Invesco DB Commodity Index Tracking Fund
For the period ended Sep 30, 2025. Filed Nov 7, 2025.
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, 2025 · Filed Nov 7, 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-Q
Period ended 2025-06-30; filed 2025-08-07.
0000950170-25-105193
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-07.
0001193125-25-270307
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 96 previous paragraphs and 95 current paragraphs.
69 unchanged; 14 reworded; 12 added; 13 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 (12)
Current report
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
Current report
Returns for the Three and Nine Months Ended September 30, 2025 and 2024
Current report
For the three months ended September 30, 2025, the NYSE Arca market value of each Share increased from $21.81 per Share to $22.53 per Share. The Share price low and high for the three months ended September 30, 2025 and related change from the Share price on June 30, 2025 was as follows: Shares traded at a low of $21.63 per Share (-0.83%) on August 19, 2025, and a high of $22.81 per Share (+4.59%) on September 26, 2025. The total return for the Fund on a market value basis was +3.30%.
Current report
Commodities performed positively in the third quarter of 2025 with metals being the top contributors, especially precious metals. Gold reached new record highs as the main vehicle for US dollar debasement trades, while demand from central banks and exchange-traded products continued to grow. The silver rally outpaced gold, benefitting from both macroeconomic support on its precious metals side and the tight supply and optimistic demand story on the base metals side. Energy commodities were generally higher with the exception of natural gas; refined products (gasoline and diesel) led the way higher on summer travel demand and low stockpiles while natural gas detracted from performance due to warmer weather and ample supplies. Oil prices received a boost from rising geopolitical tensions but concerns about the looming supply overhang capped the upside. Agricultural commodities detracted from performance as wheat, corn, sugar, and soybeans all faced bearish supply developments.
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
Net income (loss) for the three months ended September 30, 2025 was $38.4 million, primarily resulting from $13.2 million of income, net realized gain (loss) of $16.5 million, net change in unrealized gain (loss) of $11.2 million and net operating expenses of $2.6 million.
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
Commodities delivered a positive return in the first three quarters of 2025. Metals were the top contributors with gold rallying to all-time highs on a confluence of macroeconomic and geopolitical factors, including persistent de-dollarization trends, central bank buying, and safe haven demand. Silver outperformed gold as it benefited from both precious metal and base metal tailwinds. Copper was bolstered by heavy tariff-driven frontloading, a weaker US dollar, and mine supply disruptions in the third quarter. Copper and base metals in general were also supported by higher spending across defense, power grids, and AI technology. Energy performance was mixed with diesel gaining on tighter supplies and resilient demand, natural gas boosted by colder weather to start the year and resilient LNG export demand, while crude oil declined due to supply glut fears despite geopolitical tripwires. Agriculture was the worst performing commodity sector for the Fund, with wheat, corn, soybeans, and sugar all detracting from performance, largely driven by strengthening supply expectations. Soybeans were further pressured by falling export demand from China amid the tariff war.
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, 2025 was $56.4 million, primarily resulting from $39.6 million of income, net realized gain (loss) of $(27.4) million, net change in unrealized gain (loss) of $52.0 million and net operating expenses of $7.8 million.
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.
Removed paragraphs (13)
Previous report
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024
Previous report
Returns for the Three and Six Months Ended June 30, 2025 and 2024
Previous report
For the three months ended June 30, 2025, the NYSE Arca market value of each Share decreased from $22.52 per Share to $21.81 per Share. The Share price low and high for the three months ended June 30, 2025 and related change from the Share price on March 31, 2025 was as follows: Shares traded at a low of $20.17 per Share (-10.44%) on April 8, 2025, and a high of $23.26 per Share (+3.29%) on June 20, 2025. The total return for the Fund on a market value basis was -3.15%.
Previous report
Commodities declined in the second quarter of 2025, primarily driven by losses in energy and sugar. Crude oil struggled, with Brent and WTI each down more than 8% amid geopolitical volatility and the accelerated return of OPEC+ production. Natural gas also reversed its strong first quarter performance, falling by over 7% due to mild weather and boosted supplies. NY Harbor ultra-low sulfur diesel was the bright spot in energy, supported by shrinking inventories. Sugar was the weakest agricultural component, with front month prices down 18%, pressured by ample global supplies and increased output projections in Brazil. Gold was the top performer, gaining on heightened geopolitical tensions in the Middle East and robust exchange-traded product (“ETP”) inflows. In industrial metals, aluminum benefited from tightening inventories and resilient demand and copper rallied on front loading activity ahead of anticipated tariffs.
