For the Year Ended

December 31, 2019

December 31, 2018

December 31, 2017

Total commissions accrued to brokers

$

2,423,017

$

2,538,611

$

4,675,687

Total commissions as annualized percentage of average total net assets

0.17

%

0.14

%

0.18

%

Commissions accrued as a result of rebalancing

$

2,052,263

$

2,145,268

$

4,112,340

Percentage of commissions accrued as a result of rebalancing

84.70

%

84.51

%

87.95

%

Commissions accrued as a result of creation and redemption activity

$

370,754

$

393,343

$

563,347

Percentage of commissions accrued as a result of creation and redemption activity

15.30

%

15.49

%

12.05

%