Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Sep. 30, 2013 | |
Document And Entity Information [Abstract] | ' |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 30-Sep-13 |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'Q3 |
Trading Symbol | 'UUP |
Entity Registrant Name | 'PowerShares DB US Dollar Index Bullish Fund |
Entity Central Index Key | '0001383151 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 36,200,000 |
Statements_of_Financial_Condit
Statements of Financial Condition (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Assets | ' | ' |
United States Treasury Obligations, at fair value (cost $779,978,522 and $624,930,877 respectively) | $779,985,289 | $624,957,014 |
Cash held by commodity broker | 17,884,874 | 65,573,574 |
Net unrealized appreciation (depreciation) on futures contracts | -14,160,801 | -931,554 |
Deposits with commodity broker | 783,709,362 | 689,599,034 |
Total assets | 783,709,362 | 689,599,034 |
Liabilities | ' | ' |
Management fee payable | 528,005 | 478,052 |
Brokerage fee payable | 14,594 | 926 |
Total liabilities | 542,599 | 478,978 |
Commitments and Contingencies (Note 9) | ' | ' |
Equity | ' | ' |
Shareholders' equity-General Shares | 865 | 872 |
Shareholders' equity-Shares | 783,165,898 | 689,119,184 |
Total shareholders' equity | 783,166,763 | 689,120,056 |
Total liabilities and equity | $783,709,362 | $689,599,034 |
General Shares outstanding | 40 | 40 |
Shares outstanding | 36,200,000 | 31,600,000 |
Net asset value per share | ' | ' |
General Shares | $21.63 | $21.81 |
Shares | $21.63 | $21.81 |
Statements_of_Financial_Condit1
Statements of Financial Condition (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Statement Of Financial Position [Abstract] | ' | ' |
United States Treasury Obligations, cost | $779,978,522 | $624,930,877 |
Schedule_of_Investments_Treasu
Schedule of Investments - Treasury Bills (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
U.S. Treasury Bills, 0.03% due October 10, 2013 [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Percentage of Net Assets | 8.81% | ' |
Fair Value | $68,999,724 | ' |
Face Value | 69,000,000 | ' |
U.S. Treasury Bills, 0.015% due October 24, 2013 [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Percentage of Net Assets | 0.89% | ' |
Fair Value | 6,999,902 | ' |
Face Value | 7,000,000 | ' |
U.S. Treasury Bills, 0.12% due October 31, 2013[Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Percentage of Net Assets | 1.66% | ' |
Fair Value | 12,999,701 | ' |
Face Value | 13,000,000 | ' |
U.S. Treasury Bills, 0.055% due November 14, 2013 [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Percentage of Net Assets | 2.30% | ' |
Fair Value | 17,999,514 | ' |
Face Value | 18,000,000 | ' |
U.S. Treasury Bills, 0.04% due November 29, 2013 [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Percentage of Net Assets | 4.73% | ' |
Fair Value | 36,999,556 | ' |
Face Value | 37,000,000 | ' |
U.S. Treasury Bills, 0.02% due December 12, 2013 [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Percentage of Net Assets | 2.81% | ' |
Fair Value | 21,999,560 | ' |
Face Value | 22,000,000 | ' |
U.S. Treasury Bills, 0.01% due December 19, 2013 [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Percentage of Net Assets | 51.58% | ' |
Fair Value | 403,991,112 | ' |
Face Value | 404,000,000 | ' |
U.S. Treasury Bills, 0.02% due December 26, 2013 [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Percentage of Net Assets | 26.81% | ' |
Fair Value | 209,996,220 | ' |
Face Value | 210,000,000 | ' |
Total United States Treasury Obligations [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Percentage of Net Assets | 99.59% | 90.69% |
Fair Value | 779,985,289 | 624,957,014 |
U.S. Treasury Bills, 0.09% due March 14, 2013 [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Percentage of Net Assets | ' | 24.24% |
Fair Value | ' | 166,989,312 |
Face Value | ' | 167,000,000 |
U.S. Treasury Bills, 0.04% due March 21, 2013 [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Percentage of Net Assets | ' | 61.52% |
Fair Value | ' | 423,970,320 |
Face Value | ' | 424,000,000 |
U.S. Treasury Bills, 0.085% due March 28, 2013 [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Percentage of Net Assets | ' | 4.93% |
Fair Value | ' | 33,997,382 |
Face Value | ' | $34,000,000 |
Schedule_of_Investments_Treasu1
Schedule of Investments - Treasury Bills (Parenthetical) (USD $) | 9 Months Ended | 12 Months Ended | |||||||||||
Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | |
U.S. Treasury Bills, 0.03% due October 10, 2013 [Member] | U.S. Treasury Bills, 0.015% due October 24, 2013 [Member] | U.S. Treasury Bills, 0.12% due October 31, 2013[Member] | U.S. Treasury Bills, 0.055% due November 14, 2013 [Member] | U.S. Treasury Bills, 0.04% due November 29, 2013 [Member] | U.S. Treasury Bills, 0.02% due December 12, 2013 [Member] | U.S. Treasury Bills, 0.01% due December 19, 2013 [Member] | U.S. Treasury Bills, 0.02% due December 26, 2013 [Member] | Total United States Treasury Obligations [Member] | Total United States Treasury Obligations [Member] | U.S. Treasury Bills, 0.09% due March 14, 2013 [Member] | U.S. Treasury Bills, 0.04% due March 21, 2013 [Member] | U.S. Treasury Bills, 0.085% due March 28, 2013 [Member] | |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment interest rate | 0.03% | 0.02% | 0.12% | 0.06% | 0.04% | 0.02% | 0.01% | 0.02% | ' | ' | 0.09% | 0.04% | 0.09% |
Investment maturity date | 10-Oct-13 | 24-Oct-13 | 31-Oct-13 | 14-Nov-13 | 29-Nov-13 | 12-Dec-13 | 19-Dec-13 | 26-Dec-13 | ' | ' | 14-Mar-13 | 21-Mar-13 | 28-Mar-13 |
Total United States Treasury Obligations | ' | ' | ' | ' | ' | ' | ' | ' | $779,978,522 | $624,930,877 | ' | ' | ' |
Schedule_of_Investments_Future
Schedule of Investments - Future Contracts (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
ICE-US Dollar Index (9,742 contracts, settlement date December 16, 2013)[Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Percentage of Net Assets | -1.81% | ' |
Unrealized Appreciation/ (Depreciation) | ($14,160,801) | ' |
Notional Market Value | 782,506,666 | ' |
Total Futures Contracts [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Percentage of Net Assets | -1.81% | -0.14% |
Unrealized Appreciation/ (Depreciation) | -14,160,801 | -931,554 |
Notional Market Value | 782,506,666 | 685,426,024 |
ICE-US Dollar Index (8,570 contracts, settlement date March 18, 2013) [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Percentage of Net Assets | ' | -0.14% |
Unrealized Appreciation/ (Depreciation) | ' | -931,554 |
Notional Market Value | ' | $685,426,024 |
Schedule_of_Investments_Future1
Schedule of Investments - Future Contracts (Parenthetical) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Investment Holdings [Line Items] | ' | ' |
Unrealized Loss on Securities | $14,160,801 | $1,050,310 |
Unrealized Gain on Securities | ' | $118,756 |
ICE-US Dollar Index (9,742 contracts, settlement date December 16, 2013)[Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Open Option Contracts Written, Number of Contracts | 9,742 | ' |
Forward Contract Indexed to Issuer's Equity, Settlement Date or Dates | 16-Dec-13 | ' |
ICE-US Dollar Index (8,570 contracts, settlement date March 18, 2013) [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Open Option Contracts Written, Number of Contracts | ' | 8,570 |
Forward Contract Indexed to Issuer's Equity, Settlement Date or Dates | ' | 18-Mar-13 |
Statements_of_Income_and_Expen
Statements of Income and Expenses (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income | ' | ' | ' | ' |
Interest Income | $94,756 | $237,240 | $284,187 | $558,314 |
Expenses | ' | ' | ' | ' |
Management Fee | 1,700,767 | 2,134,942 | 4,223,714 | 7,259,814 |
Brokerage Commissions and Fees | 154,384 | 185,830 | 420,581 | 663,488 |
Cash held by commodity broker | 1,855,151 | 2,320,772 | 4,644,295 | 7,923,302 |
Net investment income (loss) | -1,760,395 | -2,083,532 | -4,360,108 | -7,364,988 |
Net Realized Gain (Loss) on | ' | ' | ' | ' |
Net Realized Gain (Loss) on United States Treasury Obligations | 2,288 | 2,260 | 14,998 | -12,476 |
Futures | -1,978,265 | -41,476,604 | 256,586 | -48,526,394 |
Net realized gain (loss) | -1,975,977 | -41,474,344 | 271,584 | -48,538,870 |
Net Change in Unrealized Gain (Loss) on | ' | ' | ' | ' |
United States Treasury Obligations | -22,291 | -2,488 | -19,370 | 61,546 |
