Global Macro Trust Plunges to $3.56M Loss Amid Futures Reversal

TL;DR

**GLOBAL MACRO TRUST is bleeding cash, with a $3.56 million loss and shrinking capital, signaling a tough macro environment for its futures-heavy strategy.**

AI Summary

GLOBAL MACRO TRUST reported a significant net loss of $3,561,629 for the nine months ended September 30, 2025, a stark reversal from the net income of $3,087,601 in the same period of 2024. This decline was primarily driven by net realized and unrealized losses on futures and forward currency contracts, totaling $(3,225,319) in 2025 compared to gains of $3,066,206 in 2024. Total trust capital decreased by 15.77% from $70,303,642 at December 31, 2024, to $59,217,406 at September 30, 2025. Redemptions from Unitholders amounted to $7,524,607 during the nine months ended September 30, 2025. Interest income, net, also saw a decrease to $2,150,891 in 2025 from $2,966,765 in 2024. The Trust's total assets declined from $71,639,372 at December 31, 2024, to $61,216,071 at September 30, 2025. Net asset value per unit decreased across all series, with Series 1 Unitholders experiencing a drop from $1,158.52 to $1,077.71.

Why It Matters

This significant net loss and capital reduction for GLOBAL MACRO TRUST signals a challenging period for investors, particularly those in Series 1, 3, 4, and 5, who have seen their net asset value per unit decline. The shift from substantial gains in 2024 to losses in 2025, largely due to futures and forward currency contract performance, highlights the volatility inherent in macro strategies and the impact of market conditions on alternative investments. For employees and the broader market, this performance could indicate a tougher environment for commodity investment pools, potentially leading to reduced fees for the Managing Owner, Millburn Ridgefield LLC, and impacting the competitive landscape for similar trusts.

Risk Assessment

Risk Level: high — The Trust experienced a net loss of $3,561,629 for the nine months ended September 30, 2025, a significant deterioration from a $3,087,601 net income in the prior year. This is primarily due to a $3,225,319 total net realized and unrealized loss on futures and forward currency contracts, indicating high exposure to volatile markets and a negative shift in trading performance.

Analyst Insight

Investors should carefully review their allocation to GLOBAL MACRO TRUST, considering the substantial net losses and declining trust capital. Given the negative performance in futures and forward currency contracts, a re-evaluation of the Trust's macro strategy and its ability to generate returns in current market conditions is warranted.

Financial Highlights

debt To Equity

N/A

revenue

N/A

operating Margin

N/A

total Assets

$ 61,216,071

total Debt

N/A

net Income

$ (3,561,629)

eps

N/A

gross Margin

N/A

cash Position

$ 1,163,179

revenue Growth

N/A

Key Numbers

• $3.56M — Net Loss (For the nine months ended September 30, 2025, a significant reversal from $3.09M net income in 2024.)
• $59.22M — Total Trust Capital (Decreased by 15.77% from $70.30M at December 31, 2024, to $59.22M at September 30, 2025.)
• $(3.23M) — Net Realized & Unrealized Losses on Futures (Primary driver of the net loss for the nine months ended September 30, 2025, compared to $3.07M gains in 2024.)
• $7.52M — Redemptions Payable (Total redemptions from Unitholders for the nine months ended September 30, 2025, indicating investor outflows.)
• $1,077.71 — Series 1 NAV per Unit (Decreased from $1,158.52 at December 31, 2024, reflecting a decline in unit value.)

Key Players & Entities

• GLOBAL MACRO TRUST (company) — registrant
• Millburn Ridgefield LLC (company) — Managing Owner
• Securities and Exchange Commission (regulator) — regulatory body
• Commodity Futures Trading Commission (regulator) — regulatory body
• $3,561,629 (dollar_amount) — net loss for nine months ended September 30, 2025
• $3,087,601 (dollar_amount) — net income for nine months ended September 30, 2024
• $70,303,642 (dollar_amount) — total trust capital at December 31, 2024
• $59,217,406 (dollar_amount) — total trust capital at September 30, 2025
• $7,524,607 (dollar_amount) — redemptions from Unitholders for nine months ended September 30, 2025

FAQ

Risk Factors

• Volatility in Futures and Forward Currency Contracts [high — market]: The Trust experienced significant net realized and unrealized losses of $(3,225,319) for the nine months ended September 30, 2025, a sharp reversal from gains of $3,066,206 in the prior year. This volatility directly impacted the Trust's profitability and capital.
• Investor Redemptions [medium — financial]: Unitholders redeemed $7,524,607 during the nine months ended September 30, 2025. This outflow contributed to the 15.77% decrease in total trust capital, indicating a potential loss of investor confidence or a shift in investment strategy by unitholders.
• Declining Net Asset Value Per Unit [high — market]: The net asset value per unit decreased across all series, with Series 1 units falling from $1,158.52 to $1,077.71 for the nine months ended September 30, 2025. This decline reflects the overall poor performance of the Trust's investments.
• Decreasing Interest Income [low — financial]: Net interest income decreased to $2,150,891 for the nine months ended September 30, 2025, down from $2,966,765 in the same period of 2024. This reduction in a stable income stream further pressured the Trust's overall financial results.

Industry Context

The Global Macro Trust operates in the alternative investment space, focusing on strategies that can involve significant use of derivatives like futures and forward currency contracts. This sector is characterized by its potential for high returns but also substantial volatility, driven by global economic events, interest rate changes, and currency fluctuations. Competition is fierce, with many funds employing similar macro strategies, making differentiation and consistent performance challenging.

Regulatory Implications

As a commodity investment pool, the Trust is subject to regulations from the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). These regulations govern trading practices, reporting, and investor protection. The significant losses and capital decline could attract increased regulatory scrutiny regarding risk management and disclosure practices.

What Investors Should Do

1. Review risk management strategies
2. Assess the impact of unitholder redemptions
3. Evaluate the Trust's performance against benchmarks

Key Dates

• 2025-09-30: Nine months ended September 30, 2025 — Reported a net loss of $3,561,629, driven by losses in futures and currency contracts, and significant unitholder redemptions.
• 2024-09-30: Nine months ended September 30, 2024 — Reported net income of $3,087,601, with gains from futures and currency contracts.
• 2024-12-31: Year ended December 31, 2024 — Total trust capital was $70,303,642 and total assets were $71,639,372.

Glossary

Net realized and unrealized losses

Refers to the total loss incurred from selling investments (realized) and the change in value of investments still held (unrealized) during a specific period. (This was the primary driver of the Trust's significant net loss in the current period.)

Trust Capital

Represents the net worth of the Trust, calculated as total assets minus total liabilities. It is the total investment made by all unitholders and the managing owner. (A decrease in Trust Capital indicates a decline in the overall value of the Trust and its investments.)

Net Asset Value (NAV) per Unit

The value of each unit of the Trust, calculated by dividing the total net assets by the number of outstanding units. (A declining NAV per unit signifies a decrease in the value of an individual investor's stake in the Trust.)

Redemptions Payable to Unitholders

The amount of money owed by the Trust to unitholders who have requested to sell their units back to the Trust. (High redemption payables indicate significant investor outflows, which can impact the Trust's liquidity and capital.)

Year-Over-Year Comparison

Compared to the nine months ended September 30, 2024, Global Macro Trust has experienced a dramatic shift from a net income of $3,087,601 to a net loss of $3,561,629. This reversal is primarily attributed to significant realized and unrealized losses on futures and forward currency contracts, which swung from a gain of $3,066,206 to a loss of $(3,225,319). Total trust capital has decreased by 15.77%, and total assets have also declined, reflecting both poor investment performance and substantial unitholder redemptions of $7,524,607.

