Invesco DB Energy Fund
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 7, 2024
DBE$36.60+1.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-08-07.
0000950170-24-092111
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-11-07.
0000950170-24-122589
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 101 previous paragraphs and 101 current paragraphs.
74 unchanged; 17 reworded; 10 added; 10 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 2 previous and 2 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (10)
Current report
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023
Current report
Returns for the Three and Nine Months Ended September 30, 2024 and 2023
Current report
For the three months ended September 30, 2024, the NYSE Arca market value of each Share decreased from $20.89 per Share to $18.58 per Share. The Share price low and high for the three months ended September 30, 2024 and related change from the Share price on June 30, 2024 was as follows: Shares traded at a low of $17.79 per Share (-14.84%) on September 10, 2024, and a high of $21.32 per Share (+2.06%) on July 3, 2024. The total return for the Fund on a market value basis was -11.06%.
Current report
Energy commodities were pressured in the third quarter of 2024 with all commodities except natural gas posting losses. There were several bearish drivers including low refining margins decreasing demand for crude oil and expectations for a second Trump term as president who is seen as bearish for energy given his stated plans to increase domestic production. Bearish sentiment on China also fueled demand concerns amid expectations for a supply glut in 2025 and OPEC’s spare capacity overhang. Rising geopolitical tensions and the start of the Federal Reserve interest rate easing cycle, as well as the surprise stimulus from China in September did provide some support, but gains were short lived; the market remained in wait-and-see mode for any actual oil supply disruptions in the Middle East and follow through on Chinese stimulus measures. Natural gas, however, did gain on heightened geopolitical concerns in September, but also fluctuated throughout the quarter on changing weather forecasts.
Current report
For the three months ended September 30, 2023, the NYSE Arca market value of each Share increased from $19.80 per Share to $23.42 per Share. The Share price low and high for the three months ended September 30, 2023 and related change from the Share price on June 30, 2023 was as follows: Shares traded at a low of $19.65 per Share (-0.78%) on July 3, 2023, and a high of $24.26 per Share (+22.50%) on September 14, 2023. The total return for the Fund on a market value basis was +18.28%.
Current report
Energy commodities posted strong returns in the third quarter of 2023. Crude oil front month prices gained nearly 30% as Saudi Arabia and Russia both indicated that they would continue to limit oil supply through the end of the year, helping the global oil market return to a deficit in July. Demand also came in stronger than expected in China and several non-traditional consuming regions like Latin America and Africa. While gasoline also gained in July, prices retreated through the rest of the quarter on stock builds in the US and Europe and weakening demand following the summer driving season. US natural gas was another weak spot for the sector with prices pressured by the persisting supply overhang. Finally, an improving macro sentiment supported by increased confidence that the Federal Reserve was nearing the end of its rate hike cycle further helped energy commodities recover over the quarter.
Current report
For the three months ended September 30, 2024, the NAV of each Share decreased from $20.87 per Share to $18.56 per Share. Falling commodity futures contract prices for Brent Crude Oil, Light Sweet Crude Oil, RBOB Gasoline and Ultra-Low Sulphur Diesel were partially offset by rising commodity futures contract prices Natural Gas during the three months ended September 30, 2024, contributing to an overall 12.14% decrease in the level of the Index and to a 10.97% decrease in the level of the DBIQ-OY Energy TR™. The total return for the Fund on a NAV basis was -11.07%.
Current report
Net income (loss) for the three months ended September 30, 2024 was $(6.8) million, primarily resulting from $0.8 million of income, net realized gain (loss) of $0.9 million, net change in unrealized gain (loss) of $(8.4) million and net operating expenses of $0.1 million.
Current report
Energy commodities performed negatively in the first three quarters of 2024, with the largest detractors being NY harbor ultra-low sulfur diesel (ULSD) and natural gas. Crude oil prices gained in the first quarter as escalating tensions in the Middle East and Russia/Ukraine raised supply concerns; front month prices ended the first half of the year up around 15%. However, prices were pressured in the third quarter by low refining margins decreasing crude demand, the bearish “Trump trade,” expectations for a supply glut in 2025, and the OPEC spare capacity overhang. While heightened geopolitical turmoil, the Federal Reserve's interest rate easing kickoff and the surprise China stimulus boosted overall sentiment in September, those gains were quickly returned as the market remained in wait-and-see mode. Natural gas was the laggard in the first quarter but made a strong comeback in May through mid-June and August through September as forecasted heatwaves and boiling tensions in the Middle East triggered a wave of short coverings.
