The following tables summarize BDRY’s valuation of investments at June 30, 2026 and 2025 using the fair value hierarchy: | | | June 30, 2026 | | | | | Short-Term
Investments(a) | | | Futures
Contracts(b) | | | Total | | | Level I – Quoted Prices | | $ | 4,429,728 | | | $ | 316,510 | | | $ | 4,746,238 | | | a | – | Included in Investments in securities in the Combined Statements of Assets and Liabilities. | | b | – | Included in Unrealized appreciation on futures contracts in the Combined Statements of Assets and Liabilities. | | | | June 30, 2025 | | | | | Short-Term
Investments(a) | | | Futures
Contracts(b) | | | Total | | | Level I – Quoted Prices | | $ | 44,760,073 | | | $ | (861,490 | ) | | $ | 43,898,583 | | | a | – | Included in Investments in securities in the Combined Statements of Assets and Liabilities. | | b | – | Included in Unrealized depreciation on futures contracts in the Combined Statements of Assets and Liabilities. | | Transfers between levels are recognized at the end of the reporting period. During the years ended June 30, 2026 and 2025, BDRY recognized no transfers from Level I, Level II or Level III. The following tables summarize BWET’s valuation of investments at June 30, 2026 and 2025 using the fair value hierarchy: | | | June 30, 2026 | | | | | Short-Term
Investments(a) | | | Futures
Contracts(b) | | | Total | | | Level I – Quoted Prices | | $ | 4,510,012 | | | $ | (4,753,614 | ) | | $ | (243,602 | ) | | a | – | Included in Investments in securities in the Combined Statements of Assets and Liabilities. | | b | – | Included in Unrealized depreciation on futures contracts in the Combined Statements of Assets and Liabilities. | | | | June 30, 2025 | | | | | Short-Term
Investments(a) | | | Futures
Contracts(b) | | | Total | | | Level I – Quoted Prices | | $ | 544,616 | | | $ | (60,903 | ) | | $ | 483,713 | | | a | – | Included in Investments in securities in the Combined Statements of Assets and Liabilities. | | b | – | Included in Unrealized depreciation on futures contracts in the Combined Statements of Assets and Liabilities. |
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