INVESCO DB BASE METALS FUND
For the period ended Dec 31, 2025. Filed Mar 2, 2026.
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.
FY2025 · Filed Mar 2, 2026
DBB$24.58+0.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-12-31; filed 2025-02-26.
0000950170-25-027245
Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-K
Period ended 2025-12-31; filed 2026-03-02.
0001193125-26-083547
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 75 previous paragraphs and 85 current paragraphs.
57 unchanged; 17 reworded; 7 added; 1 removed; 0 previous and 4 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 (7)
Current report
The Fund pursues its investment objective by investing in a portfolio of exchange-traded futures on commodities in the base metals sector. The Index Sponsor selects and weights commodities in the Index on an annual basis based on (i) the value and liquidity of the market for associated commodity futures contracts and (ii) their production volume (in order to factor in the relative importance of the commodity in the global economy).
Current report
Commodity futures quoted in U.S. Dollars and listed on major U.S. and European exchanges are eligible for inclusion in the Index. Eligible commodities are selected based on their Three-Year Total Dollar Volume Average (i.e., commodities are initially screened for inclusion based on their relative three-year “Total Dollar Volume” traded, which is calculated by multiplying the total volume of futures traded during the last one-year period by the average close price of the front month contract on each month end during that one-year period). Each commodity’s three-year Total Dollar Volume traded is calculated in proportion to the three-year Total Dollar Volume traded of all commodities within its sector to determine its initial sector liquidity rate. A commodity with a proportionate weight of less than 2% (or 1.5% for a commodity included at the last rebalance) within its sector is excluded from the Index. Each remaining commodity’s three-year Total Dollar Volume traded is calculated in proportion to the three-year Total Dollar Volume traded of all eligible commodities (“Filtered Commodity Weight”).
Current report
Commodity weights in the Index are determined by the Parent Index. The Parent Index determines production weights for each eligible commodity based on the total dollar amount of the commodity produced within the year in proportion to the sum of the production dollar amounts within the industrial metals sector (“Production Weights”). The weight of each commodity in the Index is generally based on the average of the Filtered Commodity Weight and the Production Weight, subject to the subject to the requirement that each commodity must have an allocation within the Index of no less than 5%.
Current report
The Index is rebalanced annually on the sixth business day in November. However, during periods of heightened volatility or when commodity prices experience significant movements, the commodities weights within the Index may be reset or reduced based on the weight implemented at the previous annual rebalance.
Current report
Contract.
Current report
Performance information included herein prior to November 10, 2025 may have differed had the new methodology been in place.
Current report
The Fund ended 2025 with strong returns of 25%. Copper was the strongest performer, supported by tariff‑driven frontloading into the U.S. that tightened ex‑U.S. inventories, a weaker U.S. dollar, and mine disruptions in Chile and Indonesia during the third quarter. Copper’s demand outlook also improved, helped by higher global spending plans across defense, energy, and technology. These factors lifted overall base metals sentiment, while gradually recovering industrial activity and a resilient global economy added further support. Aluminum also posted significant gains on mounting supply‑shortage concerns, particularly due to China’s production cap. Zinc underperformed, pressured by near‑term oversupply in China as production capacity expanded despite weak domestic demand, but rebounded to end the year, ending as a contributor. The metal, primarily used to galvanize steel for construction and manufacturing, continued to face headwinds as these sectors lagged in China.
Removed paragraphs (1)
Previous report
Industrial metals ended 2023 with negative performance. For the first quarter, while all of the Fund’s components rallied in January, continuing its China and “Fed-pivot” driven rally from year-end 2022, prices eased through February and the first half of March, pressured by hotter-than-expected labor data, resilient US inflation and a lack of bullish data out of China to support the reopening story. A broader risk-off move triggered by the turmoil in the banking sector also pressured the commodities in general to end the quarter. However, in the second quarter, continued disappointing Chinese data, coupled with expectations for smelter restarts amid weak energy prices and easing supply concerns, dealt a heavy blow to base metals, especially Zinc. While the sector recovered a bit in the latter half of the year on improving macro sentiment, renewed supply concerns, and Chinese stimulus hopes, triggering a short covering rally, it still fell short of reversing second quarter’s losses.