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
Previous report
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, U.S. crude inventory builds, and OPEC announcing plans to bring back barrels later in the 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
Net income (loss) for the three months ended June 30, 2025 was $(51.2) million, primarily resulting from $12.4 million of income, net realized gain (loss) of $(39.3) million, net change in unrealized gain (loss) of $(21.7) million and net operating expenses of $2.5 million.
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
Commodities delivered mixed performance through the first half of 2025, but the Fund ended slightly positive with strength in the first quarter mostly offset by weakness in the second quarter. Metals and natural gas were the top contributors year-to-date while crude oil and agricultural commodities pulled Fund performance lower. In metals, gold was in the lead, rallying in both the first and second quarters, supported by heightened macroeconomic and geopolitical uncertainty, robust ETP demand, and U.S. dollar weakness. Copper also benefited from tariff-related frontloading. Despite falling over 7% in the second quarter as mild temperatures and rising inventories weighed on prices, natural gas was higher for the period after rising 10% on the back of frigid winter weather and strong liquified natural gas export demand in the first quarter. Energy was the laggard, turning sharply lower in the second quarter, with Brent and WTI each down more than 8% amid geopolitical volatility and accelerated OPEC+ production. In agriculture, grains and sugar were both pressured by ample global supplies and favorable weather.
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
Net income (loss) for the six months ended June 30, 2025 was $18.0 million, primarily resulting from $26.4 million of income, net realized gain (loss) of $(43.9) million, net change in unrealized gain (loss) of $40.7 million and net operating expenses of $5.3 million.
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.
Reworded paragraphs (14)
Previous wording
Net cash flow provided by (used in) operating activities was $76.5 million and $30.9 million for the six months ended June 30, 2025 and 2024, 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, affiliated investments and net deposits to/from the Commodity Broker. The Fund invests in United States Treasury Obligations, money market mutual funds, T-Bill ETFs (affiliated or otherwise) and cash, 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 $41.8 million and $264.0 million for the nine months ended September 30, 2025 and 2024, 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, affiliated investments and net deposits to/from the Commodity Broker. The Fund invests in United States Treasury Obligations, money market mutual funds, T-Bill ETFs (affiliated or otherwise) and cash, 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, 2025, there were no purchases of United States Treasury Obligations and $400.0 million was received from sales and maturing United States Treasury Obligations. 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. $479.1 million was received from sales of affiliated investments and $604.9 million was paid to purchase affiliated investments during the six months ended June 30, 2025. $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. During the six months ended June 30, 2025, net deposits to/from the Commodity Broker was $205.1 million. There were no net deposits to/from the Commodity Broker during the six months ended June 30, 2024.
Current wording
During the nine months ended September 30, 2025, there were no purchases of United States Treasury Obligations and $400.0 million was received from sales and maturing United States Treasury Obligations. 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. $513.7 million was received from sales of affiliated investments and $681.6 million was paid to purchase affiliated investments during the nine months ended September 30, 2025. $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. During the nine months ended September 30, 2025, net deposits to/from the Commodity Broker was $230.6 million. There were no net deposits to/from the Commodity Broker during the nine months ended September 30, 2024.
Previous wording
The Fund’s net cash flow provided by (used in) financing activities was $(85.8) million and $(30.9) million during the six months ended June 30, 2025 and 2024, respectively. This included $153.1 million and $156.6 million from Shares purchased by Authorized Participants and $238.9 million and $187.0 million from Shares redeemed by Authorized Participants during the six months ended June 30, 2025 and 2024, respectively. No distributions were paid to Shareholders during the six months ended June 30, 2025. During the six months ended June 30, 2024, distributions paid to Shareholders were $0.6 million.
Current wording
The Fund’s net cash flow provided by (used in) financing activities was $(51.1) million and $(264.0) million during the nine months ended September 30, 2025 and 2024, respectively. This included $225.5 million and $189.0 million from Shares purchased by Authorized Participants and $276.6 million and $452.4 million from Shares redeemed by Authorized Participants during the nine months ended September 30, 2025 and 2024, respectively. No distributions were paid to Shareholders during the nine months ended September 30, 2025. During the nine months ended September 30, 2024, distributions paid to Shareholders were $0.6 million.
