Derivative Instruments

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Note 7 – Derivative Instruments

The Fair Value of Derivative Instruments is as follows:


	December 31, 2023					December 31, 2022
Risk Exposure/Derivative Type (a)	Assets		Liabilities			Assets		Liabilities
Currency risk
Currency Futures Contracts	$	—	$	(4,579,458	)	$	—	$	(7,688,710	)

(a)

Includes cumulative appreciation (depreciation) of currency futures contracts. Only the current day’s variation margin receivable (payable) is reported in the December 31, 2023 and 2022 Statements of Financial Condition.

The Effect of Derivative Instruments on the Statements of Income and Expenses is as follows:


		For the Years Ended
	Location of Gain or (Loss) on Derivatives	December 31,
Risk Exposure/Derivative Type	Recognized in Income	2023			2022			2021
Currency risk
Currency Futures Contracts	Net Realized Gain (Loss)	$	(16,351,030	)	$	66,941,679		$	26,417,232
	Net Change in Unrealized Gain (Loss)		3,109,252			(3,403,880	)		(396,346	)
Total		$	(13,241,778	)	$	63,537,799		$	26,020,886

The table below summarizes the average monthly notional value of futures contracts outstanding during the period:


	For the Years Ended
	December 31,
	2023		2022		2021
Average Notional Value	$	848,466,548	$	1,524,849,096	$	449,997,109