Current report
Net income (loss) for the nine months ended September 30, 2023 was $(0.4) million, primarily resulting from $3.4 million of income, net realized gain (loss) of $(16.8) million, net change in unrealized gain (loss) of $13.5 million and net operating expenses of $0.5 million.
Removed paragraphs (10)
Previous report
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023
Previous report
Returns for the Three and Six Months Ended June 30, 2024 and 2023
Previous report
For the three months ended June 30, 2024, the NYSE Arca market value of each Share increased from $20.71 per Share to $20.89 per Share. The Share price low and high for the three months ended June 30, 2024 and related change from the Share price on March 31, 2024 was as follows: Shares traded at a low of $19.37 per Share (-6.47%) on June 4, 2024, and a high of $21.52 per Share (+3.89%) on April 12, 2024. The total return for the Fund on a market value basis was +0.87%.
Previous report
Energy commodities generally moved lower in the second quarter of 2024, though natural gas was the surprising exception with front month prices rebounding sharply, up 48%. Warmer weather forecasts, falling US rig counts and strong overall liquified natural gas (LNG) demand sparked a round of short coverings. On the other hand, crude oil and refined products like gasoline and NY Harbor Ultra Low Sulfur Diesel (ULSD) all moved lower. While some of it was driven by broader risk off sentiment due to the repeated delays of Federal Reserve rate cut expectations, other drivers included fading geopolitical risk premium, US crude inventory builds due to unplanned refinery outages and unattractive refining margins, and OPEC announcing plans to gradually bring back barrels later this year.
Previous report
For the three months ended June 30, 2023, the NYSE Arca market value of each Share decreased from $20.55 per Share to $19.80 per Share. The Share price low and high for the three months ended June 30, 2023 and related change from the Share price on March 31, 2023 was as follows: Shares traded at a low of $18.57 per Share (-9.64%) on May 3, 2023, and a high of $21.70 per Share (+5.60%) on April 12, 2023. The total return for the Fund on a market value basis was -3.65%.
Previous report
Energy commodities posted negative performance in the second quarter of 2023 with all Index Commodities detracting from the Fund’s performance. The largest detractor was Ultra-Low Sulfur Diesel which saw front month prices plunge another 8% through the quarter as Russian supplies continued to make it onto the market despite the European Union sanctions, and supplies remained abundant in the US following the physical hoarding leading up to the ban. Crude oil, and the complex overall were pressured by the continuously disappointing recovery in China and Fed/banking sector/debt ceiling-driven recession concerns, fueling a broader risk-off sentiment.
Previous report
Net income (loss) for the three months ended June 30, 2023 was $(3.2) million, primarily resulting from $1.0 million of income, net realized gain (loss) of $(11.2) million, net change in unrealized gain (loss) of $7.2 million and net operating expenses of $0.2 million.
Previous report
Energy commodities performed positively in the first half of 2024, with the exception of natural gas. Crude oil prices gained as escalating tensions in the Middle East and Russia/Ukraine raised supply concerns; front month prices ended the first half of the year up around 15%. In addition to geopolitics, an improving macro backdrop amid a resilient US economy, and expected Federal Reserve easing also supported broader risk assets like energy. However, this tailwind eased in the second quarter as the Federal Reserve stuck to its higher for longer rhetoric amid sticky inflation, weighing down the entire energy complex. Gasoline also gained following repeated attacks on Russia’s refinery infrastructure and tightening US stockpiles ahead of the summer driving season. Natural gas was the laggard with front month prices dropping another 30% in the first quarter on ample inventories and warmer-than-usual weather. However, prices did make a strong comeback in May and the first half of June as forecasted heatwaves raised its demand outlook.
Previous report
Net income (loss) for the six months ended June 30, 2024 was $6.3 million, primarily resulting from $2.2 million of income, net realized gain (loss) of $(3.6) million, net change in unrealized gain (loss) of $7.9 million and net operating expenses of $0.3 million.