Previous wording
COMPARISON OF MARKET, NAV AND DBIQ OPTIMUM YIELD DIVERSIFIED COMMODITY INDEX ER FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024
Current wording
COMPARISON OF MARKET, NAV AND DBIQ OPTIMUM YIELD DIVERSIFIED COMMODITY INDEX ER FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
Previous wording
This Report covers the three and six months ended June 30, 2025 and 2024. 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, 2025 and 2024. 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, 2025 and 2024” 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, 2025 and 2024” 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, 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 futures contracts 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, 2025, the NAV of each Share increased from $21.80 per Share to $22.48 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 three months ended September 30, 2025, contributing to an overall 2.26% increase in the level of the Index and to a 3.34% increase in the level of the DBIQ–OY Diversified TR™. The total return for the Fund on a NAV basis was +3.12%.
Previous wording
For the three months ended June 30, 2025, the NAV of each Share decreased from $22.50 per Share to $21.80 per Share. Falling commodity futures contracts prices for Brent Crude Oil, Corn, Light Sweet Crude Oil, Natural Gas, RBOB Gasoline, Sugar, Wheat and Zinc were partially offset by rising commodity futures contracts prices for Aluminum, Copper Grade A, Gold, Silver, Soybeans and Ultra-Low Sulphur Diesel during the three months ended June 30, 2025, contributing to an overall 3.90% decrease in the level of the Index and to a 2.86% decrease in the level of the DBIQ–OY Diversified TR™. The total return for the Fund on a NAV basis was
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 SIX MONTHS ENDED JUNE 30, 2025 COMPARED TO THE SIX MONTHS ENDED JUNE 30, 2024
Current wording
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 COMPARED TO THE NINE MONTHS ENDED SEPTEMBER 30, 2024
Previous wording
For the six months ended June 30, 2025, the NYSE Arca market value of each Share increased from $21.38 per Share to $21.81 per Share. The Share price low and high for the six months ended June 30, 2025 and related change from the Share price on December 31, 2024 was as follows: Shares traded at a low of $20.17 per Share (-5.66%) on April 8, 2025, and a high of $23.26 per Share (+8.79%) on June 20, 2025. The total return for the Fund on a market value basis was +2.01%.
Current wording
For the nine months ended September 30, 2025, the NYSE Arca market value of each Share increased from $21.38 per Share to $22.53 per Share. The Share price low and high for the nine months ended September 30, 2025 and related change from the Share price on December 31, 2024 was as follows: Shares traded at a low of $20.17 per Share (-5.66%) on April 8, 2025, and a high of $23.26 per Share (+8.79%) on June 20, 2025. The total return for the Fund on a market value basis was +5.38%.
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, 2025, the NAV of each Share increased from $21.35 per Share to $21.80 per Share. Rising commodity futures contracts prices for Aluminum, Copper Grade A, Gold, Natural Gas, Silver, Soybeans and Ultra-Low Sulphur Diesel were partially offset by falling commodity futures contracts prices for Brent Crude Oil, Corn, Light Sweet Crude Oil, RBOB Gasoline, Sugar, Wheat and Zinc during the six months ended June 30, 2025, contributing to an overall 0.48% increase in the level of the Index and to a 2.65% increase in the level of the DBIQ–OY Diversified TR™. The total return for the Fund on a NAV basis was +2.11%.
Current wording
For the nine months ended September 30, 2025, the NAV of each Share increased from $21.35 per Share to $22.48 per Share. Rising commodity futures contracts prices for Aluminum, Copper Grade A, Gold, Natural Gas, RBOB Gasoline, Silver, Soybeans, Ultra-Low Sulphur Diesel and Zinc were partially offset by falling commodity futures contracts prices for Brent Crude Oil, Corn, Light Sweet Crude Oil, Sugar and Wheat during the nine months ended September 30, 2025, contributing to an overall 2.75% increase in the level of the Index and to a 6.07% increase in the level of the DBIQ–OY Diversified TR™. The total return for the Fund on a NAV basis was +5.29%.
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
The financial statements and accompanying notes are prepared in accordance with U.S. GAAP. The preparation of these financial statements relies on estimates and assumptions that impact the Fund’s financial position and results of operations. These estimates and assumptions affect the Fund’s application of accounting policies. In addition, please refer to Note 2 to the financial statements of the Fund for further discussion of the Fund’s accounting policies and Item 7 – Management’s Discussions and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates on Form 10-K for the year ended December 31, 2024.
Current wording
The financial statements and accompanying notes are prepared in accordance with U.S. GAAP. The preparation of these financial statements relies on estimates and assumptions that impact the Fund’s financial position and results of operations. These estimates and assumptions affect the Fund’s application of accounting policies. In addition, please refer to Note 2 to the financial statements of the Fund for further discussion of the Fund’s accounting policies and Item 7 – Management’s Discussions and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 26, 2025.