Derivative Instruments

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Note 7 – Derivative Instruments

The Fair Value of Derivative Instruments is as follows:


	March 31, 2024				December 31, 2023
Risk Exposure/Derivative Type (a)	Assets		Liabilities		Assets		Liabilities
Currency risk
Currency Futures Contracts	$	4,940,914	$	—	$	—	$	(4,579,458	)

(a)

Includes cumulative appreciation (depreciation) of currency futures contracts. Only the current day’s variation margin receivable (payable) is reported in the March 31, 2024 and December 31, 2023 Statements of Financial Condition.

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


		For the Three Months Ended
	Location of Gain (Loss) on Derivatives	March 31,
Risk Exposure/Derivative Type	Recognized in Income	2024		2023
Currency risk
Currency Futures Contracts	Net Realized Gain (Loss)	$	2,958,291	$	15,903,983
	Net Change in Unrealized Gain (Loss)		9,520,372		(24,324,439	)
Total		$	12,478,663	$	(8,420,456	)

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


	For the Three Months Ended
	March 31,
	2024		2023
Average Notional Value - Long	$	379,118,523	$	1,379,730,565