Previous report
For the six months ended June 30, 2023, the NAV of each Share decreased from $22.65 per Share to $19.82 per Share. Falling commodity futures contract prices for Brent Crude Oil, Light Sweet Crude Oil, Natural Gas, RBOB Gasoline and Ultra-Low Sulphur Diesel during the six months ended June 30, 2023, contributed to an overall 14.19% decrease in the level of the Index and to a 12.05% decrease in the level of the DBIQ-OY Energy TR™. The total return for the Fund on a NAV basis was -12.49%.
Reworded paragraphs (17)
Previous wording
On any business day, an Authorized Participant may place an order with the Transfer Agent to redeem one or more blocks of 50,000 Shares (“Creation Units”). Redemption orders must be placed by 10:00 a.m., Eastern Time. The day on which the Managing Owner receives a valid redemption order is the redemption order date. The day on which a redemption order is settled is the redemption order settlement date. As provided below, the redemption order settlement date may occur up to two business days after the redemption order date. Redemption orders are irrevocable. The redemption procedures allow Authorized Participants to redeem Creation Units. Individual Shareholders may not redeem directly from the Fund. Instead, individual Shareholders may only redeem Shares in integral multiples of 50,000 and only through an Authorized Participant.
Current wording
On any business day, an Authorized Participant may place an order with the Transfer Agent to redeem one or more blocks of 50,000 Shares (“Creation Units”). Redemption orders must be placed by 10:00 a.m., Eastern Time. The day on which the Managing Owner receives a valid redemption order is the redemption order date. The day on which a redemption order is settled is the redemption order settlement date. As provided below, the redemption order settlement date may occur up to one business day after the redemption order date. Redemption orders are irrevocable. The redemption procedures allow Authorized Participants to redeem Creation Units. Individual Shareholders may not redeem directly from the Fund. Instead, individual Shareholders may only redeem Shares in integral multiples of 50,000 and only through an Authorized Participant.
Previous wording
Unless otherwise agreed to by the Managing Owner and the Authorized Participant as provided in the next sentence, by placing a redemption order, an Authorized Participant agrees to deliver the Creation Units to be redeemed through DTC’s book-entry system to the Fund no later than the redemption order settlement date as of 2:45 p.m., Eastern Time, on the business day immediately following the redemption order date. Upon submission of a redemption order, the Authorized Participant may request the Managing Owner to agree to a redemption order settlement date up to two business days after the redemption order date. By placing a redemption order, and prior to receipt of the redemption proceeds, an Authorized Participant’s DTC account is charged the non-refundable transaction fee due for the redemption order.
Current wording
Unless otherwise agreed to by the Managing Owner and the Authorized Participant as provided in the next sentence, by placing a redemption order, an Authorized Participant agrees to deliver the Creation Units to be redeemed through DTC’s book-entry system to the Fund no later than the redemption order settlement date as of 2:45 p.m., Eastern Time, on the business day immediately following the redemption order date. Upon submission of a redemption order, the Authorized Participant may request the Managing Owner to agree to a redemption order settlement date up to one business day after the redemption order date. By placing a redemption order, and prior to receipt of the redemption proceeds, an Authorized Participant’s DTC account is charged the non-refundable transaction fee due for the redemption order.
Previous wording
Net cash flow provided by (used in) operating activities was $6.7 million and $63.4 million for the six months ended June 30, 2024 and 2023, respectively. These amounts primarily include net income (loss), net purchases and sales of money market mutual funds and net purchases and sales of United States Treasury Obligations and affiliated investments. The Fund invests in United States Treasury Obligations, money market mutual funds and T-Bill ETFs (affiliated or otherwise), if any, for margin and/or cash management purposes. While the Fund’s performance reflects the appreciation and depreciation of those holdings, the Fund’s performance, whether positive or negative, is driven primarily by its strategy of trading futures contracts with the aim of seeking to track the Index.
Current wording
Net cash flow provided by (used in) operating activities was $23.9 million and $58.9 million for the nine months ended September 30, 2024 and 2023, respectively. These amounts primarily include net income (loss), net purchases and sales of money market mutual funds and net purchases and sales of United States Treasury Obligations and affiliated investments. The Fund invests in United States Treasury Obligations, money market mutual funds and T-Bill ETFs (affiliated or otherwise), if any, for margin and/or cash management purposes. While the Fund’s performance reflects the appreciation and depreciation of those holdings, the Fund’s performance, whether positive or negative, is driven primarily by its strategy of trading futures contracts with the aim of seeking to track the Index.
