Year ended

December 31, 2020

December 31, 2019

December 31, 2018

Total commissions accrued to brokers

$

6,104,865

$

2,423,017

$

2,538,611

Total commissions as annualized percentage of average total net assets

0.18

%

0.17

%

0.14

%

Commissions accrued as a result of rebalancing

$

5,072,915

$

2,052,263

$

2,145,268

Percentage of commissions accrued as a result of rebalancing

83.10

%

84.70

%

84.51

%

Commissions accrued as a result of creation and redemption activity

$

1,031,950

$

370,754

$

393,343

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

16.90

%

15.30

%

15.49

%