Invesco DB Commodity Index Tracking Fund
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
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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
DBC$31.54+0.2%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.
0000950170-24-092107
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.
0000950170-24-122592
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 97 previous paragraphs and 96 current paragraphs.
68 unchanged; 17 reworded; 11 added; 12 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 (11)
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 $23.25 per Share to $22.27 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 $21.02 per Share (-9.59%) on September 10, 2024, and a high of $23.77 per Share (+2.24%) on July 5, 2024. The total return for the Fund on a market value basis was -4.21%.
Current report
Commodities performance was mixed in the third quarter of 2024 with metals leading the gains, while energy was heavily pressured. Industrial and precious metals both gained on anticipation leading up to the first Federal Reserve rate cut in September, though industrial metals were further boosted by China’s surprise stimulus announcement to end the quarter. Gold was the most notable positive performer, with front prices repeatedly breaking to new record highs in the quarter. On the other hand, energy prices were pressured by low refining margins decreasing crude demand, the bearish “Trump trade,” expectations for a supply glut in 2025, and the OPEC spare capacity overhang. Rising geopolitical tensions in the Middle East did provide some support for the energy complex in September but gains were short-lived with the market watching for actual supply disruptions before acting. Agricultural commodities remained bifurcated with grains pressured by ample supplies while sugar continued gains on expected supply shortfalls.
Current report
For the three months ended September 30, 2023, the NYSE Arca market value of each Share increased from $22.72 per Share to $24.96 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 $22.72 per Share (+0.00%) on July 3, 2023, and a high of $25.61 per Share (+12.72%) on September 14, 2023. The total return for the Fund on a market value basis was +9.86%.
Current report
Commodities posted strong positive performance in the third quarter of 2023 with the bulk of it coming from energy, though precious metals were the only detracting commodity sector. The top contributors were WTI crude oil and Brent crude oil, followed by refined products. 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 with China and several non-traditional consuming regions like Latin America and Africa surprising with increased demand. Outside of energy, sugar also performed positively driven by concerns for a global supply shortfall as India pondered an outright export ban amid tight domestic supplies. Wheat and gold were the top detractors, respectively pressured by strong Russian exports and the persistent higher-for-longer Federal Reserve rhetoric.
Current report
Net income (loss) for the three months ended September 30, 2024 was $(78.2) million, primarily resulting from $20.6 million of income, net realized gain (loss) of $(23.0) million, net change in unrealized gain (loss) of $(72.5) million and net operating expenses of $3.3 million.
Current report
Net income (loss) for the three months ended September 30, 2023 was $188.4 million, primarily resulting from $28.2 million of income, net realized gain (loss) of $(34.4) million, net change in unrealized gain (loss) of $199.0 million and net operating expenses of $4.3 million.
Current report
Overall, commodities performed negatively in the first three months of 2024 with both energy and agricultural commodities posting losses while metals ended higher thanks mostly to gold. More broadly, while an improving macro backdrop amid a resilient US economy and expected Federal Reserve easing boosted investor risk appetite in the first quarter, this tailwind mostly faded in the second quarter. In energy, crude oil prices gained in the first quarter on escalating tensions in the Middle East and Russia/Ukraine, but 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 interest rate easing kickoff and the surprise Chinese stimulus boosted overall sentiment in September, those gains were quickly returned as the market remained in wait-and-see mode. In metals, gold repeatedly hit new records; Federal Reserve interest rate cut expectations, strong central bank demand, robust Asian consumer demand, and the increased calls for haven assets due to the escalating conflicts created the perfect storm. Industrial metals also made a comeback with the September Federal Reserve interest rate cut and China’s surprise stimulus announcement boosting sentiment. Lastly, grains were the weak links, with prices remaining under pressure on ample global supplies.
Current report
Net income (loss) for the nine months ended September 30, 2024 was $10.2 million, primarily resulting from $65.6 million of income, net realized gain (loss) of $(65.2) million, net change in unrealized gain (loss) of $20.2 million and net operating expenses of $10.5 million.
