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FINANCIAL HIGHLIGHTS

9 Months Ended

Sep. 30, 2023

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, 2023 and 2022 for the shareholders. This information has been derived from information presented in the condensed financial statements.


	Three months ended			Three months ended			Nine months ended			Nine months ended
	September 30, 2023			September 30, 2022			September 30, 2023			September 30, 2022
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Per Share Operating Performance:
Net asset value, beginning of period	$	25.49		$	32.68		$	28.26		$	20.87
Total income (loss)		6.64			(5.36)			3.99			6.60
Total expenses		(0.07)			(0.08)			(0.19)			(0.23)
Net increase (decrease) in net asset value		6.57			(5.44)			3.80			6.37
Net asset value, end of period	$	32.06		$	27.24		$	32.06		$	27.24

Total Return		25.77	%		(16.65)	%		13.45	%		30.52	%

Ratios to Average Net Assets
Total income (loss)		23.00	%		(17.46)	%		10.05	%		30.26	%
Management fees^#		0.75	%		0.75	%		0.75	%		0.75	%
Total expenses excluding management fees^#		0.20	%		0.25	%		0.16	%		0.29	%
Net income (loss)		22.76	%		(17.71)	%		9.37	%		29.48	%

#	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 BNO.