Reworded paragraphs (17)
Previous wording
Invesco Capital Management LLC has served as the managing owner (the “Managing Owner”), commodity pool operator and commodity trading advisor of the Trust and the Fund since February 23, 2015. The Managing Owner is registered with the Commodity Futures Trading Commission (the “CFTC”) as a commodity pool operator and a commodity trading advisor, and it is a member firm of the National Futures Association (“NFA”).
Current wording
Invesco Capital Management LLC has served as the managing owner (the “Managing Owner”), commodity pool operator and commodity trading advisor of the Fund since February 23, 2015. The Managing Owner is registered with the Commodity Futures Trading Commission (the “CFTC”) as a commodity pool operator and a commodity trading advisor, and it is a member firm of the National Futures Association (“NFA”).
Previous wording
The Fund seeks to track changes, whether positive or negative, in the level of the DBIQ Optimum Yield Industrial Metals Index Excess Return™ (the “Index”) over time, plus the excess, if any, of the sum of the Fund’s interest income from its holdings of United States Treasury Obligations (“Treasury Income”), dividends from its holdings in money market mutual funds (affiliated or otherwise) (“Money Market Income”) and dividends or distributions of capital gains from its holdings of T-Bill ETFs (as defined below) (“T-Bill ETF Income”) over the expenses of the Fund. The Fund invests in futures contracts in an attempt to track its Index. The Index is intended to reflect the change in market value of the base metals sector. The commodities comprising the Index are aluminum, zinc and copper—Grade A (each an “Index Commodity”, and collectively, the “Index Commodities”).
Current wording
The Fund seeks to track changes, whether positive or negative, in the level of the DBIQ Optimum Yield Industrial Metals Index Excess Return™ (the “Index”) over time, plus the excess, if any, of the sum of the Fund’s interest income from its holdings of United States Treasury Obligations (“Treasury Income”), dividends from its holdings in money market mutual funds (affiliated or otherwise) (“Money Market Income”) and dividends or distributions of capital gains from its holdings of T-Bill ETFs (as defined below) (“T-Bill ETF Income”) over the expenses of the Fund. The Index is intended to reflect the economic performance of investing in futures contracts on the base metals sector. The Fund invests in futures contracts in an attempt to track its Index. Effective November 10, 2025, the commodities comprising the Index are Aluminum, Zinc, Lead, Nickel, Comex Copper and Copper—Grade A (each, an “Index Commodity,” and collectively, the “Index Commodities”).
Previous wording
The Fund pursues its investment objective by investing in a portfolio of exchange-traded commodity futures contracts that expire in a specific month and trade on a specific exchange (the “Index Contracts”) in the Index Commodities. The notional amounts of each Index Commodity included in the Index are broadly in proportion to historic levels of the world’s production and stocks of the Index Commodities. The Fund also holds United States Treasury Obligations and T-Bill ETFs, if any, for deposit with Morgan Stanley & Co. LLC, the Fund’s commodity broker (the “Commodity Broker”) as margin, to the extent permissible under CFTC rules and United States Treasury Obligations, cash, money market mutual funds and T-Bill ETFs (affiliated or otherwise), if any, on deposit with The Bank of New York Mellon (the “Custodian”), for cash management purposes. The aggregate notional value of the commodity futures contracts owned by the Fund is expected to approximate the aggregate net asset value (“NAV”) of the Fund, as opposed to the aggregate Index value.
Current wording
The Fund also holds United States Treasury Obligations and T-Bill ETFs, if any, for deposit with Morgan Stanley & Co. LLC, the Fund’s commodity broker (the “Commodity Broker”) as margin, to the extent permissible under CFTC rules and United States Treasury Obligations, cash, money market mutual funds and T-Bill ETFs (affiliated or otherwise), if any, on deposit with The Bank of New York Mellon (the “Custodian”), for cash management purposes. The aggregate notional value of the commodity futures contracts owned by the Fund is expected to approximate the aggregate net asset value (“NAV”) of the Fund, as opposed to the aggregate Index value.
Previous wording
The CFTC and certain futures exchanges impose position limits on futures contracts, including on Index Contracts. As the Fund approaches or reaches position limits with respect to an Index Commodity, the Fund may commence investing in Index Contracts that reference other Index Commodities. In those circumstances, the Fund may also trade in futures contracts based on commodities other than Index Commodities that the Managing Owner reasonably believes tend to exhibit trading prices that correlate with an Index Contract.
