Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Fair Value of Derivative Instruments and Effect of Derivative Instruments on Statements of Income and Expenses

The Fair Value of Derivative Instruments is as follows:

	September 30, 2020				December 31, 2019
Risk Exposure/Derivative Type (a)	Assets		Liabilities		Assets		Liabilities
Currency risk
Currency Futures Contracts	$	1,174,619	$	—	$	—	$	(1,815,323	)

^(a) Includes cumulative appreciation (depreciation) of currency futures contracts. Only the current day’s variation margin receivable (payable) is reported in the September 30, 2020 and December 31, 2019 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	September 30,
Risk Exposure/Derivative Type	Recognized in Income	2020			2019
Currency risk
Currency Futures Contracts	Net Realized Gain (Loss)	$	(11,617,887	)	$	6,743,928
	Net Change in Unrealized Gain (Loss)		(2,916,978	)		5,787,029
Total		$	(14,534,865	)	$	12,530,957

		For the Nine Months Ended
	Location of Gain (Loss) on Derivatives	September 30,
Risk Exposure/Derivative Type	Recognized in Income	2020			2019
Currency risk
Currency Futures Contracts	Net Realized Gain (Loss)	$	(36,671,680	)		8,238,448
	Net Change in Unrealized Gain (Loss)		2,989,942			7,859,229
Total		$	(33,681,738	)	$	16,097,677

Summary of Average Monthly Notional Value of Future Contracts Outstanding

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

	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Average Notional Value	$	492,629,271	$	326,481,603	$	557,890,778	$	369,037,969