Net Asset Value and Financial Highlights

12 Months Ended

Dec. 31, 2019

Investment Company [Abstract]

Net Asset Value and Financial Highlights

(11) Net Asset Value and Financial Highlights

The Fund is presenting the following Net Asset Value and financial highlights related to investment performance and operations for a Share outstanding for the years ended December 31, 2019, 2018 and 2017.

	2019			2018			2017
Net Asset Value
Net asset value per Limited Share, beginning of year	$	17.50		$	19.25		$	19.35
Investment operations:
Net realized and unrealized gain (loss)(1)		1.07			(1.93	)		(0.10	)
Net investment income(2)		0.23			0.18			0.00	(3)
Net increase (decrease) in net assets from operations		1.30			(1.75	)		(0.10	)
Net asset value per Limited Share, end of year	$	18.80		$	17.50		$	19.25
Total Return, at net asset value(4)		7.43	%		(9.09	)%		(0.52	)%
Ratios/ Supplemental Data:
Net assets, end of year (000’s omitted)	$	127,836		$	154,855		$	154,956
Ratios to average net assets of:
Net investment income		1.30	%		0.94	%		0.01	%
Expenses, prior to expense waivers		0.85	%		0.85	%		0.85	%
Expenses, net of expense waivers		0.75	%		0.75	%		0.75	%

(1)  Includes brokerage commissions of approximately $(0.02) per share for the years ended December 31, 2019, 2018 and 2017, respectively. See Note 8(b) on page F-35.

(2)  Based on average shares outstanding.

(3)  Amount represents less than $0.01.

(4)  For the periods in which the Managing Owner waived a portion of its Management Fee, the total return would have been lower if such expenses had not been waived. See Note 8(a) on page F-35.