Current report
Net income (loss) for the nine months ended September 30, 2023 was $(2.2) million, primarily resulting from $80.7 million of income, net realized gain (loss) of $(249.8) million, net change in unrealized gain (loss) of $180.6 million and net operating expenses of $13.6 million.
Removed paragraphs (12)
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 $22.97 per Share to $23.25 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 $22.71 per Share (-1.13%) on June 4, 2024, and a high of $23.94 per Share (+4.22%) on May 28, 2024. The total return for the Fund on a market value basis was +1.22%.
Previous report
Commodities performance was mixed in the second quarter of 2024, with the Fund’s performance ending close to flat. Agricultural and energy commodities were both pressured while metals managed to shine. In grains, while renewed weather concerns did take the market by surprise in April and May, sending wheat prices skyrocketing, the rally was short-lived. Sugar also continued its decline, pressured by improving global production prospects. In energy, crude oil and refined products all moved lower. While some of that decline was driven by broader risk off moves due to higher-for-longer Federal Reserve rhetoric, other drivers included fading geopolitical risk premium, US crude inventory builds, and OPEC announcing plans to bring back barrels later this year. Both precious and industrial metals moved higher over the quarter; tight concentrate supplies in Zinc and Copper threatened to curtail refined metal production while optimism for gold continued despite Federal Reserve developments. Zinc was the top contributor for the quarter, while corn detracted the most from the Fund’s returns.
Previous report
For the three months ended June 30, 2023, the NYSE Arca market value of each Share decreased from $23.75 per Share to $22.72 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 $22.06 per Share (-7.12%) on May 31, 2023, and a high of $24.47 per Share (+3.03%) on April 14, 2023. The total return for the Fund on a market value basis was -4.34%.
Previous report
Commodities ended the second quarter of 2023 lower with the energy and metals sector detracting the most from the Fund’s performance. From a single commodity standpoint, Ultra-Low Sulfur Diesel, Corn and Zinc were the largest underperformers. Following the slight positive performance in the first quarter of 2023, industrial metals plunged sharply in the second quarter with Aluminum, Copper and Zinc all moving lower. Zinc fared the worst among the three with front month prices dropping nearly 20% through the quarter as Chinese demand continued to disappoint and smelters were expected to restart amid the sharp plunge in energy prices. Like industrial metals, all energy commodities included in the Index also fell in the second quarter, the worst being Ultra-Low Sulfur Diesel, which saw its front month futures 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. For Corn, prices were heavily pressured by abundant supplies and lower Chinese demand as US grains remained largely uncompetitive in global markets amid strong harvests in Brazil.
Previous report
Net income (loss) for the three months ended June 30, 2024 was $19.4 million, primarily resulting from $22.9 million of income, net realized gain (loss) of $(39.6) million, net change in unrealized gain (loss) of $39.9 million and net operating expenses of $3.7 million.
Previous report
Net income (loss) for the three months ended June 30, 2023 was $(95.0) million, primarily resulting from $25.7 million of income, net realized gain (loss) of $(145.1) million, net change in unrealized gain (loss) of $28.8 million and net operating expenses of $4.4 million.
Previous report
Overall, commodities performed positively in the first half of 2024, broadly supported by an improving macro backdrop – a resilient US economy and expected Federal Reserve easing boosted investor risk appetite. However, this tailwind turned into somewhat of a headwind in the second quarter with the Federal Reserve sticking to its higher-for-longer rhetoric amid persistent inflation. Sector-wise, energy was the top contributor, supported by rising geopolitical tensions in both the Middle East and Ukraine, and demand optimism ahead of the summer driving season. Natural gas continued to be the laggard in energy due to higher-than-normal inventories and reduced heating demand. However, it did make a very strong comeback in the second quarter on forecasted heatwaves (i.e., higher cooling demand). Precious metals also saw strong performance underpinned by eventual Federal Reserve rate cuts, strong central bank demand, robust Asian consumer demand, and the increased calls for haven assets due to the escalating conflicts. Industrial metals also made a comeback as tight concentrate supplies and low refined metals prices started feeding into profit margins, threatening supply curtailments. Grains were the weak links, with prices remaining under pressure on ample global supplies and well-progressing harvests/plantings.