Futures | -34,320,398 | 15,414,464 | -13,229,247 | 17,244,285 |
Net change in unrealized gain (loss) | -34,342,689 | 15,411,976 | -13,248,617 | 17,305,831 |
Net realized and net change in unrealized gain (loss) on United States Treasury Obligations and Futures | -36,318,666 | -26,062,368 | -12,977,033 | -31,233,039 |
Net Income (Loss) | ($38,079,061) | ($28,145,900) | ($17,337,141) | ($38,598,027) |
Statement_of_Changes_in_Shareh
Statement of Changes in Shareholders' Equity (USD $) | Total | General Shares [Member] | General Shares [Member] | Shares [Member] | Shares [Member] |
USD ($) | Total Equity [Member] | Total Equity [Member] | |||
USD ($) | USD ($) | ||||
Balance at Jun. 30, 2012 | $1,155,076,646 | ' | $899 | ' | $1,155,075,747 |
Balance Shares at Jun. 30, 2012 | ' | 40 | ' | 51,400,000 | ' |
Sale of Shares | 120,897,618 | ' | ' | ' | 120,897,618 |
Sale of Shares, Shares | 5,400,000 | ' | ' | 5,400,000 | ' |
Redemption of Shares | -239,725,820 | ' | ' | ' | -239,725,820 |
Redemption of Shares, Shares | ' | ' | ' | -10,800,000 | ' |
Net Income (Loss) | ' | ' | ' | ' | ' |
Net investment income (loss) | -2,083,532 | ' | -1 | ' | -2,083,531 |
Net realized gain (loss) on United States Treasury Obligations and Futures | 41,474,344 | ' | 22 | ' | 41,474,322 |
Net change in unrealized gain (loss) on United States Treasury Obligations and Futures | 15,411,976 | ' | 1 | ' | 15,411,975 |
Net Income (Loss) | -28,145,900 | ' | -22 | ' | -28,145,878 |
Balance at Sep. 30, 2012 | 1,008,102,544 | ' | 877 | ' | 1,008,101,667 |
Balance Shares at Sep. 30, 2012 | ' | 40 | ' | 46,000,000 | ' |
Balance at Dec. 31, 2011 | 1,889,267,354 | ' | 898 | ' | 1,889,266,456 |
Balance Shares at Dec. 31, 2011 | ' | 40 | ' | 84,200,000 | ' |
Sale of Shares | 699,437,226 | ' | ' | ' | 699,437,226 |
Sale of Shares, Shares | 31,200,000 | ' | ' | 31,200,000 | ' |
Redemption of Shares | -1,542,004,009 | ' | ' | ' | -1,542,004,009 |
Redemption of Shares, Shares | ' | ' | ' | -69,400,000 | ' |
Net Income (Loss) | ' | ' | ' | ' | ' |
Net investment income (loss) | -7,364,988 | ' | -6 | ' | -7,364,982 |
Net realized gain (loss) on United States Treasury Obligations and Futures | -48,538,870 | ' | -26 | ' | -48,538,844 |
Net change in unrealized gain (loss) on United States Treasury Obligations and Futures | 17,305,831 | ' | 11 | ' | 17,305,820 |
Net Income (Loss) | -38,598,027 | ' | -21 | ' | -38,598,006 |
Balance at Sep. 30, 2012 | 1,008,102,544 | ' | 877 | ' | 1,008,101,667 |
Balance Shares at Sep. 30, 2012 | ' | 40 | ' | 46,000,000 | ' |
Balance at Dec. 31, 2012 | 689,120,056 | ' | 872 | ' | 689,119,184 |
Balance Shares at Dec. 31, 2012 | ' | 40 | ' | 31,600,000 | ' |
Sale of Shares | 717,161,020 | ' | ' | ' | 717,161,020 |
Sale of Shares, Shares | 32,000,000 | ' | ' | 32,000,000 | ' |
Redemption of Shares | -605,777,172 | ' | ' | ' | -605,777,172 |
Redemption of Shares, Shares | ' | ' | ' | -27,400,000 | ' |
Net Income (Loss) | ' | ' | ' | ' | ' |
Net investment income (loss) | -4,360,108 | ' | -2 | ' | -4,360,106 |
Net realized gain (loss) on United States Treasury Obligations and Futures | 271,584 | ' | ' | ' | 271,584 |
Net change in unrealized gain (loss) on United States Treasury Obligations and Futures | -13,248,617 | ' | -5 | ' | -13,248,612 |
Net Income (Loss) | -17,337,141 | ' | -7 | ' | -17,337,134 |
Balance at Sep. 30, 2013 | 783,166,763 | ' | 865 | ' | 783,165,898 |
Balance Shares at Sep. 30, 2013 | ' | 40 | ' | 36,200,000 | ' |
Balance at Jun. 30, 2013 | 897,550,458 | ' | 902 | ' | 897,549,556 |
Balance Shares at Jun. 30, 2013 | ' | 40 | ' | 39,800,000 | ' |
Sale of Shares | 171,181,832 | ' | ' | ' | 171,181,832 |
Sale of Shares, Shares | 7,600,000 | ' | ' | 7,600,000 | ' |
Redemption of Shares | -247,486,466 | ' | ' | ' | -247,486,466 |
Redemption of Shares, Shares | ' | ' | ' | -11,200,000 | ' |
Net Income (Loss) | ' | ' | ' | ' | ' |
Net investment income (loss) | -1,760,395 | ' | 26 | ' | -1,760,421 |
Net realized gain (loss) on United States Treasury Obligations and Futures | -1,975,977 | ' | -13 | ' | -1,975,964 |
Net change in unrealized gain (loss) on United States Treasury Obligations and Futures | -34,342,689 | ' | -50 | ' | -34,342,639 |
Net Income (Loss) | -38,079,061 | ' | -37 | ' | -38,079,024 |
Balance at Sep. 30, 2013 | $783,166,763 | ' | $865 | ' | $783,165,898 |
Balance Shares at Sep. 30, 2013 | ' | 40 | ' | 36,200,000 | ' |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Cash flows from operating activities: | ' | ' |
Net Income (Loss) | ($17,337,141) | ($38,598,027) |
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | ' | ' |
Cost of securities purchased | -2,449,713,579 | -3,503,265,992 |
Proceeds from securities sold and matured | 2,294,978,171 | 4,362,965,116 |
Net accretion of discount on United States Treasury Obligations | -297,239 | -558,564 |
Net realized (gain) loss on United States Treasury Obligations | -14,998 | 12,476 |
Cash held by commodity broker | 13,248,617 | -17,305,831 |
Change in operating receivables and liabilities: | ' | ' |
Management fee payable | 49,953 | 303,967 |
Brokerage fee payable | 13,668 | -2,360 |
Net cash provided by (used for) operating activities | -159,072,548 | 803,550,785 |
Cash flows from financing activities: | ' | ' |
Proceeds from sale of Shares | 717,161,020 | 699,437,226 |
Redemption of Shares | -605,777,172 | -1,542,004,009 |
Net cash provided by (used for) financing activities | 111,383,848 | -842,566,783 |
Net change in cash held by broker | -47,688,700 | -39,015,998 |
Cash held by broker at beginning of period | 65,573,574 | 75,582,258 |
Cash held by broker at end of period | $17,884,874 | $36,566,260 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Organization | ' |
(1) Organization | |
PowerShares DB US Dollar Index Bullish Fund (the “Fund”), a separate series of PowerShares DB US Dollar Index Trust (the “Trust”), a Delaware statutory trust organized in two separate series, was formed on August 3, 2006. DB Commodity Services LLC, a Delaware limited liability company (“DBCS” or the “Managing Owner”), seeded the Fund with a capital contribution of $1,000 in exchange for 40 General Shares of the Fund. The fiscal year end of the Fund is December 31st. The term of the Fund is perpetual (unless terminated earlier in certain circumstances) as provided for in the Fourth Amended and Restated Declaration of Trust and Trust Agreement of the Trust (the “Trust Agreement”). | |
The Fund offers common units of beneficial interest (the “Shares”) only to certain eligible financial institutions (the “Authorized Participants”) in one or more blocks of 200,000 Shares, called a Basket. The Fund commenced investment operations on February 15, 2007. The Fund commenced trading on the American Stock Exchange (now known as the NYSE Alternext US LLC (the “NYSE Alternext”)) on February 20, 2007 and, as of November 25, 2008, is listed on the NYSE Arca, Inc. (the “NYSE Arca”). | |
This Report covers the three months ended September 30, 2013 and 2012 (hereinafter referred to as the “Three Months Ended September 30, 2013” and the “Three Months Ended September 30, 2012”, respectively) and the nine months ended September 30, 2013 and 2012 (hereinafter referred to as the “Nine Months Ended September 30, 2013” and the “Nine Months Ended September 30, 2012”, respectively). | |
The accompanying unaudited financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). In the opinion of management, all material adjustments, consisting only of normal recurring adjustments, considered necessary for a fair statement of the interim period financial statements have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Fund’s financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2012 as filed with the SEC on February 22, 2013. |
Fund_Investment_Overview
Fund Investment Overview | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Fund Investment Overview | ' |
(2) Fund Investment Overview | |
