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 2025 and 2024.
Three Months Ended (Unaudited)
March 31,
2025
June 30,
2025
September 30,
2025
December 31,
2025
Investment Income
Interest
$
11,133,496
$
9,844,942
$
10,836,500
$
10,728,796
Total investment income
11,133,496
9,844,942
10,836,500
10,728,796
Expenses
Sponsor’s fees
1,927,290
1,730,557
1,905,877
2,033,224
Brokerage commissions and fees
182,572
180,111
147,798
184,452
Total expenses
2,109,862
1,910,668
2,053,675
2,217,676
Net investment income
9,023,634
7,934,274
8,782,825
8,511,120
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Short-term investments
5,067
(2,912
)
1,244
2,377
Futures contracts
38,182,150
(8,019,045
)
17,956,102
21,196,298
Net realized gain (loss)
38,187,217
(8,021,957
)
17,957,346
21,198,675
Net change in unrealized appreciation/depreciation on:
Short-term investments
(265,844
)
39,445
62,780
191,423
Futures contracts
(1,386,063
)
(36,095,716
)
11,839,522
(20,992,176
)
Net change in unrealized appreciation/depreciation
(1,651,907
)
(36,056,271
)
11,902,302
(20,800,753
)
Net realized and unrealized gain (loss)
36,535,310
(44,078,228
)
29,859,648
397,922
Net increase (decrease) in net assets resulting from operations
$
45,558,944
$
(36,143,954
)
$
38,642,473
$
8,909,042
Net increase (decrease) in net assets per Share
$
0.98
$
(0.85
)
$
0.87
$
0.19
Three Months Ended (Unaudited)
March 31,
June 30,
September 30,
December 31,
2024
2024
2024
2024
Investment Income
Interest
$
13,015,780
$
14,145,807
$
13,037,036
$
11,052,512
Total investment income
13,015,780
14,145,807
13,037,036
11,052,512
Expenses
Sponsor’s fees
1,785,101
2,026,058
1,801,762
1,754,122
Brokerage commissions and fees
233,599
188,202
159,320
168,430
Total expenses
2,018,700
2,214,260
1,961,082
1,922,552
Net investment income
10,997,080
11,931,547
11,075,954
9,129,960
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Short-term investments
215
(11
)
1,222
4,108
Futures contracts
57,205,070
(720,717
)
(77,701,360
)
23,822,025
Net realized gain (loss)
57,205,285
(720,728
)
(77,700,138
)
23,826,133
Net change in unrealized appreciation/depreciation on:
Short-term investments
(424,455
)
324,741
(71,699
)
(17,912
)
Futures contracts
24,561,846
(7,036,546
)
6,815,884
94,070
Net change in unrealized appreciation/depreciation
24,137,391
(6,711,805
)
6,744,185
76,158
Net realized and unrealized gain (loss)
81,342,676
(7,432,533
)
(70,955,953
)
23,902,291
Net increase (decrease) in net assets resulting from operations
$
92,339,756
$
4,499,014
$
(59,879,999
)
$
33,032,251
Net increase (decrease) in net assets per Share
$
2.03
$
0.09
$
(1.34
)
$
0.76
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, 2025.
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