Invesco DB Precious Metals Fund
For the period ended Dec 31, 2025. Filed Mar 2, 2026.
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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
DBP$90.75-0.7%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.
0000950170-25-027250
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.
0001193125-26-083554
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 76 previous paragraphs and 79 current paragraphs.
58 unchanged; 16 reworded; 5 added; 2 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 1 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (5)
Current report
The Fund pursues its investment objective by investing in a portfolio of exchange-traded futures on commodities in the precious 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 precious 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 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
Precious metals delivered exceptionally strong results in 2025, with the Fund advancing more than 68%. Robust central bank purchases and renewed exchange-traded product inflows were key drivers, as investors sought safe‑haven assets and portfolio hedges amid de‑dollarization trends, economic uncertainty, and heightened geopolitical risks. Both gold and silver posted significant gains; however, silver outperformed gold on a relative basis, aided by industrial‑metal tailwinds such as rising demand from solar technology, increased defense‑related spending expectations, and persistent supply deficits. Despite silver’s stronger rally, gold remained the larger contributor to overall Fund performance due to its heavier weighting. Platinum, which was added to the Fund in November, also contributed modest gains.
Removed paragraphs (2)
Previous report
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.
Previous report
Precious metals ended 2023 with positive performance. In March, gold prices had rallied sharply following the collapse of Silicon Valley Bank. Investors flocked to safe havens like the bullion in fear that a contagion effect could ripple through the U.S. and even global financial sector. Expectations that the Federal Reserve would start to soften its aggressive rate-hike policy also added some gains earlier in the first quarter though that was fully reversed in February given stickier-than-expected inflation and a resilient U.S. labor market. However, in the second quarter, both metals moved lower as contagion fears from the banking sector turmoil dissipated and the U.S. government was able to reach a deal in time, averting what would have been the first U.S. debt ceiling default in history. Prices remained pressured in the third quarter as the Federal Reserve stuck to its higher-for-longer rhetoric and the U.S. Dollar held up. However, gold reversed sharply in the fourth quarter amid growing rate cut expectations in the U.S. and rising tensions in the Middle East. Throughout the year, strong central bank demand, especially in China, also protected the metal’s downside.
Reworded paragraphs (16)
Previous wording
The Fund seeks to track changes, whether positive or negative, in the level of the DBIQ Optimum Yield Precious 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 precious metals sector. The commodities comprising the Index are gold and silver (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 Precious 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 precious 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 Gold, Platinum, and Silver (each, an “Index Commodity,” and collectively, the “Index Commodities”).
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
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 $28.0 million and $(26.7) 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 $10.9 million and $28.0 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, $107.4 million was paid to purchase United States Treasury Obligations and $110.0 million was received from sales and maturing United States Treasury Obligations. During the year ended December 31, 2023, $176.2 million was paid to purchase United States Treasury Obligations and $165.0 million was received from sales and maturing United States Treasury Obligations. $223.5 million was received from sales of affiliated investments and $229.5 million was paid to purchase affiliated investments during the year ended December 31, 2024. $246.6 million was received from sales of affiliated investments and $271.3 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 $55.0 million was received from sales and maturing United States Treasury Obligations. During the year ended December 31, 2024, $107.4 million was paid to purchase United States Treasury Obligations and $110.0 million was received from sales and maturing United States Treasury Obligations. $80.8 million was received from sales of affiliated investments and $126.1 million was paid to purchase affiliated investments during the year ended December 31, 2025. $223.5 million was received from sales of affiliated investments and $229.5 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 $111.7 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 $(28.0) million and $25.9 million during the years ended December 31, 2024 and 2023, respectively. This included $33.8 million and $111.4 million from the sale of Shares to Authorized Participants and $56.0 million and $78.8 million from Shares redeemed by Authorized Participants during the years ended December 31, 2024 and 2023, respectively. During the year ended December 31, 2024, distributions paid to Shareholders were $6.8 million. During the year ended December 31, 2023, distributions paid to Shareholders were $6.7 million.