The Fund establishes long positions in certain futures contracts (the “DX Contracts”), with a view to tracking the changes, whether positive or negative, in the level of the Deutsche Bank Long US Dollar Index (USDX®) Futures Index — Excess Return, the “Long Index” or the “Index”, over time. The performance of the Fund also is intended to reflect the excess, if any, of its interest income from its holdings of United States Treasury Obligations and other high credit quality short-term fixed income securities over the expenses of the Fund. The Index is calculated to reflect the changes in market value over time, whether positive or negative, in long positions on DX Contracts. DX Contracts are traded through the currency markets of ICE Futures U.S. (formerly known as the New York Board of Trade®), under the symbol “DX.” The changes in market value over time, whether positive or negative, of the DX Contracts are related to the changes, whether positive or negative, in the level of the U.S. Dollar Index® (the “USDX®”). The Index provides a general indication of the international value of the U.S. dollar relative to the six major world currencies (the “Index Currencies”), which comprise the USDX® — Euro, Japanese Yen, British Pound, Canadian Dollar, Swedish Krona and Swiss Franc. | |
The Fund does not employ leverage. As of September 30, 2013 and December 31, 2012, the Fund had $783,709,362 (or 100%) and $689,599,034 (or 100%), respectively, of its holdings of cash, United States Treasury Obligations and unrealized appreciation/depreciation on futures contracts on deposit with its Commodity Broker. Of this, $17,145,920 (or 2.19%) and $9,427,000 (or 1.37%), respectively, of the Fund’s holdings of cash and United States Treasury Obligations are required to be deposited as margin in support of the Fund’s long futures positions on DX Contracts. For additional information, please see the unaudited Schedule of Investments as of September 30, 2013 and the audited Schedule of Investments as of December 31, 2012 for details of the Fund’s portfolio holdings. |
Service_Providers_and_Related_
Service Providers and Related Party Agreements | 9 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
Service Providers and Related Party Agreements | ' |
(3) Service Providers and Related Party Agreements | |
The Trustee | |
Under the Trust Agreement, Wilmington Trust Company, the trustee of the Fund (the “Trustee”), has delegated to the Managing Owner the exclusive management and control of all aspects of the business of the Trust and the Fund. The Trustee will have no duty or liability to supervise or monitor the performance of the Managing Owner, nor will the Trustee have any liability for the acts or omissions of the Managing Owner. | |
The Managing Owner | |
The Managing Owner serves as the Fund’s commodity pool operator, commodity trading advisor and managing owner, and is an indirect wholly-owned subsidiary of Deutsche Bank AG. The Fund pays the Managing Owner a management fee (the “Management Fee”), monthly in arrears, in an amount equal to 0.75% per annum of the daily net asset value of the Fund. During the Three Months Ended September 30, 2013 and 2012, the Fund incurred Management Fees of $1,700,767 and $2,134,942, respectively. Management Fees incurred during the Nine Months Ended September 30, 2013 and 2012 by the Fund were $4,223,714 and $7,259,814, respectively. As of September 30, 2013 and December 31, 2012, Management Fees payable to the Managing Owner were $528,005 and $478,052, respectively. | |
The Commodity Broker | |
Deutsche Bank Securities Inc., a Delaware corporation, serves as the Fund’s futures clearing broker (the “Commodity Broker”). The Commodity Broker is an indirect wholly-owned subsidiary of Deutsche Bank AG and is an affiliate of the Managing Owner. In its capacity as clearing broker, the Commodity Broker executes and clears the Fund’s futures transactions and performs certain administrative and custodial services for the Fund. As custodian of the Fund’s assets, the Commodity Broker is responsible, among other things, for providing periodic accountings of all dealings and actions taken by the Trust on behalf of the Fund during the reporting period, together with an accounting of all securities, cash or other indebtedness or obligations held by it or its nominees for or on behalf of the Fund. During the Three Months Ended September 30, 2013 and 2012, the Fund incurred brokerage fees of $154,384 and $185,830, respectively. Brokerage fees incurred during the Nine Months Ended September 30, 2013 and 2012 by the Fund were $420,581 and $663,488, respectively. As of September 30, 2013 and December 31, 2012, brokerage fees payable were $14,594 and $926, respectively. | |
The Administrator, Custodian and Transfer Agent | |
The Bank of New York Mellon (the “Administrator”) has been appointed by the Managing Owner as the administrator, custodian and transfer agent of the Fund, and has entered into separate administrative, custodian, transfer agency and service agreements (collectively referred to as the “Administration Agreement”). | |
Pursuant to the Administration Agreement, the Administrator performs or supervises the performance of services necessary for the operation and administration of the Fund (other than making investment decisions), including receiving and processing orders from Authorized Participants to create and redeem Baskets, net asset value calculations, accounting and other fund administrative services. The Administrator retains certain financial books and records, including: Basket creation and redemption books and records, fund accounting records, ledgers with respect to assets, liabilities, capital, income and expenses, the registrar, transfer journals and related details, and trading and related documents received from the Commodity Broker and other unaffiliated futures commission merchants. As of September 30, 2013 and December 31, 2012, there were no Fund assets held by the Administrator. | |
The Distributor | |
ALPS Distributors, Inc. (the “Distributor”) provides certain distribution services to the Fund. Pursuant to the Distribution Services Agreement among the Managing Owner in its capacity as managing owner of the Fund and the Distributor, the Distributor assists the Managing Owner and the Administrator with certain functions and duties relating to distribution and marketing services to the Fund including reviewing and approving marketing materials. | |
Invesco PowerShares Capital Management LLC | |
Under the License Agreement among Invesco PowerShares Capital Management LLC (the “Licensor”) and the Managing Owner in its own capacity and in its capacity as managing owner of the Fund (the Fund and the Managing Owner, collectively, the “Licensees”), the Licensor granted to each Licensee a non-exclusive license to use the “PowerShares®” trademark (the “Trademark”) anywhere in the world, solely in connection with the marketing and promotion of the Fund and to use or refer to the Trademark in connection with the issuance and trading of the Fund as necessary. | |
Invesco Distributors, Inc. | |
Through a marketing agreement between the Managing Owner and Invesco Distributors, Inc. (“Invesco Distributors”), an affiliate of Invesco PowerShares Capital Management LLC, the Managing Owner, on behalf of the Fund, has appointed Invesco Distributors as a marketing agent. Invesco Distributors assists the Managing Owner and the Administrator with certain functions and duties such as providing various educational and marketing activities regarding the Fund, primarily in the secondary trading market, which activities include, but are not limited to, communicating the Fund’s name, characteristics, uses, benefits, and risks, consistent with the prospectus. Invesco Distributors will not open or maintain customer accounts or handle orders for the Fund. Invesco Distributors engages in public seminars, road shows, conferences, media interviews, and distributes sales literature and other communications (including electronic media) regarding the Fund. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||||||||
(4) Summary of Significant Accounting Policies | |||||||||||||||||||
(a) Basis of Presentation | |||||||||||||||||||
The financial statements of the Fund have been prepared using U.S. generally accepted accounting principles. | |||||||||||||||||||
The presentation of Shareholders’ Equity in prior years has been updated to conform to the September 30, 2013 presentation. Total Shareholders’ Equity was not affected by these changes. | |||||||||||||||||||
(b) Use of Estimates | |||||||||||||||||||
The preparation of the financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses and related disclosure of contingent assets and liabilities during the reporting period of the financial statements and accompanying notes. Actual results could differ from those estimates. There were no significant estimates used in the preparation of these financial statements. | |||||||||||||||||||
