Invesco DB Commodity Index Tracking Fund
For the period ended Dec 31, 2024. Filed Feb 26, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 26, 2025
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-K
Period ended 2023-12-31; filed 2024-02-23.
0000950170-24-019059
Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-K
Period ended 2024-12-31; filed 2025-02-26.
0000950170-25-027261
Item 7. 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 77 previous paragraphs and 77 current paragraphs.
67 unchanged; 9 reworded; 1 added; 1 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 1 previous and 1 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 (1)
Current report
Commodities ended 2024 lower, driven by losses in both energy and agricultural commodities, while metals ended higher thanks mostly to gold. More broadly, while an improving macroeconomic backdrop amid a resilient US economy and expected Federal Reserve interest rate 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 between Russia and 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’s 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. However, energy did make a comeback in the fourth quarter, supported by the escalating tit-for-tat war between Israel and Iran. In metals, gold repeatedly hit new record highs due to Federal Reserve interest rate cut expectations, strong central bank demand, robust Asian consumer demand, and the increased calls for haven assets due to escalating geopolitical conflicts. Industrial metals also made a comeback in the third quarter with the September Federal Reserve interest rate cut and China’s surprise stimulus announcement boosting sentiment. However, grains consistently underperformed, with prices remaining under pressure due to ample global supplies and generally favorable growing conditions.
Removed paragraphs (1)
Previous report
Despite the significant sell off starting towards the end of the second quarter and through the third quarter, the Fund posted a positive performance of 19.43% for the year ended December 31, 2022. While most, if not all, of the gains in agricultural commodities and metals were wiped out in the third quarter as recession fears and persistent lockdowns in China weighed heavily on investor sentiment, and US dollar strength dented export demand, energy commodities were able to keep most of their gains from the first half of the year. The deepening energy crisis in Europe and escalating punitive actions against Russia, in addition to Russia’s retaliatory responses helped limit the downside from macro pressures in the third quarter. Following that, while commodities were able to rebound slightly to start the fourth quarter given optimism around a Chinese reopening and expectations for a moderation in Federal Reserve rate hikes, gains failed to stick.
Reworded paragraphs (9)
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 BMO Capital Markets Corp., BNP Paribas Securities Corp., Cantor Fitzgerald & Co., Citadel Securities LLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., Goldman Sachs Execution & Clearing LP, Interactive Brokers LLC, Jefferies LLC, JP Morgan Securities Inc., Merrill Lynch Professional Clearing Corp., 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 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 $809.1 million and $536.5 million for the years ended December 31, 2023 and 2022, 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 $431.5 million and $809.1 million for the years ended December 31, 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 year ended December 31, 2023, $2,725.8 million was paid to purchase United States Treasury Obligations and $3,260.0 million was received from sales and maturing United States Treasury Obligations. During the year ended December 31, 2022, $3,513.4 million was paid to purchase United States Treasury Obligations and $2,882.0 million was received from sales and maturing United States Treasury Obligations. $4,072.9 million was received from sales of affiliated investments and $3,555.3 million was paid to purchase affiliated investments during the year ended December 31, 2023. $8,042.4 million was received from sales of affiliated investments and $7,464.2 million was paid to purchase affiliated investments during the year ended December 31, 2022.
Current wording
During the year ended December 31, 2024, $1,072.9 million was paid to purchase United States Treasury Obligations and $1,500.0 million was received from sales and maturing United States Treasury Obligations. During the year ended December 31, 2023, $2,725.8 million was paid to purchase United States Treasury Obligations and $3,260.0 million was received from sales and maturing United States Treasury Obligations. $2,239.4 million was received from sales of affiliated investments and $2,208.0 million was paid to purchase affiliated investments during the year ended December 31, 2024. $4,072.9 million was received from sales of affiliated investments and $3,555.3 million was paid to purchase affiliated investments during the year ended December 31, 2023.
