Grant Park Futures Fund Plunges to $1.3M Loss Amid Trading Woes

TL;DR

**Sell your units; this fund is bleeding cash and its trading strategy is failing.**

AI Summary

GRANT PARK FUTURES FUND LIMITED PARTNERSHIP experienced a significant decline in financial performance for the six months ended June 30, 2025, reporting a net loss of $1,304,872, a stark contrast to the net income of $1,762,083 for the same period in 2024. This downturn was primarily driven by net trading losses of $1,059,709 from futures and securities, compared to net trading gains of $2,427,176 in the prior year. Partners' Capital (Net Asset Value) decreased substantially from $24,056,874 as of December 31, 2024, to $19,169,033 as of June 30, 2025, representing a 20.3% reduction. Redemptions payable to limited partners also decreased from $427,333 to $309,064. The fund's total assets declined from $24,616,345 to $19,588,497 over the same period. Net investment loss for the six months ended June 30, 2025, was $245,163, an improvement from the $665,093 loss in 2024, mainly due to lower brokerage charges and incentive fees.

Why It Matters

This significant decline in net asset value and a shift from profit to loss for Grant Park Futures Fund Limited Partnership signals a challenging period for investors, potentially leading to further redemptions and reduced confidence. The competitive landscape for commodity pools is intense, and sustained losses could impact the fund's ability to attract and retain capital. For employees, a shrinking asset base might lead to operational adjustments. The broader market could see this as an indicator of volatility in futures and securities trading, prompting a closer look at similar funds' performance.

Risk Assessment

Risk Level: high — The fund reported a net loss of $1,304,872 for the six months ended June 30, 2025, a significant reversal from the $1,762,083 net income in the prior year. Partners' Capital (Net Asset Value) decreased by 20.3% from $24,056,874 to $19,169,033, indicating substantial capital erosion and high investment risk.

Analyst Insight

Investors should immediately review their allocation to GRANT PARK FUTURES FUND LIMITED PARTNERSHIP given the substantial net loss of $1,304,872 and the 20.3% decline in Partners' Capital. Consider re-evaluating the fund's strategy and potentially reallocating capital to more stable investments or funds with a demonstrated ability to generate positive returns in current market conditions.

Financial Highlights

debt To Equity

N/A

revenue

-$1,304,872

operating Margin

N/A

total Assets

$19,588,497

total Debt

$419,464

net Income

-$1,304,872

eps

N/A

gross Margin

N/A

cash Position

$14,254,662

revenue Growth

N/A

Revenue Breakdown

Key Numbers

• $1.30M — Net Loss (For the six months ended June 30, 2025, a significant reversal from $1.76M net income in 2024.)
• $19.17M — Partners' Capital (Net Asset Value) (As of June 30, 2025, down 20.3% from $24.06M at December 31, 2024.)
• -20.3% — Decline in Partners' Capital (From December 31, 2024, to June 30, 2025, indicating substantial capital erosion.)
• $1.06M — Net Trading Losses (For the six months ended June 30, 2025, compared to $2.43M in gains in 2024.)
• $245,163 — Net Investment Loss (For the six months ended June 30, 2025, an improvement from $665,093 loss in 2024.)
• $560,993 — Brokerage Charge Expense (For the six months ended June 30, 2025, down from $751,808 in 2024.)
• $372,054 — Interest and Dividend Income (For the six months ended June 30, 2025, up from $318,035 in 2024.)
• $309,064 — Redemptions Payable (As of June 30, 2025, decreased from $427,333 at December 31, 2024.)

Key Players & Entities

• GRANT PARK FUTURES FUND LIMITED PARTNERSHIP (company) — registrant
• Dearborn Capital Management, L.L.C. (company) — address principal executive offices
• Commodity Futures Trading Commission (regulator) — regulates the commodity futures industry
• National Futures Association (regulator) — industry self-regulatory organization
• $1,304,872 (dollar_amount) — net loss for six months ended June 30, 2025
• $1,762,083 (dollar_amount) — net income for six months ended June 30, 2024
• $19,169,033 (dollar_amount) — Partners' Capital (Net Asset Value) as of June 30, 2025
• $24,056,874 (dollar_amount) — Partners' Capital (Net Asset Value) as of December 31, 2024
• $1,059,709 (dollar_amount) — net trading losses for six months ended June 30, 2025
• $2,427,176 (dollar_amount) — net trading gains for six months ended June 30, 2024

FAQ

Risk Factors

• Adverse Trading Performance [high — market]: The Partnership experienced a net loss of $1,304,872 for the six months ended June 30, 2025, primarily due to net trading losses of $1,059,709. This represents a significant downturn from the net income of $1,762,083 in the prior year, indicating substantial volatility and risk in its trading strategies.
• Capital Erosion [high — financial]: Partners' Capital (Net Asset Value) decreased by 20.3% from $24,056,874 as of December 31, 2024, to $19,169,033 as of June 30, 2025. This substantial reduction in NAV highlights the impact of trading losses on investor capital.
• Futures Contract Volatility [medium — market]: The fund engages in speculative trading of futures and forward contracts. The net unrealized gain on open futures contracts decreased from $875,848 to $344,997, while net unrealized loss increased from $33,235 to $43,841, reflecting the inherent volatility and risk associated with these instruments.
• CFTC and NFA Regulation [medium — regulatory]: As a commodity investment pool, the Partnership is subject to regulations by the CFTC and rules of the NFA. Compliance with these regulatory bodies is crucial, and any violations could lead to penalties or operational restrictions.
• Reliance on Independent Advisors [medium — operational]: The Partnership invests through subsidiary trading companies that enter into advisory agreements with independent commodity trading advisors. The performance and conduct of these external advisors directly impact the fund's results.
• Redemption Pressures [low — financial]: While redemptions payable to limited partners decreased from $427,333 to $309,064, significant capital outflows can still impact liquidity and the fund's ability to manage its investment portfolio effectively.

Industry Context

The Grant Park Futures Fund operates within the highly regulated commodity futures and derivatives market. This sector is characterized by significant volatility, leverage, and the need for sophisticated risk management. The industry is influenced by global economic conditions, geopolitical events, and commodity-specific supply and demand dynamics. Competition often comes from other managed futures funds and alternative investment vehicles.

Regulatory Implications

As a commodity investment pool, the Partnership is subject to stringent regulations by the CFTC and NFA. Compliance with these rules is paramount to avoid penalties and maintain operational integrity. The fund's structure, involving subsidiary trading companies and independent advisors, adds layers of regulatory oversight and potential complexity.

What Investors Should Do

1. Review trading strategy performance
2. Assess capital preservation and erosion
3. Understand the impact of independent advisors
4. Monitor regulatory compliance

Key Dates

• 2025-06-30: Six months ended June 30, 2025 financial results — Reported a net loss of $1,304,872, a significant decline from the prior year, driven by trading losses.
• 2025-06-30: Consolidated Statements of Financial Condition — Total assets stood at $19,588,497, down from $24,616,345 at year-end 2024, reflecting reduced fund size.
• 2025-06-30: Partners' Capital (Net Asset Value) — Decreased to $19,169,033, a 20.3% reduction from December 31, 2024, indicating substantial capital erosion.
• 2024-12-31: Year-end 2024 financial position — Partners' Capital was $24,056,874 and total assets were $24,616,345.
• 2024-04-01: Partnership's offering terminated — Limited partnership units are no longer offered for sale, but existing investors continue to operate under the same terms.
• 1988-08-01: Partnership organized — Established as a limited partnership under Illinois law, marking the inception of the fund.

Glossary

Commodity Futures Trading Commission (CFTC)

A U.S. government agency that regulates the U.S. derivatives markets, including futures and options on futures. (The Partnership is subject to CFTC regulations as a commodity investment pool.)

National Futures Association (NFA)

A self-regulatory organization for the U.S. derivatives industry, overseen by the CFTC. (The Partnership must adhere to NFA rules, which govern the conduct of market participants.)

