Invesco DB Commodity Index Tracking Fund
For the period ended Mar 31, 2026. Filed May 7, 2026.
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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.
Mar 31, 2026 · Filed May 7, 2026
DBC$31.54+0.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-07.
0001193125-25-270307
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0001193125-26-209724
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 95 previous paragraphs and 94 current paragraphs.
55 unchanged; 20 reworded; 17 added; 20 removed; 0 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 (17)
Current report
The Fund pursues its investment objective by investing in a portfolio of exchange-traded futures on a variety of commodities in the energy, precious metals, industrial metals and/or agriculture sectors. 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
The Index is intended to reflect the economic performance of investing in futures contracts on a basket of commodities in the energy, precious metals, industrial metals and/or agriculture sectors. 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 US Dollars and listed on major US 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
In order to determine the weighting of the Index, the 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 of each of the energy, precious metals, industrial metals and agricultural sectors (“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 following weight caps:
Current report
• No single sector will have a weight greater than 40%;
Current report
• No single commodity in the Index will have a weight greater than 12.5%; and
Current report
• Each sector will have a floor such that a single commodity will have an allocation within the sector 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. Effective November 10, 2025, the Index comprised the following commodities: Light Sweet Crude Oil (WTI), Gas Oil, Ultra-Low Sulphur Diesel (also commonly known as Heating Oil), RBOB Gasoline, Natural Gas, Brent Crude, Gold, Silver, Platinum, Aluminum, Zinc, Comex Copper, Copper Grade A, Lead, Nickel, Feeder Cattle, Cocoa, Coffee, Corn, Cotton, Lean Hogs, Live Cattle, Wheat, Wheat (Kansas Wheat), Soybean Meal, Soybean Oil, Soybeans, and Sugar.
Current report
Performance information included herein prior to November 10, 2025 may have differed had the revised methodology been in place
Current report
NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.
Current report
NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.
Current report
For the three months ended March 31, 2026, the NYSE Arca market value of each Share increased from $22.39 per Share to $28.96 per Share. The Share price low and high for the three months ended March 31, 2026 and related change from the Share price on December 31, 2025 was as follows: Shares traded at a low of $22.41 per Share (+0.09%) on January 2, 2026, and a high of $29.27 per Share (+30.73%) on March 18, 2026. The total return for the Fund on a market value basis was +29.34%.
Current report
Commodities delivered strong gains in the first quarter of 2026, resulting in robust positive performance for the Fund. Strength was driven largely by energy commodities, as crude oil and refined products rallied on escalating geopolitical tensions tied to the ongoing conflict between Iran and the United States. Repeated threats of a potential disruption or closure of the Strait of Hormuz, a critical chokepoint for global oil and refined product flows, significantly increased geopolitical risk premiums and pushed energy prices higher. Precious metals also contributed positively as investors sought safe‑haven assets amid rising uncertainty, while select agricultural and industrial commodities benefited from broader inflationary pressures and investor inflows into commodities. These factors combined to support broad‑based gains during the quarter.
Current report
Broad-based commodities ended the first quarter of 2025 higher, largely driven by gains in energy and metals with the top two contributors being Natural Gas and Gold. Front month Natural Gas futures ended the quarter 10% higher as frigid winter weather drove up heating demand, leading to notable inventory draws in the U.S. A bright outlook for U.S. Liquified Natural Gas (LNG) exports also supported the commodity. Gold continued its breakneck rally through the first quarter of 2025 as drastic policy changes under the new U.S. administration fueled macroeconomic uncertainty and rerouted investors toward haven assets. U.S. dollar weakness was also a tailwind. Other positive contributors were Copper and Silver; Copper rallied on Chinese restocking, stimulus optimism and frontloading to the U.S. in anticipation of tariffs, while Silver saw equivalent front month gains to Gold, supported by tailwinds from both precious and industrial metals. On the other hand, Grains were the laggards of the group, with prices moving lower as weather turned more favorable and fears grew that both U.S. and retaliatory tariffs could hurt U.S. exports.
