ProShares Trust II
For the period ended Dec 31, 2024. Filed Feb 28, 2025.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 28, 2025
SCO$18.77-2.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2023-12-31; filed 2024-02-28.
0001193125-24-050920
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2024-12-31; filed 2025-02-28.
0001193125-25-039791
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 127 previous paragraphs and 126 current paragraphs.
59 unchanged; 50 reworded; 11 added; 10 removed; 8 previous and 6 current paragraphs rearranged.
Tables are not compared: 42 previous and 46 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (11)
Current report
Repurchase agreements are generally valued at amortized cost, provided such amounts approximate fair value.
Current report
The benchmark’s decline of 25.6% for the year ended December 31, 2024, as compared to the benchmark’s decline of 72.2% for the year ended December 31, 2023, can be attributed to a lesser decrease in the value of futures prices during the year ended December 31, 2024.
Current report
The Fund’s net income increased for the year ended December 31, 2024 as compared to the year ended December 31, 2023, primarily due a greater increase in the value of futures prices during the year ended December 31, 2024.
Current report
The benchmark’s decline of 25.6% for the year ended December 31, 2024, as compared to the benchmark’s decline of 72.2% for the year ended December 31, 2023, can be attributed to a lesser decrease in the value of futures prices during the year ended December 31, 2024.
Current report
The benchmark’s decline of 10.4% for the year ended December 31, 2024, as compared to the benchmark’s decline of 6.9% for the year ended December 31, 2023, can be attributed to a greater decrease in the value of the Japanese yen versus the U.S. dollar during the year ended December 31, 2024.
Current report
The Fund’s net income decreased for the year ended December 31, 2024 as compared to the year ended December 31, 2023, primarily due to a greater increase in the value of futures prices, during the year ended December 31, 2024.
Current report
During the year ended December 31, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 897,832 outstanding Shares at December 31, 2023 to 560,264 outstanding Shares at December 31, 2024. The decrease in the Fund’s NAV also resulted in part by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse(-2x) of the daily performance of the Bloomberg Silver Subindex SM. By comparison, during the year ended December 31, 2023, the increase in the Fund’s NAV resulted primarily from an increase from 410,332 outstanding Shares at December 31, 2022 to 897,832 outstanding Shares at December 31, 2023. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse(-2x) of the daily performance of the Bloomberg Silver Subindex SM.
Current report
During the year ended December 31, 2024, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the Japanese yen versus the U.S. dollar. The increase in the Fund’s NAV was offset by a decrease from 697,160 outstanding Shares at December 31, 2023 to 547,160 outstanding Shares at December 31, 2024. By comparison, during the year ended December 31, 2023, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse(-2x) of the daily performance of the spot price of the Japanese yen versus the U.S. dollar. The increase in the Fund’s NAV was offset by a decrease from 797,160 outstanding Shares at December 31, 2022 to 697,160 outstanding Shares at December 31, 2023.
Current report
The benchmark’s decline of 10.4% for the year ended December 31, 2024, as compared to the benchmark’s decline of 6.9% for the year ended December 31, 2023, can be attributed to a greater decrease in the value of the Japanese yen versus the U.S. dollar during the year ended December 31, 2024.
Current report
The Fund’s net income increased for the year ended December 31, 2024 as compared to the year ended December 31, 2023, primarily due to the greater decrease in the value of the Japanese yen versus the U.S. dollar during the year ended December 31, 2024.
Current report
The benchmark’s decline of 25.6% for the year ended December 31, 2024, as compared to the benchmark’s decline of 72.2% for the year ended December 31, 2023, can be attributed to a lesser decrease in the value of the futures prices during the year ended December 31, 2024.
Removed paragraphs (10)
Previous report
The benchmark’s decline of 72.2% for the year ended December 31, 2023, as compared to the benchmark’s decline of 23.1% for the year ended December 31, 2022, can be attributed to a greater decrease in the value of futures prices during the year ended December 31, 2023.
Previous report
The benchmark’s rise of 3.13% for the year ended December 31, 2023, as compared to the benchmark’s decline of 5.9% for the year ended December 31, 2022, can be attributed to an increase in the value of the euro versus the U.S. dollar during the year ended December 31, 2023.
Previous report
The Fund’s net income increased for the year ended December 31, 2023 as compared to the year ended December 31, 2022, primarily due to timing of shareholder activity in conjunction with a decrease in the value of futures prices during the year ended December 31, 2023.
Previous report
The benchmark’s decline of 72.2% for the year ended December 31, 2023, as compared to the benchmark’s decline of 23.1% for the year ended December 31, 2022, can be attributed to a greater decrease in the value of futures prices during the year ended December 31, 2023.
Previous report
The benchmark’s decline of 6.92% for the year ended December 31, 2023, as compared to the benchmark’s decline of 12.3% for the year ended December 31, 2022, can be attributed to a lesser decrease in the value of the Japanese yen versus the U.S. dollar during the year ended December 31, 2023.