(c) Financial Instruments and Fair Value | |||||||||||||||||||
United States Treasury Obligations and currency futures contracts are recorded in the statements of financial condition on trade date at fair value with changes in fair value recognized in earnings in each period. The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). | |||||||||||||||||||
Financial Accounting Standards Board (FASB) Accounting Standards Codification fair value measurement and disclosure guidance requires a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: | |||||||||||||||||||
Basis of Fair Value Measurement | |||||||||||||||||||
Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; | |||||||||||||||||||
Level 2: Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly; | |||||||||||||||||||
Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. | |||||||||||||||||||
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. | |||||||||||||||||||
In determining fair value of United States Treasury Obligations and currency futures contracts, the Fund uses unadjusted quoted market prices in active markets. United States Treasury Obligations and currency futures contracts are classified within Level 1 of the fair value hierarchy. The Fund does not adjust the quoted prices for United States Treasury Obligations and currency futures contracts. | |||||||||||||||||||
Assets and Liabilities Measured at Fair Value were as follows: | |||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
United States Treasury Obligations (Level 1) | $ | 779,985,289 | $ | 624,957,014 | |||||||||||||||
Currency Futures Contracts (Level 1) | $ | (14,160,801 | ) | $ | (931,554 | ) | |||||||||||||
There were no Level 2 or Level 3 holdings as of September 30, 2013 and December 31, 2012. | |||||||||||||||||||
(d) Deposits with Commodity Broker | |||||||||||||||||||
The Fund deposits cash and United States Treasury Obligations with its Commodity Broker subject to Commodity Futures Trading Commission (the “CFTC”) regulations and various exchange and Commodity Broker requirements. The combination of the Fund’s deposits with its Commodity Broker of cash and United States Treasury Obligations and the unrealized profit or loss on open futures contracts (variation margin) represents the Fund’s overall equity in its Commodity Broker trading account. To meet the Fund’s initial margin requirements, the Fund holds United States Treasury Obligations. The Fund uses its cash held by the Commodity Broker to satisfy variation margin requirements. The Fund earns interest on its cash deposited with the Commodity Broker. | |||||||||||||||||||
(e) United States Treasury Obligations | |||||||||||||||||||
The Fund records purchases and sales of United States Treasury Obligations on trade date. These holdings are marked to market based on quoted closing prices. The Fund holds United States Treasury Obligations for deposit with the Fund’s Commodity Broker to meet margin requirements and for trading purposes. Interest income is recognized on an accrual basis when earned. Premiums and discounts are amortized or accreted over the life of the United States Treasury Obligations. Included in the United States Treasury Obligations as of September 30, 2013 and December 31, 2012 were holdings of $17,145,920 and $9,427,000, respectively, which were restricted and held as initial margin of the open futures contracts. | |||||||||||||||||||
(f) Cash Held by Commodity Broker | |||||||||||||||||||
The Fund’s arrangement with the Commodity Broker requires the Fund to meet its variation margin requirement related to the price movements, both positive and negative, on futures contracts held by the Fund by keeping cash on deposit with the Commodity Broker. The Fund defines cash and cash equivalents to be highly liquid investments, with original maturities of three months or less when purchased. As of September 30, 2013, the Fund had cash held by the Commodity Broker of $17,884,874 of which $14,160,801 was on deposit to satisfy the Fund’s negative variation margin on open futures contracts. As of December 31, 2012, the Fund had cash held by the Commodity Broker of $65,573,574 of which $931,554 was on deposit to satisfy the Fund’s negative variation margin on open futures contracts. There were no cash equivalents held by the Fund as of September 30, 2013 and December 31, 2012. | |||||||||||||||||||
(g) Income Taxes | |||||||||||||||||||
The Fund is classified as a partnership for U.S. federal income tax purposes. Accordingly, the Fund will not incur U.S. federal income taxes. No provision for federal, state, and local income taxes has been made in the accompanying financial statements, as investors are individually liable for income taxes, if any, on their allocable share of the Fund’s income, gain, loss, deductions and other items. | |||||||||||||||||||
The major tax jurisdiction for the Fund and the earliest tax year subject to examination: United States, 2009. | |||||||||||||||||||
(h) Futures Contracts | |||||||||||||||||||
All currency futures contracts are held and used for trading purposes. Currency futures are recorded on trade date and open contracts are recorded in the statement of financial condition at fair value on the last business day of the period, which represents market value for those currency futures contracts for which market quotes are readily available. However, when market closing prices are not available, the Managing Owner may value an asset of the Fund pursuant to policies the Managing Owner has adopted, which are consistent with normal industry standards. Realized gains (losses) and changes in unrealized appreciation (depreciation) on open positions are determined on a specific identification basis and recognized in the statement of income and expenses in the period in which the contract is closed or the changes occur, respectively. Futures contracts held as of September 30, 2013 are indicative of the volume of derivative activity during the period. | |||||||||||||||||||
The Fair Value of Derivative Instruments is as follows: | |||||||||||||||||||
Derivatives not Accounted for as Hedging Instruments | Statements of Financial Condition Location | Net Unrealized | Net Unrealized | ||||||||||||||||
Appreciation / | Appreciation / | ||||||||||||||||||
(Depreciation) at | (Depreciation) at | ||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Commodity Futures Contracts | Net Unrealized Appreciation (Depreciation) on Futures Contracts | $ | (14,160,801 | ) | $ | (931,554 | ) | ||||||||||||
The Effect of Derivative Instruments on the Statements of Income and Expenses is as follows: | |||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||||||||
September 30, 2013 | September 30, 2012 | ||||||||||||||||||
Derivatives not Accounted for as | Location of Gain or (Loss) on Derivatives | Realized Gain | Change in | Realized Gain | Change in | ||||||||||||||
Hedging Instruments | Recognized in Income | or (Loss) on | Unrealized Gain | or (Loss) on | Unrealized Gain | ||||||||||||||
Derivatives | or (Loss) on | Derivatives | or (Loss) on | ||||||||||||||||
Recognized in | Derivatives | Recognized in | Derivatives | ||||||||||||||||
Income | Recognized in | Income | Recognized in | ||||||||||||||||
Income | Income | ||||||||||||||||||
Commodity Futures Contracts | Net Realized Gain (Loss) on Futures | $ | (1,978,265 | ) | — | $ | (41,476,604 | ) | — | ||||||||||
Net Change in Unrealized Gain (Loss) on Futures | — | $ | (34,320,398 | ) | — | $ | 15,414,464 | ||||||||||||
For the Nine Months Ended | For the Nine Months Ended | ||||||||||||||||||
September 30, 2013 | September 30, 2012 | ||||||||||||||||||
Derivatives not Accounted for as | Location of Gain or (Loss) on Derivatives | Realized Gain | Change in | Realized Gain | Change in | ||||||||||||||
Hedging Instruments | Recognized in Income | or (Loss) on | Unrealized Gain | or (Loss) on | Unrealized Gain | ||||||||||||||
Derivatives | or (Loss) on | Derivatives | or (Loss) on | ||||||||||||||||
Recognized in | Derivatives | Recognized in | Derivatives | ||||||||||||||||
Income | Recognized in | Income | Recognized in | ||||||||||||||||
Income | Income | ||||||||||||||||||
Commodity Futures Contracts | Net Realized Gain (Loss) on Futures | $ | 256,586 | — | $ | (48,526,394 | ) | — | |||||||||||
Net Change in Unrealized Gain (Loss) on Futures | — | $ | (13,229,247 | ) | — | $ | 17,244,285 | ||||||||||||
(i) Brokerage Commissions and Fees | |||||||||||||||||||
The Fund incurs all brokerage commissions, including applicable exchange fees, National Futures Association (“NFA”) fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading activities by the Commodity Broker. These costs are recorded as brokerage commissions and fees in the statement of income and expenses as incurred. The Commodity Broker’s brokerage commissions and trading fees are determined on a contract-by-contract basis. On average, total charges paid to the Commodity Broker were less than $15.00 per round-turn trade for the Three Months Ended September 30, 2013 and 2012 and the Nine Months Ended September 30, 2013 and 2012. | |||||||||||||||||||
(j) Routine Operational, Administrative and Other Ordinary Expenses | |||||||||||||||||||
The Managing Owner assumes all routine operational, administrative and other ordinary expenses of the Fund, including, but not limited to, computer services, the fees and expenses of the Trustee, legal and accounting fees and expenses, tax preparation expenses, filing fees and printing, mailing and duplication costs. Accordingly, all such expenses are not reflected in the statement of income and expenses of the Fund. | |||||||||||||||||||
(k) Organizational and Offering Costs | |||||||||||||||||||
All organizational and offering expenses of the Fund are incurred and assumed by the Managing Owner. The Fund is not responsible to the Managing Owner for the reimbursement of organizational and offering costs. Expenses incurred in connection with the continuous offering of Shares are also paid by the Managing Owner. | |||||||||||||||||||
(l) Non-Recurring and Unusual Fees and Expenses | |||||||||||||||||||
The Fund pays all fees and expenses which are non-recurring and unusual in nature. Such expenses include legal claims and liabilities, litigation costs or indemnification or other unanticipated expenses. Such fees and expenses, by their nature, are unpredictable in terms of timing and amount. For the Three Months Ended September 30, 2013 and 2012 and the Nine Months Ended September 30, 2013 and 2012, the Fund did not incur such expenses. |
Financial_Instrument_Risk
Financial Instrument Risk | 9 Months Ended |
Sep. 30, 2013 | |
Investments Debt And Equity Securities [Abstract] | ' |
Financial Instrument Risk | ' |
(5) Financial Instrument Risk | |
In the normal course of its business, the Fund is a party to financial instruments with off-balance sheet risk. The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in a future obligation or loss in excess of the amounts shown on the Statement of Financial Condition. The financial instruments used by the Fund are exchange-listed currency futures, whose values are based upon an underlying asset and generally represent future commitments that have a reasonable possibility of being settled in cash or through physical delivery. The financial instruments are traded on an exchange and are standardized contracts. | |
Market risk is the potential for changes in the value of the financial instruments traded by the Fund due to market changes, including fluctuations in currency prices. In entering into these futures contracts, there exists a market risk that such futures contracts may be significantly influenced by market conditions, resulting in such futures contracts being less valuable. If the markets should move against all of the futures contracts at the same time, the Fund could experience substantial losses. | |
Credit risk is the possibility that a loss may occur due to the failure of the Commodity Broker and/or clearinghouse to perform according to the terms of a futures contract. Credit risk with respect to exchange-traded instruments is reduced to the extent that an exchange or clearing organization acts as a counterparty to the transactions. The Commodity Broker, when acting as the Fund’s futures commission merchant in accepting orders for the purchase or sale of domestic futures contracts, is required by CFTC regulations to separately account for and segregate as belonging to the Fund all assets of the Fund relating to domestic futures trading and the Commodity Broker is not allowed to commingle such assets with other assets of the Commodity Broker. In addition, CFTC regulations also require the Commodity Broker to hold in a secure account assets of the Fund related to foreign futures trading. The Fund’s risk of loss in the event of counterparty default is typically limited to the amounts recognized in the statement of financial condition and not represented by the futures contract or notional amounts of the instruments. | |
The Fund has not utilized, nor does it expect to utilize in the future, special purpose entities to facilitate off-balance sheet financing arrangements and has no loan guarantee arrangements or off-balance sheet arrangements of any kind, other than agreements entered into in the normal course of business noted above. |
Share_Purchases_and_Redemption
Share Purchases and Redemptions | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||||||||||
Share Purchases and Redemptions | ' | ||||||||||||||||||||||||||||||||
(6) Share Purchases and Redemptions | |||||||||||||||||||||||||||||||||
(a) Purchases | |||||||||||||||||||||||||||||||||
Shares may be purchased directly from the Fund only by Authorized Participants in one or more blocks of 200,000 Shares, called a Basket. Upon submission of a creation order, the Authorized Participant may request that the Managing Owner agree to a creation order settlement date of up to 3 business days after the creation order date. Accordingly, the Fund issues Shares in Baskets to Authorized Participants within 3 business days immediately following the date on which a valid order to create a Basket is accepted by the Fund, at the net asset value of 200,000 Shares, which is determined as promptly as practicable following the publication of the Fund’s net asset value on the date that a valid order to create a Basket is accepted by the Fund. | |||||||||||||||||||||||||||||||||
(b) Redemptions | |||||||||||||||||||||||||||||||||
The redemption procedures allow only Authorized Participants to redeem Baskets. On any business day, an Authorized Participant may place an order with the Managing Owner to redeem one or more Baskets. Redemption orders must be placed by 1:00 p.m., Eastern Time. The day on which the Managing Owner receives a valid redemption order is the redemption order date. Redemption orders are irrevocable. | |||||||||||||||||||||||||||||||||
Redemption orders may be placed either (i) through the Continuous Net Settlement (“CNS”) clearing processes of the National Securities Clearing Corporation (the “NSCC”) or (ii) if outside the CNS Clearing Process, only through the facilities of The Depository Trust Company (“DTC” or the “Depository”) (the “DTC Process”), or a successor depository, and only in exchange for cash. By placing a redemption order, and prior to receipt of the redemption proceeds, an Authorized Participant’s DTC account is charged the non-refundable transaction fee due for the redemption order and such fee is not borne by the Fund. | |||||||||||||||||||||||||||||||||
The redemption proceeds from the Fund consist of the cash redemption amount. Upon submission of a redemption order, the Authorized Participant may request the Managing Owner to agree to a redemption order settlement date up to 3 business days after the redemption order date. The cash redemption amount is equal to the net asset value of the number of Basket(s) requested in the Authorized Participant’s redemption order on the redemption order date (the “Settlement Time”). As agreed to between the Authorized Participant and the Managing Owner, the Fund will distribute the cash redemption amount within 3 business days immediately following the redemption order date. The redemption proceeds from the Fund will be credited to the Authorized Participant at the Settlement Time through the CNS system, assuming timely delivery of redemption Baskets and the transaction fee through the CNS system in accordance with the terms, conditions and guarantees as set forth in the CNS agreements to which the Custodian and the Authorized Participant have entered into. Through the DTC process, the redemption proceeds from the Fund will be delivered through the DTC to the account of the Authorized Participant as recorded on the book entry system of the DTC at the Settlement Time. If the Fund’s account has not been credited with all of the Baskets to be redeemed by such time, the redemption proceeds are delivered to the extent of whole Baskets received and any outstanding amount of the redemption order will be canceled. | |||||||||||||||||||||||||||||||||
