Invesco DB Energy 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
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 2025-06-30; filed 2025-08-07.
0000950170-25-105212
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.
0001193125-25-270336
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 107 previous paragraphs and 128 current paragraphs.
68 unchanged; 20 reworded; 38 added; 17 removed; 2 previous and 2 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 (38)
Current report
investment;
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FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
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Returns for the Three and Nine Months Ended September 30, 2025 and 2024
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For the three months ended September 30, 2025, the NYSE Arca market value of each Share increased from $18.62 per Share to $19.01 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 $18.50 per Share (-0.64%) on August 19, 2025, and a high of $20.04 per Share (+7.63%) on July 30, 2025. The total return for the Fund on a market value basis was +2.09%.
Current report
Energy commodities had a turbulent third quarter, but the Fund posted a slight gain in the third quarter 2025. Oil markets were pressured by concerns about an overhang as both non-OPEC supply and OPEC+ production continued to grow. However, these headwinds were balanced out by competing geopolitical effects, including U.S. tariff threats on India for purchases of Russian oil, strong summer driving demand, and healthy refining margins. Gasoline was the top performer, supported by tight supplies and seasonal demand, followed by NY Harbor ultra-low sulfur diesel (“ULSD”) which gained on seasonal low inventories. Natural gas, the only detractor for the Fund, was pressured by ample stockpiles and warmer weather but continued to fluctuate in wide ranges week to week.
Current report
For the three months ended September 30, 2024, the NYSE Arca market value of each Share decreased from $20.89 per Share
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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
Current report
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
Current report
$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
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were several bearish drivers including low refining margins decreasing demand for crude oil and expectations for a second Trump
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term as president who is seen as bearish for energy given his stated plans to increase domestic production. Bearish sentiment on China
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also fueled demand concerns amid expectations for a supply glut in 2025 and OPEC’s spare capacity overhang. Rising geopolitical
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tensions and the start of the Federal Reserve interest rate easing cycle, as well as the surprise stimulus from China in September did
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provide some support, but gains were short lived; the market remained in wait-and-see mode for any actual oil supply disruptions in
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the Middle East and follow through on Chinese stimulus measures. Natural gas, however, did gain on heightened geopolitical
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concerns in September, but also fluctuated throughout the quarter on changing weather forecasts.
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For the three months ended September 30, 2024, the NAV of each Share decreased from $20.87 per Share to $18.56 per Share.
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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
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TR™. The total return for the Fund on a NAV basis was -11.07%.
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Net income (loss) for the three months ended September 30, 2024 was $(6.8) million, primarily resulting from $0.8 million of
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income, net realized gain (loss) of $0.9 million, net change in unrealized gain (loss) of $(8.4) million and net operating expenses of
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$0.1 million.
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Fund performance was nearly flat in the first three quarters of 2025, largely due to losses in crude oil. Prices fell throughout the first half of the year but pared some losses in the third quarter, as gains were limited as oil was caught between the prospects of a supply glut and flaring geopolitical risks. NY Harbor ULSD was the top contributor due to tighter supplies and resilient demand. Natural gas had a strong start to the year due to colder weather boosting heating demand and resilient LNG exports. While this trend was later reversed, it ended the period as the second largest contributor to Fund performance. Gasoline experienced losses in the second quarter, which were almost fully offset by the first quarter and the third quarter gains due to tighter inventory and seasonally strong travel demand, leaving year-to-date returns flat.
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For the nine months ended September 30, 2024, the NYSE Arca market value of each Share decreased from $19.19 per Share to
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$18.58 per Share. The Share price low and high for the nine months ended September 30, 2024 and related change from the Share
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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
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pressured in the third quarter by low refining margins decreasing crude demand, the bearish “Trump trade,” expectations for a supply
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glut in 2025, and the OPEC spare capacity overhang. While heightened geopolitical turmoil, the Federal Reserve's interest rate easing
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kickoff and the surprise China stimulus boosted overall sentiment in September, those gains were quickly returned as the market
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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
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and August through September as forecasted heatwaves and boiling tensions in the Middle East triggered a wave of short coverings.
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rising commodity futures contract prices for Light Sweet Crude Oil and RBOB Gasoline during the nine months ended September 30,
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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
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TR™. The total return for the Fund on a NAV basis was -3.28%.
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Net income (loss) for the nine months ended September 30, 2024 was $(0.5) million, primarily resulting from $3.0 million of
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income, net realized gain (loss) of $(2.6) million, net change in unrealized gain (loss) of $(0.4) million and net operating expenses of
Removed paragraphs (17)
Previous report
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024
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Returns for the Three and Six Months Ended June 30, 2025 and 2024
Previous report
Energy commodities struggled in the second quarter, with the Fund posting a loss as most components moved lower. Both Brent and WTI crude oil dropped, pressured by fresh Liberation Day tariffs, more OPEC+ production, and worries about global economic growth. The conflict between Iran and Israel, and later the U.S., pushed oil prices up in the first half of June, but the impact was short-lived given Iran’s more muted retaliatory response. Gasoline prices also fell, as supply stayed strong and demand eased after the spring peak season. Natural gas was also weak, with prices decreasing as storage levels rose and mild weather limited demand, even with some volatility from global headlines. The only bright spot was NY harbor ultra-low sulfur diesel, which managed a small gain thanks to tighter supplies and steady demand from the transport sector.