Previous report
During the year ended December 31, 2023, the increase in the Fund’s NAV resulted primarily from an increase from 1,641,329 outstanding Shares at December 31, 2022 to 3,591,329 outstanding Shares at December 31, 2023. The increase in the Fund’s NAV also resulted in part from the timing of shareholder activity, which was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse(-2x) of the daily performance of the Bloomberg Silver Subindex SM. By comparison, during the year ended December 31, 2022, the increase in the Fund’s NAV resulted primarily from an increase from 991,329 outstanding Shares at December 31, 2021 to 1,641,329 outstanding
Previous report
During the year ended December 31, 2023, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse(-2x) of the daily performance of the spot price of the Japanese yen versus the U.S. dollar. The increase in the Fund’s NAV was offset by a decrease from 398,580 outstanding Shares at December 31, 2022 to 348,580 outstanding Shares at December 31, 2023. By comparison, during the year ended December 31, 2022, the decrease in the Fund’s NAV resulted primarily from a decrease from 598,580 outstanding Shares at December 31, 2021 to 398,580 outstanding Shares at December 31, 2022. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse(-2x) of the daily performance of the spot price of the Japanese yen versus the U.S. dollar.
Previous report
The benchmark’s decline of 6.92% for the year ended December 31, 2023, as compared to the benchmark’s decline of 12.3% for the year ended December 31, 2022, can be attributed to a lesser decrease in the value of the Japanese yen versus the U.S. dollar during the year ended December 31, 2023.
Previous report
The benchmark’s decline of 72.2% for the year ended December 31, 2023, as compared to the benchmark’s decline of 23.1% for the year ended December 31, 2022, can be attributed to a greater decrease in the value of the futures prices during the year ended December 31, 2023.
Previous report
See Note 1 of the Notes to Financial Statements in Item 15 of part IV in this Annual Report on Form 10-K regarding the reverse Share split for the ProShares VIX Short-Term Futures ETF.
Reworded paragraphs (50)
Previous wording
Each Geared Fund continuously offers and redeems its Shares in blocks of 50,000 Shares and each Matching VIX Fund continuously offers and redeems its Shares in blocks of 25,000 Shares (each such block a “Creation Unit”). Only Authorized Participants may purchase and redeem Shares from a Fund and then only in Creation Units. An Authorized Participant is an entity that has entered into an Authorized Participant Agreement with one or more of the Funds. Shares of the Funds are offered to Authorized Participants in Creation Units at each Fund’s respective NAV. Authorized Participants may then offer to the public, from time to time, Shares from any Creation Unit they create at a per-Share market price that varies depending on, among other factors, the trading price of the Shares of each Fund on its applicable listing exchange, the NAV and the supply of and demand for the Shares at the time of the offer. Shares from the same Creation Unit may be offered at different times and may have different offering prices based upon the above factors. The form of Authorized Participant Agreement and related Authorized Participant Handbook set forth the terms and conditions under which an Authorized Participant may purchase or redeem a Creation Unit. Authorized Participants do not receive from any Fund, the Sponsor, or any of their affiliates, any underwriting fees or compensation in connection with their sale of Shares to the public.
Current wording
Each Geared Fund continuously offers and redeems its Shares in blocks of 50,000 Shares and each Matching VIX Fund continuously offers and redeems its Shares in blocks of 25,000 Shares (each such block a “Creation Unit”). Only Authorized Participants may purchase and redeem Shares from a Fund and then only in Creation Units. An Authorized Participant is an entity that has entered into an Authorized Participant Agreement with one or more of the Funds. Shares of the Funds are offered to Authorized Participants in Creation Units at each Fund’s respective NAV. Authorized Participants may then offer to the public, from time to time, Shares from any Creation Unit they create at aper-Share market price that varies depending on, among other factors, the trading price of the Shares of each Fund on its applicable listing exchange, the NAV and the supply of and demand for the Shares at the time of the offer. Shares from the same Creation Unit may be offered at different times and may have different offering prices based upon the above factors. The form of Authorized Participant Agreement and related Authorized Participant Handbook set forth the terms and conditions under which an Authorized Participant may purchase or redeem a Creation Unit. Authorized Participants do not receive from any Fund, the Sponsor, or any of their affiliates, any underwriting fees or compensation in connection with their sale of Shares to the public.
Previous wording
Derivatives (e.g., futures contracts, options, swap agreements, forward agreements and foreign currency forward contracts) are generally valued using independent sources and/or agreements with counterparties or other procedures as determined by the Sponsor. Futures contracts, except for those entered into by the Gold and Silver Funds, are generally valued at the last settled price on the applicable exchange on which that future trades. Futures contracts entered into by the Gold and Silver Funds are valued at the last sales price prior to the time at which the NAV per Share of a Fund is determined. For financial reporting purposes, all futures contracts are valued at last settled price. The Sponsor may in its sole discretion choose to determine a fair value price as the basis for determining the market value of such position. Such fair value prices would be generally determined based on available inputs about the current value of the underlying financial instrument or commodity and would be based on principles that the Sponsor deems fair and equitable so long as such principles are consistent with normal industry standards. The Sponsor may fair value an asset of a Fund pursuant to the policies the Sponsor has adopted, which are consistent with normal industry standards.