Current report
For the three months ended March 31, 2026, the NAV of each Share increased from $22.40 per Share to $28.91 per Share. Rising commodity futures contracts prices for Aluminum, Brent Crude, Cocoa, Coffee, Comex Copper, Copper Grade A, Corn, Cotton, Lead, Light Sweet Crude Oil (WTI), Feeder Cattle, Gas Oil, Gold, Ultra-Low Sulphur Diesel, Natural Gas, Platinum, Wheat (Kansas Wheat), Lean Hogs, Live Cattle, Nickel, RBOB Gasoline, Silver, Soybean Meal, Soybean Oil, Soybeans, Sugar, Wheat and Zinc were partially offset by falling commodity futures contracts prices for Cocoa, Coffee, Comex Copper, Natural Gas, Platinum, Lead and Sugar during the three months ended March 31, 2026, contributing to an overall 28.32% increase in the level of the Index and to a 29.48% increase in the level of the DBIQ–OY Diversified TR™. The total return for the Fund on a NAV basis was +29.06%.
Current report
Net income (loss) for the three months ended March 31, 2026 was $367.8 million, primarily resulting from $11.7 million of income, net realized gain (loss) of $183.7 million, net change in unrealized gain (loss) of $175.2 million and net operating expenses of $2.8 million.
Current report
Net income (loss) for the three months ended March 31, 2025 was $69.2 million, primarily resulting from $14.0 million of income, net realized gain (loss) of $(4.6) million, net change in unrealized gain (loss) of $62.4 million and net operating expenses of $2.7 million.
Removed paragraphs (20)
Previous report
The Index is composed of notional amounts of each of the underlying Index Commodities. The notional amount of each Index Commodity included in the Index is intended to reflect the changes in market value of each such Index Commodity within the Index. The closing level of the Index is calculated on each business day by the Index Sponsor based on the closing price of the commodity futures contracts for each of the Index Commodities and the notional amount of such Index Commodity.
Previous report
The Index is rebalanced annually in November to ensure that each of the Index Commodities is weighted in the same proportion that such Index Commodities were weighted on September 3, 1997. The composition of the Index may be adjusted in the event that the Index Sponsor is not able to calculate the closing prices of the Index Commodities.
Previous report
Returns for the Three and Nine Months Ended September 30, 2025 and 2024
Previous report
For the three months ended September 30, 2025, the NYSE Arca market value of each Share increased from $21.81 per Share to $22.53 per Share. The Share price low and high for the three months ended September 30, 2025 and related change from the Share price on June 30, 2025 was as follows: Shares traded at a low of $21.63 per Share (-0.83%) on August 19, 2025, and a high of $22.81 per Share (+4.59%) on September 26, 2025. The total return for the Fund on a market value basis was +3.30%.
Previous report
Commodities performed positively in the third quarter of 2025 with metals being the top contributors, especially precious metals. Gold reached new record highs as the main vehicle for US dollar debasement trades, while demand from central banks and exchange-traded products continued to grow. The silver rally outpaced gold, benefitting from both macroeconomic support on its precious metals side and the tight supply and optimistic demand story on the base metals side. Energy commodities were generally higher with the exception of natural gas; refined products (gasoline and diesel) led the way higher on summer travel demand and low stockpiles while natural gas detracted from performance due to warmer weather and ample supplies. Oil prices received a boost from rising geopolitical tensions but concerns about the looming supply overhang capped the upside. Agricultural commodities detracted from performance as wheat, corn, sugar, and soybeans all faced bearish supply developments.
Previous report
For the three months ended September 30, 2024, the NYSE Arca market value of each Share decreased from $23.25 per Share to $22.27 per Share. The Share price low and high for the three months ended September 30, 2024 and related change from the Share price on June 30, 2024 was as follows: Shares traded at a low of $21.02 per Share (-9.59%) on September 10, 2024, and a high of $23.77 per Share (+2.24%) on July 5, 2024. The total return for the Fund on a market value basis was -4.21%.
Previous report
Commodities performance was mixed in the third quarter of 2024 with metals leading the gains, while energy was heavily pressured. Industrial and precious metals both gained on anticipation leading up to the first Federal Reserve rate cut in September, though industrial metals were further boosted by China’s surprise stimulus announcement to end the quarter. Gold was the most notable positive performer, with front prices repeatedly breaking to new record highs in the quarter. On the other hand, energy prices were pressured by low refining margins decreasing crude demand, the bearish “Trump trade,” expectations for a supply glut in 2025, and the OPEC spare capacity overhang. Rising geopolitical tensions in the Middle East did provide some support for the energy complex in September but gains were short-lived with the market watching for actual supply disruptions before acting. Agricultural commodities remained bifurcated with grains pressured by ample supplies while sugar continued gains on expected supply shortfalls.