Futures Commission Merchant (FCM)

A firm that solicits or accepts orders to buy or sell futures contracts or options on futures, and accepts money or other property to margin such trades. (The Partnership trades through FCMs and is subject to their requirements.)

Net Asset Value (NAV)

The total value of a fund's assets minus its liabilities, representing the value of one share or unit of the fund. (The NAV of the Partnership decreased significantly, indicating a loss in value for investors.)

Partners' Capital (Net Asset Value)

The aggregate net worth of the limited partners in the Partnership, reflecting their investment value. (This metric shows the overall value of the limited partners' stake in the fund, which has declined substantially.)

Unrealized Gain/(Loss)

The profit or loss on a financial instrument that has not yet been sold or settled. (Reflects the current market valuation of open futures contracts, contributing to the fund's overall performance.)

Commodity Pool Operator (CPO)

An entity that operates or promotes a collective investment vehicle (a commodity pool) that trades commodity futures or options. (Dearborn Capital Management, L.L.C. acts as the CPO for the Partnership.)

Year-Over-Year Comparison

Compared to the prior year's six-month period, Grant Park Futures Fund Limited Partnership has experienced a dramatic shift from profitability to a significant net loss of $1,304,872, primarily driven by $1,059,709 in net trading losses, a stark contrast to $2,427,176 in trading gains. This performance decline has led to a substantial 20.3% reduction in Partners' Capital (Net Asset Value) to $19,169,033. While net investment loss improved due to lower expenses, the overall financial health has deteriorated significantly, reflected in the decrease in total assets from $24,616,345 to $19,588,497.

Filing Documents

• tmb-20250630x10q.htm (10-Q) — 3381KB
• tmb-20250630xex31d1.htm (EX-31.1) — 18KB
• tmb-20250630xex31d2.htm (EX-31.2) — 17KB
• tmb-20250630xex32d1.htm (EX-32.1) — 11KB
• 0001558370-25-011506.txt ( ) — 10872KB
• tmb-20250630.xsd (EX-101.SCH) — 52KB
• tmb-20250630_cal.xml (EX-101.CAL) — 34KB
• tmb-20250630_def.xml (EX-101.DEF) — 177KB
• tmb-20250630_lab.xml (EX-101.LAB) — 318KB
• tmb-20250630_pre.xml (EX-101.PRE) — 247KB
• tmb-20250630x10q_htm.xml (XML) — 2890KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION ITEM 1.

Financial Statements

Financial Statements Consolidated Statements of Financial Condition as of June 30, 2025 (unaudited) and December 31, 2024 2 Consolidated Condensed Schedule of Investments as of June 30, 2025 (unaudited) 3 Consolidated Condensed Schedule of Investments as of December 31, 2024 5 Consolidated Statements of Operations for the six months ended June 30, 2025 and 2024 (unaudited) 7 Consolidated Statements of Changes in Partners' Capital (Net Asset Value) for the six months ended June 30, 2025 and 2024 (unaudited) 9

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 13 ITEM 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 29 ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 ITEM 4.

Controls and Procedures

Controls and Procedures 39

– OTHER INFORMATION

PART II – OTHER INFORMATION ITEM 1A.

Risk Factors

Risk Factors 40 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 40 ITEM 6. Exhibits 41