Current wording
Derivatives (e.g., futures contracts, options, swap agreements, forward agreements and foreign currency forward contracts) are generally valued using independent sources and/or agreements with counterparties or other procedures as determined by the Sponsor. Futures contracts, are generally valued at the last settled price on the applicable exchange on which that future trades. For financial reporting purposes, all futures contracts are valued at last settled price. The Sponsor may in its sole discretion choose to determine a fair value price as the basis for determining the market value of such position. Such fair value prices would be generally determined based on available inputs about the current value of the underlying financial instrument or commodity and would be based on principles that the Sponsor deems fair and equitable so long as such principles are consistent with normal industry standards. The Sponsor may fair value an asset of a Fund pursuant to the policies the Sponsor has adopted, which are consistent with normal industry standards.
Previous wording
Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or discount, and is reflected as Interest Income in the Statement of Operations.
Current wording
Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or discount, and is reflected as Interest Income in the Statement of Operations. Additionally, interest income may be earned on Repurchase Agreements and/or cash held on deposit with brokers for futures contracts.
Previous wording
For discussion of 2022 results and comparison with 2021 results refer to “Management’s Discussion and Analysis of Financial Conditions and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022.
Current wording
For discussion of 2023 results and comparison with 2022 results refer to “Management’s Discussion and Analysis of Financial Conditions and Results of Operations” in our Annual Report on Form 10K/A for the fiscal year ended December 31, 2023.
Previous wording
During the year ended December 31, 2023, the decrease in the Fund’s NAV resulted primarily from a decrease from 5,784,307 outstanding Shares at December 31, 2022 to 2,584,307 outstanding Shares at December 31, 2023. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond toone-half the inverse(-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index. By comparison, during the year ended December 31, 2022, the decrease in the Fund’s NAV resulted primarily from a decrease from 6,884,307 outstanding Shares at December 31, 2021 to 5,784,307 outstanding Shares at December 31, 2022. The decrease in the Fund’s NAV also resulted in part from the timing of shareholder activity, which was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond toone-half the inverse(-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index.
Current wording
During the year ended December 31, 2024, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond toone-half the inverse(-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index. The decrease in the Fund’s NAV was offset by an increase from 5,168,614 outstanding Shares at December 31, 2023 to 5,318,614 outstanding Shares at December 31, 2024. By comparison, during the year ended December 31, 2023, the decrease in the Fund’s NAV resulted primarily from a decrease from 11,568,614 outstanding Shares at December 31, 2022 to 5,168,614 outstanding Shares at December 31, 2023. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond toone-half the inverse(-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index.
Previous wording
For the years ended December 31, 2023 and 2022, the Fund’s daily performance had a statistical correlation over 0.99 to 0.5x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV increase of 76.1% for the year ended December 31, 2023, as compared to the Fund’s per Share NAV decrease of 4.6% for the year ended December 31, 2022, was primarily due to appreciation in the value of the assets held by the Fund during the year ended December 31, 2023.
Current wording
For the years ended December 31, 2024 and 2023, the Fund’s daily performance had a statistical correlation over 0.99 to 0.5x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 3.2% for the year ended December 31, 2024, as compared to the Fund’s per Share NAV increase of 76.1% for the year ended December 31, 2023, was primarily due to a depreciation in the value of the assets held by the Fund during the year ended December 31, 2024.
Previous wording
The Fund’s net income increased for the year ended December 31, 2023 as compared to the year ended December 31, 2022, primarily due to an increase in the value of the euro versus the U.S. dollar during the year ended December 31, 2023.
Current wording
The Fund’s net income decreased for the year ended December 31, 2024 as compared to the year ended December 31, 2023, primarily due to lesser decrease in the value of the futures prices during the year ended December 31, 2024.
Previous wording
During the year ended December 31, 2023, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM. The decrease in the Fund’s NAV also resulted in part from a decrease from 28,393,096 outstanding Shares at December 31, 2022 to 24,843,096 outstanding Shares at December 31, 2023. By comparison, during the year ended December 31, 2022, the decrease in the Fund’s NAV resulted primarily from a decrease from 51,243,096 outstanding Shares at December 31, 2021 to 28,393,096 outstanding Shares at December 31, 2022. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM.
Current wording
During the year ended December 31, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 24,843,096 outstanding Shares at December 31, 2023 to 19,043,096 outstanding Shares at December 31, 2024. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM. By comparison, during the year ended December 31, 2023, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM. The decrease in the Fund’s NAV also resulted in part from a decrease from 28,393,096 outstanding Shares at December 31, 2022 to 24,843,096 outstanding Shares at December 31, 2023.
Previous wording
For the years ended December 31, 2023 and 2022, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 13.2% for the year ended December 31, 2023, as compared to the Fund’s per Share NAV increase of 40.5% for the year ended December 31, 2022, was primarily due to depreciation in the value of the assets held by the Fund during the year ended December 31, 2023.
Current wording
For the years ended December 31, 2024 and 2023, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV increase of 4.6% for the year ended December 31, 2024, as compared to the Fund’s per Share NAV decrease of 13.2% for the year ended December 31, 2023, was primarily due to an appreciation in the value of the assets held by the Fund during the year ended December 31, 2024.