Current wording
The CFTC and certain futures exchanges impose position limits on futures contracts, including on Index Contracts. As the Fund
Previous wording
When the Fund enters into futures contracts, the Fund is exposed to credit risk that the counterparty to the contract will not meet its obligations. The counterparty for futures contracts traded on United States and on most foreign futures exchanges is the clearing house associated with the particular exchange. In general, clearing houses are backed by their corporate members who may be required to share in the financial burden resulting from the nonperformance by one of their members and, as such, is designed to disperse and mitigate the credit risk posed by any one member. In cases where the clearing house is not backed by the clearing members (i.e., some foreign exchanges), it may be backed by a consortium of banks or other financial institutions. There can be no assurance that any counterparty, clearing member or clearinghouse will meet its obligations to the Fund.
Current wording
When the Fund enters into futures contracts, the Fund is exposed to credit risk that the counterparty to the contract will not meet its obligations. The counterparty for futures contracts traded on United States and on most foreign futures exchanges is the clearing house associated with the particular exchange. In general, clearing houses are backed by their corporate members who may be required to share in the financial burden resulting from the nonperformance by one of their members and, as such, is designed to disperse and mitigate the credit risk posed by any other member. In cases where the clearing house is not backed by the clearing members (i.e., some foreign exchanges), it may be backed by a consortium of banks or other financial institutions. There can be no assurance that any counterparty, clearing member or clearinghouse will meet its obligations to the Fund.
Previous wording
The Fund’s entire source of capital is derived from the Fund’s offering of Shares to Authorized Participants. The Fund in turn allocates its net assets to commodity futures trading. A significant portion of the NAV is held in United States Treasury Obligations, which may be used as margin for the Fund’s trading in commodity futures contracts and United States Treasury Obligations, money market mutual funds, cash and T-Bill ETFs, if any, which may be used for cash management purposes. The percentage that United States Treasury Obligations bear to the total net assets will vary from period to period as the market values of the Fund’s commodity interests change. A portion of the Fund’s United States Treasury Obligations is held for deposit with the Commodity Broker to meet margin requirements. All remaining cash, money market mutual funds, T-Bill ETFs, if any, and United States Treasury Obligations are on deposit with the Custodian. Interest earned on the Fund’s interest-bearing funds and dividends from the Fund’s holdings of money market mutual funds are paid to the Fund. Any dividends or distributions of capital gains received from the Fund’s holdings of T-Bill ETFs, if any, are paid to the Fund.
Current wording
The Fund’s entire source of capital is derived from the Fund’s offering of Shares to Authorized Participants. The Fund in turn allocates its net assets to commodity futures trading. A significant portion of the NAV may be held in United States Treasury Obligations or cash, which may be used as margin for the Fund’s trading in commodity futures contracts and United States Treasury Obligations, money market mutual funds, cash and T-Bill ETFs, if any, which may be used for cash management purposes. The amount of cash and/or United States Treasury Obligations on deposit with the Commodity Broker may exceed the amount of margin required to be on deposit, depending on market conditions and comparative yields available from United States Treasury Obligations, money market funds, T-Bill ETFs and cash held on deposit with Commodity Broker. The percentage that United States Treasury Obligations bear to the total net assets will vary from period to period as the market values of the Fund’s commodity interests change. All remaining cash, money market mutual funds, T-Bill ETFs, if any, and United States Treasury Obligations are on deposit with the Custodian. Interest earned on the Fund’s interest-bearing funds and dividends from the Fund’s holdings of money market mutual funds are paid to the Fund. Any dividends or distributions of capital gains received from the Fund’s holdings of T-Bill ETFs, if any, are paid to the Fund.
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 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.
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
Previous 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.
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, and Virtu Americas LLC has executed a Participant Agreement and are the only Authorized Participants.