SIGNATURES

SIGNATURES 42 CERTIFICATIONS Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Grant Park Futures Fund Limited Partnership Consolidated Statements of Financial Condition June 30, December 31, 2025 2024 (Unaudited) Assets Equity in brokers' trading accounts: Cash $ 3,739,519 $ 3,649,470 Net unrealized gain on open futures contracts (see Note 10) 344,997 875,848 Net unrealized loss on open futures contracts (see Note 10) ( 43,841 ) ( 33,235 ) Total equity in brokers' trading accounts 4,040,675 4,492,083 Cash and cash equivalents 14,254,662 18,518,343 Securities owned, at fair value (cost $ 1,293,191 and $ 1,600,000 , respectively) 1,293,160 1,601,943 Interest receivable, net — 3,976 Total assets $ 19,588,497 $ 24,616,345 Liabilities and Partners' Capital (Net Asset Value) Liabilities Brokerage charge payable $ 94,437 $ 121,399 Organization and offering costs payable 4,385 5,612 Accrued operating expenses 4,078 5,127 Redemptions payable to limited partners 309,064 427,333 Other payables 7,500 — Total liabilities 419,464 559,471 Partners' Capital (Net Asset Value) General Partner Class A ( 231.29 units outstanding at both June 30, 2025 and December 31, 2024) 191,878 204,059 Legacy 2 Class ( 250.67 units outstanding at both June 30, 2025 and December 31, 2024) 187,921 197,804 Limited Partners Class A ( 3,423.64 units outstanding at both June 30, 2025 and December 31, 2024) 2,840,180 3,020,494 Class B ( 13,805.82 and 17,095.89 units outstanding at June 30, 2025 and December 31, 2024, respectively) 8,950,282 11,825,466 Legacy 1 Class ( 374.12 and 427.56 units outstanding at June 30, 2025 and December 31, 2024, respectively) 292,549 351,477 Legacy 2 Class ( 140.55 units outstanding at both June 30, 2025 and December 31, 2024) 105,363 110,903 Global 1 Class ( 7,868.46 and 9,542.72 units outstanding at June 30, 2025 and December 31, 2024, respectively) 6,364,104 8,091,605 Global 2 Class (

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) Note 1. Nature of Business and Significant Accounting Policies Nature of business: Grant Park Futures Fund Limited Partnership (the "Partnership") was organized as a limited partnership under Illinois law in August 1988 and will continue until December 31, 2027, unless terminated sooner as provided for in its Limited Partnership Agreement. As a commodity investment pool, the Partnership is subject to the regulations of the Commodity Futures Trading Commission ("CFTC"), an agency of the United States (U.S.) government which regulates most aspects of the commodity futures industry; rules of the National Futures Association, an industry self-regulatory organization; and the requirements of the various commodity exchanges where the Partnership executes transactions. Additionally, the Partnership is subject to the requirements of futures commission merchants ("FCMs") and interbank and other market makers through which the Partnership trades. The Partnership is a registrant with the Securities and Exchange Commission ("SEC"), and, accordingly is subject to the regulatory requirements under the Securities Exchange Act of 1934, as amended. Prior to April 1, 2019, the Partnership was also subject to the regulatory requirements under the Securities Act of 1933, as amended. Effective April 1, 2019, limited partnership units of the Partnership are no longer offered for sale. For existing investors in the Partnership, business continues to be conducted as usual. There was no change in the trading, operations, or monthly statements, etc. as a result of the termination of the offering, and redemption requests continue to be offered on a monthly basis. The Partnership engages in the speculative trading of futures and forward contracts for commodities, financial instruments or currencies, any rights pertaining thereto and any options thereon, or on physical commodities, equities, listed options, swap transactions and bro

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) The GP Class was established December 31, 2022 as a non-earning equity general partner class for accounting purposes only (see Note 5). The GP Class was closed December 17, 2024. As previously disclosed and described in the Partnership's prospectus, all Global 3 Class units have either been exchanged to Global 1 Class units or fully redeemed. As a result, the Global 3 Class is closed effective as of February 28, 2022. Both Class A and Class B units are traded pursuant to identical trading programs and differ only in respect to the brokerage charge and organization and offering costs payable to the General Partner. Both Legacy 1 Class and Legacy 2 Class units are traded pursuant to trading programs pursuing a technical trend trading philosophy, which is the same trading philosophy used for the Class A and Class B units. The Legacy 1 Class and Legacy 2 Class units differ only in respect to the brokerage charge payable to the General Partner. The Legacy 1 Class and Legacy 2 Class units were offered only to investors who are represented by approved selling agents who are directly compensated by the investor for services rendered in connection with an investment in the Partnership (such arrangements commonly referred to as "wrap-accounts"). The Global 1 Class, Global 2 Class and Global 3 Class units are traded pursuant to trading programs pursuing technical trend trading philosophies. The Global 1 Clas

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