Previous wording
The benchmark’s decline of 3.6% for the year ended December 31, 2023, as compared to the benchmark’s rise of 29.0% for the year ended December 31, 2022, can be attributed to a decrease in the value of WTI Crude Oil during the year ended December 31, 2023.
Current wording
The benchmark’s rise of 3.7% for the year ended December 31, 2024, as compared to the benchmark’s decline of 3.6% for the year ended December 31, 2023, can be attributed to an increase in the value of WTI Crude Oil during the year ended December 31, 2024.
Previous wording
The Fund’s net income increased for the year ended December 31, 2023 as compared to the year ended December 31, 2022, primarily due to a decrease in the value of the WTI Crude Oil, in conjunction with the timing of shareholder activity, during the year ended December 31, 2023.
Current wording
The Fund’s net income increased for the year ended December 31, 2024 as compared to the year ended December 31, 2023, primarily due to an increase in the value of the WTI Crude Oil, during the year ended December 31, 2024.
Previous wording
During the year ended December 31, 2023, the increase in the Fund’s NAV resulted primarily from an increase from 1,614,376 outstanding Shares at December 31, 2022 to 25,568,544 outstanding Shares at December 31, 2023. The increase in the Fund’s NAV also resulted in part from the timing of shareholder activity, which was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas Subindex SM. By comparison, during the year ended December 31, 2022, the increase in the Fund’s NAV resulted primarily from an increase from 379,376 outstanding Shares at December 31, 2021 to 1,614,376 outstanding Shares at December 31, 2022. The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas Subindex SM, which was offset by the timing of shareholder activity.
Current wording
During the year ended December 31, 2024, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas Subindex SM. The decrease in the Fund’s NAV was offset by an increase from 5,113,709 outstanding Shares at December 31, 2023 to 7,223,047 outstanding Shares at December 31, 2024. By comparison, during the year ended December 31, 2023, the increase in the Fund’s NAV resulted primarily from an increase from 322,875 outstanding Shares at December 31, 2022 to 5,113,709 outstanding Shares at December 31, 2023. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas Subindex SM.
Previous wording
For the years ended December 31, 2023 and 2022, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 92.1% for the year ended December 31, 2023, as compared to the Fund’s per Share NAV decrease of 29.0% for the year ended December 31, 2022, was primarily due to greater depreciation in the value of the assets held by the Fund during the year ended December 31, 2023.
Current wording
For the years ended December 31, 2024 and 2023, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 61.6% for the year ended December 31, 2024, as compared to the Fund’s per Share NAV decrease of 92.1% for the year ended December 31, 2023, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the year ended December 31, 2024.
Previous wording
The benchmark’s decline of 65.3% for the year ended December 31, 2023, as compared to the benchmark’s rise of 19.4% for the year ended December 31, 2022, can be attributed to a decrease in the value of Henry Hub Natural Gas during the year ended December 31, 2023.
Current wording
The benchmark’s decline of 26.2% for the year ended December 31, 2024, as compared to the benchmark’s decline of 65.3% for the year ended December 31, 2023, can be attributed to a lesser decrease in the value of Henry Hub Natural Gas during the year ended December 31, 2024.
Previous wording
The Fund’s net income increased for the year ended December 31, 2023 as compared to the year ended December 31, 2022, primarily due to a decrease in the value of the Henry Hub Natural Gas, in conjunction with the timing of shareholder activity, during the year ended December 31, 2023.
Current wording
The Fund’s net income increased for the year ended December 31, 2024 as compared to the year ended December 31, 2023, primarily due to a lesser decrease in the value of the Henry Hub Natural Gas, in conjunction with the timing of shareholder activity, during the year ended December 31, 2024.
Previous wording
During the year ended December 31, 2023, the decrease in the Fund’s NAV resulted primarily from a decrease from 950,000 outstanding Shares at December 31, 2022 to 600,000 outstanding Shares at December 31, 2023. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the euro versus the U.S. dollar. By comparison, during the year ended December 31, 2022, the increase in the Fund’s NAV resulted primarily from an increase from 650,000 outstanding Shares at December 31, 2021 to 950,000 outstanding Shares at December 31, 2022. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the euro versus the U.S. dollar.
Current wording
During the year ended December 31, 2024, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the euro versus the U.S. dollar. The decrease in the Fund’s NAV also resulted in part from a decrease from 600,000 outstanding Shares at December 31, 2023 to 550,000 outstanding Shares at December 31, 2024. By comparison, during the year ended December 31, 2023, the decrease in the Fund’s NAV resulted primarily from a decrease from 950,000 outstanding Shares at December 31, 2022 to 600,000 outstanding Shares at December 31, 2023. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the euro versus the U.S. dollar.
Previous wording
For the years ended December 31, 2023 and 2022, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV increase of 5.2% for the year ended December 31, 2023, as compared to the Fund’s per Share NAV decrease of 15.4% for the year ended December 31, 2022, was primarily due to appreciation in the value of the assets held by the Fund during the year ended December 31, 2023.
Current wording
For the years ended December 31, 2024 and 2023, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 11.8% for the year ended December 31, 2024, as compared to the Fund’s per Share NAV increase of 5.2% for the year ended December 31, 2023, was primarily due to a depreciation in the value of the assets held by the Fund during the year ended December 31, 2024.
