Note 4 - Trust Expenses

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Expenses [Text Block]

4

- Trust Expenses

The Trust is responsible for paying any applicable brokerage commissions and similar transaction fees out of its assets in connection with the roll of Index Futures held by the Trust. These expenses are recorded as brokerage commissions and fees in the statements of operations as incurred.

The Sponsor pays the amounts that would otherwise be considered the ordinary operating expenses, if any, of the Trust. In return, the Sponsor receives an allocation from the Trust that accrues daily at an annualized rate equal to

0.75%

of the net asset value of the Trust, as calculated before deducting fees and expenses based on the value of the Trust’s assets.

The Sponsor has agreed under the Trust Agreement to pay the following administrative, operational and marketing expenses: (

1

) the fees of the Trustee, the Delaware Trustee, the Advisor and their respective agents, (

2

) NYSE Arca listing fees, (

3

) printing and mailing costs, (

4

) audit fees, (

5

) fees for registration of the Shares with the SEC, (

6

) tax reporting costs, (

7

) license fees and (

8

) legal expenses relating to the Trust of up to

$100,000

annually.