Current wording
The Fund’s net cash flow provided by (used in) financing activities was $(10.9) million and $(28.0) million during the years ended December 31, 2025 and 2024, respectively. This included $45.3 million and $33.8 million from the sale of Shares to Authorized Participants and $49.0 million and $56.0 million from Shares redeemed by Authorized Participants during the years ended December 31, 2025 and 2024, respectively. During the year ended December 31, 2025, distributions paid to Shareholders were $6.1 million. During the year ended December 31, 2024, distributions paid to Shareholders were $6.8 million. During the year ended December 31, 2025, amounts due to the Custodian decreased by $1.0 million. During the year ended December 31, 2024, amounts due to the Custodian increased by $1.0 million.
Previous wording
The following graphs illustrate the percentage changes in (i) the market price of the Shares (as reflected by the line “Market”), (ii) the Fund’s NAV (as reflected by the line “NAV”), and (iii) the closing levels of the Index (as reflected by the line “DBIQ-Opt Yield Precious Metals Index ER”). Whenever the Treasury Income, Money Market Income and T-Bill ETF Income, if any, earned by the Fund exceeds Fund expenses, the price of the Shares generally exceeds the levels of the Index primarily because the Share price reflects Treasury Income, Money Market Income and T-Bill ETF Income from the Fund’s collateral holdings whereas the Index does not consider such income. There can be no assurances that the price of the Shares or the Fund’s NAV will exceed the Index levels.
Current wording
The following graphs illustrate the percentage changes in (i) the market price of the Shares (as reflected by the line “Market”), (ii) the Fund’s NAV (as reflected by the line “NAV”), and (iii) the closing levels of the Index (as reflected by the line “DBIQ-Opt Yield Precious Metals Index ER”). Whenever the Treasury Income, Money Market Income and T-Bill ETF Income, if any, earned by the Fund exceeds Fund expenses, the price of the Shares generally exceeds the levels of the Index primarily because the Share price reflects Treasury Income, Money Market Income and T-Bill ETF Income, if any, from the Fund’s collateral holdings whereas the Index does not consider such income. There can be no assurances that the price of the Shares or the Fund’s NAV will exceed the Index levels.
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. Performance information included herein prior to November 10, 2025 may have differed had the new methodology been in place.
Previous wording
COMPARISON OF MARKET, NAV AND DBIQ-OPT YIELD PRECIOUS METALS INDEX ER
Current wording
COMPARISON OF MARKET, NAV AND DBIQ-OPTIMUM YIELD PRECIOUS METALS INDEX ER
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 precious metals sector. The DBIQ Optimum Yield Precious Metals Index Total Return ™, (the “DBIQ-OY Precious Metals TR™”) consists of the Index plus 3-month United States Treasury Obligations returns. Past results of the Index and the DBIQ-OY Precious 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 Precious Metals Index Total Return ™, (the “DBIQ-OY Precious Metals TR™”) consists of the Index plus 3-month United States Treasury Obligations returns. Past results of the Index and the DBIQ-OY Precious 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 increased from $48.00 per Share to $50.03 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 $46.15 per Share (-3.85%) on March 7, 2023, and a high of $53.42 per Share (+11.29%) on May 4, 2023. On December 22, 2023, the Fund paid a distribution of $2.23426 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 +8.95%.
Current wording
For the year ended December 31, 2025, the NYSE Arca market value of each Share increased from $60.62 per Share to $102.78 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 $61.04 per Share (+0.69%) on January 6, 2025, and a high of $110.40 per Share (+82.12%) on December 26, 2025. On December 26, 2025, the Fund paid a distribution of $2.50366 for each General Share and Share to holders of record as of December 22, 2025. Therefore, the total return for the Fund on a market value basis was +73.59%.