Previous report
Net income (loss) for the three months ended September 30, 2025 was $38.4 million, primarily resulting from $13.2 million of income, net realized gain (loss) of $16.5 million, net change in unrealized gain (loss) of $11.2 million and net operating expenses of $2.6 million.
Previous report
For the three months ended September 30, 2024, the NAV of each Share decreased from $23.25 per Share to $22.26 per Share. Falling commodity futures contracts prices for Brent Crude Oil, Corn, Light Sweet Crude Oil, RBOB Gasoline, Soybeans and Ultra-Low Sulphur Diesel were partially offset by rising commodity futures contracts prices for Aluminum, Copper Grade A, Gold, Natural Gas, Silver, Sugar, Wheat and Zinc during the three months ended September 30, 2024, contributing to an overall 5.38% decrease in the level of the Index and to a 4.12% decrease in the level of the DBIQ–OY Diversified TR™. The total return for the Fund on a NAV basis was -4.26%.
Previous report
Net income (loss) for the three months ended September 30, 2024 was $(78.2) million, primarily resulting from $20.6 million of income, net realized gain (loss) of $(23.0) million, net change in unrealized gain (loss) of $(72.5) million and net operating expenses of $3.3 million.
Previous report
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 COMPARED TO THE NINE MONTHS ENDED SEPTEMBER 30, 2024
Previous report
Fund Share Price Performance
Previous report
Commodities delivered a positive return in the first three quarters of 2025. Metals were the top contributors with gold rallying to all-time highs on a confluence of macroeconomic and geopolitical factors, including persistent de-dollarization trends, central bank buying, and safe haven demand. Silver outperformed gold as it benefited from both precious metal and base metal tailwinds. Copper was bolstered by heavy tariff-driven frontloading, a weaker US dollar, and mine supply disruptions in the third quarter. Copper and base metals in general were also supported by higher spending across defense, power grids, and AI technology. Energy performance was mixed with diesel gaining on tighter supplies and resilient demand, natural gas boosted by colder weather to start the year and resilient LNG export demand, while crude oil declined due to supply glut fears despite geopolitical tripwires. Agriculture was the worst performing commodity sector for the Fund, with wheat, corn, soybeans, and sugar all detracting from performance, largely driven by strengthening supply expectations. Soybeans were further pressured by falling export demand from China amid the tariff war.
Previous report
For the nine months ended September 30, 2024, the NYSE Arca market value of each Share increased from $22.06 per Share to $22.27 per Share. The Share price low and high for the nine months ended September 30, 2024 and related change from the Share price on December 31, 2023 was as follows: Shares traded at a low of $21.02 per Share (-4.72%) on September 10, 2024, and a high of $23.94 per Share (+8.52%) on May 28, 2024. The total return for the Fund on a market value basis was +0.95%.
Previous report
Overall, commodities performed negatively in the first three months of 2024 with both energy and agricultural commodities posting losses while metals ended higher thanks mostly to gold. More broadly, while an improving macro backdrop amid a resilient US economy and expected Federal Reserve easing boosted investor risk appetite in the first quarter, this tailwind mostly faded in the second quarter. In energy, crude oil prices gained in the first quarter on escalating tensions in the Middle East and Russia/Ukraine, but prices were pressured in the third quarter by low refining margins decreasing crude demand, the bearish “Trump trade,” expectations for a supply glut in 2025, and the OPEC spare capacity overhang. While heightened geopolitical turmoil, the Federal Reserve interest rate easing kickoff and the surprise Chinese stimulus boosted overall sentiment in September, those gains were quickly returned as the market remained in wait-and-see mode. In metals, gold repeatedly hit new records; Federal Reserve interest rate cut expectations, strong central bank demand, robust Asian consumer demand, and the increased calls for haven assets due to the escalating conflicts created the perfect storm. Industrial metals also made a comeback with the September Federal Reserve interest rate cut and China’s surprise stimulus announcement boosting sentiment. Lastly, grains were the weak links, with prices remaining under pressure on ample global supplies.