Previous report
Russian supplies ahead of the February 5th ban and the weakness continued into the second quarter, weighed down by the resulting supply overhang, leaving front month prices down over 25% year-to-date. However, prices did recover significantly in June following the cooler-than-expected CPI print raising bets that the Federal Reserve is near the end of its aggressive rate hike cycle. Grains were also significant detractors, falling on ample global supplies and the continued renewal of the Black Sea Grain Initiative, making US crops uncompetitive on the global market.
Previous report
Net income (loss) for the six months ended June 30, 2024 was $88.4 million, primarily resulting from $45.0 million of income, net realized gain (loss) of $(42.2) million, net change in unrealized gain (loss) of $92.7 million and net operating expenses of $7.1 million.
Previous report
Net income (loss) for the six months ended June 30, 2023 was $(190.6) million, primarily resulting from $52.5 million of income, net realized gain (loss) of $(215.4) million, net change in unrealized gain (loss) of $(18.4) million and net operating expenses of $9.3 million.
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
As of the date of this Report, each of Bank of America Securities, BMO Capital Markets Corp., BNP Paribas Securities Corp., BofA Securities, Inc., Cantor Fitzgerald & Co., Citadel Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co., Goldman Sachs Execution & Clearing LP, Interactive Brokers LLC, Jane Street Capital LLC, Jefferies LLC, JP Morgan Securities Inc., Morgan Stanley & Co. LLC, Nomura Securities International Inc., RBC Capital Markets LLC, SG Americas Securities LLC, UBS Securities LLC, Virtu Americas LLC and Virtu Financial Capital Markets LLC has executed a Participant Agreement and are the only Authorized Participants.
Current wording
As of the date of this Report, each of ABN AMRO Clearing Chicago LLC, Bank of America Securities, BMO Capital Markets Corp., BNP Paribas Securities Corp., BofA Securities, Inc., Cantor Fitzgerald & Co., Citadel Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co., Goldman Sachs Execution & Clearing LP, Interactive Brokers LLC, Jane Street Capital LLC, Jefferies LLC, JP Morgan Securities Inc., Morgan Stanley & Co. LLC, Nomura Securities International Inc., RBC Capital Markets LLC, SG Americas Securities LLC, UBS Securities LLC, Virtu Americas LLC and Virtu Financial Capital Markets LLC has executed a Participant Agreement and are the only Authorized Participants.
Previous wording
Net cash flow provided by (used in) operating activities was $30.9 million and $499.2 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 $264.0 million and $466.0 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, $681.6 million was paid to purchase United States Treasury Obligations and $800.0 million was received from sales and maturing United States Treasury Obligations. During the six months ended June 30, 2023, $1,848.4 million was paid to purchase United States Treasury Obligations and $2,360.0 million was received from sales and maturing United States Treasury Obligations. $1,022.4 million was received from sales of affiliated investments and $1,161.2 million was paid to purchase affiliated investments during the six months ended June 30, 2024. $2,544.2 million was received from sales of affiliated investments and $2,300.1 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, $681.6 million was paid to purchase United States Treasury Obligations and $800.0 million was received from sales and maturing United States Treasury Obligations. During the nine months ended September 30, 2023, $2,044.3 million was paid to purchase United States Treasury Obligations and $2,560.0 million was received from sales and maturing United States Treasury Obligations. $1,601.7 million was received from sales of affiliated investments and $1,411.0 million was paid to purchase affiliated investments during the nine months ended September 30, 2024. $2,879.4 million was received from sales of affiliated investments and $2,865.3 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 $(30.9) million and $(499.2) million during the six months ended June 30, 2024 and 2023, respectively. This included $156.6 million and $176.1 million from Shares purchased by Authorized Participants and $187.0 million and $675.4 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 $(264.0) million and $(466.0) million during the nine months ended September 30, 2024 and 2023, respectively. This included $189.0 million and $293.4 million from Shares purchased by Authorized Participants and $452.4 million and $759.4 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 OPTIMUM YIELD DIVERSIFIED COMMODITY INDEX ER FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023
Current wording
COMPARISON OF MARKET, NAV AND DBIQ OPTIMUM YIELD DIVERSIFIED COMMODITY 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 Diversified 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 Diversified 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 Diversified 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 Diversified 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 Diversified 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 Diversified 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, 2023, the NAV of each Share decreased from $23.76 per Share to $22.72 per Share. Falling commodity futures contracts prices for Aluminum, Brent Crude Oil, Copper Grade A, Corn, Gold, Light Sweet Crude Oil, Natural Gas, RBOB Gasoline, Silver, Ultra-Low Sulphur Diesel, Wheat and Zinc were partially offset by rising commodity prices for Soybeans and Sugar during the three months ended June 30, 2023, contributing to an overall 5.36% decrease in the level of the Index and to a 4.14% decrease in the level of the DBIQ–OY Diversified TR™. The total return for the Fund on a NAV basis was -4.38%.