Previous wording
The benchmark’s rise of 3.1% for the year ended December 31, 2023, as compared to the benchmark’s decline of 5.9% for the year ended December 31, 2022, can be attributed to an increase in the value of the euro versus the U.S. dollar during the year ended December 31, 2023.
Current wording
The benchmark’s decline of 6.2% for the year ended December 31, 2024, as compared to the benchmark’s rise of 3.1% for the year ended December 31, 2023, can be attributed to a decrease in the value of the euro versus the U.S. dollar during the year ended December 31, 2024.
Previous wording
The Fund’s net income increased for the year ended December 31, 2023 as compared to the year ended December 31, 2022, primarily due to greater decrease in the value of the futures prices during the year ended December 31, 2023.
Current wording
The Fund’s net income decreased for the year ended December 31, 2024 as compared to the year ended December 31, 2023, primarily due to a decrease in the value of the euro versus the U.S. dollar during the year ended December 31, 2024.
Previous wording
During the year ended December 31, 2023, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold Subindex SM. The increase in the Fund’s NAV was offset by a decrease from 3,150,000 outstanding Shares at December 31, 2022 to 3,000,000 outstanding Shares at December 31, 2023. By comparison, during the year ended December 31, 2022, the decrease in the Fund’s NAV resulted primarily from a decrease from 3,900,000 outstanding Shares at December 31, 2021 to 3,150,000 outstanding Shares at December 31, 2022. The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold Subindex SM.
Current wording
During the year ended December 31, 2024, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold Subindex SM. The increase in the Fund’s NAV also resulted in part from an increase from 3,000,000 outstanding Shares at December 31, 2023 to 3,100,000 outstanding Shares at December 31, 2024. By comparison, during the year ended December 31, 2023, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold Subindex SM. The increase in the Fund’s NAV was offset by a decrease from 3,150,000 outstanding Shares at December 31, 2022 to 3,000,000 outstanding Shares at December 31, 2023.
Previous wording
For the years ended December 31, 2023 and 2022, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV increase of 15.9% for the year ended December 31, 2023, as compared to the Fund’s per Share NAV decrease of 7.7% for the year ended December 31, 2022, was primarily due to appreciation in the value of the assets held by the Fund during the year ended December 31, 2023.
Current wording
For the years ended December 31, 2024 and 2023, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV increase of 46.4% for the year ended December 31, 2024, as compared to the Fund’s per Share NAV increase of 15.9% for the year ended December 31, 2023, was primarily due to a greater appreciation in the value of the assets held by the Fund during the year ended December 31, 2024.
Previous wording
The benchmark’s rise of 12.8% for the year ended December 31, 2023, as compared to the benchmark’s decline of 0.7% for the year ended December 31, 2022, can be attributed to an increase in futures prices, during the year ended December 31, 2023.
Current wording
The benchmark’s rise of 26.6% for the year ended December 31, 2024, as compared to the benchmark’s rise of 12.8% for the year ended December 31, 2023, can be attributed to a greater increase in futures prices, during the year ended December 31, 2024.
Previous wording
During the year ended December 31, 2023, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver Subindex SM. The decrease in the Fund’s NAV also resulted in part from the timing of shareholder activity, which was offset by an increase from 13,046,526 outstanding Shares at December 31, 2022 to 14,296,526 outstanding Shares at December 31, 2023. By comparison, during the year ended December 31, 2022, the decrease in the Fund’s NAV resulted primarily from a decrease from 14,796,526 outstanding Shares at December 31, 2021 to 13,046,526 outstanding Shares at December 31, 2022. The decrease in the Fund’s NAV also resulted in part from the timing of shareholder activity, which was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver Subindex SM.
Current wording
During the year ended December 31, 2024, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver Subindex SM. The increase in the Fund’s NAV also resulted in part from an increase from 14,296,526 outstanding Shares at December 31, 2023 to 16,746,526 outstanding Shares at December 31, 2024. By comparison, during the year ended December 31, 2023, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver Subindex SM. The decrease in the Fund’s NAV also resulted in part from the timing of shareholder activity, which was offset by an increase from 13,046,526 outstanding Shares at December 31, 2022 to 14,296,526 outstanding Shares at December 31, 2023.
Previous wording
For the years ended December 31, 2023 and 2022, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 14.1% for the year ended December 31, 2023, as compared to the Fund’s per Share NAV decrease of 8.9% for the year ended December 31, 2022, was primarily due to greater depreciation in the value of the assets held by the Fund during the year ended December 31, 2023.
Current wording
For the years ended December 31, 2024 and 2023, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV increase of 23.0% for the year ended December 31, 2024, as compared to the Fund’s per Share NAV decrease of 14.1% for the year ended December 31, 2023, was primarily due to an appreciation in the value of the assets held by the Fund during the year ended December 31, 2024.
Previous wording
The benchmark’s decline of 0.3% for the year ended December 31, 2023, as compared to the benchmark’s rise of 2.6% for the year ended December 31, 2022, can be attributed to a decrease in the value of futures prices during the year ended December 31, 2023.