(c) Share Transactions | |||||||||||||||||||||||||||||||||
Summary of Share Transactions for the Three Months Ended September 30, 2013 and 2012 | |||||||||||||||||||||||||||||||||
and the Nine Months Ended September 30, 2013 and 2012 (unaudited) | |||||||||||||||||||||||||||||||||
Shares | Shareholders’ Equity | Shares | Shareholders’ Equity | ||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Shares Sold | 7,600,000 | 5,400,000 | $ | 171,181,832 | $ | 120,897,618 | 32,000,000 | 31,200,000 | $ | 717,161,020 | $ | 699,437,226 | |||||||||||||||||||||
Shares Redeemed | (11,200,000 | ) | (10,800,000 | ) | (247,486,466 | ) | (239,725,820 | ) | (27,400,000 | ) | (69,400,000 | ) | (605,777,172 | ) | (1,542,004,009 | ) | |||||||||||||||||
Net Increase/(Decrease) | 3,600,000 | (5,400,000 | ) | $ | (76,304,634 | ) | $ | (118,828,202 | ) | 4,600,000 | (38,200,000 | ) | $ | 111,383,848 | $ | (842,566,783 | ) | ||||||||||||||||
Profit_and_Loss_Allocations_an
Profit and Loss Allocations and Distributions | 9 Months Ended |
Sep. 30, 2013 | |
Equity [Abstract] | ' |
Profit and Loss Allocations and Distributions | ' |
(7) Profit and Loss Allocations and Distributions | |
Pursuant to the Trust Agreement, income and expenses are allocated pro rata to the Managing Owner as holder of the General Shares and to the Shareholders monthly based on their respective percentage interests as of the close of the last trading day of the preceding month. Any losses allocated to the Managing Owner (as the owner of the General Shares) which are in excess of the Managing Owner’s capital balance are allocated to the Shareholders in accordance with their respective interest in the Fund as a percentage of total shareholders’ equity. Distributions (other than redemption of units) may be made at the sole discretion of the Managing Owner on a pro rata basis in accordance with the respective capital balances of the shareholders. | |
No distributions were paid for the Nine Months Ended September 30, 2013 or 2012. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
(8) Commitments and Contingencies | |
The Managing Owner, either in its own capacity or in its capacity as the Managing Owner and on behalf of the Fund, has entered into various service agreements that contain a variety of representations, or provide indemnification provisions related to certain risks service providers undertake in performing services which are in the best interests of the Fund. As of September 30, 2013, no claims had been received by the Fund and it was therefore not possible to estimate the Fund’s potential future exposure under such indemnification provisions. |
Net_Asset_Value_and_Financial_
Net Asset Value and Financial Highlights | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Net Asset Value and Financial Highlights | ' | ||||||||||||||||
(9) Net Asset Value and Financial Highlights | |||||||||||||||||
The Fund is presenting the following net asset value and financial highlights related to investment performance for a Share outstanding for the Three Months Ended September 30, 2013 and 2012 and for the Nine Months Ended September 30, 2013 and 2012. The net investment income and total expense ratios are calculated using average net asset value during the respective period. The net asset value presentation is calculated using daily Shares outstanding. The net investment income and total expense ratios have been annualized. The total return is based on the change in net asset value of the Shares during the period. An individual investor’s return and ratios may vary based on the timing of capital transactions. | |||||||||||||||||
Net asset value per Share is the net asset value of the Fund divided by the number of outstanding Shares at the date of each respective period presented. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | September 30, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net Asset Value | |||||||||||||||||
Net asset value per Share, beginning of period | $ | 22.55 | $ | 22.47 | $ | 21.81 | $ | 22.44 | |||||||||
Net realized and change in unrealized gain (loss) on United States Treasury Obligations and Futures | (0.88 | ) | (0.51 | ) | (0.05 | ) | (0.39 | ) | |||||||||
Net investment income (loss) | (0.04 | ) | (0.04 | ) | (0.13 | ) | (0.13 | ) | |||||||||
Net income (loss) | (0.92 | ) | (0.55 | ) | (0.18 | ) | (0.52 | ) | |||||||||
Net asset value per Share, end of period | $ | 21.63 | $ | 21.92 | $ | 21.63 | $ | 21.92 | |||||||||
Market value per Share, beginning of period | $ | 22.56 | $ | 22.47 | $ | 21.81 | $ | 22.47 | |||||||||
Market value per Share, end of period | $ | 21.63 | $ | 21.92 | $ | 21.63 | $ | 21.92 | |||||||||
Ratio to average Net Assets* | |||||||||||||||||
Net investment income (loss) | (0.78 | )% | (0.73 | )% | (0.77 | )% | (0.76 | )% | |||||||||
Total expenses | 0.82 | % | 0.82 | % | 0.82 | % | 0.82 | % | |||||||||
Total Return, at net asset value ** | (4.08 | )% | (2.45 | )% | (0.83 | )% | (2.32 | )% | |||||||||
Total Return, at market value ** | (4.12 | )% | (2.45 | )% | (0.83 | )% | (2.45 | )% | |||||||||
* | Percentages are annualized. | ||||||||||||||||
** | Percentages are not annualized. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
(10) Subsequent Events | |
The Fund evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
(a) Basis of Presentation | |
The financial statements of the Fund have been prepared using U.S. generally accepted accounting principles. | |
The presentation of Shareholders’ Equity in prior years has been updated to conform to the September 30, 2013 presentation. Total Shareholders’ Equity was not affected by these changes. | |
Use of Estimates | ' |
(b) Use of Estimates | |
The preparation of the financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses and related disclosure of contingent assets and liabilities during the reporting period of the financial statements and accompanying notes. Actual results could differ from those estimates. | |
Financial Instruments and Fair Value | ' |
(c) Financial Instruments and Fair Value | |
United States Treasury Obligations and currency futures contracts are recorded in the statements of financial condition on trade date at fair value with changes in fair value recognized in earnings in each period. The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). | |
Financial Accounting Standards Board (FASB) Accounting Standards Codification fair value measurement and disclosure guidance requires a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: | |
Basis of Fair Value Measurement | |
Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; | |
Level 2: Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly; | |
Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. | |
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. | |
In determining fair value of United States Treasury Obligations and currency futures contracts, the Fund uses unadjusted quoted market prices in active markets. United States Treasury Obligations and currency futures contracts are classified within Level 1 of the fair value hierarchy. The Fund does not adjust the quoted prices for United States Treasury Obligations and currency futures contracts. | |
Deposits with Broker | ' |
(d) Deposits with Commodity Broker | |
The Fund deposits cash and United States Treasury Obligations with its Commodity Broker subject to Commodity Futures Trading Commission (the “CFTC”) regulations and various exchange and Commodity Broker requirements. The combination of the Fund’s deposits with its Commodity Broker of cash and United States Treasury Obligations and the unrealized profit or loss on open futures contracts (variation margin) represents the Fund’s overall equity in its Commodity Broker trading account. To meet the Fund’s initial margin requirements, the Fund holds United States Treasury Obligations. The Fund uses its cash held by the Commodity Broker to satisfy variation margin requirements. The Fund earns interest on its cash deposited with the Commodity Broker. | |
United States Treasury Obligations | ' |
(e) United States Treasury Obligations | |
