101.07 %

1,093,235,756

Other Assets, Less Liabilities – (1.07) %

( 11,561,055 )

Net Assets – 100.00 %

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25,000,000 24,835,859

4.46 % due 3/06/25

28,750,000 28,539,454

4.35 % due 3/13/25

50,000,000 49,593,634

4.34 % due 3/20/25

61,000,000 60,455,082

Treasury bills (Cost:

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Other Assets, Less Liabilities – 0.41 %

( 4,061,770 )

Net Assets – 100.00 %

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The Trust is a commodity pool, as defined in the Commodity Exchange Act (the “CEA”) and the applicable regulations of the Commodity Futures Trading Commission (the “CFTC”), and is operated by the Sponsor, a commodity pool operator registered with the CFTC.

The Sponsor is an indirect subsidiary of BlackRock, Inc.

The Sponsor is a consolidated subsidiary of BlackRock, Inc.

(“BlackRock”).

BlackRock Fund Advisors (the “Advisor”), an indirect subsidiary of BlackRock, serves as the commodity trading advisor of the Trust and is registered with the CFTC.

BlackRock Fund Advisors (the “Advisor”), a consolidated subsidiary of BlackRock, serves as the commodity trading advisor of the Trust and is registered with the CFTC.

The Trust qualifies as an investment company solely for accounting purposes and follows the accounting and reporting guidance under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies, but is not registered, and is not required to be registered, as an investment company under the Investment Company Act of 1940, as amended.

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Segment Reporting

The Trust adopted Financial Accounting Standards Board Update 2023 - 07, Segment Reporting (Topic 280 ) - Improvements to Reportable Segment Disclosures (“ASU 2023 - 07” ) during the period.

The Trust’s adoption of the new standard impacted financial statement disclosures only and did not affect the Trust’s financial position or results of operations.

The Chief Financial Officer of the Sponsor acts as the Trust’s Chief Operating Decision Maker (“CODM”) and is responsible for assessing performance and allocating resources with respect to the Trust.

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The following table shows the variation margin on open futures contracts, by risk exposure category, on the Statements of Assets and Liabilities as of December 31, 2025 and December 31, 2024:

Asset Derivatives

Fair Value Liability Derivatives Fair Value

Asset Derivatives Fair Value Liability Derivatives Fair Value

December 31, 2025

Commodity contracts

Receivable for variation margin on open futures contracts

$ 3,037,571 Payable for variation margin on open futures contracts

Commodity contracts Receivable for variation margin on open futures contracts $ — Payable for variation margin on open futures contracts $ 11,332,892

December 31, 2024

Commodity contracts

Receivable for variation margin on open futures contracts

$ — Payable for variation margin on open futures contracts

Commodity contracts Receivable for variation margin on open futures contracts $ 3,037,571 Payable for variation margin on open futures contracts $ —

The following table shows the effect of the open futures contracts, by risk exposure category, on the Statements of Operations for the years ended December 31, 2025, 2024 and 2023:

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Operations Location

Net Change in Unrealized

Appreciation/Depreciation

Net Change in Unrealized Appreciation/Depreciation

December 31, 2025

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Net change in unrealized appreciation/depreciation on futures — 24,435,254

— ( 52,150,846 )

December 31, 2023

Commodity contracts Net realized gain (loss) from futures contracts $ 359,651,081 $ —

Net realized gain (loss) from futures contracts $ ( 58,095,356 ) $ —

Net change in unrealized appreciation/depreciation on futures — ( 52,150,846 )

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The following table summarizes the value of each of the Trust’s investments by the fair value hierarchy levels as of December 31, 2025 and December 31, 2024:

Level 1 Level 2 Level 3 Total

December 31, 2025

Futures contracts (a) $ ( 14,025,327 ) $ — $ — $ ( 14,025,327 )

$ 32,609,106 $ — $ — $ 32,609,106

Treasury bills — 1,093,235,756 — 1,093,235,756

— 963,610,158 — 963,610,158

December 31, 2024

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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.

What changed 10-K

Item 9A. Controls and Procedures