Current wording
The benchmark’s rise of 20.6% for the year ended December 31, 2024, as compared to the benchmark’s decline of 0.3% for the year ended December 31, 2023, can be attributed to an increase in the value of futures prices during the year ended December 31, 2024.
Previous wording
During the year ended December 31, 2023, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one andone-half times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index. The decrease in the Fund’s NAV was offset by an increase from 9,307,842 outstanding Shares at December 31, 2022 to 41,324,459 outstanding Shares at December 31, 2023. By comparison, during the year ended December 31, 2022, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index. The decrease in the Fund’s NAV was offset by an increase from 6,582,842 outstanding Shares at December 31, 2021 to 9,307,842 outstanding Shares at December 31, 2022.
Current wording
During the year ended December 31, 2024, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one andone-half times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index. The decrease in the Fund’s NAV was offset by an increase from 8,264,892 outstanding Shares at December 31, 2023 to 13,693,643 outstanding Shares at December 31, 2024. By comparison, during the year ended December 31, 2023, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one andone-half times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index. The decrease in the Fund’s NAV was offset by an increase from 1,861,568 outstanding Shares at December 31, 2022 to 8,264,892 outstanding Shares at December 31, 2023.
Previous wording
For the years ended December 31, 2023 and 2022, the Fund’s daily performance had a statistical correlation over 0.99 to 1.5x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 87.7% for the year ended December 31, 2023, as compared to the Fund’s per Share NAV decrease of 44.6% for the year ended December 31, 2022, was primarily due to greater depreciation in the value of the assets held by the Fund during the year ended December 31, 2023.
Current wording
For the years ended December 31, 2024 and 2023, the Fund’s daily performance had a statistical correlation over 0.99 to 1.5x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 50.7% for the year ended December 31, 2024, as compared to the Fund’s per Share NAV decrease of 87.7% for the year ended December 31, 2023, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the year ended December 31, 2024.
Previous wording
During the year ended December 31, 2023, the increase in the Fund’s NAV resulted primarily from an increase from 399,970 outstanding Shares at December 31, 2022 to 1,099,970 outstanding Shares at December 31, 2023. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the Japanese yen versus the U.S. dollar. By comparison, during the year ended December 31, 2022, the increase in the Fund’s NAV resulted primarily from an increase from 49,970 outstanding Shares at December 31, 2021 to 399,970 outstanding Shares at December 31, 2022. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the Japanese yen versus the U.S. dollar.
Current wording
During the year ended December 31, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 1,099,970 outstanding Shares at December 31, 2023 to 2,199,970 outstanding Shares at December 31, 2024. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the Japanese yen versus the U.S. dollar. By comparison, during the year ended December 31, 2023, the increase in the Fund’s NAV resulted primarily from an increase from 399,970 outstanding Shares at December 31, 2022 to 1,099,970 outstanding Shares at December 31, 2023. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the Japanese yen versus the U.S. dollar.
Previous wording
For the years ended December 31, 2023 and 2022, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 20.5% for the year ended December 31, 2023, as compared to the Fund’s per Share NAV decrease of 27.0% for the year ended December 31, 2022, was primarily due to lesser depreciation in the value of the assets held by the Fund during the year ended December 31, 2023.
Current wording
For the years ended December 31, 2024 and 2023, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 26.3% for the year ended December 31, 2024, as compared to the Fund’s per Share NAV decrease of 20.5% for the year ended December 31, 2023, was primarily due to a greater depreciation in the value of the assets held by the Fund during the year ended December 31, 2024.
Previous wording
During the year ended December 31, 2023, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse(-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM. The decrease in the Fund’s NAV also resulted in part from a decrease from 9,305,220 outstanding Shares at December 31, 2022 to 9,105,220 outstanding Shares at December 31, 2023, the decrease in the Fund’s NAV also resulted in part from the timing of shareholder activity. By comparison, during the year ended December 31, 2022, the increase in the Fund’s NAV resulted primarily from an increase from 1,776,760 outstanding Shares at December 31, 2021 to 9,305,220 outstanding Shares at December 31, 2022. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse(-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM.
Current wording
During the year ended December 31, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 9,105,220 outstanding Shares at December 31, 2023 to 7,205,220 outstanding Shares at December 31, 2024. The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM. By comparison, during the year ended December 31, 2023, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse(-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM. The decrease in the Fund’s NAV also resulted in part from a decrease from 9,305,220 outstanding Shares at December 31, 2022 to 9,105,220 outstanding Shares at December 31, 2023, the decrease in the Fund’s NAV also resulted in part from the timing of shareholder activity.
Previous wording
For the years ended December 31, 2023 and 2022, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 13.3% for the year ended December 31, 2023, as compared to the Fund’s per Share NAV decrease of 62.8% for the year ended December 31, 2022, was primarily due to lesser depreciation in the value of the assets held by the Fund during the year ended December 31, 2023.
Current wording
For the years ended December 31, 2024 and 2023, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 18.4% for the year ended December 31, 2024, as compared to the Fund’s per Share NAV decrease of 13.3% for the year ended December 31, 2023, was primarily due to a greater depreciation in the value of the assets held by the Fund during the year ended December 31, 2024.