Previous wording
During the six months ended June 30, 2024, $35.1 million was paid to purchase United States Treasury Obligations and $44.6 million was received from sales and maturing United States Treasury Obligations. During the six months ended June 30, 2023, $79.0 million was paid to purchase United States Treasury Obligations and $155.0 million was received from sales and maturing United States Treasury Obligations. $68.5 million was received from sales of affiliated investments and $76.9 million was paid to purchase affiliated investments during the six months ended June 30, 2024. $149.8 million was received from sales of affiliated investments and $148.9 million was paid to purchase affiliated investments during the six months ended June 30, 2023.
Current wording
During the nine months ended September 30, 2024, $54.6 million was paid to purchase United States Treasury Obligations and $68.6 million was received from sales and maturing United States Treasury Obligations. During the nine months ended September 30, 2023, $108.4 million was paid to purchase United States Treasury Obligations and $185.0 million was received from sales and maturing United States Treasury Obligations. $119.5 million was received from sales of affiliated investments and $107.4 million was paid to purchase affiliated investments during the nine months ended September 30, 2024. $166.1 million was received from sales of affiliated investments and $185.7 million was paid to purchase affiliated investments during the nine months ended September 30, 2023.
Previous wording
The Fund’s net cash flow provided by (used in) financing activities was $(6.7) million and $(63.4) million during the six months ended June 30, 2024 and 2023, respectively. This included $15.6 million and $4.2 million from Shares purchased by Authorized Participants and $21.7 million and $67.6 million from Shares redeemed by Authorized Participants during the six months ended June 30, 2024 and 2023, respectively. During the six months ended June 30, 2024, distributions paid to Shareholders were $0.6 million. No distributions were paid to Shareholders during the six months ended June 30, 2023.
Current wording
The Fund’s net cash flow provided by (used in) financing activities was $(23.9) million and $(58.9) million during the nine months ended September 30, 2024 and 2023, respectively. This included $16.7 million and $11.9 million from Shares purchased by Authorized Participants and $39.9 million and $70.8 million from Shares redeemed by Authorized Participants during the nine months ended September 30, 2024 and 2023, respectively. During the nine months ended September 30, 2024, distributions paid to Shareholders were $0.6 million. No distributions were paid to Shareholders during the nine months ended September 30, 2023.
Previous wording
COMPARISON OF MARKET, NAV AND DBIQ OPT YIELD ENERGY INDEX ER FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023
Current wording
COMPARISON OF MARKET, NAV AND DBIQ OPT YIELD ENERGY INDEX ER FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023
Previous wording
This Report covers the three and six months ended June 30, 2024 and 2023. Past performance of the Fund is not necessarily indicative of future performance.
Current wording
This Report covers the three and nine months ended September 30, 2024 and 2023. Past performance of the Fund is not necessarily indicative of future performance.
Previous wording
The section “Summary of the DBIQ-OY Energy TR™ and Underlying Index Commodity Returns for the Three and Six Months Ended June 30, 2024 and 2023” below provides an overview of the changes in the closing levels of the DBIQ-OY Energy TR™ by disclosing the change in market value of each underlying component Index Commodity through a “surrogate” (and analogous) index that also reflects 3 month United States Treasury Obligations returns. Please note also that the Fund’s objective is to track the Index (not the DBIQ-OY Energy TR™) and the Fund does not attempt to outperform or underperform the Index. The Index employs the optimum yield roll method with the objective of mitigating the negative effects of contango, the condition in which distant delivery prices for futures exceed spot prices, and maximizing the positive effects of backwardation, a condition opposite of contango.
Current wording
The section “Summary of the DBIQ-OY Energy TR™ and Underlying Index Commodity Returns for the Three and Nine Months Ended September 30, 2024 and 2023” below provides an overview of the changes in the closing levels of the DBIQ-OY Energy TR™ by disclosing the change in market value of each underlying component Index Commodity through a “surrogate” (and analogous) index that also reflects 3 month United States Treasury Obligations returns. Please note also that the Fund’s objective is to track the Index (not the DBIQ-OY Energy TR™) and the Fund does not attempt to outperform or underperform the Index. The Index employs the optimum yield roll method with the objective of mitigating the negative effects of contango, the condition in which distant delivery prices for futures exceed spot prices, and maximizing the positive effects of backwardation, a condition opposite of contango.
Previous wording
For the three months ended June 30, 2024, the NAV of each Share increased from $20.77 per Share to $20.87 per Share. Rising commodity futures contract prices for Brent Crude Oil, Light Sweet Crude Oil, RBOB Gasoline and Natural Gas were partially offset by falling commodity futures contract prices for Ultra-Low Sulphur Diesel during the three months ended June 30, 2024, contributing to an overall 0.64% decrease in the level of the Index and to a 0.69% increase in the level of the DBIQ-OY Energy TR™. The total return for the Fund on a NAV basis was +0.48%.
Current wording
For the three months ended September 30, 2023, the NAV of each Share increased from $19.82 per Share to $23.37 per Share. Rising commodity futures contract prices for Brent Crude Oil, Light Sweet Crude Oil, RBOB Gasoline and Ultra-Low Sulphur Diesel were partially offset by falling commodity futures contract prices for Natural Gas during the three months ended September 30, 2023, contributing to an overall 16.64% increase in the level of the Index and to a 18.21% increase in the level of the DBIQ-OY Energy TR™. The total return for the Fund on a NAV basis was +17.91%.
Previous wording
Net income (loss) for the three months ended June 30, 2024 was $(0.4) million, primarily resulting from $1.1 million of income, net realized gain (loss) of $(3.5) million, net change in unrealized gain (loss) of $2.1 million and net operating expenses of $0.2 million.
Current wording
Net income (loss) for the three months ended September 30, 2023 was $13.9 million, primarily resulting from $1.2 million of income, net realized gain (loss) of $0.1 million, net change in unrealized gain (loss) of $12.8 million and net operating expenses of $0.2 million.
Previous wording
FOR THE SIX MONTHS ENDED JUNE 30, 2024 COMPARED TO THE SIX MONTHS ENDED JUNE 30, 2023
Current wording
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024 COMPARED TO THE NINE MONTHS ENDED SEPTEMBER 30, 2023
Previous wording
For the six months ended June 30, 2024, the NYSE Arca market value of each Share increased from $19.19 per Share to $20.89 per Share. The Share price low and high for the six months ended June 30, 2024 and related change from the Share price on December 31, 2023 was as follows: Shares traded at a low of $19.10 per Share (-0.47%) on January 2, 2024, and a high of $21.52 per Share (+12.12%) on April 12, 2024. The total return for the Fund on a market value basis was +8.86%.
Current wording
For the nine months ended September 30, 2024, the NYSE Arca market value of each Share decreased from $19.19 per Share to $18.58 per Share. The Share price low and high for the nine months ended September 30, 2024 and related change from the Share price on December 31, 2023 was as follows: Shares traded at a low of $17.79 per Share (-7.32%) on September 10, 2024, and a high of $21.52 per Share (+12.12%) on April 12, 2024. The total return for the Fund on a market value basis was -3.18%.
Previous wording
For the six months ended June 30, 2023, the NYSE Arca market value of each Share decreased from $22.65 per Share to $19.80 per Share. The Share price low and high for the six months ended June 30, 2023 and related change from the Share price on December 31, 2022 was as follows: Shares traded at a low of $18.57 per Share (-18.02%) on May 3, 2023, and a high of $23.08 per Share (+1.92%) on January 23, 2023. The total return for the Fund on a market value basis was -12.58%.
Current wording
For the nine months ended September 30, 2023, the NYSE Arca market value of each Share increased from $22.65 per Share to $23.42 per Share. The Share price low and high for the nine months ended September 30, 2023 and related change from the Share price on December 31, 2022 was as follows: Shares traded at a low of $18.57 per Share (-18.02%) on May 3, 2023, and a high of $24.26 per Share (+7.11%) on September 14, 2023. The total return for the Fund on a market value basis was +3.40%.
Previous wording
Energy commodities were down sharply in the first two quarters of 2023, with most of the underperformance coming from Ultra-Low Sulphur Diesel and natural gas. In the first quarter, US natural gas prices went into freefall (front month US NG prices were down nearly 50% for the quarter), pressured by persistently warm temperatures in both the US and Europe. While prices did recover in the second quarter on hotter-than-expected weather forecasts, it was still down over 35% year-to-date. Diesel prices fell in the first quarter with Europe boosting imports of Russian supplies ahead of the February 5th ban and the weakness continued into the second quarter of 2023, weighed down by the resulting supply overhang, leaving front month prices down over 25% year-to-date. Crude oil prices also plunged sharply as macro recession concerns remained top of mind and China’s recovery continued to fall short of earlier expectations. However, prices did recover significantly in June following the cooler-than-expected Consumer Price Index results raising bets that the Federal Reserve was near the end of its aggressive rate hike cycle.