The Fund records purchases and sales of United States Treasury Obligations on trade date. These holdings are marked to market based on quoted closing prices. The Fund holds United States Treasury Obligations for deposit with the Fund’s Commodity Broker to meet margin requirements and for trading purposes. Interest income is recognized on an accrual basis when earned. Premiums and discounts are amortized or accreted over the life of the United States Treasury Obligations. Included in the United States Treasury Obligations as of September 30, 2013 and December 31, 2012 were holdings of $17,145,920 and $9,427,000, respectively, which were restricted and held as initial margin of the open futures contracts. | |
Cash Held by Broker | ' |
(f) Cash Held by Commodity Broker | |
The Fund’s arrangement with the Commodity Broker requires the Fund to meet its variation margin requirement related to the price movements, both positive and negative, on futures contracts held by the Fund by keeping cash on deposit with the Commodity Broker. The Fund defines cash and cash equivalents to be highly liquid investments, with original maturities of three months or less when purchased. As of September 30, 2013, the Fund had cash held by the Commodity Broker of $17,884,874 of which $14,160,801 was on deposit to satisfy the Fund’s negative variation margin on open futures contracts. As of December 31, 2012, the Fund had cash held by the Commodity Broker of $65,573,574 of which $931,554 was on deposit to satisfy the Fund’s negative variation margin on open futures contracts. There were no cash equivalents held by the Fund as of September 30, 2013 and December 31, 2012. | |
Income Taxes | ' |
(g) Income Taxes | |
The Fund is classified as a partnership for U.S. federal income tax purposes. Accordingly, the Fund will not incur U.S. federal income taxes. No provision for federal, state, and local income taxes has been made in the accompanying financial statements, as investors are individually liable for income taxes, if any, on their allocable share of the Fund’s income, gain, loss, deductions and other items. | |
The major tax jurisdiction for the Fund and the earliest tax year subject to examination: United States, 2009. | |
Futures Contracts | ' |
(h) Futures Contracts | |
All currency futures contracts are held and used for trading purposes. Currency futures are recorded on trade date and open contracts are recorded in the statement of financial condition at fair value on the last business day of the period, which represents market value for those currency futures contracts for which market quotes are readily available. However, when market closing prices are not available, the Managing Owner may value an asset of the Fund pursuant to policies the Managing Owner has adopted, which are consistent with normal industry standards. Realized gains (losses) and changes in unrealized appreciation (depreciation) on open positions are determined on a specific identification basis and recognized in the statement of income and expenses in the period in which the contract is closed or the changes occur, respectively. Futures contracts held as of September 30, 2013 are indicative of the volume of derivative activity during the period. | |
Brokerage Commissions and Fees | ' |
(i) Brokerage Commissions and Fees | |
The Fund incurs all brokerage commissions, including applicable exchange fees, National Futures Association (“NFA”) fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading activities by the Commodity Broker. These costs are recorded as brokerage commissions and fees in the statement of income and expenses as incurred. The Commodity Broker’s brokerage commissions and trading fees are determined on a contract-by-contract basis. On average, total charges paid to the Commodity Broker were less than $15.00 per round-turn trade for the Three Months Ended September 30, 2013 and 2012 and the Nine Months Ended September 30, 2013 and 2012. | |
Routine Operational, Administrative and Other Ordinary Expenses | ' |
(j) Routine Operational, Administrative and Other Ordinary Expenses | |
The Managing Owner assumes all routine operational, administrative and other ordinary expenses of the Fund, including, but not limited to, computer services, the fees and expenses of the Trustee, legal and accounting fees and expenses, tax preparation expenses, filing fees and printing, mailing and duplication costs. Accordingly, all such expenses are not reflected in the statement of income and expenses of the Fund. | |
Organizational and Offering Costs | ' |
(k) Organizational and Offering Costs | |
All organizational and offering expenses of the Fund are incurred and assumed by the Managing Owner. The Fund is not responsible to the Managing Owner for the reimbursement of organizational and offering costs. Expenses incurred in connection with the continuous offering of Shares are also paid by the Managing Owner. | |
Non-Recurring and Unusual Fees and Expenses | ' |
(l) Non-Recurring and Unusual Fees and Expenses | |
The Fund pays all fees and expenses which are non-recurring and unusual in nature. Such expenses include legal claims and liabilities, litigation costs or indemnification or other unanticipated expenses. Such fees and expenses, by their nature, are unpredictable in terms of timing and amount. For the Three Months Ended September 30, 2013 and 2012 and the Nine Months Ended September 30, 2013 and 2012, the Fund did not incur such expenses. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||
Assets and Liabilities Measured at Fair Value | ' | ||||||||||||||||||
Assets and Liabilities Measured at Fair Value were as follows: | |||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
United States Treasury Obligations (Level 1) | $ | 779,985,289 | $ | 624,957,014 | |||||||||||||||
Currency Futures Contracts (Level 1) | $ | (14,160,801 | ) | $ | (931,554 | ) | |||||||||||||
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: | |||||||||||||||||||
Derivatives not Accounted for as Hedging Instruments | Statements of Financial Condition Location | Net Unrealized | Net Unrealized | ||||||||||||||||
Appreciation / | Appreciation / | ||||||||||||||||||
(Depreciation) at | (Depreciation) at | ||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Commodity Futures Contracts | Net Unrealized Appreciation (Depreciation) on Futures Contracts | $ | (14,160,801 | ) | $ | (931,554 | ) | ||||||||||||
The Effect of Derivative Instruments on the Statements of Income and Expenses is as follows: | |||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||||||||
September 30, 2013 | September 30, 2012 | ||||||||||||||||||
Derivatives not Accounted for as | Location of Gain or (Loss) on Derivatives | Realized Gain | Change in | Realized Gain | Change in | ||||||||||||||
Hedging Instruments | Recognized in Income | or (Loss) on | Unrealized Gain | or (Loss) on | Unrealized Gain | ||||||||||||||
Derivatives | or (Loss) on | Derivatives | or (Loss) on | ||||||||||||||||
Recognized in | Derivatives | Recognized in | Derivatives | ||||||||||||||||
Income | Recognized in | Income | Recognized in | ||||||||||||||||
Income | Income | ||||||||||||||||||
Commodity Futures Contracts | Net Realized Gain (Loss) on Futures | $ | (1,978,265 | ) | — | $ | (41,476,604 | ) | — | ||||||||||
Net Change in Unrealized Gain (Loss) on Futures | — | $ | (34,320,398 | ) | — | $ | 15,414,464 | ||||||||||||
For the Nine Months Ended | For the Nine Months Ended | ||||||||||||||||||
September 30, 2013 | September 30, 2012 | ||||||||||||||||||
Derivatives not Accounted for as | Location of Gain or (Loss) on Derivatives | Realized Gain | Change in | Realized Gain | Change in | ||||||||||||||
Hedging Instruments | Recognized in Income | or (Loss) on | Unrealized Gain | or (Loss) on | Unrealized Gain | ||||||||||||||
Derivatives | or (Loss) on | Derivatives | or (Loss) on | ||||||||||||||||
Recognized in | Derivatives | Recognized in | Derivatives | ||||||||||||||||
Income | Recognized in | Income | Recognized in | ||||||||||||||||
Income | Income | ||||||||||||||||||
Commodity Futures Contracts | Net Realized Gain (Loss) on Futures | $ | 256,586 | — | $ | (48,526,394 | ) | — | |||||||||||
Net Change in Unrealized Gain (Loss) on Futures | — | $ | (13,229,247 | ) | — | $ | 17,244,285 |
Share_Purchases_and_Redemption1
Share Purchases and Redemptions (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||||||||||