Previous wording
The Fund’s net cash flow provided by (used in) financing activities was $(809.1) million and $(536.5) million during the years ended December 31, 2023 and 2022, respectively. This included $370.3 million and $2,336.3 million from Shares purchased by Authorized Participants and $1,095.2 million and $2,856.6 million from Shares redeemed by Authorized Participants during the years ended December 31, 2023 and 2022, respectively. During the years ended December 31, 2023 and 2022, distributions paid to Shareholders were $84.2 million and $16.2 million, respectively.
Current wording
The Fund’s net cash flow provided by (used in) financing activities was $(422.2) million and $(809.1) million during the years ended December 31, 2024 and 2023, respectively. This included $208.1 million and $370.3 million from Shares purchased by Authorized Participants and $562.2 million and $1,095.2 million from Shares redeemed by Authorized Participants during the years ended December 31, 2024 and 2023, respectively. During the years ended December 31, 2024 and 2023, distributions paid to Shareholders were $68.1 million and $84.2 million, respectively.
Previous wording
For the year ended December 31, 2022, the NYSE Arca market value of each Share increased from $20.78 per Share to $24.67 per Share. The Share price low and high for the year ended December 31, 2022 and related change from the Share price on December 31, 2021 was as follows: Shares traded at a low of $20.89 per Share (+0.53%) on January 3, 2022, and a high of $30.54 per Share (+46.97%) on June 9, 2022. On December 23,2022, the Fund paid a distribution of $0.14467 for each General Share and Share to holders of record as of December 20,2022. Therefore, the total return for the Fund on a market value basis was +19.43%.
Current wording
For the year ended December 31, 2024, the NYSE Arca market value of each Share decreased from $22.06 per Share to $21.38 per Share. The Share price low and high for the year ended December 31, 2024 and related change from the Share price on December 31, 2023 was as follows: Shares traded at a low of $20.92 per Share (-5.17%) on December 23, 2024, and a high of $23.94 per Share (+8.52%) on May 28, 2024. On December 27, 2024, the Fund paid a distribution of $1.11582 for each General Share and Share to holders of record as of December 23, 2024. Therefore, the total return for the Fund on a market value basis was +2.09%.
Previous wording
For the year ended December 31, 2022, the NAV of each Share increased from $20.72 per Share to $24.65 per Share. Rising commodity futures contracts prices for Brent Crude Oil, Corn, Light Crude Oil, Natural Gas, RBOB Gasoline, Silver, Soybean, Sugar, Ultra-Low Sulphur Diesel and Wheat were partially offset by falling commodity futures contracts prices for Aluminum, Copper Grade A, Gold and Zinc during the year ended December 31, 2022, contributing to an overall 18.80% increase in the level of the Index and to a 21.23% increase in the level of the DBIQ-OY Diversified TR™. On December 23, 2022, the Fund paid a distribution of $0.14467 for each General Share and Share to holders of record as of December 20,2022. Therefore, the total return for the Fund on a NAV basis was +19.69%.
Current wording
For the year ended December 31, 2024, the NAV of each Share decreased from $22.05 per Share to $21.35 per Share. Rising commodity futures contracts prices for Aluminum, Brent Crude Oil, Copper Grade A, Gold, Light Crude Oil, RBOB Gasoline, Silver and Zinc were partially offset by falling commodity futures contracts prices for Corn, Natural Gas, Soybean, Sugar, Ultra-Low Sulphur Diesel and Wheat during the year ended December 31, 2024, contributing to an overall 2.28% decrease in the level of the Index and to a 2.85% increase in the level of the DBIQ-OY Diversified TR™. On December 27, 2024, the Fund paid a distribution of $1.11582 for each General Share and Share to holders of record as of December 23, 2024. Therefore, the total return for the Fund on a NAV basis was +2.00%.
Previous wording
Net income (loss) for the year ended December 31, 2022 was $551.8 million, primarily resulting from $49.9 million of income, net realized gain (loss) of $732.3 million, net change in unrealized gain (loss) of $(199.8) million and net operating expenses of $30.6 million.
Current wording
Net income (loss) for the year ended December 31, 2024 was $22.4 million, primarily resulting from $82.6 million of income, net realized gain (loss) of $(56.3) million, net change in unrealized gain (loss) of $9.6 million and net operating expenses of $13.5 million.