Current wording
For the three months ended September 30, 2024, the NAV of each Share decreased from $23.25 per Share to $22.26 per Share. Falling commodity futures contracts prices for Brent Crude Oil, Corn, Light Sweet Crude Oil, RBOB Gasoline, Soybeans and Ultra-Low Sulphur Diesel were partially offset by rising commodity futures contracts prices for Aluminum, Copper Grade A, Gold, Natural Gas, Silver, Sugar, Wheat and Zinc during the three months ended September 30, 2024, contributing to an overall 5.38% decrease in the level of the Index and to a 4.12% decrease in the level of the DBIQ–OY Diversified TR™. The total return for the Fund on a NAV basis was -4.26%.
Previous wording
For the three months ended June 30, 2024, the NAV of each Share increased from $22.98 per Share to $23.25 per Share. Rising commodity futures contracts prices for Aluminum, Brent Crude Oil, Copper Grade A, Gold, Light Sweet Crude Oil, Natural Gas, RBOB Gasoline, Silver and Zinc were partially offset by falling commodity prices for Corn, Soybeans, Sugar, Ultra-Low Sulphur Diesel and Wheat during the three months ended June 30, 2024, contributing to an overall 0.07% increase in the level of the Index and to a 1.42% increase in the level of the DBIQ–OY Diversified TR™. The total return for the Fund on a NAV basis was +1.17%.
Current wording
For the three months ended September 30, 2023, the NAV of each Share increased from $22.72 per Share to $24.93 per Share. Rising commodity futures contracts prices for Aluminum, Brent Crude Oil, Copper Grade A, Light Sweet Crude Oil, RBOB Gasoline, Sugar, Ultra-Low Sulphur Diesel and Zinc were partially offset by falling commodity futures contracts prices for Corn, Gold, Natural Gas, Silver, Soybeans and Wheat during the three months ended September 30, 2023, contributing to an overall 8.53% increase in the level of the Index and to a 9.99% increase in the level of the DBIQ–OY Diversified TR™. The total return for the Fund on a NAV basis was +9.73%.
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 $22.06 per Share to $23.25 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 $21.76 per Share (-1.36%) on February 23, 2024, and a high of $23.94 per Share (+8.52%) on May 28, 2024. The total return for the Fund on a market value basis was +5.39%.
Current wording
For the nine months ended September 30, 2024, the NYSE Arca market value of each Share increased from $22.06 per Share to $22.27 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 $21.02 per Share (-4.72%) on September 10, 2024, and a high of $23.94 per Share (+8.52%) on May 28, 2024. The total return for the Fund on a market value basis was +0.95%.
Previous wording
For the six months ended June 30, 2023, the NYSE Arca market value of each Share decreased from $24.67 per Share to $22.72 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 $22.06 per Share (-10.58%) on May 31, 2023, and a high of $25.16 per Share (+1.99%) on January 23, 2023. The total return for the Fund on a market value basis was -7.90%.