Summary of Share Transactions | ' | ||||||||||||||||||||||||||||||||
Summary of Share Transactions for the Three Months Ended September 30, 2013 and 2012 | |||||||||||||||||||||||||||||||||
and the Nine Months Ended September 30, 2013 and 2012 (unaudited) | |||||||||||||||||||||||||||||||||
Shares | Shareholders’ Equity | Shares | Shareholders’ Equity | ||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Shares Sold | 7,600,000 | 5,400,000 | $ | 171,181,832 | $ | 120,897,618 | 32,000,000 | 31,200,000 | $ | 717,161,020 | $ | 699,437,226 | |||||||||||||||||||||
Shares Redeemed | (11,200,000 | ) | (10,800,000 | ) | (247,486,466 | ) | (239,725,820 | ) | (27,400,000 | ) | (69,400,000 | ) | (605,777,172 | ) | (1,542,004,009 | ) | |||||||||||||||||
Net Increase/(Decrease) | 3,600,000 | (5,400,000 | ) | $ | (76,304,634 | ) | $ | (118,828,202 | ) | 4,600,000 | (38,200,000 | ) | $ | 111,383,848 | $ | (842,566,783 | ) | ||||||||||||||||
Net_Asset_Value_and_Financial_1
Net Asset Value and Financial Highlights (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Net Asset Value | ' | ||||||||||||||||
Net asset value per Share is the net asset value of the Fund divided by the number of outstanding Shares at the date of each respective period presented. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | September 30, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net Asset Value | |||||||||||||||||
Net asset value per Share, beginning of period | $ | 22.55 | $ | 22.47 | $ | 21.81 | $ | 22.44 | |||||||||
Net realized and change in unrealized gain (loss) on United States Treasury Obligations and Futures | (0.88 | ) | (0.51 | ) | (0.05 | ) | (0.39 | ) | |||||||||
Net investment income (loss) | (0.04 | ) | (0.04 | ) | (0.13 | ) | (0.13 | ) | |||||||||
Net income (loss) | (0.92 | ) | (0.55 | ) | (0.18 | ) | (0.52 | ) | |||||||||
Net asset value per Share, end of period | $ | 21.63 | $ | 21.92 | $ | 21.63 | $ | 21.92 | |||||||||
Market value per Share, beginning of period | $ | 22.56 | $ | 22.47 | $ | 21.81 | $ | 22.47 | |||||||||
Market value per Share, end of period | $ | 21.63 | $ | 21.92 | $ | 21.63 | $ | 21.92 | |||||||||
Ratio to average Net Assets* | |||||||||||||||||
Net investment income (loss) | (0.78 | )% | (0.73 | )% | (0.77 | )% | (0.76 | )% | |||||||||
Total expenses | 0.82 | % | 0.82 | % | 0.82 | % | 0.82 | % | |||||||||
Total Return, at net asset value ** | (4.08 | )% | (2.45 | )% | (0.83 | )% | (2.32 | )% | |||||||||
Total Return, at market value ** | (4.12 | )% | (2.45 | )% | (0.83 | )% | (2.45 | )% | |||||||||
* | Percentages are annualized. | ||||||||||||||||
** | Percentages are not annualized. |
Organization_Additional_Inform
Organization - Additional Information (Detail) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Dec. 31, 2012 | Aug. 03, 2006 | |
Trust | |||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ' | ' |
Number of series of trusts | ' | ' | 2 |
General shares, shares issued | ' | 40 | ' |
Capital contribution | ' | $1,000 | ' |
Number of shares issued per basket | 200,000 | ' | ' |
Fund_Investment_Overview_Addit
Fund Investment Overview - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Investments Schedule [Abstract] | ' | ' |
Deposits with broker | $783,709,362 | $689,599,034 |
Percentage of assets held by broker | 100.00% | 100.00% |
Restricted investments | $17,145,920 | $9,427,000 |
Percentage of holdings considered restricted | 2.19% | 1.37% |
Service_Providers_and_Related_1
Service Providers and Related Party Agreements - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Related Party Transactions [Abstract] | ' | ' | ' | ' | ' |
Management Fees | $1,700,767 | $2,134,942 | $4,223,714 | $7,259,814 | ' |
Management Fees payable | 528,005 | ' | 528,005 | ' | 478,052 |
Management fee percentage per annum of daily net assets | ' | ' | 0.75% | ' | ' |
Brokerage fees | 154,384 | 185,830 | 420,581 | 663,488 | ' |
Brokerage fees payable | 14,594 | ' | 14,594 | ' | 926 |
Fund assets held by Administrator | $0 | ' | $0 | ' | $0 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Assets and Liabilities Measured at Fair Value (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
United States Treasury Obligations (Level 1) | $779,985,289 | $624,957,014 |
Currency Futures Contracts (Level 1) | -14,160,801 | -931,554 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
United States Treasury Obligations (Level 1) | 779,985,289 | 624,957,014 |
Currency Futures Contracts (Level 1) | ($14,160,801) | ($931,554) |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | |
Investments restricted and held against initial margin | $17,145,920 | ' | $17,145,920 | ' | $9,427,000 | ' |
Cash held by broker | 17,884,874 | 36,566,260 | 17,884,874 | 36,566,260 | 65,573,574 | 75,582,258 |
Cash and cash equivalents, original maturities, maximum number of months | ' | ' | '3 months | ' | ' | ' |
Deposits related to broker | 14,160,801 | ' | 14,160,801 | ' | 931,554 | ' |
Cash equivalents held | 0 | ' | 0 | ' | 0 | ' |
Average charges paid to broker per round-turn trade, maximum | 15 | 15 | 15 | 15 | ' | ' |
Level 2 [Member] | ' | ' | ' | ' | ' | ' |
Assets and Liabilities measured at Fair Value | 0 | ' | 0 | ' | 0 | ' |
Level 3 [Member] | ' | ' | ' | ' | ' | ' |
Assets and Liabilities measured at Fair Value | 0 | ' | 0 | ' | 0 | ' |
Total United States Treasury Obligations [Member] | ' | ' | ' | ' | ' | ' |
Investments restricted and held against initial margin | $17,145,920 | ' | $17,145,920 | ' | $9,427,000 | ' |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Fair Value of Derivative Instruments and Effect of Derivative Instruments on Statements of Income and Expenses (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Derivative Instruments Not Designated As Hedging Instruments [Abstract] | ' | ' | ' | ' | ' |
Net unrealized appreciation (depreciation) on futures contracts | ($14,160,801) | ' | ($14,160,801) | ' | ($931,554) |
Net Realized Gain (Loss) on Futures | -1,978,265 | -41,476,604 | 256,586 | -48,526,394 | ' |
Net Change in Unrealized Gain (Loss) on Futures | ($34,320,398) | $15,414,464 | ($13,229,247) | $17,244,285 | ' |
Share_Purchases_and_Redemption2
Share Purchases and Redemptions - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Equity [Abstract] | ' |
Number of shares issued per basket | 200,000 |
Share_Purchases_and_Redemption3
Share Purchases and Redemptions - Summary of Share Transactions (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' | ' |
Shares Sold - Shares | 7,600,000 | 5,400,000 | 32,000,000 | 31,200,000 |
Shares Redeemed - Shares | -11,200,000 | -10,800,000 | -27,400,000 | -69,400,000 |
Net Increase / (Decrease)- Shares | 3,600,000 | -5,400,000 | 4,600,000 | -38,200,000 |
Shares Sold - Shareholders' Equity | $171,181,832 | $120,897,618 | $717,161,020 | $699,437,226 |
Shares Redeemed - Shareholders' Equity | -247,486,466 | -239,725,820 | -605,777,172 | -1,542,004,009 |
Net Increase / (Decrease) - Shareholders' Equity | ($76,304,634) | ($118,828,202) | $111,383,848 | ($842,566,783) |
Profit_and_Loss_Allocation_and
Profit and Loss Allocation and Distributions - Additional Information (Detail) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Earnings Per Share [Abstract] | ' | ' |
Distributed Earnings | $0 | $0 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Claims received by the fund | 0 |
Net_Asset_Value_and_Financial_2
Net Asset Value and Financial Highlights - Net Asset Value (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Net Asset Value | ' | ' | ' | ' |
Net asset value per Share, beginning of period | $22.55 | $22.47 | $21.81 | $22.44 |
Net realized and change in unrealized gain (loss) on United States Treasury Obligations and Futures | ($0.88) | ($0.51) | ($0.05) | ($0.39) |
Net investment income (loss) | ($0.04) | ($0.04) | ($0.13) | ($0.13) |
Net income (loss) | ($0.92) | ($0.55) | ($0.18) | ($0.52) |
Net asset value per Share, end of period | $21.63 | $21.92 | $21.63 | $21.92 |
Market value per Share, beginning of period | $22.56 | $22.47 | $21.81 | $22.47 |
Market value per Share, end of period | $21.63 | $21.92 | $21.63 | $21.92 |
Ratio to average Net Assets | ' | ' | ' | ' |
Net investment income (loss) | -0.78% | -0.73% | -0.77% | -0.76% |
Total expenses | 0.82% | 0.82% | 0.82% | 0.82% |
Total Return, at net asset value | -4.08% | -2.45% | -0.83% | -2.32% |
Total Return, at market value | -4.12% | -2.45% | -0.83% | -2.45% |