Previous report
Fund Share Net Asset Performance
Previous report
For the nine months ended September 30, 2025, the NAV of each Share increased from $21.35 per Share to $22.48 per Share. Rising commodity futures contracts prices for Aluminum, Copper Grade A, Gold, Natural Gas, RBOB Gasoline, Silver, Soybeans, Ultra-Low Sulphur Diesel and Zinc were partially offset by falling commodity futures contracts prices for Brent Crude Oil, Corn, Light Sweet Crude Oil, Sugar and Wheat during the nine months ended September 30, 2025, contributing to an overall 2.75% increase in the level of the Index and to a 6.07% increase in the level of the DBIQ–OY Diversified TR™. The total return for the Fund on a NAV basis was +5.29%.
Previous report
Net income (loss) for the nine months ended September 30, 2025 was $56.4 million, primarily resulting from $39.6 million of income, net realized gain (loss) of $(27.4) million, net change in unrealized gain (loss) of $52.0 million and net operating expenses of $7.8 million.
Previous report
For the nine months ended September 30, 2024, the NAV of each Share increased from $22.05 per Share to $22.26 per Share. Rising commodity futures contracts prices for Aluminum, Copper Grade A, Gold, Light Sweet Crude Oil, RBOB Gasoline, Silver, Sugar and Zinc were partially offset by falling commodity futures contracts prices for Brent Crude Oil, Corn, Natural Gas, Soybeans, Ultra-Low Sulphur Diesel and Wheat during the nine months ended September 30, 2024, contributing to an overall 2.34% decrease in the level of the Index and to a 1.63% increase in the level of the DBIQ–OY Diversified TR™. The total return for the Fund on a NAV basis was +0.95%.
Previous report
Net income (loss) for the nine months ended September 30, 2024 was $10.2 million, primarily resulting from $65.6 million of income, net realized gain (loss) of $(65.2) million, net change in unrealized gain (loss) of $20.2 million and net operating expenses of $10.5 million.
Reworded paragraphs (20)
Previous wording
This information should be read in conjunction with the financial statements and notes included in Item 1 of Part I of this Quarterly Report on Form 10-Q (the “Report”). This Report includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that involve substantial risks and uncertainties. The matters discussed throughout this Report that are not historical facts are forward-looking statements. These forward-looking statements are based on the Fund’s and Invesco Capital Management LLC’s (the “Managing Owner”) current expectations, estimates and projections about the future results, performance, prospects and opportunities of the Fund and the Fund’s business and industry and their beliefs and assumptions about future events and speak only as of the date on which they are made. Words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “seek,” “outlook” and “estimate,” as well as similar words and phrases, signify forward-looking statements. Forward-looking statements are not guarantees of future results. Future economic and industry trends that could potentially impact the Fund and its performance are difficult to predict. Conditions and important factors, risks and uncertainties in the markets for financial instruments that the Fund trades, in the markets for related physical commodities, in the legal and regulatory regimes applicable to the Managing Owner, the Fund, and the Fund’s service providers, in the broader economy and in global politics may cause actual results to differ materially from those expressed by such forward-looking statements. There can be no assurance that the forward-looking statements included in this Report will prove to be accurate. Factors that could cause results to differ from those expressed in the forward-looking statements are subject to a number of risks, uncertainties and other factors, including those described in the “Risk Factors” section of the Fund’s Prospectus and elsewhere in the Prospectus and in other SEC filings by the Fund, such as its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, together with the modified risk factor included in Item 1A of this Report, as well as the following:
Current wording
This information should be read in conjunction with the financial statements and notes included in Item 1 of Part I of this Quarterly Report on Form 10-Q (the “Report”). This Report includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that involve substantial risks and uncertainties. The matters discussed throughout this Report that are not historical facts are forward-looking statements. These forward-looking statements are based on the Fund’s and Invesco Capital Management LLC’s (the “Managing Owner”) current expectations, estimates and projections about the future results, performance, prospects and opportunities of the Fund and the Fund’s business and industry and their beliefs and assumptions about future events and speak only as of the date on which they are made. Words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “seek,” “outlook” and “estimate,” as well as similar words and phrases, signify forward-looking statements. Forward-looking statements are not guarantees of future results. Future economic and industry trends that could potentially impact the Fund and its performance are difficult to predict. Conditions and important factors, risks and uncertainties in the markets for financial instruments that the Fund trades, in the markets for related physical commodities, in the legal and regulatory regimes applicable to the Managing Owner, the Fund, and the Fund’s service providers, in the broader economy and in global politics may cause actual results to differ materially from those expressed by such forward-looking statements. There can be no assurance that the forward-looking statements included in this Report will prove to be accurate. Factors that could cause results to differ from those expressed in the forward-looking statements are subject to a number of risks, uncertainties and other factors, including those described in the “Risk Factors” section of the Fund’s Prospectus and elsewhere in the Prospectus and in other Securities and Exchange Commission (the "SEC") filings by the Fund, such as its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as well as the following:
Previous wording
Risks and uncertainty related to public health emergencies and other adverse public health developments, geopolitical conflict, acts of terrorism, mass casualty events, social unrest, civil disturbance or disobedience.