Previous wording
The benchmark’s decline of 3.6% for the year ended December 31, 2023, as compared to the benchmark’s rise of 29.0% for the year ended December 31, 2022, can be attributed to a decrease in the value of WTI Crude Oil during the year ended December 31, 2023.
Current wording
The benchmark’s rise of 3.7% for the year ended December 31, 2024, as compared to the benchmark’s decline of 3.6% for the year ended December 31, 2023, can be attributed to an increase in the value of WTI Crude Oil, during the year ended December 31, 2024.
Previous wording
The Fund’s net income decreased for the year ended December 31, 2023 as compared to the year ended December 31, 2022, primarily due to a decrease in the value of the WTI Crude Oil during the year ended December 31, 2023.
Current wording
The Fund’s net income decreased for the year ended December 31, 2024 as compared to the year ended December 31, 2023, primarily due to an increase in the value of the WTI Crude Oil during the year ended December 31, 2024.
Previous wording
During the year ended December 31, 2023, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse(-2x) of the daily performance of the Bloomberg Natural Gas Subindex SM. The increase in the Fund’s NAV also resulted in part from the timing of shareholder activity, which was offset by a decrease from 4,966,856 outstanding Shares at December 31, 2022 to 1,466,856 outstanding Shares at December 31, 2023. By comparison, during the year ended December 31, 2022, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse(-2x) of the daily performance of the Bloomberg Natural Gas Subindex SM. The decrease in the Fund’s NAV was offset by an increase from 978,742 outstanding Shares at December 31, 2021 to 4,966,856 outstanding Shares at December 31, 2022.
Current wording
During the year ended December 31, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 2,933,712 outstanding Shares at December 31, 2023 to 5,983,712 outstanding Shares at December 31, 2024. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Natural Gas Subindex SM. By comparison, during the year ended December 31, 2023, the increase in the Fund’s NAV resulted primarily the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Natural Gas Subindex SM. The increase in the Fund’s NAV was offset a decrease from 9,933,712 outstanding Shares at December 31, 2022 to 2,933,712 outstanding Shares at December 31, 2023.
Previous wording
For the years ended December 31, 2023 and 2022, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV increase of 255.9% for the year ended December 31, 2023, as compared to the Fund’s per Share NAV decrease of 89.1% for the year ended December 31, 2022, was primarily due to appreciation in the value of the assets held by the Fund during the year ended December 31, 2023.
Current wording
For the years ended December 31, 2024 and 2023, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 9.2% for the year ended December 31, 2024, as compared to the Fund’s per Share NAV increase of 255.9% for the year ended December 31, 2023, was primarily due to a depreciation in the value of the assets held by the Fund during the year ended December 31, 2024.
Previous wording
The benchmark’s decline of 65.3% for the year ended December 31, 2023, as compared to the benchmark’s rise of 19.4% for the year ended December 31, 2022, can be attributed to a decrease in the value of Henry Hub Natural Gas during the year ended December 31, 2023.
Current wording
The benchmark’s decline of 26.2% for the year ended December 31, 2024, as compared to the benchmark’s decline of 65.3% for the year ended December 31, 2023, can be attributed to a lesser decrease in the value of Henry Hub Natural Gas during the year ended December 31, 2024.
Previous wording
The Fund’s net income decreased for the year ended December 31, 2023 as compared to the year ended December 31, 2022, primarily due to a decrease in the value of the Henry Hub Natural Gas, in conjunction with the timing of shareholder activity, during the year ended December 31, 2023.
Current wording
The Fund’s net income decreased for the year ended December 31, 2024 as compared to the year ended December 31, 2023, primarily due to a lesser decrease in the value of the Henry Hub Natural Gas during the year ended December 31, 2024.
Previous wording
During the year ended December 31, 2023, the decrease in the Fund’s NAV resulted primarily from a decrease from 2,550,000 outstanding Shares at December 31, 2022 to 1,350,000 outstanding Shares at December 31, 2023. The decrease in the Fund’s NAV also resulted in part from the timing of shareholder activity, which was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse(-2x) of the daily performance of the spot price of the euro versus the U.S. dollar. By comparison, during the year ended December 31, 2022, the increase in the Fund’s NAV resulted primarily from an increase from 2,100,000 outstanding Shares at December 31, 2021 to 2,550,000 outstanding Shares at December 31, 2022. The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse(-2x) of the daily performance of the spot price of the euro versus the U.S. dollar.
Current wording
During the year ended December 31, 2024, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse(-2x) of the daily performance of the spot price of the euro versus the U.S. dollar. The increase in the Fund’s NAV was offset by a decrease from 1,350,000 outstanding Shares at December 31, 2023 to 1,200,000 outstanding Shares at December 31, 2024. By comparison, during the year ended December 31, 2023, the decrease in the Fund’s NAV resulted primarily from a decrease from 2,550,000 outstanding Shares at December 31, 2022 to 1,350,000 outstanding Shares at December 31, 2023. The decrease in the Fund’s NAV also resulted in part from the timing of shareholder activity, which was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse(-2x) of the daily performance of the spot price of the euro versus the U.S. dollar.