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For the three months ended June 30, 2024, the NYSE Arca market value of each Share increased from $20.71 per Share to
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$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%.
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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 U.S. 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, U.S. 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, 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%.
Previous report
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.
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For the six months ended June 30, 2025, the NYSE Arca market value of each Share increased from $18.56 per Share to $18.62
Previous report
per Share. The Share price low and high for the six months ended June 30, 2025 and related change from the Share price on
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Energy markets had mixed results in the first half of 2025, though the Fund’s commodity holdings ended the period in negative territory. However, interest income from the Fund’s collateral holdings offset that, leading to a gain for the Fund for the period. The year started well, led by gains in natural gas as cold winter weather boosted heating demand and liquified natural gas export demand stayed strong. Gasoline also did well early on, helped by refinery maintenance and tighter inventory. Crude oil was volatile in the first quarter, moving with changing headlines, OPEC+ plans, and new sanctions, but ended the quarter flat. In the second quarter, momentum faded as the energy complex came under pressure. Both Brent and U.S. crude oil fell, weighed down by new tariffs, more OPEC+ output, and global growth concerns. While rising tensions in the Middle East led to an oil price spike in the first half of June, the geopolitical risk premium was quickly erased as the situation eased. Gasoline and natural gas also lost ground as supply outpaced demand and storage levels rose. NY harbor ultra-low sulfur diesel was the only area of strength, with a small gain from tighter supplies and steady demand.
Previous report
up around 15%. In addition to geopolitics, an improving macro backdrop amid a resilient U.S. 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 U.S. 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.
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Net income (loss) for the six months ended June 30, 2025 was $0.0 million, primarily resulting from $1.1 million of income, net
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realized gain (loss) of $(0.9) million, net change in unrealized gain (loss) of $0.0 million and net operating expenses of $0.2 million.
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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
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return for the Fund on a NAV basis was +8.75%.
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Net income (loss) for the six months ended June 30, 2024 was $6.3 million, primarily resulting from $2.2 million of income, net
Reworded paragraphs (20)
Previous wording
Risks related to market volatility and fluctuations in the price of assets held by the Fund, including as a result of global trade, macroeconomic events, the imposition of trading limitations or trading halts, and the potential loss of investment;
Current wording
Risks related to market volatility and fluctuations in the price of assets held by the Fund, including as a result of global
Previous wording
Net cash flow provided by (used in) operating activities was $(5.6) million and $6.7 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 $(0.9) million and $23.9 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 $20.0 million was received from sales and maturing United States Treasury Obligations. 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. $27.6 million was received from sales of affiliated investments and $43.8 million was paid to purchase affiliated investments during the six months ended June 30, 2025. $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. During the six months ended June 30, 2025, net deposits to/from the Commodity Broker was $9.4 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 $20.0 million was received from sales and maturing United States Treasury Obligations. 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. $32.5 million was received from sales of affiliated investments and $44.3 million was paid to purchase affiliated investments during the nine months ended September 30, 2025. $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. During the nine months ended September 30, 2025, net deposits to/from the Commodity Broker was $10.0 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 $5.0 million and $(6.7) million during the six months ended June 30, 2025 and 2024, respectively. This included $18.0 million and $15.6 million from Shares purchased by Authorized Participants and $13.1 million and $21.7 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 $0.2 million and $(23.9) million during the nine months ended September 30, 2025 and 2024, respectively. This included $18.0 million and $16.7 million from Shares purchased by Authorized Participants and $17.8 million and $39.9 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 OPT YIELD ENERGY INDEX ER FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024
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COMPARISON OF MARKET, NAV AND DBIQ OPT YIELD ENERGY 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.
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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 Energy 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 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, 2025 and 2024” 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
commodity futures contract prices for Brent Crude Oil, Light Sweet Crude Oil, RBOB Gasoline and Ultra-Low Sulphur Diesel were
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For the three months ended September 30, 2025, the NAV of each Share increased from $18.64 per Share to $18.97 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, 2025, contributing to an overall 0.86% increase in the level of the Index and to a 1.93% increase in the level of the DBIQ-OY Energy TR™. The total return for the Fund on a NAV basis was +1.77%.
