Operating Expenses

12 Months Ended

Dec. 31, 2019

(8) Operating Expenses

(a) Management Fee

The Master Fund pays the Managing Owner, monthly in arrears, a fee (the “Management Fee”) equal to 0.85% per annum based on the average daily Net Asset Value of the Master Fund. The Managing Owner voluntarily agreed to waive a portion of its Management Fee in the amount of 0.10% per annum reducing the Management Fee to 0.75% per annum based on the average daily Net Asset Value of the Master Fund. For the years ended December 31, 2019, 2018 and 2017, the Management Fee paid by the Master Fund was as follows:


Period	Management Fee		Voluntary Fee Waiver			Net Management Fee
Year ended December 31, 2019	$	1,140,124	$	(134,132	)	$	1,005,992
Year ended December 31, 2018	$	1,436,067	$	(168,949	)	$	1,267,118
Year ended December 31, 2017	$	1,513,176	$	(178,022	)	$	1,335,154

(b) Brokerage Commissions

Brokerage commissions are charged against the Fund’s assets on a per transaction basis. Brokerage commissions incurred for the

years

ended December 31, 2019

2018

and

2017 were $ 142,775, $175,786 and $178,822

, respectively.