Previous wording
For the years ended December 31, 2023 and 2022, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 1.0% for the year ended December 31, 2023, as compared to the Fund’s per Share NAV increase of 14.0% for the year ended December 31, 2022, was primarily due to depreciation in the value of the assets held by the Fund during the year ended December 31, 2023.
Current wording
For the years ended December 31, 2024 and 2023, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV increase of 19.7% for the year ended December 31, 2024, as compared to the Fund’s per Share NAV decrease of 1.0% for the year ended December 31, 2023, was primarily due to an appreciation in the value of the assets held by the Fund during the year ended December 31, 2024.
Previous wording
During the year ended December 31, 2023, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse(-2x) of the daily performance of the Bloomberg Gold Subindex SM. The decrease in the Fund’s NAV also resulted in part from the decrease from 496,977 outstanding Shares at December 31, 2022 to 446,977 outstanding Shares at December 31, 2023. By comparison, during the year ended December 31, 2022, the decrease in the Fund’s NAV resulted primarily from a decrease from 846,977 outstanding Shares at December 31, 2021 to 496,977 outstanding Shares at December 31, 2022. The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse(-2x) of the daily performance of the Bloomberg Gold Subindex SM.
Current wording
During the year ended December 31, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 446,977 outstanding Shares at December 31, 2023 to 946,977 outstanding Shares at December 31, 2024. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse(-2x) of the daily performance of the Bloomberg Gold Subindex SM. By comparison, during the year ended December 31, 2023, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse(-2x) of the daily performance of the Bloomberg Gold Subindex SM. The decrease in the Fund’s NAV also resulted in part from the timing of shareholder activity, which was offset by a decrease from 496,977 outstanding Shares at December 31, 2022 to 446,977 outstanding Shares at December 31, 2023.
Showing the first 40 of 50 pairs. Open the source sections for the rest.
Rearranged current paragraphs (6)
Current report — wording carried from elsewhere
The Fund’s net income increased for the year ended December 31, 2024 as compared to the year ended December 31, 2023, primarily due to a lesser decrease in the value of the futures prices during the year ended December 31, 2024.
Current report — wording carried from elsewhere
The Fund’s net income decreased for the year ended December 31, 2024 as compared to the year ended December 31, 2023, primarily due to a greater decrease in the value of the Japanese yen versus the U.S. dollar during the year ended December 31, 2024.
Current report — wording carried from elsewhere
The benchmark’s decline 6.2% for the year ended December 31, 2024, as compared to the benchmark’s rise of 3.1% for the year ended December 31, 2023, can be attributed to a decrease in the value of the euro versus the U.S. dollar during the year ended December 31, 2024.
Current report — wording carried from elsewhere
The Fund’s net income increased for the year ended December 31, 2024 as compared to the year ended December 31, 2023, primarily due to a decrease in the value of the euro versus the U.S. dollar during the year ended December 31, 2024.
Current report — wording carried from elsewhere
The Fund’s net income increased for the year ended December 31, 2024 as compared to the year ended December 31, 2023, primarily due to a lesser decrease in the value of the futures prices during the year ended December 31, 2024.
Current report — wording carried from elsewhere
The Fund’s net income increased for the year ended December 31, 2024 as compared to the year ended December 31, 2023, primarily due to a lesser decrease in the value of the futures prices during the year ended December 31, 2024.
Rearranged previous paragraphs (8)
Previous report — wording carried elsewhere
The Fund’s net income decreased for the year ended December 31, 2023 as compared to the year ended December 31, 2022, primarily due to a greater decrease in the value of the futures prices during the year ended December 31, 2023.
Previous report — wording carried elsewhere
The Fund’s net income decreased for the year ended December 31, 2023 as compared to the year ended December 31, 2022, primarily due to a decrease in the value of the Japanese yen versus the U.S. dollar during the year ended December 31, 2023.
Previous report — wording carried elsewhere
The Fund’s net income decreased for the year ended December 31, 2023 as compared to the year ended December 31, 2022, primarily due to an increase in the value of the euro versus the U.S. dollar during the year ended December 31, 2023.
Previous report — wording carried elsewhere
Shares at December 31, 2022. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Silver Subindex SM.
Previous report — wording carried elsewhere
The Fund’s net income increased for the year ended December 31, 2023 as compared to the year ended December 31, 2022, primarily due to a decrease in the value of futures prices during the year ended December 31, 2023.
Previous report — wording carried elsewhere
The Fund’s net income increased for the year ended December 31, 2023 as compared to the year ended December 31, 2022, primarily due to the decrease in the value of the Japanese yen versus the U.S. dollar during the year ended December 31, 2023.
Previous report — wording carried elsewhere
The Fund’s net income decreased for the year ended December 31, 2023 as compared to the year ended December 31, 2022, primarily due to a decrease in the value of the futures prices during the year ended December 31, 2023.
Previous report — wording carried elsewhere
The Fund’s net income decreased for the year ended December 31, 2023 as compared to the year ended December 31, 2022, primarily due to a greater decrease in the value of the futures prices during the year ended December 31, 2023.