Derivative Instruments

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Note 7 – Derivative Instruments

The Fair Value of Derivative Instruments is as follows:


	June 30, 2024				December 31, 2023
Risk Exposure/Derivative Type (a)	Assets		Liabilities		Assets		Liabilities
Currency risk
Currency Futures Contracts	$	3,580,286	$	—	$	—	$	(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 June 30, 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	June 30,
Risk Exposure/Derivative Type	Recognized in Income	2024			2023
Currency risk
Currency Futures Contracts	Net Realized Gain (Loss)	$	7,182,698		$	(29,244,561	)
	Net Change in Unrealized Gain (Loss)		(1,360,628	)		33,630,390
Total		$	5,822,070		$	4,385,829

		For the Six Months Ended
	Location of Gain (Loss) on Derivatives	June 30,
Risk Exposure/Derivative Type	Recognized in Income	2024			2023
Currency risk
Currency Futures Contracts	Net Realized Gain (Loss)	$	10,140,989		$	(13,340,578	)
	Net Change in Unrealized Gain (Loss)		8,159,744			9,305,951
Total		$	18,300,733		$	(4,034,627	)

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


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Average Notional Value - Long	$	412,797,307	$	872,844,162	$	404,961,772	$	1,126,315,598