Current wording
For the nine months ended September 30, 2023, the NYSE Arca market value of each Share increased from $24.67 per Share to $24.96 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 $22.06 per Share (-10.58%) on May 31, 2023, and a high of $25.61 per Share (+3.81%) on September 14, 2023. The total return for the Fund on a market value basis was +1.18%.
Previous wording
Commodities finished the first half of 2023 in steep negative territory. Energy commodities drove the bulk of the underperformance with most of the losses coming from Ultra-Low Sulfur Diesel and natural gas. In the first quarter of 2023, US natural gas prices declined steeply (front month US natural gas 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
Current wording
Despite the strong rebound in the third quarter, driven by crude oil, commodities still finished the first three quarters of 2023 slightly lower. While energy was the top contributing sector in the third quarter, it drove the bulk of the underperformance in the first half of the year, with most of the losses coming from natural gas and NY Harbor ULSD. 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 broader energy rally, it was still down nearly 35% year-to-date. Diesel prices fell in the first half of the year, though prices recovered in the third quarter. Grains were also significant detractors, falling on ample global supplies even in the aftermath of Russia pulling out of the Black Sea Grain Initiative. The outlier in the agricultural space was sugar, the top contributor year-to-date, which saw prices rally on growing fears of a global supply shortfall.
Previous wording
For the six months ended June 30, 2024, the NAV of each Share increased from $22.05 per Share to $23.25 per Share. Rising commodity futures contracts prices for Aluminum, Brent Crude Oil, Copper Grade A, Gold, Light Sweet Crude Oil, RBOB Gasoline, Silver, Ultra-Low Sulphur Diesel and Zinc were partially offset by falling commodity futures contracts prices for Corn, Natural Gas, Soybeans, Sugar and Wheat during the six months ended June 30, 2024, contributing to an overall 3.21% increase in the level of the Index and to a 6.00% increase in the level of the DBIQ–OY Diversified TR™. The total return for the Fund on a NAV basis was +5.44%.
Current wording
For the nine months ended September 30, 2024, the NAV of each Share increased from $22.05 per Share to $22.26 per Share. Rising commodity futures contracts prices for Aluminum, Copper Grade A, Gold, Light Sweet Crude Oil, RBOB Gasoline, Silver, Sugar and Zinc were partially offset by falling commodity futures contracts prices for Brent Crude Oil, Corn, Natural Gas, Soybeans, Ultra-Low Sulphur Diesel and Wheat during the nine months ended September 30, 2024, contributing to an overall 2.34% decrease in the level of the Index and to a 1.63% increase in the level of the DBIQ–OY Diversified TR™. The total return for the Fund on a NAV basis was +0.95%.
Previous wording
For the six months ended June 30, 2023, the NAV of each Share decreased from $24.65 per Share to $22.72 per Share. Falling commodity futures contracts prices for Aluminum, Brent Crude Oil, Corn, Light Sweet Crude Oil, Natural Gas, RBOB Gasoline, Silver, Soybeans, Ultra-Low Sulphur Diesel, Wheat and Zinc were partially offset by rising commodity futures contracts prices for Copper Grade A, Gold and Sugar during the six months ended June 30, 2023, contributing to an overall 9.62% decrease in the level of the Index and to a 7.38% decrease in the level of the DBIQ–OY Diversified TR™. The total return for the Fund on a NAV basis was -7.83%.
Current wording
For the nine months ended September 30, 2023, the NAV of each Share increased from $24.65 per Share to $24.93 per Share. Rising commodity futures contracts prices for Brent Crude Oil, Copper Grade A, Gold, Light Sweet Crude Oil, RBOB Gasoline and Sugar were partially offset by falling commodity futures contracts prices for Aluminum, Corn, Natural Gas, Silver, Soybeans, Ultra- Low Sulphur Diesel, Wheat and Zinc during the nine months ended September 30, 2023, contributing to an overall 1.92% decrease in the level of the Index and to a 1.88% increase in the level of the DBIQ–OY Diversified TR™. The total return for the Fund on a NAV basis was +1.14%.