Previous wording
Net cash flow provided by (used in) operating activities was $16.7 million and $96.3 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 futures contracts in an attempt to track its Index. 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 only. 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 $(55.7) million and $16.7 million for the years ended December 31, 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 Commodity Broker. The Fund invests in United States Treasury Obligations, money market mutual funds, T-Bill ETFs (affiliated or otherwise) and cash, if any, or maintains excess deposits with brokers for margin and/or cash management purposes only. 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, 2024, $122.9 million was paid to purchase United States Treasury Obligations and $133.0 million was received from sales and maturing United States Treasury Obligations. During the year ended December 31, 2023, $252.5 million was paid to purchase United States Treasury Obligations and $347.0 million was received from sales and maturing United States Treasury Obligations. $230.2 million was received from sales of affiliated investments and $228.3 million was paid to purchase affiliated investments during the year ended December 31, 2024. 486.0 million was received from sales of affiliated investments and $375.7 million was paid to purchase affiliated investments during the year ended December 31, 2023.
Current wording
During the year ended December 31, 2025, there were no purchases of United States Treasury Obligations and $50.0 million was received from sales and maturing United States Treasury Obligations. During the year ended December 31, 2024, $122.9 million was paid to purchase United States Treasury Obligations and $133.0 million was received from sales and maturing United States Treasury Obligations. $48.8 million was received from sales of affiliated investments and $144.3 million was paid to purchase affiliated investments during the year ended December 31, 2025. $230.2 million was received from sales of affiliated investments and $228.3 million was paid to purchase affiliated investments during the year ended December 31, 2024. During the year ended December 31, 2025, net deposits to/from the Commodity Broker was $19.8 million. There were no net deposits to/from the Commodity Broker during the year ended December 31, 2024.
Previous wording
The Fund’s net cash flow provided by (used in) financing activities was $(16.7) million and $(98.2) million during the years ended December 31, 2024 and 2023, respectively. This included $143.1 million and $106.7 million from the sale of Shares to Authorized Participants and $154.0 million and $196.1 million from Shares redeemed by Authorized Participants during the years ended December 31, 2024 and 2023, respectively. Distributions paid to Shareholders were $5.8 million and $8.8 million during the years ended December 31, 2024 and 2023, respectively.
Current wording
The Fund’s net cash flow provided by (used in) financing activities was $59.2 million and $(16.7) million during the years ended December 31, 2025 and 2024, respectively. This included $123.3 million and $143.1 million from the sale of Shares to Authorized Participants and $59.2 million and $154.0 million from Shares redeemed by Authorized Participants during the years ended December 31, 2025 and 2024, respectively. Distributions paid to Shareholders were $4.9 million and $5.8 million during the years ended December 31, 2025 and 2024, respectively.
Previous wording
No representation is being made that the Index will or is likely to achieve closing levels consistent with or similar to those set forth herein. Similarly, no representation is being made that the Fund will generate profits or losses similar to the Fund’s past performance or changes in the Index closing levels.
Current wording
No representation is being made that the Index will or is likely to achieve closing levels consistent with or similar to those set forth herein. Similarly, no representation is being made that the Fund will generate profits or losses similar to the Fund’s past performance or changes in the Index closing levels. Effective November 10, 2025, the Index methodology underwent a change.
Previous wording
The Index is intended to reflect the change in market value of the Index Commodities. In turn, the Index is intended to reflect the base metals sector. The DBIQ Optimum Yield Industrial Metals Index Total Return™ (the “DBIQ-OY Industrial Metals TR™”) consists of the Index plus 3-month United States Treasury Obligations returns. Past results of the Index and the DBIQ-OY Industrial Metals TR™ are not necessarily indicative of future changes, positive or negative.
Current wording
The Index is intended to reflect the changes in market value, positive or negative, of the Index Commodities. The Index is intended to reflect the economic performance of investing in futures contracts on a basket of commodities. The DBIQ Optimum Yield Industrial Metals Index Total Return™ (the “DBIQ-OY Industrial Metals TR™”) consists of the Index plus 3-month United States Treasury Obligations returns. Past results of the Index and the DBIQ-OY Industrial Metals TR™ are not necessarily indicative of future changes, positive or negative.
Previous wording
For the year ended December 31, 2023, the NYSE Arca market value of each Share decreased from $19.57 per Share to$18.31 per Share. The Share price low and high for the year ended December 31, 2023 and related change from the Share price on December 31, 2022 was as follows Shares traded at a low of $17.50 per Share (-10.58%) on May 25, 2023, and a high of $22.28 per Share (+13.85%) on January 26, 2023. On December 23, 2023. the Fund paid a distribution of $1.31965 for each General Share and Share to holders of record as of December 20, 2023. Therefore, the total return for the Fund on a market value basis was +0.56%.