Current wording
Energy commodities were up slightly in the first three quarters of 2023 with the bulk of the gains coming in the third quarter from crude oil; natural gas and NY Harbor Ultra Low Sulfur Diesel (ULSD) were the detractors. In the first quarter, US natural gas prices went into freefall, pressured by persistently warm temperatures in both the US and Europe. While prices did recover in the second and third quarter on hotter-than-expected weather forecasts and a broad energy rally, it remained down over 35% year-to-date. Diesel prices fell in the first quarter with Europe boosting imports of Russian supplies ahead of the February 5th ban and the weakness continued into the second quarter, though prices recovered in the third quarter leaving the commodity flat year-to-date. Crude oil prices had also plunged sharply in the first half of the year as macro recession concerns remained top of mind and China’s recovery continued to disappoint. However, prices recovered significantly in June and through the third quarter as Saudi Arabian and Russian supply curbs brought the global oil market back to a deficit and demand outperformed expectations. Macro sentiment also improved amid US economic resilience and a slowdown in Federal Reserve interest rate hikes, supporting broader risk appetite.
Previous wording
For the three months ended June 30, 2023, the NAV of each Share decreased from $20.58 per Share to $19.82 per Share. Falling commodity futures contract prices for Brent Crude Oil, Light Sweet Crude Oil, Natural Gas, RBOB Gasoline and Ultra-Low Sulphur Diesel during the three months ended June 30, 2023, contributed to an overall 4.69% decrease in the level of the Index and to a 3.45% decrease in the level of the DBIQ-OY Energy TR™. The total return for the Fund on a NAV basis was -3.69%.
Current wording
For the nine months ended September 30, 2024, the NAV of each Share decreased from $19.19 per Share to $18.56 per Share. Falling commodity futures contract prices for Brent Crude Oil, Natural Gas and Ultra-Low Sulphur Diesel were partially offset by rising commodity futures contract prices for Light Sweet Crude Oil and RBOB Gasoline during the nine months ended September 30, 2024, contributing to an overall 6.53% decrease in the level of the Index and to a 2.73% decrease in the level of the DBIQ-OY Energy TR™. The total return for the Fund on a NAV basis was -3.28%.
Previous wording
Net income (loss) for the six months ended June 30, 2023 was $(14.3) million, primarily resulting from $2.2 million of income, net realized gain (loss) of $(16.8) million, net change in unrealized gain (loss) of $0.7 million and net operating expenses of $0.4 million.
Current wording
Net income (loss) for the nine months ended September 30, 2024 was $(0.5) million, primarily resulting from $3.0 million of income, net realized gain (loss) of $(2.6) million, net change in unrealized gain (loss) of $(0.4) million and net operating expenses of $0.4 million.
Previous wording
For the six months ended June 30, 2024, the NAV of each Share increased from $19.19 per Share to $20.87 per Share. Rising commodity futures contract prices for Brent Crude Oil, Light Sweet Crude Oil, RBOB Gasoline and Ultra-Low Sulphur Diesel were partially offset by falling commodity futures contract prices for Natural Gas during the six months ended June 30, 2024, contributing to an overall 6.38% increase in the level of the Index and to a 9.25% increase in the level of the DBIQ-OY Energy TR™. The total return for the Fund on a NAV basis was +8.75%.
Current wording
For the nine months ended September 30, 2023, the NAV of each Share increased from $22.65 per Share to $23.37 per Share. Rising commodity futures contract prices for Brent Crude Oil, Light Sweet Crude Oil, and RBOB Gasoline were partially offset by falling commodity futures contract prices for Natural Gas and Ultra-Low Sulphur Diesel during the nine months ended September 30, 2023, contributing to an overall 0.09% increase in the level of the Index and to a 3.97% increase in the level of the DBIQ-OY Energy TR™. The total return for the Fund on a NAV basis was +3.18%.