Filing Documents

• c765-20250930x10q.htm (10-Q) — 4989KB
• c765-20250930xex31_1.htm (EX-31.1) — 13KB
• c765-20250930xex31_2.htm (EX-31.2) — 13KB
• c765-20250930xex31_3.htm (EX-31.3) — 13KB
• c765-20250930xex31_4.htm (EX-31.4) — 13KB
• c765-20250930xex32_1.htm (EX-32.1) — 7KB
• c765-20250930xex32_2.htm (EX-32.2) — 7KB
• c765-20250930xex32_3.htm (EX-32.3) — 7KB
• c765-20250930xex32_4.htm (EX-32.4) — 7KB
• 0001145765-25-000008.txt ( ) — 15175KB
• c765-20250930.xsd (EX-101.SCH) — 39KB
• c765-20250930_cal.xml (EX-101.CAL) — 40KB
• c765-20250930_def.xml (EX-101.DEF) — 155KB
• c765-20250930_lab.xml (EX-101.LAB) — 228KB
• c765-20250930_pre.xml (EX-101.PRE) — 238KB
• c765-20250930x10q_htm.xml (XML) — 4204KB

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Global Macro Trust

Financial statements

Financial statements For the three and nine months ended September 30, 2025 and 2024 (unaudited) 1 Condensed Schedules of Investments (a) 2 6 8 10 Notes to the Financial Statements 12 (a) At September 30, 2025 (unaudited) and December 31, 2024 (b) For the three and nine months ended September 30, 2025 and 2024 (unaudited) (c) For the nine months ended September 30, 2025 and 2024 (unaudited) Global Macro Trust September 30, 2025 (unaudited) December 31, 2024 ASSETS EQUITY IN TRADING ACCOUNTS: Investments in U.S. Treasury notes – at fair value (amortized cost $ 14,362,785 and $ 14,444,514 ) $ 14,371,603 $ 14,460,346 Net unrealized appreciation on open futures and forward currency contracts 437,541 547,665 Due from brokers, net 1,277,984 2,247,936 Cash denominated in foreign currencies (cost $ 25,408 and $ 165,305 ) 25,538 155,929 Total equity in trading accounts 16,112,666 17,411,876 INVESTMENTS IN U.S. TREASURY NOTES – at fair value (amortized cost $ 43,640,230 and $ 50,602,203 ) 43,685,888 50,649,558 CASH AND CASH EQUIVALENTS 1,163,179 3,178,544 ACCRUED INTEREST RECEIVABLE 254,338 399,394 TOTAL $ 61,216,071 $ 71,639,372 LIABILITIES AND TRUST CAPITAL LIABILITIES: Net unrealized depreciation on open futures and forward currency contracts $ 136,734 $ 44,821 Due to Managing Owner 19,305 - Accrued management fees 105,578 125,023 Accrued installment selling commissions 107,091 126,251 Accrued trade execution and clearing costs 2,844 3,929 Redemptions payable to Unitholders 1,375,133 584,367 Redemption payable to Managing Owner - 300,726 Accrued expenses 131,652 89,421 Cash overdraft denominated in foreign currencies (cost $

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) 1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying financial statements, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of Global Macro Trust's (the "Trust") financial condition at September 30, 2025 (unaudited) and December 31, 2024 (audited) and the results of its operations for the three and nine months ended September 30, 2025 and 2024 (unaudited). These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. It is suggested that these financial statements be read in conjunction with the audited financial statements and notes included in the Trust's annual report on Form 10-K filed with the Securities and Exchange Commission as of and for the year ended December 31, 2024. The December 31, 2024 information has been derived from the audited financial statements as of December 31, 2024. Effective May 1, 2022, Units in the Trust were no longer offered for sale. For existing investors in the Trust, business has been and will be conducted as usual. There was no change in trading, operations, monthly statements and other reporting, and redemptions will continue to be offered on a monthly basis. As a registrant with the Securities and Exchange Commission (the "SEC"), the Trust is subject to the regulatory requirements under the Securities Exchange Act of 1934. Prior to May 1, 2022, the Trust was also subject to the regulatory requirements under the Securities Act of 1933. As a commodity investment pool, the Trust is subject to the regulations of the Commodity Futures Trading Commission, 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 th

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