Current wording
For the year ended December 31, 2025, the NYSE Arca market value of each Share increased from $18.84 per Share to $22.94 per Share. The Share price low and high for the year ended December 31, 2025 and related change from the Share price on December 31, 2024 was as follows: Shares traded at a low of $17.28 per Share (-8.28%) on April 08, 2025, and a high of $23.01 per Share (+22.13%) on December 30, 2025. On December 26, 2025, the Fund paid a distribution of $0.59972 for each General Share and Share to holders of record as December 22, 2025. Therefore, the total return for the Fund on a market value basis was +25.06%.
Previous wording
Industrial metals ended 2024 higher, largely thanks to gains in zinc, though copper also contributed. Both metals were supported by shortfalls in concentrate supplies and plunging treatment and refining charges (i.e., the profit for smelters to refine the metal), forcing cutbacks in refined metal supply. Aluminum was the weakest of the three industrial metals but still exhibited slight gains on tightening physical fundamentals. Other drivers of positive performance included fresh US and UK sanctions on Russian copper, aluminum, and nickel in April, an improving macroeconomic backdrop leading into the Federal Reserve interest rate easing in September, and optimism around China’s stimulus measures. However, US dollar strength and tariff concerns added some pressure on the metals to end the year.
Current wording
Industrial metals ended 2024 higher, largely thanks to gains in zinc, though copper also contributed. Both metals were supported by shortfalls in concentrate supplies and plunging treatment and refining charges (i.e., the profit for smelters to refine the metal), forcing cutbacks in refined metal supply. Aluminum was the weakest of the three industrial metals but still exhibited slight gains on tightening physical fundamentals. Other drivers of positive performance included fresh U.S. and UK sanctions on Russian copper, aluminum, and nickel in April, an improving macroeconomic backdrop leading into the Federal Reserve interest rate easing in September, and optimism around China’s stimulus measures. However, U.S. dollar strength and tariff concerns added some pressure on the metals to end the year.
Previous wording
For the year ended December 31, 2023, the NAV of each Share decreased from $19.50 per Share to $18.28 per Share. Rising commodity futures contract prices for Copper were offset by falling commodity futures contracts prices for Zinc and Aluminum during the year ended December 31, 2023, contributing to an overall 4.29% decrease in the level of the Index and to a 0.76% increase in the level of the DBIQ-OY Industrial Metals TR™. On December 22, 2023, the Fund paid a distribution of $1.31965 for each General Share and Share to holders of record as of December 19, 2023. Therefore, the total return for the Fund on a NAV basis was +0.74%.
Current wording
For the year ended December 31, 2025, the NAV of each Share increased from $18.79 per Share to 22.88 per Share. Rising commodity futures contract prices for Copper, Copper - Grade A, Primary Nickel, Standard Lead, Zinc and Aluminum during the year ended December 31, 2025 contributed to an overall 21.04% increase in the level of the Index and to a 26.15% increase in the level of the DBIQ-OY Industrial Metals TR™. On December 26, 2025, the Fund paid a distribution of $0.59972 for each General Share and Share to holders of record as of December 22, 2025. Therefore, the total return for the Fund on a NAV basis was+ 25.07%.
Previous wording
Net income (loss) for the year ended December 31, 2023 was $(6.0) million, resulting from $11.0 million of income, net realized gain (loss) of $(55.6) million, net change in unrealized gain (loss) of $40.0 million and net operating expenses of $1.4 million.
Current wording
Net income (loss) for the year ended December 31, 2025 was $30.6 million, resulting from $5.0 million of income, net realized gain (loss) of $5.1 million, net change in unrealized gain (loss) of $21.4 million and net operating expenses of $0.9 million.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
approaches or reaches position limits with respect to an Index Commodity, the Fund may commence investing in Index Contracts that
Current report — wording carried from elsewhere
reference other Index Commodities. In those circumstances, the Fund may also trade in futures contracts based on commodities other
Current report — wording carried from elsewhere
than Index Commodities that the Managing Owner reasonably believes tend to exhibit trading prices that correlate with an Index
Current report — wording carried from elsewhere
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.