Current wording
Risks and uncertainty related to public health emergencies and other adverse public health developments, geopolitical conflicts, including armed conflicts, acts of terrorism, mass casualty events, social unrest, civil disturbance or disobedience.
Previous wording
Invesco DB Commodity Index Tracking Fund (the “Fund”) was formed as a Delaware statutory trust on May 23, 2005. The term of the Fund is perpetual (unless terminated earlier in certain circumstances) as provided for in the Fifth Amended and Restated Declaration of Trust and Trust Agreement of the Fund, as amended (the “Trust Agreement”). The Fund has an unlimited number of shares authorized for issuance.
Current wording
Invesco DB Commodity Index Tracking Fund (the “Fund”) was formed as a Delaware statutory trust on May 23, 2005. The term of the Fund is perpetual (unless terminated earlier in certain circumstances) as provided for in the Fifth Amended and Restated Declaration of Trust and Trust Agreement of the Fund, as amended (the “Trust Agreement”). The Fund has an unlimited number of common units of beneficial interest (the "Shares") authorized for issuance.
Previous wording
The Fund seeks to track changes, whether positive or negative, in the level of the DBIQ Optimum Yield Diversified Commodity Index Excess Return TM (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 commodity sector. The commodities comprising the Index are Light Sweet Crude Oil, Ultra-Low Sulphur Diesel (also commonly known as Heating Oil), Aluminum, Gold, Corn, Wheat, Brent Crude Oil, Copper Grade A, Natural Gas, RBOB Gasoline (reformulated gasoline blendstock for oxygen blending, or “RBOB”), Silver, Soybeans, Sugar and Zinc (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 Diversified Commodity Index Excess Return TM(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 a basket of commodities. The Fund invests in futures contracts in an attempt to track its Index. Effective November 10, 2025, the commodities comprising the Index are Light Sweet Crude Oil (WTI), Gas Oil, Ultra-Low Sulphur Diesel (also commonly known as Heating Oil), RBOB Gasoline, Natural Gas, Brent Crude, Gold, Silver, Platinum, Aluminum, Zinc, Comex Copper, Copper Grade A, Lead, Nickel, Feeder Cattle, Cocoa, Coffee, Corn, Cotton, Lean Hogs, Live Cattle, Wheat, Wheat (Kansas Wheat), Soybean Meal, Soybean Oil, Soybeans, and Sugar (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, T-Bill ETFs and cash, 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
NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX, WARRANTS OR GUARANTEES THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN AND SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX, MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY INVESCO CAPITAL MANAGEMENT LLC FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN. NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX, MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A
Current wording
NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX, WARRANTS OR GUARANTEES THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN AND SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX, MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY INVESCO CAPITAL
Previous wording
PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL DEUTSCHE BANK OR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX HAVE ANY LIABILITY FOR DIRECT, INDIRECT, PUNITIVE, SPECIAL, CONSEQUENTIAL OR ANY OTHER DAMAGES OR LOSSES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF. EXCEPT AS EXPRESSLY PROVIDED TO THE CONTRARY, THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN DEUTSCHE BANK AND INVESCO CAPITAL MANAGEMENT LLC.
Current wording
MANAGEMENT LLC FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN. NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX, MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL DEUTSCHE BANK OR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX HAVE ANY LIABILITY FOR DIRECT, INDIRECT, PUNITIVE, SPECIAL, CONSEQUENTIAL OR ANY OTHER DAMAGES OR LOSSES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF. EXCEPT AS EXPRESSLY PROVIDED TO THE CONTRARY, THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN DEUTSCHE BANK AND INVESCO CAPITAL MANAGEMENT LLC.
