ISMCF — what changed in the latest 10-Q
A section-by-section comparison of ISMCF's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-08-06 vs the prior 10-Q · 2026-05-07
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +5 | −2 | ~3 | 17 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~3 | 2 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 1 |
| Risk factors | Some risk factors updated | 0 | 0 | ~1 | 4 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Legal proceedings, Other information
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-08-06
The Trust’s net asset value decreased from $997,414,489 at March 31, 2026 to $839,284,870 at June 30, 2026. The decrease in the Trust’s net asset value resulted primarily from a net decrease in net assets resulting from operations. The Trust’s net asset value was also affected by a net decrease in t…
The Trust’s net asset value decreased from $1,081,674,701 at December 31, 2025 to $839,284,870 at June 30, 2026. The decrease in the Trust’s net asset value resulted primarily from a net decrease in the number of outstanding Shares, which fell from 46,850,000 Shares at December 31, 2025 to 29,450,00…
The 23.43% increase in the Trust’s NAV from $23.09 at December 31, 2025 to $28.50 at June 30, 2026 is directly related to the 21.85% increase in the settlement price for the Index Futures. The NAV increased slightly more than the settlement price for the Index Futures on a percentage basis due to th…
The net increase in net assets resulting from operations for the period ended June 30, 2026 was $191,827,746, resulting from a net investment income of $13,985,236 and a net realized and unrealized gain of $177,842,510. For the six months ended June 30, 2026, the Trust had a net realized and unreali…
The Trust’s assets as of June 30, 2026 consist of Index Futures and Collateral Assets used to satisfy applicable margin requirements for those Index Futures positions. The Trust does not anticipate any further need for liquidity, because creations and redemptions of Shares generally occur in-kind an…
Text removed vs the prior filing · source: 10-Q · 2026-05-07
The Trust’s net asset value decreased from $1,081,674,701 at December 31, 2025 to $997,414,489 at March 31, 2026. The decrease in the Trust’s net asset value resulted primarily from a net decrease in the number of outstanding Shares, which fell from 46,850,000 Shares at December 31, 2025 to 30,950,0…
The Trust’s assets as of March 31, 2026 consist of Index Futures and Collateral Assets used to satisfy applicable margin requirements for those Index Futures positions. The Trust does not anticipate any further need for liquidity, because creations and redemptions of Shares generally occur in-kind a…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice