XML 30 R15.htm IDEA: XBRL DOCUMENT

FINANCIAL HIGHLIGHTS

9 Months Ended

Sep. 30, 2025

NOTE 6 — FINANCIAL HIGHLIGHTS

The following table presents per share performance data and other supplemental financial data for the three and nine months ended September 30, 2025 and 2024 for the shareholders. This information has been derived from information presented in the financial statements.


	Three months ended			Three months ended			Nine months ended			Nine months ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Per Share Operating Performance:
Net asset value, beginning of period	$	8.73		$	8.28		$	8.12		$	8.58
Total income (loss)		(0.94)			(0.32)			(0.27)			(0.56)
Total expenses		(0.05)			(0.04)			(0.11)			(0.10)
Net increase (decrease) in net asset value		(0.99)			(0.36)			(0.38)			(0.66)
Net asset value, end of period	$	7.74		$	7.92		$	7.74		$	7.92

Total Return		(11.34)	%		(4.35)	%		(4.68)	%		(7.69)	%

Ratios to Average Net Assets
Total income (loss)		(11.82)	%		(2.71)	%		4.57	%		(8.25)	%
Management fees^#		0.60	%		0.60	%		0.60	%		0.66	%
Total expenses excluding management fees^#		1.75	%		1.73	%		1.10	%		1.57	%
Expense waived^#		—	%		(0.10)	%		—	%		(0.60)	%
Net expense excluding management fees^#		1.75	%		1.63	%		1.10	%		0.97	%
Net income (loss)		(12.41)	%		(3.28)	%		3.30	%		(9.47)	%

#Annualized.

Total returns are calculated based on the change in value during the period. An individual shareholder’s total return and ratio may vary from the above total returns and ratios based on the timing of contributions to and withdrawals from UNL. Additionally, only Authorized Participants purchase and redeem shares from the Fund at the NAV per share. Most shareholders will purchase and sell shares in the secondary market at market prices, which may differ from the NAV per share and result in a higher or lower total return.