Previous wording
Precious metals posted very strong performance in 2024 with the Fund returning over 20%. In the first quarter, price gains were underpinned by expectations that the Federal Reserve would start easing interest rates imminently, strong central bank demand, robust Asian consumer demand, and the increased call for haven assets from escalating geopolitical conflicts. Front month prices broke past all-time highs, even surpassing levels during the COVID-19 pandemic. Silver also gained, riding the wave higher with industrial metals, though silver prices were further supported by robust solar, and improving industrial demand amid expectations for a fourth consecutive annual deficit. While the bullion did face headwinds in the second quarter from the stall in Chinese central bank purchases and increased profit taking, the metal returned to strong gains in the third quarter when the Federal Reserve’s rate-cutting cycle began and exchange-traded product demand returned. However, the sector did move lower to end the year on post-election profit taking, as some market participants purchased gold to weather US election uncertainty, which did not play out.
Current wording
Precious metals posted very strong performance in 2024 with the Fund returning over 20%. In the first quarter, price gains were underpinned by expectations that the Federal Reserve would start easing interest rates imminently, strong central bank demand, robust Asian consumer demand, and the increased call for haven assets from escalating geopolitical conflicts. Front month prices broke past all-time highs, even surpassing levels during the COVID-19 pandemic. Silver also gained, riding the wave higher with industrial metals, though silver prices were further supported by robust solar, and improving industrial demand amid expectations for a fourth consecutive annual deficit. While the bullion did face headwinds in the second quarter from the stall in Chinese central bank purchases and increased profit taking, the metal returned to strong gains in the third quarter when the Federal Reserve’s rate-cutting cycle began and exchange-traded product demand returned. However, the sector did move lower to end the year on post-election profit taking, as some market participants purchased gold to weather U.S. election uncertainty, which did not play out.
Previous wording
For the year ended December 31, 2023, the NAV of each Share increased from $47.89 per Share to $49.99 per Share. Rising commodity future contracts prices for gold were partially offset by falling commodity future contracts prices for silver during the year ended December 31, 2023 contributed to an overall 4.60% increase in the level of the Index and to a 10.11% increase in the level of the DBIQ-OY Precious Metals TR™. On December 22, 2023, the Fund paid a distribution of $2.23426 for each General Share and Share to holders of record as of December 20, 2023. Therefore, the total return for the Fund on a NAV basis was +9.11%.
Current wording
For the year ended December 31, 2025, the NAV of each Share increased from $60.72 per Share to $103.02 per Share. Rising commodity future contracts prices for gold, platinum and silver during the year ended December 31, 2025 contributed to an overall 68.31% increase in the level of the Index and to a 75.40% increase in the level of the DBIQ-OY Precious Metals TR™. On December 26, 2025, the Fund paid a distribution of $2.50366 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 +73.72%.
Previous wording
Net income (loss) for the year ended December 31, 2023 was $11.5 million, resulting from $7.7 million of income, net realized gains (losses) of $7.5 million, net change in unrealized gains (losses) of $(2.7) million and net operating expenses of $1.1 million.
Current wording
Net income (loss) for the year ended December 31, 2025 was $112.6 million, resulting from $7.9 million of income, net realized gains (losses) of $70.5 million, net change in unrealized gains (losses) of $35.7 million and net operating expenses of $1.4 million.
Previous wording
For the year ended December 31, 2024, the NAV of each Share increased from $49.99 per Share to $60.72 per Share. Rising commodity future contracts prices for gold and silver during the year ended December 31, 2024 contributing to an overall 21.16% increase in the level of the Index and to a 27.52% increase in the level of the DBIQ-OY Precious Metals TR™. On December 27, 2024, the Fund paid a distribution of $2.55968 for each General Share and Share to holders of record as of December 23, 2024. Therefore, the total return for the Fund on a NAV basis was +26.61%.
Current wording
For the year ended December 31, 2024, the NAV of each Share increased from $49.99 per Share to $60.72 per Share. Rising commodity future contracts prices for gold and silver during the year ended December 31, 2024 contributed to an overall 21.16% increase in the level of the Index and to a 27.52% increase in the level of the DBIQ-OY Precious Metals TR™. On December 27, 2024, the Fund paid a distribution of $2.55968 for each General Share and Share to holders of record as of December 23, 2024. Therefore, the total return for the Fund on a NAV basis was +26.61%.