Previous wording
Net income (loss) for the three months ended June 30, 2025 was $(2.7) million, primarily resulting from $0.5 million of income, net realized gain (loss) of $(0.4) million, net change in unrealized gain (loss) of $(2.7) million and net operating expenses of $0.1 million.
Current wording
Net income (loss) for the three months ended September 30, 2025 was $0.9 million, primarily resulting from $0.5 million of income, net realized gain (loss) of $1.5 million, net change in unrealized gain (loss) of $(1.0) million and net operating expenses of $0.1 million.
Previous wording
For the three months ended June 30, 2025, the NAV of each Share decreased from $19.58 per Share to $18.64 per Share. Falling commodity futures contract prices for Brent Crude Oil, Light Sweet Crude Oil, RBOB Gasoline and Natural Gas were partially offset by rising commodity futures contract prices for Ultra-Low Sulphur Diesel during the three months ended June 30, 2025, contributing to an overall 5.66% decrease in the level of the Index and to a 4.63% decrease in the level of the DBIQ-OY Energy TR™. The total return for the Fund on a NAV basis was -4.80%.
Current wording
Falling commodity futures contract prices for Brent Crude Oil, Light Sweet Crude Oil, RBOB Gasoline and Ultra-Low Sulphur Diesel
Previous wording
partially offset by falling commodity futures contract prices for Natural Gas during the six months ended June 30, 2024, contributing
Current wording
were partially offset by rising commodity futures contract prices Natural Gas during the three months ended September 30, 2024,
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FOR THE SIX MONTHS ENDED JUNE 30, 2025 COMPARED TO THE SIX MONTHS ENDED JUNE 30, 2024
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FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 COMPARED TO THE NINE MONTHS ENDED SEPTEMBER 30, 2024
Previous wording
For the three months ended June 30, 2025, the NYSE Arca market value of each Share decreased from $19.59 per Share to $18.62 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 $16.79 per Share (-14.29%) on April 8, 2025, and a high of $20.65 per Share (+5.41%) on June 20, 2025. The total return for the Fund on a market value basis was -4.95%.
Current wording
For the nine months ended September 30, 2025, the NYSE Arca market value of each Share increased from $18.56 per Share to $19.01 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 $16.79 per Share (-9.54%) on April 8, 2025, and a high of $20.65 per Share (+11.26%) on June 20, 2025. The total return for the Fund on a market value basis was +2.42%.
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
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
Energy commodities performed positively in the first half of 2024, with the exception of natural gas. Crude oil prices gained as
Current wording
Energy commodities performed negatively in the first three quarters of 2024, with the largest detractors being NY harbor ultralow sulfur diesel (ULSD) and natural gas. Crude oil prices gained in the first quarter as escalating tensions in the Middle East and
Previous wording
escalating tensions in the Middle East and Russia/Ukraine raised supply concerns; front month prices ended the first half of the year
Current wording
Russia/Ukraine raised supply concerns; front month prices ended the first half of the year up around 15%. However, prices were
Previous wording
For the six months ended June 30, 2025, the NAV of each Share increased from $18.52 per Share to $18.64 per Share. Rising commodity futures contract prices for Natural Gas and Ultra-Low Sulphur Diesel were partially offset by falling commodity futures contract prices for Brent Crude Oil, Light Sweet Crude Oil, RBOB Gasoline during the six months ended June 30, 2025, contributing to an overall 1.03% decrease in the level of the Index and to a 1.11% increase in the level of the DBIQ-OY Energy TR™. The total return for the Fund on a NAV basis was +0.65%.
Current wording
For the nine months ended September 30, 2025, the NAV of each Share increased from $18.52 per Share to $18.97 per Share. Rising commodity futures contract prices for Natural Gas, RBOB Gasoline and Ultra-Low Sulphur Diesel were partially offset by falling commodity futures contract prices for Brent Crude Oil and Light Sweet Crude Oil during the nine months ended September 30, 2025, contributing to an overall 0.18% decrease in the level of the Index and to a 3.05% increase in the level of the DBIQ-OY Energy TR™. The total return for the Fund on a NAV basis was +2.43%.
Previous wording
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.
Current wording
Net income (loss) for the nine months ended September 30, 2025 was $0.9 million, primarily resulting from $1.6 million of income, net realized gain (loss) of $0.6 million, net change in unrealized gain (loss) of $(1.0) million and net operating expenses of $0.3 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
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.
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.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
trade, macroeconomic events, the imposition of trading limitations or trading halts, and the potential loss of
Current report — wording carried from elsewhere
Falling commodity futures contract prices for Brent Crude Oil, Natural Gas and Ultra-Low Sulphur Diesel were partially offset by
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
December 31, 2024 was as follows: Shares traded at a low of $16.79 per Share (-9.54%) on April 8, 2025, and a high of $20.65 per
Previous report — wording carried elsewhere
Share (+11.26%) on June 20, 2025. The total return for the Fund on a market value basis was +0.32%.