Previous wording
Net cash flow provided by (used in) operating activities was $41.8 million and $264.0 million for the nine months ended September 30, 2025 and 2024, respectively. These amounts primarily include net income (loss), net purchases and sales of money market mutual funds and net purchases and sales of United States Treasury Obligations, affiliated investments and net deposits to/from the Commodity Broker. The Fund invests in United States Treasury Obligations, money market mutual funds, T-Bill ETFs (affiliated or otherwise) and cash, if any, for margin and/or cash management purposes. While the Fund's performance reflects the appreciation and depreciation of those holdings, the Fund's performance, whether positive or negative, is driven primarily by its strategy of trading futures contracts with the aim of seeking to track the Index.
Current wording
Net cash flow provided by (used in) operating activities was $(101.0) million and $2.9 million for the three months ended March 31, 2026 and 2025, 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, or maintains excess deposits with brokers 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 nine months ended September 30, 2025, there were no purchases of United States Treasury Obligations and $400.0 million was received from sales and maturing United States Treasury Obligations. During the nine months ended September 30, 2024, $681.6 million was paid to purchase United States Treasury Obligations and $800.0 million was received from sales and maturing United States Treasury Obligations. $513.7 million was received from sales of affiliated investments and $681.6 million was paid to purchase affiliated investments during the nine months ended September 30, 2025. $1,601.7 million was received from sales of affiliated investments and $1,411.0 million was paid to purchase affiliated investments during the nine months ended September 30, 2024. During the nine months ended September 30, 2025, net deposits to/from the Commodity Broker was $230.6 million. There were no net deposits to/from the Commodity Broker during the nine months ended September 30, 2024.
Current wording
During the three months ended March 31, 2026 $81.4 million was received from sales of affiliated investments and $669.2 million was paid to purchase affiliated investments. $282.0 million was received from sales of affiliated investments and $205.1 million was paid to purchase affiliated investments during the three months ended March 31, 2025. During the three months ended March 31, 2026, and 2025 net deposits to/from the Commodity Broker were $103.8 million and $143.3 million, respectively.
Previous wording
The Fund’s net cash flow provided by (used in) financing activities was $(51.1) million and $(264.0) million during the nine months ended September 30, 2025 and 2024, respectively. This included $225.5 million and $189.0 million from Shares purchased by Authorized Participants and $276.6 million and $452.4 million from Shares redeemed by Authorized Participants during the nine months ended September 30, 2025 and 2024, respectively. No distributions were paid to Shareholders during the nine months ended September 30, 2025. During the nine months ended September 30, 2024, distributions paid to Shareholders were $0.6 million.
Current wording
The Fund’s net cash flow provided by (used in) financing activities was $101.0 million and $(12.2) million during the three months ended March 31, 2026 and 2025, respectively. This included $197.6 million and $58.7 million from Shares purchased by Authorized Participants and $96.6 million and $70.8 million from Shares redeemed by Authorized Participants during the three months ended March 31, 2026 and 2025, respectively. No distributions were paid to Shareholders during the three months ended March 31, 2026 and 2025, respectively.
Previous wording
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
Current wording
FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025
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 Diversified Comm 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 level 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 assurance 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 Diversified Comm 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 level 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
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
COMPARISON OF MARKET, NAV AND DBIQ OPTIMUM YIELD DIVERSIFIED COMMODITY INDEX ER FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
Current wording
COMPARISON OF MARKET, NAV AND DBIQ OPTIMUM YIELD DIVERSIFIED COMMODITY INDEX ER FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025
Previous wording
This Report covers the three and nine months ended September 30, 2025 and 2024. Past performance of the Fund is not necessarily indicative of future performance.
Current wording
This Report covers the three months ended March 31, 2026 and 2025. Past performance of the Fund is not necessarily indicative of future performance.
Previous wording
The Index is intended to reflect the change in market value of the Index Commodities. In turn, the notional amounts of each Index Commodity are broadly in proportion to historic levels of the world’s production and stocks of such Index Commodities. The DBIQ Optimum Yield Diversified Commodity Index Total Return ™ (the “DBIQ-OY Diversified TR™”) consists of the Index plus 3-month United States Treasury Obligations returns. Past results of the Index and the DBIQ-OY Diversified 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 Diversified Commodity Index Total Return ™, (the “DBIQ-OY Diversified TR™”) consists of the Index plus 3-month United States Treasury Obligations returns. Past results of the Index and the DBIQ-OY Diversified TRTM are not necessarily indicative of future changes, positive or negative.
Previous wording
The section “Summary of the DBIQ-OY Diversified TR™ and Underlying Index Commodity Returns for the Three and Nine Months Ended September 30, 2025 and 2024” below provides an overview of the changes in the closing levels of the DBIQ-OY Diversified TR™ by disclosing the change in market value of each underlying component Index Commodity through a “surrogate” (and analogous) index that also reflects 3-month United States Treasury Obligations returns. Please note also that the Fund’s objective is to track the Index (not the DBIQ-OY Diversified TR™), and the Fund does not attempt to outperform or underperform the Index. The Index employs the optimum yield roll method with the objective of mitigating the negative effects of contango, the condition in which distant delivery prices for futures exceed spot prices, and maximizing the positive effects of backwardation, a condition opposite of contango.
Current wording
The section “Summary of the DBIQ-OY Diversified TR™ and Underlying Index Commodity Returns for the Three Months Ended March 31, 2026 and 2025” below provides an overview of the changes in the closing levels of the DBIQ-OY Diversified TR™ by disclosing the change in market value of each underlying component Index Commodity through a “surrogate” (and analogous) index that also reflects 3-month United States Treasury Obligations returns. Please note also that the Fund’s objective is to track the Index (not the DBIQ-OY Diversified TR™), and the Fund does not attempt to outperform or underperform the Index. The Index employs the optimum yield roll method with the objective of mitigating the negative effects of contango, the condition in which distant delivery prices for futures exceed spot prices, and maximizing the positive effects of backwardation, a condition opposite of contango.
Previous wording
For the nine months ended September 30, 2025, the NYSE Arca market value of each Share increased from $21.38 per Share to $22.53 per Share. The Share price low and high for the nine months ended September 30, 2025 and related change from the Share price on December 31, 2024 was as follows: Shares traded at a low of $20.17 per Share (-5.66%) on April 8, 2025, and a high of $23.26 per Share (+8.79%) on June 20, 2025. The total return for the Fund on a market value basis was +5.38%.
Current wording
For the three months ended March 31, 2025, the NYSE Arca market value of each Share increased from $21.38 per Share to $22.52 per Share. The Share price low and high for the three months ended March 31, 2025 and related change from the Share price on December 31, 2024 was as follows: Shares traded at a low of $21.48 per Share (+0.47%) on January 3, 2025, and a high of $22.98 per Share (+7.48%) on February 20, 2025. The total return for the Fund on a market value basis was +5.33%.
Previous wording
For the three months ended September 30, 2025, the NAV of each Share increased from $21.80 per Share to $22.48 per Share. Rising commodity futures contracts prices for Aluminum, Brent Crude Oil, Copper Grade A, Gold, Light Sweet Crude Oil, RBOB Gasoline, Silver, Ultra-Low Sulphur Diesel and Zinc were partially offset by falling commodity futures contracts prices for Corn, Natural Gas, Soybeans, Sugar and Wheat during the three months ended September 30, 2025, contributing to an overall 2.26% increase in the level of the Index and to a 3.34% increase in the level of the DBIQ–OY Diversified TR™. The total return for the Fund on a NAV basis was +3.12%.
Current wording
For the three months ended March 31, 2025, the NAV of each Share increased from $21.35 per Share to $22.50 per Share. Rising commodity futures contracts prices for Brent Crude Oil, Copper Grade A, Gold, Light Sweet Crude Oil, Natural Gas, RBOB Gasoline, Silver, Soybeans, Sugar and Ultra-Low Sulphur Diesel were partially offset by falling commodity futures contracts prices for Aluminum, Corn, Wheat and Zinc during the three months ended March 31, 2025, contributing to an overall 4.56% increase in the level of the Index and to a 5.67% increase in the level of the DBIQ–OY Diversified TR™. The total return for the Fund on a NAV basis was +5.39%.
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, as filed with the SEC on February 26, 2025.
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 Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates on Form 10-K for the year ended December 31, 2025, as filed with the SEC on March 2, 2026.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Index does not consider such income. There can be no assurance that the price of the Shares or the Fund’s NAV will exceed the Index levels.
Current report — wording carried from elsewhere
Returns for the Three Months Ended March 31, 2026 and 2025